Instructure Reports Fourth Quarter and Full Year 2016 Financial Results

02/06/2017

Total Full Year 2016 Revenue of $110.9 Million, Up 51% Year-Over-Year

SALT LAKE CITY, Feb. 6, 2017 /PRNewswire/ -- Instructure, Inc. (NYSE: INST), a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter, today announced its financial results for the fourth quarter and full year ended December 31, 2016.

"We ended 2016 with a solid Q4 performance. Revenue grew 45% for the quarter and 51% for the year, on a year-over-year basis.  At the same time, we continued to realize substantial improvements to our operating margin," said Josh Coates, CEO at Instructure. "Our success in 2016 gives us confidence in our growth strategy. Given our progress in expanding our customer base and continued product innovation, we are excited for our prospects for 2017 and beyond."  

Instructure also announced today that SVP of Product and Customer Experience, Mitch Macfarlane, has been promoted to Chief Operating Officer, a newly created role at Instructure.

Effective immediately, Macfarlane will assume responsibility for engineering and marketing in addition to his current responsibilities of overseeing product and customer experience. 

"This is a natural next step as we scale the organization to handle the operational challenges of our continued fast growth across multiple markets," said Josh Coates, Instructure CEO.  "Mitch has proven to be an integral leader and our high customer satisfaction rating and net promoter score are a direct result of his focus on creating best in class operational teams across our organization."

 

Fourth Quarter and Full Year Financial Summary


(in thousands, except per share data)






Three Months
Ended December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)



(unaudited)






Revenue


$

31,546



$

21,797



$

110,880



$

73,193


Gross Margin

















GAAP



71.1

%



68.6

%



70.5

%



67.1

%

Non-GAAP(1)



71.8

%



69.3

%



71.3

%



67.6

%

Operating Loss

















GAAP



(12,838)




(11,912)




(53,375)




(51,972)


Non-GAAP(1)



(9,862)




(10,373)




(42,909)




(41,400)


Net loss

















GAAP



(12,922)




(12,122)




(53,568)




(52,978)


Non-GAAP(1)



(9,956)




(10,466)




(43,164)




(41,753)


EPS

















GAAP(2)


$

(0.46)



$

(0.74)



$

(1.92)



$

(6.07)


Non-GAAP(1)(2)


$

(0.35)



$

(0.43)



$

(1.55)



$

(1.90)



















(1)

Non-GAAP financial measures exclude stock-based compensation, accrual or reversal of payroll taxes related to secondary stock purchase transactions, amortization of acquisition related intangibles, and the change in fair value of the warrant liability.

(2)

Q4 2016 and Q4 2015 GAAP share count was 28.3M and 16.4M, respectively, due to the conversion of redeemable convertible preferred shares into common stock, which occurred on the closing of Instructure's IPO on November 18, 2015.  Non-GAAP share count assumes the conversion of the redeemable convertible preferred shares to common stock occurred at the beginning of the annual period

 

Fourth Quarter 2016 Business Highlights

  • Instructure continued to expand its customer base in the fourth quarter. A few highlights include:
    • US Higher Education and K-12 Schools – Canvas was selected by AVID Center, which impacts nearly 1.5 million students annually, to support training and learning efforts for over 60,000 educators within their global network of educational institutions.  Canvas was also chosen by Cherokee County School District, in Georgia, as their learning management system solution for its 40,000 students across 41 different schools.  Within the U.S. higher education market, Canvas was chosen by Devry Education Group, with its 55,000 students, and Iowa Community Colleges Online Consortium, which serves seven community colleges and 17,000 students.
    • International – Canvas was chosen by the Department of Education Tasmania in Australia for their 50,000 students within K-12 and higher education schools and SOMOS Educação Group in Brazil, which is the country's largest primary education services company reaching thousands of schools and millions of students.
    • Corporate – Bridge was selected by a division of PwC, McKesson Canada, AccorHotels' Académie Accor, the world's first corporate hospitality learning network, Careerbuilder, and Swift Transportation.
    • Ivy Tech Community College, the largest singularly accredited statewide community college system serving over 150,000 students annually, entered into a bundled deal for both Canvas and Bridge to create a learning solution not only for their students but also a training solution for faculty and staff.
  • During the quarter, Instructure released several new features for both Canvas and Bridge.
    • In Canvas, the Company launched the Canvas Parent app, the first mobile app allowing parents to monitor their children's course work, homework and grades. Additionally, Instructure released MasteryPaths which allows course designers to create customized and differentiated learning experiences based on student course mastery. The Company also launched a seamless integration with Google tools providing a much simplified workflow for students, educators and administrators.
    • For Bridge, Instructure launched live training and an integration with Slack.

Business Outlook

Today, Instructure issued financial guidance for the first quarter and full year 2017. The financial guidance discussed below is on a non-GAAP basis, except for revenues, and excludes stock-based compensation expense, reversal of payroll tax expense on secondary stock purchase transactions, amortization of acquisition related intangibles, and the change in fair value of the warrant liability (see table below which reconciles these non-GAAP financial measures to the related GAAP measures).

For the first quarter ending March 31, 2017, Instructure expects revenue of approximately $32.6 million to $33.2 million, a non-GAAP net loss of ($11.2) million to ($10.6) million, and non-GAAP net loss per share of ($0.39) to ($0.37) per common share.

For the full year ending December 31, 2017, Instructure expects revenue of approximately $149.3 million to $150.8 million, a non-GAAP net loss of ($39.2) million to ($38.2) million, and non-GAAP net loss per share of ($1.35) to ($1.31) per common share.

Conference Call Details:

Instructure will discuss its fourth quarter and full year 2016 results today, February 6, 2017, via teleconference at 3:00 p.m. Mountain Time / 5:00 p.m. Eastern Time. The call may be accessed at (877) 548-7911 or (719) 325-4794, passcode 7870235.  A live webcast, as well as replay, of the conference call will be accessible at Instructure's investor relations website, http://ir.instructure.com.

Non-GAAP Financial Measures

In this press release, Instructure's non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, and 12-month billings are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.  Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics.

These non-GAAP measures exclude stock-based compensation, payroll taxes related to secondary stock purchase transactions or the reversal of such expense due to the retirement of the liability, amortization of acquisition related intangibles, and the change in fair value of the warrant liability. We believe investors may want to exclude the effects of these items in order to compare our financial performance between time periods:

  • Stock-based compensation - Although stock-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of our core business. Unlike cash compensation, the value of equity awards is determined using a complex formula that incorporates factors, such as market volatility and forfeiture rates that are beyond our control. Stock-based compensation from the employee sale of securities to investors, prior to our IPO, at a price above the current fair market value was dependent on our fair value assumptions and other factors that were beyond our control.
  • Accrual or reversal of payroll taxes related to secondary stock purchase transactions - In prior periods, operating expenses included employer payroll tax-related items on employee sales of securities to investors prior to our IPO. The amount of employer payroll tax-related items on these transactions was dependent on the fair market value of our stock. In the current period, operating expenses included the reversal of such payroll tax expense due to the reduction of the estimated liability.
  • Amortization of acquisition related intangibles - Expense for the amortization of acquisition related intangibles is a non-cash item, and we believe that the exclusion of this expense provides for a useful comparison of our operating results to prior periods.
  • Change in fair value of the warrant liability - Under GAAP, we are required to record mark-to-market adjustments for the change in fair value of the liability for warrants issued in connection with term debt and our credit facility. This expense or gain is excluded from management's assessment of our operating performance because management believes that these non-cash items are not indicative of ongoing operating performance.

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's financial guidance for the first quarter of 2017 and for the full year ending December 31, 2017, the company's growth, customer demand and application adoption, the company's research and development efforts and future application releases, and the company's expectations regarding future revenue, expenses, cash flows and net income or loss.  These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: risks associated with anticipated growth in Instructure's addressable market; competitive factors, including changes in the competitive environment, pricing changes, sales cycle time and increased competition; Instructure's ability to build and expand its sales efforts; general economic and industry conditions; new application introductions and Instructure's ability to develop and deliver innovative applications and features; Instructure's ability to provide high-quality service and support offerings; risks associated with international operations; and macroeconomic conditions.  These and other important risk factors are described more fully in the Quarterly Report for the quarter ended September 30, 2016, which was filed with the Securities and Exchange Commission (the "SEC") on November 2, 2016 and other documents filed with the SEC and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof and Instructure undertakes no duty to update this information except as required by law.

About Instructure

Instructure, Inc. is a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter. With a vision to help maximize the potential of people through technology, Instructure created Canvas and Bridge to enable organizations everywhere to easily develop, deliver and manage engaging face-to-face and online learning experiences. To date, Instructure has connected millions of instructors and learners at more than 2,000 educational institutions and corporations throughout the world. Learn more about Canvas for higher ed and K-12, and Bridge for the corporate market at www.Instructure.com.

Contacts:
Erin Kasenchak
Instructure
(866) 574-3127
ekasenchak@instructure.com

Heather Erickson
Instructure
(866) 718-6488
press@instructure.com

 

INSTRUCTURE, INC.


CONSOLIDATED BALANCE SHEETS


(in thousands)




December 31,
2016



December 31,
2015




(unaudited)






Assets









Current assets:









Cash and cash equivalents


$

44,539



$

90,471


Short term marketable securities



23,895




325


Accounts receivable—net of allowances of $241 and $225 at December 31, 2016 and 2015, respectively



18,072




9,523


Prepaid expenses



5,434




5,010


Other current assets



936




614


Total current assets



92,876




105,943


Property and equipment, net



14,733




11,732


Goodwill



989




989


Intangible assets, net



760




444


Noncurrent prepaid expenses



984




749


Other assets



994




1,203


Total assets


$

111,336



$

121,060


Liabilities and stockholders' equity









Current liabilities:









Accounts payable


$

5,374



$

3,912


Accrued liabilities



10,905




8,852


Deferred rent



773




541


Deferred revenue



72,747




49,384


Total current liabilities



89,799




62,689


Deferred revenue, net of current portion



3,144




2,941


Deferred rent, net of current portion



8,372




9,078


Warrant liability



25




331


Other long term liabilities



32




402


Total liabilities



101,372




75,441


Commitments and contingencies









Stockholders' equity:









Common stock



3




4


Treasury stock






(1)


Additional paid-in capital



206,442




188,517


Accumulated other comprehensive income



(12)





Accumulated deficit



(196,469)




(142,901)


Total stockholders' equity



9,964




45,619


Total liabilities and stockholders' equity


$

111,336



$

121,060


 

INSTRUCTURE, INC.


CONSOLIDATED STATEMENTS OF OPERATIONS


(in thousands, except per share data)






Three Months
Ended December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)



(unaudited)






Revenue:

















Subscription and support


$

28,308



$

18,906



$

97,115



$

62,463


Professional services and other



3,238




2,891




13,765




10,730


Total Net revenue



31,546




21,797




110,880




73,193


Cost of Revenue:

















Subscription and support



6,917




5,162




24,252




17,682


Professional services and other



2,210




1,674




8,497




6,391


Total cost of revenue



9,127




6,836




32,749




24,073


Gross profit



22,419




14,961




78,131




49,120


Operating expenses:

















Sales and marketing



18,002




15,156




69,991




53,459


Research and development



10,141




6,710




35,973




24,151


General and administrative



7,114




5,007




25,542




23,482


Total operating expenses



35,257




26,873




131,506




101,092


Loss from operations



(12,838)




(11,912)




(53,375)




(51,972)


Other income (expense):

















Interest income



116




26




352




39


Interest expense



(33)




(2)




(87)




(74)


Change in fair value of warrant liability



10




(117)




62




(653)


Other income (expense), net



(119)




(40)




(353)




(201)


Total other income (expense)



(26)




(133)




(26)




(889)


Loss before income taxes



(12,864)




(12,045)




(53,401)




(52,861)


Income tax expense



(58)




(77)




(167)




(117)


Net loss


$

(12,922)



$

(12,122)



$

(53,568)



$

(52,978)


Deemed dividend to investors












(632)


Net loss attributable to common stockholders


$

(12,922)



$

(12,122)



$

(53,568)



$

(53,610)


Net loss per common share attributable to common stockholders, basic and diluted


$

(0.46)



$

(0.74)



$

(1.92)



$

(6.07)


Weighted average shares used to compute net loss per share, basic and diluted



28,348




16,359




27,838




8,838


 

INSTRUCTURE, INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)






Three Months
Ended December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)



(unaudited)






Operating Activities:

















Net loss


$

(12,922)



$

(12,122)



$

(53,568)



$

(52,978)


Adjustments to reconcile net loss to net cash used in operating activities:

















Depreciation of property and equipment



1,149




799




3,981




2,672


Amortization of intangible assets



121




77




405




309


Amortization of deferred financing costs



12







46




54


Change in fair value of warrant liability



(10)




117




(62)




653


Stock-based compensation



2,973




1,537




10,674




9,236


Other



(28)




28




92




193


Changes in assets and liabilities:

















Accounts receivable, net



5,050




1,697




(8,837)




(1,532)


Prepaid expenses and other assets



(1,667)




348




(818)




(2,673)


Accounts payable and accrued liabilities



(571)




442




3,732




3,938


Deferred revenue



(8,894)




(5,425)




23,566




20,371


Deferred rent



(95)




215




(474)




719


Other liabilities



16




(28)




(345)




(313)


Net cash used in operating activities



(14,866)




(12,315)




(21,608)




(19,351)


Investing Activities:

















Purchases of property and equipment



(2,099)




(2,233)




(7,021)




(6,696)


Purchases of intangible assets



(410)







(721)





Proceeds from disposal of property and equipment



40




11




63




64


Purchases of marketable securities



(4,389)







(28,752)




(1,456)


Maturities of marketable securities



4,800




1,119




5,125




1,619


Net cash used in investing activities



(2,058)




(1,103)




(31,306)




(6,469)


Financing Activities:

















IPO proceeds, net of offering costs paid of $3,261






72,032







72,032


Proceeds from exercise of redeemable convertible preferred stock warrants












250


Proceeds from issuance of common stock from employee equity plans



2,515




103




7,009




349


Shares repurchased for tax withholdings on vesting of restricted stock



(27)







(27)





Payments of line of credit financing costs












(32)


Repayment of capital lease obligations






(16)







(223)


Net cash provided by financing activities



2,488




72,119




6,982




72,376


Net increase (decrease) in cash



(14,436)




58,701




(45,932)




46,556


Cash, beginning of period



58,975




31,770




90,471




43,915


Cash, end of period


$

44,539



$

90,471



$

44,539



$

90,471


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP GROSS MARGIN


(in thousands, except percentages)


(unaudited)






Three Months Ended
December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)










GAAP gross profit


$

22,419



$

14,961



$

78,131



$

49,120


Stock-based compensation



240




134




962




343


Non-GAAP gross margin


$

22,659



$

15,095



$

79,093



$

49,463



















GAAP gross margin %



71.1

%



68.6

%



70.5

%



67.1

%

Non-GAAP gross margin %



71.8

%



69.3

%



71.3

%



67.6

%

 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING LOSS


(in thousands)


(unaudited)






Three Months Ended
December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)










Loss from operations


$

(12,838)



$

(11,912)



$

(53,375)



$

(51,972)


Stock-based compensation



2,973




1,537




10,674




9,236


Payroll tax expense on secondary stock purchase transactions












1,327


Reversal of payroll tax expense on secondary stock purchase transactions









(217)





Amortization of acquisition related intangibles



3




2




9




9


Non-GAAP operating loss


$

(9,862)



$

(10,373)



$

(42,909)



$

(41,400)



















GAAP operating margin



-41

%



-55

%



-48

%



-71

%

Non-GAAP operating margin



-31

%



-48

%



-39

%



-57

%

 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP NET LOSS


(in thousands)


(unaudited)






Three Months Ended
December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)










Net Loss


$

(12,922)



$

(12,122)



$

(53,568)



$

(52,978)


Stock-based compensation



2,973




1,537




10,674




9,236


Payroll tax expense on secondary stock purchase transactions












1,327


Reversal of payroll tax expense on secondary stock purchase transactions









(217)





Amortization of acquisition related intangibles



3




2




9




9


Change in fair value of warrant liability



(10)




117




(62)




653


Non-GAAP net loss


$

(9,956)



$

(10,466)



$

(43,164)



$

(41,753)


Non-GAAP net loss per common share, basic and diluted


$

(0.35)



$

(0.43)



$

(1.55)



$

(1.90)


Non-GAAP weighted average common shares used in computing basic and diluted net loss per common share(1)



28,348




24,173




27,838




22,009




(1)

Non-GAAP weighted average common shares used in computing basic and diluted net loss per common share on a non-GAAP basis assumes that the redeemable convertible preferred shares that converted to common shares upon execution of our IPO were outstanding for the full year.

 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE SHARES OUTSTANDING


(in thousands)


(unaudited)






Three Months Ended
December 31,



Year Ended
December 31,




2016



2015



2016



2015




(unaudited)



(unaudited)










GAAP weighted average common shares, basic and diluted



28,348




16,359




27,838




8,838


Effect of redeemable convertible preferred stock conversion (assuming converted shares were outstanding for the full year)






7,814







13,171


Non-GAAP weighted average common shares used in computing basic and diluted non-GAAP net loss per common share



28,348




24,173




27,838




22,009


 

INSTRUCTURE, INC.


RECONCILIATION OF 12-MONTH BILLINGS


(in thousands)


(unaudited)






Trailing Twelve Months Ended
December 31,




2016



2015


Total net revenue


$

110,880



$

73,193











Current deferred revenue









Beginning balance



49,384




29,380


Ending balance



72,747




49,384


Net change in current deferred revenue



23,363




20,004











Long term deferred revenue









Beginning balance



2,941




2,574


Ending balance



3,144




2,941


Net change in long term deferred revenue



203




367











Total 12-month billings


$

134,446



$

93,564


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Three Months Ended December 31, 2016


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



NON-GAAP


Operating expenses:





















Sales and marketing


$

18,002




(811)









$

17,191


Research and development



10,141




(1,120)







(3)




9,018


General and administrative



7,114




(802)










6,312


Total operating expenses


$

35,257




(2,733)







(3)



$

32,521


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Three Months Ended December 31, 2015


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



NON-GAAP


Operating expenses:





















Sales and marketing


$

15,156




(460)









$

14,696


Research and development



6,710




(532)







(2)




6,176


General and administrative



5,007




(411)










4,596


Total operating expenses


$

26,873




(1,403)







(2)



$

25,468


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Year Ended December 31, 2016


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



NON-GAAP


Operating expenses:





















Sales and marketing


$

69,991




(3,030)




57






$

67,018


Research and development



35,973




(3,862)




57




(9)




32,159


General and administrative



25,542




(2,820)




103







22,825


Total operating expenses


$

131,506




(9,712)




217




(9)



$

122,002


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Year Ended December 31, 2015


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



NON-GAAP


Operating expenses:





















Sales and marketing


$

53,459




(1,228)









$

52,231


Research and development



24,151




(1,403)







(9)




22,739


General and administrative



23,482




(6,262)




(1,327)







15,893


Total operating expenses


$

101,092




(8,893)




(1,327)




(9)



$

90,863


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP NET LOSS GUIDANCE


(in thousands)


(unaudited)






Three Months Ending
March 31,



Full Year Ending
December 31,




2017



2017



2017



2017




LOW



HIGH



LOW



HIGH


Net loss


$

(14,710)



$

(14,110)



$

(54,680)



$

(53,680)


Stock-based compensation



3,500




3,500




16,000




16,000


Reversal of payroll tax expense on secondary stock purchase transactions



-




-




(540)




(540)


Change in fair value of warrant liability



10




10




20




20


Non-GAAP net loss


$

(11,200)



$

(10,600)



$

(39,200)



$

(38,200)


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP NET LOSS PER COMMON SHARE GUIDANCE


(unaudited)






Three Months Ending
March 31,



Full Year Ending
December 31,




2017



2017



2017



2017




LOW



HIGH



LOW



HIGH


Net loss per common share


$

(0.51)



$

(0.49)



$

(1.88)



$

(1.84)


Stock-based compensation



0.12




0.12




0.55




0.55


Reversal of payroll tax expense on secondary stock purchase transactions



-




-




(0.02)




(0.02)


Change in fair value of warrant liability



0.00




0.00




0.00




0.00


Non-GAAP net loss per common share, basic and diluted


$

(0.39)



$

(0.37)



$

(1.35)



$

(1.31)


Non-GAAP weighted average common shares used in computing basic and diluted net loss per common share (in thousands)



28,600




28,600




29,100




29,100


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/instructure-reports-fourth-quarter-and-full-year-2016-financial-results-300402690.html

SOURCE Instructure, Inc.

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