Udemy (Nasdaq: UDMY), a leading online skills marketplace and
learning platform, today reported results for the three-month
period ended March 31, 2024.
First Quarter 2024 Financial Results and Key Operating
Data Summary(in millions, except customers, percentages
and basis points)
|
|
Three Months Ended March 31, |
|
% Change |
|
|
2024 |
|
2023 |
|
YoY |
Revenue |
|
$ |
196.8 |
|
|
|
$ |
176.4 |
|
|
|
12 |
|
% |
Gross Profit |
|
$ |
120.6 |
|
|
|
$ |
99.7 |
|
|
|
21 |
|
% |
Gross Margin |
|
|
61 |
|
% |
|
|
57 |
|
% |
|
400 |
|
bps |
Non-GAAP Gross Profit |
|
$ |
122.9 |
|
|
|
$ |
102.0 |
|
|
|
20 |
|
% |
Non-GAAP Gross Margin |
|
|
62 |
|
% |
|
|
58 |
|
% |
|
400 |
|
bps |
Net Loss |
|
$ |
(18.3 |
) |
|
|
$ |
(44.5 |
) |
|
|
(59 |
) |
% |
Non-GAAP Net Income (Loss) |
|
$ |
5.3 |
|
|
|
$ |
(8.3 |
) |
|
|
NM |
% |
Adjusted EBITDA |
|
$ |
6.5 |
|
|
|
$ |
(6.3 |
) |
|
|
NM |
% |
Adjusted EBITDA Margin |
|
|
3 |
|
% |
|
|
(4 |
) |
% |
|
700 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Segment |
|
|
|
|
|
|
|
|
|
|
|
Total Customers |
|
|
16,070 |
|
|
|
|
14,359 |
|
|
|
12 |
|
% |
Annual Recurring Revenue |
|
$ |
479.4 |
|
|
|
$ |
396.0 |
|
|
|
21 |
|
% |
UB Net Dollar Retention Rate |
|
|
104 |
|
% |
|
|
112 |
|
% |
|
(800 |
) |
bps |
UB Large Customer Net Dollar Retention Rate |
|
|
111 |
|
% |
|
|
120 |
|
% |
|
(900 |
) |
bps |
Segment Revenue |
|
$ |
117.6 |
|
|
|
$ |
95.2 |
|
|
|
24 |
|
% |
Segment Gross Profit |
|
$ |
84.6 |
|
|
|
$ |
62.4 |
|
|
|
36 |
|
% |
Segment Gross Margin |
|
|
72 |
|
% |
|
|
65 |
|
% |
|
700 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Segment |
|
|
|
|
|
|
|
|
|
|
|
Monthly Average Buyers |
|
|
1.44 |
|
|
|
|
1.39 |
|
|
|
4 |
|
% |
Segment Revenue |
|
$ |
79.2 |
|
|
|
$ |
81.2 |
|
|
|
(2 |
) |
% |
Segment Gross Profit |
|
$ |
43.2 |
|
|
|
$ |
43.7 |
|
|
|
(1 |
) |
% |
Segment Gross Margin |
|
|
55 |
|
% |
|
|
54 |
|
% |
|
100 |
|
bps |
NM = Not Meaningful
“Udemy delivered a strong start to the year, with first quarter
results exceeding our guidance on the top and bottom line,” said
Greg Brown, Udemy’s President and CEO. “We have made meaningful
progress towards establishing Udemy as the skills development
platform of choice through our journey of innovation. Notably,
Udemy’s Intelligent Skills Platform transforms how skills are
acquired and validated through personalized and immersive learning
experiences, enabling millions of professionals and our more than
16,000 enterprise customers worldwide to easily identify and
quickly develop the skills they need to deliver better business
outcomes, which is becoming mission-critical given the rapid
advancements in generative AI.”
“Our solid cash position enables us to return capital to
shareholders through our share repurchase program. Looking ahead,
we are committed to continuing to grow the company, while
opportunistically returning capital to shareholders, consistent
with our disciplined capital allocation strategy. Our Board has
approved the expansion of our share repurchase program to $150
million, reflecting our confidence in the long-term opportunity
available to Udemy,” concluded Brown.
First Quarter 2024 Financial Highlights
- Total revenue increased 12% year-over-year to $196.8 million
and exceeded the high end of Udemy’s guidance range for the
quarter. Revenue growth includes a negative impact of 2 percentage
points from changes in foreign exchange (FX) rates
year-over-year.
- Enterprise segment, or Udemy Business, revenue increased 24%
year-over-year, including the negative impact of 2 percentage
points from changes in FX rates year-over-year, to $117.6
million.
- Udemy Business Annual Recurring Revenue (ARR) increased 21%
year-over-year to $479.4 million.
- Consumer segment revenue growth was down 2% year-over-year,
including the negative impact of 2 percentage points from changes
in FX rates year-over-year, to $79.2 million.
- Ended the quarter with $434.1 million in cash, cash
equivalents, restricted cash and marketable securities.
Business and Operational Highlights
- Added new, or expanded existing, relationships with Udemy
Business customers globally, including Ambev S.A. (Brazil), Axon
Enterprise (U.S.), Banco de Occidente (Honduras), Blue Cross Blue
Shield of North Carolina (U.S.), Deutsche Automobil Treuhand
(Germany), Flutter Entertainment plc. (U.K.), FPT Software
(Vietnam), Gulf Insurance Group (Kuwait), Hitachi Vantara
Corporation (U.S.), Laboratory Corp. of America Holdings (U.S.),
Malayan Banking Bernard - Maybank (Malaysia), NetApp, Inc. (U.S.),
PepsiCo, Inc. (U.S.), and Sony Sports (U.K.).
- Launched GenAI Skills Packs to support organizations
around the world with the rapid adoption and implementation of
in-demand generative AI skills. The GenAI Skills Pack includes
curated content, emerging skills, and learning paths correlated to
specific objectives to empower organizations globally with the most
effective and efficient way to develop GenAI skills in a matter of
hours, depending on their role.
- Published a new research report, The GenAI Transformation:
Perspectives on Leadership, and launched a new cohort learning
program, Leading GenAI Innovation, to help organizations lead
through change and close the GenAI skills gap.
- Listed as Strategic Challenger in Fosway’s 9-Grid for
Digital Learning report, with continued positive momentum in the
market, and highest scores for Potential.
- Announced a partnership with The Cloud Native Computing
Foundation® (CNCF®), which builds sustainable ecosystems for cloud
native software, through which CNCF has endorsed Udemy content to
support its audience of project contributors and current and
aspiring cloud native developers across the globe to help them
prepare for various CNCF certification exams.
- Named to TIME’s inaugural list of World’s Top EdTech Companies
of 2024.
- Udemy Business was once again named a Leader in G2’s Spring
report across six categories, including Online Learning Platform,
Technical Skills Development, and LXPs.
Share Repurchase Program
Udemy returned capital to shareholders through its $100 million
share repurchase program. During Q1, the Company spent
approximately $55 million to buy back nearly 5.0 million Udemy
shares in the open market.
Udemy’s Board of Directors also authorized an increase of $50
million to its existing share repurchase program. In addition to
this increased $50 million authorization, Udemy has approximately
$45 million remaining from its previously-announced $100 million
share repurchase program. The Company is authorized to repurchase
Udemy common stock in either the open market or in privately
negotiated transactions, in accordance with SEC regulations.
Financial Outlook
Udemy provides guidance based on current market conditions and
expectations. Actual results may differ materially. Please refer to
the comments below regarding forward-looking statements.
The following table reflects Udemy’s financial outlook for its
second quarter and full year ending December 31, 2024.
|
Three Months Ending June 30, 2024 |
|
Year Ending December 31, 2024 |
Revenue |
$192 to
$195 million |
|
$795 to
$805 million |
Adjusted EBITDA Margin1 |
(50) to 50
basis points |
|
200 to 300
basis points |
Weighted Average Share Count,
Basic2 |
155
million |
|
156
million |
Weighted Average Share Count,
Diluted2 |
158
million |
|
162
million |
1. Udemy has not
provided a quantitative reconciliation of forecasted Adjusted
EBITDA to forecasted GAAP net income (loss) within this earnings
release because the Company is unable, without making unreasonable
efforts, to calculate certain reconciling items with
confidence. |
2. Udemy’s outlook
for weighted average share count, basic and diluted, excludes any
impact from potential future repurchase activities under our share
repurchase program. |
The revenue guidance range above assumes historical changes in
FX rates will have a negative one percentage point impact on both
second quarter year-over-year revenue growth and full year revenue
growth. Udemy's revenue guidance assumes FX rates will remain
unchanged from the end of the first quarter of 2024.
Webcast Information
Udemy will host a conference call and webcast at 2:00 p.m. PT /
5:00 p.m. ET today, Thursday, May 2 to discuss its first quarter
2024 financial results and outlook. A link to the live webcast and
recorded replay of the conference call will be available on the
“Quarterly Results” section of Udemy’s Investor Relations website
at https://investors.udemy.com/. The live call may also be accessed
via telephone at (833) 630-1963 domestically and (412) 317-5702
internationally. The archived replay of the webcast will be
available for approximately one year.
Non-GAAP Financial Measures
To supplement the consolidated financial statements prepared and
presented in accordance with U.S. generally accepted accounting
principles (“GAAP”), this press release contains certain non-GAAP
financial measures as defined below. We believe that these non-GAAP
financial measures, when taken together with the corresponding GAAP
financial measures, provide useful information to investors and
others in understanding and evaluating our operating results
because our management team and board of directors use these
non-GAAP financial measures for the purposes of assessing operating
results and business planning. These non-GAAP financial measures
also provide useful measures for period-to-period comparisons of
our business by removing the effect of certain non-cash expenses
and certain variable charges.
Adjusted EBITDA and Adjusted EBITDA Margin
We calculate Adjusted EBITDA as net loss determined in
accordance with GAAP, excluding i) interest income; ii) interest
expense; iii) provision for income taxes; iv) depreciation and
amortization; v) other expense, net, including gains and losses
from the remeasurement of foreign currency assets and liabilities
into their functional currency; vi) stock-based compensation
expense; and vii) restructuring charges. We calculate Adjusted
EBITDA Margin as Adjusted EBITDA divided by revenue for the same
period. We have not reconciled our expectations for Adjusted EBITDA
and Adjusted EBITDA Margin to net loss and net loss margin,
respectively, the most directly comparable GAAP measures, because
certain items are out of our control or cannot be reasonably
predicted and a reconciliation for the guidance for Adjusted EBITDA
and Adjusted EBITDA Margin is not available without unreasonable
effort.
Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per
Share, Basic and Diluted
We define non-GAAP net income (loss) as net loss, adjusted to
exclude stock-based compensation expense, amortization of acquired
intangible assets, and restructuring charges.
We define non-GAAP net income (loss) per share, basic, as
non-GAAP net income (loss) divided by weighted-average shares used
to compute net loss per share, basic. We define non-GAAP net income
(loss) per share, diluted, as non-GAAP net income (loss) divided by
weighted-average shares used to compute net loss per share,
diluted, which adjusts for the potentially dilutive effects of our
employee equity incentive plans.
Non-GAAP Gross Profit and Non-GAAP Gross Margin
We define non-GAAP gross profit as gross profit, adjusted to
exclude stock-based compensation expense and the amortization of
acquired intangible assets. We calculate non-GAAP gross margin as
non-GAAP gross profit divided by revenue for the same period.
Udemy’s non-GAAP financial measures may be different from
non-GAAP financial measures used by other companies. The
presentation of non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for, or superior to,
financial measures determined in accordance with GAAP. Because of
the limitations of non-GAAP financial measures, you should consider
the non-GAAP financial measures presented herein in conjunction
with Udemy’s financial statements and the related notes thereto.
Please refer to the non-GAAP reconciliations in this press release
for a reconciliation of these non-GAAP financial measures to the
most comparable financial measure prepared in accordance with
GAAP.
Key Business Metrics
Udemy Business customers
We count the total number of Udemy Business (“UB”) customers at
the end of each period. To do so, we generally count unique
customers using the concept of a domestic ultimate parent, defined
as the highest business in the family tree that is in the same
country as the contracted entity. In some cases, we deviate from
this methodology, defining the contracted entity as a unique
customer despite the existence of a domestic ultimate parent. This
often occurs where the domestic ultimate parent is a financial
owner, government entity, conglomerate, or acquisition target where
we have contracted directly with the subsidiary. We define a UB
customer as a customer who purchases Udemy via our direct sales
force, reseller partnerships or through our self-service
platform.
Udemy Business Annual Recurring Revenue
We disclose our UB ARR as a measure of our Enterprise revenue
growth. ARR represents the annualized value of our UB customer
contracts on the last day of a given period. Only revenue from
closed UB contracts with active seats as of the last day of the
period are included.
Udemy Business Net Dollar Retention Rate and Udemy Business
Large Customer Net Dollar Retention Rate
We disclose UB Net Dollar Retention Rate, or UB NDRR, as a
measure of revenue growth for all UB customers within our
Enterprise segment, including UB Large Customers, which we define
as companies with at least 1,000 employees. We calculate UB NDRR as
the total ARR at the end of a trailing twelve-month period divided
by the total ARR at the beginning of a trailing twelve-month period
for the cohort of all UB customers active at the beginning of the
trailing twelve-month period. We calculate UB Large Customer NDRR
as the total UB Large Customer ARR at the end of a trailing
twelve-month period divided by the total Large Customer ARR at the
beginning of a trailing twelve-month period for the cohort of UB
customers with at least 1,000 employees active at the beginning of
the trailing twelve-month period. Total ARR and Large Customer ARR
at the end of a trailing twelve-month period are calculated as ARR
and Large Customer ARR, respectively, at the beginning of a
trailing twelve-month period that are then adjusted for upsells,
downsells, and churns for the same cohort of customers during that
period. Large Customer ARR represents the annualized value of
contracts for UB customers with active seats and having at least
1,000 employees on the last day of a given period.
Monthly average buyers
A buyer is a consumer who purchases a course or subscription
through our direct-to-consumer offering. We first determine the
number of monthly buyers by taking the total buyers of single
courses during a given month plus the total active, paid consumer
subscribers at any point in that month, adjusting for duplicate
buyers that may be present in both totals. We then calculate
monthly average buyers by taking an average of the monthly buyer
totals over a particular period, such as a fiscal year. Our monthly
average buyer count is not intended as a measure of active
engagement, as not all buyers are active at any given time or over
any given period.
Segment revenue and segment gross profit
Segment revenue represents the revenue recognized from our two
segments, Enterprise (or Udemy Business), and Consumer. Segment
gross profit is defined as segment revenue less segment cost of
revenue, which include content costs, hosting and platform costs,
customer support services, and payment processing fees that are
allocable to each segment. Segment gross profit excludes
amortization of capitalized software, amortization of intangible
assets, depreciation, and stock-based compensation allocated to
cost of revenue as our chief operating decision maker does not
include the information in his measurement of the performance of
the operating segments.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, statements regarding Udemy’s
expectations relating to future operating results and financial
position, including the second quarter and full year 2024, and
future periods; anticipated future expenses and investments; our
business strategy and plans; market growth; and our market position
and potential market opportunities. The words “believe,” “may,”
“will,” “estimate,” “potential,” “continue,” “anticipate,”
“intend,” “expect,” “could,” “would,” “project,” “plan,” “target,”
and similar expressions are intended to identify forward-looking
statements.
Forward-looking statements are subject to known and unknown
risks and uncertainties and are based on potentially inaccurate
assumptions that could cause actual results to differ materially
from those expected or implied by the forward-looking statements.
Actual results may differ materially from the results predicted and
reported results should not be considered as an indication of
future performance.
The potential risks and uncertainties that could cause actual
results to differ from the results predicted include, among others,
those risks and uncertainties included under the caption "Risk
Factors" and elsewhere in our publicly available filings with the
Securities and Exchange Commission (“SEC”). All information
provided in this release is as of the date hereof, and we undertake
no duty to update this information unless required by law.
About UdemyUdemy (Nasdaq: UDMY) transforms
lives through learning by providing flexible and effective skills
development and validation. Through the Udemy Intelligent Skills
Platform and its community of instructors, millions of learners
gain expertise in a wide range of technical and professional skills
– from generative AI to leadership. The Udemy marketplace
provides learners with thousands of up-to-date courses in dozens of
languages, offering a variety of solutions to achieve their goals.
Udemy Business empowers enterprises to offer on-demand learning for
all employees, immersive learning for tech teams, and cohort
learning for leaders. Udemy Business customers include FenderⓇ,
Glassdoor, On24, The World Bank and Volkswagen. Udemy is
headquartered in San Francisco with hubs in Denver, USA; Ankara and
Istanbul, Türkiye; Dublin, Ireland; Melbourne, Australia; and
Gurugram, India.
|
Udemy, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands, except share and per share amounts) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Revenue |
$ |
196,846 |
|
|
$ |
176,430 |
|
Cost of revenue (1)(2) |
|
76,282 |
|
|
|
76,701 |
|
Gross profit |
|
120,564 |
|
|
|
99,729 |
|
Operating expenses (1)(2) |
|
|
|
Sales and marketing |
|
87,301 |
|
|
|
79,657 |
|
Research and development |
|
31,223 |
|
|
|
30,887 |
|
General and administrative |
|
24,769 |
|
|
|
26,334 |
|
Restructuring charges |
|
— |
|
|
|
10,128 |
|
Total operating expenses |
|
143,293 |
|
|
|
147,006 |
|
Loss from operations |
|
(22,729 |
) |
|
|
(47,277 |
) |
Other income (expense) |
|
|
|
Interest income |
|
5,728 |
|
|
|
4,322 |
|
Interest expense |
|
(3 |
) |
|
|
(390 |
) |
Other expense, net |
|
(308 |
) |
|
|
(142 |
) |
Total other income, net |
|
5,417 |
|
|
|
3,790 |
|
Net loss before taxes |
|
(17,312 |
) |
|
|
(43,487 |
) |
Income tax provision |
|
(1,027 |
) |
|
|
(1,057 |
) |
Net loss |
$ |
(18,339 |
) |
|
$ |
(44,544 |
) |
Net loss per share |
|
|
|
Basic and diluted |
$ |
(0.12 |
) |
|
$ |
(0.31 |
) |
Weighted-average shares used in computing net loss per
share |
|
|
|
Basic and diluted |
|
156,570,426 |
|
|
|
145,737,709 |
|
(1) Includes stock-based compensation expense as
follows (in thousands):
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
Cost of revenue |
$ |
1,657 |
|
$ |
1,593 |
Sales and marketing |
|
7,341 |
|
|
7,277 |
Research and development |
|
6,675 |
|
|
6,294 |
General and administrative |
|
7,032 |
|
|
9,911 |
Restructuring charges |
|
— |
|
|
1,208 |
Total stock-based compensation expense |
$ |
22,705 |
|
$ |
26,283 |
(2) Includes amortization
of intangible assets as follows (in thousands):
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
Cost of revenue |
$ |
725 |
|
$ |
725 |
Sales and marketing |
|
230 |
|
|
342 |
Total amortization of
intangible assets |
$ |
955 |
|
$ |
1,067 |
Udemy,
Inc. |
Condensed
Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
March 31, |
|
December 31, |
|
2024 |
|
2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
256,807 |
|
|
$ |
305,564 |
|
Restricted cash, current |
|
3,329 |
|
|
|
3,329 |
|
Marketable securities |
|
173,883 |
|
|
|
171,372 |
|
Accounts receivable, net |
|
99,765 |
|
|
|
92,555 |
|
Prepaid expenses and other current assets |
|
25,610 |
|
|
|
20,924 |
|
Deferred contract costs, current |
|
44,032 |
|
|
|
38,584 |
|
Total current assets |
|
603,426 |
|
|
|
632,328 |
|
Property and equipment, net |
|
4,068 |
|
|
|
4,439 |
|
Capitalized software, net |
|
32,096 |
|
|
|
31,388 |
|
Operating lease right-of-use assets |
|
4,205 |
|
|
|
5,691 |
|
Restricted cash, non-current |
|
100 |
|
|
|
659 |
|
Deferred contract costs, non-current |
|
34,382 |
|
|
|
35,790 |
|
Strategic investments |
|
10,311 |
|
|
|
10,311 |
|
Intangible assets, net |
|
4,268 |
|
|
|
5,223 |
|
Goodwill |
|
12,646 |
|
|
|
12,646 |
|
Other assets |
|
2,952 |
|
|
|
2,721 |
|
Total assets |
$ |
708,454 |
|
|
$ |
741,196 |
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,078 |
|
|
$ |
2,506 |
|
Accrued expenses and other current liabilities |
|
30,540 |
|
|
|
27,778 |
|
Content costs payable |
|
35,372 |
|
|
|
40,277 |
|
Accrued compensation and benefits |
|
20,151 |
|
|
|
24,332 |
|
Operating lease liabilities, current |
|
3,581 |
|
|
|
5,825 |
|
Deferred revenue, current |
|
315,563 |
|
|
|
279,414 |
|
Total current liabilities |
|
408,285 |
|
|
|
380,132 |
|
Operating lease liabilities, non-current |
|
945 |
|
|
|
1,124 |
|
Deferred revenue, non-current |
|
2,340 |
|
|
|
3,000 |
|
Other liabilities, non-current |
|
390 |
|
|
|
48 |
|
Total liabilities |
|
411,960 |
|
|
|
384,304 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common stock |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
1,034,603 |
|
|
|
1,076,508 |
|
Accumulated other comprehensive income (loss) |
|
(74 |
) |
|
|
80 |
|
Accumulated deficit |
|
(738,037 |
) |
|
|
(719,698 |
) |
Total stockholders’ equity |
|
296,494 |
|
|
|
356,892 |
|
Total liabilities and stockholders' equity |
$ |
708,454 |
|
|
$ |
741,196 |
|
Udemy,
Inc. |
Condensed
Consolidated Statements of Cash Flows |
(in thousands) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(18,339 |
) |
|
$ |
(44,544 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
6,483 |
|
|
|
5,786 |
|
Amortization of deferred contract costs |
|
14,041 |
|
|
|
10,508 |
|
Stock-based compensation |
|
22,705 |
|
|
|
26,283 |
|
Allowance for credit losses |
|
743 |
|
|
|
301 |
|
Accretion of marketable securities |
|
(2,300 |
) |
|
|
(1,815 |
) |
Non-cash operating lease expense |
|
1,487 |
|
|
|
1,572 |
|
Other |
|
215 |
|
|
|
375 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(7,954 |
) |
|
|
7,805 |
|
Prepaid expenses and other assets |
|
(5,046 |
) |
|
|
(2,434 |
) |
Deferred contract costs |
|
(18,081 |
) |
|
|
(17,302 |
) |
Accounts payable, accrued expenses and other
liabilities |
|
(1,145 |
) |
|
|
(4,499 |
) |
Content costs payable |
|
(4,906 |
) |
|
|
(2,292 |
) |
Operating lease liabilities |
|
(2,423 |
) |
|
|
(1,759 |
) |
Deferred revenue |
|
35,489 |
|
|
|
2,120 |
|
Net cash provided by (used in)
operating activities |
|
20,969 |
|
|
|
(19,895 |
) |
Cash flows from investing activities: |
|
|
|
Purchases of marketable securities |
|
(89,462 |
) |
|
|
(58,463 |
) |
Proceeds from maturities of marketable securities |
|
89,150 |
|
|
|
42,500 |
|
Purchases of property and equipment |
|
(197 |
) |
|
|
(100 |
) |
Capitalized software costs |
|
(3,261 |
) |
|
|
(3,256 |
) |
Net cash used in investing
activities |
|
(3,770 |
) |
|
|
(19,319 |
) |
Cash flows from financing activities: |
|
|
|
Net proceeds from exercise of stock options |
|
313 |
|
|
|
1,180 |
|
Taxes paid related to net share settlement of equity awards |
|
(11,634 |
) |
|
|
— |
|
Repurchases of common stock |
|
(55,144 |
) |
|
|
— |
|
Net cash provided by (used
in) financing activities |
|
(66,465 |
) |
|
|
1,180 |
|
|
|
|
|
Effect of foreign exchange rates on cash flows |
|
(50 |
) |
|
|
(18 |
) |
|
|
|
|
Net decrease in cash, cash equivalents and restricted
cash |
|
(49,316 |
) |
|
|
(38,052 |
) |
Cash, cash equivalents and restricted cash—Beginning of
period |
|
309,552 |
|
|
|
317,314 |
|
Cash, cash equivalents and restricted cash—End of period |
$ |
260,236 |
|
|
$ |
279,262 |
|
Udemy, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Measures |
(in thousands, except percentages, share and per share
amounts) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Gross
profit |
$ |
120,564 |
|
|
$ |
99,729 |
|
Stock-based compensation expense |
|
1,657 |
|
|
|
1,593 |
|
Intangible asset amortization |
|
725 |
|
|
|
725 |
|
Non-GAAP gross profit |
$ |
122,946 |
|
|
$ |
102,047 |
|
Gross margin (1) |
|
61 |
% |
|
|
57 |
% |
Non-GAAP gross margin (2) |
|
62 |
% |
|
|
58 |
% |
(1) We
calculate gross margin as gross profit divided by revenue for the
same period. |
(2) We
calculate non-GAAP gross margin as non-GAAP gross profit divided by
revenue for the same period. |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(18,339 |
) |
|
$ |
(44,544 |
) |
Stock-based compensation expense |
|
22,705 |
|
|
|
25,075 |
|
Intangible asset amortization |
|
955 |
|
|
|
1,067 |
|
Restructuring charges |
|
— |
|
|
|
10,128 |
|
Non-GAAP net income (loss) |
$ |
5,321 |
|
|
$ |
(8,274 |
) |
|
|
|
|
Weighted-average shares used in computing net income (loss) per
share, basic |
|
156,570,426 |
|
|
|
145,737,709 |
|
Effect of dilutive securities (3) |
|
5,510,208 |
|
|
|
— |
|
Weighted-average shares used in computing non-GAAP net income
(loss) per share, diluted |
|
162,080,634 |
|
|
|
145,737,709 |
|
|
|
|
|
Net loss per share, basic and diluted |
$ |
(0.12 |
) |
|
$ |
(0.31 |
) |
Non-GAAP net income (loss) per share, basic |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
Non-GAAP net income (loss) per share, diluted |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
(3) For
periods presented with a non-GAAP net loss, we have excluded the
effect of potentially dilutive securities as their inclusion would
be anti-dilutive. |
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Net loss |
$ |
(18,339 |
) |
|
|
$ |
(44,544 |
) |
|
Adjusted to exclude the following: |
|
|
|
Interest income |
|
(5,728 |
) |
|
|
|
(4,322 |
) |
|
Interest expense |
|
3 |
|
|
|
|
390 |
|
|
Income tax provision |
|
1,027 |
|
|
|
|
1,057 |
|
|
Depreciation and amortization |
|
6,483 |
|
|
|
|
5,786 |
|
|
Stock-based compensation expense |
|
22,705 |
|
|
|
|
25,075 |
|
|
Other expense, net |
|
308 |
|
|
|
|
142 |
|
|
Restructuring charges |
|
— |
|
|
|
|
10,128 |
|
|
Adjusted EBITDA |
$ |
6,459 |
|
|
|
$ |
(6,288 |
) |
|
Net loss margin(4) |
|
(9 |
) |
% |
|
|
(25 |
) |
% |
Adjusted EBITDA margin(5) |
|
3 |
|
% |
|
|
(4 |
) |
% |
(4) We
calculate net loss margin as net loss divided by revenue for the
same period.) |
(5)
We calculate
adjusted EBITDA margin as adjusted EBITDA divided by revenue for
the same period. |
|
Investor ContactDennis WalshVice President,
Investor Relationsdennis.walsh@udemy.com
Media Contact Abby WelchSenior Director,
Corporate Communicationsabby.welch@udemy.com
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