Udemy (Nasdaq: UDMY), a leading online skills marketplace and
learning platform, today reported results for the three- and
twelve-month periods ended December 31, 2023. Udemy also announced
today in a separate news release that its Board of Directors
approved its first share repurchase program.
Fourth Quarter and Full Year 2023 Financial
Results and Key Operating Data Summary(in millions, except
customers, percentages and basis points)
|
|
Three Months Ended December 31, |
|
% Change |
|
Fiscal Year Ended December 31, |
|
% Change |
|
|
2023 |
|
2022 |
|
YoY |
|
2023 |
|
2022 |
|
YoY |
Revenue |
|
$ |
189.5 |
|
|
|
$ |
165.3 |
|
|
|
15 |
|
% |
|
$ |
728.9 |
|
|
|
$ |
629.1 |
|
|
|
16 |
|
% |
Gross Profit |
|
$ |
109.9 |
|
|
|
$ |
91.3 |
|
|
|
20 |
|
% |
|
$ |
419.3 |
|
|
|
$ |
353.8 |
|
|
|
19 |
|
% |
Gross Margin |
|
|
58 |
|
% |
|
|
55 |
|
% |
|
300 |
|
bps |
|
|
58 |
|
% |
|
|
56 |
|
% |
|
200 |
|
bps |
Non-GAAP Gross Profit |
|
$ |
112.5 |
|
|
|
$ |
94.0 |
|
|
|
20 |
|
% |
|
$ |
429.2 |
|
|
|
$ |
362.0 |
|
|
|
19 |
|
% |
Non-GAAP Gross Margin |
|
|
59 |
|
% |
|
|
57 |
|
% |
|
200 |
|
bps |
|
|
59 |
|
% |
|
|
58 |
|
% |
|
100 |
|
bps |
Net Loss |
|
$ |
(20.2 |
) |
|
|
$ |
(52.2 |
) |
|
|
(61 |
) |
% |
|
$ |
(107.3 |
) |
|
|
$ |
(153.9 |
) |
|
|
(30 |
) |
% |
Non-GAAP Net Income (Loss) |
|
$ |
3.8 |
|
|
|
$ |
(22.8 |
) |
|
|
(117 |
) |
% |
|
$ |
1.9 |
|
|
|
$ |
(68.3 |
) |
|
|
(103 |
) |
% |
Adjusted EBITDA |
|
$ |
4.0 |
|
|
|
$ |
(20.2 |
) |
|
|
(120 |
) |
% |
|
$ |
7.8 |
|
|
|
$ |
(48.7 |
) |
|
|
(116 |
) |
% |
Adjusted EBITDA Margin |
|
|
2 |
|
% |
|
|
(12 |
) |
% |
|
1,400 |
|
bps |
|
|
1 |
|
% |
|
|
(8 |
) |
% |
|
900 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Customers |
|
|
15,726 |
|
|
|
|
13,920 |
|
|
|
13 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Annual Recurring Revenue |
|
$ |
466.0 |
|
|
|
$ |
371.7 |
|
|
|
25 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Net Dollar Retention |
|
|
106 |
|
% |
|
|
115 |
|
% |
|
(900 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
UB Large Customer Net Dollar Retention |
|
|
113 |
|
% |
|
|
123 |
|
% |
|
(1,000 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
Segment Revenue |
|
$ |
114.7 |
|
|
|
$ |
90.6 |
|
|
|
27 |
|
% |
|
$ |
420.6 |
|
|
|
$ |
314.0 |
|
|
|
34 |
|
% |
Segment Gross Profit |
|
$ |
79.1 |
|
|
|
$ |
60.4 |
|
|
|
31 |
|
% |
|
$ |
283.4 |
|
|
|
$ |
209.5 |
|
|
|
35 |
|
% |
Segment Gross Margin |
|
|
69 |
|
% |
|
|
67 |
|
% |
|
200 |
|
bps |
|
|
67 |
|
% |
|
|
67 |
|
% |
|
— |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly Average Buyers |
|
|
1.37 |
|
|
|
|
1.36 |
|
|
|
1 |
|
% |
|
|
1.38 |
|
|
|
|
1.34 |
|
|
|
3 |
|
% |
Segment Revenue |
|
$ |
74.9 |
|
|
|
$ |
74.7 |
|
|
|
— |
|
% |
|
$ |
308.3 |
|
|
|
$ |
315.1 |
|
|
|
(2 |
) |
% |
Segment Gross Profit |
|
$ |
38.3 |
|
|
|
$ |
37.4 |
|
|
|
3 |
|
% |
|
$ |
163.8 |
|
|
|
$ |
165.8 |
|
|
|
(1 |
) |
% |
Segment Gross Margin |
|
|
51 |
|
% |
|
|
50 |
|
% |
|
100 |
|
bps |
|
|
53 |
|
% |
|
|
53 |
|
% |
|
— |
|
bps |
“Udemy ended the year with solid fourth quarter and
full year 2023 results that exceeded expectations as we executed on
all of our strategic priorities,” said Greg Brown, Udemy’s
President and CEO. “Companies around the world are partnering with
us to support their transformation to becoming skills-based
organizations and to stay current with technological advancements,
such as generative AI, resulting in more than 13 billion minutes of
learning on Udemy’s platform in 2023. With a disciplined approach
to operational efficiency throughout the organization, we delivered
our first full year of positive adjusted EBITDA ahead of plan.
While the challenging operating environment creates some near-term
headwinds, we remain as positive as ever about the long-term growth
opportunities available to us.
“Finally, our share repurchase program underscores
the confidence that our board and management team have in our
strategy and the future of Udemy and reinforces our commitment to
deliver returns for Udemy shareholders,” concluded Brown.
Fourth Quarter 2023 Financial
Highlights:
- Total revenue
increased 15% year-over-year to $189.5 million and exceeded the
high end of Udemy’s guidance range for the quarter by approximately
$3 million. Revenue growth includes a negative impact of 1
percentage point from changes in foreign exchange (FX) rates
year-over-year.
- Enterprise segment, or
Udemy Business, revenue increased 27% year-over-year, including the
negative impact of 2 percentage points from changes in FX rates
year-over-year, to $114.7 million.
- Udemy Business Annual
Recurring Revenue (ARR) increased 25% year-over-year to $466.0
million.
- Consumer segment
revenue growth was flat year-over-year, including the negative
impact of less than one percentage point from changes in FX rates
year-over-year, at $74.9 million.
- Ended the quarter with
$480.9 million in cash, cash equivalents, restricted cash and
marketable securities.
Business and Operational
Highlights
- Acquired 10 million
new learners and more than 1,800 net new Enterprise customers to
the Udemy platform in 2023, ending the year with a total of 69
million and 15,726, respectively.
- Added new, or expanded
existing, relationships with Udemy Business customers globally,
including Airbus SE (France), Banco de Costa Rica (Costa Rica),
Canada Revenue Agency (Canada), Hewlett Packard Enterprise
Globalsoft Pvt Ltd. (India), Johnson Controls (U.S.), Marriott
International (U.S.), Mercado Libre (Uruguay), Nutanix, Inc.
(U.S.), Shoprite Holdings Ltd. (South Africa), Texas Instruments
Inc. (U.S.), Ulta Beauty (U.S.), and Williams-Sonoma (U.S.).
- Continued Udemy
Business’s expansion in the Asia-Pacific region with new customer
wins and expansions through strategic reseller partnerships,
including Honda Motor Co., Ltd. (Japan), KAIST (S. Korea), Kobelco
Construction Machinery Co. (Japan), Korean Air (S. Korea), NCSOFT
Corporation (S. Korea), Shein (Singapore), SK mySUNI (S. Korea),
and Trend Micro Inc. (Japan).
- Entered into a
multi-year partnership with McLaren Racing to become its
Official Learning and Skills Partner, including the McLaren Formula
1 Team, Arrow McLaren IndyCar Team, NEOM McLaren Formula E Team and
NEOM McLaren Extreme E Team.
- Partnered with
ServiceNow, a leading digital workflow platform, to integrate more
than 75 of Udemy’s ‘power skills'’ courses into ServiceNow’s ‘Now
Learning’ platform to complement existing technology training.
- Introduced Udemy’s
comprehensive Intelligent Skills Platform, which will include Udemy
AI Learning Assistant, Udemy AI Skills Mapping and several new
enhancements for content creators/instructors, such as a gen
AI-assisted Q&A feature.
- Redesigned
the Udemy.com homepage to better-position Udemy as the leading
skills-development solution for organizations and
professionals.
- Launched a new feature
that allows Udemy Business learners to discover, import and share
badges attained from their account to their internal company
channels and on social media.
- Selected as a 2024 G2
Best Software Awards winner, ranked #4 in the Education Products
category. The Best Software Awards are awarded to companies across
the globe that provide best-in-class products and experiences for
their enterprise customers.
- Ranked 17th on the
list of top U.S. employers and honored regionally in Austin,
Colorado and San Francisco for the second consecutive year for
Built In’s annual list of Best Places to Work.
Share Repurchase Program
Udemy’s Board of Directors has approved its first
share repurchase program under which the Company is authorized to
repurchase up to $100 million of Udemy common stock. These shares
may be purchased 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 first quarter and full year ending December 31,
2024.
|
Three Months Ending March 31, 2024 |
|
Year Ending December 31, 2024 |
Revenue |
$193 - $196 million |
|
$795 - $810 million |
Adjusted EBITDA Margin1 |
Breakeven |
|
1.5% - 2.0% |
Weighted Average Share Count,
Basic2 |
158 million |
|
160 million |
Weighted Average Share Count,
Diluted2 |
163 million |
|
167 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 not have a meaningful impact on total
year-over-year revenue growth in the first quarter, but assumes an
estimated negative impact of 3 percentage points for the full year
2024. Udemy's revenue guidance assumes constant FX rates set at the
start of the year.
Webcast Information
Udemy will host a conference call and webcast at
2:00 p.m. PT / 5:00 p.m. ET today, Wednesday, February 14 to
discuss its fourth quarter and full year 2023 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 Statements
This 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 of 2023, the full year 2023, 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 filings with the
Securities and Exchange Commission (“SEC”), including, without
limitation, our Quarterly Report on Form 10-Q for the period ended
September 30, 2023, filed with the SEC on November 2, 2023. 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 Udemy
Udemy (Nasdaq: UDMY) transforms lives through
learning by providing flexible, effective skill development to
empower organizations and individuals. The Udemy marketplace
platform, with thousands of up-to-date courses in dozens of
languages, offers the tools learners, instructors and enterprises
need to achieve their goals and reach their full potential.
Millions of people learn on the Udemy platform from real-world
experts in topics ranging from programming and
data science to leadership and team building. Udemy
Business enables employers 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 Ankara and Istanbul, Türkiye; Austin, Texas;
Denver, Colorado; Dublin, Ireland; Melbourne, Australia; and New
Delhi, India.
|
Udemy, Inc.Consolidated Statements of
Operations(in thousands, except share and per share
amounts)(unaudited) |
|
|
Three Months Ended December 31, |
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
189,545 |
|
|
$ |
165,330 |
|
|
$ |
728,937 |
|
|
$ |
629,097 |
|
Cost of revenue (1) (2) |
|
79,695 |
|
|
|
73,990 |
|
|
|
309,598 |
|
|
|
275,320 |
|
Gross profit |
|
109,850 |
|
|
|
91,340 |
|
|
|
419,339 |
|
|
|
353,777 |
|
Operating expenses (1) (2) |
|
|
|
|
|
|
|
Sales and marketing |
|
83,218 |
|
|
|
88,558 |
|
|
|
316,738 |
|
|
|
301,347 |
|
Research and development |
|
29,506 |
|
|
|
29,961 |
|
|
|
120,335 |
|
|
|
104,556 |
|
General and administrative |
|
22,786 |
|
|
|
26,917 |
|
|
|
93,898 |
|
|
|
99,064 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
10,263 |
|
|
|
— |
|
Total operating expenses |
|
135,510 |
|
|
|
145,436 |
|
|
|
541,234 |
|
|
|
504,967 |
|
Loss from operations |
|
(25,660 |
) |
|
|
(54,096 |
) |
|
|
(121,895 |
) |
|
|
(151,190 |
) |
Other income (expense) |
|
— |
|
|
|
— |
|
|
|
|
|
Interest income |
|
5,912 |
|
|
|
3,691 |
|
|
|
20,670 |
|
|
|
5,548 |
|
Interest expense |
|
(54 |
) |
|
|
(356 |
) |
|
|
(518 |
) |
|
|
(1,251 |
) |
Other income (expense), net |
|
283 |
|
|
|
(257 |
) |
|
|
(1,898 |
) |
|
|
(4,696 |
) |
Total other income (expense), net |
|
6,141 |
|
|
|
3,078 |
|
|
|
18,254 |
|
|
|
(399 |
) |
Net loss before taxes |
|
(19,519 |
) |
|
|
(51,018 |
) |
|
|
(103,641 |
) |
|
|
(151,589 |
) |
Income tax provision |
|
(729 |
) |
|
|
(1,135 |
) |
|
|
(3,653 |
) |
|
|
(2,286 |
) |
Net loss |
$ |
(20,248 |
) |
|
$ |
(52,153 |
) |
|
$ |
(107,294 |
) |
|
$ |
(153,875 |
) |
Net loss per share |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.13 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.71 |
) |
|
$ |
(1.09 |
) |
Weighted-average shares used in computing net loss per share |
|
|
|
|
|
|
|
Basic and diluted |
|
155,161,554 |
|
|
|
143,120,852 |
|
|
|
150,098,776 |
|
|
|
140,873,504 |
|
(1) Includes stock-based compensation expense
as follows (in thousands):
|
Three Months Ended December 31, |
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Cost of revenue |
$ |
1,876 |
|
$ |
1,920 |
|
$ |
7,006 |
|
$ |
5,360 |
Sales and marketing |
|
7,837 |
|
|
10,538 |
|
|
30,859 |
|
|
29,054 |
Research and development |
|
6,539 |
|
|
7,547 |
|
|
26,301 |
|
|
20,850 |
General and administrative |
|
6,866 |
|
|
8,245 |
|
|
30,672 |
|
|
26,029 |
Restructuring charges |
|
— |
|
|
— |
|
|
1,208 |
|
|
— |
Total stock-based compensation expense |
$ |
23,118 |
|
$ |
28,250 |
|
$ |
96,046 |
|
$ |
81,293 |
(2) Includes amortization of intangible
assets as follows (in thousands):
|
Three Months Ended December 31, |
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Cost of revenue |
$ |
725 |
|
$ |
725 |
|
$ |
2,900 |
|
$ |
2,900 |
Sales and marketing |
|
229 |
|
|
341 |
|
|
1,208 |
|
|
1,366 |
Total amortization of intangible assets |
$ |
954 |
|
$ |
1,066 |
|
$ |
4,108 |
|
$ |
4,266 |
|
Udemy, Inc.Consolidated Balance
Sheets(in thousands)(unaudited) |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
305,564 |
|
|
$ |
313,685 |
|
Restricted cash, current |
|
3,329 |
|
|
|
— |
|
Marketable securities |
|
171,372 |
|
|
|
151,687 |
|
Accounts receivable, net |
|
92,555 |
|
|
|
104,530 |
|
Prepaid expenses and other current assets |
|
20,924 |
|
|
|
14,878 |
|
Deferred contract costs, current |
|
38,584 |
|
|
|
30,234 |
|
Total current assets |
|
632,328 |
|
|
|
615,014 |
|
Property and equipment, net |
|
4,439 |
|
|
|
7,012 |
|
Capitalized software, net |
|
31,388 |
|
|
|
27,412 |
|
Operating lease right-of-use assets |
|
5,691 |
|
|
|
11,377 |
|
Restricted cash, non-current |
|
659 |
|
|
|
3,629 |
|
Deferred contract costs, non-current |
|
35,790 |
|
|
|
35,411 |
|
Strategic investments |
|
10,311 |
|
|
|
12,104 |
|
Intangible assets, net |
|
5,223 |
|
|
|
9,331 |
|
Goodwill |
|
12,646 |
|
|
|
12,646 |
|
Other assets |
|
2,721 |
|
|
|
3,632 |
|
Total assets |
$ |
741,196 |
|
|
$ |
737,568 |
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
2,506 |
|
|
$ |
14,529 |
|
Accrued expenses and other current liabilities |
|
27,778 |
|
|
|
31,247 |
|
Content costs payable |
|
40,277 |
|
|
|
37,310 |
|
Accrued compensation and benefits |
|
24,332 |
|
|
|
22,882 |
|
Operating lease liabilities, current |
|
5,825 |
|
|
|
7,002 |
|
Deferred revenue, current |
|
279,414 |
|
|
|
273,937 |
|
Total current liabilities |
|
380,132 |
|
|
|
386,907 |
|
Operating lease liabilities, non-current |
|
1,124 |
|
|
|
6,545 |
|
Deferred revenue, non-current |
|
3,000 |
|
|
|
4,342 |
|
Other liabilities, non-current |
|
48 |
|
|
|
464 |
|
Total liabilities |
|
384,304 |
|
|
|
398,258 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
2 |
|
|
|
1 |
|
Additional paid-in capital |
|
1,076,508 |
|
|
|
951,946 |
|
Accumulated other comprehensive loss |
|
80 |
|
|
|
(233 |
) |
Accumulated deficit |
|
(719,698 |
) |
|
|
(612,404 |
) |
Total stockholders’ equity |
|
356,892 |
|
|
|
339,310 |
|
Total liabilities and stockholders' equity |
$ |
741,196 |
|
|
$ |
737,568 |
|
|
Udemy, Inc.Consolidated Statements of Cash
Flows(in thousands)(unaudited) |
|
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
Net loss attributable to common stockholders |
$ |
(107,294 |
) |
|
$ |
(153,875 |
) |
Adjustments to reconcile net loss attributable to common
stockholders to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
24,588 |
|
|
|
21,216 |
|
Amortization of deferred contract costs |
|
48,161 |
|
|
|
32,279 |
|
Stock-based compensation |
|
96,046 |
|
|
|
81,293 |
|
Allowance for credit losses |
|
1,662 |
|
|
|
960 |
|
Accretion of marketable securities |
|
(7,492 |
) |
|
|
(896 |
) |
Non-cash operating lease expense |
|
5,856 |
|
|
|
6,205 |
|
Unrealized loss on strategic investments |
|
1,793 |
|
|
|
2,896 |
|
Other |
|
1,178 |
|
|
|
690 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
10,313 |
|
|
|
(32,309 |
) |
Prepaid expenses and other assets |
|
(5,831 |
) |
|
|
(4 |
) |
Deferred contract costs |
|
(56,890 |
) |
|
|
(53,379 |
) |
Accounts payable, accrued expenses and other
liabilities |
|
(14,429 |
) |
|
|
(28,620 |
) |
Content costs payable |
|
2,967 |
|
|
|
1,349 |
|
Operating lease liabilities |
|
(6,768 |
) |
|
|
(6,487 |
) |
Deferred revenue |
|
4,135 |
|
|
|
67,725 |
|
Net cash used in operating activities |
|
(2,005 |
) |
|
|
(60,957 |
) |
Cash flows from investing activities: |
|
|
|
Purchases of marketable securities |
|
(307,706 |
) |
|
|
(158,503 |
) |
Proceeds from maturities of marketable securities |
|
295,800 |
|
|
|
7,500 |
|
Purchases of property and equipment |
|
(632 |
) |
|
|
(1,564 |
) |
Capitalized software costs |
|
(12,434 |
) |
|
|
(14,160 |
) |
Purchases of strategic investments |
|
— |
|
|
|
(5,000 |
) |
Payments related to business combinations |
|
— |
|
|
|
(1,500 |
) |
Net cash used in investing activities |
|
(24,972 |
) |
|
|
(173,227 |
) |
Cash flows from financing activities: |
|
|
|
Net proceeds from exercise of stock options |
|
17,911 |
|
|
|
7,149 |
|
Taxes paid related to net share settlement of equity awards |
|
(6,760 |
) |
|
|
— |
|
Proceeds from share purchases under employee stock purchase
plan |
|
8,044 |
|
|
|
9,192 |
|
Payment of deferred offering costs |
|
— |
|
|
|
(1,586 |
) |
Net cash provided by financing activities |
|
19,195 |
|
|
|
14,755 |
|
|
|
|
|
Effect of foreign exchange rates on cash flows |
|
20 |
|
|
|
(25 |
) |
|
|
|
|
Net decrease in cash, cash equivalents and restricted
cash |
|
(7,762 |
) |
|
|
(219,454 |
) |
Cash, cash equivalents and
restricted cash—Beginning of period |
|
317,314 |
|
|
|
536,768 |
|
Cash, cash equivalents and
restricted cash—End of period |
$ |
309,552 |
|
|
$ |
317,314 |
|
|
|
|
|
Udemy, Inc.Reconciliation of GAAP to
Non-GAAP Financial Measures(in thousands, except
percentages, share and per share amounts)(unaudited) |
|
|
Three Months Ended December 31, |
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Gross profit |
$ |
109,850 |
|
|
$ |
91,340 |
|
|
$ |
419,339 |
|
|
$ |
353,777 |
|
Stock-based compensation expense |
|
1,876 |
|
|
|
1,920 |
|
|
|
7,006 |
|
|
|
5,360 |
|
Intangible asset amortization |
|
725 |
|
|
|
725 |
|
|
|
2,900 |
|
|
|
2,900 |
|
Non-GAAP gross profit |
$ |
112,451 |
|
|
$ |
93,985 |
|
|
$ |
429,245 |
|
|
$ |
362,037 |
|
Gross margin (1) |
|
58 |
% |
|
|
55 |
% |
|
|
58 |
% |
|
|
56 |
% |
Non-GAAP gross margin (2) |
|
59 |
% |
|
|
57 |
% |
|
|
59 |
% |
|
|
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 December 31, |
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(20,248 |
) |
|
$ |
(52,153 |
) |
|
$ |
(107,294 |
) |
|
$ |
(153,875 |
) |
Stock-based compensation expense |
|
23,118 |
|
|
|
28,250 |
|
|
|
94,838 |
|
|
|
81,293 |
|
Intangible asset amortization |
|
954 |
|
|
|
1,066 |
|
|
|
4,108 |
|
|
|
4,266 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
10,263 |
|
|
|
— |
|
Non-GAAP net income (loss) |
$ |
3,824 |
|
|
$ |
(22,837 |
) |
|
$ |
1,915 |
|
|
$ |
(68,316 |
) |
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net loss per share,
basic |
|
155,161,554 |
|
|
|
143,120,852 |
|
|
|
150,098,776 |
|
|
|
140,873,504 |
|
Effect of dilutive securities (3) |
|
7,688,463 |
|
|
|
— |
|
|
|
6,998,611 |
|
|
|
— |
|
Weighted-average shares used in computing non-GAAP net income
(loss) per share, diluted |
|
162,850,017 |
|
|
|
143,120,852 |
|
|
|
157,097,387 |
|
|
|
140,873,504 |
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
$ |
(0.13 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.71 |
) |
|
$ |
(1.09 |
) |
Non-GAAP net income (loss) per share, basic |
$ |
0.02 |
|
|
$ |
(0.16 |
) |
|
$ |
0.01 |
|
|
$ |
(0.48 |
) |
Non-GAAP net income (loss) per share, diluted |
$ |
0.02 |
|
|
$ |
(0.16 |
) |
|
$ |
0.01 |
|
|
$ |
(0.48 |
) |
(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 December 31, |
|
Fiscal Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(20,248 |
) |
|
$ |
(52,153 |
) |
|
$ |
(107,294 |
) |
|
$ |
(153,875 |
) |
Adjusted to exclude the following: |
|
— |
|
|
|
— |
|
|
|
|
|
Interest income |
|
(5,912 |
) |
|
|
(3,691 |
) |
|
|
(20,670 |
) |
|
|
(5,548 |
) |
Interest expense |
|
54 |
|
|
|
356 |
|
|
|
518 |
|
|
|
1,251 |
|
Income tax provision |
|
729 |
|
|
|
1,135 |
|
|
|
3,653 |
|
|
|
2,286 |
|
Depreciation and amortization |
|
6,519 |
|
|
|
5,600 |
|
|
|
24,588 |
|
|
|
21,216 |
|
Stock-based compensation expense |
|
23,118 |
|
|
|
28,250 |
|
|
|
94,838 |
|
|
|
81,293 |
|
Other income (expense), net |
|
(283 |
) |
|
|
257 |
|
|
|
1,898 |
|
|
|
4,696 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
10,263 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
3,977 |
|
|
$ |
(20,246 |
) |
|
$ |
7,794 |
|
|
$ |
(48,681 |
) |
Net loss margin (4) |
|
(11 |
)% |
|
|
(32 |
)% |
|
|
(15 |
)% |
|
|
(24 |
)% |
Adjusted EBITDA margin (5) |
|
2 |
% |
|
|
(12 |
)% |
|
|
1 |
% |
|
|
(8 |
)% |
(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
Udemy (NASDAQ:UDMY)
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