Closes year with strong performance, driven by
18% full year Enterprise revenue growth
Delivers record Adjusted EBITDA and completes
$150 million share repurchase program
Udemy (Nasdaq: UDMY), a leading online skills marketplace and
learning platform, today reported results for the three- and
twelve-month periods ended December 31, 2024. Udemy has provided a
supplemental deck with earnings highlights, which is available for
download on the “Quarterly Results” section of the Investor
Relations website.
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
2024
2023
YoY
2024
2023
YoY
Revenue
$
199.9
$
189.5
5
%
$
786.6
$
728.9
8
%
Gross Profit
$
127.2
$
109.9
16
%
$
491.9
$
419.3
17
%
Gross Margin
64
%
58
%
600
bps
63
%
58
%
500
bps
Non-GAAP Gross Profit
$
128.8
$
112.5
15
%
$
500.7
$
429.2
17
%
Non-GAAP Gross Margin
64
%
59
%
500
bps
64
%
59
%
500
bps
Net Loss
$
(9.9
)
$
(20.2
)
51
%
$
(85.3
)
$
(107.3
)
21
%
Non-GAAP Net Income (Loss)
$
15.5
$
3.8
306
%
$
24.4
$
1.9
n/m
%
Adjusted EBITDA
$
19.5
$
4.0
390
%
$
43.0
$
7.8
451
%
Adjusted EBITDA Margin
10
%
2
%
800
bps
5
%
1
%
400
bps
Enterprise Segment
Total Customers
17,096
15,726
9
%
UB Annual Recurring Revenue
$
516.9
$
466.0
11
%
UB Net Dollar Retention Rate
98
%
106
%
(800
)
bps
UB Large Customer Net Dollar Retention
Rate
103
%
113
%
(1,000
)
bps
Segment Revenue
$
130.1
$
114.7
13
%
$
494.5
$
420.6
18
%
Segment Adjusted Gross Profit
$
97.0
$
79.1
23
%
$
361.7
$
283.4
28
%
Segment Adjusted Gross Margin
75
%
69
%
600
bps
73
%
67
%
600
bps
Consumer Segment
Monthly Average Buyers
1.32
1.37
(4
)
%
1.34
1.38
(3
)
%
Segment Revenue
$
69.8
$
74.9
(7
)
%
$
292.1
$
308.3
(5
)
%
Segment Adjusted Gross Profit
$
37.0
$
38.3
(3
)
%
$
159.4
$
163.8
(3
)
%
Segment Adjusted Gross Margin
53
%
51
%
200
bps
55
%
53
%
200
bps
n/m - not meaningful
“Udemy’s strong finish to the year underscores the disciplined
execution of our strategy and the significant progress we are
making to position the company for success,” said Greg Brown,
Udemy’s President and CEO. “The opportunity ahead for Udemy remains
massive as we continue to address the growing demand for skills
development for enterprises and individuals globally, particularly
in the era of generative AI. Our strategic pivot to focus resources
upmarket to better serve large enterprise customers is on track.
While 2025 will be a transition year as we execute on our plan, we
have a strong foundation in place to drive sustainable, profitable
growth, accelerate product innovation, and deliver long-term value
for all stakeholders.”
Full Year 2024 Financial Highlights
- Total revenue increased 8% year-over-year to $786.6 million.
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 of $494.5
million increased 18% year-over-year, including the negative impact
of 2 percentage points from changes in FX rates
year-over-year.
- Udemy Business Annual Recurring Revenue (ARR) increased 11%
year-over-year to $516.9 million.
- Consumer segment revenue of $292.1 million decreased 5%
year-over-year, including the negative impact of 2 percentage
points from changes in FX rates.
- Cash, cash equivalents, restricted cash, and marketable
securities was $355.7 million at the end of the quarter.
Fourth Quarter 2024 Financial Highlights
- Total revenue increased 5% year-over-year to $199.9 million.
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 of $130.1
million increased 13% year-over-year, including the negative impact
of 2 percentage points from changes in FX rates
year-over-year.
- Consumer segment revenue of $69.8 million decreased 7%
year-over-year, including the negative impact of 2 percentage
points from changes in FX rates.
Business and Operational Highlights
- Acquired eight million new learners and nearly 1,400 net new
Enterprise customers to the Udemy platform in 2024, ending the year
with a total of 77 million and 17,096, respectively.
- Added new, or expanded existing, relationships with Udemy
Business customers globally, including Akbank (Turkey), Analog
Devices (U.S), Arm (UK), Atlas (U.S.), Dropbox (U.S.), E. ON
(Germany), Grupo Bancolombia (Colombia), Innovaccer Analytics
Private Limited (India), Itaú Unibanco (Brazil), Kellanova/Kellogg
Company (UK), Krungthai Bank (Thailand), Nasdaq (U.S.), and Navin
Fluorine International Limited (India).
- Completed the company’s $150 million share repurchase program
during the quarter, demonstrating confidence in the company’s
long-term strategy and commitment to delivering shareholder
value.
- Opened a new office in Mexico City, Mexico to enable Udemy to
scale operations in the LATAM market, enabling the faster delivery
of personalized, high-quality learning experiences to meet the
evolving needs of organizations and professionals.
- Entered into a partnership with Ingram Micro to expand
upskilling opportunities and enhance customer experience through
access to Udemy Business products and solutions across Ingram
Micro’s India distribution network.
- More than 1,800 Enterprise customers have leveraged Udemy’s
AI-powered Skills Mapping feature since it launched in November
2024. More than one-third of learning paths created by those
customers have been created with the Skills Mapping feature.
- Named the 2024 Rising Star Partner of the Year in North America
by Amazon Web Services.
- Appointed two new independent directors to Udemy’s Board, Avaya
Chief Revenue and Customer Experience Officer, Marylou Maco, and
Toast Chief Technology Officer, Debra Chrapaty.
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, 2025.
Three months ending March 31,
2025
Year ending December 31,
2025
Revenue
$195 to $199 million
$787 to $803 million
Adjusted EBITDA1
$17 to $19 million
$75 to $85 million
Weighted Average Share Count, Basic
148 million
150 million
Weighted Average Share Count, Diluted
150 million
152 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.
The revenue guidance range above assumes historical changes in
FX rates will have a negative 2 percentage point impact on first
quarter year-over-year revenue growth and a negative 2 point impact
on full year 2025 revenue growth. Udemy's revenue guidance assumes
FX rates will remain unchanged from the end of the fourth 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, February 13, to discuss its fourth
quarter and full year 2024 financial results and outlook for 2025.
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, adjusted to exclude i) interest income; ii)
interest expense; iii) provision for income taxes; iv) depreciation
and amortization; v) other income (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 adjusted gross profit
Segment revenue represents the revenue recognized from our two
segments, Enterprise (or Udemy Business), and Consumer. Segment
adjusted gross profit is defined as segment revenue less segment
adjusted cost of revenue. Segment adjusted cost of revenue includes
content costs, customer support services, hosting and platform
costs, and payment processing fees that are allocable to each
segment. Segment adjusted gross profit excludes amortization of
capitalized software, depreciation, stock-based compensation, and
amortization of intangible assets included in 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 first
quarter and full year 2025, and future periods; anticipated future
expenses and investments; our business strategy and plans,
including the impact of our strategic initiatives and operational
efficiency initiatives and our ability to successfully execute on
these initiatives; 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. 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
ensuring everyone has access to the latest and most relevant
skills. Through the Udemy Intelligent Skills Platform and a global
community of diverse and knowledgeable 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
through Udemy Business Pro, and cohort learning for leaders through
Udemy Business Leadership Academy. Udemy Business customers include
FenderⓇ, Glassdoor, On24, The World Bank, and Volkswagen. Udemy is
headquartered in San Francisco with hubs in Austin and Denver, USA;
Ankara and Istanbul, Türkiye; Dublin, Ireland; Melbourne,
Australia; and Chennai, Gurugram, and Mumbai, India.
Udemy, Inc. Condensed
Consolidated Statements of Operations (in thousands, except
share and per share amounts) (unaudited)
Three Months Ended December
31,
Fiscal Year Ended December
31,
2024
2023
2024
2023
Revenue
$
199,942
$
189,545
$
786,565
$
728,937
Cost of revenue (1)(2)
72,737
79,695
294,625
309,598
Gross profit
127,205
109,850
491,940
419,339
Operating expenses (1)(2)
Sales and marketing
82,658
83,218
342,946
316,738
Research and development
28,831
29,506
125,438
120,335
General and administrative
21,900
22,786
96,199
93,898
Restructuring charges
5,410
—
16,685
10,263
Total operating expenses
138,799
135,510
581,268
541,234
Loss from operations
(11,594
)
(25,660
)
(89,328
)
(121,895
)
Other income (expense), net
Interest income
4,011
5,912
19,666
20,670
Interest expense
(45
)
(54
)
379
(518
)
Other income (expense), net
(578
)
283
(11,655
)
(1,898
)
Total other income, net
3,388
6,141
8,390
18,254
Net loss before taxes
(8,206
)
(19,519
)
(80,938
)
(103,641
)
Income tax provision
(1,658
)
(729
)
(4,350
)
(3,653
)
Net loss
$
(9,864
)
$
(20,248
)
$
(85,288
)
$
(107,294
)
Net loss per share
Basic and diluted
$
(0.07
)
$
(0.13
)
$
(0.56
)
$
(0.71
)
Weighted-average shares used in computing
net loss per share
Basic and diluted
146,714,126
155,161,554
151,320,497
150,098,776
(1)
Includes stock-based compensation expense
as follows (in thousands):
Three Months Ended December
31,
Fiscal Year Ended December
31,
2024
2023
2024
2023
Cost of revenue
$
1,610
$
1,876
$
6,887
$
7,006
Sales and marketing
6,087
7,837
28,665
30,859
Research and development
5,859
6,539
27,046
26,301
General and administrative
6,202
6,866
27,584
30,672
Restructuring charges
—
—
(160
)
1,208
Total stock-based compensation expense
$
19,758
$
23,118
$
90,022
$
96,046
(2)
Includes amortization of intangible assets
as follows (in thousands):
Three Months Ended December
31,
Fiscal Year Ended December
31,
2024
2023
2024
2023
Cost of revenue
$
—
$
725
$
1,880
$
2,900
Sales and marketing
227
229
915
1,208
Total amortization of intangible
assets
$
227
$
954
$
2,795
$
4,108
Udemy, Inc. Condensed
Consolidated Balance Sheets (in thousands) (unaudited)
December 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
190,592
$
305,564
Restricted cash, current
100
3,329
Marketable securities
163,844
171,372
Accounts receivable, net
88,216
92,555
Prepaid expenses and other current
assets
22,735
20,924
Deferred contract costs, current
40,841
38,584
Total current assets
506,328
632,328
Property and equipment, net
4,534
4,439
Capitalized software, net
31,548
31,388
Operating lease right-of-use assets
10,950
5,691
Restricted cash, non-current
1,115
659
Deferred contract costs, non-current
32,212
35,790
Strategic investments
—
10,311
Intangible assets, net
2,428
5,223
Goodwill
12,646
12,646
Other assets
3,867
2,721
Total assets
$
605,628
$
741,196
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
6,311
$
2,506
Accrued expenses and other current
liabilities
31,156
27,778
Content costs payable
37,607
40,277
Accrued compensation and benefits
28,793
24,332
Operating lease liabilities, current
2,502
5,825
Deferred revenue, current
291,106
279,414
Total current liabilities
397,475
380,132
Operating lease liabilities,
non-current
8,315
1,124
Deferred revenue, non-current
2,438
3,000
Other liabilities, non-current
6
48
Total liabilities
408,234
384,304
Stockholders' equity:
Common stock
1
2
Additional paid-in capital
1,002,390
1,076,508
Accumulated other comprehensive income
(11
)
80
Accumulated deficit
(804,986
)
(719,698
)
Total stockholders’ equity
197,394
356,892
Total liabilities and stockholders'
equity
$
605,628
$
741,196
Udemy, Inc. Condensed
Consolidated Statements of Cash Flows (in thousands)
(unaudited)
Fiscal Year Ended December
31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(85,288
)
$
(107,294
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
25,421
24,588
Amortization of deferred contract
costs
59,654
48,161
Stock-based compensation
90,022
96,046
Allowance for credit losses
1,549
1,662
Net (accretion) amortization of marketable
securities
(8,301
)
(7,492
)
Non-cash operating lease expense
4,524
5,856
Unrealized loss on strategic
investments
10,311
1,793
Other
2,551
1,178
Changes in operating assets and
liabilities:
Accounts receivable
2,789
10,313
Prepaid expenses and other assets
(4,588
)
(5,831
)
Deferred contract costs
(58,333
)
(56,890
)
Accounts payable, accrued expenses and
other liabilities
10,050
(14,429
)
Content costs payable
(2,671
)
2,967
Operating lease liabilities
(5,777
)
(6,768
)
Deferred revenue
11,130
4,135
Net cash provided by (used in) operating
activities
53,043
(2,005
)
Cash flows from investing
activities:
Purchases of marketable securities
(336,898
)
(307,706
)
Proceeds from maturities of marketable
securities
352,750
295,800
Purchases of property and equipment
(2,300
)
(632
)
Capitalized software costs
(12,475
)
(12,434
)
Net cash provided by (used in) investing
activities
1,077
(24,972
)
Cash flows from financing
activities:
Net proceeds from exercise of stock
options
2,345
17,911
Taxes paid related to net share settlement
of equity awards
(30,824
)
(6,760
)
Proceeds from share purchases under
employee stock purchase plan
7,054
8,044
Repurchases of common stock
(150,324
)
—
Net cash provided by (used in) financing
activities
(171,749
)
19,195
Effect of foreign exchange rates on cash
flows
(116
)
20
Net decrease in cash, cash equivalents
and restricted cash
(117,745
)
(7,762
)
Cash, cash equivalents and restricted
cash—Beginning of period
309,552
317,314
Cash, cash equivalents and restricted
cash—End of period
$
191,807
$
309,552
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,
2024
2023
2024
2023
Gross profit
$
127,205
$
109,850
$
491,940
$
419,339
Stock-based compensation expense
1,610
1,876
6,887
7,006
Intangible asset amortization
—
725
1,880
2,900
Non-GAAP gross profit
$
128,815
$
112,451
$
500,707
$
429,245
Gross margin (1)
64
%
58
%
63
%
58
%
Non-GAAP gross margin (2)
64
%
59
%
64
%
59
%
(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,
2024
2023
2024
2023
Net loss
$
(9,864
)
$
(20,248
)
$
(85,288
)
$
(107,294
)
Stock-based compensation expense
19,758
23,118
90,182
94,838
Intangible asset amortization
227
954
2,795
4,108
Restructuring charges
5,410
—
16,685
10,263
Non-GAAP net income
$
15,531
$
3,824
$
24,374
$
1,915
Weighted-average shares used in computing
net loss per share, basic and diluted, and non-GAAP net income per
share, basic (3)
146,714,126
155,161,554
151,320,497
150,098,776
Effect of dilutive securities
1,354,873
7,688,463
3,216,012
6,998,611
Weighted-average shares used in computing
non-GAAP net income per share, diluted
148,068,999
162,850,017
154,536,509
157,097,387
Net loss per share, basic and diluted
$
(0.07
)
$
(0.13
)
$
(0.56
)
$
(0.71
)
Non-GAAP net income per share, basic
$
0.11
$
0.02
$
0.16
$
0.01
Non-GAAP net income per share, diluted
$
0.10
$
0.02
$
0.16
$
0.01
(3)
For periods presented with a net loss,
potentially dilutive securities were excluded from the computation
of net loss per share, diluted, because the impact of including
them would have been anti-dilutive.
Three Months Ended December
31,
Fiscal Year Ended December
31,
2024
2023
2024
2023
Net loss
$
(9,864
)
$
(20,248
)
$
(85,288
)
$
(107,294
)
Adjusted to exclude the following:
Interest income
(4,011
)
(5,912
)
(19,666
)
(20,670
)
Interest expense
45
54
(379
)
518
Income tax provision
1,658
729
4,350
3,653
Depreciation and amortization
5,906
6,519
25,421
24,588
Stock-based compensation expense
19,758
23,118
90,182
94,838
Other income (expense), net
578
(283
)
11,655
1,898
Restructuring charges
5,410
—
16,685
10,263
Adjusted EBITDA
$
19,480
$
3,977
$
42,960
$
7,794
Net loss margin (4)
(5
)%
(11
)%
(11
)%
(15
)%
Adjusted EBITDA margin (5)
10
%
2
%
5
%
1
%
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212265435/en/
Investor Contact Dennis Walsh Vice President, Investor
Relations dennis.walsh@udemy.com
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