0001607939FALSE00016079392024-10-232024-10-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 23, 2024


Udemy, Inc.
(Exact name of Registrant as Specified in Its Charter)


Delaware001-4095627-1779864
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
600 Harrison Street, 3rd Floor
San Francisco, California
94107
(Address of Principal Executive Offices)(Zip Code)

(415) 813-1710
(Registrant’s Telephone Number, Including Area Code)


Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, $0.00001 par value per shareUDMY
The Nasdaq Stock Market LLC
(The Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition
On October 29, 2024, Udemy, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

The information in Item 2.02 of this Current Report on Form 8-K, including the accompanying Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Item 2.02 of this Current Report on Form 8-K, including the accompanying Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On October 23, 2024, the Company and Prasad Raje agreed that Mr. Raje would transition from his role as Chief Product Officer, effective October 28, 2024, and separate from the Company’s employment following a transition period ending on March 31, 2025.



Item 9.01 Financial Statements and Exhibits
(d) Exhibits

Exhibit
Number
 Description
   
99.1  
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
UDEMY, INC.
Date:October 29, 2024By:/s/ Sarah Blanchard
Sarah Blanchard
Chief Financial Officer




Udemy Reports Third Quarter 2024 Results
Delivered stronger-than-expected profitability driven by disciplined approach to operational efficiency

Surpassed $500 million in Udemy Business Annual Recurring Revenue

Raises Full Year 2024 Outlook
SAN FRANCISCO –– Oct. 29, 2024 –– Udemy (Nasdaq: UDMY), a leading online skills marketplace and learning platform, today reported results for the three-month period ended September 30, 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.
Third Quarter 2024 Financial Results and Key Operating Data Summary
(in millions, except customers, percentages, and basis points)

Three Months Ended September 30,% ChangeNine Months Ended September 30,% Change
20242023YoY20242023YoY
Revenue$195.4 $184.7 6 %$586.6 $539.4 9 %
Gross Profit$123.1 $107.5 15 %$364.7 $309.5 18 %
Gross Margin63 %58 %500 bps62 %57 %500 bps
Non-GAAP Gross Profit$125.3 $110.0 14 %$371.9 $316.8 17 %
Non-GAAP Gross Margin64 %60 %400 bps63 %59 %400 bps
Net Loss$(25.3)$(16.8)(51)%$(75.4)$(87.0)13 %
Non-GAAP Net Income (Loss)$10.1 $7.7 31 %$8.8 $(1.9)563 %
Adjusted EBITDA$11.6 $8.2 41 %$23.5 $3.8 518 %
Adjusted EBITDA Margin6 %4 %200 bps4 %1 %300 bps
Enterprise Segment
Total Customers16,848 15,378 10 %
UB Annual Recurring Revenue$504.6 $443.1 14 %
UB Net Dollar Retention Rate99 %106 %(700)bps
UB Large Customer Net Dollar Retention Rate104 %114 %(1,000)bps
Segment Revenue$126.1 $109.1 16 %$364.3 $306.0 19 %
Segment Gross Profit$92.8 $74.3 25 %$264.7 $204.4 30 %
Segment Gross Margin74 %68 %600 bps73 %67 %600 bps
Consumer Segment
Monthly Average Buyers1.31 1.41 (7)%1.35 1.38 (2)%
Segment Revenue$69.3 $75.6 (8)%$222.3 $233.4 (5)%
Segment Gross Profit$37.6 $40.3 (7)%$122.3 $125.4 (2)%
Segment Gross Margin54 %53 %100 bps55 %54 %100 bps

“Udemy delivered solid third quarter results with revenue and adjusted EBITDA margin above the high end of our guidance ranges, and we achieved a new milestone of over $500 million in Udemy Business Annual Recurring Revenue,” said Greg Brown, Udemy’s President and CEO. “Our disciplined approach to driving operational efficiencies throughout the business, coupled with the recently announced strategic cost-saving actions, have generated significant growth in adjusted EBITDA this year. As a result, we are raising our full year 2024 adjusted EBITDA outlook.”

“Longer-term, we remain focused on execution of our strategic initiatives, further optimizing our cost structure, and directing resources toward opportunities with the highest potential return. We believe these actions position Udemy to deliver high-quality, profitable growth and to lead the enterprise skills development category well into the future,” concluded Brown.



Third Quarter 2024 Financial Highlights
•Total revenue increased 6% year-over-year to $195.4 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 $126.1 million increased 16% 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 14% year-over-year to $504.6 million.
•Consumer segment revenue of $69.3 million decreased 8% year-over-year, including the negative impact of 3 percentage points from changes in FX rates.
•Cash, cash equivalents, restricted cash, and marketable securities was $358.3 million at the end of the quarter.
Business and Operational Highlights
•Added new, or expanded existing, relationships with Udemy Business customers globally, including ABB (Netherlands), Crédito Agricola (Portugal), Ericsson (Sweden), Infosys Limited (India), Marriott International (U.S.), Nationwide Building Society (UK), Primerica (U.S.), Saudi Aramco (Saudi Arabia), UnionDigital Bank (Philippines), Uniqlo Europe (UK), and West Japan Railway Company (Japan).
•Launched new AI-enabled capabilities within Udemy’s Intelligent Skills Platform, including AI Assistant, Skills Mapping and AI-powered learning paths that provide innovative, personalized learning experiences for organizations and individuals.
•Announced Udemy’s new regional hub in Mexico City, Mexico to enable scaling of operations and faster delivery of personalized, high-quality learning experiences to meet the evolving needs of organizations and professionals.
•Partnered with Workday to introduce a new integration within Workday Skills Cloud that enhances an organization’s ability to directly align learning with workforce development.

Share Repurchase Program
Udemy returned capital to shareholders through its $150 million share repurchase program. During Q3, the Company spent approximately $51 million to buy back 6.3 million Udemy shares in the open market.
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 fourth quarter and full year ending December 31, 2024.
Three months ending December 31, 2024Year ending December 31, 2024
Revenue$193 to $196 million$780 to $783 million
Adjusted EBITDA Margin1
Approximately 6.0%Approximately 4.5%
Weighted Average Share Count, Basic2
148 million151 million
Weighted Average Share Count, Diluted2
149 million156 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 2 percentage point impact on fourth quarter year-over-year revenue growth and a negative 2 point impact on full year 2024 revenue growth. Udemy's revenue guidance assumes FX rates will remain unchanged from the end of the third 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, Tuesday, October 29, to discuss its third 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, adjusted to exclude 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 fourth quarter and full year 2024, and future periods; anticipated future expenses and investments; our business strategy and plans; 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 September 30,Nine Months Ended September 30,
2024202320242023
Revenue$195,417 $184,722 $586,623 $539,392 
Cost of revenue (1)(2)72,362 77,264 221,888 229,903 
Gross profit123,055 107,458 364,735 309,489 
Operating expenses (1)(2)
Sales and marketing85,997 76,492 260,288 233,520 
Research and development32,976 30,307 96,607 90,829 
General and administrative22,266 22,155 74,299 71,112 
Restructuring charges11,275 — 11,275 10,263 
Total operating expenses152,514 128,954 442,469 405,724 
Loss from operations(29,459)(21,496)(77,734)(96,235)
Other income (expense), net
Interest income4,732 5,542 15,655 14,758 
Interest expense504 (124)424 (464)
Other income (expense), net(185)122 (11,077)(2,181)
Total other income, net5,051 5,540 5,002 12,113 
Net loss before taxes(24,408)(15,956)(72,732)(84,122)
Income tax provision(863)(811)(2,692)(2,924)
Net loss $(25,271)$(16,767)$(75,424)$(87,046)
Net loss per share
Basic and diluted$(0.17)$(0.11)$(0.49)$(0.59)
Weighted-average shares used in computing net loss per share
Basic and diluted149,179,826 151,307,963 152,867,160 148,392,636 

(1)Includes stock-based compensation expense as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue$1,807 $1,788 $5,277 $5,130 
Sales and marketing7,573 7,646 22,578 23,022 
Research and development7,183 7,045 21,187 19,762 
General and administrative6,839 7,005 21,382 23,806 
Restructuring charges(160)— (160)1,208 
Total stock-based compensation expense$23,242 $23,484 $70,264 $72,928 
(2)     Includes amortization of intangible assets as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue$430 $725 $1,880 $2,175 
Sales and marketing228 296 688 979 
Total amortization of intangible assets$658 $1,021 $2,568 $3,154 



Udemy, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$204,563 $305,564 
Restricted cash, current100 3,329 
Marketable securities152,546 171,372 
Accounts receivable, net 81,164 92,555 
Prepaid expenses and other current assets24,778 20,924 
Deferred contract costs, current44,861 38,584 
Total current assets508,012 632,328 
Property and equipment, net3,320 4,439 
Capitalized software, net33,275 31,388 
Operating lease right-of-use assets11,833 5,691 
Restricted cash, non-current1,115 659 
Deferred contract costs, non-current32,276 35,790 
Strategic investments— 10,311 
Intangible assets, net2,656 5,223 
Goodwill12,646 12,646 
Other assets3,772 2,721 
Total assets$608,905 $741,196 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$4,273 $2,506 
Accrued expenses and other current liabilities25,459 27,778 
Content costs payable36,299 40,277 
Accrued compensation and benefits32,179 24,332 
Operating lease liabilities, current4,689 5,825 
Deferred revenue, current299,955 279,414 
Total current liabilities402,854 380,132 
Operating lease liabilities, non-current7,424 1,124 
Deferred revenue, non-current2,364 3,000 
Other liabilities, non-current6 48 
Total liabilities412,648 384,304 
Stockholders' equity:
Common stock1 2 
Additional paid-in capital991,176 1,076,508 
Accumulated other comprehensive income202 80 
Accumulated deficit(795,122)(719,698)
Total stockholders’ equity196,257 356,892 
Total liabilities and stockholders' equity$608,905 $741,196 



Udemy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net loss$(75,424)$(87,046)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization19,515 18,069 
Amortization of deferred contract costs43,863 34,482 
Stock-based compensation70,264 72,928 
Allowance for credit losses1,026 1,309 
Accretion of marketable securities(6,651)(5,323)
Non-cash operating lease expense3,641 4,468 
Unrealized loss on strategic investments10,311 1,793 
Other1,319 931 
Changes in operating assets and liabilities:
Accounts receivable10,364 20,363 
Prepaid expenses and other assets(5,508)(3,628)
Deferred contract costs(46,626)(45,205)
Accounts payable, accrued expenses and other liabilities5,962 (7,102)
Content costs payable(3,978)505 
Operating lease liabilities(4,523)(5,168)
Deferred revenue19,906 3,887 
Net cash provided by operating activities43,461 5,263 
Cash flows from investing activities:
Purchases of marketable securities(239,783)(225,536)
Proceeds from maturities of marketable securities265,350 231,300 
Purchases of property and equipment(1,116)(435)
Capitalized software costs(10,247)(9,321)
Net cash provided by (used in) investing activities14,204 (3,992)
Cash flows from financing activities:
Net proceeds from exercise of stock options921 8,277 
Proceeds from share purchases under employee stock purchase plan4,533 4,757 
Taxes paid related to net share settlement of equity awards(25,363)— 
Repurchases of common stock(141,591)— 
Net cash provided by (used in) financing activities(161,500)13,034 
Effect of foreign exchange rates on cash flows61 (116)
Net increase (decrease) in cash, cash equivalents and restricted cash(103,774)14,189 
Cash, cash equivalents and restricted cash—Beginning of period309,552 317,314 
Cash, cash equivalents and restricted cash—End of period$205,778 $331,503 




Udemy, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages, share and per share amounts)
(unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Gross profit$123,055 $107,458 $364,735 $309,489 
Stock-based compensation expense1,807 1,788 5,277 5,130 
Intangible asset amortization430 725 1,880 2,175 
Non-GAAP gross profit$125,292 $109,971 $371,892 $316,794 
Gross margin (1)
63 %58 %62 %57 %
Non-GAAP gross margin (2)
64 %60 %63 %59 %
(1)        We calculate gross margin as gross profit divided by revenue for the same period.
(2)        We calculate non-GAAP gross margin as non-GAAP gross profit divided by revenue for the same period.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(25,271)$(16,767)$(75,424)$(87,046)
Stock-based compensation expense23,402 23,484 70,424 71,720 
Intangible asset amortization658 1,021 2,568 3,154 
Restructuring charges11,275 — 11,275 10,263 
Non-GAAP net income (loss)$10,064 $7,738 $8,843 $(1,909)
Weighted-average shares used in computing net income (loss) per share, basic149,179,826 151,307,963 152,867,160 148,392,636 
Effect of dilutive securities (3)
1,453,697 6,095,804 3,562,339 — 
Weighted-average shares used in computing non-GAAP net income (loss) per share, diluted150,633,523 157,403,767 156,429,499 148,392,636 
Net loss per share, basic and diluted$(0.17)$(0.11)$(0.49)$(0.59)
Non-GAAP net income (loss) per share, basic$0.07 $0.05 $0.06 $(0.01)
Non-GAAP net income (loss) per share, diluted$0.07 $0.05 $0.06 $(0.01)
(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 September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(25,271)$(16,767)$(75,424)$(87,046)
Adjusted to exclude the following:
Interest income(4,732)(5,542)(15,655)(14,758)
Interest expense(504)124 (424)464 
Income tax provision863 811 2,692 2,924 
Depreciation and amortization6,340 6,183 19,515 18,069 
Stock-based compensation expense23,402 23,484 70,424 71,720 
Other income (expense), net185 (122)11,077 2,181 
Restructuring charges11,275 — 11,275 10,263 
Adjusted EBITDA$11,558 $8,171 $23,480 $3,817 
Net loss margin (4)
(13)%(9)%(13)%(16)%
Adjusted EBITDA margin (5)
6 %4 %4 %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.




Investor Contact
Dennis Walsh
Vice President, Investor Relations
dennis.walsh@udemy.com

Media Contact
Ellen D. Kiehl
Director, Corporate Communications
press@udemy.com

v3.24.3
Cover
Oct. 23, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 23, 2024
Entity Registrant Name Udemy, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40956
Entity Tax Identification Number 27-1779864
Entity Address, Address Line One 600 Harrison Street
Entity Address, Address Line Two 3rd Floor
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code 415
Local Phone Number 813-1710
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.00001 par value per share
Trading Symbol UDMY
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001607939
Amendment Flag false
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