SAN FRANCISCO, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Udemy (NASDAQ:UDMY), a leading online skills marketplace and learning platform, today announced that Chief Executive Officer Greg Brown and Chief Financial Officer Sarah Blanchard will participate in a fireside chat session during Needham's 2024 Annual Growth Conference. On Tuesday, January 16, 2024 at 7:15 a.m. PT / 10:15 a.m. ET, a live webcast of the fireside chat discussion will be available through the "Events & Presentations" section of Udemy's investor ...

Financial Data and Key Metrics Changes - Udemy Business revenue increased by 30% year-over-year to $109 million, while consumer revenue saw a modest increase of 1% [7][36] - Annual recurring revenue (ARR) reached $443 million, reflecting a 26% year-over-year growth [36] - Adjusted EBITDA was approximately $8 million, marking a 1,200 basis point expansion year-over-year [43] - The company ended the quarter with $483 million in cash and equivalents, and free cash flow was positive at $9 million [44] Business Line Data and Key Metrics Changes - Udemy Business ARR grew by 26% year-over-year, with a notable increase in large customer net dollar retention rate at 114% [8][36] - The consumer marketplace added nearly 3 million learners, totaling 67 million, an 18% year-over-year increase [38] - The number of customers spending over $100,000 in ARR increased by 37% from the previous year [37] Market Data and Key Metrics Changes - Strong demand was noted in North America and Asia Pacific regions, with EMEA experiencing some softness due to geopolitical tensions [37][47] - The demand for generative AI-related content surged, with over 1,500 courses and more than 2.5 million learner enrollments [22] Company Strategy and Development Direction - The company is focusing on skills-based transformation strategies to capitalize on the growing demand for upskilling and reskilling [15][18] - Strategic partnerships, such as with Docker and AWS, are expected to enhance market reach and drive growth [25][26] - Udemy plans to invest in product innovation and brand awareness to capture increasing demand in the skills-based economy [24][51] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2024, noting delays in decision-making from customers and geopolitical pressures in EMEA [47][48] - The long-term opportunity remains significant, with a focus on operational excellence to navigate current challenges [48] - The company anticipates a revenue range of $723 million to $726 million for the full year 2023, reflecting a 15% year-over-year growth at the midpoint [46] Other Important Information - The company announced adjustments to instructor revenue share, gradually reducing the share for subscription revenue from 25% to 15% over three years [49][52] - The gross margin for Q3 was 60%, a 200 basis point improvement from the previous year, driven by the revenue mix shift towards Udemy Business [41] Q&A Session Summary Question: Instructor revenue share adjustments - The changes will apply to all subscription-based courses starting January 1, 2024, and funds will be reinvested to grow the business [58][59] Question: Demand environment in B2B - There is a healthy mix of net new customers and existing customer upsells, with significant interest in skills-based training [61][67] Question: Consumer segment profitability - The consumer business is expected to remain flat in the short term, but long-term growth is anticipated through new features like badging and certification [85][87] Question: Initial instructor response to payout changes - Mixed reactions were noted, but many instructors recognized the potential for long-term growth following previous changes [91][95] Question: Sales cycle improvements - Sales cycle velocity has improved in some sectors, particularly in enterprise segments, although SMB remains impacted by macroeconomic conditions [99][100]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-40956 Udemy, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware ...

Investor Presentation Q2 2023 1 Safe Harbor Notice This presentation and any accompanying oral commentary include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than those of historical fact, including information concerning our future operating results and financial position, anticipated future expenses and investments, business strategies and plans, market growth, market position and potential m ...

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $178 million, a 16% year-over-year increase, exceeding guidance by $4 million [73][97] - Udemy Business revenue reached $102 million, marking a 36% year-over-year growth, with a 3 percentage point headwind from foreign exchange rates [9][97] - The company ended the quarter with $469 million in unrestricted cash and positive free cash flow of $10 million [12] - Adjusted EBITDA was approximately $2 million, representing a positive 1% of revenue, marking the first positive adjusted EBITDA since the IPO [125] Business Line Data and Key Metrics Changes - The Udemy Business segment accounted for 57% of total revenue in Q2, up from 49% a year ago, indicating a significant shift towards enterprise solutions [99] - The Consumer segment experienced a 2% year-over-year decline in revenue, impacted by foreign exchange rates [98] Market Data and Key Metrics Changes - The company reported a 33% year-over-year increase in annual recurring revenue (ARR), reaching $420 million [123] - The gross dollar retention rate for Q2 was stable at 108%, with minimal churn among large customers [123] Company Strategy and Development Direction - The company is focusing on a skills-based approach to learning, responding to the demand for upskilling and reskilling in the workforce [74][119] - The introduction of Badging as part of the Integrated Skills Framework aims to help organizations identify and address skills gaps [90][116] - The company is exploring opportunities in the academic sector to provide skills validation and training [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunities despite short-term macroeconomic challenges, emphasizing the importance of skills development [14][87] - The company anticipates continued pressure on net dollar retention due to elongated sales cycles and smaller deal sizes in the current environment [98][126] - Future growth is expected to be driven by the increasing demand for generative AI and skills-based learning [80][119] Other Important Information - The company has strengthened its leadership team with new executive hires, including a Chief Product Officer and Chief Marketing Officer, to enhance product development and market positioning [120][136] - The partnership with AWS has led to significant international deals, contributing to growth in various regions [33][144] Q&A Session Summary Question: What is the adoption pace of the Badging product? - Management expects faster adoption of the Badging product due to pent-up demand for skills validation [52][53] Question: Can you provide an update on the federal business and opportunities in schools? - The company is investing in the government sector and sees potential opportunities in schools, although it has not focused on this area yet [48][46] Question: How is the company positioned to capture the demand for AI skills? - Management noted that organizations are increasingly focused on upskilling for AI, and the company is well-positioned to meet this demand [21][149] Question: What are the expectations for operating expenses in Q4? - The company anticipates a seasonal increase in operating expenses due to promotional cycles and expects Q3 EBITDA to be higher than Q4 [55][68] Question: How is the international expansion progressing? - The company is seeing strong growth in Japan and other Asia-Pacific regions, with successful partnerships driving expansion [42][143]

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 27-1779864 (I.R.S. Employer Identification No.) (State or Other Jurisdiction of Incorporation or Organiza ...

Committed to strong ESG practices In January, recognized by Sustainalytics as an ESG Industry Top Rated Company2 | --- | --- | --- | --- | |-------|-------|------------------------------------------------------------------------------------------|------------------| | | | | | | | | Growing social impact partner network | | | | | | | | | | Certified by Fair Pay Workplace, the trusted symbol of pay equity around the world | inPayPay | Low penetration of a massive and growing market opportunity 900 bps Gross m ...

Udemy, Inc. (NASDAQ:UDMY) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Dennis Walsh - Vice President, Investor Relations Greg Brown - Chief Executive Officer Sarah Blanchard - Chief Financial Officer Conference Call Participants Ryan MacDonald - Needham Rob Oliver - Baird Terry Tillman - Truist David Lustberg - Jefferies Josh Baer - Morgan Stanley Devin Au - KeyBanc Capital Markets Operator Good afternoon, and welcome to Udemy's First Quarter 2023 Earnings Conference Call. Al ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-40956 Udemy, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 27-1 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-40956 Udemy, Inc. (Exact Name of Registrant as Specified in its Charter) (I.R.S. Employer I ...