Udemy(US:UDMY)2025-02-13 21:06Revenue Performance - Total revenue for the fiscal year 2024 increased by 8% year-over-year to $786.6 million, with a negative impact of 2 percentage points from foreign exchange rates[5] - Enterprise segment revenue for Udemy Business reached $494.5 million, reflecting an 18% year-over-year increase, also impacted by a 2 percentage point negative effect from foreign exchange rates[5] - Consumer segment revenue decreased by 5% year-over-year to $292.1 million, including a negative impact of 2 percentage points from foreign exchange rates[5] - Udemy's revenue for the three months ended December 31, 2024, was $199,942,000, representing a 5.8% increase from $189,545,000 in the same period of 2023[26] Profitability Metrics - Adjusted EBITDA for the fiscal year 2024 was $43.0 million, representing a 451% increase year-over-year[2] - The gross profit for the fiscal year ended December 31, 2024, was $491,940,000, up from $419,339,000 in 2023, indicating a growth of 17.3%[26] - Udemy reported a net loss of $85,288,000 for the fiscal year 2024, an improvement compared to a net loss of $107,294,000 in 2023, reflecting a reduction of 20.5%[30] - Gross profit for Q4 2024 was $127,205,000, an increase from $109,850,000 in Q4 2023, representing a growth of 15.0%[32] - Non-GAAP gross profit for the fiscal year 2024 reached $500,707,000, up from $429,245,000 in 2023, indicating a year-over-year increase of 16.7%[32] - The net loss for Q4 2024 was $9,864,000, a significant improvement compared to a net loss of $20,248,000 in Q4 2023, reflecting a reduction of 51.2%[34] - Non-GAAP net income for Q4 2024 was $15,531,000, compared to $3,824,000 in Q4 2023, marking an increase of 305.5%[34] - Adjusted EBITDA for Q4 2024 was $19,480,000, a substantial rise from $3,977,000 in Q4 2023, representing a growth of 388.5%[35] Customer Metrics - Total customers increased to 17,096, with nearly 1,400 net new Enterprise customers added in 2024[5] - Monthly average buyers in the consumer segment decreased by 4% year-over-year to 1.32 million[5] Cash Flow and Assets - The company experienced a net cash provided by operating activities of $53,043,000 in 2024, a significant turnaround from a net cash used of $2,005,000 in 2023[30] - The total current assets decreased to $506,328,000 as of December 31, 2024, down from $632,328,000 in 2023, a decline of 20%[28] - Cash and cash equivalents decreased to $190,592,000 from $305,564,000, representing a decline of 37.5% year-over-year[28] Liabilities and Expenses - Total liabilities increased to $408,234,000 as of December 31, 2024, compared to $384,304,000 in 2023, marking a rise of 6.2%[28] - Udemy's operating expenses for the fiscal year 2024 totaled $581,268,000, an increase from $541,234,000 in 2023, which is a rise of 7.4%[26] Strategic Initiatives - The company completed a $150 million share repurchase program, indicating confidence in its long-term strategy[5] - Udemy opened a new office in Mexico City to enhance operations in the LATAM market[5] Future Guidance - The company expects first quarter 2025 revenue to be between $195 million and $199 million, with full year 2025 revenue guidance of $787 million to $803 million[7] Share Metrics - The weighted-average shares used in computing net loss per share for 2024 were 151,320,497, compared to 150,098,776 in 2023, indicating a slight increase in shares[26] - The weighted-average shares used in computing non-GAAP net income per share, diluted, for Q4 2024 was 148,068,999, compared to 162,850,017 in Q4 2023[34] Margins - The gross margin for Q4 2024 improved to 64%, up from 58% in Q4 2023[32] - The net loss margin for Q4 2024 was -5%, an improvement from -11% in Q4 2023[35] - The adjusted EBITDA margin for Q4 2024 was 10%, compared to 2% in Q4 2023, showing a notable increase[35] Investment Metrics - Udemy's strategic investments decreased to $0 from $10,311,000 in 2023, reflecting a complete divestment in this area[28]