Third-quarter total revenue increased 22% year-over-year to $158.4 million
Udemy Business delivered 67% year-over-year revenue growth and achieved Annual Recurring Revenue of $350 million

SAN FRANCISCO, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading destination for learning and teaching online, today reported results for the three-month period ended September 30, 2022.

“Udemy delivered strong Q3 results, driven by solid execution and healthy customer demand,” said Gregg Coccari, Udemy’s Chairman and CEO. “Udemy Business continues to serve as our leading growth engine and we are encouraged by the resilience of our marketplace in this economic environment. It is increasingly clear that organizations and learners around the world look to Udemy for upskilling and reskilling to help them achieve their goals. Although we expect some short-term macro-related headwinds, we remain as bullish as ever about the long-term opportunity available to Udemy.”

Third quarter 2022 financial performance highlights include:

  • Total revenue increased 22% year-over-year to $158.4 million. Revenue growth includes a negative impact of 5 percentage points from changes in foreign exchange (FX) rates year-over-year.
  • Udemy Business segment revenue increased 67% year-over-year, including the negative impact of 4 percentage points from changes in FX rates year-over-year, to $83.9 million and now accounts for more than 50% of total revenue mix.
  • Udemy Business Annual Recurring Revenue increased 69% year-over-year to $350 million and Net Dollar Retention Rate was 117%.
  • Revenue from multi-year deals accounted for over 40% of Udemy Business revenue and increased 135% year-over-year.
  • Consumer segment revenue decreased 6% year-over-year, including the negative impact of 6 percentage points from changes in FX rates year-over-year, to $74.6 million.
  • Demand for Udemy’s Consumer marketplace is stable, as Monthly Average Buyers increased 4% year-over-year to 1.32 million.

Third Quarter 2022 Financial Results and Key Operating Data Summary:
(in millions, except customers, percentages and basis points)

  Three Months Ended
September 30,
  % Change   Nine Months Ended
September 30,
  % Change
  2022   2021   YoY   2022   2021   YoY
Revenue $ 158.4       $ 129.6       22   %   $ 463.8       $ 380.2       22   %
GAAP Gross Profit $ 89.4       $ 71.6       25   %   $ 262.4       $ 208.3       26   %
% of Revenue   56.4   %     55.2   %   120   bps     56.6   %     54.8   %   180   bps
Non-GAAP Gross Profit $ 91.7       $ 72.2       27   %   $ 268.1       $ 209.5       28   %
% of Revenue   57.9   %     55.7   %   220   bps     57.8   %     55.1   %   270   bps
GAAP Net Loss $ (46.7 )     $ (9.3 )     402   %   $ (101.7 )     $ (38.6 )     163   %
Non-GAAP Net Loss $ (20.7 )     $ (1.7 )     1,118   %   $ (45.5 )     $ (14.5 )     214   %
Adjusted EBITDA $ (12.9 )     $ 1.6       (906 ) %   $ (28.4 )     $ (2.9 )     879   %
% of Revenue   (8.1 ) %     1.2   %   (930 ) bps     (6.1 ) %     (0.8 ) %   (530 ) bps
                                           
Enterprise Segment                                          
Total Customers   13,437         9,592       40   %                      
Annual Recurring Revenue $ 350.4       $ 207.4       69   %                      
Net Dollar Retention   117 %       118 %     (100 ) bps                      
Segment Revenue $ 83.9       $ 50.4       67   %   $ 223.4       $ 129.2       73   %
Segment Gross Profit $ 56.4       $ 32.9       71   %   $ 149.1       $ 84.3       77   %
% of Revenue   67.2   %     65.3   %   190   bps     66.7   %     65.2   %   150   bps
                                           
Consumer Segment                                          
Monthly Average Buyers   1.32         1.26       4   %     1.33         1.33         %
Segment Revenue $ 74.6       $ 79.2       (6 ) %   $ 240.4       $ 251.0       (4 ) %
Segment Gross Profit $ 38.7       $ 42.0       (8 ) %   $ 128.5       $ 132.4       (3 ) %
% of Revenue   51.9   %     53.0   %   (110 ) bps     53.5   %     52.7   %   80   bps
                                                       

Operational Highlights:

  • Udemy Business added new or expanded existing relationships with global customers including Kia Corporation (Korea), Orient Corporation (Japan), ORIX Corporation (Japan), Samsung Electronics America (U.S.), Tata Consultancy Services (India), and The Permanente Medical Group (U.S.).
  • Exclusively partnered with The RBL Group, a global leader in human capability, to offer Udemy Business’s enterprise customers increasingly unique cohort-based learning options, including a leadership-development dual-certificate from RBL and the University of Michigan.
  • Joined the AWS Partner Network (APN), a global community of partners that leverages AWS programs, expertise and resources to advise, build and grow customer offerings, allowing thousands of AWS customers to easily discover and deploy next-gen learning solutions by Udemy Business in their organizations. Additionally, recently accepted into the AWS Independent Software Vendor Accelerate (ISVA) Program, a co-sell program that helps drive new business and accelerate sales cycles by connecting participating independent software vendors (ISVs) built on AWS with the AWS Sales organization.
  • Entered into a strategic partnership with FUNiX, the leading online education platform in Vietnam, to empower the people of Vietnam with a personalized, digital-first learning experience, which resulted in signing several new customers, including FPT Polytechnic.
  • Through Udemy’s reseller partnership with Gale, part of Cengage Group, a global provider of educational resources, access to Udemy Business is provided to Texas public libraries that participate in the Texas State Library and Archives Commission’s TexShare e-resource sharing program.

Other Business Highlights:

  • For the second year in a row, Sustainalytics ranked Udemy number one for ESG risk ratings in the Internet Software and Services sub-industry as of September 2022.
  • Became a signatory of the United Nations (UN) Global Compact, a voluntary initiative to implement sustainability principles and to take steps to support UN Sustainable Development Goals.
  • Recognized by Fortune and Great Place to Work® U.S. as one of the Best Workplaces for Women in 2022.

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.

Given the historic rate at which the U.S. dollar has strengthened this year, Udemy expects FX to continue to be a headwind in the fourth quarter of 2022. Assuming foreign currency exchange rates remain constant, FX is expected to impact total revenue year-over-year growth by approximately six percentage points in the fourth quarter of 2022. In addition, Udemy anticipates experiencing some seasonality during the fourth quarter due to increased marketing investments around Black Friday.

The following table reflects Udemy’s financial outlook for its fourth quarter and full year ending December 31, 2022.

  Three Months Ending
December 31, 2022
  Year Ending
December 31, 2022
 
Revenue $164 - $167 million   $628 - $631 million  
Adjusted EBITDA Margin* (17)% - (15)%   (10)% - (9)%  
Weighted Average Share Count 143 million   141 million  
*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.  
 

Webcast Information
Udemy will host a webcast at  2:00 p.m. PT / 5:00 p.m. ET today, Wednesday, November 2 to discuss its third quarter 2022 financial results and outlook. Individuals interested in participating in the live conference call by phone may access the dial-in information by registering here. A link to the live webcast can be found on the “Events & Presentations” section of Udemy’s Investor Relations website at https://investors.udemy.com/. An archived replay of the webcast will be available for approximately one year on the Udemy Investor Relations website.

Non-GAAP Financial Measures
To supplement the condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Udemy’s key non-GAAP performance measures include Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP net loss.

We calculate Adjusted EBITDA as net loss (income) determined in accordance with GAAP, excluding i) interest expense (income), net; ii) provision for (benefit from) income taxes; iii) depreciation and amortization; iv) other expense (income), net, including gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency and v) non-cash stock-based compensation expense. 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. As Adjusted EBITDA and Adjusted EBITDA Margin facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and certain variable charges. We define non-GAAP income as net loss attributable to common stockholders, adjusted to exclude non-cash stock-based compensation expense and the amortization of acquired intangible assets. We define non-GAAP gross profit as gross profit, adjusted to exclude non-cash 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. We believe the presentation of operating results that excludes these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods. 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.

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 of 2022, the full year 2022, and future periods, anticipated future expenses and investments, our business strategy and plans, market growth, our market position and potential market opportunities, and the impact of acquisitions and business alliances. 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 quarter ended June 30, 2022, filed with the SEC on August 3, 2022. 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.

Third Party Data
This press release contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://ift.tt/aWfvkPT.

About Udemy
Udemy (Nasdaq: UDMY) provides 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 Udemy from real-world experts in topics ranging from programming and data science to leadership and team building. Udemy Business offers corporate customers an employee training and development platform with subscription access to thousands of courses, learning analytics, and the ability to host and distribute their own content. Udemy Business customers include Fender Instruments, Glassdoor, On24, The World Bank, and Volkswagen. Udemy is headquartered in San Francisco with hubs in Ankara, Turkey; Austin, Texas; Boston, Massachusetts; Mountain View, California; Denver, Colorado; Dublin, Ireland; Melbourne, Australia; New Delhi, India; and Sao Paulo, Brazil.


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,
    2022       2021       2022       2021  
Revenue $ 158,432     $ 129,563     $ 463,767     $ 380,206  
Cost of revenue (1)(2)   69,080       57,986       201,330       171,902  
Gross profit   89,352       71,577       262,437       208,304  
Operating expenses (1)(2)              
Sales and marketing   77,490       52,258       212,789       156,399  
Research and development   28,062       16,703       74,595       46,898  
General and administrative   27,051       12,166       72,147       41,969  
Total operating expenses   132,603       81,127       359,531       245,266  
Loss from operations   (43,251 )     (9,550 )     (97,094 )     (36,962 )
Other income (expense)              
Interest income (expense), net   592       (61 )     962       (452 )
Other expense, net   (3,523 )     (196 )     (4,439 )     (714 )
Total other expense, net   (2,931 )     (257 )     (3,477 )     (1,166 )
Net loss before taxes   (46,182 )     (9,807 )     (100,571 )     (38,128 )
Income tax (provision) benefit   (511 )     545       (1,151 )     (514 )
Net loss attributable to common stockholders $ (46,693 )   $ (9,262 )   $ (101,722 )   $ (38,642 )
Net loss per share attributable to common stockholders              
Basic and diluted $ (0.33 )   $ (0.25 )   $ (0.73 )   $ (1.04 )
Weighted-average shares used in computing net loss per share attributable to common stockholders              
Basic and diluted   140,951,605       37,740,586       140,116,156       37,068,570  
 

(1) Includes stock-based compensation expense as follows (in thousands):

  Three Months Ended September 30,   Nine Months Ended September 30,
    2022     2021     2022     2021
Cost of revenue $ 1,611   $ 350   $ 3,440   $ 888
Sales and marketing   9,372     2,149     18,516     5,784
Research and development   6,258     1,304     13,303     4,445
General and administrative   7,728     3,417     17,784     12,587
Total stock-based compensation expense $ 24,969   $ 7,220   $ 53,043   $ 23,704
 

(2) Includes amortization of intangible assets as follows (in thousands):

  Three Months Ended September 30,   Nine Months Ended September 30,
    2022     2021     2022     2021
Cost of revenue $ 725   $ 293   $ 2,175   $ 293
Sales and marketing   342     97     1,025     97
Total amortization of intangible assets $ 1,067   $ 390   $ 3,200   $ 390



Udemy, Inc.

Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(Unaudited)

  September 30,   December 31,
    2022       2021  
Assets      
Current assets:      
Cash and cash equivalents $ 427,914     $ 533,868  
Marketable securities   66,052        
Accounts receivable, net of allowance for doubtful accounts of $1,072 and $678 as of September 30, 2022, and December 31, 2021, respectively.   71,580       73,180  
Prepaid expenses and other current assets   13,478       15,927  
Deferred contract costs, current   29,373       18,898  
Total current assets   608,397       641,873  
Property and equipment, net   7,816       9,887  
Capitalized software, net   25,887       20,054  
Operating lease right-of-use assets   12,939        
Restricted cash, non-current   3,629       2,900  
Deferred contract costs, non-current   32,817       25,647  
Strategic investments   12,104       10,000  
Intangible assets, net   10,397       13,597  
Goodwill   12,646       12,646  
Other assets   3,761       3,247  
Total assets $ 730,393     $ 739,851  
Liabilities and stockholders' equity      
Current liabilities:      
Accounts payable $ 17,060     $ 34,627  
Accrued expenses and other current liabilities   36,777       40,140  
Content costs payable   34,437       35,961  
Accrued compensation and benefits   25,111       22,341  
Operating lease liabilities, current   7,008        
Deferred revenue, current   237,852       208,274  
Total current liabilities   358,245       341,343  
Operating lease liabilities, non-current   8,014        
Deferred revenue, non-current   3,096       2,280  
Other liabilities, non-current   4,522       6,528  
Total liabilities   373,877       350,151  
       
Stockholders' equity:      
Preferred stock          
Common stock   1       1  
Additional paid-in capital   917,031       848,229  
Accumulated other comprehensive loss   (265 )     (1 )
Accumulated deficit   (560,251 )     (458,529 )
Total stockholders’ equity   356,516       389,700  
Total liabilities and stockholders' equity $ 730,393     $ 739,851  



Udemy, Inc.

Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

  Nine Months Ended September 30,
    2022       2021  
Cash flows from operating activities:      
Net loss $ (101,722 )   $ (38,642 )
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization   15,616       10,400  
Amortization of deferred sales commissions   22,558       11,995  
Stock-based compensation   53,043       23,704  
Provision for doubtful accounts   467       324  
Accretion of marketable securities   (138 )      
Non-cash operating lease expense   4,643        
Unrealized loss on strategic investments   2,896        
Other   460        
Changes in operating assets and liabilities:      
Accounts receivable   1,132       5,715  
Prepaid expenses and other assets   1,375       (6,252 )
Deferred contract costs   (40,203 )     (25,455 )
Accounts payable, accrued expenses and other liabilities   (14,257 )     (13,455 )
Content costs payable   (1,525 )     (989 )
Operating lease liabilities   (5,012 )      
Deferred revenue   30,395       23,234  
Net cash used in operating activities   (30,272 )     (9,421 )
Cash flows from investing activities:      
Purchases of marketable securities   (66,128 )      
Purchases of property and equipment   (1,397 )     (4,554 )
Capitalized software costs   (10,652 )     (9,767 )
Purchases of strategic investments   (5,000 )      
Payments related to business combination, net of cash acquired   (1,500 )     (24,490 )
Net cash used in investing activities   (84,677 )     (38,811 )
Cash flows from financing activities:      
Net proceeds from exercise of stock options   5,785       7,619  
Proceeds from share purchases under employee stock purchase plan   5,563        
Payment of redeemable convertible preferred stock issuance costs         (2,250 )
Payment of deferred offering costs   (1,586 )     (1,992 )
Net proceeds from exercise of Series A-1 redeemable convertible preferred stock warrants         2  
Net cash provided by financing activities   9,762       3,379  
       
Effect of foreign exchange rates on cash flows   (38 )      
       
Net decrease in cash, cash equivalents and restricted cash   (105,225 )     (44,853 )
Cash, cash equivalents and restricted cash—Beginning of period   536,768       177,931  
Cash, cash equivalents and restricted cash—End of period $ 431,543     $ 133,078  



Udemy, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share and per share amounts)
(Unaudited)

  Three Months Ended September 30, 2022
  GAAP   Stock-based Compensation   Amortization of Intangible Assets   Non-GAAP
  (in thousands, except share and per share amounts)
Revenue $ 158,432     $     $     $ 158,432  
Cost of revenue   69,080       (1,611 )     (725 )     66,744  
Gross profit   89,352       1,611       725       91,688  
Operating expenses              
Sales and marketing   77,490       (9,372 )     (342 )     67,776  
Research and development   28,062       (6,258 )         21,804  
General and administrative   27,051       (7,728 )         19,323  
Total operating expenses   132,603       (23,358 )     (342 )     108,903  
Loss from operations   (43,251 )     24,969       1,067       (17,215 )
Other income (expense)              
Interest income, net   592                   592  
Other expense, net   (3,523 )                 (3,523 )
Total other expense, net   (2,931 )                 (2,931 )
Net loss before taxes   (46,182 )     24,969       1,067       (20,146 )
Income tax provision   (511 )                 (511 )
Net loss attributable to common stockholders $ (46,693 )   $ 24,969     $ 1,067     $ (20,657 )
Net loss per share attributable to common stockholders              
Basic and diluted $ (0.33 )           $ (0.15 )
Weighted-average shares used in computing net loss per share attributable to common stockholders   140,951,605               140,951,605  


  Nine Months Ended September 30, 2022
  GAAP   Stock-based Compensation   Amortization of Intangible Assets   Non-GAAP
  (in thousands, except share and per share amounts)
Revenue $ 463,767     $     $     $ 463,767  
Cost of revenue   201,330       (3,440 )     (2,175 )     195,715  
Gross profit   262,437       3,440       2,175       268,052  
Operating expenses              
Sales and marketing   212,789       (18,516 )     (1,025 )     193,248  
Research and development   74,595       (13,303 )           61,292  
General and administrative   72,147       (17,784 )           54,363  
Total operating expenses   359,531       (49,603 )     (1,025 )     308,903  
Loss from operations   (97,094 )     53,043       3,200       (40,851 )
Other income (expense)              
Interest income, net   962                   962  
Other expense, net   (4,439 )                 (4,439 )
Total other expense, net   (3,477 )                 (3,477 )
Net loss before taxes   (100,571 )     53,043       3,200       (44,328 )
Income tax provision   (1,151 )                 (1,151 )
Net loss attributable to common stockholders $ (101,722 )   $ 53,043     $ 3,200     $ (45,479 )
Net loss per share attributable to common stockholders              
Basic and diluted $ (0.73 )           $ (0.32 )
Weighted-average shares used in computing net loss per share attributable to common stockholders   140,116,156               140,116,156  
               


  Three Months Ended September 30, 2021
  GAAP   Stock-based Compensation   Amortization of Intangible Assets   Non-GAAP
  (in thousands, except share and per share amounts)
Revenue $                 129,563     $                          —     $                          —     $                 129,563  
Cost of revenue                       57,986                              (350 )                            (293 )   $                   57,343  
Gross profit                       71,577                                350                                293                           72,220  
Operating expenses              
Sales and marketing   52,258       (2,149 )     (97 )                        50,012  
Research and development   16,703       (1,304 )                             15,399  
General and administrative                      12,166           (3,417 )                                8,749  
Total operating expenses                      81,127       (6,870 )     (97 )                        74,160  
Loss from operations                       (9,550 )                           7,220                                390                           (1,940 )
Other income (expense)              
Interest expense, net                            (61 )                                —                                  —                                (61 )
Other expense, net                          (196 )                                —                                  —                              (196 )
Total other expense, net                          (257 )                                —                                  —                              (257 )
Net loss before taxes                       (9,807 )                           7,220                                390                           (2,197 )
Income tax provision                            545                                  —                                  —                                545  
Net loss attributable to common stockholders $                   (9,262 )   $                     7,220     $                        390     $                   (1,652 )
Net loss per share attributable to common stockholders              
Basic and diluted $                     (0.25 )           $                     (0.04 )
Weighted-average shares used in computing net loss per share attributable to common stockholders              
Basic and diluted                37,740,586                            37,740,586  


  Nine Months Ended September 30, 2021
  GAAP   Stock-based Compensation   Amortization of Intangible Assets   Non-GAAP
  (in thousands, except share and per share amounts)
Revenue $ 380,206     $     $     $ 380,206  
Cost of revenue   171,902       (888 )     (293 )     170,721  
Gross profit   208,304       888       293       209,485  
Operating expenses              
Sales and marketing   156,399       (5,784 )     (97 )     150,518  
Research and development   46,898       (4,445 )           42,453  
General and administrative   41,969       (12,587 )           29,382  
Total operating expenses   245,266       (22,816 )     (97 )     222,353  
Loss from operations   (36,962 )     23,704       390       (12,868 )
Other income (expense)              
Interest expense, net   (452 )                 (452 )
Other expense, net   (714 )                 (714 )
Total other expense, net   (1,166 )                 (1,166 )
Net loss before taxes   (38,128 )     23,704       390       (14,034 )
Income tax provision   (514 )                 (514 )
Net loss attributable to common stockholders $ (38,642 )   $ 23,704     $ 390     $ (14,548 )
Net loss per share attributable to common stockholders              
Basic and diluted $ (1.04 )           $ (0.39 )
Weighted-average shares used in computing net loss per share attributable to common stockholders              
Basic and diluted   37,068,570               37,068,570  


  Three Months Ended September 30,   Nine Months Ended September 30,
    2022       2021       2022       2021  
Net loss $ (46,693 )   $ (9,262 )   $ (101,722 )   $ (38,642 )
Adjusted to exclude the following:              
Interest (income) expense, net   (592 )     61       (962 )     452  
Provision for income taxes   511       (545 )     1,151       514  
Depreciation and amortization   5,416       3,943       15,616       10,400  
Stock-based compensation expense   24,969       7,220       53,043       23,704  
Other expense, net   3,523       196       4,439       714  
Adjusted EBITDA $ (12,866 )   $ 1,613     $ (28,435 )   $ (2,858 )
                               
 

Contacts
Investors:
Dennis Walsh
Vice President, Investor Relations
dennis.walsh@udemy.com

Media:
Abby Welch
Senior Director, Corporate Communications
abby.welch@udemy.com

 


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