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Udemy Reports Second Quarter 2022 Results

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Udemy, Inc.
Udemy, Inc.

Udemy Business Revenue Up 77% Year over Year, ARR up 74% to $316.1 million

SAN FRANCISCO, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading destination for learning and teaching online, today reported results for the second quarter ending June 30, 2022.

“Udemy is disrupting learning through our unparalleled platform and rapidly scaling SaaS business,” said Gregg Coccari, Chairman and CEO of Udemy. “Improving lives through learning is our mission, and we are proud to bring together our approximately 71,000 instructors, over 12,000 Udemy Business customers and growing roster of strategic partners to deliver it worldwide. Together, united in our commitment to upskilling and reskilling, we are activating positive outcomes for businesses and individuals, even in the face of economic uncertainty.”

Second Quarter 2022 Financial Results and Key Operating Data:

  • Revenue totaled $153.1 million, up 21% year over year.

  • GAAP net loss was $(29.4) million compared to $(11.4) million in the second quarter of fiscal 2021. GAAP net loss per share was $(0.21), compared to $(0.31) in the second quarter of fiscal 2021.

  • Non-GAAP net loss was $(13.6) million compared to $(5.4) million in the second quarter of fiscal 2021. Non-GAAP net loss per share was $(0.10) compared to $(0.15) in the second quarter of fiscal 2021.

  • GAAP gross profit was $87.3 million, compared to $70.1 million in the second quarter of fiscal 2021.

  • Non-GAAP gross profit was $89.0 million, compared to $70.3 million in the second quarter of fiscal 2021.

  • Adjusted EBITDA was $(8.6) million, compared to $(1.6) million in the second quarter of fiscal 2021.

  • Udemy Business revenue totaled $74.6 million, up 77% year over year.

  • Udemy Business segment gross profit was $49.9 million compared to $27.7 million in the second quarter of fiscal 2021.

  • Udemy Business segment annual recurring revenue was $316.1 million, up 74% year over year.

  • Udemy Business total customers was 12,514 as of June 30, 2022, up 44% year over year.

  • Udemy Business net dollar retention rate was 118%.

  • Consumer revenue totaled $78.5 million, down 7% year over year.

  • Consumer segment gross profit was $42.3 million compared to $45.1 million in the second quarter of fiscal 2021.

  • Consumer segment monthly average buyers was 1,290 thousand, down 2% year over year.

Second Quarter Highlights:

  • Added new Udemy Business customers including Broadridge Financial Solutions, Samsung SDS, Cision US, Edenred Brasil and Glanbia.

  • Udemy Business customer expansions included Colgate-Palmolive, lululemon athletica, Volkswagen Group China, TIBCO Software, Bosch Global Software Tech and Globant.

  • Through business partner, Benesse, Udemy is supporting the Tokyo Metropolitan Government in their efforts to accelerate the digital transformation of small and medium-sized enterprises in Tokyo. By the end of March, 2023, Udemy and Benesse expect to provide over 250 SMEs in Tokyo with in-house training support for the purpose of digital transformation skill development.

  • Supported global firm Booz Allen Hamilton with their upskilling efforts. Using Udemy Business to power a program for thousands of data scientists, nearly 94% of Booz Allen Hamilton learners are now highly proficient in data science, and their Udemy-trained graduates now have a 93% employee retention rate. The firm has seen a 3% increase in consultant billability since beginning their work with Udemy Business.

  • Rolled out our Skill Insights Dashboard enabling customers to unlock learning insights within their organization.

  • Introduced five new payment methods in Belgium, Malaysia, Singapore and the Philippines, driving higher conversion and faster time to content.

  • Launched a bulk coupon creation tool that enables instructors to market their courses more effectively across our global community of learners.

  • According to Stack Overflow’s annual survey of developers, 66% of global respondents selected Udemy as the most popular online course or certification program for learning how to code.

  • Launched inaugural ESG Impact Report, highlighting our ESG efforts and spotlighting how we support our learners, instructors, customers and communities.

  • Fair Pay Workplace certified Udemy as a company achieving pay equity, demonstrating that we’ve undergone a rigorous evaluation of our data and practices, and we’ve committed to following a tailored action plan building upon our fair pay practices.

  • Great Place to Work® Ireland honored Udemy on the 2022 list of Ireland’s Best Workplaces in Tech.

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.

The table below reflects Udemy’s financial outlook for its third quarter ending September 30, 2022 and fiscal year ending December 31, 2022:

 

Q3’22

FY22

Revenue

$153.0 - $157.0 million

$615.0 - $640.0 million

Adjusted EBITDA Margin

(14)% - (12)%

(12)% - (10)%

Weighted Average Share Count

141 million

142 million


Webcast Information
Udemy will host a webcast at 2:00 pm Pacific Time on Wednesday, August 3rd, to discuss its second quarter 2022 financial results, as well as its 2022 outlook. The live webcast will be accessible on Udemy’s website at investors.udemy.com. A webcast replay will be available approximately two hours after the conclusion of the live event.

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 income. 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 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 third 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 March 31, 2022, filed with the SEC on May 4, 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.

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 June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

$

153,112

 

 

$

126,093

 

 

$

305,335

 

 

$

250,643

 

Cost of revenue (1)(2)

 

65,812

 

 

 

55,993

 

 

 

132,250

 

 

 

113,916

 

Gross profit

 

87,300

 

 

 

70,100

 

 

 

173,085

 

 

 

136,727

 

Operating expenses (1)(2)

 

 

 

 

 

 

 

Sales and marketing

 

68,421

 

 

 

50,902

 

 

 

135,299

 

 

 

104,141

 

Research and development

 

23,963

 

 

 

14,783

 

 

 

46,533

 

 

 

30,196

 

General and administrative

 

23,443

 

 

 

15,389

 

 

 

45,096

 

 

 

29,802

 

Total operating expenses

 

115,827

 

 

 

81,074

 

 

 

226,928

 

 

 

164,139

 

Loss from operations

 

(28,527

)

 

 

(10,974

)

 

 

(53,843

)

 

 

(27,412

)

Other income (expense)

 

 

 

 

 

 

 

Interest income (expense), net

 

127

 

 

 

(173

)

 

 

370

 

 

 

(391

)

Other expense, net

 

(672

)

 

 

(90

)

 

 

(916

)

 

 

(518

)

Total other expense, net

 

(545

)

 

 

(263

)

 

 

(546

)

 

 

(909

)

Net loss before taxes

 

(29,072

)

 

 

(11,237

)

 

 

(54,389

)

 

 

(28,321

)

Income tax provision

 

(308

)

 

 

(154

)

 

 

(640

)

 

 

(1,059

)

Net loss attributable to common stockholders

$

(29,380

)

 

$

(11,391

)

 

$

(55,029

)

 

$

(29,380

)

Net loss per share attributable to common stockholders

 

 

 

 

 

 

 

Basic and diluted

$

(0.21

)

 

$

(0.31

)

 

$

(0.39

)

 

$

(0.80

)

Weighted-average shares used in computing net loss per share attributable to common stockholders

 

 

 

 

 

 

 

Basic and diluted

 

140,035,203

 

 

 

37,269,650

 

 

 

139,691,508

 

 

 

36,726,992

 

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

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Cost of revenue

$

989

 

$

237

 

$

1,829

 

$

537

Sales and marketing

 

5,007

 

 

1,712

 

 

9,144

 

 

3,636

Research and development

 

3,711

 

 

1,052

 

 

7,045

 

 

3,142

General and administrative

 

5,025

 

 

2,971

 

 

10,056

 

 

9,169

Total stock-based compensation expense

$

14,732

 

$

5,972

 

$

28,074

 

$

16,484

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

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Cost of revenue

$

726

 

$

 

$

1,450

 

$

Sales and marketing

 

341

 

 

 

 

683

 

 

Total amortization of intangible assets

$

1,067

 

$

 

$

2,133

 

$


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

 

June 30,

 

December 31,

 

 

2022

 

 

 

2021

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

512,166

 

 

$

533,868

 

Accounts receivable, net of allowance for doubtful accounts of $1,078 and $678 as of June 30, 2022, and December 31, 2021, respectively.

 

69,306

 

 

 

73,180

 

Prepaid expenses and other current assets

 

13,893

 

 

 

15,927

 

Deferred contract costs, current

 

26,858

 

 

 

18,898

 

Total current assets

 

622,223

 

 

 

641,873

 

Property and equipment, net

 

8,286

 

 

 

9,887

 

Capitalized software, net

 

23,517

 

 

 

20,054

 

Operating lease right-of-use assets

 

14,466

 

 

 

 

Restricted cash, non-current

 

3,629

 

 

 

2,900

 

Deferred contract costs, non-current

 

31,103

 

 

 

25,647

 

Strategic investments

 

15,000

 

 

 

10,000

 

Intangible assets, net

 

11,464

 

 

 

13,597

 

Goodwill

 

12,646

 

 

 

12,646

 

Other assets

 

3,655

 

 

 

3,247

 

Total assets

$

745,989

 

 

$

739,851

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

17,324

 

 

$

34,627

 

Accrued expenses and other current liabilities

 

33,720

 

 

 

40,140

 

Content costs payable

 

33,310

 

 

 

35,961

 

Accrued compensation and benefits

 

21,745

 

 

 

22,341

 

Operating lease liabilities, current

 

7,144

 

 

 

 

Deferred revenue

 

240,630

 

 

 

208,274

 

Total current liabilities

 

353,873

 

 

 

341,343

 

Long-term obligation under operating leases

 

9,729

 

 

 

 

Deferred revenue, non-current

 

3,022

 

 

 

2,280

 

Other liabilities, non-current

 

4,419

 

 

 

6,528

 

Total liabilities

 

371,043

 

 

 

350,151

 

 

 

 

 

Stockholders' equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

1

 

 

 

1

 

Additional paid-in capital

 

888,522

 

 

 

848,229

 

Accumulated other comprehensive loss

 

(19

)

 

 

(1

)

Accumulated deficit

 

(513,558

)

 

 

(458,529

)

Total stockholders’ equity

 

374,946

 

 

 

389,700

 

Total liabilities and stockholders' equity

$

745,989

 

 

$

739,851

 


Udemy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net loss

$

(55,029

)

 

$

(29,380

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

10,200

 

 

 

6,457

 

Amortization of deferred sales commissions

 

13,965

 

 

 

7,233

 

Stock-based compensation

 

28,074

 

 

 

16,484

 

Provision for doubtful accounts

 

517

 

 

 

170

 

Non-cash operating lease expense

 

3,101

 

 

 

 

Other

 

252

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

3,356

 

 

 

3,325

 

Prepaid expenses and other assets

 

1,243

 

 

 

(3,928

)

Deferred contract costs

 

(27,381

)

 

 

(15,724

)

Accounts payable, accrued expenses and other liabilities

 

(22,034

)

 

 

(10,448

)

Content costs payable

 

(2,652

)

 

 

(1,271

)

Operating lease liabilities

 

(3,146

)

 

 

 

Deferred revenue

 

33,099

 

 

 

21,596

 

Net cash used in operating activities

 

(16,435

)

 

 

(5,486

)

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(699

)

 

 

(3,111

)

Capitalized software costs

 

(6,643

)

 

 

(6,680

)

Purchases of strategic investments

 

(5,000

)

 

 

 

Net cash used in investing activities

 

(12,342

)

 

 

(9,791

)

Cash flows from financing activities:

 

 

 

Net proceeds from exercise of stock options

 

3,831

 

 

 

6,004

 

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

)

 

 

(313

)

Net proceeds from exercise of Series A-1 redeemable convertible preferred stock warrants

 

 

 

 

3

 

Net cash provided by financing activities

 

7,808

 

 

 

3,444

 

 

 

 

 

Effect of foreign exchange rates on cash flows

 

(4

)

 

 

 

 

 

 

 

Net decrease in cash, cash equivalents and restricted cash

 

(20,973

)

 

 

(11,833

)

Cash, cash equivalents and restricted cash—Beginning of period

 

536,768

 

 

 

177,931

 

Cash, cash equivalents and restricted cash—End of period

$

515,795

 

 

$

166,098

 


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

 

Three Months Ended June 30, 2022

 

GAAP

 

Stock-based
Compensation

 

Amortization of
Intangible Assets

 

Non-GAAP

 

(in thousands, except share and per share amounts)

Revenue

$

153,112

 

 

$

 

 

$

 

 

$

153,112

 

Cost of revenue

 

65,812

 

 

 

(989

)

 

 

(726

)

 

 

64,097

 

Gross profit

 

87,300

 

 

 

989

 

 

 

726

 

 

 

89,015

 

Operating expenses

 

 

 

 

 

 

 

Sales and marketing

 

68,421

 

 

 

(5,007

)

 

 

(341

)

 

 

63,073

 

Research and development

 

23,963

 

 

 

(3,711

)

 

 

 

 

20,252

 

General and administrative

 

23,443

 

 

 

(5,025

)

 

 

 

 

18,418

 

Total operating expenses

 

115,827

 

 

 

(13,743

)

 

 

(341

)

 

 

101,743

 

Loss from operations

 

(28,527

)

 

 

14,732

 

 

 

1,067

 

 

 

(12,728

)

Other income (expense)

 

 

 

 

 

 

 

Interest income, net

 

127

 

 

 

 

 

 

 

 

 

127

 

Other expense, net

 

(672

)

 

 

 

 

 

 

 

 

(672

)

Total other expense, net

 

(545

)

 

 

 

 

 

 

 

 

(545

)

Net loss before taxes

 

(29,072

)

 

 

14,732

 

 

 

1,067

 

 

 

(13,273

)

Income tax provision

 

(308

)

 

 

 

 

 

 

 

 

(308

)

Net loss attributable to common stockholders

$

(29,380

)

 

$

14,732

 

 

$

1,067

 

 

$

(13,581

)

Net loss per share attributable to common stockholders

 

 

 

 

 

 

 

Basic and diluted

$

(0.21

)

 

 

 

 

 

$

(0.10

)

Weighted-average shares used in computing net loss per share attributable to common stockholders

 

140,035,203

 

 

 

 

 

 

 

140,035,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Six Months Ended June 30, 2022

 

GAAP

 

Stock-based
Compensation

 

Amortization of
Intangible Assets

 

Non-GAAP

 

(in thousands, except share and per share amounts)

Revenue

$

305,335

 

 

$

 

 

$

 

 

$

305,335

 

Cost of revenue

 

132,250

 

 

 

(1,829

)

 

 

(1,450

)

 

 

128,971

 

Gross profit

 

173,085

 

 

 

1,829

 

 

 

1,450

 

 

 

176,364

 

Operating expenses

 

 

 

 

 

 

 

Sales and marketing

 

135,299

 

 

 

(9,144

)

 

 

(683

)

 

 

125,472

 

Research and development

 

46,533

 

 

 

(7,045

)

 

 

 

 

 

39,488

 

General and administrative

 

45,096

 

 

 

(10,056

)

 

 

 

 

 

35,040

 

Total operating expenses

 

226,928

 

 

 

(26,245

)

 

 

(683

)

 

 

200,000

 

Loss from operations

 

(53,843

)

 

 

28,074

 

 

 

2,133

 

 

 

(23,636

)

Other income (expense)

 

 

 

 

 

 

 

Interest income, net

 

370

 

 

 

 

 

 

 

 

 

370

 

Other expense, net

 

(916

)

 

 

 

 

 

 

 

 

(916

)

Total other expense, net

 

(546

)

 

 

 

 

 

 

 

 

(546

)

Net loss before taxes

 

(54,389

)

 

 

28,074

 

 

 

2,133

 

 

 

(24,182

)

Income tax provision

 

(640

)

 

 

 

 

 

 

 

 

(640

)

Net loss attributable to common stockholders

$

(55,029

)

 

$

28,074

 

 

$

2,133

 

 

$

(24,822

)

Net loss per share attributable to common stockholders

 

 

 

 

 

 

 

Basic and diluted

$

(0.39

)

 

 

 

 

 

$

(0.18

)

Weighted-average shares used in computing net loss per share attributable to common stockholders

 

139,691,508

 

 

 

 

 

 

 

139,691,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Three Months Ended June 20, 2021

 

GAAP

 

Stock-based
Compensation

 

Non-GAAP

 

(in thousands, except share and per share amounts)

Revenue

$

126,093

 

 

$

 

 

$

126,093

 

Cost of revenue

 

55,993

 

 

 

(237

)

 

 

55,756

 

Gross profit

 

70,100

 

 

 

237

 

 

 

70,337

 

Operating expenses

 

 

 

 

 

Sales and marketing

 

50,902

 

 

 

(1,712

)

 

 

49,190

 

Research and development

 

14,783

 

 

 

(1,052

)

 

 

13,731

 

General and administrative

 

15,389

 

 

 

(2,971

)

 

 

12,418

 

Total operating expenses

 

81,074

 

 

 

(5,735

)

 

 

75,339

 

Loss from operations

 

(10,974

)

 

 

5,972

 

 

 

(5,002

)

Other income (expense)

 

 

 

 

 

Interest expense, net

 

(173

)

 

 

 

 

(173

)

Other expense, net

 

(90

)

 

 

 

 

(90

)

Total other expense, net

 

(263

)

 

 

 

 

(263

)

Net loss before taxes

 

(11,237

)

 

 

5,972

 

 

 

(5,265

)

Income tax provision

 

(154

)

 

 

 

 

(154

)

Net loss attributable to common stockholders

$

(11,391

)

 

$

5,972

 

 

$

(5,419

)

Net loss per share attributable to common stockholders

 

 

 

 

 

Basic and diluted

$

(0.31

)

 

 

 

$

(0.15

)

Weighted-average shares used in computing net loss per share attributable to common stockholders

 

 

 

 

 

Basic and diluted

 

37,269,650

 

 

 

 

 

37,269,650

 



 

Six Months Ended June 30, 2021

 

GAAP

 

Stock-based
Compensation

 

Non-GAAP

 

(in thousands, except share and per share amounts)

Revenue

$

250,643

 

 

$

 

 

$

250,643

 

Cost of revenue

 

113,916

 

 

 

(537

)

 

 

113,379

 

Gross profit

 

136,727

 

 

 

537

 

 

 

137,264

 

Operating expenses

 

 

 

 

 

Sales and marketing

 

104,141

 

 

 

(3,636

)

 

 

100,505

 

Research and development

 

30,196

 

 

 

(3,142

)

 

 

27,054

 

General and administrative

 

29,802

 

 

 

(9,169

)

 

 

20,633

 

Total operating expenses

 

164,139

 

 

 

(15,947

)

 

 

148,192

 

Loss from operations

 

(27,412

)

 

 

16,484

 

 

 

(10,928

)

Other income (expense)

 

 

 

 

 

Interest expense, net

 

(391

)

 

 

 

 

 

(391

)

Other expense, net

 

(518

)

 

 

 

 

 

(518

)

Total other expense, net

 

(909

)

 

 

 

 

 

(909

)

Net loss before taxes

 

(28,321

)

 

 

16,484

 

 

 

(11,837

)

Income tax provision

 

(1,059

)

 

 

 

 

 

(1,059

)

Net loss attributable to common stockholders

$

(29,380

)

 

$

16,484

 

 

$

(12,896

)

Net loss per share attributable to common stockholders

 

 

 

 

 

Basic and diluted

$

(0.80

)

 

 

 

$

(0.35

)

Weighted-average shares used in computing net loss per share attributable to common stockholders

 

 

 

 

 

Basic and diluted

 

36,726,992

 

 

 

 

 

36,726,992

 



 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss

$

(29,380

)

 

$

(11,391

)

 

$

(55,029

)

 

$

(29,380

)

Adjusted to exclude the following:

 

 

 

 

 

 

 

Interest (income) expense, net

 

(127

)

 

 

173

 

 

 

(370

)

 

 

391

 

Provision for income taxes

 

308

 

 

 

154

 

 

 

640

 

 

 

1,059

 

Depreciation and amortization

 

5,233

 

 

 

3,387

 

 

 

10,200

 

 

 

6,457

 

Stock-based compensation expense

 

14,732

 

 

 

5,972

 

 

 

28,074

 

 

 

16,484

 

Other expense, net

 

672

 

 

 

90

 

 

 

916

 

 

 

518

 

Adjusted EBITDA

$

(8,562

)

$

$

(1,615

)

$

$

(15,569

)

$

$

(4,471

)

Contacts

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

Investors:
Willa McManmon
Managing Director, The Blueshirt Group
willa@blueshirtgroup.com