EX-99.1 2 q32024pressrelease.htm EX-99.1 Document


优达学城发布2024年第三季度业绩报告
通过纪律严明的运营效率手段，实现了超出预期的盈利能力。

Udemy业务年度循环营业收入超过50000万美元

提高2024年全年展望
旧金山 ––2024年10月29日–– Udemy（纳斯达克：UDMY）, 一家领先的在线技能市场和学习平台，今天公布了截至2024年9月30日的三个月期间的业绩。Udemy已经提供了一份附带盈利亮点的补充材料，可在投资者关系网站的“季度业绩”部分下载。
2024年第三季度财务业绩和关键运营数据总结
（以百万为单位，除客户、百分比和基点外）

截至9月30日的三个月百分比变动截至9月30日的九个月百分比变动
20242023同比20242023同比
营业收入$195.4 $184.7 6 %$586.6 $539.4 9 %
毛利润$123.1 $107.5 15 %$364.7 $309.5 18 %
毛利率63 %58 %500 bps62 %57 %500 bps
非GAAP毛利润$125.3 $110.0 14 %$371.9 $316.8 17 %
非GAAP毛利率64 %60 %400 bps63 %59 %400 bps
净亏损$(25.3)$(16.8)(51)%$(75.4)$(87.0)13 %
非GAAP净利润（损失）$10.1 $7.7 31 %$8.8 $(1.9)563 %
调整后的EBITDA$11.6 $8.2 41 %$23.5 $3.8 518 %
调整后的EBITDA利润率6 %4 %200 bps4 %1 %300 bps
15,726
总客户数16,848 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
营业收入$126.1 $109.1 16 %$364.3 $306.0 19 %
业务分毛利润$92.8 $74.3 25 %$264.7 $204.4 30 %
板块毛利率74 %68 %600 bps73 %67 %600 bps
消费部门
月均买家数1.31 1.41 (7)%1.35 1.38 (2)%
营业收入$69.3 $75.6 (8)%$222.3 $233.4 (5)%
业务分毛利润$37.6 $40.3 (7)%$122.3 $125.4 (2)%
板块毛利率54 %53 %100 bps55 %54 %100 bps

Udemy发布了稳健的第三季度业绩，营业收入和调整后的EBITDA利润率都超过了我们指导范围的最高水平，我们实现了Udemy业务年度营业收入超过50000万美元的新里程碑，”Udemy总裁兼首席执行官格雷格·布朗表示。 “我们在整个业务中推动运营效率的纪律方法，加上最近宣布的战略性节约成本举措，今年调整后的EBITDA实现了显著增长。因此，我们提高了2024财年调整后的EBITDA展望。”

“从长期来看，我们将继续专注于执行战略计划、进一步优化成本结构，将资源投向具有最高潜在回报的机会。我们相信这些举措将使Udemy能够实现高质量、盈利增长，并在未来引领企业技能发展领域。”布朗总结道。



2024年第三季度财务亮点
•总营业收入按年增长6%，达到19540万美元。营业收入增长包括外汇期货汇率变化带来的负面影响 外汇期货汇率变化使年同比增长率减少了2个百分点。
•企业业务部门，或Udemy业务，在营业收入12610万美元增长了16%，其中包括年增长的2个百分点的外汇汇率变化的负面影响 年度外汇汇率变化导致净利润率下降了2个百分点。
•Udemy的年度可重複營業收入（ARR）同比增长14%，达到50460万美元。
•消费部门的营业收入为6930万美元，同比下降8%，包括来自外汇汇率变化的3个百分点的负面影响。 外汇期货变动导致营收率下降了3个百分点。
•现金、现金等价物、受限现金和可出售证券为 本季末为35830万美元。
商业和运营要点
•与Udemy商业客户建立新的关系或扩大现有关系，包括ABb (荷兰)，Crédito Agrícola (葡萄牙)，爱立信（瑞典），印孚瑟斯有限公司（印度），万豪酒店（美国），Nationwide Building Society（英国），primerica（美国），沙特阿美公司（沙特阿拉伯），UnionDigital银行（菲律宾），优衣库欧洲（英国）和西日本铁路公司（日本）
•在Udemy的智能技能平台中推出了新的人工智能功能 智能技能平台，包括人工智能助手、技能匹配和基于人工智能的学习路径，为组织和个人提供创新、个性化的学习体验。
•宣布Udemy在墨西哥城成立新的区域型中心，以实现业务规模的扩张，更快地提供个性化、高质量的学习体验，以满足组织和专业人士不断发展的需求。
•与Workday合作，推出了Workday Skills Cloud内的新集成，增强组织直接将学习与劳动力发展相结合的能力。

分享回购计划
Udemy通过其15000万美元的回购计划向股东返还资本。在第三季度，公司大约花费了约5100万美元，在公开市场上回购了630万股Udemy股票。
财务展望
Udemy根据当前市场条件和预期提供指导，实际结果可能有很大的差异，请参考下面关于前瞻性声明的评论。
以下表格反映了Udemy截至2024年12月31日的第四季度和全年财务展望。
截至2024年12月31日的三个月2024年12月31日结束的一年
营业收入193美元至19600万美元780美元至78300万美元
调整后的EBITDA利润率1
约6.0%约4.5%
加权平均股份数量，基本2
14800万15100万
加权平均股份数量，摊薄2
14900万15600万
Udemy在本财报中未提供预测的调整后EBITDA与预测的GAAP净利润（损失）的数量化对账，因为公司无法在不做出不合理努力的情况下，准确计算某些调账项目。
Udemy的加权平均股份数量的展望，基本和稀释，不包括股票回购计划下潜在的未来影响。

上述营业收入指引范围假定历史外汇汇率变动将对第四季度同比营业收入增长造成负面2个百分点影响，以及负面2个百分点的影响 2024年全年营业收入指引假定Udemy的外汇汇率将保持在2024年第三季度结束时的水平。
网络直播信息
Udemy将于今天下午2:00 Pt / 下午5:00 Et召开电话会议和网络直播，讨论其2024年第三季度财务业绩和展望。有关直播网络直播和电话会议录音重播的链接将在Udemy投资者关系网站的“季度业绩”部分https://investors.udemy.com/提供。可以通过国内电话(833) 630-1963和国际电话(412) 317-5702访问现场通话。网络直播的存档重播将可供约一年时间。
非GAAP财务指标
为补充根据美国通用会计准则（“GAAP”）制备和呈报的合并财务报表，本新闻稿还包含某些非GAAP财务指标，如下所定义。我们认为，当与相应的GAAP财务指标一起考虑时，这些非GAAP财务指标为投资者和其他人在理解和评估我们的经营业绩方面提供有用信息，因为我们的管理团队和董事会使用这些非GAAP财务指标进行评估经营业绩和业务规划。通过消除某些非现金费用和某些变动性费用，这些非GAAP财务指标也为我们业务的历史时期间对比提供了有用的度量。
调整后的 EBITDA 和调整后的 EBITDA 利润率
我们计算调整后的息税折旧摊销前利润（Adjusted EBITDA）为根据一般公认会计原则（GAAP）确定的净亏损，调整以排除 i) 利息收入； ii) 利息支出； iii) 所得税准备； iv) 折旧和摊销； v) 其他支出净额，包括利润


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.




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