EX-99.1 2 q32024pressrelease.htm EX-99.1 Document


優達學城發佈2024年第三季度業績報告
通過紀律嚴明的運營效率手段，實現了超出預期的盈利能力。

Udemy業務年度循環營業收入超過50000萬美元

提高2024年全年展望
舊金山 ––2024年10月29日–– Udemy（納斯達克：UDMY）, 一家領先的在線技能市場和學習平台，今天公佈了截至2024年9月30日的三個月期間的業績。Udemy已經提供了一份附帶盈利亮點的補充材料，可在投資者關係網站的「季度業績」部分下載。
2024年第三季度財務業績和關鍵運營數據總結
（以百萬爲單位，除客戶、百分比和點子外）

截至9月30日的三個月百分比變動截至9月30日的九個月百分比變動
20242023同比20242023同比
營業收入$195.4 $184.7 6 %$586.6 $539.4 9 %
毛利潤$123.1 $107.5 15 %$364.7 $309.5 18 %
毛利率63 %58 %500 bps62 %57 %500 bps
非GAAP毛利潤$125.3 $110.0 14 %$371.9 $316.8 17 %
非GAAP毛利率64 %60 %400 bps63 %59 %400 bps
淨虧損$(25.3)$(16.8)(51)%$(75.4)$(87.0)13 %
非GAAP淨利潤（損失）$10.1 $7.7 31 %$8.8 $(1.9)563 %
調整後的EBITDA$11.6 $8.2 41 %$23.5 $3.8 518 %
調整後的EBITDA利潤率6 %4 %200 bps4 %1 %300 bps
15,726
總客戶數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
營業收入$126.1 $109.1 16 %$364.3 $306.0 19 %
業務分毛利潤$92.8 $74.3 25 %$264.7 $204.4 30 %
板塊毛利率74 %68 %600 bps73 %67 %600 bps
消費部門
月均買家數1.31 1.41 (7)%1.35 1.38 (2)%
營業收入$69.3 $75.6 (8)%$222.3 $233.4 (5)%
業務分毛利潤$37.6 $40.3 (7)%$122.3 $125.4 (2)%
板塊毛利率54 %53 %100 bps55 %54 %100 bps

Udemy發佈了穩健的第三季度業績，營業收入和調整後的EBITDA利潤率都超過了我們指導範圍的最高水平，我們實現了Udemy業務年度營業收入超過50000萬美元的新里程碑，”Udemy總裁兼首席執行官格雷格·布朗表示。 「我們在整個業務中推動運營效率的紀律方法，加上最近宣佈的戰略性節約成本舉措，今年調整後的EBITDA實現了顯著增長。因此，我們提高了2024財年調整後的EBITDA展望。」

「從長期來看，我們將繼續專注於執行戰略計劃、進一步優化成本結構，將資源投向具有最高潛在回報的機會。我們相信這些舉措將使Udemy能夠實現高質量、盈利增長，並在未來引領企業技能發展領域。」布朗總結道。



2024年第三季度財務亮點
•總營業收入按年增長6%，達到19540萬美元。營業收入增長包括外匯期貨匯率變化帶來的負面影響 外匯期貨匯率變化使年同比增長率減少了2個百分點。
•企業業務部門，或Udemy業務，在營業收入12610萬美元增長了16%，其中包括年增長的2個百分點的外匯匯率變化的負面影響 年度外匯匯率變化導致淨利潤率下降了2個百分點。
•Udemy的年度可重複營業收入（ARR）同比增長14%，達到50460萬美元。
•消費部門的營業收入爲6930萬美元，同比下降8%，包括來自外匯匯率變化的3個百分點的負面影響。 外匯期貨變動導致營收率下降了3個百分點。
•現金、現金等價物、受限現金和可出售證券爲 本季末爲35830萬美元。
商業和運營要點
•與Udemy商業客戶建立新的關係或擴大現有關係，包括ABb (荷蘭)，Crédito Agrícola (葡萄牙)，愛立信（瑞典），印孚瑟斯有限公司（印度），萬豪酒店（美國），Nationwide Building Society（英國），primerica（美國），沙特阿美公司（沙特阿拉伯），UnionDigital銀行（菲律賓），優衣庫歐洲（英國）和西日本鐵路公司（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、技能匹配和基於人工智能的學習路徑，爲組織和個人提供創新、個性化的學習體驗。
•宣佈Udemy在墨西哥城成立新的區域型中心，以實現業務規模的擴張，更快地提供個性化、高質量的學習體驗，以滿足組織和專業人士不斷髮展的需求。
•與Workday合作，推出了Workday Skills Cloud內的新集成，增強組織直接將學習與勞動力發展相結合的能力。

分享回購計劃
Udemy通過其15000萬美元的回購計劃向股東返還資本。在第三季度，公司大約花費了約5100萬美元，在公開市場上回購了630萬股Udemy股票。
財務展望
Udemy根據當前市場條件和預期提供指導，實際結果可能有很大的差異，請參考下面關於前瞻性聲明的評論。
以下表格反映了Udemy截至2024年12月31日的第四季度和全年財務展望。
截至2024年12月31日的三個月2024年12月31日結束的一年
營業收入193美元至19600萬美元780美元至78300萬美元
調整後的EBITDA利潤率1
約6.0%約4.5%
加權平均股份數量，基本2
14800萬15100萬
加權平均股份數量，攤薄2
14900萬15600萬
Udemy在本業績中未提供預測的調整後EBITDA與預測的GAAP淨利潤（損失）的數量化對賬，因爲公司無法在不做出不合理努力的情況下，準確計算某些調賬項目。
Udemy的加權平均股份數量的展望，基本和稀釋，不包括股票回購計劃下潛在的未來影響。

上述營業收入指引範圍假定歷史外匯匯率變動將對第四季度同比營業收入增長造成負面2個百分點影響，以及負面2個百分點的影響 2024年全年營業收入指引假定Udemy的外匯匯率將保持在2024年第三季度結束時的水平。
網絡直播信息
Udemy將於今天下午2:00 Pt / 下午5:00 Et召開電話會議和網絡直播，討論其2024年第三季度財務業績和展望。有關直播網絡直播和電話會議錄音重播的鏈接將在Udemy投資者關係網站的「季度業績」部分https://investors.udemy.com/提供。可以通過國內電話(833) 630-1963和國際電話(412) 317-5702訪問現場通話。網絡直播的存檔重播將可供約一年時間。
非GAAP財務指標
爲補充根據美國通用會計準則（「GAAP」）製備和呈報的合併財務報表，本新聞稿還包含某些非GAAP財務指標，如下所定義。我們認爲，當與相應的GAAP財務指標一起考慮時，這些非GAAP財務指標爲投資者和其他人在理解和評估我們的經營業績方面提供有用信息，因爲我們的管理團隊和董事會使用這些非GAAP財務指標進行評估經營業績和業務規劃。通過消除某些非現金費用和某些變動性費用，這些非GAAP財務指標也爲我們業務的歷史時期間對比提供了有用的度量。
調整後的 EBITDA 和調整後的 EBITDA 利潤率
我們計算調整後的息稅折舊攤銷前利潤（Adjusted EBITDA）為根據一般公認會計原則（GAAP）確定的淨虧損，調整以排除 i) 利息收入； ii) 利息支出； iii) 所得稅準備； iv) 折舊和攤銷； v) 其他支出淨額，包括利潤


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.




Investor Contact
Dennis Walsh
Vice President, Investor Relations
dennis.walsh@udemy.com

Media Contact
Ellen D. Kiehl
Director, Corporate Communications
press@udemy.com