Business
Udemy Reports First Quarter 2022 Results
Udemy Business Revenue Up 77% Year over Year, ARR up 80% to $279.6 million SAN FRANCISCO, May 04, 2022 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading
About this update from Udemy, Inc.
[{"type":"text","content":"Udemy Business Revenue Up 77% Year over Year, ARR up 80% to $279.6 million\nSAN FRANCISCO, May 04, 2022 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading destination for learning and teaching online, today reported results for the first quarter ending March 31, 2022. “One of our core values at Udemy is to be both mission-inspired and results-obsessed. This quarter’s performance proves we can be both, with revenue exceeding expectations on the back of strong Udemy Business growth,” said Gregg Coccari, Chairman and Chief Executive Officer of Udemy. “Within our strong, symbiotic business model, the continued health of Udemy’s consumer marketplace fuels the growth of Udemy Business with the broadest and most relevant skill-building content in what is a very large and under-penetrated market. We're just getting started, and I'm excited for the opportunity ahead.” First Quarter 2022 Financial Results and Key Operating Data: Revenue totaled $152.2 million, up 22% year over year.GAAP net loss was $(25.6) million compared to $(18.0) million in the first quarter of fiscal 2021. GAAP net loss per share was $(0.18), compared to $(0.50) in the first quarter of fiscal 2021.Non-GAAP net loss was $(11.2) million compared to $(7.5) million in the first quarter of fiscal 2021. Non-GAAP net loss per share was $(0.08) compared to $(0.21) in the first quarter of fiscal 2021.GAAP gross profit was $85.8 million, compared to $66.6 million in the first quarter of fiscal 2021.Non-GAAP gross profit was $87.3 million, compared to $66.9 million in the first quarter of fiscal 2021.Adjusted EBITDA was $(7.0) million, compared to $(2.9) million in the first quarter of fiscal 2021.Udemy Business revenue totaled $64.9 million, up 77% year over year.Udemy Business segment gross profit was $42.7 million compared to $23.7 million in the first quarter of fiscal 2021.Udemy Business segment annual recurring revenue was $279.6 million, up 80% year over year.Udemy Business total customers was 11,605 as of March 31, 2022, up 49% year over year.Udemy Business net dollar retention rate of 120%.Consumer revenue totaled $87.3 million, down 1% year over year.Consumer segment gross profit was $47.5 million compared to $45.4 million in the first quarter of fiscal 2021.Consumer segment monthly average buyers was 1,383 thousand, down 2% year over year. First Quarter Highlights:...