Business
Udemy Reports Fourth Quarter and Full Year 2022 Results
Total revenue increased 22% year-over-year for both the fourth quarter and full yearAnnounced strategic actions to further accelerate path to profitability
About this update from Udemy, Inc.
[{"type":"text","content":"Total revenue increased 22% year-over-year for both the fourth quarter and full yearAnnounced strategic actions to further accelerate path to profitability SAN FRANCISCO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading destination for learning and teaching online, today reported results for the three- and twelve-month periods ended December 31, 2022. “Udemy ended its first full year as a public company strong, despite a very challenging macro environment,” said Gregg Coccari, Udemy’s Chairman and CEO. “We continue to be encouraged by the strength of our leading growth engine, Udemy Business, which is supported by an accelerating shift from offline to online skills development, and the health of our Consumer marketplace. We are cautiously optimistic about the year ahead as we focus on balancing long-term sustainable growth and margin expansion, driving toward delivering a profitable second half of 2023 on an adjusted EBITDA basis.” Fourth quarter 2022 financial performance highlights include: Total revenue increased 22% year-over-year to $165.3 million. Revenue growth includes a negative impact of 4 percentage points from changes in foreign exchange (FX) rates year-over-year.Enterprise segment, or Udemy Business, revenue increased 57% year-over-year, including the negative impact of 4 percentage points from changes in FX rates year-over-year, to $90.6 million.Udemy Business Annual Recurring Revenue increased 55% year-over-year to $371.7 million and Net Dollar Retention Rate was 115%. Net Dollar Retention Rate for Udemy Business Large Customers, or customers with at least 1,000 employees, was 123%.Consumer segment revenue decreased 4% year-over-year, including the negative impact of 5 percentage points from changes in FX rates year-over-year, to $74.7 million.Monthly Average Buyers on Udemy’s Consumer marketplace decreased by 2% year-over-year, but increased 3% sequentially from Q3 2022, to 1.36 million. Fourth Quarter and Full Year 2022 Financial Results and Key Operating Data Summary(in millions, except customers, percentages and basis points) Three Months EndedDecember 31, % Change Fiscal Year EndedDecember 31, % Change 2022 2021 YoY 2022 2021 YoYRevenue$165.3 $135.5 22 % $629.1 $515.7 22 %GAAP Gross Profit$91.3 $71.3 28 % $353.8 $279.6 27 % % of Revenue 55 % 53 % 260 bps 56 % 54 % 200 bpsNon-GAAP Gross Profit...