Business
Udemy Reports Second Quarter 2023 Results
Udemy Business revenue increased 36% year-over-year, exceeding $100 million for the first timeReported first quarter of positive adjusted EBITDA as a public
About this update from Udemy, Inc.
[{"type":"text","content":"Udemy Business revenue increased 36% year-over-year, exceeding $100 million for the first timeReported first quarter of positive adjusted EBITDA as a public companyIntroduced a new Badging offering and Integrated Skills Framework that will enable organizations to future-proof their workforce SAN FRANCISCO, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a company dedicated to improving lives through learning, today reported results for the three- and six-month periods ended June 30, 2023. “Udemy’s second quarter results reflect high-level execution from our team,” said Greg Brown, Udemy’s President and CEO. “We are in the early stages of a transformational shift as more companies become skills-based organizations and advancements in technology, such as generative AI, are reshaping the future of work. Udemy’s Badging offering and Integrated Skills Framework deepen our commitment to our customers by empowering them with the ability to identify skills gaps within their workforce, develop strategies to bridge those gaps and measure learning outcomes. We believe Udemy is well-positioned to capitalize on meaningful long-term tailwinds for our business as we lead the transformation to a skills-based economy.” Second quarter 2023 financial performance highlights include: Total revenue increased 16% year-over-year to $178.2 million and exceeded the high end of the guidance range for the quarter by $4 million. Revenue growth includes a negative impact of 3 percentage points from changes in foreign exchange (FX) rates year-over-year.Enterprise segment, or Udemy Business, revenue increased 36% year-over-year, including the negative impact of 3 percentage points from changes in FX rates year-over-year, to $101.6 million.Udemy Business Annual Recurring Revenue (ARR) increased 33% year-over-year to $420.4 million.Consumer segment revenue decreased 2% year-over-year, including the negative impact of 3 percentage points from changes in FX rates year-over-year, to $76.6 million.Ended the quarter with $469.0 million in cash, cash equivalents, restricted cash and marketable securities. Second Quarter 2023 Financial Results and Key Operating Data Summary:(in millions, except customers, percentages and basis points) Three Months Ended June 30, % Change Six Months Ended June 30, % Change 2023 2022 YoY 2023 2022 YoYRevenue $178.2 $153.1 16 % $3...