Business
Udemy Reports Second Quarter 2024 Results
Delivered Q2 revenue at the high-end of guidance and exceeded Adjusted EBITDA expectations Udemy Business revenue increased 19% year-over-year, including the
About this update from Udemy, Inc.
[{"type":"text","content":"Delivered Q2 revenue at the high-end of guidance and exceeded Adjusted EBITDA expectations Udemy Business revenue increased 19% year-over-year, including the negative impact of 2 percentage points from changes in FX rates Surpassed milestone of one billion course enrollments since inception Announced strategic shift to focus on the highest-growth large enterprise customers which we expect to accelerate operational efficiency initiatives and drive significant margin expansion Targeting $130 to $150 million of Adjusted EBITDA for full year 2026 SAN FRANCISCO, July 31, 2024 (GLOBE NEWSWIRE) -- Udemy (Nasdaq: UDMY), a leading online skills marketplace and learning platform, today reported results for the three-month period ended June 30, 2024. Udemy has provided a supplemental deck with earnings highlights and details on the initiatives announced today, which is available for download on the “Quarterly Results” section of the Investor Relations website. Second Quarter 2024 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 2024 2023 YoY 2024 2023 YoYRevenue$194.4 $178.2 9 % $391.2 $354.7 10 %Gross Profit$121.1 $102.3 18 % $241.7 $202.0 20 %Gross Margin 62 % 57 % 500 bps 62 % 57 % 500 bpsNon-GAAP Gross Profit$123.7 $104.8 18 % $246.6 $206.8 19 %Non-GAAP Gross Margin 64 % 59 % 500 bps 63 % 58 % 500 bpsNet Loss$(31.8) $(25.7) 24 % $(50.2) $(70.3) (29)%Non-GAAP Net Loss$(6.5) $(1.4) NM $(1.2) $(9.6) NM Adjusted EBITDA$5.5 $1.9 NM $11.9 $(4.4) NM Adjusted EBITDA Margin 3 % 1 % 200 bps 3 % (1)% 400 bps Enterprise Segment Total Customers 16,595 14,946 11 % Annual Recurring Revenue$492.6 $420.4 17 % UB Net Dollar Retention Rate 101 % 108 % (700)bps UB Large Customer Net Dollar Retention Rate 108 % 115 % (700)bps Segment Revenue$120.6 $101.6 19 % $238.2 $196.9 21 %Segment Gross Profit$87.2 $67.7 29 % $171.9 $130.0 32 %Segment Gross Margin 72 % 67 % 600 bps 72 % 66 % 600 bps Consumer Segment Monthly Average Buyers 1.29 1.34 (4)% 1.36 1.37 — %Segment Revenue$73.8 $76.6 (4)% $153.0 $157.8 (3)%Segment Gross Profit$41.5 $41.5 — % $84.7 $85.2 (1)%Segment Gross Margin 56 % 54 % 200 bps 55 % 54 % 100 bps NM = Not Meaningful “Revenue for the second quarter of 2024 came in at the high end of our guidance range and we outpe...