Slide 1: 2Q 2025 Earnings Presentation
2Q 2025 Earnings Presentation July 30, 2025
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation and any accompanying oral commentary include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than those of historical fact, including information concer
Slide 3: Udemy is the AI-powered skills acceleration platform
Udemy is THE AI-POWERED SKILLS ACCELERATION PLATFORM for the future workplace 3
Slide 4: Udemy investment highlights
Udemy investment highlights Scale and Growth Leader in AI upskilling Predictability $787M FY24 Revenue 4.5k AI focused courses ~70% of revenue is recurring 23% 5-year revenue CAGR 11M+ AI course enrollments $520M UB ARR (+6% YoY) $494M FY24 Enterprise Revenue 350M+ minutes of AI training 200k+ paid
Slide 5: Q2 2025 key takeaways
Q2 2025 key takeaways Revenue of $199.9M exceeded expectations, driven by growth from the enterprise segment Delivered $6.3M of GAAP net income - first positive quarter since IPO - and adjusted EBITDA came in above the high end of the guidance range at $28.4M, or 14% margin Surpassed 200K paid subscr
Slide 6: Q2 2025 financial results and highlights
Q2 2025 financial results and highlights Disciplined execution and financial performance enables strategic pivot to focus on growth opportunities UB ARR: +6% YoY $520M Q2 2025 Change YoY Q2 2025 Guidance $493M Revenue $199.9M +3% $195M to $199M UB Segment Revenue: +7% YoY Gross Margin 66% +400 bps $1
Slide 7: Progress on Strategic Priorities
Progress on Strategic Priorities ✔ Launched 2 new SKUs, AI Readiness and AI Growth packages for enterprise customers Leading AI Skilling ✔ Launched groundbreaking AI-powered Role Play simulations Platform ✔ AI Learning Assistant engagement increased to > 4 million unique inquiries ✔ 70% of total rev
Slide 8: Majority of revenue is subscription-based
Majority of revenue is subscription-based Subscription Transactional Q2 2025 Revenue $199.9M 70% 30% ● Subscription revenue mix expanded to 70% of total (+200bps QoQ) ● Creates enhanced earnings visibility, reduced quarterly volatility, and stronger unit economics and a more resilient business model
Slide 9: Large global and diversified Udemy Business customer base
Large global and diversified Key Q2 2025 Wins Udemy Business customer base and Expansions 17,107 Total customers Large 5,799 enterprise customers1 95% 99% Total Net Dollar Large Enterprise Retention Customer Net Dollar Retention Note: Data as of June 30, 2025, unless otherwise noted 1. Represents ent
Slide 10: Q2 results reinforce clear path to FY25 Adjusted EBITDA guidance
~$86.0M Q2 results reinforce clear path to FY25 Guidance midpoint* Adjusted EBITDA guidance Adjusted EBITDA $43.0M $49.5M YTD $7.8M ($48.7M) 2022 2023 2024 2025 10 *Based on the midpoint of AEBITDA guidance issued on June 30, 2025
Slide 11: Q3 and full year 2025 outlook
Q3 and full year 2025 outlook Q3 2025 Full Year 2025 Revenue1 $190 to $195 million $784 to $794 million Adjusted EBITDA2 $18 to $20 million $84 to $89 million Margin at midpoint 10% 11% 1. Udemy's revenue guidance assumes FX rates will remain unchanged from the end of the second quarter of 2025. As
Slide 12: Q2 2025 key takeaways
Q2 2025 key takeaways Revenue of $199.9M exceeded expectations, driven by growth from the enterprise segment Delivered $6.3M of GAAP net income - first positive quarter since IPO - and adjusted EBITDA came in above the high end of the guidance range at $28.4M, or 14% margin Surpassed 200K paid subscr
Slide 13: Products
Products
Slide 14: Strong market fit with AI Upskilling Packages
Strong market fit with AI Upskilling Packages AI Readiness AI Growth Enterprise Plan Establish a structured, Enable advanced, Transform your organization with org-wide AI literacy role-specific AI capabilities personalized skills development foundation to lead global beyond AI, across all employees &
Slide 15: Role-play scenarios expand the soft skills learning experience
Role-play scenarios expand the soft skills learning experience 7,000+ Udemy marketplace 2,500+ Udemy Business Empower learners with tailored, immersive role play scenarios designed by instructors, for real-world impact. Soft skills require a different kind of practice. Unlike technical skills, they
Slide 16: AI Learning Assistant supports faster skills acquisition
AI Learning Assistant supports faster skills acquisition Learners using Now available: Udemy’s AI ��🇹 Learning Assistant Portuguese are more Spanish ��🇸 engaged, have ��🇵 Japanese stronger French ��🇷 retention and German ��🇪 higher Mandarin ��🇳 completion rates Turkish ��🇷 Source: Internal…
Slide 17: Skills Mapping and AI-Powered Learning Paths
Skills Mapping and AI-Powered Learning Paths Define skills: Identify key skills to ensure teams focus on the competencies that drive success. Skills tree framework: A “skills tree” provides a clear structure for skill development. Match relevant content: Receive relevant content recommendations mappe
Slide 18: Appendix
Appendix
Slide 19: Key Business Metrics Definitions
Key Business Metrics Definitions 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 Monthly Average buyers of single courses during a given month plus the total active, paid consumer s
Slide 20: GAAP to Non-GAAP Gross Margin
GAAP to Non-GAAP Gross Margin 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
Slide 21: GAAP to Non-GAAP Net Income (Loss)
GAAP to Non-GAAP Net Income (Loss) 1 For periods presented with a net loss or non-GAAP net loss, potentially dilutive securities were excluded from the computation of net loss per share, diluted, and non-GAAP net loss per share, diluted, because the impact of including them would have been anti-dilu
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1 We calculate net income (loss) margin as net income (loss) divided by revenue for the same period 2 We calculate adjusted EBITDA margin as adjusted EBITDA divided by revenue for the same period
Slide 23: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation
Slide 24: Udemy
Udemy