Coursera, Inc. · NYSE:COUR
Coursera — Merger or Acquisition (December 2025)
16 slides from Coursera's merger presentation, Dec 17, 2025
Slide 1: Empowering the Global Workforce with Skills for the AI Era
+ Empowering the Global Workforce with Skills for the AI Era December 17, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This communication relates to a proposed business combination transaction (the “business combination”) between Udemy, Inc. (“ Udemy”) and Coursera, Inc. (“Coursera”). This communication contains forward-looking statements that involve substantial
Slide 3: No Offer or Solicitation
No Offer or Solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdic tion in which such offer
Slide 4: Transaction overview
Transaction overview 2 + Transaction terms Each Udemy share will be exchanged for 0.800 Coursera shares Consideration Tax-free, stock-for-stock transaction Pro-forma ownership Approximately 59% Coursera shareholders / 41% Udemy shareholders Company name Coursera, Inc. (NYSE: COUR) Headquarters Mount
Slide 5: Highly compelling strategic and financial rationale
Highly compelling strategic and financial rationale Greater value, impact, and choice Combines complementary Consumer and Enterprise segment strengths in skills, training, and career advancement to deliver greater value to millions of learners and thousands of enterprise, university, and government
Slide 6: Compatible segment strengths will deliver more value and greater impact
Compatible segment strengths will deliver more value and greater impact for learners, customers, expert instructors, and our business Complementary skilling engine + Managed marketplace 375+ world-class universities and industry leaders Open marketplace 85K+ community of global subject matter expert
Slide 7: Comprehensive platform positioned to address global skilling and talent transformation opportunity
7 + Comprehensive platform positioned to address fast-evolving global skilling and talent transformation opportunity 1. Figures rounded for presentation purposes. Based on reported business and operating metrics as of September 30, 2025. AI-Powered Platform capabilities Data Technology Reach Expansi
Slide 8: A leading skills development platform for upskilling and reskilling in an AI-driven world
A leading skills development platform for upskilling and reskilling in an AI-driven world AI-native foundation AI-powered authoring & augmentation Agentic workflow platform Hyper personalization and localization Platform capabilities & data Predictive analytics & insights Skills graph Verified asses
Slide 9: Unlocks differentiated AI capabilities for learning at scale
Unlocks differentiated AI capabilities for learning at scale Immersive AI-native experiences Measurable skills progression Skills as a system-of-record AI-powered content creation Learning in the flow of work Rapid product innovation + 8 +
Slide 10: Complementary strengths will improve ability to attract and retain learners worldwide
10 + Complementary strengths will improve our ability to attract and retain consumer and enterprise learners worldwide Segment Revenue Mix 1 66% 34% Consumer Enterprise 35% 65% Consumer Enterprise Geographical Revenue Mix 1 49% 51% Rest of world United States 2 61% 39% Rest of world North America 2
Slide 11: Combination will unlock meaningful scale, synergies, and margin expansion
11 + $1.2B Combined cash balance as of Q3 2025 3 Coursera anticipates the combined company will execute a sizable open market share repurchase following the close $115M Anticipated annual run-rate cost synergies within 24 months of closing, primarily from optimized GTM motions and streamlined G&A ex
Slide 12: Highly compelling strategic and financial rationale
Highly compelling strategic and financial rationale Greater value, impact and choice Combines complementary Consumer and Enterprise segment strengths in skills, training, and career advancement to deliver great er value to millions of learners and thousands of enterprise, university, and government
Slide 13: Q&A
Q&A
Slide 14: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures 14 + Unaudited ($ in millions) 4Q24 1Q25 2Q25 3Q25 Gross profit $ 95.5 $ 97.9 $ 102.7 $ 106.0 Stock-based compensation expense 0.7 0.7 0.6 0.6 Amortization of stock-based compensation capitalized as internal-use software costs 1.3 1.5 1.4 1.4 Non-GAAP gr
Slide 15: Reconciliation of non-GAAP financial measures (Udemy)
Reconciliation of non-GAAP financial measures 14 + ($ in millions) 4Q24 1Q25 2Q25 3Q25 Gross profit $ 127.2 $ 129.4 $ 132.0 $ 128.9 Stock-based compensation expense 1.6 1.6 1.8 1.8 Non-GAAP gross profit $ 128.8 $ 131.0 $ 133.8 $ 130.7 Gross margin 64% 65% 66% 66% Non-GAAP gross margin 64% 65% 67% 67
Slide 16: +
+