Slide 1: Supplemental Post-Merger Modeling Call
Supplemental Post-Merger Modeling Call Mike Foley June 23, 2026 Chief Financial Officer 8:30 a.m. ET
Slide 2: Disclosure information
Disclosure information Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the anticipated benefits of our merger with Udemy, Inc. (“Udemy”) that closed on May 11, 2026 (the “Merger”), our
Slide 3: Goals for today
Goals for today 01 Establish a clear baseline for evaluating the combined company Clarify the reporting framework 02 and key performance metrics Provide a framework for full year 2026 outlook, 03 including synergies and integration impacts Frame how the combination increases 04 our capacity to inves
Slide 4: Integration is the foundation
Integration is the foundation Not the finish line Strengthen the financial profile Build a leaner, more agile operating model Unlock capacity to invest in innovation at scale Supplemental Post-Merger Modeling Presentation 4
Slide 5: Integration is the foundation to build the next generation platform for skills
Integration is To build the the foundation next generation platform for skills Strengthen the financial profile Combined data, skills intelligence, and proprietary context Unified product vision and roadmap Build a leaner, more agile operating model AI-native foundation Unlock capacity to invest in
Slide 6: Providing enhanced visibility into underlying subscription performance
Providing enhanced visibility into underlying subscription performance Enterprise Enterprise Consumer Segment results Revenue Revenue + Subscription + Subscription Gross Profit Gross Profit Gross Profit Margin Gross Profit Margin Key business metrics 1 Net Retention Rate Paid Subscribers Enterprise
Slide 7: Navigating near-term revenue dynamics while building the foundation for durable growth
Navigating near-term revenue dynamics while building the foundation for durable growth Consumer subscription Consumer growth non-subscription $779M $1.55B $1.49B to 1.52B $1.21B to 1.24B decline +6% YoY +4% YoY Enterprise (4)% to (2)% YoY + 60% to 64% YoY growth Potential dis-synergies Udemy Udemy $
Slide 8: Diversification strengthens exposure to higher-value, recurring revenue streams
Diversification strengthens exposure to higher-value, recurring revenue streams 10% 34% 28% 16% 80%+ FYʼ25 FYʼ25 Q1ʼ26 52% of Q1ʼ26 total revenue derived from 56% 6% 66% 32% recurring revenue streams Revenue composition source 1 Enterprise Consumer subscription Consumer other 1. Consumer other inclu
Slide 9: Independent segment gross margin expansion creates a stronger foundation before synergies
1 84% 86% 70% 71% + 80 bps Independent segment + 240 bps gross margin expansion Q1ʼ25 Q1ʼ26 Q1ʼ25 Q1ʼ26 Enterprise Enterprise creates a stronger foundation before synergies 66% 72% 63% 62% + 580 bps + 160 bps Q1ʼ25 Q1ʼ26 Q1ʼ25 Q1ʼ26 Consumer Consumer 1. Udemyʼs segment gross margin percentages, as p
Slide 10: Enterprise segment overview
Enterprise revenue 1 $779 M ↑ 6% FY 2025 combined YoY $198M $199 M ↑ 5% Subscription 1 Enterprise Q1 2026 combined YoY 1 to 3 year contracts Segment overview Segment gross margin 2 $1M Other 1 81 % ↑ 180 bps Revenue 1 $199M Q1 2026 combined YoY Q1 2026 combined 1. Combined Enterprise revenue represe
Slide 11: Enterprise provides a durable, high-margin opportunity
Average revenue per customer 1, 2 $65K $63K $63K Q1ʼ26 $62K Q3ʼ25 Q4ʼ25 $60K Q2ʼ25 Q1ʼ25 Enterprise Q1 2025 to Q1 2026 combined provides a durable, high-margin opportunity to address and lead workforce skilling at scale Enterprise Customers 2 Net Retention Rate 3 12.2 k 93 % Q1 2026 combined Q1 2026
Slide 12: Consumer segment overview
Consumer revenue 1 $768 M ↑ 3% $125M FY 2025 combined YoY Subscription 1 $188 M (1) % 30 day to annual terms Consumer Q1 2026 combined YoY Transactional $48M Segment overview and other 1 Segment gross margin 2 Degrees 1 66 % ↑ 260 bps $15M Revenue 1 $188M Q1 2026 combined YoY Q1 2026 combined 1. Com
Slide 13: Consumer combined revenue by category
Consumer Consumer revenue by category 2 Q1 2025 Q1 2026 Combined revenue by category figures $ in millions Subscription growth reflects the shift $125M toward continuous skills development, $107M Primarily driven by a (30)% YoY offset by transactional headwinds decline in Udemy Consumer segment trans
Slide 14: Confident in achieving $115M+ annual run-rate net synergies target ahead of schedule
Confident in achieving $115M+ annual run-rate net synergies target ahead of schedule Synergy category Description +$65 1 Rationalization of sales and services coverage Cost savings $150M+ 2 Paid marketing optimization ($30) $115 Operating expense reduction +$85 3 Reduction of duplicative G&A, IT sys
Slide 15: FY 2026 Financial Outlook: Revenue
FY 2026 Financial Outlook Normalized combined basis Financial outlook for illustrative comparability 2 as reported basis 2 Revenue $1.49B to 1.52B Total Revenue (4)% to (2)% YoY Consumer Consumer subscription Assumes Q2ʼ26: (3%) to (2%) YoY, with YoY change $1.55B non- growth subscription expected t
Slide 16: FY 2026 Financial Outlook: Margin profile
Non-GAAP Gross Adjusted Profit Margin EBITDA Margin As reported 1 As reported 2 Q2 2026 61.5% 11.0% FY 2026 Q4 2026 63.0% 16.0% Financial Outlook Margin profile FY 2026 61.5% 13.0% Adjusted EBITDA Margin is expected to expand meaningfully as realization of $80M annual run-rate net synergies begins t
Slide 17: Modeling assumptions
Modeling assumptions Synergies Targeting $115M of annual run-rate net synergies before the end of FY 2027, including: ● At least $80M of annual run-rate net synergies by the end of FY 2026 / resulting in ~$30M of reported FY 2026 benefit ● Remaining $35M of annual run-rate net synergies expected dur
Slide 18: Capital allocation framework emphasizes value creation opportunities
Capital allocation framework emphasizes value creation opportunities $500 million Foundation $1.15B cash 1 No debt share repurchase authorization Leverage strong post-merger financial position recently announced Integration Enhanced cash generation Unified roadmap Enhance combined model through syne
Slide 19: Key takeaways
Key takeaways Significantly enhanced financial profile with pro forma combined annual revenue of more than $1.5 + billion1, structural margin expansion, and greater capacity to invest in product innovation Accelerated pace of synergies achievement through cost savings initiatives expected to contrib
Slide 20: Appendix
Appendix
Slide 21: Definition of Key Metrics
Definition of Key Metrics Paid Subscribers Paid Subscriber count is defined as the total number of unique subscribers with at least one paid subscription product that contributes to revenue as of the reporting period. For purposes of determining unique subscriber count, subscribers with multiple pai
Slide 22: GAAP to Non-GAAP Reconciliation: Coursera standalone
GAAP to Non-GAAP Reconciliation: Coursera standalone For the year ended December 31, 2025 (in millions) Twelve Months Ended December 31, Twelve Months Ended December 31, 2025 2025 Gross profit $ 413.4 Net loss $ (51.0) Depreciation and amortization 28.8 Stock-based compensation expense 2.5 Interest
Slide 23: Unaudited Pro Forma Condensed Combined Balance Sheet
Unaudited Pro Forma Condensed Combined Balance Sheet as of March 31, 2026 (in millions) Acquisition Transaction Accounting Coursera Historical Udemy Historical Reclassification Adjustments Pro Forma Combined Adjustments Assets Current Assets Cash and cash equivalents $ 789.8 $ 252.6 $ (2.5) - $ 1039
Slide 24: Unaudited Pro Forma Condensed Combined Statements of Operations
Unaudited Pro Forma Condensed Combined Statements of Operations For the three months ended March 31, 2026 (in millions, except per share amounts) Acquisition Coursera Reclassifications Transaction Udemy Historical Pro Forma Combined Historical Adjustments Accounting Adjustments Revenue $ 195.7 $ 191
Slide 25: Unaudited Pro Forma Condensed Combined Statements of Operations
Unaudited Pro Forma Condensed Combined Statements of Operations For the year ended December 31, 2025 (in millions, except per share amounts) Acquisition Coursera Reclassification Transaction Udemy Historical Pro Forma Combined Historical Adjustments Accounting Adjustments Revenue $ 757.5 $ 789.8 $ -
Slide 26: Supplemental Unaudited Historical Revenue Data
Supplemental Unaudited Historical Revenue Data For the Company, Udemy, and both companies on a combined basis as of March 31, 2026 (in millions) Enterprise subscription revenue is recognized ratably over the subscription term once access has been granted to the customer. Other Enterprise revenue is
Slide 27: coursera + udemy
n~ coursera + udemy