1. Udemy's revenue grew 8% to $786.6 million in 2024. 2. Enterprise revenue surged 18% YoY, indicating strong demand. 3. Consumer revenue fell 5% YoY, affected by foreign exchange. 4. Company completed a $150 million share buyback program. 5. Udemy plans to focus on large enterprise customers strategy.
Revenue growth and share buyback signal strength; similar past performance saw price increase.
The strong performance metrics and strategies directly affect investor perceptions and market confidence.
Immediate reactions expected post-announcement, but potential future fluctuations exist.
Closes year with strong performance, driven by 18% full year Enterprise revenue growth
Delivers record Adjusted EBITDA and completes $150 million share repurchase program
SAN FRANCISCO--( BUSINESS WIRE )--Udemy (Nasdaq: UDMY), a leading online skills marketplace and learning platform, today reported results for the three- and twelve-month periods ended December 31, 2024. Udemy has provided a supplemental deck with earnings highlights, which is available for download on the “Quarterly Results” section of the Investor Relations website.
“Udemy’s strong finish to the year underscores the disciplined execution of our strategy and the significant progress we are making to position the company for success,” said Greg Brown, Udemy’s President and CEO. “The opportunity ahead for Udemy remains massive as we continue to address the growing demand for skills development for enterprises and individuals globally, particularly in the era of generative AI. Our strategic pivot to focus resources upmarket to better serve large enterprise customers is on track. While 2025 will be a transition year as we execute on our plan, we have a strong foundation in place to drive sustainable, profitable growth, accelerate product innovation, and deliver long-term value for all stakeholders.”
Udemy provides guidance based on current market conditions and expectations. Actual results may differ materially. Please refer to the comments below regarding forward-looking statements.
The following table reflects Udemy’s financial outlook for its first quarter and full year ending December 31, 2025.
| Three months ending March 31, 2025 |
Year ending December 31, 2025 |
|||
|---|---|---|---|---|
| Revenue | $195 to $199 million | $787 to $803 million | ||
| Adjusted EBITDA1 | $17 to $19 million | $75 to $85 million | ||
| Weighted Average Share Count, Basic | 148 million | 150 million | ||
| Weighted Average Share Count, Diluted | 150 million | 152 million |
The revenue guidance range above assumes historical changes in FX rates will have a negative 2 percentage point impact on first quarter year-over-year revenue growth and a negative 2 point impact on full year 2025 revenue growth. Udemy's revenue guidance assumes FX rates will remain unchanged from the end of the fourth quarter of 2024.
Udemy will host a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET today, Thursday, February 13, to discuss its fourth quarter and full year 2024 financial results and outlook for 2025. A link to the live webcast and recorded replay of the conference call will be available on the “Quarterly Results” section of Udemy’s Investor Relations website at https://investors.udemy.com/. The live call may also be accessed via telephone at (833) 630-1963 domestically and (412) 317-5702 internationally. The archived replay of the webcast will be available for approximately one year.
To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures as defined below. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide useful information to investors and others in understanding and evaluating our operating results because our management team and board of directors use these non-GAAP financial measures for the purposes of assessing operating results and business planning. These non-GAAP financial measures also provide useful measures for period-to-period comparisons of our business by removing the effect of certain non-cash expenses and certain variable charges.
Key Business Metrics
Udemy Business customers
We count the total number of Udemy Business (“UB”) customers at the end of each period. To do so, we generally count unique customers using the concept of a domestic ultimate parent, defined as the highest business in the family tree that is in the same country as the contracted entity. In some cases, we deviate from this methodology, defining the contracted entity as a unique customer despite the existence of a domestic ultimate parent. This often occurs where the domestic ultimate parent is a financial owner, government entity, conglomerate, or acquisition target where we have contracted directly with the subsidiary. We define a UB customer as a customer who purchases Udemy via our direct sales force, reseller partnerships or through our self-service platform.
Monthly average buyers
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 buyers of single courses during a given month plus the total active, paid consumer subscribers at any point in that month, adjusting for duplicate buyers that may be present in both totals. We then calculate monthly average buyers by taking an average of the monthly buyer totals over a particular period, such as a fiscal year. Our monthly average buyer count is not intended as a measure of active engagement, as not all buyers are active at any given time or over any given period.
Investor Contact
Dennis Walsh
Vice President, Investor Relations
dennis.walsh@udemy.com