Udemy, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Udemy, Inc. has filed its Q1 2024 10-Q report detailing financial performance and segment data.</b>

AI Summary

Udemy, Inc. (UDMY) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Udemy, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 600 Harrison Street, 3rd Floor, San Francisco, CA 94107. Udemy, Inc. is classified under SIC code 8200 for Educational Services. The filing includes financial data for the Enterprise Segment and Consumer Segment.

Why It Matters

For investors and stakeholders tracking Udemy, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Udemy, Inc. Understanding the segment performance (Enterprise vs. Consumer) is crucial for assessing Udemy's growth strategies and market positioning.

Risk Assessment

Risk Level: — Udemy, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but doesn't include forward-looking guidance or significant strategic shifts that would indicate higher risk.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess Udemy's current financial health and growth trajectory.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2024-03-31 — Quarter End Date (Reporting period end date)

Key Players & Entities

• Udemy, Inc. (company) — Filer name
• 600 Harrison Street, 3rd Floor, San Francisco, CA 94107 (company) — Business address
• 8200 (dollar_amount) — Standard Industrial Classification

FAQ

Industry Context

Udemy operates in the online education and professional development sector, providing a platform for instructors to create and sell courses.

Regulatory Implications

As a publicly traded company, Udemy is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze Udemy's revenue and profitability trends from the Q1 2024 10-Q.
2. Examine the performance of Udemy's Enterprise and Consumer segments.
3. Compare current financial data with historical filings to identify significant changes.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the company's reporting cycle.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value UDMY The Nasdaq Stock Market

Filing Documents

• udmy-20240331.htm (10-Q) — 1308KB
• udemy-10xq_exx311q12024.htm (EX-31.1) — 11KB
• udemy-10xq_exx312q12024.htm (EX-31.2) — 11KB
• udemy-10xq_exx321q12024.htm (EX-32.1) — 7KB
• udemy-10xq_exx322q12024.htm (EX-32.2) — 7KB
• 0001607939-24-000075.txt (&nbsp;) — 6867KB
• udmy-20240331.xsd (EX-101.SCH) — 45KB
• udmy-20240331_cal.xml (EX-101.CAL) — 72KB
• udmy-20240331_def.xml (EX-101.DEF) — 207KB
• udmy-20240331_lab.xml (EX-101.LAB) — 623KB
• udmy-20240331_pre.xml (EX-101.PRE) — 433KB
• udmy-20240331_htm.xml (XML) — 902KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Qualitative and Quantitative Disclosures about Market Risk

Item 3. Qualitative and Quantitative Disclosures about Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 71

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 71

Other Information

Item 5. Other Information 71

Exhibits

Item 6. Exhibits 73

Signatures

Signatures 75 Table of Contents Summary of risk factors Our business is subject to numerous risks and uncertainties, including those highlighted in the section of this report titled "Risk Factors." The following is a summary of the principal risks we face, any of which could adversely affect our business, operating results, financial condition, or prospects: We have a history of losses, and we may not be able to generate sufficient revenue to achieve or maintain profitability in the future. We operate in an emerging and dynamic market, which makes it difficult to evaluate our future results of operations. Our results of operations may fluctuate significantly from period to period due to a wide range of factors, which makes our future results difficult to predict. Our rapid growth may not be sustainable and depends on our ability to attract new learners, instructors, and organizations and retain existing ones. Our platform relies on a limited number of instructors who create a significant portion of the most popular content on our platform, and the loss of these instructor relationships could adversely affect our business, financial condition, and results of operations. If we fail to maintain and expand our relationships with Udemy Business ("UB" or "Enterprise") customers, our ability to grow our business and revenue will suffer. We operate in a highly competitive market, and we may not be able to compete successfully against current and future competitors. The market for online learning solutions is relatively new and may not grow as we expect, which may harm our business, financial condition, and results of operations. Adherence to our values and our focus on long-term sustainability may negatively impact our short- or medium-term financial performance. Failure to effectively leverage our strategic partnerships to market and sell our products could impact our ability to increase brand awareness and grow our revenue. Changes in laws or regulations

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) Udemy, Inc. Condensed Consolidated Balance Sheets ( in thousands, except share and per share amounts ) (unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 256,807 $ 305,564 Restricted cash, current 3,329 3,329 Marketable securities 173,883 171,372 Accounts receivable, net 99,765 92,555 Prepaid expenses and other current assets 25,610 20,924 Deferred contract costs, current 44,032 38,584 Total current assets 603,426 632,328 Property and equipment, net 4,068 4,439 Capitalized software, net 32,096 31,388 Operating lease right-of-use assets 4,205 5,691 Restricted cash, non-current 100 659 Deferred contract costs, non-current 34,382 35,790 Strategic investments 10,311 10,311 Intangible assets, net 4,268 5,223 Goodwill 12,646 12,646 Other assets 2,952 2,721 Total assets $ 708,454 $ 741,196 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,078 $ 2,506 Accrued expenses and other current liabilities 30,540 27,778 Content costs payable 35,372 40,277 Accrued compensation and benefits 20,151 24,332 Operating lease liabilities, current 3,581 5,825 Deferred revenue, current 315,563 279,414 Total current liabilities 408,285 380,132 Operating lease liabilities, non-current 945 1,124 Deferred revenue, non-current 2,340 3,000 Other liabilities, non-current 390 48 Total liabilities 411,960 384,304 Note 7 – Commitments and contingencies Stockholders' equity: Common stock, $ 0.00001 par value - 950,000,000 shares authorized; 153,591,721 and 157,166,360 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively. 2 2 Additional paid-in capital 1,034,603 1,076,508 Accumulated other comprehensive income (loss) ( 74 ) 80 Accumulated deficit ( 738,037 ) ( 719,698 ) Total stockholders' equity 296,494 356,892 Total liabilities and stockholders' equity $ 708,454 $ 741,196 See acco

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View this 10-Q filing on SEC EDGAR