Udemy Reports Exit/Disposal Costs
Ticker: UDMY · Form: 8-K · Filed: Sep 16, 2024 · CIK: 1607939
| Field | Detail |
|---|---|
| Company | Udemy, Inc. (UDMY) |
| Form Type | 8-K |
| Filed Date | Sep 16, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.00001, $16 million, $19 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, 8-K
Related Tickers: UDMY
TL;DR
Udemy's filing an 8-K for exit/disposal costs - could mean restructuring.
AI Summary
Udemy, Inc. filed an 8-K on September 11, 2024, to report on cost associated with exit or disposal activities. The filing does not specify the exact dollar amount or nature of these costs, but it indicates a formal reporting event related to restructuring or divestiture.
Why It Matters
This filing signals potential restructuring or divestiture activities within Udemy, which could impact future financial performance and strategic direction.
Risk Assessment
Risk Level: medium — Reporting exit or disposal costs can indicate significant business changes that may carry financial risks and uncertainties.
Key Players & Entities
- Udemy, Inc. (company) — Registrant
- September 11, 2024 (date) — Date of earliest event reported
- 600 Harrison Street, 3rd Floor San Francisco, California 94107 (location) — Principal Executive Offices
FAQ
What specific activities are associated with the reported exit or disposal costs?
The filing does not specify the exact nature of the exit or disposal activities, only that costs are associated with them.
When did the event triggering these costs occur?
The earliest event reported was on September 11, 2024.
What is the financial impact of these costs on Udemy?
The filing does not disclose the specific dollar amount or financial impact of these costs.
Is this filing related to a specific business segment or subsidiary being divested?
The filing does not provide details on whether specific segments or subsidiaries are involved.
What is the purpose of reporting 'Cost Associated with Exit or Disposal Activities' on an 8-K?
Companies file an 8-K for such events to inform investors of significant business developments, including material costs related to restructuring or asset disposals.
Filing Stats: 775 words · 3 min read · ~3 pages · Grade level 14.8 · Accepted 2024-09-16 16:05:10
Key Financial Figures
- $0.00001 — ange on which registered Common Stock, $0.00001 par value per share UDMY The Nasdaq Sto
- $16 million — recognize restructuring charges between $16 million and $19 million, which primarily consis
- $19 m — cturing charges between $16 million and $19 million, which primarily consist of perso
Filing Documents
- udmy-20240911.htm (8-K) — 26KB
- 0001607939-24-000172.txt ( ) — 150KB
- udmy-20240911.xsd (EX-101.SCH) — 2KB
- udmy-20240911_lab.xml (EX-101.LAB) — 22KB
- udmy-20240911_pre.xml (EX-101.PRE) — 13KB
- udmy-20240911_htm.xml (XML) — 3KB
05 Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities. Consistent with the announcement by Udemy, Inc. (the "Company") on July 31, 2024, regarding driving greater operational efficiencies through reduction of organizational layers, optimization of the Company's go-to-market organization, and relocation of certain roles to lower cost locations, on September 11, 2024, the Company committed to a restructuring plan that will impact approximately 280 of the Company's global employees. The Company expects to rehire approximately half of the impacted roles, primarily in lower cost geographies. As a result, the Company expects to recognize restructuring charges between $16 million and $19 million, which primarily consist of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. These charges will be recognized into expense beginning in the third quarter of 2024 and ending in the first quarter of 2025. Cash payments related to these expenses will be spread across the next several fiscal quarters. The restructuring is expected to be completed by March 31, 2025. The estimates of costs and expenses that the Company expects to incur in connection with the restructuring are subject to a number of assumptions and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring. This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, those related to the expected costs and benefits associated with the restructuring, the Company's planned rehiring in lower cost geographies, and the Company's timeline for completing the restructuring and recognition of associated costs. These forward-looking statements are based on the Company's current expectations and inherently involve
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UDEMY, INC. Date: September 16, 2024 By: /s/ Ken Hirschman Ken Hirschman General Counsel