Loading...
•
Mar 31, 2024
Udemy Q1 2024 Earnings Report
Udemy delivered a strong start to the year, with first quarter results exceeding guidance and strategic progress made in establishing the company as a leading skills development platform.
Key Takeaways
Udemy's Q1 2024 results showed a 12% year-over-year revenue increase to $196.8 million, exceeding guidance. The company's Enterprise segment (Udemy Business) grew by 24%, while Consumer segment revenue decreased by 2%. The board authorized a $50 million expansion of the share repurchase program to $150 million, reflecting confidence in the company's long-term opportunity.
Total revenue increased by 12% year-over-year to $196.8 million.
Enterprise segment revenue increased by 24% year-over-year to $117.6 million.
Udemy Business Annual Recurring Revenue (ARR) increased 21% year-over-year to $479.4 million.
The Board approved the expansion of the share repurchase program to $150 million.
Revenue by Segment
Forward Guidance
Udemy provides guidance for Q2 and full year 2024, based on current market conditions and expectations, with revenue guidance assuming historical changes in FX rates will have a negative one percentage point impact.
Positive Outlook
- Q2 2024 Revenue: $192 to $195 million
- Q2 2024 Adjusted EBITDA Margin: (50) to 50 basis points
- Full Year 2024 Revenue: $795 to $805 million
- Full Year 2024 Adjusted EBITDA Margin: 200 to 300 basis points
- Weighted Average Share Count, Basic: 156 million
Challenges Ahead
- Q2 2024 Weighted Average Share Count, Basic: 155 million
- Q2 2024 Weighted Average Share Count, Diluted: 158 million
- Full Year 2024 Weighted Average Share Count, Diluted: 162 million
- Revenue guidance assumes FX rates will remain unchanged from the end of the first quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...