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Jun 30, 2023
Udemy Q2 2023 Earnings Report
Udemy's revenue increased by 16% year-over-year, with Udemy Business revenue exceeding $100 million for the first time, and reported its first quarter of positive adjusted EBITDA as a public company.
Key Takeaways
Udemy's Q2 2023 results showed strong performance with a 16% increase in total revenue, driven by a 36% increase in Udemy Business revenue. The company also achieved its first quarter of positive adjusted EBITDA as a public company.
Total revenue increased 16% year-over-year to $178.2 million.
Udemy Business revenue increased 36% year-over-year to $101.6 million.
Udemy Business Annual Recurring Revenue (ARR) increased 33% year-over-year to $420.4 million.
Introduced a new Badging offering and Integrated Skills Framework.
Revenue by Segment
Forward Guidance
Udemy provided revenue guidance for the third quarter of 2023 between $176 million and $180 million, and for the full year 2023 between $712 million and $720 million. Adjusted EBITDA margin is expected to be between -0.5% and 1.5% for Q3 2023 and between -1.0% and 0.0% for the full year.
Positive Outlook
- Revenue guidance for Q3 2023 is between $176 million and $180 million.
- Revenue guidance for the full year 2023 is between $712 million and $720 million.
- Adjusted EBITDA margin is expected to be between -0.5% and 1.5% for Q3 2023.
- Adjusted EBITDA margin is expected to be between -1.0% and 0.0% for the full year.
- Weighted average share count is expected to be 151 million for Q3 2023 and 149 million for the full year.
Challenges Ahead
- Revenue guidance assumes historical changes in foreign currency exchange rates will negatively impact total revenue year-over-year growth by approximately 2 percentage points in the third quarter.
- Revenue guidance assumes historical changes in foreign currency exchange rates will negatively impact total revenue year-over-year growth by approximately 3 percentage points for the full year 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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