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Sep 30, 2024
Udemy Q3 2024 Earnings Report
Udemy's Q3 2024 results were reported, demonstrating stronger-than-expected profitability through operational efficiency and surpassing $500 million in Udemy Business Annual Recurring Revenue.
Key Takeaways
Udemy's Q3 2024 results showed a 6% increase in total revenue to $195.4 million. The company surpassed $500 million in Udemy Business Annual Recurring Revenue and raised its full year 2024 adjusted EBITDA outlook due to disciplined operational efficiency. Adjusted EBITDA increased 41% year-over-year to $11.6 million.
Total revenue increased by 6% year-over-year to $195.4 million.
Udemy Business revenue increased by 16% year-over-year to $126.1 million.
Udemy Business Annual Recurring Revenue (ARR) increased by 14% year-over-year to $504.6 million.
The company spent approximately $51 million to buy back 6.3 million Udemy shares in Q3.
Revenue by Segment
Forward Guidance
Udemy provides revenue guidance for the fourth quarter of 2024 between $193 to $196 million and expects an adjusted EBITDA margin of approximately 6.0%. For the full year 2024, Udemy anticipates revenue between $780 to $783 million and an adjusted EBITDA margin of approximately 4.5%.
Positive Outlook
- Revenue guidance for Q4 2024 is set between $193 to $196 million.
- The company anticipates an adjusted EBITDA margin of approximately 6.0% for Q4 2024.
- Full year 2024 revenue is projected to be between $780 to $783 million.
- The adjusted EBITDA margin for the full year 2024 is expected to be around 4.5%.
- The revenue guidance range assumes historical changes in FX rates will have a negative 2 percentage point impact on fourth quarter year-over-year revenue growth.
Challenges Ahead
- Revenue growth is expected to be negatively impacted by changes in foreign exchange rates by 2 percentage points in Q4 2024.
- Weighted average share count, basic, for the full year is expected to be 151 million, excluding potential share repurchase impacts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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