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Dec 31, 2022
Udemy Q4 2022 Earnings Report
Udemy reported its Q4 2022 earnings, showing revenue growth and strategic actions for profitability.
Key Takeaways
Udemy's Q4 2022 saw a 22% year-over-year increase in total revenue, reaching $165.3 million. Udemy Business revenue grew by 57% to $90.6 million, while Consumer segment revenue decreased by 4% to $74.7 million. The company is focusing on balancing growth and margin expansion, aiming for adjusted EBITDA profitability in the second half of 2023.
Total revenue increased by 22% year-over-year to $165.3 million.
Udemy Business revenue grew by 57% year-over-year to $90.6 million.
Consumer segment revenue decreased by 4% year-over-year to $74.7 million.
Udemy Business Annual Recurring Revenue increased 55% year-over-year to $371.7 million.
Forward Guidance
Udemy expects revenue between $168 million and $172 million for the first quarter of 2023 and between $700 million and $730 million for the full year 2023. Adjusted EBITDA margin is expected to be between -10% and -8% for Q1 2023, and between -4% and -2% for the full year 2023.
Positive Outlook
- Revenue guidance between $168 million and $172 million for Q1 2023.
- Revenue guidance between $700 million and $730 million for FY 2023.
- Focus on achieving adjusted EBITDA profitability in the second half of 2023.
- Strategic actions to streamline operations and cost structure.
- Anticipated annualized non-GAAP savings of approximately $30 to $32 million from workforce reduction.
Challenges Ahead
- Adjusted EBITDA margin expected to be between -10% and -8% for Q1 2023.
- Adjusted EBITDA margin expected to be between -4% and -2% for FY 2023.
- Anticipated one-time charge of $8 to $9 million in Q1 2023 due to workforce reduction.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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