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Dec 31, 2023
Udemy Q4 2023 Earnings Report
Udemy reported solid Q4 and full year 2023 results, exceeding expectations and showing growth in revenue and customers.
Key Takeaways
Udemy's Q4 2023 results showed a 15% increase in total revenue year-over-year, reaching $189.5 million. The Enterprise segment revenue grew by 27%, while the Consumer segment revenue remained flat. The company ended the quarter with $480.9 million in cash, cash equivalents, restricted cash, and marketable securities.
Total revenue increased 15% year-over-year to $189.5 million.
Enterprise segment revenue increased 27% year-over-year to $114.7 million.
Udemy Business Annual Recurring Revenue (ARR) increased 25% year-over-year to $466.0 million.
Consumer segment revenue growth was flat year-over-year at $74.9 million.
Revenue by Segment
Forward Guidance
Udemy provides revenue guidance for the first quarter of 2024 between $193 million and $196 million, and for the full year 2024 between $795 million and $810 million. Adjusted EBITDA margin is expected to be breakeven for Q1 2024 and 1.5%-2.0% for FY 2024.
Positive Outlook
- Revenue guidance for Q1 2024 is between $193 million and $196 million.
- Revenue guidance for FY 2024 is between $795 million and $810 million.
- Adjusted EBITDA margin is expected to be breakeven for Q1 2024.
- Adjusted EBITDA margin is expected to be 1.5%-2.0% for FY 2024.
- Share repurchase program underscores confidence in strategy.
Challenges Ahead
- Challenging operating environment creates some near-term headwinds.
- Revenue growth includes a negative impact of 1 percentage point from changes in foreign exchange (FX) rates year-over-year.
- Consumer segment revenue growth was flat year-over-year.
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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