Udemy (UDMY) Financials

$7.36 +0.49 (+7.13%)

Closing price 05/27/2025 04:00 PM Eastern

Extended Trading

$7.36 +0.00 (+0.07%)

As of 05/27/2025 07:57 PM Eastern

Annual Income Statements for Udemy

This table shows Udemy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Net Income / (Loss) Attributable to Common Shareholders	-85	-107	-154	-80	-78	-70
Consolidated Net Income / (Loss)	-85	-107	-154	-80	-78	-70
Net Income / (Loss) Continuing Operations	-85	-107	-154	-80	-78	-70
Total Pre-Tax Income	-81	-104	-152	-79	-74	-68
Total Operating Income	-89	-122	-151	-78	-73	-68
Total Gross Profit	492	419	354	280	221	133
Total Revenue	787	729	629	516	430	276
Operating Revenue	787	729	629	516	430	276
Total Cost of Revenue	295	310	275	236	209	144
Operating Cost of Revenue	295	310	275	236	209	144
Total Operating Expenses	581	541	505	358	294	201
Selling, General & Admin Expense	96	94	99	64	51	40
Marketing Expense	343	317	301	227	193	126
Research & Development Expense	125	120	105	66	51	34
Restructuring Charge	17	10	0.00	0.00	-	-
Total Other Income / (Expense), net	8.39	18	-0.40	-0.94	-1.09	-0.30
Interest Expense	-0.38	0.52	1.25	0.22	-	-
Interest & Investment Income	20	21	5.55	0.20	-1.15	0.09
Other Income / (Expense), net	-12	-1.90	-4.70	-0.92	0.06	-0.38
Income Tax Expense	4.35	3.65	2.29	1.18	3.15	1.38
Basic Earnings per Share	($0.56)	($0.71)	($1.09)	($1.46)	($2.33)	($2.57)
Weighted Average Basic Shares Outstanding	151.32M	150.10M	140.87M	54.97M	33.38M	27.10M
Diluted Earnings per Share	($0.56)	($0.71)	($1.09)	($1.46)	($2.33)	($2.57)
Weighted Average Diluted Shares Outstanding	151.32M	150.10M	140.87M	54.97M	33.38M	27.10M
Weighted Average Basic & Diluted Shares Outstanding	147.74M	158.09M	145.36M	139.53M	-	-

This table shows Udemy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-1.77	-9.86	-25	-32	-18	-20	-17	-26	-45	-52	-47
Consolidated Net Income / (Loss)	-1.77	-9.86	-25	-32	-18	-20	-17	-26	-45	-52	-47
Net Income / (Loss) Continuing Operations	-1.77	-9.86	-25	-32	-18	-20	-17	-26	-45	-52	-47
Total Pre-Tax Income	-0.83	-8.21	-24	-31	-17	-20	-16	-25	-43	-51	-46
Total Operating Income	-4.49	-12	-29	-26	-23	-26	-21	-27	-47	-54	-43
Total Gross Profit	129	127	123	121	121	110	107	102	100	91	89
Total Revenue	200	200	195	194	197	190	185	178	176	165	158
Operating Revenue	200	200	195	194	197	190	185	178	176	165	158
Total Cost of Revenue	71	73	72	73	76	80	77	76	77	74	69
Operating Cost of Revenue	71	73	72	73	76	80	77	76	77	74	69
Total Operating Expenses	134	139	153	147	143	136	129	130	147	145	133
Selling, General & Admin Expense	25	22	22	27	25	23	22	23	26	27	27
Marketing Expense	83	83	86	87	87	83	76	77	80	89	77
Research & Development Expense	25	29	33	32	31	30	30	30	31	30	28
Restructuring Charge	1.47	5.41	11	0.00	0.00	-	0.00	0.14	10	-	0.00
Total Other Income / (Expense), net	3.66	3.39	5.05	-5.47	5.42	6.14	5.54	2.78	3.79	3.08	-2.93
Interest Expense	0.02	0.05	-0.50	0.08	0.00	0.05	0.12	-0.05	0.39	-	1.02
Interest & Investment Income	3.58	4.01	4.73	5.20	5.73	5.91	5.54	4.89	4.32	3.57	1.61
Other Income / (Expense), net	0.10	-0.58	-0.19	-11	-0.31	0.28	0.12	-2.16	-0.14	-0.26	-3.52
Income Tax Expense	0.94	1.66	0.86	0.80	1.03	0.73	0.81	1.06	1.06	1.14	0.51
Basic Earnings per Share	($0.01)	($0.06)	($0.17)	($0.21)	($0.12)	($0.12)	($0.11)	($0.17)	($0.31)	($0.37)	($0.33)
Weighted Average Basic Shares Outstanding	148.03M	151.32M	149.18M	152.99M	156.57M	150.10M	151.31M	148.07M	145.74M	140.87M	140.95M
Diluted Earnings per Share	($0.01)	($0.06)	($0.17)	($0.21)	($0.12)	($0.12)	($0.11)	($0.17)	($0.31)	($0.37)	($0.33)
Weighted Average Diluted Shares Outstanding	148.03M	151.32M	149.18M	152.99M	156.57M	150.10M	151.31M	148.07M	145.74M	140.87M	140.95M
Weighted Average Basic & Diluted Shares Outstanding	148.73M	147.74M	145.90M	150.36M	153.10M	158.09M	153.33M	150.39M	146.77M	145.36M	141.32M

This table details how cash moves in and out of Udemy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Net Change in Cash & Equivalents	-118	-7.76	-219	359	126	9.42
Net Cash From Operating Activities	53	-2.01	-61	-7.10	9.62	-16
Net Cash From Continuing Operating Activities	53	-2.01	-61	-7.10	9.62	-16
Net Income / (Loss) Continuing Operations	-85	-107	-154	-80	-78	-70
Consolidated Net Income / (Loss)	-85	-107	-154	-80	-78	-70
Depreciation Expense	25	25	21	15	11	8.74
Amortization Expense	51	47	31	18	7.49	3.04
Non-Cash Adjustments To Reconcile Net Income	106	97	94	39	38	13
Changes in Operating Assets and Liabilities, net	-45	-63	-53	0.43	30	29
Net Cash From Investing Activities	1.08	-25	-173	-53	-15	15
Net Cash From Continuing Investing Activities	1.08	-25	-173	-53	-15	15
Purchase of Property, Plant & Equipment	-15	-13	-16	-18	-15	-11
Acquisitions	0.00	0.00	-1.50	-24	0.00	0.00
Purchase of Investments	-337	-308	-164	-10	0.00	-1.54
Sale and/or Maturity of Investments	353	296	7.50	0.00	0.00	27
Net Cash From Financing Activities	-172	19	15	419	131	11
Net Cash From Continuing Financing Activities	-172	19	15	419	131	11
Repayment of Debt	-31	-6.76	0.00	0.00	-	-
Repurchase of Common Equity	-150	0.00	0.00	-2.25	0.00	0.00
Issuance of Common Equity	7.05	8.04	9.19	415	0.00	0.00
Other Financing Activities, net	2.35	18	5.56	5.70	10	11
Effect of Exchange Rate Changes	-0.12	0.02	-0.03	0.00	0.00	-
Cash Interest Paid	0.00	3.19	0.02	0.09	0.05	0.01
Cash Income Taxes Paid	1.28	1.42	0.68	0.39	0.15	0.12

This table details how cash moves in and out of Udemy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-1.08	-14	-68	13	-49	-22	4.75	47	-38	-114	-84
Net Cash From Operating Activities	12	9.58	-6.10	29	21	-7.27	12	13	-20	-31	-14
Net Cash From Continuing Operating Activities	12	9.56	-6.19	29	21	-7.27	12	14	-20	-31	-14
Net Income / (Loss) Continuing Operations	-1.77	-9.86	-25	-32	-18	-20	-17	-26	-45	-52	-47
Consolidated Net Income / (Loss)	-1.77	-9.86	-25	-32	-18	-20	-17	-26	-45	-52	-47
Depreciation Expense	6.21	5.91	6.34	6.69	6.48	6.52	6.18	6.10	5.79	5.60	5.42
Amortization Expense	15	11	17	11	13	13	12	13	8.69	8.96	5.35
Non-Cash Adjustments To Reconcile Net Income	16	32	18	40	16	25	23	23	26	33	37
Changes in Operating Assets and Liabilities, net	-24	-29	-22	2.40	3.26	-31	-13	-2.59	-16	-27	-15
Net Cash From Investing Activities	-7.41	-13	-5.70	24	-3.77	-21	-10	26	-19	-89	-72
Net Cash From Continuing Investing Activities	-7.41	-13	-5.70	24	-3.77	-21	-10	26	-19	-89	-72
Purchase of Property, Plant & Equipment	-5.12	-3.41	-4.10	-3.81	-3.46	-3.31	-3.13	-3.27	-3.36	-3.68	-4.71
Purchase of Investments	-79	-97	-93	-57	-89	-82	-100	-68	-58	-92	-66
Sale and/or Maturity of Investments	76	87	92	84	89	65	92	97	43	7.50	-
Net Cash From Financing Activities	-5.91	-10	-56	-39	-66	6.16	3.57	8.29	1.18	4.99	1.95
Net Cash From Continuing Financing Activities	-5.91	-10	-56	-39	-66	6.16	3.57	8.29	1.18	4.99	1.95
Repayment of Debt	-5.95	-5.46	-5.55	-8.18	-12	-6.76	-	-	0.00	-	-
Repurchase of Common Equity	0.00	-8.73	-51	-35	-55	-	-	-	0.00	-	-
Other Financing Activities, net	0.04	1.42	0.48	-	-	9.63	3.57	3.53	1.18	1.36	1.95
Effect of Exchange Rate Changes	0.04	-0.18	0.08	0.03	-0.05	0.14	-0.09	-0.01	-0.02	0.01	-0.03
Cash Interest Paid	0.00	-	-	-	0.00	0.00	2.62	0.08	0.49	0.01	0.00
Cash Income Taxes Paid	0.81	0.12	0.56	0.53	0.07	0.08	0.35	0.95	0.04	0.16	0.13

This table presents Udemy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Total Assets	606	741	738	740	282
Total Current Assets	506	632	615	642	237
Cash & Equivalents	191	306	314	534	175
Restricted Cash	0.10	3.33	0.00	-	-
Short-Term Investments	164	171	152	0.00	-
Accounts Receivable	88	93	105	73	46
Prepaid Expenses	23	21	15	16	6.04
Other Current Assets	41	39	30	19	9.64
Plant, Property, & Equipment, net	4.53	4.44	7.01	9.89	9.11
Total Noncurrent Assets	95	104	116	88	36
Long-Term Investments	0.00	10	12	10	-
Goodwill	13	13	13	13	0.00
Intangible Assets	34	37	37	34	14
Other Noncurrent Operating Assets	48	45	54	32	22
Total Liabilities & Shareholders' Equity	606	741	738	740	282
Total Liabilities	408	384	398	350	269
Total Current Liabilities	397	380	387	341	264
Accounts Payable	6.31	2.51	15	35	24
Accrued Expenses	31	28	31	40	47
Current Deferred Revenue	291	279	274	208	141
Current Employee Benefit Liabilities	29	24	23	22	20
Other Current Liabilities	40	46	44	36	31
Total Noncurrent Liabilities	11	4.17	11	8.81	4.86
Noncurrent Deferred Revenue	2.44	3.00	4.34	2.28	0.94
Other Noncurrent Operating Liabilities	8.32	1.17	7.01	6.53	3.93
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	197	357	339	390	-261
Total Preferred & Common Equity	197	357	339	390	-261
Total Common Equity	197	357	339	390	-261
Common Stock	1,002	1,077	952	848	118
Retained Earnings	-805	-720	-612	-459	-379
Accumulated Other Comprehensive Income / (Loss)	-0.01	0.08	-0.23	-0.00	-

This table presents Udemy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	639	609	672	708	736	722	717	730
Total Current Assets	541	508	568	603	622	605	595	608
Cash & Equivalents	190	205	272	257	328	323	276	428
Restricted Cash	0.00	0.10	0.10	3.33	0.10	-	-	-
Short-Term Investments	167	153	149	174	151	142	170	66
Accounts Receivable	111	81	82	100	83	87	96	72
Prepaid Expenses	26	25	20	26	18	14	17	13
Other Current Assets	47	45	45	44	41	39	36	29
Plant, Property, & Equipment, net	6.77	3.32	3.84	4.07	4.98	5.49	6.21	7.82
Total Noncurrent Assets	91	98	100	101	110	111	116	114
Goodwill	13	13	13	13	13	13	13	13
Intangible Assets	33	36	36	36	37	38	37	36
Other Noncurrent Operating Assets	46	49	51	42	50	51	54	53
Total Liabilities & Shareholders' Equity	639	609	672	708	736	722	717	730
Total Liabilities	430	413	420	412	391	389	392	374
Total Current Liabilities	420	403	409	408	386	384	383	358
Accounts Payable	4.43	4.27	3.67	3.08	5.66	5.31	11	17
Accrued Expenses	30	25	35	31	31	27	26	37
Current Deferred Revenue	326	300	310	316	280	285	276	238
Current Employee Benefit Liabilities	22	32	20	20	25	22	27	25
Other Current Liabilities	37	41	40	39	45	44	42	41
Total Noncurrent Liabilities	9.32	9.79	11	3.68	4.20	5.49	9.29	16
Noncurrent Deferred Revenue	2.03	2.36	2.46	2.34	2.52	2.18	4.35	3.10
Other Noncurrent Operating Liabilities	7.29	7.43	8.39	1.34	1.68	3.31	4.94	13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	209	196	252	296	346	333	325	357
Total Preferred & Common Equity	209	196	252	296	346	333	325	357
Total Common Equity	209	196	252	296	346	333	325	357
Common Stock	1,016	991	1,022	1,035	1,045	1,016	982	917
Retained Earnings	-807	-795	-770	-738	-699	-683	-657	-560
Accumulated Other Comprehensive Income / (Loss)	-0.02	0.20	-0.04	-0.07	-0.06	-0.05	-0.10	-0.27

This table displays calculated financial ratios and metrics derived from Udemy's official financial filings.

Metric	2024	2023	2022	2021	2020	2019
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Growth Metrics	-	-	-	-	-	-
Revenue Growth	7.91%	15.87%	22.00%	19.95%	55.58%	0.00%
EBITDA Growth	54.05%	49.00%	-125.87%	16.53%	3.27%	0.00%
EBIT Growth	18.43%	20.59%	-97.76%	-7.50%	-7.18%	0.00%
NOPAT Growth	26.72%	19.38%	-94.06%	-6.17%	-7.86%	0.00%
Net Income Growth	20.51%	30.27%	-92.28%	-3.10%	-11.36%	0.00%
EPS Growth	21.13%	34.86%	25.34%	37.34%	9.34%	0.00%
Operating Cash Flow Growth	2,745.54%	96.71%	-758.07%	-173.82%	158.49%	0.00%
Free Cash Flow Firm Growth	56.49%	26.29%	-96.58%	-156.22%	0.00%	0.00%
Invested Capital Growth	-17.55%	3.24%	10.38%	4.61%	0.00%	0.00%
Revenue Q/Q Growth	1.34%	3.44%	4.99%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	29.63%	39.11%	-9.94%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	11.56%	18.97%	-9.25%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	13.60%	18.92%	-9.53%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	10.85%	22.92%	-7.53%	0.00%	0.00%	0.00%
EPS Q/Q Growth	9.68%	26.04%	2.68%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	46.56%	92.11%	-118.05%	-172.15%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	29.52%	18.93%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	2.37%	7.17%	7.61%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	62.54%	57.53%	56.24%	54.23%	51.33%	48.07%
EBITDA Margin	-3.08%	-7.23%	-16.42%	-8.87%	-12.74%	-20.50%
Operating Margin	-11.36%	-16.72%	-24.03%	-15.11%	-17.07%	-24.62%
EBIT Margin	-12.84%	-16.98%	-24.78%	-15.29%	-17.06%	-24.76%
Profit (Net Income) Margin	-10.84%	-14.72%	-24.46%	-15.52%	-18.06%	-25.22%
Tax Burden Percent	105.37%	103.52%	101.51%	101.50%	104.23%	102.01%
Interest Burden Percent	80.15%	83.72%	97.24%	100.02%	101.56%	99.87%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-30.77%	-30.82%	-42.21%	-39.70%	-578.43%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-15.00%	-16.74%	-21.10%	-15.43%	-25.99%	0.00%
Return on Assets (ROA)	-12.67%	-14.51%	-20.83%	-15.66%	-27.52%	0.00%
Return on Common Equity (ROCE)	-30.77%	-30.82%	-42.21%	-12.71%	11,236.97%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-43.21%	-30.06%	-45.35%	-20.54%	29.78%	0.00%
Net Operating Profit after Tax (NOPAT)	-63	-85	-106	-55	-51	-48
NOPAT Margin	-7.95%	-11.71%	-16.82%	-10.58%	-11.95%	-17.23%
Net Nonoperating Expense Percent (NNEP)	-5.39%	-4.54%	-9.41%	-7.09%	-30.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-31.68%	-23.91%	-31.19%	-	-	-
Cost of Revenue to Revenue	37.46%	42.47%	43.76%	45.77%	48.67%	51.93%
SG&A Expenses to Revenue	12.23%	12.88%	15.75%	12.49%	11.81%	14.49%
R&D to Revenue	15.95%	16.51%	16.62%	12.82%	11.78%	12.44%
Operating Expenses to Revenue	73.90%	74.25%	80.27%	69.34%	68.39%	72.68%
Earnings before Interest and Taxes (EBIT)	-101	-124	-156	-79	-73	-68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-24	-53	-103	-46	-55	-57
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	6.08	6.33	4.39	6.97	0.00	0.00
Price to Tangible Book Value (P/TBV)	7.96	7.34	5.14	7.91	0.00	0.00
Price to Revenue (P/Rev)	1.53	3.10	2.37	5.27	0.98	1.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.08	2.43	1.61	4.21	1.21	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.95	0.00	0.00	0.00	53.99	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	4.71	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.52	-1.39	-1.40	-1.78	-13.04	0.00
Leverage Ratio	2.43	2.12	2.03	2.54	21.02	0.00
Compound Leverage Factor	1.95	1.78	1.97	2.54	21.35	0.00
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	2,042.66%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	-1,942.66%	0.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.87	3.01	1.61	4.62	-0.39	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	68.00%	2,042.66%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	1.27	1.66	1.59	1.88	0.90	0.00
Quick Ratio	1.11	1.50	1.47	1.78	0.84	0.00
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-39	-90	-122	-62	110	0.00
Operating Cash Flow to CapEx	359.01%	-15.35%	-387.67%	-39.03%	66.20%	-147.96%
Free Cash Flow to Firm to Interest Expense	0.00	-173.38	-97.39	-281.72	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-3.87	-48.73	-32.29	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-29.09	-61.30	-115.03	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	1.17	0.99	0.85	1.01	1.52	0.00
Accounts Receivable Turnover	8.70	7.40	7.08	8.63	9.29	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	175.32	127.31	74.45	54.30	47.21	0.00
Accounts Payable Turnover	66.83	36.35	11.20	8.09	8.83	0.00
Days Sales Outstanding (DSO)	41.94	49.34	51.55	42.27	39.27	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	5.46	10.04	32.58	45.11	41.36	0.00
Cash Conversion Cycle (CCC)	36.48	39.30	18.97	-2.84	-2.08	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-157	-134	-138	-154	-162	0.00
Invested Capital Turnover	-5.41	-5.36	-4.30	-3.27	-5.32	0.00
Increase / (Decrease) in Invested Capital	-23	4.48	16	7.44	-162	0.00
Enterprise Value (EV)	846	1,768	1,013	2,171	520	0.00
Market Capitalization	1,201	2,259	1,491	2,715	421	421
Book Value per Share	$1.35	$2.33	$2.40	$2.80	($7.81)	$0.00
Tangible Book Value per Share	$1.03	$2.01	$2.05	$2.47	($8.23)	$0.00
Total Capital	197	357	339	390	13	0.00
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-355	-491	-477	-544	-175	0.00
Capital Expenditures (CapEx)	15	13	16	18	15	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-246	-228	-237	-233	-202	0.00
Debt-free Net Working Capital (DFNWC)	109	252	228	301	-27	0.00
Net Working Capital (NWC)	109	252	228	301	-27	0.00
Net Nonoperating Expense (NNE)	23	22	48	25	26	22
Net Nonoperating Obligations (NNO)	-355	-491	-477	-544	-175	0.00
Total Depreciation and Amortization (D&A)	77	71	53	33	19	12
Debt-free, Cash-free Net Working Capital to Revenue	-31.23%	-31.29%	-37.72%	-45.25%	-46.96%	0.00%
Debt-free Net Working Capital to Revenue	13.84%	34.60%	36.26%	58.28%	-6.25%	0.00%
Net Working Capital to Revenue	13.84%	34.60%	36.26%	58.28%	-6.25%	0.00%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.56)	($0.71)	($1.09)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	151.32M	150.10M	140.87M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	($0.56)	($0.71)	($1.09)	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	151.32M	150.10M	140.87M	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	147.74M	158.09M	145.36M	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-51	-78	-106	-55	-51	-48
Normalized NOPAT Margin	-6.46%	-10.72%	-16.82%	-10.58%	-11.95%	-17.23%
Pre Tax Income Margin	-10.29%	-14.22%	-24.10%	-15.29%	-17.32%	-24.73%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-238.98	-124.61	-358.30	0.00	0.00
NOPAT to Interest Expense	0.00	-164.72	-84.60	-247.89	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-264.21	-137.18	-441.05	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-189.95	-97.17	-330.63	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-176.25%	0.00%	0.00%	-2.81%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Udemy's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.75%	5.49%	5.79%	9.04%	11.57%	14.65%	16.59%	16.41%	15.90%	22.06%	22.28%
EBITDA Growth	612.90%	171.04%	-123.37%	-70.96%	89.90%	85.02%	91.74%	19.85%	-135.10%	-30.68%	-3,358.60%
EBIT Growth	80.93%	52.04%	-38.69%	-21.97%	51.42%	53.31%	54.30%	-1.45%	-85.52%	-32.08%	-379.93%
NOPAT Growth	80.24%	54.82%	-37.04%	6.98%	51.92%	52.57%	50.30%	3.73%	-86.75%	-32.12%	-352.89%
Net Income Growth	90.34%	51.28%	-50.72%	-23.62%	58.83%	61.18%	64.09%	12.41%	-73.67%	-26.02%	-404.14%
EPS Growth	91.67%	50.00%	-54.55%	-23.53%	61.29%	67.57%	66.67%	19.05%	-72.22%	7.50%	-32.00%
Operating Cash Flow Growth	-41.77%	231.84%	-152.28%	111.93%	205.40%	76.31%	184.32%	648.41%	-42.36%	-1,424.34%	-251.64%
Free Cash Flow Firm Growth	-879.78%	168.36%	82.12%	128.47%	99.27%	58.34%	-130.82%	-121.73%	-136.24%	0.00%	45.88%
Invested Capital Growth	0.12%	-17.55%	-11.76%	-18.27%	-11.77%	3.24%	3.71%	6.25%	9.07%	10.38%	-184.99%
Revenue Q/Q Growth	0.18%	2.32%	0.54%	-1.26%	3.85%	2.61%	3.64%	1.03%	6.71%	4.35%	3.47%
EBITDA Q/Q Growth	302.91%	163.74%	64.04%	-455.44%	44.19%	-100.40%	72.48%	67.19%	17.22%	-10.52%	-167.05%
EBIT Q/Q Growth	63.90%	58.94%	17.95%	-56.83%	9.22%	-18.73%	27.85%	37.53%	12.76%	-16.20%	-60.19%
NOPAT Q/Q Growth	61.26%	60.64%	-15.32%	-12.39%	11.42%	-19.37%	21.72%	41.91%	12.61%	-25.07%	-51.61%
Net Income Q/Q Growth	82.05%	60.97%	20.57%	-73.48%	9.43%	-20.76%	34.85%	42.23%	14.59%	-11.69%	-58.93%
EPS Q/Q Growth	83.33%	64.71%	19.05%	-75.00%	0.00%	-9.09%	35.29%	45.16%	16.22%	-12.12%	-57.14%
Operating Cash Flow Q/Q Growth	27.43%	257.08%	-121.33%	36.35%	388.51%	-162.30%	-13.52%	167.81%	35.16%	-121.76%	-462.48%
Free Cash Flow Firm Q/Q Growth	-121.67%	516.76%	-144.99%	2,511.67%	98.49%	-9.01%	28.36%	37.91%	14.08%	-180.64%	-49.49%
Invested Capital Q/Q Growth	6.04%	2.37%	4.63%	-14.16%	-10.59%	7.17%	-0.92%	-7.89%	4.27%	7.61%	1.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.62%	63.62%	62.97%	62.32%	61.25%	57.95%	58.17%	57.40%	56.53%	55.25%	56.40%
EBITDA Margin	8.52%	2.12%	-3.40%	-9.51%	-1.69%	-3.14%	-1.61%	-6.06%	-18.67%	-24.07%	-22.73%
Operating Margin	-2.24%	-5.80%	-15.07%	-13.14%	-11.55%	-13.54%	-11.64%	-15.41%	-26.80%	-32.72%	-27.30%
EBIT Margin	-2.19%	-6.09%	-15.17%	-18.59%	-11.70%	-13.39%	-11.57%	-16.62%	-26.88%	-32.88%	-29.52%
Profit (Net Income) Margin	-0.88%	-4.93%	-12.93%	-16.37%	-9.32%	-10.68%	-9.08%	-14.44%	-25.25%	-31.54%	-29.47%
Tax Burden Percent	212.35%	120.20%	103.54%	102.59%	105.93%	103.73%	105.08%	104.28%	102.43%	102.22%	101.11%
Interest Burden Percent	18.98%	67.42%	82.34%	85.83%	75.15%	76.92%	74.65%	83.31%	91.71%	93.86%	98.73%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-27.17%	-30.77%	-35.30%	-29.78%	-26.09%	-30.82%	-39.64%	-47.77%	-48.97%	-42.21%	-78.64%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-2.57%	-7.11%	-17.50%	-20.41%	-12.31%	-13.20%	-11.12%	-15.36%	-24.12%	-28.00%	-34.68%
Return on Assets (ROA)	-1.04%	-5.76%	-14.92%	-17.98%	-9.80%	-10.53%	-8.72%	-13.34%	-22.66%	-26.86%	-34.62%
Return on Common Equity (ROCE)	-27.17%	-30.77%	-35.30%	-29.78%	-26.09%	-30.82%	-39.64%	-47.77%	-48.97%	-42.21%	-19.38%
Return on Equity Simple (ROE_SIMPLE)	-32.82%	0.00%	-48.75%	-34.56%	-27.35%	0.00%	-40.25%	-50.77%	-53.15%	0.00%	-40.14%
Net Operating Profit after Tax (NOPAT)	-3.14	-8.12	-21	-18	-16	-18	-15	-19	-33	-38	-30
NOPAT Margin	-1.57%	-4.06%	-10.55%	-9.20%	-8.08%	-9.48%	-8.15%	-10.79%	-18.76%	-22.90%	-19.11%
Net Nonoperating Expense Percent (NNEP)	0.34%	-0.41%	-1.10%	-3.11%	-0.54%	-0.47%	-0.35%	-1.30%	-2.33%	-2.80%	-5.80%
Return On Investment Capital (ROIC_SIMPLE)	-1.50%	-4.11%	-	-	-	-5.03%	-	-	-	-11.16%	-
Cost of Revenue to Revenue	35.38%	36.38%	37.03%	37.68%	38.75%	42.05%	41.83%	42.60%	43.47%	44.75%	43.60%
SG&A Expenses to Revenue	12.49%	10.95%	11.39%	14.03%	12.58%	12.02%	11.99%	12.69%	14.93%	16.28%	17.07%
R&D to Revenue	12.46%	14.42%	16.87%	16.67%	15.86%	15.57%	16.41%	16.63%	17.51%	18.12%	17.71%
Operating Expenses to Revenue	66.87%	69.42%	78.05%	75.46%	72.79%	71.49%	69.81%	72.80%	83.32%	87.97%	83.70%
Earnings before Interest and Taxes (EBIT)	-4.39	-12	-30	-36	-23	-25	-21	-30	-47	-54	-47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	4.23	-6.64	-18	-3.33	-5.96	-2.97	-11	-33	-40	-36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.48	6.08	5.70	5.24	5.68	6.33	4.13	4.73	3.95	4.39	4.77
Price to Tangible Book Value (P/TBV)	7.00	7.96	7.58	6.50	6.80	7.34	4.83	5.57	4.67	5.14	5.53
Price to Revenue (P/Rev)	1.45	1.53	1.44	1.73	2.25	3.10	2.03	2.32	1.96	2.37	2.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.00	1.08	0.98	1.18	1.65	2.43	1.33	1.62	1.26	1.61	2.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.83	15.95	21.04	16.68	31.89	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.58	-1.52	-1.56	-1.53	-1.45	-1.39	-1.42	-1.42	-1.39	-1.40	-1.56
Leverage Ratio	2.66	2.43	2.48	2.38	2.29	2.12	2.09	2.07	2.06	2.03	2.80
Compound Leverage Factor	0.51	1.64	2.04	2.04	1.72	1.63	1.56	1.73	1.89	1.90	2.77
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.27	1.35	1.12	1.53	2.27	3.45	2.11	2.28	1.73	2.06	2.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	75.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.29	1.27	1.26	1.39	1.48	1.66	1.61	1.58	1.56	1.59	1.70
Quick Ratio	1.11	1.11	1.09	1.23	1.30	1.50	1.46	1.44	1.42	1.47	1.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.32	15	-3.68	8.18	-0.34	-22	-21	-29	-46	-54	67
Operating Cash Flow to CapEx	238.48%	280.83%	-148.85%	751.04%	606.39%	-219.58%	372.99%	412.32%	-592.82%	-834.97%	-293.97%
Free Cash Flow to Firm to Interest Expense	-221.63	340.94	0.00	106.27	-113.10	-415.63	-166.04	0.00	-118.68	0.00	65.62
Operating Cash Flow to Interest Expense	814.00	212.93	0.00	371.32	6,989.67	-134.59	94.09	0.00	-51.01	0.00	-13.59
Operating Cash Flow Less CapEx to Interest Expense	472.67	137.11	0.00	321.88	5,837.00	-195.89	68.86	0.00	-59.62	0.00	-18.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.17	1.15	1.10	1.05	0.99	0.96	0.92	0.90	0.85	1.17
Accounts Receivable Turnover	7.49	8.70	9.46	9.05	7.64	7.40	9.13	8.68	7.96	7.08	10.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	145.85	175.32	186.94	164.14	145.87	127.31	110.11	98.53	86.28	74.45	65.11
Accounts Payable Turnover	77.04	66.83	60.71	68.23	44.58	36.35	26.75	26.13	21.10	11.20	12.27
Days Sales Outstanding (DSO)	48.73	41.94	38.57	40.31	47.78	49.34	39.99	42.05	45.85	51.55	34.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.74	5.46	6.01	5.35	8.19	10.04	13.65	13.97	17.30	32.58	29.76
Cash Conversion Cycle (CCC)	43.99	36.48	32.55	34.96	39.59	39.30	26.35	28.07	28.55	18.97	4.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-148	-157	-161	-169	-148	-134	-144	-143	-132	-138	-150
Invested Capital Turnover	-5.35	-5.41	-5.09	-4.92	-5.35	-5.36	-4.80	-4.60	-4.70	-4.30	-5.93
Increase / (Decrease) in Invested Capital	0.18	-23	-17	-26	-16	4.48	5.54	9.52	13	16	-97
Enterprise Value (EV)	789	846	761	900	1,239	1,768	939	1,099	826	1,013	1,196
Market Capitalization	1,146	1,201	1,119	1,321	1,684	2,259	1,429	1,575	1,284	1,491	1,702
Book Value per Share	$1.42	$1.35	$1.31	$1.65	$1.89	$2.33	$2.30	$2.27	$2.24	$2.40	$2.53
Tangible Book Value per Share	$1.11	$1.03	$0.98	$1.33	$1.58	$2.01	$1.97	$1.93	$1.89	$2.05	$2.18
Total Capital	209	197	196	252	296	357	346	333	325	339	357
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-357	-355	-357	-421	-444	-491	-490	-476	-457	-477	-506
Capital Expenditures (CapEx)	5.12	3.41	4.10	3.81	3.46	3.31	3.13	3.27	3.36	3.68	4.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-236	-246	-252	-262	-239	-228	-244	-244	-233	-237	-244
Debt-free Net Working Capital (DFNWC)	121	109	105	159	195	252	235	222	212	228	250
Net Working Capital (NWC)	121	109	105	159	195	252	235	222	212	228	250
Net Nonoperating Expense (NNE)	-1.37	1.75	4.65	14	2.43	2.29	1.72	6.51	11	14	16
Net Nonoperating Obligations (NNO)	-357	-355	-357	-421	-444	-491	-490	-476	-457	-477	-506
Total Depreciation and Amortization (D&A)	21	16	23	18	20	19	18	19	14	15	11
Debt-free, Cash-free Net Working Capital to Revenue	-29.91%	-31.23%	-32.47%	-34.22%	-31.88%	-31.29%	-34.66%	-35.92%	-35.63%	-37.72%	-40.69%
Debt-free Net Working Capital to Revenue	15.28%	13.84%	13.55%	20.78%	26.04%	34.60%	33.38%	32.69%	32.53%	36.26%	41.75%
Net Working Capital to Revenue	15.28%	13.84%	13.55%	20.78%	26.04%	34.60%	33.38%	32.69%	32.53%	36.26%	41.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.06)	($0.17)	($0.21)	($0.12)	($0.12)	($0.11)	($0.17)	($0.31)	($0.37)	($0.33)
Adjusted Weighted Average Basic Shares Outstanding	148.03M	151.32M	149.18M	152.99M	156.57M	150.10M	151.31M	148.07M	145.74M	140.87M	140.95M
Adjusted Diluted Earnings per Share	($0.01)	($0.06)	($0.17)	($0.21)	($0.12)	($0.12)	($0.11)	($0.17)	($0.31)	($0.37)	($0.33)
Adjusted Weighted Average Diluted Shares Outstanding	148.03M	151.32M	149.18M	152.99M	156.57M	150.10M	151.31M	148.07M	145.74M	140.87M	140.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	148.73M	147.74M	145.90M	150.36M	153.10M	158.09M	153.33M	150.39M	146.77M	145.36M	141.32M
Normalized Net Operating Profit after Tax (NOPAT)	-2.12	-4.33	-13	-18	-16	-18	-15	-19	-26	-38	-30
Normalized NOPAT Margin	-1.06%	-2.17%	-6.51%	-9.20%	-8.08%	-9.48%	-8.15%	-10.73%	-14.74%	-22.90%	-19.11%
Pre Tax Income Margin	-0.42%	-4.10%	-12.49%	-15.96%	-8.79%	-10.30%	-8.64%	-13.85%	-24.65%	-30.86%	-29.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-292.93	-270.49	0.00	-469.22	-7,679.00	-469.94	-172.37	0.00	-121.59	0.00	-45.95
NOPAT to Interest Expense	-209.63	-180.35	0.00	-232.24	-5,303.43	-332.63	-121.35	0.00	-84.86	0.00	-29.74
EBIT Less CapEx to Interest Expense	-634.27	-346.31	0.00	-518.66	-8,831.67	-531.24	-197.60	0.00	-130.19	0.00	-50.57
NOPAT Less CapEx to Interest Expense	-550.96	-256.17	0.00	-281.68	-6,456.10	-393.93	-146.57	0.00	-93.46	0.00	-34.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-138.50%	-176.25%	-148.00%	-103.91%	-68.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Udemy's Financials

When does Udemy's fiscal year end?

According to the most recent income statement we have on file, Udemy's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Udemy's net income changed over the last 5 years?

Udemy's net income appears to be on an upward trend, with a most recent value of -$85.29 million in 2024, rising from -$69.70 million in 2019. The previous period was -$107.29 million in 2023. View Udemy's forecast to see where analysts expect Udemy to go next.

What is Udemy's operating income?

Udemy's total operating income in 2024 was -$89.33 million, based on the following breakdown:

Total Gross Profit: $491.94 million
Total Operating Expenses: $581.27 million

How has Udemy revenue changed over the last 5 years?

Over the last 5 years, Udemy's total revenue changed from $276.33 million in 2019 to $786.57 million in 2024, a change of 184.7%.

How much debt does Udemy have?

Udemy's total liabilities were at $408.23 million at the end of 2024, a 6.2% increase from 2023, and a 51.9% increase since 2020.

How much cash does Udemy have?

In the past 4 years, Udemy's cash and equivalents has ranged from $175.03 million in 2020 to $533.87 million in 2021, and is currently $190.59 million as of their latest financial filing in 2024.

How has Udemy's book value per share changed over the last 5 years?

Over the last 5 years, Udemy's book value per share changed from 0.00 in 2019 to 1.35 in 2024, a change of 135.3%.

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This page (NASDAQ:UDMY) was last updated on 5/28/2025 by MarketBeat.com Staff

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Udemy (UDMY) Financials

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