Udemy, Inc. (UDMY): restructuring charge — Udemy Q4 revenue up 22% to $165.3M; cuts 10% of workforce for profitability

Udemy, Inc.

2022-FY EPS reported -$1.09 revenue$629,097,000

Total revenue $165.3M (+22% YoY); Udemy Business revenue $90.6M (+57%).
GAAP net loss $52.2M, adjusted EBITDA -$20.2M (negative 12% of revenue).
Reducing workforce ~10%, expects $8-9M non-GAAP severance charge in Q1 2023.
Annualized non-GAAP savings of ~$30-32M; targets adjusted EBITDA profitability in H2 2023.
UB ARR $371.7M (+55% YoY); Net Dollar Retention 115%; Large Customer NDR 123%.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Udemy, Inc. reported quarter ended December 31, 2022 results: revenue $165.3 million, net income GAAP Net Loss $(52.2).

Period: quarter ended December 31, 2022
Revenue: $165.3 million
Net income: GAAP Net Loss $(52.2)
Result: reported results

Exact text from the filing

a profitable second half of 2023 on an adjusted EBITDA basis.” Fourth quarter 2022 financial performance highlights include: • Total revenue increased 22% year-over-year to $165.3 million. Revenue growth includes a negative impact of 4 percentage points from changes in foreign exchange (FX) rates year-over-year. • Enterprise segment, or Udemy Business, revenue

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Udemy, Inc. announced a restructuring with charges of between $9 million and $11 million affecting global workforce (approximately 10% of the Company’s global workforce).

Type: restructuring
Charge: between $9 million and $11 million
Affected area: global workforce
Headcount: approximately 10% of the Company’s global workforce

Exact text from the filing

current macroeconomic environment and create a more streamlined organization to support its business. As a result, the Company expects to recognize restructuring charges between $9 million and $11 million in the first quarter of 2023, primarily consisting of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. Cash

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Source: SEC EDGAR

accession 0001607939-23-000025

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