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    Udemy Reports First Quarter 2025 Results

    4/30/25 4:05:00 PM ET
    $UDMY
    Other Consumer Services
    Real Estate
    Get the next $UDMY alert in real time by email

    Exceeds high end of guidance ranges for Revenue and Adjusted EBITDA

    Launches Career Accelerators, AI-powered subscription learning paths to fast-track professional growth

    Udemy (NASDAQ:UDMY), a leading AI-powered reskilling platform, today reported results for the three-month period ended March 31, 2025. Udemy has provided a supplemental deck with earnings highlights, which is available for download on the "Quarterly Results" section of the Investor Relations website.

    Financial Results and Key Operating Data Summary

    (in millions, except customers, percentages, and basis points)

     

     

    Three Months Ended March 31,

    Change

     

    2025

    2024

    YoY

    Revenue

    $

    200.3

     

     

    $

    196.8

     

     

    2

     

    %

    Gross Profit

    $

    129.4

     

     

    $

    120.6

     

     

    7

     

    %

    Gross Margin

     

    65

     

    %

     

    61

     

    %

    400

     

    bps

    Non-GAAP Gross Profit

    $

    131.0

     

     

    $

    122.9

     

     

    7

     

    %

    Non-GAAP Gross Margin

     

    65

     

    %

     

    62

     

    %

    300

     

    bps

    Net Loss

    $

    (1.8

    )

     

    $

    (18.3

    )

     

    90

     

    %

    Non-GAAP Net Income (Loss)

    $

    17.9

     

     

    $

    5.3

     

     

    236

     

    %

    Adjusted EBITDA

    $

    21.1

     

     

    $

    6.5

     

     

    227

     

    %

    Adjusted EBITDA Margin

     

    11

     

    %

     

    3

     

    %

    800

     

    bps

     

     

     

     

     

     

     

     

     

    Enterprise Segment

     

     

     

     

     

     

     

     

    Total Customers

     

    17,216

     

     

     

    16,070

     

     

    7

     

    %

    UB Annual Recurring Revenue

    $

    519.0

     

     

    $

    479.4

     

     

    8

     

    %

    UB Net Dollar Retention Rate

     

    96

     

    %

     

    104

     

    %

    (800

    )

    bps

    UB Large Customer Net Dollar Retention Rate

     

    100

     

    %

     

    111

     

    %

    (1,100

    )

    bps

    Segment Revenue

    $

    127.7

     

     

    $

    117.6

     

     

    9

     

    %

    Segment Adjusted Gross Profit

    $

    96.0

     

     

    $

    84.6

     

     

    13

     

    %

    Segment Adjusted Gross Margin

     

    75

     

    %

     

    72

     

    %

    300

     

    bps

     

     

     

     

     

     

     

     

     

    Consumer Segment

     

     

     

     

     

     

     

     

    Monthly Average Buyers

     

    1.41

     

     

     

    1.44

     

     

    (2

    )

    %

    Segment Revenue

    $

    72.6

     

     

    $

    79.2

     

     

    (8

    )

    %

    Segment Adjusted Gross Profit

    $

    40.4

     

     

    $

    43.2

     

     

    (6

    )

    %

    Segment Adjusted Gross Margin

     

    56

     

    %

     

    55

     

    %

    100

     

    bps

    "I am pleased that our Q1 results exceeded expectations for both revenue and adjusted EBITDA," said Hugo Sarrazin, President and CEO of Udemy. "Udemy pioneered the democratization of learning by bringing expert-led content online at scale, and now we stand at the forefront of an even more profound transformation powered by generative AI. The global reskilling imperative has accelerated as businesses navigate economic uncertainty, rush to develop essential AI fluency, and adapt to fundamental shifts in labor markets. Udemy is uniquely positioned to address these needs with its unrivaled combination of marketplace scale, enterprise solutions, and AI-powered capabilities. Udemy's offerings are becoming more essential than ever and the opportunities remain massive, strengthening our value proposition and confidence in our ability to create significant long-term value for all stakeholders."

    First Quarter 2025 Financial Highlights

    • Total revenue increased 2% year-over-year to $200.3 million. Revenue growth includes a negative impact of 2 percentage points from changes in foreign exchange (FX) rates.
    • Enterprise segment, or Udemy Business, revenue of $127.7 million increased 9% year-over-year, including the negative impact of 1 percentage point from changes in FX rates.
    • Udemy Business Annual Recurring Revenue (ARR) increased 8% year-over-year to $519.0 million.
    • Consumer segment revenue of $72.6 million decreased 8% year-over-year, including the negative impact of 3 percentage points from changes in FX rates.
    • Net loss was $1.8 million, while Adjusted EBITDA was $21.1 million, or 11% margin, representing a 800 basis point expansion year-over-year.
    • Cash, cash equivalents, restricted cash, and marketable securities was $358.1 million at the end of the quarter.
    • Free cash flow for the quarter was positive $7.1 million, or 4% margin.

    Business and Operational Highlights

    • Added 2 million new learners and nearly 120 net new Enterprise customers to the Udemy platform, ending the quarter with a total of 79 million and 17,216, respectively.
    • Acquired new, or expanded existing, relationships with Udemy Business customers globally, including Anheuser-Busch InBev (Belgium), ARCO Human Resources Company (Saudi Arabia), Babel Sistemas de Información (Spain), Binance (N/A), dunnhumby Limited (U.K.), Grupo FEMSA (Mexico), Iveco Group (Italy), Isuzu Motors Limited (Japan), LATAM Airlines Group (Chile), Norah AlMalahi Foundation (Saudi Arabia), NTT East (Japan), Ricoh Europe (Netherlands), Riyad Bank (Saudi Arabia) and Sony India Software Centre Private Limited (India).
    • Launched Career Accelerators, which consists of curated collections of courses designed to help learners gain the most in-demand skills for high-opportunity roles to advance their careers. Built on Udemy's skills marketplace, Career Accelerators supports more personalized learning experiences by guiding individuals toward career outcomes with confidence. The first set of Accelerators are now live, with many more launching throughout the year.
    • Entered into a strategic partnership with Ingram Micro to expand upskilling opportunities and enhance customer experience for organizations in India through Ingram Micro's distribution network.
    • Partnered with five-time professional cricket champions, the Mumbai Indians (MI), underscoring the organizations' mutual commitment to continuous skills development and performance excellence by empowering hundreds of MI employees with, and exposing more than 50 million fans to, cutting-edge skill-building resources for lifelong upskilling.
    • Recognized as Strategic Leader in the 2025 Fosway 9-Grid™ for Digital Learning, a multidimensional learning market analysis model.
    • Ranked 17th on Built In's prestigious annual list of Best Places to Work for 2025, continuing the winning streak as an employer of choice in Austin, Colorado, and San Francisco for the third consecutive year.

    Financial Outlook

    Udemy provides guidance based on current market conditions and expectations. Actual results may differ materially. Please refer to the comments below regarding forward-looking statements.

    The following table reflects Udemy's financial outlook for its second quarter and full year ending December 31, 2025.

     

    Three months ending June 30, 2025

    Year ending December 31, 2025

    Revenue

    $195 to $199 million

    $772 to $794 million

    Adjusted EBITDA1

    $22 to $24 million

    $77 to $87 million

    Weighted Average Share Count, Basic

    149 million

    150 million

    Weighted Average Share Count, Diluted

    151 million

    153 million

    1

     

    Udemy has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this earnings release because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence.

    Udemy's revenue guidance assumes FX rates will remain unchanged from the end of the first quarter of 2025. As a result, the revenue guidance ranges above assume historical changes in FX rates will have a negative 1.5 percentage point impact on second quarter year-over-year revenue growth and a negative 1 point impact on full year 2025 revenue growth.

    Webcast Information

    Udemy will host a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET today, Wednesday, April 30 to discuss its first quarter 2025 financial results and outlook. A link to the live webcast and recorded replay of the conference call will be available on the "Quarterly Results" section of Udemy's Investor Relations website at https://investors.udemy.com/. The live call may also be accessed via telephone at (833) 630-1963 domestically and (412) 317-5702 internationally. The archived replay of the webcast will be available for approximately one year.

    Non-GAAP Financial Measures

    To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures as defined below. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide useful information to investors and others in understanding and evaluating our operating results because our management team and board of directors use these non-GAAP financial measures for the purposes of assessing operating results and business planning. These non-GAAP financial measures also provide useful measures for period-to-period comparisons of our business by removing the effect of certain non-cash expenses and certain variable charges.

    Adjusted EBITDA and Adjusted EBITDA Margin

    We calculate Adjusted EBITDA as net loss determined in accordance with GAAP, adjusted to exclude i) interest income; ii) interest expense; iii) provision for income taxes; iv) depreciation and amortization; v) other income (expense), net, including gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency; vi) stock-based compensation expense; and vii) restructuring charges. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue for the same period. We have not reconciled our expectations for Adjusted EBITDA and Adjusted EBITDA Margin to net loss and net loss margin, respectively, the most directly comparable GAAP measures, because certain items are out of our control or cannot be reasonably predicted and a reconciliation for the guidance for Adjusted EBITDA and Adjusted EBITDA Margin is not available without unreasonable effort.

    Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share, Basic and Diluted

    We define non-GAAP net income (loss) as net loss, adjusted to exclude stock-based compensation expense, amortization of acquired intangible assets, and restructuring charges.

    We define non-GAAP net income (loss) per share, basic, as non-GAAP net income (loss) divided by weighted-average shares used to compute net loss per share, basic. We define non-GAAP net income (loss) per share, diluted, as non-GAAP net income (loss) divided by weighted-average shares used to compute net loss per share, diluted, which adjusts for the potentially dilutive effects of our employee equity incentive plans.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin

    We define non-GAAP gross profit as gross profit, adjusted to exclude stock-based compensation expense and the amortization of acquired intangible assets. We calculate non-GAAP gross margin as non-GAAP gross profit divided by revenue for the same period.

    Udemy's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Udemy's financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

    Key Business Metrics

    Udemy Business customers

    We count the total number of Udemy Business ("UB") customers at the end of each period. To do so, we generally count unique customers using the concept of a domestic ultimate parent, defined as the highest business in the family tree that is in the same country as the contracted entity. In some cases, we deviate from this methodology, defining the contracted entity as a unique customer despite the existence of a domestic ultimate parent. This often occurs where the domestic ultimate parent is a financial owner, government entity, conglomerate, or acquisition target where we have contracted directly with the subsidiary. We define a UB customer as a customer who purchases Udemy via our direct sales force, reseller partnerships or through our self-service platform.

    Udemy Business Annual Recurring Revenue

    We disclose our UB ARR as a measure of our Enterprise revenue growth. ARR represents the annualized value of our UB customer contracts on the last day of a given period. Only revenue from closed UB contracts with active seats as of the last day of the period are included.

    Udemy Business Net Dollar Retention Rate and Udemy Business Large Customer Net Dollar Retention Rate

    We disclose UB Net Dollar Retention Rate, or UB NDRR, as a measure of revenue growth for all UB customers within our Enterprise segment, including UB Large Customers, which we define as companies with at least 1,000 employees. We calculate UB NDRR as the total ARR at the end of a trailing twelve-month period divided by the total ARR at the beginning of a trailing twelve-month period for the cohort of all UB customers active at the beginning of the trailing twelve-month period. We calculate UB Large Customer NDRR as the total UB Large Customer ARR at the end of a trailing twelve-month period divided by the total Large Customer ARR at the beginning of a trailing twelve-month period for the cohort of UB customers with at least 1,000 employees active at the beginning of the trailing twelve-month period. Total ARR and Large Customer ARR at the end of a trailing twelve-month period are calculated as ARR and Large Customer ARR, respectively, at the beginning of a trailing twelve-month period that are then adjusted for upsells, downsells, and churns for the same cohort of customers during that period. Large Customer ARR represents the annualized value of contracts for UB customers with active seats and having at least 1,000 employees on the last day of a given period.

    Monthly average buyers

    A buyer is a consumer who purchases a course or subscription through our direct-to-consumer offering. We first determine the number of monthly buyers by taking the total buyers of single courses during a given month plus the total active, paid consumer subscribers at any point in that month, adjusting for duplicate buyers that may be present in both totals. We then calculate monthly average buyers by taking an average of the monthly buyer totals over a particular period, such as a fiscal year. Our monthly average buyer count is not intended as a measure of active engagement, as not all buyers are active at any given time or over any given period.

    Segment revenue and segment adjusted gross profit

    Segment revenue represents the revenue recognized from our two segments, Enterprise (or Udemy Business), and Consumer. Segment adjusted gross profit is defined as segment revenue less segment adjusted cost of revenue. Segment adjusted cost of revenue includes content costs, customer support services, hosting and platform costs, and payment processing fees that are allocable to each segment. Segment adjusted gross profit excludes amortization of capitalized software, depreciation, stock-based compensation, and amortization of intangible assets included in cost of revenue as our chief operating decision maker does not include the information in his measurement of the performance of the operating segments.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding Udemy's expectations relating to future operating results and financial position, including second quarter and full year 2025 as well as future periods; anticipated future expenses and investments; our business strategy and plans, including the impact of our strategic initiatives and operational efficiency initiatives and our ability to successfully execute on these initiatives; market growth; and our market position and potential market opportunities. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements.

    Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.

    The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our publicly available filings with the Securities and Exchange Commission. All information provided in this release is as of the date hereof, and we undertake no duty to update this information unless required by law.

    About Udemy

    Udemy (NASDAQ:UDMY) transforms lives through learning by ensuring everyone has access to the latest and most relevant skills. Through the Udemy Intelligent Skills Platform and a global community of diverse and knowledgeable instructors, millions of learners gain expertise in a wide range of technical and professional skills — from generative AI to leadership. The Udemy marketplace provides learners with thousands of up-to-date courses in dozens of languages, offering a variety of solutions to achieve their goals. Udemy Business empowers enterprises to offer on-demand learning for all employees, immersive learning for tech teams through Udemy Business Pro, and cohort learning for leaders through Udemy Business Leadership Academy. Udemy Business customers include FenderⓇ, Glassdoor, On24, The World Bank, and Volkswagen. Udemy is headquartered in San Francisco with hubs in Austin and Denver, USA; Ankara and Istanbul, Türkiye; Dublin, Ireland; Melbourne, Australia; and Chennai, Gurugram, and Mumbai, India.

    Udemy, Inc.

    Condensed Consolidated Statements of Operations

    (in thousands, except share and per share amounts)

    (unaudited)

     

     

    Three Months Ended March 31,

     

    2025

    2024

    Revenue

    $

    200,300

     

    $

    196,846

     

    Cost of revenue (1)(2)

     

    70,857

     

     

    76,282

     

    Gross profit

     

    129,443

     

     

    120,564

     

    Operating expenses (1)(2)

     

     

    Sales and marketing

     

    82,500

     

     

    87,301

     

    Research and development

     

    24,958

     

     

    31,223

     

    General and administrative

     

    25,008

     

     

    24,769

     

    Restructuring charges

     

    1,469

     

     

    —

     

    Total operating expenses

     

    133,935

     

     

    143,293

     

    Loss from operations

     

    (4,492

    )

     

    (22,729

    )

    Other income, net

     

     

    Interest income

     

    3,575

     

     

    5,728

     

    Interest expense

     

    (15

    )

     

    (3

    )

    Other income (expense), net

     

    98

     

     

    (308

    )

    Total other income, net

     

    3,658

     

     

    5,417

     

    Net loss before taxes

     

    (834

    )

     

    (17,312

    )

    Income tax provision

     

    (937

    )

     

    (1,027

    )

    Net loss

    $

    (1,771

    )

    $

    (18,339

    )

    Net loss per share

     

     

    Basic and diluted

    $

    (0.01

    )

    $

    (0.12

    )

    Weighted-average shares used in computing net loss per share

     

     

    Basic and diluted

     

    148,027,183

     

     

    156,570,426

     

    (1)

     

    Includes stock-based compensation expense as follows (in thousands):

     

    Three Months Ended March 31,

     

    2025

    2024

    Cost of revenue

    $

    1,572

    $

    1,657

    Sales and marketing

     

    5,407

     

    7,341

    Research and development

     

    4,708

     

    6,675

    General and administrative

     

    6,280

     

    7,032

    Total stock-based compensation expense

    $

    17,967

    $

    22,705

    (2)

     

    Includes amortization of intangible assets as follows (in thousands):

     

    Three Months Ended March 31,

     

    2025

    2024

    Cost of revenue

    $

    —

    $

    725

    Sales and marketing

     

    230

     

    230

    Total amortization of intangible assets

    $

    230

    $

    955

    Udemy, Inc.

    Condensed Consolidated Balance Sheets

    (in thousands)

    (unaudited)

     

     

    March 31,

    December 31,

     

    2025

    2024

    Assets

     

     

    Current assets:

     

     

    Cash and cash equivalents

    $

    189,617

     

    $

    190,592

     

    Restricted cash, current

     

    —

     

     

    100

     

    Marketable securities

     

    167,398

     

     

    163,844

     

    Accounts receivable, net

     

    111,172

     

     

    88,216

     

    Prepaid expenses and other current assets

     

    26,133

     

     

    22,735

     

    Deferred contract costs, current

     

    46,736

     

     

    40,841

     

    Total current assets

     

    541,056

     

     

    506,328

     

    Property and equipment, net

     

    6,765

     

     

    4,534

     

    Capitalized software, net

     

    30,760

     

     

    31,548

     

    Operating lease right-of-use assets

     

    10,035

     

     

    10,950

     

    Restricted cash, non-current

     

    1,115

     

     

    1,115

     

    Deferred contract costs, non-current

     

    30,192

     

     

    32,212

     

    Intangible assets, net

     

    2,198

     

     

    2,428

     

    Goodwill

     

    12,646

     

     

    12,646

     

    Other assets

     

    4,226

     

     

    3,867

     

    Total assets

    $

    638,993

     

    $

    605,628

     

    Liabilities and stockholders' equity

     

     

    Current liabilities:

     

     

    Accounts payable

    $

    4,430

     

    $

    6,311

     

    Accrued expenses and other current liabilities

     

    30,171

     

     

    31,156

     

    Content costs payable

     

    34,485

     

     

    37,607

     

    Accrued compensation and benefits

     

    22,317

     

     

    28,793

     

    Operating lease liabilities, current

     

    2,584

     

     

    2,502

     

    Deferred revenue, current

     

    326,331

     

     

    291,106

     

    Total current liabilities

     

    420,318

     

     

    397,475

     

    Operating lease liabilities, non-current

     

    7,286

     

     

    8,315

     

    Deferred revenue, non-current

     

    2,025

     

     

    2,438

     

    Other liabilities, non-current

     

    5

     

     

    6

     

    Total liabilities

     

    429,634

     

     

    408,234

     

    Stockholders' equity:

     

     

    Common stock

     

    1

     

     

    1

     

    Additional paid-in capital

     

    1,016,130

     

     

    1,002,390

     

    Accumulated other comprehensive income

     

    (15

    )

     

    (11

    )

    Accumulated deficit

     

    (806,757

    )

     

    (804,986

    )

    Total stockholders' equity

     

    209,359

     

     

    197,394

     

    Total liabilities and stockholders' equity

    $

    638,993

     

    $

    605,628

     

    Udemy, Inc.

    Condensed Consolidated Statements of Cash Flows

    (in thousands)

    (unaudited)

     

     

    Three Months Ended March 31,

     

    2025

    2024

    Cash flows from operating activities:

     

     

    Net loss

    $

    (1,771

    )

    $

    (18,339

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

    Depreciation and amortization

     

    6,205

     

     

    6,483

     

    Amortization of deferred contract costs

     

    15,620

     

     

    14,041

     

    Stock-based compensation

     

    17,967

     

     

    22,705

     

    Allowance for credit losses

     

    2,101

     

     

    743

     

    Net (accretion) amortization of marketable securities

     

    (1,287

    )

     

    (2,300

    )

    Non-cash operating lease expense

     

    915

     

     

    1,487

     

    Other

     

    350

     

     

    215

     

    Changes in operating assets and liabilities:

     

     

    Accounts receivable

     

    (25,057

    )

     

    (7,954

    )

    Prepaid expenses and other assets

     

    (4,106

    )

     

    (5,046

    )

    Deferred contract costs

     

    (19,495

    )

     

    (18,081

    )

    Accounts payable, accrued expenses and other liabilities

     

    (9,975

    )

     

    (1,145

    )

    Content costs payable

     

    (3,121

    )

     

    (4,906

    )

    Operating lease liabilities

     

    (949

    )

     

    (2,423

    )

    Deferred revenue

     

    34,813

     

     

    35,489

     

    Net cash provided by operating activities

     

    12,210

     

     

    20,969

     

    Cash flows from investing activities:

     

     

    Purchases of marketable securities

     

    (78,644

    )

     

    (89,462

    )

    Proceeds from maturities of marketable securities

     

    76,350

     

     

    89,150

     

    Purchases of property and equipment

     

    (2,381

    )

     

    (197

    )

    Capitalized software costs

     

    (2,739

    )

     

    (3,261

    )

    Net cash used in investing activities

     

    (7,414

    )

     

    (3,770

    )

    Cash flows from financing activities:

     

     

    Net proceeds from exercise of stock options

     

    41

     

     

    313

     

    Taxes paid related to net share settlement of equity awards

     

    (5,948

    )

     

    (11,634

    )

    Repurchases of common stock

     

    —

     

     

    (55,144

    )

    Net cash used in financing activities

     

    (5,907

    )

     

    (66,465

    )

     

     

     

    Effect of foreign exchange rates on cash flows

     

    36

     

     

    (50

    )

     

     

     

    Net decrease in cash, cash equivalents and restricted cash

     

    (1,075

    )

     

    (49,316

    )

    Cash, cash equivalents and restricted cash—Beginning of period

     

    191,807

     

     

    309,552

     

    Cash, cash equivalents and restricted cash—End of period

    $

    190,732

     

    $

    260,236

     

    Udemy, Inc.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (in thousands, except percentages, share and per share amounts)

    (unaudited)

     

     

    Three Months Ended March 31,

     

    2025

    2024

    Gross profit

    $

    129,443

     

    $

    120,564

     

    Stock-based compensation expense

     

    1,572

     

     

    1,657

     

    Intangible asset amortization

     

    —

     

     

    725

     

    Non-GAAP gross profit

    $

    131,015

     

    $

    122,946

     

    Gross margin (1)

     

    65

    %

     

    61

    %

    Non-GAAP gross margin (2)

     

    65

    %

     

    62

    %

    (1)

     

    We calculate gross margin as gross profit divided by revenue for the same period.

    (2)

     

    We calculate non-GAAP gross margin as non-GAAP gross profit divided by revenue for the same period.

     

    Three Months Ended March 31,

     

    2025

    2024

    Net loss

    $

    (1,771

    )

    $

    (18,339

    )

    Stock-based compensation expense

     

    17,967

     

     

    22,705

     

    Intangible asset amortization

     

    230

     

     

    955

     

    Restructuring charges

     

    1,469

     

     

    —

     

    Non-GAAP net income

    $

    17,895

     

    $

    5,321

     

     

     

     

    Weighted-average shares used in computing net loss per share, basic and diluted, and non-GAAP net income per share, basic (3)

     

    148,027,183

     

     

    156,570,426

     

    Effect of dilutive securities

     

    2,435,015

     

     

    5,510,208

     

    Weighted-average shares used in computing non-GAAP net income per share, diluted

     

    150,462,198

     

     

    162,080,634

     

     

     

     

    Net loss per share, basic and diluted

    $

    (0.01

    )

    $

    (0.12

    )

    Non-GAAP net income per share, basic

    $

    0.12

     

    $

    0.03

     

    Non-GAAP net income per share, diluted

    $

    0.12

     

    $

    0.03

     

    (3)

     

    For periods presented with a net loss, potentially dilutive securities were excluded from the computation of net loss per share, diluted, because the impact of including them would have been anti-dilutive.

     

    Three Months Ended March 31,

     

    2025

    2024

    Net loss

    $

    (1,771

    )

    $

    (18,339

    )

    Adjusted to exclude the following:

     

     

    Interest income

     

    (3,575

    )

     

    (5,728

    )

    Interest expense

     

    15

     

     

    3

     

    Income tax provision

     

    937

     

     

    1,027

     

    Depreciation and amortization

     

    6,205

     

     

    6,483

     

    Stock-based compensation expense

     

    17,967

     

     

    22,705

     

    Other income (expense), net

     

    (98

    )

     

    308

     

    Restructuring charges

     

    1,469

     

     

    —

     

    Adjusted EBITDA

    $

    21,149

     

    $

    6,459

     

    Net loss margin (4)

     

    (1

    )%

     

    (9

    )%

    Adjusted EBITDA margin (5)

     

    11

    %

     

    3

    %

    (4)

     

    We calculate net loss margin as net loss divided by revenue for the same period.

    (5)

     

    We calculate adjusted EBITDA margin as adjusted EBITDA divided by revenue for the same period.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250429847266/en/

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    Vice President, Investor Relations

    [email protected]

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    Vice President, Corporate Communications

    [email protected]

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