$UDMY
Udemy, Inc.

2023 Q3 Form 10-Q Financial Statement

#000160793923000148 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $184.7M $178.2M
YoY Change 16.59% 16.41%
Cost Of Revenue $77.26M $75.94M
YoY Change 11.85% 15.39%
Gross Profit $107.5M $102.3M
YoY Change 20.26% 17.18%
Gross Profit Margin 58.17% 57.4%
Selling, General & Admin $98.65M $99.65M
YoY Change -5.64% 8.48%
% of Gross Profit 91.8% 97.41%
Research & Development $30.31M $29.64M
YoY Change 8.0% 23.67%
% of Gross Profit 28.2% 28.97%
Depreciation & Amortization $700.0K $6.100M
YoY Change -36.36% 454.55%
% of Gross Profit 0.65% 5.96%
Operating Expenses $129.0M $129.6M
YoY Change -2.75% 11.92%
Operating Profit -$21.50M -$27.33M
YoY Change -50.3% -4.21%
Interest Expense $124.0K $4.944M
YoY Change -79.05% 3792.91%
% of Operating Profit
Other Income/Expense, Net $5.540M -$2.161M
YoY Change -289.01% 296.51%
Pretax Income -$15.96M -$24.68M
YoY Change -65.45% -15.11%
Income Tax $811.0K $1.056M
% Of Pretax Income
Net Earnings -$16.77M -$25.74M
YoY Change -64.09% -12.41%
Net Earnings / Revenue -9.08% -14.44%
Basic Earnings Per Share -$0.11 -$0.17
Diluted Earnings Per Share -$0.11 -$0.17
COMMON SHARES
Basic Shares Outstanding 150.4M shares 146.8M shares
Diluted Shares Outstanding 151.3M shares 148.1M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $479.4M $465.5M
YoY Change -2.95% -9.11%
Cash & Equivalents $328.0M $323.2M
Short-Term Investments $151.5M $142.3M
Other Short-Term Assets $59.50M $52.83M
YoY Change 2237.0% 2238.78%
Inventory
Prepaid Expenses
Receivables $82.86M $87.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $621.7M $605.3M
YoY Change 2.19% -2.71%
LONG-TERM ASSETS
Property, Plant & Equipment $4.984M $14.11M
YoY Change -36.23% 70.23%
Goodwill $12.65M $12.65M
YoY Change 0.0% 0.0%
Intangibles $6.177M $7.197M
YoY Change -40.59% -37.22%
Long-Term Investments $10.30M $10.31M
YoY Change -14.9% -31.26%
Other Assets $3.730M $42.19M
YoY Change -0.82% 1054.39%
Total Long-Term Assets $114.8M $116.8M
YoY Change -5.91% -5.63%
TOTAL ASSETS
Total Short-Term Assets $621.7M $605.3M
Total Long-Term Assets $114.8M $116.8M
Total Assets $736.5M $722.1M
YoY Change 0.84% -3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.663M $5.314M
YoY Change -66.81% -69.33%
Accrued Expenses $17.46M $42.05M
YoY Change 124.72% 547.48%
Deferred Revenue $279.6M $285.3M
YoY Change 17.57% 18.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $386.5M $383.5M
YoY Change 7.87% 8.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.00K $5.491M
YoY Change -99.43% 24.26%
Total Long-Term Liabilities $26.00K $5.491M
YoY Change -99.43% 24.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $386.5M $383.5M
Total Long-Term Liabilities $26.00K $5.491M
Total Liabilities $390.7M $389.0M
YoY Change 4.49% 4.85%
SHAREHOLDERS EQUITY
Retained Earnings -$699.5M -$682.7M
YoY Change 24.85% 32.93%
Common Stock $2.000K $1.000K
YoY Change 100.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $345.8M $333.1M
YoY Change
Total Liabilities & Shareholders Equity $736.5M $722.1M
YoY Change 0.84% -3.2%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$16.77M -$25.74M
YoY Change -64.09% -12.41%
Depreciation, Depletion And Amortization $700.0K $6.100M
YoY Change -36.36% 454.55%
Cash From Operating Activities $11.66M $13.49M
YoY Change -184.27% -648.41%
INVESTING ACTIVITIES
Capital Expenditures $3.130M $3.272M
YoY Change -166.5% -180.49%
Acquisitions
YoY Change
Other Investing Activities -$7.270M $28.99M
YoY Change -89.25%
Cash From Investing Activities -$10.39M $25.72M
YoY Change -85.64% -732.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.560M 8.287M
YoY Change 82.19% 7.12%
NET CHANGE
Cash From Operating Activities 11.66M 13.49M
Cash From Investing Activities -10.39M 25.72M
Cash From Financing Activities 3.560M 8.287M
Net Change In Cash 4.830M 47.50M
YoY Change -105.74% 3822.46%
FREE CASH FLOW
Cash From Operating Activities $11.66M $13.49M
Capital Expenditures $3.130M $3.272M
Free Cash Flow $8.530M $10.22M
YoY Change -193.43% 536.7%

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<div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods.</span></div><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for credit losses, capitalization of internally developed software and ass</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ociated useful lives, stock-based compensation, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated instructor withholding tax obligations, estimated service period for consumer single course purchases, the period of benefit for deferred commissions, t</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he fair value and associated useful lives of intangible assets and goodwill acquired via business combinations, and the valuation of privately-held strategic investments, including impairments. Management periodically evaluates such estimates and assumptions for continued reasonableness.</span></div><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Actual results may ultimately differ from management’s estimates and such differences could be material to the Company’s financial position and results of operations.</span></div>
us-gaap Concentration Risk Credit Risk
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CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
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