Udemy(NASDAQ:UDMY) 
Udemy, Inc. is an American massive open online course provider aimed at professional adults and students. It was founded in May 2010 by Eren Bali, Gagan Biyani, and Oktay Caglar.
Website: http://www.udemy.com
Founded: 2009
IPO Price: $29.00 (Oct 29, 2021)
Founder: Eren Bali
Co-Founder: Gagan Biyani
CEO: Gregg Coccari
Sector: Consumer Defensive
Industry: Education & Training Services
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At a glance:
- Leading Online Learning Marketplace: Udemy operates a large-scale platform offering courses across technology, business, and personal development, connecting instructors with learners globally.
- Dual-Segment Model: Consumer and Business: The company serves individual learners through its marketplace and enterprises through Udemy Business, which provides curated content and learning solutions for organizations.
- Subscription and Course-Purchase Monetization: Revenue is generated via course sales and subscriptions, with Udemy Business typically providing more predictable, recurring revenue compared to one-off consumer purchases.
- Content Supply Driven by Instructors: Udemy’s catalog is primarily created by third-party instructors, enabling breadth of content while requiring strong quality controls, discovery, and platform trust.
- Competitive and Price-Sensitive Market: Udemy competes with other online education providers and corporate training platforms, with demand influenced by pricing, credential value, and perceived course quality.
Bull Thesis:
- Strong Growth in Udemy Business (B2B Segment): The Udemy Business segment, which provides curated learning solutions to enterprises, is experiencing robust growth. This B2B offering typically yields higher margins and more stable, recurring revenue compared to the consumer marketplace, indicating a promising path to profitability and enterprise value.
- Expanding Global Reach and Market Penetration: Udemy's platform is highly localized and accessible worldwide, offering courses in numerous languages. This broad international presence allows it to tap into diverse global markets and cater to a vast audience seeking upskilling and professional development, expanding its total addressable market.
- Scalable Marketplace Model for Content Creation: The user-generated content (UGC) marketplace model enables rapid and cost-effective expansion of course offerings across a vast array of subjects. By leveraging a global network of instructors, Udemy can quickly adapt to new skill demands and expand its content library without significant in-house R&D costs.
- Persistent Demand for Online Upskilling and Reskilling: The accelerating pace of technological change, evolving job markets, and the need for continuous professional development continue to fuel strong demand for accessible, flexible online learning platforms. Udemy is well-positioned to capitalize on this long-term trend for both individual learners and corporate clients.
Bear Thesis:
- Intense Competition and Market Saturation: The online learning sector is highly fragmented and intensely competitive, with numerous players such as Coursera, LinkedIn Learning, edX, specialized bootcamps, and even YouTube vying for market share. This competition can lead to pricing pressures, increased marketing spend, and challenges in customer acquisition and retention.
- Challenges with Content Quality and Discovery: While the marketplace model offers volume, it can lead to inconsistent course quality and an overwhelming number of similar courses. This saturation can make it difficult for users to find high-value content, potentially impacting user satisfaction, course completion rates, and overall platform stickiness.
- Continued Negative Free Cash Flow and Profitability Concerns: Despite revenue growth, Udemy has struggled to achieve consistent profitability and positive free cash flow. This raises questions about its operational efficiency, cost structure, and long-term financial sustainability, particularly in a competitive market requiring ongoing investment in technology and marketing.
- Reliance on Discounting in Consumer Marketplace: The consumer-facing marketplace heavily relies on frequent and deep discounts to attract and retain users. While effective for driving sales volume, this strategy can depress average selling prices, erode gross margins, and potentially devalue the perceived worth of courses, making it harder to charge full price.
Main Competitors:
- Coursera ($COUR) (Online courses, specializations, professional certificates, degrees), Directly competes with Udemy by offering a vast catalog of online courses, often from accredited universities and companies. It focuses on higher education, professional development, and even full degrees, often with a more structured and credential-focused approach than Udemy's marketplace model.
- LinkedIn Learning (Microsoft) ($MSFT) (Online courses for professional development), Leverages its professional network to offer courses primarily focused on business, technology, and creative skills. It competes by integrating learning directly into a professional's career path, often bundled with LinkedIn Premium subscriptions, and providing courses taught by industry experts with a strong emphasis on career advancement.
- Skillshare (Online classes for creative and professional skills), Competes by focusing on a subscription-based model for creative skills (e.g., design, illustration, photography, writing) and project-based learning. While Udemy has creative courses, Skillshare's community and project-centric approach offer a distinct alternative, particularly for those seeking hands-on application and a more curated creative learning environment.
- Pluralsight (Online technology skills development platform), Specializes in technology and IT skills training, offering a deep catalog of courses, skill assessments, and learning paths for software development, IT operations, cybersecurity, and data science. It competes with Udemy's tech course offerings by providing a more structured, enterprise-grade learning experience often favored by businesses for upskilling their workforce.
Moat:
Udemy's primary competitive advantage (moat) stems from its vast, user-generated content marketplace model, which allows for an unparalleled breadth and depth of courses across virtually any topic. This democratized approach to learning, coupled with frequent sales and global accessibility, makes education highly affordable and accessible to a diverse student base worldwide. However, Udemy operates in a highly competitive online learning landscape. It faces direct competition from platforms like Coursera and edX, which offer more structured, often university-backed, and credential-focused learning experiences. LinkedIn Learning competes by integrating professional development directly into a career network, while specialized platforms like Skillshare (creative skills) and Pluralsight (tech skills) offer deeper, often subscription-based, expertise in their respective niches. The challenge for Udemy is to maintain content quality and relevance amidst this diverse competition, while its strength remains its ability to rapidly onboard new instructors and topics, catering to a wide spectrum of learning needs from casual interest to professional upskilling.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 191,407,000 | 193,985,000 | 195,680,000 | 199,879,000 | 200,300,000 | 199,942,000 | 195,417,000 | 194,360,000 | 196,846,000 | 189,545,000 | 184,722,000 | 178,240,000 | 176,430,000 | 165,330,000 | 158,432,000 | 153,112,000 | 152,223,000 | 135,451,000 | 129,563,000 |
yoy | -4.44% | -2.98% | 0.13% | 2.84% | 1.75% | 5.49% | 5.79% | 9.04% | 11.57% | 14.65% | 16.59% | 16.41% | 15.90% | 22.06% | 22.28% | ||||
qoq | -1.33% | -0.87% | -2.10% | -0.21% | 0.18% | 2.32% | 0.54% | -1.26% | 3.85% | 2.61% | 3.64% | 1.03% | 6.71% | 4.35% | 3.47% | 0.58% | 12.38% | 4.54% | |
cost of revenue | 62,140,000 | 65,939,000 | 66,812,000 | 67,830,000 | 70,857,000 | 72,737,000 | 72,362,000 | 73,244,000 | 76,282,000 | 79,695,000 | 77,264,000 | 75,938,000 | 76,701,000 | 73,990,000 | 69,080,000 | 65,812,000 | 66,438,000 | 64,122,000 | 57,986,000 |
gross profit | 129,267,000 | 128,046,000 | 128,868,000 | 132,049,000 | 129,443,000 | 127,205,000 | 123,055,000 | 121,116,000 | 120,564,000 | 109,850,000 | 107,458,000 | 102,302,000 | 99,729,000 | 91,340,000 | 89,352,000 | 87,300,000 | 85,785,000 | 71,329,000 | 71,577,000 |
yoy | -0.14% | 0.66% | 4.72% | 9.03% | 7.36% | 15.80% | 14.51% | 18.39% | 20.89% | 20.26% | 20.26% | 17.18% | 16.25% | 28.05% | 24.83% | ||||
qoq | 0.95% | -0.64% | -2.41% | 2.01% | 1.76% | 3.37% | 1.60% | 0.46% | 9.75% | 2.23% | 5.04% | 2.58% | 9.18% | 2.22% | 2.35% | 1.77% | 20.27% | -0.35% | |
gross margin % | 67.54% | 66.01% | 65.86% | 66.06% | 64.62% | 63.62% | 62.97% | 62.32% | 61.25% | 57.95% | 58.17% | 57.40% | 56.53% | 55.25% | 56.40% | 57.02% | 56.35% | 52.66% | 55.24% |
operating expenses | |||||||||||||||||||
sales and marketing | 89,606,000 | 82,619,000 | 81,512,000 | 79,820,000 | 82,500,000 | 82,658,000 | 85,997,000 | 86,990,000 | 87,301,000 | 83,218,000 | 76,492,000 | 77,371,000 | 79,657,000 | 88,558,000 | 77,490,000 | 68,421,000 | 66,878,000 | 70,624,000 | 52,258,000 |
research and development | 26,793,000 | 24,613,000 | 25,581,000 | 26,361,000 | 24,958,000 | 28,831,000 | 32,976,000 | 32,408,000 | 31,223,000 | 29,506,000 | 30,307,000 | 29,635,000 | 30,887,000 | 29,961,000 | 28,062,000 | 23,963,000 | 22,570,000 | 19,209,000 | 16,703,000 |
general and administrative | 25,394,000 | 24,244,000 | 21,937,000 | 21,831,000 | 25,008,000 | 21,900,000 | 22,266,000 | 27,264,000 | 24,769,000 | 22,786,000 | 22,155,000 | 22,623,000 | 26,334,000 | 26,917,000 | 27,051,000 | 23,443,000 | 21,653,000 | 22,441,000 | 12,166,000 |
restructuring charges | 109,000 | 1,469,000 | 5,410,000 | 11,275,000 | 135,000 | 10,128,000 | |||||||||||||
total operating expenses | 141,793,000 | 131,476,000 | 129,030,000 | 128,121,000 | 133,935,000 | 138,799,000 | 152,514,000 | 146,662,000 | 143,293,000 | 135,510,000 | 128,954,000 | 129,764,000 | 147,006,000 | 145,436,000 | 132,603,000 | 115,827,000 | 111,101,000 | 112,274,000 | 81,127,000 |
income from operations | -12,526,000 | -3,430,000 | -162,000 | 3,928,000 | -4,492,000 | -11,594,000 | -29,459,000 | -25,546,000 | -22,729,000 | -25,660,000 | -21,496,000 | -27,462,000 | -47,277,000 | -54,096,000 | -43,251,000 | -28,527,000 | -25,316,000 | -40,945,000 | -9,550,000 |
yoy | 178.85% | -70.42% | -99.45% | -115.38% | -80.24% | -54.82% | 37.04% | -6.98% | -51.92% | -52.57% | -50.30% | -3.73% | 86.75% | 32.12% | 352.89% | ||||
qoq | 265.19% | 2017.28% | -104.12% | -187.44% | -61.26% | -60.64% | 15.32% | 12.39% | -11.42% | 19.37% | -21.72% | -41.91% | -12.61% | 25.07% | 51.61% | 12.68% | -38.17% | 328.74% | |
operating margin % | -6.54% | -1.77% | -0.08% | 1.97% | -2.24% | -5.80% | -15.07% | -13.14% | -11.55% | -13.54% | -11.64% | -15.41% | -26.80% | -32.72% | -27.30% | -18.63% | -16.63% | -30.23% | -7.37% |
other income | -622,000 | -73,000 | 98,000 | -2,769,250 | -185,000 | -545,250 | 122,000 | -206,000 | -196,000 | ||||||||||
interest income | 2,827,000 | 3,186,000 | 3,784,000 | 3,663,000 | 3,575,000 | 4,011,000 | 4,732,000 | 5,195,000 | 5,728,000 | 5,912,000 | 5,542,000 | 4,944,000 | 3,932,000 | 3,335,000 | 592,000 | 127,000 | 243,000 | ||
interest expense | -240,000 | -249,000 | -350,000 | -120,000 | -15,000 | -45,000 | 504,000 | -77,000 | -3,000 | -54,000 | -124,000 | -113,000 | -61,000 | ||||||
total other income | 1,965,000 | 2,454,000 | 2,911,000 | 3,470,000 | 3,658,000 | 3,388,000 | 5,051,000 | -5,466,000 | 5,417,000 | 6,141,000 | 5,540,000 | 2,783,000 | 3,790,000 | ||||||
net loss before taxes | -10,561,000 | -834,000 | -8,206,000 | -24,408,000 | -31,012,000 | -17,312,000 | -19,519,000 | -15,956,000 | -24,679,000 | -43,487,000 | -51,018,000 | -46,182,000 | -29,072,000 | -25,317,000 | |||||
income tax provision | 2,053,000 | 1,353,000 | 1,107,000 | 1,133,000 | -937,000 | -1,658,000 | -863,000 | -802,000 | -1,027,000 | -729,000 | -811,000 | -1,056,000 | -1,057,000 | -308,000 | -332,000 | ||||
net income | -12,614,000 | -2,329,000 | 1,642,000 | 6,265,000 | -1,771,000 | -9,864,000 | -25,271,000 | -31,814,000 | -18,339,000 | -21,761,500 | -16,767,000 | -25,735,000 | -44,544,000 | ||||||
yoy | 612.25% | -76.39% | -106.50% | -119.69% | -90.34% | -54.67% | 50.72% | 23.62% | -58.83% | ||||||||||
qoq | 441.61% | -241.84% | -73.79% | -453.75% | -82.05% | -60.97% | -20.57% | 73.48% | -15.73% | 29.79% | -34.85% | -42.23% | |||||||
net income margin % | -6.59% | -1.20% | 0.84% | 3.13% | -0.88% | -4.93% | -12.93% | -16.37% | -9.32% | -11.48% | -9.08% | -14.44% | -25.25% | 0% | 0% | 0% | 0% | 0% | 0% |
net income per share | |||||||||||||||||||
basic and diluted | -0.09 | -0.01 | -0.07 | -0.17 | -0.21 | -0.12 | -0.12 | -0.11 | -0.17 | -0.31 | -0.36 | -0.33 | -0.21 | -0.18 | |||||
weighted-average shares used for eps calculation | |||||||||||||||||||
basic and diluted | 145,236,191 | 148,027,183 | 151,320,497 | 149,179,826 | 152,987,927 | 156,570,426 | 150,098,776 | 151,307,963 | 148,071,315 | 145,737,709 | 140,873,504 | 140,951,605 | 140,035,203 | 139,405,294 | 54,972,827 | ||||
other expense | -483,000 | -523,000 | -10,584,000 | -308,000 | -2,161,000 | -142,000 | -1,109,750 | -3,523,000 | -672,000 | -244,000 | |||||||||
net income before taxes | -976,000 | 2,749,000 | 7,398,000 | -9,532,000 | -9,807,000 | ||||||||||||||
net income per share | |||||||||||||||||||
basic | -0.01 | 0.01 | 0.04 | -0.26 | -0.25 | ||||||||||||||
diluted | -0.01 | 0.01 | 0.04 | -0.26 | -0.25 | ||||||||||||||
weighted-average shares used for eps calculation | |||||||||||||||||||
basic | 148,205,408 | 149,917,275 | 149,246,828 | 37,740,586 | |||||||||||||||
diluted | 150,005,398 | 151,996,844 | 150,492,003 | 37,740,586 | |||||||||||||||
total other expense | 3,078,000 | -2,931,000 | -545,000 | -1,000 | 230,000 | -257,000 | |||||||||||||
income tax benefit | -287,750 | -511,000 | -128,500 | 545,000 | |||||||||||||||
net loss attributable to common stockholders | -52,153,000 | -46,693,000 | -29,380,000 | -25,649,000 | |||||||||||||||
net income attributable to common stockholders | -9,660,500 | -9,262,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
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assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 252,563,000 | 231,485,000 | 235,929,000 | 230,258,000 | 189,617,000 | 190,592,000 | 204,563,000 | 272,364,000 | 256,807,000 | 305,564,000 | 327,974,000 | 323,227,000 | 275,633,000 | 313,685,000 | 427,914,000 | 512,166,000 | 510,965,000 | 533,868,000 | 130,178,000 |
restricted cash, current | 101,000 | 201,000 | 203,000 | 203,000 | 100,000 | 100,000 | 100,000 | 3,329,000 | 3,329,000 | 100,000 | |||||||||
marketable securities | 105,256,000 | 127,259,000 | 135,292,000 | 161,718,000 | 167,398,000 | 163,844,000 | 152,546,000 | 148,559,000 | 173,883,000 | 171,372,000 | 151,466,000 | 142,287,000 | 169,613,000 | 151,687,000 | 66,052,000 | ||||
accounts receivable | 97,139,000 | 95,891,000 | 76,560,000 | 84,441,000 | 111,172,000 | 88,216,000 | 81,164,000 | 82,078,000 | 99,765,000 | 92,555,000 | 82,857,000 | 86,995,000 | 96,423,000 | 104,530,000 | 71,580,000 | 69,306,000 | 67,699,000 | 73,180,000 | 40,655,000 |
prepaid expenses and other current assets | 30,527,000 | 25,469,000 | 28,587,000 | 22,919,000 | 26,133,000 | 22,735,000 | 24,778,000 | 19,922,000 | 25,610,000 | 20,924,000 | 18,364,000 | 14,155,000 | 17,418,000 | 14,878,000 | 13,478,000 | 13,893,000 | 15,279,000 | 15,927,000 | 17,678,000 |
deferred contract costs, current | 48,046,000 | 43,908,000 | 47,567,000 | 47,957,000 | 46,736,000 | 40,841,000 | 44,861,000 | 44,881,000 | 44,032,000 | 38,584,000 | 40,953,000 | 38,678,000 | 35,929,000 | 30,234,000 | 29,373,000 | 26,858,000 | 23,074,000 | 18,898,000 | 17,438,000 |
total current assets | 533,632,000 | 524,213,000 | 524,138,000 | 547,496,000 | 541,056,000 | 506,328,000 | 508,012,000 | 567,904,000 | 603,426,000 | 632,328,000 | 621,714,000 | 605,342,000 | 595,016,000 | 615,014,000 | 608,397,000 | 622,223,000 | 617,017,000 | 641,873,000 | 205,949,000 |
property and equipment | 6,395,000 | 6,694,000 | 6,976,000 | 7,186,000 | 6,765,000 | 4,534,000 | 3,320,000 | 3,842,000 | 4,068,000 | 4,439,000 | 4,984,000 | 5,485,000 | 6,206,000 | 7,012,000 | 7,816,000 | 8,286,000 | 8,937,000 | 9,887,000 | 10,590,000 |
capitalized software | 28,773,000 | 28,964,000 | 29,122,000 | 29,490,000 | 30,760,000 | 31,548,000 | 33,275,000 | 32,883,000 | 32,096,000 | 31,388,000 | 30,924,000 | 30,350,000 | 29,045,000 | 27,412,000 | 25,887,000 | 23,517,000 | 21,693,000 | 20,054,000 | 18,544,000 |
operating lease right-of-use assets | 8,697,000 | 9,040,000 | 10,117,000 | 9,104,000 | 10,035,000 | 10,950,000 | 11,833,000 | 12,742,000 | 4,205,000 | 5,691,000 | 7,164,000 | 8,620,000 | 9,849,000 | 11,377,000 | 12,939,000 | 14,466,000 | 15,994,000 | ||
restricted cash, non-current | 904,000 | 183,000 | 912,000 | 912,000 | 1,115,000 | 1,115,000 | 1,115,000 | 1,115,000 | 100,000 | 659,000 | 3,429,000 | 3,529,000 | 3,629,000 | 3,629,000 | 3,629,000 | 3,629,000 | 3,629,000 | 2,900,000 | 2,900,000 |
deferred contract costs, non-current | 27,089,000 | 28,010,000 | 26,636,000 | 28,476,000 | 30,192,000 | 32,212,000 | 32,276,000 | 33,585,000 | 34,382,000 | 35,790,000 | 35,415,000 | 35,174,000 | 36,510,000 | 35,411,000 | 32,817,000 | 31,103,000 | 27,927,000 | 25,647,000 | 21,859,000 |
intangible assets | 2,031,000 | 2,448,000 | 2,865,000 | 3,281,000 | 2,198,000 | 2,428,000 | 2,656,000 | 3,314,000 | 4,268,000 | 5,223,000 | 6,177,000 | 7,197,000 | 8,264,000 | 9,331,000 | 10,397,000 | 11,464,000 | 12,531,000 | 13,597,000 | 14,710,000 |
goodwill | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 | 12,646,000 |
strategic investments | 8,500,000 | 10,311,000 | 10,311,000 | 10,311,000 | 10,311,000 | 12,104,000 | 12,104,000 | 12,104,000 | 15,000,000 | 15,000,000 | 10,000,000 | ||||||||
other assets | 5,920,000 | 5,500,000 | 5,492,000 | 5,365,000 | 4,226,000 | 3,867,000 | 3,772,000 | 3,908,000 | 2,952,000 | 2,721,000 | 3,730,000 | 3,490,000 | 3,631,000 | 3,632,000 | 3,761,000 | 3,655,000 | 3,516,000 | 3,247,000 | 2,757,000 |
total assets | 634,587,000 | 617,698,000 | 618,904,000 | 643,956,000 | 638,993,000 | 605,628,000 | 608,905,000 | 671,939,000 | 708,454,000 | 741,196,000 | 736,494,000 | 722,144,000 | 716,900,000 | 737,568,000 | 730,393,000 | 745,989,000 | 738,890,000 | 739,851,000 | 289,955,000 |
liabilities and stockholders' equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 12,887,000 | 8,198,000 | 6,534,000 | 7,408,000 | 4,430,000 | 6,311,000 | 4,273,000 | 3,670,000 | 3,078,000 | 2,506,000 | 5,663,000 | 5,314,000 | 10,792,000 | 14,529,000 | 17,060,000 | 17,324,000 | 16,275,000 | 34,627,000 | 26,220,000 |
accrued expenses and other current liabilities | 49,344,000 | 32,126,000 | 26,190,000 | 27,585,000 | 30,171,000 | 31,156,000 | 25,459,000 | 34,830,000 | 30,540,000 | 27,778,000 | 31,040,000 | 27,166,000 | 26,420,000 | 31,247,000 | 36,777,000 | 33,720,000 | 35,697,000 | 40,140,000 | 39,660,000 |
content costs payable | 28,214,000 | 33,175,000 | 32,275,000 | 33,167,000 | 34,485,000 | 37,607,000 | 36,299,000 | 35,650,000 | 35,372,000 | 40,277,000 | 37,816,000 | 37,105,000 | 35,019,000 | 37,310,000 | 34,437,000 | 33,310,000 | 31,606,000 | 35,961,000 | 30,582,000 |
accrued compensation and benefits | 20,982,000 | 27,958,000 | 22,953,000 | 20,356,000 | 22,317,000 | 28,793,000 | 32,179,000 | 20,213,000 | 20,151,000 | 24,332,000 | 25,313,000 | 21,520,000 | 27,335,000 | 22,882,000 | 25,111,000 | 21,745,000 | 20,909,000 | 22,341,000 | 14,633,000 |
operating lease liabilities, current | 4,870,000 | 4,541,000 | 5,298,000 | 2,933,000 | 2,584,000 | 2,502,000 | 4,689,000 | 4,711,000 | 3,581,000 | 5,825,000 | 6,974,000 | 7,081,000 | 6,910,000 | 7,002,000 | 7,008,000 | 7,144,000 | 7,410,000 | ||
deferred revenue, current | 299,857,000 | 294,071,000 | 295,926,000 | 311,223,000 | 326,331,000 | 291,106,000 | 299,955,000 | 309,769,000 | 315,563,000 | 279,414,000 | 279,646,000 | 285,346,000 | 276,050,000 | 273,937,000 | 237,852,000 | 240,630,000 | 227,701,000 | ||
total current liabilities | 416,154,000 | 400,069,000 | 389,176,000 | 402,672,000 | 420,318,000 | 397,475,000 | 402,854,000 | 408,843,000 | 408,285,000 | 380,132,000 | 386,452,000 | 383,532,000 | 382,526,000 | 386,907,000 | 358,245,000 | 353,873,000 | 339,598,000 | 341,343,000 | 276,953,000 |
operating lease liabilities, non-current | 4,851,000 | 5,686,000 | 6,670,000 | 6,286,000 | 7,286,000 | 8,315,000 | 7,424,000 | 8,370,000 | 945,000 | 1,124,000 | 1,657,000 | 3,282,000 | 4,920,000 | 6,545,000 | 8,014,000 | 9,729,000 | 11,458,000 | ||
deferred revenue, non-current | 1,136,000 | 1,248,000 | 1,240,000 | 1,635,000 | 2,025,000 | 2,438,000 | 2,364,000 | 2,457,000 | 2,340,000 | 3,000,000 | 2,520,000 | 2,179,000 | 4,348,000 | 4,342,000 | 3,096,000 | 3,022,000 | 2,817,000 | 2,280,000 | 1,362,000 |
other liabilities, non-current | 268,000 | 234,000 | 5,000 | 5,000 | 5,000 | 6,000 | 6,000 | 15,000 | 390,000 | 48,000 | 26,000 | 30,000 | 21,000 | 464,000 | 4,522,000 | 4,419,000 | 4,509,000 | 6,528,000 | 4,181,000 |
total liabilities | 422,409,000 | 407,237,000 | 397,091,000 | 410,598,000 | 429,634,000 | 408,234,000 | 412,648,000 | 419,685,000 | 411,960,000 | 384,304,000 | 390,655,000 | 389,023,000 | 391,815,000 | 398,258,000 | 373,877,000 | 371,043,000 | 358,382,000 | 350,151,000 | 282,496,000 |
note 8 – commitments and contingencies | |||||||||||||||||||
stockholders' equity: | |||||||||||||||||||
common stock | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
additional paid-in capital | 1,025,943,000 | 1,011,477,000 | 1,020,518,000 | 1,033,803,000 | 1,016,130,000 | 1,002,390,000 | 991,176,000 | 1,022,147,000 | 1,034,603,000 | 1,076,508,000 | 1,045,349,000 | 1,015,851,000 | 982,128,000 | 951,946,000 | 917,031,000 | 888,522,000 | 864,676,000 | 848,229,000 | 150,337,000 |
accumulated other comprehensive income | 27,000 | 162,000 | 144,000 | 46,000 | -11,000 | 202,000 | -44,000 | -74,000 | 80,000 | 9,000 | |||||||||
accumulated deficit | -813,793,000 | -801,179,000 | -798,850,000 | -800,492,000 | -806,757,000 | -804,986,000 | -795,122,000 | -769,851,000 | -738,037,000 | -719,698,000 | -699,450,000 | -682,683,000 | -656,948,000 | -612,404,000 | -560,251,000 | -513,558,000 | -484,178,000 | -458,529,000 | -417,145,000 |
total stockholders’ equity | 212,178,000 | 210,461,000 | 221,813,000 | 233,358,000 | 209,359,000 | 197,394,000 | 196,257,000 | 252,254,000 | 296,494,000 | 356,892,000 | 345,839,000 | 333,121,000 | 325,085,000 | 339,310,000 | 356,516,000 | 374,946,000 | 380,508,000 | 389,700,000 | |
total liabilities and stockholders' equity | 634,587,000 | 617,698,000 | 618,904,000 | 643,956,000 | 638,993,000 | 605,628,000 | 608,905,000 | 671,939,000 | 708,454,000 | 741,196,000 | 736,494,000 | 722,144,000 | 716,900,000 | 737,568,000 | 730,393,000 | 745,989,000 | 738,890,000 | ||
note 7 – commitments and contingencies | |||||||||||||||||||
accumulated other comprehensive loss | -15,000 | -62,000 | -48,000 | -96,000 | -233,000 | -265,000 | -19,000 | -1,000 | |||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of december 31, 2023, and december 31, 2022. | |||||||||||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of september 30, 2023, and december 31, 2022. | |||||||||||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of june 30, 2023, and december 31, 2022. | |||||||||||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of march 31, 2023, and december 31, 2022. | |||||||||||||||||||
note 10 – commitments and contingencies | |||||||||||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of december 31, 2022, and december 31, 2021. | |||||||||||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of september 30, 2022, and december 31, 2021. | |||||||||||||||||||
preferred stock, 0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of june 30, 2022, and december 31, 2021. | |||||||||||||||||||
commitments and contingencies | |||||||||||||||||||
preferred stock, 0.00001 par value- 50,000,000 shares authorized; zero shares issued and outstanding as of march 31, 2022 and december 31, 2021. | |||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders' equity | |||||||||||||||||||
deferred revenue | 208,274,000 | 165,858,000 | |||||||||||||||||
redeemable convertible preferred stock | 274,267,000 | ||||||||||||||||||
stockholders' equity | |||||||||||||||||||
preferred stock, 0.00001 par value- 50,000,000 and zero shares authorized; zero shares issued and outstanding as of december 31, 2021 and december 31, 2020, respectively. | |||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders' equity | 739,851,000 | ||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders' deficit | |||||||||||||||||||
stockholders' deficit: | |||||||||||||||||||
total stockholders’ deficit | -266,808,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders' deficit | 289,955,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||
net loss | -12,614,000 | -1,771,000 | -9,864,000 | -25,271,000 | -31,814,000 | -18,339,000 | -16,767,000 | -25,735,000 | -44,544,000 | -52,153,000 | -46,693,000 | -29,380,000 | -25,649,000 | -41,384,000 | ||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 6,364,000 | 6,074,000 | 6,139,000 | 6,941,000 | 6,205,000 | 5,906,000 | 6,340,000 | 6,692,000 | 6,483,000 | 6,519,000 | 6,183,000 | 6,100,000 | 5,786,000 | 5,600,000 | 5,416,000 | 5,233,000 | 4,967,000 | 4,897,000 |
amortization of deferred contract costs | 17,375,000 | 17,148,000 | 16,780,000 | 15,992,000 | 15,620,000 | 15,791,000 | 15,221,000 | 14,601,000 | 14,041,000 | 13,679,000 | ||||||||
stock-based compensation | 16,368,000 | 15,073,000 | 18,294,000 | 17,420,000 | 17,967,000 | 19,758,000 | 23,242,000 | 24,317,000 | 22,705,000 | 23,118,000 | 23,484,000 | 23,161,000 | 26,283,000 | 28,250,000 | 24,969,000 | 14,732,000 | 13,342,000 | 10,976,000 |
allowance for credit losses | 475,000 | 528,000 | 444,000 | 290,000 | 2,101,000 | 523,000 | 283,000 | 0 | 743,000 | 353,000 | 298,000 | 710,000 | 301,000 | |||||
net amortization of marketable securities | 83,000 | -510,000 | -543,000 | -847,000 | -1,287,000 | |||||||||||||
non-cash operating lease expense | 1,138,000 | 1,077,000 | 854,000 | 931,000 | 915,000 | 883,000 | 909,000 | 1,245,000 | 1,487,000 | 1,388,000 | 1,456,000 | 1,440,000 | 1,572,000 | 1,562,000 | 1,542,000 | 1,528,000 | 1,573,000 | |
unrealized gain on strategic investments | -500,000 | |||||||||||||||||
other | 552,000 | 513,000 | 423,000 | 273,000 | 350,000 | 1,232,000 | 817,000 | 287,000 | 215,000 | 247,000 | 298,000 | 258,000 | 375,000 | 230,000 | 208,000 | 177,000 | 75,000 | |
changes in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | -1,702,000 | -19,866,000 | 7,437,000 | 26,441,000 | -25,057,000 | -7,575,000 | 632,000 | 17,686,000 | -7,954,000 | -10,050,000 | 3,839,000 | 8,719,000 | 7,805,000 | -33,441,000 | -2,224,000 | -2,015,000 | 5,371,000 | |
prepaid expenses and other assets | -5,094,000 | 2,763,000 | -6,392,000 | 3,693,000 | -4,106,000 | 920,000 | -4,963,000 | 4,501,000 | -5,046,000 | -2,203,000 | -4,133,000 | 2,939,000 | -2,434,000 | -1,379,000 | 132,000 | 1,045,000 | 198,000 | |
deferred contract costs | -20,592,000 | -14,863,000 | -14,550,000 | -15,497,000 | -19,495,000 | -11,707,000 | -13,892,000 | -14,653,000 | -18,081,000 | -11,685,000 | -15,169,000 | -12,734,000 | -17,302,000 | -13,176,000 | -12,822,000 | -14,343,000 | -13,038,000 | -11,053,000 |
accounts payable, accrued expenses and other liabilities | 14,197,000 | 12,590,000 | 909,000 | -221,000 | -9,975,000 | 4,088,000 | 3,025,000 | 4,082,000 | -1,145,000 | -7,327,000 | 7,797,000 | -10,400,000 | -4,499,000 | -14,363,000 | 7,777,000 | -70,000 | -21,964,000 | 20,727,000 |
content costs payable | -4,961,000 | 900,000 | -893,000 | -1,318,000 | -3,121,000 | 1,307,000 | 649,000 | 279,000 | -4,906,000 | 2,462,000 | 711,000 | 2,086,000 | -2,292,000 | 2,874,000 | 1,127,000 | 1,703,000 | -4,355,000 | 5,378,000 |
operating lease liabilities | -1,305,000 | -1,741,000 | 880,000 | -662,000 | -949,000 | -1,254,000 | -984,000 | -1,116,000 | -2,423,000 | -1,600,000 | -1,732,000 | -1,677,000 | -1,759,000 | -1,475,000 | -1,866,000 | -1,995,000 | -1,151,000 | |
deferred revenue | 5,656,000 | -1,842,000 | -15,693,000 | -15,498,000 | 34,813,000 | -8,776,000 | -9,907,000 | -5,676,000 | 35,489,000 | 248,000 | -5,359,000 | 7,126,000 | 2,120,000 | 37,330,000 | -2,704,000 | 13,135,000 | 19,964,000 | 43,334,000 |
net cash from operating activities | 15,440,000 | 15,515,000 | 15,731,000 | 44,203,000 | 12,210,000 | 9,582,000 | -6,100,000 | 28,592,000 | 20,969,000 | -7,268,000 | 11,667,000 | 13,491,000 | -19,895,000 | -30,685,000 | -13,837,000 | -2,460,000 | -13,975,000 | 2,317,000 |
capital expenditures | -4,606,000 | -3,726,000 | -3,645,000 | -5,192,000 | -5,120,000 | -3,412,000 | -4,098,000 | -3,807,000 | -3,458,000 | -3,310,000 | -3,128,000 | -3,272,000 | -3,356,000 | -3,675,000 | -4,707,000 | -4,065,000 | -3,277,000 | -3,882,000 |
free cash flows | 10,834,000 | 11,789,000 | 12,086,000 | 39,011,000 | 7,090,000 | 6,170,000 | -10,198,000 | 24,785,000 | 17,511,000 | -10,578,000 | 8,539,000 | 10,219,000 | -23,251,000 | -34,360,000 | -18,544,000 | -6,525,000 | -17,252,000 | -1,565,000 |
cash flows from investing activities: | ||||||||||||||||||
purchases of marketable securities | -21,863,000 | -44,800,000 | -25,298,000 | -33,861,000 | -78,644,000 | -97,115,000 | -93,405,000 | -56,916,000 | -89,462,000 | -82,170,000 | -99,568,000 | -67,505,000 | -58,463,000 | -92,375,000 | ||||
proceeds from maturities of marketable securities | 43,550,000 | 52,350,000 | 40,350,000 | 76,350,000 | 87,400,000 | 91,800,000 | 84,400,000 | 89,150,000 | 64,500,000 | 92,300,000 | 96,500,000 | 42,500,000 | ||||||
purchases of property and equipment | -548,000 | -522,000 | -620,000 | -2,280,000 | -2,381,000 | -1,184,000 | -562,000 | -357,000 | -197,000 | -197,000 | -192,000 | -143,000 | -100,000 | -167,000 | -698,000 | -543,000 | -156,000 | -781,000 |
capitalized software costs | -4,058,000 | -3,204,000 | -3,025,000 | -2,912,000 | -2,739,000 | -2,228,000 | -3,536,000 | -3,450,000 | -3,261,000 | -3,113,000 | -2,936,000 | -3,129,000 | -3,256,000 | -3,508,000 | -4,009,000 | -3,522,000 | -3,121,000 | -3,101,000 |
purchases of strategic investments | -8,000,000 | 0 | 0 | 0 | -5,000,000 | |||||||||||||
net cash from investing activities | 9,081,000 | 4,839,000 | 23,407,000 | -203,000 | -7,414,000 | -13,127,000 | -5,703,000 | 23,677,000 | -3,770,000 | -20,980,000 | -10,396,000 | 25,723,000 | -19,319,000 | -88,550,000 | -72,335,000 | -4,065,000 | -8,277,000 | -13,882,000 |
cash flows from financing activities: | ||||||||||||||||||
net proceeds from exercise of stock options | 8,000 | 13,000 | 8,000 | 41,000 | 1,424,000 | 482,000 | 126,000 | 313,000 | 9,634,000 | 3,567,000 | 3,530,000 | 1,180,000 | 1,364,000 | 1,954,000 | 2,173,000 | 1,658,000 | 3,259,000 | |
taxes paid related to net share settlement of equity awards | -2,802,000 | -5,468,000 | -4,921,000 | -3,969,000 | -5,948,000 | -5,461,000 | -5,548,000 | -8,181,000 | -11,634,000 | |||||||||
repurchases of common stock and excise taxes paid | -117,000 | -21,753,000 | -28,337,000 | |||||||||||||||
net cash from financing activities | -2,919,000 | -25,598,000 | -33,464,000 | -3,495,000 | -5,907,000 | -10,249,000 | -56,080,000 | -38,955,000 | -66,465,000 | 6,161,000 | 3,567,000 | 8,287,000 | 1,180,000 | 4,993,000 | 1,954,000 | 7,736,000 | 72,000 | 415,255,000 |
effect of foreign exchange rates on cash flows | 97,000 | 69,000 | -3,000 | 136,000 | 36,000 | -177,000 | 82,000 | 29,000 | -50,000 | 136,000 | -91,000 | -7,000 | -18,000 | 13,000 | -34,000 | -10,000 | 6,000 | |
net increase in cash, cash equivalents and restricted cash | 21,699,000 | -5,175,000 | 5,671,000 | -67,801,000 | -21,951,000 | 4,747,000 | 403,690,000 | |||||||||||
cash, cash equivalents and restricted cash—beginning of period | 231,869,000 | 0 | 0 | 0 | 191,807,000 | 0 | 0 | 0 | 309,552,000 | 0 | 0 | 0 | 317,314,000 | 0 | 0 | 0 | 536,768,000 | 0 |
cash, cash equivalents and restricted cash—end of period | 253,568,000 | -5,175,000 | 5,671,000 | 40,641,000 | 190,732,000 | -13,971,000 | -67,801,000 | 13,343,000 | 260,236,000 | -21,951,000 | 4,747,000 | 47,494,000 | 279,262,000 | -114,229,000 | -84,252,000 | 1,201,000 | 514,594,000 | 403,690,000 |
net income attributable to common stockholders | -2,329,000 | 1,642,000 | ||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
unrealized loss on strategic investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||
proceeds from maturities and sales of marketable securities | ||||||||||||||||||
payments related to asset acquisitions | 0 | 0 | ||||||||||||||||
proceeds from share purchases under employee stock purchase plan | 1,615,000 | 0 | 2,521,000 | 0 | 3,287,000 | 0 | 3,629,000 | 0 | ||||||||||
payments of debt issuance costs | 0 | -219,000 | ||||||||||||||||
repurchases of common stock | -8,733,000 | -51,014,000 | -35,433,000 | -55,144,000 | ||||||||||||||
net decrease in cash, cash equivalents and restricted cash | -1,075,000 | -49,316,000 | -38,052,000 | -84,252,000 | 1,201,000 | -22,174,000 | ||||||||||||
payments related to business combinations | ||||||||||||||||||
payment of deferred offering costs | 0 | 0 | 0 | -1,586,000 | -3,191,000 | |||||||||||||
accretion of marketable securities | -2,201,000 | -2,150,000 | -2,300,000 | -2,169,000 | -1,892,000 | -1,616,000 | -1,815,000 | -758,000 | ||||||||||
net loss attributable to common stockholders | ||||||||||||||||||
adjustments to reconcile net loss attributable to common stockholders to net cash from operating activities: | ||||||||||||||||||
net proceeds from issuance of redeemable convertible preferred stock | 0 | |||||||||||||||||
payment of redeemable convertible preferred stock issuance costs | 0 | |||||||||||||||||
cash proceeds from initial public offering | ||||||||||||||||||
amortization of deferred sales commissions | 11,321,000 | 10,508,000 | 9,721,000 | 8,593,000 | 7,383,000 | 6,582,000 | 5,806,000 | |||||||||||
payments related to business combination, net of cash acquired | 0 | |||||||||||||||||
provision for doubtful accounts | -50,000 | 407,000 | 110,000 | 2,000 | ||||||||||||||
net proceeds from exercise of series a-1 redeemable convertible preferred stock warrants | ||||||||||||||||||
supplemental disclosures of cash flow information: | ||||||||||||||||||
interest paid | 8,000 | 2,000 | 18,000 | |||||||||||||||
income taxes paid | 324,000 | 64,000 | 0 | |||||||||||||||
change in fair value of warrant liability | ||||||||||||||||||
purchase of marketable securities | ||||||||||||||||||
proceeds from sale and maturity of marketable securities | ||||||||||||||||||
payments related to business combinations, net of cash acquired | 0 | |||||||||||||||||
accounts receivable, prepaid expenses and other assets | ||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||||
unpaid deferred offering costs | ||||||||||||||||||
stock-based compensation in capitalized software costs | ||||||||||||||||||
acquisition holdback liability | ||||||||||||||||||
changes in purchases of property and equipment in accounts payable and accrued expenses |