The following is a summary of the Udemy, Inc. (UDMY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Udemy demonstrated positive financial growth, with a 12% YoY increase in Q1 total revenue and a 24% increase in Udemy Business revenue.

• Udemy's net income for Q1 showed approximately $5 million, with adjusted EBITDA reaching roughly $6.5 million, signifying a 700 basis point expansion YoY.

• For FY 2024, Udemy anticipates full-year revenue to fall between $795 million to $805 million, indicating an approximated 10% growth at the midpoint.

Business Progress:

• Global enterprise customer base expanded with over 16,000 business customers reached across 150 countries.

• Observed success with enterprise customers like Pepsi, Flutter Entertainment, and the South African Reserve Bank, and experienced a surge in AI course interest.

• Actively pursued investments in product development, go-to-market strategies, and user base expansion.

• Udemy's Q1 collections were strong, and they are executing a share buyback program with over $400 million in reserve.

• Operation appointments in Vietnam and South Korea are expected to positively impact net ARR in H2 2024.

• Focused on expanding the skills-based economy by launching the Gen AI skills pack and consistent growth in multi-year deals.

• Significant progress seen in partnerships, such as with McLaren, and focus on overseas market expansion in the consumer business.

• For instructors, new improvements are being brought online to boost potential earnings.

• Udemy's go-to-market teams reflect the company's value and its business-wide impact, aiding in organizations' transition towards skills-based functions and AI literacy.

More details: Udemy IR

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