#1Ûdemy Investor Presentation Q4 2022#2Safe Harbor Notice This presentation and any accompanying oral commentary include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than those of historical fact, including information concerning our future operating results and financial position, anticipated future expenses and investments, business strategies and plans, market growth, market position and potential market opportunities, and the impact of acquisitions and business alliances. These forward-looking statements are based on our current expectations, plans, and assumptions, which we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments, and other factors we believe are appropriate under the circumstances, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. Various factors, including those identified in the "Risk Factors" section of our most recent Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission ("SEC") on February 27, 2023, could cause our actual results, level of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our other filings with the SEC which are available, free of charge, on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation and is expressly qualified in its entirety by the cautionary statements included in this presentation. 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Their use is subject to conditions available at https://www.sustainalytics.com/legaldisclaimers. 2 Ûdemy#3Udemy's mission To improve lives through learning#4Udemy at a glance Strong, consistent revenue growth Compelling marketplace Large and engaged audience Proven land-and- expand strategy Global reach, local content $629M 2022 Revenue 70k+ Instructors 59M Learners ARR¹ 22% 200k+ 52M Q4 learning hours Y/Y Growth Courses $372M -60% Revenue from outside U.S. 123% ~75 Large Customer NDRR² Languages 4 Note: Data as of December 31, 2022, unless otherwise noted 1 Annual Recurring Revenue represents the annualized value of our UB customer contracts on the last day of a given period. 2 Large Customer NDRR is calculated 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 ûdemy#5Why most learning models fail to deliver Modern learning needs Quality Publisher model challenges * Inflexible: One-size-fits-all teaching approach; limited use of ratings, reviews, and enrollments for quality signals and improvement UT 5 Freshness Relevance & breadth Slow: Lengthy production timeline; delayed response to trends Theoretical and limited: Academic approach to subject matter; narrow range of topics and teaching styles Access & reach * Not scalable: Challenging to localize content effectively and authentically for different markets Ûdemy#6The solution: Udemy's differentiated marketplace Modern learning needs 6 Quality Freshness Marketplace model Quality-driven: Real-time ratings and reviews; data and insights help instructors improve quality and increase engagement Fast and agile: Production as fast as market changes Relevance & breadth Relevant and expansive: Taught by industry experts for real-world applications; thousands of courses on a range of topics; multiple teaching styles Access & reach Global and affordable: Thousands of international instructors teaching in native languages; market-adaptive pricing engine Ûdemy#77 The Udemy difference: our scaled, integrated platform Udemy empowers instructors, learners, and organizations Qualitative and quantitative feedback 59M Learners 70k+ Instructors Fresh, relevant content; market insights Note: Data as of December 31, 2022. Knowledge and skills Incentives; learner and organization feedback ûdemy Strategic insights; learner feedback ~14k Organizations Upskilling and reskilling; admin tools and insights; support Ûdemy#8A quality-first approach to online learning Udemy attracts world-class expert instructors to create powerful learning content for our platform Ranga Karanam Founder and Trainer at In28Minutes with over two decades of experience in architecture, design, and programming. In28Minutes has over 50 courses on the Udemy platform and trains and certifies professionals in DevOps, Azure, GCP, Docker, Kubernetes, Java, and more. Chandra Lingam Expert on Amazon Web Services, mission-critical systems, and machine learning. Chandra teaches 10 courses on the Udemy platform on systems development in both traditional IT data center and on the AWS Cloud Platform. Total students 1.2M+ Average rating 4.6 Total students 111K+ Average rating 4.7 Our instructors update courses at the speed of change 62%* of top 2,100 Udemy courses were updated in the last 90 days 8 Note: Data as of January 31, 2023, unless otherwise noted *As of December 31, 2022 Ûdemy#9Building a comprehensive skills acquisition platform On-demand learning Marketplace model Curated course collections Real-world experts Custom course creation Guided learning Career guidance Occupational guidance Learning paths Al-enabled personalization Our current offering and innovation pipeline ûdemy Immersive learning Д Labs Assessments Workspaces > Coding Exercises Cohort learning Communities of practice Moderators and faculty Toolkits 3 Applied learning 9 Ûdemy#10Udemy's suite of online learning product offerings Ûdemy Individual Courses (à la carte/bundled) Content offered 200k+ courses from 70k+ instructors Interactive learning tools (quizzes, exercises, and instructor Q&A) Term Lifetime access for each course purchased Pricing Optimized for each individual course Ûdemy Personal Plan Thousands of Udemy's top-rated courses • Practice tests and labs Monthly & Annual subscription (consumer subscription) Monthly and Annual options adjusted for local currency & PPP • Ûdemy business™ 20k+ top-rated courses Annual subscription Annual subscription • Team Plan Customized learning paths pricing adjusted for local currency • Ûdemy business™ Enterprise Plan 20k+ top-rated courses • Ûdemy business™ Pro Add-On Ûdemy business™ Cohort Learning • Administrative tools & reports, skill insights dashboard, learning trends, and language packages Workspaces, labs, and assessments Areas covered include cloud computing, software dev, data science, and dev ops Cohort-based leadership development authored by experts for all levels of leadership experience Annual or multi-year subscription Annual or multi-year subscription Annual or multi-year subscription Depends on volume, contract length, and other factors Depends on volume, contract length, and other factors Depends on volume, contract length, and other factors 10 10 Data as of December 31, 2022. On-demand learning Guided learning Immersive Cohort learning learning Ûdemy#1111 Strong top of funnel demand fuels adoption and upsell opportunities û 35M+ Global monthly unique visitors Free courses Paid courses Freemium upsell Data: Average during Q4 2022 Consumer Personal subscriptions Team Plan Subscription upsell Business upsell Enterprise upsell Enterprise Plan Udemy Pro Cohort Learning Immersive learning upsell Cohort learning upsell Udemy Business Ûdemy#12122 12 Personalization drives retention and higher customer lifetime value Current capabilities Objectives Foster adoption Drive awareness of products and features, personalize course discovery Empower learning Learning journey guidance, hands-on practice and assessments Support success Data-driven insights to share usage trends and tips that help admins drive adoption Future capabilities Engagement Career- and job-based discovery, snackable content, learning format variety Retention Learner motivation, incentives, learning tools, gamification Expansion Expanded localization, skills insights data, enhanced CXO series Ûdemy#1313 Easy, personalized, and engaging content discovery Discovery experience powered by machine learning algorithms to provide the most relevant content to each learner Udemy Business Personal Plan ûdemy business Explore Learning paths Search for anything Teach Manage My learning Ûdemy Calories Cloud Computing Data Science Development IT Operations Leadership & Management Marketing Personal Development. Project Management & Operations Let's start learning, Llibert Courses Learning paths Assessments Pm Labs Pre Critical Thinking Strategies For Better Dec. 1. Introduction Lecture le What to learn next Lectures for you - bite-size learning in minutes The Logic Condition Master your Decision-Making, and Critical: 1. Course Introduction, Part 1 Lectuell 8. Problems With Defining Laws in Terms of Observations Critical Thinking A Multiple Regression Model to predict Financial Returns Python. 6min video Pandas Useful Methods Statistical Information and... Python 16min video Critical Thinking 6min video 3min video FL Development Search for anyting Uderny Business IT & Software Office productivity Personal development Design Varketing Welcome back, Elaine Zhou Continue learning to advance as a web developer Edit profession irearucior Myrning E Health and fitness Worlines Communication Effectively De 316. There is No Such Thing as a PowerPoint Presentation Public Speaking Lecture Let's start learning, Elaine Zhou In your plan Labs Beta Schedule time to learn Alittle each day els up. Get reminders from your calentar Get started Nachine Learning A-Z Hands-On 22. Splitting the dataset Into the Training set and Test... Lacture init Machine Learning A-2: Hands-On 22. Splitting the dataset Into the Training set and Test... Lecture met ༔ 。 Insert Calculated Fields Creating the Cards Data Analysis 8min video Data Visualization 3min video 0 Interactions Python Fun > Python. 1min video My learning Explore our career guides </> For Web Developers: Learn how to build responsive websites with HTML, CSS, JavaScript, and more. These versatile skills can set you up for success in development, engineering, and product, as well as tech- adjacent roles like design and marketing. Explore Skills For Data Scientists: Learn the fundamentals of statistics, data manipulation, analysis, and testing. Stay on the cutting edge with advanced topics like machine learning and neural networks. Explore Skills Udemy Personal Plan Our of50004 too-rated courses, curated to alyou say one stao anaod Top courses in Leadership HAROUN An Exire MBA in 1 Course; Award Winning Business Scho... Design Thinking in 3 Steps Leadership Practical Leadership Skills Confidence on Zoom: Tips and Tools to Look Like a Pro $19.99 Beaco ** $39.99 $39.99 $29.99 Because you watched "TypeScript for Professionals - 2022 Edition" Lepme Confidence on Zoom Tips and Tools to Look Like a Pro $25.99#1414 Our scaled marketplace feeds Udemy Business SaaS platform ûdemy 200k+ courses ûdemy business 20k+ top-rated courses Ûdemy business Explore Learning pos Search for anything Ultimate AWS Certified Solutions Architect Associate... Stephane Maarek | AWS Certified Cloud.... 4.7 ✰✰✰✰✰ (148,225) Build Websites from Scratch with HTML & CSS Brad Hussey, Code College 4.6✰✰✰✰✰ (11,858) Cloud Computing Data Science Development IT Operations Leadership & Management Marketing Personal Development Project Management & Operations Featured courses in Web Development Most popular New Trending PW AJAX Development The Complete 2020 Fullstack 1 Hour HTML Build Websites from Scratch Dolar Design School Mark Web Developer Course Halo T 4.5***** with HTML & CSS Bates Code Col 401) Top courses in Development PW framework_tv AJAX Development Dollar Design School, Mark Lassoff 4.7 ✶✶✶✶✶ (747) 210 python 100 Days of Code: The Complete Python Pro Bootcamp for 2022 Dr. Angela Yu 4.7✶✶✶✶✶ (144,269) Javascript for Beginners 4.4+**** People are Viewing 100 Days of Code: The Complete Python Pro Bootcamp for 2022 Data as of December 31, 2022 All about NodeJS Sachin Bhathiger 44***** Learn C# Programming (In Ten Easy Steps) HC 4.3 *****260 Java Swing (GUI) Programming: From Beginner to Expert John Purcell 47 ***** SAP ABAP Programming For Beginners-Online Training Peter Maxon 43***** 200 Learn To Program with Delphi and Object Pascal Co 44***** (70 Ultimate AWS Certified Solutions Architect Associate... JS 2022 Complete Python Bootcamp From Zero to Hero ... React-The Complete Guide (incl Hooks, React Router, Redux) The Complete JavaScript Course 2022: From Zero to Expert! Ûdemy#1515 Udemy Business's unique approach to learning and development Marketplace effect • Superior content quality, breadth, and coverage • Sustainable competitive advantage * Sophisticated GTM approach • Scalable, high- performance engine • Team selling with CXO orientation • Focus on customer success and outcomes Note: CXO refers to all cross-functional executives in the organization's C-suite Differentiated product portfolio • On-demand learning Immersive, hands-on learning Cohort-based leadership development 65 Partner ecosystem • Open and agile integrations • Diversity of routes to market Ûdemy#1616 Case study: Driving revenue growth for Publicis Sapient publicis sapient Industry: Professional Services Number of employees: 20,000 66Our engagement with Udemy has helped unlock multiple business opportunities resulting in tangible revenue growth for our firm. 99 335K+ hours of learning in Udemy cloud training programs $280M 2021 revenue growth supported by Udemy Business lan Stevens Head of Capability Development, Publicis Sapient 66% faster onboarding of new talent, from three weeks to one Source: Publicis Sapient, Udemy customer study, 2022 Ûdemy#1717 Case study: Accelerating digital transformation at F100 company Industry: Technology & Services Number of employees: 350,000+ Customer since: 2017 Seat base: 64% 66 Thanks to Udemy Business, we are better equipped to both grow and sustain the valuable business partnerships that are central to our corporate growth strategies.99 Chief Learning Officer 87 NPS Udemy Business content highest learning partner NPS score in 2021 37% Global Business Services revenue growth supported by Udemy Business in 2021 44% Udemy Business seat license growth in 2021 Source: Customer internal data and Udemy customer case study, 2022 NPS: Net Promoter Score Ûdemy#18Best-in-class customer Net Dollar Retention Rate (NDRR) 115% 123% Udemy Business NDRR Udemy Business Large Customer NDRR Udemy Business Net Dollar Retention Rate (NDRR) represents ARR for Udemy Business customers at the end of the 12-month period divided by the total ARR for those Udemy Business customers at the beginning of that 12-month period. Large Customer NDRR is calculated 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. Data as of December 31, 2022 18 Ûdemy#19Udemy Business's proven land-and-expand strategy Global professional services firm (Annual Recurring Revenue) 19 19 2,000,000 ~300% CAGR 1,500,000 from initial Team Plan purchased in early 2017 $779,000 1,000,000 500,000 $48,714 $1,200 $410,000 $1,600,000 $1,748,750 $2,259,000 "Land" 2017 Team Plan 2017 FY 2017 Cloud Technology team pilot with on-demand learning 2018 FY 2018 Whole technical team on-demand rollout 2019 FY 2019 Expansion to all business units for on-demand 2020 FY 2020 Expansion to cover every employee with on-demand 2021 FY 2021 Added immersive technical learning 2022 FY 2022 Cross-sold cohort leadership development Ûdemy#20Global reach propels Udemy forward Each language acts as a mini marketplace, allowing Udemy to easily grow and expand into new markets. 35M+ unique global visitors per month¹ ~75 different languages for marketplace courses 14 Udemy Business international language collections -60% of revenue outside North America 28 currencies supported International expansion playbook Local languages Local payments methods Local currency and prices Go-to-market Local marketing teams Note: Data as of December 31, 2022, unless otherwise noted 20 1. Average during Q4 2022 Ûdemy#2121 Scaling global partnerships extends reach and awareness New Ventures Regional resellers Tech resellers Brand Super-scalers Geography Country specific / mutually exclusive Regional Regional/global Regional/global Global Selected partners Benesse 3节课 hsm ASK NET EY SOLUTIONS Unilever woongjin think big * FUNX Learn with Mentors gentres talent activation class sumtotal VALAMIS Griky FNB First National Bank MULTICHOICE ENRICHING LIVES aws Azure Santander Google Cloud Platform Ûdemy#22Compelling Udemy Business customer benefits Udemy Business enables companies to keep pace with the need to continuously upskill and reskill employees in a changing workplace 592% three-year ROI 12% average productivity gain for UB users 5 hours of additional productivity per week per user $22.5M average revenue gain per year, per organization 83% average savings in learnings platform costs $1M average annual hiring costs 5x more employees upskilled Source: IDC was commissioned by Udemy to interview eight organizations about their experiences with the Udemy Business corporate learning platform. These organizations varied in size, ranging from large multinational enterprises to service providers. Average employee size was more than 33,000 (median of 8,000) and annual revenue of $7 billion (median of $1.5 billion). Organizations were located in the U.S., France, South Asia, Switzerland and the UK, as well as tech, manufacturing, software and energy industries. Data as of 2022. 22 Ûdemy#23Committed to strong ESG practices 1st ESG risk rating¹ percentile in Internet Software and Services assessed by Sustainalytics MORNINGSTAR SUSTAINALYTICS ESG INDUSTRY TOP RATED 2023 In January, recognized by Sustainalytics as an ESG Industry Top Rated Company² THE ASTMILE PAVING THE ROAD TO SUCCESS a precious child. EMPOWERING KIDS TO SUCCEED SENTINELS OF FREEDOM Upwardly Global SVAcademy PC* Growing social impact partner network Certified by Fair Pay Workplace, the trusted symbol of pay equity around the world Fair Pay Workplace 1. ESG risk rating as of January 2023. CERTIFIED TM 2. Copyright ©2023 Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics 23 and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, investment advice or an expert opinion and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers). Ûdemy#24Financial Highlights 24 24 Ûdemy#25Low penetration of a massive and growing market opportunity 2021 $166B total1 19% 2027 $476B total¹ Growth drivers CAGR $97B Other e-learning1,2 $69B Corporate¹ Udemy: Less than 1% penetration today 25 25 1. Arizton E-Learnings Global Forecast & Outlook 2022 - 2027 2. Includes government, vocational, and higher education 3. Includes government, vocational, higher education and K-12 $305B Other e-learning 1,3 Increasing digital transformation Growth of the creator and skills economies • Remote work flexibility $171B Corporate¹ Renewed investment in L&D • Workforce reskilling/ upskilling expectations Ûdemy#26Track record of strong revenue growth and gross margin expansion 32% Revenue growth CAGR 900 bps Gross margin* expansion *Non-GAAP metric. Please see Appendix for reconciliation. 26 Consumer revenue Udemy Business revenue Non-GAAP gross margin* Y/Y $430M $516M $629M 58% $276M 55% 51% 48% 2019 2020 2021 2022 56% 20% 22% Ûdemy#27Diversified revenue model is a competitive advantage Complementary segments Udemy Business 27 27 Based on FY22 results Consumer 50% 50% Geographic diversification LATAM North America 41% 7% 30% APAC 22% EMEA Ûdemy#28Udemy Business segment Q4'22 revenue $90.6M +57% Y/Y Strong revenue growth driven by both new logo acquisition and expansion within existing customers Q4'22 ARR $372M +55% Y/Y Revenue Segment Gross Margin (in millions) $57.8 $64.9 $74.6 $83.9 $90.6 66% 67% 67% 67% 67% Customers 13.9K +32% Y/Y Annual Recurring Revenue (in millions) $239.3 $279.6 $316.1 $350.4 $371.7 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Y/Y: +81% +77% +77% +67% +57% Y/Y: +74% +80% +74% +69% +55% 28 Note: Segment margins exclude stock-based compensation, depreciation, and amortization. Ûdemy#29Consumer segment Q4'22 revenue $74.7M (4%) Y/Y Q4'22 segment revenue Y/Y includes negative 5 pp impact from FX Revenue Segment Gross margin (in millions) $77.7 $87.3 $78.5 $74.6 $74.7 48% 54% 54% 52% 50% Monthly average buyers 1.36M (2%) Y/Y Robust traffic with 35M unique visitors per month¹ Monthly Average Buyers (in thousands) 1,388 1,383 1,290 1,316 1,355 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Y/Y: (1%) (1%) (7%) (6%) (4%) Y/Y: 1% (2%) (2%) +4% (2%) 29 Note: Segment margins exclude stock-based compensation, depreciation, and amortization. 1. Average during Q4 2022 Ûdemy#3030 Path to profitability and long-term targets Metric FY22 actual 22% FY24 target Long-term target 23%-25% 25% - 30% Revenue growth Udemy Business 50% 60%+ 75%+ % of total revenue Non-GAAP Gross margin 58% 58% -59% 65% - 70% Non-GAAP S&M 43% 38% - 40% 33% - 35% % of total revenue Non-GAAP R&D 13% 12% -13% 11% -12% % of total revenue Non-GAAP G&A 12% 9% -10% 8% -9% % of total revenue Adj. EBITDA Margin* (8)% Breakeven 15% - 20% *Udemy has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this presentation because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. Ûdemy#3131 Multiple drivers of long-term sustainable growth Increase Udemy Business penetration through land-and-expand strategy Continue international expansion and localization Expand learning experiences to new modalities and more active learning that reaches a broader audience Launch innovative products that drive measurable learning outcomes and increased retention . Increase overall Udemy brand awareness Optimize business model and pricing Pursue strategic acquisitions 47 ☑|||| Ûdemy#3232 Investment Highlights 1) Addressing a massive and growing TAM with a unique business model 2) Since 2019, Udemy delivered a 32% revenue CAGR, and expanded non-GAAP gross margin¹ by more than 900 basis points 3) Long runway for growth, driven by proven land-and-expand model for Udemy Business and macro tailwinds 4) Clear path to profitability and compelling long-term targets 1. Non-GAAP metric. Please see Appendix for reconciliation. Ûdemy#33Appendix 33 Ûdemy#34Key Business Metrics Definitions 34 Monthly Average Buyers Udemy Business Customers Udemy Business Annual Recurring Revenue Udemy Business Net Dollar Retention Rate Udemy Business Large Customer Net Dollar Retention Rate A buyer is a consumer who purchases a course or subscription through our direct-to-consumer offering. Monthly average buyers is calculated as the average of monthly buyers during a particular period, such as a fiscal year. We count the total number of 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 existence of a domestic ultimate parent. This often occurs where the domestic ultimate parent is a financial owner, government entity, 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. We disclose our UB Annual Recurring Revenue, or 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. We disclose our UB Net Dollar Retention Rate, or NDRR, as a measure of our enterprise revenue growth. We believe NDRR is an important metric that provides insight into the long-term value of our subscription agreements and our ability to retain, and grow revenue from, our UB customers. To calculate NDRR, we begin with UB customers who are active at the beginning of a twelve-month period. Then, we divide the ending annualized recurring revenue, or ARR, for those same UB customers at the end of the twelve-month period by the total ARR for those UB customers at the beginning of that twelve-month period. We calculate ARR as the total annualized run-rate revenue of all UB customers with active licenses on the last day of a given 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. We believe UB Large Customer NDRR reflects our ability to retain and expand our footprint with larger organizations, who present greater opportunities for us to retain and grow revenue given the wider range of potential use cases and land-and-expand opportunities. ûdemy#35GAAP to Non-GAAP Reconciliation GAAP Three Months Ended December 31, 2022 Stock-based Amortization of Compensation Intangible Assets (in thousands, except share and per share amounts) Non-GAAP Revenue Cost of revenue Gross profit Operating expenses Sales and marketing Research and development $ 165,330 $ 165,330 73,990 (1,920) (725) 71,345 91,340 1,920 725 93,985 88,558 (10,538) (341) 77,679 29,961 (7,547) 22,414 General and administrative 26,917 (8,245) 18,672 Total operating expenses 145,436 (26,330) (341) 118,765 Loss from operations (54,096) 28,250 1,066 (24,780) Other income (expense) Interest income, net 3,335 3,335 Other expense, net (257) (257) Total other income, net 3,078 3,078 Net loss before taxes (51,018) 28,250 1,066 (21,702) Income tax provision (1,135) (1,135) Net loss attributable to common stockholders (52,153) 28,250 1,066 (22,837) Net loss per share attributable to common stockholders Basic and diluted $ Weighted-average shares used in computing net loss per share attributable (0.36) 143,120,852 $ (0.16) 143,120,852 to common stockholders 35 Ûdemy#36GAAP to Non-GAAP Reconciliation GAAP Year Ended December 31, 2022 Stock-based Amortization of Non-GAAP Compensation Intangible Assets (in thousands, except per share amounts) Revenue $ 629,097 $ 629,097 Cost of revenue 275,320 Operating expenses Gross profit Sales and marketing 353,777 (5,360) 5,360 (2,900) 267,060 2,900 362,037 301,347 (29,054) (1,366) 270,927 Research and development 104,556 (20,850) 83,706 General and administrative 99,064 (26,029) 73,035 Total operating expenses 504,967 (75,933) (1,366) 427,668 Loss from operations (151,190) 81,293 4,266 (65,631) Other income (expense) Interest income, net 4,297 4,297 Other expense, net (4,696) (4,696) Total other expense, net (399) (399) Net loss before taxes (151,589) 81,293 4,266 (66,030) Income tax provision (2,286) (2,286) Net loss attributable to common stockholders (153,875) 81,293 4,266 (68,316) Net loss per share attributable to common stockholders Basic and diluted $ (1.09) Weighted-average shares used in computing net loss per share attributable 140,873,504 $ (0.48) 140,873,504 to common stockholders 36 Ûdemy#37GAAP to Non-GAAP Reconciliation GAAP Three Months Ended December 31, 2021 Stock-based Amortization of Compensation Intangible Assets (in thousands, except share and per share amounts) Non-GAAP Revenue $ 135,451 $ 135,451 Cost of revenue 64,122 Operating expenses Gross profit Sales and marketing 71,329 (736) 736 (729) 62,657 729 72,794 70,624 (2,852) (384) 67,388 Research and development 19,208 (2,370) 16,838 General and administrative 22,442 (5,018) 17,424 Total operating expenses 112,274 (10,240) (384) 101,650 Loss from operations (40,945) 10,976 1,113 (28,856) Other income (expense) Interest income, net Other expense, net Total other income, net Net loss before taxes Income tax provision Net loss attributable to common stockholders 436 436 (206) (206) 230 230 (40,715) 10,976 1,113 (28,626) (669) (669) (41,384) 10,976 1,113 (29,295) Net loss per share attributable to common stockholders Basic and diluted $ (0.38) $ (0.27) Weighted-average shares used in computing net loss per share attributable 108,168,420 108,168,420 to common stockholders 37 Ûdemy#38GAAP to Non-GAAP Reconciliation GAAP Year Ended December 31, 2021 Stock-based Amortization of Non-GAAP Compensation Intangible Assets (in thousands, except per share amounts) Revenue Cost of revenue Gross profit $ 515,657 $ 515,657 236,024 279,633 (1,623) 1,623 (1,022) 233,379 1,022 282,278 Operating expenses Sales and marketing 227,023 (8,637) (481) 217,905 Research and development 66,107 (6,816) 59,291 General and administrative 64,410 (17,604) 46,806 Total operating expenses 357,540 (33,057) (481) 324,002 Loss from operations (77,907) 34,680 1,503 (41,724) Other income (expense) Interest expense, net (16) (16) Other expense, net Net loss before taxes (920) (920) Total other income, net (936) (936) (78,843) 34,680 1,503 (42,660) Income tax provision (1,183) (1,183) Net loss attributable to common stockholders Net loss per share attributable to common (80,026) 34,680 1,503 (43,843) 38 stockholders Basic and diluted Weighted-average shares used in computing net loss per share attributable to common stockholders $ (1.46) 54,972,827 $ (0.80) 54,972,827 Ûdemy#39GAAP to Non-GAAP Reconciliation Adjusted EBITDA ($ in thousands) Net loss Adjusted to exclude the following: Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 $ (52,153) $ (41,384) $ (153,875) $ (80,026) Interest (income) expense, net (3,335) (436) (4,297) 16 Income tax provision 1,135 669 2,286 1,183 Depreciation and amortization 5,600 4,897 21,216 15,297 Stock-based compensation expense 28,250 10,976 81,293 34,680 Other expense, net 257 206 4,696 920 Adjusted EBITDA $ (20,246) $ (25,072) $ (48,681) $ (27,930) 39 Ûdemy#40GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) Revenue: Consumer Enterprise Total Revenue Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 74,695 $ 90,635 165,330 77,668 $ 315,059 $ 328,703 57,783 314,038 186,954 135,451 629,097 515,657 Gross Profit Consumer 37,349 36,932 165,805 169,361 Enterprise 60,349 38,641 209,461 122,970 Total Segment Gross Profit 97,698 75,573 375,266 292,331 Less: Amortization of Capitalized Software (3,586) (2,604) (12,586) (9,292) Less: Depreciation (127) (175) (643) (761) Non-GAAP Total Gross Profit 93,985 72,794 362,037 282,278 Less: Stock-Based Compensation (1,920) (737) (5,360) (1,624) Less: Amortization of Intangible Assets (725) (728) (2,900) (1,021) GAAP Total Gross Profit 91,340 71,329 353,777 279,633 Gross Margin: Consumer 40 Enterprise Total Segment Non-GAAP GAAP 50.0% 47.6% 52.6% 51.5% 66.6% 66.9% 66.7% 65.8% 59.1% 55.8% 59.7% 56.7% 56.8% 53.7% 57.5% 54.7% 55.2% 52.7% 56.2% 54.2% Ûdemy