#11 Udemy Investor Presentation Q4 2021 For general public use ûdemy#2Notice 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 Form 10-K and Form 10-Q filings with the Securities and Exchange Commission ("SEC"), could cause our actual results, level of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. 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. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements. This presentation contains "non-GAAP measures" that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures have limitations as an analytical tool and should not be considered in isolation, or as a substitute for our results as reported under GAAP. These non-GAAP measures may also differ from non-GAAP measures used by other companies. See the appendix for a reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP financial measure. Unless otherwise noted, historical numerical figures and related graphics used in this presentation are accurate as of December 31, 2021. Numerical figures in this presentation have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. The Udemy design logo, "Udemy," and our other registered or common law trademarks, service marks or trade names appearing in this presentation are our property. This presentation contains additional trademarks, trade names, and service marks of other companies that are the property of their respective owners. We do not intend our use or display of other companies' trademarks, trade names, or service marks to imply relationships with, or endorsement or sponsorship of us by, these other companies. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics 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, nor an investment advice 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/legaldisclaimers. 2 ûdemy#33 Knowledge for the real world Our mission is to create new possibilities for people and organizations everywhere by connecting them to the knowledge and skills they need to succeed in a changing world. ûdemy#4Udemy at a glance 4 Reach 49M learners globally 10.5K+ Q4 2021 Udemy Business customers 44% YOY Scale $518M 2021 revenue 21% YOY - $239M Q4 2021 UB ARR- 74% YOY Note: Data as of December 31, 2021, unless otherwise noted Content 185K courses from 64K+ instructors $177M 2021 instructor payments Usage 187M 2021 enrollments 2.7B Q4 2021 minutes watched ûdemy#5Synergy at scale Udemy sits at the intersection of the creator economy and the skills economy. We've built a world-class SaaS company on top of a consumer marketplace a powerful combination that enables us to offer fresh, high-quality, affordable learning to organizations and individuals around the world and help them reach personal and professional goals and achieve critical business outcomes. 5 Organizations Companies looking to upskill and reskill their teams, keep up with new technologies, and develop and retain talent Three pillars power the business Learners Individuals looking to advance their careers and pursue personal passions Instructors Real-world experts looking to share and monetize their knowledge ûdemy#66 The future of work & learning ûdemy#7Accelerating change in the workplace A changing world requires a global workforce that can continually upskill and reskill 97M new roles may emerge by 2025 $200B estimated total addressable online learning market opportunity 94% of business leaders surveyed expect employees to pick up new skills on the job 84% of employers surveyed report COVID has increased the need to digitize 7 Source: World Economic Forum (2020) [new roles, business leaders]; Cybersecurity Insiders (2020) [need to digitize]; Arizton (2020) [market opportunity] ûdemy#8What today's learners and organizations want 8 Quality Ease discovering high-quality content 0 Freshness Course content that adapts to swift market changes ► Relevance & Breadth Broad and diverse content for multifaceted, modern learners Access & Reach Affordability to facilitate skills advancement Pricing adjusted to local markets Training that can scale across larg organizations ûdemy#9Why most learning models fail to deliver Modern learning needs 9 Quality Freshness Relevance & Breadth Access & Reach Publisher model challenges * Inflexible: One-size-fits-all teaching approach; limited use of ratings, reviews, and enrollments for quality signals and improvement * Slow: Lengthy production timeline; delayed response to trends * Theoretical and limited: Academic approach to subject matter; narrow range of topics and teaching styles Not scalable: Challenging to localize content effectively and authentically for different markets ûdemy#10The marketplace solution Modern learning needs 10 Quality Freshness Relevance & Breadth Access & Reach 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 Relevant and expansive: Taught by industry experts for real-world applications; thousands of courses on a range of topics; multiple teaching styles Global and affordable: Thousands of international instructors teaching in native languages; market-adaptive pricing engine ûdemy#11A platform built for the future 11 ûdemy#12Our robust content-generation engine Dynamic supply 12 Instructors High-quality, fresh content Incentives כ) Learning engine • Global . Data-driven with ML & Al • Personalized, immersive learning capabilities Upskilling & reskilling Feedback Feedback Knowledge Organizations Learners ûdemy Robust demand#13Organizations A flexible solution that works for companies of any size anywhere to drive business outcomes Leaders and admins • Insights: Comprehensive analytics dashboard ● Empowerment: Admin tools for learner engagement • Support: Customer success services and playbooks • Integration: Fits seamlessly in the flow of work Employees Engaging: Quality content focused on relevant skills and taught by real-world experts Inclusion: Extensive international content collection Guidance: Personalization (Learning Paths) ● ● 13#14Learners A broad selection of fresh, high-quality content from real-world experts to achieve professional and personal goals Quality: Relevant, expert instruction Freshness: Up-to-date content Support: Direct instructor interaction (Q&A) • Practice: Hands-on exercises 14 Guidance: Personalized course recommendations based on goals and interests#15Instructors A wealth of data and insights difficult to replicate elsewhere 15 Growth: Large global audience Guidance: Marketplace data and insights Improvement: Ratings, reviews, and learner Q&A provide valuable feedback for improving quality Clarity: Advanced learner engagement analytics Enablement: Dashboards to manage business#16Advanced technology infrastructure 16 û Learning engine Acquiring content and learners globally Matching learners to the right content Optimizing pricing per course per country Ensuring learner success through skills tagging and assessments ûdemy#17Instructor partnership drives engaged innovation Udemy invests heavily in instructors by offering compelling incentives and powerful tools that deliver insights. This fuels a steady supply of quality content that evolves with the market. 17 Note: Data as of December 31, 2021, unless otherwise noted What's in it for instructors? $177M instructor payments during 2021 $1M+ annual earnings for top instructors 5,000+ Courses added per month ûdemy#18A quality-first approach to online learning Udemy attracts world-class experts to our platform Chris Haroun Award-winning MBA professor, venture capitalist, and author Chris is the founder & CEO of Haroun Education Ventures and a former Goldman Sachs employee. Alan Rodrigues Software technology evangelist with over 15 years in the Industry Alan teaches over 20 courses on the Udemy platform, on topics including Microsoft Azure and AWS Cloud Computing. 18 Note: Data as of December 31, 2021, unless otherwise noted Chris Haroun 1 Udemy Instructor Total learners 1.1M Average rating 4.6 Total learners 363K Average rating 4.5 Our instructors update courses at the speed of change 63% of top 1,800 Udemy courses were updated in the last 90 days ûdemy#19Global reach propels Udemy forward Each language acts as a mini marketplace, allowing Udemy to easily grow and expand into new markets. The learner side of the marketplace surfaces the best courses through reviews and ratings and creates an environment for Udemy Business to build upon. 185K courses in over 75 different languages International expansion playbook Local payments methods Local languages 32M+ unique global visitors per month 19 Note: Data as of December 31, 2021, unless otherwise noted Local currency and prices >60% of revenue outside North America Local marketing 28 currencies supported Go-to-market teams ûdemy#20Competitive advantage with local language coverage Udemy offers a broad collection of courses in over 75 different languages. The Udemy Business collection includes courses in Spanish, German, French, Portuguese, and Japanese. In 2021 alone, we added Mandarin, Turkish, Arabic, Italian, Indonesian, Korean, Polish, and Russian to Udemy Business. 20 Udemy Business language coverage prior to 2021 Udemy Business language coverage new in 2021 ûdemy#21Strong customer benefits Udemy Business enables companies to keep pace with the need to continuously upskill and reskill employees in a changing workplace. 869% three-year ROI 21 2 months to payback >3x more employees on learning platform 29% less productive time lost during employee onboarding 6% higher developer and designer team productivity 5% higher IT team productivity 10% higher employee satisfaction Source: IDC interviewed 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 almost 12,000 (median of 6,425) and annual revenue of $11.26 billion (median of $1.4 billion). Organizations were located in North America and EMEA and from a number of industries. ûdemy#22Udemy Business and EY EY, one of the largest professional services networks in the world, has a goal to enable its employees to learn in a virtual world, and using the Udemy Business platform, they're experiencing great success. Udemy Business is also collaborating with EY on their Badges program as a key content provider. This program enables employees to hone their digital and leadership capabilities and earn badges for future-focused skills. Udemy Business is also providing content for three EY Masters programs, which are offered in association with Hult International Business School. 22 EY 200K employees are currently using Udemy Business as they prioritize learning EY ARTIFICIAL INTELLIGENCE 84% employee learning satisfaction rate EY HULT ûdemy#23Rapidly innovating the platform 23 ● D2C subscriptions Drive higher LTV by serving continuous and intensive learners Platform investments for different user needs, geos, and price points Personalization Breadth Content Expansion Depth Enhanced Learning ● ● Cohort-based learning Online, cohort-based programs for collaborative learning Partner with top universities Data-Driven Platform Recommendations Languages Pricing Learners 0}} Immersive learning Empower adaptation to rapidly evolving technical roles Learning paths combine Udemy's best courses with assessments and labs Retention Geographic Expansion Instructors Enterprises ûdemy#24Committed to ESG 1st ESG Risk Rating¹ Environmental 100% percentile in the Internet Software and Services assessed by Sustainalytics targeted renewable- energy-powered cloud resources by 2025 SUSTAINALYTICS a Morningstar company ESG INDUSTRY TOP RATED Governance Data Privacy is a priority in our governance programs 2022 In January, Udemy was recognized by Sustainalytics as an ESG Industry Top Rated Company. Social 19K+ free courses currently offered Note: Data as of December 31, 2021, unless otherwise noted 1. ESG risk rating as of July 2021. 2. Copyright ©2022 Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics 24 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, nor an investment advice 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#25Our Social Impact Partners 25 LASTMILE PAVING THE ROAD TO SUCCESS THE The Last Mile (TLM) provides Udemy courses to incarcerated and formerly incarcerated people to help them thrive in a rapidly evolving job market. no* AnnieCannons partners with Udemy to help survivors of human trafficking and gender-based violence learn skills to become software engineers and entrepreneurs. SENTINELS OF FREEDOM Udemy and The Sentinels of Freedom partner to help severely wounded post-9/11 veterans identify and achieve the skills they need to build long-lasting and successful careers in their chosen disciplines. Upwardly Global Udemy supports Upwardly Global, a nonprofit that aims to eliminate the employment barriers that skilled immigrants and refugees encounter when entering the U.S. workforce. SVAcademy Udemy and SV Academy with Gainsight support over one million underrepresented job-seekers with access to the skills and resources necessary to begin careers in the tech industry. ûdemy#26Financial Highlights 26 ûdemy#27Revenue and Gross Margin Q4'21 Revenue $138.0M +25% y/y Strong Udemy Business growth; Consumer stabilizing Q4'21 Gross Margin 55% Gross margin expected to increase over time based on anticipated growth of Udemy Business as a portion of our overall revenue (in millions) T Revenue Gross margin Y/Y: $110.1 50% Q4'20 +48% $124.5 27 Note: Gross Margin figures are non-GAAP, which excludes stock-based compensation and amortization of acquired intangibles. 54% Q1'21 +36% $126.1 56% Q2'21 +15% $129.6 56% Q3'21 +9% $138.0 55% Q4'21 +25% ûdemy#28Udemy Business Q4'21 Revenue $57.8M +81% y/y Y/Y Revenue $32.0 65% Q4'20 +95% Segment Gross Margin $36.7 65% Q1'21 Strong revenue growth driven by both new logo acquisition and expansion within existing customers +78% $42.1 66% Q2'21 +79% $50.4 65% Q3'21 +84% (in millions) $57.8 28 Note: Segment margins exclude stock-based compensation, depreciation, and amortization. 67% Q4'21 +81% Q4'21 Revenue Contribution 42% +13pp y/y 29% 71% Q4'20 Consumer Continued revenue mix shift to Udemy Business Revenue Contribution 29% 71% 33% 67% Q1'21 Udemy Business Q2'21 39% 61% Q3'21 42% 58% Q4'21 ûdemy#29Udemy Business Q4'21 ARR¹ $239.3M 10.5K +74% y/y +44% y/y $137.6 Q4'20 Y/Y +83% Annual Recurring Revenue (in millions) $155.2 $181.9 Q1'21 +82% Customers Q2'21 +80% $207.4 Q3'21 +80% 29 Note: Segment margins exclude stock-based compensation, depreciation and amortization. 1 Annual Recurring Revenue. $239.3 Q4'21 +74% Accelerating growth in customers for the 3rd straight quarter . 118% Net Dollar Retention Rate 7.3 Q4'20 Y/Y +41% 7.8 Q1'21 +30% Customers (in thousands) 8.7 9.6 Q2'21 +36% Q3'21 +42% 10.5 Q4'21 +44% ûdemy#30Consumer Q4'21 Revenue $80.2M 1.4M +3% y/y +1% y/y Revenue 30 $78.1 46% Q4'20 Y/Y +34% Segment Gross margin $87.9 $84.0 52% Q1'21 Monthly Average Buyers +23% 54% Q2'21 (2%) $79.2 53% Q3'21 (13%) (in millions) $80.2 49% Q4'21 3% Return to positive growth in Q4'21 • Robust traffic with >32M unique visitors per month, over 1.3x pre-pandemic levels¹ Y/Y: Monthly Average Buyers 1,316 1,411 11 Q1'21 1,373 Q4'20 +22% +11% Q2'21 (26%) Note: Segment margins exclude stock-based compensation, depreciation and amortization. Compares average monthly unique visitors during the quarter ended December 31, 2021 to average monthly unique visitors during the quarter ended December 31, 2019. 1,263 Q3'21 (6%) (in thousands) 1,388 Q4'21 1% ûdemy#31Guidance Revenue Udemy Business Revenue Consumer Revenue Adjusted EBITDA Margin Weighted Average Share Count Q1'22 $144.0 148.0 million 70%+y/y (6%) -0% y/y (11%) - (9%) 139 million FY22 $610.0 - 640.0 million $300.0-310.0 million $310.0-330.0 million (12%) - (10%) 142 million 31 Note: Adjusted EBITDA represents net loss attributable to common stockholders, adjusted to exclude interest expense (income), net; provision for income taxes; depreciation and amortization; stock-based compensation expense; and other expense (income), net. We have not reconciled our expectations for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation for the guidance for Adjusted EBITDA is not available without unreasonable effort. ûdemy#32Positioned for enduring growth ‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒ A Rapid Enterprise Growth Consumer business adds tailwinds to Udemy Business, achieving $239M in ARR¹ at 74% y/y growth, to evolve revenue composition for increased growth durability and margins Strong Learner Demand & Engagement High-quality content attracts 49M+ learners to our platform for a virtuous cycle of monetization, engagement, and feedback 32 Note: Data as of December 31, 2021, unless otherwise noted Annual Recurring Revenue </>\b*Oh! Compelling Two-Sided Marketplace Aligned incentives have attracted 64K+ instructors who create content at a high velocity for 185K courses Global Platform with Localized Content International expansion is integrated across local content and platform yielding >60%+ of revenue generated outside North America ûdemy#33Key Business Metrics Definitions Monthly Average Buyers Udemy Business Customers Udemy Business Annual Recurring Revenue Udemy Business Net Dollar Retention Rate 33 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. ûdemy#34Appendix 34 ûdemy#35GAAP to Non-GAAP Reconciliation Revenue Cost of revenue Gross profit Operating expenses Sales and marketing Research and development General and administrative Total operating expenses Loss from operations 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 35 Net loss per share attributable to common stockholders Basic and diluted Weighted-average shares used in computing net loss per share attributable to common stockholders $ $ GAAP Three Months Ended December 31, 2021 Stock-based Amortization of Compensation Intangible Assets (in thousands, except per share amounts) 137,951 64,122 73,829 70,624 19,208 22,442 112,274 (38,445) 436 (206) 230 (38,215) (669) (38,884) (0.36) 108,168,420 (736) 736 (2,852) (2,370) (5,018) (10,240) 10,976 10,976 10,976 (729) 729 (384) (384) 1,113 1,113 1,113 $ $ Non-GAAP 137,951 62,657 75,294 67,388 16,838 17,424 101,650 (26,356) 436 (206) 230 (26,126) (669) (26,795) (0.25) 108,168,420 ûdemy#36GAAP to Non-GAAP Reconciliation Fiscal Year Ended December 31, 2021 Stock-based Amortization of Compensation Intangible Assets (in thousands, except per share amounts) Revenue Cost of revenue Gross profit Operating expenses Sales and marketing Research and development General and administrative Total operating expenses Loss from operations Other expense Interest expense, net Other expense, net Total other expense, net Net loss before taxes Income tax provision Net loss attributable to common stockholders Net loss per share attributable to common stockholders Basic and diluted 36 Weighted-average shares used in computing net loss per share attributable to common stockholders $ $ GAAP 518,157 236,024 282,133 227,023 66,107 64,410 357,540 (75,407) (16) (920) (936) (76,343) (1,183) (77,526) (1.41) 54,972,827 (1,623) 1,623 (8,637) (6,816) (17,604) (33,057) 34,680 34,680 34,680 (1,022) 1,022 (481) (481) 1,503 1,503 1,503 $ $ Non-GAAP 518,157 233,379 284,778 217,905 59,291 46,806 324,002 (39,224) (16) (920) (936) (40,160) (1,183) (41,343) (0.75) 54,972,827 ûdemy#37GAAP to Non-GAAP Reconciliation Three Months Ended December 31, 2020 GAAP Stock-based Compensation (in thousands, except per share amounts) 110,095 $ 55,657 54,438 Revenue Cost of revenue Gross profit Operating expenses Sales and marketing Research and development General and administrative Total operating expenses Loss from operations Other income (expense) Interest expense, net Other income, net Total other expense, net Net loss before taxes Income tax provision Net loss attributable to common stockholders Net loss per share attributable to common stockholders Basic and diluted 37 Weighted-average shares used in computing net loss per share attributable to common stockholders $ $ 50,379 14,403 15,752 80,534 (26,096) (68) 17 (51) (26,147) (888) (27,035) (0.77) 35,284,409 (165) 165 (1,587) (1,315) (5,099) (8,001) 8,166 8,166 8,166 Non-GAAP 110,095 55,492 54,603 48,792 13,088 10,653 72,533 (17,930) (68) 17 (51) (17,981) (888) (18,869) (0.53) 35,284,409 ûdemy#38GAAP to Non-GAAP Reconciliation Fiscal Year Ended December 31, 2020 GAAP Stock-based Compensation (in thousands, except per share amounts) 429,899 209,253 220,646 Revenue Cost of revenue Gross profit Operating expenses Sales and marketing Research and development General and administrative Total operating expenses Loss from operations Other income (expense) Interest expense, net Other income, net Total other expense, net Net loss before taxes Income tax provision Net loss attributable to common stockholders Net loss per share attributable to common stockholders Basic and diluted 38 Weighted-average shares used in computing net loss per share attributable to common stockholders $ $ 192,600 50,643 50,783 294,026 (73,380) (1,146) 55 (1,091) (74,471) (3,149) (77,620) (2.33) 33,384,438 - (418) 418 (7,518) (5,232) (18,450) (31,200) 31,618 31,618 31,618 $ $ Non-GAAP 429,899 208,835 221,064 185,082 45,411 32,333 262,826 (41,762) (1,146) 55 (1,091) (42,853) (3,149) (46,002) (1.38) 33,384,438 ûdemy#39GAAP to Non-GAAP Reconciliation Adjusted EBITDA ($ in thousands) Net loss Adjusted to exclude the following: Interest (income) expense, net Provision for income taxes Depreciation and amortization Stock-based compensation expense Other expense (income), net Adjusted EBITDA 39 $ $ Three Months Ended December 31, 2021 2020 (27,035) $ 68 888 3,243 8,166 (17) (14,687) $ (38,884) $ (436) 669 4,897 10,976 206 (22,572) $ Fiscal Year Ended December 31, 2020 (77,620) $ 1,146 3,149 11,055 31,618 (55) (30,707) $ 2021 (77,526) 16 1,183 15,297 34,680 920 (25,430) ûdemy#40GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) Revenue: Consumer Enterprise Total Revenue Gross Profit Consumer Enterprise Total Segment Gross Profit Less: Amortization of Capitalized Software Less: Depreciation Non-GAAP Total Gross Profit Less: Stock-Based Compensation Less: Amortization of Intangible Assets GAAP Total Gross Profit Gross Margin: Consumer Enterprise Total Segment Non-GAAP GAAP 40 Three Months Ended December 31, 2020 2021 78,120 $ 31,974 110,094 35,957 20,696 56,653 (1,917) (133) 54,603 (165) 54,438 46.0% 64.7% 51.5% 49.6% 49.4% 80,168 $ 57,783 137,951 39,432 38,641 78,073 (2,604) (175) 75,294 (736) (729) 73,829 49.2% 66.9% 56.6% 54.6% 53.5% Fiscal Year Ended December 31, 2020 2021 326,454 $ 103,445 429,899 160,650 67,926 228,576 (6,894) (618) 221,064 (418) 220,646 49.2% 65.7% 53.2% 51.4% 51.3% 331,203 186,954 518,157 171,862 122,970 294,832 (9,292) (762) 284,778 (1,623) (1,022) 282,133 51.9% 65.8% 56.9% 55.0% 54.4% ûdemy