Udemy Investor Presentation Q4 2022

30 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

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