Udemy Investor Presentation Q4 2022

GAAP 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

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