Udemy Investor Presentation Q4 2022

GAAP 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

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