Mission Statement, Vision, & Core Values (2024) of Udemy, Inc. (UDMY).

An Overview of Udemy, Inc. (UDMY)

General Overview of Udemy, Inc. (UDMY)

Udemy, Inc. is a global online learning and teaching platform founded in 2010. Headquartered in San Francisco, California, the company provides a marketplace for individuals to learn and teach various skills, ranging from programming to personal development. As of 2024, Udemy offers over 200,000 courses with more than 35 million learners worldwide.

In 2024, Udemy's sales figures reflect a strong market presence, driven by its diverse offerings in both consumer and enterprise segments. The company has successfully expanded its Udemy Business (UB) platform, catering to organizations seeking to upskill their workforce.

As of 2024, Udemy reported revenue of $586.6 million for the nine months ended September 30, 2024, showcasing its ability to attract and retain a large user base.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports for the third quarter of 2024, Udemy demonstrated a record-breaking performance:

• Total revenue for Q3 2024 was $195.4 million, a 6% increase from $184.7 million in Q3 2023.
• Enterprise revenue reached $126.1 million, representing 65% of total revenue and a 16% increase compared to $109.1 million in Q3 2023.
• Consumer revenue for Q3 2024 was $69.3 million, down 8% from $75.6 million in the prior year.
• For the nine months ended September 30, 2024, total revenue was $586.6 million, up 9% from $539.4 million in the same period of 2023.

Udemy's gross profit improved significantly, reaching $123.1 million for Q3 2024, with a gross margin of 63%, compared to 58% in Q3 2023. The increase in gross margin is attributed to a reduction in instructor revenue share from 25% to 20% effective January 1, 2024.

Operating expenses totaled $152.5 million for Q3 2024, a rise of 18% from $129.0 million in Q3 2023. Key components included:

• Sales and marketing expenses increased to $86.0 million, up 12% year-over-year.
• Research and development costs rose to $33.0 million, a 9% increase.
• General and administrative expenses remained relatively stable at $22.3 million.

Despite the increase in expenses, adjusted EBITDA for Q3 2024 was $11.6 million, representing a 6% margin compared to 4% in Q3 2023. The net loss for Q3 2024 was $25.3 million, compared to a loss of $16.8 million in Q3 2023.

Introduction to Udemy as a Leader in the Industry

Udemy is recognized as one of the leading companies in the online education sector, particularly in the enterprise training space. With a robust customer base of 16,848 Udemy Business customers as of September 30, 2024, a 10% increase from the previous year, the company has positioned itself as a vital partner for organizations aiming to enhance employee skills.

Udemy Business annual recurring revenue (ARR) reached $504.6 million, a 14% growth from $443.1 million in 2023. The company’s net dollar retention rate was recorded at 99% for Q3 2024, down from 106% in the previous year, indicating the challenges in upselling existing customers amidst economic factors.

As Udemy continues to innovate and expand its offerings, it remains a pivotal player in the online education landscape, attracting both individual learners and enterprise clients globally.

Mission Statement of Udemy, Inc. (UDMY)

Mission Statement Overview

Udemy, Inc.'s mission statement is centered around the idea of transforming lives through learning. This mission reflects the company's commitment to making education accessible and relevant in a rapidly changing job market. The significance of this mission lies in its ability to guide Udemy’s long-term goals by emphasizing the importance of continuous skills acquisition and accessibility in education.

Core Component 1: Transforming Lives

The first core component of Udemy's mission statement is its focus on "transforming lives." This aspect highlights the company's dedication to impacting individuals' personal and professional development through education. As of 2024, Udemy has attracted nearly 75 million learners globally, spanning over 180 countries. This extensive reach underscores Udemy's commitment to facilitating transformative learning experiences.

Core Component 2: Accessibility and Inclusivity

Another critical element of Udemy's mission is the emphasis on breaking down barriers to education. The company aims to expand access to learning across traditional barriers such as geography and social demographics. In 2024, Udemy's platform comprises over 250,000 courses available in 75 languages, created by a network of more than 75,000 instructors. This diversity in offerings is crucial for ensuring that learners from various backgrounds can find relevant and applicable content.

Core Component 3: Lifelong Learning

The final component of Udemy's mission statement is its focus on lifelong learning. The company recognizes that traditional skills development methods are becoming outdated due to technological advancements. As a response, Udemy provides a platform designed for continuous skills acquisition, which is essential in today's job market. In 2024, Udemy's enterprise segment, known as Udemy Business (UB), generated $126.1 million in revenue, accounting for 65% of total revenue for the third quarter. This growth reflects the increasing demand for ongoing professional development through accessible online learning solutions.

In conclusion, Udemy's mission statement, with its emphasis on transforming lives, accessibility, and lifelong learning, reflects the company's strategy to adapt to the evolving educational landscape and meet the needs of a diverse learner base.

Vision Statement of Udemy, Inc. (UDMY)

Vision Statement of Udemy, Inc. (UDMY)

As of 2024, Udemy, Inc. aims to transform lives through learning by providing a flexible and effective online education platform. This vision is built on several core components that highlight Udemy's commitment to accessibility, quality, and innovation in education.

Udemy's vision emphasizes making education accessible to everyone, regardless of geographical or socio-economic barriers. The platform has attracted nearly 75 million learners across over 180 countries, showcasing its global reach. This extensive network allows Udemy to offer a vast array of courses tailored to various learning needs.

Udemy prides itself on curating high-quality educational content. The platform features more than 250,000 courses created by over 75,000 instructors. Courses cover a wide range of topics, including technology, business, soft skills, and personal development, ensuring that learners receive relevant and up-to-date knowledge from industry experts.

Utilizing cutting-edge technology, Udemy continuously enhances the learning experience. The company leverages data insights to personalize learning paths for users, thereby improving engagement and retention. In 2024, Udemy's focus on technology includes expanding its offerings and integrating new features that cater to evolving learner demands.

Udemy fosters a collaborative learning environment that encourages interaction among learners and instructors. The platform's community-driven approach not only enhances the quality of education but also supports peer learning and networking opportunities.

In terms of financial growth, Udemy reported total revenue of $586.6 million for the nine months ended September 30, 2024, a 9% increase from $539.4 million in the same period the previous year. The Enterprise segment, which focuses on corporate training solutions, contributed significantly to this growth, with revenues reaching $364.3 million, accounting for 62% of total revenue.

Moreover, Udemy Business (UB) has shown strong performance with an annual recurring revenue (ARR) of $504.6 million, reflecting a 14% increase from $443.1 million in the previous year. This growth underscores Udemy's strategic focus on enterprise solutions and the increasing demand for professional development training.

Udemy's vision in 2024 is underscored by its commitment to accessibility, quality content, and innovative learning solutions. With a robust financial performance and a growing community of learners and instructors, Udemy continues to position itself as a leader in the online education space.

Core Values of Udemy, Inc. (UDMY)

Customer Obsession

Udemy, Inc. prioritizes the needs and experiences of its learners and customers. This core value is reflected in the company's commitment to providing high-quality educational content and exceptional customer support.

As of September 30, 2024, Udemy reported having nearly 75 million learners across over 180 countries. This vast reach underscores its dedication to serving a global audience. The company has also expanded its offerings with over 250,000 courses created by more than 75,000 instructors in 75 languages, ensuring diverse learning options for its users.

Continuous Improvement

Udemy fosters a culture of continuous improvement by regularly updating its content and platform based on user feedback. This value is evident in the company's strategic initiatives aimed at enhancing the learning experience.

In 2024, Udemy implemented a significant restructuring plan impacting approximately 280 employees to optimize its operations and enhance customer service. This restructuring is part of Udemy's commitment to improving operational efficiency and responsiveness to market demands.

Inclusivity and Diversity

Inclusivity and diversity are fundamental to Udemy's core values. The company strives to create an inclusive learning environment that caters to a diverse audience.

Udemy's global presence, with learners from various cultural and socioeconomic backgrounds, is a testament to its commitment to inclusivity. The platform's courses cover a wide range of topics, allowing learners from all walks of life to access essential skills and knowledge.

Integrity

Integrity is a vital core value for Udemy, guiding its business practices and interactions with customers and instructors. The company's transparent policies and ethical practices ensure trust and reliability.

For instance, Udemy has adjusted its instructor revenue share from 25% to 20% for subscription offerings, effective January 1, 2024. This change reflects Udemy's commitment to maintaining a fair and transparent relationship with its instructors while ensuring sustainability in its business model.

Innovation

Innovation drives Udemy's ability to meet the evolving needs of learners and organizations. The company continually invests in technology and platform enhancements.

As of September 30, 2024, Udemy reported an increase in its Udemy Business Annual Recurring Revenue (ARR) to $504.6 million, a 14% increase from the previous year. This growth is attributed to the continuous innovation in its enterprise offerings and the expansion of its customer base.

Collaboration

Collaboration is essential for Udemy's success, promoting teamwork among employees, instructors, and learners. This core value is reflected in the company's partnerships and community engagement.

Udemy's extensive network of instructors not only contributes to course creation but also fosters a collaborative learning environment. By leveraging the expertise of these instructors, Udemy enhances its offerings and improves learner outcomes.

Article updated on 8 Nov 2024

Resources:

• Udemy, Inc. (UDMY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Udemy, Inc. (UDMY)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Udemy, Inc. (UDMY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.