UDMY · As filed with the SEC

Udemy cash flow statement, by fiscal year

The statement as Udemy presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.

Consolidated Statements of Cash Flows · USD thousands

USD thousands	FY2025 Year ended Dec 31, 2025	FY2024 Year ended Dec 31, 2024	FY2023 Year ended Dec 31, 2023	FY2022 Year ended Dec 31, 2022	FY2021 Year ended Dec 31, 2021	FY2020 Year ended Dec 31, 2020	FY2019 Year ended Dec 31, 2019
Cash flows from operating activities:
Net income (loss)	3,807	(85,288)	(107,294)	(153,875)	(80,026)	(77,620)	(69,703)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	25,359	25,421	24,588	21,216	15,297	11,055	8,740
Amortization of deferred contract costs	65,540	59,654	48,161	32,279	17,801	7,486	3,038
Stock-based compensation	68,754	90,022	96,046	81,293	34,680	31,618	8,963
Allowance for credit losses	3,363	1,549	1,662	960	326	182	642
Change in fair value of warrant liability	—	—	—	—	0	52	58
Net (accretion) amortization of marketable securities	(3,187)	(8,301)	(7,492)	(896)	—	0	—
Non-cash operating lease expense	3,777	4,524	5,856	6,205	—	0	—
Unrealized loss on strategic investments	0	10,311	1,793	2,896	—	0	—
Other	1,559	2,551	1,178	690	0	52	95
Changes in operating assets and liabilities:
Accounts receivable	(11,045)	2,789	10,313	(32,309)	(27,000)	(19,632)	(10,578)
Prepaid expenses and other assets	(4,042)	(4,588)	(5,831)	(4)	(9,903)	(3,344)	(1,727)
Deferred contract costs	(64,405)	(58,333)	(56,890)	(53,379)	(36,508)	(18,943)	(10,685)
Accounts payable, accrued expenses and other liabilities	3,303	10,050	(14,429)	(28,620)	7,272	17,488	26,279
Content costs payable	(4,432)	(2,671)	2,967	1,349	4,389	6,615	3,113
Operating lease liabilities	(2,472)	(5,777)	(6,768)	(6,487)	—	0	—
Deferred revenue	1,780	11,130	4,135	67,725	66,568	54,667	25,310
Net cash provided by (used in) operating activities	87,659	53,043	(2,005)	(60,957)	(7,104)	9,624	(16,455)
Cash flows from investing activities:
Purchases of marketable securities	(182,603)	(336,898)	(307,706)	(158,503)	0	0	(1,542)
Proceeds from maturities and sales of marketable securities	222,415	352,750	295,800	7,500	0	0	27,274
Purchases of property and equipment	(5,803)	(2,300)	(632)	(1,564)	(5,335)	(5,180)	(3,328)
Capitalized software costs	(11,880)	(12,475)	(12,434)	(14,160)	(12,868)	(9,357)	(7,793)
Purchases of strategic investments	—	0	0	(5,000)	(10,000)	0	0
Payments related to asset acquisitions	(1,500)	0	0	(1,500)	(24,490)	0	0
Net cash provided by (used in) investing activities	20,629	1,077	(24,972)	(173,227)	(52,693)	(14,537)	14,611
Cash flows from financing activities:
Net proceeds from exercise of stock options	70	2,345	17,911	7,149	10,878	10,383	11,265
Proceeds from share purchases under employee stock purchase plan	4,175	7,054	8,044	9,192	—	0	—
Payment of redeemable convertible preferred stock issuance costs	—	—	0	0	(2,250)	0	0
Taxes paid related to net share settlement of equity awards	(20,306)	(30,824)	(6,760)	—	—	—	—
Net proceeds from issuance of redeemable convertible preferred stock	—	—	0	0	2	120,710	0
Repurchases of common stock and excise taxes paid	(50,965)	(150,324)	—	—	—	—	—
Payment of deferred offering costs	—	0	0	(1,586)	(5,183)	0	0
Cash proceeds from initial public offering	—	—	—	0	—	0	—
Cash proceeds from initial public offering	—	—	0	—	415,187	0	0
Payments of debt issuance costs	(1,438)	—	—	—	—	—	—
Net cash provided by (used in) financing activities	(68,464)	(171,749)	19,195	14,755	418,634	131,093	11,265
Effect of foreign exchange rates on cash flows	238	(116)	20	(25)	—	0	—
Net increase (decrease) in cash, cash equivalents and restricted cash	40,062	(117,745)	(7,762)	(219,454)	358,837	126,180	9,421
Cash, cash equivalents and restricted cash—Beginning of period	191,807	309,552	317,314	536,768	177,931	51,751	42,330
Cash, cash equivalents and restricted cash—End of period	231,869	191,807	309,552	317,314	536,768	177,931	51,751
Supplemental disclosures of cash flow information:
Interest paid	299	0	3,188	23	90	48	5
Income taxes paid	5,045	1,281	1,418	678	385	154	120
Supplemental disclosure of non-cash investing and financing activities:
Accrued redeemable convertible preferred stock issuance costs	—	—	—	0	0	2,250	0
Stock-based compensation in capitalized costs	6,548	8,504	9,175	5,911	2,571	749	281
Net change in unrealized gain (loss) on marketable securities	40	21	289	213	—	0	—
Unpaid deferred offering costs	—	—	0	0	1,586	0	0
Acquisition holdback liability	—	—	0	0	1,500	0	0
Changes in purchases of property and equipment in accounts payable and accrued expenses	—	—	—	22	(186)	131	76
Vesting of early-exercised stock options, net	—	—	—	0	0	7	421
Increase (decrease) in purchases of property and equipment included in liabilities	(500)	630	—	—	—	—	—
Operating lease right-of-use assets exchanged for operating lease liabilities	1,867	9,779	—	—	—	—	—
Accrued excise tax on share repurchases	117	876	—	—	—	—	—

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.