Department of Education’s “Dear Colleague” Letter

The Department of Education’s Dear Colleague Letter dated February 15, 2023 appears to be motivated by their concerns around the growing industry of online program managers, or OPMs, that provide online degree and certification programs and participate in market research, marketing and student recruiting, enrollment management, student retention services, and technology-related support.

Udemy is not an OPM. We do not provide online degree or certification programs, nor do we provide market research, marketing or student recruiting, enrollment management, student retention services, or technology-related support to higher education institutions. As such, we do not believe that the Department of Education’s concerns will have any impact on Udemy.

Forward Looking Statements

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Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.

The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission. All information provided in this post is as of the date hereof, and we undertake no duty to update this information unless required by law.

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Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this post along with our financial statements and the related notes thereto in our filings with the Securities and Exchange Commission.