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Stockholders' equity (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance consisted of the following:
December 31,December 31,
20242023
2010 Equity Incentive Plan:
Stock options outstanding1,401,086 4,621,021 
2021 Equity Incentive Plan:
RSUs outstanding and PSUs(1)
15,809,202 16,738,309 
Shares available for future issuance under:
2021 Equity Incentive Plan10,514,374 4,093,695 
2021 Employee Stock Purchase Plan2,986,132 2,350,803 
Total shares of common stock reserved30,710,794 27,803,828 
(1) For those PSUs in their respective performance periods, the number of shares reserved for issuance is based on the maximum achievement of the corporate performance metrics
Share repurchase program— During the fiscal year ended December 31, 2024, the Board of Directors approved a share repurchase program, which authorized the purchase of up to $150 million of Udemy common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The share repurchase program was completed in November 2024.
Shares repurchased by the Company are accounted for on the settlement date. Upon settlement, repurchased shares are immediately retired and no longer considered issued or outstanding. The total cost to repurchase shares includes any direct costs incurred, including broker commissions and excise taxes, and is recorded as a reduction to additional paid in capital in the consolidated balance sheets. During the fiscal year ended December 31, 2024, the Company repurchased 16,205,119 shares for an aggregate total of $151.2 million, inclusive of direct costs incurred.
Summary of Weighted Average Assumptions, Options The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the Exchanged Awards as of August 6, 2022:
Risk-free interest rate3.0%
Expected volatility
68.6%
Expected life (in years)
4.9
Expected dividend yield
—%
The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the grant date fair value of employee stock purchase rights granted under new ESPP offering periods in each year:
Fiscal Year Ended December 31,
202420232022
Risk-free interest rate4.6%4.6%3.5%
Expected volatility50.6%68.6%68.5%
Expected life (in years)1.31.61.2
Expected dividend yield—%—%—%
Summary of Restricted Stock Unit Activity
A summary of RSU and PSU activity under the 2021 Plan is as follows:
RSUs OutstandingWeighted Average Grant Date Fair Value
PSUs Outstanding (1)
Weighted Average Grant Date Fair Value
Balance - December 31, 2023
15,769,577$14.07 645,833$8.89 
Granted 10,138,238$9.25 553,568$10.98 
Released(6,650,270)$14.74 (189,699)$8.89 
Canceled(4,364,777)$13.24 (336,124)$9.31 
Balance - December 31, 2024
14,892,768$10.74 673,578$10.40 
Unvested - December 31, 2024
14,873,773$10.74 673,578$10.40 
Awards vested, not yet released - December 31, 2024
18,995$8.62 — $— 
(1) Canceled PSU shares consist of awards forfeited as well as the difference in the number of shares granted at target in 2023 and the shares certified by the Board based on actual achievement.
Summary of Option Activity
The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans:
Options OutstandingWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
(In Thousands)
Balance - December 31, 2023
4,571,021 $5.08 3.23$44,309 
Granted — — 
Exercised (3,141,652)4.92 
Canceled (78,283)8.22 
Balance - December 31, 2024
1,351,086 $5.28 4.05$4,666 
Vested & expected to vest as of December 31, 2024
1,351,086 $5.28 4.05$4,666 
Exercisable as of December 31, 2024
1,349,515 $5.26 4.05$4,666 
Summary of Stock Appreciation Rights
The following is a summary of activity for SARs under the Equity Incentive Plans:
SARs OutstandingWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
(In Thousands)
Balance - December 31, 2023
4,700 $5.11 5.98$45 
Granted — — 
Exercised (1,558)6.58 
Canceled(1,142)3.55 
Balance - December 31, 2024
2,000 $4.85 2.32$7 
Vested & expected to vest as of December 31, 2024
2,000 $4.85 2.32$7 
Exercisable as of December 31, 2024
2,000 $4.85 2.32$7 
Summary of Performance-Based Options The following table summarizes the activities of Performance-Based Options under the Equity Incentive Plans:
Performance-Based Options Outstanding
Weighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
(In Thousands)
Balance - December 31, 2023
50,000 $3.06 4.58$584 
Granted— — 
Exercised— — 
Canceled— — 
Balance - December 31, 2024
50,000 $3.06 3.58$259 
Vested & expected to vest as of December 31, 2024
50,000 $3.06 3.58$259 
Exercisable as of December 31, 2024
38,541 $3.06 3.58$199 
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense included in the consolidated statements of operations was as follows (in thousands):
Fiscal Year Ended December 31,
202420232022
Cost of revenue$6,887 $7,006 $5,360 
Sales and marketing28,665 30,859 29,054 
Research and development27,046 26,301 20,850 
General and administrative27,584 30,672 26,029 
Restructuring charges(160)1,208 — 
Total stock-based compensation expense$90,022 $96,046 $81,293