We have taken precautionary measures intended to help minimize the risk of COVID-19 to our employees, including transitioning the majority of our employees to remote work and restricting business travel, which have contributed to immaterial decreases in our operating expenses, primarily travel and entertainment expense. We believe that our ability to meet the needs of our customers, end users and instructors has not been materially
(2) Includes amortization of intangible assets as follows (in thousands):
Nine Months Ended September 30,
assets
The following table summarizes our results of operations as a percentage of revenue for each of the periods indicated:
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Cost of revenue, gross profit and gross margin
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14,141 21 % $ 213,492 $ 245,266 $ 31,774
15 %
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Income tax (provision) benefit
Udemy Business Annual Recurring Revenue
Udemy Business Net Dollar Retention Rate
%
(1) %
Nine Months Ended September 30,
Nine Months Ended September 30,
taxes
The following table provides a reconciliation of net loss margin, the most directly comparable GAAP financial measure, to Adjusted EBITDA Margin (in thousands, except percentages):
1,613 $ (16,020) $ (2,858) Adjusted EBITDA margin
Goodwill and Intangible Assets-Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Foreign currency risk
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