I'm an Excel developer and one of my customers started getting "Variable not defined" errors when opening an xlsm file that I provided. (All the flagged variables are definitely declared.) The macros in the file have run for years without any issues. Upon digging into the problem, it appears it started when update 2212 dated 04 January installed on his computer. He sent me the offending file and it ran fine on my computer. Comparing Excel versions, I found that my Office 365 installation had not updated, so I updated it and started getting the exact same errors. Digging further, I discovered that many of my other macro containing files were throwing the same error.
The error occurs when the VBA modules compile right when the file opens and runs the file open routine. Although the same variables are flagged each time, there does not appear to be anything unusual with those particular variables. In one file it actually flags a form control as not being defined. After stopping the compile process, Excel sometimes becomes unstable.
Long story short, it seemed to be related to the upgrade, so I chatted with Microsoft support, they rolled back the upgrade and we're no longer getting the errors. I was curious if anyone else had experienced this problem or something similar with the 2212 update. It only seems related to .xlsm files as far as i could tell, although I didn't do a lot of testing before rolling back the update.