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Nerdy Inc. reports developments around its live online learning platform, which connects learners with expert instructors through technology and artificial intelligence. The company operates its flagship Varsity Tutors business and offers Learning Memberships, one-on-one instruction, small group tutoring, large-format classes and adaptive assessments for consumers, schools and other institutions.
Recurring news items cover quarterly results, revenue trends, adjusted profitability measures, liquidity and capital resources, product work on its Live+AI platform, management presentations and leadership changes. Company updates also describe how Nerdy applies AI to personalize learning and support tutors across its consumer and institutional channels.
Nerdy Inc. (NYSE: NRDY), a leader in live online learning, will participate in a fireside chat at the Needham Virtual Growth Conference on January 12, 2023, at 11:00 a.m. ET. Management representatives include Founder and CEO Chuck Cohn and CFO Jason Pello. The event will be accessible via a live webcast on Nerdy’s investor relations website, with an archived replay available afterward. Nerdy’s platform connects learners to experts across over 3,000 subjects, offering diverse educational formats, including one-on-one and group classes.
Nerdy Inc. (NYSE: NRDY) reported third-quarter financial results for 2022, achieving revenue of $31.8 million, aligning with guidance. The introduction of Learning Memberships drove growth, generating an annualized run-rate revenue of $50 million and contributing $5.8 million to the quarter's total. Gross profit rose 6% year-over-year to $21.9 million, with a margin of 69%. Despite a non-GAAP adjusted EBITDA loss of $(14.0) million, the company projects profitability by the end of 2023.
Nerdy Inc. (NYSE: NRDY) announced its third quarter financial results for the period ended September 30, 2022, set to be released post-market on November 14, 2022. Following the release, management will host a conference call at 5:00 PM Eastern Time to discuss financial and operating results. Interested parties can access the call via U.S. numbers or through a live webcast on Nerdy's investor relations website. A replay will be available for a year, with telephonic replay until November 21, 2022.
Nerdy Inc. (NYSE: NRDY) has announced its participation in a fireside chat at the Goldman Sachs Communacopia + Technology Conference on Sept. 15, 2022, at 10:00 a.m. PT / 1:00 p.m. ET. The event will feature Chuck Cohn, Founder and CEO, along with Jason Pello, CFO. A live webcast will be available on Nerdy’s investor relations website, with an archived version accessible afterward. Nerdy is a prominent online learning platform, providing over 3,000 subjects in various formats, including one-on-one and group classes.
Nerdy Inc. (NYSE: NRDY) expands its educational offerings by acquiring Codeverse, an award-winning platform that teaches kids to code through app and game development. This move aims to fulfill the increasing demand for computer science education among students and schools. The integration of Codeverse into the Varsity Tutors platform will provide immersive coding classes, enhancing personalized learning experiences. CEO Chuck Cohn emphasized the importance of this acquisition in transforming Nerdy into a comprehensive learning destination.
Nerdy Inc. (NYSE: NRDY) reported strong Q2 results for 2022, achieving revenue of $42.2 million, exceeding the guidance of $37-40 million, and marking a 29% year-over-year increase. Key drivers included growth from consumer audiences and institutional business, including Varsity Tutors for Schools, which generated $4.2 million. Active Learners rose by 36% and Active Experts by 42%. Gross profit reached $28.8 million, a 35.2% increase. The company has $121 million in cash and no debt, positioning it well for future growth. Adjusted EBITDA profitability is expected by the end of 2023.
Nerdy Inc. (NYSE: NRDY) announces the launch of three new tutoring offerings through its Varsity Tutors for Schools division, aimed at enhancing educational recovery. The innovative Teacher Assigned tutoring model allows educators to schedule personalized sessions for students needing extra support. Additionally, the suite includes High Dosage and On Demand tutoring options, designed to meet diverse student needs. This initiative draws insights from over 200 school districts, responding to the demand for effective, integrated tutoring solutions during a critical educational recovery period.
Nerdy Inc. has appointed Stuart Udell to its Board of Directors, following the resignation of longtime director Erik Blachford. Udell brings extensive experience in the education technology sector, having previously held CEO roles at Achieve3000, K12 Inc., and Penn Foster. His appointment coincides with Nerdy's ongoing expansion of its Varsity Tutors platform, aimed at enhancing online educational support for schools. The transition in leadership is expected to strengthen Nerdy's capabilities in the evolving education landscape, positioning the company for future growth.
Nerdy Inc. (NYSE: NRDY) has launched a new product called Learning Memberships, aimed at providing an inclusive educational experience. This offering includes 1-on-1 tutoring in over 3,000 subjects, access to 10,000+ live group classes, adaptive assessments, and celebrity-led courses. Designed for a wide audience from K-8 to adults, the memberships are available for a monthly fee and enhance personalized learning support. The initiative aligns with research highlighting the benefits of consistent educational engagement for improved outcomes.
Nerdy Inc. (NYSE: NRDY) will announce its second quarter financial results for the period ending June 30, 2022, on August 15, 2022, post U.S. market close. Following the announcement, management will host a conference call at 5:00 p.m. Eastern Time to discuss results. Participants can listen via phone or through a live webcast on Nerdy’s investor relations website. A replay will be available for one year on the website, and a telephonic replay will be accessible until August 22, 2022.