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Nerdy Inc. (NYSE: NRDY) is a pioneering platform for live online learning, dedicated to transforming education through technology. The company leverages its purpose-built proprietary platform, incorporating advanced technologies such as AI, to connect learners of all ages with expert educators. This innovative approach delivers exceptional value to both learners and educators by facilitating a seamless exchange of knowledge and skills.
Nerdy offers a comprehensive learning destination that spans over 3,000 subjects, providing a variety of learning formats including one-on-one instruction, small group classes, large format group classes, and adaptive self-study modules. This flexibility ensures that learners can find the best method that suits their individual needs.
The company’s flagship business, Varsity Tutors, stands as one of the nation’s largest platforms for live online tutoring and classes. Varsity Tutors serves a wide audience, offering its high-quality educational solutions directly to students and consumers, as well as through partnerships with schools and other institutions.
Recent achievements include the expansion of their service offerings and the continuous enhancement of their AI-driven platform to improve learning outcomes. Financially, Nerdy Inc. has shown a robust performance with a focus on sustainable growth and strategic partnerships to broaden its reach and impact.
Latest News
- Source: Varsity Tutors
- Source: Nerdy Inc.
- Source: Varsity Tutors for Schools
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.
GoFundMe has appointed Greg Mrva as the new Chief Financial Officer, bringing over 25 years of experience in finance and strategy from leading technology firms. Mrva previously led a successful business combination with Nerdy Inc. (NYSE: NRDY) and has held roles at StubHub, Morgan Stanley, and Yahoo!. His expertise is expected to enhance GoFundMe's scaling efforts and market expansion. The company recently completed the acquisition of Classy, solidifying its position in the philanthropic market worth nearly $500 billion.
Nerdy Inc. (NYSE: NRDY) has been awarded the title of Best Student Personalization Solution by the EdTech Breakthrough Awards for its product, Varsity Tutors for Schools. This award recognizes the platform's capability to provide personalized learning solutions amid educational challenges like learning gaps and staffing issues. Varsity Tutors for Schools offers customizable support for students at various educational levels and aims to enhance the learning experience through data-driven insights and individualized approaches. The award program received over 2,250 nominations globally.
Nerdy Inc. (NYSE: NRDY) has partnered with the Smithsonian Institution to offer a free online class titled "Live from the Smithsonian: Living in the World of Dinosaurs" on May 24 at 7 PM ET. This event will provide global learners access to Smithsonian content through a live session led by Matthew Carrano, Curator of Dinosauria. The class will explore dinosaur origins and evolution, featuring interactive challenges. This collaboration aims to attract a broad audience, enhancing Nerdy's educational offerings through its StarCourse series.
Nerdy Inc. (NYSE: NRDY) reported record financial results for Q1 2022, achieving $48.5 million in bookings and $46.9 million in revenue, representing increases of 30% and 36% year-over-year, respectively. The growth was bolstered by strong direct-to-consumer offerings and the expansion of Varsity Tutors for Schools, which generated over $4.6 million in revenue from 61 new contracts. Additionally, gross profit rose 40% to $32.8 million. The company remains debt-free, with a cash balance of $141.7 million, focusing on profitability initiatives for 2023.
Nerdy Inc. (NYSE: NRDY) will release its Q1 financial results for the period ended March 31, 2022, after U.S. market close on May 16, 2022. Following this, management will conduct a conference call at 5:00 p.m. ET to discuss the financial and operational outcomes. Interested parties can join via a toll-free number or through a live webcast on the company’s investor relations website. Nerdy is dedicated to revolutionizing learning through technology, connecting learners with experts in over 3,000 subjects.
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