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Nerdy Inc. (NYSE: NRDY) is a technology-driven education company that operates a platform for live online learning, leveraging artificial intelligence (AI) to connect learners with experts. The company offers a wide range of learning experiences, including tutoring, classes, and self-study tools, catering to individual learners and institutions. Its flagship business, Varsity Tutors LLC, is one of the largest platforms in the U.S. for live online tutoring and classes.
- Consumer - Provides direct-to-consumer learning services, including one-on-one instruction, small group tutoring, large format classes, and Learning Memberships, which offer ongoing access to educational resources and expert support.
- Institutional - Offers tailored solutions for schools and businesses through the Varsity Tutors for Schools product suite, including high-dosage tutoring and subscription-based services such as District Assigned, Teacher Assigned, and Parent Assigned programs.
- Other - Includes legacy businesses such as Veritas Prep LLC, EduNation Limited (First Tutors UK), and other services that provide additional educational resources and tools.
Name | Position | External Roles | Short Bio | |
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Charles Cohn ExecutiveBoard | Founder, Chairman, President, and CEO | National council board of the entrepreneurship program at Washington University in St. Louis. | Charles Cohn founded Nerdy Inc. in 2007 and has led the company as its CEO, guiding its strategic direction and growth into a leading learning technology company. | View Report → |
Chris Swenson Executive | Chief Legal Officer and Corporate Secretary | None. | Chris Swenson joined Nerdy in May 2015 as VP and General Counsel, later becoming Chief Legal Officer in August 2019. He established and leads Nerdy's legal department. | |
Jason Pello Executive | Chief Financial Officer | None. | Jason Pello joined Nerdy in September 2019 as VP of Finance and Accounting, becoming CFO in October 2020. He has a background in corporate finance and accounting. | |
Abigail Blunt Board | Class III Director | Director at Ardagh Group, Ardagh Metal Packaging, SafetyHoldCo, and Vita-Key. | Abigail Blunt was elected to Nerdy's Board in May 2024, with a strong background in government affairs and corporate governance, previously serving as Global Head of Government Affairs at Kraft Heinz. | |
Christopher (Woody) Marshall Board | Class II Director | Lead independent director at Spotify, Board member at Payoneer, General Partner at TCV. | Woody Marshall has been a director at Nerdy since September 2021, with a background in technology investments and board roles at Spotify and Payoneer. | |
Greg Mrva Board | Board Member | CFO of GoFundMe. | Greg Mrva has been on Nerdy's Board since September 2021. He has extensive experience in finance and operations, having played a role in the $4 billion sale of StubHub to Viagogo. | |
Rob Hutter Board | Class II Director | Founder and Managing Partner at Learn Capital LLC. | Rob Hutter has been a director at Nerdy since September 2021 and is the founder of Learn Capital LLC, overseeing its investing practice. | |
Stuart Udell Board | Director | CEO of Prometric, Executive Chairman of eDynamicLearning, Board member at several organizations. | Stuart Udell joined Nerdy's Board in August 2022, bringing extensive experience in education technology and leadership roles at various companies. |
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With third quarter revenue decreasing by 7% year-over-year and Institutional revenue declining by 3%, what are the specific factors behind these decreases, and what strategies are you implementing to reverse this trend?
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Your platform access strategy in the Institutional business resulted in only 22% of total bookings value coming from conversions of free access to paid offerings, and deal sizes were smaller than expected; how do you plan to improve conversion rates and increase deal sizes to achieve sustainable growth?
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The resource allocation to support Varsity Tutors for Schools impacted the delivery of marketplace infrastructure initiatives and the consumer experience; how will you balance resource allocation between Institutional and Consumer segments to avoid negatively affecting one at the expense of the other?
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Adjusted EBITDA loss increased to $14 million in the third quarter from $8.2 million in the same period last year, partly due to higher sales and marketing expenses; what specific cost control measures are you putting in place to move towards profitability?
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Given that the anticipated urgency around the ESSER funding deadline did not materialize and bookings were below expectations, how are you adjusting your Institutional sales strategy in a post-ESSER environment to drive bookings growth?
Notable M&A activity and strategic investments in the past 3 years.
Company | Year | Details |
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Codeverse | 2022 | Nerdy Inc acquired Codeverse in July 2022 using a small cash consideration under favorable deal terms to integrate its kid-friendly coding platform into its Learning Membership product, aiming to drive higher conversion and retention in the fast-growing K-12 coding market with minimal EBITDA impact. |
Recent developments and announcements about NRDY.
Earnings
New Earnings (Q4 2024)
·Feb 28, 2025, 2:02 PMView full earnings summary →NRDY's Q4 results highlight AI-driven retention up 26%, supporting a 20% price increase and ARPU > $400. Q1 margin dips to 60%, rebounds to 66%. A 15% headcount cut + AI efficiencies target EBITDA+ in Q4 2025, with consumer revenue accelerating each quarter.