Nerdy Q1 rev $49.2M above guidance; turns EBITDA positive at $1.4M

Nerdy Inc.

2023-Q1 EPS reported -$0.21 revenue$49,180,000

Revenue of $49.2M up 5% YoY, above $45-47M guidance; returned to growth after J-Curve transition.
Adjusted EBITDA profitability $1.4M, nine months ahead of plan; operating cash flow $6.8M, free cash flow $5.8M.
Learning Memberships 60% of total revenue with annualized run-rate $143M, active members 32.9K.
Institutional revenue record $8.5M, up 32% YoY; 97 contracts booked totaling $6.3M in Q1.
Launched AI-Enabled Chat Tutoring and AI Lesson Plan Generator; 30% of code now AI-written.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Nerdy Inc. reported first quarter ended March 31, 2023 results: revenue $49.2 million.

Period: first quarter ended March 31, 2023
Revenue: $49.2 million
Result: reported results

Exact text from the filing

and that we anticipated achieving adjusted EBITDA profitability by the end of 2023. ● We exited the ‘J-Curve’ business model transition and returned to growth delivering $49.2 million of revenue, above our guidance range of $45-47 million. ● Learning Membership subscriptions accounted for 60% of total company recognized revenue, up from nearly 0% in the first

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Source: SEC EDGAR

accession 0001193125-23-139405

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