Nerdy Inc. (NRDY): restructuring charge — Nerdy cuts 17% of workforce; expects $1-2M restructuring charges in Q4 2022

Nerdy Inc.

Workforce reduction of approximately 17% of total workforce; primarily variable hourly roles.
Estimated one-time charges of $1M-$2M in Q4 2022, mainly severance and benefits.
Reduction supports goal of achieving adjusted EBITDA profitability by end of 2023.
Company expects no negative impact on ability to grow revenue or innovate.
Implementation substantially complete by end of Q4 2022.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Nerdy Inc. announced a restructuring with charges of $1 million to $2 million affecting Consumer and Institutional business categories (approximately 17% of the Company's total workforce).

Type: restructuring
Charge: $1 million to $2 million
Affected area: Consumer and Institutional business categories
Headcount: approximately 17% of the Company's total workforce

Exact text from the filing

profitability by the end of 2023, as previously communicated. The Company currently estimates that it will incur one-time charges in the fourth quarter of 2022 of approximately $1 million to $2 million in connection with the workforce reductions, primarily for severance payments and related employee benefit costs. The Company expects that the implementation of the

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Nerdy Inc. filing history →

Source: SEC EDGAR

accession 0001819404-22-000096

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