Nerdy, Inc. (NRDY) Bundle
An Overview of Nerdy, Inc. (NRDY)
General Summary of Nerdy, Inc. (NRDY)
Nerdy, Inc. (NRDY) is a prominent online education platform that offers a diverse range of learning solutions. Established in 2015, the company primarily operates through its Varsity Tutors brand, providing personalized learning experiences through one-on-one tutoring, live online classes, and educational resources tailored for both consumers and institutions. As of 2024, Nerdy boasts an active member base of approximately 39.7 thousand, reflecting a year-over-year growth of 1%.
In terms of product offerings, Nerdy has transitioned its services towards Learning Memberships, which comprise a significant portion of its revenue. The company has focused on expanding its Institutional business, which has shown strong growth, alongside its consumer offerings. The total revenue generated by Nerdy for the nine months ended September 30, 2024, was $142.241 million, a 3% increase from $138.315 million in the same period of 2023.
Company's Financial Performance in the Latest Financial Reports
In the latest financial report, Nerdy, Inc. reported a total revenue of $37.530 million for the three months ended September 30, 2024, compared to $40.296 million for the same period in 2023, indicating a decline of 7%. For the nine months ended September 30, 2024, Nerdy's revenue was $142.241 million, up 3% from $138.315 million in the prior year.
The company's cost of revenue for the same quarter was $11.077 million, virtually unchanged from $11.108 million year-over-year. Consequently, the gross profit for Q3 2024 was $26.453 million, down 9% compared to $29.188 million in Q3 2023, resulting in a gross margin of 70%.
Operating expenses for the three months ended September 30, 2024, totaled $52.177 million, a decrease of 5% from $54.741 million in 2023. This includes sales and marketing expenses of $20.315 million, which rose by 6%, and general and administrative expenses of $31.862 million, down 10%.
Nerdy recorded a net loss of $24.958 million for Q3 2024, compared to a net loss of $20.626 million in Q3 2023. The net loss attributable to Class A common stockholders was $15.900 million, translating to a basic and diluted loss per share of $0.14.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $37.530 million | $40.296 million | (7%) |
| Cost of Revenue | $11.077 million | $11.108 million | (0.3%) |
| Gross Profit | $26.453 million | $29.188 million | (9%) |
| Operating Expenses | $52.177 million | $54.741 million | (5%) |
| Net Loss | $24.958 million | $20.626 million | 18% |
Introduction to Nerdy, Inc. as a Leader in the Industry
Nerdy, Inc. is recognized as a leader in the online education sector, particularly in personalized learning experiences. The company has effectively capitalized on the growing demand for flexible and accessible education solutions, especially in light of the ongoing digital transformation across various industries. With a focus on innovation and customer satisfaction, Nerdy continues to enhance its platform and expand its service offerings, positioning itself for sustained growth.
The strategic investments in product development and marketing initiatives reflect Nerdy's commitment to enhancing its competitive edge. As the company continues to scale its operations and improve its service delivery, it remains well-positioned to capture a larger share of the education market, ensuring its status as a key player in this evolving industry.
Mission Statement of Nerdy, Inc. (NRDY)
Company's Mission Statement Overview
Nerdy, Inc. (NRDY) aims to empower learners by providing high-quality educational services and products. The mission statement serves as a foundational guide for the company's long-term objectives, ensuring that every strategic decision aligns with its core purpose of enhancing educational accessibility and quality.
Core Component 1: Empowering Learners
The first core component of Nerdy, Inc.'s mission is to empower learners. This reflects the company's commitment to providing tools and resources that facilitate effective learning experiences. In 2024, Nerdy reported a revenue of $37,530,000 for the third quarter, driven by a focus on enhancing user engagement through personalized learning solutions. The company has seen a 3% revenue growth for the nine months ended September 30, 2024, compared to the same period in 2023, indicating a positive response to its learner-centric approach.
Core Component 2: High-Quality Educational Services
Nerdy, Inc. emphasizes the importance of high-quality educational services as the second core component of its mission. In the third quarter of 2024, the company achieved a gross profit of $26,453,000, reflecting a gross margin of 70%. This margin is indicative of the company's ability to maintain quality while managing costs effectively. Furthermore, investments in product development amounting to $11,273,000 for the quarter demonstrate Nerdy's commitment to continuous improvement and innovation in its offerings.
Core Component 3: Accessibility in Education
The third core component focuses on making education accessible to a broader audience. In 2024, Nerdy has strategically expanded its Institutional business, which grew by 27% year-over-year, achieving revenues of $28,451,000 for the nine months ended September 30, 2024. This growth highlights the company's ongoing efforts to partner with educational institutions, thus broadening its reach and enhancing educational accessibility for students across various demographics.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $37,530,000 | $40,296,000 | (7%) |
| Gross Profit | $26,453,000 | $29,188,000 | (9%) |
| Gross Margin | 70% | 72% | (2%) |
| Institutional Revenue | $28,451,000 | $22,474,000 | 27% |
Nerdy, Inc.'s mission statement effectively articulates its goals and aspirations, focusing on empowering learners, delivering high-quality services, and ensuring accessibility in education. The financial data and operational metrics support the company's commitment to these core values, showcasing its strategic decisions and market performance as of 2024.
Vision Statement of Nerdy, Inc. (NRDY)
Vision Statement Overview
The vision of Nerdy, Inc. (NRDY) as of 2024 focuses on becoming a leading provider of online learning solutions that empower students and educators through innovative technology. The company aims to enhance learning experiences across various educational segments, notably in consumer and institutional markets.
Innovative Learning Solutions
Nerdy, Inc. envisions a future where learning is accessible, personalized, and effective. The company is committed to leveraging cutting-edge technology to create an engaging and adaptable learning environment. This is reflected in their subscription-based Learning Memberships, which experienced a year-over-year growth of 3% to $142,241 thousand in total revenue for the nine months ended September 30, 2024.
Focus on Consumer and Institutional Markets
The company’s vision emphasizes its dual focus on both consumer and institutional markets. For the nine months ended September 30, 2024, revenue from the consumer segment was $113,237 thousand, comprising 79% of total revenue, while institutional revenue grew to $28,451 thousand, representing a 27% increase from the previous year. This reflects Nerdy's strategic approach to cater to diverse educational needs.
Commitment to Quality and Reliability
Nerdy, Inc. aims to provide high-quality educational experiences by ensuring the reliability of its platform. This commitment is highlighted by recent improvements to their marketplace infrastructure, which are expected to enhance customer experience and drive gross margin improvement. The gross profit for the three months ended September 30, 2024, was $26,453 thousand, with a gross margin of 70%.
Empowering Educators and Students
The vision statement underscores the importance of empowering both educators and students. As of September 30, 2024, Nerdy reported 39.7 thousand active members, an increase from the previous year, demonstrating the growing engagement of learners with their platform. Additionally, the company reported 9.5 thousand active experts, reflecting its commitment to providing quality educational support.
Financial Commitment to Growth
Nerdy, Inc. is dedicated to financial sustainability and growth. For the nine months ended September 30, 2024, the company incurred operating expenses of $150,261 thousand, which represents a strategic investment in marketing and product development. The increase in sales and marketing expenses to $53,244 thousand reflects their focus on expanding their reach within the educational market.
| Financial Metrics | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change (%) |
|---|---|---|---|
| Total Revenue | $142,241,000 | $138,315,000 | 3% |
| Consumer Revenue | $113,237,000 | $115,125,000 | (2%) |
| Institutional Revenue | $28,451,000 | $22,474,000 | 27% |
| Gross Profit | $96,455,000 | $97,177,000 | (1%) |
| Operating Expenses | $150,261,000 | $144,573,000 | 4% |
Long-Term Vision for Accessibility
Nerdy, Inc.'s vision includes a long-term commitment to making education accessible to all learners. The company's approach involves continual adaptation and innovation to meet the evolving needs of students and educators alike. This forward-thinking perspective is essential for sustaining growth and enhancing educational outcomes in a competitive landscape.
Core Values of Nerdy, Inc. (NRDY)
Core Value: Commitment to Learning
Nerdy, Inc. emphasizes a strong commitment to learning, which is reflected in its array of educational services designed to empower learners.
In 2024, Nerdy reported revenue of $142.241 million for the nine months ended September 30, 2024, representing a 3% increase from $138.315 million in the same period of 2023. This growth is attributed largely to the scaling of its Institutional business, which grew by 27% year-over-year .
The company has also invested in product development, with expenses in this area reaching $33.505 million for the nine months ended September 30, 2024, compared to $26.907 million in 2023, reflecting a commitment to enhancing its educational offerings.
Core Value: Innovation and Technology
Nerdy, Inc. places a high value on innovation, particularly in the integration of technology into its educational services.
As of September 30, 2024, cash and cash equivalents stood at $65.002 million, down from $74.824 million at the end of 2023, indicating a strategic allocation of resources towards technology enhancements . The company has been implementing improvements to its marketplace infrastructure, including session scheduling enhancements and invoice automation .
Nerdy's investment in technology is also evident from its operating expenses, which include significant allocations for product development aimed at improving user experience.
Core Value: Accessibility
Accessibility is a cornerstone of Nerdy’s core values, ensuring that educational resources are available to a broad audience.
The company has reported a total of 39.7 thousand active members as of September 30, 2024, showing a 1% year-over-year increase . This growth reflects Nerdy’s commitment to expanding its reach and making quality education accessible to more learners.
Additionally, investments in Institutional partnerships, such as providing free access to the Varsity Tutors platform for school districts, are strategic moves to enhance accessibility .
Core Value: Community Engagement
Nerdy, Inc. values community engagement, fostering connections between learners and educators.
The company has actively engaged in partnerships with educational institutions, resulting in significant growth in its Institutional revenue segment, which totaled $28.451 million for the nine months ended September 30, 2024, a 27% increase from $22.474 million in the prior year . This growth is indicative of Nerdy’s successful community initiatives aimed at enhancing educational accessibility.
Moreover, Nerdy’s operational model supports community engagement through a network of Active Experts, which increased to 17.3 thousand for the nine months ended September 30, 2024, reflecting a 23% increase .
Core Value: Integrity and Transparency
Integrity and transparency are critical to Nerdy’s operations, ensuring trust between the company and its stakeholders.
As evidenced by its financial disclosures, Nerdy reported a net loss of $51.371 million for the nine months ended September 30, 2024, compared to a loss of $58.429 million in the same period in 2023, showcasing a commitment to transparent reporting of financial performance .
The company has also maintained a full valuation allowance against deferred tax assets, highlighting its cautious approach to financial management .
| Core Value | Key Metrics | Year-over-Year Change |
|---|---|---|
| Commitment to Learning | Revenue: $142.241 million | +3% |
| Innovation and Technology | Product Development Expenses: $33.505 million | +24% from 2023 |
| Accessibility | Active Members: 39.7 thousand | +1% |
| Community Engagement | Institutional Revenue: $28.451 million | +27% |
| Integrity and Transparency | Net Loss: $51.371 million | Improvement of $7.058 million |
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Resources:
- Nerdy, Inc. (NRDY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Nerdy, Inc. (NRDY)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Nerdy, Inc. (NRDY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.