Nerdy Inc. NRDY
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-K to "Nerdy," "the Company," "us," "our," or "we" mean Nerdy Inc. and its consolidated subsidiaries.
We operate a next-generation live tutoring and intervention platform that leverages the power of human expertise with advanced artificial intelligence ("AI") to personalize learning, accelerate student achievement, and empower educators. Our mission is to transform the way people learn through technology. Our purpose-built proprietary platform leverages technology, including AI, to connect students, users, parents, guardians, and purchasers ("Learner(s)") of all ages to tutors, instructors, subject matter experts, educators, and other professionals ("Expert(s)"), delivering superior value on both sides of the network. Our comprehensive learning destination provides learning experiences across numerous subjects and multiple formats, including one-on-one instruction, small group tutoring, large format classes, chat, essay review, adaptive assessments, and self-study tools. Our flagship business, Varsity Tutors LLC ("Varsity Tutors"), is one of the nation's largest platforms for live online tutoring and classes. Our solutions are available to Learners either directly through Learning Memberships ("Consumers") and through education systems ("Institutions"). Our platform offers Experts the opportunity to generate income from the convenience of home, while also increasing access for Learners by removing barriers to high-quality live online learning. Our offerings also include Varsity Tutors for Schools, a product suite that leverages our next-generation live tutoring and intervention platform capabilities to offer high-dosage tutoring and our online learning solutions to Institutions. We have built a diversified business across multiple audiences, including: K-8, High School, College, Graduate School, and Professional.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $179.0M | $190.2M | $193.4M | $162.7M | $140.7M | $104.0M | $90.5M | — |
| Cost of revenue | $75.2M | $61.8M | $57.0M | $49.7M | $46.7M | $34.8M | $30.8M | — |
| Gross profit | $103.8M | $128.4M | $136.4M | $112.9M | $94.0M | $69.1M | $59.6M | — |
| SG&A | $105.5M | $126.9M | $125.6M | $129.6M | $122.0M | $43.2M | $42.2M | — |
| Operating income | -$61.9M | -$70.1M | -$57.6M | -$90.8M | -$96.5M | -$17.9M | -$20.5M | — |
| Interest expense | — | — | $3.4M | $483.0K | $3.8M | $4.8M | $2.1M | — |
| Pre-tax income | -$60.8M | -$67.0M | -$67.6M | -$63.9M | -$30.6M | -$24.7M | -$22.4M | — |
| Income tax | $159.0K | $115.0K | $109.0K | $19.0K | $40.0K | $0 | $0 | — |
| Net income | -$39.9M | -$42.6M | -$40.2M | -$35.4M | -$3.8M | $0 | $0 | — |
| EPS, basic | -0.33 | -0.38 | -0.41 | -0.41 | -0.05 | 0.00 | 0.00 | — |
| EPS, diluted | -0.33 | -0.38 | -0.41 | -0.41 | -0.05 | 0.00 | 0.00 | — |
| Shares, diluted (wtd. avg.) | 120.8M | 111.7M | 97.2M | 85.9M | 79.2M | 0 | 0 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $47.9M | $52.5M | $75.1M | $91.5M | $145.9M | $30.7M | $27.9M | $26.2M |
| Receivables | $5.6M | $7.3M | $15.4M | $11.6M | $5.3M | $475.0K | — | — |
| Total current assets | $58.2M | $64.7M | $95.0M | $107.7M | $155.4M | $31.6M | $25.1K | — |
| Property, plant and equipment | $8.7M | $17.1M | $16.4M | $12.5M | $10.7M | $10.3M | — | — |
| Goodwill | $5.7M | $5.7M | $5.7M | $5.7M | $5.7M | $5.7M | — | — |
| Other intangibles | $1.9M | $2.4M | $3.1M | $3.6M | $4.4M | $8.5M | — | — |
| Total assets | $76.2M | $92.5M | $124.7M | $132.7M | $177.1M | $57.3M | $0 | — |
| Accounts payable | $3.4M | $2.6M | $3.4M | $3.2M | $3.6M | $4.4M | — | — |
| Short-term debt | — | — | — | — | $0 | $6.5M | — | — |
| Total current liabilities | $25.6M | $28.3M | $35.6M | $37.3M | $41.9M | $34.3M | $8.6K | — |
| Long-term debt | $19.3M | $0 | — | — | $0 | $41.0M | — | — |
| Total liabilities | $47.2M | $31.4M | $39.1M | $51.6M | $81.3M | $76.9M | $8.6K | — |
| Retained earnings | -$597.8M | -$557.9M | -$515.3M | -$475.1M | -$439.7M | -$412.4M | -$8.5K | $16.8M |
| Total equity | $19.0M | $39.5M | $85.6M | $81.0M | $95.8M | -$398.5M | -$156.4M | -$152.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.8M | -$15.6M | -$7.6M | -$48.0M | -$38.9M | -$6.7M | -$16.3M | — |
| Depreciation and amortisation | $575.0K | $898.0K | $898.0K | $1.1M | $835.0K | $917.0K | $1.1M | — |
| Stock-based compensation | $27.8M | $41.1M | $44.3M | $47.2M | $54.4M | $1.7M | $1.7M | — |
| Capital expenditure | $5.4M | $6.9M | $6.9M | $5.3M | $5.2M | $2.9M | $6.4M | — |
| Investing cash flow | -$5.4M | -$6.9M | -$6.9M | -$5.3M | -$5.2M | -$2.9M | -$6.4M | — |
| Financing cash flow | $19.5M | $0 | -$1.9M | -$1.0M | $159.2M | $12.3M | $24.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001819404-26-000015.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $90.5M | $104.0M | $140.7M | $162.7M | $193.4M | $190.2M | $179.0M |
| Gross profit | — | $59.6M | $69.1M | $94.0M | $112.9M | $136.4M | $128.4M | $103.8M |
| Net income | — | $0 | $0 | -$3.8M | -$35.4M | -$40.2M | -$42.6M | -$39.9M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Results announced Item 2.02
- Shareholder vote Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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