Nerdy (NYSE: PACE) today announced financial results for the
second quarter ended June 30, 2021.
"Nerdy’s operating and financial results exceeded our targets in
Q2, including both revenue and gross profit growth over 50%, driven
by several factors including year-over-year Active Learner growth,
subject expansion into areas like Professional and Learning
Differences, and expansion into new formats beyond one-on-one
instruction such as small group classes," said Chuck Cohn, Founder,
Chairman and Chief Executive Officer of Nerdy. “We’re well
positioned to help schools and students with a multi-format
approach that supports personalized learning, regardless of the
uncertain environment surrounding the new school year.”
Q2 2021 and Year-to-Date highlights
- Revenue Growth Momentum – Second quarter revenue of
$32.8 million grew 52% year-over-year, coming in more than $4.5
million ahead of forecast. Year-to-date revenue of $67.4 million
increased $22.8 million and 51% year-over-year.
- Marketplace Dynamics – Nerdy’s Active Learners increased
80%, Online Sessions grew 109%, and Sessions Taught per Active
Expert increased 31% year-over-year in the second quarter.
Year-to-date Active Learners increased 67%, Online Sessions grew
142%, and Sessions Taught per Active Expert increased 59%
year-over-year.
- Gross Profit – Gross profit of $21.3 million increased
by $7.2 million and 51% year-over-year during the three months
ended June 30, 2021. Year-to-date gross profit of $44.6 million
increased $16.1 million and 56% year-over-year.
- New Product Growth – Nerdy continues to innovate and
accelerate the launch of new product offerings, announcing that it
has launched “Varsity Tutors for Schools”, a solution designed to
help state educational agencies, school districts, and students
overcome COVID learning loss, and accelerate learning by meeting
the unique needs of every student with evidence-based, high dosage
tutoring.
Please visit the Nerdy investor relations website
https://www.nerdy.com/investors to view the Nerdy Q2 2021
Shareholder Letter.
Webcast and Earnings Conference Call
Management will host a webcast and conference call on Thursday,
August 12, 2021 at 10:00 am ET to discuss the Company’s results for
the second quarter fiscal 2021.
To listen to the conference call, please visit
https://www.nerdy.com/investors
The conference call can also be accessed using the following
dial-ins: 1-844-200-6205 (Domestic) or +44-208-0682-558
(International), Conference ID: 871044
About Nerdy
Nerdy is a leading curated direct-to-consumer platform for live
online learning. Nerdy’s mission is to transform the way people
learn through technology. The Company’s purpose-built proprietary
platform leverages technology, including AI, to connect learners of
all ages to experts, delivering superior value on both sides of the
network. Nerdy’s comprehensive learning destination provides
learning experiences across 3,000+ subjects and multiple formats –
including one-on-one instruction, small group classes, large format
group classes, and adaptive self-study. Nerdy’s flagship business,
Varsity Tutors, is one of the nation’s largest platforms for live
online tutoring and classes. Learn more about Nerdy at
https://www.nerdy.com/.
No offer or Solicitation
This communication is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the proposed business
combination between Nerdy and TPG Pace Tech Opportunities Corp.
(“TPG Pace”) or otherwise, nor shall there be any sale, issuance or
transfer or securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except in a
transaction exempt from registration under the Securities Act or by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act, and applicable regulations in the Cayman
Islands.
Important Information for Investors and Shareholders
In connection with the proposed business combination, TPG Pace
filed a registration statement on Form S-4 and the related proxy
statement/prospectus with the SEC on March 19, 2021 (along with any
subsequent amendments thereto), (the “Registration Statement”).
Additionally, TPG Pace will file other relevant materials with the
SEC in connection with the proposed business combination. The
materials filed or to be filed by TPG Pace with the SEC may be
obtained free of charge at the SEC’s website at www.sec.gov.
Investors and security holders of TPG Pace are urged to read the
proxy statement/prospectus and the other relevant materials when
they become available before making any voting or investment
decision with respect to the proposed business combination because
they contain or will contain important information about the
business combination and the parties to the business
combination.
Participants in the Solicitation
TPG Pace, Nerdy and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of TPG Pace Tech Opportunities in
connection with the proposed business combination. Investors and
security holders may obtain more detailed information regarding the
names, affiliations and interests of certain of TPG Pace Tech
Opportunities’ executive officers and directors in the solicitation
by reading TPG Pace’s initial public offering prospectus, which was
filed with the SEC on October 8, 2020, and the Registration
Statement and other relevant materials filed with the SEC in
connection with the business combination when they become
available. Other information concerning the interests of
participants in the solicitation, which may, in some cases, be
different than those of their shareholders generally, will be set
forth in the proxy statement/prospectus relating to the business
combination when it becomes available.
Forward Looking Statements
The information included herein and in any oral statements made
in connection herewith include “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of present or
historical fact included herein, regarding the proposed business
combination, TPG Pace Tech Opportunities’ ability to consummate the
transaction, the benefits of the transaction and TPG Pace Tech
Opportunities’ future financial performance following the
transaction, as well as TPG Pace Tech Opportunities’ strategy,
future operations, financial position, estimated revenues and
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used herein,
including any oral statements made in connection herewith, the
words “outlook,” “believes,” “expects,” “potential,” “continues,”
“may,” “will,” “should,” “could,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates,”
“forecasts”, “guidance”, the negative of such terms and other
similar expressions are intended to identify forward looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, TPG Pace Tech Opportunities disclaims any duty
to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date hereof or any new
information. TPG Pace Tech Opportunities cautions you that these
forward-looking statements are subject to risks and uncertainties,
most of which are difficult to predict and many of which are beyond
the control of TPG Pace Tech Opportunities. These risks include,
but are not limited to, (1) the inability to complete the
transactions contemplated by the proposed business combination; (2)
the inability to recognize the anticipated benefits of the proposed
business combination, which may be affected by, among other things,
competition, and the ability of the combined business to grow and
manage growth profitably; (3) any inability of Nerdy to adequately
protect its intellectual property; (4) any security breaches, loss
of data or other disruptions; (5) any loss of key employees,
including Nerdy’s Founder, Chairman and Chief Executive Officer;
(6) effects on TPG Pace Tech Opportunities’ public securities’
liquidity and trading; (7) the market’s reaction to the proposed
business combination; (8) the lack of a market for TPG Pace Tech
Opportunities’ securities; (9) TPG Pace Tech Opportunities’
financial performance following the proposed business combination;
(10) costs related to the proposed business combination; (11)
changes in applicable laws or regulations; (12) the possibility
that the novel coronavirus (“COVID-19”) may hinder TPG Pace Tech
Opportunities’ ability to consummate the business combination; (13)
the possibility that COVID-19 may adversely affect the results of
operations, financial position and cash flows of TPG Pace Tech
Opportunities or Nerdy; (14) the possibility that TPG Pace Tech
Opportunities or Nerdy may be adversely affected by other economic,
business and/or competitive factors; and (15) other risks and
uncertainties indicated from time to time in documents filed or to
be filed with the SEC by TPG Pace Tech Opportunities. Should one or
more of the risks or uncertainties described herein and in any oral
statements made in connection therewith occur, or should underlying
assumptions prove incorrect, actual results and plans could differ
materially from those expressed in any forward-looking statements.
Additional information concerning these and other factors that may
impact TPG Pace Tech Opportunities’ expectations and projections
can be found in TPG Pace Tech Opportunities’ initial public
offering prospectus, which was filed with the SEC on October 8,
2020, and the Registration Statement. In addition, TPG Pace Tech
Opportunities’ periodic reports and other SEC filings are available
publicly on the SEC’s website at www.sec.gov.
Additional Information About the Business Combination and
Where to Find it
A full description of the terms of the proposed business
combination has been provided in the Registration Statement, which
includes a proxy statement for the stockholders of TPG Pace Tech
Opportunities that also constitutes a prospectus of Nerdy. TPG Pace
Tech Opportunities urges investors, stockholders and other
interested persons to read, when available, the preliminary proxy
statement/prospectus as well as other documents filed with the SEC
because these documents will contain important information about
TPG Pace Tech Opportunities, Nerdy and the business combination.
After the Registration Statement is declared effective, the
definitive proxy statement/prospectus to be included in the
Registration Statement will be mailed to stockholders of TPG Pace
Tech Opportunities as of a record date to be established for voting
on the proposed business combination. Stockholders will also be
able to obtain a copy of the proxy statement/prospectus, without
charge, by directing a request to: TPG Pace Tech Opportunities, 301
Commerce St., Suite 3300, Fort Worth, TX 76102. The preliminary and
definitive proxy statement/prospectus to be included in the
Registration Statement, once available, can also be obtained,
without charge, at the SEC’s website (www.sec.gov).
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version on businesswire.com: https://www.businesswire.com/news/home/20210811005823/en/
Nerdy press@nerdy.com
ICR for Nerdy investors@nerdy.com
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