A Business at a Glance
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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. Business Overview 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 179M | 179M | 190M | 193M | 163M | 141M |
| Net Income | -40M | -40M | -43M | -40M | -35M | -3.8M |
| EPS | $-0.33 | $-0.33 | $-0.38 | $-0.41 | $-0.41 | $-0.05 |
| Free Cash Flow | -24M | -24M | -22M | -14M | -53M | -44M |
| ROIC | -64.2% | -64.2% | -59.9% | -76.6% | -75.4% | -7.5% |
| Gross Margin | 58.0% | 58.0% | 67.5% | 70.6% | 69.4% | 66.8% |
| Debt/Equity | 1.02 | 1.02 | 0.00 | 0.75 | 1.10 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -62M | -62M | -70M | -58M | -91M | -96M |
| Operating Margin | -34.6% | -34.6% | -36.9% | -29.8% | -55.8% | -68.6% |
| ROE | -210.0% | -136.5% | -107.9% | -76.6% | -75.4% | -7.5% |
| Shares Outstanding | 121M | 121M | 112M | 98M | 174M | 165M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 104M | 141M | 163M | 193M | 190M | 179M | 179M |
| Gross Margin | 66.5% | 66.8% | 69.4% | 70.6% | 67.5% | 58.0% | 58.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 43M | 122M | 130M | 126M | 127M | 106M | 106M |
| EBIT | -18M | -96M | -91M | -58M | -70M | -62M | -62M |
| Op. Margin | -17.3% | -68.6% | -55.8% | -29.8% | -36.9% | -34.6% | -34.6% |
| Net Income | N/A | -3.8M | -35M | -40M | -43M | -40M | -40M |
| Net Margin | N/A | -2.7% | -21.8% | -20.8% | -22.4% | -22.3% | -22.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | -7.5% | -75.4% | -76.6% | -59.9% | -64.2% | -64.2% |
| ROE | N/A | -7.5% | -75.4% | -76.6% | -107.9% | -136.5% | -210.0% |
| ROA | N/A | -2.1% | -26.7% | -32.2% | -46.0% | -47.3% | -52.4% |
| Cash Flow | |||||||
| Op. Cash Flow | -6.7M | -39M | -48M | -7.6M | -16M | -19M | -19M |
| Free Cash Flow | -9.5M | -44M | -53M | -14M | -22M | -24M | -24M |
| Owner Earnings | -13M | -99M | -101M | -58M | -64M | -54M | -54M |
| CapEx | 2.9M | 5.2M | 5.3M | 6.9M | 6.9M | 5.4M | 5.4M |
| Maint. CapEx | 5.0M | 5.3M | 5.9M | 6.2M | 7.0M | 7.0M | 7.0M |
| Growth CapEx | 0 | 0 | 0 | 721K | 0 | 0 | 0 |
| D&A | 5.0M | 5.3M | 5.9M | 6.2M | 7.0M | 7.0M | 7.0M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.7M | 54M | 47M | 44M | 41M | 28M | 28M |
| Debt Repayment | 0 | 50M | 0 | 0 | 0 | 501K | 501K |
| Balance Sheet | |||||||
| Net Debt | -4.4M | -288M | N/A | N/A | -105M | -76M | -29M |
| Cash & Equiv. | 29M | 144M | 91M | 75M | 53M | 48M | 48M |
| Long-Term Debt | 41M | 0 | N/A | N/A | 0 | 19M | 19M |
| Debt/Equity | -0.14 | 0.00 | 1.10 | 0.75 | 0.00 | 1.02 | 1.02 |
| Interest Coverage | -3.7 | -13.6 | N/A | -17.0 | -22.6 | -57.7 | -57.7 |
| Equity | -398M | 51M | 47M | 52M | 39M | 19M | 19M |
| Total Assets | 57M | 177M | 133M | 125M | 93M | 76M | 76M |
| Total Liabilities | 456M | 81M | 52M | 39M | 31M | 47M | 47M |
| Intangibles | 14M | 10M | 9.3M | 8.8M | 8.1M | 7.6M | 7.6M |
| Retained Earnings | -412M | -440M | -475M | -515M | -558M | -598M | -598M |
| Working Capital | -2.8M | 114M | 70M | 59M | 36M | 33M | 33M |
| Current Assets | 32M | 155M | 108M | 95M | 65M | 58M | 58M |
| Current Liabilities | 34M | 42M | 37M | 36M | 28M | 26M | 26M |
| Per Share Data | |||||||
| EPS | 0.00 | -0.05 | -0.41 | -0.41 | -0.38 | -0.33 | -0.33 |
| Owner EPS | -0.08 | -0.60 | -0.58 | -0.59 | -0.57 | -0.44 | -0.44 |
| Book Value | -2.52 | 0.31 | 0.27 | 0.54 | 0.35 | 0.16 | 0.16 |
| Cash Flow/Share | -0.04 | -0.24 | -0.28 | -0.08 | -0.14 | -0.16 | -0.27 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 158.1M | 165.1M | 173.7M | 98.0M | 112.1M | 121.0M | 121.0M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -3.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 15.4 | 7.8 | 6.6 | 4.8 | 7.1 | 6.2 |
| Price/Sales | 16.4 | 11.3 | 3.4 | 1.8 | 1.1 | 1.0 | 0.7 |
| FCF Yield | -0.5% | -5.7% | -14.6% | -4.2% | -11.9% | -17.9% | -20.4% |
| Market Cap | 1.8B | 778M | 365M | 345M | 188M | 135M | 119M |
| Avg. Price | 10.79 | 9.63 | 3.16 | 3.49 | 1.94 | 1.46 | 0.98 |
| Year-End Price | 11.39 | 4.71 | 2.10 | 3.52 | 1.68 | 1.12 | 0.98 |
Nerdy Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 66.5%.
Nerdy Inc. (NRDY) has a 5-year average return on invested capital (ROIC) of -56.7%. This is below average and may indicate limited pricing power.
Nerdy Inc. (NRDY) has a market capitalization of $119M. It is classified as a small-cap stock.
Nerdy Inc. (NRDY) does not currently pay a regular dividend.
Nerdy Inc. (NRDY) operates in the Services-Educational Services industry, within the Consumer Cyclical sector.
Nerdy Inc. (NRDY) reported annual revenue of $179 million in its most recent fiscal year, based on SEC EDGAR filings.
Nerdy Inc. (NRDY) has a net profit margin of -22.3%. The company is currently unprofitable.
Nerdy Inc. (NRDY) generated $-24 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Nerdy Inc. (NRDY) has a debt-to-equity ratio of 1.02. This indicates moderate leverage.
Nerdy Inc. (NRDY) reported earnings per share (EPS) of $-0.33 in its most recent fiscal year.
Nerdy Inc. (NRDY) has a return on equity (ROE) of -136.5%. A negative ROE may indicate losses or negative equity.
Nerdy Inc. (NRDY) has a 5-year average gross margin of 66.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Nerdy Inc. (NRDY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Nerdy Inc. (NRDY) has a book value per share of $0.16, based on its most recent annual SEC filing.