Nerdy, Inc. (NYSE:NRDY) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

TJ Lynn - Associate General Counsel

Chuck Cohn - Founder, Chairman and Chief Executive Officer

Jason Pello - Chief Financial Officer

Conference Call Participants

Bryan Smilek - JPMorgan

Matt Shea - Needham

Andrew Boone - JMP Securities

Operator

Good afternoon. Thank you for attending today's Nerdy, Inc. Second Quarter 2023 Earnings Call. My name is Bethany and I'll be the moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to our host, TJ Lynn, Associate General Counsel with Nerdy, Inc. Please go ahead.

TJ Lynn

Good afternoon, and thank you for joining us for Nerdy's second quarter 2023 earnings call. With me are Chuck Cohn, Founder, Chairman and Chief Executive Officer of Nerdy; and Jason Pello, Chief Financial Officer.

Before I turn the call over to Chuck, I'll remind everyone that this discussion will contain forward-looking statements, including but not limited to expectations with respect to Nerdy's future financial and operating results, strategy, opportunities, plans and outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results.

Any forward-looking statements are made as of today's date, and Nerdy does not undertake or accept any obligation to publicly release any updates or revision to any forward-looking statements to reflect any change in expectations or any change in events, conditions or circumstances on which any such statement is based.

Please refer to the disclaimers in today's shareholder letter announcing Nerdy's second quarter results and the company's filings with the SEC for a discussion of the risk. Not all of the financial measures that we will discuss today are prepared in accordance with GAAP. Please refer to today's shareholder letter for reconciliations of these non-GAAP measures.

With that, let me turn the call over to Chuck. Chuck?

Chuck Cohn

Thanks, TJ, and thank you to everyone for joining us today. In the second quarter, our strong start to the year continued, and we delivered revenue and profitability ahead of our expectations. We also made substantial progress in advancing our always on recurring revenue product offerings and the application of AI for HI or artificial intelligence for human interaction to our business.

As we head into the upcoming school year, it is worth noting what has changed over the past year and how we believe those changes position us for growth in the periods ahead. One year ago, we were entering our first back-to-school with Learning Memberships, a new all access subscription offering that aimed to support learners across academic calendar years, subjects, and learning formats.