Nerdy, Inc. (NYSE:NRDY) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

TJ Lynn - Associate General Counsel

Chuck Cohn - Founder, Chairman and Chief Executive Officer

Jason Pello - Chief Financial Office

Conference Call Participants

Ryan MacDonald - Needham & Company

Bryan Smilek - JPMorgan

Brett Knoblauch - Cantor Fitzgerald

Eric Sheridan - Goldman Sachs

Operator

Good afternoon. Thank you for attending the Nerdy First Quarter 2023 Earnings Call. My name is Elisa, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. [Operator Instructions]

I would now like to pass the conference over to your host, Charles Cohn with Nerdy. Mr. Cohen, you may proceed.

TJ Lynn

Good afternoon, and thank you for joining us for Nerdy's First Quarter 2023 Earnings Call.

With me are Charles 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 Nery'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 revisions 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 first-quarter results and the company's filings with the SEC for a discussion of the risks.

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 who has joined us today. One year ago, we unveiled an ambitious plan to evolve our products and revenue model toward long-term, recurring, always-on relationships with our customers. We created a new subscription and recurring revenue products, including learning memberships for consumers and teachers signed and on-demand products for institutional customers that were built specifically to address the ongoing support we believe both types of customers need it and desired. We shared that we believe these new models would provide a superior platform for innovation by allowing us to bring together multiple different product capabilities we have developed into a comprehensive all-access offering that enable learners to receive the help they need across multiple learning formats, thousands of subjects at multiple academic calendar years. In addition to allowing us to provide a better and more personalized experience to learners, the new operating model would be far more efficient to operate, allowing us to drive operating leverage, simplify our sales model and shift additional resources toward net new innovation, including the application of AI for HI for artificial intelligence for human interaction.