Nerdy, Inc. (NYSE:NRDY) Q4 2022 Earnings Conference Call February 28, 2023 5:00 PM ET

Company Participants

Chuck Cohn - Founder, Chairman and Chief Executive Officer

Jason Pello - Chief Financial Office

Conference Call Participants

Doug Anmuth - JPMorgan

Matthew Shea - Needham

Eric Sheridan - Goldman Sachs

Brett Knoblauch - Cantor Fitzgerald

Maria Ripps - Canaccord

Mario Lu - Barclays

Operator

Good afternoon and welcome to Nerdy Inc. Q4 Earnings Call Annually. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, we will conduct a question-and-answer session. [Operator Instructions] Thank you.

I will now turn the call over to TJ to begin today's call. TJ, you may begin.

Unidentified Company Representative

Good afternoon and thank you for joining us for Nerdy's Fourth Quarter 2022 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 publically release any updates or revisions to any forward-looking statements to reflect any change in expectations or any changes 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 fourth 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. Over the last 10 months, we've been working to transition our products and revenue model toward long-term recurring always on relationships with our customers. We believe this change would benefit our consumer and institutional customers and our business model by shifting to longer-term relationships that supported evolving learner needs states. We created new subscription and recurring revenue products, including learning memberships for consumers and on-demand and teachers products for institutional customers that were built specifically to address the ongoing support we believe both types of customers desired.