Nerdy, Inc. (NYSE:NRDY) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET

Company Participants

TJ Lynn - Associate General Counsel

Chuck Cohn - Founder, Chairman & Chief Executive Officer

Jason Pello - Chief Financial Officer

Conference Call Participants

Matt Shea - Needham

Bryan Smilek - JPMorgan

Operator

Hello, everyone, and welcome to the Nerdy, Inc. Third Quarter 2023 Earnings Call. My name is Felicia, and I will be your operator today. Please note after the presentation part of this call, there will be a question-and-answer session. [Operator Instructions]

I will now hand you over to TJ Lynn, Associate General Counsel -- Securities Counsel. Please go ahead, sir.

TJ Lynn

Good afternoon, and thank you for joining us for Nerdy's third 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 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 disclaimer in today's shareholder letter announcing Nerdy's third quarter results and the company's filings with the SEC for a discussion of the risks. Not all 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 third quarter, our strong first half of the year continued, and we delivered revenue and profitability ahead of our expectations. Both our consumer and institutional businesses saw strong demand in the quarter as the school year ramp, which combined with the operating leverage that we are receiving from our new always on recurring revenue models and investments in AI to also drive bottom line outperformance.

Learning memberships, our new all access subscription offering that aims to support learners across academic calendar years, subjects and learning formats continue to resonate with consumers this back-to-school season.