Nerdy, Inc. (NYSE:NRDY) Q3 2024 Results Conference Call November 7, 2024 5:00 PM ET

Company Participants

T.J. Lynn - Associate General Counsel
Chuck Cohn - Founder, Chairman and Chief Executive Officer
Jason Pello - Chief Financial Officer

Conference Call Participants

Andrew Boone - JMP Securities
Greg Gibas - Northland Securities

Operator

Good afternoon. Thank you for attending today's Nerdy, Inc. Q3 2024 Earnings Call. My name is Cole, and I'll be the moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to your host, T.J. Lynn, Associate General Counsel of Nerdy. You may proceed.

T.J. Lynn

Good afternoon, and thank you for joining us for Nerdy's Third Quarter 2024 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 disclaimers 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 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 Cohn

Thanks, T.J., and thank you to everyone for joining us today. In the third quarter, we continued to make progress against the primary goals we laid out for the year. The first goal we shared was Scaling the winning product for every Learner. As we have shared in the past, we have historically seen that getting new customers on our platform and into tutoring sessions seamlessly and with little friction involved is highly predictive of customer satisfaction, retention, and ultimately, lifetime value.

We identified that the first 30-day onboarding experience was one of the highest impact areas where we could drive durable improvements to retention and lifetime value. We focused a significant portion of our product and engineering efforts towards this area, which has resulted in multiple key enhancements being shipped recently that will benefit both consumer and Institutional customers. These improvements to the digital experience focus on the fundamentals of a great customer experience.