Latest news with #Nerdy
Business Wire
08-05-2025
- Business
- Business Wire
Nerdy Announces First Quarter 2025 Financial Results
ST. LOUIS--(BUSINESS WIRE)--Nerdy Inc. (NYSE: NRDY) today announced financial results for the first quarter ended March 31, 2025. 'Our first-quarter results underscore the power of our Live + AI™ platform and our disciplined focus on high-quality, recurring revenue,' said Chuck Cohn, Founder and CEO of Nerdy. 'By pairing the empathy of expert educators with proprietary AI, we're driving stronger engagement and higher retention – all while positioning Nerdy to deliver sustainable, profitable growth in the quarters ahead.' Please visit the Nerdy investor relations website to view the Nerdy Q1 Shareholder Letter on the Quarterly Results Page. First Quarter Financial Highlights: Revenue Beat the Top End of Guidance Range – In the first quarter, Nerdy delivered revenue of $47.6 million, above the top end of our guidance range of $45 to $47 million, which represented a decrease of 11% year-over-year from $53.7 million during the same period in 2024. Consistent with expectations, revenue declined when compared to the prior year period primarily due to a lower number of Learning Memberships, as well as lower Institutional revenue. These impacts were partially offset by higher average revenue per member per month ('ARPM') in our Consumer business as a result of a mix shift to higher frequency Learning Memberships and price increases enacted during the first quarter of 2025, coupled with higher retention in newer cohorts due primarily to improvements in the user experience and new Expert incentives. Consumer Learning Membership Momentum – Revenue recognized in the first quarter from Learning Memberships was $37.9 million and represented 80% of total Company revenue. As of March 31, 2025, there were 40.5 thousand Active Members and ARPM was $335, which represented an increase of 14% from $293 as of March 31, 2024. Monthly recurring Learning Membership revenue (at month end) inflected positively on a year-over-year basis in March giving us the confidence that Learning Membership revenue will return to growth in the second quarter of 2025. Institutional Strategy – Institutional delivered revenue of $9.4 million and represented 19% of total Company revenue during the first quarter. Varsity Tutors for Schools executed 90 contracts, yielding $4.0 million of bookings. Our strategy to introduce school districts to the platform and ultimately convert them to our fee-based offerings continues to produce results by delivering 34% of paid contracts and 19% of total bookings value in the first quarter. Gross Margin – Gross margin was 58.0% for the three months ended March 31, 2025, compared to a gross margin of 68.0% during the comparable period in 2024. The decrease in gross margin was primarily due to Expert incentives enacted during the fourth quarter of 2024 and higher utilization of tutoring sessions across both our Consumer and Institutional businesses. Following the adoption of the new incentives, we are already seeing faster time to the first session, more sessions in the first 30 days, lower tutor replacement rates, and higher retention – all of which should continue to strengthen our business over the long-term. We expect price increases for new Consumer customers enacted during the first quarter of 2025 will yield sequential quarterly improvements to gross margin as we move throughout the year. Path to Profitability – During the first quarter, we reduced headcount by approximately 16% as compared to December 31, 2024. Headcount restructuring changes were primarily enabled by new software-driven processes and system implementations coupled with AI-enabled productivity and operating leverage improvements. We also moderated our investment in the Institutional business given near-term funding uncertainties. Adjusted EBITDA Loss At Top End of Guidance Range – Net loss was $16.2 million in the first quarter versus a net loss of $12.0 million during the same period in 2024. Excluding non-cash stock compensation expenses and restructuring costs, which were treated as an adjustment for non-GAAP measures, non-GAAP adjusted net loss was $7.9 million for the first quarter of 2025 compared to non-GAAP adjusted net loss of $0.9 million in the first quarter of 2024. We reported a non-GAAP adjusted EBITDA loss of $6.4 million for the first quarter of 2025, at the top end our guidance of negative $6.0 million to negative $8.0 million. This compares to non-GAAP adjusted EBITDA of $24 thousand in the same period one year ago. Non-GAAP adjusted EBITDA performance relative to guidance was primarily driven by marketing efficiency improvements coupled with benefits from headcount restructuring and AI-enabled productivity and operating leverage improvements. These improvements were partially offset by lower gross margin due to Expert incentives and higher utilization of tutoring sessions across both our Consumer and Institutional businesses. Compared to last year, non-GAAP adjusted EBITDA was lower primarily due to lower revenues and gross margin. Liquidity and Capital Resources – With no debt and $44.9 million of cash on our balance sheet, we believe we have ample liquidity to fund the business and pursue growth initiatives. Second Quarter and Full Year 2025 Outlook: Today, we are introducing second quarter guidance, increasing the low end of the revenue range for the full year, and reaffirming adjusted EBITDA guidance for the full year. Revenue Guidance: For the second quarter of 2025, we expect revenue in a range of $45 to $48 million. For the full year, we are increasing the low end of the revenue range by the first quarter outperformance to $191.5-200 million. Non-GAAP Adjusted EBITDA Guidance: For the second quarter of 2025, we expect adjusted EBITDA in a range of negative $3 million to negative $6 million. For the full year, we are reaffirming adjusted EBITDA guidance in a range of negative $8 million to negative $18 million. Liquidity and Capital Resources: We expect to end the year with no debt and cash in the range of $35 to $40 million, and believe we have ample liquidity to fund the business and pursue growth initiatives. Webcast and Earnings Conference Call Nerdy's management will host a conference call to discuss its financial results on Thursday, May 8, 2025 at 5:00 p.m. Eastern Time. Interested parties in the U.S. may listen to the call by dialing 1-833-470-1428. International callers can dial 1-404-975-4839. The Access Code is 198672. A live webcast of the call will also be available on Nerdy's investor relations website at A replay of the webcast will be available on Nerdy's website for one year following the event and a telephonic replay of the call will be available until May 15, 2025 by dialing 1-866-813-9403 from the U.S. or 1-929-458-6194 from all other locations, and entering the Access Code: 534129. About Nerdy Inc. Nerdy (NYSE: NRDY) is a leading platform for live online learning, with a mission to transform the way people learn through technology. The Company's purpose-built proprietary platform leverages technology, including AI, to connect learners of all ages to experts, delivering superior value on both sides of the network. Nerdy's comprehensive learning destination provides learning experiences across thousands of subjects and multiple formats—including Learning Memberships, one-on-one instruction, small group tutoring, large format classes, and adaptive assessments. Nerdy's flagship business, Varsity Tutors, is one of the nation's largest platforms for live online tutoring and classes. Its solutions are available directly to students and consumers, as well as through schools and other institutions. Learn more about Nerdy at Forward-looking Statements All statements contained herein that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our strategic priorities, including those related to revenue growth; enhancing the Learning Membership experience; continued improvements in sales and marketing leverage; gross margin and operating leverage; the growth of our Institutional business; changes to our marketplace infrastructure systems; simplifying our operations model while growing our business; the sufficiency of our cash to fund future operations; and our anticipated quarterly and full year 2025 outlook; as well as statements that include the words 'expect,' 'plan,' 'believe,' 'project,' 'will' and 'may,' and similar statements of a future or forward-looking nature. The forward-looking statements made herein relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made herein or in connection herewith, including but not limited to, our offerings continue to evolve, which makes it difficult to predict our future financial and operating results; our history of net losses and negative operating cash flows, which could require us to need other sources of liquidity; risks associated with our ability to acquire and retain customers, operate, and scale up our Consumer and Institutional businesses; risks associated with our intellectual property, including claims that we infringe on a third-party's intellectual property rights; risks associated with our classification of some individuals and entities we contract with as independent contractors; risks associated with the liquidity and trading of our securities; risks associated with payments that we may be required to make under the tax receivable agreement; litigation, regulatory and reputational risks arising from the fact that many of our Learners are minors; changes in applicable law or regulation; the possibility of cyber-related incidents and their related impacts on our business and results of operations; risks associated with the development and use of artificial intelligence and related regulatory uncertainty; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and risks associated with managing our growth. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including our Annual Report on Form 10-K filed on February 27, 2025, as well as other filings that we may make from time to time with the SEC.
Yahoo
22-04-2025
- Business
- Yahoo
We Think Nerdy (NYSE:NRDY) Can Afford To Drive Business Growth
Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly. So, the natural question for Nerdy (NYSE:NRDY) shareholders is whether they should be concerned by its rate of cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. In December 2024, Nerdy had US$53m in cash, and was debt-free. Importantly, its cash burn was US$22m over the trailing twelve months. So it had a cash runway of about 2.3 years from December 2024. Arguably, that's a prudent and sensible length of runway to have. The image below shows how its cash balance has been changing over the last few years. Check out our latest analysis for Nerdy Nerdy boosted investment sharply in the last year, with cash burn ramping by 56%. That's not ideal, but we're made even more nervous given that operating revenue was flat over the same period. Considering both these metrics, we're a little concerned about how the company is developing. While the past is always worth studying, it is the future that matters most of all. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company. Even though it seems like Nerdy is developing its business nicely, we still like to consider how easily it could raise more money to accelerate growth. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate). Nerdy's cash burn of US$22m is about 8.5% of its US$264m market capitalisation. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan. Even though its increasing cash burn makes us a little nervous, we are compelled to mention that we thought Nerdy's cash runway was relatively promising. Cash burning companies are always on the riskier side of things, but after considering all of the factors discussed in this short piece, we're not too worried about its rate of cash burn. Its important for readers to be cognizant of the risks that can affect the company's operations, and we've picked out 2 warning signs for Nerdy that investors should know when investing in the stock. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts) Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
17-03-2025
- Business
- Yahoo
With 41% ownership in Nerdy, Inc. (NYSE:NRDY), insiders continue to have the largest holding even though they have sold shares recently
Significant insider control over Nerdy implies vested interests in company growth A total of 5 investors have a majority stake in the company with 52% ownership Recent sales by insiders If you want to know who really controls Nerdy, Inc. (NYSE:NRDY), then you'll have to look at the makeup of its share registry. With 41% stake, individual insiders possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company. And insiders own the top position in the company's share registry despite recent sales. In the chart below, we zoom in on the different ownership groups of Nerdy. Check out our latest analysis for Nerdy Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. As you can see, institutional investors have a fair amount of stake in Nerdy. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Nerdy's earnings history below. Of course, the future is what really matters. We note that hedge funds don't have a meaningful investment in Nerdy. With a 38% stake, CEO Charles Cohn is the largest shareholder. In comparison, the second and third largest shareholders hold about 4.4% and 3.5% of the stock. Our research also brought to light the fact that roughly 52% of the company is controlled by the top 5 shareholders suggesting that these owners wield significant influence on the business. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Quite a few analysts cover the stock, so you could look into forecast growth quite easily. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. It seems insiders own a significant proportion of Nerdy, Inc.. It has a market capitalization of just US$285m, and insiders have US$117m worth of shares in their own names. It is great to see insiders so invested in the business. It might be worth checking if those insiders have been buying recently. With a 34% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Nerdy. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Nerdy , and understanding them should be part of your investment process. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
28-02-2025
- Business
- Yahoo
Why Nerdy Stock Tumbled Today
Shares of online learning platform company Nerdy (NYSE: NRDY) fell hard today after the company reported its fourth-quarter results yesterday. While sales and earnings beat Wall Street's consensus estimates, investors weren't happy with Nerdy's revenue decline and shrinking gross margin. As a result, Nerdy's stock was down by 10.7% as of 11:11 a.m. ET. Nerdy reported a loss per share of $0.09 in the quarter, which was significantly better than analysts' consensus estimate of a loss of $0.14 per share. Nerdy's sales of $48 million beat the top end of the company's guidance for the quarter as well, which was in the range between $44 million to $47 million, and ahead of Wall Street's estimate of about $45 million. But it wasn't all rosy for Nerdy in the quarter. Sales were down 13% from the year-ago quarter, and its gross margin fell to 66.6%, down from 71.3% in the fourth quarter of 2023. Nerdy's management said that a decline in average revenue per member (ARPM) in the consumer segment was to blame for the gross margin retreat. The company also said that its net loss widened to $15.7 million, worse than its loss of $9.2 million in the year-ago quarter. Adding to the lackluster results was the fact that Nerdy finished the year with 37,500 active members, a decline of about 8% from 40,700 in the previous year. Nerdy's management issued guidance for the first quarter, with sales expected to be between $45 million to $47 million. That represents a significant decline of 14% from the year-ago quarter, at the midpoint of guidance. Additionally, Nerdy's leadership said its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) would be a loss of $7 million at the midpoint, down drastically from positive EBITDA of $24,000 in the first quarter of 2024. With Nerdy's sales falling, EBITDA dropping, and the company's active users shrinking, it's no surprise to see its share pricing plunging today. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $311,551!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $44,990!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $519,375!* Right now, we're issuing 'Double Down' alerts for three incredible companies, and there may not be another chance like this anytime soon.*Stock Advisor returns as of February 24, 2025 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Nerdy Stock Tumbled Today was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
Nerdy Announces Fourth Quarter 2024 Financial Results
Nerdy delivers fourth quarter revenue of $48.0 million and a non-GAAP adjusted EBITDA loss of $5.5 million, both above the high end of guidance ranges ST. LOUIS, February 27, 2025--(BUSINESS WIRE)--Nerdy Inc. (NYSE: NRDY) today announced financial results for the fourth quarter and year ended December 31, 2024. "Throughout 2024, Nerdy made substantial progress against our key objectives, including unifying our platforms and enhancing our marketplace technology, which has set the stage for our next phase of growth. We've recently launched several AI-powered products on our platform, and as we move into 2025, we're excited to accelerate our focus on AI innovation. These advancements are driving us toward our vision of AI for HI®, or Artificial Intelligence for Human Interaction, enabling us to deliver exceptional support to Learners and Experts throughout their learning journey," said Chuck Cohn, Founder, Chairman and Chief Executive Officer of Nerdy Inc. Please visit the Nerdy investor relations website to view the Nerdy Q4 Shareholder Letter on the Quarterly Results Page. Fourth Quarter Financial Highlights: Revenue Beats Top End of Guidance Range – In the fourth quarter, Nerdy delivered revenue of $48.0 million, above our guidance range of $44 to $47 million, which represented a decrease of 13% year-over-year from $55.1 million during the same period in 2023. Revenue declined primarily due to lower Institutional revenue, coupled with lower ARPM and Active Members in our Consumer business. Consumer Learning Memberships – Revenue recognized in the fourth quarter from Learning Memberships was $39.2 million and represented 82% of total Company revenue. There were 37.5K Active Members as of December 31, 2024. Institutional Strategy – In the fourth quarter, Institutional delivered revenue of $6.8 million and represented 14% of total Company revenue. Varsity Tutors for Schools executed 91 contracts, yielding $4.6 million of bookings. During the quarter, we successfully enabled access to the Varsity Tutors platform for an additional 0.6 million students, bringing the total to 5.0 million students at over 1,100 school districts as of December 31, 2024. Our strategy to introduce school districts to the platform and ultimately convert them to our fee-based offerings produced 43% of paid contracts and 36% of total bookings value in the fourth quarter. Gross Margin – Gross margin was 66.6% for the three months ended December 31, 2024, compared to a gross margin of 71.3% during the comparable period in 2023. The decrease in gross margin was primarily due to lower ARPM coupled with higher utilization of tutoring sessions across Learning Memberships in our Consumer business. We also implemented new Expert incentives during the fourth quarter that we believe will drive further engagement with our platform, and customer retention improvements. Adjusted EBITDA Loss Beats Top End of Guidance Range – Net loss was $15.7 million in the fourth quarter versus a net loss of $9.2 million during the same period in 2023. Excluding non-cash stock compensation expenses, which were treated as an adjustment for non-GAAP measures, non-GAAP adjusted net loss was $7.0 million for the fourth quarter of 2024 compared to non-GAAP adjusted net earnings of $2.2 million in the fourth quarter of 2023. We reported a non-GAAP adjusted EBITDA loss of $5.5 million for the fourth quarter of 2024, above our guidance of negative $7.0 million to negative $10.0 million in non-GAAP adjusted EBITDA. This compares to non-GAAP adjusted EBITDA of $3.0 million in the same period one year ago. Non-GAAP adjusted EBITDA improvements relative to guidance were driven by higher revenues coupled with benefits from AI enabled productivity and operating leverage improvements, partially offset by lower gross margin due to higher utilization of tutoring sessions across Learning Memberships in our Consumer business. Compared to last year, Non-GAAP adjusted EBITDA was lower primarily due to lower revenues and gross margin coupled with investments in the Varsity Tutors for Schools sales organization and product development to drive innovation and support our growth. Liquidity and Capital Resources – With no debt and $52.5 million of cash on our balance sheet, we believe we have ample liquidity to fund the business and pursue growth initiatives. First Quarter and Full Year 2025 Outlook: We are providing first quarter and full year revenue and adjusted EBITDA guidance for 2025. Revenue Guidance: For the first quarter of 2025, we expect revenue in a range of $45 to $47 million. For the full year, we expect revenue in a range of $190 to $200 million. Non-GAAP Adjusted EBITDA Guidance: For the first quarter of 2025, we expect adjusted EBITDA in a range of negative $6 million to negative $8 million. For the full year, we expect adjusted EBITDA in a range of negative $8 million to negative $18 million. Liquidity and Capital Resources: We expect to end the year with no debt and cash in the range of $35 to $40 million. Webcast and Earnings Conference Call Nerdy's management will host a conference call to discuss its financial results on Thursday, February 27, 2025 at 5:00 p.m. Eastern Time. Interested parties in the U.S. may listen to the call by dialing 1-833-470-1428. International callers can dial 1-404-975-4839. The Access Code is 716743. A live webcast of the call will also be available on Nerdy's investor relations website at A replay of the webcast will be available on Nerdy's website for one year following the event and a telephonic replay of the call will be available until March 6, 2025 by dialing 1-866-813-9403 from the U.S. or 1-929-458-6194 from all other locations, and entering the Access Code: 501480. About Nerdy Inc. Nerdy (NYSE: NRDY) is a leading platform for live online learning, with a mission to transform the way people learn through technology. The Company's purpose-built proprietary platform leverages technology, including AI, to connect learners of all ages to experts, delivering superior value on both sides of the network. Nerdy's comprehensive learning destination provides learning experiences across thousands of subjects and multiple formats—including Learning Memberships, one-on-one instruction, small group tutoring, large format classes, and adaptive assessments. Nerdy's flagship business, Varsity Tutors, is one of the nation's largest platforms for live online tutoring and classes. Its solutions are available directly to students and consumers, as well as through schools and other institutions. Learn more about Nerdy at Forward-looking Statements All statements contained herein that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our strategic priorities, including those related to enhancing the Learning Membership experience; continued improvements in sales and marketing leverage; gross margin and operating leverage; the growth of our Institutional business; changes to our marketplace infrastructure systems; simplifying our operations model while growing our business; the sufficiency of our cash to fund future operations; and our anticipated quarterly and full year 2025 outlook; as well as statements that include the words "expect," "plan," "believe," "project," and "may," and similar statements of a future or forward-looking nature. The forward-looking statements made herein relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made herein or in connection herewith, including but not limited to, our offerings continue to evolve, which makes it difficult to predict our future financial and operating results; our history of net losses and negative operating cash flows, which could require us to need other sources of liquidity; risks associated with our ability to acquire and retain customers, operate, and scale up our Consumer and Institutional businesses; risks associated with our intellectual property, including claims that we infringe on a third-party's intellectual property rights; risks associated with our classification of some individuals and entities we contract with as independent contractors; risks associated with the liquidity and trading of our securities; risks associated with payments that we may be required to make under the tax receivable agreement; litigation, regulatory and reputational risks arising from the fact that many of our Learners are minors; changes in applicable law or regulation; the possibility of cyber-related incidents and their related impacts on our business and results of operations; risks associated with the development and use of artificial intelligence and related regulatory uncertainty; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and risks associated with managing our rapid growth. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including our Annual Report on Form 10-K filed on February 27, 2025, as well as other filings that we may make from time to time with the SEC. View source version on Contacts Investor Relationsinvestors@ Sign in to access your portfolio
