Nerdy SPAC Presentation Deck
May 2021, 70 slides
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analyst day presentation results addendum may | Nerdy
disclaimer | Nerdy
wisdom is not a product of schooling but a lifelong attempt to acquire it | Nerdy
connecting learners experts | Nerdy
leading platform for live instruction subjects varsity tutors | Nerdy
the impact of live personalized learning standard deviations of improvement multiple academic studies have proven the effectiveness of live instruction on improving learning results personalized and live instruction is critical to the experience and is the essence of what makes unique tutoring effect higher than driven instruction | Nerdy
live learning our personalized live platform is well positioned in the direct to consumer learning market of of learners think the quality of instruction is better recorded than it is live asynchronous learning | Nerdy
adaptive self study adaptive self study small group classes one on one large group classes small group classes adaptive self study one on one large group classes a comprehensive learning destination a continuous format learning experience one on one adaptive self study small group classes large group classes | Nerdy
by the numbers total revenue revenue growth gross margin active learner growth session growth paid learner score learners accessed free classes | Nerdy
learning digital transition is happening now at a faster rate than previous adoptions are more likely to use learning compared to a year ago plan to use learning services going forward | Nerdy
covid impact and recovery and beyond created short term challenges turn to we expect consumer need for supplemental help to grow as students look to catch up academically standardized and professional testing resumes we responded with innovation accelerated trend toward we our transition to delivering live instruction invested in new products integrated learning formats into single destination improved unit level economics and free cash consumers realized superior convenience quality and value of experience of | Nerdy
covid recovery nationwide inquiry growth nationwide opening has led to accelerating growth in inquiries for solutions growth in open areas has accelerated at higher rates than areas that have remained closed and are still predominantly using or hybrid learning opening is expected to serve as a growth catalyst throughout the remainder of the year | Nerdy
improving access to high quality learning resources free live classes free assessments practice tools we provide multiple high quality learning resources completely free of charge our resources improve access and reach millions of learners | Nerdy
founder led seasoned management team with deep technology and direct to consumer experience | Nerdy
meet the learners experts | Nerdy
our two sided network learners and experts learners audience breakout high school college grad professional adult key segments competitive investing reactive remediation enrichment passion experts key motivations helping people learn supplemental income flexibility convenience typical occupations teacher professor working professional grad college student retirees self employed | Nerdy
what sets us apart | Nerdy
our right to win quality live instructors scaled selection multiple formats personalized experience superior value purpose built operating system for learning a no | Nerdy
what sets us apart quality experts what we do we have built a sizeable network of top experts nationwide instruction is delivered through our platform reducing geographic limitations on quality experts in any subject why it matters expert quality is critical to delivering a great learning experience and building trust and credibility different compared to directories legacy brick and mortar | Nerdy
what sets us apart scaled selection what we do scaled quality live instruction available in subjects ability to identify and build supply of experts across thousands of topics why it matters learners can learn large number of subjects on our platform at any age experts instruct across multiple topics of different compared to narrow platforms that offer limited or sole subject breadth legacy brick and mortar live instruction subjects | Nerdy
multiple format destination what we do single destination covering multiple learning needs across live and asynchronous why it matters convenient and accessible via our platform woven together for an integrated and more personalized experience different compared to only self study recorded content legacy of models one on one large group classes small group classes adaptive self study | Nerdy
what sets us apart personalized experience what we do personalization across multiple matching consultations unique learning pathways why it matters every learner is unique most education solutions teach to the average different compared to directories legacy brick and mortar powered learner expert matching | Nerdy
superior value for both sides of the network value for learners value for experts better experience hand picked experts tech enabled tools multiple learning formats strong income potential less hassle cant earnings without effort to new customers convenient learners can interact when where and how they want including scheduled and on demand instruction flexible schedule work where when and how you want with demand in subjects cost effective enabling exceptional experience at a great value platform experience technology tools personalization and collaborative platform make instruction engaging and enjoyable trust trusted brand for high quality instruction get paid on time securely paid frequently with direct deposit | Nerdy
how we do it | Nerdy
an operating system engineered for learning for intelligence for human interaction als | Nerdy
data lake our proprietary data to | Nerdy
add measurements to in focus tutors curation layer identifying the best experts better experts better outcomes better learner experience | Nerdy
rating match quality considering over factors matching layer selecting the best expert earner sook | Nerdy
adaptive learning layer personalizing the learning path to mastery adaptive learning plan | Nerdy
growth | Nerdy
we building from strong growth foundations active learners sessions sessions taught per active expert | Nerdy
multiple vectors to drive sustainable growth a i a i a targeted a international expansion product innovation i a self study large format classes small group classes professional test prep academic ere | Nerdy
growth via new subjects tackling a sizeable opportunity in the professional segment professional hours consumed current top subjects series praxis | Nerdy
new learning formats format growth classes revenue increased in with cant upside remaining one on one we well positioned legacy of options classes significant | Nerdy
format usage is driving learner growth year net sales user by of formats used | Nerdy
expansion accelerating elapsed quarters elapsed quarters expansion driven by format engagement and higher consumption recent cohorts initial higher than historical periods cohorts surpassed in one quarter the of the same cohorts after quarters and demonstrate expansion durability elapsed quarters elapsed quarters | Nerdy
building a full funnel approach to new learner growth brand of spend leveraging and high reach channels to build awareness establish trust and generate word of mouth performance of spend data and tech enabled approach to organic and paid search to drive highly growth | Nerdy
brand building large format | Nerdy
establishing a lasting brand founded in trust brand awareness believe varsity tutors offers high quality instruction believe varsity tutors is a brand they can trust | Nerdy
building scale | Nerdy
we aiming to build one hundred businesses by scaling live personalized learning | Nerdy
our platform is designed to power growth and scale scale faster generalizable capabilities scale machine learning scale leaner process | Nerdy
scaling faster generalizable capabilities enabling faster product expansion opportunity there is cant opportunity across our tam to extend reach across new segments with our product format strategy leveraging generalizable capabilities we built our platform in a highly extensible manner leveraging technology and infrastructure that could easily be utilized to extend our reach into new audiences like professional and new formats like live classes average new initiative consumption growth | Nerdy
scaling machine learning for more personalized consultation opportunity nearly of customers prefer at least some level of personal consultation when looking for learning help application of machine learning our models leverage prospective and current client data to reduce internal effort by only contacting people who want to be contacted when they want and how they want reduction in sales cost as a of revenue efficient | Nerdy
scaling leaner process to reduce expert curation costs opportunity to deliver a great learning experience you must effectively test an expert subject matter and teaching capabilities application of process utilize data informed processes designed to identify and screen for expert attributes that are most correlated to positive learning results expert acquisition cost | Nerdy
powerful and reinforcing growth flywheels more learners subject format expansion leverage experts to create a more comprehensive learning destination that meets more learner needs creating more on ramps for new customers cross sell opportunities personalized learning experience quality experts expert platform more opportunities deliver more earnings quality interactions for top experts our end to end seamless experience makes the whole process more convenient | Nerdy
outlook | Nerdy
our monetization model free large group classes adaptive self study of free class sessions learning interactions typical order hours typical hour paid small group classes one on one | Nerdy
revenue growth rates yoy we built an agile and resilient business school and testing center closures related to the pandemic impacted the business throughout completed year transition to in new product innovation and increased adoption of learning drove cant growth in and | Nerdy
seamlessly transitioned to quarterly revenue and annual revenue | Nerdy
gross pro margin gross margin improvements driven by product expansion shift toward improved margins growth in classes expected to produce future gross margin expansion | Nerdy
investments in technology and drive sales expense of revenue operations expense of revenue efficiency | Nerdy
cash flow improvement through technology operational free cash flow year effort to improve unit level economics and free cash proven ability to become self sustaining supports increased growth investments to capture massive opportunity efficiency | Nerdy
historical seasonality and pace forecast by quarter historical and forecasted quarterly seasonality as a of annual revenue annual revenue | Nerdy
pace forecast by quarter revenue growth driven by format strategy one on one strength provides durable base growth classes and professional offerings continue to grow rapidly as we scale targeted marketing investments extend reach to drive active learner growth cant investments in additional talent ensure remains at the forefront of innovation contributing to growth in and beyond a increases driven by public company costs in quarter | Nerdy
delivering results ahead of pace forecast revenue growth driven by learner and engagement growth as learners increasingly adopted our format approach to delivering personalized learning margin expansion primarily driven by the transition to delivering instruction coupled with the increased adoption of our paid small class group offering | Nerdy
continued momentum and strong growth active learners sessions sessions taught per active expert | Nerdy
pace forecast rapid digital acceleration is expected to provide to support durable growth gross margins expansion driven by mix shift to and classes performance marketing coupled with big swing marketing investments expected to drive awareness and new customer acquisition strong unit level economics and focus on operational yield operating leverage improvements revenue growth with continued gross margin expansion projected to be adjusted positive in forecast | Nerdy
attractive long term growth and strong operating leverage revenue growth gross margin tech product a revenue adjusted margin long term targets long term opportunity for growth expected as shift to learning gains share over the coming decade and beyond | Nerdy
transaction overview | Nerdy
large tam ripe for disruption leading direct to consumer platform for learning attractive unit economics scalable technology platform investment thesis network effects and data create deep competitive moat business is at an in point opening driving business acceleration creating positive change experienced entrepreneurial team | Nerdy
sources uses pro valuation sources uses illustrative post transaction ownership illustrative post transaction valuation illustrative | Nerdy
public direct to consumer learning platform asynchronous learning platform for adult learners consumer facing digital gig economy platform leading learning platform in north technology solutions purpose built for learning direct to consumer go to market similar gross margins leading asynchronous recorded lessons learning platform with global audience courses focused on continuing education large and expanding tams with low penetration leading digital services gig economy platform categories across diverse industry verticals large market opportunity with low penetration defining | Nerdy
operational | Nerdy
valuation | Nerdy
anticipated transaction march transaction agreement executed transaction announced event preliminary proxy materials filed with the sec analyst day may earnings release mail final proxy materials to pace shareholders set record date for pace shareholders vote hold pace shareholder vote and close transaction | Nerdy
financial appendix append | Nerdy
quarterly unaudited annual | Nerdy
non reconciliations unaudited | Nerdy
illustrative fully diluted share count | Nerdy
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