GuidanceGuidance was generally soft, with revenue and adj. EBITDA outlook for Q3 coming in well below expectations, and the FY24 guidance for revenue was lowered by ~$39M or 16% at the midpoint, with adj. EBITDA outlook also reduced substantially (by ~$30M).
ProfitabilityWith lower revenue expectations & ongoing product investments, Nerdy does not expect full-year Adj. EBITDA profit until 2025.
Revenue DeclineNerdy reported mixed Q2 results, with revenue slightly below expectations as Active Members grew by ~15% y/y but declined by more than 10K q/q, and ARPM was down roughly 20% y/y amidst a mix shift to lower frequency, non-premium Memberships, driving a ~1% y/y decline in Consumer revenue.