Nerdy SPAC Presentation Deck
Summary Historical Financials and 2021F-2023F Forecast
$ in Millions
Active Users ('000s)¹
% YoY Growth
Online Revenue
% YoY Growth
Total Revenue
% YoY Growth
Gross Profit
% Margin
3.
4.
(-) Sales & Marketing Expense
(-) Operations & Fulfillment
(-) Tech & Product
(-) G&A
Net Income²
% Margin
Adjusted EBITDA³
% Margin
FCF4
% Margin
2018
47
$42
$72
46
63%
(30)
(14)
(9)
(18)
($25)
(35%)
($21)
(29%)
($21)
(28%)
2019
63
34%
$64
54%
$90
26%
60
66%
(38)
(15)
(10)
(18)
($22)
(25%)
($14)
(15%)
$23)
(25%)
2020E
87
37%
$97
51%
$104
15%
69
66%
(44)
(14)
(12)
(18)
($25)
(24%)
($10)
(10%)
($10)
(9%)
2021F
130
50%
$138
42%
$138
33%
96
70%
(57)
(14)
(17)
(23)
($8)
(6%)
($7)
(5%)
($15)
(11%)
2022F
199
53%
$198
43%
$198
43%
141
71%
(84)
(20)
(27)
(24)
($14)
(7%)
($3)
(2%)
($14)
(7%)
2023F
1. Active Users defined as the unique number of learners attending a paid online tutoring session or a paid online class in a given period. Amounts exclude Legacy Businesses and VT+.
2
Forecast excludes non-recurring expenses and the application of new accounting treatments associated with a de-SPAC transaction, and the impact of any future Non-Cash Compensation changes.
Adjusted EBITDA excludes Non-Cash Compensation Expense and other Non-Recurring Items. Adjusted EBITDA is a non-GAAP financial measure.
FCF in 2018 excludes the $10 million acquisition of Veritas Prep. FCF is a non-GAAP financial measure.
284
43%
$267
35%
$267
35%
193
72%
(109)
(26)
(31)
(25)
$1
1%
$14
5%
$6
2%
Revenue growth acceleration in 2022F
driven by multi-format strategy
Targeted marketing investments extend
reach to drive Active Learner growth
Tech and product investments ensure
Nerdy remains at the forefront of
innovation
G&A increase driven by headcount and
public company costs
+30% revenue growth with continued gross margin expansion. FCF positive in 2023.
Note: Nerdy financial information shown does not conform to Regulation S-X or PCAOB standards and includes estimates of certain financial metrics adjusted to reflect PCAOB standards, and such information may not be included, may be adjusted or may be presented differently in filings
made with the SEC.
41
TPG nerdy
TECH OPPORTUNITIES
Ⓒ Nerdy / TPG Pace Tech Opportunities Corp. 2021View entire presentation