$NRDY
Nerdy Inc

2021 Q2 Form 10-Q Financial Statement

#000156459021043494 Filed on August 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q2
Revenue $32.79M $34.57M $0.00
YoY Change
Cost Of Revenue $11.51M $11.19M $7.520M
YoY Change 53.1%
Gross Profit $21.27M $23.37M $14.05M
YoY Change 51.41%
Gross Profit Margin 64.88% 67.62%
Selling, General & Admin $28.69M $27.83M $16.89M
YoY Change 69.88%
% of Gross Profit 134.88% 119.06% 120.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K $184.0K $2.990M
YoY Change -93.31%
% of Gross Profit 0.94% 0.79% 21.28%
Operating Expenses $28.69M $27.83M $870.00
YoY Change 3297831.03%
Operating Profit -$7.419M -$4.454M -$868.00
YoY Change 854623.5%
Interest Expense -$2.502M $32.82M $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$58.00K -$35.00K -$10.00K
YoY Change 480.0%
Pretax Income -$336.0K -$5.726M -$870.00
YoY Change 38520.69%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings $0.00 $0.00 -$870.00
YoY Change -100.0%
Net Earnings / Revenue 0.0% 0.0%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$15.02
COMMON SHARES
Basic Shares Outstanding 0.000 shares 0.000 shares
Diluted Shares Outstanding 0.000 shares 0.000 shares

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.122M $1.709M $25.09K
YoY Change 4371.46%
Cash & Equivalents $14.72M $25.57M $25.09K
Short-Term Investments
Other Short-Term Assets $241.5K $239.1K $14.00K
YoY Change 1624.93%
Inventory
Prepaid Expenses $239.1K
Receivables $1.400M
Other Receivables $0.00
Total Short-Term Assets $1.363M $1.948M $39.09K
YoY Change 3387.8%
LONG-TERM ASSETS
Property, Plant & Equipment $9.900M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $450.0M $450.0M
YoY Change
Other Assets $3.400M
YoY Change
Total Long-Term Assets $450.0M $450.0M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.363M $1.948M $39.09K
Total Long-Term Assets $450.0M $450.0M $0.00
Total Assets $451.4M $452.0M $39.09K
YoY Change 1154627.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.200M
YoY Change
Accrued Expenses $4.717M $4.162M $23.45K
YoY Change 20016.08%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $2.000M $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $57.24M $32.88M $23.45K
YoY Change 243996.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.500M $15.75M
YoY Change
Total Long-Term Liabilities $0.00 $15.75M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $57.24M $32.88M $23.45K
Total Long-Term Liabilities $0.00 $15.75M $0.00
Total Liabilities $57.24M $48.63M $23.45K
YoY Change 243996.16%
SHAREHOLDERS EQUITY
Retained Earnings -$55.88M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$55.88M -$46.68M $15.64K
YoY Change
Total Liabilities & Shareholders Equity $451.4M $452.0M $39.09K
YoY Change 1154627.34%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q2
OPERATING ACTIVITIES
Net Income $0.00 $0.00 -$870.00
YoY Change -100.0%
Depreciation, Depletion And Amortization $200.0K $184.0K $2.990M
YoY Change -93.31%
Cash From Operating Activities -$586.8K -$2.415M $90.00
YoY Change -652077.78%
INVESTING ACTIVITIES
Capital Expenditures $2.120M $848.0K $1.320M
YoY Change 60.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.120M -$848.0K -$1.320M
YoY Change 60.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$444.0K 25.00K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -586.8K -$2.415M 90.00
Cash From Investing Activities -2.120M -$848.0K -1.320M
Cash From Financing Activities 0.000 -$444.0K 25.00K
Net Change In Cash -586.8K -$3.700M 25.09K
YoY Change -2438.7%
FREE CASH FLOW
Cash From Operating Activities -$586.8K -$2.415M $90.00
Capital Expenditures $2.120M $848.0K $1.320M
Free Cash Flow -$2.707M -$3.263M -$1.320M
YoY Change 105.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NumberOfClassesOfOrdinaryShares
1
paceu Number Of Classes Of Ordinary Shares
NumberOfClassesOfOrdinaryShares
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CY2019Q3 us-gaap Assets
Assets
0
CY2020Q4 paceu Expected Percentage That The Initial Shareholders Will Hold Upon Closing Of Business Combination
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CY2020Q2 us-gaap Revenues
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us-gaap Revenues
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CY2020Q2 paceu Professional Fees And Other Operating Expenses
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paceu Professional Fees And Other Operating Expenses
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CY2021Q2 us-gaap Derivative Gain Loss On Derivative Net
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CY2020Q2 us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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CY2021Q2 us-gaap Operating Income Loss
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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StockholdersEquity
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CY2021Q1 paceu Adjustment To Increase Temporary Equity Subject To Possible Redemption Of Maximum Redemption Value
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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StockholdersEquity
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CY2021Q2 paceu Adjustment To Increase Temporary Equity Subject To Possible Redemption Of Maximum Redemption Value
AdjustmentToIncreaseTemporaryEquitySubjectToPossibleRedemptionOfMaximumRedemptionValue
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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StockholdersEquity
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
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us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2019-07-11
CY2020Q4 paceu Public Offering Closing Date
PublicOfferingClosingDate
2020-10-09
paceu Number Of Independent Director
NumberOfIndependentDirector
4
paceu Trust Account Threshold For Release Of Funds
TrustAccountThresholdForReleaseOfFunds
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paceu Remaining Proceeds Held Outside Trust Account
RemainingProceedsHeldOutsideTrustAccount
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paceu Repayments On Loans
RepaymentsOnLoans
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CY2021Q2 paceu Common Stock Redemption Price Per Share
CommonStockRedemptionPricePerShare
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paceu Term For Completion Of Business Acquisition
TermForCompletionOfBusinessAcquisition
The Company has 24 months from the Close Date to complete its Business Combination. If the Company does not complete a Business Combination within this period, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
CY2021Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
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paceu Percentage Of Underwriters Discount On Gross Proceeds
PercentageOfUnderwritersDiscountOnGrossProceeds
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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paceu Percentage Of Deferred Discount On Gross Proceeds
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us-gaap Use Of Estimates
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<p style="text-align:justify;Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
us-gaap Allocated Share Based Compensation Expense
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paceu Number Of Classes Of Ordinary Shares
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IncomeTaxExaminationPenaltiesAndInterestAccrued
0
paceu Class Of Warrant Or Right Redeem Outstanding Warrants Description
ClassOfWarrantOrRightRedeemOutstandingWarrantsDescription
Once the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole, but not in part, at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company’s Public Shares equals or exceeds $18.00 per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Warrant holders.
CY2021Q2 paceu Class Of Warrant Or Right Redeem Price Per Warrant
ClassOfWarrantOrRightRedeemPricePerWarrant
0.01
CY2021Q2 paceu Common Stock Price Per Share Of Last Trading Days Minimum Threshold To Redeem Outstanding Warrants
CommonStockPricePerShareOfLastTradingDaysMinimumThresholdToRedeemOutstandingWarrants
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CY2021Q2 paceu Price Per Share Sponsor Agreed To Liable
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
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CY2020Q4 us-gaap Preferred Stock Shares Authorized
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CY2021Q2 us-gaap Preferred Stock Shares Issued
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CY2020Q4 us-gaap Preferred Stock Shares Issued
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CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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CY2021Q2 us-gaap Preferred Stock Shares Outstanding
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us-gaap Dividends Payable Nature
DividendsPayableNature
The Company has not paid and does not intend to pay any cash dividends on its ordinary shares prior to the completion of the Business Combination. Additionally, the Company’s board of directors does not contemplate or anticipate declaring any stock dividends in the foreseeable future.
CY2021Q1 us-gaap Derivative Liabilities Current
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4670000
CY2021Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
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1520000

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