2023 Q4 Form 10-K Financial Statement

#000181940424000019 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $55.08M $193.4M $162.7M
YoY Change 31.77% 18.89% 15.64%
Cost Of Revenue $15.81M $56.95M $49.73M
YoY Change 28.42% 14.52% 6.49%
Gross Profit $39.27M $136.4M $112.9M
YoY Change 33.17% 20.82% 20.19%
Gross Profit Margin 71.29% 70.55% 69.43%
Selling, General & Admin $49.11M $194.0M $203.7M
YoY Change -0.81% -4.77% 8.72%
% of Gross Profit 125.06% 142.19% 180.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.709M $898.0K $1.054M
YoY Change 0.59% -14.8% 26.23%
% of Gross Profit 4.35% 0.66% 0.93%
Operating Expenses $49.45M $194.0M $203.7M
YoY Change -0.95% -4.77% 8.72%
Operating Profit -$10.18M -$57.57M -$90.81M
YoY Change -50.2% -36.6% -5.85%
Interest Expense $917.0K -$10.01M $27.10M
YoY Change -82.73% -136.93% 614.93%
% of Operating Profit
Other Income/Expense, Net $30.00K $19.00K -$183.0K
YoY Change -188.24% -110.38% -97.86%
Pretax Income -$9.228M -$67.56M -$63.89M
YoY Change -39.11% 5.75% 108.52%
Income Tax $12.00K $109.0K $19.00K
% Of Pretax Income
Net Earnings -$5.655M -$40.17M -$35.40M
YoY Change -35.25% 13.49% 836.73%
Net Earnings / Revenue -10.27% -20.77% -21.76%
Basic Earnings Per Share -$0.41 -$0.41
Diluted Earnings Per Share -$0.05 -$0.41 -$0.41
COMMON SHARES
Basic Shares Outstanding 97.16M shares 85.87M shares
Diluted Shares Outstanding 97.16M shares 85.87M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.82M $74.82M $90.72M
YoY Change -17.52% -17.52% -36.99%
Cash & Equivalents $74.82M $74.82M $90.72M
Short-Term Investments
Other Short-Term Assets $4.815M $4.815M $5.345M
YoY Change -9.92% -9.92% -13.3%
Inventory
Prepaid Expenses $3.129M
Receivables $15.40M $15.40M $11.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $95.04M $95.04M $107.7M
YoY Change -11.72% -11.72% -30.75%
LONG-TERM ASSETS
Property, Plant & Equipment $16.39M $20.00M $15.43M
YoY Change 31.06% 29.63% 43.95%
Goodwill $5.717M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.541M $929.0K $316.0K
YoY Change 40.11% 193.99% -62.02%
Total Long-Term Assets $29.71M $29.71M $25.04M
YoY Change 18.66% 18.66% 15.4%
TOTAL ASSETS
Total Short-Term Assets $95.04M $95.04M $107.7M
Total Long-Term Assets $29.71M $29.71M $25.04M
Total Assets $124.7M $124.7M $132.7M
YoY Change -5.99% -5.99% -25.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.443M $3.443M $3.199M
YoY Change 7.63% 7.63% -10.89%
Accrued Expenses $9.611M $3.963M
YoY Change 142.52% 3.02%
Deferred Revenue $20.48M
YoY Change -19.81%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.61M $35.61M $37.33M
YoY Change -4.62% -4.62% -10.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.533M $3.533M $14.31M
YoY Change -75.31% -75.31% -63.71%
Total Long-Term Liabilities $3.533M $3.533M $14.31M
YoY Change -75.31% -75.31% -63.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.61M $35.61M $37.33M
Total Long-Term Liabilities $3.533M $3.533M $14.31M
Total Liabilities $39.14M $72.27M $85.76M
YoY Change -24.21% -15.74% -32.19%
SHAREHOLDERS EQUITY
Retained Earnings -$515.3M
YoY Change 8.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.48M $52.48M $46.93M
YoY Change
Total Liabilities & Shareholders Equity $124.7M $124.7M $132.7M
YoY Change -5.99% -5.99% -25.09%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$5.655M -$40.17M -$35.40M
YoY Change -35.25% 13.49% 836.73%
Depreciation, Depletion And Amortization $1.709M $898.0K $1.054M
YoY Change 0.59% -14.8% 26.23%
Cash From Operating Activities -$5.045M -$7.560M -$48.00M
YoY Change -65.28% -84.25% 23.43%
INVESTING ACTIVITIES
Capital Expenditures $2.964M $6.887M $5.317M
YoY Change 203.07% 29.53% 2.98%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.964M -$6.887M -$5.317M
YoY Change 203.07% 29.53% 2.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.373M -$1.940M -$1.000M
YoY Change 902.19% 94.0% -100.63%
NET CHANGE
Cash From Operating Activities -5.045M -$7.560M -$48.00M
Cash From Investing Activities -2.964M -$6.887M -$5.317M
Cash From Financing Activities -1.373M -$1.940M -$1.000M
Net Change In Cash -9.382M -$16.41M -$54.33M
YoY Change -40.04% -69.8% -147.16%
FREE CASH FLOW
Cash From Operating Activities -$5.045M -$7.560M -$48.00M
Capital Expenditures $2.964M $6.887M $5.317M
Free Cash Flow -$8.009M -$14.45M -$53.32M
YoY Change -48.36% -72.9% 21.03%

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CY2021 us-gaap Increase Decrease In Other Current Liabilities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Profit Loss
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2023 nrdy Stock Issued During Period Value Warrant Transactions
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CY2023 nrdy Rebalancing Of Ownership Percentage Between Parent And Noncontrolling Interests
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CY2022 nrdy Payments To Legacy Investors
PaymentsToLegacyInvestors
767000 usd
CY2021Q3 nrdy Class Of Warrant Or Right Redemption Threshold Trading Days
ClassOfWarrantOrRightRedemptionThresholdTradingDays
20 day
CY2021Q3 nrdy Class Of Warrant Or Right Redemption Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionThresholdConsecutiveTradingDays
30 day
CY2021Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q4 nrdy Warrants Held By Nerdy Inc
WarrantsHeldByNerdyInc
22000 shares
CY2022Q4 nrdy Earnouts Held By Nerdy Inc
EarnoutsHeldByNerdyInc
36000 shares
CY2023 nrdy Transaction Expenses
TransactionExpenses
1940000 usd
CY2021Q3 nrdy Reverse Recapitalization Exchange Ratio
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CY2021 us-gaap Net Income Loss
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CY2021 nrdy Net Income Loss Attributable To Legacy Investors Prior To Reverse Recapitalization
NetIncomeLossAttributableToLegacyInvestorsPriorToReverseRecapitalization
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CY2023Q4 nrdy Reverse Recapitalization Right To Appoint Number Of Directors
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CY2023Q4 nrdy Reverse Recapitalization Number Of Directors
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CY2023 us-gaap Use Of Estimates
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenue and expenses during the reporting periods. Significant estimates, assumptions, and judgments are used for, but not limited to: revenue recognition, stock-based compensation expense, impairment of goodwill, long-lived assets and definite-lived intangible assets, internal-use software, and website development costs. The Company bases its estimates on historical experience, knowledge of current business conditions, and various other factors it believes to be reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Actual results could differ from these estimates, and such differences could be material to its financial position and operating cash flows.</span></div>
CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Number Of Operating Segments
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5717000 usd
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P10Y
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CY2023 us-gaap Defined Contribution Plan Cost Recognized
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1105000 usd
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us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Reconciliation Tax Credits
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2023 us-gaap Income Tax Expense Benefit
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109000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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72759000 usd
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72759000 usd
CY2022Q4 us-gaap Deferred Tax Assets Investment In Subsidiaries
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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0.64
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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Files In Submission

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