Institutional Business Continues to Scale – In the first quarter, Varsity Tutors for Schools executed a record 97 contracts, yielding $6.3 million of bookings. Annualized run-rate is defined as the number of Learning Members at the end of the period multiplied by average revenue per Learning Membership per month multiplied by twelve months. Learning Membership revenue grew to an annualized run rate of $143 million as of March 31, 2023, an increase from $87 million as of December 31, 2022, and nearly $0 in the first quarter of 2022. Learning Memberships Deliver Strong Results – Revenue recognized in the first quarter from Learning Memberships grew to $29.7 million or 60% of total revenue, up from 50% of total company revenue recognized in the fourth quarter of 2022. Revenue growth was driven by the continued evolution towards ‘always on’ recurring revenue products, strong adoption of Learning Memberships, lifetime value expansion, and a return to year-over-year growth in our Consumer business (having exited the J-Curve) coupled with the continued scaling of our Institutional business. Revenue Outperforms Guidance – In the first quarter, Nerdy delivered revenue of $49.2 million, above the top end of our guidance range of $45-47 million, and represented an increase of 5% from $46.9 million during the same period in 2022. Please visit the Nerdy investor relations website to view the Nerdy Q1 Shareholder Letter on the Quarterly Results Page. AI for HI ® also allowed us to achieve a major milestone by surpassing 10 million hours of live face-to-face tutoring delivered on our Live Learning Platform since launch.” EBITDA more than nine months ahead of our target. 
”Our evolution to Learning Memberships and the application of AI for HI ®, or Artificial Intelligence for Human Interaction, drove continued growth and improvement in customer lifetime values and was a key contributor to our strong operating results including the delivery of positive Adj.
I am pleased to share that in the first quarter, we executed at a high level and returned to growth, having substantially evolved our business model,” said Chuck Cohn, Founder, Chairman and Chief Executive Officer of Nerdy Inc. “One year ago, we unveiled an ambitious plan to evolve our products and revenue model toward long-term recurring ‘always-on’ relationships with our customers. (NYSE: NRDY) today announced financial results for the first quarter ended March 31, 2023.
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