Nerdy (US:NRDY) ZACKSยท2024-05-30 17:31Core Insights - Nerdy, Inc.'s Varsity Tutors for Schools has partnered with Trinity Lutheran School to provide free access to its platform for students until June 30, 2030 [1][2] - The platform offers a range of interactive study tools and resources to support students across various school districts [2][3] Company Overview - Varsity Tutors for Schools is utilized by over 500 school districts in the U.S., aiming to bridge learning gaps and enhance classroom education [3] - The platform allows students to access tutoring services 24/7, take practice tests, and follow personalized lesson plans [4] Business Performance - In Q1 2024, Nerdy's institutional business achieved record revenues of $11.9 million, representing a 39% year-over-year increase [6] - Bookings for the quarter were $4.4 million, reflecting the company's efforts to integrate the Varsity Tutors platform and expand its sales team [6] User Growth - The company has expanded access to Varsity Tutors for an additional 1.2 million students, totaling 2.2 million students across 475 school districts [7] - The goal for the year is to provide access for 10 million students, which is nearly 20% of the K-12 population in the U.S. [7] Strategic Initiatives - Nerdy is focusing on platform scalability and a freemium upsell approach to build trust with new partners [5] - The company has merged subscription models and access-based products to create a unified experience for users, extending beyond K-12 education [10]