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      "text": "Long-term opportunity for growth expected as shift to online learning gains share over the coming decade and beyond",
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      "kind": "source-note",
      "text": "© Nerdy / TPG Pace Tech Opportunities Corp. 2021",
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      "text": "1. Forecast (\"F\") excludes or otherwise does not account for the following: (i) non-recurring expenses, including de-SPAC transaction expenses; (ii) the application of new accounting treatments associated with the de-SPAC transaction; (iii) the expense related to Unit Appreciation Rights (\"UARs\") held by Nerdy employees which will be converted into Stock Appreciation Rights (\"SARs\") in connection with the de-SPAC transaction; and (iv) the impact of any future non-cash compensation changes.\n2. Adjusted EBITDA (loss) is defined as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, non-cash compensation expense and other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure.",
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      "text": "Revenue Growth: 33% (2021F), 43% (2022F), 35% (2023F), 25-30% (Long-Term Targets)\nGross Margin: 70% (2021F), 71% (2022F), 72% (2023F), 75-80% (Long-Term Targets)\nTech, Product & G&A % Revenue: 30% (2021F), 26% (2022F), 21% (2023F), 15-20% (Long-Term Targets)\nAdjusted EBITDA Margin: (5%) (2021F), (2%) (2022F), 5% (2023F), 25-30% (Long-Term Targets)",
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