NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2021
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
NOTE 5—NONCONTROLLING INTERESTS
As of December 31, 2021, Legacy Nerdy Holders owned 70,629 OpCo Units, equal to a 47.1% of the economic interest in Nerdy LLC, excluding Earnouts, and 70,629 shares of Class B Common Stock, excluding Earnouts, which, together, may be redeemed at the option of the Legacy Nerdy Holders on a
one-for-one
basis for shares of Class A Common Stock or the cash equivalent thereof (based on the market price of the shares of Class A Common Stock at the time of redemption) as determined by Nerdy Inc. If Nerdy Inc. elects the redemption to be settled in cash, the cash used to settle the redemption must be funded through a private or public offering of Class A Common Stock no later than five business days after the redemption notice date. Upon the redemption of the OpCo Units and Class B Common Stock for shares of Class A Common Stock or the equivalent thereof, all redeemed shares of Class B Common Stock will be cancelled.
As of December 31, 2021, Nerdy Inc. owned 52.9% of the outstanding OpCo units of Nerdy LLC. The financial results of Nerdy LLC and its subsidiaries were consolidated with and into Nerdy Inc., and the portion of the consolidated net loss of Nerdy LLC, which the Legacy Nerdy Holders absorbed, was allocated to NCI during the period from September 21, 2021 to December 31, 2021. At the end of each reporting period, Nerdy LLC equity attributable to Nerdy Inc. and the Legacy Nerdy Holders is rebalanced to reflect Nerdy Inc.’s and the Legacy Nerdy Holders’ ownership in Nerdy LLC.
The following table summarizes the changes in ownership of OpCo Units in Nerdy LLC, excluding Earnouts, for the period beginning September 20, 2021, the Closing Date of the Reverse Recapitalization, and ending December 31, 2021 (see Note 1).
 
    
OpCo Units
     
Ownership Percentage
  
    
Nerdy
Inc.
(a)
     
Legacy
Nerdy
Holders
     
Total
     
Nerdy
Inc.
(a)
    
Legacy
Nerdy
Holders
    
Total
  
Beginning of period
      —          —          —          —   %      —   %      —   % 
Issuance of OpCo Units
      79,233        70,613        149,846        52.9 %      47.1 %      100.0 % 
Vesting of equity awards
      38        16        54        —   %      —   %      —   % 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
End of period
      79,271        70,629        149,900        52.9 %      47.1 %      100.0 % 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
(a)
Includes OpCo Units held by certain Legacy Nerdy Holders, who were issued 11,550 shares of Class A Common Stock of Nerdy Inc., excluding Earnouts, in connection with the Reverse Recapitalization, and therefore, indirectly, owned 11,550 OpCo Units of Nerdy LLC. As of December 31, 2021, these Legacy Nerdy Holders own 11,550 shares, excluding Earnouts, of Class A Common Stock of Nerdy Inc., and therefore, indirectly own 11,550 OpCo Units, or 7.7%, of total OpCo Units of Nerdy LLC, which are held by
Nerdy Inc.