Nerdwallet, Inc. (NRDS) 10K Annual Reports & 10Q SEC Filings

•GAAP net income of $8.9 million or $0.12 per diluted share for Q4’22 and GAAP net loss of $10.2 million or $0.14 per diluted share for full year 2022

•Adjusted EBITDA of $31.0 million for Q4’22 and $67.1 million for full year 2022

SAN FRANCISCO, CA - February 14, 2023 - NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small and mid-sized businesses (SMBs), today reported financial results for its fourth quarter and full year ended December 31, 2022.

“2022 was a year of great progress for NerdWallet. Our ability to execute against our strategy resulted in strong growth in annual revenue and registered users,“ said Tim Chen, Co-Founder and CEO of NerdWallet. “Our successful investment in our three pillars of growth—'Land and Expand,' 'Vertical Integration,' and 'Registrations and Data-Driven Engagement'—put us several steps further in our journey towards becoming a trusted financial ecosystem. We’ve kicked off our 2023, ready to capitalize on new opportunities, grow our business, and provide clarity for all of life’s financial decisions.”

“I am proud to share our strong finish to 2022 as we exceeded our revenue and adjusted EBITDA guidance in Q4,” said Lauren StClair, CFO of NerdWallet. “Our diversified business strategy and brand strength have proven again that we have a large opportunity to continue to grow and scale our business, resulting in 43% year-over-year Q4 revenue growth. Our trusted financial guidance and effective marketing investments increased our full year registered user revenue by over 80% year-over-year and grew our base of registered users to 14.0 million. The strength in our banking, credit cards and SMB verticals led to us generating $539 million in annual revenue.”

FOURTH QUARTER 2022 HIGHLIGHTS

•Credit cards revenue of $53.1 million grew 52% year-over-year, reflecting growing brand awareness and increased consumer intent combined with our deep alignment with partners to deliver quality matches.

•Loans revenue of $22.4 million was down 24% year-over-year, primarily due to decreases in mortgages driven by increasing interest rates and continuing macroeconomic headwinds, partially offset by growth in personal loans as a result of our acquisition of On the Barrelhead (OTB) in July 2022.

•Other verticals revenue of $66.5 million was up 90% year-over-year, driven by strong growth in banking and SMB products.

•We had 20 million average Monthly Unique Users (MUUs), which was up 9% year-over-year, inclusive of our acquisition of OTB. We saw strong engagement in areas such as banking and travel, though this was partially offset by declines from a continued challenging macroeconomic environment in both mortgages and investing.

•We repaid the $70 million draw on our credit facility, ending the year with no outstanding debt.

The following information was filed by Nerdwallet, Inc. (NRDS) on Tuesday, February 14, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Nerdwallet, Inc.'s 10-K Annual Report:

M & A - Other Highlight
Although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA excludes stock-based compensation, including for acquisition-related inducement awards, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy; and Adjusted EBITDA excludes acquisition-related costs, including acquisition-related retention compensation under compensatory retention agreements with certain key employees, acquisition-related transaction expenses, contingent consideration fair value adjustments related to earnouts, and deferred compensation related to earnouts.

Financial - Cash Flow Highlight
Unforeseen events, changes in circumstances and market conditions and material differences in estimates of future cash flows could adversely affect the fair value of our assets and could result in future impairment charges.
Other - Other Highlight
Adjusted EBITDA We use Adjusted EBITDA in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our Board of Directors concerning our financial performance.
Financial - Cash Flow Highlight
Many of these investments will occur in advance of our experiencing any direct benefit from them, which could negatively impact our liquidity and cash flows during any particular period and may make it difficult to determine if we are effectively allocating our resources.
Financial - Income Highlight
These limitations include the following: Adjusted EBITDA does not reflect interest income (expense) and other gains (losses), net, which include unrealized and realized gains and losses on foreign currency exchange and the embedded derivative in our previously outstanding long-term debt, as well as certain nonrecurring gains (losses); Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment, amortization of intangible assets, and (losses) gains on disposals of assets.
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Consumers who visit NerdWallet tend...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Nerdwallet, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: NRDS
CIK: 1625278
Form Type: 10-K Annual Report
Accession Number: 0001625278-23-000021
Submitted to the SEC: Thu Feb 23 2023 4:07:15 PM EST
Accepted by the SEC: Thu Feb 23 2023
Period: Saturday, December 31, 2022
Industry: Computer Processing And Data Preparation