NERDWALLET REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS
Fourth Quarter Revenue of $142.0 million, Up 43% Year-Over-Year
•Revenue of $142.0 million for Q4’22 and $538.9 million for full year 2022
•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.