NerdWallet, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NerdWallet, Inc. has filed its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

NERDWALLET, INC. (NRDS) filed a Annual Report (10-K) with the SEC on February 20, 2024. NerdWallet, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 55 Hawthorne Street, 10th Floor, San Francisco, CA. NerdWallet, Inc. was incorporated in Delaware. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking NERDWALLET, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of NerdWallet's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed financial statements and disclosures within the report are crucial for understanding the company's performance trends and future outlook in the competitive digital finance landscape.

Risk Assessment

Risk Level: medium — NERDWALLET, INC. shows moderate risk based on this filing. The company operates in the digital finance sector, which is subject to rapid technological changes, evolving consumer preferences, and increasing competition, posing a medium risk to its business model and growth prospects.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess NerdWallet's performance and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary reporting year)
• 2022 — Previous Fiscal Year (Comparative year)
• 2021 — Prior Fiscal Year (Comparative year)

Key Players & Entities

• NERDWALLET, INC. (company) — Filer name
• NRDS (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date
• 55 Hawthorne Street, 10th Floor, San Francisco, CA 94105 (address) — Business address
• DE (jurisdiction) — State of incorporation
• 7374 (industry_code) — Standard Industrial Classification
• 454180440 (tax_id) — IRS number

FAQ

Industry Context

NerdWallet operates in the digital personal finance industry, providing consumers with tools and information to manage their finances. The industry is characterized by rapid technological advancements and a competitive landscape.

Regulatory Implications

As a publicly traded company, NerdWallet is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), requiring regular filings like the 10-K to ensure transparency and compliance.

What Investors Should Do

1. Review NerdWallet's revenue streams and growth drivers for FY2023.
2. Analyze the company's cost structure and operating expenses.
3. Assess the competitive landscape and NerdWallet's market position.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-20: Filing Date — Date NerdWallet, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $599.4 million — tical ESG initiatives. Our revenue was $599.4 million and $538.9 million for 2023 and 2022, r
• $538.9 million — es. Our revenue was $599.4 million and $538.9 million for 2023 and 2022, respectively, repres
• $11.8 million — owth of 11%. We generated a net loss of $11.8 million for 2023, which increased 16% from a ne
• $10.2 million — which increased 16% from a net loss of $10.2 million for 2022. 3 Table of Contents Indu

Filing Documents

• nrds-20231231.htm (10-K) — 1881KB
• exhibit108-creditagreement.htm (EX-10.8) — 1292KB
• exhibit231-auditorconsent.htm (EX-23.1) — 3KB
• exhibit311-302certificatio.htm (EX-31.1) — 11KB
• exhibit312-302certificatio.htm (EX-31.2) — 11KB
• exhibit321-404certificatio.htm (EX-32.1) — 5KB
• exhibit322-404certificatio.htm (EX-32.2) — 5KB
• exhibit971-compensationrec.htm (EX-97.1) — 34KB
• image_0.jpg (GRAPHIC) — 107KB
• nrds-20231231_g1.jpg (GRAPHIC) — 103KB
• 0001625278-24-000030.txt (&nbsp;) — 11979KB
• nrds-20231231.xsd (EX-101.SCH) — 65KB
• nrds-20231231_cal.xml (EX-101.CAL) — 110KB
• nrds-20231231_def.xml (EX-101.DEF) — 413KB
• nrds-20231231_lab.xml (EX-101.LAB) — 947KB
• nrds-20231231_pre.xml (EX-101.PRE) — 661KB
• nrds-20231231_htm.xml (XML) — 1271KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 39

Cybersecurity

Item 1C. Cybersecurity 39

Properties

Item 2. Properties 40

Legal Proceedings

Item 3. Legal Proceedings 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40 Part II 41

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

[Reserved]

Item 6. [Reserved] 42

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 91

Controls and Procedures

Item 9A. Controls and Procedures 91

Other Information

Item 9B. Other Information 92

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 Part III 92

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 92

Executive Compensation

Item 11. Executive Compensation 92

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 92

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 92 Part IV 93

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 93

Form 10-K Summary

Item 16. Form 10-K Summary 95

Signatures

Signatures 96 Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: the effect of macroeconomic developments, including but not limited to, inflation, rising interest rates, tightening credit markets and general macroeconomic uncertainty on our business results of operations, financial condition and stock price; our expectations regarding our future financial and operating performance, including total revenue, cost of revenue, non-GAAP operating income (loss), adjusted EBITDA and Monthly Unique Users; our ability to grow traffic and engagement on our platform; our expected returns on marketing investments and brand campaigns; our expectations about consumer demand for the products on our platform; our ability to convert users into registered users and improve repeat user rates; our ability to convert consumers into matches with financial services partners; our ability to grow within existing and new verticals; our ability to expand geographically; our ability to maintain and expand our relationships with our existing financial services partners and to identify new financial services partners; our ability to build efficient and scalable technical capabilities to deliver personalized guidance and nudge users; our ability to

Business

Item 1. Business. Overview NerdWallet provides trustworthy financial guidance to consumers and small and mid-sized businesses (SMBs). Our mission is to provide clarity for all of life's financial decisions. Our vision is a world where everyone makes financial decisions with confidence. At NerdWallet, we empower consumers—both individuals and SMBs—to make smarter financial decisions with confidence via our digital platform. Technology has changed the way consumers manage their financial lives, making them more comfortable with comparing and shopping for financial products online. This change has accelerated with the dramatic growth in companies offering innovative financial products. At NerdWallet, we are leveraging this transformation to democratize access to trustworthy financial guidance—ultimately helping to improve the financial well-being of consumers and the financial services industry as a whole. As the financial services industry becomes more fragmented and complex, we believe the need for trustworthy and knowledgeable financial guidance increases. Our objective remains the same: serve as a trusted financial ecosystem that consumers and SMBs can rely on to learn about various financial topics, shop for products, connect their data and receive data-driven nudges. We deliver guidance to consumers through educational content, tools and calculators, product marketplaces and the NerdWallet app. Our platform delivers unique value across many financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing and student loans, and has grown to include the United Kingdom (UK), Canadian, and, more recently, Australian markets, with further international expansion as an opportunity for future growth. Across every touchpoint, the cornerstone of our platform is our consumers' trust in the independent, objective and relevant guidance we provide, free of charge. This trusted guidance has helped us build a large, loyal

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View this 10-K filing on SEC EDGAR