NerdWallet Files 10-Q for Q2 2024

TL;DR

NerdWallet's Q2 2024 10-Q is in. Check financials.

AI Summary

NerdWallet, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Specific financial figures and operational highlights for the quarter are detailed within the report.

Why It Matters

This filing provides investors and the public with a quarterly update on NerdWallet's financial performance and operational status, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — As a public company, NerdWallet is subject to market fluctuations and regulatory requirements, making its financial reporting inherently medium risk.

Key Numbers

• 20240630 — End of Fiscal Period (Indicates the end date for the financial data presented in the 10-Q.)
• 20240731 — Filing Date (The date NerdWallet officially submitted this 10-Q to the SEC.)

Key Players & Entities

• NERDWALLET, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date
• 55 HAWTHORNE STREET (location) — Company's business and mailing address
• SAN FRANCISCO (location) — City of company's address
• DE (location) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value NRDS The Nasdaq Global Market

Filing Documents

• nrds-20240630.htm (10-Q) — 915KB
• exhibit31-certificateofame.htm (EX-3.1) — 10KB
• 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
• 0001625278-24-000141.txt ( ) — 4533KB
• nrds-20240630.xsd (EX-101.SCH) — 23KB
• nrds-20240630_cal.xml (EX-101.CAL) — 43KB
• nrds-20240630_def.xml (EX-101.DEF) — 157KB
• nrds-20240630_lab.xml (EX-101.LAB) — 459KB
• nrds-20240630_pre.xml (EX-101.PRE) — 320KB
• nrds-20240630_htm.xml (XML) — 438KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 Table of Contents Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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, high 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. NERDWALLET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited June 30, 2024 December 31, 2023 (in millions, except share amounts which are in thousands and per share amounts) Assets Current assets: Cash and cash equivalents $ 113.8 $ 100.4 Accounts receivable—net 93.7 75.5 Prepaid expenses and other current assets 22.5 22.5 Total current assets 230.0 198.4 Property, equipment and software—net 48.9 52.6 Goodwill 111.5 111.5 Intangible assets—net 40.0 46.9 Right-of-use assets 6.0 7.2 Other assets 9.8 2.0 Total Assets $ 446.2 $ 418.6 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 10.1 $ 1.7 Accrued expenses and other current liabilities 43.8 35.6 Total current liabilities 53.9 37.3 Other liabilities—noncurrent 12.9 14.4 Total liabilities 66.8 51.7 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock—$ 0.0001 par value per share— 5,000 shares authorized; zero shares issued and outstanding — — Common stock—$ 0.0001 par value per share— 296,686 shares authorized; 78,397 and 76,940 shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Additional paid-in capital 505.6 483.7 Accumulated other comprehensive loss ( 0.3 ) ( 0.3 ) Accumulated deficit ( 125.9 ) ( 116.5 ) Total stockholders' equity 379.4 366.9 Total Liabilities and Stockholders' Equity $ 446.2 $ 418.6 See notes to condensed consolidated financial statements. 3 NERDWALLET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited Table of Contents Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2024 2023 2024 2023 Revenue $ 150.6 $ 143.3 $ 312.5 $ 312.9 Costs and Expenses: Cost of revenue 14.9 13.1 29.1 26.9 Research and development 22.7 20.0 43.4 39.5 Sales and marketing 106.1 98.8 214.0 220.5 General and administrative 16.5 15.6 31.9 31.0 Total costs and expenses 160

View Full Filing

View this 10-Q filing on SEC EDGAR