NerdWallet Files Q3 2024 10-Q

TL;DR

NerdWallet's Q3 2024 10-Q is in. Check financials.

AI Summary

NerdWallet, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at NerdWallet's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health indicators or risks.

Key Numbers

• Q3 2024 — Quarterly Period (The report covers the third quarter of 2024.)
• 2024-09-30 — End of Reporting Period (The financial data is as of this date.)
• 2023-12-31 — Previous Year End (Comparative financial data may be referenced from this date.)

Key Players & Entities

• NERDWALLET, INC. (company) — Filer of the 10-Q
• 20240930 (date) — Period of report
• 20241029 (date) — Filing date
• 55 HAWTHORNE STREET, SAN FRANCISCO, CA 94105 (address) — Business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• nrds-20240930.htm (10-Q) — 1017KB
• exhibit101-nerdwalletjpmxs.htm (EX-10.1) — 1276KB
• 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
• image_0a.jpg (GRAPHIC) — 111KB
• 0001625278-24-000162.txt ( ) — 6589KB
• nrds-20240930.xsd (EX-101.SCH) — 27KB
• nrds-20240930_cal.xml (EX-101.CAL) — 45KB
• nrds-20240930_def.xml (EX-101.DEF) — 161KB
• nrds-20240930_lab.xml (EX-101.LAB) — 493KB
• nrds-20240930_pre.xml (EX-101.PRE) — 340KB
• nrds-20240930_htm.xml (XML) — 500KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10 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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 28 Item 6. Exhibits 29

Signatures

Signatures 30 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, inflationary pressures, the interest rate environment, 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 n

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. NERDWALLET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited September 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 $ 71.7 $ 100.4 Accounts receivable—net 102.8 75.5 Prepaid expenses and other current assets 19.2 22.5 Total current assets 193.7 198.4 Property, equipment and software—net 45.3 52.6 Goodwill 111.8 111.5 Intangible assets—net 36.7 46.9 Right-of-use assets 5.4 7.2 Other assets 9.5 2.0 Total Assets $ 402.4 $ 418.6 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 12.4 $ 1.7 Accrued expenses and other current liabilities 54.1 35.6 Total current liabilities 66.5 37.3 Other liabilities—noncurrent 13.5 14.4 Total liabilities 80.0 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; 74,028 and 76,940 shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Additional paid-in capital 519.3 483.7 Accumulated other comprehensive loss — ( 0.3 ) Accumulated deficit ( 196.9 ) ( 116.5 ) Total stockholders' equity 322.4 366.9 Total Liabilities and Stockholders' Equity $ 402.4 $ 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 September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2024 2023 2024 2023 Revenue $ 191.3 $ 152.8 $ 503.8 $ 465.7 Costs and Expenses: Cost of revenue 17.7 13.3 46.8 40.2 Research and development 23.0 20.7 66.4 60.2 Sales and marketing 128.1 100.6 342.1 321.1 General and administrative 15.9 14.2 47.8 45.2 Total costs

View Full Filing

View this 10-Q filing on SEC EDGAR