EX-99.1 2 earningsreleaseq3fy24.htm EX-99.1

附錄99.1

NerdWallet報告2024年第三季度業績

營業收入爲191.3百萬美元，同比增長25%

財務亮點

•營業收入達1.913億美元

•運營活動的GAAP收入爲660萬美元

•淨利潤爲0.1百萬美元，每股攤薄收入爲0.00美元

•非通用會計淨營業收入爲22.9百萬美元

•調整後的EBITDA爲37.3百萬美元

舊金山，CA—2024年10月29日—NerdWallet，Inc.（納斯達克股票代碼: NRDS）是一家爲消費者和中小企業提供可靠財務指導的公司，今天公佈了截至2024年9月30日的第三季度財務業績。

「在第三季度，我們超出了營業收入和非GAAP營業收入的預期，因爲我們將保險和SMb的持續實力與提高的運營效率相結合，」NerdWallet的聯合創始人兼首席執行官Tim Chen說道。「與此同時，我們繼續投資於成爲值得信賴的金融生態系統的策略，通過收購抵押券商Next Door Lending。我們相信這次收購將使我們能夠爲購物者提供更多親身指導，併爲我們與消費者建立深入直接關係創造了另一個機會。」

此外，公司今天宣佈首席財務官勞倫·聖克萊爾將於2025年3月7日起生效辭職，以追求其他機會。聖克萊爾將在2025年3月7日前繼續留任，以確保有序過渡。

「在過去的四年裏，我們轉型爲一家上市公司期間，我非常感謝Lauren的合作，」 Chen說道。「我知道她的影響將在她最後一天之後被感受到，因爲她建立了一個出色的團隊，我祝願她在未來的努力中一切順利。」

「成爲NerdWallet故事的一部分是一種特權，我很感激能爲我們的首次公開募股等重要時刻做出貢獻。」 StClair說：「我爲我們所取得的成就感到自豪，期待結束我的任期。」

公司將立即啓動對新首席財務官的搜索，並將在適當時候提供更新。

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2024年第三季度亮點

按照先前宣佈的，從2023年第四季度開始，我們將SMb產品（此前包含在其他垂直領域中）作爲一個獨立的營業收入產品類別進行展示。此外，我們歷史上的其他垂直領域產品類別，不包括SMb產品，在重新命名爲新興垂直領域。已經重新分類的對比金額，以符合截至2024年9月30日的三個月財務報告呈現。

•信用卡營業收入爲4530萬美元，同比下降16%，主要是由於有機搜索流量和審慎的貸款環境壓力。

•借貸營業收入爲2380萬美元，同比下降28%，主要是由於個人貸款減少，因爲我們繼續在高利率環境中努力工作。

•SMb產品的營業收入爲2780萬美元，同比增長12%，主要由業務信用卡和貸款續約的營業收入增長推動。

•新興垂直領域，以前稱爲其他垂直領域，營業收入達9440萬美元，同比增長129%，保險產品強勁增長部分抵消了銀行產品的下降。

•我們擁有2200萬個月度獨立用戶（MUUs），同比下降了7%。我們看到來自有機流量下降的廣泛壓力，部分抵消了在投資和保險等領域的強勁參與度。

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財務業績總結

						季度結束												% 變更						季度結束						% 變更
						9月30日,						9月30日,												6月30日,
(單位：百萬美元，每股金額爲美元)						2024						2023						同比						2024						季環比
營業收入						$	191.3					$	152.8					25		%				$	150.6					27		%
信用卡(1)						45.3						54.0						(16		%)				46.1						(2		%)
貸款(2)						23.8						32.9						(28		%)				21.7						10		%
SMb products(3)						27.8						24.7						12		%				26.1						6		%
Emerging verticals(4)						94.4						41.2						129		%				56.7						66		%
營業收支（虧損）						$	6.6					$	4.0					64		%				$	(9.6)					未出現數據
						$	0.1					$	(0.5)					未出現數據						$	(9.4)					未出現數據
每股淨收益（虧損）
基本						$	0.00					$	(0.01)					未出現數據						$	(0.12)					未出現數據
稀釋的						$	0.00					$	(0.01)					未出現數據						$	(0.12)					未出現數據
非GAAP財務指標(5)
非通用會計原則下的營業收入（虧損）						$	22.9					$	9.5					138		%				$	(2.7)					未出現數據
調整後的EBITDA						$	37.3					$	26.7					39		%				$	14.3					160		%
現金及現金等價物						$	71.7					$	86.6					(17		%)				$	113.8					(37		%)
月均獨立用戶數(6)						22						24						(7		%)				23						(6		%)

______________

信用卡營業收入包括來自消費者信用卡的收入。

(2) 貸款收入包括個人貸款、抵押貸款、學生貸款和汽車貸款的收入。

(3) SMb產品的營業收入包括從貸款、信用卡和其他面向中小型企業的金融產品和服務中獲取的營業收入。

(4) 新興垂直領域營業收入包括來自其他產品來源的營收，包括銀行、保險、投資和國際。

(5) 非通用會計淨收入（虧損）和調整後的EBITDA爲非通用指標。更多信息請參閱「非通用財務指標」部分。

（6）我們將每月獨立用戶定義爲在給定月份中至少進行一次會話的獨立用戶，其確定方式爲唯一設備標識符。

季度電話會議

將於今天太平洋時間（PT）下午1:30在NerdWallet的投資者關係網站https://investors.nerdwallet.com上直播討論NerdWallet 2024年第三季度財務業績的電話會議。直播網絡討論對公衆開放。電話會議結束後，將在NerdWallet的投資者關係網站上提供網絡討論的錄播回放。

股東信函

股東信函提供進一步信息和分析，可在NerdWallet的投資者關係網站https://investors.nerdwallet.com 查看。

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股票回購計劃

2024年9月9日宣佈使用的股份回購授權，我們於2024年10月29日宣佈，董事會批准了一項新的股份回購授權，根據該授權，我們可以回購高達2500萬美元的A類普通股（2024年10月回購計劃）。根據2024年10月回購計劃，A類普通股的股份可能根據適用的證券法律和其他限制，在公開市場、通過私下協商交易或其他方式從時間到時間回購。2024年10月回購計劃沒有固定的到期日期，也不迫使我們收購任何特定金額或股份數。2024年10月回購計劃下的回購金額和時間將由管理層自行決定，並取決於各種因素，包括業務、經濟和市場情況、監管要求、市場股價和其他考慮因素。

關於NerdWallet

NerdWallet（納斯達克：NRDS）致力於爲所有生活中的財務決策提供清晰的指導。作爲一個個人理財網站和應用程序，NerdWallet爲消費者提供值得信賴和專業的財務信息，以幫助他們做出明智的金融決策。從尋找最佳信用卡到購買房屋，NerdWallet都在這裏幫助消費者以信心做出財務決策。消費者可以免費訪問我們的專家內容和比較購物市場，還有一個數據驅動的應用程序，幫助他們掌握財務狀況，節省時間和金錢，讓他們有更多自由。NerdWallet已經爲美國、英國、加拿大和澳洲的消費者提供服務。

“NerdWallet” is a trademark of NerdWallet, Inc. All rights reserved. Other names and trademarks used herein may be trademarks of their respective owners.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

						Three Months Ended September 30,												% Change						Nine Months Ended September 30,												% Change
(in millions, except per share amounts)						2024						2023												2024						2023
Revenue						$	191.3					$	152.8					25		%				$	503.8					$	465.7					8		%
Costs and Expenses:
Cost of revenue						17.7						13.3						33		%				46.8						40.2						17		%
Research and development						23.0						20.7						11		%				66.4						60.2						10		%
Sales and marketing						128.1						100.6						27		%				342.1						321.1						7		%
General and administrative						15.9						14.2						13		%				47.8						45.2						6		%
Total costs and expenses						184.7						148.8						24		%				503.1						466.7						8		%
Income (Loss) From Operations						6.6						4.0						64		%				0.7						(1.0)						NM
Other income, net:
Interest income						1.3						0.9						50		%				4.2						2.7						58		%
Interest expense						(0.1)						(0.2)						(34		%)				(0.5)						(0.6)						(10		%)
Other losses, net						—						—						NM						(0.1)						(0.1)						(19		%)
Total other income, net						1.2						0.7						86		%				3.6						2.0						83		%
Income before income taxes						7.8						4.7						67		%				4.3						1.0						344		%
Income tax provision						7.7						5.2						49		%				12.5						10.5						20		%
Net Income (Loss)						$	0.1					$	(0.5)					NM						$	(8.2)					$	(9.5)					(14		%)
Net Income (Loss) Per Share Attributable to Common Stockholders
Basic						$	0.00					$	(0.01)					NM						$	(0.11)					$	(0.12)					(8		%)
Diluted						$	0.00					$	(0.01)					NM						$	(0.11)					$	(0.12)					(8		%)
Weighted-average Shares Used in Computing Net Income (Loss) Per Share Attributable to Common Stockholders
Basic						77.4						77.5												77.5						76.7
Diluted						79.3						77.5												77.5						76.7

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CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(in millions)						September 30, 2024						December 31, 2023
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
Stockholders’ equity						322.4						366.9
Total Liabilities and Stockholders’ Equity						$	402.4					$	418.6

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

						Nine Months Ended September 30,
(in millions)						2024						2023
Operating Activities:
Net loss						$	(8.2)					$	(9.5)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization						37.0						36.0
Stock-based compensation						29.2						29.3
Deferred taxes						(0.2)						(0.4)
Non-cash lease costs						1.7						2.1
Other, net						0.3						1.2
Changes in operating assets and liabilities:
Accounts receivable						(27.3)						1.6
Prepaid expenses and other assets						3.5						(6.2)
Accounts payable						10.3						7.6
Accrued expenses and other current liabilities						16.8						(5.9)
Payment of contingent consideration						—						(14.0)
Operating lease liabilities						(2.5)						(2.3)
Other liabilities						1.3						3.0
Net cash provided by operating activities						61.9						42.5
Investing Activities:
Purchase of investment						(8.1)						—
Capitalized software development costs						(15.9)						(19.6)
Purchase of property and equipment						(0.4)						(0.5)
Net cash used in investing activities						(24.4)						(20.1)
Financing Activities:
Payment of contingent consideration						—						(16.9)
Proceeds from line of credit						—						7.5
Payments on line of credit						—						(7.5)
Payment of debt issuance costs						—						(1.1)
Proceeds from exercise of stock options						5.2						9.1
Issuance of Class A common stock under Employee Stock Purchase Plan						—						1.9
Repurchase of Class A common stock						(69.8)						(12.1)
Tax payments related to net-share settlements on restricted stock units						(1.7)						(0.7)
Net cash used in financing activities						(66.3)						(19.8)
Effect of exchange rate changes on cash and cash equivalents						0.1						0.1
Net increase (decrease) in cash and cash equivalents						(28.7)						2.7
Cash and Cash Equivalents:
Beginning of period						100.4						83.9
End of period						$	71.7					$	86.6

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NON-GAAP FINANCIAL MEASURES

We use non-GAAP operating income (loss) and 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.

Non-GAAP operating income (loss): We define non-GAAP operating income (loss) as income (loss) from operations adjusted to exclude depreciation and amortization, and further exclude (1) impairment of right-of-use asset, (2) losses (gains) on disposals of assets, (3) change in fair value of contingent consideration related to earnouts, (4) deferred compensation related to earnouts, (5) acquisition-related costs, and (6) restructuring charges. We also reduce income from operations, or increase loss from operations, for capitalized internally developed software costs.

Adjusted EBITDA: We define adjusted EBITDA as net income (loss) from continuing operations adjusted to exclude depreciation and amortization, interest income (expense), net, provision (benefit) for income taxes, and further exclude (1) impairment of right-of-use asset, (2) losses (gains) on disposals of assets, (3) change in fair value of contingent consideration related to earnouts, (4) deferred compensation related to earnouts, (5) stock-based compensation, (6) acquisition-related costs, and (7) restructuring charges.

The above items are excluded from our non-GAAP operating income (loss) and adjusted EBITDA measures because these items are non-cash in nature, or because the amounts are not driven by core operating results and renders comparisons with prior periods less meaningful. We deduct capitalized internally developed software costs in our non-GAAP operating income (loss) measure to reflect the cash impact of personnel costs incurred within the time period.

We believe that non-GAAP operating income (loss) and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results and in comparing operating results across periods. Moreover, non-GAAP operating income (loss) and adjusted EBITDA are key measurements used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, the use of these non-GAAP measures have certain limitations because they do not reflect all items of income and expense that affect our operations. Non-GAAP operating income (loss) and adjusted EBITDA have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP. These limitations include the following:

•Non-GAAP operating income (loss) and adjusted EBITDA exclude certain recurring, non-cash charges, such as amortization of software, depreciation of property and equipment, amortization of intangible assets, impairment of right-of-use asset, and (losses) gains on disposals of assets. Although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and non-GAAP operating income (loss) and adjusted EBITDA do not reflect all cash requirements for such replacements or for new capital expenditure requirements;

•Non-GAAP operating income (loss) and adjusted EBITDA exclude 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;

•Non-GAAP operating income (loss) and adjusted EBITDA exclude restructuring charges primarily consisting of severance payments, employee benefits, and related expenses for impacted employees associated with our Restructuring Plan;

•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 does not reflect interest income (expense) and other gains (losses), net, which include unrealized and realized gains and losses on foreign currency exchange, as well as certain nonrecurring gains (losses).

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In addition, non-GAAP operating income (loss) and adjusted EBITDA as we define them may not be comparable to similarly titled measures used by other companies. Because of these limitations, you should consider non-GAAP operating income (loss) and adjusted EBITDA alongside other financial performance measures, including income (loss) from operations, net income (loss) and our other GAAP results.

We compensate for these limitations by reconciling non-GAAP operating income (loss) to income (loss) from operations, and adjusted EBITDA to net income (loss), the most comparable GAAP financial measures, as follows:

						Three Months Ended September 30,												% Change						Nine Months Ended September 30,												% Change
(in millions)						2024						2023												2024						2023
Income (loss) from operations						$	6.6					$	4.0					64		%				$	0.7					$	(1.0)					NM
Depreciation and amortization						12.9						12.1						7		%				37.0						36.0						3		%
Acquisition-related retention						0.8						1.2						(33		%)				3.3						4.0						(18		%)
Acquisition-related expenses						0.5						—						NM						0.6						—						NM
Restructuring						7.8						—						NM						7.8						—						NM
Capitalized internally developed software costs						(5.7)						(7.8)						(27		%)				(18.6)						(25.2)						(26		%)
Non-GAAP operating income						$	22.9					$	9.5					138		%				$	30.8					$	13.8					120		%
Operating income (loss) margin						3		%				3		%										0		%				(0		%)
Non-GAAP operating income margin1						12		%				6		%										6		%				3		%
Net income (loss)						$	0.1					$	(0.5)					NM						$	(8.2)					$	(9.5)					(14		%)
Depreciation and amortization						12.9						12.1						7		%				37.0						36.0						3		%
Stock-based compensation						8.7						9.4						(7		%)				27.7						29.3						(5		%)
Acquisition-related retention						0.8						1.2						(33		%)				3.3						4.0						(18		%)
Acquisition-related expenses						0.5						—						NM						0.6						—						NM
Restructuring						7.8						—						NM						7.8						—						NM
Interest income, net						(1.2)						(0.7)						81		%				(3.7)						(2.1)						77		%
Other losses, net						—						—						NM						0.1						0.1						(19		%)
Income tax provision						7.7						5.2						36		%				12.5						10.5						13		%
Adjusted EBITDA						$	37.3					$	26.7					39		%				$	77.1					$	68.3					13		%
Stock-based compensation						(8.7)						(9.4)						(7		%)				(27.7)						(29.3)						(5		%)
Capitalized internally developed software costs						(5.7)						(7.8)						(27		%)				(18.6)						(25.2)						(26		%)
Non-GAAP operating income						$	22.9					$	9.5					138		%				$	30.8					$	13.8					120		%
Net income (loss) margin						0		%				(0		%)										(2		%)				(2		%)
Adjusted EBITDA margin2						19		%				18		%										15		%				15		%

______________

(1)    Represents non-GAAP operating income (loss) as a percentage of revenue.

(2)    Represents adjusted EBITDA as a percentage of revenue.

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FINANCIAL OUTLOOK

We are providing guidance for the fourth quarter of 2024:

•Revenue is expected in the range of $164-$172 million, up 26% year-over-year at the midpoint

•GAAP operating income (loss) is expected in the range of $(1)-$3 million

•Non-GAAP operating income is expected in the range of $8-$11 million

•Adjusted EBITDA is expected in the range of $21.5-$24.5 million

We expect a 2024 annual GAAP operating income margin in the range of 0%-0.5% and non-GAAP operating income margin in the range of 5.8%-6.2%. We also expect a 2024 annual adjusted EBITDA margin in the range of 14.75%-15%.

NerdWallet has not provided a quantitative reconciliation of forecasted GAAP net income (loss) to forecasted adjusted EBITDA within this communication because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, income taxes which are directly impacted by unpredictable fluctuations in the market price of the Company’s capital stock. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of NerdWallet’s control.

A reconciliation of forecasted GAAP operating income margin to forecasted non-GAAP operating income margin for forecasted full year 2024, and forecasted GAAP operating income (loss) to forecasted non-GAAP operating income for forecasted fourth quarter 2024 is as follows:

						Forecasted Full Year 2024						Forecasted Fourth Quarter 2024
(in millions)						Operating Income Margin1						Operating Income (Loss)
GAAP						0 - 0.5 %						$(1)-$3
Estimated adjustments for:
Depreciation and amortization						7.25-7.35%						12
Acquisition-related retention						0.65%						1
Acquisition-related expenses						0.1%						0
Restructuring						1.2%						0-1
Capitalized internally developed software costs						(3.5)-(3.55)%						(5)
Non-GAAP						5.8-6.2%						$8-$11

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(1)    Operating income margin represents forecasted operating income as a percentage of forecasted revenue. Non-GAAP operating income margin represents forecasted non-GAAP operating income as a percentage of forecasted revenue.

For more information regarding the non-GAAP financial measures discussed in this communication, please see “Non-GAAP Financial Measures” above.

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FORWARD-LOOKING STATEMENTS

This press release 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 press release are forward-looking statements, including, but not limited to, the statements in the section titled “Financial Outlook.” In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “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, operating income (loss), non-GAAP operating income (loss), adjusted EBITDA and MUUs;

•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 maintain and enhance our brand awareness and consumer trust;

•our ability to generate high quality, engaging consumer resources;

•our ability to adapt to the evolving financial interests of consumers;

•our ability to compete with existing and new competitors in existing and new market verticals;

•our ability to maintain the security and availability of our platform;

•our ability to maintain, protect and enhance our intellectual property;

•our ability to identify, attract and retain highly skilled, diverse personnel;

•our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business;

•the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs;

•our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture;

•our ability to successfully identify, manage, and integrate any existing and potential acquisitions;

•our ability to achieve expected synergies, accretive value and other benefits from completed acquisitions;

•our share repurchase plan, including expectations regarding the amount, timing and manner of repurchases made under the plan; and

•our ability to achieve expected benefits from our internal restructuring plan and workforce reduction, including expected cost savings and the expectations regarding the impact of such actions on our business, results of operations and future investment opportunities.

You should not rely on forward-looking statements as predictions or guarantees of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. These forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results or outcomes to be materially different from any future results expressed or implied by these forward-looking statements, including those factors described in filings we make with the SEC from time to time.

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The forward-looking statements made in this press release speak only as of the date hereof. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Investor Relations:

Caitlin MacNamee

ir@nerdwallet.com

Media Relations:

Sara Colvin

press@nerdwallet.com

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