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NerdWallet(NRDS) - 2024 Q2 - Quarterly Results
NRDSNerdWallet(NRDS)2024-07-31 20:06

Revenue Performance - Revenue of 150.6million,up5150.6 million, up 5% year-over-year[1][2] - Credit cards revenue decreased 10% year-over-year to 46.1 million[2] - Loans revenue decreased 6% year-over-year to 21.7million[2]−SMBproductsrevenueincreased1021.7 million[2] - SMB products revenue increased 10% year-over-year to 26.1 million[2] - Emerging verticals revenue increased 25% year-over-year to 56.7million[2]−Q22024revenueguidanceisexpectedtobeintherangeof56.7 million[2] - Q2 2024 revenue guidance is expected to be in the range of 172-180million,up15180 million, up 15% year-over-year at the midpoint[21] Profitability and Losses - GAAP net loss of 9.4 million or 0.12lossperdilutedshare[1]−AdjustedEBITDAof0.12 loss per diluted share[1] - Adjusted EBITDA of 14.3 million, down 31% year-over-year[1][3] - Net loss improved to 8.3millioninJune2024from8.3 million in June 2024 from 9.0 million in June 2023[16] - Q2 2024 net loss was (9.4)million,a12(9.4) million, a 12% improvement compared to Q2 2023[19] - Q2 2024 adjusted EBITDA was 14.3 million, a 31% decrease compared to Q2 2023[19] - Q2 2024 non-GAAP operating income (loss) was (2.7)million,comparedto(2.7) million, compared to 0.5 million in Q2 2023[19] User Metrics - Average Monthly Unique Users (MUUs) increased 7% year-over-year to 23 million[2] Restructuring and Cost Savings - Restructuring plan to reduce workforce by 15%, expecting 30millioninannualizedcostsavings[6][7]−Pre−taxrestructuringchargeestimatedat30 million in annualized cost savings[6][7] - Pre-tax restructuring charge estimated at 8 million to 10million,primarilyinQ32024[7]FinancialPositionandCashFlow−Cashandcashequivalentsincreasedto10 million, primarily in Q3 2024[7] Financial Position and Cash Flow - Cash and cash equivalents increased to 113.8 million in June 2024 from 100.4millioninDecember2023[14]−Accountsreceivableincreasedto100.4 million in December 2023[14] - Accounts receivable increased to 93.7 million in June 2024 from 75.5millioninDecember2023[14]−Totalcurrentassetsroseto75.5 million in December 2023[14] - Total current assets rose to 230.0 million in June 2024 from 198.4millioninDecember2023[14]−Netcashprovidedbyoperatingactivitieswas198.4 million in December 2023[14] - Net cash provided by operating activities was 32.9 million in June 2024 compared to 6.4millioninJune2023[16]−Capitalizedsoftwaredevelopmentcostswere6.4 million in June 2023[16] - Capitalized software development costs were 10.8 million in June 2024, down from 14.9millioninJune2023[16]−Stock−basedcompensationwas14.9 million in June 2023[16] - Stock-based compensation was 19.0 million in June 2024, slightly down from 19.9millioninJune2023[16]−Depreciationandamortizationexpenseswere19.9 million in June 2023[16] - Depreciation and amortization expenses were 24.1 million in June 2024, up from 23.9millioninJune2023[16]−Totalliabilitiesincreasedto23.9 million in June 2023[16] - Total liabilities increased to 66.8 million in June 2024 from 51.7millioninDecember2023[14]−Stockholders′equitygrewto51.7 million in December 2023[14] - Stockholders' equity grew to 379.4 million in June 2024 from 366.9millioninDecember2023[14]GuidanceandFutureExpectations−Q22024GAAPoperatingincome(loss)isexpectedtobeintherangeof366.9 million in December 2023[14] Guidance and Future Expectations - Q2 2024 GAAP operating income (loss) is expected to be in the range of (1)-5million[21]−Q22024non−GAAPoperatingincomeisexpectedtobeintherangeof5 million[21] - Q2 2024 non-GAAP operating income is expected to be in the range of 17-21million[21]−Q22024adjustedEBITDAisexpectedtobeintherangeof21 million[21] - Q2 2024 adjusted EBITDA is expected to be in the range of 30.5-$34.5 million[21] - 2024 annual GAAP operating income (loss) margin is expected to be in the range of (0.5%)-1.1%[21] - 2024 annual non-GAAP operating income margin is expected to be in the range of 5.75%-7%[21] - 2024 annual adjusted EBITDA margin is expected to be in the range of 14.75%-15.75%[21]