NerdWallet, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the NerdWallet Incorporated Q1 2022 earnings call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance during the conference, please press star then 0 on your telephone. on the LightHand Conference over to your host, Caitlin McNamee, Head of Investor Relations. Thank you. Please go ahead.

Thank you, Operator, and welcome to the NerdWallet Q1 2022 earnings call. Joining us today are co-founder and Chief Executive Officer Tim Chen and Chief Financial Officer Lauren St. Clair. Our press release and shareholder letter are available on our Investor Relations website and a replay of this update will also be available following the conclusion of today's call. We intend to use our Investor Relations website as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time to time. As a reminder, today's call is being webcast live and recorded. Before we begin today's remarks and question and answer session, I would like to remind you that certain statements made during this call may relate to future events and expectations, and as such constitute forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of the risk factors discussed in our annual report on Form 10-K dated March 24, 2022, and in other reports filed or to be filed with the SEC. We urge you to consider these risk factors and remind you that we undertake no obligation to update the information provided on this call to reflect subsequent events or circumstances. You should be aware that these statements should not be considered a guarantee of future performance. Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. With that, I will now turn it over to Tim Chen, our co-founder and CEO of NerdWallet. Tim?

Thanks, Caitlin. Before we get into our Q1 results, I wanted to take a few minutes to talk about where we're headed as a company and why we're confident the business we've built will get us there. Today, consumers and SMBs are faced with a seemingly endless amount of financial challenges, decisions, and questions, as well as an expanding number of financial products to choose from. Money is only getting more complicated, and consumers and SMBs need someone they can turn to and trust for well-informed financial guidance. That's what we're focused on delivering at NerdWallet, trustworthy and knowledgeable financial guidance across all of life's financial decisions. Building trust with consumers has always been core to our strategy and has informed a lot of decisions we've made. We've never lost sight of this long-term focus because we believe that the trust we've built and will continue to build with consumers and SMBs is key to achieving our vision, and it's also our single biggest differentiator in the market. Over the past several years, we've been steadily climbing towards becoming a financial ecosystem, a place consumers and SMBs can connect their data, receive data-driven nudges, learn about various financial topics, and shop for financial products. all with the peace of mind that the guidance they are receiving is trustworthy and knowledgeable. We started by helping consumers with their credit card decisions, powered by our industry-leading editorial team, and we've since expanded to other financial areas. Today, we're moving further up the mountain by finding opportunities to leverage our trusted brand to vertically integrate in areas that capture reoccurring revenue. And it's working. Our SMB business grew well in excess of 100% year over year in Q1 and is our fastest growing vertical. Simultaneously, we have been focused on delivering more values to consumers and SMBs through email, push, and in-app notifications designed to engage and nudge them to make smart money moves. In Q1 2022, we continued to excel by investing in our brand, registering a record number of users, and providing timely financial guidance. We made strategic investments in building our awareness and reputation via brand marketing. We believe continued investment in our brand serves as an accelerant across all areas of our business. It helps us succeed quickly as we land and expand and vertically integrate, it supports registration growth, and it enhances the trustworthiness of our guidance. One example of this is Fundera by NerdWallet. Our team has found that when we test communications under the Fundera by NerdWallet name versus just Fundera, we see a noticeable lift in conversions. This example highlights the value of the trusted brand we've built. Our Unlock Your Dreams brand campaign, which we launched in December of last year, helped us achieve all-time high-aided brand awareness and brand preference metrics. This campaign was also extremely effective in reaching our target audience, consumers with choice, with whom our brand awareness and preference metrics spiked even higher. As a reminder, consumers with choice are extremely valuable because they are the group that is most likely to be in the market and eligible for financial products. Historically, we've also seen our brand marketing investments support user registration, and 2122 was no exception. we drove a record number of quarterly registrations to our platform. We believe our unlock your dreams brand campaign combined with a significant increase in the number of registration on ramps we rolled out across our desktop and mobile experiences helped us achieve a 65% increase in registrations year over year, as well as registered user revenue growth of over 80% year over year. Moving forward, we will continue efforts to grow and retain this base of registered users by providing more relevant nudges and further contextualizing registration on-ramps throughout our site and app experience. The high-quality financial guidance developed by our content nerds reinforced trust in our brand during yet another period of macroeconomic volatility and also served as the basis for some of our most successful nudges of the quarter. Faced with new financial challenges, Consumers and SMBs turn to the nerds for guidance across a variety of timely topics, including the impact of interest rate hikes on credit cards, mortgages, bank accounts, and personal loans, how to save gas at the pump, and the return to travel and more. We leverage this relevant guidance to engage our users, nudging them with personalized insights about smart money moves they could make during this volatile period. Overall, we're very excited about our Q1 results. With our track record of trust and our commitment to our long-term vision, I'm confident NerdWallet is uniquely positioned to secure its place at the center of the massive financial services industry. With that, I'm going to hand it over to Lauren St. Clair, our CFO, who will discuss our Q1 results. Lauren?