NerdWallet, Inc.

Thank you for standing by. My name is Christy and I will be your conference operator today. At this time, I would like to welcome everyone to the NerdWallet Incorporated Q2 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. Ms. McNamee, you may begin your conference. Thank you, Christy.

And welcome to the NerdWallet Q2 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 at 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 expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2021, 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. As you know, the current macroeconomic environment has been challenging for a lot of people. The challenges that consumers and SMBs are facing are varied and complicated, and in many cases, they've actually heightened the need for trustworthy and knowledgeable financial guidance. While we know we don't have all the answers, we can provide a lot of value during this time by offering financial clarity across multiple topics. Our objective is the same as it has always been, serve as a trusted financial ecosystem that consumers and SMBs can rely on to learn about various financial topics, shop for products, connect their data, and receive data-driven nudges. By doing this, we will help our users navigate through all of the new financial decisions they're facing while continuing to deliver solid financial results. In Q2, the increased demand for financial guidance, our diversified business, and solid execution against our strategy helped us deliver better than expected revenue and adjusted EBITDA results. We also continued to help more consumers and SMBs in more ways by expanding product offerings within our lending business, growing our presence in Canada and engaging our base of registered users. NerdWallet's philosophy on product line expansion continues to be pragmatic and focused on leveraging our advantages. We believe our trusted brand and organic reach give us an unfair starting point when landing and expanding and vertically integrating. As a reminder, We define vertical integration as combining our brand and reach with best-in-class user experiences. By executing on both of these expansion strategies, we can improve customer experiences, monetization, registration, and engagement. A few great examples of this in action include the continued growth of our SMB business, our acquisition of On the Barrelhead, and the organic growth we've driven in NerdWise Canada. This past quarter, our SMB business continued its momentum with triple-digit year-over-year revenue growth. There are a few dynamics driving this growth. First, we've seen higher small business demand and increased pricing. Second, we've been efficiently scaling our team, which has helped us drive higher conversion. And third, we've been successful in landing and expanding within new SMB areas, such as payments, insurance, and accounting services, and there's still plenty of room to run here. The progress we've made since the Fundera acquisition is not only great news for SMB, we also think it underscores opportunities enabled by vertical integration more broadly. Given this success, we furthered our vertical integration efforts through our acquisition of On the Barrelhead, a loan matching platform that connects consumers and SMBs with products from its lending partners. Similar to what we've seen within our SMB business, we expect that by pairing On The Barrelhead's loan matching platform with NerdWallet's trusted brand and massive reach, we can offer more personalized and compelling recommendations to our users, leading to better customer experiences and improved monetization. On The Barrelhead will fully integrate into NerdWallet's existing brand, products and technology, And we've brought on Sam, Tim, Joe, and their exceptional team to help us achieve our vision. I mentioned it before, but I want to reiterate one important point. We're going to be very prudent about our M&A strategy, and price will remain an important consideration for us in evaluating all opportunities. At times, macroeconomic volatility will present opportunities to buy great businesses at reasonable prices This was the case with both Fundera and On the Barrelhead. We will continue to take an opportunistic approach to M&A in the future to further accelerate and enhance our capabilities. We're also very excited about our organic growth. Our strategy of landing and expanding in new verticals and geographies continues to prove successful. We launched NerdWallet Canada in July 2021, and in Q2, NerdWallet Canada's MUU growth was more than 54% quarter over quarter. We also built out our financial marketplaces through new partnerships with numerous financial institutions across credit cards and banking. Building and engaging our base of registered users continues to be a key focus area for us. It is critical to delivering personalized financial guidance. In Q2, we achieved record registrations for the second quarter in a row. But even more importantly, registered user revenue grew at a higher rate than our overall revenue at 80% year over year. We attribute this progress in part to our continued investments in building our trusted brand and in strategic improvements we've made to our CRM campaigns. I'm also continually impressed by the work of our content team who always show up for consumers and SMBs when they need us. with trustworthy and knowledgeable financial guidance. In Q2, highlights for me include a guide to coping with the recession and a resource hub for LGBTQ plus individuals and couples who face unique financial and legal considerations when planning life events. Over the past two quarters, we've delivered strong financial results despite the headwinds we're seeing in the market. If anything, the current macroeconomic environment has made gaining financial clarity even more challenging, which only makes our mission more important and our opportunity even greater. I'm confident that our diversified business commitment to building a trusted brand and the progress we're making towards becoming a financial ecosystem will continue to propel our growth and help us achieve our vision. With that, I'm going to hand it over to Lauren St. Clair, our CFO, who will discuss our Q2 results. Lauren?