NerdWallet, Inc.

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the NerdWallet Inc. Second Quarter 2025 Earnings 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 followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. I would now like to turn the conference over to Sarah Colvin, Investor Relations. You may begin.

Thank you, Operator. Welcome to the NerdWallet Q2 2025 earnings call. Joining us today are co-founder and chief executive officer, Tim Chen, and chief financial officer, John Lee. 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 expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in 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, except where we are unable without reasonable efforts to calculate certain reconciling items with confidence. With that, I will now turn it over to Tim Chen, our co-founder and CEO. Tim?

Thanks, Sarah. This quarter, we continue to improve our efficiency in service of our long-term vision. We earned $187 million in revenue, which was up 24% year-over-year, but below our guidance range of $192 to $200 million, largely due to a temporary disruption to our insurance shopping funnel as we transitioned to a new platform partner. However, our improved operational efficiency contributed to our bottom line outperformance. We delivered $21 million in non-GAAP operating income, above our guidance of $14 to $18 million, and representing a significant year-over-year improvement. I am particularly proud of our bottom line results when you consider the challenges all companies, including NerdWallet, have faced from organic search headwinds over the past year. These headwinds continued in Q2, and yet our NGOI is up $23 million year-over-year. I attribute this to a number of factors. We've expanded our top of funnel with other sources of organic referrals through our vertical integration and registered user experiences, We have improved our proficiency in performance marketing, and we have overhauled several of our vertical shopping experiences to capture more consumer and partner demand. And crucially, we've done this all while running leaner and faster. Our efficiency and healthy balance sheet give us options. We can make meaningful investments in our long-term vision, investments that will ensure we stay on offense with new capabilities and advantages. In particular, we're focused on vertical integration, or the process by which we pair NerdWallet's brand and reach with best-in-class shopping experiences. Examples include our SMB loan sales concierge and acquisition of next-door lending, a mortgage brokerage. These bulletins allow us to not only capture more down-funnel economics, but also to establish relationships with consumers that bring them back to us directly for future transactions. This quarter, our SMB team expanded our concierge service to a broader range of businesses. Meanwhile, Nextdoor Lending has been scaling our operating capacity with additional licensing and hiring efforts. Our efficiency gains have created more flexibility to invest opportunistically, whether organically or inorganically, or return value to customers or shareholders in the quarter to come. You can read more about the progress we made in our other strategic pillars this quarter in our shareholder letter. In the meantime, I'll pass it over to John to cover our financial results in more detail.