NerdWallet, Inc.

Good day, and thank you for standing by. Welcome to the NerdWallet Q4 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Rob Ferris, VP of Finance. Please go ahead.

Thank you, operator. Welcome to the NerdWallet Q4 and full year 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, Rob. This quarter, we exceeded our guidance for revenue and non-GAAP operating income. In a moment, John will talk through our results in more detail, and you can also find more information in the earnings release and shareholder letter posted on our investor relations website. In 2025, we faced headwinds as consumers increasingly turned to AI overviews and LLMs over traditional search, resulting in steep organic search declines. In spite of this, We delivered year-over-year revenue growth of 22% for the full year and 23% for the fourth quarter, as growth in performance marketing, direct, and non-search referral channels more than offset the decline in organic search. Turning to our financial performance, we delivered fourth quarter revenue of $225 million, up 23% year-over-year, and non-GAAP operating income of $25 million, up 47% year-over-year. Revenue growth is driven primarily by personal loans, banking, and insurance, partially offset by credit cards and SMB products. For the full year, we reported revenue of $837 million, up 22% year-over-year, and non-GAAP operating income of $96 million, up over 100% year-over-year. Looking ahead, in the near term, we anticipate continued growth in performance marketing while we expect organic search to remain under pressure. We are keeping the long-term in focus by continuing to invest in building deeper relationships with consumers and SMBs across an increasing number of financial decisions. And now, I will pass it over to John to cover our financial results in more detail.