Slide 1: Investor Presentation
MARCH 3, 2025 Investor Presentation Ⓒ 2025 Copyright
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer Forward-Looking Statements This presentation contains forward-looking statements regarding our business and industry that involve substantial risks and uncertainties. All statements other than those of historical fact contained in this presentation are forward-lo
Slide 3: NerdWallet at a Glance
NerdWallet at a Glance Large Market & Audience History of Operating Excellence Compounding Growth at Scale $36B+ Over 70% $688M Market Opportunity1 Organic Traffic2 2024 Revenue $48M 25% 2024 Non-GAAP Operating Income3 Revenue CAGR 2019-2024 1. eMarketer U.S. Financial Services Digital Ad Spending p
Slide 4: Trustworthy financial guidance is hard to find
THE PROBLEM TODAY Trustworthy financial guidance is hard to find Ⓒ 2025 Copyright 4 Ⓒ 2025 Copyright 4
Slide 5: Our Mission and Vision
OUR MISSION Provide clarity for all of life’s financial decisions. OUR VISION A world where everyone makes financial decisions with confidence. Ⓒ 2025 Copyright 5
Slide 6: Our Competitive Advantage is Our Brand & Reach
Our Competitive Advantage is Our Brand & Reach … and We Cut Through the Noise for Both Our Consumers and Financial Institutions Ⓒ 2025 Copyright 6
Slide 7: Our Product
Our Product Ⓒ 2025 Copyright 7
Slide 8: Our Growth Pillars
Our Growth Pillars WHERE WE LAND & VERTICAL REGISTRATIONS & DATA- STARTED EXPAND INTEGRATION DRIVEN ENGAGEMENT YOU SPENT LESS THIS MONTH, PUT THAT EXTRA MONEY INTO A HIGH-YIELD SAVINGS ACCOUNT! now NerdWallet ... Ⓒ 2025 Copyright 8
Slide 9: Addressable Market is Large, Growing with Opportunity for Significant Continued Expansion
Addressable Market is Large, Growing with Opportunity for Significant Continued Expansion Credit Card Applications - Significant Future Expansion in: Share by Offer Channel4 Commission Dollars + Offline-to-Online Shift Comparison 11% Shopping Marketplaces Primary Addressable Market 44% Issuer Digita
Slide 10: Gaining Share Relative to Comparison Shopping Marketplaces
Gaining Share Relative to Comparison Shopping Marketplaces 301% NerdWallet 263% Revenue Indexed to 2019 236% 166% 107% Peer set1 Revenue indexed to 2019 100% 122% 141% 105% 108% 85% 2019 2020 2021 2022 2023 2024 1- Public company peer set includes LendingTree, QuinStreet, EverQuote, MediaAlpha; per
Slide 11: Scaling in an Attractive Market Segment
Scaling in an Attractive Market Segment CONSUMERS Offline-to-Online Shift Benefitting All Digital Brands CONSUMERS WITH CHOICE New Entrant Fintechs Are Our MULTI-PRODUCT Partners, Not Our Competitors Stronger Brands Drive Quality Audience Over Time PAYCHECK TO PAYCHECK Consumers with Choice Qualify
Slide 12: Brand Investments Delivering Results
Brand Investments Delivering Results Aided Awareness1 (%) Brand Spend ($) 1. 2019-2023 Aided awareness percentages represent the annual average; 2024 represents average of the first half of 2024 Ⓒ 2025 Copyright 12
Slide 13: Vertical Integration Case Study - SMB Products
Vertical Integration Case Study - SMB Products Pre-Fundera Acquisition Post-Fundera Acquisition ● >3x SMB Products revenue vs pre- acquisition pro-forma revenue ● 18-month cohort Net Dollar repeat rate of 50% ● 3-year cohorts’ revenue ~2X of initial transaction Net dollar repeat rate represents incr
Slide 14: Vertical Integration Case Study - Next Door Lending (NDL)
Vertical Integration Case Study - Next Door Lending (NDL) Pre-NDL Acquisition Post-NDL Acquisition USERS USERS We can now compare offers across 60+ wholesale lenders on behalf of consumers, improving conversion by matching shoppers with the NERDWALLET & NDL MORTGAGE ECOSYSTEM right products NERDWALL
Slide 15: Driving Quality Engagement with Consumers
Driving Quality Engagement with Consumers Repeat Transaction Cohorts Repeat Transaction Cohorts All Users Registered Users US NerdWallet consumer data; excludes impacts of recent acquisitions for comparative purposes. Data is subject to variances driven by vertical mix as well as mix of revenue reco
Slide 16: Our Registered User Base is Growing Rapidly and Highly Engaged
Our Registered User Base is Growing Rapidly and Highly Engaged 25M 19M 14M 5x+ Registered Registered User LTV as a multiple 10M of unregistered visitor LTV Users 8M 5.5M+ 2.5x+ Active Registered User visits per month on average 29% Year-over-Year growth in cumulative registered user base 2019 2020 2
Slide 17: Financial Highlights
Financial Highlights Ⓒ 2025 Copyright 17
Slide 18: Diversified Revenue Leads to Sustained Growth
Diversified Revenue Leads to Sustained Growth Revenue ($ millions) $688 Tailwinds and headwinds will offset each other over time, so we invest across the cycle to ensure we’re $599 $125 ready to capitalize on shifting dynamics: $539 ● From 2022 through 2023, we saw rate hikes create Emerging Vertica
Slide 19: Gaining Leverage Across Our Fixed Portion of Cost Base As We Scale
Gaining Leverage Across Our Fixed Portion of Cost Base As We Scale GAAP Expense Items (% of Revenue) Contingent Consideration1 1% General & Administrative 11% ● Our cost base that is relatively fixed 10% 9% in nature consists of areas such as General & Administrative, Research 63%2 & Development, br
Slide 20: Delivering on Profitable Growth
Delivering on Profitable Growth Adjusted EBITDA & Non-GAAP Operating Income ($ millions) $140+ $106- $108 $116 $98 $80+ $50- $67 $60 $48 $27 $26 Adj EBITDA ($1) Non-GAAP OI ($15) 2025 2026 2021 2022 2023 2024 Outlook1 Targets1 Our main profitability metric going forward will be Non-GAAP Operating In
Slide 21: Capital Allocation Philosophy
Capital Allocation Philosophy M&A Organic Investments Capital Returns Pair existing distribution Drive organic re- Opportunistically return with more personalized engagement and re- capital to shareholders and data-driven shopping occurring revenue streams though share repurchase experiences authori
Slide 22: Mid- to Long-Term Targets
Mid- to Long-Term Targets Cycle-to-Cycle 20261 Growth $80 million+ 15-20% Non-GAAP Operating Income Compounded Annual Revenue Growth We operate within a financial services industry Leverage in fixed cost base that will have cyclical dynamics to navigate. Recovering lending portfolio Cycle-to-cycle g
Slide 23: On The Path To Executing Our Vision
On The Path To Executing Our Vision Taking share in a growing market NerdWallet brand is a real and growing differentiator and re-investment moat Driving sustained audience growth in both existing + new verticals Long capital deployment runway through Vertical Integration + Reg & Data-driven Engagem
Slide 24: Appendix
Appendix WN nerdwallet 2025 Copyright 2
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP operating income (loss), adjusted EBITDA and free cash flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiven
Slide 26: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Free cash flow: We define free cash flow as net cash provided by operating activities less capitalized software development costs and purchases of property and equipment. Free cash flow is a key measurement used by our management internally to evaluate our bus
Slide 27: Non-GAAP Financial Measure Reconciliation - Non-GAAP OI
Non-GAAP Financial Measure Reconciliation - Non-GAAP OI Non-GAAP operating income (loss) as we define it may not be comparable to similarly titled measures used by other companies. Because of these limitations, you should consider non-GAAP operating income (loss) alongside other financial performanc
Slide 28: Non-GAAP Financial Measure Reconciliation - Adjusted EBITDA
Non-GAAP Financial Measure Reconciliation - Adjusted EBITDA Adjusted EBITDA as we define it may not be comparable to similarly titled measures used by other companies. Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net inco
Slide 29: Non-GAAP Financial Measure Reconciliation - Free Cash Flow
Non-GAAP Financial Measure Reconciliation - Free Cash Flow Free cash flow as we define it may not be comparable to similarly titled measures used by other companies. Because of these limitations, you should consider free cash flow alongside other financial performance measures, including cash flows
Slide 30: Non-GAAP Financial Measure Reconciliation - 2025 Outlook
Non-GAAP Financial Measure Reconciliation - 2025 Outlook Refers to 2025 outlook as previously disclosed and contained in our Q4’24 Earnings Release issued on February 19, 2025 Non-GAAP operating income (loss) as we define it may not be comparable to similarly titled measures used by other companies.
Slide 31: Non-GAAP Financial Measure Reconciliation - 2026 Outlook
Non-GAAP Financial Measure Reconciliation - 2026 Outlook Refers to 2026 outlook as previously disclosed and contained in our Q4’24 Earnings Release issued on February 19, 2025 Non-GAAP operating income (loss) as we define it may not be comparable to similarly titled measures used by other companies.
Slide 32: Ⓒ 2025 Copyright
nerdwallet © 2025 Copyright