NerdWallet(NRDS) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $161.9 million, a decrease of 5$1.1 million, or $0.01 per diluted share, down 34$25.5 million, up 22% from the previous year[5] - Non-GAAP operating income rose by 176% year-over-year to $10.6 million[7] - The company reported a net income of$1.1 million for Q1 2024, a decrease of 34% from $1.7 million in Q1 2023[23] - The operating income margin for Q1 2024 was 2$50.0 million, attributed to reduced marketing spending by financial partners[6] - SMB products revenue increased by 21% year-over-year to $30.4 million, driven by growth in business credit cards and banking products[6] - Emerging verticals revenue was$60.1 million, down 2% year-over-year, with growth in investing and insurance products partially offsetting declines in banking[6] Future Projections - The company expects a return to revenue growth in Q2 2024, despite current headwinds in the lending environment[3] - Revenue for Q2 2024 is projected to be between $147 million and$152 million, reflecting a 4% year-over-year increase at the midpoint[31] - Adjusted EBITDA for Q2 2024 is expected to range from $16.5 million to$19.5 million[31] - The company anticipates a non-GAAP operating income (loss) in the range of $(1.5) million to$1.5 million for Q2 2024[31] Strategic Focus - The company highlighted the importance of maintaining and expanding relationships with existing financial services partners as part of its growth strategy[35] - The company expects 2024 annual GAAP operating income margin to be in the range of 3-4.5% and non-GAAP operating income margin to be in the range of 6.5-8%[26]