We achieved our Q1 results despite underlying volatility across our verticals. The improved profitability will give us more flexibility to be opportunistic. For instance, we still expect to run brand campaigns with a similar cadence to last year, though we now expect our full year investment to be less than it was in 2022. But we will right-size these investments to stay flexible in a lower visibility macro environment. Practically, this means we invest both in areas with immediate payback, like banking and in areas with future payoff, like loans and brand marketing. In this period of heightened uncertainty, we will maintain our long-term orientation. Over time, this approach has established our brand as a trusted one-stop shop, which in turn has lowered our volatility across the cycle. This is aligned with our relentless self improvement value, or shared commitment to continuously raise the bar for ourselves, our consumers and our shareholders. To us this means prioritizing consumer trust, while continuing to diversify and improve our product experiences throughout the credit cycle, even in verticals facing headwinds. Historically, we've taken a long-term view. Given the current economic climate, I'd like to take a few moments today to reiterate NerdWallet's approach to building our business and creating durable value for consumers and shareholders. In Q1, we reported revenue growth at the high end of our guidance range and exceeded our guidance on adjusted EBITDA. We started the year off strong here at NerdWallet, despite continued macroeconomic volatility from uncertainty around student loan forbearance to rising interest rates to first and second order effects from regional bank failures. With that, I will now turn it over to Tim Chen, our Co-Founder and CEO of NerdWallet. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. You should be aware that these statements should not be considered a guarantee of future performance. 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. 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. As a reminder, today's call is being webcast live and recorded.īefore 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. We intend to use our Investor Relations' Web site as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time-to-time. Our press release and shareholder letter are available on our Investor Relations' Web site, and a replay of this update will also be available following the conclusion of today's call. Joining us today are Co-Founder and Chief Executive Officer, Tim Chen and Chief Financial Officer, Lauren StClair. Welcome to the NerdWallet Q1 2023 earnings call. I would now like to hand the conference over to your speaker today, Caitlin MacNamee, Head of Investor Relations. Please be advised that today's conference is being recorded. After the speakers' presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. Welcome to the NerdWallet Q1 2023 Earnings Call. Justin Patterson - KeyBanc Capital Markets
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