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Ⓒ 2025 Copyright Investor Presentation MARCH 3, 2025
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Ⓒ 2025 Copyright Important Information and Disclaimer Forward-Looking Statements This presentation contains forward-looking statements regarding our business and industry that involve substantial risks and unc ertainties. All statements other than those of historical fact contained in this presentation are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "opportunity," "plan," "potential," "predict," "project," "prospective," "should," "target," "will," or "would," or similar expressions. These forward-looking statements include, but are not limited to, expectations regarding macroeconomic developments and their impact on our business; future financial and operational performance, including total re venue, cost of revenue, adjusted EBITDA, non-GAAP operating income (loss), and free cash flow; capital allocation strategies; traffic and engagement growth; marketing investments and consumer demand; user registrations, repeat usage rates, and consumer-to-partner matches; expansion into new and existing verticals and g eographic markets; financial services partnerships; development of scalable technical capabilities; brand awareness and consumer trust; content quality; c ompetition in existing and emerging markets; platform security and availability; intellectual property protection; hiring and retention of skilled personnel; com pliance with laws and regulations; liquidity needs; growth management and infrastructure expansion; acquisitions and integrations; and expected synergies and value creati on from acquisitions. The outcomes of these forward-looking statements are subject to risks, uncertainties, and other factors, as detailed in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission (SEC). These statements spe ak only as of the date they are made, and we undertake no obligation to update them, except as required by law. Accordingly, you are cautioned not to place u ndue reliance on any forward-looking statements. Non-GAAP Financial Measures This presentation includes certain “non-GAAP financial measures” as defined under Regulation G of the Securities Exchange Act of 1934, including adjusted EBITDA, non-GAAP operating income (loss), and free cash flow. These non-GAAP financial measures may not be comparable to similarly titled measures used by other companies and should not be used as substitutes for financial information prepared in accordance with GAAP. For reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and additional details, refer to the Appendix of this presentation and the Management’s Discussion and Analysis of Financial Condition and Results of Operations section in our latest Annual Report on Form 10 -K filed with the SEC. No Offer or Solicitation This presentation does not constitute an offer to sell or solicitation of an offer to purchase any NerdWallet, Inc. securitie s. 2
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Ⓒ 2025 Copyright 1. eMarketer U.S. Financial Services Digital Ad Spending projected, Aug 2024 report 2. In the trailing twelve months as of December 31, 2024, over 70% of all traffic to NerdWallet came organically through direct or unpaid channels 3. Reconciliation of Non-GAAP figures, Non-GAAP Operating Income, are included in the Appendix of this presentation NerdWallet at a Glance 3 Large Market & Audience $36B+ Market Opportunity1 History of Operating Excellence Over 70% Organic Traffic2 Compounding Growth at Scale $688M 2024 Revenue $48M 2024 Non-GAAP Operating Income3 25% Revenue CAGR 2019-2024
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Ⓒ 2025 Copyright 4 THE PROBLEM TODAY Trustworthy financial guidance is hard to find 4Ⓒ 2025 Copyright
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Ⓒ 2025 Copyright 5 OUR MISSION A world where everyone makes financial decisions with confidence. OUR VISION Provide clarity for all of life’s financial decisions. Ⓒ 2025 Copyright
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Ⓒ 2025 Copyright Our Competitive Advantage is Our Brand & Reach … and We Cut Through the Noise for Both Our Consumers and Financial Institutions 6
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Ⓒ 2025 Copyright 7 Our Product
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Ⓒ 2025 Copyright now NerdWallet 8 WHERE WE STARTED LAND & EXPAND VERTICAL INTEGRATION REGISTRATIONS & DATA- DRIVEN ENGAGEMENT . . . Our Growth Pillars YOU SPENT LESS THIS MONTH, PUT THAT EXTRA MONEY INTO A HIGH-YIELD SAVINGS ACCOUNT!
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Ⓒ 2025 Copyright 1- 2019 -2024 Compounded Annual Growth Rate 2- Comparison Shopping Marketplaces include Dec 31, 2024 trailing 12-month revenue for: NerdWallet, LendingTree, QuinStreet, EverQuote, MediaAlpha; CreditKarma (trailing 12-month ended Jan 31, 2025); per data available as of February 28, 2025; for companies who had yet to report full year 2024 results, the high end of latest revenue forecast provided by respective company was used 3- eMarketer U.S. Financial Services Digital Ad Spending estimated & projected; June 2021, July 2022, August 2023, August 2024 reports 4- Comperemedia Credit Card Application Behavior Report Q4 2023; Issuers Offline Marketing= Received via Mail, In Person, Over t he Phone, Other; Issuers Digital Marketing= Received via Email, Digitally from Bank Website or App, Social Media; Comparison Shopping Marketplaces= Received Digitally outside of a Bank Webs ite or App Addressable Market is Large, Growing with Opportunity for Significant Continued Expansion 9 Primary Addressable Market 2024 US Financial Services Digital Ad Spend3 Comparison Shopping Marketplaces2 $6B NerdWallet $688M 25% CAGR1 Significant Future Expansion in: Commission Dollars + Offline-to-Online Shift Q4 2023 Credit Card Applications - Share by Offer Channel4 45% 44% 11% Comparison Shopping Marketplaces Issuer Digital Marketing Issuer Offline Marketing $36B+ 16% CAGR1,3
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Ⓒ 2025 Copyright 1- Public company peer set includes LendingTree, QuinStreet, EverQuote, MediaAlpha; per data available as of February 28, 2025; for companies who had yet to report full year 2024 results, the high end of latest revenue forecast provided by respective company was used Gaining Share Relative to Comparison Shopping Marketplaces 10 20222020 2021 20232019 NerdWallet Revenue Indexed to 2019 Peer set1 Revenue indexed to 2019 107% 166% 236% 263% 105% 122% 108% 85% 100% 301% 141% 2024
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Ⓒ 2025 Copyright Scaling in an Attractive Market Segment 11 New Entrant Fintechs Are Our Partners, Not Our Competitors Stronger Brands Drive Quality Audience Over Time Consumers with Choice Qualify for Products Across Verticals While We Offer Content For Everyone Offline-to-Online Shift Benefitting All Digital Brands CONSUMERS WITH CHOICE MULTI-PRODUCT POSITIONING CONSUMERS PAYCHECK TO PAYCHECK LIMITED PRODUCTS ARBITRAGE TRANSACTIONAL BRAND TRUST AND LOYALTY
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Ⓒ 2025 Copyright 1. 2019-2023 Aided awareness percentages represent the annual average; 2024 represents average of the first half of 2024 Brand Investments Delivering Results 12 Aided Awareness1 (%) Brand Spend ($)
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Ⓒ 2025 Copyright Vertical Integration Case Study - SMB Products 13Net dollar repeat rate represents incremental revenue generated from a cohort as a percentage of the initial transaction Vertical Integration Case Study - SMB Products ● >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 Pre-Fundera Acquisition Post-Fundera Acquisition
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Ⓒ 2025 Copyright Vertical Integration Case Study - Next Door Lending (NDL) 14 Pre-NDL Acquisition Post-NDL Acquisition We can now compare offers across 60+ wholesale lenders on behalf of consumers, improving conversion by matching shoppers with the right products Early data shows revenue per lead is ~2X in NDL funnel versus traditional digital marketplace Opportunity for re-occurring dynamics through the interest rate cycle USERS NERDWALLET MORTGAGE MARKETPLACE FINANCIAL INSTITUTIONS USERS FINANCIAL INSTITUTIONS MORTGAGE BROKERAGE PERSONALIZED RECOMMENDATIONS TO USER NERDWALLET & NDL MORTGAGE ECOSYSTEM NERDWALLET MORTGAGE CUSTOMER BASE MORTGAGE REFINANCING
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Ⓒ 2025 Copyright 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 recognition method and is intended to be a representation of user engagement with the intent to shop for a financial service providers' product through our marketplaces. Driving Quality Engagement with Consumers 15 All Users Registered Users Repeat Transaction Cohorts Repeat Transaction Cohorts
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Ⓒ 2025 Copyright Our Registered User Base is Growing Rapidly and Highly Engaged 2019 2020 2021 5.5M+ 8M 19M Registered Users 16 2022 2023 10M 14M 2.5x+ Active Registered User visits per month on average 5x+ Registered User LTV as a multiple of unregistered visitor LTV 29% Year-over-Year growth in cumulative registered user base 2024 25M
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Ⓒ 2025 Copyright Financial Highlights 17
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Ⓒ 2025 Copyright Diversified Revenue Leads to Sustained Growth 18 Revenue ($ millions) 2023 $599 Emerging Verticals5 Insurance4 SMB Products3 Loans2 Credit Cards1 $94 2022 $539 1- Credit cards revenue consists of revenue from consumer credit cards 2- Loans revenue includes revenue from personal loans, mortgages, student loans, and auto loans 3- SMB products revenue consists of revenue from loans, credit cards and other financial products and services intended for small and mid-size businesses 4- Insurance revenue includes revenue from consumer insurance products, including auto, life and pet insurance 5- Emerging verticals revenue includes revenue from other product sources, including banking, investing and international 2024 $688 $91 $109 $210 $142 $101 $102 $210 $125 $110 $85 $176 Tailwinds and headwinds will offset each other over time, so we invest across the cycle to ensure we’re ready to capitalize on shifting dynamics: ● From 2022 through 2023, we saw rate hikes create a major tailwind in banking while negatively impacting Loans, and inflation created severe headwinds in the Insurance market ● From 2023 through 2024, elevated rates continued to constrain lending verticals despite rate cuts that otherwise muted banking, and organic traffic headwinds affected Credit Cards and Loans, but moderating inflation returned Insurance to a more normalized market that more than offset those macro challenges $35 $45 $192
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Ⓒ 2025 Copyright Gaining Leverage Across Our Fixed Portion of Cost Base As We Scale 19 GAAP Expense Items (% of Revenue) Contingent Consideration1 ● Our cost base that is relatively fixed in nature consists of areas such as General & Administrative, Research & Development, brand spend and headcount associated with our Organic marketing efforts ● Our variable costs comprise performance marketing and some of our human-assisted and sales- related data costs 2022 2023 2024 Cost of Revenue Research & Development Sales & Marketing General & Administrative 70% 15% 7% 1% 67% 13% 9% 69% 12% 9% 1- Change in fair value of contingent consideration related to earnouts 2- Represents the 2024 % of Sales & Marketing expenses for Performance Marketing and Brand and Organic & other marketing 63%2 Perf Marketing (variable) 37%2 Brand + Organic (~fixed in nature) 11% 10% 9%
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Ⓒ 2025 Copyright 1- Refers to 2025 & 2026 outlooks as previously disclosed and contained in our Q4’24 Earnings Release issued on February 19, 2025 Reconciliation of Non-GAAP figures, Adjusted EBITDA and Non-GAAP Operating Income (Loss), are included in the Appendix of this presentation Adjusted EBITDA & Non-GAAP Operating Income ($ millions) Delivering on Profitable Growth 20 $27 2021 2022 $67 ($15) ($1) 2023 $26 $98 $48 $108 2024 2026 Targets1 $140+ $80+ Our main profitability metric going forward will be Non-GAAP Operating Income Non-GAAP OI Adj EBITDA 2025 Outlook1 $106- $116 $50- $60
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Ⓒ 2025 Copyright Capital Allocation Philosophy 21 M&A Organic Investments Capital Returns Maximize long-term free cash flow per share Pair existing distribution with more personalized and data-driven shopping experiences Drive organic re- engagement and re- occurring revenue streams Opportunistically return capital to shareholders though share repurchase authorization
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Ⓒ 2025 Copyright Mid- to Long-Term Targets 22 $80 million+ Non-GAAP Operating Income $140 million+ Adjusted EBITDA 15-20% Compounded Annual Revenue Growth 20261 Cycle-to-Cycle Growth Leverage in fixed cost base Recovering lending portfolio We operate within a financial services industry that will have cyclical dynamics to navigate. Cycle-to-cycle growth should be achievable through execution of our growth pillars. 1- Refers to 2026 outlooks as previously disclosed and contained in our Q4’24 Earnings Release issued on February 19, 2025 Reconciliation of Non-GAAP figures, Adjusted EBITDA and Non-GAAP Operating Income, are included in the Appendix of this presentation
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Ⓒ 2025 Copyright On The Path To Executing Our Vision 23 Taking share in a growing market NerdWallet brand is a real and growing differentiator and re-investment moat Long capital deployment runway through Vertical Integration + Reg & Data-driven Engagement Delivering consistent profitability growth as we execute on growth pillars Driving sustained audience growth in both existing + new verticals
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Ⓒ 2025 Copyright Appendix 24
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Ⓒ 2025 Copyright 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 effectiveness of our business strategies,and to communicate with our Board of Directors concerning our financial performance. Non-GAAP operating income (loss): We define non-GAAP operating income (loss) as income (loss) from operations adjusted to exclude depreciation and amortization, and further exclude (1) impairment of right-of-use asset, (2) losses (gains) on disposals of assets, (3) change in fair value of contingent consideration related to earnouts, (4) deferred compensation related to earnouts, (5) acquisition-related costs, and (6) restructuring charges. We also reduce income from operations, or increase loss from operations, for capitalized internally developed software costs. Adjusted EBITDA: We define adjusted EBITDA as net income (loss) from continuing operations adjusted to exclude depreciation and amortization, interest income (expense), net, other gains (losses), net, and provision (benefit) for income taxes, and further exclude (1) impairment of right-of-use asset, (2) losses (gains) on disposals of assets, (3) change in fair value of contingent consideration related to earnouts, (4) deferred compensation related to earnouts, (5) stock-based compensation, (6) acquisition-related costs, and (7) restructuring charges. The above items are excluded from our non-GAAP operating income (loss) and adjusted EBITDA measures because these items are non-cash in nature, or because the amounts are not driven by core operating results and renders comparisons with prior periods less meaningful. We deduct capitalized internallydeveloped software costs in our non-GAAP operating income (loss) measure to reflect the cash impact of personnel costs incurred within the time period. We believe that non-GAAP operating income (loss) and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results and in comparing operating results across periods. Moreover, non-GAAP operating income (loss) and adjusted EBITDA are key measurements used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, the use of these non-GAAP measures have certain limitations because they do not reflect all items of income and expense that affect our operations. Non-GAAP operating income (loss) and adjusted EBITDA have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP. These limitations include the following: ● Non-GAAP operating income (loss) and adjusted EBITDA exclude certain recurring, non-cash charges, such as amortization of software, depreciation of property and equipment, amortization of intangible assets, impairment of right-of-use asset, and (losses) gains on disposals of assets. Although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and non-GAAP operating income (loss) and adjusted EBITDA do not reflect all cash requirements for such replacements or for new capital expenditure requirements; ● Non-GAAP operating income (loss) and adjusted EBITDA exclude acquisition-related costs, including acquisition-related retention compensation under compensatory retention agreements with certain key employees, acquisition-related transaction expenses, contingent consideration fair value adjustmentsrelated to earnouts, and deferred compensation related to earnouts; ● Non-GAAP operating income (loss) and adjusted EBITDA exclude restructuring charges primarily consisting of severance payments, stock-based compensation, employee benefits, and related expenses for impacted employees, as well as contract termination costs, associated with our Restructuring Plan; ● Adjusted EBITDA excludes stock-based compensation, including for acquisition-related inducement awards, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy; and ● Adjusted EBITDA does not reflect interest income (expense) and other gains (losses), net, which include unrealized and realized gains and losses on foreign currency exchange, as well as certain nonrecurring gains (losses). Non-GAAP Financial Measures 25
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Ⓒ 2025 Copyright 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 business performance and overall liquidity. We believe that free cash flow provides useful information for investors and others for determining the amount of cash available for investment in our business, strategic opportunities, repurchasing stock, strengthening our financial position and other purposes, as well as evaluating our historical and prospective liquidity. A limitation of the utility of free cash flowas a measure of financial performance and liquidity is that free cash flow does not represent the total increase or decrease in our cash balance for the period. In addition, non-GAAP operating income (loss), adjusted EBITDA and free cash flow as we define them may not be comparable to similarly titled measures used by other companies. Because of these limitations, you should consider non-GAAP operating income (loss), adjusted EBITDA and free cash flow alongsideother financial performance measures, including income (loss) from operations, net income (loss), cash flows from operating activities and our other GAAP results. Non-GAAP Financial Measures (continued) 26
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Ⓒ 2025 Copyright 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 performance measures, including income (loss) from operations and our other GAAP results. We compensate for these limitations by reconciling non-GAAP operating income (loss) to income (loss) from operations, the most comparable GAAP financial measure, as follows: Year Ended December 31, (in millions) 2021 2022 2023 2024 Revenue $ 379.6 $ 538.9 $ 599.4 $ 687.6 Income (loss) from operations (39.0) (19.0) 3.6 9.4 Depreciation and amortization 27.1 37.0 48.2 48.4 Acquisition-related retention — 2.8 5.3 4.2 Deferred compensation related to earnouts 2.1 1.7 — — Impairment of right-of-use asset — — 1.4 — Loss on disposal of assets 0.8 — 0.2 — Change in fair value of contingent consideration related to earnouts 18.1 6.7 — — Acquisition-related expenses 0.1 3.5 0.1 0.6 Restructuring — — — 9.0 Capitalized internally developed software costs (24.0) (33.7) (32.4) (24.0) Non-GAAP operating income (loss) $ (14.8) $ (1.0) $ 26.4 $47.6 27
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Ⓒ 2025 Copyright 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 income (loss) and our other GAAP results. We compensate for these limitations by reconciling adjusted EBITDA to net income (loss), the most comparable GAAP financial measure, as follows: Year Ended December 31, (in millions) 2021 2022 2023 2024 Revenue $ 379.6 $ 538.9 $ 599.4 $ 687.6 Net Income (Loss) (42.5) (10.2) (11.8) 30.4 Depreciation and amortization 27.1 37.0 48.2 48.4 Stock-based compensation 17.9 34.4 38.8 36.3 Acquisition-related retention — 2.8 5.3 4.2 Deferred compensation related to earnouts 2.1 1.7 — — Impairment of right-of-use asset — — 1.4 — Loss on disposal of assets 0.8 — 0.2 — Change in fair value of contingent consideration related to earnouts 18.1 6.7 — — Acquisition-related expenses 0.1 3.5 0.1 0.6 Restructuring — — — 9.0 Interest (income) expense, net 1.3 1.0 (2.8) (4.1) Other (gains) losses, net (2.6) — 0.1 8.5 Income tax provision (benefit) 4.8 (9.8) 18.1 (25.4) Adjusted EBITDA $ 27.1 $ 67.1 $ 97.6 $ 107.9 28
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Ⓒ 2025 Copyright 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 from operating activities and our other GAAP results. We compensate for these limitations by reconciling free cash flow to cash from operating activities, the most comparable GAAP financial measure, as follows: Year Ended December 31, (in millions) 2022 2023 2024 Cash from operating activities $25.0 $72.1 $71.8 Capitalized software development costs (27.6) (28.8) (20.7) Purchase of property and equipment (4.6) (0.7) (0.6) Free cash flow $(7.2) $42.6 $50.5 29
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Ⓒ 2025 Copyright 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. Because of these limitations, you should consider non-GAAP operating income (loss) alongside other financial performance measures, including income (loss) from operations and our other GAAP results. We compensate for these limitations by reconciling reconciling forecasted non-GAAP operating income to forecasted operating income, the most comparable GAAP financial measure, as follows: Forecasted Full Year 2025 Operating income (in millions) $21 - $31 Estimated adjustments for: Depreciation and amortization 47-51 Acquisition-related retention 2 Capitalized internally developed software costs (20)-(24) Non-GAAP operating income $50 - $60 Adjusted EBITDA: We have not provided a quantitative reconciliation of forecasted adjusted EBITDA to the most directly comparable GAAP measure herein because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These ite ms include, but are not limited to, income taxes which are directly impacted by unpredictable fluctuations in the market price of the company’s capital stock. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of NerdWallet’s control. 30
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Ⓒ 2025 Copyright Non-GAAP Financial Measure Reconciliation - 2026 Outlook Forecasted Full Year 2026 Operating income (in millions) $60 Estimated adjustments for: Depreciation and amortization 42-46 Capitalized internally developed software costs (22)-(26) Non-GAAP operating income $80 31 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. Because of these limitations, you should consider non-GAAP operating income (loss) alongside other financial performance measures, including income (loss) from operations and our other GAAP results. We compensate for these limitations by reconciling reconciling forecasted non-GAAP operating income to forecasted operating income, the most comparable GAAP financial measure, as follows: Adjusted EBITDA: We have not provided a quantitative reconciliation of forecasted adjusted EBITDA to the most directly comparable GAAP measure herein because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These ite ms include, but are not limited to, income taxes which are directly impacted by unpredictable fluctuations in the market price of the company’s capital stock. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of NerdWallet’s control.
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Ⓒ 2025 Copyright