0001625278-23-000058 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 100.8	$ 83.9
Accounts receivable—net	97.5	87.0
Prepaid expenses and other current assets	20.5	18.3
Total current assets	218.8	189.2
Property, equipment and software—net	50.8	49.1
Goodwill	111.4	111.2
Intangibles—net	59.5	64.1
Right-of-use assets	10.6	11.3
Other assets	1.0	0.8
Total Assets	452.1	425.7
Current liabilities:
Accounts payable	12.0	3.6
Accrued expenses and other current liabilities	37.1	37.9
Contingent consideration—current	30.9	30.9
Total current liabilities	80.0	72.4
Other liabilities—noncurrent	10.3	11.6
Total liabilities	90.3	84.0
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock—$0.0001 par value per share—5,000 shares authorized; zero shares issued and outstanding	0.0	0.0
Common stock—$0.0001 par value per share—296,686 shares authorized; 76,711 and 75,120 shares issued and outstanding as of March 31, 2023 and December 31, 2022	0.0	0.0
Additional paid-in capital	445.5	427.3
Accumulated other comprehensive loss	(0.7)	(0.9)
Accumulated deficit	(83.0)	(84.7)
Total stockholders’ equity	361.8	341.7
Total Liabilities and Stockholders’ Equity	$ 452.1	$ 425.7

Significant Condensed Consolidated Balance Sheet Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Consolidated Balance Sheet Components [Abstract]
Capitalized software development costs, net of accumulated amortization	$ 45.9		$ 43.9
Capitalized software development costs	8.6	$ 8.0
Amortization of capitalized software	$ 6.6	$ 4.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities		Accrued expenses and other current liabilities
Accrued expenses and other current liabilities including operating lease liabilities	$ 3.2		$ 3.1
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities—noncurrent		Other liabilities—noncurrent
Other liabilities noncurrent including operating lease liabilities	$ 8.8		$ 9.6

Stockholders' Equity - Employee Stock Purchase Plan (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 8.6	$ 6.5
ESPP \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	0.8
Share-based compensation expense		$ 1.0	$ 1.3

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40994
Entity Registrant Name	NerdWallet, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4180440
Entity Address, Address Line One	55 Hawthorne Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	549-8913
Title of 12(b) Security	Class A common stock, $0.0001 par value
Trading Symbol	NRDS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001625278
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		45,038,135
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		31,685,652

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 169.6	$ 129.1
Costs and Expenses:
Cost of revenue	13.8	7.7
Research and development	19.5	17.4
Sales and marketing	121.7	96.1
General and administrative	15.4	13.1
Change in fair value of contingent consideration related to earnouts	0.0	3.9
Total costs and expenses	170.4	138.2
Loss From Operations	(0.8)	(9.1)
Other income (expense), net:
Interest income	1.0	0.0
Interest expense	(0.2)	(0.2)
Other losses, net	(0.1)	0.0
Total other income (expense), net	0.7	(0.2)
Loss before income taxes	(0.1)	(9.3)
Income tax provision (benefit)	(1.8)	1.2
Net Income (Loss)	$ 1.7	$ (10.5)
Net Income (Loss) Per Share Attributable to Common Stockholders
Basic (in dollars per share)	$ 0.02	$ (0.16)
Diluted (in dollars per share)	$ 0.02	$ (0.16)
Weighted-Average Shares Used in Computing Net Income (Loss) Per Share Attributable to Common Stockholders
Basic (in shares)	75.8	66.9
Diluted (in shares)	79.7	66.9

Business Combination (Details) - On the Barrelhead, Inc. $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Revenue	$ 147.7
Net loss	$ (12.9)

Net Income (Loss) Per Basic and Diluted Share - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares subject to outstanding stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3.7	7.5
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0.3	1.5

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s tax provision for interim periods is determined using an estimated annual effective tax rate which is adjusted for discrete items occurring during the periods presented. The primary difference between the Company’s effective tax rate and the statutory federal income tax rate is the full valuation allowance established on the Company’s federal, state and foreign deferred tax attributes. As of March 31, 2023 and December 31, 2022, the Company recorded a full valuation allowance against these net deferred tax assets as the Company believes that it is more likely than not that the Company will not be able to fully realize such net deferred tax assets. The Company’s judgment regarding the likelihood of realization of these deferred tax assets could change in future periods, which could result in a material impact in the Company’s income tax provision in the period of change.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

The Company and Basis of Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents—money market funds	$ 75.0	$ 75.4

Net Income (Loss) Per Basic and Diluted Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Income (Loss) Per Share, Basic and Diluted

The following table provides the basic and diluted per share computations for net income (loss) attributable to common stockholders:


	Three Months Ended March 31,
(in millions, except per share amounts)	2023		2022
Numerator:
Net income (loss) attributable to common stockholders—basic and diluted	$	1.7	$	(10.5)
Denominator:
Weighted-average shares of common stock—basic	75.8		66.9
Effect of dilutive stock options and restricted stock units	3.9		—
Weighted-average shares of common stock—diluted	79.7		66.9
Net income (loss) per share attributable to common stockholders:
Basic	$	0.02	$	(0.16)
Diluted	$	0.02	$	(0.16)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Net Income (Loss) Per Share

The following common stock equivalents were excluded from the computation of diluted net income (loss) per share because including them would have been antidilutive:


	Three Months Ended March 31,
(in millions)	2023	2022
Shares subject to outstanding stock options and restricted stock units	3.7	7.5
ESPP	0.3	1.5

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 2, 2023, the Company announced that its Board of Directors has authorized a plan (the Repurchase Plan) under which the Company may repurchase up to $20 million of the Company’s Class A common stock. Under the Repurchase Plan, shares of Class A common stock may be repurchased in the open market through privately negotiated transactions or otherwise. The Repurchase Plan does not have a fixed expiration date and does not obligate the Company to acquire any specific number of shares. The timing and terms of any repurchases under the Repurchase Plan will be at management’s discretion and depend on a variety of factors, including business, economic and market conditions, regulatory requirements, prevailing stock prices and other considerations. As of April 28, 2023, the Company has paid $28.2 million of the contingent consideration related to the acquisition of Fundera, Inc. of $30.9 million as of March 31, 2023, with the remainder expected to be paid in May 2023.

Net Income (Loss) Per Basic and Diluted Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Basic and Diluted Share

The following table provides the basic and diluted per share computations for net income (loss) attributable to common stockholders:


	Three Months Ended March 31,
(in millions, except per share amounts)	2023		2022
Numerator:
Net income (loss) attributable to common stockholders—basic and diluted	$	1.7	$	(10.5)
Denominator:
Weighted-average shares of common stock—basic	75.8		66.9
Effect of dilutive stock options and restricted stock units	3.9		—
Weighted-average shares of common stock—diluted	79.7		66.9
Net income (loss) per share attributable to common stockholders:
Basic	$	0.02	$	(0.16)
Diluted	$	0.02	$	(0.16)

The following common stock equivalents were excluded from the computation of diluted net income (loss) per share because including them would have been antidilutive:


	Three Months Ended March 31,
(in millions)	2023	2022
Shares subject to outstanding stock options and restricted stock units	3.7	7.5
ESPP	0.3	1.5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net income (loss)	$ 1.7	$ (10.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	11.7	7.2
Stock-based compensation	8.6	6.5
Change in fair value of contingent consideration related to earnouts	0.0	3.9
Deferred taxes	(0.1)	(0.7)
Non-cash lease costs	0.7	0.7
Other, net	1.4	0.2
Changes in operating assets and liabilities:
Accounts receivable	(11.8)	(15.2)
Prepaid expenses and other assets	(2.6)	(1.6)
Accounts payable	8.6	1.3
Accrued expenses and other current liabilities	(0.8)	9.7
Operating lease liabilities	(0.7)	(0.3)
Other liabilities	(0.3)	0.4
Net cash provided by operating activities	16.4	1.6
Investing Activities:
Capitalized software development costs	(7.3)	(6.6)
Purchase of property and equipment	(0.3)	(1.9)
Net cash used in investing activities	(7.6)	(8.5)
Financing Activities:
Proceeds from line of credit	7.5	0.0
Payments on line of credit	(7.5)	0.0
Proceeds from exercise of stock options	8.4	0.7
Tax payments related to net-share settlements on restricted stock units	(0.3)	0.0
Net cash provided by financing activities	8.1	0.7
Net increase (decrease) in cash and cash equivalents	16.9	(6.2)
Cash and Cash Equivalents:
Beginning of period	83.9	167.8
End of period	100.8	161.6
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software development costs recorded in accounts payable and accrued expenses and other current liabilities	0.7	0.6
Purchase of property and equipment recorded in accounts payable and accrued expenses and other current liabilities	0.1	0.8
Supplemental Disclosures of Cash Flow Information:
Income tax payments	0.3	0.2
Cash paid for interest	0.0	0.1
Supplemental Cash Flow Disclosure Related to Operating Leases:
Cash paid for amounts included in the measurement of lease liabilities	$ 0.9	$ 0.4

Stockholders' Equity - Equity Incentive Plan Narrative (Details) - 2021 Equity Incentive Plan - Common Class A - shares shares in Millions	Jan. 01, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Increase in shares reserved for issuance (in shares)	3.8
Stock Options
Class of Stock [Line Items]
Annual increase in shares authorized, percentage		5.00%

Stockholders' Equity - Stock Option Valuation Assumptions (Details) - Stock Options	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	51.90%
Expected term (in years)	6 years
Expected dividend yield	0.00%
Risk-free interest rate	2.40%

Stockholders' Equity - Restricted Stock Unit Activity Narrative (Details) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested under RSUs during period \| $	$ 7.8
Grants in period (in shares)	1,000
Restricted Stock Units, Service-Based And Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	200
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	200.00%

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of March 31, 2023
Assets:
Cash and cash equivalents—money market funds	$	75.0	$	—	$	—	$	75.0
Certificate of deposit	—		2.0		—		2.0
	$	75.0	$	2.0	$	—	$	77.0
Liabilities:
Contingent consideration	$	—	$	—	$	30.9	$	30.9


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2022
Assets:
Cash and cash equivalents—money market funds	$	75.4	$	—	$	—	$	75.4
Certificate of deposit	—		2.0		—		2.0
	$	75.4	$	2.0	$	—	$	77.4
Liabilities:
Contingent consideration	$	—	$	—	$	30.9	$	30.9

Level 3 liabilities consist entirely of contingent consideration, and the changes in fair value are as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Balance as of beginning of period	$	30.9	$	54.7
Change in fair value, recognized in earnings	—		3.9
Balance as of end of period	$	30.9	$	58.6

As of March 31, 2023 and December 31, 2022, Fundera Inc.’s revenue and profitability milestones for 2022 were achieved and the contingent consideration liability was recorded at the full payout amount. See Note 10–Subsequent Events for further discussion.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 1.7	$ (10.5)
Other Comprehensive Income (Loss):
Change in foreign currency translation	0.2	(0.3)
Comprehensive Income (Loss)	$ 1.9	$ (10.8)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Business Combination (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combination Pro Forma Information

The unaudited pro forma financial information is as follows:


(in millions)	Three Months Ended March 31, 2022
Revenue	$	147.7
Net loss	(12.9)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and Other Financial Arrangements—The Company has certain financial commitments and other arrangements including unused letters of credit and commitments under leases. As of March 31, 2023, there were no material changes to the Company’s commitments and other financial arrangements as disclosed in Note 8–Commitments and Contingencies in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Litigation and Other Legal Matters—The Company is involved from time to time in litigation, claims, and proceedings. Periodically, the Company evaluates the status of each legal matter and assesses potential financial exposure. If the potential loss from any legal proceeding or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimable. The outcome of any proceeding is not determinable in advance. As a result, the assessment of a potential liability and the amount of accruals recorded are based only on the information available at the time. As additional information becomes available, the Company reassesses the potential liability related to the legal proceeding or litigation, and may revise its estimates. Management is not currently aware of any matters that it expects will have a material effect on the financial position, results of operations, or cash flows of the Company. The Company has not accrued any material potential loss as of March 31, 2023 or December 31, 2022.

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 169.6	$ 129.1
Contract assets	6.1		$ 5.8
Credit cards
Disaggregation of Revenue [Line Items]
Revenue	61.3	45.2
Loans
Disaggregation of Revenue [Line Items]
Revenue	22.0	34.3
Other verticals
Disaggregation of Revenue [Line Items]
Revenue	$ 86.3	$ 49.6

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Class A	Common Stock	Common Stock Common Class A	Additional Paid-in Capital	Additional Paid-in Capital Common Class A	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021			66,722
Beginning balance at Dec. 31, 2021	$ 257.6		$ 0.0		$ 331.6		$ 0.5	$ (74.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of stock options (in shares)			154
Issuance of Class A common stock upon exercise of stock options	0.7				0.7
Issuance of Class A common stock pursuant to settlement of restricted stock units (in shares)			262
Issuance of Class A common stock pursuant to settlement of restricted stock units	0.0
Stock-based compensation	7.9				7.9
Other comprehensive income (loss)	(0.3)						(0.3)
Net Income (Loss)	(10.5)							(10.5)
Ending balance (in shares) at Mar. 31, 2022			67,138
Ending balance at Mar. 31, 2022	$ 255.4		$ 0.0		340.2		0.2	(85.0)
Beginning balance (in shares) at Dec. 31, 2022	75,120		75,120
Beginning balance at Dec. 31, 2022	$ 341.7		$ 0.0		427.3		(0.9)	(84.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of stock options (in shares)			1,226
Issuance of Class A common stock upon exercise of stock options	8.4				8.4
Issuance of Class A common stock pursuant to settlement of restricted stock units (in shares)			380
Issuance of Class A common stock pursuant to settlement of restricted stock units	0.0
Class A common stock withheld related to net share settlement of restricted stock units (in shares)				(15)
Class A common stock withheld related to net share settlement of restricted stock units		$ (0.3)				$ (0.3)
Stock-based compensation	10.1				10.1
Other comprehensive income (loss)	0.2						0.2
Net Income (Loss)	$ 1.7							1.7
Ending balance (in shares) at Mar. 31, 2023	76,711		76,711
Ending balance at Mar. 31, 2023	$ 361.8		$ 0.0		$ 445.5		$ (0.7)	$ (83.0)

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation The Company—NerdWallet, Inc., a Delaware corporation, was formed on December 29, 2011. NerdWallet, Inc. and its wholly-owned subsidiaries (collectively, the Company) provide consumer-driven advice about personal finance through its platform by connecting individuals and small and mid-sized businesses (SMBs) with providers of financial products. Basis of Presentation—The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, the accompanying unaudited interim condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position and results of operations for the periods presented. The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period. Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. While the Company deposits cash and cash equivalents with high credit quality financial institutions, including First Citizens Bank & Trust Company (through its Silicon Valley Bank division), HSBC and JPMorgan Chase Bank, N.A., to lessen the Company’s exposure, such cash deposits may exceed federally insured limits at these financial institutions. To mitigate the risk associated with deposits exceeding federally insured limits, the Company manages exposure by utilizing deposit accounts which include sweep features to third-party money market funds, with total money market funds of $75.0 million and $75.4 million as of March 31, 2023 and December 31, 2022, respectively. Based on these facts, collectability of bank balances appears to be adequately assured. Significant Accounting Policies—During the three months ended March 31, 2023, there have been no material changes to the Company’s significant accounting policies as disclosed in Note 1–The Company and its Significant Accounting Policies in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Incentive Plans—The 2021 Equity Incentive Plan and the predecessor 2012 Equity Incentive Plan, both as amended, along with the 2022 Inducement Equity Incentive Plan (collectively, the Plans) comprise the equity incentive plans of the Company.

Under the terms of the 2021 Equity Incentive Plan, the number of shares of Class A common stock reserved for issuance under the plan will automatically increase on January 1 of each calendar year, starting January 1, 2023 and ending on and including January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on December 31 of the prior calendar year, unless the Company’s Board of Directors determines prior to the date of increase that there will be a lesser increase, or no increase. In accordance with these plan terms, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 Equity Incentive Plan increased by 3.8 million shares effective January 1, 2023.

Stock Options—A summary of the Company’s stock option activity for its Plans is as follows:


	Outstanding Stock Options (in thousands)	Weighted-Average Exercise Price		Weighted-Average Contractual Life (Years)	Aggregate Intrinsic Value (in millions)
Balance as of December 31, 2022	6,112	$	9.81	6.7	$	11.9
Exercised	(1,226)	$	6.82
Cancelled/forfeited	(219)	$	14.53
Balance as of March 31, 2023	4,667	$	10.37	6.8	$	29.1
Vested and exercisable as of March 31, 2023	2,852	$	8.91	5.8	$	21.6

The aggregate intrinsic value of options exercised was $12.4 million for the three months ended March 31, 2023.

There were no options granted for the three months ended March 31, 2023. For the three months ended March 31, 2022, the per-share fair value of each stock option was determined on the date of grant using the following weighted-average assumptions:


	Three Months Ended March 31, 2022
Expected volatility	51.9	%
Expected term (in years)	6.0
Expected dividend yield	0	%
Risk-free interest rate	2.4	%

Restricted Stock Units—A summary of the Company’s outstanding nonvested RSUs for its Plans is as follows:


	Number of Units (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2022	7,405	$	12.27
Granted1	1,000	$	16.27
Vested	(380)	$	14.89
Forfeited	(391)	$	13.36
Nonvested as of March 31, 20231	7,634	$	12.61

______________

(1)Includes 0.2 million of target award RSUs with both service-based and performance-based conditions.

The total fair value of shares that vested under RSUs was $7.8 million during the three months ended March 31, 2023.

During the three months ended March 31, 2023, the Company granted 0.2 million of target award RSUs with both service-based and performance-based conditions to certain employees of the Company. Recipients of these performance-based RSUs are eligible to earn between 0% and 200% of their target awards based upon the achievement of (i) an EBITDA-related metric and (ii) a revenue-related metric, both in fiscal year 2023, subject to certification of the attainment of the performance level. These performance-based RSUs are also subject to service-based vesting over a period of three years. Stock-based compensation for performance-based RSUs is recognized over the requisite service period using the accelerated attribution method based on an assessment of the probability of achieving the requisite performance metrics. The Company recognizes forfeitures as they occur for grantees who do not fulfill the service-based conditions.

Employee Stock Purchase Plan—The terms of the Employee Stock Purchase Plan (ESPP) provide for automatic increases in the number of shares reserved for issuance on January 1 of each calendar year, beginning in 2023 and through 2031, subject to terms of the ESPP. In accordance with these plan terms, the aggregate number of Class A common stock authorized for issuance under the ESPP increased by 0.8 million effective January 1, 2023. Prior to capitalizing amounts related to software development costs, the Company recognized stock-based compensation related to the ESPP of $1.0 million and $1.3 million during the three months ended March 31, 2023 and 2022, respectively.

Stock-Based Compensation—The Company recognized stock-based compensation under the Plans and ESPP as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Research and development	$	2.4	$	2.6
Sales and marketing	3.3		2.1
General and administrative	2.9		1.8
Total stock-based compensation	$	8.6	$	6.5

In addition, stock-based compensation of $1.5 million and $1.4 million was capitalized related to software development costs during the three months ended March 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

The Company and Basis of Presentation (Policies)	3 Months Ended
The Company and Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, the accompanying unaudited interim condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position and results of operations for the periods presented.
Consolidation	The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period.
Concentrations of Credit Risk	Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. While the Company deposits cash and cash equivalents with high credit quality financial institutions, including First Citizens Bank & Trust Company (through its Silicon Valley Bank division), HSBC and JPMorgan Chase Bank, N.A., to lessen the Company’s exposure, such cash deposits may exceed federally insured limits at these financial institutions.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per shares)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per shares)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	296,686,000	296,686,000
Common stock, issued (in shares)	76,711,000	75,120,000
Common stock, outstanding (in shares)	76,711,000	75,120,000

Stockholders' Equity - Stock Option Activity - Narrative (Details) - Stock Options $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, options exercised in period \| $	$ 12.4
Granted (in shares) \| shares	0

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 28, 2023	May 02, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Contingent consideration—current			$ 30.9	$ 30.9
Fundera Acquisition
Subsequent Event [Line Items]
Contingent consideration—current			$ 30.9
Subsequent Event \| Fundera Acquisition
Subsequent Event [Line Items]
Contingent consideration payment	$ 28.2
Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 20.0

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Recurring Basis
Assets:
Assets	$ 77.0	$ 77.4
Liabilities:
Contingent consideration	30.9	30.9
Recurring Basis \| Certificate of deposit
Assets:
Certificate of deposit	2.0	2.0
Quoted Prices in Active Markets (Level 1) \| Recurring Basis
Assets:
Assets	75.0	75.4
Liabilities:
Contingent consideration	0.0	0.0
Quoted Prices in Active Markets (Level 1) \| Recurring Basis \| Certificate of deposit
Assets:
Certificate of deposit	0.0	0.0
Other Observable Inputs (Level 2) \| Recurring Basis
Assets:
Assets	2.0	2.0
Liabilities:
Contingent consideration	0.0	0.0
Other Observable Inputs (Level 2) \| Recurring Basis \| Certificate of deposit
Assets:
Certificate of deposit	2.0	2.0
Significant Unobservable Inputs (Level 3) \| Recurring Basis
Assets:
Assets	0.0	0.0
Liabilities:
Contingent consideration	30.9	30.9
Significant Unobservable Inputs (Level 3) \| Recurring Basis \| Certificate of deposit
Assets:
Certificate of deposit	0.0	0.0
Money Market Funds
Assets:
Cash and cash equivalents—money market funds	75.0	75.4
Money Market Funds \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	75.0	75.4
Money Market Funds \| Quoted Prices in Active Markets (Level 1) \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	75.0	75.4
Money Market Funds \| Other Observable Inputs (Level 2) \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	0.0	0.0
Money Market Funds \| Significant Unobservable Inputs (Level 3) \| Recurring Basis
Assets:
Cash and cash equivalents—money market funds	$ 0.0	$ 0.0

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following presents a disaggregation of the Company’s revenue based on product category:


	Three Months Ended March 31,
(in millions)	2023		2022
Credit cards	$	61.3	$	45.2
Loans	22.0		34.3
Other verticals	86.3		49.6
Total revenue	$	169.6	$	129.1

Significant Condensed Consolidated Balance Sheet Components	3 Months Ended
	Mar. 31, 2023
Significant Consolidated Balance Sheet Components [Abstract]
Significant Consolidated Balance Sheet Components	Significant Condensed Consolidated Balance Sheet Components Property, equipment and software, net includes capitalized software development costs, net of accumulated amortization, of $45.9 million and $43.9 million as of March 31, 2023 and December 31, 2022, respectively. The Company capitalized $8.6 million and $8.0 million of software development costs during the three months ended March 31, 2023 and 2022, respectively. The Company recorded amortization expense related to capitalized software development costs of $6.6 million and $4.9 million during the three months ended March 31, 2023 and 2022, respectively. Accrued expenses and other current liabilities include operating lease liabilities of $3.2 million and $3.1 million, as of March 31, 2023 and December 31, 2022, respectively. Other liabilities—noncurrent includes operating lease liabilities of $8.8 million and $9.6 million as of March 31, 2023 and December 31, 2022, respectively.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Stock Options

A summary of the Company’s stock option activity for its Plans is as follows:


	Outstanding Stock Options (in thousands)	Weighted-Average Exercise Price		Weighted-Average Contractual Life (Years)	Aggregate Intrinsic Value (in millions)
Balance as of December 31, 2022	6,112	$	9.81	6.7	$	11.9
Exercised	(1,226)	$	6.82
Cancelled/forfeited	(219)	$	14.53
Balance as of March 31, 2023	4,667	$	10.37	6.8	$	29.1
Vested and exercisable as of March 31, 2023	2,852	$	8.91	5.8	$	21.6

Schedule of Weighted-Average Assumptions and Ranges of Fair Value of Common Stock

For the three months ended March 31, 2022, the per-share fair value of each stock option was determined on the date of grant using the following weighted-average assumptions:


	Three Months Ended March 31, 2022
Expected volatility	51.9	%
Expected term (in years)	6.0
Expected dividend yield	0	%
Risk-free interest rate	2.4	%

Schedule of Outstanding Nonvested RSUs

A summary of the Company’s outstanding nonvested RSUs for its Plans is as follows:


	Number of Units (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2022	7,405	$	12.27
Granted1	1,000	$	16.27
Vested	(380)	$	14.89
Forfeited	(391)	$	13.36
Nonvested as of March 31, 20231	7,634	$	12.61

______________

(1)Includes 0.2 million of target award RSUs with both service-based and performance-based conditions.

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation under the Plans and ESPP as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Research and development	$	2.4	$	2.6
Sales and marketing	3.3		2.1
General and administrative	2.9		1.8
Total stock-based compensation	$	8.6	$	6.5

Stockholders' Equity - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Outstanding Stock Options (in thousands)
Beginning of period (in shares)	6,112
Exercised (in shares)	(1,226)
Cancelled/forfeited (in shares)	(219)
End of period (in shares)	4,667	6,112
Vested and exercisable at end of period (in shares)	2,852
Weighted-Average Exercise Price
Beginning of period (in dollars per share)	$ 9.81
Exercised (in dollars per share)	6.82
Cancelled/forfeited (in dollars per share)	14.53
End of period (in dollars per share)	10.37	$ 9.81
Vested and exercisable at end of period, weighted average exercise price (in dollars per share)	$ 8.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average contractual life, outstanding	6 years 9 months 18 days	6 years 8 months 12 days
Weighted average contractual life, shares vested and exercisable	5 years 9 months 18 days
Aggregate intrinsic value, outstanding	$ 29.1	$ 11.9
Aggregate intrinsic value, shares vested and exercisable	$ 21.6

Stockholders' Equity - Restricted Stock Unit Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units (RSUs)
Number of Units (in thousands)
Beginning of period, nonvested (in shares)	7,405
Granted (in shares)	1,000
Vested (in shares)	(380)
Forfeited (in shares)	(391)
End of period, nonvested (in shares)	7,634
Weighted-Average Grant-Date Fair Value
Beginning of period, nonvested weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.27
Granted (in dollars per share) \| $ / shares	16.27
Vested (in dollars per share) \| $ / shares	14.89
Forfeited (in dollars per share) \| $ / shares	13.36
End of period, nonvested weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.61
Restricted Stock Units, Service-Based And Performance-Based
Number of Units (in thousands)
Granted (in shares)	200

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 8.6	$ 6.5
Share-based compensation capitalized	1.5	1.4
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	2.4	2.6
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	3.3	2.1
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 2.9	$ 1.8

Business Combination

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination

On the Barrelhead, Inc.—On July 11, 2022, the Company completed the acquisition of On the Barrelhead, Inc. (OTB), a data-driven platform that provides consumers and SMBs with credit-driven product recommendations. See Note 5–Business Combinations in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion on the acquisition of OTB.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is presented as if the OTB acquisition, including the related debt financing, was completed on January 1, 2021. The pro forma financial information includes the historical operating results of the Company and OTB prior to the acquisition, with adjustments directly attributable to the acquisition. Pro forma adjustments have been made to reflect the incremental intangible asset amortization to be incurred based on the fair values and useful lives of each identifiable intangible asset, incremental stock-based compensation related to inducement equity awards, incremental compensation related to cash retention agreements, incremental interest expense related to debt drawn to finance the cash portion of the purchase price, the adjustment of acquisition-related expenses, and the related tax effects of pro forma adjustments for the period.

The unaudited pro forma financial information is as follows:


(in millions)	Three Months Ended March 31, 2022
Revenue	$	147.7
Net loss	(12.9)

The unaudited pro forma financial information is not intended to present, or be indicative of, what the results of operations would have been for the combined company for the period presented had the acquisition actually occurred on January 1, 2021, nor is it meant to be indicative of results of operations that may be achieved by the combined company in the future. The unaudited pro forma financial information does not include any cost savings or other synergies that resulted, or may result, from the OTB acquisition or any estimated costs that will be incurred to integrate OTB. Future results may vary significantly from the results reflected in this unaudited pro forma financial information because of future events and transactions, as well as other factors.

Net Income (Loss) Per Basic and Diluted Share - Basic and Diluted Per Share Computations for Net Income (Loss) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss) attributable to common stockholders – basic	$ 1.7	$ (10.5)
Net income (loss) attributable to common stockholders – diluted	$ 1.7	$ (10.5)
Denominator:
Weighted-average shares of common stock – basic (in shares)	75.8	66.9
Effect of dilutive stock options and restricted stock units (in shares)	3.9	0.0
Weighted-average shares of common stock - diluted (in shares)	79.7	66.9
Net income (loss) per share attributable to common stockholders: Basic (in dollars per share)	$ 0.02	$ (0.16)
Net income (loss) per share attributable to common stockholders: Diluted (in dollars per share)	$ 0.02	$ (0.16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The following presents a disaggregation of the Company’s revenue based on product category:


	Three Months Ended March 31,
(in millions)	2023		2022
Credit cards	$	61.3	$	45.2
Loans	22.0		34.3
Other verticals	86.3		49.6
Total revenue	$	169.6	$	129.1

The contract asset recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet related to estimated variable consideration was $6.1 million and $5.8 million as of March 31, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Fair Value Measurements - Level 3 Liabilities (Details) - Contingent Consideration - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	$ 30.9	$ 58.6	$ 30.9	$ 54.7
Change in fair value, recognized in earnings	0.0	3.9
Balance as of end of period	$ 30.9	$ 58.6

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of March 31, 2023
Assets:
Cash and cash equivalents—money market funds	$	75.0	$	—	$	—	$	75.0
Certificate of deposit	—		2.0		—		2.0
	$	75.0	$	2.0	$	—	$	77.0
Liabilities:
Contingent consideration	$	—	$	—	$	30.9	$	30.9


(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value
As of December 31, 2022
Assets:
Cash and cash equivalents—money market funds	$	75.4	$	—	$	—	$	75.4
Certificate of deposit	—		2.0		—		2.0
	$	75.4	$	2.0	$	—	$	77.4
Liabilities:
Contingent consideration	$	—	$	—	$	30.9	$	30.9

Schedule of Level 3 Liabilities

Level 3 liabilities consist entirely of contingent consideration, and the changes in fair value are as follows:


	Three Months Ended March 31,
(in millions)	2023		2022
Balance as of beginning of period	$	30.9	$	54.7
Change in fair value, recognized in earnings	—		3.9
Balance as of end of period	$	30.9	$	58.6