NerdWallet (NRDS) 14 Feb 232022 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the NerdWallet, Inc. Q4 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today's recorded. [Operator

the now Please to like would conference go to IR. I of hand over Head Caitlin ahead. MacNamee,

call. the you, QX Thank welcome to and XXXX operator earnings NerdWallet

Chen; Joining us today Financial Co-Founder and Lauren and Officer, StClair. Chief Officer, Chief Executive are Tim

our conclusion this press also update Our on be and of and website, available letter shareholder Relations' release the today's will call. a available following are Investor replay of

means our SEC We certain Relations' time-to-time. Investor of intend a with under disclosing information as obligations use Regulation complying and to material website from disclosure FD

As is recorded. reminder, webcast live a and today's call being

we Before and as such, statements remarks certain made I session, during constitute this forward-looking expectations, would and statements. relate question-and-answer events like begin call remind future that today's to you may and to

or results risk may performance these uncertainties, statements as or from risks discussed result expressed factors including the in be forward-looking those and and Actual various filed filed of with to a SEC. the implied by differ reports

We and undertake remind this or these to the update reflect you risk provided call information circumstances. factors urge obligation to we subsequent no that events consider you to on

be be these that should should a statements performance. You of guarantee future not aware considered

call, will is this GAAP to release. both included press non-GAAP GAAP non-GAAP in and measures. during Furthermore, we measures A present financial reconciliation of today's earnings

to over Co-Founder With of it Tim? will Tim Chen, our that, turn now I and CEO NerdWallet.

Thanks, Caitlin.

in ways, last opportunities, underway. our and more XXXX the to well ready on plans We our more capitalize right NerdWallet, year. Nerd's hard are help work thanks is people business, to grow the at new put the started foot, throughout Here this the and on in year

QX. we in finish during achieved share this the the in I of spirit, quarter. lower that XXXX and face revenue in credit underwriting EBITDA adjusted as our am today, In guidance across continued bands a exceeded tightening We to strong proud to

revenue brand building is set and is skews that driven across testament in credit, diverse trusted by SMB towards consumers is the a our prime our a but it that fact consumer with verticals. investment also of resilience of a Some our to

Our verticals land-and-expand of an are each follow-on many easy important those verticals more environments. inversely to to into for challenging becomes other, across appeal us and correlated grow brand's verticals benefit. us multiple allowing even during has to It

a For vertical our created offsetting example, rising in refinancing. has tailwind mortgage the banking environment rate headwinds in

during fiscal verticals the are concerted cards, to headwinds in Whereas strategy. timeframe, them but reflect and pandemic, a also from execute and value creating unemployment across effort credit COVID-XX very of because that they stimulus. increase in benefited monetary These massive I in on our a themselves, tailwinds driving saw short we in results a over NerdWallet but great

growth several and vertical ecosystem a quarter With engagement progress land-and-expand registration steps and building and in single every our we consumers in integration where ended XXXX their money. shop, SMBs trusted manage can journey financial or and learn, platform towards further our pillars, a

reach as as benefit consumers and investments UK, brand. also the building early not in we trusted continued from now our QX, in to Australia. but a well We of business In US QX, only the diversified as our Canada,

Australia, in are confidence in our early While land-and-expand we playbook. efforts have still in we our

consumers surged rate shop QX QX, have years verticals interest investments high-yield another also in banking and we hikes the help Our low more. and accounts a our pay year-over-year triple-digit in environment, QX sustained with in established and quarter After for delivering savings of has to off. of as rate growth continued vertical

over marketplace. the a While new This optimizing at building has auto a control team past work experiences. in-house and these headwinds the vertical a the insurance for hard industry-specific preparing more environment more consumer faced has over on to insurance quarters, return certain normalized gives been NerdWallet several

to a work and plans to growth in this the As insurance QX. drove home success year-over-year environment, normalizing insurance XX% extend The team of life result our this and [indiscernible] marketplaces.

Similarly, we initiatives. our confident vertical feel in integration ongoing

XX% growing while growth continuing the outperform, meet their year-over-year team as paid Our our of invested reach, their in needs. and SMB vertical organic to base to installed financial continued with SMBs help

integrated OTB We the have primarily On our loans or Barrelhead, verticals. with

We tighten broadly rates interest continue headwinds acquired with underwriting across a our organic business, in lenders line industry are facing anticipation loans and to as and including verticals, rise of in the slowdown.

in remains team loans experiences macro the vertical, of insurance our investing advance in customer committed with recovery. As to the

have rate technology eventual positive we look updated matching we us These the users will saw QX, loans well continued match the personal double macro recovery, integration in directed the XXXX. of improvements helped our us forward an to loan the flow. are enhancements OTB's improvements and when that In signals for and bring from integration position continued further vertical through

drive for and continue insights. registration efforts our enabling to with our also We make in to users rates content repeat drove NerdWallet personalization trusted our nudge data, collect in help relevant optimizations, e-mail campaigns. by visits, improvements engagement strides and us and that financial ecosystem personalized click-through Through will power we

which provide Within to with curated seen of relevant on with engagement team the have user topics courses content users the registered we our and to dashboard, our financial registered guidance. they're expand strong interested registered These plans also also provide launched courses, trusted in. users catalog

Consumers advantage prefer underpins past this SMBs competitive and all trust of NerdWallet. Our quarter. our know, achievements increasingly trust and consumer

our have We particularly through thoughtfully marketing. trust, in invested brand this building

we December as on typically brand launched campaign, durable brand brand in we we including are sports brand on which well late QX, results. ever In prior where to with campaigns continued sponsorships. quarter achieved building national measures, our this newest highest tactics, as new Our a campaigns, pulled our back deliver awareness and

growth less plan XXXX. the in investment expect to with brand given we first in continue will year. seen large-scale increase the As And will cadence investment recent results during quarter, that we've brand, of be you our last we running quarters three discussed of our far, in the the campaigns so should while than

they provide offering. continue to we our deposit revised institution changed for their make value also consumers, our accordingly. team Financial decisions and a they the account when recognize QX, rating In content financial star institutions

the Knowing institution all continue of the months to we for the have and sharing look to value consumers business I These reversed more SMBs, product not but the ultimately ratings the offer weight tremendous will and results course to to only we've strength provide with consumers. a speak and forward to consumers, built, come. competitive the in also our

it Clair, to the In performance share about I'll to QX. pass our in St. NerdWallet's CFO, more Lauren financial meantime,

EBITDA of our and expanding year throughout Thanks base. maturing Tim. We're incremental a delivered we exceeding financial every our commitments as execution cost result margins adjusted of past proud in this our quarter the and

QX year high delivered XX% revenue, year-over-year revenue $XXX guidance. and our finished increase We the above of XX% a the versus of in million We with XXXX. $XXX up million, end

we've we credit While quarter the success cards our growth the vertical, commentary focus encouraged full strength as our on banking of as mortgages. we year performance, are in well able pressure achieve offsetting today's by such long highlighting fourth will and years' to SMB in been be as saw areas in the

will tailwinds to from of for growth We remain will business and individual continued of future expand diversification ability that time-to-time, on areas our for the impact level we to know us years provide certain in factors that that come. but our macroeconomic confident our

growing delivered performance quarter Now, at year-over-year. QX let's within take $XX cards million, of a category. during Credit revenue revenue XX% the deeper each the look

cards in resilience also is vertical normalized we Our and seasonal QX and reflects credit shown believe has sustainable a what cadence. growth

While consumer monitor the still feels health. we good shape, market in continue to

to our important and the providing in near-term. that guidance on key to inform help industry on eye the our most as the products focus unemployment, might site such are where are keeping Our and trend metrics,

cards Loans XX% QX of year-over-year. $XXX of million, declining million $XX For growing the full XX% year, credit year-over-year. revenue delivered generated revenue,

the acquisition vertical personal mortgage that OTB. addition was saw from another the but rate interest increasing heightened due environment, pressure loans of our recent Our in quarter of decline growth of offsetting to

macro mentioned, us we landscape, recovers. Tim loans continue in current the when make environment outsized of revenue our investments market As set verticals gains may immediately will the in but share key that take areas to drive up not and to

million delivered declining loans year, XX% revenue, full the of For $XXX year-over-year.

verticals finished other $XX million, with QX of growing year-over-year. Finally, XX% revenue

ability year-over-year integration are vertical the opportunity. SMB and vertical our team's that showcase immense grew XX% has Our we to strategy of proud

over in interest, consumer driven consumers. the we grew as interest were acceleration XXX% rising and environment saw able year-over-year capture high-intent rate an by Banking effectively to

saw growth banking nearly the corresponding mortgages. fact, in we the in was In decline twice

in after launch auto during And insurance and a revenue due quarter the environment, a to industry pressured macro year to of delivered our following decline revamped record QX recovery. a marketplace our of due vertical insurance growth

full other revenue, For $XXX XX% growing of million year-over-year. year, delivered the verticals

to Moving on profitability. and investments

earned $XX XX%margin. million a of we adjusted QX, EBITDA During at

XXXX a across of were as million of deliver full the a earned For to $XX.X five-point business. versus adjusted XX% all at margin, year, increase able leverage EBITDA our areas we we

fourth full the to final quarter, income expenses press outflows The refer had earnings of to of GAAP GAAP of for contingent $X.X happen we cash acquisitions. of million million, in reconciliation today's to our are consideration net the associated related XXXX includes to expected quarter second XXXX. the non-GAAP Please In $X.X which our release a measures.

provided X% year-over-year. to as strength many impact guidance average for OTB, QX, such across in our to to money users the continue of up NerdWallet questions. million result combined We XX and Growth acquisition a turn travel. monthly their trustworthy the of unique Consumers Nerds banking in of was with areas

headwinds as earlier in and year, from investing current with same We're mortgages macro the still the given environment. seeing pressure the

marketing investments Our continue acquired MUU as brand to we user funnel growth, on growth expect top double performance in revenue to will through down that of and engaging but increased users, we outlook includes drive outpace growth.

financial our outlook. to On

year provide XXXX, As year we look commentary for quarterly uncertainty We and last the that plan guidance know will providing to expectations. to remains. full also we continue we forward qualitative weathered

quarter, $XXX midpoint XX% $XXX the growth the at we deliver to represents range first the expect million, of revenue million in which year-over-year. For to

expect growth from banking during QX. credit contribution see and We cards, insurance to continued

expect For saw to uncertain despite the year, the deliver we macro we what of not revenue to environment, though growth, levels inXXXX. strong the full

provide Let some context. me more

to cards credit levels lapping are recovery. will no as environment, a longer experiencing the is we vertical versus to First, XXXX easier growth COVID healthy the comps rates still but begin related decelerate

term, a move face as don't expect year. we macro the to be we change near bit mortgage comps last And the in comps in as headwinds QX will will Second, throughout while loans from we we toughest easier XXXX. during materially the factors lapped

scales, third, expand will we expect current our to And vertical SMB will that growth. sustainable deliver and this year, triple-digits as offerings drop so rates growth we continue our below

to Moving profitability.

adjusted QX a prior EBITDA XX% year. four-point versus of million revenue at expect increase We in approximately to or of $XX $XX million range the the midpoint,

spend brand that mentioned of where the XXXX, the occur Consistent to previously, what three similar be quarters will with of the we've minimal during the spend we anticipate will brand during cadence with majority our spend fourth. first

result, we increasing margin a margins three for adjusted As EBITDA the yet another annual similar year. a compared be during margin in roughly first QX, higher the quarters to while expect relative to all our

increasing deliver to our margins plan cost as of a We in slowing result base. growth

to XXXX margin EBITDA to adjusted XXXX to be journey levels expect long-term in while We continuation get and our eventually vision. exceed of investing a our back strategically

this we year pragmatic have entered them questions, growth. current to the responsibility being on navigate while knowing and eyed environment, revenue clear about We to deliver all help macroeconomic our the opportunities profitable their to optimistic financial consumers

With that, we're questions. Operator? ready for

first Sandler Please Thank I our line you. ahead. comes [Operator of question Ross Instructions] go the from show Barclays. from And

users of users. kind registered side? of seems First users Can for you of proxy converging. revenue on in tend for see is trending? are or Congrats overall And the a like is good compared growth guys. what How questions? leading a just those XX% indicator ask I two the on kind It Hey is a regular engagement quarter. decent registered to to on two that

you why rates late? question. significantly? think biggest allowing are much then of factors from the So, so on guys you the that And growth are them do be that, Credit do outperform first think overall similarly to diverging Karma your that so are you would What

you do as just was lot. up is fourth the Thanks in about a question obligatory we That triple-digits ahead the marketing. of running revenue. second quarter think another XXXX? How that through move performance The

take up to user this as registration Throughout year-over-year. a the users, which I'll ending helped growth XX been Yes, us first past there, year, cumulative the registered focus one. is area, year we've and XX% drive prioritizing really million with that's

integration We're more also OTB registrations. of and the to benefits driving starting the even see

driving to we're data. personalization what that, seeing personalization engagement key So, unsurprisingly, drives is the first-party is and

And all so that's about registration.

on provides product QX, from registration curated which in. financial throughout development launched we're improving topics on registered perspective, nudges, improving courses during And so and personalized on things the they're like a with ramps users content site, we've those interested

in growth going really yes, growth, think about and There continue registered that some takes think to revenue growth. that can registered we puts in was year-over-year which registered outpacing is XXXX. continue and XX% So, user expect to we in but up our I be the relation users user to there,

In the some industry, going is factors super the upmarket with in revenue other and people have to relative others. mix of prime. or We're that terms two divergence Credit we Karma skews prime our on. more really One

I the then guess factor wide verticals. we're across And pretty that second of is a variety diversified

And our them banking the are to some credit of like inversely correlated business. cycle

part that marketing. question of And performance I'll take regarding the second

which diversify a taking reminder, a just into organic step back traffic allowed channels performance through as time us XX% other like So, our brand. comes marketing to channels, and of and over has

on we dial returns. expense conversion spend. more pricing, or variable a depending as up in when better And marketing to see with we performance lean efficient down about thought we're the always that or We've can able

more to starting to of proactively think as And engagement marketing a connect end more our we're smart I as to data, seamless as we an to initiatives. money registration moves. nudge first-party more our view performance and importantly, registration users we experiences, make able means create part

we users us during opportunities we continue were continue where to able similar you expect that to pace these lean should And growing of channels. and recent QX, in. In investing to see XXXX, through

question Justin line go ahead. Thank you. comes KeyBanc. Patterson from show And from our I the Please next of

Great. Thanks. I if can. Two

the improve personalization, take benefit across levers the how I an whether one we've yet? that the hear OTB just would of Just I personalization of key rest to building conversion proceeding? off update place was portfolio. with there to love is the on of know just acquisition, seen And that integration

And been a there's then chat talk of there. secondarily, lot about out

trust NerdWallet even curious becomes opportunity the I'm you. potential for bot a time? threat So, thank whether over or

that take one. I'll Yes,

our thesis that can like M&A as shopping we general So, a brand best-in-class reminder, experiences is reach OTB. these our and pair top-of-funnel with

acquisition the very promising. of components key the So, thesis look

rate a most integrating we're in we're larger seeing people us serving from improved match those loans previously. their mentioned, for coming flow. seeing technology we're That consumers registering and we now So, And as gives lot lot we're were with going conversion than notably, to of I a the a our personalized where, through personal more terms forward. more audience, nudges work double

of going than the the macro into is yes, That more loans said, for challenging we anticipated half second XXXX.

well. still through components certain we're working integration as So, of

kind NerdWallet about of that's the headwind. OTB But of all taking So, consideration, into go that a we into a especially in super what positive will to recovery. more as contribute long-term,

Yes.

AI terms chat a teams for terms There engineering. for and In using some see are chat the risks benefits of NerdWallet. AI in content opportunities we both as tool like of obvious and productivity question,

thinking think NerdWallet the is engines. AI affects back think stepping I consumers relevant to by search how more to and we future And really chat of do. trying about that about are what

a you might be factual engine go quick might a answer you to nuanced for a also more looking find answer. search today, So, to or

answers, temperature engine you outside, search the gives like immediately. what's answer an for quick the So,

often For you data seek more a you those more a subjectivity answers, nuanced involved and why trust might needed. you then turn a brand first out there's to. have go And to and search know engine don't if and that's

the got think about marketplaces you to too. then And dynamic of really Internet

to the and in bank increases that's for marketplace Tuesday for machine that it loan time, example, factored at a And do real a the you're not if instantly. model can be looking right? something learning on X:XX A.M. So, needs into rates

about futuristic we extend this, the being if able chat do. of as search to now look think AI can forward part what So, to I

about for nobody wrap because commercial songs a example, So, plans XXX web create for a not it's to incentive has nobody searches great because that page that. website for

So, you'll these result off than especially a training bespoke to engine, and better if get search AI where frequently a there's chat much of. asked questions good a are from set work

to NerdWallet. one-on-one, in a you of financial adviser's have assets it's And Today, justify opportunity so for the to about we need of thousands expensive. hundreds as investable think time dollars

have views, chat a it human or can than a opinion, or And and response cost trained first-party provide a data and much marketplace can data AI so house lower an a at NerdWallet's on this it and see drive very say personalized our serve we days, of lower money very question democratization audience an cost I'd it's early to ways. So, help, all-in-all, this bespoke opportunity in new can and right? as

Thank Great. you.

Thank show our from Youssef I you. Please go Truist. Squali question And the from ahead. next comes line of

here. much. questions very you Thank Great. of A couple

a little what maybe First, just elaborate the business. on you're can insurance seeing more you on

I the there. actually turned think you've corner

in it was QX. XX% I think year-on-year up

there kind launching is just kind two about that of of the on talked it kind of you've expand what the products. house across far? Can of or marketplace. are insurance, experience your board one spots a you kind so And or within bright You new seen,

card Can to of And credit that of you. how Thank just just revenues be speak then on were much tightening seasonal the sequentially. And down credit softening you maybe versus out demand? the may maybe there? level

Yes.

the take Okay. first one. Yes. I'll

the facing and the from So, a that fix car expensive or all supply about to chain others, house, we spent or past headwinds insurance in a issues, right? making year or it you've fix heard inflation so same replace more

user we this in marketplaces And That insurance. to home follow-up time, personalized and rates. But about responses and marketplace going soon conversion life during enhanced experience, all was with increasing giving we're improving experience. the more that launched

that that here. So, drove the successful, and success was

are into excited and how things So, we will made investments -- about as recover downturn us the looking going things XXXX. really that the help during strong

right environment now card for comment quarter-over-quarter. overall. cards the then want just color credit if add seeing maybe you of credit you're and sort on to Maybe And the Yes. Tim, I'll on performance more what

One of improvements lows the product. we the XXXX. cards performing conversion from the pricing credit recovery over And talked about two we've our well COVID. course of we've talked about the that made been things. within talked that about And second piece was We've has incredibly

those around we little move expectation as the continue off talked going and as we of level are again, that, getting year we lots credit bit about and from XXXX. headroom opportunity, to pricing the improvement a we improvements. that lots is cards of of pricing in is so And with expect this and will there, improvement that But still into we growth the product

I'd there surprises no expectation unemployment cards, and In points weak terms of a traditionally loan scenario. pretty up, course healthy a and prime basis for in of yes, out it's QX there's yes, a seasonally about throughout environment is seasonality, low more so kind And there. of broadly, credit officers XXXX case as from say the increasing broad XXX

don't we those kind we're in assuming go with far so expectations. levels, And too to beyond line our be expecting of

Okay, Thanks great. and contrast.

Thank Faucette of from I from next question ahead. line Please comes Morgan show And Stanley. our the James go you.

Lauren, see Hi given excess the I'm are a recovery what but note has Congrats being mentioned system? particularly in comp, lot for Tim know I specifically, of XXXX mortgage has and of on bank it's quarter. general we that on Lauren, potentially capacity some mortgage from your you the Infante Michael the the the QX in the the executives of to started extent James. toughest been perspectives may drained already

also it prepared of over remarks, from some to reiterate my maybe perspective. I'll my give Yes, his hand then Tim to and commentary I'll

not we bad. mortgages a to the this We're ago year. the of said, quite really expect not of around in environment any the environment as this this comps QX So, of change tough have as expecting year, macro massive for still sort rest year yes, to relative in was we when

it's are macro And volumes refi for are just challenging rates guess add, Yes. low, both interest purchase, a environment and I high. I'd

as slowdown the comparison new our this It's and opportunity equity an using here landing continue we've partners. home marketplace. a part in but our in really we're business spirit of really to today, small invest and expanding, of So, tools to onboard launched

longer view Lauren it's to mentioned. our so And incorporates be as really the term going that challenging, outlook

So, yes.

dollars you've secondly, Thanks your an seen a earlier bit of we've about is marketing given spend across I acceleration variety the your wanted partners now but dig deeper asked outperformance that. but that a relative sort base perhaps one that know the previously, little we're that to user of Ross for I And maybe talked previously. about of marketplaces consolidating in Understood. platform just quality financial on competitors, allocating vis-à-vis the in of

Yes.

driver much -- accelerated has the been I'd primary been and just in So, just sub-prime near-prime characterize is than deterioration has prime. the more really

would think typically driving I in cycle that's you beta. something that's a credit and see probably probably normal a higher

in the I 'reinvesting the But first we the product our like, for one really our major loans experience has our course, probably think, OTB up in search, is of leveled personal example. and experiences Yes, driver. integration,

Great. Thanks guys.

Kelly the Thank from show from I comes you. And of Please go ahead. Oppenheimer. line next Jed question

for taking Hey, great. Thanks my questions.

to Just going back insurance.

has probably I lot a always mentioned experience. the it's think of competitors, of and been typically sell hard You new consumer your phone I mean product some to insurance calls. a that's

on touch sort you're see you enough just separately that you like of can break consumer one becoming experience where out could where that So, disrupting do And the you insurance. day? segment in think a you big

Yes.

So, question. course, of about time mean, we that's something I the all experience. terms think user of in great

And right? in conversation our drive is leveraging can better like than to brand things so that internally, of brand experience conversion rates, terms we while trust our user parity do and often, the

of without And I -- an with lot the promising. a those yes, iterations have so specifics, were drive results getting And trying the mean, in-house been into pretty to experience. we're

the part question Yes, around that out. I'll second of take it breaking

disclosure. It's cards. credit we have increased As categories with three you revenue know,

loans, have have Insurance today other other verticals. We that we and verticals. the within

externally. that are right will of is provide looking continue always right making sub are now, disclosing and we verticals we at the sure that to we For that but the disclosure, information that level plan

evaluate continue that. we'll so to And

Thanks. a follow-up. And then just

generated products acquisition lot update us give Barrel add you to on want or On platform? obviously opportunities most the of the recent. with past would the being your to potential any synergies an a you acquisitions NerdWallet Can You've

Sure. Yes.

where quite right? is through user we're advisers, find with is variety So, tend like and these humans to complexity, M&A been at a general our brand reminder, converting wide has Just help trying there experiences, you things. where looking areas transactions of agents see and brokers opportunities a better reach to and people thesis where quick you match so

trying be disciplined capital and perspective about next. opportunistic take we to allocation Just on what a from

Thank you.

I ahead. question Blair. Please comes William And go you. line Ralph Thank next from of from show the our Schackart

Thanks Good question. for the taking afternoon.

Just know on other you're launch, but very signs I that to that are stages? would very, there? curious it's Australia early, what similar just And markets, launch how seeing the compare

thinking to a more just about are broadly, markets? And follow-up. other how the opportunity you compared And have then I'll

Yes.

set, and just We given have right? to like priority, existing So, US to vertically trust. is the reach market. level integrate It's I ordinary a and mean, just so our brand US huge land-and-expand we room our traffic feel the and much within

the In terms of see, running Australia, familiar it's like with early. similar hopefully, feels areas. and as we'll playbook. familiar you Canada. in It's market. the yes, a giving really of something updates It to, we excited priority early We're feels And we're repeat these is very for the very progress US example, market. days keep But of US a real to the just

the loan I positive potentially think in about some macro. call an also you the signals improving talked improving experience the just letter. on And Great. talked then -- or you segment, about consumer shareholder before And in investing about on

there. color seeing? could there that you provide What you're signals positive the more curious are some Just if

terms in be -- for pretty we're clear, outlook of to macro. have yes, the So, we XXXX a muted

largely to their are on both their think loan underwriting the We year. rising into pricing We that's officers unemployment throughout pricing. what models keep expect and

in about recovery baking much not a So, there. optimism

prime. or just a those if beta the with from Yes, downside But deviate then towards we we others, bit the lower could regards on think to see margin. expectations, we're given upside skew I

Okay. Thank you.

our I comes from question Please Thank the Radomski Citi. line from next And you. Nicolette [Operator Instructions] of show ahead. go

be removal this -- Thanks personal Goldman's Nicky to Citi question. for taking would space? you. an my Research. Radomski you you do for Thank markets or quantity of Have see regarding lending the Hi, impact details timing expect is Any in Christiansen, helpful. Peter from

the didn't repeat We very -- it you clearly. question? across Could didn't come

be Sorry. or regarding in Have details the removal lending quantity markets an you Any impact you Goldman's would to from space? expect or do timing personal see of helpful.

Right. Yes.

see about that different the Okay, Yes, lenders market. I out within got pulling we of few a way so personal bands competing think in and the pretty I think right? going players -- loans into the credit it. the do is frequently, there's would space. bands space

in you three, near or five typically example, lenders have prime for prime, So the cetera. super the, four, two, et and

So, options any tend the one sure set have the and impact huge in doesn't marketplace and pulling the lender make that. tried out the or on we're really options right just coming We presenting a overall. to to consumer to balance of

Makes sense. Thank you.

for Thank turn call I'm management remarks. time, back At showing over the closing no further this questions queue. to to in you. I'd like the

All all. right. Thanks

made Before to we wrap-up, I possible. which work hard thank want be sure to these results the Nerds for their

by our plans the and achieved, opportunities a really progress on us financial year to for As XXXX, reflect made, encouraged we've and as the I'm the we've this I performance result. past available

around we our this driving and to Looking of clarity will environment engagement, moment plan specifically life's all challenge and for ahead, financial focus, meaningful we ingenuity, Thankyou. with consumers decisions. quickly, continue this know providing and iterating investments, to SMBs and meet financial

today's call. This conference concludes Thank Thank for you you. participating.

may You now disconnect.