NERDWALLET, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
NRDS$7.89-31.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001625278-25-000114
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001625278-25-000130
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 85 current paragraphs.
57 unchanged; 25 reworded; 3 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Net income increased $26.2 million for the three months ended September 30, 2025, and was $34.7 million for the nine months ended September 30, 2025 as compared to a net loss of $8.2 million for the nine months ended September 30, 2024, primarily driven by increases in income from operations of $27.8 million and $45.1 million for the three and nine months ended September 30, 2025.
Current report
Non-GAAP operating income increased $18.4 million, or 81%, and $40.5 million, or 132%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily driven by increases in income from operations of $27.8 million and $45.1 million, respectively, partially offset by $7.8 million of restructuring charges for the three and nine months ended September 30, 2024.
Current report
Adjusted EBITDA increased $16.3 million, or 44%, and $31.2 million, or 41%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily driven by increases in net income of $26.2 million and $42.9 million, respectively, Additionally, adjustments to reconcile adjusted EBITDA to net income decreased $9.9 million and $11.7 million for the three and nine months ended September 30, 2025, primarily reflecting $7.8 million of restructuring charges for the three and nine months ended September 30, 2024 and decreases of $2.0 million and $6.1 million in stock-based compensation.
Removed paragraphs (3)
Previous report
We had net income of $8.2 million and $8.4 million for the three and six months ended June 30, 2025, as compared to net losses of $9.4 million and $8.3 million for the three and six months ended June 30, 2024, respectively, primarily attributable to income from operations of $10.7 million and $11.4 million for the three and six months ended June 30, 2025, as compared to losses from operations of $9.6 million and $5.9 million for the three and six months ended June 30, 2024, partially offset by a $2.2 million increase in income tax provision for the three months ended June 30, 2025.
Previous report
We had non-GAAP operating income of $20.7 million for the three months ended June 30, 2025 as compared to a non-GAAP operating loss of $2.7 million for the three months ended June 30, 2024, while non-GAAP operating income increased $22.1 million, or 281%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The changes in non-GAAP operating income are primarily attributable to income from operations of $10.7 million and $11.4 million for the three and six months ended June 30, 2025, as compared to losses from operations of $9.6 million and $5.9 million for the three and six months ended June 30, 2024, partially offset by decreases of $2.0 million and $3.1 million in capitalized internally developed software costs.
Previous report
Adjusted EBITDA increased $19.3 million, or 135%, and $14.9 million, or 37%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily attributable to net income of $8.2 million and $8.4 million for the three and six months ended June 30, 2025, as compared to net losses of $9.4 million and $8.3 million for the three and six months ended June 30, 2024, respectively. Additionally, adjustments to reconcile adjusted EBITDA to net income increased $1.7 million for the three months ended June 30, 2025 and decreased $1.8 million for the six months ended June 30, 2025, primarily reflecting decreases of $2.1 million and $4.1 million in stock-based compensation, partially offset by the impacts of decreases of $0.7 million and $1.3 million in net interest income, increases of $0.5 million and $1.2 million in depreciation and amortization, and, for the six months ended June 30, 2025, a $2.2 million increase in income tax provision.
Reworded paragraphs (25)
Previous wording
As a personal finance website, app, and financial service provider, NerdWallet provides consumers—both individuals and SMBs—with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., United Kingdom, Canada and Australia.
Current wording
As a personal finance website, app, and financial service provider, NerdWallet provides consumers—both individuals and SMBs—with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., United Kingdom and Canada.
Previous wording
We had income from operations of $10.7 million and $11.4 million for the three and six months ended June 30, 2025, as compared to losses from operations of $9.6 million and $5.9 million for the three and six months ended June 30, 2024, respectively, driven by increases in revenue of $36.3 million and $83.6 million which were partially offset by increases of $16.0 million and $66.3 million in operating expenses, primarily attributable to increases of $21.9 million and $73.7 million in sales and marketing expenses, partially offset by decreases of $4.8 million and $8.7 million in research and development expenses.
Current wording
Income from operations increased $27.8 million, or 420%, and $45.1 million for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily driven by increases in revenue of $23.8 million and $107.4 million. Operating expenses decreased $4.0 million for the three months ended September 30, 2025 and increased $62.3 million for the nine months ended September 30, 2025, primarily attributable to increases of $7.2 million and $80.9 million in sales and marketing expenses, partially offset by decreases of $7.3 million and $16.0 million in research and development expenses. Additionally, cost of revenue decreased $2.4 million for the three months ended September 30, 2025 and increased $3.3 million for the nine months ended September 30, 2025.
Previous wording
Revenue increased $36.3 million, or 24%, and $83.6 million, or 27%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily reflecting growth in Insurance products and Emerging verticals revenues, partially offset by lower Credit cards revenue.
Current wording
Revenue increased $23.8 million, or 12%, and $107.4 million, or 21%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily reflecting growth in Insurance products, Emerging verticals revenues, and Loans, partially offset by lower Credit cards revenue.
Previous wording
Insurance revenue includes revenue from consumer insurance products, including auto, life and pet insurance. Insurance revenue increased $25.2 million, or 86%, and $77.8 million, or 153%, for the three and six months ended June 30, 2025, respectively, driven by strong growth in auto insurance products revenue as carriers expanded budgets.
Current wording
Insurance revenue includes revenue from consumer insurance products, including auto, life and pet insurance. Insurance revenue increased $2.2 million, or 3%, and $80.0 million, or 67%, for the three and nine months ended September 30, 2025, respectively, driven by strong growth in auto insurance products revenue for the nine months ended September 30, 2025 as carriers expanded budgets.
Previous wording
Credit cards revenue consists of revenue from consumer credit cards. Credit cards revenue decreased $11.3 million, or 25%, and $23.3 million, or 24%, for the three and six months ended June 30, 2025, respectively, primarily due to continued pressures in organic search traffic that have persisted for multiple quarters.
Current wording
Credit cards revenue consists of revenue from consumer credit cards. Credit cards revenue decreased $11.2 million, or 25%, and $34.5 million, or 24%, for the three and nine months ended September 30, 2025, respectively, primarily due to continued pressures in organic search traffic that have persisted for multiple quarters.
Previous wording
SMB products revenue includes revenue from loans, credit cards and other financial products and services intended for small and mid-sized businesses. SMB products revenue decreased $1.1 million, or 4%, and $2.6 million, or 5%, for the three and six months ended June 30, 2025, respectively, primarily due to pressures in organic search traffic.
Current wording
SMB products revenue includes revenue from loans, credit cards and other financial products and services intended for small and mid-sized businesses. SMB products revenue decreased $4.2 million, or 15%, and $6.8 million, or 8%, for the three and nine months ended September 30, 2025, respectively, primarily due to continued pressures in organic search traffic.
Previous wording
Loans revenue includes revenue from personal loans, mortgages, student loans and auto loans. Loans revenue increased $5.8 million, or 27%, and $8.4 million, or 20%, for the three and six months ended June 30, 2025, respectively, primarily due to increases of 29% and 19% in personal loans revenue, respectively, and 32% and 28% in mortgage loans revenue, respectively, as we continue to integrate our acquisition of Next Door Lending LLC (NDL) in October 2024.
Current wording
Loans revenue includes revenue from personal loans, mortgages, student loans and auto loans. Loans revenue increased $15.8 million, or 66%, and $24.2 million, or 36%, for the three and nine months ended September 30, 2025, respectively, primarily due to increases of 91% and 42% in personal loans revenue, respectively, and 60% and 39% in mortgage loans revenue, respectively, as we continue to integrate our October 2024 acquisition of Next Door Lending LLC (NDL).
Previous wording
Emerging verticals revenue includes revenue from other product sources, including banking, investing and international. Emerging verticals revenue increased $17.7 million, or 64%, and $23.3 million, or 35%, for the three and six months ended June 30, 2025, respectively, primarily driven by increases of 79% and 46% in banking revenue, respectively, due to higher demand for banking products.
Current wording
Emerging verticals revenue includes revenue from other product sources, including banking, investing and international. Emerging verticals revenue increased $21.2 million, or 83%, and $44.5 million, or 49%, for the three and nine months ended September 30, 2025, respectively, primarily driven by increases of 96% and 60% in banking revenue, respectively, due to higher demand for banking products.
Previous wording
Cost of revenue increased $1.7 million, or 11%, and $5.7 million, or 19%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increases of $0.7 million and $3.7 million primarily related to third-party service charges, and $0.6 million and $1.4 million in amortization expense related to capitalized software development costs.
Current wording
Cost of revenue decreased $2.4 million, or 13%, for the three months ended September 30, 2025, primarily due to decreases of $1.4 million in amortization expense related to capitalized software development costs and $1.0 million related to third-party service and data charges. Cost of revenue increased $3.3 million, or 7%, for the nine months ended September 30, 2025, primarily due to a $3.4 million increase related to third-party service and data charges.
Previous wording
Research and development expenses decreased $4.8 million, or 21%, and $8.7 million, or 20%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily attributable to decreases of $4.3 million and $8.4 million in personnel-related costs, respectively, for our engineering, data and product management personnel and contractors.
Current wording
Research and development expenses decreased $7.3 million, or 31%, and $16.0 million, or 24%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily attributable to decreases of $1.9 million and $10.3 million in personnel-related costs, respectively, for our engineering, data and product management personnel and contractors, as well as a $5.6 million restructuring charge in the three and nine months ended September 30, 2024.
Previous wording
Sales and marketing expenses increased $21.9 million, or 21%, and $73.7 million, or 34%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily due to increases of $30.0 million and $73.0 million in performance marketing expenses, respectively, as well as a $6.7 million decrease in brand marketing expenses for the three months ended June 30, 2025.
Current wording
Sales and marketing expenses increased $7.2 million, or 6%, and $80.9 million, or 24%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily due to increases of $12.9 million and $85.9 million in performance marketing expenses, respectively, partially offset by decreases of $6.8 million and $3.1 million in brand marketing expenses, respectively, for the three and nine months ended September 30, 2025.
Previous wording
General and administrative expenses decreased $2.8 million, or 17%, and $4.4 million, or 14%, for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, respectively, primarily attributable to decreases of $2.2 million and $4.6 million in personnel-related costs, respectively.
Current wording
General and administrative expenses decreased $1.5 million, or 10%, and $5.9 million, or 12%, for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, respectively, primarily attributable to decreases of $0.9 million and $5.5 million in personnel-related costs, respectively, as well as a $1.0 million restructuring charge in the three and nine months ended September 30, 2024.
Previous wording
Other income, net decreased $0.5 million, or 29%, and $1.0 million, or 41%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily attributable to lower interest income reflecting lower interest rates and average cash balances.
Current wording
Other income, net decreased $0.1 million, or 10%, and $1.1 million, or 31%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, primarily attributable to lower interest income reflecting lower interest rates and average cash balances.
Previous wording
The Company’s tax provision for the six months ended June 30, 2025 was determined using an estimated annual effective tax rate which was adjusted for discrete items occurring during the period. The Company’s tax provision for the six months ended June 30, 2024 was determined using a discrete effective tax rate method, as allowed by ASC Topic 740-270, Income Taxes, Interim Reporting, as the Company had determined that small changes in estimated “ordinary” income would have resulted in significant changes in the estimated annual effective tax rate.
Current wording
The Company’s tax provision for the nine months ended September 30, 2025 was determined using an estimated annual effective tax rate which was adjusted for discrete items occurring during the period. The Company’s tax provision for the nine months ended September 30, 2024 was determined using a discrete effective tax rate method, as allowed by ASC Topic 740-270, Income Taxes, Interim Reporting, as the Company had determined that small changes in estimated “ordinary” income would have resulted in significant changes in the estimated annual effective tax rate.
Previous wording
We had income tax provisions of $3.3 million and $4.4 million for the three and six months ended June 30, 2025, respectively, and $1.1 million and $4.8 million for the three and six months ended June 30, 2024, respectively. Our effective tax rate was 28.9% and 34.5% for the three and six months ended June 30, 2025 and (13.7%) and (138.6%) for the three and six months ended June 30, 2024, respectively. Our effective tax rate for the three and six months ended June 30, 2025 differs from the U.S. federal statutory income tax rate of 21% primarily due to discrete items related to stock-based compensation and uncertain tax positions, partially offset by research and development credits. Our effective tax rate for the three and six months ended June 30, 2024 differed from the U.S. federal statutory income tax rate of 21% primarily due to the valuation allowance previously maintained against our net U.S. deferred tax assets and state taxes, partially offset by research and development credits.
Current wording
We had income tax provisions of $9.2 million and $13.6 million for the three and nine months ended September 30, 2025, respectively, and $7.7 million and $12.5 million for the three and nine months ended September 30, 2024, respectively. Our effective tax rate was 25.8% and 28.1% for the three and nine months ended September 30, 2025, and 99.2% and 290.7% for the three and nine months ended September 30, 2024, respectively. Our effective tax rate for the three and nine months ended September 30, 2025 differs from the U.S. federal statutory income tax rate of 21% primarily due to discrete items related to stock-based compensation and uncertain tax positions. Our effective tax rate for the three and nine months ended September 30, 2024 differed from the U.S. federal statutory income tax rate of 21% primarily due to the valuation allowance previously maintained against our net U.S. deferred tax assets and state taxes, partially offset by research and development credits.
Previous wording
On July 4, 2025, the United States enacted tax reform legislation through An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, commonly known as the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. We continue to evaluate the impact the new legislation will have on our condensed consolidated financial statements, and are not able to quantify the impact at this time.
Current wording
On July 4, 2025, the United States enacted tax reform legislation through An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, commonly known as the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. We have incorporated the new legislation into our income tax provision, as applicable, and determined that there was no material impact on our tax provision for 2025.
Previous wording
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” for a discussion of the changes in income (loss) from operations and net income (loss) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024.
Current wording
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” for a discussion of the changes in income (loss) from operations and net income (loss) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024.
Previous wording
As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents of $105.3 million and $66.3 million, respectively.
Current wording
As of September 30, 2025 and December 31, 2024, we had cash and cash equivalents of $120.6 million and $66.3 million, respectively.
Previous wording
More broadly, we also have purchase obligations under contractual arrangements with vendors and service providers, including for certain web-hosting and cloud computing services and advertising, which do not qualify for recognition on our condensed consolidated balance sheets but which we consider non-cancellable. During the six months ended June 30, 2025, there have been no material changes in our purchase obligations as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
More broadly, we also have purchase obligations under contractual arrangements with vendors and service providers, including for certain web-hosting and cloud computing services and advertising, which do not qualify for recognition on our condensed consolidated balance sheets but which we consider non-cancellable. During the nine months ended September 30, 2025, there have been no material changes in our purchase obligations as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Share Repurchase Program: We maintain a plan, authorized by our Board of Directors in May 2023 with subsequent additional share repurchase authorizations as approved by our Board of Directors, under which we may repurchase shares of our Class A common stock (collectively, the Repurchase Program). Subject to market conditions and other factors, the Repurchase Program is intended to make opportunistic repurchases of our Class A common stock to reduce our outstanding share count. Under the Repurchase Program, shares of Class A common stock may be repurchased in the open market through privately negotiated transactions or otherwise, in accordance with applicable securities laws and other restrictions. The Repurchase Program does not have fixed expiration dates and does not obligate us to acquire any specific number of shares. The timing and terms of any repurchases are 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. Additionally, we may, from time to time, enter into Rule 10b-5 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Programs are retired. We expect to fund repurchases with existing cash and cash equivalents. We did not repurchase any shares of Class A common stock during the six months ended June 30, 2025. We paid $0.3 million of excise taxes during the six months ended June 30, 2025 which related to previous share repurchases.
Current wording
Share Repurchase Program: We maintain a plan, authorized by our Board of Directors in May 2023 with subsequent additional share repurchase authorizations as approved by our Board of Directors, including a $50.0 million additional share repurchase authorization announced on September 13, 2025, under which we may repurchase shares of our Class A common stock (collectively, the Repurchase Program). Subject to market conditions and other factors, the Repurchase Program is intended to make opportunistic repurchases of our Class A common stock to reduce our outstanding share count. Under the Repurchase Program, shares of Class A common stock may be repurchased in the open market through privately negotiated transactions or otherwise, in accordance with applicable securities laws and other restrictions. The Repurchase Program does not have fixed expiration dates and does not obligate us to acquire any specific number of shares. The timing and terms of any repurchases are 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. Additionally, we may, from time to time, enter into Rule 10b5‑1 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Programs are retired. We expect to fund repurchases with existing cash and cash equivalents. We repurchased 1.8 million shares of Class A common stock for $19.2 million, including costs associated with the repurchases, during the nine months ended September 30, 2025. Additionally, we paid $0.3 million of excise taxes during the nine months ended September 30, 2025 which related to previous share repurchases.
Previous wording
Warehouse Line of Credit: NDL, a wholly-owned subsidiary, maintains a $15.0 million warehouse line of credit to provide NDL short-term funding for mortgage loans originated for sale. Borrowings under the warehouse line of credit bear interest at the greater of the interest rate of the underlying mortgage loans held for sale or a minimum rate of 6%, and are secured by the underlying promissory notes of the mortgage loans held for sale as well as NDL’s other assets. The warehouse line of credit matures on February 1, 2026. NDL had $11.3 million outstanding under the warehouse line of credit as of June 30, 2025, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The warehouse line of credit requires NDL to comply with certain minimum tangible net worth, liquidity, and insurance requirements. NDL was in compliance with all covenants as of June 30, 2025 and December 31, 2024.
Current wording
Warehouse Line of Credit: NDL, a wholly-owned subsidiary, maintains a $15.0 million warehouse line of credit to provide NDL short-term funding for mortgage loans originated for sale. Borrowings under the warehouse line of credit bear interest at the greater of the interest rate of the underlying mortgage loans held for sale or a minimum rate of 6%, and are secured by the underlying promissory notes of the mortgage loans held for sale as well as NDL’s other assets. The warehouse line of credit matures on February 1, 2026. NDL had $5.8 million outstanding under the warehouse line of credit as of September 30, 2025, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The warehouse line of credit requires NDL to comply with certain minimum tangible net worth, liquidity, and insurance requirements. NDL was in compliance with all covenants as of September 30, 2025 and December 31, 2024.
Previous wording
Net cash provided by operating activities increased $11.3 million in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by net income of $8.4 million for the six months ended June 30, 2025, as compared to a net loss of $8.3 million for the six months ended June 30, 2024, partially offset by a $5.1 million decrease in non-cash charges. The decrease in non-cash charges was primarily due to decreases of $4.1 million in stock-based compensation and $3.2 million in deferred taxes, partially offset by increases of $1.2 million in depreciation and amortization and $0.8 million in other, net.
Current wording
Net cash provided by operating activities increased $30.8 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, driven by net income of $34.7 million for the nine months ended September 30, 2025, as compared to a net loss of $8.2 million for the nine months ended September 30, 2024, as well as a $5.4 million increase in non-cash charges, partially offset by a $17.5 million increase in net cash outflow from changes in operating assets and liabilities. The increase in non-cash charges was primarily due to increases of $11.7 million in deferred taxes and $1.3 million in other, net, partially offset by a $7.6 million decrease in stock-based compensation. The increase in net cash outflow from changes in operating assets and liabilities was primarily due to increases of $10.4 million for accrued expenses and other current liabilities, $5.5 million for accounts payable, $4.2 million for prepaid expenses and other current assets, and $3.6 million for mortgage loans held for sale, partially offset by a $6.7 million decrease for accounts receivable.
Previous wording
Net cash used in investing activities decreased $5.2 million in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to an $8.1 million purchase of an investment in the six months ended June 30, 2024, and a $2.7 million decrease in capitalized software development costs, partially offset by $5.0 million of cash paid for an acquisition.
Current wording
Net cash used in investing activities decreased $4.0 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to decreases of $6.1 million in purchases of investments and $3.5 million in capitalized software development costs, partially offset by $5.0 million of cash paid for an acquisition in the nine months ended September 30, 2025.
Previous wording
We had net cash provided by financing activities of $8.9 million for the six months ended June 30, 2025, as compared to net cash used in financing activities of $0.4 million for the six months ended June 30, 2024, with the change primarily due to $8.7 million of short-term borrowings under a warehouse line of credit and $1.0 million from issuance of Class A common stock under our Employee Stock Purchase Plan, both during the six months ended June 30, 2025, partially offset by a $1.8 million decrease from exercises of stock options.
Current wording
Net cash used in financing activities decreased $48.6 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a $50.3 million decrease for repurchases of Class A common stock and $3.3 million of short-term borrowings under a warehouse line of credit, partially offset by a $4.5 million decrease from exercises of stock options.
Previous wording
During the six months ended June 30, 2025, there have been no material changes in our critical accounting policies as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
During the nine months ended September 30, 2025, there have been no material changes in our critical accounting policies as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.