How is this Draw?

My opponent had 0.0 seconds left after this move but the computer announced it as draw by timeout and sufficient material. Can anyone please explain what happened:

Thank you.

So he ran out of time but you can not checkmate him with only a king.

it tells you in that 'i' info icon next to the 1/2 1/2 result

So that is why it is a draw

your opponent has only left over with the king with only king no one can checkmate

Timeout and INSUFFICIENT material, not sufficient.

it means the opponent doesnt have sufficient material for checkmating, but you ran out of time. this is a draw and its a rule.