- Added record number of organic Verified Neighbors for the
second consecutive quarter; Exceeded 88M Verified Neighbors at
year-end 2023
- Q4 WAU of 41.8M increased +5% year-over-year and +3%
quarter-over-quarter, with further growth expected in Q1
- Board approved a $150M increase to existing share repurchase
program
Nextdoor Holdings, Inc. (NYSE: KIND) today announced results for
the fourth quarter and full year ended December 31, 2023.
"Nextdoor ended the year with renewed strength and positive
momentum. Fourth quarter Weekly Active Users (WAU) grew 5%
year-over-year and 3% sequentially, organic Verified Neighbor
growth set a record for the second consecutive quarter, and we saw
initial benefits from our recent cost reductions," said Nextdoor
CEO Sarah Friar.
"We delivered full year 2023 revenue growth and Adjusted EBITDA
margin improvement, and enter 2024 with a streamlined cost
structure, $531 million of cash and investments on our balance
sheet, user growth momentum, and progress against our ad platform
milestones. Our recently announced $150 million increase to our
existing share repurchase program is further demonstration of our
long-term confidence."
Nextdoor's highlighted metrics for the fourth quarter ended
December 31, 2023 include:
- Total Weekly Active Users (WAU) of 41.8 million increased 5%
year-over-year.
- Revenue of $55.6 million increased 4% year-over-year.
- Net loss was $40.5 million, compared to $33.4 million in the
year-ago period.
- Adjusted EBITDA loss was $14.0 million, compared to $17.1
million in the year-ago period, and reflecting 7 percentage points
of year-over-year adjusted EBITDA margin improvement.
Nextdoor's highlighted metrics for the year ended December 31,
2023 include:
- Total Weekly Active Users (WAU) increased 9%
year-over-year.
- Revenue of $218.3 million increased 3% year-over-year.
- Net loss was $147.8 million, compared to $137.9 million in the
year-ago period.
- Adjusted EBITDA loss was $74.1 million, compared to $75.5
million in the year-ago period.
- Cash, cash equivalents, and marketable securities were $531.1
million as of December 31, 2023.
On February 23, 2024, Nextdoor announced that its Board of
Directors approved an increase to its share repurchase program with
authorization to purchase an additional $150 million of its Class A
common stock through March 31, 2026.
Nextdoor may repurchase shares of Class A common stock from time
to time through open market purchases, in privately negotiated
transactions or by other means, including through the use of
trading plans intended to qualify under Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended, in accordance with
applicable securities laws and other restrictions. The timing and
total amount of stock repurchases will depend upon business,
economic and market conditions, corporate and regulatory
requirements, prevailing stock prices, and other considerations.
Nextdoor's share repurchase program may be extended, modified,
suspended or discontinued at any time and does not obligate the
company to acquire any amount of Class A common stock.
As announced on February 23, 2024, Sarah Friar will resign from
her position as the Chief Executive Officer, and President and
Chairperson of the Board of Directors of Nextdoor. Ms. Friar will
remain at Nextdoor into Q2 2024 to help ensure a smooth transition.
Nirav Tolia, co-founder of Nextdoor, will return to the company as
Chief Executive Officer, President and Chairperson of the Board.
Mr. Tolia will initially serve as the Executive Chair, effective as
of March 18, 2024.
For more detailed information on our operating and financial
results for the fourth quarter and full year ended December 31,
2023, as well as our outlook, please reference our Shareholder
Letter posted to our Investor Relations website located at
investors.nextdoor.com.
Three Months Ended December
31,
Year Ended December
31,
(in thousands)
2023
2022
2023
2022
Revenue
$
55,557
$
53,270
$
218,309
$
212,765
Loss from operations
$
(47,654
)
$
(36,331
)
$
(172,284
)
$
(144,204
)
Net loss
$
(40,530
)
$
(33,408
)
$
(147,765
)
$
(137,916
)
Adjusted EBITDA(1)
$
(14,042
)
$
(17,122
)
$
(74,107
)
$
(75,471
)
(1) The following is a reconciliation of net loss, the most
comparable GAAP measure, to adjusted EBITDA for the periods
presented above:
Three Months Ended December
31,
Year Ended December
31,
(in thousands)
2023
2022
2023
2022
Net loss
$
(40,530
)
$
(33,408
)
$
(147,765
)
$
(137,916
)
Depreciation and amortization
1,413
1,487
5,769
5,656
Stock-based compensation
22,290
17,463
83,025
64,420
Interest income
(7,145
)
(3,957
)
(25,780
)
(9,304
)
Provision for income taxes
42
1,293
756
1,673
Restructuring charges
9,888
—
9,888
—
Adjusted EBITDA
$
(14,042
)
$
(17,122
)
$
(74,107
)
$
(75,471
)
Nextdoor will host a conference call at 2:00 p.m. PT/5:00 p.m.
ET today to discuss these results and outlook. A live webcast of
our fourth quarter and full year 2023 earnings release call will be
available in the Events & Presentations section of Nextdoor’s
Investor Relations website located at investors.nextdoor.com. After
the live event, the audio recording for the webcast can be accessed
on the same website for approximately one year.
Nextdoor uses its Investor Relations website
(investors.nextdoor.com), its X handle (x.com/Nextdoor), its
LinkedIn Home Page (linkedin.com/company/nextdoor-com), and Sarah
Friar’s LinkedIn posts (linkedin.com/in/sarah-friar-922b044) as a
means of disseminating or providing notification of, among other
things, news or announcements regarding its business or financial
performance, investor events, press releases, and earnings
releases, and as a means of disclosing material nonpublic
information and for complying with its disclosure obligations under
Regulation FD.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which are prepared in accordance with GAAP, we present certain
non-GAAP financial measures, such as Adjusted EBITDA, in this press
release. Our use of non-GAAP financial measures has limitations as
an analytical tool, and these measures should not be considered in
isolation or as a substitute for analysis of financial results as
reported under GAAP.
We use non-GAAP financial measures in conjunction with financial
measures prepared in accordance with GAAP for planning purposes,
including in the preparation of our annual operating budget, as a
measure of our core operating results and the effectiveness of our
business strategy, and in evaluating our financial performance.
Non-GAAP financial measures provide consistency and comparability
with past financial performance, facilitate period-to-period
comparisons of core operating results, and also facilitate
comparisons with other peer companies, many of which use similar
non-GAAP financial measures to supplement their GAAP results. In
addition, Adjusted EBITDA is widely used by investors and
securities analysts to measure a company's operating performance.
We exclude the following items from one or more of our non-GAAP
financial measures: stock-based compensation expense (non-cash
expense calculated by companies using a variety of valuation
methodologies and subjective assumptions), depreciation and
amortization (non-cash expense), interest income, provision for
income taxes, and, if applicable, acquisition-related costs.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In particular, (1) stock-based compensation
expense has recently been, and will continue to be for the
foreseeable future, a significant recurring expense for our
business and an important part of our compensation strategy, (2)
although depreciation and amortization expense are non-cash
charges, the assets subject to depreciation and amortization may
have to be replaced in the future, and our non-GAAP measures do not
reflect cash capital expenditure requirements for such replacements
or for new capital expenditure requirements, and (3) adjusted
EBITDA does not reflect: (a) changes in, or cash requirements for,
our working capital needs; (b) interest expense, or the cash
requirements necessary to service interest or principal payments on
our debt, which reduces cash available to us; or (c) tax payments
that may represent a reduction in cash available to us. The
non-GAAP measures we use may be different from non-GAAP financial
measures used by other companies, limiting their usefulness for
comparison purposes. We compensate for these limitations by
providing specific information regarding the GAAP items excluded
from these non-GAAP financial measures.
About Nextdoor
Nextdoor (NYSE: KIND) is the neighborhood
network. Neighbors, businesses of all sizes, and public agencies in
more than 330,000 neighborhoods across 11 countries turn to
Nextdoor to connect to the neighborhoods that matter to them so
that they can thrive. As a purpose-driven company, Nextdoor
leverages innovative technology to cultivate a kinder world where
everyone has a neighborhood they can rely on — both online and in
the real world. Download the app or join the neighborhood at
nextdoor.com. For more information and assets, visit
nextdoor.com/newsroom.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227020537/en/
Nextdoor Investor Relations: John T. Williams ir@nextdoor.com or
visit investors.nextdoor.com
Nextdoor Media Relations: Antonia Gray press@nextdoor.com
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