Nextdoor Announces Fourth Quarter and Full Year 2022 Results
Nextdoor Holdings (NYSE: KIND) reported a 4Q 2022 revenue of
- Weekly Active Users increased 11% year-over-year to 40 million in 4Q 2022.
- Full year revenue rose 11% year-over-year to $212.8 million.
- Cash, cash equivalents, and marketable securities totaled $583.3 million.
- 4Q 2022 revenue decreased to $53.3 million from $59.3 million in 4Q 2021.
- Net loss for 4Q 2022 widened to $33.4 million from $29.3 million in 4Q 2021.
- Adjusted EBITDA loss increased to $17.1 million in 4Q 2022 from $7.8 million in 4Q 2021.
- Full year net loss increased to $137.9 million from $95.3 million.
"In the fourth quarter of 2022, Weekly Active Users (WAU) grew
-
Total Weekly Active Users (WAU) increased
11% year-over-year to 40.0 million. -
Revenue was
$53.3 million $59.3 million -
Net loss was
$33.4 million $29.3 million -
Adjusted EBITDA loss was
$17.1 million $7.8 million
-
Total Weekly Active Users (WAU) increased
21% year-over-year. -
Revenue increased
11% year-over-year to$212.8 million -
Net loss was
$137.9 million $95.3 million -
Adjusted EBITDA loss was
$75.5 million $43.7 million -
Cash, cash equivalents, and marketable securities were
$583.3 million December 31, 2022 .
For more detailed information on our operating and financial results for the fourth quarter and full year ended
|
Three Months Ended |
|
Percent Change |
|
Year Ended |
|
Percent Change |
||||||||||||||
(in thousands) |
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||
Revenue |
$ |
53,270 |
|
|
$ |
59,327 |
|
|
(10 |
) % |
|
$ |
212,765 |
|
|
$ |
192,197 |
|
|
11 |
% |
Loss from operations |
$ |
(36,331 |
) |
|
$ |
(29,265 |
) |
|
|
|
$ |
(144,204 |
) |
|
$ |
(94,806 |
) |
|
|
||
Net loss |
$ |
(33,408 |
) |
|
$ |
(29,323 |
) |
|
|
|
$ |
(137,916 |
) |
|
$ |
(95,325 |
) |
|
|
||
Adjusted EBITDA(1) |
$ |
(17,122 |
) |
|
$ |
(7,840 |
) |
|
|
|
$ |
(75,471 |
) |
|
$ |
(43,659 |
) |
|
|
||
(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 |
|
Year Ended |
||||||||||||
(in thousands) |
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net loss |
$ |
(33,408 |
) |
|
$ |
(29,323 |
) |
|
$ |
(137,916 |
) |
|
$ |
(95,325 |
) |
Depreciation and amortization |
|
1,487 |
|
|
|
970 |
|
|
|
5,656 |
|
|
|
4,172 |
|
Stock-based compensation |
|
17,463 |
|
|
|
20,543 |
|
|
|
64,420 |
|
|
|
47,514 |
|
Interest income |
|
(3,957 |
) |
|
|
(91 |
) |
|
|
(9,304 |
) |
|
|
(177 |
) |
Provision for income taxes |
|
1,293 |
|
|
|
61 |
|
|
|
1,673 |
|
|
|
157 |
|
Adjusted EBITDA |
$ |
(17,122 |
) |
|
$ |
(7,840 |
) |
|
$ |
(75,471 |
) |
|
$ |
(43,659 |
) |
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006300/en/
Nextdoor Investor Relations:
ir@nextdoor.com
or visit investors.nextdoor.com
Nextdoor Media Relations:
press@nextdoor.com
Source:
FAQ
What were Nextdoor Holdings' 4Q 2022 financial results?
How many Weekly Active Users did Nextdoor have in 4Q 2022?
What was Nextdoor's full year revenue for 2022?
What is Nextdoor's net loss for 2022?
