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Nextdoor Holdings (NYSE: KIND) has announced a share repurchase program, authorizing up to $100 million of its Class A common stock until June 30, 2024. The Board believes this initiative presents an attractive buying opportunity given the current macroeconomic environment and aims to drive long-term value for shareholders. The company plans to repurchase shares through the open market or other methods, depending on various market conditions. This reflects confidence in its growth strategy and market position.
Positive
Authorization for a $100 million share repurchase program may enhance shareholder value.
Repurchase program indicates confidence in Nextdoor's long-term growth potential.
Negative
None.
The program authorizes up to $100 million of Class A common stock to be repurchased
SAN FRANCISCO--(BUSINESS WIRE)--
Nextdoor Holdings, Inc. (NYSE: KIND), the neighborhood network, today announced that its Board of Directors has approved a share repurchase program with authorization to purchase up to $100 million of its Class A common stock through June 30, 2024.
“We are committed to strategically deploying capital to drive long-term value for stockholders. We believe that the current macroeconomic environment, combined with the strength of our balance sheet, presents an attractive buying opportunity for our stock. This plan is a reflection of the confidence we have in our market opportunity and our strategy to invest for long-term growth, which we believe is not reflected in the current market valuation, while creating sustainable value for our stockholders, employees, and neighbors. Nextdoor is one of the most frequently used consumer products fostering a content rich, interactive, and personalized experience for all neighborhood stakeholders and a differentiated platform for advertisers of all sizes,” said Nextdoor CFO, Mike Doyle.
Nextdoor may repurchase shares 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. The authorization expires on June 30, 2024, and may be suspended or discontinued at any time and does not obligate the company to acquire any amount of Class A common stock.
Nextdoor uses its Investor Relations website (investors.nextdoor.com), its Twitter handle (twitter.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.
Forward-looking statements
This press release contains forward-looking statements, including but not limited to, statements regarding Nextdoor’s share repurchase program. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “target,” “aim,” “believe,” “may,” “will,” “should,” “becoming,” “could,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of Nextdoor’s repurchases of Class A common stock, future operating or financial performance or other events. Forward-looking statements give our current expectations and projections relating to our share repurchase program; financial condition; plans; objectives; growth opportunities; assumptions; risks; future performance; business; and results of operations. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements included in this press release relate only to events as of the date hereof. Nextdoor undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission, copies of which may be obtained by visiting our Investor Relations website at investors.nextdoor.com or the SEC’s website at www.sec.gov. These risks and uncertainties include, but are not limited to, our ability or desire to repurchase shares of Nextdoor Class A common stock in the future.
About Nextdoor
Nextdoor (NYSE: KIND) is where you connect to the neighborhoods that matter to you so you can belong. Kindness is core to our purpose: to cultivate a kinder world where everyone has a neighborhood they can rely on. Neighbors around the world turn to Nextdoor daily to receive trusted information, give and get help, get things done, and build real-world connections with those nearby — neighbors, businesses, and public services. Today, neighbors rely on Nextdoor in more than 290,000 neighborhoods across 11 countries. In the U.S., nearly 1 in 3 households uses the network. Nextdoor is based in San Francisco. For additional information and images: nextdoor.com/newsroom.
