Nextdoor Reports Second Quarter 2024 Results
Nextdoor Holdings (NYSE: KIND) reported its Q2 2024 results. The company achieved revenue of $63 million, marking an 11% growth year-over-year. Total Weekly Active Users (WAU) increased by 8% to 45.1 million. However, the company also reported a GAAP net loss of $43 million compared to $35 million in the prior year. On a positive note, Adjusted EBITDA loss improved to $6 million from $19 million in Q2 2023. The company ended Q2 with $457 million in cash, cash equivalents, and marketable securities. CEO Nirav Tolia highlighted margin improvements and raised the company's financial outlook for the full year 2024.
Nextdoor Holdings (NYSE: KIND) ha riportato i risultati per il secondo trimestre del 2024. L'azienda ha realizzato un fatturato di 63 milioni di dollari, segnando una crescita dell'11% rispetto all'anno precedente. Il numero totale di Utenti Attivi Settimanali (WAU) è aumentato del 8%, raggiungendo 45,1 milioni. Tuttavia, l'azienda ha riportato anche una perdita netta GAAP di 43 milioni di dollari rispetto ai 35 milioni dell'anno scorso. Su una nota positiva, la perdita dell'Adjusted EBITDA è migliorata a 6 milioni di dollari dai 19 milioni del secondo trimestre del 2023. L'azienda ha chiuso il secondo trimestre con 457 milioni di dollari in contante, equivalenti in contante e titoli negoziabili. Il CEO Nirav Tolia ha sottolineato i miglioramenti dei margini e ha aumentato le previsioni finanziarie dell'azienda per l'intero anno 2024.
Nextdoor Holdings (NYSE: KIND) reportó sus resultados del segundo trimestre de 2024. La compañía logró ingresos de 63 millones de dólares, marcando un crecimiento del 11% interanual. El total de Usuarios Activos Semanales (WAU) aumentó en un 8% a 45.1 millones. Sin embargo, la compañía también reportó una pérdida neta según GAAP de 43 millones de dólares en comparación con 35 millones el año anterior. En una nota positiva, la pérdida ajustada por EBITDA mejoró a 6 millones de dólares desde los 19 millones del segundo trimestre de 2023. La compañía terminó el segundo trimestre con 457 millones de dólares en efectivo, equivalentes de efectivo y valores negociables. El CEO Nirav Tolia destacó las mejoras en los márgenes y elevó las perspectivas financieras de la compañía para todo el año 2024.
넥스트도어 홀딩스 (NYSE: KIND)는 2024년 2분기 실적을 발표했습니다. 회사는 6300만 달러의 매출을 달성하며 전년 대비 11% 성장을 기록했습니다. 총 주간 활성 사용자(WAU) 수는 8% 증가하여 4510만 명에 도달했습니다. 하지만 회사는 GAAP 기준으로 4300만 달러의 순손실을 기록했으며, 이는 지난해의 3500만 달러와 비교됩니다. 긍정적인 측면으로는 조정된 EBITDA 손실이 개선되어 2023년 2분기의 1900만 달러에서 600만 달러로 줄어들었습니다. 회사는 2분기를 4억5700만 달러의 현금, 현금성 자산 및 매각 가능한 증권으로 마감했습니다. CEO 니라브 톨리아는 마진 개선을 강조하며 2024년 전체에 대한 회사의 재무 전망을 상향 조정했습니다.
Nextdoor Holdings (NYSE: KIND) a publié ses résultats pour le deuxième trimestre de 2024. L'entreprise a réalisé un chiffre d'affaires de 63 millions de dollars, marquant une croissance de 11 % par rapport à l'année précédente. Le nombre total d'Utilisateurs Actifs Hebdomadaires (WAU) a augmenté de 8 % pour atteindre 45,1 millions. Cependant, l'entreprise a également annoncé une perte nette GAAP de 43 millions de dollars, contre 35 millions l'année précédente. En revanche, la perte de l'EBITDA ajusté s'est améliorée pour descendre à 6 millions de dollars, contre 19 millions au deuxième trimestre 2023. L'entreprise a terminé le deuxième trimestre avec 457 millions de dollars en liquidités, équivalents de liquidités et titres négociables. Le PDG Nirav Tolia a souligné les améliorations des marges et a relevé les perspectives financières de l'entreprise pour l'année 2024.
Nextdoor Holdings (NYSE: KIND) hat seine Ergebnisse für das 2. Quartal 2024 veröffentlicht. Das Unternehmen erzielte Einnahmen von 63 Millionen Dollar, was einem Wachstum von 11% im Vergleich zum Vorjahr entspricht. Die Gesamtzahl der wöchentlichen aktiven Nutzer (WAU) stieg um 8% auf 45,1 Millionen. Allerdings meldete das Unternehmen auch einen GAAP-Nettoverlust von 43 Millionen Dollar im Vergleich zu 35 Millionen im Vorjahr. Positiv ist, dass der Verlust des bereinigten EBITDA sich von 19 Millionen im 2. Quartal 2023 auf 6 Millionen verbessert hat. Das Unternehmen schloss das 2. Quartal mit 457 Millionen Dollar in Bargeld, flüssigen Mitteln und handelbaren Wertpapieren. CEO Nirav Tolia hob die Verbesserungen der Margen hervor und hob die Finanzprognose des Unternehmens für das gesamte Jahr 2024 an.
- Revenue of $63 million, +11% year-over-year
- Weekly Active Users (WAU) increased by 8% to 45.1 million
- Adjusted EBITDA loss improved to $6 million from $19 million year-over-year
- Ending cash, cash equivalents, and marketable securities were $457 million
- GAAP net loss increased to $43 million from $35 million year-over-year
Insights
Nextdoor's Q2 2024 results show mixed signals. Revenue growth of
However, the widening net loss of
With
Nextdoor's Q2 results reveal interesting trends in the social media landscape. The
The
Investors should watch for further improvements in user engagement metrics and revenue per user in future quarters, as these will be important for Nextdoor's long-term success and ability to compete with larger social media platforms.
Nextdoor's Q2 results highlight both progress and challenges in its technology strategy. The improved functionality of the Nextdoor Ads Platform is a positive sign, indicating successful product development efforts. This enhancement likely contributed to the
The
The significant reduction in Adjusted EBITDA loss indicates better resource allocation and operational efficiency. However, the company needs to balance cost management with continued investment in technology and product innovation to stay competitive in the rapidly evolving social media landscape.
-
Revenue of
$63 million 11% year-over-year; WAU of 45.1 million, +8% year-over-year -
GAAP net loss of
$43 million $6 million - Increases full-year 2024 financial outlook
Nextdoor's highlighted metrics for the quarter ended June 30, 2024 include:
-
Total Weekly Active Users (WAU) of 45.1 million increased
8% year-over-year. -
Revenue of
$63 million 11% year-over-year. -
Net loss was
$43 million $35 million -
Adjusted EBITDA loss was
$6 million $19 million -
Ending cash, cash equivalents, and marketable securities were
$457 million
"Q2 was a productive quarter at Nextdoor,” said Nextdoor CEO Nirav Tolia. "We reported an
"New users continue to join the platform and engage more deeply, and with our resources better allocated towards growth, we unlocked meaningful margin improvement in Q2 and are raising our full-year 2024 outlook. I remain confident Nextdoor is well-positioned for the next phase of our growth.”
For more detailed information on our operating and financial results for the second quarter ended June 30, 2024, as well as our outlook for Q3 and fiscal year 2024, please reference our Shareholder Letter posted to our Investor Relations website located at investors.nextdoor.com.
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
63,292 |
|
|
$ |
56,889 |
|
|
$ |
116,438 |
|
|
$ |
106,660 |
|
Loss from operations |
$ |
(49,016 |
) |
|
$ |
(41,442 |
) |
|
$ |
(83,765 |
) |
|
$ |
(80,254 |
) |
Net loss |
$ |
(42,781 |
) |
|
$ |
(35,403 |
) |
|
$ |
(71,042 |
) |
|
$ |
(69,119 |
) |
Adjusted EBITDA(1) |
$ |
(5,979 |
) |
|
$ |
(18,605 |
) |
|
$ |
(19,994 |
) |
|
$ |
(40,266 |
) |
(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
|
|
Six Months Ended
|
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(42,781 |
) |
|
$ |
(35,403 |
) |
|
$ |
(71,042 |
) |
|
$ |
(69,119 |
) |
Depreciation and amortization |
|
1,143 |
|
|
|
1,454 |
|
|
|
2,530 |
|
|
|
2,905 |
|
Stock-based compensation |
|
16,235 |
|
|
|
21,576 |
|
|
|
35,741 |
|
|
|
37,392 |
|
Interest income |
|
(6,409 |
) |
|
|
(6,356 |
) |
|
|
(13,255 |
) |
|
|
(11,869 |
) |
Provision for income taxes |
|
316 |
|
|
|
124 |
|
|
|
515 |
|
|
|
425 |
|
Restructuring charges |
|
25,517 |
|
|
|
— |
|
|
|
25,517 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(5,979 |
) |
|
$ |
(18,605 |
) |
|
$ |
(19,994 |
) |
|
$ |
(40,266 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss % Margin |
|
(68 |
)% |
|
|
(62 |
)% |
|
|
(61 |
)% |
|
|
(65 |
)% |
Adjusted EBITDA % Margin |
|
(9 |
)% |
|
|
(33 |
)% |
|
|
(17 |
)% |
|
|
(38 |
)% |
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 second quarter 2024 earnings release call will be available in the Events & Presentations section of Nextdoor’s Investor Relations website. 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 (http://x.com/Nextdoor), and its LinkedIn Home Page (linkedin.com/company/nextdoor-com) 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 and adjusted EBITDA margin, 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, restructuring charges or 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 335,000 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/20240807162761/en/
Investor Relations:
John T. Williams
ir@nextdoor.com
or visit investors.nextdoor.com
Media Relations:
Kelsey Grady
Antonia Gray
press@nextdoor.com
Source: Nextdoor Holdings, Inc.
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