Nextdoor Reports Third Quarter 2024 Results
Nextdoor (NYSE: KIND) reported Q3 2024 results with revenue of $66 million, up 17% year-over-year, and Weekly Active Users (WAU) reaching 45.9 million, a 13% increase. The company reduced its net loss to $15 million from $38 million in the previous year, while Adjusted EBITDA loss improved to $1 million from $20 million. The company maintains a strong cash position of $425 million and has raised its full-year 2024 financial outlook, citing improved growth and operational efficiency through its Nextdoor Ads Platform.
Nextdoor (NYSE: KIND) ha riportato i risultati del terzo trimestre del 2024 con ricavi pari a 66 milioni di dollari, in aumento del 17% rispetto all'anno precedente, e con utenti attivi settimanali (WAU) che hanno raggiunto 45,9 milioni, un aumento del 13%. L'azienda ha ridotto la sua perdita netta a 15 milioni di dollari rispetto ai 38 milioni dell’anno scorso, mentre la perdita EBITDA rettificata è migliorata a 1 milione di dollari rispetto ai 20 milioni. L'azienda mantiene una posizione di cassa solida di 425 milioni di dollari e ha alzato le previsioni finanziarie per l'intero anno 2024, citando un miglioramento della crescita e dell'efficienza operativa grazie alla sua piattaforma pubblicitaria Nextdoor.
Nextdoor (NYSE: KIND) reportó los resultados del tercer trimestre de 2024 con ingresos de 66 millones de dólares, un aumento del 17% en comparación con el año anterior, y usuarios activos semanales (WAU) alcanzando 45,9 millones, un incremento del 13%. La compañía redujo su pérdida neta a 15 millones de dólares desde los 38 millones del año pasado, mientras que la pérdida EBITDA ajustada mejoró a 1 millón de dólares desde los 20 millones. La empresa mantiene una sólida posición de efectivo de 425 millones de dólares y ha aumentado su perspectiva financiera para el año completo 2024, citando un crecimiento mejorado y eficiencia operativa a través de su plataforma de anuncios Nextdoor.
넥스트도어 (NYSE: KIND)는 2024년 3분기 결과를 보고했으며, 매출은 6,600만 달러로 전년 대비 17% 증가했으며, 주간 활성 사용자(WAU)는 4,590만 명으로 13% 증가했습니다. 회사는 순손실을 작년 3,800만 달러에서 1,500만 달러로 줄였고, 조정된 EBITDA 손실도 2,000만 달러에서 100만 달러로 개선되었습니다. 회사는 4억 2,500만 달러의 강력한 현금 보유액을 유지하고 있으며, 넥스트도어 광고 플랫폼을 통한 성장 및 운영 효율성 개선을 언급하며 2024년 전체 연간 재무 전망을 상향 조정했습니다.
Nextdoor (NYSE: KIND) a annoncé ses résultats du troisième trimestre 2024 avec des revenus de 66 millions de dollars, en hausse de 17 % par rapport à l'année précédente, et des utilisateurs actifs hebdomadaires (WAU) atteignant 45,9 millions, soit une augmentation de 13 %. L'entreprise a réduit sa perte nette à 15 millions de dollars contre 38 millions l'année précédente, tandis que la perte EBITDA ajustée s'est améliorée à 1 million de dollars contre 20 millions. L'entreprise maintient une solide position de liquidités de 425 millions de dollars et a relevé ses prévisions financières pour l'année 2024, citant une croissance améliorée et une efficacité opérationnelle grâce à sa plateforme publicitaire Nextdoor.
Nextdoor (NYSE: KIND) hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 66 Millionen Dollar, was einem Anstieg von 17% im Vergleich zum Vorjahr entspricht, und wöchentlichen aktiven Nutzern (WAU), die 45,9 Millionen erreichten, ein Anstieg von 13%. Das Unternehmen hat seinen Nettoverlust auf 15 Millionen Dollar von 38 Millionen im Vorjahr reduziert, während sich der bereinigte EBITDA-Verlust von 20 Millionen Dollar auf 1 Million Dollar verbessert hat. Das Unternehmen hält eine starke Barreserve von 425 Millionen Dollar und hat seine Prognose für das Gesamtjahr 2024 angehoben, was auf ein verbessertes Wachstum und betriebliche Effizienz durch die Nextdoor-Werbeplattform hinweist.
- Revenue growth of 17% year-over-year to $66 million
- Weekly Active Users increased 13% to 45.9 million
- Significant improvement in Adjusted EBITDA loss from $20M to $1M
- Net loss reduced by 61% from $38M to $15M
- Strong cash position of $425 million
- Improved financial outlook for FY 2024
- Still operating at a net loss of $15 million
- Negative Adjusted EBITDA of $1 million
- Operating loss of $20.8 million
Insights
The Q3 results show meaningful progress in Nextdoor's financial health. The
The company maintains a strong balance sheet with
The enhanced performance of the Nextdoor Ads Platform suggests improving advertising efficiency and better monetization potential. The platform's local focus provides a unique value proposition in the digital advertising space, differentiating it from broader social media platforms. The announcement of NEXT, their complete product transformation initiative, could be a catalyst for future growth.
The reduction in stock-based compensation from
-
Revenue of
$66 million 17% year-over-year; WAU of 45.9 million, +13% year-over-year -
GAAP net loss of
$15 million $1 million - Increases full-year 2024 financial outlook
Nextdoor's highlighted metrics for the quarter ended September 30, 2024 include:
-
Total Weekly Active Users (WAU) of 45.9 million increased
13% year-over-year. -
Revenue of
$66 million 17% year-over-year. -
Net loss was
$15 million $38 million -
Adjusted EBITDA loss was
$1 million $20 million -
Ending cash, cash equivalents, and marketable securities were
$425 million
"Our Q3 results demonstrate improved growth and operational efficiency," said Nextdoor CEO Nirav Tolia. "WAU increased
"We are executing with precision and purpose, better allocating resources toward growth, and have raised our FY 2024 outlook. I'm confident we will continue to deliver solid performance, while also developing NEXT, our complete product transformation."
For more detailed information on our operating and financial results for the third quarter ended September 30, 2024, as well as our outlook for Q4 and fiscal year 2024, please reference our Shareholder Letter posted to our Investor Relations website located at investors.nextdoor.com.
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
$ |
65,610 |
|
|
$ |
56,092 |
|
|
$ |
182,048 |
|
|
$ |
162,752 |
|
Loss from operations |
$ |
(20,777 |
) |
|
$ |
(44,376 |
) |
|
$ |
(104,542 |
) |
|
$ |
(124,630 |
) |
Net loss |
$ |
(14,898 |
) |
|
$ |
(38,116 |
) |
|
$ |
(85,940 |
) |
|
$ |
(107,235 |
) |
Adjusted EBITDA(1) |
$ |
(1,317 |
) |
|
$ |
(19,799 |
) |
|
$ |
(21,311 |
) |
|
$ |
(60,065 |
) |
(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
|
|
Nine Months Ended
|
||||||||||||
(in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss |
$ |
(14,898 |
) |
|
$ |
(38,116 |
) |
|
$ |
(85,940 |
) |
|
$ |
(107,235 |
) |
Depreciation and amortization |
|
777 |
|
|
|
1,451 |
|
|
|
3,307 |
|
|
|
4,356 |
|
Stock-based compensation |
|
18,440 |
|
|
|
23,343 |
|
|
|
54,181 |
|
|
|
60,735 |
|
Interest income |
|
(5,804 |
) |
|
|
(6,766 |
) |
|
|
(19,059 |
) |
|
|
(18,635 |
) |
Provision for income taxes |
|
168 |
|
|
|
289 |
|
|
|
683 |
|
|
|
714 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
25,517 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(1,317 |
) |
|
$ |
(19,799 |
) |
|
$ |
(21,311 |
) |
|
$ |
(60,065 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss % Margin |
|
(23 |
)% |
|
|
(68 |
)% |
|
|
(47 |
)% |
|
|
(66 |
)% |
Adjusted EBITDA % Margin |
|
(2 |
)% |
|
|
(35 |
)% |
|
|
(12 |
)% |
|
|
(37 |
)% |
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 third 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 (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 essential neighborhood network. Neighbors, public agencies and businesses use Nextdoor to connect around local information that matters in more than 340,000 neighborhoods across 11 countries. Nextdoor builds innovative technology to foster local community, and brands and businesses of all sizes use Nextdoor’s proprietary advertising platform to engage with neighborhoods at scale. Download the app and join the neighborhood at nextdoor.com. For more information and media assets, visit nextdoor.com/newsroom.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106589586/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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