Q1 2024 Nextdoor Holdings Inc Earnings Call

May 7, 2024

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Unknown Executive: Thank you for standing by for the Nextdoor Q1 2024 earnings call. This call will begin shortly. There will be an opportunity to ask questions today, and you can do this by pressing the star followed by one on your telephone keypad. Thank you for your patience. Unknown Executive, Unknown Attendee, Matt Anderson, Unknown Executive, Unknown Attendee,

Thank you for standing by for the next so Q1 'twenty 'twenty four earnings call. This call will begin shortly there will be an opportunity to ask questions. Today and you can do this by pressing star followed by one on your telephone keypad. Thank you for your patience.

Unknown Executive: [music].

unknown: [inaudible]

Terry: Hello, and welcome to the next till Q1, 'twenty 'twenty four earnings call. My name is Terry and I'll be the cockpit afraid to sit today all lines have been placed on mute to avoid any background noise. There will be an opportunity to ask questions. Today and you can do this by pressing star followed by one on here.

Speaker Change: Telephone keypads I would now hand, the call over to John C. Williams head of Investor Relations to begin.

Terry: Hello and welcome to the Nextdoor Q1 2024 Earnings Call. My name is Terry, and I'll be the conference operator for today. All lines have been placed on mute to avoid any background noise. There will be an opportunity to ask questions today, and you can do this by pressing star followed by one on your telephone keypads. I would now hand the call over to John T. Williams, Head of Investor Relations, to begin.

John Williams: Thank you, Operator. I'm John T. Williams, Head of Investor Relations. Good afternoon, and thank you for joining us to review Nextdoor's first quarter 2024 financial results. With us on the call today are Nir Avtolia, Executive Chair and incoming Chief Executive Officer, and Matt Anderson, Chief Financial Officer.

Speaker Change: Thank you operator, I'm, Johnny Williams head of Investor Relations. Good afternoon, and thank you for joining US to review next doors first quarter 2024 financial results with us on the call today are <unk> executive Chairman incoming Chief Executive Officer, and Matt Anderson, Chief Financial Officer.

John Williams: During this call, we may make statements related to our business that are forward-looking statements under federal securities laws. These statements are not guarantees of future performance. They are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward-looking statement. For a discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC's website and in the Investor Relations section of our website, as well as the risks and other important factors discussed in today's earnings release.

John Williams: This call we may make statements related to our business that are forward looking statements under federal Securities laws. These statements are not guarantees of future performance are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward looking statements for a discussion of the material risks and other important factors that could affect our actual results.

John Williams: Please refer to our SEC filings available on the Sec's website and in the Investor Relations section of our website as well as the risks and other important factors discussed in today's earnings release. Additionally, non-GAAP financial measures will be discussed on today's conference call. A reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q1 2024 shareholder letter.

John Williams: Additionally, non-GAAP financial measures will be discussed on today's conference call. A reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q1 2024 shareholder letter released today. With that, I'd like to turn the call over to Nirav.

Nirav: At least today with that I'd like to turn the call over to narrow.

Nir Avtolia: Thank you, John T. And good afternoon, everyone. It is an honor to reconnect with you as Nextdoor CEO. Today, I have the same feelings of excitement and possibility as I did when we created this company 14 years ago. Nextdoor has certainly grown a lot since then, but I'm confident that our best times are ahead. We had a productive Q1, but before I get into those details, I'd like to briefly discuss how we're thinking philosophically and practically about taking Nextdoor to the next level.

Nirav: Thank you John T and good afternoon, everyone.

Nirav: It is an honor to reconnect with US next door CEO.

Nir Avtolia: Today I had the same feelings of excitement and possibility as I did when we created this company 14 years ago.

Nir Avtolia: Next door has certainly grown a lot since then but I'm confident that our best times are ahead.

Nir Avtolia: We had a productive Q1, but before I get into those details I'd like to briefly discuss how we're thinking philosophically and practically about taking next door to the next level.

Nir Avtolia: In Silicon Valley, there's a commonly held belief that companies benefit when their founders are involved. I believe this is due to the value of the founder's mentality, a phenomenon explored by Bain partners Chris Zook and James Allen in their book of the same name. They argue that founders possess a set of attitudes and behaviors that is one of the most undervalued secrets of business.

Nir Avtolia: In Silicon Valley, there is a commonly held belief that companies benefit when their founders return.

Nir Avtolia: I believe this is due to the value of the founder's mentality, a phenomenon explored by Bain partners, Chris Sue can James Allen in their book of the same name.

Nir Avtolia: They argue that founders possess instead of attitudes and behaviors that is one of the most undervalued secrets of business success. This is the mindset that we plan to instill in next door.

Nir Avtolia: This is the mindset that we plan to instill in Nextdoor. We are technologists, and we believe that our greatest value comes from an innovative product that delights users and customers. Yet we have the humility to admit that while the potential of our product is incredible, the current implementation today is just not where it needs to be. We're going to fix that.

Nir Avtolia: We are technologists, and we believe that our greatest value comes from innovative product that delights users and customers yes.

Nir Avtolia: Yes, we have the humility to admit that while the potential of our product is incredible. The current implementation today is just not where it needs to be.

Nir Avtolia: And a founder's mentality is going to push us to do this. This means unwavering focus and obsession on the details and complete ownership of and accountability for results. Innovation for us starts with our core expertise of building community on a local level, which is an exceptionally difficult problem. We use this expertise to build an engaged consumer audience, and this audience attracts customers who enable us to drive robust financial performance. Getting this virtuous circle right will unlock the full potential of the. It is not easy, and it definitely won't happen overnight, but we know the formula is successful. It's what enabled the creation of Nextdoor in the, and I'm excited to talk more about building innovative products in the months and quarters ahead. But for now, let's move on to Q1.

Nir Avtolia: We're going to fix that and a founder's mentality is going to push us to do so.

Nir Avtolia: This means unwavering focus and obsession on the details and complete ownership and accountability for results.

Nir Avtolia: Innovation for us starts with our core expertise of building community on a local level, which is an exceptionally difficult problem.

Nir Avtolia: We use this expertise to build an engaged consumer audience and this audience attracts customers, who enable us to drive robust financial results.

Nir Avtolia: Getting this virtuous circle right will unlock the full potential of the business. It is not easy and it definitely won't happen overnight, but we know the formula is successful it's what enabled the creation of next door in the first place.

Nir Avtolia: I am excited to talk more about building innovative product in the months and quarters ahead, but for now let's move on to Q1.

Nir Avtolia: We've had a promising start to the year and continuation of our recent momentum. In Q1, Organic Verified Neighbor Growth again hit a new high; weekly active users, or wow, grew to 43.4 million, up 2% year over year and 4% sequentially, and engagement remains strong. Also, in Q1, we saw 17 percentage points of year-over-year adjusted EBITDA margin improvement, demonstrating our commitment to driving efficiencies and improving productivity. We've now raised our full year adjusted EBITDA guidance and are on track to generate positive free cash flow in Q4, a full year ahead of schedule. We gain strength from our cash position, including our ability to repurchase shares, which we think remain attractively priced at their current level.

Nir Avtolia: We've had a promising start to the year and continuation of our recent momentum in Q1 organic verified neighbor growth again hit a new high weekly active users or Wow grew to $43 4 million up 2% year over year, and 4% sequentially and engagement remains strong.

Nir Avtolia: Also in Q1, we saw 17 percentage points of year over year, adjusted EBITDA margin improvement, demonstrating our commitment to driving efficiencies and improving productivity.

Nir Avtolia: We've now raised our full year adjusted EBITDA guidance and are on track to generate positive free cash flow in Q4, our full year ahead of schedule.

Nir Avtolia: We gained strength from our cash position, including our ability to repurchase shares, which we think remain attractively priced at their current level.

Nir Avtolia: Our advertising platform is showing good progress. As of the end of Q1, 100% of our self-serve customers, which include SMBs and about half of our mid-market customers, are using Nextdoor Ads Manager to onboard and manage campaigns and benefiting from improved ad delivery and performance on the Nextdoor Ad Service. These emerging capabilities have started to drive revenue growth and reduce the number of first party repeat ads delivered by 70%. Real progress that we expect will continue as we begin migrating our managed enterprise and our remaining mid market customers later this year.

Nir Avtolia: Our advertising platform is showing good progress as of the end of Q1, 100% of our self serve customers, which include Smbs and about half of our mid market customers are using next door ads manager to onboard and manage campaigns and benefiting from improved AD delivery and performance on the next door at <unk>.

Nir Avtolia: Server.

Nir Avtolia: These emerging capabilities have started to drive revenue growth and reduce the number of first party repeat ads delivered by 70% real progress that we expect will continue as we began migrating our managed enterprise and our remaining mid market customers later this year.

Nir Avtolia: Among mid-market advertisers using self-serve, our increased capabilities allowed us to grow new logos by more than 50% year over year in Q1, increase average spend, and deepen relationships with new advertising partners. Our approach is clearly resonating with these advertisers. Now, it wouldn't be a proper earnings call these days without some mention of artificial intelligence. We've spoken before about how we've used generative AI via our kindness reminder to help users write positively.

Nir Avtolia: Among mid market advertisers using self serve our increased capabilities allowed us to grow new logos by more than 50% year over year in Q1 increased average spend and deepen relationships with new advertising agencies.

Nir Avtolia: Our approach is clearly resonating with these advertisers.

Nir Avtolia: Now it wouldn't be a proper earnings call. These days without some mention of artificial intelligence, we've spoken before about how we've used generative AI via our kindness reminder, to help users right positive posts.

Nir Avtolia: We've also added this technology to our Nextdoor Ads Manager to help businesses write ad copies, but we believe that our potential in AI is much larger than what we've built so far. Nextdoor has proprietary data, a local LM, and consumer distribution at scale, all fully owned and under the same roof. This makes us a kind of self-sufficient AI test, with all the needed ingredients in place as we seek to leverage this technology in new and valuable ways over time.

Nir Avtolia: We've also added this technology to our next our ads manager to help businesses right AD copy, but we believe that our potential in AI is much larger than what we've built so far.

Nir Avtolia: Next door has proprietary data a local LLM and consumer distribution at scale, all fully owned and under the same roof.

Nir Avtolia: This makes us a kind of self sufficient AI test kitchen with all the needed ingredients in place as we seek to leverage this technology in new and valuable ways over time.

Nir Avtolia: Before closing my remarks, I want to share some exciting news about our Board of Directors. We are pleased to announce three new additions, all founder CEOs who have proven product chops, experience operating at scale, and significant expertise in leading successful technology companies. Our new directors are Marissa Meyer, the founder and CEO of Sunshine, and former CEO of Yahoo; Neeraj Shah, the founder and CEO of Wayfair; and Robert Homan, the founding CEO and Chairman of Glassdoor. We are thrilled for them to join our journey to build Nextdoor into the definitive consumer internet service and a local. I'm realistic about our challenges, and we have a lot of work ahead of us, but we're optimistic about the road ahead. With that, I'll turn it over to our CFO, Matt M. Thank you, Neerav.

Speaker Change: Before closing my remarks, I want to share some exciting news about our board of directors.

Speaker Change: We are pleased to announced three new additions all founder Ceos, who have proven product shops experience operating at scale and significant expertise and leading successful technology companies are.

Nir Avtolia: Our new directors are Marissa Mayer founder CEO of Sunshine, and former CEO of Yahoo.

Nir Avtolia: <unk> Shah founder CEO of way fair, and Robert home and founding CEO and chairman of glass store.

Matt Anderson: We are thrilled for them to join our journey to build next door into the definitive consumer Internet service in local.

Matt Anderson: I'm realistic about our challenges and we have a lot of work ahead of us, but we're optimistic about the road ahead.

Nir Avtolia: With that I'll turn it over to our CFO, Matt Anderson.

Matt Anderson: Thank you, Nirv, and good afternoon, everyone. Q1 revenue of $53 million increased 7% year-over-year. Wow, increase quarter over quarter and year over year, driven largely by continued strong growth in users coming to the Nextdoor platform for the first time. For context, in Q1, more than twice as many verified neighbors joined organically than a year ago. This progress was especially evident in the U.S., where our efforts have been most heavily focused.

Matt Anderson: Thank you and good afternoon, everyone.

Matt Anderson: Q1 revenue of $53 million grew 7% year over year.

Matt Anderson: While increased quarter over quarter and year over year, driven largely by continued strong growth in users coming to the next door platforms for the first time for.

Matt Anderson: For context in Q1 more than twice as many verify neighbors joined organically than in the year ago period.

Matt Anderson: This progress was especially evident in the U S where our efforts have been most heavily focused.

Matt Anderson: We see signs of growing engagement, with users continuing to increase the amount of content they view in each... Session depth, which reflects the number of ad impression opportunities during each user session, increased by 36% year over year, sustaining the acceleration we saw. QNRPU increased by 4% year over year to $1.22.

Matt Anderson: We see signs of growing engagement with users continuing to increase the amount of content viewing each session.

Matt Anderson: In depth, which reflects the number of AD impression opportunities through each user sessions increased by 36% year over year in Q1 sustaining the acceleration we saw in Q4.

Matt Anderson: <unk> increased by 4% year over year to $1 22.

Matt Anderson: Reflecting both increased engagement and advertiser spending. We're particularly encouraged by the demand we've seen from self-serve customers now using our advertising. [inaudible] As a result, both mid-market and S&B advertisers continue to increase average spending levels quarter over quarter. Self-serve customers continue to be a key driver of growth and contributed nearly 50% of total revenue. We expect our share of revenue coming from self-serve will continue to rise, particularly as the functionality of our Nextdoor Ads Manager continues to mature.

Matt Anderson: Reflecting both increased engagement and advertiser spending levels, we were particularly encouraged by the demand we've seen from the self serve customers now using our advertising platform.

Matt Anderson: Enhanced audiences improved reporting and more efficient AD delivery are already driving better outcomes for those advertisers.

Matt Anderson: As a result, both mid market and SMB advertisers continued to increase average spending levels quarter over quarter.

Matt Anderson: Self serve customers continued to be a key driver of growth and contributed nearly 50% of total revenue in Q1.

Matt Anderson: We expect our share of revenue coming from self serve will continue to rise over time, particularly as the functionality of our next door ads manager continues to mature.

Matt Anderson: We also expect an increase in our self-serve revenue mix will be accretive to our operators. While we have made recent progress, we are moving with urgency to bring the full set of capabilities of our advertising platform to our managed enterprise and mid-market. During the quarter, we also saw improvement in several key areas, with Home Services again posting strong growth, and Financial Services showing positive year over year growth for the first time in two years.

Matt Anderson: We also expect an increase in our self serve revenue mix will be accretive to our operating margins.

Matt Anderson: While we have made recent progress we're moving with urgency to bring the full set of capabilities of our advertising platform to our managed enterprise and mid market customers.

Matt Anderson: During the quarter. We also saw improvement in several key verticals with home services again, posting strong growth in financial services showing positive year over year growth for the first time in two years.

Matt Anderson: Q1 adjusted EBITDA margin improved by 17 percentage points a year, driven by efficiencies and platform costs, further streamlining go-to-market spending, and meaningfully lower personnel. And we see additional opportunities to drive operating leverage to the remainder of 2020. We are reducing overhead, eliminating management layers, and directing resources to what must be our most enduring growth driver, our product. As noted, we are focused on productivity, and a nearly 40% year-over-year increase in revenue per employee is an early signal of our progress.

Matt Anderson: Q1, adjusted EBITDA margin improved by 17 percentage points year over year, driven by efficiencies and platform costs further streamlined go to market spending and meaningfully lower personnel costs.

Matt Anderson: And we see additional opportunities to drive operating leverage through the remainder of 2024.

Matt Anderson: We are reducing overhead eliminating management layers and directing our resources towards must be our most enduring growth driver our product.

Matt Anderson: As Dave noted, we are focused on productivity and a nearly 40% year over year increase in revenue per employee is an early signal of our progress simply put we're doing more with less.

Matt Anderson: Simply put, we're doing more with less. We ended the quarter with $498 million in cash, cash equivalents, and marketable securities and zero debt. We commenced our share repurchase program in early March, and through the remainder of Q1, we repurchased 4.4 million shares.

Matt Anderson: We ended the quarter with $498 million in cash cash equivalents and marketable securities and zero debt.

Matt Anderson: We commenced our share repurchase program in early March and through the remainder of Q1, we repurchased four 4 million shares.

Matt Anderson: At Quarter End, our current authorization had $163 million remaining, and we continue to be active buyers of our And we expect our adjusted EBITDA margin will improve by approximately 15 percentage points a year, compared to our prior expectation of 10%. As Dave mentioned earlier, we now expect to generate positive free cash flow in Q4 this, 12 months sooner than our prior expectation for the end of Q4 2020.

Matt Anderson: Quarter end, our current authorization had $163 million remaining and we continue to be active buyers of our shares.

Matt Anderson: Now onto our outlook and financial guidance for.

Matt Anderson: For the full year 2024, we expect revenue in a range between $229 million and $235 million and we expect our adjusted EBITA margin improved by approximately 15 percentage points year over year compared to our prior expectation of 10 percentage points.

Matt Anderson: As Eric mentioned earlier, we now expect to generate positive free cash flow in Q4. This year 12 months sooner than our prior expectation for the end of Q4 of 2025.

Matt Anderson: Clarifying the path to long-term growth and margin improvement is a crucial focus for us, and quarterly free cash flow generation is one important milestone. For Q2, we expect revenue of approximately $58 million and an adjusted EBITDA loss of approximately $13 million. Margin improvement is expected for both a quarter and a year. Larger effects, the effect of a smaller and more focused workforce, reduce marketing spend, and reduce rent. Certainly, these reductions will result in one-time restructuring charges in Q2.

Matt Anderson: Clarifying the path to long term growth and margin improvement as a crucial focus for us and quarterly free cash flow generation is one important milestone.

Matt Anderson: For Q2, we expect revenue of approximately $58 million.

Matt Anderson: And an adjusted EBITDA loss of approximately $13 million.

Matt Anderson: Our expected margin for both the quarter and the year larger effects the effect.

Matt Anderson: It was smaller and more focused workforce reduced marketing spend and reduced rent expense.

Matt Anderson: Certainly these reductions will result in one time restructuring charges in Q2.

Matt Anderson: As we look ahead, our focus is demonstrating the power of our growth outreach. This means showing increasingly persistent user engagement growth, more consistent new advertiser growth, durable advertiser attention, and a reduced. Progress in each of these areas is core to delivering more value for users, advertisers, and shareholders.

Matt Anderson: As we look ahead, our focus is demonstrating the power of our growth algorithm.

Matt Anderson: This means showing increasingly persistent user engagement growth more consistent new advertiser growth durable advertiser attention and a reduced cost base.

Matt Anderson: Progress in each of these areas is core to deliver even more value for users advertisers and shareholders.

Matt Anderson: Thanks for joining our earnings call today. I'll now turn it over to the operator to begin Q&A. Thank you. If you would like to ask a question,

Speaker Change: Thanks for joining our earnings call today.

Speaker Change: I'll now turn it over to the operator to begin Q&A.

Terry: Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you wish to remove yourself from the queue, it's a star followed by two. And we're preparing to ask your question. Please ensure your line is unmuted locally. As a reminder, that's a star followed by one to ask a question. The first question on the line comes from Brian Fitzgerald of Wells Fargo. Please go ahead; your line is open.

Matt Anderson: Thank you if you would like to ask a question. Please press star followed by one on your telephone keypad now if you wish to remove yourself from the queue is still followed by tea and we're preparing to ask your question. Please ensure your line as Amit said lately.

Brian Nicholas Fitzgerald: As a reminder that style Philip I wanted to ask a question.

Tan Velikov: Hi, this is Tan Velikov for Brian. Thanks for taking our questions. I guess, if you can, if possible, to provide more color on the relative performance of the business in the US versus international. It seems the momentum is much stronger domestically. So I guess, what were the major factors that contributed to the strong US showing and that you don't see abroad? So what's missing abroad that you have in the US? Dan, I'm happy to take this one. This is Matt speaking.

Terry: The first question on the line comes from Brian Fitzgerald with Wells Fargo. Please go ahead. Your line is open.

Matt Anderson: Hi, This is Stan <unk> for Brian Thanks for taking our questions.

Tan Velikov: Yes.

Matt Anderson: Is it.

Matt Anderson: If possible.

Matt Anderson: To provide more color on the relative performance of the business in the U S versus international it seems that the momentum is much stronger domestically. So I guess what were the major factors that contributed to the strong showing.

Matt Anderson: That you don't see a.

Matt Anderson: Abroad, so what's missing umbrella.

Matt Anderson: You have in the U S.

Matt Anderson: Dan, I'm happy to take this one. This is Matt speaking. So, first off, I think the thing really to highlight, which you referenced, was the very strong growth in the U.S. So, in terms of total verified neighbors and Wow coming to the platform, we're approaching 2 million quarter over quarter. That really reflects the focus that's reflected throughout our commentary today. So, we are really focused on the markets where we think we can drive the greatest growth.

Matt Anderson: It's also where we're seeing flywheels, both in terms of top of funnel growth and also increasing content and engagement. So, our focus will increasingly be on the U.S. We have commented on this in past quarters as well. We've been gradually scaling back paid go-to-market efforts to acquire neighbors internationally, where that does have some period-to-period effect on our overall engagement growth. But one thing that's very clear to us is we are highly encouraged by the overall type of funnel growth we see in the U.S. That's where our efforts are focused, and that's where we expect growth to continue. All right, great. Thank you.

Tan Velikov: Yes, I'm happy to take this one this is Matt speaking so first off I think the thing really to highlight which you referenced was the very strong growth in the U S. So in terms of total verify nabors and while coming to the platform or approximately $2 million quarter over quarter that really reflects the focus.

Matt Anderson: Throughout our commentary today.

Matt Anderson: So we are really focused on the markets, where we think we can drive the greatest growth.

Matt Anderson: It's also where we're seeing flywheel close in terms of public funnel growth, but also increasing content.

Matt Anderson: So our focus will increasingly be on the U S. We have.

Matt Anderson: I've commented in past quarters as well, we've been gradually scaling back hey go to market efforts to acquire neighbors internationally, where that does have some period to period effect on our overall.

Matt Anderson: Engagement growth, but one thing it is very clear to us as we are highly encouraged by the overall top of funnel growth we've seen in the U S. That's where our efforts are focused in Australia that growth to continue.

Matt Anderson: Yeah.

Matt Anderson: Alright, great. Thank you.

Terry: As a reminder, it's staff followed by one to ask a question today. We currently have no further questions. Therefore, I will hand over to Nirav Kalia, CEO, for closing remarks.

Matt Anderson: As a reminder, star followed by one to ask a question today.

Terry: Okay.

Nirav Kalia: We currently have no further questions, Jeff will I will hand back to go ask lafosse CEO for closing remarks.

Nir Avtolia: Thank you, everyone, for joining us today. I want to close with just a couple of comments. And I want to start by ending where we began, which is our focus for this company on product and growth. We had a solid Q1 where we grew significantly in revenue, and we had strong margin improvement. And then, as you know, we raised full year adjusted EBITDA guidance, and we accelerated our timeline to free cash flow breakeven by a full year to Q4 2024.

Nirav Kalia: Thank you everyone for joining us today I want to close with just a couple of comments and I want to start by ending where we began which is our focus for this company is on product and grow we had a solid Q1, where we grew while in revenue we had strong margin improvement and then as you know we raised full year adjusted EBITDA Guide.

Nir Avtolia: That puts us on a firm footing for today, but our deep focus is on tomorrow. We believe the size of this opportunity is massive, and while our product today is not in a position to capture all of it, that is where we're headed. We look forward to keeping you updated on the progress in the months and quarters ahead, and appreciate you joining us for this earnings call today.

Nir Avtolia: And we accelerate our timeline to free cash flow breakeven by a full year to Q4 2024.

Nir Avtolia: Puts us on a firm footing for today, but our focus is on tomorrow.

Nir Avtolia: We believe the size of this opportunity is massive and while our product today is not in a position to capture all of it that is where we're headed we look forward to keeping you updated on the progress in the months and quarters ahead.

Nir Avtolia: And appreciate you joining us for this earnings call today.

Nir Avtolia: Okay.

Terry: This concludes today's conference call. Thank you all for joining us. You may now disconnect your lines.

Speaker Change: This concludes today's conference call. Thank you all for joining you may now disconnect your lines.

Terry: Yeah.

Terry: Yes.

Terry: Okay.

Terry: Yes.

Terry: Okay.

Terry: Yes.

Terry: Okay.

Speaker Change: Thank you.

Terry: Okay.

Speaker Change: Thank you.

Terry: Okay.

Q1 2024 Nextdoor Holdings Inc Earnings Call

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