Q2 2024 Nextdoor Holdings Inc Earnings Call

August 7, 2024

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Operator: Good afternoon. Thank you for attending the Nextdoor, second quarter, 2024 earnings call.

Cameron: Good afternoon. Thank you for attending the Nextdoor second quarter 2024 earnings call. My name is Cameron, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, John T. Williams, Head of Investor Relations. You may proceed.

Cameron: good afternoon thank you for atttenend to see next door second quarter two thousand and twentyfour earnings call my name is ameron and i'llbeyour moderatorfor today

Operator: My name is Cameron, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end.

Speaker Change: All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, John T. Williams, Head of Investor Relations. You may proceed.

Operator: I would now like to pass the conference over to your host and John T.

Operator: Williams, head of Investor Relations. You may proceed.

John T. Williams: Thank you, operator. I'm John T. Williams, head of Investor Relations.

John T. 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 second quarter 2024 financial results. With us on the call today are Nirav Tolia, chief executive officer, and Matt Anderson, chief financial officer.

John T. 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 second quarter 2024 financial results. With us on the call today are Nirav Tolia, Chief Executive Officer, and Matt Anderson, Chief Financial Officer.

Speaker Change: Thank you, Operator. I'm John T. Williams, Head of Investor Relations. Good afternoon, and thank you for joining us to review Nextdoor's second quarter 2024 financial results.

John T. Williams: Good afternoon, and thank you for joining us. Thank you for joining us to review Nextdoor's second quarter, 2024 financial results.

John T. Williams: With us on the call today are Nirav Tolia, Chief Executive Officer, and Matt Anderson, Chief Financial Officer. During this call, we may make statements related to our business that are forward-looking statements under federal security 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 statements.

Speaker Change: With us on the call today are Nir Avtolia, Chief Executive Officer, and Matt Anderson, Chief Financial Officer.

John T. 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.

Speaker Change: 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 statements.

John T. Williams: For 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. 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 Q2 2024 shareholder letter released today.

For 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 T. 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 Q2 2024 shareholder letter released today. With that, I'd like to turn the call over to Nirav.

Speaker Change: 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 Q2 2024 shareholder letter released today. With that, I'd like to turn the call over to Nirav.

Nirav Tolia: With that, I'd like to turn the call over to Nirav.

Nirav Tolia: Thank you, John T.

Nirav Tolia: Thank you, John T. And good afternoon, everyone. I'm happy to be here with you today to discuss our second quarter financial results and outlook. We had another productive quarter and have made solid progress since we last spoke in May. Some of that progress is visible in our Q2 results, and some of it is embedded in our outlook for Q3 and the rest of 2024. But the most important work, revitalizing our core product, will become more clear in 2025.

Nirav Tolia: And good afternoon, everyone. I'm happy to be here with you today to discuss our second quarter financial results and outlook. We have another productive quarter and have made solid progress since we last spoke in May. Some of that progress is visible in our Q2 results, and some of it is embedded in our outlook for Q3 and the rest of 2024.

Nirav: Thank you, John T., and good afternoon, everyone. I'm happy to be here with you today to discuss our second quarter financial results and outlook.

Nirav: We had another productive quarter and have made solid progress since we last spoke in May.

Nirav: Some of that progress is visible in our Q2 results, and some of it is embedded in our outlook for Q3 and the rest of 2024. But the most important work, revitalizing our core product, will become more clear in 2025.

Nirav Tolia: But the most important work revitalizing our core product will become more clear in 2025. Our team is working to adopt the founders mentality we talked about last quarter and is committed to taking on the challenge of transforming our user experience for the long term while remaining focused on execution in 2024. This effort is evident in our Q2 performance and results.

Nirav Tolia: Our team is working to adopt the founder's mentality we talked about last quarter and is committed to taking on the challenge of transforming our user experience for the long term while remaining focused on execution in 2024. This effort is evident in our Q2 performance and results. There are two areas in particular that I would like to highlight. First, we are driving growth. Revenue grew 11% year over year in Q2. Weekly active users, or WOW, reached more than 45 million.

Nirav Tolia: Our team is working to adopt the founders mentality we talked about last quarter and is committed to taking on the challenge of transforming our user experience for the long term while remaining focused on execution in 2024. This effort is evident in our Q2 performance and results. There are two areas in particular that I would like to highlight. First, we are driving growth. Revenue grew 11% year-over-year in Q2.

Speaker Change: Our team is working to adopt the founders mentality we talked about last quarter and is committed to taking on the challenge of transforming our user experience for the long term while remaining focused on execution in 2024.

Nirav Tolia: There are two areas in particular that I would like to highlight. First, we are driving growth. Revenue grew 11% year over year in Q2. Weekly active users or wow reach more than 45 million. The new capabilities of our next door ads platform played an important role here as it enabled greater self-serve adoption, better advertiser performance, and increased revenue retention.

Speaker Change: This effort is evident in our Q2 performance and results. There are two areas in particular that I would like to highlight.

Speaker Change: First, we are driving growth.

Nirav Tolia: The new capabilities of our Nextdoor ads platform played an important role here as it enabled greater self-serve adoption, better advertiser performance, and increased revenue retention. Second, we are doing more with less. A more effective allocation of resources plus a reduction in costs has resulted in better employee productivity and margins. In Q2, we realized 23 percentage points of year-over-year adjusted EBITDA margin improvement, giving us the confidence to raise our full year financial guidance. Matt will discuss this in greater detail shortly.

Speaker Change: Revenue grew 11% year-over-year in Q2.

Speaker Change: Weekly active users, or WOW, reached more than 45 million. The new capabilities of our Nextdoor ads platform played an important role here, as it enabled greater self-serve adoption, better advertiser performance, and increased revenue retention.

Nirav Tolia: The new capabilities of our Nextdoor ads platform played an important role here as it enabled greater self-serve adoption, better advertiser performance, and increased revenue retention. Second, we are doing more with less. More effective allocation of resources plus a reduction in costs resulted in better employee productivity and margins. In Q2, we realized 23 percentage points of year-over-year adjusted EBITDA margin improvement, giving us the confidence to raise our full year financial guidance. Matt will discuss this in greater detail shortly.

Nirav Tolia: Second, we are doing more with less. More effective allocation of resources plus a reduction in costs resulted in better employee productivity and margins. In Q2, we realized 23 percentage points of year-over-year adjusted EBITDA margin improvement, giving us the confidence to raise our full year financial guidance.

Speaker Change: second we are doing more with less more effective allocation of resources plus a reduction in costs resulted in better employee productivity and margins

Speaker Change: in q two we realized twenty-three percentage points of year-over-year adjusted ebitda margin improvement giving us the confidence to raise our full year financial guidance

Nirav Tolia: Matt will discuss this in greater detail shortly. Now I would like to step back from the quarter and take a longer term view, which begins with our clear and unwavering commitment to local. An area we believe represents a massive business opportunity. Building the essential neighborhood network is the focus of everything we do, and our goal is to make Nextdoor a core part of everyone's local life.

Nirav Tolia: Now, I would like to step back from the quarter and take a longer-term view, which begins with our clear and unwavering commitment to local, an area we believe represents a massive business opportunity. Building the essential neighborhood network is the focus of everything we do. And our goal is to make Nextdoor a core part of everyone's local life. This ambition will require a complete transformation of our user experience. And we call this effort NET.

Speaker Change: Matt will discuss this in greater detail shortly.

Speaker Change: Now, I would like to step back from the corridor and take a longer term view, which begins with our clear and unwavering commitment to local, an area we believe represents a massive business opportunity.

Matt Anderson: Building the essential neighborhood network is the focus of everything we do, and our goal is to make Nextdoor a core part of everyone's local life.

Nirav Tolia: This ambition will require a complete transformation of our user experience, and we call this effort Next. By combining our deep expertise in local with a new and significantly improved user experience, we know that we can build a product that will delight users and advertisers, drive profitable growth, and increase shareholder value over time.

Speaker Change: this ambition will require a complete transformation of our user experience and we call this effort next

Nirav Tolia: By combining our deep expertise in local with a new and significantly improved user experience, we know that we can build a product that will delight users and advertisers, drive profitable growth, and increase shareholder value over time. As I mentioned above, we're approaching this challenge with a founder's mentality, which is at the core of everything we're doing, both philosophically and practically. As a reminder, the founder's mentality has three defining traits. The first is to define a clear and ambitious mission that provides us with focus and purpose. For Nextdoor, that means leveraging the power of technology to create the essential neighborhood network that enables stronger, safer, and happier places to call home.

Unknown Executive: Good afternoon. Thank you for attending the next door, second quarter, 2024 earnings call. My name is Cameron and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

Speaker Change: By combining our deep expertise in local with a new and significantly improved user experience, we know that we can build a product that will delight users and advertisers, drive profitable growth, and increase shareholder value over time.

Nirav Tolia: As I mentioned above, we are approaching this challenge with a Founders mentality, which is at the core of everything we're doing both philosophically and practically. As a reminder, the Founders Mentality has three defining traits. The first is to define a clear and ambitious mission that provides us with focus and purpose. For Nextdoor, that means leveraging the power of technology to create the essential neighborhood network that enables stronger, safer, and happier places to call home.

Speaker Change: As I mentioned above, we are approaching this challenge with a founder's mentality, which is at the core of everything we're doing, both philosophically and practically.

Unknown Executive: I would now like to pass the conference over to your host and John, he Williams, head of investor relations. You may proceed. Thank you operator.

Nirav Tolia: The second is to have an obsession with the details, particularly around our user experience. We believe that the magic is in the details and have redoubled our efforts to create a product that delights users and advertisers every single time they engage with Nextdoor. The third and final trait is to adopt an owner's mindset, which drives urgency and a bias toward action.

Speaker Change: As a reminder, the founder's mentality has three defining traits.

John Williams: I'm John T Williams, head of investor relations. Good afternoon and thank you for joining us. To review next door's second quarter, 2024 financial results.

Speaker Change: The first is to define a clear and ambitious mission that provides us with focus and purpose. For Nextdoor, that means leveraging the power of technology to create the essential neighborhood network that enables stronger, safer, and happier places to call home.

John Williams: With us on the call today are Nirav Tolia, Chief Executive Officer, and Matt Anderson, Chief Financial Officer. During this call, we may make statements related to our business that are forward looking statements under federal security 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 statements.

Nirav Tolia: The second is to have an obsession with the details, particularly around our user experience. We believe that the magic is in the details, and have redoubled our efforts to create a product that delights users and advertisers every single time they engage with Nextdoor.

Speaker Change: The second is to have an obsession with the details, particularly around our user experience. We believe that the magic is in the details and have redoubled our efforts to create a product that delights users and advertisers every single time they engage with Nextdoor.

Nirav Tolia: The third and final trait is to adopt an owner's mindset, which drives urgency and a bias towards action. We want to be lean, hungry, and ready to do more with less, as demonstrated by our improved employee productivity and progress towards positive free cash flow.

John Williams: For 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. Additionally, non-gap financial measures will be discussed on today's conference call. A reconciliation of these measures to their most directly comparable gap financial measures can be found in the Q2 2024 shareholder letter released today.

Speaker Change: The third and final trait is to adopt an owner's mindset, which drives urgency and a bias towards action.

Nirav Tolia: We want to be lean, hungry, and ready to do more with less, as demonstrated by our improved employee productivity and progress towards positive free cash. There are a few people who exemplify the founders' mentality, as well as the four executives who we recently added to our board of directors. Marissa Meyer, Neeraj Shah, Robert Homan, and Elisa Steele.

Matt Anderson: We want to be lean, hungry, and ready to do more with less, as demonstrated by our improved employee productivity and progress towards positive free cash flow.

Nirav Tolia: There are a few people who exemplify the Founders mentality as well as the four executives who we recently added to our Board of Directors, Marissa Meyer, Nierich Shah, Robert Holman, and Alisa Steele. They each bring a passion for our mission, focus on product, and experience operating technology companies at scale. We are looking forward to working with them to achieve our potential, and that potential is significant.

Speaker Change: There are few people who exemplify the founders mentality, as well as the four executives who we recently added to our board of directors, Marissa Meyer, Neeraj Shah, Robert Homan, and Elisa Steele.

Nirav Tolia: With that, I'd like to turn the call over to Nirav. Thank you, John T and good afternoon, everyone. I'm happy to be here with you today to discuss our second quarter financial results and outlook. We had another productive quarter and have made solid progress since we last spoke in May. Some of that progress is visible in our Q2 results, and some of it is embedded in our outlook for Q3 and the rest of 2024.

Nirav Tolia: They each bring a passion for our mission, focus on product, and experience operating technology companies at scale. We are looking forward to working with them to achieve our potential, and that potential is significant. We have a large and engaged user base, differentiated first-party data, and a growing list of advertisers who are realizing increased ROI. I'm encouraged by the work we've done since I returned to CEO, but we'll note again that our most significant mechanism for generating long-term benefit is the revitalization of our core product, and we're still very early in that journey.

Speaker Change: They each bring a passion for our mission, focus on product, and experience operating technology companies at scale.

Speaker Change: We are looking forward to working with them to achieve our potential.

Nirav Tolia: We have a large and engaged user base, differentiated first-party data, and a growing list of advertisers who are realizing increased ROI. I'm encouraged by the work we've done since I returned to CEO, but we'll note again that our most significant mechanism for generating long-term benefit is the revitalization of our core product. And it's still very early in that journey.

Speaker Change: And that potential is significant.

Speaker Change: we have a large engaged user base differentiated first-party data and a growing list of advertisers who are realizing increased roi

Speaker Change: I'm encouraged by the work we've done since I returned as CEO , but will note again that our most significant mechanism for generating long-term benefit is the revitalization of our core product.

Nirav Tolia: Unlocking our platform's full value will require patience and resolve, and this transformation process, as with most, will be neither linear nor straightforward. As such, we do not expect to see meaningful signs of product-related progress until mid-2025. We are approaching this challenge with the right blend of humility and optimism. The effort will be substantial, but the prize on the other side is incredibly worthwhile: a revitalized product, a renewed growth trajectory, and a reinvigorated company. With that, I'll turn it over to Matt to discuss our financial results.

Speaker Change: and it's still very early in that journey

Speaker Change: Unlocking our platform's full value will require patience and resolve. And this transformation process, as with most, will be neither linear nor straightforward.

Nirav Tolia: There are two areas in particular that I would like to highlight. First, we are driving growth. Revenue grew 11% year over year in Q2. Weekly active users, or wow, reach more than 45 million. The new capabilities of our next door ads platform played an important role here, as it enabled greater self-serve adoption, better advertiser performance and increased revenue retention.

Nirav Tolia: Second, we are doing more with less. More effective allocation of resources plus a reduction in costs resulted in better employee productivity and margins. In Q2, we realized 23 percentage points of year over year adjusted EBITDA margin improvement, giving us the confidence to raise our full year financial guidance.

Speaker Change: As such, we do not expect to see meaningful signs of product-related progress until mid-2025.

Speaker Change: we are approaching this challenge with the right blend of humility and optimism

Speaker Change: The effort will be substantial, but the prize on the other side is incredibly worthwhile. A revitalized product, a renewed growth trajectory, and a reinvigorated company.

Matt Anderson: With that, I'll turn it over to Matt to discuss our financial results. In Q2, the number of new users joining Nextdoor increased significantly year over year, and nearly all came via word of mouth or unpaid acquisition channels. These new verified neighbors provided a solid foundation for growth in Q2 as Wow reached 45 million, an increase of 8% year over year. We saw a particular strike in the US where Wow grew 12% year over year. Our growth reflective early progress engaging new and active users in enhancing notification relevance and quality. For example, in Q2, we made it easier for some active users who clicked on notifications to experience Nextdoor without being logged in first, which made them more likely to log in and stay.

Speaker Change: With that, I'll turn it over to Matt to discuss our financial results.

Matt Anderson: Thank you, Nirav, and good afternoon, everyone. In Q2, the number of new users joining Nextdoor increased significantly year-over-year, and nearly all came via word-of-mouth or unpaid acquisition channels. These new verified neighbors provided a solid foundation for growth in Q2, as WOW reached 45 million, an increase of 8% year over year. We saw particular strength in the U.S., where WOW grew 12% year-over-year. Our growth reflected early progress engaging new and inactive users and enhancing notification relevance and quality. For example, in Q2, we made it easier for some inactive users who clicked on notifications to experience Nextdoor without being logged in, which made them more likely to log in and stay.

Matt Anderson: Thank you, Neerav, and good afternoon, everyone. In Q2, the number of new users joining Nextdoor increased significantly year-over-year, and nearly all came via word-of-mouth or unpaid acquisition. These new verified neighbors provided a solid foundation for growth in Q2, as WOW reached 45 million, an increase of 8% year over year. We saw particular strength in the U.S., where WOW grew 12% year-over-year. Our growth reflected early progress engaging new and inactive users and enhancing notification relevance and quality. For example, in Q2, we made it easier for some inactive users who clicked on notifications to experience Nextdoor without being logged in, which made them more likely to log in instead.

Matt Anderson: Thank you, Neerav, and good afternoon, everyone.

Matt Anderson: In Q2, the number of new users joining Nextdoor increased significantly year over year, and nearly all came via word-of-mouth or unpaid acquisition channels.

Matt Anderson: Matt will discuss this in greater detail shortly.

Nirav Tolia: Now, I would like to step back from the quarter and take a longer-term view, which begins with our clear and unwavering commitment to local. An area we believe represents a massive business opportunity. Building the essential neighborhood network is the focus of everything we do, and our goal is to make Nextdoor a core part of everyone's local life.

Matt Anderson: These new Verified Neighbors provided a solid foundation for growth in Q2, as WOW reached $45 million, an increase of 8% year over year.

Speaker Change: We saw particular strength in the U.S. where WOW grew 12% year over year.

Speaker Change: our growth reflected early progress engaging new and active users and enhancing notification relevance and quality

Nirav Tolia: This ambition will require a complete transformation of our user experience, and we call this effort next. By combining our deep expertise in local with a new and significantly improved user experience, we know that we can build a product that will delight users and advertisers, drive profitable growth, and increase shareholder value over time.

Speaker Change: for example the q two we made it easier for some and active users who click on theirnotifications to experience next door without being logbeded in first which made them more likely to log in and stay

Matt Anderson: Consistent with recent quarters, users engaged with more content during each visit to the Nextdoor platform. Session depth, which reflects the number of ad impression opportunities during each user session, continued to grow significantly year over year in Q2. We're making progress delivering better content to users, but as Nirav noted, we saw much more work to do to improve our core product experience. Q2 revenue, a $63 million, grew 11% year over year, reflecting continued momentum in our solar channel. We're increasing mix of advertisers are benefiting from improved functionality and performance on the Nextdoor ads platform. Advertises expect performance in ease of use, and we are making progress delivering both.

Matt Anderson: Consistent with recent quarters, users engage with more content during each visit to the Nextdoor platform. Session depth, which reflects the number of ad impression opportunities during each user session, continues to grow significantly year over year in Q2. We're making progress delivering better content to users, but, as Nirav noted, we still have much more work to do to improve our core product. QC revenue of $63 million grew 11% year-over

Matt Anderson: Consistent with recent quarters, users engage with more content during each visit to the Nextdoor platform. Session depth, which reflects the number of ad impression opportunities during each user session, continues to grow significantly year over year in Q2. We're making progress delivering better content to users, but, as Nirv noted, we still have much more work to do to improve our core product. Q2 revenue of $63 million grew 11% year-

Speaker Change: Consistent with recent quarters, users engage with more content during each visit to the Nextdoor platform.

Speaker Change: Session depth, which reflects the number of ad impression opportunities during each user session, continues to grow significantly year-over-year in Q2.

Nirav Tolia: As I mentioned above, we are approaching this challenge with a Founders mentality, which is at the core of everything we're doing both philosophically and practically. As a reminder, the Founders mentality has three defining traits. The first is to define a clear and ambitious mission that provides us with focus and purpose. For Nextdoor that means leveraging the power of technology to create the essential neighborhood network that enables stronger, safer, and happier places to call home.

Speaker Change: We are making progress delivering better content to users, but as Nirv noted, we still have much more work to do to improve our core product experience.

Nirv: Q2 revenue of $63 million grew 11% year-over-year.

Matt Anderson: Reflecting continued momentum in our self-serve channel, where an increasing mix of advertisers are benefiting from improved functionality and performance on the Nextdoor ads platform. Advertisers expect performance and ease of use, and we are making progress delivering both. Enhanced Audiences, Improved Reporting, and More Efficient Ad Delivery are already driving better outcomes for advertisers and increasing revenue for Nextdoor. In Q2, mid-market revenue retention improved year over year. Average spend levels increased for new advertisers year over year, and nearly 50% of revenue came from self-serve advertising.

Matt Anderson: Reflecting continued momentum in our self-serve channel, where an increasing mix of advertisers are benefiting from improved functionality and performance on the Nextdoor ads platform, advertisers expect performance and ease of use, and we are making progress delivering both. Enhanced audiences, improved reporting, and more efficient ad delivery are already driving better outcomes for advertisers and increasing revenue for Nextdoor, and in Q2, Mid-market Revenue Retention Improved Year-over-Year. Average spend levels increase for new advertisers year over year, and nearly 50% of revenue comes from self-serve advertising.

Nirv: Reflecting continued momentum in our self-serve channel, where an increasing mix of advertisers are benefiting from improved functionality and performance on the Nextdoor ads platform.

Speaker Change: Advertisers expect performance and ease of use, and we are making progress delivering both.

Matt Anderson: Enhanced audiences improve reporting and more efficient ad delivery are already driving better outcomes for advertisers and increasing revenue for Nextdoor. In Q2, mid-market revenue retention improved year over year. Advert spend levels increase for new advertisers year over year, and nearly 50% of revenue came from self-serve advertisers. As with our core user experience, our work to deliver more value to advertisers is far from done. We remain focused on bringing more capabilities to our managed enterprise and mid-market advertisers. As we continue that work, we are encouraged by our top 50 advertiser retention, which improved 96% in Q2, up from 92% in Q1.

Speaker Change: Enhanced audiences, improved reporting, and more efficient ad delivery are already driving better outcomes for advertisers and increasing revenue for Nextdoor.

Speaker Change: Q2 – Mid-market revenue retention improved year over year.

Speaker Change: Average spend levels increased for new advertisers year over year, and nearly 50% of revenue came from self-serve advertisers.

Matt Anderson: As with our core user experience, our work to deliver more value to advertisers is far from done. We remain focused on bringing more capabilities to our managed enterprise and mid-market apps. As we continue that work, we are encouraged by our top 50 advertiser retention, which improved to 96% in Q2, up from 92% in Q1. As Nirav highlighted, we are doing more with less and are generating more revenue. Our Q2 Adjusted EBITDA loss was $6 million. However, productivity, as measured by revenue per employee, improved more than 50% year-over-year.

Speaker Change: As with our core user experience, our work to deliver more value to advertisers is far from done.

Nirav Tolia: There are a few people who exemplify the Founders mentality as well as the four executives who we recently added to our Board of Directors, Marissa Meyer, Nirat Shah, Robert Holman, and Alisa Steele. They each bring a passion for our mission, focus on product, and experience operating technology companies at scale. We are looking forward to working with them to achieve our potential, and that potential is significant. We have a large and engaged user base, differentiated first-party data, and a growing list of advertisers who are realizing increased ROI.

Speaker Change: We remain focused on bringing more capabilities to our managed enterprise and mid-market advertisers.

Speaker Change: As we continue that work, we are encouraged by our top 50 advertiser retention, which improved to 96% in Q2, up from 92% in Q1.

Matt Anderson: As Nirav highlighted, we are doing more with less and are generating more operating leverage. Our Q2, which is the Yvodalos, was $6 million dollars. For activity, as measured by revenue per employee, improved more than 50% year over year. We expect this leverage will persist through the remainder of the year as we operate with a leaner and more focused team, increased marketing discipline, and the benefits of reduced rent expense. Alongside these improvements, we reduce stock-based competition expense by 25% in Q2. We ended the quarter with $457 million dollars in cash, cash equivalents, and marketable securities, and zero debt.

Speaker Change: As Nirav highlighted, we are doing more with less, and are generating more operating leverage.

Nirav: Our Q2 adjusted EBITDA loss was $6 million.

Nirav: Productivity, as measured by revenue per employee, improved more than 50% year over year.

Matt Anderson: We expect this leverage will persist through the remainder of the year as we operate with a leaner and more focused team, increased marketing discipline, and the benefits of reduced rent. Alongside these improvements, we reduced stock-based compensation expense by 25% in Q3. We ended the quarter with $457 million in cash, cash equivalents, and marketable securities and zero debt. In Q2, we reduced our fully diluted share count by 5%. We've purchased 18 million shares for $44 million.

Matt Anderson: We expect this leverage will persist through the remainder of the year as we operate with a leaner and more focused team, increased marketing discipline, and the benefits of reduced rent. Alongside these improvements, we reduced stock-based compensation expenses by 25% in Q3. We ended the quarter with $457 million in cash, cash equivalents, and marketable securities and zero debt. In Q2, we reduced our fully diluted share count by 5%. We repurchased 18 million shares for $44 million.

Speaker Change: We expect this leverage will persist through the remainder of the year as we operate with a leaner and more focused team, increased marketing discipline, and the benefits of reduced rent expense.

Nirav Tolia: I'm encouraged by the work we've done since I returned to CEO, but we'll note again that our most significant mechanism for generating long-term benefit is the revitalization of our core product. And it's still very early in that journey. Unlocking our platform's full value will require patience and resolve, and this transformation process, as with most, will be neither linear nor straightforward. As such, we do not expect to see meaningful signs of product-related progress until mid-2025. We are approaching this challenge with the right blend of humility and optimism.

Speaker Change: Alongside these improvements, we reduced stock-based compensation expense by 25% in Q2.

Speaker Change: We ended the quarter with $457 million in cash, cash equivalents, and marketable securities and zero debt.

Nirav Tolia: The effort will be substantial, but the prize on the other side is incredibly worthwhile, a revitalized product, a renewed growth trajectory, and a reinvigorated company.

Matt Anderson: In Q2, we reduced fully diluted share count by 5%. We repurchased 18 million shares for $44 million dollars. Additionally, we reduced the number of potentially diluted securities by 12% in conjunction with our reductions in stock-based commentations and employee.

Speaker Change: In Q2, we reduced fully diluted share count by 5%.

Speaker Change: We've purchased 18 million shares for $44 million.

Matt Anderson: Additionally, we reduced the number of potentially dilutive securities by 12% in conjunction with our reductions in stock-based compensation and employee equity. Both actions align with our long-term capital allocations. At the end of Q2, our current share repurchase authorization had $119 million remaining, and we have remained buyers of our shares quartered today. One final note. As we briefly mentioned on our Q1 earnings call, we recognize a one-time restructuring charge of $26 million in Q2. $3 million of this expense is in connection with reductions in our team size. The remaining $23 million related to office space. Excluding these one-time charges, total cost and expenses in Q2 declined by 12% year-over-year.

Matt Anderson: Additionally, we reduced the number of potentially dilutive securities by 12% in conjunction with our reductions in stock-based compensation and employee equity. Both actions align with our long-term capital allocations. At the end of Q2, our current share repurchase authorization had $119 million remaining, and we have remained buyers of our shares this quarter today. One final note. As we briefly mentioned on our Q1 earnings call, we recognize a one-time restructuring charge of $26 million in Q2. $3 million of this expense is in connection with reductions in our team size. The remaining $23 million related to office space reduction. Excluding these one-time charges, total costs and expenses in Q2 declined by 12% year-over-year.

Speaker Change: additionally we reduce the number of potentially deletutive securities by twelve percent in conjunction with our reductions in stock -based compensation and employee exe grants

Matt Anderson: and Maxi Grant. Both actions align with our long-term capital allocation strategy. At the end of Q2, our current Sherry purchase authorization had $119 million remaining, and we have remained buyers of our shares quarter to date.

Speaker Change: Both actions align with our long-term capital allocation strategy.

Speaker Change: At the end of Q2, our current share repurchase authorization had $119 million remaining, and we have remained buyers of our shares quarter to date.

Matt Anderson: One final note. As we briefly mentioned on our Q1 earnings call, we recognize a one-time restructuring charge of $26 million in Q2; $3 million of this expense is within connection with reductions in our team size. The remaining $23 million related to office-based reductions, excluding these one-time charges, total cost and expenses in Q2 declined by 12% year-over-year. We do not expect any further related charges at this time.

Matt Anderson: With that, I'll turn it over to Matt to discuss our financial results. In Q2, the number of new users joining Nextdoor increased significantly year over year and nearly all came via word of mouth or unpaid acquisition channels. These new verified neighbors provided a solid foundation for growth in Q2 as wow reached 45 million and increase of 8% year over year. We saw a particular strike in the US where wow grew 12% year over year.

Speaker Change: One final note. As we briefly mentioned on our Q1 earnings call, we recognize a one-time restructuring charge of $26 million in Q2.

Speaker Change: $3 million of this expense was in connection with reductions in our team size.

Speaker Change: The remaining $23 million relates to office space reductions.

Speaker Change: Excluding these one-time charges, total cost and expenses in Q2 declined by 12% year-over-year.

Matt Anderson: We do not expect any further related charges. Now, on to our Outlook and Financial Guide. For the full year 2024, we expect revenue growth of approximately 10% year over year. We expect just an EBITDA margin improvement of approaching 20 percentage points a year, compared to our prior expectation of 15 percentage points. For Q3, we expect revenue of approximately $62 million and an adjusted EBITDA loss of approximately $8 million.

Matt Anderson: We do not expect any further related charges. Now, on to our Outlook and Financial Guide. For the full year 2024, we expect revenue growth of approximately 10% year over year. We expect just an EBITDA margin improvement of approaching 20 percentage points a year, compared to our prior expectation of a 15 percentage point. For Q3, we expect revenue of approximately $62 million and an adjusted EBITDA loss of approximately $8 million.

Matt Anderson: Now, onto our outlook of financial guidance. For the full year 2024, we expect revenue growth of approximately 10% year-over-year. We expect adjusted Yvda margin improvement approaching 20 percentage points a year-over-year, compared to our prior expectation of 15 percentage point improvement. For Q3, we expect revenue of approximately $62 million, and an adjusted Yvda loss of approximately $8 million. We continue to expect to join a positive free cash flow in Q4 of this year. We also remain committed to continually clarifying our long-term growth and margin trajectories. Our focus is on allocating resources toward growth, consistently delivering more value for advertisers and transforming our product experience through our next initiative.

Speaker Change: We do not expect any further related charges at this time.

Speaker Change: Now, on to our Outlook and Financial Guidance.

Speaker Change: For the full year 2024, we expect revenue growth of approximately 10% year-over-year.

Matt Anderson: Our growth reflected early progress engaging new and active users and enhancing notification relevance and quality. For example, in Q2, we made it easier for some active users who clicked on notifications to experience Nextdoor without being logged in first, which made them more likely to log in and stay. Consistent with recent quarters, users engaged with more content during each visit to the next door platform. Session depth, which reflects the number of ad impression opportunities during each user session, continued to grow significantly year over year in Q2.

Speaker Change: We expect adjusted EBITDA margin improvement approaching 20 percentage points year-over-year compared to our prior expectation of a 15 percentage point improvement.

Speaker Change: For Q3, we expect revenue of approximately $62 million and an adjusted EBITDA loss of approximately $8 million.

Matt Anderson: We continue to expect a positive free cash flow in Q4 of this year. We also remain committed to continually clarifying our long-term growth and margins. Our focus is on allocating resources toward growth, consistently delivering more value for advertisers, and transforming our product experience through our next initiative. Next aspires to create a significantly better product and, in turn, create substantial shareholder value over time. We look forward to keeping you updated on our progress. Thanks for joining us on our earnings call today. I'll now turn it over to the operator to begin the Q&A.

Matt Anderson: We continue to expect to generate positive free cash flow in Q4 of this year. We also remain committed to continually clarifying our long-term growth and margin trajectory. Our focus is on allocating resources toward growth, consistently delivering more value for advertisers, and transforming our product experience through our next initiative. Next aspires to create a significantly better product and, in turn, create substantial shareholder value over time. We look forward to keeping you updated on our progress. Thanks for joining our earnings call today. I'll now turn it over to the operator for the Q&A session.

Speaker Change: We continue to expect to generate positive free cash flow in Q4 of this year.

Speaker Change: We also remain committed to continually clarifying our long-term growth and margin trajectories.

Speaker Change: Our focus is on allocating resources toward growth, consistently delivering more value for advertisers, and transforming our product experience through our next initiative.

Matt Anderson: We're making progress delivering better content to users, but as Nirav noted, we saw much more work to do to improve our core product experience. Q2 revenue, a $63 million, grew 11% year over year. Reflecting continued momentum in our solar channel. We're increasing mix of advertisers are benefiting from improved functionality and performance on the next door ads platform. Advertises expect performance in ease of use and we are making progress delivering both. Enhanced audiences improve reporting and more efficient ad delivery are already driving better outcomes for advertisers and increasing revenue for next door.

Matt Anderson: Next, aspires to create a significantly better product, and in turn, creates a substantial shareholder value over time. We look forward to keeping you updated on our progress.

Speaker Change: Next aspires to create a significantly better product, and in turn, create substantial shareholder value over time.

Matt Anderson: Thanks for joining our hearing's call today.

Speaker Change: We look forward to keeping you updated on our progress.

Operator: I'll now turn it over to the operator to begin Q&A. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone, a keypad. If, for any reason, you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. And as a reminder, if you are using a speaker phone, these are members of pickup. Your hand said before asking a question.

Speaker Change: Thanks for joining our earnings call today. I'll now turn it over to the operator to begin Q&A.

Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If, for any reason, you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. And as a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. And we will pause here briefly as questions are registered. The first question is from the line of Yousef Squali with Truist.

Speaker Change: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question,

Speaker Change: Please press star followed by two.

Speaker Change: Again, to ask a question, press star 1. And as a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. And we will pause here briefly as questions are registered.

Matt Anderson: In Q2, mid market revenue retention improved year over year. Advertisers spend levels increase for new advertisers year over year and nearly 50% of revenue came from self serve advertisers. As with our core user experience, our work to deliver more value to advertisers is far from done. We remain focused on bringing more capabilities to our managed enterprise and mid market advertisers. As we continue that work, we are encouraged by our top 50 advertiser retention, which improved 96% in Q2, up from 92% in Q1.

Operator: We will pause here briefly as questions are registered.

Youssef Squali: The first question is from the line of use of squally with truest. You may proceed. Thank you.

Speaker Change: The first question is from the line of Yousef Squali with Truist.

Yousef Squali: Thank you. Hi guys, just a couple questions around the macro mirror.

Youssef Squali: Thank you. Hi guys. Just a couple questions around maybe the macro. Nirav, can you talk a little bit about what you're seeing in terms of just, you know, kind of the potential at a macro level at a time when you guys are actually showing pretty material improvement? How much of that do you believe is kind of product-driven versus maybe increased marketing efficiency? And second, as you look, I know you're not guiding quite to 2025, but as you look at the cost efficiency that you've realized that you're showing with expectations of positive adjusted EBITDA in Q4. Should we expect that to be sustainable for the full year 2025? Thank you.

Youssef Squali: Hi, guys. Just a couple questions around and maybe the macro mirror. Can you talk a little bit about what you're seeing in terms of just, you know, kind of the potentate at a macro level at a time when you guys are actually showing pretty material improvement. How much of that do you believe is kind of product led versus maybe increased in marketing efficiency?

Speaker Change: You may proceed.

Yousef Squali: Thank you. Hi, guys. Just a couple

Yousef Squali: questions around and maybe the macro mirror, can you talk a little bit about

Yousef Squali: What you're seeing in terms of just, you know, kind of the puts and takes.

Nirav Tolia: Can you talk a little bit about what you're seeing in terms of just, you know, kind of the potential at a macro level at a time when you guys are actually showing pretty material improvement? How much of that do you believe is kind of product-driven versus maybe increased marketing efficiency? And second, as you look, I know you're not guiding quite to 2025, but as you look at the cost efficiencies that you've realized that you're showing with expectations of positive adjusted EBITDA in Q4, should we expect that to be sustainable for full year 2025? Thank you.

Matt Anderson: As nearer highlighted, we are doing more with less and are generating more operating leverage. Our Q2, with just the Yibbidou loss, was $6 million. For activity, as measured by revenue per employee, improved more than 50% year over year. We expect this leverage will persist through the remainder of the year as we operate with a leaner and more focused team, increased marketing discipline, and the benefits of reduced rent expense. Alongside these improvements, we reduce stock based competition expense by 25% in Q2.

Speaker Change: at a macro level at a time when you guys are actually showing pretty material improvement. How much of that do you believe is kind of product led versus maybe increased in in

Youssef Squali: And second, as you look, I know you're not guiding quite to 2025, but as you look at the cost efficiency that you've realized that you're showing with expectations of positives just a bit dot in Q4, should we expect that to be sustainable for a 4-year 2025 site?

Speaker Change: in marketing efficiency. And second, as you look, I know you're not guiding quite to 2025. But as you look at the

Speaker Change: cost deficiencies that you've realized that you're showing with expectations of positive adjusted EBITDA in Q4, should we expect that to be sustainable for full year 2025? Thank you.

Matt Anderson: We ended the quarter with $457 million in cash, cash equivalence, and marketable securities, and zero debt. In Q2, we reduced fully diluted share count by 5%. We repurchased 18 million shares for $44 million. Additionally, we reduced the number of potentially diluted securities by 12% in conjunction with our reductions in stock based compensation and employee, and Maxi Grant. Both actions align with our long-term capital allocation strategy. At the end of Q2, our current Sherry purchase authorization had $119 million remaining, and we have remained buyers of our Sherry's quarter today.

Nirav Tolia: Thank you for the question, Youssef, and let me just hit a couple of those things that you mentioned first on the macro. We've mentioned a couple of times this idea of the founders mentality, and one of the things that you do as a founder is you focus on the things you can control for us. That's actually not the macro. That's what we do internally, and so anything that you see from us is primarily driven by our ability to execute and do a good job on the things that we can control. There is a lot of stuff that's going on on the macro.

Nirav Tolia: Thank you for the question, Yusuf. And let me just hit a couple of those things that you mentioned first about the macro. We've mentioned a couple of times this idea of the founder's mentality. And one of the things that you do as a founder is you focus on the things you can control. For us, that's actually not the macro.

Nirav Tolia: Thank you for the question, Youssef. And let me just hit a couple of those things that you mentioned first about the macro. We've mentioned a couple of times this idea of the founder's mentality. And one of the things that you do as a founder is you focus on the things you can control. For us, that's actually not the macro.

Speaker Change: Thank you for the question, Yousef. And let me just hit a couple of those things that you mentioned. First, on the macro,

Speaker Change: we've mentioned a couple of times this idea of the founders' mentality and one of the things that you do as a founder is you focus on the things you can control

Speaker Change: For us, that's actually not the macro. That's what we do internally. And so anything that you see from us is primarily driven by our ability to execute and do a good job on the things that we can control.

Nirav Tolia: That's what we do internally. And so anything that you see from us is primarily driven by our ability to execute and do a good job on the things that we can control. There is a lot of stuff that's going on in the macro. Sometimes it can lift us a little bit. Sometimes it can provide a little bit of current against.

Nirav Tolia: Sometimes it can lift us a little bit. Sometimes it can provide a little bit of current against, but what we're trying to focus on is what can we do to better serve our users and advertisers, and I'm encouraged that we're on a pretty good path from that perspective.

Speaker Change: There is a lot of

Speaker Change: stuff that's going on on the macro. Sometimes it can lift us a little bit. Sometimes it can provide a little bit of current against.

Matt Anderson: One final note. As we briefly mentioned on our Q1 earnings call, we recognize a one-time restructuring charge of $26 million in Q2. $3 million of this expense within connection with reductions in our team size. The remaining $23 million related to office-based reductions, excluding these one-time charges, total cost and expenses in Q2 declined by 12% year-over-year. We do not expect any further related charges at this time.

Speaker Change: But what we're trying to focus on is, what can we do to better serve our users and advertisers? And I'm encouraged that we're on a pretty good path from that perspective.

Nirav Tolia: But what we're trying to focus on is what we can do to better serve our users and advertisers. And I'm encouraged that we're on a pretty good path from that perspective. Let me now talk a little bit about the rest of the year and into 2025. And you mentioned cost efficiency.

Nirav Tolia: Let me now talk a little bit about the rest of the year and into 2025, and you mentioned cost efficiency. So again, the founders mentality is about doing more with less. So we will make managing our business in a disciplined and frugal way. We'll just kind of wrap that into everything we do. It's not going to be a one-time thing or something that we do just this year, just in 2025. That said, I have to say our real focus is on growth. Our real focus is on revitalizing our product. Our real focus is on trying to capture the potential that we believe we have but is not captured today by our existing product.

Speaker Change: Let me now talk a little bit about the rest of the year and into 2025, and you mentioned cost efficiency. So, again, the founders' mentality is about doing more with less. So we will make.

Nirav Tolia: So again, the founders' mentality is about doing more with less. So we will make, manage our business in a disciplined and frugal way. We'll just kind of wrap that into everything we do. It's not going to be a one-time thing or something that we do just this year, just in 2025.

Speaker Change: Managing our business in a disciplined and frugal way. We'll just kind of wrap that into everything we do. It's not going to be a one-time thing or something that we do just this year, just in 2025.

Matt Anderson: Now onto our outlook of financial guidance. For the full year, 2024, we expect revenue growth of approximately 10% year-over-year. We expect adjusted Yvda margin improvement approaching 20 percentage points a year-over-year, compared to our prior expectation of 15 percentage point improvement. For Q3, we expect revenue of approximately $62 million, and an adjusted Yvda loss of approximately $8 million.

Nirav Tolia: That said, I have to say, our real focus is on growth. Our real focus is on revitalizing our product. Our real focus is on trying to capture the potential that we believe we have but is not captured today by our existing product. And so while we can tighten the bolts and we can run our business more effectively, and we've tried to do that, our real focus is on unlocking value and turning that value into being a real growth business. And the only way we can do that is with a better product. And so that is where our primary focus is. This is Matt. I'll jump in there as well.

Speaker Change: That said, I have to say our real focus is on growth.

Speaker Change: Our real focus is on revitalizing our product. Our real focus is on trying to capture the potential that we believe we have, but is not captured today by our existing product. And so while we can tighten the bolts and we can run our business more effectively, and we've tried to do that,

Nirav Tolia: And so, while we can tighten the bolts and we can run our business more effectively, and we tried to do that. Our real focus is on unlocking value and turning that value into being a real growth business, and the only way we can do that is with a better product.

Matt Anderson: We continue to expect to join a positive free cash flow in Q4 of this year. We also remain committed to continually clarifying our long-term growth and margin trajectories. Our focus is on allocating resources toward growth consistently delivering more value for advertisers and transforming our product experience through our next initiative. Next, aspires to create a significantly better product and in turn creates a substantial shareholder value over time.

Speaker Change: Our real focus is on unlocking value and turning that value into being a real growth business. And the only way we can do that is with a better product. And so that is where our primary focus is.

Nirav Tolia: And so that is where our primary focus is.

Matt Anderson: Yusef, this is Matt. I'll jump in there as well. So a couple of points, too, with regard to macro. I mean, Nirav hit the key point, which is focusing on what we control, delivering value to neighbors and to advertisers. Now, when we double-click a bit further, we can look at verticals that do matter for us, areas like home services, which we've highlighted. We are seeing really positive momentum there. Some small rebound in financial services.

Matt Anderson: You said, "Oh, this is mad." I'll jump in there as well.

Matt Anderson: Youssef, this is Matt. I'll jump in there as well. So a couple of points, too, with regard to macro. I mean, Nirav hit the key point, which is focusing on what we control, delivering value to neighbors and to advertisers. Now, when we double click a bit further, we can look at verticals that do matter for us, areas like home services, which we've highlighted. We are seeing really positive momentum there. Some small rebound in financial services.

Matt Anderson: So a couple points to with regards to macro near the key point, which is focusing on what we can draw delivering value to neighbors and to advertisers. Now, when we double-click a bit further, we can look at verticals that do matter for us: areas like home services, which we've highlighted. We are seeing really positive momentum there. Some small rebound and financial services beyond those. It's really from our perspective around diversifying our advertising base. So we have emerging verticals that are contributing in a smaller way today. We think it can be a bigger role in the future.

Matt Anderson: Yousef, this is Matt, I'll jump in there as well. So a couple of points too, with regards to macro, I mean, Nirav hit the key point, which is focusing on what we control, delivering value to neighbors.

Speaker Change: and two advertisers.

Matt Anderson: We look forward to keeping you updated on our progress.

Speaker Change: Now, when we double click a bit further, we can look at verticals that do matter for us, areas like home services, which we've highlighted. We are seeing really positive momentum there.

Unknown Executive: Thanks for joining our hearing call today.

Unknown Executive: I'll now turn it over to the operator to begin Q&A. Thank you.

Matt Anderson: Beyond those, it's really from our perspective around diversifying our advertiser base. So we have emerging verticals that are contributing in a smaller way today but we think can play a bigger role in the future. But at the end of the day, the verticals that are endemic to us, we are seeing positive momentum in, but ultimately, it comes back to delivering advertiser value. Now, with regard to cost efficiencies and looking forward to 2025, one comment on Q4, I do want to reiterate that it is Q4 cashflow break-even. So we do generate significant interest income in addition to just Citi Baton. So that's something I wanted to clarify.

Matt Anderson: Beyond those, it's really, from our perspective, around diversifying our advertiser base. So we have emerging verticals that are contributing in a smaller way today but we think can play a bigger role in the future. But at the end of the day, the verticals that are endemic to us, we are seeing positive momentum in, but ultimately, it comes back to delivering advertiser value. Now, with regard to cost efficiencies and looking forward to 2025, one comment on Q4, I do want to reiterate that it is Q4 cash flow break even. So we do generate significant interest income in addition to just Citi Bidan, so that's something I wanted to clarify.

Speaker Change: Some small rebound in financial services. Beyond those, it's really, from our perspective, around diversifying our advertiser base. So we have emerging verticals that are contributing in a smaller way today, we think can play a bigger role in the future. But at the end of the day, the verticals that are endemic to us, we are seeing positive momentum in.

Unknown Executive: We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone, a keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star one, and as a reminder, if you are using a speaker phone, please remember to pick up your handstand before asking any questions. We will pause here briefly as questions are registered.

Matt Anderson: But the end of the day, the verticals that are endemic to us. We are seeing positive momentum. But ultimately comes back to delivering advertising value.

Matt Anderson: Now, with regard to cost efficiencies and looking forward to 2025. One, just a comment on Q4: I do want to reiterate that it is Q4 cash flow breakeven. So we do generate significant income in addition to the city baton. So that's something I wanted to clarify there. Additionally, one of the things we're really focused on is to maintain ourselves for growth, as they have mentioned. And so we believe we can do more or less. We are allocating our resources. We are getting leverage for more efficient marketing, as you noted. And ultimately, we think that puts in some position to ambitiously pursue some of the product changes that New York's talked about.

Speaker Change: but ultimately comes back to deliver an advertising value.

Speaker Change: Now, with regard to cost efficiencies, I'm looking forward to 2025.

Speaker Change: One, just a comment on Q4. I do want to reiterate that it is Q4 cash flow breakeven. So we do generate significant interest income in addition to the Citi Baton. So that's something I wanted to clarify there.

Youssef Squali: The first question is from the line of you, Seth Squally, with truest. You may proceed. Thank you. Hi, guys. Just a couple questions around maybe the macro-neural. Can you talk a little bit about what you're seeing in terms of just kind of the potentate at a macro level at a time when you guys are actually showing pretty material improvement? How much of that do you believe is kind of product led versus maybe increased in marketing efficiency?

Matt Anderson: Additionally, one of the things we're really focused on is positioning ourselves for growth, as Nirv mentioned. And so, we believe we can do more with less. We're allocating our resources. We are getting leverage for more efficient marketing, as you noted. And ultimately, we think that puts us in a position to ambitiously pursue some of the product changes that Nirv talked about. But at the end of the day, we're not commenting on 2025 specifically, but with each quarter that goes by, we feel better positioned.

Speaker Change: Additionally, one of the things we're really focused on is positioning ourselves for growth.

Speaker Change: as they are mentioned.

Speaker Change: And so...

Speaker Change: We believe we can do more with less. We're allocating our resources. We are getting leverage for more efficient marketing, as you noted. And ultimately, we think that puts us in position to ambitiously pursue some of the product changes that New York's talked about. But at the end of the day, we're not commenting on 2025 specifically, but with each quarter that goes by, we feel better positioned.

Matt Anderson: But at the end of the day, we're not coming down to 2025 specifically, but with these core that goes by, we feel better position. Okay, thank you.

Eric Sheridan: The next question is from the line of Eric Sheridan with Goldman Sachs. You may proceed. Thank you. Thank you so much. Two questions, if I can.

Eric Sheridan: The next question is from the line of Eric Sheridan with Goldman Sachs.

Youssef Squali: And second, as you look, I know you're not guiding quite to 2025, but as you look at the cost deficiencies that you've realized that you're showing with expectations of positives just a bit dot in Q4, should we expect that to be sustainable for a four-year 2025 site?

Speaker Change: The next question is from the line of Eric Sheridan with Goldman Sachs.

Eric Sheridan: Thank you so much. I have two questions, if I can. In terms of the scope of budgets that are coming your way today and how that might evolve over the long term, how do you think about the landscape of local into local compared to national into local and how that might look different for you as a platform, not only in the current state, but in the years ahead? And I thought it was interesting the comment you made about user growth coming predominantly from word of mouth and unpaid acquisition channels. Is that something we should be thinking about in terms of broad-based ability to grow irrespective of marketing investments or the potential for higher levels of marketing leverage over the long term?

Nirav Tolia: Thank you so much. I have two questions, if I can. In terms of the scope of budgets that are coming your way today and how that might evolve over the long term, how do you think about the landscape of local into local compared to national into local and how that might look different for you as a platform, not only in the current state, but in the years ahead? And I thought it was interesting the comment you made about user growth coming predominantly from word of mouth and unpaid acquisition channels. Is that something we should be thinking about in terms of broad-based ability to grow, irrespective of marketing investments or the potential for higher levels of marketing leverage over the long term?

Eric Sheridan: In terms of the scope of budget that are coming your way today and how that might have all over the long term. How do you think about the landscape of local into local compared to national into local and how these might look different for you as a platform, not only in the current state, but in the years ahead. And I thought it was interesting to comment you made about user growth coming predominantly from word of mouth and unpaid acquisition channels. Is that something we should be thinking about in terms of broad based ability to grow irrespective of marketing investments or potential for higher levels of marketing leverage over the long term.

Speaker Change: you may proceed

Eric Sheridan: Thank you so much. Two questions, if I can. In terms of the scope of budgets that are coming your way today and how that might evolve over the long term, how do you think about the landscape of local into local compared to national?

Speaker Change: into local and how they might look different for you as a platform not only in the current state but in the years ahead and i've done it was interesting to come made about user growth coming predominantly from

Nirav Tolia: Thanks so much.

Nirav Tolia: Thank you for the question, Youssef. And let me just hit a couple of those things that you mentioned first on the macro. We've mentioned a couple of times this idea of the founders mentality and one of the things that you do as a founder is you focus on the things you can control for us. That's actually not the macro. That's what we do internally. And so anything that you see from us is primarily driven by our ability to execute and do a good job on the things that we can control.

Speaker Change: word of mouth and unpaid acquisition channels. Is that something we should be thinking about in terms of broad-based ability to grow irrespective of marketing investments or potential for higher levels of marketing leverage over the long term? Thanks so much.

Eric Sheridan: Thanks so much.

Nirav Tolia: Thank you for the question. Let me actually start by saying that this idea of local versus national. One of the things that makes Nextdoor really unique is that we are an intrinsically local platform, but with national scale. And so the fact that we've got 99% adoption of neighborhoods across the United States means that whether it's for users and regardless of where they're living, having a great experience, or whether it's advertisers and regardless of whether they want to advertise, being able to go to one place to do that advertising. We can bring local, which is typically something that's been very difficult to scale.

Nirav Tolia: Thank you for the question. Let me actually start by saying that this idea of local versus national, one of the things that makes Nextdoor really unique is that we are an intrinsically local platform but at a national scale. And so the fact that we've got 99% adoption across neighborhoods across the United States means that whether it's for users, and regardless of where they're living, having a great experience, or whether it's for advertisers, and regardless of where they want to advertise, being able to go to one place to do that advertising, we can bring local, which is typically something that's been very difficult to scale, to people nationally at scale.

Speaker Change: Thank you for the question. Let me actually start by saying that this idea of local versus national, one of the things that makes Nextdoor really unique is that we are an intrinsically local platform, but with national scale.

Nirav Tolia: There is a lot of stuff that's going on on the macro. Sometimes it can lift us a little bit. Sometimes it can provide a little bit of current against. But what we're trying to focus on is what can we do to better serve our users and advertisers. And I'm encouraged that we're on a pretty good path from that perspective.

Speaker Change: And so the fact that we've got 99% adoption of neighborhoods across the United States means that whether it's for users, and regardless of where they're living, having a great experience, or whether it's advertisers, and regardless of where they want to advertise, being able to go to one place to do that advertising,

Nirav Tolia: Let me now talk a little bit about the rest of the year and into 2025 and you mentioned cost efficiency. So again, the founders mentality is about doing more with less. So we will make managing our business in a disciplined and frugal way. We'll just kind of wrap that into everything we do. It's not going to be a one time thing or something that we do just this year just in 2025.

Speaker Change: We can bring local, which is typically something that's been very difficult to scale.

Nirav Tolia: Two people nationally at scale. And so the way that you frame the question originally, we actually think internally that we can deliver a local experience at a national scale.

Nirav Tolia: And so, the way that you framed the question originally, we actually think internally that we can deliver a local experience at a national scale. We don't think of it as an either or; we think of it more as an and. In regards to growth and how we think about organic growth, word of mouth, et cetera, I'm going to pass this on to Matt, and he can give you a little more detail on that. Yeah, that's right. And I'll just touch on the advertiser point as well. Whether it's the local business or the large enterprise, they're all.

Nirav Tolia: And so, the way that you framed the question originally, we actually think internally that we can deliver a local experience at a national scale. We don't think of it as an either; we think of it more as an and. Regarding growth and how we think about organic growth, word of mouth, etc., I'm going to pass this on to Matt, and he can give you a little more detail on that. Yeah, that's right. And I'll just on the advertiser point as well, whether it's the local business or the large enterprise, they're.

Speaker Change: Two people nationally at scale.

Speaker Change: And so, the way that you framed the question originally...

Speaker Change: We actually think internally that we can deliver a local experience at a national scale. We don't think of it as an either-or, we think of it more...

Nirav Tolia: We don't think of it as an either or; we think of it more as an end in regards to the growth and how we think about organic growth, word of mouth, et cetera.

Nirav Tolia: That said, I have to say our real focus is on growth. Our real focus is on revitalizing our product. Our real focus is on trying to capture the potential that we believe we have but is not captured today by resisting product. And so while we can tighten the bolts and we can run our business more effectively and we tried to do that. Our real focus is on unlocking value and turning that value into being a real growth business. And the only way we can do that is with a better product. And so that is where our primary focus is.

Matt Anderson: In regards to the growth and how we think about organic growth, word of mouth, etc., I'm going to pass it to Matt and he can give you a little more detail on that. Yeah, that's right. And I'll just on the advertiser point as well.

Matt Anderson: I'm going to pass it to Matt, and you can give you a little more detail on that. Yeah, that's right. And I'll just on that private point as well, whether it's the local business or the large enterprise, they're looking for reach; they're looking for return on ad spend. And they're looking to do that more flexibly and more easily. And so that's true. Now, some of our smaller advertisers are SMBs. I'm in market already started to see some of our privacy today.

Matt Anderson: Yeah, that's right. And I'll just address the advertiser point as well. Whether it's the local business or the large enterprise, they're looking for reach, they're looking for return on ad spend, and they're looking to do that more flexibly and more easily. And so that's true.

Matt Anderson: Whether it's the local business or the large enterprise, they're looking for reach, they're looking for return on ad spend.

Matt Anderson: And they're looking to do that more flexibly and more easily. And so that's true now.

Matt Anderson: Now, some of our smaller advertisers are SMBs, or mid-market, already starting to see some of that progress today via self-serve. We have more to do on the enterprise side, but a lot of those needs are the same. Now, going to your point around user growth, this is actually something we've commented on in the last couple of quarters. So, what we sometimes refer to as top of the funnel growth, these are new neighbors coming and verifying on the platform.

Matt Anderson: Some of our smaller advertisers, our SMBs, our mid-market already started to see some of that privacy today via self-serve. We have more to do on the enterprise side, but a lot of those needs are the same.

Matt Anderson: We have more to do an enterprise size, but a lot of those needs are the same. Now, going to your point around user growth. This is actually something we commented on in the last couple of quarters. So when we sometimes refer to this top of funnel growth, these are new neighbors coming and verifying on the platform. We're seeing really nice growth there. If we look at this versus prior years, requiring an absolute term, significantly more approaching 95 million of total verified neighbors. So continue to see progress there. As I mentioned in my comments, nearly all of them are coming through word of mouth, organic on paid channels.

Matt Anderson: Now, going to your point around user growth, this is actually something we've commented on in the last couple of quarters. So what we sometimes refer to as top of the funnel growth, these are new neighbors coming and verifying on the platform. We're seeing really nice growth there, and if we look at this versus prior years, requiring an absolute term, significantly more, approaching 95 million total verified neighbors. So I am continuing to see progress there, as I mentioned in my comments.

Matt Anderson: You said, oh, this is mad. I'll jump in there as well.

Matt Anderson: So a couple points to with regards to macro near the key point, which is focusing on what we can draw delivering value to neighbors and to advertisers. Now, when we double click a bit further, we can look at verticals that do matter for us areas like home services, which we've highlighted. We are seeing really positive momentum there. Some small rebound and financial services beyond those. It's really from our perspective around diversifying our advertising base.

Matt Anderson: We're seeing really nice growth there, and if we look at this versus prior years, requiring an absolute term, significantly more, approaching 95 million total verified neighbors. So, we're continuing to see progress there, as I mentioned in my comments. Nearly all of them are coming through word-of-mouth, organic, unpaid channels, and that's something that, one, reflects our scale, two, reflects improvements in the product, and three, as you noted, represents a significant opportunity to show leverage.

Matt Anderson: We're seeing really nice growth there. If we look at this versus prior years, requiring an absolute term, significantly more, we're approaching 95 million of total verified neighbors. So continue to see progress there. As I mentioned in my comments,

Matt Anderson: Nearly all of them are coming through word-of-mouth, organic, unpaid channels, and that's something that, one, reflects our scale, two, reflects improvements in the product, and three, as you noted, represents a significant opportunity to show leverage. So as it relates to user acquisition, we've actually taken that spend to nearly zero, and so we're hitting relatively high levels of absolute neighbor acquisition, and then we're driving that So that's a really key piece.

Speaker Change: Nearly all of them are coming through word-of-mouth.

Matt Anderson: And that's something that one reflects our scale to reflects improvements in the product. And three, as you noted, represents a significant opportunity to show leverage. So, as it relates to user acquisition, we've actually taken that spend to nearly zero. And so we're hitting relatively high levels of absolute neighbor acquisition. And that we're driving that with limited neighbor acquisition spend. So that's a really key piece.

Matt Anderson: So we have emerging verticals that are contributing in a smaller way today. We think it can be a bigger role in the future. But the end of the day, the verticals that are endemic to us. We are seeing positive momentum and ultimately comes back to delivering advertising value.

Matt Anderson: Organic, Unpaid Channels. And that's something that one reflects our scale, two reflects improvements in the product, and three, as you noted, represents a significant opportunity to show leverage. So as it relates to user acquisition, we've actually taken that spend to nearly zero. And so we're hitting

Matt Anderson: So as it relates to user acquisition, we've actually taken that spend to nearly zero, and so we're hitting relatively high levels of absolute neighbor acquisition, and then we're driving that with limited neighbor acquisition spend. So that's a really key piece. It's something you've seen a little bit of in Q1. You'll see more of it in Q2, or you have seen more of it in Q2, and we expect it to be a part of our second half as well, and that's built into our guidance. So that's something that we're continuing to make progress on. We feel good about it. It is a source of operating leverage, and it's really a core part of our day today.

Matt Anderson: Now with regard to cost efficiencies and looking forward to 2025. One, just a comment on Q4. I do want to reiterate that it is Q4 cashflow breakeven. So we do generate significant income in addition to the city baton. So that's something I wanted to clarify there. Additionally, one of the things we're really focused on is to maintain ourselves for growth, as they have mentioned. And so we believe we can do more or less. We are allocating our resources. We are getting leverage for more efficient marketing as you noted. And ultimately, we think that puts in some position to embitiously pursue some of the product changes that nearest talked about.

Matt Anderson: Relatively high levels of absolute neighbor acquisition.

Matt Anderson: It's something you've seen a little bit of in Q1, you'll see more of in Q2, or you have seen more of in Q2, and we expect it to be a part of our second half as well, and that's built into our guidance. So that's something that we're continuing to make progress on. We feel good about it. It is a source of operating leverage, and it's really a core part of our

Matt Anderson: and that we're driving that with limited neighbor acquisitions then.

Matt Anderson: It's something you will see a little bit of into one. You'll see more of and Q2. Are you have seen more of in Q2 and we expect to be a part of our of our second half as well. And that's built into our guidance. So that's something that we're continuing to make progress on. We feel good about it. It is a source of operating leverage, and it's really a core part of our day today.

Matt Anderson: So that's a really key piece.

Matt Anderson: It's something you will have seen a little bit of in Q1, you'll see more of in Q2, or you have seen more of in Q2, and we expect you to part.

Matt Anderson: of our of our second half as well. And that's built into our guidance. So that's something that we're continuing to make progress on. We feel good about it is a source of operating leverage. And it's really a cool part of our day today.

Matt Anderson: But at the end of the day, we're not coming down to 2025 specifically, but with these core that goes by, we feel better position. Okay, thank you.

Operator: Currently, no questions registered.

Operator: Currently, no questions have registered. So as a reminder, it is star number one to ask a question. There are no additional questions waiting at this time. I would like to pass the conference over to the management team for any closing remarks.

Operator: So, as a reminder, it is star one to ask a question. There are no additional questions waiting at this time.

Speaker Change: Currently no questions registered so as a reminder it is star one to ask a question.

Eric Sheridan: The next question is from the line of Eric Sheridan with Goldman Sachs. You may proceed. Thank you so much. Two questions if I can.

Nirav Tolia: In terms of the scope of budgets that are coming your way today and how that might have all over the long term, how do you think about the landscape of local into local compared to national into local and how these might look different for you as a platform, not only in the current state but in the years ahead. And I thought it was interesting to comment you made about user growth coming predominantly from word of mouth and unpaid acquisition channels.

Nirav Tolia: Thank you. I appreciate it. And thank you to everyone who joined the call. I'll just add a few closing remarks, and then we will end this time around. And what I'd like to do is give you three points about where we are today or about the current quarter, really, that we just reported. And then, most importantly, looking ahead. In the current quarter that we reported, we were very, very heartened by the fact that we could report growth as well as do more with less. You heard the statistics: growing revenue, growing wow, and then on the more with less better adjusted EBITDA margin year over year, 23 points of improvement.

Nirav Tolia: I would like to pass the conference on which of the management team for any closing remarks. Thank you, appreciated, and thank you to everyone who joined the call.

Speaker Change: There are no additional questions waiting at this time. I would like to pass the conference over to the management team for any closing remarks.

Nirav Tolia: Thank you. I appreciate it. And thank you to everyone who joined the call. I'll just add a few closing remarks, and then we will end this time around. And what I'd like to do is give you three points about where we are today, or about the current quarter, really, that we just reported, and then, most importantly, looking ahead. In the current quarter that we reported, we were very, very heartened by the fact that we can report growth, as well as do more with less.

Nirav Tolia: I'll just add a few closing remarks, and then we will end this time around. What I'd like to do is give you three points about where we are today, or about the current court, or really that we just reported, and then the third, most importantly, looking ahead. On the current court that we reported, we were very, very heartened by the fact that we can report growth as well as doing more with less. You heard the statistics growing revenue growing wow and then on the more with less better adjusted EBITDA margin year over year 23 points of improvement.

Speaker Change: Thank you, appreciate it. And thank you to everyone who joined the call. I'll just add a few closing remarks and then we will end this time around. And what I'd like to do is give you three points to about where we are today or about the current quarter really that we just reported. And then the third, most importantly, looking ahead.

Nirav Tolia: Is that something we should be taking about in terms of broad based ability to grow irrespective of marketing investments or potential for higher levels of marketing leverage over the long term. Thanks so much. Thank you for the question. Let me actually start by saying that this idea of local versus national one of the things that makes Nextdoor really unique is that we are an intrinsically local platform but with national scale. And so the fact that we've got 99% adoption of neighborhoods across the United States means that whether it's for users and regardless of where they're living, having a great experience or whether it's advertisers in regards where they want to advertise being able to go to one place to do that advertising.

Speaker Change: on the current quarter that we reported we we were very very heartened by the fact that we could report growth as well as doing more with less

Nirav Tolia: You heard the statistics, growing revenue, growing wow, and then on the more with less, better adjusted EBITDA margin, year over year, 23 points of improvement. But the real story for us internally and our real focus is, as we look towards the future, this idea of the next Nextdoor. Being able to combine our deep local expertise with a new and completely innovative user experience to truly delight our users and advertisers and start to achieve our potential. It's not going to be an easy path. It's not going to be linear. It's not going to be straightforward.

Nirav Tolia: We can bring local, which is typically something that's been very difficult to scale. Two people nationally at scale and so the way that you frame the question originally, we actually think internally that we can deliver a local experience at a national scale. We don't think of it as an either or we think of it more as an end in regards to the growth and and how we think about organic growth, word of mouth, etc.

Speaker Change: You heard the statistics growing revenue growing Wow and then on the more with less

Speaker Change: Better Adjusted EBITDA Margin Year-over-Year 23 Points of Improvement. But the real story for us internally and our real focus is, as we look towards the future, this idea of next.

Nirav Tolia: But the real story for us internally and our real focus is, as we look towards the future, this idea of next the next next door. Being able to combine our deep local expertise with a new and completely innovative user experience to truly delight our users and advertisers and start to achieve our potential. It's not going to be an easy path. It's not going to be linear. It's not going to be straightforward. But the potential payoff is something that we find extremely, extremely attractive. A better product experience for users and advertisers, a growth story as a company, and a revitalized platform for all.

Nirav Tolia: But the real story for us internally and our real focus is, as we look towards the future, this idea of the next Nextdoor. Being able to combine our deep local expertise with a new and completely innovative user experience to truly delight our users and advertisers and start to achieve our potential. It's not going to be an easy path. It's not going to be linear. It's not going to be straightforward.

Matt Anderson: Being able to combine our deep local expertise with a new and completely innovative user experience to truly delight our users and advertisers and start to achieve our potential.

Speaker Change: It's not going to be an easy path. It's not going to be linear. It's not going to be straightforward, but the potential payoff

Nirav Tolia: But the potential payoff is something that we find extremely, extremely attractive: a better product experience for users and advertisers, a growth story as a company, and a revitalized platform for all. So we appreciate you joining us on the call. We'll continue to keep you abreast of the journey. And until next time, thank you everyone for joining.

Matt Anderson: is something that we find extremely

Matt Anderson: extremely attractive, a better product experience for users and advertisers, a growth story as a company, and a revitalized platform for all. So we appreciate you joining for the call. We'll continue to keep you abreast of the journey and until next time, thank you everyone for joining.

Operator: So we appreciate you joining for the call. We'll continue to keep you abreast of the journey, and until next time. Thank you, everyone, for joining.

Nirav Tolia: I'm going to pass it to Matt and you can give you a little more detail on that. Yeah, that's right. And I'll just on that private point as well. Whether it's the local business or the large enterprise, they are looking for reach, they're looking for return on ad spend. And they're looking to do that more flexibly and more easily. And so that's true. Now some of our smaller advertisers are SMBs, I'm in market already started to see some of our privacy today.

Operator: That concludes the Nextdoor second quarter 2024 earnings call. Thank you for your participation. You may now disconnect your line.

Operator: That concludes the Nextdoor second quarter of 2024.

Speaker Change: That concludes the Nextdoor second quarter 2024 earnings call. Thank you for your participation. You may now disconnect your line.

Nirav Tolia: We have more to do an enterprise size, but a lot of those needs are the same now going to your point around user growth. This is actually something we commented on in the last couple of quarters. So what we sometimes refer to as top of funnel growth, these are new neighbors coming and verifying on the platform. We're seeing really nice growth there. If we look at this versus prior years, requiring an absolute term, significantly more approaching 95 million of total verified neighbors.

Nirav Tolia: So continue to see progress there. As I mentioned in my comments, nearly all of them are coming through word of mouth, organic on paid channels. And that's something that one reflects our scale to reflects improvements in the product. And three, as you noted, represents a significant opportunity to show leverage. So as it relates to user acquisition, we've actually taken that spend to nearly zero. And so we're hitting relatively high levels of absolute neighbor acquisition, and that we're driving that with limited neighbor acquisition spend.

Nirav Tolia: So that's a really key piece. It's something you will see a little bit of into one, you'll see more of and to two. Or you have seen more of and we expect to be a part of our of our second half as well, and that's built into our guidance. So that's something that we're continuing to make progress on. We feel good about it is a source of operating leverage and it's really a cool part of our day today. Currently no questions registered. So as a reminder, it is star one to ask a question. There are no additional questions waiting at this time.

Nirav Tolia: I would like to pass the conference on which of the management team for any closing remarks. Thank you appreciated and thank you to everyone who joined the call. I'll just add a few closing remarks and then we will end this time around.

Nirav Tolia: And what I'd like to do is give you three points to about where we are today or about the current court or really that we just reported and then the third most importantly looking ahead. On the current court that we reported, we were we were very, very heartened by the fact that we can report growth as well as doing more with less. You heard the statistics growing revenue growing wow and then on the more with less better adjusted EBITDA margin year over year 23 points of improvement.

Nirav Tolia: But the real story for us internally and our real focus is as we look towards the future, this idea of next the next next door. Being able to combine our deep local expertise with a new and completely innovative user experience to truly delight our users and advertisers and start to achieve our potential. It's not going to be an easy path. It's not going to be linear. It's not going to be straightforward.

Nirav Tolia: But the potential payoff is something that we find extremely extremely attractive. A better product experience for users and advertisers, a growth story is a company and a revitalized platform for all. So we appreciate you joining for the call. We'll continue to keep you abreast of the journey and until next time. Thank you everyone for joining.

Unknown Executive: That concludes the next door second quarter 2024 earnings call. Thank you for your participation.

Unknown Executive: You may now disconnect your line.

Q2 2024 Nextdoor Holdings Inc Earnings Call

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