KIND - Earnings call transcript Q4 2024

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Operator

Good afternoon. My name is Elliot, and I will be your conference operator today. At this time, I would like to welcome everyone to Nextdoor's Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions]Thank you.

You may now begin your conference.

John Williams

operator. you, Thank T. I'm John of Investor Head Relations. Williams, Good Nextdoor's fourth and thank XXXX you review to us joining quarter results. for financial afternoon, and year full Chief Anderson, on Officer; us the today Nirav With call and Financial Chief Tolia, Matt Officer. are Executive

of statements performance. During to that to They federal laws. are our under not are variety related These this subject statements may statements forward-looking risks guarantees business we securities call, and make uncertainties. are of a future

any differ Our from materially forward-looking actual in statements. reflected could results expectations

discussion refer a risks on in today's other SEC other For website in the of and our well release. our earnings available of and as important material and affect important could as the factors actual factors section risks Investor the filings to discussed that SEC's website results, Relations please our the

will measures reconciliation A directly Additionally, today. discussed non-GAAP of comparable be their XXXX financial letter can GAAP QX found to these measures conference on the shareholder most today's call. financial be measures released in

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

Nirav Tolia

our have and fulfilling more At to product. the impact. real our more than we local platform come importantly, you, did that stronger everyone. Today, When million definitely to created today XX verified we later, close made a joined with you and the with fourth I'm discuss create as lives. financial we afternoon, our John same XXX both neighbors our T. be to to We've outlook. a quarter Nextdoor, happy connected XXXX with Thank neighborhoods improve their haven't potential, belief so Good time, results business years communities.

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what's intended, results. about QX and specific to marked XX% while our XX% And users encouraged let's share by more progress I'm and $XX.X Weekly details work before no the to full NEXT setting million. call. active talk on is do, today's emergence QX increased stage our to excited pun year-over-year But much next, about for grew there of some to Revenue $XX a million. finish year. the year-over-year, strong year reaching XXXX the

achieved important balance For controls and disciplined milestone. an time, really the can we operating of and first productivity flow, we and investment XXXX, EBITDA adjusted strategic Throughout cost gains. positive QX drive cash that all showed and a between sustained

focus results by execution organizations. these and unwavering were most belief important reinforce possible made on an my All winning of about

additions and from Establishing our now to Officer People and in our place George Kernan, are includes in confident drive a Revenue have key Nextdoor across Officer. XXXX, Times to of Chief the we forward. focus promotion Chief the core This the asset. York New right I'm was organization team talent Michael the the [indiscernible] as that of Design

piece embraced and entire clear of year's But committing ultimately a launching the incremental to top priority delivering the from Nextdoor existing are is the optimizations this challenge away of we're experience. last are we energy clear, moving and evidence product improved important refining making transforming and do and is iterating, has of user new right, To our fully our focus radically company NEXT. operational financial most and Our our and and transformation next that progress. very results

success. to the it impact we switchover our necessary a long-term results, secure will is While expect short-term step

a little detail So about talk next. in bit more let's

want to a how lot to value. the work next year over interface us they them. high notifications Our use but be we've that more They've to vision our relevant, to the do to is and exactly can last told promise to be understand full be spoken to of for put, more unlock that needed the intuitive the we neighborhood, they the they local to more for information and Simply want door, better the them. users

needs, richer and to community-powered on local Next X it meet local and alerts areas: timely key these content, focuses local is purpose-built recommendations.

These are high each these for the and bit and would more to that NEXT comprise users needs deliver strategy conviction the for pillars foundation smart. on I little detail. X a in like the of keeping safe core of our explain informed,

users local content of and alongside source third-party to keep past, and publisher we more related of integrate daily sources the primary means local all First, experience locally. delivers content reliable predictable to that new are value. local information providing and richer content non-neighbor the In user-generated adding now discussions, our of what news informed. news creating been help Richer happening updates. a NEXT content will has neighbor these local is

outdated. critical to updates traffic, Second, power, are lifeline during essential for the these Weather, we an live are prioritizes L.A. neighbors NEXT, serving help these fires everyday upgrading pieces for like might needs hard information local In quickly become find crises in your prominent that of that essential for and users safe. as alerts as be will such past, to a more keep users. accuracy, or delivery our alerts or are deliver daily design recent commute. real-time the

the difficult are keep made are up always at have surfacing feed finally, heart only In the users significant Nextdoor it making we of recommendations this find. community-powered help past, and local smart. looked the to posts. in our knowledge Neighbor of to a recommendations Third and portion

Next, to In prototyped the country. have years. our evergreen the AI ML many by X X in contributed neighborhood use around and some markets recommendations and initial seen strategy. early gives in over users last of us can NEXT months, useful showcase parts tested valuable we the in centralize we and a feedback confidence We've content signals new we'll hub most where

to development NEXT. prioritize over our switch efforts their next shifted these related QX initiating materially teams learnings, officially work Given have the during development product to

have in successful core shifting envision address all directly the execution. on that trade-offs and embrace intentionally to making With uncertainty NEXT way because other prioritize the strategic influence value. materially will users ready we to always Delivering vision we're over better only is usage times to in a not are transformation needs. for now new patterns. existing things that from And the I've reducing our we short-term engagement door. product This next to is said business many But shifts focusing deepen users' long-term certainly that allows straight mind, ones to to uncertainty product anticipated us the build a this line, include like or acquiring ad load may we

we active will which affect results. business weekly and users result, do As on impacts impressions, near-term a expect

by share transition vision, not remain is as of it that essential on period and switch right one. now launch lightly, over is beginning take Embracing promised and decision the I'm a This we but we product a switchover feedback believe and this of transformed to to product all said, We ensuring delivering to built long-term is Nextdoor's success. much we the process. to that track NEXT mid-XXXX. validated pleased the technology are With

long-term foundation is ups quarters, the some this and work laying expect we in the success. our downs for coming While

NEXT forward Nextdoor rollout updated potential, in keeping the to look has and you the of tremendous months ahead. we on

results. to Matt turn I'll to financial our it discuss over now

Matt Anderson

nearly measures WAU aged and believe our new XX by joined overall to across profitability. these growth XX. In revenue XXXX, few $XX.X In saw of XX% of These that user you, users QX, of usage but next base, we Thank new have QX younger a good driven compared organically. expectations verified to and different we align to all the increasingly from our factors. tend everyone. users with afternoon, both grew and habits year-over-year, engagement, experience. QX million users, the we Nirav, those when user our will key fastest Among saw progress

acquisition user new strong, First, in U.S. particularly the remains

Second, users delivery prompting relevance we reengage. improved notification many to previously inactive and

are when quarters, content a but bolder noted users positive with more have we These session. engaging they optimizations ahead As in XXXX. look in now the business transformation to drove platform, could to each impact, in with recommendations. come opportunity we past Nextdoor, local through NEXT, not local engaged verified big users joined reconnect they to Many have content, as With local them. community-powered and are we but be. alerts see as timely richer

$XX active by from average reflecting retention. advertisers monetization. grew growth our per self-serve deliver and revenue ability QX Now of to user QX or driven $X.XX million ads weekly relevant and grew year-over-year ARPU users. to on XX% revenue year-over-year improved to more revenue X% to

revenue delivered and net cost embrace result, in represented As growth, Within were our impressions, we than to XX% all retention more particular, advertisers, effective self-serve delivered which strong. more revenue a and click to our in our retention higher per XX% nonoptimized Self-serve optimization clicks compared channel, QX. and capabilities. lower self-serve of CPMs. click continue account campaigns ad revenue more

door As large via gaining our being and improved revenue ad of server. access we performance. migrated, managed targeting our Many now was self-serve of next QX, enter delivered advertisers to XXX% U.S. have our

expenses we intentional positive be cash first resource adjusted XX flow this was ahead, operating Increasing representing scale, X% cash this to in improvement. to the driving scale drove of our sales QX personnel and profitability. continue advertisers time. million to $XX EBITDA Shifting those reflecting marketing expect given $X and quarterly adjusted model. cash million, Looking later data points flow some year. and benefits management and international improvement. our was revenue a QX, percentage or same related asset-light In also flow year-over-year we of allocation. to hosting lower to margin, EBITDA and Operating conversion expenses rigorous for strong

providing $XXX and million leverage debt. and path expect year sustain, the these efficiencies future. X the We further cash to us ended in We a with marketable to securities cash, with in equivalents

In by shares X% fully count XXXX, reduced and year-over-year. share we million diluted XX our repurchased

is count than in went result, our diluted XXXX. a at fully we As public lower time share now the

financial expense more and disciplined repurchases. sheet through Our including we flexibility focused share remain strong and operating capital committed provides balance strategic allocation, and to profile

our the solid We embracing also our to on guidance. on year that outlook are footing, affect guidance. we changes will and started but financial Now

developing more First, to initiative outlook and our with initial towards product, revenue reductions supply move reflects rollout. transformed in tied impression to our our decision next ambitiously ad

reflects expected load ad This and redefine patterns as the in we reductions experience. usage user shifting

Second, large spending quarter, programmatic advertisers among ad large tied advertisers shifting observed we the towards budgets progress certain we reduced to partly have as buying. through

of we side partners In both use the improving, supply ad beyond. Ease to to our value quarter direct and contribute While growth late have these new programmatic remains delivery to partnerships buy also advertiser to looking equation. only strong large integrate in the for efforts platform of advertisers are part self-serve accelerated response, critical, through new and side is to-date. expect demand our especially advertiser our channels. These is spending XXXX and and

by reduce with factors these EBITDA. will X million, revenue corresponding adjusted We flow-through QX expect to a growth approximately impact $X

in growth revenue first half of flat. year-over-year and expect also XXXX the We approximately be to

specifically, year-over-year percentage an QX improvement. revenue translates approximately of For to million of points approximately $XX $XX million. margin approximately XXXX of this and loss EBITDA adjusted X implying

track As earlier, deliver Nir by we on noted to mid-XXXX. remain NEXT

Now to year. NEXT progress the continued over for We saw signs in multiple a of few shape. final the user XXXX. growth drove of We course thoughts. began take

Our Nextdoor and more resource ad for improvement. productivity focused consistent our advertisers, gains performance platform, drove drove allocation

many drivers We growth this improvement adds user organic of to of year. persist growth the acquisition an expect platform-driven our last and including year,

already is efforts know confident In right we will the including operator near-term path a decisions Q&A. drive term. but our go-to the I'll our are role affect Thank resource for NEXT We it key our decisions, now to With the NEXT expect as for Thanks everything are for that of is will opportunity everyday making the call these local. one. have some our the NEXT, users reaffirm turn joining the XXXX, we durable resource to earnings we today. results. begin long growth Nextdoor's over on to seeking utility. for you. we

Operator

Goldman [Operator question Sheridan from Instructions] with comes First Eric Sachs.

Eric Sheridan

Maybe could. X, if I

the of side months. on pace base and just of of the impression think bit XX like on what broader subset current growth the about talk the output decision that platform a more the rather would on then of with investments how little current you users in ad than look look piece process a the user users out one Maybe of going the the XX, maybe micro side focusing for maybe the about question and over sort stimulating the around equation. on side users be on of headwind. or next and deeper you the First, of And more will XX, engagement

be Or So reflected absorbed just will supply QX. by a ad will it the deeper Does remain that expect side to headwind business. exit mostly on that advertising sounds a about the you for meaning year? in headwind, like that's into QX, bring you the continuous fully basis impressions the thinking down time

Nirav Tolia

Eric, first for on questions. one take impression at then the end. I'm the Nirav and on both this that to ad here. going comment asked users, you let you is Matt Thank I'll the question

iterative comes So bang. launching users, of next. when big It's Internet is series you to software step of kind learn, where you in listen, a ultimately, never the along. we for we've are let back do where now. tell process a some take big is that it of developed The always better, that is me a all And way movements you and get process you our a shipping in time signals launch, PR may That you then that you but event improve. you're a been

that is been practice users this and very we're learn standard base X the it that have thing testing in against around we U.S. the and As so actually we a mentioned is the cohort in best markets way to the current doing. letter,

where to the Ultimately, about getting switch to we next. we will initiating get we're as over the for And flip that's switch all to talk users say, everyone. we point completely we what

sizable to engagement, particularly looking we're asked already what you to around XX user As it engagement with is for question months, XX deepening base. relates the an

So frequent more but million verified and is we what deeper over engagement. XXX need neighbors,

visits, of NorthStar stories frequency number time for minute visits on ultimately the those more it's time That's And are of and a or a it's of over can goal. metric a so us. They the whether spent translate read. some more into metrics actually shorter whether those

seen, few optimistic the and be learn thing next this about optimal a are things the very this optimize. we is to to why that but process. given is We we've the going us for that early to quarters, for that's And talked idea do

we're takes to And focus the and over I'll excited is, turn impression Matt that us. so for questions. that's ad where our about it where

Matt Anderson

Yes. Thanks, Eric.

is So we really really been the over into a several growth came where driver a actually our which XXXX, couple last by asset start we've building with had That's consistent and of pieces. years, I'll as core the onstage. strong our of been growth.

about is really do look discussion Nirav to a us need related number this we we're testing ahead we the minutes. to focused to ensure beyond, led our next. efforts internally drive when XXXX different intentional core on and specifically, what about talk few as and to of and us we And sustains we many ambitiously to growth. the first can years that come, to of half Now look that action And for to that year, today think do that talked for a we we growth give a need and durable really signal

understanding as we with that supply we look to all learning, as into launched where we're can expect we really, And so on growth different the things to on. current how baseline observe we're those relative midyear our expect at first limited we those NEXT talked see get the because the doing the past, as tests And half, out. that's becomes and things deliberate about do play this focus we really focused then in a

And play mentioned. but so signals will frequency think number increasing of a we that in of that the out Nirav be one that ways, early will around things

we're talking next lot a driving tied ambitiously about that the dynamics delivered, tied supply they And so and be are long-term to towards a are that. to of we're growth. are But going to today they

Operator

Jason We now turn Craig-Hallum. with to Kreyer

Jason Kreyer

local kind So of community with bunch content. a of in to obviously, you're publishers bring different integrating that

the kind at markets Just across of that across information in of country. you're various continuum that curious where securing

Nirav Tolia

on a next. that X the have Nirav call And want to that's I just remind of we pillars great everyone question. here.

a existing really publishers several are We a the and distribution we estimates, about news XX,XXX third-party local you neighbors new anywhere across content as We for establishing alerts X,XXX using the content and about getting are going you're between new pillar primarily have source for By and and specifically, the our U.S. the talking And publishers. pillar have and thousands. talking recommendations pillar first that probably moving from beyond already to are the thing. user-generated time, fact news there

that I don't and verified getting that ultimately, the do just to long to those is going issues ultimately then thing we for useful with them is articles and neighbors better in and the the articles. them we're coverage not them about think the different have think show So pull. our is discussions The most the It's articles. users bring to allow

to And so a It's not something back, the if unique million community. the know XXX take over today. get actually actually is content Nextdoor you neighbors your unique local in we the our that to to delivering same are that's users verified the things hard content actually The are you live What is because Nextdoor. here can is about they users. not step thing thinking

content And the world. think to special. that really conversation, by And the have excited is we show bolstered what to the so to we're neighbor that's

Jason Kreyer

to advertisers. And on the just large going comments you moves made back by then the

Just wondering you've necessarily and related and or gain related? provide conversations if you this there's from feedback can those if micro advertisers additional macro there's gotten how not comfort detail is that you

Matt Anderson

one. Jason, Yes, happy to take I'm that

talk increasing part advertisers. improving last self-serve. couple quite starts like driving of it And the a on cost in retention, which advertiser where a the this. that value been something bit over I click, things comments, is one Really, of That's when equation. with we focus This referenced a my is per we key quarters is performance thing about that talked So about including for

particularly advertisers where and where they Now want both as get is and we feedback for ultimately they do option the at of how big need the understanding year, buy advertisers. And entered programmatically. X ability focuses our new meeting to be, advertisers that to the larger potential have better we we've do

we for to make so to across multiple existing easier that buy of It's look to advertisers. see them a as have And opportunity base we our it real channels.

feedback. so And on really based that it's

Now other as there are factors well.

think customer-specific advertisers focused we the on making further ultimately, I to we we deliver we dynamics, macro it's that. it onto as towards especially much between idiosyncratic buy to discern And think opportunity and then platform. come to for early but versus are very move to to next, value an try larger have easier, too more our

Operator

with Citi. to Instructions] Sherman-Lewis We Jamesmichael [Operator now turn

Jamesmichael Sherman-Lewis

Nirav and Matt.

WOW growth for year-over-year adds with First XX% flat me, of sequentially. net

think leverage we to retention, session the WAU about strategies, as top-of-funnel and your younger drive supporting As the can usage also feed we of with depth next models notification ranking you're driving revisit impact and users. As delivery growth? well newer how

Nirav Tolia

Okay. Nirav, here, Jamesmichael.

you verified So have think from we neighbors new younger of in probably a that the a lot QX is I demographic. growth in noted that first the saw was

so existing maybe And we users urban for well And a our users much we what of as with as encouraging built really our broaden base proposition NEXT sign. segments users actually for served we can. think not younger have for also and historically value across of that's will we've that

first So that's the kind of thing.

relates get to just specific has actually want been because couple this question As to of times. it inventory, I ad a asked

in We for where quarters are we few and are about learning specifically next engagement. learning the the phase optimizing

comes part you really That about very the learn of gives we users, sure increase familiar something The that's opportunity consumer users things to engagement, that we best a and load As do last when to versus base. we the have asked But that of all existing we to that are more can units serve the start large serving large way we our new do to to or the us after question, or that the needs Nextdoor. ad with is ad understand we make to new more create advertisers. drive of our base base. obviously

not our base first they the existing really want are there We neighbors that It's to and share experience, Nextdoor who dramatically learn do to existing before think Nextdoor. us. The important yet to is we on the on is opportunities with for existing take are Within how well. as want We users new understand ways comparing experience thing after. are user for that and our lots feel it that content the better. of

of So social the our is virality, existing way we're why a we user that serving we user growth. these job drive base, through existing we our do focused typically grows That on will networks also new base. good know if

Matt Anderson

other in a Year is Typically, fourth note tends flatness, we to on see lower. And be Christmas quarter, good year-over-year and years. Jamesmichael, acknowledge I'll pros indicator engagement just quarter. particularly I seasonal our QX comment think the around New specifically. in your been add the past some the the That's ultimately, But of when to growth in obscured X period

Jamesmichael Sherman-Lewis

to in leverage S&M on follow-up. marketing. Very set And particularly branded your encouraging shift light inflection EBITDA with strategic a in performance led acquisition clear. have see the then expenses, the customer I positive some by but strategies? here Can and it's you cut across advertiser savings,

Matt Anderson

clarify, Just I were and talking correctly? you to Did about you and operating marketing sales leverage hear expense.

Jamesmichael Sherman-Lewis

and in operating marketing. leverage Yes, talons

Matt Anderson

Yes.

comment, So start business, an the which seen every we've leverage the in margin pieces there's in overall QX function, actually every the a the improvement spend. across points with XX of broad-based type One, including couple across year-over-year of is of is want I there. to

an And is, think, I point. so that important

flow and which partly growth. how reflects true marketing organic couple It area is lower reflects decisions some a as a think sales But of personnel through will towards Now these strategic costs, importantly, model, different really the shift the we example. it across our things. It is the company. about good of

talked we to we of acquisition. with before, not effectively coming our substantially one So do on mechanically, is spend which neighbors about all platform the

of the that's of last the real years, over a of source couple course leverage. So

apply same investing a investing can we where we growth. where better in then that in scalable approach product, to As look the areas forward, we are look

with have we better some organic improve our the look better platform, product can tools road we're with shifting for actually presence. SMBs, other areas, so that pay acquire we those to do SMBs we And customers map to channels so our in to to but for help focus on example, invest spend

further forward product. really 'XX getting from on over so focused we based because are we and very look F&B on improving beyond, And leverage be we as will

as backward-looking so an think we around that of years. the at over opportunity there's look SMBs improvement And equal next NAR couple we acquisition,

Operator

now Kulkarni Roth with turn We to Capital. Rohit

Unknown Analyst

Just to kick things off.

Any that that lead long-term you trade-offs it Nirav you short-term what confidence seeing is is versus these the pain months, to color regards lot give you're the to Would over color term next users On on get as or leases the going more X a such? of gives to over last in wins. bigger with longer of on greater the to the love switch that can to X months kind more data next through advertisers. as that the you're reading

Nirav Tolia

It's a question. great

our let step back me that and say X feedback, a together we're we at different trying to things. when pull So take really look actually

We users, product we development can them. trying better what great team to have organization a listen have our directly our research we serve entire and to from users is qualitative always do to feedback and to understand

a even want those necessarily that they haven't but things. you are believe vision, you create know So that creating the want of they they they dashboards that just third Because because typically we those metrics and something product is scale, have don't look X at you being told understand we and the the how system which knobs thing is that things dials moved. when with then And can feedback, quantitative balancing users our need, and to it's have them. We actually right? you necessarily our intuition. new things are

and is early local that one example example. it's that and infrequent content platform few quantify system. But we are in into types incrementally that size do even habitual to experimenting an the now as on very track. begins really the switchover learn current the will the And to example that specific It's seen different stage of a give users the the have know one a indicator early. we're early. understand against more we've initiate something seen without still that it we the example more But at Nextdoor quarters where using of next show I we're the having The content, when showing. the to so impacts reason just we're the taken can that audience turn that of fact the more. content right still we've publisher and is is we third-party a optimize we really is because one resulting We relevant that given can't That's we service. of you

Unknown Analyst

to large to are you onto things that, get to specific that the some there platform? bucket. what tech can could you on or finance a first sub-question go-to-market 'XX then need a the of guide do have to can of user who towards users, advertisers spend And the the color it half that guide maybe on shifting upgrades of advertisers, of programmatic drivers you as you Are underlying revenue back more and Deny that provide per be half do do kind reignite revenue that kind first question number number on

Matt Anderson

So pieces. I'll of happy a down couple to to. break

testing, ad it first simply, bit supply which back So we with which have is the to load. talked our to regard ad to about over halo is a really very on it's And increased this also couple goes half, call, frequency, depth tied total organic last come been our we've decisions through the inventory, never something we feed item of views. have and user growth, and around the but years

can affect supply. of or But intentional. Now more as we types will those total the the load. we about, do might different dynamic less I going test ways supply, things earlier, Thinking ad are to frequent certain that as that dynamics changing is dynamically mentioned about notifications, we've talked affect

with will more that through than it the else the proceeded Now model, would does mean that we if constrain just that as that flow growth have, down through continued optimization we all quarter. our

drive next of is to those it the really towards is it optimizations, those mid-XXXX. that's that why lot effort And a those to towards tests. tied changes, So linked

earlier, of As we'll we'll year, into growth, to growth, on certainly mentioned And more second those to we supply then relates as share be it continuing the and it I those is we're deliver sure as advertisers, as looking see to half also where present the to to making user start we It's buy. closely performance. like large move things can drive go. it easier or making certainly,

progress, that's more that making And benefits our have as server ad there's and they getting to well. been from continues larger been is advertisers, so active which we with underway an effort including whom relationship are sure ones those a

continuing our better SAC benefits, through same same the transition. are advertisers that those to the our ad to so and we're larger And from server, advertisers make we're self-serve leverage way ad expected sure going and that seeing march performance see as

with change with audience efforts conjunction so over think buying them full you around real programmatic And new of really It's our in not going-forward evolving and year. helping that when just and to We opportunity. But the an think a progression a conjunction on go-to-market. the in here a with focus show pair we the reach there's something partnerships, will opportunity ways the the there's in Next, course quarter. of that

Nirav Tolia

Okay.

I all taken think we've of questions. the

to most, we're we minute so that the I'd And we about where matter recap before briefly are things take going. today to a reinforce and where close, like and

sustained and to a and We well. that's in solid QX in First, gains. able why executed with saw were productivity created XXXX, strategic investment foundation. you cost balance controls, the We team

is to prioritize but But take investors. the are building we company be And trade-offs not because metrics, this it's intentionally it's to now it the thing But performance, going second, are near term. it we to term. company long right This do a long-term impact in lightly. short-term impact something make to we will will for the

talked pillars safe to Third moving we servicing informed them, keep her help live community-powered sources most switchover on local and new The the to X users help local content users very we to and of keep adding upgrading NEXT. to finally, updates of ambitiously importantly, about help users smart. NEXT, keep are recommendations

excited for We are to the Nextdoor. next the thank joining with share in about you months. and call, We your appreciate in more interest coming you you

Operator

you gentlemen, your concluded. and has today's call for to We'd Ladies participation. like now thank

You may now disconnect your lines.

Nextdoor (KIND) 27 Feb 252024 Q4 Earnings call transcript