Nextdoor Reports Fourth Quarter and Full Year 2023 Results
- Added record number of organic Verified Neighbors for the second consecutive quarter; Exceeded 88M Verified Neighbors at year-end 2023
- Q4 WAU of 41.8M increased +5% year-over-year and +3% quarter-over-quarter, with further growth expected in Q1
-
Board approved a
$150M increase to existing share repurchase program
"
"We delivered full year 2023 revenue growth and Adjusted EBITDA margin improvement, and enter 2024 with a streamlined cost structure,
- Total Weekly Active Users (WAU) of 41.8 million increased 5% year-over-year.
-
Revenue of
$55.6 million increased 4% year-over-year. -
Net loss was
$40.5 million , compared to$33.4 million in the year-ago period. -
Adjusted EBITDA loss was
$14.0 million , compared to$17.1 million in the year-ago period, and reflecting 7 percentage points of year-over-year adjusted EBITDA margin improvement.
- Total Weekly Active Users (WAU) increased 9% year-over-year.
-
Revenue of
$218.3 million increased 3% year-over-year. -
Net loss was
$147.8 million , compared to$137.9 million in the year-ago period. -
Adjusted EBITDA loss was
$74.1 million , compared to$75.5 million in the year-ago period. -
Cash, cash equivalents, and marketable securities were
$531.1 million as ofDecember 31, 2023 .
On
As announced on
For more detailed information on our operating and financial results for the fourth quarter and full year ended
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
55,557 |
|
|
$ |
53,270 |
|
|
$ |
218,309 |
|
|
$ |
212,765 |
|
Loss from operations |
$ |
(47,654 |
) |
|
$ |
(36,331 |
) |
|
$ |
(172,284 |
) |
|
$ |
(144,204 |
) |
Net loss |
$ |
(40,530 |
) |
|
$ |
(33,408 |
) |
|
$ |
(147,765 |
) |
|
$ |
(137,916 |
) |
Adjusted EBITDA(1) |
$ |
(14,042 |
) |
|
$ |
(17,122 |
) |
|
$ |
(74,107 |
) |
|
$ |
(75,471 |
) |
(1) The following is a reconciliation of net loss, the most comparable GAAP measure, to adjusted EBITDA for the periods presented above:
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(40,530 |
) |
|
$ |
(33,408 |
) |
|
$ |
(147,765 |
) |
|
$ |
(137,916 |
) |
Depreciation and amortization |
|
1,413 |
|
|
|
1,487 |
|
|
|
5,769 |
|
|
|
5,656 |
|
Stock-based compensation |
|
22,290 |
|
|
|
17,463 |
|
|
|
83,025 |
|
|
|
64,420 |
|
Interest income |
|
(7,145 |
) |
|
|
(3,957 |
) |
|
|
(25,780 |
) |
|
|
(9,304 |
) |
Provision for income taxes |
|
42 |
|
|
|
1,293 |
|
|
|
756 |
|
|
|
1,673 |
|
Restructuring charges |
|
9,888 |
|
|
|
— |
|
|
|
9,888 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(14,042 |
) |
|
$ |
(17,122 |
) |
|
$ |
(74,107 |
) |
|
$ |
(75,471 |
) |
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present certain non-GAAP financial measures, such as Adjusted EBITDA, in this press release. Our use of non-GAAP financial measures has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial results as reported under GAAP.
We use non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. Non-GAAP financial measures provide consistency and comparability with past financial performance, facilitate period-to-period comparisons of core operating results, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. In addition, Adjusted EBITDA is widely used by investors and securities analysts to measure a company's operating performance. We exclude the following items from one or more of our non-GAAP financial measures: stock-based compensation expense (non-cash expense calculated by companies using a variety of valuation methodologies and subjective assumptions), depreciation and amortization (non-cash expense), interest income, provision for income taxes, and, if applicable, acquisition-related costs.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, (1) stock-based compensation expense has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy, (2) although depreciation and amortization expense are non-cash charges, the assets subject to depreciation and amortization may have to be replaced in the future, and our non-GAAP measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements, and (3) adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (c) tax payments that may represent a reduction in cash available to us. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures.
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