Nextdoor Reports Second Quarter 2024 Results
-
Revenue of
$63 million , +11% year-over-year; WAU of 45.1 million, +8% year-over-year -
GAAP net loss of
$43 million ; Adjusted EBITDA loss of$6 million , representing year-over-year margin improvement of 23 percentage points - Increases full-year 2024 financial outlook
- Total Weekly Active Users (WAU) of 45.1 million increased 8% year-over-year.
-
Revenue of
$63 million increased 11% year-over-year. -
Net loss was
$43 million , compared to$35 million in the year-ago period. -
Adjusted EBITDA loss was
$6 million , compared to$19 million in the year-ago period. -
Ending cash, cash equivalents, and marketable securities were
$457 million as ofJune 30, 2024 .
"Q2 was a productive quarter at Nextdoor,” said
"New users continue to join the platform and engage more deeply, and with our resources better allocated towards growth, we unlocked meaningful margin improvement in Q2 and are raising our full-year 2024 outlook. I remain confident
For more detailed information on our operating and financial results for the second quarter ended
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
63,292 |
|
|
$ |
56,889 |
|
|
$ |
116,438 |
|
|
$ |
106,660 |
|
Loss from operations |
$ |
(49,016 |
) |
|
$ |
(41,442 |
) |
|
$ |
(83,765 |
) |
|
$ |
(80,254 |
) |
Net loss |
$ |
(42,781 |
) |
|
$ |
(35,403 |
) |
|
$ |
(71,042 |
) |
|
$ |
(69,119 |
) |
Adjusted EBITDA(1) |
$ |
(5,979 |
) |
|
$ |
(18,605 |
) |
|
$ |
(19,994 |
) |
|
$ |
(40,266 |
) |
(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
|
|
Six Months Ended
|
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(42,781 |
) |
|
$ |
(35,403 |
) |
|
$ |
(71,042 |
) |
|
$ |
(69,119 |
) |
Depreciation and amortization |
|
1,143 |
|
|
|
1,454 |
|
|
|
2,530 |
|
|
|
2,905 |
|
Stock-based compensation |
|
16,235 |
|
|
|
21,576 |
|
|
|
35,741 |
|
|
|
37,392 |
|
Interest income |
|
(6,409 |
) |
|
|
(6,356 |
) |
|
|
(13,255 |
) |
|
|
(11,869 |
) |
Provision for income taxes |
|
316 |
|
|
|
124 |
|
|
|
515 |
|
|
|
425 |
|
Restructuring charges |
|
25,517 |
|
|
|
— |
|
|
|
25,517 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(5,979 |
) |
|
$ |
(18,605 |
) |
|
$ |
(19,994 |
) |
|
$ |
(40,266 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss % Margin |
|
(68 |
)% |
|
|
(62 |
)% |
|
|
(61 |
)% |
|
|
(65 |
)% |
Adjusted EBITDA % Margin |
|
(9 |
)% |
|
|
(33 |
)% |
|
|
(17 |
)% |
|
|
(38 |
)% |
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present certain non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin, in this press release. Our use of non-GAAP financial measures has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial results as reported under GAAP.
We use non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. Non-GAAP financial measures provide consistency and comparability with past financial performance, facilitate period-to-period comparisons of core operating results, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. In addition, adjusted EBITDA is widely used by investors and securities analysts to measure a company's operating performance. We exclude the following items from one or more of our non-GAAP financial measures: stock-based compensation expense (non-cash expense calculated by companies using a variety of valuation methodologies and subjective assumptions), depreciation and amortization (non-cash expense), interest income, provision for income taxes, and, if applicable, restructuring charges or acquisition-related costs.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, (1) stock-based compensation expense has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy, (2) although depreciation and amortization expense are non-cash charges, the assets subject to depreciation and amortization may have to be replaced in the future, and our non-GAAP measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements, and (3) adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (c) tax payments that may represent a reduction in cash available to us. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures.
About
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Investor Relations:
ir@nextdoor.com
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Media Relations:
press@nextdoor.com
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