Nextdoor Holdings, Inc. (NYSE:KIND) Q4 2022 Earnings Conference Call February 28, 2023 5:00 PM ET

Company Participants

Matt Anderson – Head of Investor Relations

Sarah Friar – Chief Executive Officer

Mike Doyle – Chief Financial Officer

Conference Call Participants

Robert Zeller – Truist

Eric Sheridan – Goldman Sachs

Brian Nowak – Morgan Stanley

James Michael – Citi

Operator

Thank you for attending today’s Nextdoor Fourth Quarter and Full Year 2022 Earnings conference Call. My name is Jason, and I’ll be the moderator for today’s call. All lines will be muted during the presentation portion of the call and opportunity for questions and answers at the end. [Operator Instructions]

I’d now like to pass the conference over to our host, Matt Anderson, Head of Investor Relations.

Matt Anderson

Thank you, Jason. Good afternoon, and thank you for joining us today to review Nextdoor’s fourth quarter and full year 2022 financial results. With us on the call today are Sarah Friar, Chief Executive Officer; and Mike Doyle, Chief Financial Officer.

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.

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.

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 Q4 2022 Shareholder Letter released today.

With that, I’d like to turn the call over to Sarah.

Sarah Friar

Thank you, Matt, and hello, everyone. Q4 marked the end of a challenging year for many neighbors and customers. Against this backdrop, we remain focused on providing value to neighbors and organizations and driving results in the areas we can more directly control.

On the neighbor front, platform engagement is high with weekly active users while growing 11% year-over-year and 4% sequentially in Q4. This growth was led by the U.S. where we added over 1 million net WAU quarter-over-quarter.

Q4 WAU grew sequentially for the eighth quarter in a row, and over the past two years, WAU has grown by 42%, demonstrating the community, utility, and durable value Nextdoor offers. In conjunction with WAU growth, we are also growing at the top of the funnel indicating a clear opportunity for sustained growth.