Nextdoor Holdings, Inc. (NYSE:KIND) Q4 2023 Results Conference Call February 27, 2024 5:00 PM ET

Company Participants

John Williams - Head-Investor Relations

Sarah Friar - Chief Executive Officer

Nirav Tolia - Chief Executive Officer Designate

Matt Anderson - Chief Financial Officer

Conference Call Participants

Eric Sheridan - Goldman Sachs

Ron Josey - Citi

Stan Velikov - Wells Fargo

Operator

Good afternoon. Thank you for attending the Q4 2023 Nextdoor Earnings Call. My name is Matt, and I'll be your moderator for today's call. All lines have been muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator Instructions]

I would now like to pass the conference over to our host, John Williams with Nextdoor. John, please go ahead.

John Williams

Thank you, Matt. I'm John T. Williams, Head of Investor Relations. Good afternoon and thank you for joining us to review Nextdoor's fourth quarter and full year 2023 financial results. With us on the call today are Sarah Friar, Chief Executive Officer; Nirav Tolia, Chief Executive Officer Designate; and Matt Anderson, 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 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 2023 shareholder letter released today.

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

Sarah Friar

Thank you, John T. Our Q4 results demonstrated renewed strength. We added a record number of organic Verified Neighbors for the second straight quarter and ended the year with more than 88 million Verified Neighbors growing 13% year-over-year. Q4 WAU grew to 41.8 million, up 5% year-over-year and 3% sequentially. We expect this sequential growth in WAU to continue into Q1.

Users remain active and engagement is high on our platform. Impression growth was strong. Session depth, which reflects the number of ad impression opportunities during each user session, increased by 36% year-over-year and accelerated versus Q3, ending the year at a record level.