Nextdoor Holdings, Inc. (NYSE:KIND) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET

Company Participants

John Williams - Head of Investor Relations
Nirav Tolia - CEO, President
Matt Anderson - Chief Financial Officer

Conference Call Participants

Jamesmichael Sherman-Lewis - Citi

Operator

Good afternoon. Thank you for attending today's Nextdoor Q3 2024 Earnings Call. My name is Cole and I'll be the moderator for today's call. [Operator Instructions]

I'd now like to hand it over to John Williams, Head of Investor Relations. Please go ahead.

John Williams

Thank you, operator. I'm John T. Williams, Head of Investor Relations. Good afternoon and thank you for joining us to review Nextdoor's third quarter 2024 financial results. With us on the call today are Nirav Tolia, Chief Executive Officer, 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 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. Reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q3 2024 shareholder letter released today.

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

Nirav Tolia

Thank you, John T. Good afternoon, everyone. I'm happy to be here with you today to discuss our third quarter 2024 financial results and outlook.

Since I returned to CEO around six months ago, our team has done a lot to focus our strategy and business and we're stronger as a result. We're energized by the progress, but there's an enormous amount of work remaining and a long road ahead. That said, Q3 was a solid milestone on this journey as we improved user growth, revenue growth, and operational efficiency.

Weekly Active Users or WAU, reached $45.9 million, up 13% year-over-year. Revenue of $66 million grew 17% year-over-year and adjusted EBITDA margin increased by 33 percentage points year-over-year and reflects improved revenue growth and employee productivity.