Nextdoor Announces Third Quarter 2022 Results
"In an environment that continues to be volatile, we're pleased to see strong platform engagement both in the
-
Total Weekly Active Users (WAU) increased
17% year-over-year to 38.3 million. -
Revenue increased
2% year-over-year to$54.0 million -
Net loss was
$34.7 million $19.4 million -
Adjusted EBITDA loss was
$18.4 million $7.7 million -
Cash, cash equivalents, and marketable securities were
$604.5 million September 30, 2022 .
For more detailed information on our operating and financial results for the third quarter ended
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(in thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
53,954 |
|
|
$ |
52,705 |
|
|
$ |
159,495 |
|
|
$ |
132,870 |
|
Loss from operations |
$ |
(36,392 |
) |
|
$ |
(19,080 |
) |
|
$ |
(107,873 |
) |
|
$ |
(65,541 |
) |
Net loss |
$ |
(34,717 |
) |
|
$ |
(19,363 |
) |
|
$ |
(104,508 |
) |
|
$ |
(66,002 |
) |
Adjusted EBITDA(1) |
$ |
(18,366 |
) |
|
$ |
(7,718 |
) |
|
$ |
(58,349 |
) |
|
$ |
(35,819 |
) |
(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 |
|
Nine Months Ended |
||||||||||||
(in thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(34,717 |
) |
|
$ |
(19,363 |
) |
|
$ |
(104,508 |
) |
|
$ |
(66,002 |
) |
Depreciation and amortization |
|
1,465 |
|
|
|
1,047 |
|
|
|
4,169 |
|
|
|
3,202 |
|
Stock-based compensation |
|
17,270 |
|
|
|
10,592 |
|
|
|
46,957 |
|
|
|
26,971 |
|
Interest income |
|
(2,703 |
) |
|
|
(21 |
) |
|
|
(5,347 |
) |
|
|
(86 |
) |
Provision for income taxes |
|
319 |
|
|
|
27 |
|
|
|
380 |
|
|
|
96 |
|
Adjusted EBITDA |
$ |
(18,366 |
) |
|
$ |
(7,718 |
) |
|
$ |
(58,349 |
) |
|
$ |
(35,819 |
) |
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.
About
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Nextdoor Investor Relations:
ir@nextdoor.com
or visit investors.nextdoor.com
Nextdoor Media Relations:
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