Nextdoor (KIND) - 2024 Q3 - Quarterly Report

User Engagement - Weekly Active Users (WAUs) increased by 13% to 45.9 million for the three months ended September 30, 2024, compared to 40.4 million in the same period of 2023[113] - Revenue increased by $9.5 million, or 17$65.6 million, representing a 17% increase from $56.1 million in the same period of 2023[113] - Revenue for the nine months ended September 30, 2024, was$182.0 million, an increase of 12% compared to $162.8 million in the same period of 2023[113] - Adjusted EBITDA for the nine months ended September 30, 2024 was$(21.31) million, an improvement from $(60.07) million in the same period of 2023[173] Cost Management - Total costs and expenses decreased by 14$86.4 million for the three months ended September 30, 2024, compared to $100.5 million in the same period of 2023[114] - Research and development expenses for the three months ended September 30, 2024, were$31.9 million, down from $39.6 million in the same period of 2023[138] - Sales and marketing expenses decreased by$4.4 million, or 14%, for the three months ended September 30, 2024, primarily due to a decrease in personnel-related costs[147] Net Loss and Adjusted EBITDA - Net loss for the three months ended September 30, 2024, decreased by 61% to $14.9 million, down from$38.1 million in the same period of 2023[115] - Adjusted EBITDA loss for the three months ended September 30, 2024, decreased by 93% to $1.3 million, compared to$19.8 million in the same period of 2023[116] - The company reported a net loss of 23% for the three months ended September 30, 2024, compared to a net loss of 68% for the same period in 2023[140] Cash Flow and Securities - Cash, cash equivalents, and marketable securities totaled $424.7 million as of September 30, 2024[116] - The company generated negative cash flows from operations, with cash used in operating activities amounting to$31.96 million for the nine months ended September 30, 2024[162] - Cash provided by investing activities for the nine months ended September 30, 2024 was $93.41 million, primarily from maturities and sales of marketable securities[165] Share Repurchase - The company repurchased and retired 30.0 million shares of Class A common stock for an aggregate repurchase price of$73.3 million during the nine months ended September 30, 2024[161] Tax and Other Income - Provision for income taxes decreased by $0.1 million, or 42$0.5 million for the three months ended September 30, 2024, primarily due to periodic re-measurement of monetary assets and liabilities[153] - Other income (expense), net increased by $0.8 million for the nine months ended September 30, 2024 compared to the same period in 2023[154] Future Expectations - The company expects to incur significant research and development, sales and marketing, and general and administrative expenses over the next several years[158] - As of September 30, 2024, the company had an accumulated deficit of$852.0 million[158]