Nextdoor (KIND) 28 Feb 232022 Q4 Earnings call transcript

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.

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

risks During They our that this a are securities These subject are to guarantees not of federal business statements under to call, are make and statements of related may laws. we uncertainties. statements forward-looking future variety performance.

statements. forward-looking from expectations Our reflected actual results differ any could materially in

For material actual important factors please earnings today’s filings a the Relations that our as could website refer SEC section release. important discussion and other Investor website SEC’s well of risks our in discussed the affect results, available other as factors in the of and and the our on to risks

non-GAAP Letter today. found be measures of measures measures on to call. GAAP conference the most in will QX can these today’s released financial A directly Shareholder comparable reconciliation their be financial Additionally, discussed XXXX

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

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

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

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

learning year we product machine and almost growth. progress experience, and innovation We of a Nextdoor. verified was on million made deploying enhance drive on engagement, to the platform substantial Today, execution. neighbors XXXX neighbor have XX

become groundwork notifications to and Moreover, push points activity. for our engaging and sessions platform the on Newsfeed e-mail laid who but we for neighbors in the capture QX, by users next and quarter, a from sessions, incorporating to we interactions just their optimizing In advanced interest by long-term likely more based the data not most preferences. more from on for neighbor personalized are

This interface early our stream become latter will we but powerful of expect will the greater most velocity. a the our neighbor optimizing our and user it the more scale become work at app, significantly work growth and for believe In as prominent way driver is in updated value engagement still an stage, at we and neighbors long-term. and that in year, beyond also models the XXXX we derive

services. placed the to engagement the posting and center navigation bar highest We and highlight the function simplified front

proposition find other further We events year also high launched the the surface, local the discover within help to forward improved the neighbors map and note and and value neighbors discover a at on businesses QX, into location of groups, launch nearby. In surface the leaning new events ended our of the function with we scale.

more engagement content. launches, these share and ways by we are engage, and useful creating deepening interact, to neighbors With organizations for

in vitality. continue neighborhood innovate we addition, In to

to just launched harmful recently highlighted reduction transparency user in XX% generated report Our year-over-year of a content content. X.X% total

XX% to median content time community a with active. removal. industry setting was and of of in the community at all moderators neighborhoods of Our X.X removed XXX,XXX around reported reported volunteer report Over reviewed hours is content time world from speeds

kindness features such where as reminder. area ML an and and is features new launch AI this conversations we’ve and appeals used to such constructive our And as improved

our on built. to make ad continued platform progress also We multi-year

server to to are of top all for and but scale backend sizes, demand. large customers prepare SMBs for Our option host particularly ad customer priorities unified self-serve a our to create proprietary

On two of halves. the growth revenue year-over-year XXXX tale XX% a of certainly with front,

we off the the a second first uncertain. conditions the growth year more strong half on of start half, XX% in in note we with year-over-year as with the to year spend macroeconomic caution started increased became While saw advertisers

$XX QX revenue home from million driven reduced and reduction declined services, estate by XX% and spend services per financial customer. an overall year-over-year the to advertising real spend verticals in

customers of Importantly, our we however, on are Nextdoor. XXXX, the sustained in retained reflecting seeing XX% top advertisers results XX

headcount the focused performance and operational three were and AI, efficiency, sales. quarters, and on past actively critical year-over-year. hiring approximately we areas, operating held product, selectively in QX, over constant holding expenses ML the engineering, In design most We’ve managing flat only

growing Going focused into an increasing productivity. on remain emphasis XXXX, with on we WAU revenue and

deliver continue initiatives. will to to that we resourced go-to-market product long-term on are ensuring and balance We expense our while management

In community platform and the sizes. is a resource of for utility unique and closing with our neighbors forefront, at all businesses

of long-term driving we neighbors engagement the We deepening growing and roadmap organizations, top levels. excited execute product are our and as in above revenue XXXX ever have three priorities, as about place base on our growth to

execute While strong be there well strategy. continued and ahead, we capitalized may are our a in against to place have uncertainty team

growth our XXXX. to everyone margin us rely a improvement return a will remain and We’re to and has cultivate committed on neighborhood to confident efforts that enable to purpose kinder in where to sustained our world revenue

on over turn that, Mike financials. With it me for our to details more let

everyone. Thank you, good Sarah, afternoon, and

our QX, community, contribute, another connect, WAU one growth This XXX,XXX to transact and in and the world. strategy neighborhoods can grew active neighbors to where As reflects join, over across $XX with an million. build organizations around noted valued Sarah

we community with them East by working neighbors particular, for our successful an brand in products Map. timely From support of organizations of helping proud In flooding quarter. the the and informed to day California communities the and and campaign notifications driving through a storms events its toothpaste Treat local impacted neighbors after organize stay about promoting to global sales both that ran agencies Halloween relevant and way, our delivered Coast we and are unparalleled combination to utility

financial $XX of XX% year-over-year decrease Turning home million, revenue strong XXXX year-over-year. to revenue, grew was quarter, services, the a in and advertising services, In weakness in three revenue saw estate. continued real verticals, XX% while QX we million, particularly historically to spend, $XXX

uncertainties As to advertisers even are customer moderated that pleased light advertisers to see said, spend in lower on have That budgets, spend. in many have still own their choosing per they businesses, of we experienced Nextdoor. are

to As volatility XXXX Sarah macroeconomic top to helps vast remain noted illustrate our in our earlier, us fact that value that majority the spend – strong. of the customers that continue proposition advertisers aside helps

uncertain bringing accounts tech sales managed new team drove to which our mid-market retaining in also to addition customers saw accounts growth year-over-year growth in by total strong QX. added, priority we In in environment, high an We telco, government on board. were to customers an in XX% in customers Other resilience QX remain continue all areas will time new which verticals, Nextdoor to included and Bringing year-over-year. the a in XXXX. grow healthcare and top of

of made a saw of a quarter. campaigns, healthy funnel funnel with of shift trend our on strategy we earlier resilient customers. sales mix spend and XX% Consistent recession which in towards in in direct bottom spend is increase more approach, top with across reflection to and This of focus we full than XXXX the response verticals for both and managed a objectives accounted continued a

a million, as margin. deleveraging made was hosting personnel the loss neighbor in Nextdoor QX adjusted advertiser of year-over-year, demand which the engagement U.S. in declined EBITDA $X.XX. cost sessions indicator the $XX value period. XX% adjusted CPMs ARPU growth revenue outpaced cost remained supply, also another growing delivers. in in relatively of Year-over-year QX margin to The EBITDA year-over-year XX% representing from primarily in reduction grows. negative stable and decrease and progress and reflects results

with hiring roles. the year. the margin the As margin growth profile second for changed XX constant critical new contraction the growth to revenue, nearly half, revenue the was operating EBITDA early decline half, significantly over In first adjusted as half XXXX. margin revenue reduced supported we our as year-over-year first our half of the even from second by points led expense to In

after to our with than realize securities. in This and stock million We repurchased year. solution cash less common in A equivalents XXXX, X% $XX marketable QX ended in million we us allowing $XXX is cash, Class the of

continue capital will We forward. looking evaluate our allocation to opportunities

outlook. end our I’ll with

growth is this X% the the a revenue minus XXXX revenue reflects trends $XX of QX Our to year-over-year the In we range. near-term, the of of guidance the $XX midpoint continuation million, at million observed rate QX. in

to primarily Turning to QX increase to well QX, hiring margin, the during by driven as from expense, XXXX, as reflecting taxes. in expect we expenses seasonal increase payroll a

minus QX a to result, $XX million. be $XX As EBITDA to million anticipate we minus adjusted loss

expect For to expansion. margin year revenue we XXXX, the and return growth year-over-year full to

in neighbor WAU advertising results highly areas time. visibility growth. lower current and and not or focused We Overall, key engagement. Given EBITDA we’re budgets revenue driving full QX revenue sustained in most providing result, of and progress, notably a as on reflect variability ranges this at year our remain growth forward

it I’ll operator joining Thank you our turn over that, for today. to earnings the for call Q&A. With

Instructions] you. first Thank Squali from [Operator question Youssef with is Truist. Our

is line open. Your now

Youssef. Robert for Hi. This Zeller is Thanks for questions. taking on the

and and case engagement mentioned – don’t your grew. to base just two the think curious revenue I’m letter that those think engaged difference And quarter. given where on the a in you reach the now. engage you. and you levels could And ask you use consistently like most to what versus the you years ago I first just neighbors think it base looks engaged map, So is compared is as launch what for or you consistently your of from the could like map. did through where what then in Thank then the think I most today, of you contribution consistently neighbors why. recent was year wanted where And be five engagement what you

Mike view. Great. lot and to longer I’ll talk dive there. Thank then if let I’ll about start wants in Robert. term he in in you, A certainly

that first seeing of the WAU, course, pleased U.S. organically. year-over-year and of of were So for U.S. neighbors year our XX% growth the engagement, year-over-year came $XX growth, we strength we’re the And and verified where but year-over-year XX% million. on XX% very growth in with certainly to

then in just the rate the That’s driving that word engagement to can higher that coming one is mouth. the that’s saw of people is grow so thing done that than organically. And platform And for that actually we definitely funnel, we are fact incredible Nextdoor top XXXX. into what through strength growth of an but

see growth even I you look higher Beyond actually there. if international, that,

So X XXXX. was our WAU growth was we saw internationally points XX% year-over-year XXXX. in what higher the than engagement, in That

So it’s actually accelerating.

asking you’re think also about I the engagement funnel. down that, further Beyond

weekly, about they’re So us someone week. a remember to on average once coming comes back times four

are our very in actives So over active fact. weekly daily, XX% are

to is then from continues And session the that to out growth, natural impression link accelerate. which also

than what my session is about that, driving is saw What’s growth. of prepared with So what in we remarks. some growth talked WAU was it faster I

been a that’s every notifications, are XXXX. fastest learning neighbor So machine and it’s models so around right right growing the team building our come at areas in the back big single big person can for platform. it’s make right different like on certainly a many difference how people the investment in They’re time notifications to the

faster into grow Beyond how that, we top they’re do to of funnel. continue also digging

we invitation, so accept that as make done, So we connections digitally for back may invites, do via come a put guests, sure more whether how people done platform. and it’s smart maybe out it’s the it know, to they’re you really

how either for top this look where you to you think people this use take on you I Nextdoor recommendations, after looking back the let went who And with five my cases was which and come the want this the checking consistently? to do was I’m earnings are spatial, to that you do say call call, for out or going great for then what that. find start Nextdoor, area I someonewas want I years. tends I just literally might way was. to cases So next I’m great asked asking a use before if myself. Mike

to But very XX seen of on Today, platform. ask that’s you perspective. the X typical million million a businesses, recommendations against over give we’ve just sense a

last like of agencies. public on. our that the is so did That’s there trusted the snowstorms we tend crisis get flooding, around are be some with why talked in lot year in the ability, we example, Second come information. going well work, UK. to reason give to also and Jubilee too, times Mike people a to But for when for and example, about Big like, of things of work that

platform I for finally, I would often there that think to third the come neighbors then area and on they’re And sell. and to call the is buy

get of rid a they delight, the our For gives they’re to come where them joy. the It’s rid Freeplatform that moment Sale of be tends very able of longer So & to engaging. first reason often that people get have time the for and couch, no table

in well Nextdoor it we’re one, local. Why number is, works

People show shipping or piece. your that up the you’re at give get can or country. around things apartment house not So your literally to

we’re Second, very trusted.

can it for grown that of the sports people out cleats community. So platform someone example, putting And well. have finally, life actually people Like, kids on drives because clothes feel strong & sense in For community as would parent on that come have to the put your then where my the really action of of. they platform sold a there’s lot soccer putting their We on Nextdoor. on home. I stuff a something often Sale see a Free,

piece. secondly, the and Recommendations, three trusted the thirdly, information, commerce, commerce are that that those So big areas. social really then around oriented they’re businesses,

on a don’t five-year look know you Mike, want make comment to that, the forward. with So if I

utility on are a and after want I larger the early growth mean, users that gives I more them ad weekly way, us generates with to add and the on contribution that just find and our helping on platform forward. them to rates driving opportunity budgets our driving a Yes. the in reminder, is we’re piece the work revenue doing going really engaged larger most and that them mean, in important supply with and revenue advertisers of active just the base business building platform. I real

growth. to most the are to rate also things the monetization. to that’s that are But we of us, accelerate revenue piece doing For several there long-term driving important help

large advantage and and the take ROI making to foremost which investment data, drive with is allowing in advertisers, will CPMs. proprietary platform, us of ad our we’re our first to party ultimately own performance increasing First help

as help platform. out years which Really from thinking most that. to optimizing supply advertisers, with the warranted of sold a them things so us the driving response of direct the direct brands fill greater several well, really like driving rate things and like to we supply our ad mix our of relationships There contact. then allows creating bring the budgets with where them Do discover ahead get shift And users talked advertisers and advertisers. that We’ve new the past utility many can – and ad our and both interact in members, through ways tab, is launch cases about with that use can we in benefit bring really and of the groups. we are of to our surfaces our events, the create,

you, Thank Robert.

you. Thank

is question with Eric Sachs. Sheridan Our from next Goldman

is line now Your open.

little that the questions. overall advertising advertiser the for the be a industry so much Thanks coming for think just love taking your the I’d would trends. advertiser. dig you versus what environment, of at Maybe brand back platform of broader would a that view in to by scale, existing I is of much of elements driven you’re And DR some I think mix think your maybe outgrow deeper you spend? overall per How in volatility to bit seeing the spend

would the it funnel much. funnel and of and the thinking might so just volatility advertisers what about platform new quarters new get developing over of to of new see Thanks should in budget part that the be, seeing as XXXX? couple we second coming into beyond the we and deeper the we advertiser So how next are you macro

Thank you, Eric.

me Let take that.

of top with spend and an they’re in working more first the campaign, but often value platform. seeing reaching with top And they environment really I our an seeing on advertisers, and our XX% really our ability the are pleased in is indication to this that’s than us our advertisers. where foremost, and think reducing neighbors per of So the mentioned, we retain performance we’re we’re XX as retention

driving new really on is second logos. the And

And as important that’s mentioned, an part. you so

our and in bringing advertisers platform. new the early onto journey We’re

in We roughly and X,XXX a XX,XXX XX,XXX and customers SMB any customers, enterprise advertisers have across particular to customers, anywhere from period. mid-market then paying

an awareness just them runway advertisers platform. us building leverage there’s on of getting So front enormous in amongst our and to

the also evergreen logos adding new of The flip we’re side seeing in is performance spend.

are is as it that’s XX% of evergreen And those are about think in platform tick close – those to up. a we majority quarters active row. the we evergreen five what so advertising, think so and on spend And our about advertisers to a number – the that continuing

a us forward revenue as well. going more gives into stronger of this the So base advertisers, visibility

so we metric And to. it’s that key look a

Thank you.

Morgan from Our Nowak next question with is Stanley. Brian

is line open. now Your

Great. Thanks be for you taking advertiser the sort about for base. my when questions. – Mike, the the Maybe can grow priorities of to talked really XXXX

couple significant drive XXXX? secondly, just us in – that advertising what think you curious are can verticals a the really can of of or sort ad you’re that then business upside give focused Just in advertisers number as Thanks. most with what better And than to trying on to examples compete there you others? tools advertising specific Is for key have the competitive Nextdoor? are competitive it any market? like resonating increasingly been we’re an through that differentiators offerings Just think one,

Great. Mike Thanks, start I’ll can then Brian. certainly and add.

first think, the prepared all, in his so verticals, Mike’s of well the – in remarks. type spoke of terms I

you strength QX, driven government. tech particularly healthcare, where and pivot mid-year government and at and resilience, If to so really look that more deemed a recession was we by this we’ve in seen and to healthcare look telco, verticals

of awareness brand with Of But the team get have the I’m momentum that to making space. that so to pleased that know new course, been has we logos us. in there, terms in they drive

people come what want about to you’ve more also going question advertisers but answer Nextdoor, I’m come Your I because of why ways, why asked about to speak differentiates Nextdoor. Nextdoor? to to do do two formats, broadly

course foremost, So of the are neighborhood and network. we first

local. all are We about

our examples. of When out So give to Letter a we our answer talked that ways simple the is I’ll Europe. [indiscernible] in couple was about in Shareholder you some of audience.

the household to of wanted particularly unique they owners maker. EV target decision a there and audience So

in of neighbors UK more – that What on vehicle. are the see likely own to could an electrical is we Nextdoor the electric XX%

able visibility benchmark. much they a ad the time people XXX% of to so viewability was the And about ad the – the do itself were that willing had but spend of stop both the and on quality to campaign improved also

a show one a I’m kit, metrics decision other telling now you to Thumbtack it’s household examples. have when truly very new that we’ve see give in platform house course unique have have that’s this we’re we can updating I’ll advertiser So a they’re you a maker, Again, that the data. of someone come to they and is add address location able a if typically couple mover or we performant. of Nextdoor we we spot audience, that unique because their audience knows because moves with and created. changing that when even the their

the a for quarter is mover a This eighth find sold in new it. that we’ve of lot consecutive tend where there’s We out competition to row kit.

talk I’ll Map. to Finally, Treat

So Mike within the more started ad to talk of spots app itself. about nativization

a card we positive just again treat So now Dog location it during in Treats more feels brands period sponsored map the elements foot on sentiment there a but a the be saw our can feed, the like Purina surfaces Map. map. less like like and X.Xx that really discovered they with were are forward Treat where

lovers Nextdoor? where why to owners. coming that you audience of pet can Because find place they and Again, unique were a pet we’re

we’re of the formats terms sell of formats we in you would Finally, expect, video seeing, the carousel. types all that

local, know think kind take you with when around national whatever. message byline format it’s that’s that XX% stick national you down performant brand overall I We or local, we have dynamic when more something where more advertising the than of put just key a around you if local into a brand

differentiate we to finding really So ourselves. are ways

started. we’re So

the all cut bringing decision see we’re to advertisers about to unique purchases. its audience. audience or very many that audiences different of We be verticals. household then able of neighborhoods proportion about unique a influencer vast into all And those maker the We’re local, the across slices a our are

Thank you.

Thank you.

questions. Instructions] no [Operator additional There are

I’ll over the Sarah to back So pass the CEO. Friar, call

and thank and questions today. We support. you, that much, have joined everyone us you Thank your always Wonderful. so appreciate and Jason, time

know to we through uncertain while and mid-market revenue like revenue built beat work guidance a closing, more areas in period definitely sales, So navigate of to EBITDA we growth do we advertiser return in have and to QX demand. and momentum

But to unique said as just I Nextdoor platform. Brian, is a

particular scale. come out any only the doing vocal to period. four at are largely We of us of this in sort Users organically, three one

We in We are the at taken real as the arena, neighbors business we for differentiate just also well We’ve time it’s invest we ourselves. believe as in good world. addresses. invest real to When this good vitality. for in the

engage their to want feel more neighbors that neighborhood. safe know they when We within

see also We want to spend with can that more know they safety. brand us brands when

focused awareness We businesses and We drum on across. for to coming on that to the is brand WAU need and growing need and community first. make for continue laser build sure of revenues beat local agencies. to the We’re neighbors, importance that utility to

third Second, all in that and grow we of we we want and events, that track making things sizes, platform come us, will that capabilities for you’re neighborhood advertisers Nextdoor iterate development know invest our platform exactly the what maps, finally, to to your monetization money like it initiatives getting and spend personalization, continue discover, ML it measure and want. with can sure And on so you engagement continue to you that you as ad quickly faiths. is to

the opportunity and variability, in XXXX, of in EBITDA network. returning near-term revenue while hyperlocal in neighborhood a revenue terms finally, to on we’re also margin focused growth global very investing then of improvement And and long-term

the you to thank through much your quarter. that, to with look So talking for forward you we so time and

queued more one question. have for a do We person that up

Go Bring it ahead. We love questions. on.

from [ph] Evercore. Hu Jocelyn

now is line Your open.

Hi Jocelyn.

seems I to will taking internationally answer Hi, feel questions. guess like game really international plan Because can kind and you on. my in any numbers give focus rural most market for growth be than about appreciate wage thank U.S. it. more the like maybe stronger I there there specifically momentum I I wild is of your internationally? the I guess just a here outcome you talk for right, put needed If what’s

appreciate Yes. Great. you, that. I Thank Jocelyn.

are are the when look and know, you going. moment, is partially many growth around that have we that at just in because getting internationally, – And the it you XX neighborhoods Nextdoor WAU at you overall remains countries world. was it right stronger So as countries

We a the saw when driving global from points. it’s in the lot you What’s see so X year-over-year we certainly invest like internationally a that by of actually U.S., growth XX% internationally in notifications, it same ML investment. XXXX what XXXX that’s and WAU in accelerated about is areas and of

it has everywhere. ramifications So positive

Similarly U.S. on the see outside session of also we outpacing that side, sessions the

In markets in and terms that gone we’ve for us. after of some stages investments, to core the beyond of [indiscernible] remains our a more U.S. degree little are Europe Canada the kind UK, early Western Australia. bit

And then particular within we country. drive do continued region, to that can things a

us. a they knew front in we FC a couple We partnership that partnership there important Toronto We us across really up country and with center to example, For up end and potentially was knew was Football puts team a going our the coming. Club. in Cup of that were years community that came World and for did that great a that

the So our to a neighbor bring has been of them attention growth. way Nextdoor to to for match drive and really interesting

the platform it’s neighborhoods in-depth I as So that alive. world help would or roll of say a level broad a set investment them can particular a with country that out we come particular city combination a investments combined benefit really whole

our of point before more actually today revenue is of is And one I leave international, international. which international, XX% only think we X% important our is Yeah. but WAU

to you of the the scale, sitting about on a are of platform opportunity So as outside opportunity latent the advertisers bring we able reach if U.S. future lot kind globally, or think pents-up moment. at the again, there’s

any international at so you with Thank Map I guess zero maybe there his all? for the much. rollout is on update Events

on you. update new nothing Of countries? to Thank call. No, this

Okay.

Events Map.

Yes. Sorry.

side events Events the launched but in on we QX, importantly then re-architected events our So both Map.

around So land sure of everything and like is Newsfeed, really beyond and your making discover a can on that that you you discover interest. be about immediately surface our can this surface see

up or businesses that’s at broader groups find elements look events say, to. other where also Of and to that to area certainly are to neighborhood around your been are one So you okay, even be can close up it’s surface around a of even the have where me? over what happening recommended course, you what’s able neighbors and great local those

a nativization So which pick one day Halloween at the Help in Does particular theme them where we’d just that might time, be one step make day it like we be surfaces, as and think of sense? broader have of a some in some map may like of ongoing of them our a always Map. might

Yes.

So were specifically internationally thank you. global based And it’s it Yes, if is Map was a internationally? rollout. available Events broad you asking available

Got it. Thanks.

another Josey question And we Ron have from Citi. with

Your is line now open.

opportunity Hi, also James a its Thank this and in in monetization role integration commerce other And platform a is for Does then capturing Ron play differ tenant there you. with play does here? shopability? does maps and Free from shopping role Is Michael Nextdoor on Nextdoor greater What Josey. & for how Sale platforms? overall offering? user behavior on

Sure.

Mike opportunity on but So of & what take piece. for maybe let then I’ll just Free Sale is, reminder as the start a monetization the I’ll

new to the So fresh the put earlier people to to beyond on an as get engage and recommendations, asked bring onto platform, the Nextdoor? a absolutely single & we month. also on we see lot So of then amount give help, we got users continue the platform. of that dollar see kind current platform come the a significant And why users every the but to Sale do area Free beyond tends question for

people into foray as and you because about? being is future trust. what commerce all around social that’s you social that view commerce also effectively It’s We influenced about our this by by commerce the

their are a high neighbors, But perfect in very do. else People the comes is overlap again, of also trust really either to it’s can Nextdoor one recommending. level, local their selling which that. have or tend no neighbors what at

it Mike monetization. think I’ll – as Let future pass about me to talk we

Sure.

our engagements monetization’s date, just value that to drives. really to Sale about the For So been the Free surface &

marketplace and of platform neighbors the address in that verified. on real are real our the So is differentiated experience name all

to exchanging component of goods So a trust proximity high there’s and level services. certainly obviously

people And aspect importantly of your neighborhood. out social the helping capital is in

and a and use a monetize one been result, our it our for ad of really way products. in has general through able platform highest cases which As on to those drive the engagement we’re sessions is to us impressions

with units ad dining We our say make today for in and for then also units product you’re working our Sale ad room table dining & to for new searching served that in those example, you have table ad room more for a a contextual so – Free ad that are are partners.

with do own with opportunity our on directly So more as that and working accelerate as surface. to there is partners an technology well our utility driving path more that there to

That’s helpful. you. Thank

[Operator Instructions] you your are participation. call. concludes no the questions. There for conference This Thank

now disconnect may You your lines.

Yes.

you. Thank