Nextdoor (US:KIND)2023-11-08 08:09Financial Performance & Outlook - Q3 2023 revenue was $56 million, a 4% year-over-year increase, driven by SMB growth but offset by slower growth from US direct-sold advertisers[39, 87] - Q3 adjusted EBITDA loss was $20 million, representing a (35%) margin, compared to $18 million and a (34%) margin in the year-ago period[48] - The company expects Q4 2023 revenue to be in the range of $50 million to $52 million[2] - The company expects Q4 adjusted EBITDA to be in the range of ($21) million to ($19) million, excluding one-time expenses[2] - The company expects FY 2023 revenue to be in the range of $213 million to $215 million, flat to slightly higher vs FY 2022[3] - The company expects FY 2023 adjusted EBITDA to be in the range of ($81) million to ($79) million, excluding one-time expenses[3] User Growth & Engagement - Weekly Active Users (WAU) grew 6% year-over-year to 404 million, but decreased 3% quarter-over-quarter due to deliberate limitations on notification volumes[83, 90] - New unpaid Verified Neighbor additions increased 32% quarter-over-quarter and 23% year-over-year[3] - Session depth increased approximately 30% year-over-year, indicating higher user engagement[3, 86] Strategic Initiatives - The company is targeting quarterly free cash flow breakeven by the end of 2025[1] - The company plans to reduce GAAP personnel expenses by up to $60 million annually and non-GAAP personnel expenses by approximately $45 million annually through a 25% workforce reduction[96] - International revenue grew 79% year-over-year in Q3, driven by new logo growth and increased awareness of the platform[89]