Nextdoor Holdings Inc (NXDR) 2023 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Q4 2023 Nextdoor earnings call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions)

午安.感謝您參加 2023 年第四季 Nextdoor 財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員說明）

I would now like to pass the conference over to our host, John Williams with Nextdoor. John, please go ahead.

現在我想將會議交給我們的房東 John Williams 和 Nextdoor。約翰，請繼續。

Thank you, Matt. I'm John T. Williams, Head of Investor Relations. Good afternoon, and thank you for joining us to review Nextdoor's fourth-quarter and full-year 2023 financial results. With us on the call today are Sarah Friar, Chief Executive Officer; Nirav Tolia, Chief Executive Officer Designate; and Matt Anderson, Chief Financial Officer.

謝謝你，馬特。我是投資者關係主管約翰‧威廉斯 (John T. Williams)。下午好，感謝您與我們一起回顧 Nextdoor 第四季和 2023 年全年財務表現。今天與我們一起參加電話會議的是執行長莎拉‧弗里爾 (Sarah Friar)； Nirav Tolia，候任執行長；和首席財務官馬特·安德森。

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.

在本次電話會議中，我們可能會根據聯邦證券法做出與我們業務相關的前瞻性聲明。這些陳述並不是對未來業績的保證。他們面臨各種風險和不確定性。我們的實際結果可能與任何前瞻性陳述中反映的預期有重大差異。

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.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱 SEC 網站和我們網站的投資者關係部分中提供的 SEC 文件，以及中討論的風險和其他重要因素。今天的財報發布。

Additionally, non-GAAP financial measures will be discussed on today's conference call. A reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q4 2023 shareholder letter released today.

此外，今天的電話會議還將討論非公認會計準則財務指標。今天發布的 2023 年第四季股東信中可以找到這些指標與其最直接可比較的 GAAP 財務指標的調整表。

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

這樣，我想把電話轉給莎拉。

Thank you, John T. Our Q4 results demonstrated renewed strength. We added a record number of organic verified neighbors for the second straight quarter and ended the year with more than 88 million verified neighbors, growing 13% year over year. Q4 WAU grew to 41.8 million, up 5% year over year and 3% sequentially. We expect this sequential growth in WAU to continue into Q1.

謝謝 John T。我們第四季的業績展現了新的實力。我們連續第二季增加了創紀錄的有機認證鄰居數量，到年底，經過認證的鄰居數量超過 8,800 萬，年增 13%。第四季 WAU 增至 4,180 萬，年增 5%，季增 3%。我們預計週活躍帳戶的環比成長將持續到第一季。

Users remain active and engagement is high on our platform. Impression growth was strong. Session depth, which reflects the number of ad impression opportunities during each user session increased by 36% year over year and accelerated versus Q3, ending the year at a record level.

我們平台上的用戶保持活躍且參與度很高。印象增長強勁。會話深度（反映每次使用者會話期間的廣告展示機會數量）年增 36%，且較第三季有所加快，年終達到創紀錄水準。

Our growth algorithm is simple: continued user and engagement growth, new advertiser growth boosted by our self-serve capabilities, increasingly durable advertiser retention as more demand is delivered via our proprietary ad server, and a reduced cost base to better enable both growth and positive free cash flow.

我們的成長演算法很簡單：持續的用戶和參與度成長、由我們的自助服務能力推動的新廣告商成長、隨著更多需求透過我們的專有廣告伺服器交付而日益持久的廣告商保留，以及降低成本基礎以更好地實現成長和積極的成長自由現金流。

Our progress wasn't limited to user growth and engagement metrics. We're leveraging AI and machine-learning across our platform in a variety of ways, from using our local knowledge graph to help businesses reach their target audiences, to improving notifications and optimizing ad delivery, to enhancing platform vitality.

我們的進步不僅限於用戶成長和參與度指標。我們以多種方式在整個平台上利用人工智慧和機器學習，從使用本地知識圖譜幫助企業接觸目標受眾，到改善通知和優化廣告投放，再到增強平台活力。

As we noted in our recently released 2023 transparency report, 26% of neighbors use the revised language suggested to them by generative AI to make their posts more constructive. And neighbor feedback suggests very high levels of satisfaction with our AI-based kindness reminder. So it's very clear that even at this early stage, the AI tools we've developed are having a measurable impact on our user experience driving positivity.

正如我們在最近發布的 2023 年透明度報告中指出的那樣，26% 的鄰居使用生成式人工智慧向他們建議的修訂語言，以使他們的貼文更具建設性。鄰居的回饋表明，他們對我們基於人工智慧的善意提醒非常滿意。因此，很明顯，即使在這個早期階段，我們開發的人工智慧工具也對我們的使用者體驗產生了可衡量的影響，從而推動了積極性。

We also made progress delivering advertiser value and reducing advertiser effort. For the full year, we retained 90% of our top 50 customers. We saw continued strong performance from mid-market and SMB customers, many of whom have begun to see the benefits of our owned and operated ad platform and are benefiting from the performance optimizations we can now make.

我們還在提供廣告商價值和減少廣告商工作量方面取得了進展。全年，我們保留了 90% 的前 50 名客戶。我們看到中階市場和中小企業客戶的持續強勁表現，其中許多人已經開始看到我們擁有和經營的廣告平台的好處，並從我們現在可以進行的效能優化中受益。

We get a lot of questions about our specific vertical exposures. For clarity, in FY23, our top three advertising verticals were home services, retail, and tech and telco, though the contribution from each can vary greatly from quarter to quarter and year to year.

我們收到了很多關於我們特定垂直曝光的問題。需要明確的是，在 2023 財年，我們排名前三的廣告垂直行業是家庭服務、零售以及科技和電信，儘管每個行業的貢獻在每個季度和每年之間可能存在很大差異。

We continue to decrease our vertical concentration and have seen increasing contributions from smaller but faster-growing emerging verticals, like healthcare and government and nonprofit, which have more than doubled their share of the pie over the last two years.

我們繼續降低垂直集中度，並看到規模較小但成長較快的新興垂直產業（例如醫療保健、政府和非營利組織）的貢獻不斷增加，在過去兩年中，這些產業的份額增加了一倍多。

On the technology side, we made ongoing progress on our transformative Nextdoor ad platform. In mid-2023, we achieved our goal of having 100% of ads from SMB advertisers served via the Nextdoor ad server, and we're pleased to say that almost all of our self-serve mid-market customers are now fully migrated. We expected this move to start to tip our mid-market business more and more towards self-serve and that is happening. This should drive new revenue opportunities, but also improved advertiser performance and revenue delivery.

在科技方面，我們的變革性 Nextdoor 廣告平台不斷取得進展。2023 年中期，我們實現了透過 Nextdoor 廣告伺服器提供 100% SMB 廣告商廣告的目標，我們很高興地說，幾乎所有自助式中端市場客戶現已完全遷移。我們預計這項舉措將開始使我們的中端市場業務越來越傾向於自助服務，而這種情況正在發生。這應該會帶來新的收入機會，同時也提高廣告商的績效和收入交付。

Our ads platform is the foundation for delivering advertiser value and increasing ARPU growth through improved revenue yield. We're now beginning to leverage our unique local knowledge graph and help advertisers deliver increasingly relevant and personalized ads to neighbors on our platform. Simply put, we believe it's a game changer for Nextdoor and will prove to be a must-buy solution for advertisers of all sizes.

我們的廣告平台是透過提高收入來提供廣告主價值和提高 ARPU 成長的基礎。我們現在開始利用我們獨特的本地知識圖譜，幫助廣告商為我們平台上的鄰居提供日益相關和個人化的廣告。簡而言之，我們相信它會改變 Nextdoor 的遊戲規則，並將成為各種規模的廣告商必買的解決方案。

Switching gears, as many of you have already seen, our Board authorized a $150 million increase to our existing share repurchase program. Matt will have more to say about this in his remarks, but this is a clear demonstration of our confidence in our business and opportunity.

正如你們許多人已經看到的那樣，我們的董事會授權將我們現有的股票回購計畫增加 1.5 億美元。馬特將在演講中對此進行更多闡述，但這清楚地表明了我們對我們的業務和機會的信心。

Our focus on bringing new neighbors to the platform, growing engagement, and building powerful solutions for our advertising customers hasn't changed, nor has our approach to making these things happen. Our Q4 results are a demonstration of how we continue to evolve and improve, an approach that will continue in 2024 and beyond.

我們對為平台帶來新鄰居、提高參與度以及為廣告客戶建立強大解決方案的關注沒有改變，我們實現這些目標的方法也沒有改變。我們的第四季業績展示了我們如何不斷發展和改進，這種方法將在 2024 年及以後繼續下去。

And now I'd like to take a moment to discuss our recent announcement that I'll be stepping down as the CEO of Nextdoor. We've made great progress over the last 5.5 years, scaling the business, tripling the number of verified neighbors on the platform, raising capital, taking care of our people, and going public, while always remaining true to our purpose and mission. I will be a neighbor forever, and I'm enormously grateful for the opportunity to lead such a wonderful group of people here at Nextdoor.

現在我想花點時間討論一下我們最近宣布的我將辭去 Nextdoor 執行長職務的消息。在過去5.5 年裡，我們取得了巨大進步，擴大了業務規模，將平台上經過驗證的鄰居數量增加了兩倍，籌集了資金，照顧了我們的員工，並上市，同時始終忠於我們的宗旨和使命。我將成為永遠的鄰居，我非常感謝有機會在 Nextdoor 領導如此優秀的一群人。

Having said that, I'd like to introduce, or reintroduce for some, Nirav Tolia as Nextdoor's incoming CEO. Nirav is well equipped to lead Nextdoor going forward. He co-founded the company and is a current Board member, served as CEO prior to my joining, and knows it well.

話雖如此，我想向一些人介紹或重新介紹 Nirav Tolia 作為 Nextdoor 即將上任的執行長。Nirav 已經做好了帶領 Nextdoor 前進的準備。他是這家公司的共同創始人，現任董事會成員，在我加入之前擔任首席執行官，並且非常了解這一點。

He and I have had a very close working relationship. And with the growing user base and strong advertising momentum, the time is right to put the company back into his hands. Nirav is here with us today and will participate in our Q&A session. And I will be staying on into Q2 to support him and the team and to ensure a seamless transition. I've also signed our 10-K, which was filed earlier today.

他和我有著非常密切的工作關係。隨著用戶群的不斷增長和廣告勢頭的強勁，將公司重新交回他手中的時機已經成熟。Nirav 今天和我們在一起並將參加我們的問答環節。我將留在第二季度支持他和團隊並確保無縫過渡。我還簽署了今天早些時候提交的 10-K。

And with that, I'll now turn it over to Matt.

現在，我將把它交給馬特。

Thank you, Sarah, and good afternoon, everyone. Q4 revenue of $56 million grew 4% year over year. WAU grew sequentially and record session depth drove stronger-than-expected impression growth. We expect both of these trends to continue into Q1.

謝謝莎拉，大家下午好。第四季營收為 5,600 萬美元，年增 4%。週活躍用戶數季增，創紀錄的會話深度推動了強於預期的印象成長。我們預計這兩種趨勢將持續到第一季。

From a revenue perspective, self-serve customers continued to grow and now contribute more than 40% of total revenue. Additionally, revenue from our home services vertical grew 16% year over year in Q4, a recovery from the year-over-year decline we experienced in Q3.

從營收來看，自助客戶持續成長，目前貢獻了總收入的40%以上。此外，我們的家庭服務垂直領域的收入在第四季度同比增長了 16%，從第三季度的同比下降中恢復過來。

Growth in self-serve customers and revenue continued to outpace growth from our managed accounts. This demonstrates our progress driving adoption of our Nextdoor Ads Manager, which serves as our self-serve interface for advertisers of all sizes.

自助客戶和收入的成長持續超過我們管理帳戶的成長。這表明我們在推動 Nextdoor Ads Manager 的採用方面取得了進展，這是我們為各種規模的廣告商提供的自助服務介面。

Further, as of mid-February, 100% of Nextdoor Ads Manager impression demand is serving on our Nextdoor ad server. Given timing during the quarter, this will not immediately impact Q1 revenue. However, it does represent a key milestone as we work to deliver durable advertiser value and growth in the quarter ahead.

此外，截至 2 月中旬，Nextdoor Ads Manager 展示需求 100% 都在我們的 Nextdoor 廣告伺服器上提供。考慮到本季的時間安排，這不會立即影響第一季的收入。然而，它確實代表了一個重要的里程碑，因為我們致力於在未來一個季度提供持久的廣告商價值和成長。

Q4 ARPU of $1.33 was stable year over year. We were encouraged by two particularly notable trends in Q4. First, mid-market advertisers increased their average spend levels by more than 125% year over year, signaling a return to healthier budgets amongst this set of customers. Second, neighbors continued to increase the amount of content they view in each session.

第四季 ARPU 為 1.33 美元，年穩定。第四季有兩個特別顯著的趨勢令我們感到鼓舞。首先，中階市場廣告客戶的平均支出水準年增超過 125%，這表明這群客戶的預算已回歸更健康的狀態。其次，鄰居在每次會議中查看的內容量持續增加。

As Sarah noted, impression opportunities during each session increased by 36% year over year. Importantly, this growth occurred without any changes to our outlook. At the same time, these areas of progress were offset by mixed performance from certain enterprise advertisers and verticals, including financial services and travel.

正如 Sarah 指出的那樣，每次會議期間的印象機會比去年同期增加了 36%。重要的是，這種成長的發生並沒有改變我們的前景。同時，這些領域的進展被某些企業廣告商和垂直行業（包括金融服務和旅遊）的好壞參半的業績所抵消。

Q4 adjusted EBITDA was a loss of $14 million, representing a negative 25% margin and a 7 percentage point improvement year over year. This margin improvement reflects lower personnel-related expenses following the completion of our cost reduction plan in Q4 and continued reductions in marketing expenses as neighbor acquisitions remain strong.

第四季調整後 EBITDA 虧損 1,400 萬美元，利潤率為負 25%，較去年同期增加 7 個百分點。這一利潤率的提高反映了我們在第四季度完成成本削減計劃後與人員相關的費用減少，以及由於鄰居收購依然強勁而持續減少營銷費用。

We ended the quarter with $531 million in cash, cash equivalents, and marketable securities and zero debt. With that in mind, and as Sarah mentioned earlier, we are pleased to announce a $150 million increase in our share repurchase program as well as our intention to immediately begin to deploy the remaining $23 million on our prior authorization.

本季結束時，我們擁有 5.31 億美元的現金、現金等價物和有價證券，債務為零。考慮到這一點，正如莎拉之前提到的，我們很高興地宣布我們的股票回購計劃增加 1.5 億美元，並且我們打算根據事先授權立即開始部門剩餘的 2300 萬美元。

We see two primary benefits from this plan. First, we believe our shares are significantly undervalued and see a compelling potential return on our capital. Second, instituting this buyback program allows us to minimize share count dilution.

我們從這個計劃中看到了兩個主要好處。首先，我們認為我們的股票被嚴重低估，並且看到我們的資本有令人信服的潛在回報。其次，實施此回購計劃使我們能夠最大限度地減少股份稀釋。

Now onto our outlook and financial guidance. For the full-year 2024, we expect our revenue growth rate will exceed our 2023 revenue growth rate, and our adjusted EBITDA margin will improve by approximately 10 percentage points year over year.

現在談談我們的前景和財務指導。對於2024年全年，我們預計我們的營收成長率將超過2023年的營收成長率，調整後的EBITDA利潤率將年增約10個百分點。

For Q1, we expect WAU to increase quarter over quarter, driven by continued strong organic growth in verified neighbors. We expect revenue will be in the range of $50 million to $51 million, and we have seen increasing momentum as the quarter has progressed.

對於第一季度，我們預計，在經過驗證的鄰居持續強勁的有機成長的推動下，週活躍帳戶將環比增長。我們預計營收將在 5,000 萬美元至 5,100 萬美元之間，隨著本季度的進展，我們看到了不斷增長的勢頭。

And we expect adjusted EBITDA to be a loss of approximately $20 million. This increased loss relative to Q4 is primarily attributable to the normal seasonal decline in revenue from Q4 to Q1. We continued to see leverage from lower personnel-related expenses. However, this is offset by a sequential increase in business and labor market initiatives that we do not expect to scale meaningfully beyond Q1.

我們預計調整後的 EBITDA 損失約為 2000 萬美元。相對於第四季的虧損增加主要是由於第四季到第一季營收的正常季節性下降。我們繼續看到人事相關費用下降帶來的槓桿作用。然而，這被商業和勞動力市場舉措的連續成長所抵消，我們預計這些措施在第一季之後不會大幅擴大。

Now before we close, a few additional notes on our guidance. We expect further increases in session depth will yield strong growth in ad impression opportunities, enabling full-year 2024 revenue growth above 2023 levels. Additionally, through a combination of our newly increased share repurchase program and our recently implemented net share settlement for our employee RSUs, we expect to limit share count dilution over multiple years.

在我們結束之前，請對我們的指導進行一些補充說明。我們預計會話深度的進一步增加將帶來廣告展示機會的強勁增長，從而使 2024 年全年收入增長高於 2023 年的水平。此外，透過結合我們新增加的股票回購計劃和最近為員工 RSU 實施的淨股份結算，我們預計將在多年內限制股票數量稀釋。

Finally, and most importantly, we entered 2024 in a good position, with a streamlined cost structure, healthy balance sheet, neighbor growth momentum, increasing depth and engagement, and progress against our ad platform milestones.

最後，也是最重要的是，我們在進入2024 年時處於有利位置，擁有精簡的成本結構、健康的資產負債表、鄰居的成長勢頭、不斷增加的深度和參與度，以及在實現我們的廣告平台里程碑方面取得的進展。

As Sarah noted earlier, our growth algorithm is simple: user and engagement growth, advertiser growth and retention at a reduced cost base. We remain committed to driving growth and positive free cash flow while delivering value for neighbors, advertisers, and shareholders in 2024 and beyond.

正如莎拉之前指出的，我們的成長演算法很簡單：用戶和參與度成長、廣告商成長和以降低的成本為基礎的保留。我們仍然致力於推動成長和正自由現金流，同時在 2024 年及以後為鄰居、廣告商和股東創造價值。

As we wrap up our prepared remarks, I'll turn it over to Nirav for final word.

當我們結束準備好的演講時，我將把它交給尼拉夫來做最後的演講。

Thanks, Matt, and good afternoon, everyone. I'm delighted to return to Nextdoor. I love this company, and I'm excited about the fantastic opportunity ahead of us. I want to first and most importantly, acknowledge Sarah for her inspired leadership and incredible contributions to our growth and progress over her five-plus years as our CEO. Thank you, Sarah.

謝謝馬特，大家下午好。我很高興回到 Nextdoor。我喜歡這家公司，我對我們面前的絕佳機會感到興奮。首先，也是最重要的一點，我要感謝莎拉在擔任執行長的五年多時間裡，她富有啟發性的領導能力，以及為我們的成長和進步做出的令人難以置信的貢獻。謝謝你，莎拉。

My plan for the next few weeks is to listen and learn. Our purpose and mission here at Nextdoor are unchanged. And while we'll naturally see some refinement and evolution in our product strategy moving forward, we'll also focus on continuing to scale the benefits of our ads platform and a more personalized neighbor experience.

我接下來幾週的計劃是傾聽和學習。我們 Nextdoor 的宗旨和使命沒有改變。雖然我們自然會看到我們的產品策略不斷完善和發展，但我們也將專注於繼續擴大廣告平台的優勢和更個人化的鄰居體驗。

Both of these efforts were amplified by AI and are just starting to be visible in our results. I'm really looking forward to engaging with all of you in the coming months.

這兩項努力都被人工智慧放大了，並且剛開始在我們的結果中顯現出來。我真的很期待在接下來的幾個月與大家交流。

Thanks for joining our earnings call today. I'll now turn it over to the operator to begin Q&A.

感謝您參加今天的財報電話會議。我現在將其交給接線員開始問答。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）Eric Sheridan，高盛。

Thanks so much for taking the question, and I'd like to thank Sarah for all the insights and time and help with the business in terms of understanding it over the last couple of years. Maybe just sticking with one big picture theme for my question, then I'll turn it back.

非常感謝您提出這個問題，我要感謝莎拉在過去幾年中提供的所有見解和時間以及在理解業務方面所提供的幫助。也許只是堅持我的問題的一個大主題，然後我會轉回來。

Just users, you're seeing a lot of momentum coming out of 2023 and implying that momentum continues into Q1. Can you talk a little bit about what you're seeing broadly in terms of the user funnel and conversion of users into engagement coming out of last year and how you're thinking about the mix of investments that are key to keeping that momentum and some of the execution pieces as you look out into 2024? Thanks so much.

對於用戶來說，您會看到 2023 年出現了巨大的勢頭，這意味著這種勢頭將持續到第一季。您能否談談您去年在用戶管道和用戶轉化為參與度方面所看到的廣泛情況，以及您如何考慮對保持這一勢頭至關重要的投資組合以及一些投資組合？展望2024 年，執行部分有哪些？非常感謝。

Absolutely. Thanks, Eric. And it's been certainly fun getting to know you better. On the user front, diving in right at the top of the funnel. So first of all, we've had really sustained organic verified neighbor growth for now, a second consecutive quarter hitting new record. And that's -- effectively, all of the VMs that are coming today are coming in that organic way, effectively at no cost.

絕對地。謝謝，埃里克。更了解你確實很有趣。在使用者面前，深入到漏斗的頂部。首先，我們目前確實實現了持續的有機驗證鄰居成長，連續第二季創下新紀錄。實際上，今天即將推出的所有虛擬機器都是以這種有機的方式出現的，而且是免費的。

Why is that sustainable? Well, if you remember, even prior to a lot of the investment we have done recently in areas like digital invitations, we have always seen a baseline of adding about $2 million verified neighbors to the platform. So we continue to expect the base to continue to grow at that rate. But then the new investments that we have in areas, like digital invites, to be strong again in Q1 and as we go through 2024.

為什麼這是可持續的？好吧，如果你還記得的話，即使在我們最近在數位邀請等領域進行大量投資之前，我們也一直看到在平台上添加約 200 萬美元經過驗證的鄰居的基線。因此，我們仍然預期該基數將繼續以這個速度成長。但我們在數位邀請等領域的新投資將在第一季和 2024 年再次強勁。

In terms of engagement, though, it's not just about getting neighbors to the platform, but it's obviously showing up for them and making sure that they're getting value when they arrive. And so we've been driving contribution, sometimes that’s through features, like events, for example, for selling free, recommendations, like how do we keep connecting that look between neighbors and businesses, for example.

不過，就參與度而言，這不僅僅是讓鄰居使用平台，而且顯然是為他們展示並確保他們在到達時獲得價值。因此，我們一直在推動貢獻，有時是透過功能，例如免費銷售的活動、建議，例如我們如何保持鄰居和企業之間的外觀聯繫。

This is a place where we’ve done a lot of investment in ML, as you know, to make sure that, first of all, when you come to Nextdoor, you’re getting more and more of a personalized feed. But also from a notification standpoint, that we’re able to send you a notification at the right time to the right neighbor that draws you back on platform into the app itself.

如您所知，我們在機器學習方面進行了大量投資，以確保首先當您來到 Nextdoor 時，您將獲得越來越多的個人化資訊流。而且從通知的角度來看，我們能夠在正確的時間向正確的鄰居發送通知，從而將您帶回平台並進入應用程式本身。

Our WAUs have stayed very, very engaged. On average, our weekly active comes back about four times week. So in fact, our WAU-to-DAU ratio has stayed in that kind of 50%-ish type range, and we feel very good about that. Beyond that, in terms of other areas of investment as we go into next year, it’s all about how do we help people discover and discuss, how do we help them continue a commercial journey of finding that business that they want to work with.

我們的 WAU 一直都非常非常投入。平均而言，我們每週的活躍度大約會恢復四次。事實上，我們的 WAU 與 DAU 比率一直保持在 50% 左右的範圍內，我們對此感覺非常好。除此之外，就我們明年進入的其他投資領域而言，重點是我們如何幫助人們發現和討論，我們如何幫助他們繼續尋找他們想要從事的業務的商業旅程和。

And then finally, we are investing in communities. We do see this as both a new way to bring in new verified neighbors, but also to give people a better sense of who or what their neighborhood is. Sometimes it might be the building that you’re living in. Sometimes it might be a cul-de-sac.

最後，我們正在投資社區。我們確實認為這不僅是引入新的經過驗證的鄰居的新方式，而且還可以讓人們更好地了解他們的鄰居是誰或什麼。有時它可能是您所居住的建築物。有時它可能是一條死胡同。

Sometimes it’s the whole DMA. And so making sure we can flex. Real-time messaging is something that we rolled out in Q4, and we're already starting to see a good pickup, because, now, of course, people can do simplified just messaging within a building or they can go broader into the news feed and experience all the Nextdoor has to bring.

有時它是整個 DMA。所以要確保我們可以靈活運用。即時訊息是我們在第四季度推出的，我們已經開始看到良好的回升，因為現在，當然，人們可以在建築物內進行簡化的消息傳遞，或者可以更廣泛地進入新聞提要並體驗Nextdoor 所帶來的一切。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Ronald Josey, Citi.

（操作員指令）Ronald Josey，花旗銀行。

Great. Thanks for taking the questions. Sarah, you'll be missed. Nirav, welcome back. I wanted to ask about your commentary on the ad server now that 100% of US SMB's, I think, are using the ad server. And I think, Sarah, you might have mentioned the game changer. Just talk to us about the benefits here. Is this what helps drive the adoption of self-service ads overall?

偉大的。感謝您提出問題。莎拉，我們會想念你的。尼拉夫，歡迎回來。我想詢問您對廣告伺服器的評論，因為我認為 100% 的美國中小型企業都在使用廣告伺服器。我想，莎拉，你可能提到了遊戲規則的改變者。只需與我們談談這裡的好處。這是否有助於推動自助廣告的整體採用？

And while we’re on monetization here, maybe help us understand some of these verticals. So home services returning to growth, I think, was pretty notable. We’d love to hear your thoughts on to the drivers there. Thank you.

當我們在這裡進行貨幣化時，也許可以幫助我們了解其中一些垂直領域。因此，我認為家庭服務恢復成長是非常值得注意的。我們很想聽聽您對那裡的司機的看法。謝謝。

Yeah. Absolutely. So as you know, we've been in investment mode with our ad server, and we feel like we're now really starting to cross the chasm, getting a large number of overall advertisers on Nextdoor onto our owned and operated ad tech stack.

是的。絕對地。如你所知，我們的廣告伺服器一直處於投資模式，我們覺得我們現在真正開始跨越鴻溝，讓 Nextdoor 上的大量整體廣告客戶進入我們擁有和經營的廣告技術堆疊。

Why is that important? It means, number one, we can leverage our own proprietary data. Number two, it allows us to better optimize on things like latency because we're not having to do a call outside of our own platform into someone else's. And then third, it starts to allow us to do better performance optimizations and also better targeting, and that's before we even start to build new ad formats and so on. So everything should speed up from here.

為什麼這很重要？這意味著，第一，我們可以利用自己的專有數據。第二，它使我們能夠更好地優化延遲等問題，因為我們不必在自己的平台之外向其他人的平台進行呼叫。第三，它開始讓我們能夠進行更好的效能優化和更好的定位，而這甚至是在我們開始建立新的廣告格式等之前。所以一切都應該從這裡開始加速。

As you noted, it's been a journey where we started with SMBs. So midpoint of last year is when SMBs were fully on us, both being able to create campaigns using Nextdoor Ad Manager and have it served through Nextdoor ad server. And you can see from both our Q3 and now our Q4 results, the growth rates that we're seeing in SMBs say that the ad server's working, that's great news. So work of Q4 was to move the mid-market, but particularly the self-serve portion of the mid-market, over. And that is now also completed.

正如您所指出的，這是我們從中小企業開始的旅程。因此，去年中期，中小企業完全依賴我們，他們都能夠使用 Nextdoor Ad Manager 建立廣告活動，並透過 Nextdoor 廣告伺服器提供服務。從我們第三季和第四季的結果中您可以看到，我們在中小企業中看到的成長率表明廣告伺服器正在運行，這是個好消息。因此，第四季的工作是轉移中端市場，特別是中端市場的自助服務部分。現在這也完成了。

Why that's important is we've always thought that this would be a big new opportunity for us to go out to mid-market advertisers who want to just do something easy, self-serve, but couldn't do that previously on Nextdoor. So effectively unlocks a new segment of the market for us.

為什麼這很重要，因為我們一直認為這對我們來說是一個巨大的新機會，可以幫助我們接觸中端市場的廣告商，這些廣告商只想做一些簡單、自助的事情，但以前在Nextdoor 上無法做到這一點。因此，有效地為我們打開了一個新的市場領域。

Of course, as the journey continues, the focus for the rest of '24 is our managed clients who can be large enterprises, they can be ad agencies or they can be mid-market. And you'll hear us more and more begin to talk about the platform as self-serve and managed as we look forward.

當然，隨著旅程的繼續，24 世紀剩餘時間的重點是我們的託管客戶，他們可以是大型企業，可以是廣告代理商，也可以是中端市場。正如我們所期待的，您會聽到我們越來越多地開始談論該平台是自助服務和託管的。

Beyond that, you asked, I think, about verticals as well. And so we are seeing some green shoots in the home services vertical. Matt said it in his prepared remarks: home services grew 16% year over year, so good to see. The other verticals that have remained strong for us are areas like retail; tech and telco has remained very, very strong.

除此之外，我認為您也詢問了垂直領域的問題。因此，我們看到家庭服務垂直領域出現了一些萌芽。馬特在他準備好的演講中表示：家庭服務年增 16%，很高興看到這一點。對我們來說仍然強勁的其他垂直領域是零售等領域；科技和電信仍然非常非常強勁。

And we have, of course, been investing in new verticals, like health care, government, nonprofit, professional services. They're smaller still, but they're becoming more mighty as we get some reps under our belt, get some good case studies, and the sales team really knows how to go out and sell them.

當然，我們一直在投資新的垂直領域，例如醫療保健、政府、非營利組織、專業服務。它們的規模仍然較小，但隨著我們擁有一些代表，獲得一些好的案例研究，並且銷售團隊真正知道如何出去銷售它們，它們正在變得更強大。

It still helps [funding] in areas like financial services, travel as well; we do expect recovery there. And the good news is the advertisers who are in those segments have tended to stick around; when they do have spend, they bring it back to Nextdoor. However, they haven't had a lot to spend relative to where they were maybe two years ago.

它仍然有助於金融服務、旅遊等領域的[資助]；我們確實預計那裡會復甦。好消息是這些細分市場的廣告商往往會留下來。當他們確實有消費時，他們會把錢帶回Nextdoor。然而，與兩年前相比，他們並沒有太多可花的錢。

So that remains a big focus for us is both keeping those advertisers happy so when they have money, they'll come back to Nextdoor, making sure that the current advertisers continue to spend more as the environment improves, and then bringing on new logos, bringing on new segments, like the market self-serve. All in all, that should give us some build as we go through 2024, hence Matt's guidance that we expect '24 revenue to grow faster than '23 revenue.

因此，我們的一個重點仍然是讓這些廣告商滿意，這樣當他們有錢時，他們就會回到 Nextdoor，確保當前的廣告商隨著環境的改善繼續支出更多，然後引入新的徽標，引入新的細分市場，例如市場自助服務。總而言之，這應該會給我們在 2024 年提供一些幫助，因此 Matt 的指導是，我們預計 24 年收入的成長速度將快於 23 年收入的成長速度。

Yeah, I'll just add two things, first on the self-serve side. As we really think about how to measure success and progress there, one of the things that's most exciting is overall growth in advertisers. Really pleased with the new logos in the quarter. And that's been driven primarily from self-serve mid-market customers. So it's one key thing of the progress we're making is an area that gives us confidence into 2024.

是的，我只想增加兩件事，首先是自助服務方面。當我們真正思考如何衡量那裡的成功和進展時，最令人興奮的事情之一就是廣告商的整體成長。對本季的新標誌非常滿意。這主要是由自助式中端市場客戶推動的。因此，我們正在取得的進展的關鍵之一是讓我們對 2024 年充滿信心。

And then from a vertical perspective, I think Sarah hit all the key points. The one thing I'd add that also is -- we're really attuned to and seeing progress on is increasing diversification. We talked about emerging verticals like health care over the last couple of quarters. But as a reference point, that's now its biggest financial services from a vertical perspective.

然後從垂直角度來看，我認為莎拉擊中了所有關鍵點。我還要補充的一件事是——我們真正適應並看到了多元化的進展。在過去的幾個季度中，我們討論了醫療保健等新興垂直行業。但作為參考點，從垂直角度來看，這現在是其最大的金融服務。

So it shows how far we've come. And certainly, as the market evolves and services we still believe is endemic, but the fact that we're diversifying in that way at that scale is something that we think positions us relatively well in 2024 versus a year ago.

所以它顯示了我們已經走了多遠。當然，隨著市場的發展，我們仍然認為服務是流行的，但我們認為，與一年前相比，我們以這種方式多元化的事實使我們在 2024 年處於相對有利的地位。

Thank you, Sarah. Thank you, Nirav.

謝謝你，莎拉。謝謝你，尼拉夫。

Thank you.

謝謝。

Brian Fitzgerald, Wells Fargo.

布萊恩·菲茨傑拉德，富國銀行。

Hi, this is the Stan Velikov for Brian. Thanks for taking our questions. First, can you remind us what's the normal seasonality in net member additions? Is it fair to say that 2023 was an outlier to the general pattern observed in prior years? And then second, session depth continues to outpace WAU growth, how much runway do you think there is left for AI to drive this metric over the longer term?

嗨，這是布萊恩的史丹維利科夫。感謝您回答我們的問題。首先，您能提醒我們一下，網友成長的正常季節性是怎麼樣的？可以公平地說 2023 年與前幾年觀察到的一般模式不同嗎？其次，會話深度持續超過 WAU 成長，您認為人工智慧在長期內推動這項指標還有多少發展空間？

Yeah, Stan, you mentioned seasonality. I have a little bit trouble hearing you. Would you mind clarifying which metric you're referencing?

是的，史丹，你提到了季節性。我聽你說話有點困難。您介意澄清一下您所引用的指標嗎？

Seasonality in WAU, basically the net new member additions.

週活躍用戶數的季節性，基本上是新會員的淨增加。

Got it. Yeah, thanks. So from a user perspective, we see more of our seasonal moves having intra-quarter specific events happening through the quarter. One thing as we look at Q4 is we've been able to counteract [what happened] seasonal declines in activity around core holiday periods, for example between Christmas and New Years.

知道了。是的，謝謝。因此，從用戶的角度來看，我們看到更多的季節性變動在整個季度發生了季度內的特定事件。我們在第四季度看到的一件事是，我們已經能夠抵消核心假期期間（例如聖誕節和新年之間）活動的季節性下降。

I think the most important point for the quarter, though, is what Sarah mentioned, which is the sustained and accelerated growth in new neighbor acquisition that ultimately helps to neutralize any intra-quarter seasonality we see. Now, as we look ahead to Q1, as we mentioned in our comments, continue to see some nice moves there. Sometimes that's affected by weather and other external factors. But broadly speaking, there's less seasonality as it relates to our user base. And that's why we continue to be focused on things like [the top of funnel] growth.

不過，我認為本季最重要的一點是莎拉提到的，即新鄰居收購的持續加速成長，最終有助於抵消我們看到的任何季度內季節性因素。現在，正如我們在評論中提到的，當我們展望第一季時，繼續看到一些不錯的舉措。有時這會受到天氣和其他外部因素的影響。但從廣義上講，季節性較少，因為它與我們的用戶群相關。這就是為什麼我們繼續關注[漏斗頂部]增長等事情。

And then on the session depth, let me take that. So thank you for calling it out. We're really pleased with what we saw in session depth; it grew 36% year over year. What is driving session depth? A big part of it is making sure that when a user hits the news feed, but first and foremost, they're seeing relevant articles, relevant posts, relative content to them.

然後關於會議深度，讓我來談談。所以謝謝你的呼籲。我們對在會議深度中看到的內容感到非常滿意；較去年同期成長36%。什麼是推動會話深度？其中很大一部分是確保當用戶點擊新聞提要時，但首先也是最重要的是，他們看到相關的文章、相關的貼文以及與其相關的內容。

And so this is a really excellent place for us to be investing in both AI to be able to do a deep dive on content tagging and so on and to do it at a significantly faster and cheaper rates than what we may have been doing previously with ML and actually using just human tagging. It also allows us to keep pushing more and more relevant content to the top of that news feed, so that if someone who's coming back, perhaps frequently, multiple times a day, maybe coming back multiple times a week, is again continuing to see relevant content in their news feed. It also is important if that same relevance is true in our notification.

因此，這對我們來說是一個非常好的地方，我們可以投資人工智慧，以便能夠深入研究內容標記等，並以比我們之前所做的更快、更便宜的速度完成這項工作。機器學習，實際上只使用人工標記。它還使我們能夠不斷將越來越多的相關內容推送到新聞提要的頂部，這樣，如果某人經常回來，一天多次，可能每週回來多次，他就會再次繼續看到相關內容他們的新聞提要中的內容。我們的通知中是否有同樣的相關性也很重要。

And this is a place where we put a lot of work that's in the last, call it, three to six months to go back to notifications and make sure that we are getting the right notifications to the right person at the right time. We're starting to do a little bit more experimentation with Digest, both thinking back to [revenue] just new and trending notifications, areas like events, areas like we're selling free, where we have incredible richness of content, but getting in front of the user can be hard in a platform that's tended to be a little bit more of a serendipitous discovery.

我們在這個地方投入了大量的工作，最後，稱之為，三到六個月的時間來返回通知，並確保我們在正確的時間向正確的人收到正確的通知。我們開始對 Digest 進行更多的實驗，既回想[收入]，只是新的和趨勢通知，像活動這樣的領域，像我們免費銷售的領域，我們擁有令人難以置信的豐富內容，但是進入在一個通常在偶然發現的平台上，向用戶展示資訊可能會很困難。

So we're doing a lot of work in that arena too. Of course, AI really helps in all of this. You have to have the data. We own the local knowledge graph and this, we think, is an incredible differentiator for Nextdoor as we look forward.

所以我們也在這個領域做了很多工作。當然，人工智慧在這一切方面確實有所幫助。你必須有數據。我們擁有當地知識圖譜，我們認為，正如我們所期望的那樣，這對 Nextdoor 來說是一個令人難以置信的差異化因素。

Great. Thanks, Matt, and thanks, Sarah. Sarah, thanks for all the insights over the past few years. You'll be missed.

偉大的。謝謝，馬特，謝謝，莎拉。莎拉，感謝過去幾年的所有見解。你會被想念的。

You're welcome. And thank you.

不客氣。謝謝你。

Thank you for your question. There are currently no further questions registered. (Operator Instructions) There are no additional questions waiting at this time, so I'll pass the call back to the management team for any closing remarks.

謝謝你的問題。目前沒有登記任何其他問題。（操作員說明） 目前沒有其他問題，因此我會將電話轉回管理團隊以取得結束語。

Thank you, Matt, and thanks, everyone, for joining us. We're super pleased with the quarter that we just put up, strong year-over-year growth across all of our key metrics: WAU, up 5% and growing sequentially; revenue up 4%, and a second straight quarter of record organic VNs being added. As you saw, there are lots of levers that we can pull on all stages of the user funnel.

謝謝你，馬特，也謝謝大家加入我們。我們對剛發布的季度感到非常滿意，所有關鍵指標均實現了強勁的同比增長：週活躍用戶數增長 5%，並且環比增長；營收成長 4%，並且連續第二個季度增加了創紀錄的有機 VN。正如您所看到的，我們可以在使用者管道的各個階段使用許多槓桿。

Top of funnel, new users joining us organically is at the highest rate ever; mid-funnel, we're starting to see more -- we're continuing to see neighbors be active weekly; and then bottom of funnel, that session depth number up 36% year over year. So lots of places to really drive overall growth.

在漏斗頂部，新用戶有機加入我們的比例是有史以來最高的；在漏斗中部，我們開始看到更多——我們繼續看到鄰居每週都很活躍；然後是漏斗底部，該會話深度數字年增 36%。有很多地方可以真正推動整體成長。

We didn't talk about it much on this call, but we did see strength in areas such as international, our ad agency partnerships. And of course, the push in areas like neighborhood space continues to up the number of claims business pages. There's really fertile ground for upselling of advertising. And we expect to see verticals like financial services and real estate begin to improve, hopefully, as the overall macro backdrop is improving.

我們在這次電話會議上沒有過多談論這一點，但我們確實看到了國際、我們的廣告代理商合作夥伴關係等領域的優勢。當然，鄰裡空間等領域的推動繼續增加了索賠業務頁面的數量。廣告追加銷售確實有沃土。我們預計，隨著整體宏觀背景的改善，金融服務和房地產等垂直產業將開始改善。

AI, we've talked a lot about it on this call. We know it's really top of mind for all of you, generally speaking. Nextdoor is the local knowledge graph. We have incredibly well-labeled data, high intent audience of real people in neighborhoods everywhere.

人工智慧，我們在這次電話會議上討論了很多。我們知道，一般來說，這確實是你們所有人最關心的問題。Nextdoor是局部知識圖。我們擁有令人難以置信的標籤良好的數據，以及世界各地社區中真實人群的高意圖受眾。

And then finally, we are laser focused on growing WAU and revenue from here. Brand awareness and top of funnel product development efforts are playing a really key role in bringing new advertisers to the platform, including that self-serve mid-market group. We're investing in our platform. We're lucky enough to be building a modern ad tech stack right at the point in time when a platform shift is happening. So we can embed all of the goodness of AI right from the get-go. And then finally, we want to keep iterating on improving our monetization capabilities for advertisers of all sizes.

最後，我們專注於增加 WAU 和收入。品牌知名度和漏斗頂部產品開發工作在將新廣告商（包括自助式中端市場群體）引入該平台方面發揮著真正關鍵的作用。我們正在投資我們的平台。我們很幸運能夠在平台轉變發生時建立現代廣告技術堆疊。因此，我們可以從一開始就嵌入人工智慧的所有優點。最後，我們希望不斷迭代，為各種規模的廣告主提高獲利能力。

So with that, thanks for all your support through the years for me too. Nirav will be taking the reins as we move into our Q1 earnings next earnings call, but I will be here to make sure that the transition is seamless and continue to work with the team. And of course, as you all know, I will continue to bleed green, be a good neighbor, and hopefully I'll see you out there in the neighborhood.

因此，也感謝您多年來對我的支持。當我們進入下一次財報電話會議時，尼拉夫將接管第一季的財報，但我將在這裡確保過渡順利，並繼續與團隊合作。當然，正如你們所知，我將繼續為綠色而流血，做一個好鄰居，希望能在附近見到你們。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路。