Nextdoor Holdings Inc (NXDR) 2024 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Nextdoor second-quarter 2024 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加 Nextdoor 2024 年第二季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作員說明）

I would now like to pass the conference over to your host, John T. Williams, Head of Investor Relations. You may proceed.

現在我想將會議交給東道主投資者關係主管約翰·T·威廉斯 (John T. Williams)。您可以繼續。

Thank you, operator. I'm John T. Williams, Head of Investor Relations. Good afternoon and thank you for joining us to review Nextdoor's second-quarter 2024 financial results. With us on the call today are Nirav Tolia, Chief Executive Officer; and Matt Anderson, Chief Financial Officer.

謝謝你，接線生。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 2024 年第二季的財務表現。今天與我們一起參加電話會議的是執行長 Nirav Tolia；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 網站和我們網站投資者關係部分中提供的 SEC 文件，以及今天討論的風險和其他重要因素。

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 Q2 2024 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 2024 年第二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 Nirav.

說到這裡，我想把電話轉給尼拉夫。

Thank you, John T., and good afternoon, everyone. I'm happy to be here with you today to discuss our second-quarter financial results and outlook. We had another productive quarter and have made solid progress since we last spoke in May. Some of that progress is visible in our Q2 results, and some of it is embedded in our outlook for Q3 and the rest of 2024. But the most important work, revitalizing our core product, will become more clear in 2025.

謝謝約翰·T.，大家下午好。我很高興今天與大家一起討論我們第二季的財務表現和前景。我們又度過了一個富有成效的季度，自 5 月上次談話以來，我們取得了堅實的進展。其中一些進展可以在我們第二季的業績中看到，其中一些也體現在我們對第三季和 2024 年剩餘時間的展望中。但最重要的工作，即興我們的核心產品，將在 2025 年變得更加清晰。

Our team is working to adopt the founder's mentality we talked about last quarter and is committed to taking on the challenge of transforming our user experience for the long term while remaining focused on execution in 2024. This effort is evident in our Q2 performance and results.

我們的團隊正在努力採用我們上季度談到的創辦人心態，並致力於接受長期改變使用者體驗的挑戰，同時繼續專注於 2024 年的執行。這種努力在我們第二季的表現和結果中顯而易見。

There are two areas in particular that I would like to highlight. First, we are driving growth. Revenue grew 11% year over year in Q2. Weekly active users or WAU reached more than 45 million. The new capabilities of our Nextdoor Ads platform played an important role here as it enabled greater self-serve adoption, better advertiser performance, and increased revenue retention.

我想特別強調兩個領域。首先，我們正在推動成長。第二季度營收年增 11%。每週活躍用戶或 WAU 達到超過 4500 萬。我們的 Nextdoor Ads 平台的新功能在這裡發揮了重要作用，因為它實現了更大的自助服務採用、更好的廣告客戶績效和更高的收入保留。

Second, we are doing more with less. More effective allocation of resources plus a reduction in costs resulted in better employee productivity and margins. In Q2, we realized 23 percentage points of year-over-year adjusted EBITDA margin improvement, giving us the confidence to raise our full-year financial guidance. Matt will discuss this in greater detail shortly.

其次，我們用更少的資源做更多的事情。更有效的資源分配加上成本的降低提高了員工的生產力和利潤。第二季度，我們調整後的 EBITDA 利潤率年增了 23 個百分點，這讓我們有信心提高全年財務指引。馬特很快就會更詳細地討論這個問題。

Now I would like to step back from the quarter and take a longer-term view, which begins with our clear and unwavering commitment to local, an area we believe represents a massive business opportunity. Building the essential neighborhood network is the focus of everything we do, and our goal is to make Nextdoor a core part of everyone's local life. This ambition will require a complete transformation of our user experience, and we call this effort NEXT.

現在，我想回顧本季度，採取更長遠的眼光，首先是我們對當地的明確和堅定的承諾，我們相信這一領域代表著巨大的商機。建立必要的鄰裡網絡是我們一切工作的重點，我們的目標是讓 Nextdoor 成為每個人當地生活的核心部分。這項雄心壯志需要徹底改變我們的使用者體驗，我們將這項工作稱為「下一步」。

By combining our deep expertise in local with a new and significantly improved user experience, we know that we can build a product that will delight users and advertisers, drive profitable growth and increase shareholder value over time.

透過將我們在本地領域的深厚專業知識與顯著改善的新用戶體驗相結合，我們知道我們可以打造出一款讓用戶和廣告商滿意的產品，隨著時間的推移推動盈利增長並增加股東價值。

As I mentioned above, we are approaching this challenge with a founder's mentality, which is at the core of everything we're doing both philosophically and practically. As a reminder, the founder's mentality has three defining traits. The first is to define a clear and ambitious mission that provides us with focus and purpose.

正如我上面提到的，我們正在以創始人的心態來應對這項挑戰，這是我們在哲學和實踐上所做的一切的核心。提醒一下，創辦人的心態有三個決定性特徵。首先是定義一個清晰而雄心勃勃的使命，為我們提供重點和目標。

For Nextdoor, that means leveraging the power of technology to create the essential neighborhood network that enables stronger, safer and happier places to call home. The second is to have an obsession with the details, particularly around our user experience.

對 Nextdoor 來說，這意味著利用科技的力量創造必要的鄰裡網絡，打造更強大、更安全、更快樂的家。第二是對細節的痴迷，尤其是我們的使用者體驗。

We believe that the magic is in the details and have redoubled our efforts to create a product that delights users and advertisers every single time they engage with Nextdoor. The third and final trait is to adopt an owner's mindset, which drives urgency and a bias towards action. We want to be lean, hungry and ready to do more with less, as demonstrated by our improved employee productivity and progress towards positive free cash flow.

我們相信細節蘊藏著魔力，並加倍努力打造一款讓使用者和廣告商每次與 Nextdoor 互動都感到滿意的產品。第三個也是最後一個特徵是採用主人翁的心態，這會帶來緊迫感和對行動的偏見。我們希望精幹、飢餓，並準備好用更少的資源做更多的事情，正如我們提高的員工生產力和朝著積極的自由現金流方向取得的進展所證明的那樣。

There are a few people who exemplify the founder's mentality as well as the four executives who we recently added to our Board of Directors: Marissa Mayer, Niraj Shah, Robert Hohman, and Elisa Steele. They each bring a passion for our mission, focus on product and experience operating technology companies at scale.

有一些人體現了創辦人的心態，還有我們最近加入董事會的四位高階主管：Marissa Mayer、Niraj Shah、Robert Hohman 和 Elisa Steele。他們每個人都對我們的使命充滿熱情，專注於產品，並擁有大規模的營運科技公司經驗。

We are looking forward to working with them to achieve our potential. And that potential is significant. We have a large and engaged user base, differentiated first-party data and a growing list of advertisers who are realizing increased ROI. I'm encouraged by the work we've done since I returned as CEO but will note again that our most significant mechanism for generating long-term benefit is the revitalization of our core product. And it's still very early in that journey.

我們期待與他們合作，發揮我們的潛力。這種潛力是巨大的。我們擁有龐大且活躍的用戶群、差異化的第一方數據以及越來越多實現投資回報率提高的廣告商。自從我重新擔任執行長以來，我對我們所做的工作感到鼓舞，但我會再次指出，我們產生長期利益的最重要機制是振興我們的核心產品。現在還處於這趟旅程的早期階段。

Unlocking our platform's full value will require patience and resolve. And this transformation process, as with most, will be neither linear nor straightforward. As such, we do not expect to see meaningful signs of product-related progress until mid-2025. We are approaching this challenge with the right blend of humility and optimism. The effort will be substantial, but the prize on the other side is incredibly worthwhile, a revitalized product, a renewed growth trajectory and a reinvigorated company.

釋放我們平台的全部價值需要耐心和決心。如同大多數轉變過程一樣，這種轉變過程既不是線性的，也不是直接的。因此，我們預計到 2025 年中期才會看到產品相關進展的有意義跡象。我們以謙虛和樂觀的態度來應對這項挑戰。付出的努力將是巨大的，但另一方面的回報也是非常值得的：一個煥發活力的產品，一個新的成長軌跡和一個重煥發活力的公司。

With that, I'll turn it over to Matt to discuss our financial results.

接下來，我會將其交給馬特討論我們的財務表現。

Thank you, Nirav, and good afternoon, everyone.

謝謝你，尼拉夫，大家午安。

In Q2, the number of new users joining Nextdoor increased significantly year over year, and nearly all came via word of mouth or unpaid acquisition channels. These new verified neighbors provided a solid foundation for growth in Q2 as WAU reached 45 million, an increase of 8% year over year. We saw particular strength in the US, where WAU grew 12% year over year. Our growth reflected early progress engaging new and inactive users and enhancing notification relevance and quality.

第二季度，加入Nextdoor的新用戶數量較去年同期大幅成長，幾乎全部來自口碑或免費取得管道。這些新的經過驗證的鄰居為第二季度的成長奠定了堅實的基礎，每月活躍用戶數達到 4500 萬，年增 8%。我們在美國看到了特別強勁的表現，其 WAU 年比成長 12%。我們的成長反映了吸引新用戶和不活躍用戶以及提高通知相關性和品質的早期進展。

For example, in Q2, we made it easier for some inactive users who clicked on notifications to experience Nextdoor without being logged in first, which made them more likely to log in and stay. Consistent with recent quarters, users engaged with more content during each visit to the Nextdoor platform.

例如，在第二季度，我們讓一些點擊通知的非活躍用戶更容易體驗 Nextdoor，而無需先登錄，這使他們更有可能登入並留下來。與最近幾季一致，用戶每次造訪 Nextdoor 平台時都會接觸到更多內容。

Session depth, which reflects the number of ad impression opportunities during each user session, continued to grow significantly year over year in Q2. We're making progress delivering better content to users, but as Nirav noted, we still have much more work to do to improve our core product experience.

會話深度（反映每個用戶會話期間的廣告展示機會數量）在第二季度繼續同比顯著增長。我們在向用戶提供更好的內容方面取得了進展，但正如 Nirav 指出的那樣，我們仍有很多工作要做，以改善我們的核心產品體驗。

Q2 revenue of $63 million grew 11% year over year, reflecting continued momentum in our self-serve channel, where an increasing mix of advertisers are benefiting from improved functionality and performance on the Nextdoor Ads platform.

第二季營收為 6,300 萬美元，年成長 11%，反映出我們自助服務管道的持續成長勢頭，越來越多的廣告商受益於 Nextdoor Ads 平台改進的功能和效能。

Advertisers expect performance and ease of use, and we are making progress delivering both. Enhanced audiences, improved reporting and more efficient ad delivery are already driving better outcomes for advertisers and increasing revenue for Nextdoor.

廣告商期望性能和易用性，而我們在這兩方面都取得了進展。擴大的受眾群體、改進的報告和更有效率的廣告投放已經為廣告商帶來了更好的成果，並增加了 Nextdoor 的收入。

In Q2, mid-market revenue retention improved year over year. Average spend levels increased from new advertisers year over year, and nearly 50% of revenue came from self-serve advertisers. As with our core user experience, our work to deliver more value to advertisers is far from done.

第二季度，中端市場營收留任率較去年同期有所改善。新廣告商的平均支出水準逐年增加，近 50% 的收入來自自助廣告商。與我們的核心用戶體驗一樣，我們為廣告商提供更多價值的工作還遠遠沒有完成。

We remain focused on bringing more capabilities to our managed enterprise and mid-market advertisers. As we continue that work, we are encouraged by our top 50 advertiser retention, which improved to 96% in Q2, up from 92% in Q1. As Nirav highlighted, we are doing more with less and are generating more operating leverage.

我們仍然致力於為我們管理的企業和中端市場廣告商提供更多功能。隨著我們繼續這項工作，我們對排名前 50 名的廣告客戶保留率感到鼓舞，該保留率從第一季的 92% 提高到第二季的 96%。正如尼拉夫所強調的那樣，我們正在用更少的資源做更多的事情，並產生更多的營運槓桿。

Our Q2 adjusted EBITDA loss was $6 million. Productivity, as measured by revenue per employee, improved more than 50% year over year. We expect this leverage will persist through the remainder of the year as we operate with a leaner and more focused team, increased marketing discipline and the benefit of reduced rent expense.

第二季調整後 EBITDA 損失為 600 萬美元。以員工人均收入衡量的生產力年增了 50% 以上。我們預計，隨著我們擁有更精簡、更專注的團隊、加強行銷紀律以及減少租金費用的好處，這種槓桿作用將持續到今年剩餘時間。

Alongside these improvements, we reduced stock-based compensation expense by 25% in Q2. We ended the quarter with $457 million in cash, cash equivalents, and marketable securities and zero debt. In Q2, we reduced fully diluted share count by 5%. We repurchased 18 million shares for $44 million.

除了這些改進之外，我們還在第二季將股票薪資費用減少了 25%。本季結束時，我們擁有 4.57 億美元的現金、現金等價物和有價證券，債務為零。第二季度，我們將完全稀釋後的股票數量減少了 5%。我們以 4400 萬美元回購了 1800 萬股股票。

Additionally, we reduced the number of potentially dilutive securities by 12% in conjunction with our reduction in stock-based compensation and employee equity grants. Both actions align with our long-term capital allocation strategy.

此外，我們將潛在稀釋證券的數量減少了 12%，同時減少了股票薪酬和員工股權授予。這兩項行動都符合我們的長期資本配置策略。

At the end of Q2, our current share repurchase authorization had $119 million remaining, and we have remained buyers of our shares quarter to date.

截至第二季末，我們目前的股票回購授權還剩 1.19 億美元，本季至今我們仍然是我們股票的買家。

One final note. As we briefly mentioned on our Q1 earnings call, we recognized a onetime restructuring charge of $26 million in Q2. $3 million of this expense was in connection with reductions in our team size. The remaining $23 million related to office space reductions. Excluding these one-time charges, total cost and expenses in Q2 declined by 12% year over year. We do not expect any further related charges at this time. Now on to our outlook and financial guidance.

最後一點。正如我們在第一季財報電話會議上簡要提到的那樣，我們在第二季確認了 2,600 萬美元的一次性重組費用。其中 300 萬美元用於縮小團隊規模。剩餘的 2,300 萬美元與辦公空間的減少有關。剔除這些一次性費用，第二季的總成本和費用年減 12%。我們預計目前不會產生任何進一步的相關費用。現在談談我們的前景和財務指導。

For the full year 2024, we expect revenue growth of approximately 10% year over year. We expect adjusted EBITDA margin improvement approaching 20 percentage points year over year compared to our prior expectation of a 15 percentage point improvement.

2024 年全年，我們預計營收年增約 10%。我們預計調整後 EBITDA 利潤率將年增近 20 個百分點，而我們先前的預期為 15 個百分點。

For Q3, we expect revenue of approximately $62 million and an adjusted EBITDA loss of approximately $8 million. We continue to expect to generate positive free cash flow in Q4 of this year. We also remain committed to continually clarifying our long-term growth and margin trajectory.

對於第三季度，我們預計營收約為 6,200 萬美元，調整後 EBITDA 損失約為 800 萬美元。我們繼續預計今年第四季將產生正的自由現金流。我們也仍然致力於不斷闡明我們的長期成長和利潤軌跡。

Our focus is on allocating resources toward growth, consistently delivering more value for advertisers and transforming our product experience through our NEXT initiative. NEXT aspires to create a significantly better product, and in turn, create substantial shareholder value over time.

我們的重點是分配資源以實現成長，持續為廣告主提供更多價值，並透過 NEXT 計畫改變我們的產品體驗。NEXT 渴望創造出明顯更好的產品，進而隨著時間的推移創造可觀的股東價值。

We look forward to keeping you updated on our progress. Thanks for joining our earnings call today. I'll now turn it over to the operator to begin Q&A.

我們期待向您通報我們的最新進展。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) Youssef Squali, Truist.

（操作說明）Youssef Squali，真理論者。

Thank you. Hi, guys. Just a couple of questions around maybe the macro in Europe. Can you talk a little bit about what you're seeing in terms of just kind of the puts and takes at a macro level at a time when you guys are actually showing pretty material improvement? How much of that do you believe is kind of product led versus maybe increase in marketing efficiency?

謝謝。嗨，大家好。只是關於歐洲宏觀經濟的幾個問題。當你們實際上顯示出相當大的實質改進時，您能談談在宏觀層面上看跌期權和賣出期權的情況嗎？您認為其中有多少是產品主導的，而不是行銷效率的提升？

And second, as you look -- I know you're not guiding quite to 2025. But as you look at the cost efficiencies that you've realized that you're showing with expectations of positive adjusted EBITDA in Q4, should we expect that to be sustainable for full year 2025? Thank you.

其次，正如你所看到的，我知道你並沒有完全實現 2025 年的目標。但是，當您查看成本效率時，您已經意識到您所展示的成本效率以及第四季度調整後 EBITDA 為正值的預期，我們是否應該期望這種情況在 2025 年全年保持可持續？謝謝。

Thank you for the question, Youssef. And let me just hit a couple of those things that you mentioned. First, on the macro. We've mentioned a couple of times this idea of the founder's mentality. And one of the things that you do as a founder is you focus on the things you can control.

謝謝你的提問，尤瑟夫。讓我簡單談談你提到的一些事情。首先，關於宏觀。我們已經多次提到創始人心態的想法。作為創辦人，你要做的事情之一就是專注於你可以控制的事情。

For us, that's actually not the macro. That's what we do internally. And so anything that you see from us is primarily driven by our ability to execute and do a good job on the things that we can control. There is a lot of stuff that's going on, on the macro. Sometimes it can lift us a little bit.

對我們來說，這其實不是宏觀的。這就是我們內部所做的。因此，您從我們身上看到的任何事情都主要取決於我們執行和做好我們可以控制的事情的能力。宏觀上有很多事情正在發生。有時它可以帶給我們一點幫助。

Sometimes it can provide a little bit of current against. But what we're trying to focus on is what can we do to better serve our users and advertisers. And I'm encouraged that we're on a pretty good path from that perspective.

有時它可以提供一點電流。但我們要關注的是我們能做些什麼來更好地服務我們的用戶和廣告商。從這個角度來看，我們正走在一條非常好的道路上，這讓我感到鼓舞。

Let me now talk a little bit about the rest of the year and into 2025, and you mentioned cost efficiency. So again, the founder's mentality is about doing more with less. So we will make -- managing our business in a disciplined and frugal way. We'll just kind of wrap that into everything we do. It's not going to be a onetime thing or something that we do just this year or just in 2025.

現在讓我談談今年剩餘時間和 2025 年的情況，您提到了成本效率。再說一次，創辦人的心態是用更少的錢做更多的事情。因此，我們將以紀律和節儉的方式管理我們的業務。我們會將其融入我們所做的一切。這不會是一次性的事情，也不會是我們今年或 2025 年才做的事情。

That said, I have to say, our real focus is on growth. Our real focus is on revitalizing our product. Our real focus is on trying to capture the potential that we believe we have but is not captured today by our existing product. And so while we can tighten the bolts and we can run our business more effectively and we've tried to do that, our real focus is on unlocking value and turning that value into being a real growth business.

也就是說，我必須說，我們真正的重點是成長。我們真正的重點是振興我們的產品。我們真正的重點是嘗試捕捉我們認為擁有但目前現有產品尚未捕捉到的潛力。因此，雖然我們可以擰緊螺栓，我們可以更有效地經營我們的業務，並且我們已經努力做到這一點，但我們真正的重點是釋放價值並將該價值轉化為真正的成長業務。

And the only way we can do that is with a better product. And so that is where our primary focus is.

我們能做到這一點的唯一方法就是提供更好的產品。這就是我們的主要關注點。

This is Matt. I'll jump in there as well. So a couple of points, too. With regards to macro, I mean here is just the key point, which is focusing on what we can draw, delivering value to Neighbours and to advertisers. Now when we double-click a bit further, we can look at verticals that do matter for us, areas like home services, which we've highlighted.

這是馬特。我也會跳進去。所以也有幾點。關於宏觀，我的意思是這只是關鍵點，即專注於我們可以汲取的東西，為鄰居和廣告商提供價值。現在，當我們進一步雙擊時，我們可以查看對我們重要的垂直領域，例如我們突出顯示的家庭服務等領域。

We are seeing really positive momentum there. Some small rebound in financial services. Beyond those, it's really, from our perspective, around diversifying our advertiser base. So we have emerging verticals that are contributing in a smaller way today. We think it can be -- play a bigger role in the future.

我們在那裡看到了非常積極的勢頭。金融服務業有一些小幅反彈。除此之外，從我們的角度來看，這實際上是為了使我們的廣告客戶群多樣化。因此，我們現在的新興垂直產業的貢獻較小。我們認為它可以在未來發揮更大的作用。

But at the end of the day, the verticals that are endemic to us, we are seeing positive momentum in. But ultimately, it comes back to delivering advertising value. Now with regard to cost efficiencies and looking forward to 2025, one, just a comment on Q4. I do want to reiterate that it is Q4 cash flow breakeven. So we do generate significant interest income in addition to adjusted EBITDA. So that's something I wanted to clarify there.

但歸根結底，在我們特有的垂直領域，我們看到了積極的動力。但最終，還是要回歸提供廣告價值。現在關於成本效率和展望 2025 年，僅對第四季度進行評論。我確實想重申，這是第四季現金流損益平衡。因此，除了調整後的 EBITDA 之外，我們確實還產生了可觀的利息收入。這就是我想澄清的事情。

Additionally, one of the things we're really focused on is positioning ourselves for growth, as Eric mentioned. And so we believe we can do more with less. We are allocating our resources. We are getting leverage from more efficient marketing, as you noted.

此外，正如艾瑞克所提到的，我們真正關注的事情之一是為成長做好定位。因此，我們相信我們可以用更少的資源做更多的事情。我們正在分配我們的資源。正如您所指出的，我們正在從更有效的行銷中獲得槓桿作用。

And ultimately, we think that puts us in a position to ambitiously pursue some of the product changes that Nirav has talked about. But at the end of the day, we're not commenting on 2025 specifically. But with each quarter that goes by, we feel better positioned.

最終，我們認為這使我們能夠雄心勃勃地追求尼拉夫談到的一些產品變革。但歸根結底，我們不會具體評論 2025 年。但隨著每季的過去，我們都覺得自己的處境變得更好了。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you so much. Two questions, if I can. In terms of the scope of budgets that are coming your way today and how that might evolve over the long term, how do you think about the landscape of local into local compared to national into local and how these might look different for you as a platform not only in the current state but in the years ahead?

太感謝了。有兩個問題，如果可以的話。就您今天即將面臨的預算範圍以及從長遠來看可能會如何發展而言，與國家到地方相比，您如何看待地方到地方的格局，以及這些對於您作為一個平台來說可能有何不同不僅在當前狀態，而且在未來幾年？

And I thought it was interesting, the comment you made about user growth coming predominantly from word of mouth and unpaid acquisition channels. Is that something we should be thinking about in terms of broad-based ability to grow irrespective of marketing investments or potential for higher levels of marketing leverage over the long term? Thanks so much.

我認為這很有趣，您對用戶成長的評論主要來自口碑和免費獲取管道。我們是否應該考慮廣泛的成長能力，無論行銷投資或長期更高水準行銷槓桿的潛力如何？非常感謝。

Thank you for the question. Let me actually start by saying that this idea of local versus national, one of the things that makes Nextdoor really unique is that we are an intrinsically local platform but with national scale. And so the fact that we've got 99% adoption of neighborhoods across the United States means that whether it's for users and regardless of where they're living, having a great experience or whether it's advertisers and regardless where they want to advertise, being able to go to one place to do that advertising.

謝謝你的提問。實際上，我首先要說的是，這種本地與國家的想法，使 Nextdoor 真正獨特的原因之一是，我們本質上是一個本地平台，但具有全國規模。因此，我們在美國各地的社區採用率達到了 99%，這意味著無論是對於用戶（無論他們住在哪裡，都能獲得良好的體驗）還是對於廣告商（無論他們想在哪裡做廣告），能夠去一個地方做廣告。

We can bring local, which is typically something that's been very difficult to scale, to people nationally at scale. And so the way that you framed the question originally, we actually think internally that we can deliver a local experience at a national scale. We don't think of it as an either or. We think of it more as an and.

我們可以將本地的東西（這通常是很難擴展的東西）大規模地帶給全國的人們。因此，按照您最初提出問題的方式，我們實際上在內部認為我們可以在全國範圍內提供本地體驗。我們不認為這是一個非此即彼的問題。我們更多地將其視為“與”。

In regards to the growth and how we think about organic growth, word of mouth, et cetera, I'm going to pass it to Matt. And he can give you a little more detail on that.

關於成長以及我們如何看待有機成長、口碑等，我將把它傳遞給馬特。他可以給你更多的細節。

Yes, that's right. And I'll -- just on the advertiser point as well. Whether it's the local business or the large enterprise, they're looking for reach. They're looking for return on ad spend. And they're looking to do that more flexibly and more easily.

是的，沒錯。我也將談談廣告商的觀點。無論是本地企業還是大型企業，他們都在尋求影響力。他們正在尋求廣告支出的回報。他們希望能夠更靈活、更輕鬆地做到這一點。

And so that's true. Now some of our smaller advertisers or SMB or mid-market, already starting to see some of that progress today, be it self-serve. We have more to do on the enterprise side, but a lot of those needs are the same.

確實如此。現在，我們的一些小型廣告商、中小企業或中型市場已經開始看到一些進展，無論是自助服務。我們在企業方面還有更多工作要做，但其中許多需求是相同的。

Now going to your point around user growth, this is actually something we've commented on in the last couple of quarters. So what we sometimes refer to as top-of-funnel growth. So these are new neighbors coming and verifying on the platform. We're seeing really nice growth there. If we look at this versus prior years, requiring absolute terms, significantly more, approaching 95 million of total verified neighbors. So continue to see progress there.

現在談談用戶成長的問題，這實際上是我們在過去幾季中評論過的事情。這就是我們有時所說的漏斗頂部增長。所以這些都是新鄰居來到平台上驗證。我們在那裡看到了非常好的成長。如果我們與前幾年相比，需要絕對術語，則顯著增加，經過驗證的鄰居總數接近 9500 萬。所以繼續看到那裡的進展。

As I mentioned in my comments, nearly all of them are coming through word of mouth, organic, unpaid channels. And that's something that, one, reflects our scale. Two, reflects improvements in the product; and three, as you noted, represents a significant opportunity to show leverage. So as it relates to user acquisition, we've actually taken that spend to nearly zero.

正如我在評論中提到的，幾乎所有這些都是透過口耳相傳、有機、免費的管道來的。第一，這反映了我們的規模。二、體現產品的改良；正如您所指出的，第三個代表了展示影響力的重要機會。因此，由於它與用戶獲取有關，我們實際上已將該支出降至幾乎為零。

And so we're hitting relatively high levels of absolute neighbor acquisition and that we're driving that with limited neighbor acquisition spend. So that's a really key piece. It's something you -- we will see a little bit of in Q1, you'll see more of in Q2, but you have seen more of in Q2, and we expect to be a part of our second half as well, and that's built into our guidance.

因此，我們正在達到相對較高水平的絕對鄰居收購，並且我們正在透過有限的鄰居收購支出來推動這一目標。所以這是一個非常關鍵的部分。這是你——我們會在第一季看到一點，你會在第二季度看到更多，但你在第二季度看到更多，我們也希望成為下半年的一部分，這是建立的進入我們的指導。

So that's something that we're continuing to make progress on. We feel good about it is a source of operating leverage, and it's really a core part of our plan today.

所以這是我們正在繼續取得進展的事情。我們感覺良好，它是營運槓桿的一個來源，而且它確實是我們今天計劃的核心部分。

(Operator Instructions) There are no additional questions waiting at this time. I would like to pass the conference over to the management team for any closing remarks.

（操作員說明） 目前沒有其他問題。我想將會議轉交給管理團隊進行總結發言。

Thank you. Appreciate it and thank you to everyone who joined the call. I'll just add a few closing remarks, and then we will end this time around. And what I'd like to do is give you three points. Two about where we are today or about the current quarter really that we just reported and then the third, most importantly, looking ahead.

謝謝。對此表示讚賞並感謝所有加入通話的人。我只想加入一些結束語，然後我們就結束這一次。我想給你們三點。兩個是關於我們今天的情況或我們剛剛報告的當前季度的情況，然後是第三個，最重要的是，展望未來。

On the current quarter that we reported, we were very, very heartened by the fact that we could report growth as well as doing more with less. You heard the statistics, growing revenue, growing WAU, and then on the more with less, better adjusted EBITDA margin year over year, 23 points of improvement.

在我們報告的當前季度，我們非常非常高興地發現，我們不僅可以報告成長，而且可以用更少的資源做更多的事情。你聽說過統計數據，收入不斷增長，週活躍用戶數不斷增長，然後是事半功倍，調整後的 EBITDA 利潤率同比提高了 23 個百分點。

But the real story for us internally and our real focus is as we look towards the future, this idea of NEXT, the NEXT Nextdoor. Being able to combine our deep local expertise with a new and completely innovative user experience to truly delight our users and advertisers and start to achieve our potential. It's not going to be an easy path. It's not going to be linear.

但對於我們內部來說，真正的故事和我們真正的重點是當我們展望未來時，這個 NEXT 的想法，NEXT Nextdoor。能夠將我們深厚的本地專業知識與全新且完全創新的用戶體驗相結合，真正取悅我們的用戶和廣告商，並開始發揮我們的潛力。這不會是一條容易的路。它不會是線性的。

It's not going to be straightforward. But the potential payoff is something that we find extremely, extremely attractive. A better product experience for users and advertisers, a growth story as a company and a revitalized platform for all.

這不會是一件簡單的事。但我們發現潛在的回報非常非常有吸引力。為使用者和廣告商提供更好的產品體驗，為公司提供成長故事，為所有人提供一個煥發活力的平台。

So we appreciate you joining for the call. We'll continue to keep you abreast of the journey and until next time. Thank you, everyone, for joining.

因此，我們感謝您參加此次電話會議。我們將繼續讓您了解旅程的最新情況，直到下次。謝謝大家的加入。

That concludes the Nextdoor second-quarter 2024 earnings call. Thank you for your participation. You may now disconnect your line.

Nextdoor 2024 年第二季財報電話會議到此結束。感謝您的參與。現在您可以斷開線路。