Nextdoor Holdings Inc (NXDR) 2024 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Nextdoor Q3 2024 earnings call. My name is Cole and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions)

午安.感謝您參加今天的 Nextdoor 2024 年第三季財報電話會議。我叫科爾，我將擔任今天電話會議的主持人。在通話的演示部分，所有線路都將靜音，並在結束時提供問答機會。（操作員指令）

If you'd like to queue for a question, you can do so by pressing star one on your telephone keypad. I'd now like to hand it over to John T. Williams Head of Investor Relations. Please go ahead.

如果您想排隊等候提問，您可以按下電話鍵盤上的星號鍵。現在我想把它交給投資者關係主管約翰·T·威廉斯 (John T. Williams)。請繼續。

Thank you operator. I'm John T. Williams, head of Investor relations. Good afternoon and thank you for joining us to review Nextdoor's third quarter, 2024 financial results with us on the call today are Nirav Tolia Chief Executive Officer and Matt Anderson, Chief Financial Officer. 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 for a discussion of 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.

謝謝接線生。我是投資者關係主管約翰·T·威廉斯。下午好，感謝您與我們一起回顧 Nextdoor 2024 年第三季的財務業績，今天參加電話會議的還有執行長 Nirav Tolia 和財務長 Matt Anderson。在本次電話會議中，我們可能會做出與我們的業務相關的聲明，這些聲明根據聯邦證券法屬於前瞻性聲明。這些聲明並不能保證未來的表現。它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，因為討論重大風險和其他可能影響我們實際結果的重要因素。請參閱美國證券交易委員會網站和我們網站投資者關係部分提供的美國證券交易委員會文件，以及今天的收益報告中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, reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q3 2024 Shareholder Letter released today. With that, I'd like to turn the call over to Nirav.

此外，今天的電話會議將討論非 GAAP 財務指標，這些指標與最直接可比較的 GAAP 財務指標的對帳可以在今天發布的 2024 年第三季股東信中找到。說到這裡，我想把電話轉給尼拉夫。

Thank you, John T. Good afternoon, everyone. I'm happy to be here with you today to discuss our third quarter, 2024 financial results and outlook. Since I returned to CEO around six months ago, our team has done a lot to focus our strategy and business and we're stronger as a result. We're energized by the progress, but there's an enormous amount of work remaining. And a long road ahead that said Q3 was a solid milestone on this journey as we improve user growth, revenue growth and operational efficiency.

謝謝，約翰 T。我很高興今天能在這裡與大家討論我們的 2024 年第三季的財務表現和展望。自從六個月前我重回執行長職位以來，我們的團隊做了很多工作來集中我們的策略和業務，我們因此變得更加強大。我們對這一進展感到振奮，但仍有大量工作要做。前面的道路還很長，但第三季是我們在這一征程上一個堅實的里程碑，因為我們提高了用戶成長、收入成長和營運效率。

Weekly Active Users (WAU), reached 45.9 million up 13% year-over-year. Revenue of $66 million grew 17% year-over-year and adjusted our margin increased by 33% points year-over-year and reflects improved revenue growth and employee productivity. We can certainly do more. But our results today reflect the progress I mentioned as we scale and evolve, the business taking a higher level view. I'd like to highlight the three areas where we made significant strides in recent months.

每週活躍用戶數（WAU）達 4,590 萬，較去年同期成長 13%。6,600 萬美元的營收年增 17%，調整後利潤率年增 33%，反映了收入成長和員工生產力的提高。我們當然可以做得更多。但我們今天的成果反映了我提到的隨著我們擴大規模和發展而取得的進步，業務也採取了更高層次的視角。我想強調一下我們近幾個月來取得重大進展的三個領域。

The first one is driving revenue growth, advertisers using the Nextdoor Ads Platform are benefiting from improved performance which is driving better revenue retention. In Q3, we saw this most clearly in our mid-market self-serve channel which continued to scale click optimization which improves advertiser performance by leveraging machine learning to make a content more engaging and relevant is driving much of this improvement today in Q3 click optimization drove an 82% increase in click through rates and a 16% reduction in cost per click for campaigns. Using the feature. We see exciting potential here and are confident that these types of product improvements on our ad platform not only strengthen our relationships with advertisers but also drive improved monetization and sustainable growth.

第一個是推動收入成長，使用 Nextdoor 廣告平台的廣告主受益於效能的提升，從而推動了更好的收入保留。在第三季度，我們在中端市場自助服務管道中最為清楚地看到了這一點，該管道繼續擴大點擊優化的規模，透過利用機器學習使內容更具吸引力和相關性來提高廣告客戶的績效，這是推動第三季度大部分改進的動力，點擊優化使點擊率提高了 82%，廣告系列的每次點擊費用降低了 16%。使用該功能。我們看到了令人興奮的潛力，並相信我們廣告平台上的這些類型的產品改進不僅可以加強我們與廣告商的關係，而且還可以推動更高的貨幣化和永續成長。

The second area is improving operational discipline, achieving sustainable growth requires disciplined allocation of resources. And in Q3, we again made financial and operational progress.

第二個領域是加強營運紀律，實現永續成長需要有紀律的資源配置。在第三季度，我們再次取得了財務和營運進展。

The key driver behind this improved execution is our focus on building a winning culture. We continue to use a founder's mentality as our North Star here. The benefits of acting like an owner are not solely the provenance of startups. The best companies successfully blend the dueling attributes of upstart and mature companies.

執行力提升的關鍵驅動因素是我們對打造成功文化的重視。我們繼續以創始人的心態作為我們的北極星。扮演所有者角色的好處不僅僅在於新創企業的起源。最好的公司成功地融合了新興公司和成熟公司的對立屬性。

A founder's mentality then combines innovation with execution, simultaneously delivering ongoing value. While developing future value deliver means operating as effectively as possible and continually raising the bar in everything that we do develop means inventions such as the next initiative, our longer term effort to transform our product and enrich the lives of neighbors everywhere.

創辦人的心態將創新與執行結合起來，同時提供持續的價值。在開發未來價值的同時，交付意味著盡可能有效地運營，並不斷提高我們所做的每一件事的標準，開發意味著發明，例如下一個計劃，我們長期的努力是改造我們的產品並豐富世界各地鄰居的生活。

That brings me to the third and final area, transforming our product with Next. And as I've shared previously, next is our ambitious initiative to make Nextdoor the essential network for local communities.

這將我帶到了第三個也是最後一個領域，即使用 Next 改造我們的產品。正如我之前所分享的，我們的下一步雄心勃勃的計劃是讓 Nextdoor 成為當地社區的重要網絡。

One of the key pillars of next is broadening our focus from intent centric interactions where users come with a specific need or goal to include discovery centric interactions where users visit Nextdoor simply to discover relevant and timely content. Let me dig into this a little bit more.

Next 的關鍵支柱之一是擴大我們的關注範圍，從以意圖為中心的互動（用戶帶著特定需求或目標而來）擴展到以發現為中心的互動（用戶訪問 Nextdoor 只是為了發現相關且及時的內容）。讓我進一步深入探討這個問題。

Nextdoor today is optimized for intent centric use cases, pressing needs like finding a trusty plumber, locating a lost dog or keeping in touch during a hurricane or wildfire. These intent centric use cases are essential to our neighbors and unquestionably deliver value.

Nextdoor 如今針對以意圖為中心的用例進行了優化，可以滿足諸如尋找可信賴的水管工、尋找丟失的狗或在颶風或野火期間保持聯繫等緊迫需求。這些以意圖為中心的用例對我們的鄰居至關重要，並且毫無疑問能帶來價值。

Yet we believe there is a great opportunity to pair the existing value of intent with the additive value of discovery centric use cases. Discovery occurs when a user frequently visits a platform simply to stay informed rather than for a specific need.

然而，我們相信，將意圖的現有價值與以發現為中心的用例的附加價值結合起來是一個很好的機會。當使用者經常造訪某個平台只是為了了解資訊而不是為了滿足特定需求時，就會發生發現。

In fact, 86% of our users say they want to use Nextdoor to discover local content, presenting a clear opportunity for us to drive even deeper engagement by bringing new sources of relevant local information to Nextdoor.

事實上，86% 的用戶表示他們希望使用 Nextdoor 來發現本地內容，這為我們透過為 Nextdoor 帶來新的相關本地資訊來源來推動更深入的參與提供了明顯的機會。

This is why we've made discovery the initial focus of next, our work will be a multi phase effort as innovation is neither a predictable nor linear path. With that in mind, we don't expect to see meaningful signs of product related progress until mid-2025. But we're optimistic that we're on the right track and look forward to keeping you updated along the way.

這就是為什麼我們將發現作為下一步的初始重點，我們的工作將是一個多階段的努力，因為創新既不是可預測的也不是線性的路徑。考慮到這一點，我們預計直到 2025 年中期才會看到與產品相關的進展的有意義的跡象。但我們對自己走在正確的道路上感到樂觀，並期待在這過程中向您通報最新情況。

A final note on next transforming our product will require a dramatically improved user experience with that in mind. We are delighted to announce that George Petschnigg, former head of product design at the New York Times has joined Nexdoor as Chief Design Officer.

最後要說的是，下次改造我們的產品時，需要考慮到顯著改善使用者體驗。我們很高興地宣布，《紐約時報》前產品設計主管喬治·佩特施尼格 (George Petschnigg) 已加入 Nexdoor 擔任首席設計長。

George has extensive experience and proven success in UX transformation and innovations in advertising and subscriptions at the New York Times. He oversaw the most consequential Times app redesign. Yet, this is a big hire for us and we're excited to have George here to help accelerate our efforts we're executing with precision and purpose and I'm proud of the progress we've made delivering improving operational performance while developing Next to realize our future prospects.

喬治在紐約時報的使用者體驗轉型以及廣告和訂閱領域的創新方面擁有豐富的經驗和成功的經驗。他監督了最具影響力的《時代》應用程式的重新設計。然而，這對我們來說是一次重大的聘用，我們很高興喬治能來這裡幫助加速我們的努力，我們正在精準而有目的地執行，我為我們在提高營運績效的同時開發 Next 以實現未來前景所取得的進展感到自豪。

It is challenging work and we are still in the very early days, but we believe deeply in the potential for value creation, a revitalized platform, a renewed growth trajectory and a reinvigorated company. I'll now turn it over to Matt to discuss our financial results.

這是一項具有挑戰性的工作，而且我們仍處於早期階段，但我們深信創造價值的潛力、振興的平台、新的成長軌跡和重振公司的活力。現在我將把話題交給馬特來討論我們的財務結果。

Thank you, Nirav and good afternoon, everyone. In Q3 millions of new users join Nextdoor substantially all of those new verified neighbors joined organically, which helped drive Q3 wow to 45.9 million. An increase of 13% year-over-year.

謝謝你，Nirav，大家午安。第三季度，數百萬新用戶加入 Nextdoor，其中幾乎所有新驗證鄰居都是自然加入的，這有助於推動第三季新用戶數達到 4,590 萬。較去年同期成長13%。

US wild growth continued to be an area of strength, increasing 16% year-over-year, we must deliver more value for users but Q3 showed we have a solid foundation and a strong ambition. With next during the quarter, user growth reflected sustained progress on a few fronts.

美國野外成長持續成為我們的強項，年增 16%，我們必須為用戶提供更多價值，但第三季顯示我們擁有堅實的基礎和強烈的雄心。隨著本季的到來，用戶成長反映了幾個方面的持續進步。

First, we engaged previously inactive users allowing them to experience aspects of Nextdoor before logging in.

首先，我們讓之前不活躍的用戶參與進來，讓他們登入之前體驗 Nextdoor 的各個方面。

Similar to what we saw in Q2, these users tended to engage log in and then further explore the platform.

與我們在第二季度看到的情況類似，這些用戶傾向於登入然後進一步探索平台。

Second, we continued using ML to deliver more personalized proximate content to neighbors. Using location is a key signal.

其次，我們繼續使用機器學習向鄰居提供更個人化的鄰近內容。使用位置是一個關鍵訊號。

This continues our efforts to bring the right content to the right user at the right time.

這是我們不斷努力在正確的時間為正確的用戶帶來正確的內容。

Finally, timely content and notifications help users stay informed and safe when major storms and events affected local communities across the US.

最後，當重大風暴和事件影響美國各地社區時，及時的內容和通知可幫助用戶隨時了解情況並確保安全。

In short, Nextdoor remains a critical source for real time local information for our users.

簡而言之，Nextdoor 仍然是我們用戶獲取即時本地資訊的重要來源。

Moving to monetization.

轉向貨幣化。

The Nextdoor Ads Platform is driving improved ease of use and better performance for advertisers which in turn drove stronger financial results in the quarter. 23 revenue of $66 million grew 17% year-over-year, reflecting continued momentum with self-serve, advertisers improved revenue retention across channels. A return to growth for enterprise advertisers and better monetization of search activity within our self-serve channel, improved advertiser performance drove year to year increases in total advertisers and in net revenue retention.

Nextdoor 廣告平台正在提高廣告主的易用性和更好的效能，從而推動本季更強勁的財務表現。 23 營收為 6,600 萬美元，比去年同期成長 17%，反映出自助服務的持續發展勢頭，廣告商在各個管道的收入保留率都有所提高。企業廣告商的恢復成長、自助管道內搜尋活動的更好貨幣化以及廣告商業績的提升推動了廣告商總數和淨收入保留的逐年增長。

Mid-market self-serve advertisers in particular saw strong gains as this cohort of advertisers has begun to adopt or click optimization features. Why? Because these capabilities are driving a two X improvement in campaign performance.

中階自助廣告商尤其獲得了強勁成長，因為這類廣告主已開始採用或點擊優化功能。為什麼？因為這些功能正在推動廣告活動績效提高兩倍。

This points to further revenue growth opportunities for advertisers and for Nextdoor search also played a role in our Q3 revenue growth as users often come to Nextdoor with high commercial intent.

這表明廣告商有進一步的收入成長機會，而 Nextdoor 搜尋也在我們的第三季營收成長中發揮了作用，因為用戶通常帶著很高的商業意圖造訪 Nextdoor。

Specifically, campaigns targeting users based on their search history saw an over 10 X return on ads ben compared to standard Nextdoor campaigns.

具體來說，與標準的 Nextdoor 廣告活動相比，根據用戶的搜尋歷史定位用戶的廣告活動的廣告回報率提高了 10 倍以上。

These improvements made possible by our first party data strengthen our foundation for durable growth.

我們的第一方數據所帶來的這些改進增強了我們持久成長的基礎。

Q3 Adjusted EBITDA loss was $1 million or a negative 2% margin.

第三季調整後 EBITDA 損失為 100 萬美元，即負 2%。

As you have noted, this represented a 33% point year-over-year margin. Improvement, increasing revenue scale lower personnel costs and a focus on efficiently scaling hosting and data related expenses. Each contributed to the year-over-year improvement, productivity as measured by revenue per employee increased by more than 60% year-over-year. Improving in each of the past four quarters, we are allocating resources with an owner's mindset which means a sharp focus on both customer focused growth and operating efficiency.

正如您注意到的，這代表著同比增長 33%。改善、增加收入規模、降低人員成本並專注於有效擴展託管和資料相關費用。每個人都為同比增長做出了貢獻，以每位員工的收入衡量的生產力同比增長了 60% 以上。在過去四個季度中，我們每季都在不斷進步，我們以所有者的心態分配資源，這意味著我們同時高度關注以客戶為中心的成長和營運效率。

We ended Q3 with $425 million in cash, cash equivalents and marketable securities and zero debt.

截至第三季末，我們的現金、現金等價物及有價證券總額為 4.25 億美元，且無負債。

We remain committed to disciplined capital allocation.

我們依然致力於嚴格的資本配置。

Our strong balance sheet and improving profitability profile give us flexibility to strategically invest in the business whether through operating investments or share repurchases during the quarter. We repurchased 8 million shares year-to-date. We have reduced our fully diluted share count by 5% and remain focused on continuing to limit dilution.

我們強勁的資產負債表和不斷改善的獲利狀況使我們能夠靈活地在本季透過營運投資或股票回購對業務進行策略性投資。今年迄今我們已回購800萬股。我們已將完全稀釋的股份數量減少了 5%，並繼續致力於限制稀釋。

Now on to our outlook and financial guidance for the full year 2024 we expect revenue of $245 million implying 12% year-over-year growth.

現在談談我們對 2024 年全年的展望和財務指導，我們預計收入為 2.45 億美元，意味著年增 12%。

We now expect adjusted ebida margin improvement approaching 25% points year-over-year up from the 20% point improvement. Noted last quarter.

我們現在預計調整後的 EBIDA 利潤率將較上年同期提高 25%，高於 20% 的增幅。上個季度注意到。

Our ability to drive further operating leverage is a reflection of the founder's mentality at work for Q4. We expect revenue of approximately $63 million implying 13% year-over-year growth and adjusted ebida loss of approximately $2 million and positive free cash flow generation.

我們進一步提高經營槓桿的能力反映了創辦人在第四季的工作心態。我們預計收入約為 6,300 萬美元，這意味著同比增長 13%，調整後的 EBIDA 虧損約為 200 萬美元，並產生正的自由現金流。

As a reminder, we define free cash flow as operating cash flow minus capital expenditures.

提醒一下，我們將自由現金流定義為經營現金流減去資本支出。

Additionally, our key four guidance reflects natural seasonality related to home services spending.

此外，我們的四大關鍵指導反映了與家庭服務支出相關的自然季節性。

Now taking a step back from our guns.

現在我們從槍支中後退一步。

We are driving growth with what we already have in place today.

我們正在利用現有資源推動成長。

Nearly 100 million verified neighbors, a growing base of advertisers see improving performance and a focused and productive team.

近 1 億經過驗證的鄰居、不斷成長的廣告商群體看到了不斷提升的業績以及一支專注而高效的團隊。

Most importantly, we have conviction that next broadens our ability to serve both intent and discovery focused use cases to deliver value for users, advertisers and shareholders.

最重要的是，我們堅信接下來將拓展我們服務意圖和發現重點用例的能力，為用戶、廣告商和股東創造價值。

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

感謝您參加我們今天的財報電話會議。現在我將把麥克風交給操作員開始問答環節。

If you'd like to queue for a question, you can do so by pressing star one on your telephone keypad. (Operator Instructions)

如果您想排隊等候提問，您可以按下電話鍵盤上的星號鍵。（操作員指令）

If for any reason you'd like to remove your question, you can press star two again to join the question queue. Please press star one.

如果您出於任何原因想要刪除您的問題，您可以再次按星號二加入問題佇列。請按星號一。

Our first question is from Jamesmichael Sherman-Lewis with citi. Your line is now open.

我們的第一個問題來自花旗銀行的 Jamesmichael Sherman-Lewis。您的線路現已開通。

Hi, Matt, Nirav. Thanks for taking my questions. Can you first talk a little bit about how you're balancing your organic invite based growth strategies for verified neighbors against your paid marketing levers, particularly in context of these newer discovery centric use cases coming online as well as your retrenchment towards the US market. And then as we look to the second pillar of next, the exchanging goods and services would love to hear your updated thoughts on the Nextdoor is for sale and free surface as well as a competitive differentiation versus marketplace, Facebook market marketplace. Thank you very much.

你好，馬特，尼拉夫。感謝您回答我的問題。您能否先談談如何平衡經過驗證的鄰居的有機邀請成長策略與付費行銷手段，特別是在這些較新的以發現為中心的用例上線以及您向美國市場收縮的背景下。然後，當我們展望下一個支柱時，交換商品和服務的人很樂意聽到您對 Nextdoor 的最新想法，即出售和免費表面以及與市場、Facebook 市場相比的競爭差異化。非常感謝。

Thank you for the questions, Jamesmichael and let me just answer them in the order that you asked them. So on the first is we are almost solely focused on organic mechanisms for user acquisition. So I would say that our paid marketing efforts are minimal and decreasing over time and, and we don't anticipate any change in that in the near term or even the mid term. On your second question around investing in the for sale and free surface and marketplaces more generally, that is an opportunity that we think is really vibrant for us. And we're obviously aware of what Facebook and others are doing in that space. The next set of priorities for us are around next and the focus for next as we talked about was expanding intent to include discovery that will not include the market places surface in the near term. But as we continue to make progress with next, a future phase will certainly include more investment and for sale and free and a more vibrant set of marketplace experiences for our users.

感謝您的提問，Jamesmichael，讓我按照您提問的順序來回答。首先，我們幾乎只關注獲取用戶的有機機制。因此我想說的是，我們的付費行銷力度很小，而且隨著時間的推移而減少，我們預計短期甚至中期都不會發生任何變化。關於您的第二個問題，關於更廣泛地投資待售和自由表面以及市場，我們認為這對我們來說是一個非常有活力的機會。我們顯然知道 Facebook 和其他公司在該領域所做的事情。我們的下一組優先事項是圍繞下一步，而下一步的重點是擴大意圖，包括近期不會包括市場表面的發現。但隨著我們繼續取得進展，未來階段肯定會包括更多的投資和銷售，以及為我們的用戶提供更豐富的市場體驗。

Yeah, this is Matt. I'll just add one thing to it. There mentions on your first comment on our our growth strategies for neighbors so substantially all of our neighbors come out organically as you noted that also has benefits though, as you think about our P&L so things like sales and marketing as a percent of revenue in Q3, it was down 14 points year-over-year. It's a function of a number of things. But one of the things that signals is the continued progress at scale we're having. So it's not just a signal of the health of the platform, but it also has downstream benefits in terms of our operating numbers.

是的，這是馬特。我只想補充一點。您在第一個評論中提到了我們針對鄰居的成長策略，因此基本上我們所有的鄰居都是有機出現的，正如您所說，這也有好處，當您考慮我們的損益表時，銷售和行銷等佔第三季度收入的百分比，同比下降了 14 個百分點。它是多種事物的函數。但其中一件事表明我們在規模上繼續取得進展。因此，這不僅是平台健康狀況的訊號，而且對我們的營運數字也有下游效益。

Great. Thank you.

偉大的。謝謝。

There are no further questions at this time. (Operator Instructions) So as a final reminder, it is star one to join the question queue.

目前沒有其他問題。(操作員指示) 最後提醒一下，加入提問隊列的是明星一號。

Since there are no more questions, I would love to make some clos closing remarks. Thanks again for joining us today for the call before we close. I just want to briefly recap and reinforce the things that matter most about where we are today and where we're going first. We're driving growth. We grew out 13% year-over-year revenue, 17% year-over-year. That was Q3. Our Nextdoor Ads Platform is delivering measurably improved performance and value for advertisers. The second point is we are doing more with less. We posted 33 points of year-over-year adjusted EBIDA margin improvement in Q3 and we've raised our full year revenue and adjusted EBIDA outlook number three. And most importantly, next is the future of Nextdoor.

由於沒有其他問題，我想做最後總結。再次感謝您在我們今天結束之前參加電話會議。我只是想簡要地回顧並強調我們目前所處的位置以及我們首先要去的地方最重要的事情。我們正在推動成長。我們的營收年增了13%，年增了17%。那是第三季。我們的 Nextdoor 廣告平台正在為廣告主提供顯著提升的效能和價值。第二點是我們用更少的資源做更多的事情。我們第三季的調整後 EBIDA 利潤率較上年同期提高了 33 個百分點，並且我們已上調了全年收入和調整後 EBIDA 前景預測。而最重要的是，接下來就是 Nextdoor 的未來。

We're going to widen our focus to increase the value proposition from intent to discovery, intent and discovery, which is a powerful combination. It's certainly going to take time to show product progress because innovation is not straightforward, it's not linear, but the potential payoff is big. And our ambition to build the indispensable local application for neighbors everywhere is as strong as it's ever been.

我們將擴大我們的關注範圍，將價值主張從意圖提升到發現，意圖和發現是一個強大的組合。當然，展示產品進步需要時間，因為創新並不是簡單的、線性的，但潛在的回報卻是巨大的。而我們的雄心壯志一如既往地強烈，要為世界各地的鄰居打造不可或缺的本地應用程式。

Thank you again for your interest in Nextdoor and we look forward to speaking with you again very soon.

再次感謝您對 Nextdoor 的關注，我們期待很快再次與您交談。

(Operator Instructions) That concludes today's call. Thank you all for your participation. You may now disconnect your line.

（操作員指示）今天的通話到此結束。感謝大家的參與。現在您可以斷開線路了。