Nextdoor Holdings Inc (NXDR) 2025 Q1 法說會逐字稿

Good afternoon. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to Nextdoor's first-quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫喬爾，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Nextdoor 2025 年第一季財報電話會議。 （操作員指示）

You may now begin your conference.

您現在可以開始您的會議了。

Thank you, operator. I'm John T. Williams, Nextdoor's Head of Investor Relations. Good afternoon, and thank you for joining us to review Nextdoor's first-quarter 2025 financial results. With us on the call today are Nirav Tolia, Chief Executive Officer; and Matt Anderson, Chief Financial Officer.

謝謝您，接線生。我是 Nextdoor 投資者關係主管 John T. Williams。下午好，感謝您與我們一起回顧 Nextdoor 2025 年第一季的財務表現。今天與我們一起參加電話會議的有執行長 Nirav Tolia；以及財務長 Matt Anderson。

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 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.

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。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. A reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q1 2025 Nextdoor investor update released today.

此外，今天的電話會議將討論非公認會計準則財務指標。在今天發布的 2025 年第一季 Nextdoor 投資者更新中可以找到這些指標與最直接可比較的 GAAP 財務指標的對帳。

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

說完這些，我想把電話轉給 Nirav。

Thank you, John T. Good afternoon, everyone. I'm happy to be with you today to discuss our first quarter 2025 financial results and provide a preview of NEXT, our initiative to transform the Nextdoor product. Before diving into that preview, here are some brief comments on our Q1 results. Weekly active users grew 6% year over year to 46.1 million.

謝謝，約翰 T。大家下午好。我很高興今天能與大家一起討論我們 2025 年第一季的財務業績，並預覽我們改造 Nextdoor 產品的計畫 NEXT。在深入了解該預覽之前，我們先來簡要評論一下我們的第一季業績。每週活躍用戶年增 6%，達到 4,610 萬。

Revenue rose 2% year over year to $54 million. We maintain expense discipline, achieving continued year-over-year adjusted EBITDA margin improvement. That said, our most significant progress in Q1 was product related as we furthered the transition to NEXT and continue to make its upcoming launch our top priority. This means that any short-term trade-offs we have made and continue to make are intentional and aligned with our plan to maximize long-term value. Okay.

營收年增 2% 至 5,400 萬美元。我們維持費用控制，實現調整後 EBITDA 利潤率的持續年比改善。也就是說，我們在第一季取得的最重大進展與產品相關，因為我們進一步向 NEXT 過渡，並繼續將其即將推出的產品作為我們的首要任務。這意味著我們已經做出的和繼續做出的任何短期權衡都是有意為之，並且與我們最大化長期價值的計劃相一致。好的。

So let's get to that top priority the NEXT Nextdoor. For just about a year now, you heard me talk about how we need a better product to unlock our full potential as a company. And since I returned as CEO, that has been our primary focus to build a substantially enhanced offering, one that delivers greater value to our neighbors, advertisers and ultimately, our shareholders. NEXT is more than a redesign. It's a refounding of our vision, an opportunity to take the core elements that once defined our success and bring them to life in a more powerful and future-ready way.

因此，讓我們開始討論首要任務：下一個 Nextdoor。大約一年來，你們聽到我談論我們如何需要更好的產品來充分發揮我們公司的潛力。自從我重返執行長職位以來，我們的主要工作重點就是提供大幅增強的服務，為我們的鄰居、廣告商以及最終的股東帶來更大的價值。NEXT 不僅僅是一次重新設計。這是我們願景的重新確立，是一個將曾經決定我們成功的核心要素以更強大、更面向未來的方式付諸實踐的機會。

I'm excited to show our vision to you today. But first, let me outline three clear goals each building on the last for this first version of the NEXT Nextdoor. It starts with connecting neighbors to the most timely and relevant local content. That's what brings people back more often leading to deeper and more frequent usage. As engagement grows, it opens the door to more supply as well as new ways to monetize.

我很高興今天向你們展示我們的願景。但首先，讓我先概述一下 NEXT Nextdoor 第一版的三個明確目標，每個目標都建立在最後一個目標的基礎上。首先要為鄰居提供最及時、最相關的本地內容。這使得人們更頻繁地回來，從而實現更深入、更頻繁的使用。隨著參與度的提高，它為更多的供應以及新的貨幣化方式打開了大門。

But because everything starts with delivering high-value content, let me explain why we're confident this is exactly what our users want. It's not just our hypothesis. It's what our users consistently and explicitly tell us they value the most. They want timely updates, local insights and real neighborhood news, things they can't currently find on the open web or in other apps. It's neighborhood word of mouth.

但因為一切都始於提供高價值的內容，所以讓我解釋為什麼我們相信這正是我們的用戶想要的。這不僅僅是我們的假設。這是我們的用戶一貫明確地告訴我們他們最重視的東西。他們想要及時的更新、本地見解和真實的社區新聞，這些都是他們目前在開放網路或其他應用程式中找不到的。這是鄰裡的口耳相傳。

And from day one, that's what Nextdoor was purpose-built to digitize. We do know that the current product, however, isn't fully delivering on that promise. There are several reasons why content on our current platform falls short, but we've identified three areas where we know we can and will do better.

從第一天起，Nextdoor 就是為此而生的數位目標。然而，我們確實知道目前的產品並未完全兌現這項承諾。我們目前平台上的內容不足的原因有很多，但我們已經確定了三個我們知道可以而且將會做得更好的領域。

First, users do want hyper-local updates, but what's hyper-local depends on the topic. A lost pet matters within a few blocks while a local election affects the entire city. With smarter machine learning and geospatial targeting, we can match content to users based on relevance as well as distance.

首先，用戶確實想要超本地化的更新，但什麼是超本地化取決於主題。一隻失去的寵物只會影響幾個街區，而地方選舉則會影響整個城市。透過更聰明的機器學習和地理空間定位，我們可以根據相關性和距離將內容與使用者配對。

Second, Nextdoor was built as a utility, not a place for self-expression like other social platforms. But over time, conversations drifted. With NEXT, we're recentering the experience all around content that helps neighbors solve real-world problems, the kind of high-value information that people really need. Third, the old user interface and in particular, the feed, sometimes buried important updates.

其次，Nextdoor 是作為一種實用工具而建立的，而不是像其他社交平台那樣作為一個自我表達的場所。但隨著時間的推移，談話內容開始轉移。透過 NEXT，我們將重新聚焦於幫助鄰居解決現實問題的內容體驗，這是人們真正需要的高價值資訊。第三，舊的使用者介面，特別是資訊流，有時會掩蓋重要的更新。

Even when we sent notifications, they weren't always timely. With a more structured feed and fewer, more relevant notifications, we'll make it easier for users to get what they need when they need it. The bottom line is we listen deeply to our users, and we put their feedback into action to build a product that we believe can become indispensable. So let me show you some of the biggest shifts between the Nextdoor of today and the NEXT Nextdoor. We are shifting from reactive to proactive.

即使我們發送了通知，也並不總是及時的。透過更結構化的提要和更少但更相關的通知，我們將使用戶能夠更輕鬆地在需要時獲得所需的資訊。最重要的是，我們深入傾聽用戶的意見，並將他們的回饋付諸行動，打造出我們認為不可或缺的產品。那麼，讓我向您展示當今的 Nextdoor 和 NEXT Nextdoor 之間的一些最大轉變。我們正從被動轉向主動。

No more wondering is the power out? NEXT surfaces critical information in real time and gives it the user interface prominence it deserves. While neighbor-created content will always be at the heart of our platform, NEXT will layer in high-quality information for more sources like local news and official alerts, giving users a richer, more complete view of what's happening around them. The feed remains but it will be supported by smarter search and a powerful new AI-driven agent that brings neighborhood favorites right to users' fingertips. All of this comes to life through three core pillars of version 1.0 of NEXT, news, alerts and recommendations.

不再疑惑是否停電了？NEXT 即時顯示關鍵資訊並賦予其應有的使用者介面突出性。雖然鄰居創建的內容始終是我們平台的核心，但 NEXT 將為更多來源（如本地新聞和官方警報）添加高品質信息，讓用戶更豐富、更全面地了解周圍發生的事情。該資訊流仍然存在，但它將得到更聰明的搜尋和強大的新型人工智慧代理的支持，將鄰近的收藏夾直接帶到用戶的指尖。所有這些都透過 NEXT 1.0 版的三大核心支柱——新聞、警報和建議實現。

They aren't just product features, they meet real everyday needs. People may not wake up looking for local news, but they absolutely want to know what's happening around them. People certainly don't seek out alerts, but they absolutely want peace of mind when something important is happening nearby. And while you may not crave recommendations, all of us want to make smart decisions around our homes and our families.

它們不僅僅是產品功能，還能滿足實際的日常需求。人們醒來後可能不會尋找當地新聞，但他們絕對想知道周圍發生的事情。人們當然不會尋求警報，但當附近發生重要的事情時，他們絕對希望安心。雖然您可能不渴望得到建議，但我們所有人都希望圍繞我們的家庭做出明智的決定。

So now let's take a closer look at how each of these pillars come to life in the NEXT Nextdoor. Local news matters to our users. So we are building a new foundation for local content. We've already partnered with thousands of publishers to embed high-quality local news directly in the feed. This enables users to discover what is happening around them, read perspectives from verified neighbors and join real-time conversations from city council debates to restaurant openings to local sports. Our redesigned feed will make all of this easier to discover and build daily habits around its usage.

現在讓我們仔細看看這些支柱如何在 NEXT Nextdoor 中實現。本地新聞對我們的用戶很重要。因此，我們正在為本地內容建立新的基礎。我們已經與數千家出版商合作，將高品質的本地新聞直接嵌入到資訊流中。這使用戶能夠發現周圍發生的事情，閱讀經過驗證的鄰居的觀點，並加入從市議會辯論到餐廳開業到當地體育賽事的即時對話。我們重新設計的供稿將使所有這些都更容易被發現，並圍繞其使用建立日常習慣。

The goal is to create a proactive, reliable experience where neighbors know that they can come every day to find the local news that truly matters to them.

目標是創造一種積極主動、可靠的體驗，讓鄰居知道他們可以每天來這裡了解真正重要的當地新聞。

In our test version, three content categories consistently drive the most engagement, local politics, safety and lifestyle. That's no surprise. These were once some of the cornerstones of the local newspaper. With NEXT, we aim to become a modern version of that trusted resource, delivering the same essential information but in a faster, more relevant, more personalized way. In moments of need, wildfires, severe weather, power outages, Nextdoor has always become a trusted lifeline.

在我們的測試版本中，三個內容類別始終最能吸引人們的參與，即地方政治、安全和生活方式。這並不奇怪。這些曾經是當地報紙的一些基石。透過 NEXT，我們的目標是成為該可信任資源的現代版本，以更快、更相關、更個人化的方式提供相同的基本資訊。在需要的時候，例如野火、惡劣天氣、停電等，Nextdoor 總是成為值得信賴的生命線。

We've seen this throughout our history and saw it again during the recent LA wildfires when usage surged as neighbors looked for real-time updates on evacuations and service disruptions. But in the past, those alerts sometimes arrive too late or got lost in the noise.

我們在歷史上見過這種情況，在最近的洛杉磯山火中再次見到了這種情況，當時由於鄰居們希望實時了解疏散和服務中斷情況，因此使用量激增。但在過去，這些警報有時到達太晚或淹沒在噪音中。

With NEXT, we are building an alert system from the ground up with a clear visual design, urgency indicators and an interactive map that enables neighbors to track events as they unfold. This is one of the most meaningful upgrades we've made because when it really counts people need to trust that Nextdoor will keep them informed and safe.

透過 NEXT，我們從頭開始建立一個警報系統，該系統具有清晰的視覺設計、緊急度指示器和互動式地圖，使鄰居能夠追蹤事件的進展。這是我們所做的最有意義的升級之一，因為在真正重要的時候，人們需要相信 Nextdoor 會讓他們了解情況並確保他們的安全。

Alerts don't have to be severe to be useful. With three levels of urgency, green, yellow and red we are aiming to be able to notify users in one place about everything from weather and traffic to utility outages, construction, public transit delays, trash pickup, school events and even open houses. It's a broad range of topics, but all with one goal: keeping neighbors safe and providing the peace of mind they need in their daily lives. And because alerts is built on our proprietary geospatial platform, we can deliver them with precision, targeting the right people in the right place at the right time. And it doesn't stop there.

警報不必太嚴重才有用。透過綠色、黃色和紅色三個緊急程度，我們的目標是能夠在一個地方通知用戶有關天氣和交通、公用設施中斷、建築施工、公共交通延誤、垃圾收集、學校活動甚至開放日等所有資訊。其主題範圍很廣，但目標只有一個：保障鄰居的安全，讓他們在日常生活中感到安心。由於警報建立在我們專有的地理空間平台上，因此我們可以精確地發送警報，在正確的時間將警報發送給正確的地點的正確的人。但這還不止於此。

With NEXT users can track alerts across their broader community, whether it's checking wildfire conditions nearby, where family members may live or staying informed about traffic disruptions along their full commute. What sets Nextdoor apart, however, is the layer of real-time conversation with verified neighbors, adding the context, insight and local relevance that turns these alerts into action. Our final pillar is recommendations, which already make up around 30% of the conversations on Nextdoor. It's a vital way that neighbor share trusted advice to make smarter purchasing decisions for their homes and families. It's one of our most frequent and highest potential use cases.

透過 NEXT，使用者可以追蹤更廣泛社區的警報，無論是檢查附近的野火情況、家庭成員可能居住的地方，還是隨時了解整個通勤途中的交通中斷情況。然而，Nextdoor 的與眾不同之處在於它與經過驗證的鄰居進行即時對話，增加了背景、洞察力和本地相關性，從而將這些警報轉化為行動。我們的最後一個支柱是推薦，它已經佔 Nextdoor 上對話的 30% 左右。這是鄰居分享可靠建議以便為他們的房屋和家人做出更明智的購買決定的重要方式。這是我們最常見且潛力最大的用例之一。

You've heard me talk about the potential for AI on our platform. This is where much of our investment in this critical new technology comes to life. I'm excited to introduce the new faves section of Nextdoor, where AI and recommendations come together to simulate what are the most valuable local experiences, asking a trusted neighbor for advice.

您已經聽過我談論人工智慧在我們平台上的潛力。這就是我們對這項關鍵新技術的大部分投資得以實現的地方。我很高興向大家介紹 Nextdoor 的新收藏部分，在這裡，人工智慧和推薦結合在一起，模擬最有價值的在地體驗，並向值得信賴的鄰居尋求建議。

Powered by our proprietary data, technical expertise and insights from over 100 million verified neighbors, we are building a truly innovative way to scale local word of mouth and make it smarter, faster and more useful than ever before, all with the power of AI. Drawing on 14 years of unique community data from verified neighbors, we aim to deliver fast, trusted answers that move users from discovery to action, reaching a high intent audience that's often ready to make purchasing decisions.

憑藉我們的專有數據、技術專長以及來自超過 1 億經過驗證的鄰居的見解，我們正在建立一種真正創新的方式來擴大本地口碑，並使其比以往更加智能、更快、更有用，所有這些都藉助人工智慧的力量。利用經過驗證的鄰居的 14 年獨特社區數據，我們旨在提供快速、可信的答案，讓用戶從發現到行動，接觸到通常準備做出購買決定的高意向受眾。

And like many of the agentic AI experiences that are now becoming mainstream, we believe this will be quite simply a better user experience, not to mention a powerful new surface for local commerce. By connecting intent with discovery in a seamless way, we can help neighbors make smarter decisions and in the process, unlock meaningful monetization opportunities.

就像許多現在成為主流的代理人工智慧體驗一樣，我們相信這將帶來更好的用戶體驗，更不用說為本地商業提供強大的新平台。透過將意圖與發現無縫連接，我們可以幫助鄰居做出更明智的決策，並在此過程中釋放有意義的貨幣化機會。

The possibilities here are endless and uniquely Nextdoor. We've always been a platform where neighbors ask freeform questions not just type queries into a search bar. With this upgraded surface, we aim to respond faster and more powerfully using AI to surface and summarize years of verified neighbor insights in a way that only we can.

這裡的可能性是無窮無盡的，而且是獨一無二的。我們一直是一個平台，鄰居可以提出自由形式的問題，而不僅僅是在搜尋欄中輸入查詢。透過這個升級的表面，我們旨在使用人工智慧以更快、更有力的方式做出回應，以只有我們才能做到的方式展示和總結多年來經過驗證的鄰居見解。

It's the next evolution of local knowledge and it's made possible by truly effective AI. The user feedback on this vision has been overwhelmingly positive, and we plan to make the feature available in five DMAs at launch and are very eager to expand it more broadly later this year. So hopefully, you can see now why we are so optimistic about NEXT, not just for its potential to deliver better local information, but to deepen engagement and drive increased monetization. That focus on monetization will ramp up in the second half of the year as we expect to roll out new ad formats and surfaces, but that's all after the launch of NEXT. It's still too early to go into detail, but initial interest from advertisers has been encouraging, reinforcing our belief that NEXT will deliver marketers with a more engaged and valuable audience across the board.

這是本地知識的下一個進化，並且由真正有效的人工智慧實現。用戶對這一願景的反饋非常積極，我們計劃在發佈時在五個 DMA 中提供該功能，並非常希望在今年稍後更廣泛地擴展它。所以希望您現在可以明白我們為什麼對 NEXT 如此樂觀，不僅因為它有潛力提供更好的本地信息，還因為它有潛力深化參與度並推動貨幣化增長。由於我們預計將推出新的廣告形式和介面，因此對貨幣化的關注將在今年下半年加大，但這一切都將在 NEXT 推出之後。現在談論細節還為時過早，但廣告商最初的興趣令人鼓舞，這強化了我們的信念，即 NEXT 將為行銷人員帶來更具參與度和更有價值的受眾。

Okay. We've talked about what. Now let's focus on when. We're already making solid progress with news and alerts being tested so we can continue to improve them as we prepare for a full NEXT launch by the end of July. A transformation of this scale naturally comes with some variability, while we believe financial impact will follow product milestones, we're confident that the foundation we're laying will position us for long-term success.

好的。我們已經談了什麼。現在讓我們關註一下時間。我們在新聞和警報測試方面已取得堅實進展，因此我們可以繼續改進它們，為 7 月底全面推出 NEXT 做好準備。這種規模的轉型自然會帶來一些變化，雖然我們相信財務影響將隨著產品里程碑而來，但我們相信，我們所奠定的基礎將使我們獲得長期的成功。

We believe Nextdoor has the potential to become a daily habit, that deeply engaging product with strong monetization potential. And NEXT is what we believe will make this possible. It's more than just a product update. It has sparked a company-wide shift in how we build, think and operate, and we're just getting started.

我們相信 Nextdoor 有潛力成為一種日常習慣，成為一種極具吸引力且具有強大獲利潛力的產品。我們相信 NEXT 將使這一切成為可能。這不僅僅是一次產品更新。它引發了我們公司在建設、思考和運作方式上的轉變，而這只是個開始。

With that, I'll hand it over to Matt to walk through our financial results.

說完這些，我會把話題交給馬特來介紹我們的財務表現。

Thank you, Nirav, and good afternoon, everyone. During Q1, we continued to make progress ahead of our upcoming NEXT rollout. Q1 WAU of 46.1 million grew 6% year over year, reflecting steady new US user acquisition. Many of those new verified neighbors will experience the new version of Nextdoor during their early days on the platform, creating an opportunity to reset user expectations and engagement.

謝謝你，尼拉夫，大家午安。在第一季度，我們繼續在即將推出的 NEXT 推出之前取得進展。第一季週活躍用戶 (WAU) 為 4,610 萬，較去年同期成長 6%，反映出美國新用戶的穩定成長。許多新驗證的鄰居將在使用平台的早期體驗新版本的 Nextdoor，這為重置用戶期望和參與創造了機會。

Additionally, in Q1, extreme weather events drove increased usage, reinforcing Nextdoor's value as a real-time local resource. While we have shown progress growing well, the introduction of NEXT creates an opportunity for us to align our key external metrics with our strategic and operational focus.

此外，第一季極端天氣事件推動了使用量的增加，增強了 Nextdoor 作為即時本地資源的價值。雖然我們已經取得了良好的進展，但 NEXT 的推出為我們創造了一個機會，使我們的關鍵外部指標與我們的策略和營運重點保持一致。

Beginning in Q2, we will fully transition to platform WAU as our primary user metric. Platform WAU includes users who engage directly on the Nextdoor app or website. Unlike WAU is currently reported, this figure does not include users who only engage with e-mails with monetizable content.

從第二季開始，我們將全面轉向以平台週活躍用戶數 (WAU) 作為我們的主要用戶指標。平台 WAU 包括直接參與 Nextdoor 應用程式或網站的使用者。與目前報告的 WAU 不同，該數字不包括僅與可貨幣化內容的電子郵件互動的用戶。

We are making this update for three primary reasons. First, it aligns with changes in consumer expectations towards in-app experiences and away from e-mail. We will meet users where they want through channels they expect with content they need. Second, it aligns with our strategic focus to deliver richer, more engaging content across surfaces, delivering more value for users and advertisers. Third, it aligns with where NEXT delivers value. This is true for both users and advertisers since substantially all monetization will happen on platform.

我們進行此更新主要有三個原因。首先，它符合消費者對應用程式內體驗而非電子郵件的期望變化。我們將透過用戶期望的管道，在他們期望的地方，提供他們需要的內容。其次，它符合我們的策略重點，即在各個平台上提供更豐富、更具吸引力的內容，為用戶和廣告商帶來更多價值。第三，它與 NEXT 的價值實現點一致。對於用戶和廣告商來說，這都是正確的，因為幾乎所有的貨幣化都會在平台上發生。

Ultimately, NEXT is about building a better user experience. With a focus on the features and metrics that best reflect that experience, we can also build a better system, one built around structured, timely and high utility content that can increase frequency across all cohorts and make growth durable. With that in mind, Q1 platform WAU of 22.5 million grew 5% year over year. This growth reflects the same user acquisition engagement trends that drove WAU in the period.

最終，NEXT 是為了打造更好的使用者體驗。透過專注於最能反映這種體驗的功能和指標，我們還可以建立一個更好的系統，一個圍繞結構化、及時性和高效用內容構建的系統，可以增加所有群體的頻率並使成長持久。考慮到這一點，Q1平台的周活躍用戶數為2,250萬，較去年同期成長5%。這一成長反映了與同期推動 WAU 成長相同的用戶獲取參與趨勢。

Additionally, in our 10-Q and investment materials, you will find further information regarding WAU and platform WAU trends over the past six quarters.

此外，在我們的 10-Q 和投資資料中，您將找到有關過去六個季度的 WAU 和平台 WAU 趨勢的更多資訊。

Now on to monetization. Q1 revenue of $54 million was up 2% year over year. As noted last quarter, some large advertisers reduced their spend year over year. This was due to shifting budgets towards programmatic ad buying, which reflects an opportunity to unlock new demand.

現在開始貨幣化。第一季營收為 5,400 萬美元，較去年同期成長 2%。正如上個季度所指出的，一些大型廣告商的支出較去年同期有所減少。這是由於預算轉向程序化廣告購買，這反映了釋放新需求的機會。

At the same time, we are getting more leverage from the Nextdoor Ads platform, which serves 100% of US large advertisers as of early May. Large advertisers that continue to buy our inventory directly and adopt click optimization are seeing an approximately 50% improvement in click-through rate. We also take confidence in our growth potential based on the progress we saw across all other revenue channels. Outside of large advertiser sales, our other channels together delivered double-digit year-over-year growth in Q1.

同時，我們從 Nextdoor Ads 平台獲得了更大的影響力，截至 5 月初，該平台為 100% 的美國大型廣告商提供服務。繼續直接購買我們的庫存並採用點擊優化的大型廣告商的點擊率提高了約 50%。基於我們在所有其他收入管道中看到的進展，我們也對我們的成長潛力充滿信心。除了大型廣告商的銷售額外，我們的其他管道在第一季也實現了兩位數的同比增長。

This reflects continued product improvements that are helping advertisers using the Nextdoor Ads platform reach users with more relevant messages and drive stronger campaign performance. Specifically, we drove down cost per click by 20% year over year as usage of performance features continues to grow. Self-serve adoption rose, accounting for over 60% of revenue in Q1. And finally, we recently launched AI campaign creation and targeting tools in the Nextdoor Ads Manager, further reducing friction for advertisers. Moving to profitability.

這反映了持續的產品改進，幫助使用 Nextdoor Ads 平台的廣告主向使用者傳達更相關的訊息並推動更強勁的廣告活動效果。具體來說，隨著效能功能的使用不斷增長，我們將每次點擊費用年減了 20%。自助服務採用率上升，佔第一季營收的 60% 以上。最後，我們最近在 Nextdoor 廣告管理器中推出了 AI 廣告活動創建和定位工具，進一步減少了廣告商的摩擦。轉向盈利。

Q1 net loss was $22 million or a negative 41% margin, representing a 13 percentage points of year-over-year margin improvement and reflecting the benefit of a 12% year-over-year decline in stock-based compensation expense. Q1 adjusted EBITDA loss was $9 million or a negative 17% margin, representing 9 percentage points of year-over-year improvement.

第一季淨虧損為 2,200 萬美元，利潤率為負 41%，年比利潤率提高 13 個百分點，並反映了股票薪酬費用同比下降 12% 的好處。第一季調整後的 EBITDA 虧損為 900 萬美元，即負 17%，較去年同期改善 9 個百分點。

We also generated positive operating cash flow, reflecting our focus on cost management and cash flow conversion. This year-over-year operating leverage came in three primary areas: improved team productivity, more efficient marketing spend, and reduced hosting and data-related costs.

我們也產生了正的經營現金流，這反映了我們對成本管理和現金流轉換的關注。與去年同期相比，營運槓桿主要體現在三個方面：提高團隊生產力、更有效率的行銷支出以及降低託管和數據相關成本。

Turning to our balance sheet. We ended the quarter with $418 million in cash, cash equivalents and marketable securities and zero debt. Over the last year, we repurchased approximately 36 million shares, including 4.7 million shares in Q1. These continued expense reductions and share repurchases are core pillars of our capital allocation approach.

轉向我們的資產負債表。本季末，我們擁有 4.18 億美元的現金、現金等價物和有價證券，且無債務。去年，我們回購了約 3,600 萬股，其中包括第一季的 470 萬股。這些持續的費用削減和股票回購是我們資本配置方法的核心支柱。

Now, on to our outlook and financial guidance. Our focus on NEXT and evolving market trends have influenced our Q2 outlook in two ways, both of which we noted at our last earnings call in February.

現在，我們來談談我們的展望和財務指導。我們對 NEXT 和不斷發展的市場趨勢的關注以兩種方式影響了我們的第二季度展望，我們在 2 月的上次財報電話會議上也提到了這一點。

First, change related to NEXT, including the updated UX and the introduction of local news, prioritize the long-term retention ahead of immediate increase to session depth. This is intentional. It does in turn affect the total impression opportunities we expect to generate in Q2.

首先，與 NEXT 相關的變更（包括更新的 UX 和引入本地新聞）優先考慮長期保留，而不是立即增加會話深度。這是故意的。反過來，它會影響我們預計在第二季產生的整體印象機會。

Second, we expect large advertiser spending to continue to be down year over year, offsetting continued growth in other channels. Given those dynamics and barring any new changes in advertiser sentiment, we expect Q2 2025 revenue of approximately $60 million and an adjusted EBITDA loss of approximately $10 million.

其次，我們預期大型廣告客戶的支出將持續年減，抵銷其他管道的持續成長。鑑於這些動態且除非廣告商情緒發生任何新的變化，我們預計 2025 年第二季營收約為 6,000 萬美元，調整後的 EBITDA 虧損約為 1,000 萬美元。

We anticipate enabling programmatic ad buying later this year, which, together with near complete adoption of our ad platform should support a return to revenue growth. I will close by reiterating our focus on driving sustainable, profitable long-term growth. We believe the changes we are making to the Nextdoor user and advertiser experience will enable stronger engagement, better monetization and ultimately, more shareholder value.

我們預計將在今年稍後實現程序化廣告購買，再加上我們廣告平台的近乎完全採用，這將支持收入的恢復成長。最後，我想重申，我們將致力於推動永續、長期獲利的成長。我們相信，我們對 Nextdoor 用戶和廣告商體驗所做的改變將實現更強的參與度、更好的貨幣化，並最終帶來更多的股東價值。

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收益電話會議。現在我將把時間交給操作員開始問答。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）高盛的 Eric Sheridan。

Maybe two, if I could. When you think about the rollout of NEXT and how to think about the duration of some of these initiatives impacting the business, how should we be thinking about the different duration over which NEXT will have an impact on user growth and engagement growth as opposed to monetization growth as you think about the maybe multiple steps in the 12 to 18 months ahead?

如果可以的話，也許兩個。當您考慮 NEXT 的推出以及如何考慮這些舉措對業務影響的持續時間時，我們應該如何考慮 NEXT 對用戶增長和參與度增長產生不同影響的持續時間，而不是貨幣化增長，因為您考慮未來 12 到 18 個月內可能採取的多個步驟？

Okay. Eric. That's a great question. Thank you. And I would say that, obviously, the monetization needs to follow any growth in usage and engagement, right?

好的。埃里克。這是一個很好的問題。謝謝。我想說的是，顯然，貨幣化需要跟隨使用量和參與度的成長，對嗎？

So the usage growth and engagement growth is what we're going to look for first. And then that ultimately should translate into a stronger story on the monetization front. We expect that by the end of July, as we've said, we will have released NEXT to everyone in the US, and I think that we are also releasing it to the other US-speaking countries where Nextdoor is live. And so by the end of July, we will have a pretty good sense of what you first said, which is the disruption or potential disruption, right? From there, we'll actually just be looking at what we're seeing in terms of green shoots.

因此，我們首先要尋找的是使用量成長和參與度成長。然後，這最終應該轉化為貨幣化方面更強大的故事。正如我們所說的那樣，我們預計到 7 月底，我們將向美國的所有人發布 NEXT，而且我認為我們也會將其發佈到 Nextdoor 上線的其他美國國家。因此，到 7 月底，我們將對您最初所說的情況有相當好的了解，即中斷或潛在中斷，對嗎？從那裡開始，我們實際上只會看到我們所看到的綠芽。

And what we're seeing in terms of things that make us optimistic about the future. We expect that we'll be able to come to the next earnings call with a lot of that information. Certainly, when you talk about 12-month time frame, I would say this is version 1.0. It's a starting point. It's not the endpoint.

我們所看到的事情讓我們對未來充滿樂觀。我們期望在下次收益電話會議上能夠獲得大量此類資訊。當然，當您談論 12 個月的時間範圍時，我會說這是 1.0 版本。這是一個起點。這不是終點。

And so we'll be working through, I would say, the rest of this year to understand really how to optimize the good things that we see. I wouldn't put the time frame as extended as 18 months, as you said, in terms of when we expect to see some real legitimate business results here, right? But we'll know a lot more at the next earnings call. Because until the thing is completely released and all of our users have it in its full entirety, we won't really have the full picture. It's just a guess.

因此，我想說，我們將在今年剩餘時間內努力了解如何真正優化我們所看到的好事物。正如您所說，就我們何時能夠看到一些真正的合法商業成果而言，我不會將時間範圍延長到 18 個月，對嗎？但我們將在下次收益電話會議上了解更多。因為直到產品完全發布並且我們所有的用戶都能夠完整地使用它之前，我們都不會真正了解它的全貌。這只是一個猜測。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Wonderful. I'm just curious, how are you thinking about monetization differently in a post-NEXT world relative to kind of just the traditional ad impressions we're seeing on the platform today?

精彩的。我只是好奇，相對於我們今天在平台上看到的傳統廣告印象，您對後 NEXT 世界中的貨幣化有何不同看法？

That's a great question. And I would say that there are kind of three ways that we think about it. The first is with more engagement, which is the number one goal of NEXT, we should actually have more supply, right? So we should be able to take our existing monetization mechanism and generate more revenue, right? That's the very, very simple kind of 1 plus 1 equals 2, right?

這是一個很好的問題。我想說，我們思考這個問題的方式有三種。首先是更多的參與，這是 NEXT 的首要目標，我們實際上應該有更多的供應，對嗎？所以我們應該能夠利用現有的貨幣化機制來創造更多的收入，對嗎？這就是非常非常簡單的 1 加 1 等於 2，對嗎？

If you have more supply, you should be able to sell more ads that should generate more revenue. But I think we're probably a little more excited and interested in is that we believe that NEXT will ultimately give us more surfaces to monetize. And so to give you a very specific example, we never had a dedicated space for alerts. Alerts only showed up in the news feed. Now we have a more dedicated area.

如果您有更多的供應，您應該能夠銷售更多的廣告，從而產生更多的收入。但我認為我們可能更興奮和感興趣的是，我們相信 NEXT 最終將為我們提供更多的貨幣化空間。舉一個非常具體的例子，我們從來沒有專門的空間來發布警報。警報僅出現在新聞提要中。現在我們有了更專注的區域。

And in speaking with a number of CMOs that are existing clients of ours, they have expressed interest in exploring what would it be like to think about advertising in that area versus just the simple in-feed advertising. So that's the second category, and that's really thinking about not just more supply but new ad opportunities, new ad surfaces.

在與我們現有的多位 CMO 進行交談時，他們表示有興趣探索如何看待該領域的廣告，而不是簡單的資訊流廣告。這是第二類，它實際上考慮的不僅僅是更多的供應，還有新的廣告機會、新的廣告介面。

And then I think the third area, and it's probably the one that is least developed is when we showed you the AI implementation of the local AI agent, that's something that as you think about the entire industry of AI starting to move towards task completion versus just market making, we think there will be some opportunities there for us as well because it's our belief that consumers are ultimately going to want to ask a question to the agent and then have the agent deliver the solution, instead of having to go several hops to find that solution. And that's very different than just scrolling a news feed and seeing advertising.

然後我認為第三個領域，可能是最不發達的領域，就是當我們向您展示本地 AI 代理的 AI 實現時，當您想到整個 AI 行業開始朝著任務完成而不僅僅是做市的方向發展時，我們認為這對我們來說也會有一些機會，因為我們相信消費者最終會想要向代理提出問題，然後讓代理提供解決方案，而不必多次嘗試才能找到解決方案。這與僅僅滾動新聞提要和觀看廣告有很大不同。

It's the furthest out because it is the most trailblazing from our perspective, but we think there's a lot of potential there. So number one, more supply. Number two, more advertising surfaces. And number three, using that faves section and the way that people are starting to interact with our local AI agents to think about a complete closing of the loop on local needs.

它是最遙遠的，因為從我們的角度來看它是最具開創性的，但我們認為它有很大的潛力。因此，第一，增加供應。第二，增加廣告面。第三，利用收藏夾部分以及人們開始與我們本地 AI 代理互動的方式，思考如何完全滿足本地需求。

Appreciate that. A follow-up for me on the programmatic side. Just any changes that you've seen on that side over the last couple of months since we last spoke? And then as you look to roll out something on the programmatic side, does that happen in parallel what you're doing? Like do you have to get all of the NEXT rollout along the way? And does that kind of become a phase two implementation to open up that programmatic thing?

非常感謝。這是我在程序化方面的後續行動。自從我們上次談話以來的幾個月裡，您發現那邊有什麼改變嗎？然後，當您希望在程序化方面推出一些東西時，這會與您正在做的事情同時發生嗎？例如，您是否必須一路獲得所有 NEXT 的推出？這是否會成為開放該計劃的第二階段實施？

Yeah. Thanks very much for that. So on the first point, I'd say it's very similar to our update in February, which is we've got clear demand, we've gotten clear feedback from customers, and we're acting on it. And so we are in the process of standing up relationships with a few third parties. We're executing as expected.

是的。非常感謝。因此，關於第一點，我想說這與我們二月份的更新非常相似，即我們有明確的需求，我們得到了客戶的明確回饋，我們正在採取行動。因此，我們正在與一些第三方建立關係。我們正在按預期執行。

And as we referenced previously, we expect this can contribute to growth as we get to the later in the year. Now NEXT is going to be the most important driver overall. But that gets to your second question, which is, this is something that we can advance in parallel. We can continue to enhance not just the programmatic capabilities we have, but all aspects of our ad serving and ad delivery. So we'll be doing that in parallel as we roll out.

正如我們之前提到的，我們預計這將有助於今年稍後的成長。現在，NEXT 將成為最重要的驅動力。但這涉及到你的第二個問題，即這是我們可以同時推進的事情。我們不僅可以繼續增強我們現有的程序化能力，還可以增強我們廣告服務和廣告投放的各個方面。因此，我們將在推出的同時同步進行此項工作。

Jamesmichael Sherman-Lewis, Citi.

花旗銀行的詹姆斯邁克爾謝爾曼劉易斯。

Encouraging to see the early look here at the NEXT platform. Two, if I may. On alerts, can you help us understand this new hyper-local alert strategy and how it can strengthen usage? Do you focus more on session count or over usage per session as Nextdoor become this daily use case? And how do alerts impact your previous edification strategy given the strategic focus on platform WAUs?

很高興看到 NEXT 平台的早期亮相。如果可以的話，我想說兩個。關於警報，您能幫助我們了解這種新的超本地警報策略以及它如何加強使用嗎？隨著 Nextdoor 成為日常使用案例，您是否更關注會話數或每個會話的使用率？鑑於策略重點是平台 WAU，警報對您先前的教育策略有何影響？

It's a great question because the new alert surface is really at the heart of the value that Nextdoor has always provided, which is that lifeline in times of crisis. But we will be implementing it in a way that we believe will give users and advertisers more leverage. So very, very specific example.

這是一個很好的問題，因為新的警報介面確實是 Nextdoor 一直提供的價值的核心，它是危機時刻的生命線。但我們將以一種我們相信能為用戶和廣告商帶來更多優勢的方式來實施它。這是一個非常非常具體的例子。

Typically, what happens on Nextdoor is there is a user-generated post that's submitted by a neighbor, and that's hitting a neighborhood or a series of proximate neighborhoods. With the alerts platform, we now have the ability to define a region which we can notify versus an entire neighborhood.

通常情況下，Nextdoor 上會發生以下情況：鄰居提交用戶生成的帖子，然後該帖子會傳到某個社區或一系列鄰近社區。透過警報平台，我們現在可以定義可以通知的區域而不是整個社區。

So for example, with a power outage, before someone may have posted to the entire neighborhood, hey neighbors, my power is out, how about yours. And that's going to a lot of people that may actually be also experiencing the power outage, but it may also be going to a lot of people that have perfectly fine power.

舉個例子，發生停電事件之前，有人可能會向整個社區發布消息，嘿，鄰居們，我家停電了，你們家的停電了。這可能會讓很多人遭遇停電，但也可能讓許多電力供應完好的人遭遇停電。

Now, because we're getting authoritative content from the utility itself, we know the region of the neighborhood that is being directly affected by the outage. And we can message directly to them. We expect that to be a much higher performing notification.

現在，由於我們從公用事業公司本身獲得了權威內容，我們知道直接受到停電影響的社區區域。我們可以直接向他們發送訊息。我們期望這將是一個性能更高的通知。

You can imagine a notification that says, is the power out and how that performs versus a notification that says, we know the power is out at your house, and then someone clicking through to find out what our neighbors saying about it, when do they think the outage is going to come back online, et cetera.

你可以想像一個通知，上面寫著“是否停電以及停電情況如何”，而另一個通知則說“我們知道你家停電了”，​​然後有人點擊查看我們的鄰居對此有何評論，他們認為停電什麼時候會恢復供電，等等。

Now, how does that affect sessions and WAU and all of those things? We haven't thought so deeply about that because it's really about just delivering more hyper-local content, making it as relevant as possible. And we have a core belief that if we do that, people will use the platform more.

那麼，這對會話、WAU 和所有這些事情有何影響？我們還沒有對此進行深入思考，因為這實際上只是提供更多超本地化的內容，使其盡可能具有相關性。我們堅信，如果我們這樣做，人們會更多地使用該平台。

The other thing I'd say about alerts is it was important for us to talk about the range of alerts. Severity is not the only thing that makes an alert relevant. We have this idea of green, yellow and red alerts where green alerts could be things like a rainstorm, which would make you go and get a raincoat or an umbrella and is actually pretty useful. And again, we can target that based on where the weather is occurring versus just a neighborhood or a series of neighborhoods.

關於警報我想說的另一件事是，討論警報的範圍對我們來說很重要。嚴重性並不是使警報具有相關性的唯一因素。我們有綠色、黃色和紅色警報的概念，其中綠色警報可能是暴雨之類的情況，它會讓你去拿雨衣或雨傘，實際上非常有用。再次強調，我們可以根據天氣發生的地點來確定目標，而不是僅僅根據一個街區或一系列街區。

The yellow stage of alerts are things like the power outages and then obviously the red ones are extremely critical. That's when you have a hurricane, a tornado, a fire, et cetera. And so we're very excited about the alerts surface.

黃色警報階段代表停電等情況，而紅色警報代表極為嚴重的情況。那時就會發生颶風、龍捲風、火災等等。因此，我們對警報的出現感到非常興奮。

I would say there are a couple of reasons why. One is it reinforces what has always been one of the core benefits of Nextdoor, which is in times of crisis, when something is happening locally, Nextdoor is a place where you can find out what's going on. But the surface is now easier to find. It's more consistent.

我想說有幾個原因。一是它強化了 Nextdoor 的核心優勢之一，即在危機時期，當本地發生某些事情時，你可以透過 Nextdoor 了解正在發生的事情。但現在表面已經更容易找到了。它更加一致。

It's initiated by authoritative content, and it can be targeted to exactly who is experiencing that condition. So stay tuned, but we're very excited to see how our users respond to this. And ultimately, we think that will translate into advertiser interest as well.

它是由權威內容發起的，並且可以精確地針對那些正在經歷這種情況的人。所以請繼續關注，但我們非常高興看到我們的用戶對此的反應。最終，我們認為這也會轉化為廣告商的興趣。

Yeah. And Jamesmichael, I'll make a more general comment as it relates to platform WAU. It's not about looking back at something that's transpired over the last several quarters. As you've seen the data, it's relatively consistent relationship with WAU. It's really about looking forward and capturing all of the elements that we just talked about.

是的。Jamesmichael，我將就平台 WAU 做出更一般性的評論。這並不是回顧過去幾季發生的事情。正如您所看到的數據，它與 WAU 的關係相對一致。這實際上是關於展望未來並捕捉我們剛剛談到的所有元素。

So the feedback from customers, feedback from consumers. And ultimately, this is where the value on the platform is being created. This is where the usage is. This is where usage is going to be growing. And then ultimately, this is where we'll be monetizing.

因此，來自客戶的回饋、來自消費者的回饋。最終，這就是平台價值的創造之處。這就是用法所在。這裡的用途將會不斷成長。最終，這就是我們實現盈利的地方。

So as we look forward, more and more of this work as it starts to unfold, will be present in the platform WAU, and that's why we think this is the right time to introduce that.

因此，我們期待著，隨著這項工作的展開，越來越多的工作將出現在 WAU 平台上，這就是為什麼我們認為現在是引入這項工作的最佳時機。

Very helpful. My follow-up is on recommendations, the 30% of those today. Walk us through your vision for the balance of user-generated content, publisher content, and seeing generative AI with the Ask a Neighbor natively integrated. How does that core recommendation function evolve as you integrate more voices?

非常有幫助。我的後續工作是針對建議，今天的建議佔 30%。請向我們介紹一下您對使用者生成內容、發布者內容以及​​透過「詢問鄰居」原生整合產生 AI 之間的平衡的願景。當整合更多聲音時，核心推薦功能如何發展？

That's a great question as well. So let me be very clear. The publisher content is not something that's actually being fed into the LLMs that generate the AI responses. So there's been a lot of talk in the AI world about licensing content, ownership of content, et cetera. What we're using to generate our AI results is our proprietary content that we own that no one else has access to.

這也是一個很好的問題。所以請讓我說清楚。出版商的內容實際上並沒有被輸入到產生 AI 回應的 LLM 中。因此，人工智慧領域對內容授權、內容所有權等問題進行了大量討論。我們用來產生 AI 結果的是我們擁有的專有內容，其他任何人都無法存取。

So that's maybe the first thing. When we talk about 30% of our conversations being around recommendations, that is over the last 14 years of our existence in neighbor user-generated content that is proprietary owned by us what are people talking about? And the neighbors are asking each other for recommendation. So that's what we mean by the 30%.

這可能是第一件事。當我們說我們的談話中有 30% 是圍繞著推薦進行的，也就是說，在過去 14 年裡，我們存在於鄰居用戶生成的、由我們擁有所有權的內容中，人們在談論什麼？鄰居們也​​互相詢問推薦。這就是我們所說的 30%。

What the AI enables us to do is to take multiple conversations and string them together into one response, which is actually quite powerful because in the past, you could come to Nextdoor if you were looking for a trusty plumber and you could post and you would wait for responses, but it might be a question that had already been asked even a day before or you could search.

人工智慧使我們能夠將多個對話串聯成一個回复，這實際上非常強大，因為在過去，如果您正在尋找可靠的水管工，您可以來到 Nextdoor，您可以發布帖子並等待回复，但這可能是一天前就已經有人問過的問題，或者您可以搜索一下。

If you searched, you would see a variety of results that all related to individual conversation threads, and you would have to read each one of them and then you would do the work that the AI is now doing, which is you would take all the different results, you would figure out a way to interpolate them and then you would decide which plumber to call.

如果你進行搜索，你會看到各種各樣的結果，這些結果都與各個對話線程相關，你必須閱讀每一個結果，然後你就可以做人工智能現在正在做的工作，也就是你會得到所有不同的結果，你會想辦法對它們進行插值，然後你會決定打電話給哪個水管工。

The AI essentially takes it from I'm looking for a plumber to here's a summary of what my neighbors believe is the best recommendation for that plumber and does it based on our proprietary content. So it's nothing from the outside. It's all things that neighbors have already said. And it comes to you so quickly, if you want to drill into that summary, of course, the summary can be broken down into all of the different conversations and a user can read every single one of those. So you're not losing anything.

人工智慧基本上會從“我正在尋找水管工”變成“這是我鄰居認為對該水管工的最佳推薦的摘要”，並根據我們的專有內容進行操作。所以從外面看這不算什麼。這些都是鄰居已經說過的話。而且它很快就會出現在你面前，如果你想深入了解該摘要，當然，摘要可以分解為所有不同的對話，用戶可以閱讀其中的每一個。所以你沒有失去任何東西。

You're just gaining something more. And we think, ultimately, that will actually end up creating more user-generated content as well because when someone does the local AI query and then they read the answer, they may want to ask a follow-up question, which in some cases, may be answered by the AI that we have or in some cases, it may result in another post to the feed. So we think this is part of the overall viral loop inside Nextdoor of content creation and will be very powerful because it's instant results and it's summarizing over a decade of valuable content in a way that is immediately usable.

你只是得到了更多的東西。我們認為，最終這實際上也會創造更多的用戶生成內容，因為當有人進行本地 AI 查詢，然後他們閱讀答案時，他們可能想問一個後續問題，在某些情況下，這個問題可能會由我們擁有的 AI 來回答，或者在某些情況下，它可能會導致在 feed 中發布另一篇帖子。因此，我們認為這是 Nextdoor 內部內容創作整體病毒式循環的一部分，並且將非常強大，因為它可以立即產生結果，並以可立即使用的方式總結了十多年的寶貴內容。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Great. So maybe as the -- take forward to end of July, Nirav, how would you see your ability to drive awareness of the new UI? Of the new functionality? And does that come at a short-term marketing cost? Does it basically -- do you just use a worth of mouth to try to drive it? Just help us think through how you guys are thinking about it at this point.

偉大的。那麼也許隨著時間推進到 7 月底，Nirav，您如何看待自己推動新 UI 知名度的能力？有什麼新功能嗎？這是否會產生短期行銷成本？它基本上——你只是用嘴巴來嘗試驅動它嗎？只要幫助我們思考一下你們現在是如何考慮這個問題的。

Yeah, that's a great question, and it's something that we think about a lot because we're obviously trying to be as disciplined as possible in terms of our spending. And so we do not anticipate a large marketing expense. I'll start there. The second thing is we have 100 million verified neighbors. And as we reported, one-fourth of them are active on the platform. That means 75 million, we should be able to message to and bring back to the platform in some way.

是的，這是一個很好的問題，我們也經常思考這個問題，因為我們顯然在努力在支出方面盡可能地嚴謹。因此我們預計行銷費用不會很高。我就從那裡開始。第二件事是我們有 1 億經過驗證的鄰居。正如我們所報導的，其中四分之一的人在該平台上活躍。這意味著我們應該能夠向這 7500 萬人發送訊息，並以某種方式將他們帶回平台。

We already have a line of communication to them because the basic construct of Nextdoor is one where notifications are a core part of the experience. In addition to what we do with our internal audience, we do expect to have a lot of public relations. So what we would think of as earned media. We are not doing an advertising campaign.

我們已經與他們建立了溝通管道，因為 Nextdoor 的基本結構是通知是體驗的核心部分。除了我們與內部觀眾所做的事情之外，我們還希望進行大量的公共關係。這就是我們所認為的贏得媒體。我們沒有開展廣告活動。

We're not spending marketing dollars in some outsized way, but it will be very important for us to get the word out. And ultimately, the way that we'll get the word out is what we believe to be the most powerful way, which is we'll deliver better notifications.

我們不會在行銷上投入過多的資金，但宣傳對我們來說非常重要。最終，我們認為最有力的傳播方式就是提供更好的通知。

And so it's not just a big bang that happens at the end of July. If you think about this alert surface, if there's a power outage that affects you, and that's something that cycles around the country, all of the time, you will get a notification from Nextdoor that looks different, it feels different, that acts different.

所以這不只是七月底發生的大爆炸。如果你考慮這個警報介面，如果發生影響到你的停電事件，並且這種事件在全國範圍內循環發生，那麼你就會收到來自 Nextdoor 的通知，這個通知看起來不同，感覺不同，行為也不同。

And so whether you've heard about this thing NEXT, which is not even probably a term we're going to use, whether you've read any of the articles whether you've been reactivated during July, it really doesn't matter because you'll get better content from the platform, and you will experience it. And that's the best way ultimately for us to drive the awareness of the new product.

因此，無論您是否聽說過這個東西 NEXT（這可能甚至不是我們要使用的術語），無論您是否閱讀過任何文章，無論您是否在 7 月份重新激活，這都無關緊要，因為您將從平台獲得更好的內容，並且您將體驗它。這是我們最終提高新產品知名度的最佳方式。

Okay. That's helpful. And then, Matt, can you just remind us again why the new disclosures around the WAUs, the ones with email and the ones without in the context of NEXT?

好的。這很有幫助。然後，馬特，您能否再次提醒我們，為什麼在 NEXT 的背景下，要圍繞 WAU 進行新的披露，包括帶有電子郵件的披露和不帶有電子郵件的披露？

Yes, certainly. So as I mentioned, this is really about looking forward. So it's three key things. We want to be better aligned with consumer expectations and that really is moving towards in-app and away from e-mail and those experiences that Nirav described. It aligns with our strategic focus to all of the different elements that we discuss here are going to live on platform. And that's ultimately what we want to capture in terms of our tracking.

是的，當然。正如我所提到的，這確實是為了展望未來。所以有三件關鍵的事情。我們希望更好地滿足消費者的期望，這確實正在轉向應用程式內，遠離電子郵件和 Nirav 描述的那些體驗。它與我們的戰略重點一致，我們在此討論的所有不同元素都將在平台上實現。而這正是我們透過追蹤最終想要捕捉到的。

And ultimately, it's where NEXT will deliver value, both for users and for advertisers. And so we expect that more and more of the progress we're making will show up in the platform WAU metric. So that's really the core of our focus is aligning those three areas.

最終，NEXT 將為用戶和廣告商創造價值。因此，我們預計，我們所取得的進展將越來越多地體現在平台 WAU 指標中。因此，我們關注的核心實際上是協調這三個領域。

Does that potentially hurt your standing with advertisers as they see that maybe your scale is not -- is half of what they thought maybe? Or have they always known the breakdown on their end?

這是否會損害您在廣告商心目中的形象，因為他們會發現您的規模可能不如他們想像的一半？還是他們一直都知道他們那邊的故障？

Yeah. I think Nirav mentioned it earlier, but really, what we hear from advertisers is they want to be advertising in the types of experiences that NEXT brings. They want to be against more professional content in a more structured experience with a new look and feel is contemporary. And so those are the things that we're hearing in terms of customer feedback. And that really -- it wasn't the core driver in terms of thinking about this level of disclosure because ultimately, our goal will be to bring more and more of activity on the platform, which will also deliver more value to advertisers.

是的。我認為 Nirav 之前提到過這一點，但實際上，我們從廣告商那裡聽到的是，他們希望在 NEXT 帶來的體驗類型中投放廣告。他們希望以更結構化的體驗來呈現更專業的內容，並以新的外觀和感覺來體現當代風格。這些就是我們從客戶回饋中聽到的內容。而這其實並不是考慮這種程度的揭露的核心驅動力，因為最終，我們的目標是在平台上帶來越來越多的活動，這也將為廣告商帶來更多價值。

There are no further questions in the queue. I'll turn the call back over to the management team for any concluding remarks.

隊列中沒有其他問題。我會將電話轉回管理團隊，聽取他們的總結發言。

Okay. Thank you, everyone, for listening. And before we close, I just want to take a quick minute to reinforce the things that matter most about where we are today and where we're going. Q1 was all about product progress, about enabling the launch of NEXT, and we remain laser-focused on developing that better product experience. And of course, AI is going to play a vital role in that.

好的。謝謝大家的聆聽。在我們結束之前，我只想花一點時間來強調關於我們目前所處的位置和我們未來的發展方向最重要的事情。第一季主要專注於產品進展、實現 NEXT 的推出，我們將繼續專注於開發更好的產品體驗。當然，人工智慧將在其中發揮至關重要的作用。

We did drive operating leverage in Q1 even during this period of change, but really NEXT is the future of Nextdoor. It's on track. Version 1.0 is going to launch to all US users by late July 2025. And and will significantly improve the product, we believe, for users, advertisers and ultimately, shareholders.

即使在這個變革時期，我們確實在第一季推動了營運槓桿，但 NEXT 才是 Nextdoor 的未來。一切進展順利。1.0 版本將於 2025 年 7 月底向所有美國用戶推出。我們相信，這將為用戶、廣告商以及最終的股東帶來顯著的產品改進。

We hope you enjoyed the preview. Thank you for joining the call, and thank you for your interest in Nextdoor.

我們希望您喜歡這個預覽。感謝您加入電話會議，也感謝您對 Nextdoor 的關注。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。