Nextdoor Holdings Inc (NXDR) 2025 Q3 法說會逐字稿

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

午安.我叫喬丹，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Nextdoor 歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Thank you. You may begin the conference.

謝謝。會議可以開始了。

Thank you, operator. Good afternoon, everyone, and welcome to Nextdoor's third-quarter 2025 earnings conference call and webcast. I'm John T. Williams, Nextdoor's Head of Investor Relations. With me today is Nirav Tolia, our Chief Executive Officer.

謝謝接線生。各位下午好，歡迎參加 Nextdoor 2025 年第三季財報電話會議和網路直播。我是 Nextdoor 的投資者關係主管 John T. Williams。今天陪我一起來的有我們的執行長尼拉夫·托利亞。

As a reminder, 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.

再次提醒大家，在本次電話會議中，我們可能會發表一些與我們業務相關的、根據聯邦證券法屬於前瞻性陳述的聲明。這些聲明並不構成對未來業績的保證。它們面臨著各種風險和不確定性。我們的實際結果可能與任何前瞻性聲明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業績的重大風險和其他重要因素的討論，請參閱我們在美國證券交易委員會網站上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，以及今天發布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 Q3 2025 Nextdoor investor update released today.

此外，今天的電話會議也將討論非GAAP財務指標。這些措施與其最直接可比較的 GAAP 財務指標的調整表可在今天發布的 Nextdoor 2025 年第三季投資者更新報告中找到。

And now I'll turn it over to Nirav.

現在我把麥克風交給尼拉夫。

Thank you, John, and good afternoon, everyone. I'm Nirav Tolia, Co-Founder and CEO of Nextdoor.

謝謝你，約翰，大家下午好。我是 Nirav Tolia，Nextdoor 的共同創辦人兼執行長。

Q3 was a quarter of steady execution, and our results are consistent with the plan we've communicated. We delivered our highest quarterly revenue ever and generated positive Q3 adjusted EBITDA. In addition, we are on track for positive adjusted EBITDA in Q4 and are reaffirming our expectation for full-year 2026 breakeven.

第三季執行情況穩定，我們的業績與我們公佈的計劃一致。我們實現了有史以來最高的季度營收，第三季調整後 EBITDA 為正。此外，我們預計在第四季度實現調整後 EBITDA 為正，並重申我們對 2026 年全年實現盈虧平衡的預期。

Let's talk more about Q3. Revenue grew to $69 million, up 5% year over year and reflecting strong demand from self-serve advertisers who continue to be drawn to our Nextdoor Ads platform. ARPU improved 8% year over year even amidst reduced ad load.

我們來詳細談談第三季。營收成長至 6,900 萬美元，年成長 5%，反映出自助廣告商的強勁需求，他們繼續被我們的 Nextdoor 廣告平台所吸引。即使廣告投放量減少，ARPU 也較去年同期成長了 8%。

On the large customer front, we delivered on our commitment to complete our programmatic supply integrations, enabling deeper collaboration with scaled parties who are looking to reach audiences on Nextdoor more efficiently.

在大客戶方面，我們履行了完成程序化供應整合的承諾，從而能夠與希望更有效率地在 Nextdoor 上觸及受眾的大型客戶進行更深入的合作。

Our self-serve channel continues to be a growth engine. Q3 self-serve revenue grew 33% year over year and made up roughly 60% of total revenue. Advertisers saw meaningful gains, including higher click-through rates and lower cost per click. We also grew our active customer base and associated net new advertiser spend. In short, our ad stack investments are delivering results, and we expect the introduction of new ad formats and deeper AI integration over the coming months may further improve monetization.

我們的自助服務管道仍然是成長的引擎。第三季自助服務收入年增 33%，約佔總收入的 60%。廣告商獲得了顯著的收益，包括更高的點擊率和更低的每次點擊成本。我們也擴大了活躍客戶群，並增加了相關的新增廣告商支出。簡而言之，我們在廣告技術堆疊方面的投資正在取得成效，我們預計未來幾個月內，隨著新的廣告格式的推出和人工智慧的更深入集成，可能會進一步提高盈利能力。

Q3 Platform WAU, defined as users who engage directly on the Nextdoor app or website, was $21.6 million, a modest sequential decline. This was driven by an intentional decision to reduce notification and e-mail volumes, reflecting our focus on engagement quality over quantity.

第三季平台 WAU（定義為直接在 Nextdoor 應用程式或網站上互動的用戶）為 2,160 萬美元，季比略有下降。這是出於減少通知和電子郵件數量的有意決定，體現了我們注重互動品質而非數量的理念。

In the short term, Platform WAU may continue to fluctuate due to seasonality and our continued commitment to delivering the best user experience. As I've said many times before, we will deliberately make trade-offs even if they are difficult, all in the interest of driving long-term and sustainable growth.

短期內，由於季節性因素以及我們持續致力於提供最佳用戶體驗，平台 WAU 可能會繼續波動。正如我之前多次說過的那樣，即使困難重重，我們也會刻意做出權衡，這一切都是為了推動長期永續成長。

Continuing, Q3 GAAP net loss was $13 million. Q3 adjusted EBITDA was $4 million, a positive 6% margin, representing 8 points of year-over-year improvement. This reflects our strong revenue performance and continued focus on operating the company as efficiently as possible. Further, revenue per employee has now increased 21% year to date. And at quarter end, we had $403 million in cash, cash equivalents and marketable securities, along with zero debt.

第三季GAAP淨虧損為1,300萬美元。調整後 EBITDA 為 400 萬美元，利潤率為 6%，年增 8 個百分點。這反映了我們強勁的營收表現以及我們持續專注於盡可能高效地經營公司。此外，今年迄今為止，每位員工的收入已增加了 21%。截至季末，我們擁有 4.03 億美元的現金、現金等價物和有價證券，且無任何債務。

Now let's move on to our financial outlook. We expect Q4 revenue between $67 million and $68 million and adjusted EBITDA in a range between $3.5 million and $4.5 million. This implies full-year 2025 revenue growth of 3% to 4% and an approximately $3 million adjusted EBITDA loss. We do continue to expect full-year adjusted EBITDA breakeven in 2026.

現在我們來看看財務前景。我們預計第四季營收在 6,700 萬美元至 6,800 萬美元之間，調整後 EBITDA 在 350 萬美元至 450 萬美元之間。這意味著 2025 年全年營收成長 3% 至 4%，調整後 EBITDA 虧損約 300 萬美元。我們仍預期 2026 年全年調整後 EBITDA 將達到損益兩平。

Here are some key factors to consider related to our Q4 outlook. Our Q4 guidance reflects normal seasonality and a full quarter of savings from our recent workforce reduction, partially offset by incremental platform investments. We do not plan to increase ad load in Q4 or into 2026 as we continue to prioritize the best user experience.

以下是與我們第四季度展望相關的一些關鍵因素。我們的第四季業績預期反映了正常的季節性因素以及近期裁員帶來的整整一個季​​度的成本節約，但部分被平台投資的增加所抵消。我們不打算在第四季或 2026 年增加廣告投放量，因為我們將繼續優先考慮最佳使用者體驗。

Consistent with this approach, we also expect to intentionally reduce new user acquisition efforts during Q4. Those are the numbers, and now I'm excited to go into more detail about our product, the true driver of long-term value.

與此策略一致，我們也計劃在第四季有意減少新用戶獲取工作。以上就是相關數據，現在我很高興能更詳細地介紹我們的產品，而這才是長期價值的真正驅動力。

The first phase of our transformation, marked by the launch of the new Nextdoor, rebuilt our foundation. We reset our expense base, strengthened our team, and instilled greater operating discipline. At the same time, we enriched the platform by pairing user-generated content with trusted third-party local information that drives meaningful conversations and real-world utility.

我們轉型的第一階段，以新版 Nextdoor 的推出為標誌，重建了我們的基礎。我們調整了支出基礎，加強了團隊建設，並加強了營運紀律。同時，我們將用戶生成的內容與值得信賴的第三方本地資訊結合，從而豐富了平台，推動了有意義的對話和實際應用。

At quarter end, more than 4,000 local publishers are live on Nextdoor, and local news now accounts for approximately 7% of total feed content. We've also created a real-time local alert system to help neighbors stay informed and safe during high-impact local events such as fires, inclement weather, and utility outages. New integrations include WAU's real-time traffic and road updates and instant earthquake alerts from the US Geological Survey.

截至季末，Nextdoor 上已有超過 4,000 家本地出版商，本地新聞目前約佔資訊流總內容的 7%。我們還創建了一個即時本地警報系統，以幫助鄰居在發生火災、惡劣天氣和公用設施中斷等重大本地事件時保持知情和安全。新增整合功能包括 WAU 的即時交通和道路更新以及美國地質調查局的即時地震警報。

Looking ahead, we will continue leveraging third-party content to reinforce Nextdoor as the neighborhood's go-to source for what's happening nearby. This foundational work has helped clarify what users truly value and has given us a stronger and more sustainable baseline for growth.

展望未來，我們將繼續利用第三方內容，鞏固 Nextdoor 作為社區居民了解附近動態的首選資訊來源的地位。這項基礎性工作有助於明確使用者真正重視的是什麼，並為我們的成長奠定了更強大、更永續的基礎。

That said, the takeaway is clear. We must continue to dramatically increase high-quality content and distribute it more effectively to the right users at the right times. So now we're entering the next phase. We're moving beyond the content feed to build a stronger neighborhood ecosystem grounded in a vibrant, useful, and trusted local community.

也就是說，結論很明確。我們必須繼續大幅增加高品質內容，並在適當的時間更有效地將其分發給合適的用戶。現在我們進入下一階段。我們正在超越內容推送，建立一個更強大的鄰裡生態系統，以充滿活力、實用且值得信賴的本地社區為基礎。

Community-driven content has always been part of our DNA. Our opportunity now is to modernize how we surface and connect it, focusing on the interactions that drive real-world outcomes, providing utility for neighbors, and visibility for local businesses. Authenticity is what matters, and we have a material opportunity to invest further in neighbor recommendations. Neighbors want to know why a business is trusted. Real recommendations from verified neighbors build that trust, and we know that's what sets Nextdoor apart.

社群驅動的內容一直是我們企業基因的一部分。我們現在的機會是革新我們展示和連接資訊的方式，重點關注能夠推動現實世界成果的互動，為鄰裡提供便利，並為當地企業提供曝光。真實性才是最重要的，我們有實質的機會進一步投資於鄰裡推薦。鄰居想知道一家企業為什麼值得信賴。來自經過驗證的鄰居的真實推薦能夠建立信任，我們知道這正是 Nextdoor 的獨特之處。

With this in mind, we plan to reinvent our recommendations ecosystem to turn authentic word of mouth into actionable insights that help neighbors make smart decisions and help local businesses thrive. We believe these efforts can meaningfully improve engagement and monetization all across our platform. Ultimately, our goal is to create more relevant and trusted connections that reflect how neighbors engage in the real world with each other and with local businesses.

基於此，我們計劃重塑我們的推薦生態系統，將真實的口碑轉化為可操作的見解，幫助鄰裡做出明智的決定，並幫助當地企業蓬勃發展。我們相信這些努力能夠顯著提高我們平台的用戶參與度和獲利能力。最終，我們的目標是建立更相關、更值得信賴的聯繫，反映鄰里之間以及鄰裡與當地企業在現實世界中的互動方式。

The first phase gave us stability and insight. The current phase is where we take bold swings and begin to see the results. As we move forward, we'll focus on a few key indicators: quality and quantity of content, depth of engagement, and the value we create for advertisers.

第一階段為我們帶來了穩定性和洞察力。目前這個階段，我們會大膽嘗試，開始看到成效。展望未來，我們將重點放在幾個關鍵指標：內容的品質和數量、參與的深度以及我們為廣告商創造的價值。

We will avoid chasing short-term metrics in favor of investing in durable compounding growth initiatives. Transformation takes focus, it takes courage, and it takes time. It is not a straight line and is neither predictable nor immediate, but it represents the best path for us to unlock the next phase of growth for Nextdoor and create lasting value for our users, advertisers and shareholders.

我們將避免追求短期指標，而是投資於能帶來持久複合成長的舉措。轉變需要專注、勇氣和時間。這不是一條直線，既不可預測也不立竿見影，但這代表了我們開啟 Nextdoor 下一階段成長並為我們的用戶、廣告商和股東創造持久價值的最佳途徑。

Before wrapping up, I'd like to share an important leadership update. I'm pleased to announce that we've hired our next Chief Financial Officer. Indrajit Ponnambalam will be joining Nextdoor as CFO, effective December 1, 2025.

在結束之前，我想分享一個重要的領導層最新情況。我很高興地宣布，我們已經聘請了下一任財務長。Indrajit Ponnambalam 將於 2025 年 12 月 1 日加入 Nextdoor 擔任財務長。

Indrajit brings more than two decades of experience leading high-performing finance and operations teams, most recently as CFO at Premion, an industry-leading connected TV advertising platform and prior to that, at Match Group, Time Warner Cable, and AOL. He has a proven track record of driving growth, of achieving operational excellence and financial rigor at scale, and we are thrilled to have him on board.

Indrajit 擁有超過 20 年領導高績效財務和營運團隊的經驗，最近擔任業界領先的連網電視廣告平台 Premion 的財務官，在此之前，他曾在 Match Group、時代華納有線電視和 AOL 工作。他擁有推動成長、大規模實現卓越營運和財務嚴謹性的出色業績，我們很高興他能加入我們。

In closing, we remain laser-focused on building a platform that makes neighborhoods more vibrant, more connected, and more useful. At our core, Nextdoor is about real local connections that create value every day. That vision will continue to guide us in everything we do.

最後，我們將繼續全力以赴，打造一個讓社區更有活力、更緊密、更有用的平台。Nextdoor 的核心在於建立真正在地化的聯繫，這些聯繫每天都在創造價值。這個願景將繼續指導我們所做的一切。

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

感謝您今天參加我們的財報電話會議。現在我將把發言權交給接線員，開始問答環節。

(Operator Instructions) James Sherman-Lewis, Citigroup.

（操作說明）James Sherman-Lewis，花旗集團。

Nirav, first for me here. We're only about four months out from the launch of the new Nextdoor and understood the commentary around it being a nonlinear transformation, but would love any insights you have into the underlying customer engagement, specifically that depth of engagement metric that you mentioned. And then I have a follow-up.

Nirav，我是第一個來這裡的。距離新版 Nextdoor 上線還有大約四個月，我們理解大家對它是一種非線性轉型的看法，但很想聽聽您對底層客戶互動，特別是您提到的互動深度指標的任何見解。然後我還有一個後續問題。

Great. Thank you for the question. And yes, we're four months out, and we are excited about the progress. You may remember that initially, we talked about the new Nextdoor as being focused on news, alerts, and recommendations. We now have news as approaching 10% of newsfeed content. We know that alerts are essential to our users, and we've seen that in the metrics. And then finally, I talked about in the comments that recommendations is the big swing that we plan to take next because we think it has the most potential of anything that we've worked on.

偉大的。謝謝你的提問。是的，距離專案完成還有四個月，我們對目前的進展感到非常興奮。您可能還記得，最初我們談到新的 Nextdoor 時，其重點是新聞、警報和推薦。現在新聞內容已經接近資訊流內容的10%。我們知道警報對我們的用戶至關重要，這一點我們已經從指標中看到了。最後，我在評論中提到，推薦是我們接下來計劃大力推進的項目，因為我們認為它是我們迄今為止所做的一切中最有潛力的項目。

What we're seeing with our user base gives us a lot of optimism. We know that we've made the content more relevant even amidst reducing notifications and keeping ad load exactly where it is. What we also know is that 7% of new content, which is what the news represents, is not enough.

我們目前的用戶群情況讓我們感到非常樂觀。我們知道，即使減少了通知數量並將廣告載入量保持在原來的位置，我們也讓內容更具相關性。我們也知道，新聞所佔的新內容比例只有 7%，遠遠不夠。

The way Nextdoor works best is when there is so much content that's showing up in your neighborhood that we can use AI and ML to show you the most relevant things for you, whether that's from a proximity standpoint or from your affinity standpoint. And so the real focus for us is on dramatically increasing the amount of content.

Nextdoor 的最佳運作方式是，當你的社群中出現大量內容時，我們可以使用人工智慧和機器學習來向你展示最相關的內容，無論是從地理位置的角度還是從你的興趣和愛好角度來看。因此，我們真正的重點是大幅增加內容數量。

What we've learned from the new Nextdoor is when we add more high-quality content, we see deeper engagement. And so we now have the signal that we need to really bear down and do our best work.

我們從新的 Nextdoor 平台了解到，當我們增加更多高品質內容時，用戶參與度會更高。因此，我們現在得到了一個訊號，那就是我們需要真正努力工作，做到最好。

That's helpful. Thank you. Second here and potentially a little bit more tactical. The notification changes in 3Q and the planned pullback in new user acquisition for 4Q, can you update us on how you see your user acquisition strategies evolving into 2026?

那很有幫助。謝謝。其次，可能更具戰術性。鑑於第三季通知機制的變更以及第四季度新用戶獲取計劃的縮減，您能否向我們介紹一下您認為到 2026 年您的用戶獲取策略將如何演變？

Yeah, it's a great question. So the reason that we mentioned that is because as we continue to focus on the best user experience, the thing that we need to do is to ensure that the first time a user comes to Nextdoor, they have the best possible experience. We have a number of things that we plan to release over the next couple of months that we believe will create a better cold start experience. And we use cold start to represent the first time that you come to Nextdoor.

是的，這是一個很好的問題。我們之所以提到這一點，是因為我們將繼續專注於提供最佳使用者體驗，我們需要做的就是確保使用者第一次造訪 Nextdoor 時，就能獲得最佳體驗。在接下來的幾個月裡，我們計劃發布一些新功能，我們相信這些功能將帶來更好的冷啟動體驗。我們使用「冷啟動」來表示您第一次造訪 Nextdoor。

Today, when you come to Nextdoor, you see the same thing that someone who's been a Nextdoor member for 10 years may see. And we know that it should be a different experience. And so as we work towards a specialized experience that will be fully suited for the new user to Nextdoor, it makes sense for us not to be aggressive in new user acquisition. We just wanted to make that statement as an example of how we are looking at long-term value creation versus trying to make all the metrics go up in the short term.

今天，當你來到 Nextdoor 時，你看到的內容與一位擁有 10 年 Nextdoor 會員資格的人看到相同的內容。我們知道這應該是一種不同的體驗。因此，在我們努力為 Nextdoor 新用戶打造完全適合他們的專業體驗的過程中，我們不應該在獲取新用戶方面採取過於激進的做法。我們只是想用這個例子來說明，我們著眼於長期價值創造，而不是試圖在短期內提高所有指標。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾，克雷格-哈勒姆。

Nirav, so when you talk about adding more content, can you just give us a sense of where that comes from? Like, are you talking about inspiring more user-generated content? Or is this an expansion of some of the third-party publisher partners that you've already started to ingest on the platform?

Nirav，當你談到增加更多內容時，你能簡單介紹一下這些內容來自哪裡嗎？你是說要鼓勵用戶創作更多內容嗎？或者，這是您已經開始在平台上引入的一些第三方出版商合作夥伴的擴展？

Jason, thank you for the question. And you kind of answered it, but I'll give you more specifics. So we've now got at quarter end, 4,000 publishers that are pumping news content into Nextdoor. We think there's more upside there, and we certainly think that there's more upside in integrating more third-party alerts. But as you indicated, we believe the greatest opportunity is where Nextdoor's DNA is, and that's user-generated content.

傑森，謝謝你的提問。你其實已經回答了這個問題，但我再補充一些細節。所以到季度末，我們已經有 4000 家出版商向 Nextdoor 傳送新聞內容。我們認為這方面還有更大的發展空間，而且我們當然認為整合更多第三方警報系統還有更大的發展空間。但正如您所指出的，我們認為最大的機會在於 Nextdoor 的 DNA，那就是用戶生成的內容。

And so the next phase for us is to think less about integrating external content and to think more about revving up our internal user-generated content engine on Nextdoor, which has really been, again, at the DNA of how we were created. We think the natural place for that to start and potentially the most impactful is in neighbor recommendations. And so you should expect to hear a lot more about that in the months to come.

因此，我們的下一個階段是減少對整合外部內容的考慮，並更多地考慮如何提升 Nextdoor 內部用戶生成內容引擎的效率，這實際上再次體現了我們創建的 DNA。我們認為，最自然、最有影響力的切入點是鄰居的推薦。因此，在接下來的幾個月裡，您應該會聽到更多相關消息。

That's great. Also, I just wanted to see if you could give an update on the build-out of your programmatic capabilities. Curious on kind of what you're doing on platform and then off-platform. I know you recently did a deal with Yahoo. So maybe a little perspective on both would be great. Thanks.

那太棒了。另外，我也想了解能否介紹一下貴公司在程序化廣告能力建構方面的最新進展。很好奇你在平台內外都做些什麼。我知道你最近和雅虎達成了一筆交易。所以，或許從這兩個角度都談談看法會很有幫助。謝謝。

Yeah. That's a great question as well because we have spoken about this throughout the year. So the first thing to say very specifically is that we've completed the supply side platform integration earlier this year, and we're currently testing with DSPs.

是的。這是一個很好的問題，因為我們今年一直在討論這個問題。首先要具體說明的是，我們已於今年稍早完成了供應方平台集成，目前正在與DSP進行測試。

We have announced that off-platform deal with Yahoo! So now an advertiser can go into Yahoo's DSP, find Nextdoor audiences to target against and then campaign directly from Yahoo! The way we see this is that programmatic generally complements direct sold inventory and is additive. It was a capability that we were asked to add to what we were doing at Nextdoor, and we always knew that we would.

我們宣布與雅虎達成平台外交易！現在，廣告主可以進入雅虎的DSP平台，找到Nextdoor的目標受眾，然後直接透過雅虎進行廣告活動！我們認為，程序化廣告通常是直接銷售庫存的補充，並且具有疊加效應。Nextdoor 要求我們添加這項功能，而我們也一直知道我們會這麼做。

We announced it back, I think, in the Q4 earnings call almost six or seven months ago. And I'm delighted to say that we've actually lived up to what we said. And so we expect that to pay dividends again in the months and quarters to come.

我想，我們大概在六、七個月前的第四季財報電話會議上宣布了這件事。我很高興地說，我們確實兌現了我們所做的承諾。因此，我們預計這將在未來幾個月和幾季再次帶來回報。

Naved Khan, B. Riley Securities.

納韋德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

This is Ryan Powell on for Naved. So I wanted to ask another question on the alerts and notifications. So obviously, you mentioned that you had reduced the alerts. Was there an improvement in engagement for the alerts that you were surfacing? And then also, were there any differences in trends for users coming from alerts versus entering the app organically? Thank you.

這是瑞安鮑威爾替納維德解說。所以我還想問一下關於警報和通知的問題。很顯然，您提到您已經減少了警報數量。您發布的警報訊息在用戶參與度方面是否有所提高？此外，透過提醒進入應用程式的用戶和自然進入應用程式的用戶在趨勢上是否存在差異？謝謝。

That's a great question. So obviously, if we are materially decreasing the number of notifications but yet experiencing a growth in revenue, you can see that the alerts and notifications that we are sending are more effective. And so that's obviously playing out in the numbers, and we expect that to continue to play out.

這是一個很好的問題。顯然，如果我們大幅減少了通知的數量，但收入卻有所增長，那麼就可以看出我們發送的警報和通知更加有效。因此，這一點顯然已經體現在數據中，我們預計這種情況還會繼續下去。

In terms of what we are seeing specifically in user behavior, the third-party alerts, in particular, around inclement weather, around now traffic with ways and earthquake alerts from the USGS, those are particularly effective at resurrecting users who may not have been to Nextdoor in some time. And so if we're very honest with ourselves over the past few years, we lost our way a little bit. And the content was not as relevant as it should have been.

就我們目前在用戶行為方面觀察到的情況而言，第三方警報，特別是關於惡劣天氣、當前交通狀況以及美國地質調查局發布的地震警報，對於重新激活那些可能有一段時間沒有訪問 Nextdoor 的用戶來說，尤其有效。所以，如果我們誠實地審視自己，過去幾年我們確實有點迷失了方向。而且內容也不夠相關。

Alerts, on the other hand, particularly the way we built the new alerts platform, which targets a particular area that is very specifically being affected by the alert, those perform quite well. And we think that they are a way to get lapsed users back onto the platform. And when they come back on the platform, because of the other improvements that we've made, they should come back more frequently.

另一方面，警報功能，特別是我們建構的新警報平台，能夠精準地針對受警報影響的特定區域，其表現相當出色。我們認為這是讓流失用戶重新回到平台上的一種方法。而且，由於我們所做的其他改進，當他們再次回到平台時，他們應該會更頻繁地回來。

Okay. I think that was our final question. And so I'd just like to make a few closing remarks.

好的。我想那應該是我們最後一個問題了。最後，我想再補充幾點。

We are very excited about this next phase of our transformation. We know that our foundation is strong. We've stabilized the business, driven material gains in productivity, and our product and operational changes are starting to bear fruit. But it's very, very important for us to state that we're fully committed to building the best product.

我們對轉型進入下一個階段感到非常興奮。我們知道我們的基礎很牢固。我們已經穩定了業務，在生產力方面取得了實質進展，我們的產品和營運改革也開始取得成效。但我們必須非常非常強調，我們致力於打造最好的產品。

There are no shortcuts here, and we will make the necessary trade-offs to unlock longterm and sustainable growth. And that's all because our conviction in Nextdoor's potential has never been higher. We have a clarified strategy. The team is super focused, and now it's all about having the courage to do what it takes to win.

這裡沒有捷徑可走，我們將做出必要的權衡取捨，以實現長期可持續成長。這一切都源自於我們對 Nextdoor 潛力的信心從未如此高漲。我們有明確的戰略。團隊非常專注，現在最重要的是要有勇氣去做一切必要的事情去贏得比賽。

So with that, thank you for joining the call and for your interest in Nextdoor.

那麼，感謝您參加本次通話，也感謝您對 Nextdoor 的關注。

That concludes the meeting. You may disconnect.

會議到此結束。您可以斷開連線。