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Mr. Nirav Tolia appointed as Chief Executive Officer, President and Chairman of the Board
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Sarah Friar resigns as CEO, President, and Chairman of the Board
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Announces fourth quarter WAU of 41.8 million and preliminary unaudited fourth quarter revenue of $56 million
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Board approves $150 million increase in existing stock repurchase authorization
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The Company expects to report its complete fourth quarter 2023 results on Tuesday, February 27, 2024, as scheduled.
San Francisco, February 23, 2024–(BUSINESS WIRE)–NextDoor (NYSE:KIND) today announced that NextDoor co-founder Nirav Tolia will rejoin the company as chief executive officer, president and chairman of the board. Announced. Sarah Friar will step down as Chief Executive Officer, President and Chair of the Board, with an orderly transition planned for the second quarter of 2024.
“Our fourth quarter results show renewed strength across all key metrics. There is never a perfect time for a transition, but we feel now is the right time to return the company to Nirav. ” said Sarah Friar. “Since I joined in 2018, Nextdoor’s number of verified neighbors has nearly tripled to more than 88 million and now spans over 330,000 neighborhoods around the world. The past five years have been a special time in my life, and it's all thanks to: I'm more optimistic than ever about our mission and momentum.”
“I'm excited to return to Nextdoor, the company I founded to bring neighbors around the world closer together,” said Nirav Tolia. “I am extremely grateful to Sarah for her outstanding leadership over the past five years, during which time Nextdoor became a publicly traded company, built a strong balance sheet, and expanded its business globally. I love working with you and look forward to working with you.'' Together we will seamlessly transition into Nextdoor's next phase in the coming weeks. ”
The Company also provided the following unaudited preliminary 2023 fourth quarter financial results and supporting details.
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WAU was 41.8 million, up 5% year-over-year and 3% sequentially.
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Revenues were $56 million, exceeding the previously provided guidance range of $50 million to $52 million.and
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Cash, cash equivalents and marketable securities at December 31, 2023 were $531 million.
In addition, Nextdoor's Board of Directors has increased the Company's existing stock repurchase authorization by $150 million (total authorizations are $250 million, of which approximately $77 million has been executed to date) and extends the program to 2026. Approved the extension until March 31st.
About Nextdoor
Nextdoor (NYSE: KIND) is a neighborhood network. More than 330,000 local neighborhoods in 11 countries, businesses of all sizes, and public institutions use Nextdoor to connect and thrive in the communities that matter to them. Nextdoor is a purpose-driven company that leverages innovative technology to foster a kinder world where everyone lives in trusted neighborhoods, both online and in the real world. Download our app or join our neighborhood community at nextdoor.com. For more information and assets, visit nextdoor.com/newsroom.
Safe Harbor Statement
This press release contains forward-looking statements that are not statements of historical fact and statements in the future tense. These statements include, without limitation, statements regarding the management transition plan and preliminary financial and operating results for the fourth quarter of 2023.
Forward-looking statements are based on various estimates and assumptions and information known to us as of the date of this press release and are subject to risks and uncertainties. Therefore, actual results may vary materially depending on a variety of factors, including: our ability to expand our business operations overseas; our limited operating history; risks associated with managing our growth; our ability to achieve and maintain profitability in the future; the effects of the competitive markets in which we operate; the impact of macroeconomic conditions on our business; our ability to attract new customers and users and retain existing customers and users, or renew and expand our relationships with them; our ability to anticipate and satisfy customer preferences; market acceptance of our platform; our ability to develop and timely introduce new products and services; our ability to achieve the goals of our strategic and operational initiatives; cybersecurity risks to our various systems and software; Impact of privacy and data security laws. and other general market, political, economic and business conditions.
For additional risks and uncertainties that may affect the Company's financial results and operations, as filed with the Securities and Exchange Commission (“SEC”) on November 7, 2023, through September 30, 2023. as detailed in the Company's Quarterly Report on Form 10-Q for nine months. , 2023, and our Annual Report on Form 10-K for the years ended December 31, 2023, scheduled to be filed on or about February 27, 2024, and other SEC filings (available under “Investor Information” on our website). available at Investors.nextdoor.com and the SEC's website at www.sec.gov.
All forward-looking statements contained herein are based on information available to us as of the date hereof, and forward-looking statements should not be relied upon as predictions of future events. Events or circumstances reflected in forward-looking statements may not be achieved or occur. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievements. The Company assumes no obligation to update these forward-looking statements for any reason after the date of this press release, or to reflect any actual results or revised statements, except as required by law. We are not obligated to meet expectations. You should not place undue reliance on the forward-looking statements in this press release.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240223945431/ja/
contact address
Nextdoor Media:
antonia gray
press@nextdoor.com
Nextdoor investor information:
John T. Williams
ir@nextdoor.com
