Nextdoor Holdings, Inc. (NXDR): restructuring charge — Nextdoor Q3 rev $56M (+4% YoY), cuts 25% workforce, CFO resigns

Nextdoor Holdings, Inc.

2023-Q3 EPS reported -$0.28 revenue$162,752,000

Q3 revenue $56M (+4% YoY); WAU 40.4M (+6% YoY, -3% QoQ); ARPU $1.39 (-2% YoY).
Adj. EBITDA ($20M); Q4 rev guidance $50-52M; FY23 rev flat at $213-215M.
Cost reduction plan: ~25% workforce reduction, ~$12M one-time charges, majority in Q4 2023.
CFO Michael Doyle resigns effective Nov 7; Matt Anderson appointed as new CFO.

item 2.02 item 2.05 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Matt Anderson

Chief Financial Officer

NXDR · Nextdoor Holdings, Inc.

Effective: 2023-11-07
Filed: November 7, 2023, 6:59 PM ET

the Board of Directors (the "Board") of the Company appointed Matt Anderson as the Company's Chief Financial Officer and principal financial officer, effective as of November 7, 2023.

Departed

Michael Doyle

Chief Financial Officer

NXDR · Nextdoor Holdings, Inc.

Effective: 2023-11-07
Successor: Matt Anderson
Filed: November 7, 2023, 6:59 PM ET

Michael Doyle will resign from his position as the Chief Financial Officer of the Company, effective on November 7, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Nextdoor Holdings, Inc. reported financial results for the third quarter ended September 30, 2023.

Period: the third quarter ended September 30, 2023
Result: reported results

Exact text from the filing

On November 7, 2023, Nextdoor Holdings, Inc. (the “Company”) issued a letter to shareholders and press release (together, the “Letter and Press Release”) announcing its financial results for the third quarter ended September 30, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Matt Anderson was appointed as Chief Financial Officer at Nextdoor Holdings, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

the Board of Directors (the "Board") of the Company appointed Matt Anderson as the Company's Chief Financial Officer and principal financial officer, effective as of November 7, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Doyle departed as Chief Financial Officer at Nextdoor Holdings, Inc..

Action: resigns
Role: Chief Financial Officer

Exact text from the filing

Michael Doyle will resign from his position as the Chief Financial Officer of the Company, effective on November 7, 2023.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Nextdoor Holdings, Inc. announced a restructuring with charges of approximately $12 million (approximately 25% of the Company’s full-time employees).

Type: restructuring
Charge: approximately $12 million
Headcount: approximately 25% of the Company’s full-time employees

Exact text from the filing

The Company currently estimates that it will incur one-time charges of approximately $12 million in connection with the Cost Reduction Plan, consisting primarily of cash expenditures for notice period and severance payments, employee benefits, and related costs.

View on SEC.gov

20 earnings releases filed in the last 30 days. Browse all earnings releases →

Nextdoor Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001846069-23-000121

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