Nextdoor Holdings, Inc.

Good afternoon. My name is Jasmine, and I will be your conference operator today. At this time, I would like to welcome everyone to Nextdoor's first quarter 2026 earnings conference call. All lines will be muted during the presentation portion of the call with the opportunity for questions and answers at the end. You may now begin your conference.

Thank you, operator. Good afternoon, everyone, and welcome to Nextdoor's first quarter 2026 earnings conference call and webcast. I'm Indrajit Panambalam, Nextdoor's Chief Financial Officer. With me today is Nirav Tolia, our co-founder, chief executive officer, president, and chairperson of the board. 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. Additionally, non-GAAP financial measures will be discussed on today's conference calls. A reconciliation of these measures to their most directly comparable GAAP financial measures can be found in the Q1 2026 Nextdoor Investor Update released today. And now I'll turn it over to Nirv.

Thank you, Indrajit, and good afternoon, everyone. I'm pleased to report that Q1 was a standout quarter for Nextdoor. Platform weekly active users reached an all-time high. Revenue grew 14% year-over-year, and we delivered meaningful improvements in profitability. Here are the highlights. Platform WOW reached $22.3 million, marking our first positive inflection point in several quarters. Revenue was $62 million, up 14% year-over-year. And adjusted EBITDA was nearly break-even, a $9 million improvement year-over-year. These results represent a real step change in the business. And what's especially encouraging is the momentum we built as the quarter progressed. In our last earnings call, we laid out the five key drivers of our investment thesis. In Q1, we delivered material progress across each of them. Let me walk through that progress, focusing on the first three. And we start, as always, with our unique core asset. Nextdoor is built on a verified address-based neighborhood graph spanning 350,000 neighborhoods and 10 million verified neighbors, roughly one in three U.S. households. This quarter, we continued to strengthen the integrity of that graph by expanding verification for both neighbors and local businesses. That's what keeps Nextdoor real and what makes every recommendation, alert, and conversation on the platform meaningful. Next is high intent engagement, where we are revitalizing the core community experience. We introduced threaded conversations, pinned comments, and smarter linking. We added richer media in the feed and improved performance through latency and infrastructure work. And for the first time, we began downranking self-promotional content. At the same time, Nextdoor continues to show up when it matters most. As we saw again this quarter, engagement increases during severe weather events and moments of local need. During the winter storms, neighbors turned to our platform for real-time updates on road closures, power outages, and which local businesses were still open. This was yet another example of how our product can serve as an essential lifeline for communities. Our third driver is monetization pathways, and Q1 was an important proof point. We entered the year with a clear thesis. Closing the monetization gap does not require a step change in user growth. It requires better matching of intent to outcomes. And in Q1, we saw that working across multiple surfaces. For example, local service providers reaching neighbors at the moment they're actively asking for recommendations and seeing strong engagement and conversion as a result. I will leave it to Indrajit to cover the fourth and fifth drivers, our validated business model and founders mentality. But as we look towards Q2, we will stay focused on continuing the momentum. Our priorities include improving content relevance, deepening engagement, expanding recommendations, strengthening distribution, and advancing our AI and machine learning capabilities. Speaking of AI, I would like to close with why I'm more confident than ever in Nextdoor's position in an AI-driven world. As machine-generated content increases, truly verified human content becomes more scarce and more valuable. We've spent 15 years building a network of over 110 million verified neighbors across 350,000 neighborhoods. That network generates first-party content that is continuously refreshed, rooted in real identity and grounded in local context. That foundation puts us in a uniquely strong position. AI allows us to unlock significantly more value from that network by making it easier to find relevant information, summarize conversations, and connect neighbors to the people and insights that matter most in their local community. But what truly differentiates Nextdoor is the connection to the people behind that information. The neighbor who knows the best contractor, the parent a year ahead of you making the same school decision, the local business that others genuinely trust. That's also what powers our recommendations experience. When a neighbor asks for a plumber or a babysitter, they're not just getting a list, they're getting trusted input from people nearby who've actually made that choice. AI can make these connections faster, more relevant, and more accessible, but it cannot replace the trust and context that comes from real neighbors. And that combination AI-powered discovery built on a foundation of verified local identity is what gives us confidence in Nextdoor's position in the years ahead. With that, I'll hand it over to Indrajit to walk through the quarter in more detail and discuss our outlook.