Nextdoor Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
NXDR$1.96-7.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001846069-26-000155
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001846069-26-000197
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 100 current paragraphs.
60 unchanged; 34 reworded; 6 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
•Revenue was $78.8 million, an increase of 14% compared to the three months ended September 30, 2025.
Current report
•Cash, cash equivalents, and marketable securities were $381.7 million as of September 30, 2026.
Current report
Sales and marketing expenses decreased by $2.5 million, or 10%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a $1.9 million decrease in personnel-related costs driven by a decrease in average headcount, and a $1.1 million decrease in third-party consulting fees, partially offset by a $0.8 million increase in brand and performance marketing costs.
Current report
General and administrative expenses decreased by $0.6 million, or 4%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a $0.6 million decrease in professional service fees.
Current report
Other income (expense), net
Current report
Provision for income taxes was essentially unchanged for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Removed paragraphs (6)
Previous report
•Revenue was $74.6 million, an increase of 15% compared to the three months ended June 30, 2025.
Previous report
•Cash, cash equivalents, and marketable securities were $378.0 million as of June 30, 2026.
Previous report
Sales and marketing expenses decreased by $5.7 million, or 12%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to a $5.1 million decrease in personnel-related costs driven by a decrease in headcount.
Previous report
General and administrative expenses decreased by $2.9 million, or 9%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to a $2.5 million decrease in personnel-related costs driven by a decrease in headcount and a $0.3 million decrease in professional service fees.
Previous report
Other income, net
Previous report
Provision for income taxes increased by less than $0.1 million, or 5%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to an increase in foreign income tax expenses.
Reworded paragraphs (34)
Previous wording
•Platform weekly active users (“Platform WAU”) was 22.9 million, an increase of 5% compared to the three months ended June 30, 2025.
Current wording
•Platform weekly active users (“Platform WAU”) was 24.5 million, an increase of 14% compared to the three months ended September 30, 2025.
Previous wording
•Average revenue per platform weekly active user (“Platform ARPU”) was $3.26, an increase of 9% compared to the three months ended June 30, 2025.
Current wording
•Average revenue per platform weekly active user (“Platform ARPU”) was $3.21, an increase of 1% compared to the three months ended September 30, 2025.
Previous wording
•Total costs and expenses were $80.2 million, a decrease of 6% compared to the three months ended June 30, 2025.
Current wording
•Total costs and expenses were $83.0 million, a decrease of 4% compared to the three months ended September 30, 2025.
Previous wording
•Net loss decreased 86% to $2.1 million, compared to a net loss of $15.4 million for the three months ended June 30, 2025.
Current wording
•Net loss decreased 95% to $0.7 million, compared to a net loss of $12.9 million for the three months ended September 30, 2025.
Previous wording
•Adjusted EBITDA was $9.5 million, compared to a loss of $2.2 million for the three months ended June 30, 2025.
Current wording
•Adjusted EBITDA was $10.3 million, compared to $4.4 million for the three months ended September 30, 2025.
Previous wording
See “Non-GAAP Financial Measure” below for more information and for a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), to Adjusted EBITDA.
Current wording
See “Non-GAAP Financial Measure” below for more information and for a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.
Previous wording
Our Platform WAU for the three months ended June 30, 2026 and 2025 was 22.9 million and 21.8 million, respectively, which represents a 5% increase period over period.
Current wording
Our Platform WAU for the three months ended September 30, 2026 and 2025 was 24.5 million and 21.6 million, respectively, which represents a 14% increase period over period.
Previous wording
Our Platform ARPU for the three months ended June 30, 2026 and 2025 was $3.26 and $2.99, respectively.
Current wording
Our Platform ARPU for the three months ended September 30, 2026 and 2025 was $3.21 and $3.19, respectively.
Previous wording
We generate a majority of our revenue from the delivery of advertising services. We recognize revenue only after transferring control of promised goods or services to the customer. Advertising services are typically sold on a cost per thousand (“CPM”) basis, a cost per click (“CPC”) basis, or on a subscription basis according to the service period. The majority of our revenue is generated in the United States.
Current wording
We generate a majority of our revenue from the delivery of advertising services. We recognize revenue only after transferring control of promised goods or services to the customer. Advertising services are typically sold on a cost per thousand basis, a cost per click basis, or on a subscription basis according to the service period. The majority of our revenue is generated in the United States.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2026 and 2025
Current wording
Comparison of the Three and Nine Months Ended September 30, 2026 and 2025
Previous wording
Revenue increased by $9.5 million, or 15%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to increased advertiser spending and an increase in the number of active users, as measured by a 5% increase in Q2 Platform WAU.
Current wording
Revenue increased by $9.9 million, or 14%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily due to increased advertiser spending and an increase in the number of active users, as measured by a 14% increase in Q3 Platform WAU.
Previous wording
Revenue increased by $17.0 million, or 14%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to increased advertiser spending and an increase in the number of active users, as measured by a 5% increase in Q2 Platform WAU.
Current wording
Revenue increased by $26.8 million, or 14%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily due to increased advertiser spending and an increase in the number of active users.
Previous wording
Cost of revenue increased by $0.8 million, or 8%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to a $1.3 million increase in third-party hosting costs, partially offset by a $0.4 million decrease in allocated personnel-related costs.
Current wording
Cost of revenue increased by $2.7 million, or 26%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily due to a $2.3 million increase in third-party hosting costs.
Previous wording
Cost of revenue increased by $2.4 million, or 12%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to a $2.7 million increase in third-party hosting costs and a $0.4 million increase in third-party costs associated with delivering and supporting our advertising services, partially offset by a $0.7 million decrease in allocated personnel-related costs.
Current wording
Cost of revenue increased by $5.2 million, or 17%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily due to a $5.0 million increase in third-party hosting costs, a $0.4 million increase in third-party costs associated with delivering and supporting our advertising services, and a $0.3 million increase in merchant processing fees, partially offset by a $0.6 million decrease in allocated personnel-related costs.
Previous wording
Research and development expenses decreased by $1.6 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to a $2.7 million decrease in personnel-related costs driven by a decrease in headcount and a $0.4 million decrease in professional service fees, partially offset by a $1.5 million increase in third-party software costs.
Current wording
Research and development expenses decreased by $2.8 million, or 8%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a $4.8 million decrease in personnel-related costs driven by a decrease in average headcount, partially offset by a $1.8 million increase in third-party software costs and a $0.3 million increase in allocated overhead costs.
Previous wording
Research and development expenses decreased by $3.1 million, or 5%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to a $4.9 million decrease in personnel-related costs driven by a decrease in headcount and a $0.8 million decrease in professional service fees, partially offset by a $2.6 million increase in third-party software costs.
Current wording
Research and development expenses decreased by $5.9 million, or 6%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to a $9.7 million decrease in personnel-related costs driven by a decrease in average headcount, and a $0.8 million decrease in professional service fees, partially offset by a $4.4 million increase in third-party software costs and a $0.3 million increase in allocated overhead costs.
Previous wording
Sales and marketing expenses decreased by $3.3 million, or 13%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to a $2.8 million decrease in personnel-related costs driven by a decrease in headcount.
Current wording
Sales and marketing expenses decreased by $8.2 million, or 12%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to a $5.5 million decrease in personnel-related costs driven by a decrease in average headcount, a $2.8 million decrease in third-party consulting fees, and a $0.5 million decrease in neighbor services, partially offset by a $0.6 million increase in brand and performance marketing costs.
Previous wording
General and administrative expenses decreased by $1.1 million, or 7%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to a $1.0 million decrease in personnel-related costs driven by a decrease in headcount.
Current wording
General and administrative expenses decreased by $3.5 million, or 7%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to a $2.6 million decrease in personnel-related costs driven by a decrease in average headcount, and a $0.9 million decrease in professional service fees.
Previous wording
Interest income decreased by $0.9 million, or 20%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was driven by lower returns on marketable securities as a result of lower invested balances and lower interest rates.
Current wording
Interest income decreased by $0.8 million, or 17%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was driven by lower returns on marketable securities as a result of lower invested balances and lower interest rates.
Previous wording
Interest income decreased by $1.9 million, or 19%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was driven by lower returns on marketable securities as a result of lower invested balances and lower interest rates.
Current wording
Interest income decreased by $2.7 million, or 19%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was driven by lower returns on marketable securities as a result of lower invested balances and lower interest rates.
Previous wording
Other income, net decreased by $0.4 million, or 99%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to the periodic re-measurement of monetary assets and liabilities denominated in non-functional currencies and gains and losses on marketable securities and foreign currency transactions.
Current wording
Other income (expense), net decreased by $0.1 million, or 52%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to the periodic re-measurement of monetary assets and liabilities denominated in non-functional currencies and gains and losses on marketable securities and foreign currency transactions.
Previous wording
Other income, net decreased by $0.6 million, or 97%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to the periodic re-measurement of monetary assets and liabilities denominated in non-functional currencies and gains and losses on marketable securities and foreign currency transactions.
Current wording
Other income (expense), net decreased by $0.7 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to the periodic re-measurement of monetary assets and liabilities denominated in non-functional currencies and gains and losses on marketable securities and foreign currency transactions.
Previous wording
Provision for income taxes increased by less than $0.1 million, or 10%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to an increase in foreign income tax expenses.
Current wording
Provision for income taxes decreased by less than $0.1 million, or 18%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a decrease in foreign income tax expenses.
Previous wording
We have generated losses from our operations, as reflected in our accumulated deficit of $931.8 million as of June 30, 2026. These losses are attributable to investments made in supporting the growth of our business, and we expect them to continue for the foreseeable future. We also expect to incur significant research and development, sales and marketing, and general and administrative expenses over the next several years in connection with the continued development and strategic expansion of our business.
Current wording
We have generated losses from our operations, as reflected in our accumulated deficit of $932.5 million as of September 30, 2026. These losses are attributable to investments made in supporting the growth of our business, and we expect them to continue for the foreseeable future. We also expect to incur significant research and development, sales and marketing, and general and administrative expenses over the next several years in connection with the continued development and strategic expansion of our business.
Previous wording
As of June 30, 2026, we had $378.0 million in cash, cash equivalents, and marketable securities. We anticipate satisfying our short-term cash requirements, including meeting our working capital and capital expenditure requirements, with our existing cash, cash equivalents, and marketable securities. In the long term, we may satisfy our cash requirements with cash, cash equivalents, and marketable securities on hand or with proceeds from any future equity or debt financings. Our ability to support our requirements and plans for cash, including working capital and capital expenditure requirements, will depend on many factors, including the rate of our revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the expansion of sales and marketing activities, the introduction of new and enhanced product offerings and features, the continuing market adoption of our platform, any repurchase of shares we may make from time to time, and our ability to obtain equity or debt financing. Moreover, any actual or perceived instability in the U.S. or international banking systems may impact liquidity both in the short term and long term.
Current wording
As of September 30, 2026, we had $381.7 million in cash, cash equivalents, and marketable securities. We anticipate satisfying our short-term cash requirements, including meeting our working capital and capital expenditure requirements, with our existing cash, cash equivalents, and marketable securities. In the long term, we may satisfy our cash requirements with cash, cash equivalents, and marketable securities on hand or with proceeds from any future equity or debt financings. Our ability to support our requirements and plans for cash, including working capital and capital expenditure requirements, will depend on many factors, including the rate of our revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the expansion of sales and marketing activities, the introduction of new and enhanced product offerings and features, the continuing market adoption of our platform, any repurchase of shares we may make from time to time, and our ability to obtain equity or debt financing. Moreover, any actual or perceived instability in the U.S. or international banking systems may impact liquidity both in the short term and long term.
Previous wording
In May 2022, our Board of Directors authorized and approved a share repurchase program to repurchase up to $100.0 million in aggregate of our Class A common stock, with the authorization to expire on June 30, 2024. The timing of any repurchases depended on market conditions and other investment opportunities, and repurchases were made at our discretion. This share repurchase program did not obligate us to repurchase any dollar amount or number of shares, and the program could be extended, modified, suspended, or discontinued at any time. In February 2024, our Board of Directors authorized and approved an increase of $150.0 million to the share repurchase program and extended the expiration date to March 31, 2026. In April 2026, our Board of Directors authorized and approved a new share repurchase program to repurchase up to $100.0 million in aggregate of our Class A common stock, with the authorization to expire on June 30, 2028. During the three months ended June 30, 2026, we did not repurchase or retire any shares of Class A common stock. During the six months ended June 30, 2026, we repurchased and retired 16,992,982 shares of Class A common stock at an average purchase price of $1.69 per share for an aggregate repurchase price of $28.7 million. As of June 30, 2026, we had $100.0 million available for future share repurchases under the share repurchase program.
Current wording
In May 2022, our Board of Directors authorized and approved a share repurchase program to repurchase up to $100.0 million in aggregate of our Class A common stock, with the authorization to expire on June 30, 2024. The timing of any repurchases depended on market conditions and other investment opportunities, and repurchases were made at our discretion. This share repurchase program did not obligate us to repurchase any dollar amount or number of shares, and the program could be extended, modified, suspended, or discontinued at any time. In February 2024, our Board of Directors authorized and approved an increase of $150.0 million to the share repurchase program and extended the expiration date to March 31, 2026. In April 2026, our Board of Directors authorized and approved a new share repurchase program to repurchase up to $100.0 million in aggregate of our Class A common stock, with the authorization to expire on June 30, 2028. During the three and nine months ended September 30, 2026, we repurchased and retired 2,865,132 and 19,858,114 shares of Class A common stock at an average price of $2.38 and $1.79 per share for an aggregate repurchase price of $6.8 million and $35.5 million, respectively. We did not repurchase any shares of our Class A common stock during the three months ended September 30, 2025. During the nine months ended September 30, 2025, we repurchased and retired 8,409,278 shares of Class A common stock at an average purchase price of $1.72 per share for an aggregate repurchase price of $14.5 million. As of September 30, 2026, we had $93.2 million available for future share repurchases under the share repurchase program.
Previous wording
Cash provided by operating activities during the six months ended June 30, 2026 was $9.6 million which resulted from a net loss of $13.5 million, adjusted for non-cash charges of $30.0 million and net cash outflows of $6.8 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $29.6 million of stock-based compensation expense and $0.7 million of depreciation and amortization expense, partially offset by $0.4 million of accretion on investments. The net cash outflows from changes in operating assets and liabilities were primarily due to a $4.6 million decrease in operating lease liabilities due to lease payments, a $3.6 million increase in accounts receivable, a $0.4 million increase in prepaid expenses and other assets, and a $0.3 million decrease in accounts payable. These amounts were partially offset by a $1.5 million decrease in operating lease right-of-use assets due to normal amortization and a $0.5 million increase in accrued expenses and other liabilities.
Current wording
Cash provided by operating activities during the nine months ended September 30, 2026 was $28.1 million which resulted from a net loss of $14.2 million, adjusted for non-cash charges of $45.2 million and net cash outflows of $2.9 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $44.0 million of stock-based compensation expense and $1.0 million of depreciation and amortization expense, partially offset by $0.7 million of accretion on investments. The net cash outflows from changes in operating assets and liabilities were primarily due to a $6.7 million decrease in operating lease liabilities due to lease payments, and a $2.5 million increase in prepaid expenses and other assets. These amounts were partially offset by a $3.3 million increase in accounts payable, a $2.3 million decrease in operating lease right-of-use assets due to normal amortization, and a $0.8 million increase in accrued expenses and other liabilities.
Previous wording
Cash provided by operating activities during the six months ended June 30, 2025 was $3.3 million which resulted from a net loss of $37.3 million, adjusted for non-cash charges of $33.7 million and net cash inflows of $6.9 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $34.2 million of stock-based compensation expense and $1.1 million of depreciation and amortization expense, partially offset by $1.4 million of accretion on investments. The net cash inflows from changes in operating assets and liabilities were primarily due to a $4.2 million decrease in accounts receivable, a $3.9 million increase in accounts payable, a $1.4 million decrease in operating lease right-of-use assets due to normal amortization, a $1.0 million decrease in prepaid expenses and other assets, and a $0.5 million increase in accrued expenses and other liabilities. These amounts were partially offset by a $4.1 million decrease in operating lease liabilities due to lease payments.
Current wording
Cash used in operating activities during the nine months ended September 30, 2025 was $3.0 million which resulted from a net loss of $50.2 million, adjusted for non-cash charges of $50.8 million and net cash outflows of $3.7 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $50.8 million of stock-based compensation expense and $1.5 million of depreciation and amortization expense, partially offset by $1.9 million of accretion on investments. The net cash outflows from changes in operating assets and liabilities were primarily due to a $6.3 million decrease in operating lease liabilities due to lease payments, a $2.7 million increase in prepaid expenses and other assets, and a $1.9 million increase in accounts receivable. These amounts were partially offset by a $4.1 million increase in accounts payable, $2.1 million decrease in operating lease right-of-use assets due to normal amortization, and a $1.0 million increase in accrued expenses and other liabilities.
Previous wording
Cash provided by investing activities for the six months ended June 30, 2025 was $31.7 million, which consisted of proceeds from maturities of marketable securities of $98.5 million and proceeds from sales of marketable securities of $88.5 million. This was partially offset by purchases of marketable securities of $155.0 million and purchases of property and equipment of $0.3 million.
Current wording
Cash provided by investing activities for the nine months ended September 30, 2026 was $23.1 million, which consisted of proceeds from maturities of marketable securities of $131.7 million and proceeds from sales of marketable securities of $91.7 million. This was partially offset by purchases of marketable securities of $199.2 million and purchases of property and equipment of $1.0 million.
Previous wording
Cash provided by investing activities for the six months ended June 30, 2026 was $25.6 million, which consisted of proceeds from maturities of marketable securities of $78.4 million and proceeds from sales of marketable securities of $69.5 million. This was partially offset by purchases of marketable securities of $122.1 million.
Current wording
Cash provided by investing activities for the nine months ended September 30, 2025 was $36.0 million, which consisted of proceeds from maturities of marketable securities of $151.6 million and proceeds from sales of marketable securities of $105.3 million. This was partially offset by purchases of marketable securities of $220.4 million and purchases of property and equipment of $0.5 million.
Previous wording
Cash used in financing activities for the six months ended June 30, 2026 was $35.1 million, which consisted of repurchases of common stock of $28.7 million and tax withholdings on release of restricted stock units of $8.5 million. This was partially offset by proceeds from the issuance of common stock upon exercise of stock options of $1.6 million and proceeds from the issuance of common stock under the employee stock purchase plan of $0.4 million.
Current wording
Cash used in financing activities for the nine months ended September 30, 2026 was $47.2 million, which consisted of repurchases of common stock of $35.5 million and tax withholdings on release of RSUs of $15.3 million. This was partially offset by proceeds from the issuance of common stock upon exercise of stock options of $2.7 million and proceeds from the issuance of common stock under the 2021 ESPP of $0.8 million.
Previous wording
Cash used in financing activities for the six months ended June 30, 2025 was $21.2 million, which consisted of repurchases of common stock of $14.5 million and tax withholdings on release of restricted stock units of $9.2 million. This was partially offset by proceeds from the exercise of stock options of $1.8 million and proceeds from the issuance of common stock under the employee stock purchase plan of $0.7 million.
Current wording
Cash used in financing activities for the nine months ended September 30, 2025 was $25.2 million, which consisted of repurchases of common stock of $14.5 million and tax withholdings on release of RSUs of $14.2 million. This was partially offset by proceeds from the issuance of common stock upon exercise of stock options of $2.3 million and proceeds from the issuance of common stock under the 2021 ESPP of $1.3 million.
Previous wording
Adjusted EBITDA is a non-GAAP financial measure that represents our net loss adjusted for depreciation and amortization, stock-based compensation, net interest income, provision for income taxes, and any restructuring charges or acquisition-related costs.
Current wording
Adjusted EBITDA is a non-GAAP financial measure that represents our net loss adjusted for depreciation and amortization, stock-based compensation, interest income, provision for income taxes, and any restructuring charges or acquisition-related costs.
Previous wording
The following is a reconciliation of net loss, the most comparable GAAP measure, to Adjusted EBITDA:
Current wording
The following is a reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA: