Transparency Is a Metric Too: A Shareholder’s Questions Ahead of Nextdoor’s Earnings Call

As a shareholder, I pay attention to two things that ultimately determine long-term value: trust and metrics. They’re inseparable. When one is unclear, the other becomes questionable.

Recently, I submitted a formal shareholder inquiry to Nextdoor, asking management to clarify how moderation practices and account suspensions affect the numbers reported to investors—specifically, active users, advertiser reach, and revenue growth. I asked this to be answered at the Q4 and Full-Year 2025 earnings call on February 18, 2026.

This call will provide an update on progress and share plans. Earnings calls are where confidence is built—or eroded—based on how clearly companies explain not just what the numbers are, but how they’re calculated.

The Core Question Investors Deserve Answered
If Nextdoor reports operating with 100M+ verified neighbors, investors should understand what that figure actually includes. My inquiry asked management to quantify and disclose:
- How many accounts are temporarily suspended
- How many are indefinitely restricted
- Whether suspended accounts are included in reported engagement metrics
- What percentage of appeals are overturned
- What quality assurance exists for moderator decisions—especially when moderators are unpaid and anonymous

These aren’t edge cases. They directly affect:
- Advertiser confidence (reach and brand safety)
- Revenue credibility
- Investor trust in reported engagement

Why This Matters At the Earnings Call
Moderation and enforcement aren’t just community issues—they’re financial inputs. If engagement metrics include users who cannot engage, the signal investors rely on becomes distorted. If appeal outcomes and moderator accuracy aren’t measured or disclosed, governance risk increases. None of this slows a company down. In fact, transparency tends to do the opposite:
- It strengthens advertiser relationships
- It reduces speculation
- It aligns leadership, users, and investors around the same reality

What I’m Listening For on February 18
As a shareholder, I’m not looking for spin. I’m looking for clarity:
- How engagement is defined
- How enforcement affects reported numbers
- What changes are planned in 2026 to improve consistency, transparency, and trust

Nextdoor has an opportunity to lead—not just with scale, but with governance that investors can model, advertisers can trust, and users can believe in. Because in the end, transparency isn’t a risk. It’s a competitive advantage.

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