ContextLogic Inc.

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to ConnectLogic's third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode, and there will not be a question and answer session at the conclusion of today's call. However, a recording and transcript will be made available online, and management will make themselves available to the investor community over the coming weeks. Expect for historical information, the matters discussed during this call may include forward-looking statements within the meaning of the applicable U.S. security litigation. Forward-looking statements involve known and unknown risk and uncertainties and other factors that may cause actual financial results, performance, and achievements to be materially different from estimated future results, performance, or achievements. Expressed or implied by those forward-looking statements. All forward-looking statements reflect each of the company's current views with respect to future events and are subject to risks and uncertainties. And assumptions have been made in drawing the conclusions included in such forward-looking statements. All statements other than historical facts are forward-looking statements. Actual results could differ materially, and the companies underline no obligation to update such forward-looking statements. Please also note that past performance is not a guarantee of future results. During this call, there will be reference to certain non-IFRS and non-GAAP financial measures, which should not be considered in isolation from or as a substitute of measures prepared in accordance with international financial reporting standards, or general accepted accounting principles. As a reminder, all figures, unless otherwise noted, will be in U.S. dollars. I will now turn the call over to your host for today's call, Rashid Bajaj, CEO of ContextLogic, Michael Scarallo, CFO, and Janet Goyani, Vice President of Investments. Mr. Bajaj, you may begin.

Good afternoon, everyone. In the third quarter, we completed our previously announced and approved plan of reorganization, which further protects the considerable tax assets of the company. We continue to maintain operational efficiency in the third quarter and remain well-positioned to execute our acquisition strategy that we have articulated in prior earnings calls. I will now turn the call over to Michael Scarola, our CFO, to discuss the financial highlights for the quarter.

Thank you, Richie. I will now briefly highlight our operating results for the quarter ended September 30th, 2025. In Q3 2025, we incurred $3 million of G&A expenses, which includes $1 million of expenses related to the evaluation and pursuit of potential transactions We earned $2 million in interest income and generated a modest operating profit, excluding non-cash and transaction-related expenses, which reflects the positive impact of our streamlining initiatives implemented last quarter. We closed this quarter with $218 million in cash, cash equivalents, and marketable securities, a decrease of $1 million from the prior quarter. I will now turn the call over to Janak Goyani, our Vice President of Investments, to discuss the acquisition process.

Thank you, Mike. During the quarter, we further broadened our pipeline of acquisition targets, collaborating closely with our advisors to thoroughly evaluate each opportunity in an expeditious manner. We are energized by the growing array of prospects and the exceptional caliber of businesses we are engaging with. I will now turn the call over to Rishi for closing remarks.

Thank you. As we head into the final quarter of 2025, we remain optimistic about the strategic opportunities available to content providers. that have been enhanced by our strong relationship with VC partners. We continue to work extremely diligently on our acquisition strategy and look forward to sharing more detailed updates with our shareholders in the coming quarters. We thank you for your continued support and content logic.

Ladies and gentlemen, this does conclude today's conference call. Again, thank you very much for joining us today. You may now disconnect and have a wonderful day. Goodbye.