Wag! Group Co.

Good morning. Welcome to the WAG Q1 2025 Earnings Conference Call. At this time, all lines are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press the star zero on your telephone keypad. As a reminder, this conference is being recorded. I'll now introduce your host, Greg Robles with Investor Relations. Thank you. You may begin.

Good morning, everyone, and thank you for joining WAG's conference call to discuss our first quarter 2025 financial results. On the call today are Garrett Smallwood, Chief Executive Officer and Chairman, Adam Storm, President and Chief Product Officer, and Alec Davidian, Chief Financial Officer. Before we get started, please note that today's comments include forward-looking statements. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements. A discussion of these risks and uncertainties are included in our filings with the SEC. We also remind you that we undertake no obligation to update the information contained on this call. These statements should be considered estimates only and are not a guarantee of future performance. Also, during the call, we present both GAAP and non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release, which we issued today. The earnings release is available on the investor relations page of our website and is included in Exhibit and Form 8K furnished to the SEC. These non-GAAP measures are not intended to be a substitute for our GAAP results. And with that, I'll now turn the call over to Garrett Smallwood.

Good morning and thank you for joining us today to discuss our financial performance for the first quarter of 2025. First, I will provide business updates and an overview of our results. Following that, Adam, our President and Chief Product Officer, will share brief updates on our strategic priorities. Then Alec, our Chief Financial Officer, will provide a more detailed analysis of our first quarter 2025 results and discuss our guidance for 2025. We began the year in line with and slightly ahead of our expectations from a profitability standpoint, despite a year-over-year decline in revenue. Through disciplined cost management and operational efficiencies, we delivered improved adjusted EBITDA, demonstrating our continued ability to adapt and execute in the current environment. Sales and marketing expenses declined slightly sequentially and 34% year-over-year, reflecting disciplined cost control and a more efficient customer acquisition strategy through channel diversification. We're continuing to see the benefits from the operational improvements we implemented throughout last year, including the streamlining of headcount, automation, and the deeper integration of AI into our core workflows. At the same time, we also made progress on the strategic partnership front. As previewed last quarter, all three of our major distribution partners we secured went live at the end of Q1 and are expected to drive meaningful impact within our insurance comparison business beginning in Q2. We're excited about the value these partners bring, especially in an environment where we are consciously reducing marketing expense. Looking ahead, we're well positioned to accelerate growth through the second quarter, supported by strong business trends through April and early May. We remain committed to evaluating all strategic options and will continue to provide updates as appropriate. With that, I will turn the call over to Adam to review our strategic priorities for 2025.