Grindr Inc.

Good afternoon. My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Quinder First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star followed by the two. Thank you. I would now like to turn the conference over to Patrick Lanihan, VP of Communications. Please go ahead.

Thank you, operator, and good afternoon, everyone. Today's call will be led by Grindr's CEO, George Arison, and CFO, Vanna Krantz. They will make a few brief remarks, and then we'll open it up for questions. I'll also note that we released our shareholder letter this afternoon, and that is available on our website at investors.grinder.com. Before we begin, I will remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate, or similar such statements. These statements are subject to risks and uncertainties, Their actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports filed with the SEC. During today's call, we will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the earnings release we issued today, which has been posted on our investor relations page of our website, and in our filings to the SEC. With that, I'll turn it over to George Harrison.

Hello, everyone, and welcome to our first quarter earnings call. The year is off to a strong start financially, which Dana will discuss in a moment. I will begin by providing an update on the progress we've made against our four strategic priorities for 2020, which we'll share on our March earnings call. These were improving user experience, valuing monetization through conversions and new offerings, planning for future growth, and continuing to commit to our community. I'm very proud of the progress the team has made on each of these pilots. First, improving the user experience. In February, we enhanced our very popular albums product by enabling video uploads in addition to photos. We've seen strong adoption of this addition to albums, with over 1.1 million videos uploaded since we launched in beta in February. Additionally, over the last year, a small team has been working on an exciting new product we call GrindrWeb. which we launched in alpha in Q1 and rolled out in beta globally last week for our extra and unlimited subscribers. While the feature set on Grindr Web is still limited, it helps us build a foundation for creating unique, look-specific features in 2024 and beyond. Second, driving monetization for conversion and new offerings. We're focused on identifying ways to most effectively monetize, different value models matching price points with levels of access to our compelling feature sets, and testing weekly, monthly, and multi-month subscriptions. We are seeing some of this activity show up in our results as we delivered positive monetization metrics. As we said in March, these results may be uneven in the coming quarters as we test pricing to zero in on the optimal formula. While we continue to introduce new features and test new subscription tiers and paid offerings, we are mindful of the fact that our free product offers extensive functionality and we are evaluating the right dividing line between free and paid functionality. Third, planning for future growth. As we strengthen our foundation for long-term growth, we're paying close attention to the insights that we get from our users. A la carte offerings are a great example. We know that a la carte products are popular on other dating applications, and we've seen strong sustained success in Boost, our first a la carte offering. Given this success, we're building a set of additional offerings that we will release periodically over the next couple of years. Fourth, serving the LGBTQ community. committed to serving our users and supporting our community. In the first quarter, we launched free HIV at-home test kit ordering in the U.S. in partnership with Building Healthy Online Communities, Emory University, and the U.S. Center for Disease Control and Prevention. 54,000 at-home HIV test kits were requested through this program in its first four weeks, and that number has continued to grow every day with a prominently placed order button with coded into the Grindr app. One reason this project is so powerful is that in early testing, over 30% of the users who requested at-home HIV test kits reported to have never had an HIV test before, which speaks to Granta's ability to advance public health goals in communities that are very difficult to reach. We will continue to serve as a resource for our community and provide support where we can be most effective. With that, I'd like to turn the call over to our CFO and our clients to walk through our first quarter financial results.