Grindr Inc.

good afternoon my name is chloe and i will be your conference operator today at this time i would like to welcome everyone to the grinder q1 2024 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 followed by the number 1 on your telephone keypad. If you would like to withdraw your question, please press star 2. Thank you. I would now like to turn the conference over to Tolu Adiafe, Grinder's Head of Investor Relations. Please go ahead.

Thank you, Moderator. Hello and welcome to the Grinder earnings call for the first quarter of 2024. Today's call will be led by Grindr's CEO, George Arison, and CFO, Lana Krantz. They will make a few brief remarks, and then we'll open it up for questions. Please note, Grindr released its shareholder letter this afternoon, and this is available on the SEC's website and Grindr's investor page 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, and 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 the investor relations page of Grindr's website and in Grindr's filings with the SEC. With that, I'll turn it over to George.

Thanks, Tobu, and hello, everyone. We reported outstanding revenue growth and strong adjusted EBITDA in the first quarter. User metrics and engagement were all healthy. Our overall Q1 performance reinforces our confidence in our full year outlook. I'm grateful to our team for their hard work on some significant product launches and to our users for engaging with these launches and providing us important feedback quickly to allow us to make improvements. In addition to the terrific results, we have hit the ground running on our 2024 strategic priorities. These priorities are focused not only on driving continued growth this year, but also on positioning Grindr for the long-term success of the global neighborhood in your pocket. We are pursuing that vision by focusing on, one, a robust set of products and features that focus on serving users of varying intents, two, a lean and nimble team with an exceptional performance through in culture, and three, a brand narrative that is true to the important role we play in the community. Looking first at product development, we currently have two new features in test right now in Rome, both of which are built with user intent in mind. Right now is a multi-phase product we're building in response to strong user demand that makes it faster and easier for users to connect. Phase one features are currently in test, with more expected to be launched later this and next year. Right now, we'll ultimately have additional robust features facilitating better user engagement and capabilities for more seamless, easy communication between users, both one-on-one and in groups. Chrome, referred to as Teleport in the past, targets the travel intention. This feature enables users to transport their profile into a different location that they will be traveling to, making the profile discoverable by users in that location. We're currently planning to start rolling it out more broadly in the second half of the year. During Q1, we also rolled out our new chat system, built with an entirely new architecture, which encompasses step change improvements in its critical user feature. This was a complex technical undertaking, and we're nearing the finish line in addressing bugs that have popped up in the initial launch period. The new chat moves storage of chat server-side, eliminating lost chats as a result of device changes. Fixing this was a top request from users for years. We are very excited to offer this significant UX upgrade to all users. New chat architecture will be the foundation of the several new intentionality-focused speed features we plan to roll out in the coming quarters. Turning to our team, we continue to build out our talent base and we increased the number of engineers on board by more than 50% in Q1. As we think about long-term growth, we are centering on a vision of Grindr as a global gayborhood new pocket. Physical gayborhoods are hubs for the gay community, long established in large cities where people can interact safely and comfortably with businesses, resources, bars, restaurants, and shops specifically catered to us. Over our 15-year history, Grindr has come to represent this concept in a digital way. We see this today in how the app is used for things like travel recommendations, health information, and making professional connections. We know our users want other types of connections, information, and services that will enhance their lives. Our vision of Grindr as a global neighborhood is about tapping into these desires. It will be a multi-year journey to achieve this vision, but we're excited about the potential to make Grindr an even more integral part of the community and to build an even greater business in the process. I'm excited about sharing the long-term product roadmap that underlines the capability vision with you and our investor day in June. Thanks again for joining. I now turn it over to Vanna to discuss the quarterly results in greater detail.