Grindr Inc.

Good afternoon, my name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Grindr second quarter 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'd 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 yourself from the queue, you may press star two. Thank you. I would like to now turn the conference over to Tolu Hadepe, Grindr's Head of Investor Relations. Please go ahead.

Thank you, moderator. Hello and welcome to Grindr's earning call for the second quarter 2024. 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. 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.grindr.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 our 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 Granger's website. and in Grindr's filings with the SEC. With that, I'll turn it over to George.

Thanks, Tolo, and hello, everyone. Grindr delivered outstanding Q2 results, achieving 34% year-over-year revenue growth and adjusted EBITDA margin of 45%. Our Q2 growth was even better than we had expected at our investor in June. Throughout Q2, we fine-tuned our conversion strategies by launching several enhancements to Grindr's paid tiers. while improving the merchandising of premium features. We modified our Explore Chat feature and made it easier for you to utilize our Boost add-on and opt out from ads by transitioning to a paid tier. The cumulative impact of these enhancements became clear exiting the quarter. These factors, plus the success of our unlimited weekly option, combined to drive our outperformance. Excellent performance in H1, strong growth in Mao, and the strength of our advertising business is allowing us to raise our full-year guidance to revenue growth of 27% or greater and adjusted EBITDA margin of 42% or greater. Our continued excellent adjusted EBITDA results demonstrate what a highly efficient and lean team can do when it is focused on delivering value to users and shareholders. It was great to see so many of you at Invest Today and to share our story and our plan for the future. If you haven't done so already, I encourage you to spend time with materials from Invest Today to get a full sense of our mission vision, strategy, and product roadmap. Grindr is unique because it was built by gay people for gay people, and our long-term vision builds on this uniqueness by focusing on user needs. With our roadmap, we're building many features to enhance our core use case of connecting users with each other based on their intentions, while driving strong modernization. Making it easier for users to find vast, immediate connections will always be front and center at Grindr. To make this experience awesome, We're building the right now suite of features currently testing in Australia. In addition, we're working on new features that address the desire of an increasing number of our users to find relationships. Lack of density in a given geography is a key impediment to gay people finding their partners, and with AI-first dating features, we can help our users break down geographical constraints. Our goal within our roadmap is to build early AI features that will provide us with a better understanding of how our users interact with AI. and inform long-term integration of AI across the app. For example, we are creating the Grindr Wingman, an all-purpose system to help users navigate our app, which will begin testing with select users by the end of the year. Our core product roadmap also includes five a la carte offerings that will roll out over the next three years. BOEM caters to the quarter of our weekly active users that are traveling during any given week. Future offerings and development will increase in bound interest, provide personalized recommendations, and offer users insights about each other, among other things. In addition to our core product, we also shared our plans for neighborhood expansion opportunities, such as health and wellness, as well as travel and local discovery. We have partnerships who will help users access curated, relevant services and information that will improve their lives. While investments in these expansions are part of our financial plan, revenue from them is not included in our projections, presenting long-term upside opportunities. As a team, we're building the global gateway in your pocket. And to our success, strive to make a world where the lives of our global community are free, equal, and just. With strong momentum in the rest of the year and beyond, we're excited about what fulfilling this vision will mean for our users and our shareholders. I'm proud of the progress we've made so far and of the quality of execution from our performance-driven team. With that, I'll turn it over to Vanna to review the results in more detail.