Riskified Ltd.

for standing by. Welcome to the Riskified First Quarter 2025 Earnings Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chet Mandel, Head of Investor Relations. Please go ahead.

Good morning, and thank you for joining us today. My name is Chet Mandel, Riskified's head of investor relations. We are hosting today's call to discuss Riskified's financial results for the first quarter of 2025. Participating on today's call are Ido Gal, Riskified's co-founder and chief executive officer, and Agi Docheva, Riskified's chief financial officer. We released our results for the first quarter of 2025 earlier today. Our earnings materials, including a replay of today's webcast, will be available on our investor relations website at ir.riskified.com. Certain statements made on the call today will be forward-looking statements related to our operating performance, business, and financial goals, outlook us for revenues, gross profit margin, adjusted EBITDA profitability, adjusted EBITDA margins, and expectations as to positive cash flows, which reflect management's best judgment based on currently available information and are not guarantees of future performance. We intend all forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our expectations as of the date of this call, and except as required by law, we undertake no obligation to revise this information as a result of new developments that may occur after the time of this call. These forward-looking statements involve risks, uncertainties, and other factors, some of which are beyond our control, and that can cause actual results to differ materially from our expectations. You should not put undue reliance on any forward-looking statements. please refer to our annual report on Form 20F for the year ended December 31st, 2024. In subsequent reports, we file or furnish with the SEC for more information on the specific factors that could cause actual results to differ materially from our expectations. Additionally, we will discuss certain non-GAAP financial measures and key performance indicators on the call. Reconciliations for the most directly comparable GAAP financial measures are available in our earnings release issued earlier today and also furnished with the SEC on Form 6K, and in the appendix of our investor relations presentation, all of which are posted on our investor relations website. I will now turn the call over to Idao.

Thanks, Chet, and hello, everyone. Overall, I am pleased with our strong start to the year, despite the recent market uncertainty. We continue to generate positive adjusted EBITDA, and our revenue growth of 8% in the first quarter was driven by execution on our global go-to-market strategy of landing new customers to drive further vertical depth and geographic diversification while continuing to upsell to our existing merchants. As we discussed on our last call, our key focus areas for 25 and beyond are expanding top of funnel efforts to generate more pipeline, converting that pipeline into new business at high rates, and retaining and growing with those merchants once onboarded. So far in 25, we have executed very well on each front. Our pipeline has grown substantially both year over year and sequentially, and our retention and renewal strategy has continued to yield strong results. We achieved 100% renewal rate across our top 20 contracts up for renewal during the first quarter, with nearly half extended as multi-year agreements, averaging a term with an ending date in 27. We also ended the quarter with more committed revenue for 25 and beyond as compared with the prior period. These achievements are a reflection of the value and performance we continue to deliver to our merchants. As it relates to the pipeline, expansion has primarily been driven by unlocking additional opportunities to demonstrate the sophistication and differentiated performance of our platform. Our expanded product portfolio powered by our proprietary AI decisioning engine is designed to intelligently solve a wider, more complex range of use cases for merchants beyond chargeback fraud, including omnichannel return and refund abuse prevention and chargeback management. Our multi-product platform has enabled us to engage with a broader set of senior functional leaders across our merchant network, expanding our strategic reach and allowing us to more clearly demonstrate the full value we bring to the table. With new product revenue growth up approximately 190% year over year, we have seen the platform continue to gain traction. In addition, we believe that our expanding revenue pipeline can also be attributed to growing recognition among large enterprise merchants of the breadth and effectiveness of our innovative AI product suite. As fraud patterns grow more complex and evolve faster than in prior years, We believe that we are well positioned to help merchants address fraud challenges that can often exceed their in-house capabilities. Riskify's advanced AI technology and data network was built from day one to stay ahead of fraudsters. We are strategically investing in our machine learning capabilities through the expansion of our R&D teams in order to continue generating strong performance for our merchants to support them in their most critical time of need. Before I turn it over to Aghi, I want to take a moment to address the broader macro environment and the progress that we have made on diversifying our business. The global backdrop, particularly around tariffs and international trade, remains fluid and uncertain. Despite recent volatility, our internal data suggests that overall the consumer has remained resilient, with April trends relatively stable to March. Over the past several years, we've continuously grown our top line while intentionally diversifying across both verticals and geographies. We believe this diversification enhances the resilience and durability of our business model, allowing us to better navigate periods of economic uncertainty. Notably, one of our top new logo wins this quarter came from a remittance merchant within the money transfer and payments category. in areas of emerging growth that may be relatively less exposed to broader macroeconomic pressures. While it is still early days, we have begun to see evidence that the network effect within this category is starting to develop, just like we witnessed in the tickets and live events sub-vertical recently and the fashion and luxury goods vertical before that. We believe that we have additional opportunities in our pipeline to continue expanding our market share and to further build out our powerful flywheel in the money transfer and payments area. Furthermore, eight of our top 10 new logos won during the first quarter or headquartered outside of the United States as we continue to expand our geographic footprint to fuel international growth. In conclusion, our team remains focused on advancing our product roadmap and on executing across the business to capture the large opportunity in front of us. We remain confident that our scaled network powerful AI platform, increasingly diversified business, and strong balance sheet will allow us to keep advancing our strategic growth drivers to generate additional adjusted EBITDA margin expansion for our shareholders. Thank you for your continued support, and I will now turn it over to Agi.