Grindr Inc. (NYSE:GRND) Q4 2023 Earnings Call Transcript
Grindr Inc. (NYSE:GRND) Q4 2023 Earnings Call Transcript March 7, 2024
Grindr Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, everyone. My name is Bo and I will be your conference operator today. At this time, I would like to welcome everyone to the Grindr Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Ms. Tolu Adeofe, Grindr's Head of Investor Relations. Please go ahead, ma'am.
Tolu Adeofe: Thank you, moderator. Hello, and welcome to the Grindr earnings call for the fourth quarter and full year 2023. 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 Grindr's website, and in Grindr's filings with the SEC. With that, I'll turn it over to George.
George Arison: Thank you, Tolu, and thank you, everyone, for joining us today. 2023, our first year as a public company was a success by every measure. We made significant improvements in our product, increased monetization through our weekly subscription and boost a la carte and exceeded our financial guidance. We continue to welcome more users to Grindr with average MAU growth of 8% for the year. The engagement has remained best-in-class with more than 121 billion chats sent between users. These strong results speak to the hard work of our team and also to Grindr's enduring relationship with the gay community as we help users all over the world to find and connect with one another. We also embrace a deep commitment to service in the global gay community, most notably through our Grindr for Equality initiatives, including connecting users to more than 235,000 HIV test kits in the U.S., an effort we are striving to bring to many more countries.
In 2023, we also laid a strong foundation for long-term growth, such as developing a robust product roadmap, which includes some great work we are doing on AI and adding outstanding, highly accomplished leaders to our team. In November, we completed a landmark step for Grindr with the refinancing of our debt, closing a new $350 million facility with some of the world's leading financial institutions. At refinancing the [indiscernible] business world, but when the first public company serving the LGBTQ community can execute this several transaction, partnering with ALS institutions in a tough interest rate environment, it highlights then only the strength and credibility of our business, but also signals that we can help drive a more open and welcoming financial ecosystem.
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