Morning, and welcome to the Tiny Ltd Q1 2025 Results Conference Call. All lines have been placed on mute to prevent any background noise, and after the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, please press star followed by one on your telephone keypad. If you'd like to withdraw your question, press star followed by two. Before we start, we ask you to take a moment to read the disclaimer at the beginning of the slides that accompany this presentation, as it contains important information. We'd also like to remind you that all amounts discussed on this call are denominated in CAD unless otherwise indicated. Please note that statements made during this call may include forward-looking statements and information and future-orientated financial information regarding Tiny and its business, and disclosure regarding possible events, conditions, or results that are based on information currently available to management, which indicate management's expectation of future growth, results, results of operations, business performance, and business prospects and opportunities. Such statements are made as of this date hereof, and Tiny assumes no obligation to update or revise them to reflect events, disclosures, or circumstances, except as required by applicable security laws. Such statements involve significant risks and uncertainties and are not a guarantee of future performance or results. A number of these risks and uncertainties could cause results to differ materially from results discussed today. Given these risks and uncertainties, one should not place undue reliance on these statements and information. Please refer to the forward-looking statements disclaimer in the slides accompanying this presentation and in the company's press release issued today for additional information. We use non-IFRS financial measures to help investors understand our operating performance. Non-IFRS financial measures may not be comparable to similarly titled measures used by other companies and should not be considered along with, but not as an alternative to measures calculated in accordance with IFRS. I would now like to turn the call over to the executive team from Tiny for today's earnings call. Please go ahead. Thank you. Good morning, everyone. You've got Jordan Taub here, CEO of Tiny. I'm joined by Mike McKenna, our CFO, and we're excited to speak to you this morning. Really proud to report our Q1 results, which showed continued momentum on all our strategic priorities. First off, in Q1, or right at the end of Q1, we announced the acquisition of Serato, a global DJ software leader, and excited to announce that we actually closed the transaction on May 12th. This really represents an ideal Tiny acquisition. I mean, the fundamentals of the business are quite strong. We see near-term organic growth opportunities. I'll talk about it a bit more on the next slide, but we're excited to get working with the team and partnering with the founders to drive long-term value and growth for Tiny and Serato. We also announced the integration of Stamped Repeat and KnoCommerce under the new leadership of Jeremiah Prummer. Previously, he was the CEO of KnoCommerce, and he's done an incredible job of growing that business and marketing it and really driving value for merchants. We are excited about the integration. We are unifying reviews, loyalty, customer insights, retention, actually a number of other features under a common data layer and using machine learning and using AI to provide increased value to merchants. Think things like tracking and increased conversion and driving revenue and actually really rethinking the entire reviews and loyalty capability and feature. We are excited to release that product, and we are excited about the near-term and long-term roadmap there. Finally, Dribbble officially launched its project and services offering. This is really part of the strategic refocus of the business. We're generating additional transaction revenue for Dribbble through GMV that's now running through the platform. We're investing in the services platform. We continue to partner with advertisers. Along with the project and services offering, this really actually drives further growth in our subscription offering. It is something that we're focused on right now. It is really all in the service of making Dribbble that destination where designers can basically further their career, make money, come to the site, and get inspiration. We will continue to keep you updated on the progress there as well. Finally, on the financial highlights, you'll see a 41% increase in our adjusted EBITDA for the quarter. That brings our LTM adjusted EBITDA to about CAD 34 million. Again, really showing the continued progress of cost rationalization, focus on organic growth, big improvement in free cash flow generated. Mike will talk a little bit more about that in terms of our debt reduction strategy and just managing cash flow and improving working capital. Finally, excited to announce a CAD 1 million distribution from Tiny Fund I. Again, we'll talk a little bit more about the increased disclosure there a little bit later in the presentation, but we do expect to be on a regular cadence of dividends there, and we'll continue to get better and better at disclosing the performance of the fund over the coming quarters. Serato, we are excited again to announce the closing on May 12. Just as a reminder, and I know this was only about a month and a half ago, but this is the global DJ software leader. It has an amazing history of innovation and really is part of music and DJ culture. This is a piece of software that is mentioned in popular music, but it's also a wonderful business with amazing organic growth opportunities. It's expected to increase our recurring revenue by almost 70%, total revenue by greater than 20%, and improve our adjusted EBITDA and improve our cash flow. We really do think this represents a transformational acquisition, and it is that kind of ideal platform that we look for in terms of hardware partnerships, hardware moat, even just technology and innovation. We are just excited to keep you updated on the progress of the investment and to partner with the management team. Moving on to revenue. Revenue, pro forma our divestitures of Frosty and 80/20. We achieved 6% growth quarter-over-quarter, which we're very, very proud of. Digital services is actually driving quite a bit of that growth, but we also saw growth in our other platforms as well. There was some seasonality in our software and apps business compared to Q4, but that was expected. When we're comparing Q1 2024 to 2025, you'll see some growth in digital services. Again, sorry, Frosty and 80/20, actually, we grew almost 24%. That is great. The decrease in our creative platform is really driven by that strategic shift in Dribbble. There is some impact from enterprise revenue timing, especially with some bigger deals that landed in Q1, and you'll see that smooth out over the rest of the year. Finally, you'll see some increase in the other platform, and that was driven by our acquisition of MediaNet. We're also seeing some nice organic growth in our other businesses as well, including We Work Remotely and Meteor. On the recurring revenue front, we saw some slight growth year-over-year compared to Q1 2024, driven by our acquisition of MediaNet and our continued focus on improving recurring revenue in our businesses that have it. The big story here, obviously, is our Serato acquisition. We're going to have that included in our Q2 results. In 2025, it is expected to improve the ratio of recurring revenue for Tiny overall to 27%. We just see some amazing opportunities to improve that organic recurring revenue growth with things like improving their payment strategy, near-term development roadmap that we've been really working on in diligence, and even just in the past few days after closing the deal. We're excited to keep reporting on our recurring revenue metric and the growth there over the coming year. I'll pass it on to Mike to go over the next slide. Okay. Thanks, Jordan. I'll start off with adjusted EBITDA. We are again reporting a strong quarter for adjusted EBITDA performance for the second quarter in a row. This has been a significant area of focus for us as the management team. As investors know, it's viewed as a strong KPI for the business overall. We are very pleased with the progress that we've made in this area. Our adjusted EBITDA increased 41% when you look at the prior period. When we adjust for those divestitures that Jordan mentioned, it's actually up 63% compared to Q1 of 2024. A pretty significant increase, again, really driven by the cost rationalization initiatives, the continued focus on organic growth, and just a strong overall focus on operating performance. starting to see those results come through. I mentioned the overall margin. A margin again of above 20% in the quarter. This is up from about 14% in Q1 of 2024. We are really continuing to focus on that margin stability. We are seeing improvement across the portfolio, and we are going to be able to maintain that through Q2. You will obviously see that increase with the acquisition of Serato and the Serato inclusion in Q2, given the nature of that business. If we move on to adjusted free cash flow, again, another metric that we have got a lot of focus on internally as a management team. Obviously, to again highlight to investors the importance of this area of focus, we are seeing very significant margin expansion here or increase overall in our free cash flow, 168% on a quarter-over-quarter basis. I think the biggest thing to draw attention to in and around the adjusted free cash flow, and we show this on a post-debt servicing level. You can see, obviously, there's plenty of room for the debt servicing that's required. It's just the smoothness of the quarter and in the context of even comparing to a year ago or even a quarter ago. We did talk about this trend of less adjustments into some of the KPI calculations, and we're seeing that trend flow through. We're going to be able to see this continue through 2025. We will always continue to have business acquisition costs quarter to quarter, year-over-year, given that's really the sort of core focus of our growth and the opportunities ahead of us. Just as it relates to the sort of ongoing adjustments to these metrics, adjusted EBITDA, adjusted free cash flow, I think you're seeing quite a bit of smoothness in the numbers now through Q1, and that will continue into Q2. Again, as these numbers continue to be enhanced, we'll obviously have more opportunity for capital redeployment, whether that be to continue to repay debt or look for other growth initiatives. I'll turn it back to Jordan now just to talk briefly about the Tiny Fund I and some new disclosure that we provided in this quarterly overview. Thanks, Mike. Really excited to start sharing a little bit more information. This is the first quarter that we're actually disclosing the revenue for Tiny Fund I. As a reminder, Tiny Fund I, we're at about a 20% LP holder or GP. We get carry on an asset-by-asset basis. Tiny Fund I owns majority stakes in some amazing businesses like Letterboxd, AeroPress, BeFunky, Mateina. It's a priority of ours to keep telling you more about this fund, keep showing you the distributions, report on the revenue, and keep pushing on where we can give you more information. You can see our quarter-over-quarter compared to prior year, we have an increase of about 13%. We're pushing 17 or we're at about CAD 17 million of revenue in Q1 2025. You'll see our combined unaudited revenue of about CAD 66 million for 2024 compared to CAD 55.5 million for 2023. That's an increase of about 19%. Finally, on the distributions, I'll note that in 2024, we were less frequent. There's some lumpiness. In 2025, we're expected to be on a more regular cadence. We're excited to keep reporting on these results, especially as it relates to revenue and the actual distributions we're getting as a 20% LP and as part of the GP, if and when we are getting our carry. We'll just keep you updated and keep improving. I'll pass it back over to Mike to just give an update on our debt. Yeah. Thanks, Jordan. Another obviously strong financial indicator that we've been focused on, again, as management and for our investors, is certainly trying to improve the net debt to adjusted EBITDA ratio. I think, as everyone understands, we've focused on that in two areas, both debt repayment and enhancing our earnings profile. These numbers are obviously pre the Serato acquisition. On a consolidated basis post-Serato, our overall leverage levels are not really going to change that much. I think we had got ourselves in a great position to do that transaction. We were able to finance it in a very strategic fashion while continuing to maintain our net debt to adjusted EBITDA levels. I think that's really important given how much we've highlighted that as part of our focus. Also, Serato will continue to enhance the EBITDA profile and the cash flow profile. Even some of the financing that we've taken on for that acquisition will be able to be repaid relatively quickly. When we started these conference calls a few quarters back, we were up in the sort of 3.2 x range. Happy to report that at the end of Q1, our leverage levels were at 2.7 x. Excuse me. This is getting very close to the target that we'd identified of getting sort of down to 2.5 x. Again, both through debt repayment and improvement in the earnings profile. We're going to keep focused on this. We're getting some flexibility to redeploy capital, obviously, as we've just seen with the Serato acquisition. We're going to continue to maintain flexibility to, again, look for more opportunities to redeploy capital, whether it be through growth opportunities, but more importantly, just to make sure that we're maintaining the leverage levels we've talked about and getting ourselves down to that goal of 2.5 x or less. Okay. That's it for that. I'll turn it back to Jordan to finish up, talk a little bit about the roadmap and where we're going to go for the rest of 2025. Thank you, Mike. Just a quick update. We put this slide up, and it was only two weeks ago, so in our 2024 results today. I wanted to give a quick update on where we sit on this roadmap. I mean, even before we start, I mean, I'm just excited about the progress we've made to date around improvements in adjusted EBITDA, free cash flow, improving our leverage ratios, hitting on our strategic priority and really our long-term vision of owning and acquiring wonderful businesses and announcing and closing the acquisition of Serato. I'm just proud of the work that our team has done. I wanted to highlight that. As we look at the roadmap for EBITDA growth and improving our performance, you can see that improvement in Q1. You can see that the impact of our cost discipline and our focus on margin improvement and all the things we said about increasing cash flow started to show up in the results. We still think that there's more work to do, but you'll continue to see that through 2025. You can see those Tiny Fund I distributions in Q1. It was quite a nice increase from Q4 2024. We're excited to keep that coming and keep reporting on it and telling you more about the fund. Finally, you'll see the results of Serato included from May 12th and beyond. We are excited to have that enhance our recurring revenue, our overall revenue, our adjusted EBITDA. As Mike said, as we continue to pay down debt, as we continue to increase cash flow, it just gives us more flexible capital allocation opportunities. We continue to evaluate tuck-in and platform opportunities. We continue to look at paying down debt to just give us flexibility. We are excited for what 2025 brings us. Thank you. I think we can turn it over for questions now. Thank you very much. To ask a question, please press star, followed by one on your telephone keypad. If you change your mind, please press star, followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from Max Ingram from Canaccord. Your line is open. Please go ahead. Hey, good morning, and thanks for taking my questions. My first one's on the growth. Pro forma of the non-core asset sale, growth was positive. That's a return to growth following a couple more muted quarters. I was hoping you could talk to us a bit about what you're seeing from customer conversations, especially with all the stuff going on in the macro. I'm curious to get a sense of what you're seeing because it's nice to see the growth, and I'm just curious what's driving that. Yeah. Big growth driven primarily by digital services. I would not be lying if we did not see the same uncertainty and that we are not hyper-aware of what is going on in the world. I would say we have not seen that impact our overall growth in that segment. We continue to see strong pipeline. I think that is really a testament to the strength of the brand, the business, the work that we are doing, and really the work that we have been doing around diversifying our customer base from, like, listen, we were primarily more focused two or three years ago on startups. Now we have got startups, medium-sized enterprise, Fortune 500. We are kind of focusing on verticals. That diversification has helped us. We filled up the pipeline. We focused on retainer work. You are really starting to see some of that in our results. I will say that there's a little bit more softness in the e-commerce space, but I think with the recent announcement of tariff reductions and starting to see some of those trade deals happen, I think more recently, we've seen people breathe a little bit easier, and our merchants are telling us that. We are working with our merchants to make sure that we're good partners for the long term and just servicing them and making sure that we can help them during potentially tough times. Thanks. That's really helpful. My second question is on the streamlining of operation or the integration of operations of Stamped Repeat and KnoCommerce. Are there more opportunities for this in the future with other portfolio companies? Just curious your thoughts. I would say yes. I would say it's not our strategy as a matter of principle, but there are some businesses we're talking, like, let's say, two or three, especially in the e-com portfolio, that might make sense to get together and use resources and potentially save money or even just have synergy on the data side. There are opportunities, but I wouldn't say it's material. Right. Okay. That makes sense. My last one, nice to see the disclosure on the fund performance. I do not know if you are able to disclose this, but I would just be curious on maybe some of the standout performers in the fund. I can say that Letterboxd continues to be a standout performer. The growth is impressive. I do not want to skirt around potentially disclosing what I am not supposed to, but we are looking to get more out there on the fund. I am happy to highlight that Letterboxd continues to be a standout performer. We continue to see really amazing user growth, engagement. You will see, I think, three days ago, they are in Cannes, and they just launched or they just announced the launch of their video store rental platform. Shows remain the top priority. We continue to be excited about that one. I mean, we are excited about many of the businesses there, but that is really a standout performer. Great. Thanks for the color. I'll pass the line. Thanks, Max. Thanks, Max. As a reminder, to ask a question, please press star, followed by one on your telephone keypad. We currently have no further questions. At this point, I would like to conclude today's call. Thank you very much for joining. You may now disconnect your lines.