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 Grindr 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 star followed by 1 on your telephone keypad. If you would like to withdraw your question, please press star two. Thank you. I would now like to turn the conference over to Tolu Adeofe, Grindr's Head of Investor Relations. Please go ahead. Thank you, moderator. Hello and welcome to the Grindr Earnings Call for the Q1 2024. Today's call will be led by Grindr 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. Thanks, Tolu, and hello everyone. We report outstanding revenue growth and strong Adjusted EBITDA in the Q1. 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 as a global Gayborhood in your pocket. We are pursuing that vision by focusing on, one, a robust set of products and features focused on serving users' varying intents. Two, a lean and nimble team with an exceptional performance-driven 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 and Roam, 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 will 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. Roam, 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 H2 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 chats 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 foundational to several new intentionality-focused paid 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 gay-borhood in your pocket. Physical gay-borhoods 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 gay-borhood 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 Gateway vision with you, our Investor Day, in June. Thanks again for joining, and now I'll turn it over to Vanna to discuss the quarterly results in greater detail. Thank you, George, and hello everyone. Grindr is firing on all cylinders as we start off the year. Q1 revenue grew 35% year-over-year to $75.3 million, and adjusted EBITDA margin came in at 42%. Q1 revenue was driven by strong sales across all products, including the Grindr Extra weekly subscription, which launched in mid-2023. Direct revenue increased 34% year-over-year to $64.4 million, and indirect revenue was up 43% year-over-year to $11 million as we benefit from reinstated banner advertising from Q2 of 2023. To share a few key user metrics: Average monthly active users increased 7% over the prior year to 13.7 million. Average paying users in the quarter increased 17% over the prior year to 1 million, which brings payer penetration to 7.4% for the quarter. Our average direct revenue per paying user increased 15% over the prior year to $21.25 this quarter. Moving to expenses and profitability. Operating expenses, excluding the cost of revenue, were $36.5 million in Q1 of 2024, up 13% year-over-year. This reflects higher people costs driven by stock-based compensation and contractors, which was offset by lower depreciation. Adjusted EBITDA for Q1 of 2024 was $31.6 million, equating to a 42% adjusted EBITDA margin, up from $22 million a year ago or 39% of revenue. Turning to our balance sheet, we paid down $25.8 million of debt, bringing our debt position to $315 million as of March 31st, 2024, and ended the quarter with $21.5 million in cash and cash equivalents. Lastly, I'll touch on how we're thinking about our 2024 outlook. We are pleased with the strong start to the year, which increases our confidence in the outlook for revenue growth of at least 23% and adjusted EBITDA margin of at least 40% for the year. We set and update our annual guidance based on our most current views of the business and what we know to be achievable. Q1 year-over-year revenue growth was largely driven by user adoption of the XTRA weekly subscription, which was introduced in mid-2023. We are currently testing new products and are encouraged by their potential and are still accumulating data that will inform the timing of global launch and revenue forecasting. With that, I'll ask the operator to open up the line for questions. At this time, if you would like to ask a question, please press the star and one on your telephone keypad. You may withdraw yourself from the queue at any time by pressing star two. And we'll take our first question from Nick Jones with Citizens JMP. Your line is open. Great. Thanks for taking the questions. Maybe first, increasing the engineer headcount by 50% sequentially and with Right Now and Roam products rolling out. Can you speak to how you think about, I guess, return on investment when you add engineers? You guys are a very product-driven company with a lot of enhancements to come. How do you think about kind of ratcheting up those hires and how we should be thinking about, I guess, the timeline or return on investment to those hires? Thanks for being here, Nick, and great to talk to you. So I'll start, and then I'll hand over to Vanna. First, we had way more engineers than we have on board today at our peak in January of 2023. We were close to 225 people in total, and a big portion, nearly half of that, was product and engineering team. As everyone knows, a lot of folks chose not to stay on Grindr with the culture change and cultural implementations that we wanted to make, which included coming back to the office, and so they chose to depart. And so we are at 129 people in total as of end of Q3, and so far from where we were at our peak. So the engineers that we were adding are not even bringing us close to where we were in the past. When I came to Grindr, my takeaway, and this was not just mine, I think a lot of folks who were here in leadership roles had the same feeling, is that we had the opportunity to significantly increase productivity. We were not shipping as many things as we could have been shipping, and I think achieved that in a pretty significant way both last year and are continuing to see pretty significant productivity improvements this year. Obviously, some of that has to do with kind of having clarity on what you want to achieve because I think engineers do really well, and there's clarity around product vision and specifications. Some of it has to do with better management, which we're implementing across the whole org, right? That's something that you have to do as a company matures. As far as how we tend to think about product development, we are a very product-driven company, no question. The way I think best product is built is through user perspective. If you go to our operating principles on our website, you'll see that the first principle is user number one. There's a very clear reason why, right? We try to learn from users what they want and then try to build that for them. Does not mean you don't come into the product with a hypothesis. You definitely do, but you start with the user in mind. We are fortunate that our users actually have told us a lot in terms of what they want. They've been saying this for years, that they want certain things built, and, "Hey, when are you guys going to do that?" And we've been, I think, very deliberate in ensuring that we build those things for them. What we normally do is kind of get that initial user perspective in terms of what they want, mock things up and design prototypes, and put those in front of the user and collect feedback on that as well, make changes based on user feedback, and only then start actually building the product, at which point we have a reasonably high confidence that something will work well. We try to build the most minimum viable product you can to address the user need that's in question, put that out into the market as quickly as possible because the best test for something is actually having users work with or play with a product that you have out there and start collecting feedback. That's something we did, for example, last year with Roam, right? We put the first version of Roam out in the fall in a couple of countries with a select set of users, collected feedback, took that feedback in from the real product being live in market, and then made changes to it, and then put it out there again last quarter. So that's the general approach that we take to product development. We definitely have more to do than we have resources to do with in a pretty significant way. That's why we said that we would expect that over a 2-year period, we would build back up to at least the levels of total number of hires that we had or total number of team members that we had in the beginning of 2023. And just to address, hey, Nick, how are you? So we are thinking about our investments with respect to the overall envelope that we've set in terms of our guidance of 40%. So everything that we are talking about, you should expect that is already factored into the guidance that we've shared with you and that really it is the investment that we need to put into our business to continue the growth in the short and medium term. And so yes, it sounds like a big change with respect to 50% increase in engineering headcount, but as you know, we were at 104 total FTEs at Q4, and now we're at 129. So still a relatively lean company for the amount of product that we have out there and our goals. Great. And maybe still staying on the theme of product rollouts, there's Un limited Weekly rolled out globally in Q1. You mentioned the Extra that was rolled out in 3Q last year. Payer penetration, as a% of MAUs, took that nicely in 1Q. Can you speak to kind of the product rollouts obviously help attract more payers, but to the extent that users are having a better experience, is that also showing up in just maybe MAUs who aren't quite ready to pay? I guess could you kind of walk through, as you roll these out, what is kind of the impact on payers and, I guess, even further up the funnel on just overall usage of the platform? Hey, Nick, maybe I could just start. So we actually did not roll out the Unlimited Weekly. It is only in test. And so it's not fully rolled out globally. It's still in test. And so what you can imagine is that it only went out in April. And so this was the Q1 results that you're looking at, and the test part was still in March. And so I would say that we're very pleased with our growth rate in average paying users, which was 17%. We're pleased with the ARPU changes, which is really an output of getting more and more paying users. And the MAU continues to grow. I think you could see that we're up by 7% in terms of year-over-year. We are having a steady drumbeat of bringing more and more monthly active users globally into the platform and increasing our average paying users through our buildout of the product roadmap. It's global, both domestic and international, and it's really a drumbeat of continuously tweaking our products and getting more users out there. And I think to kind of what are the products that we're building and where are they going? So first of all, we have Investor Day coming up in June, and so really excited to have everyone there. And I think we'll do a fairly detailed look into what the product roadmap is and what are the things that we will be launching and how that interrelates to the growth that we're planning from the revenue perspective. So please stay tuned to that, and I'm really looking forward to telling everybody what we're going to be doing. That said, the way we have been thinking about product development overall is both in creating products that will drive monetization and also building things for the entire user base, even if those users are not paying customers because obviously, they are very valuable users as well. You want our paying customers engaging with people who are not paying customers, and so you want both. From that perspective, for example, this quarter or this last quarter, we released a huge update to our chat system. It's a completely new architecture in our chat system, a very significant launch, the most challenging technology the company's done in nearly a decade. And that's obviously for everybody. Now, we do envision that with that architectural change, we will be actually able to launch new features inside our inbox that will be specific for paying customers and will be an opportunity to convert more people to become paying customers. When we think about product development, we kind of think about it from both attracting new users to the product or maybe users who used to use the product before and are using it less now because they were not getting what they wanted from that product. That's an example of, for example, what dating features might do for us, as well as from the perspective of then taking those users or existing users and converting them to being paying customers. Great. If I could sneak in one last question here, and then I'll hop back into Q. Sure. In a slide deck you guys put out earlier in the year, I think it was about 25% of MAUs are in the U.S., roughly, but your revenue in the U.S. is quite a bit higher than that. So could you speak to, I guess, your ability to monetize so well in the U.S. and maybe what it takes to kind of get similar monetization in some of the international markets or what the puts and takes are to monetization internationally versus in the U.S.? Or maybe I have this wrong, and you could just help clarify. Thanks. Sounds good. Nick, so yes, you're right. We have about a quarter, a third. We're nicely global in terms of our monthly active users with North America versus all the other regions. Absolutely true. From a revenue perspective, think of it as around 40% of our revenue is coming outside of North America. And so clearly, that's giving you an indication that we are further along in terms of not only payer penetration, but obviously conversion as well in terms of North America versus the other regions. I think what you can also take from that is that we put out a product, and we put it out globally. So we do a global launch, for instance, of the weeklies with some level of localization but quite minimal. I think that we are continually testing how our products are landing in certain international markets, and we will continue on our localization efforts to increase the conversion rates internationally. I would say that we're still early in that journey, but what's pretty comforting is that even with a global rollout, for instance, the extra weeklies, like you noted, they still perform very well globally. Nick, I guess view all that as a massive opportunity, right? The fact that we are penetrating well in the US but are still, I think, below our peers in the dating space, it's a great opportunity to continue increasing payer penetration in the US. The fact that the rest of the world, Europe, Latin America, and Asia are below North America in payer penetration, I think tells you that over time, you can drive that penetration to be higher as well. We've never really approached this business from a regional perspective, and that's something we're just now starting to think about, as Vanna mentioned, from the localization perspective. I think that'll be really helpful. There's also a factor of kind of cultural changes, right? The U.S. and Europe, in particular, are probably furthest along in acceptance of gay rights, and that makes it easier for people to be paying for a product like us. That change is happening very actively in Latin America. We were just in Argentina, sorry, in Brazil, a few weeks ago, and the response to us being there and speaking was extremely positive. And so I think there's a ton of opportunity in Latin America from that perspective. And then in Asia, where probably the pace of change culturally is the slowest right now, you are still seeing some significant changes happen, right? Thailand is very actively working on passing marriage equality as a law. And so that's really positive as well. So I think we have a ton of opportunity to see payer penetration grow all over the world. Obviously, it's going to be a long journey, right, because we have a lot of room to grow, but we plan to take advantage of that. Great. Thanks, George. Thanks, Vanna. We'll move next to Andrew Marok with Raymond James. Your line is open. Hi. Thanks again for taking my questions. I wanted to talk about the Right Now launch. It seems like a pretty interesting product and fairly differentiated in the marketplace. You talked about user feedback or user signals on intent that went into the development of that product. Can you maybe go a second level below and say, what was it among the user base that said, "This is the product that we need to serve this unmet desire in our user base"? Absolutely. Happy to talk about that and good to talk to you, Andrew. So I think the way I would think about this is the following. When Grindr started out as a company in its earliest days, everyone who was on Grindr kind of thought of it as a Right Now product. That was kind of the reason you were there, right? And obviously, it was both online and in some ways, it was going directly offline as well, which is actually a huge differentiator of Grindr. I mean, I can tell you my own personal story, how I learned about Grindr, where I was in a bar with a bunch of my friends, and one of them pulled out his iPhone, and he's like, "Hey, let me tell you about this cool app I just discovered." Goes into Grindr, and there were like 20 people in the bar who were all on the app at the same time. So that was and the Right Now mode was kind of there for everybody at that point. Now, over time, as the user base grew and obviously grew very, very quickly to much larger numbers, many other use cases came into the product. So we went from Right Now use case to people looking for dating, to people looking for friends, to people looking for social connections and even professional connections, looking for information and access to that information as related to travel or health, etc. And so not everybody is in the same mode of intentions at any given moment. And frankly, people can be in more than one mode of intentions at the same time, right? And so what we are hearing from users is, "It'd be great if we could have a way to know who is in the Right Now mode when we are talking to them." And we heard that loud and clear from users, and that's what we are building. Now, Right Now is not what we've launched so far is not the completed product. By the way, when I say launched, it's in test in one country, right? So that's kind of the phase we are at right now. This is the first test of this. We are collecting user feedback. We're going to take that feedback and then make changes to the feature and get it back out into users for testing purposes. So this is a multi-step process, but it's still phase one of what we want to do. What we've released is a toggle on your profile that allows you to say you're in the Right Now mode, and then people are able to sort the grid based on who is in the Right Now mode. Over time, we see opportunity for a lot more features that are tied to that mode. It could be creating a many-person chat facility or a room where people could be talking to each other who are all in that mode. It could be additional toggles on the profile. It might even be that the profile looks a little bit different if you're in the Right Now mode. So there's many different things that we are considering adding to this broad product feature set. And over time, we think it'll be a pretty significant extension of the product. I do want to say this second thing, which is not related to Right Now per se, but in terms of how we're thinking about the product. Right now, it's kind of one mode and one end of the things that we're looking to add. On the other end, we're thinking about dating the same way, right? We want to extend the product to have a feature set for dating. That's something also we've heard very actively from users. People are saying, "We actually have a lot of success in finding long-term partners on Grindr." The numbers are very, very high, and we're very excited about that. It would be great if you had a feature set that allowed us to more easily connect with people who are in that mode, who actually want to be in a long-term relationship. So given the fact that we have users who are already in a relationship on the app and are not looking for a relationship, for example, that's a different segment of users versus the ones that might be actively looking for a relationship. And so creating a segmentation for them to kind of be able to talk to people who are in the dating use case is another thing we very much want to do. So none of this is going to change the main grid. The main grid is going to stay as it is. That's like bread and butter of the business, and we think is extremely valuable. But building out these extensions in two different directions, we think is a huge opportunity, and that's what we are working on today. Really appreciate the detail and looking forward to kind of future evolutions of that product. And then maybe one quick one for Vanna, if I could. You mentioned the Q1 statement of banner ads driving that spike up in the pace of indirect revenue growth. I guess, should the Q1 results kind of be seen as the run rate going forward? And any other kind of detail as to the scale of the moves that you recently made would be appreciated. Thank you. So yes, Andrew. We are definitely off to a strong start this quarter across all of our business lines, and we did reintroduce that banner in the middle of 2023, so we are seeing the impact of it. What I'd suggest is that our advertising revenue is around 14% of our total revenue, and we can imagine that that composition of total revenue will stay around the same. So I think you should think about it in that manner. All right. Appreciate the caller. Thanks. We'll move next to John Blackledge with TD Cowen. Your line is open. Hi there. It's Logan on for John. Thanks for the question. I had two questions here. Firstly, revenue growth was strong once again in 1Q. How should we expect revenue growth to trend through the rest of the year as you lap through the weeklies launch in 2023 but also have new products launching alongside this new weekly unlimited tier? Yes. Thanks. So we had definitely a strong year so far, and we're really looking forward to a full year of great revenue growth. As you know, we've guided to 23%, at least 23%. And that said, our philosophy on guidance is to inform the market based on things that we have visibility on. And right now, we are running tests across our subscription products, our à la carte offerings, and our advertising formats. All those tests are going well, and the results might impact our forecasts. And so as we get more learnings back, it's still relatively early, and all of these tests will update the market. You might recall that last year, when we put out earnings, sorry, when we put out our guidance, we waited until we had the full impact of our testing with respect to understanding cannibalization, with respect to understanding sign-up growth, and then we started providing the updates to the market. So I think we prefer to keep our philosophy and really have a clear line of sight. Okay. Then just on marketing, marketing spend continues to be minimal for you. Could you just update us on your philosophy with respect to marketing spend and also the results of the podcast and other brand marketing focuses for you guys right now? Totally. So historically, Grindr has marketed very little. Maybe in the early days, it did a little bit more. Then it was almost no marketing when we came in. And in some respects, we were successful in spite of our marketing ramp than because of it. We were not telling our story very, very well. Grindr does awesome things for the community, for its users. And historically, even in recent history, kind of telling that story and that narrative around the brand was not at focus. And in product marketing as well, when you go into our app, we can do, and will be doing, a much better job in telling the narrative behind what the features are, how you use them, what benefits you get from them, etc. So there's a ton of opportunity on the marketing side. Last year, we brought on board a new leader for our marketing and communication efforts, who is a person interested, who is a member of the community, has been an app user historically, has an incredibly good sense of the user, and also has worked both in the United States and in Europe, so brings an international perspective to things as well, which we think is really valuable. And so with Tristan's leadership, I think we're significantly up-leveling our marketing capabilities. A lot of that has already started to bear fruit. We spoke in the shareholder letter about the podcast that we ran in the first few months, which had incredible response from users. I mean, it became a thing in the community in a really positive way. When you think about the total amount of money that that cost versus the engagement levels that you got from users, the ROI was extremely high. So another thing we're thinking about that's going to start in the next few weeks in celebration of our 15th year anniversary, we are going to be launching a bus tour across the United States. This is a Grindr bus that's going to go to 10 different cities across the country and have these really major marketing moments for Grindr during the month of June. Obviously, June is Pride Month, and so there are big Pride events all around the country. You can imagine Grindr is a very heavily used product during those events. And so again, that is going to be a reasonable investment, but the ROI you're going to get from that, we believe, from engagement with the users is going to be really, really significant. We had a little taste of that in Rio when we were there for to give a speech and then or to do this fireside chat about the 15th year anniversary. And then we also had a kind of version of the bus there. The lines to get into it were completely unimaginable. I thought maybe 20 people would be in line, when it was like tens or maybe even hundreds of people in line waiting to get in. They had to call out security to manage the crowd. And so those are the kinds of things we are doing in brand to help tell our story really well and really control the brand narrative, right? Because for better or for worse, Grindr does attract a lot of attention, a lot more than other products. That attention can be good if it's channeled in a positive way around the things that we do really well, but it can be damaging when people try to make things that are not a big deal into a much bigger deal. So we want to be owning the brand narrative and helping users understand and all stakeholders understand what Grindr does and how does it service the community. Great. Thanks. We'll move next to Rohit Kulkarni with ROTH MKM. Your line is open. Hey. Thank you. Nice caller, and that said everything. A couple of questions, quick picture ones for you, George. I guess, how are you thinking about AI and AI-driven use cases? You mentioned chat, and you have rebuilt the infrastructure. Maybe talk about kind of what use cases you think you could unlock even more and perhaps accompanying investments that you may have to do to make those use cases a reality. And yeah, then I have a couple of the follow-ups on the model too. Sure. Good to talk to you. It's a great question. And so bear with me as I answer it because I have a lot of thoughts on this. So when we think about AI, there's both the user perspective in terms of what we're doing for the user and also how we run the company and how we actually build product that's interrelated to that as well, right? Because the changes that are happening thanks to generative AI in how code is written, for example, are incredible. I had a demo, for example, of a product this week in which an AI synthetic computer is basically operating at the same level as you would expect a junior or senior-year intern, software engineer, to operate. And that's pretty incredible, right, in terms of how much effectiveness it's going to add to an engineer's productivity. Now, we're not fully there yet, but we're heading in that direction. So the way we tend to think of this is in the following way. Right now, we believe software in general, software development, and products themselves are in the same stage kind of that in early days of cell phones, we were in cell phones versus landlines. And you could go after and kind of do a lot more investment into landlines, right, because that's what was present then as the main way of communication. Or you could say, "Hey, no, actually, I'm going to go invest in software, sorry, in cell phones, and build a cell phone-driven environment first, for example, in places where there might not be good connectivity on landlines." And so that's the kind of decision we need to make as well as we think about building products. When we think about dating, for example, the way we're approaching it is, "Hey, what is the AI-first-based dating product like?" rather than, "What is popular today in dating? And do we try to replicate and mimic that in our application?" Because again, we don't have dating features. I think the former is a much better approach because that's where everybody else is going to go. Since we have an opportunity to build from scratch, let's build for that future rather than what might be working today. That's how we tend to think about it. Where I think applications for AI are significant in our product, it's mainly threefold. One has to do with kind of communications, chatting, companionship, or support for the user, whether it's coaching or mental health in either direction. That kind of whole bucket of communications, generative component, I think is pretty significant. And there's a lot we can do there, and we're working on that. The second one is around matching and creating better connections between users, right? We have an incredible amount of information about our users. As you probably know, our users generated 121 billion chat messages last year. That's an incredible amount of information about what they like, what they don't like, what they're into. And using all that as a way to understand the user better and potentially create good matches between users, we think is a huge opportunity. So that's the second kind of component. And then thirdly is application health or app quality. Trust and safety is another big component. And there, we're already actually doing a bunch of things using AI, and we think we can improve. As any application like us, a social media app or dating app, there is behavior that is not allowed, right? It's against our community guidelines, or it is illegal. The more we can do to detect that type of behavior before it even happens or before anyone reports it and get it removed from the product and from the community, the better we are, right? Because that means we're creating a better experience for users. So actually, using quite a bit of AI already, we have done, I think, a really good job in proactively finding that behavior and getting it removed to the point where user reports on illegal activity in the app or activity that's against our community guidelines has dropped 50% over the last three years. And that's because we're actually able to get ahead of it and get it off the app before it becomes a problem for anybody. And so that's the third bucket of where we think opportunity is significant over there. Okay. Okay. Fantastic. I guess then a question on weeklies versus monthlies. I guess just philosophically, how do you kind of think about the lifetime value of a customer who's coming in for the first time and opting in for a weekly? Or how does the funnel progression, now that you probably have six to nine months' worth of data, has been? And maybe talk through over a steady state, what proportion of your users you think are free versus weekly versus monthly going forward? Thanks for the question, Rohit. Yes, we have been spending a lot of time now that we've got enough data to analyze our weekly and our monthly behavior. And as you know, we have increased our paying users. We've increased payer penetration, and we've increased ARPU. And so now it's time to look at LTV. We can do a nice analysis of LTV for the year. And I think there's one thing that I'd like to share with everyone with respect to our user behavior, and that is that our app offers immediacy to our community. And therefore, the weekly proposition has really followed that intent and user use case. And so we have not found the level of cannibalization that I might have expected with respect to weeklies and monthlies. And in fact, a reactivation rate, which we've been absolutely able to track now over the 1-year period, is extremely healthy. And so our ecosystem has remained extremely healthy and more available to more users. And so the LTVs are relatively close. We don't provide that data publicly. But what I can tell you is there is a cohort or subset of our users that enjoy the weekly product, and they tend to dip in and dip out. Yet, we also have a different cohort of users that tend to stay in the product for longer. However, given the pricing, the LTVs are generally in the same zip code. So we are pleased with our overall ecosystem. However, you also might notice at times, weekends versus weekdays and things like that, that it can become a little choppier now, but overall, very healthy. Does that answer your question? Yeah. Absolutely. Thank you. Thank you for the caller. Again, looking forward to the investor day. Hope to learn more about product and team. Good luck with that. Great. Thank you very much. So just one quick correction if there's no more questions. 1, we actually did begin rolling out unlimited in February, and it was fully rolled out in the quarter. And so I just wanted to make that correction. Unlimited weekly. Unlimited weekly. Yes. Thank you. And I'll pass the line back to the operator now. Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.