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Eventbrite Inc (NYSE:EB)
Q3 2021 Earnings Call
Oct 28, 2021, 2:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good afternoon, and thank you for standing by. Welcome to the Eventbrite Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Ms. Katherine Chen, Head of Investor Relations. Please go ahead.

Katherine Chen -- Head of Investor Relations

Good afternoon, and welcome to Eventbrite's Third Quarter 2021 Earnings Call. Prior to this call, we released our shareholder letter announcing our financial results, which can be found on our website, at investor.eventbrite.com. Before we begin, I would like to remind you that during today's call we will be making forward-looking statements regarding future events and financial performance. We caution that such statements reflect our best judgment as of today, October 28, based on factors that are currently known to us and that actual future events or results could differ materially due to several factors, many of which are beyond our control. For a more detailed discussion of the risks and uncertainties affecting our future results, we refer you to the section titled "Forward-Looking Statements" in our shareholder letter and our filings with the SEC. We undertake no obligation to update any forward-looking statements made during the call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law. During this call, we will present adjusted EBITDA, a non-GAAP financial measure. This non-GAAP financial measure is not prepared in accordance with generally accepted accounting principles and has limitations as an analytical tool. You should not consider it in isolation or as a substitute for analysis of our results of operations as reported under GAAP. A reconciliation to the most directly comparable GAAP financial measure is available in our shareholder letter. We encourage you to read our shareholder letter, as it contains important information about GAAP and non-GAAP results. And with that, I'll now turn the call over to Julia Hartz, Co-Founder and Chief Executive Officer.

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Thank you, Katherine. Hi, everyone, and thank you for joining us this afternoon. I hope everyone on this call and all of your families are well. Without a doubt, we are seeing tremendous anticipation around the resurgence of live events. Eventbrite's third quarter results have captured that momentum and rising demand. Over 250,000 creators around the world chose Eventbrite to power their events, exceeding 1.2 million in the quarter, and more than 28 million unique buyers came to Eventbrite to connect with others through live events. We are thrilled to see in-person gatherings improving our everyday lives again, and we are honored to be supporting our creator community as the world recognizes and celebrates the value of live experiences. After a prolonged period of social isolation, we are in the early days of surging interest for unique and local events. Gathering together safely enables us to achieve that memorable experience only brought on by human connection. So far this year, over [75] searches on Eventbrite are for in-person events, which account for over 65% of total ticket volume. Zeroing in on Australia, New Zealand and the U.K., paid ticket volume for in-person events has approached quarterly records. I'll also note that recent vaccination trends are extremely encouraging. Full vaccination rates are up from the single digits six months ago to exceeding 55% of the population in all of our major markets. Some regions are even pushing into the 60% and 70% range. We believe this meaningful improvement will lead to greater comfort with live events, and it's a positive indicator that demand will grow both in the intermediate and long term. We know that events have permanently changed for both creators and attendees, and Eventbrite is supporting creators who have found innovative ways to thrive in this dynamic and changing landscape. In San Francisco, the success of outdoor events has turned temporary venues like sidewalks, streets and even vacant parking lots into permanent event spaces. At last count, nearly 2,500 applications have been submitted to use these new venues. Creators are building avenues to reach new audiences by hosting both virtual and in-person events on the platform. One example is Black Bourbon Society, which is furthering appreciation for bourbon through tastings and tours that celebrate the diverse history of distilling. A core tenet of their mission is to broaden the inclusivity of the spirits industry.

When in-person events were canceled, they embraced the opportunity to expand their reach through virtual events. They've already tripled their number of events and tickets year-to-date in 2021, and they plan to keep their online community of over 8,000 followers engaged with local and online experiences. Our platform offers creators a way to market, sell and manage any kind of event from the same store. Through all the ways that live events have changed in the last year, our distinct creator-centric focus has helped us stay highly engaged with our customer community. We've achieved sequential growth in the number of total, paid and frequent creators in each of the last five quarters. And in the third quarter alone, total creators grew 29%, paid creators increased 56% and frequent creators rose 24% compared to a year ago. What's even more exciting is that we've also acquired 90,000 new creators in this period. As our core customer community expands, we will continue to lean into the product-driven growth strategy that is helping creators build smarter businesses and bigger audiences. Frequent creators, in particular, remain our North Star and an important focus of our strategy. For the third quarter, paid ticket volume from frequent creators nearly doubled from a year ago.

Approximately 2/3 of paid ticket volume came from these creators, who host at least one event a month. As more creators return to the platform to reactivate their event series, they want our help to build and engage new audiences. Launched this year, Eventbrite Boost meets this need. Early data shows that in some categories creators are seeing a lift of 25% in ticket volume after using Boost to help market their event. And we are excited to keep adding features and functionality to Boost that will help users reach more audiences in a simple and efficient way. In our most recent product release, we've made the campaign setup process more seamless and intuitive by using data about the creator and their event to generate personalized recommendations. The automation and customization makes it easier than ever for event entrepreneurs to launch campaigns regardless of their experience level. Our future releases will focus on making event marketing easier and more effective for the small business owner. As the world awakened from the isolation of the pandemic and people look for great things to do together, we see an opportunity to directly support our customers in building their businesses. Year-to-date, the reach and visibility of our platform has helped drive more than $350 million in gross ticket sales for our creators' content. In our view, demand generation can be a natural extension of our focus on marketing and audience growth. We are thinking strategically about the right way to shift these capabilities to our customers. Meanwhile, creators of free events can also benefit from participating in our marketing services, while continuing to use our core ticketing function at no cost. Free tickets were 74% of our total transactions for the third quarter, and we are excited to explore ways to deepen our engagement with this cohort and potentially develop these avenues for future monetization. Extending beyond our platform, we are also leading the global community of experienced creators in two distinct ways. First, after a very successful virtual customer summit, called RECONVENE, in May, we are continuing the momentum by hosting RECONVENE Sessions. This program of ongoing in-person and virtual events are tailored toward the event community.

They provide a vital forum to share ideas, foster community and accelerate business growth. Second, we are lending our voice to the ongoing movement to relieve the mental health impact of social isolation. I'm proud to announce that Eventbrite recently joined the Coalition to End Social Isolation and Loneliness. We aim to increase awareness of this timely issue and advocate for live events as a way to improve social connectedness. We believe this work directly supports our mission to bring the world together through live experiences. We look forward to working with our partners to advance this important cause. The entire Eventbrite team is thankful to have the partnership of our creators, our employees and our shareholders as we strive to build the best self-service ticketing and marketing solution for event creators and event goers. We are proud of what we've achieved and excited to keep you updated on our progress. With that, I'll now turn the call over to Lanny.

Charles C. Baker -- Chief Financial Officer

Thank you, Julia. Our third quarter results delivered strong gains in both revenue and adjusted EBITDA, displaying the powerful leverage inherent in our business and financial model. Revenue of $53.4 million in the third quarter was up 144% year-over-year and 15% greater than the second quarter of 2021. We saw increased consumer demand for live events as vaccination rates increased in our major markets. Our product focus on serving frequent creators has also corresponded with improving acquisition and retention trends within that valuable segment year-to-date. The number of paid event creators active on our platform rose 12% quarter-to-quarter, reaching 109,000 total creators in the third quarter. That's the highest level since early 2020. As health restrictions were pared back in many of our markets, we saw a return of one-off summer season events, and events per creator declined 14% from the second quarter to the third quarter. However, strong consumer demand for live experiences meant that creators were able to stage larger events this quarter, and paid tickets per event rose 23% quarter-over-quarter. Putting the pieces together, total paid ticket volume rose 19% quarter-over-quarter to $19.1 million, which is more than 2 times where we were one year ago. It's a credit to our engineering and support teams that we've been able to support such significant volume growth while maintaining site stability and reliability and while also improving customer satisfaction scores year-to-date. We've also invested to make our self-service product experience more intuitive and efficient for creators, and we believe the benefit of this can be seen in our positive customer trends.

Another place where our product-led self-service ethos pays off is in operating leverage. Here, I think it's worthwhile to point out that Eventbrite's paid ticket volume and revenue were both up more than 100% year-to-year in the third quarter, while our average employee count grew by less than 10% over the same time frame. We believe that comparison really highlights the strategic choices we've made as well as outstanding execution by our team. Now turning back to the financial results, our third quarter gross margin of 66% was nearly five percentage points higher than in the second quarter of 2021, reaching an all-time quarterly record for Eventbrite. Increased ticket volume and higher revenue led to better absorption of the fixed portion of cost of revenues, and our deliberate focus on scalable products helped gross margins exceed our historic level. In the long term, we continue to believe that our gross margins can rise into the high 60% range with greater ticket volume and revenue scale. Total operating expenses were $46.4 million in the third quarter, essentially flat compared to the second quarter. The underlying mix of our operating expenses continues to tilt toward leverageable product and engineering investments, rather than to variable operating costs associated with volume growth. More than 50% of our employee base is in product development and engineering today, and significant portions of those teams are located in lower-cost locations overseas. With operating expenses relatively stable and revenue and gross margin up nicely in the quarter, we delivered a very strong result in adjusted EBITDA, which was $5.9 million for the third quarter. That represents an 11% adjusted EBITDA margin for the third quarter and compares to roughly breakeven in the second quarter. On both a quarter-over-quarter and a year-over-year basis, and excluding the impact of adjustments to reserves in prior quarters, approximately 50% of revenue growth flowed through to adjusted EBITDA in the third quarter, once again demonstrating the strong operating leverage potential of our business. Looking ahead, we believe our product-led operating model and scalable technology platform will lead Eventbrite toward sustainable revenue growth and improved bottom line results.

Our cost of revenue includes the one major directly variable cost item in our model, which is the standard transaction processing fee that's correlated with ticket sales. Operating expenses are largely under our discretion, and we intend to manage them carefully. We will prioritize investments in our team to further strengthen our platform, deliver on our product road map and strategy and grow our creator base. New product offerings like Eventbrite Boost and eventually demand generation are expected to contribute to revenue growth and should have attractive margin characteristics as well. In the near term, based on our current outlook we expect paid ticket volume and revenue to be higher in the fourth quarter than in the third quarter of 2021. Normally, October is the strongest month of the fourth quarter, and we expect that seasonal pattern to prevail this year as well. We also anticipate that month-to-month paid ticket trends may be variable based on the potential impact of COVID variants as well as normal seasonality. We expect cash costs, excluding processing fees, of between $36 million and $38 million for the fourth quarter of 2021, compared to $35 million in the third quarter. To conclude, we are encouraged by the third quarter performance, in which we delivered a significant step-up in adjusted EBITDA margin, propelled by healthy creator trends. At the same time, we supported strategic investments into the products that we believe will drive our next phases of growth. We are excited to empower the creators who use our platform to bring the world together through live experiences, and we're honored to be their partner in reimagining the live events industry. With that, I'll turn the call over to the Operator for the question-and-answer portion of the call.

Questions and Answers:

Operator

[Operator Instructions] And your first question comes from the line of Ryan Sundby. Your line is open.

Ryan Ingemar Sundby -- William Blair & Company

Hi guys. Thanks for taking my questions. Good afternoon. Lanny, maybe pick up where you kind of left off there and talk about what paid ticket volume looked like sequentially as you moved through the quarter. And do you feel like Delta had a significant disruption on the business? Because it sounds like September was your highest paid ticket volume month. Maybe just looking at [Indecipherable].

Charles C. Baker -- Chief Financial Officer

Sure. Thanks, Ryan. From June to July, paid ticket volume rose about 9% month-over-month. From July to August, it went down about 9%. And that was the time frame at which the Delta variant, if you go back, was really in sort of its fullest, most threatening and sort of imposing moment. In September, ticket volume rose 13% from where we were in August. And as we've started off October, we're seeing good ticket volume growth really in all regions. So there's -- the variability that we have spoken about and the connection between consumer demand and even local restrictions that are tied to the virus is very much in the business. I think as we go into the fourth quarter, we said October is usually the strongest quarter. It's up over September. We'd expect normal seasonality to play through in the fourth quarter. And although the virus environment I think is, generally speaking, with vaccinations, looking encouraging, we are headed to an indoor season in the Northern Hemisphere, and it remains to be seen how that will impact demand in the short term. But in the long term, things are certainly setting up well.

Ryan Ingemar Sundby -- William Blair & Company

Got it. Very helpful there. And Julia, I know you just recently launched Boost in May, but it does seem like a very compelling tool. Encouraging to hear that, at least early on, it's helping creators expand their reach. Can you talk a little more about what percentage of creators have started to use Boost? And maybe who they are? Are these high-frequency creators? And maybe any more feedback you're getting from them as they use the tool.

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Absolutely. Thanks, Ryan. So Boost did launch to all of our creators in May. And so it's still very, very early days. But what's exciting about how we've built Boost and how we're iterating on the product features is it's just a continuous loop with our customers. So Boost really came about by integrating with ToneDen, which was a social paid advertising platform, and realizing that our creators saw this strong product market fit to meet their needs, and about 85% of our core frequent creators tell us they want our help in being smarter marketers of those events. So once we acquired ToneDen and quickly integrated into the platform, we saw that creators were starting to use it in really interesting and creative ways. And so as we observed that behavior, we really focused on two key elements. The first is to simplify and automate all of the actions that are going into creating a marketing campaign and really figuring out how to market the event, because our core creator is oftentimes a solo entrepreneur. And so they're wearing many hats, and they don't have a lot of time to be figuring out new technology or to be figuring out how to be the best marketer of their event. And oftentimes, these creators are spending up to 40% of the face value of the ticket on marketing. So there's a lot of opportunity there to create efficiency and help them get a better bang for their buck. And secondly, we wanted to help creators just reach a significantly larger audience. We know that Eventbrite has this wide breadth of consumer audience, and that data really allowed us to understand where we could find more audiences like those to match with the type of content that our creators are offering. And on average, we've seen creators who are using Boost sell about 16% more tickets for their events. But in some categories, they're selling upwards of a 1/4 more of tickets for their event. And so we see this really early traction. It's very interesting. And as we continue to lean in and invest in this new capability, we'll not only continue to make it simpler and more efficient, but we'll broaden the channels and the diversity of opportunity for creators to reach their audiences more effectively.

Ryan Ingemar Sundby -- William Blair & Company

Got it. That's great color there. And then, Julia, maybe just one last one here. Bigger picture, as you look out down the road [Indecipherable], I guess, based on the comments on maybe more emphasis on demand generation and discovery, what kind of contribution should we expect to see from nonticket offerings? Would that someday be a meaningful revenue contributor? Or should we think of these more as just tools to support the data base?

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Well, I would think about the landscape of Eventbrite in the intermediate term as seeing three vectors. The first is our core business, which is ticketing transactions. That's really the storefront for creators, and we're focused on making that more efficient every day. Because again, they don't have a lot of time to be spending on these daily tasks. They would rather be spending time on creating content for their event, and we really want to enable them to be able to spend more time on the content. The second part is around how they're marketing their events. And we want to make them smarter and really more adaptable to the changing landscape to be able to reach that bigger audience and, whether it's for an in-person event or a virtual event, be able to grow their businesses through this recovery period and beyond. And then the third part that I would think about is access to audience. So we know that in the quarter alone, 28 million unique buyers came to Eventbrite to peruse our content and find things to do, and about 1/4 of those came to the event that they actually purchased through an Eventbrite proprietary channel. And so what we see as being an unlocked opportunity right now is really leaning into demand generation, because we know where the consumers are and we've become very good at putting the right event in front of the right person at the right time in order to make that match in the marketplace. So I would think about those things as being three areas of the business that reinforce themselves and really speak to what our core customer needs during this time as they continue to expand their businesses on the platform.

Ryan Ingemar Sundby -- William Blair & Company

Thanks guys.

Operator

And your next question comes from Dae Lee, from JPMorgan. Your line is open.

Dae K. Lee -- JPMorgan Chase & Co

Great. Thanks for taking the questions. I have a couple. The first one, for Julia. Continuing on the topic of Boost, how do you think about the progress of rollout to the creators right now? And what do you think is the biggest friction point for more creators to adopt the product? Is it more about the learnings they have to do? Or is there something else preventing more creators to try out this product? And then the growth in in-person events was good to see. So just curious to hear if that's more creator-driven, meaning more creators are opting to do in-person meetings? Or was that more demand-driven and customers, event goers are requesting more in-person events? And digital events as a percent of total has been coming down every quarter this year, with 3Q at the lower end of your expectations for the long-term mix. So just curious to see if seasonality was, like, the biggest factor to that? Or is there something else affecting the mix for in-person events?

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Thanks for the questions, Dae. So I'll start with Boost. I think the biggest -- I don't even think it's a barrier, but I think what we're focused on right now is awareness of the product. This is an entirely new capability for our creators to be able to unlock our marketing muscle and help them become more efficient marketers of their experiences. And so we're working really diligently to be able to show that product value and really educate not only our installed base of creators who use the platform today, but new creators, such as the 90,000 new creators we saw in the last quarter, understand the value of Eventbrite as both a ticketing and marketing platform. So I think education and product marketing and awareness are really the key to our success with the current product. And we're continuing to iterate that product. So again, we'll be doubling down our investment on our engineering team and product team focus around Boost as we continue to learn more about what creators find as those killer features and continue to reinforce the product market fit there. And I think that, for us, being able to learn more about how creators are unlocking value from Boost is one of the hallmarks of the Eventbrite product development cycle. We don't just put features out there to see what sticks. We really listen to our customers and observe what they're actually doing on the platform, and then we work to make it better, faster and more successful for them. In terms of in-person event growth, I would say it's almost entirely demand driven. Many of our frequent creators have found that they can take the same content that they had produced in person and actually pivot that to virtual events and have done so in a really successful manner.

We see the vast majority of searches on Eventbrite being for in-person events. So much like commerce shifting to shops near me, we're seeing people search for "events near me." And obviously, that's driving the trend of more in-person events becoming published by our creators and more paid tickets toward in-person events being generated in the quarter. And we do, I think, a great job of closing that loop for our creators by telling them about these trends and giving them ideas of what consumers are looking for on the platform, which is really valuable as they think about their own mix shift. The final thing I'll say on that is the frequent creators, which are really our core creators, are thinking about their business now with two different channels of delivering the same content, and that's an exciting opportunity for us. They're thinking about building these hybrid businesses, not necessarily hybrid events, where they can actually post an in-person unique and local event as well as access the global audience that's on Eventbrite to host a virtual event, again with that same type of content, but much lower cost. So I think there's more to come from that. It's obviously early days, and we'll continue to track the trends. But I think Eventbrite does a really nice job of being able to support both types of events since we are absolutely format agnostic. And then I think that in terms of online events and where we see that going, it is still today about 10 times what it was in 2019, even though the mix is shifting as we see more and more in-person events come back. So we think that this is a permanent shift in our model. And again, going back to what I just described as the most common use case for frequent events, I expect to see that trend continue, for us to see way more virtual events on the platform than prior to COVID. But certainly, it will mix-shift around and we'll continue to support both.

Dae K. Lee -- JPMorgan Chase & Co

Got it. And as a follow-up to Boost, you guys talk about potentially opening up the marketing and demand-generation capabilities to free ticket creators. And you also mentioned 75% of event [Indecipherable] tickets was for the free-ticket events. So as you look at that base of tickets or creators, like how much -- like what portion of those do you think you can potentially monetize using these marketing and demand-generation capabilities?

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Well, when you think about the free event creator on Eventbrite, it's very often a professional creator who is hosting an experience that is generating revenue. It may just not be in the ticket price. So what we've tailored our go-to-market motion around in terms of Boost toward free creators is helping to educate those creators on the value of reaching a bigger audience and being able to convert that audience into registrations for their event. And I think this opportunity for us as a business has been a long time coming, and we want to continue to support the growth of free events and free tickets on the platform because it is building our ecosystem and helping consumers find great ways to connect with other people every day. But we also think the business case for the frequent creator of free events is that we can be the lead-gen source for these experiences in which they're getting some type of value out of having more people attend the event, whether it's in-person or virtually.

Operator

[Operator Instructions] Your next question comes from Lamont Williams, from Stifel. Your line is open.

Lamont Williams -- Stifel, Nicolaus & Company

Hi. Thanks for taking my question. The first one I had is as we progress in the recovery, are you seeing -- and you've been bringing on a number of new creators and [Indecipherable] creators, are you seeing any notable changes in the mix of the type of events relative to kind of where you were pre pandemic?

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Thanks for the question. We really have seen a pretty consistent representation of categories in the events that are being both published and the tickets that are being sold on the platform. I think that, for us, what we really care about is whether or not a creator is a frequent creator. We're really focused on driving business growth through the strategy of focusing on those frequent creators who are creating persistent inventory, like the American Outdoor School that we focused on in our shareholder letter. They're publishing between 50 and 100 events a month. They have a need to be able to run their business in the most efficient way on the platform as well as continually reach new audiences as they create new types of events and they publish new content. So we're focused on frequency above all else. But we definitely are seeing some interesting trends that are emerging of new types of event formats as well as things that you would imagine are coming back, like music, as people got outdoors and were able to gather together again and enjoy that time in those live experiences.

Lamont Williams -- Stifel, Nicolaus & Company

Okay. Great. And then just a follow-up question. [Indecipherable] pretty topical, but with some of the privacy changes with Apple and IDFA, are you seeing any impact with some of your creators who are on the platform stemming from this?

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

I think the changes have been widely reported on. And certainly, Eventbrite is not unique in observing some impact from the iOS changes that rolled out in April around [ATT]. What we see in terms of small businesses being impacted, we think is actually an advantage for Eventbrite, because Eventbrite creators are small business owners. They're, again, often entrepreneurial ventures that have one to two folks. So they don't have the time to try to figure out the ever-changing landscape of marketing and digital advertising. And Eventbrite does. We have not only the data that we have proprietary, the first-party data, to our platform, but we also have the know-how to diversify across different channels. And I think we've done a really nice job of helping creators distribute their content to channels that are really effective and, again, putting that right event in front of the right person at the right time wherever they are online.

And I think as this continues to play out and we continue to observe the ways in which we can support our creators, Eventbrite will continue to do what's right in order to help our creators market more efficiently. And we're excited about the opportunities that that allows us to explore on-platform and off-platform as we continue to build Boost.

Lamont Williams -- Stifel, Nicolaus & Company

Okay great. Thank you.

Operator

And your last question comes from Youssef Squali, from Truist Securities. Your line is open.

Youssef Houssaini Squali -- Truist Securities, Inc.

Hi. Thanks for taking the question. So you spoke about an increase in demand. And as the economy reopens and you begin to see some normalcy, what are you seeing in terms of the competitive landscape? Are you seeing a resurgence of competitors as well? And how does that shape going into next year? Is there any color you can provide on that?

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

As the markets continue to reopen, and I think we're in the very, very early days of it, there's incredible variability all over the world, but as the markets reopen and as people are clamoring to get back out and be together we certainly expect the competitive landscape to shift, not least of which this is an incredibly attractive market. I think we're excited to compete against anyone in this field, and we feel really good about our prospects because we're a 15-year-old company focused on a specific persona of creator; that is, this frequent entrepreneurial creator. We think that independence is a very, very important aspect of both what they want and need for the future as well as the ethos of our company. We think the approach of self-serve and a technology-driven product growth strategy is something that is going to pay off dividends in the years to come. And we also know that the reach that we can really enable them with to get to new people and to build their businesses is going to be indispensable. So for those factors, I feel really confident about our ability to continue to adapt and grow and be in this ever-changing landscape. And I think we have the right amount of visibility into where the competitive landscape may shift over time because, certainly, things have changed rapidly over the last 1.5 years.

Youssef Houssaini Squali -- Truist Securities, Inc.

Great. Thank you [Indecipherable].

Operator

[Operator Closing Remarks]

Duration: 37 minutes

Call participants:

Katherine Chen -- Head of Investor Relations

Julia D. Hartz -- Co-Founder, Chief Executive Officer & Director

Charles C. Baker -- Chief Financial Officer

Ryan Ingemar Sundby -- William Blair & Company

Dae K. Lee -- JPMorgan Chase & Co

Lamont Williams -- Stifel, Nicolaus & Company

Youssef Houssaini Squali -- Truist Securities, Inc.

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