Leafly Holdings, Inc. (NASDAQ:LFLY) Q1 2024 Earnings Call Transcript May 10, 2024

Leafly Holdings, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon. Thank you for attending the Leafly Q1 2024 Earnings Call. My name is Matt, and I'll be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to our host, Josh with Leafly. Josh, please go ahead.

Josh deBerge: Good afternoon, and welcome to Leafly's Q1 2024 Earnings Call. Joining me on the call today are CEO, Yoko Miyashita; and CFO, Suresh Krishnaswamy. Today's prepared remarks have been recorded. A copy of our press release can be found on our website at investor.leafly.com. Today's call will contain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Forward-looking statements, include statements regarding the services offered by Leafly, the markets in which Leafly operates, business strategies, performance metrics, industry environment, potential growth opportunities and Leafly's projected future results and financial outlook and can be identified by words, such as expect, anticipate, focus, intend, plan, believe, seek or will.

These statements reflect our views as of today only, should not be relied upon as representing our views at any subsequent date and we do not undertake any duty to update these statements. Forward-looking statements by their nature address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations and we caution you not to place undue reliance on such statements. For a discussion of the material risks and other important factors that could affect our actual results, please refer to the risks discussed in today's press release, our 2023 annual report on Form 10-K filed with the SEC on April 1, 2024 and our other periodic filings with the SEC. During the call, we will also discuss non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles.

A reconciliation of the GAAP and non-GAAP results is included in our earnings press release, which has been filed with the SEC and is also available on our website at investor.leafly.com. We'll answer a few pre-submitted questions at the end of this call. With that let me turn the call over to Yoko.

Yoko Miyashita: Good afternoon. Leafly remains steadfast in our commitment to enhancing operational efficiency on our path to profitability, while ensuring sustained value delivery for our customers. Our efforts have been concentrated on strengthening our resilience as a business and nurturing relationships with our customers, which we believe empowers them to leverage the full spectrum of tools offered through the Leafly platform. At the same time, we're also increasing our efforts on customer acquisition, designed to regrow and strengthen our network of retail customers. Our revenue in the first quarter was in line with guidance at $9 million. Our net loss was $2.4 million and our adjusted EBITDA and cash finished ahead of guidance, which reflects our continued focus on building a path to profitability.

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