Q1 2024 Riskified Ltd Earnings Call Transcript
Key Points
- Riskified Ltd (RSKD) reported an 11% year-over-year revenue growth and an 18% non-GAAP gross profit growth in Q1 2024.
- Adjusted EBITDA improved significantly, with a 1,200 basis points increase year-over-year, marking consecutive quarters of positive adjusted EBITDA.
- The company successfully repurchased approximately 4% of its shares outstanding, demonstrating confidence in its financial health and commitment to returning value to shareholders.
- Riskified Ltd (RSKD) continues to expand its market share, particularly in the tickets and live events vertical, where it has achieved significant new customer wins and upsells.
- The company's technological advancements and machine learning capabilities have been key differentiators, helping to secure new deals and improve service offerings.
- Despite overall growth, Riskified Ltd (RSKD) experienced softness in high-end fashion and travel sectors, particularly in the EMEA region, which saw a 4% year-over-year decline.
- The company anticipates a softer-than-expected performance in Q2, influenced by ongoing macroeconomic uncertainties and sector-specific challenges.
- While there has been significant growth in certain verticals, the largest categories like fashion and luxury and tickets and travel only grew by low single digits.
- Riskified Ltd (RSKD) faces increasing competition, particularly from newer generation competitors in key verticals.
- The company's expense management remains a challenge, with a need to balance growth initiatives against the backdrop of a disciplined cost structure.
Good day, and welcome to Riskified's First Quarter 2024 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Chett Mandel, Head of Investor Relations.
Good morning, and thank you for joining us today. My name is Chett Mandel, Riskified Head of Investor Relations. We are hosting today's call to discuss Riskified's financial results for the first quarter of 2024. The Participating on the call today are Eido Gal Riskified's Co-Founder and Chief Executive Officer; and Aglika Dotcheva, Riskified Chief Financial Officer. We released our results for the first quarter of 2024 earlier today.
Our earnings materials, including a replay of today's webcast will be available on our Investor Relations website at ir.riskofy.com. Certain statements made on the call today will be forward-looking statements related to our operating performance, business and financial goals, outlook as to revenues, gross profit margin, adjusted
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