Wag! Group Co (NASDAQ:PET) Q1 2024 Earnings Conference Call May 9, 2024 8:30 AM ET

Company Participants

Greg Robles - IR
Garrett Smallwood - CEO & Chairman
Adam Storm - President & Chief Product Officer
Alec Davidian - CFO

Conference Call Participants

Matt Koranda - ROTH Capital Partners
Jason Helfstein - Oppenheimer
Greg Pendy - Chardan Capital Markets

Operator

Good morning and welcome to the Wag! First Quarter 2024 Earnings Conference Call. [Operator Instructions].

I'll now introduce your host, Greg Robles, with Investor Relations. Thank you. You may begin.

Greg Robles

Good afternoon, everyone, and thank you for joining Wag!'s conference call to discuss our first-quarter 2024 financial results. On the call today are Garrett Smallwood, Chief Executive Officer and Chairman; Adam Storm, President and Chief Product Officer; and Alec Davidian, Chief Financial Officer.

Before we get started, please note that today's comments include forward-looking statements. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements. A discussion of these risks and uncertainties are included in our filings within the SEC.

We also remind you that we undertake no obligation to update the information contained on this call. These statements should be considered estimates only and are not a guarantee of future performance.

Also during the call, we present both GAAP and non-GAAP financial measures. Reconciliations to the most direct comparable GAAP financial measures are available in our earnings release, which we issued today. The earnings release is available on the Investor Relations page of our website and is included in exhibit and Form 8-K furnished to the SEC. These non-GAAP measures are not intended to be a substitute for our GAAP results. Lastly, you can find our earnings presentation posted on our IR website and with the SEC.

And with that, I'll now turn the call over to Garrett Smallwood.

Garrett Smallwood

Good afternoon, and thank you for joining us today to discuss our financial performance for the first quarter of 2024. First, I will provide a brief overview of our financial results for the first quarter. Following that, Adam, our President and Chief Product Officer, will share updates on our strategic priorities for 2024 and beyond. Then Alec, our Chief Financial Officer, will provide a more detailed analysis of our first-quarter results and discuss our capital allocation priorities.

We're excited to announce another successful quarter for the Wag! team in line with our expectations for revenue and ahead of our expectations for adjusted EBITDA in addition to achieving positive cash flows from operating activities. During the quarter, revenue grew 13% year over year to $23.2 million, which was a new quarterly record. This growth was driven by the success of our wellness business, fueled by pet parent demand for pet insurance, wellness products, and veterinary needs.