Grindr Inc 8-K, filed Sep 15, 2022
Grindr Inc. (GRND)
8-K
2022-09-15
For: 2022-09-14
View Original
Added on
April 08, 2026
About this 8-K
Grindr Inc filed this 8-K on September 15, 2022, reporting on events of September 14, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 14, 2022
(Exact name of registrant as specified in its charter)
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
+65 6808-6288
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
|
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbols
|
Name of each exchange on which registered
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
Item 7.01 Regulation
FD Disclosure
Attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein is an investor presentation dated
September 2022, that will be used by Tiga Acquisition Corp. (“Tiga”) in meetings with certain of its shareholders as well as other persons with respect to the
proposed business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 9, 2022, by and among Tiga, Tiga Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Tiga, and Grindr Group LLC (“Grindr”), a Delaware limited liability company. A copy of the audio NetRoadshow transcript is also included as Exhibit 99.2 to this Current Report on Form 8-K and
incorporated by reference herein.
The information in this Item 7.01, including Exhibits 99.1 and 99.2, is furnished and shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to
be incorporated by reference into the filings of Tiga under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report will not be deemed an admission as to the materiality of any
information of the information in this Item 7.01, including Exhibits 99.1 and 99.2.
Disclaimer
This Current Report on Form 8-K relates to a proposed transaction between Grindr and Tiga. This Current Report on Form 8-K does not
constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Additional Information and Where to Find It
In connection with the proposed business combination, Tiga
filed a registration statement on Form S-4 (the “Registration Statement”) that includes a preliminary proxy statement and prospectus with respect to Tiga’s securities to be issued in connection with the Business Combination that also
constitutes a preliminary prospectus of Tiga and will mail a definitive proxy statement/prospectus and other relevant documents to its shareholders. The Registration Statement is not yet effective. The Registration Statement, including the proxy
statement/prospectus contained therein, when it is declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of Tiga’s shareholders to be held to approve the
proposed business combination and other matters (the “Extraordinary Meeting”) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Before making any voting decision, Tiga’s
shareholders and other interested persons are advised to read, when available, the Registration Statement and the proxy statement/prospectus, as well as any amendments or supplements thereto, and all other relevant documents filed or that will be
filed with the SEC because they will contain important information about the Business Combination. When available, the definitive proxy statement/prospectus will be mailed to Tiga shareholders as of a record date to be established for voting on the
Business Combination and the other matters to be voted upon at the Extraordinary Meeting.
Tiga shareholders will also be able to obtain copies of the definitive proxy statement/prospectus, without charge, once available, at the
SEC’s website at www.sec.gov or by directing a request to https://www.tiga-corp.com/sec-filings.
The documents filed by Tiga with the SEC also may be obtained free of charge upon written request to Tiga Acquisition Corp., Ocean
Financial Centre, Level 40, 10 Collyer Quay, Singapore 049315.
The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference
into, and is not a part of, this document.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY
AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE BUSINESS COMBINATION OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in Solicitation
Tiga and its directors and executive officers may, under SEC rules, be deemed participants in the solicitation of proxies from Tiga’s
shareholders in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination will be contained in the proxy statement/prospectus when
available. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Tiga shareholders in connection with the Business Combination and other matters to be voted upon at the Extraordinary
General Meeting will be set forth in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in this Current Report.
Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995 with respect to the proposed transaction between Grindr and Tiga. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “propose,” “forecast,” “seek,” “guidance,” “target” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking
statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ
materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Tiga’s securities, (ii) the
risk that the transaction may not be completed by Tiga’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Tiga, (iii) the failure to satisfy the conditions to the
consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of Tiga, the satisfaction of the minimum amount following redemptions by Tiga’s public shareholders and the receipt of certain governmental and
regulatory approvals in Tiga’s trust account, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the Forward Purchase Commitment, the Backstop Commitment or the
PIPE Investment (each as defined in the Merger Agreement), (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the
transaction on Grindr’s business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Grindr, (ix) the outcome of any legal proceedings that may be instituted
against Grindr or against Tiga related to the Merger Agreement or the Business Combination, (x) the ability to maintain the listing of Tiga’s securities on a national securities exchange, (xi) changes in the competitive and regulated industries in
which Grindr operates, variations in operating performance across competitors, changes in laws and regulations affecting Grindr’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and
other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive online social networking industry,
(xiv) the potential benefits of the Business Combination (including with respect to shareholder value), (xv) the effects of competition on Grindr’s future business, (xvi) risks related to political and macroeconomic uncertainty, (xvii) the amount of
redemption requests made by Tiga’s public shareholders, (xviii) the ability of Tiga or the combined company to issue equity or equity-linked securities in connection with the Business Combination or in the future and (xix) the impact of the COVID-19
pandemic and the 2022 monkeypox outbreak. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Tiga’s registration on
Form S-4 (File No. 333-264902), the registration statement on Form S-4 discussed above and other documents filed by Tiga from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements,
and Grindr and Tiga assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Grindr nor Tiga gives any assurance that either Grindr or
Tiga, or the combined company, will achieve its expectations.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any
vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed with this Form 8-K:
|
Exhibit No.
|
Description of Exhibits
|
|
Investor Presentation dated September 2022.
|
|
|
Audio NetRoadshow Transcript.
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
Tiga Acquisition Corp.
|
|||
|
Date: September 14, 2022
|
By:
|
/s/Diana Luo
|
|
|
Name:
|
Diana Luo
|
||
|
Title:
|
Chief Financial Officer
|
||
Exhibit 99.1
Exhibit 99.2
|
Grindr Group LLC and Tiga Acquisition Corp.
Audio NetRoadshow Transcript September 15, 2022
|
Speakers:
George Arison, incoming CEO of Grindr
Gary Hsueh, outgoing CFO of Grindr
Patrick Lenihan, VP, Global Head of Communications of Grindr
|
SLIDES 1-8
Patrick Lenihan: Welcome to Grindr's investor
presentation. We're excited to speak with you today. My name is Patrick Lenihan, the Vice President of Communications and Investor Relations at Grindr. Our planned merger with Tiga Acquisition Corp is expected to close in Q4 of this year, and we're
excited to be working with Ray Zage and Ashish Gupta. Please note all mentions of EBITDA are in reference to our adjusted EBITDA. Today, you'll hear from George Arison, our incoming CEO, who is joining the company October 19th, after nine years of
founding and leading as CEO, his company Shifts Technologies. You're also hear from Gary Hsueh, our outgoing CFO, who will speak a little bit about our financials. And with that, I'm gonna pass it over to George, George, all you.
SLIDE 9
George Arison: Thank you, Patrick. And I'm really
excited to be here today to tell you about Grindr. Uh, I'm so excited that I'm doing this presentation even though I'm yet not in the seat. But that's because Grindr is a really awesome business with a really important mission in our community.
We'll talk about the fantastic business that Grindr is and share some of the data which we think is really important in terms of how the business is performing and the enormous value creation opportunity we have as we accelerate our monetization
journey. We wanted to start by telling you about Grindr's mission, which is to connect LGBTQ plus people with one another and the world. I’ve experience is product firsthand and over this presentation I'll talk a little bit about that. Right after
college or a little over 20 years ago, I went back to Georgia, the country, um, to run a political campaign. And thinking back to that, how difficult it was to live in a country that is quite homophobic and where you couldn't really meet anybody in
your community, um, you know, is challenging, but it's also really powerful to think of how that would have been had grand or existed because it would've been much easier to connect with the community that exists among LGBTQ people in Georgia, and
to probably feel better about yourself while you're living there. That is the way in which a lot of people around the world use Grindr today. And by fulfilling that mission, we are able to be a really powerful service to our community. And that is
the reason why our user base is so strong and so committed to the product.
SLIDE 10
We want to tell you a little bit about what Grindr does today because Grindr's product is quite differentiated. Grindr offers a grid of profiles that are
presented to you based on proximity and allows you to express and share your identity and connect with others based on your interests.
SLIDE 11
Grindr allows you to begin a conversation with anyone – our technology is based on an open system, so you are not limited to only speaking to people based
on swiping. And that openness - combined with the hyperlocal nature of the community - creates remarkable connections between users, and has served us well since 2009 when we invented this construct. This is why the platform is more of a social
network than just a dating app.
SLIDE 12
And we are able to service the community in many, many different ways, uh, by engaging them and facilitating these conversations. You know, obviously casual
dating and long-term relationships are something that we do extremely well. Um, but we also have community and friendships are built in our app. Uh, I personally have built very close relationships with folks, uh, on the app that are now my friends. And in 2010, when I moved to San Francisco, uh, Grindr allowed me to really integrate myself into
the community in a much easier way than I would have had to do otherwise before had the app not existed. We also know a lot of users use Grindr
for travel people log into new locations. They might go to speak with others in the community in that particular location to understand what they
should do, where they should stay, where they should visit.
Um, and then there's also a lot of local discovery that happens
in Grindr, uh, whether it's on where to go, what events to participate in and so forth. Now, obviously finding love is a crucial part of the
product that we offer. And we do that extremely well, but I think it’s really important to appreciate how broad the use case on Grindr is. We don't today have a broad set of features for these additional use cases outside of relationships. It kind of happens organically inside the product, but we think that building additional
features, um, for these use cases and then figuring out ways to monetize them is an incredible opportunity for the long term, which will expand
our product and allow us to monetize it in, in many different ways, further increasing our revenue opportunity, um, and allowing us to grow in in
the years to come.
SLIDE 13
This is the most important slide in our deck so I hope everyone has a chance to pay attention to the page. Just like our app is different
than dating apps, our metrics are as well. Besides our mission, this is a big part of why I took this job. And as you'll hear, we're just getting started. Let me highlight a couple things.
First, Grindr has an incredible brand, 85% brand awareness in the community that we serve, which is frankly amazing. Secondly, the average
daily time spent by each user in the Grindr app is 61 minutes. That's an incredible number both compared to other dating apps as well as the largest social networks in the world.
That is why we think about Grindr so much broader than just a
dating app because the user engagement that we have allows us to offer features and products and services to customers that go way beyond dating. Obviously the business itself is also wonderful. In the first half of this year, our revenue grew
42%. Our EBITDA grew at 26%. So the business
has been doing great and continues to perform extremely well, which we are really excited about.
SLIDE 14
As we discussed, we think about our market, not just in one service that we offer, which is dating, but as a combination of many services
that we can offer over time. And when you think about it, that way, the market opportunity here is very, very significant because the LGBTQ plus population is growing and its purchase power is very large. And we believe that over time, we can
target many different services to that community, whether it's travel health and wellness, entertainment and many more and capture a larger and larger portion of that opportunity for our business.
SLIDE 15
Jumping down to the team, I've had a great fortune of meeting everybody on the slide. I've been on Grant's board since May, and as part of
coming in as CEO, I've also had a chance to spend time with this team. Grindr has a really strong team, across many different departments with really fantastic people of extremely diverse backgrounds, which makes us, I think, unique in terms of
what we are able to offer as far as the leadership team both in terms of personal backgrounds, as well as professional backgrounds. So, super excited to be working with these fantastic folks who are very committed to the business and what we're
trying to build. I do wanna highlight, uh, that we'll be bringing onboard a new CFO in the coming weeks. Vanna Krantz will be joining us in late September and we're really excited to have her on board as well.
SLIDE 16
SLIDE 17
So the next section of this presentation kind of gives you a sense of the investment highlights that we are
focused on. And we've grouped these into five core items. I will cover the first four, and then Gary will speak about the last one.
And the core investment highlights are number one, Grindr is a highly profitable business, still in the very, very early innings of
modernization journey. Number two, we have a large growing global TAM with a really attractive user demographic. Number three, we are clear brand leader and are the largest platform serving the LGBTQ plus community. Number four, we’re leading in
user engagement, and we're growing rapidly with the user base worldwide. And five compelling financial model and valuation that reflects our growth profile.
SLIDE 18
So our business is growing very rapidly and it's extremely
profitable. As you can see here, we grew 42% year over year in revenue in the first half of the year and our EBITDA margin is fantastic. While the Adjusted EBITDA margins may fluctuate as we continue to invest in the business for long term growth, we believe our margins
remain best in class, and you can see where we are in terms of monetization.
SLIDE 19
Grindr is still in the early innings of monetization of its user base and growing revenue. Our average revenue per paying user is 17 Dollars
and our paying user penetration is 6%, but we view these as great opportunities to increase our paying user penetration and also to increase our average revenue per paying user. One of the core ways that you do that is by offering add-ons and
product adjacencies to customers that you monetize. And we've just now started to do this. Boost was launched earlier this year is doing great and has huge potential for growth in the future. We're only now starting to enable tag based search and
local search to allow people to explore what is on the app and to engage with. We also have a strong, multi-product roadmap that will enable us to further grow our paying user penetration, including web based capabilities and focusing on
monetization of our international markets.
SLIDE 20
We're gonna show you in a little bit more details on how we
monetize our business. We have two ways in which we make money. There is indirect revenue, primarily around advertising and brand partnerships where we have direct ads that we generate ourselves. And then we have direct revenue where our premium
users pay for the services and features that we offer. We believe that both of these have an opportunity to grow and expand in the years to come.
SLIDE 21
Our core market is growing rapidly and we benefit significantly from the secular tailwinds that are happening in society. We know from a lot of data,
whether it's surveys or other sources, that the percentage of the population itself identifies itself as LGBTQ plus is growing rapidly. And what's also remarkable is that among gen Z at our population of 18 to 24, you have four X, the number of
people who identify themselves as LGBTQ plus, then baby boomers. So as time goes by, we would expect the percentage of people who self-identify in our community to grow and that's a huge opportunity for us to continue servicing that population.
SLIDE 22
Our user base is highly attractive. They tend to be wealthier. They spend more money, they're highly educated and they travel more than their heterosexual
counterparts.
SLIDE 23
It's extremely rare for social network applications like Grindr to maintain a user base that is as young as Grindr has been able to maintain over its
lifetime. As you see here, 80% of Grindr profiles are age 18 to 35. So, whereas with other social networks, you often see the population age because younger generations are using our applications with Grindr we've been able to maintain this
tremendously engaged, highly attractive young demographic.
SLIDE 24
We also wanted to put Grindr in context with our peer set. We have 11 million monthly active users, which is lower than Bumble and Tinder, but a very large
percentage of the population we are targeting, but as you can see here, users spend significantly more time in our application than other peer sets do – 61 minutes per day. And we operate in 190 plus countries around the world.
SLIDE 25
We spoke earlier about how Grindr has a really fantastic brand. And another way to look at that is by looking at our followers on various social media sites
and our social media following numbers are really high. And there's a reason why Grindr is culturally relevant and users feel very strongly about our brand and about our product, our users drive the social conversation and are very focused on
engagement and this it's represented in these numbers. But this also really benefits Grindr because by being such an engagement focused brand, we don't have to spend a lot of money on user acquisition, you just come to us organically because
everyone knows about us and they know that the way to meet people in our community is through Grindr.
SLIDE 26
Our engagement numbers aren't just really high compared to our peers in the dating world. Our user engagement based on average time spent in our app per day
is also higher compared to some other social networks. People spend twice as much time in Grindr as they do on Facebook. And they spend more than twice as much time in Grindr than they do on Instagram and Snapchat.
SLIDE 27
And this engagement among users is driven by the engine of our technology with scale and market leadership. We then are able to engage
customers locally and have this connection between users that happens in real time and allows them to have a deeper sense in the community, which then allows us to monetize the product extremely well.
SLIDE 28
Grindr started out in 2009 as a casual dating app for gay men. Today, we are a product that is much broader than that. Obviously we offer
casual dating, we also offer long term relationships and the social network and community aspect that I discussed already. But one of the things I'm really excited about is where we can take the product in the future. We will continue to develop
adjacent features and products for our customers in other areas like travel like healthcare, like local discovery that will make our app even more useful to the customers and allow us to monetize more use cases.
SLIDE 29
One of the features that we recently launched in our product is tags, and this is something that's gonna benefit us over. The long term is a
way for us to engage a broader set of users in our community, by giving them an opportunity to have sub communities that they can engage with and diversify the user base that is using Grindr. And with that, I'd like to turn over to Gary who will
talk about the fifth pillar of our investment highlights.
SLIDE 30
Gary Hsueh: Thanks George. Over the last few years, Grindr has
enjoyed positive growth in both top line and Adjusted EBITDA. And while we are very proud of the financial results to date, we are even more excited about our future. Looking at the history of Grindr. I like to think of it as three phases. The first phase, which is 2016 and prior was
under Joel SIM Kai's tenure, the founder under Joel's leadership, Grindr management, focused on the media and community side of Grindr. And as a result, Grindr's financial profile looked very different back then, but the strategy during this time
is important because these early years laid the foundation and helped build the brand and network effect that Grindr enjoys today. The second phase began shortly after Joel sold the business in 2016 and Koland the new owners began operating the
business. Kolin realized there was a significant opportunity with subscriptions.
And so they focused their efforts on growing subs. The net
result was growing revenue, doubling Adjusted EBITDA twice in almost tripling margins. The third phase begins in 2020, roughly around the time of the San Vicente acquisition. 2020 was a challenging year for all of us as COVID impacted the world in a number of ways. Grindr was no
different. We experienced our own challenges, including an acquisition and management change in the middle of a pandemic. But 2020 was also a blessing in disguise. Our primary goal post acquisition was to focus internally and prepare the company
for its next stage of growth. The company had grown so fast in its second phase that it grew that it outgrew much of its infrastructure, many tech companies that experienced this type of growth, experienced the same situation. So we spent second
half 2020 updating the product, upgrading internal systems and processes, upgrading the team, basically laying down the foundation for Grindr’s next stage of growth by investing back in the company in 2020, this set us up for a solid 2021.
We grew top line by 30% and EBITDA by 50% that foundational
work continued to pay dividends for us in first half 2022. As you can see by our performance, our first half revenue grew over 40% year over year and ingested Adjusted EBITDA by 26%.
SLIDE 31
The playbook for Grindr over the next few years is very simple. Just do the basics. As mentioned earlier, we are just starting down our
monetization journey. The path forward for us is very clear. We have a couple of large companies in our space that have been doing this for many years and have tried true monetization strategies. We just need to adopt those strategies for our users
and platform. And this slide really highlights what our potential could be. We know our paying user penetration rate still has room to grow. And we see that as an opportunity. We've only just scratched the surface and started to focus on this.
Now that a lot of the foundational work was completed over a year ago, we turned our attention to our paying users and you can see the
result. We grew paying users almost 35% year over year, and you can do some simple math using our user count and applying our comps metrics. And you can see there's a lot of opportunity in front of us.
SLIDE 32
Our outlook remains promising for full year 2022. We are guiding revenue growth at 30 to 35%, which is 191 million to 199 million. And this
is supported by continued strong growth in our core subscription business and new monetization products, including premium add-ons on margins. We are guiding to 42 to 45% as we continue to make investments in people and infrastructure to support
our growth and to support our new life as a public company. Beyond 2022, we anticipate both top line growth and adjusted EBITDA margins will remain strong and we'll come back with more details in the future when we finish our 2023 planning. Okay.
And now back over to you, George.
George Arison: Great. Thank you very much. Really appreciate everyone taking the time to listen to representation and we look forward to
spend time with you in the coming days and weeks.
END ON SLIDE 32