Q3 2024 Riskified Ltd Earnings Call Transcript
Key Points
- Riskified Ltd (RSKD) achieved a 10% year-over-year revenue growth in the third quarter of 2024, driven by their go-to-market strategy.
- The company reported a 17% year-over-year growth in non-GAAP gross profit, outpacing revenue growth and demonstrating commitment to adjusted EBITDA margin expansion.
- Riskified Ltd (RSKD) successfully expanded its merchant base with new logo wins across six verticals, including a significant win with a traditional grocery merchant.
- The company achieved a 100% renewal rate across its top 20 contracts up for renewal in the third quarter.
- Riskified Ltd (RSKD) improved its adjusted EBITDA outlook for the third consecutive quarter and is generating meaningful free cash flow with strong cash reserves and no debt.
- A significant merchant in the home category decided to leave the Riskified network, impacting future revenue and GMV.
- The fashion and luxury vertical experienced continued same-store sales pressures, with growth only in low-single-digits.
- The general retail sub-vertical showed weakness, offsetting growth in the food sub-vertical.
- The company faces an uptick in competitive pressure, which could impact future growth and pricing strategies.
- Riskified Ltd (RSKD) anticipates non-comparable periods in the home category until the fourth quarter of 2025 due to the churn event.
Good day, and thank you for standing by. Welcome to the Riskified third-quarter 2024 earnings call. (Operator Instructions)
Please be advised today's conference is being recorded. I would now like to turn the conference over to your speaker today, Chett Mandel, Head of Investor Relations.
Good morning and thank you for joining us today. My name is Chett Mandel, Riskified's Head of Investor Relations. We are hosting today's call to discuss Riskified's financial results for the third quarter of 2024. Participating on the call today are Eido Gal, Riskified's Co-Founder and Chief Executive Officer; and Agi Dotcheva, Riskified's Chief Financial Officer. We released our results for the third 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.riskified.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
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