Hello and welcome to Groupon's First Quarter 2023 Financial Results Conference Call. On the call today are our Interim CEO, Dusan Senkypl; and CFO, Jiří Ponrt. [Operator Instructions] As a reminder, today’s conference is being recorded. Before we begin, Groupon would like to remind listeners that the following discussion and responses to your questions reflect management's views as of today, May 10, 2023 only and will include forward-looking statements. As a result may differ materially from those expressed or implied in the company’s forward-looking statements. Additional information about risks and other factors that could potentially impact our financial results is included in our earnings press release and in our filings with the SEC. We encourage investors to use Groupon’s Investor Relations website at investor.groupon.com as a way of easily finding information about the Company. Groupon promptly makes available on this website the reports that the Company files or furnishes with the SEC, corporate governance information and select press releases and social media postings. On the call today, the company will also discuss the following non-GAAP financial measures, adjusted EBITDA, non-GAAP SG&A, free cash flow and FX-neutral results. In Groupon’s press release and our filings with the SEC, each of which is posted on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable measures under U.S. GAAP. Unless otherwise noted, all comparisons are provided on an FX neutral basis. And with that, I'm happy to turn the call over to Dusan.

Hello and thanks for joining us for our first quarter 2023 earnings call. It's a pleasure to be with all of you. In addition to today's prepared remarks, I encourage you to review our shareholder letter, press release and 10-Q, which contain more detail on our Q1 results. On our call today, I will cover four key topics. First, what I've learned during my first days at Groupon. Second, the challenges that we face as a company and our new transformation strategy that our team is executing on to address our challenges and make the most of our opportunities. Third, the highlights of our Q1 performance. And lastly, our outlook for 2023. Before I get started, I would like to briefly introduce myself. I'm an entrepreneur by trade, and I have created several global ecommerce and technology products used by more than 250 million users. I built Pojisteni.cz and NetBrokers Holding, a dominant fintech player with more than 400 employees, which was bought by a German media group, Bauer Media, in 2018. All my projects were bootstrapped, which means that it's my nature to build highly effective, agile and performance oriented companies. In 2015, I cofounded Pale Fire Capital, an entrepreneurial investment firm that has grown rapidly to approximately $1 billion in net asset value and is currently Groupon's largest shareholder, with ownership of approximately 22%. Its private equity portfolio includes almost 30 companies, including several marketplace companies. At Pale Fire, I served as a Chairman and CEO. And was responsible for leadership, strategy development, organizational design, go-to-market and product development. Pale Fire also has a track record of successful transformations, including its investment in Aukro, which is Central and Eastern Europe version of Ebay.com, which increased the GMV by 2.4x in three years while maintaining healthy profitability. I'm really…

Operator Instructions] We'll take our first question from Trevor Young with Barclays.

Great, thanks. Two, if I may. First one just any color on North America and international local billings in March and so far into 2Q. I think the data points that we had last print were that January and February were trending around 46% of 2019 levels. And it looks like full quarter results was a little bit softer than that, but maybe some FX noise in there. So just trying to understand whether trends deteriorated in March and where we are so far in April. And then second question. Appreciate the comments and the letter evaluating strategies to enhance liquidity. Investors naturally migrate to that SumUp stake. And I realize there's no active market for that. But can you just help us understand if there's any restrictions or impediments that would prevent you from monetizing that in the next three to six months if there were a sufficient bid from some party? Jiří Ponrt: Okay, so this is Jiří. Hi, about the local billings in North America, we have for Q1, US $222 million which was down 14% quarter-over-quarter and 11% year-over-year. And to your second question about balance sheet and SumUp and so on. Yes, we can imagine potential monetization of certain noncore assets including our stake in the SumUp, ownership of gift card or our portfolio of intellectual property the same way as we are pursuing additional cost actions or seeking additional financing from both public and private.

We'll take our next question from Eric Sheridan with Goldman Sachs.

Thanks so much for taking the questions. Two, if I could, just coming back to the eight strategic pillars you laid out, I wanted to hone in on number two and number three. So in terms of how you might want to invest and arc or change the product experience to align it with modern market place standards. I'd love to go a little deeper there on what you see as some of the key white spaces to attack or areas of investment to possibly pursue. And then the second would be your third pillar. How should we be thinking about sort of arcing or changing the marketing engine inside the company to align more closely with lower funnel performance channels? How should we think about that in terms of either investments that need to get made or possibly changing some of the user funnel and user conversion pathways that the marketplace has had over time? Thanks so much.

Thanks for the question. Regarding the first part raising our product experience to modern marketplace standards, one of the first initiatives which we started when I joined the Groupon is that we launched Hackathon Project, which includes a big part of our engineering team and which is developing several major changes to our user experience which we have on our website. And we are making sure that pretty much all processes which we have on Groupon will be smooth and with less friction than we have right now. And one example of change which we are developing is for example the use of generative AI which we will be using for our self-service for our merchants but also for our sales team. Right now the whole process requires several humans achieve and let's say the quality of deals which are generated through self-service in general it's lower or they are lower performing comparing to deals which are created by agents and using the AI we are able based on the website of the merchant and experience from our own dataset and the similarly, some of the similar campaigns from similar categories to generate the output which will be much higher quality, which means that the whole set up for merchants will be much more simple. And we have like many more examples in development on checkout page and experience of customers on the website. So this is the first pillar. The second question on marketing engine and tuning up the engine towards the lower funnel performance channel, we are kind of revisiting the setup of all performance marketing channels which we have and we are trying to put there a little bit more of a geo focus and little bit more measurements of performance in, as a small PC, small locations so that we can adjust the spend and spend, let’s say higher spend towards the campaigns and deals which are higher performing versus the rest. Thank you. And this does conc conclude today's presentation. And the question-and-answer session. Thank you for your participation. And you may now disconnect.