Tinybeans Group Limited (TNY) Earnings Call Transcript & Summary

Okay. So 5:31. I think we are going to kick this off and start. Good morning, good evening, depending on where you are. And welcome to Tinybeans' third annual future sharing event. My name is Grady, and I will be your host this evening, this morning, depending on where you are. We are thrilled to have you join us today, again tomorrow if you're in Australia. And in a few minutes, you'll hear from various members of the Tinybeans team about where the future of Tinybeans is headed. We ask that you hold all questions for the end. [Operator Instructions] So before I dive in, I just have to say I love looking into the future, guilty pleasure. I read my horoscope every day. And it predicts that, about an hour from now, you will all be as excited for the tomorrow of Tinybeans as I am. I've been with Tinybeans for 4.5 years, before we had an office, before we had a content website and before we had a single 6-figure partner. All of that is different now and it's going to be even more different in the future, and you'll see. Let me properly introduce myself. I'm Grady Edelstein, Head of Brand and Partnership Marketing. There are lots of words in there, but what does it mean? It means that I take our brand strengths and values; and help crack the story we want to tell consumers, brands and to people like you, our investors, so that everyone knows how amazing Tinybeans is for families. In my spare time, I'm also the mom to 9-year-old twins. You'll hear it throughout this presentation tonight, but parenting is hard. Even the best of us figure it out as we go, turning to others for help and guidance along the way. For me, I had a mom friend with twins about 3 months older than mine. Every time we would meet up, I came home with new classes to sign up for, new things to buy. The Bugaboo snack tray was a top recommendation. If you have that stroller, get the snacks right now. You won't regret it. And support from another mom who also lived the struggle of getting 2 car seats into a taxi alone after navigating the double stroller into the elevator and through the lobby and who completely understood what it felt like to be behind on every single milestone. Because what I didn't mention at the beginning was that our twins were born 2 months early. So everything was different compared to new moms going about their normal life with one baby in tow, checking off each and every milestone early and on time. The point I'm trying to make is that every parent's journey is unique with a different set of needs and interests. Tinybeans is on a mission to be the trusted go-to resource where parents go to raise amazing kids, whether you have [ primy ] twins in Manhattan, a toddler in Sydney or a child about to enter first grade in Seattle. Are you ready to see how? Well, our first presenter is our Co-founder and CEO, Eddie Geller. He has been at Tinybeans since the beginning about 10 years ago and leads the company and its strategy to be the platform where moms and dads start their daily parenting rituals. Trust me. As the father of 4 boys, he has plenty of experience with parenting and also a lot of experience with early-stage tech companies. Back in university, he set up Eddie's Internet solutions to help people get connected to the information superhighway, now known as the Internet, in their homes. And he handed out leaflets at the train station. Today, backed by a little bit more sophisticated marketing, he believes Tinybeans is on its way to creating an incredible difference maker for parents that will help solve problems that have plagued them for years. Eddie, over to you.

Thanks, Grady. I'm so excited to be speaking to all of you today. I'd also like to welcome each and every one of you to today's "glimpse of the future" event. As a happy married man and father of 4 boys, I can personally attest that, no matter how hard it is to be a CEO of a publicly traded company, the other job I have which is in fact harder is parenting, but of course, with those difficulties comes enormous reward too. With parenting, we get no training. And when we begin, we go between knowing nothing to wanting to know everything literally overnight. It's the only part of our lives where, no matter what, whether you have money or not, whether you have an education or not, whether you have a network or not, it's always hard. And that's a fact. Trust me. I know. And with the tens of thousands of parents I've spoken to in my life, they all agree. Having said that, just because it's always been like that, it doesn't mean that it will always be like that in the future. I firmly believe that there are many ways to support parents, and frankly, very few services are out there doing anything different than they've been in the past. More content won't do it. More special networks won't do it. More social networking groups won't do it. The list goes on. We are really creating something we believe is a need for parents and solves many things for them. It's a very methodical approach built on trust and intentional execution on strategy. Before I share more, though, I'd have to mention this amazing milestone. I'm not one to toot our horn, but getting 100,000 5-star reviews in our app in the Apple App Store is simply phenomenal. By comparison: Amazon, the fifth largest company in the world, their [ phone is -- app is ] 100,000 -- 108,000, to be exact. I'm extremely proud of what our team has created and the millions of families we serve every day. We are truly fortunate. As I've shared in prior presentations, the market is ginormous, and we firmly believe we're positioned well to win big in it. We are more than an app, more than a website. And we firmly believe in -- the parenting space are largely informed by our households, so we as parents were the center [ and are spending ] more and more every day, one consumer at a time, one mom, one dad, one family number. Parenting is the most important thing we do and have many problems and opportunities to solve for. People love the brand, which is a major reason why we can build off that and expand our enormous potential. It's all about the customer. It's all about mom, dad and everyone else. With the 3 horizons of growth, which we'll talk more about through the presentation, there's so much more to share. When you think about just how much we spend on IT; [ and ] spending some of that on Tinybeans, a brand you truly trust and use regularly, it isn't a leap of faith to really understand how much you could do with us. Parenting is rewarding and hard, of course. The consumer need for help is high. Moms want to -- help with their journey. They want it to be easy. They want support. They want information and inspiration. Parenting is rewarding too, of course, but it's also new and unknown. I speak with our customers, our parents, every day. And what I hear is, "As a new parent, I have no idea where to go, who to turn to for help." I hear this all the time. We are building that place, a place where all parents, from expecting parents to grandparents, can turn to for the best resources, ideas, community and products. We attract them in the moment that matters and we intend to keep them for life. We are really perfectly positioned to be the first place they turn to. Here's a short video that we feel really captures the role we're playing for mom and a little more about where we're heading. Sorry. Grady, there's no sound on this, so if you just want to get back. I don't know if you need to unmute, but we can't hear the sound of the video. That's it. Just go back to the beginning. Sorry, everyone. It's well worth it. [Presentation]

In many ways, the journey of Tinybeans is nearly just beginning. As they say, small kids, small problems; big kids, big problems. In recent weeks, [ I heard ] some very complex, typical challenges with actually parents with older kids. And I'm confident that, if they had a group of people that have similar family stages and situations and a trusted source, they'll be able to speak to other parents that have similar dynamics and be able to share and obviously get value from that. We're committed to creating something truly special and nearly always will choose the long-term decision that's in the best interests of millions rather than the short term today. Tinybeans is striving to be a trusted resource for millions of parents to raise amazing kids. And it's where parents will start their parenting journey. We want to work hard to ensure they stay and continue to get enormous value from us. New parents come to us for sharing memories with their families privately. However, in not-too-distant future, we believe the reason why they'll stay and stay a lot longer is for content and community. Our customers love us. Here are just a few testimonials from raging fans that love the brand and love the company and the product, of course. And unlike in the past where you just see testimonials around memories, they also highlight the reliance on content and parenting advice we provide on a daily basis and weekly basis, plus the weekly local-based articles our teams write that even Apple [ rely on to serve the ] tens of millions [ that their ] apps used to. This, my friends, is at the core, the main reason why we are growing; and will build trust to be a very, very large company, trust. As I said, the -- our customers love us. That Tinybeans love is really fueling our growth. We're collecting our customers' ratings, reviews and stories; and then amplifying these stories across our owned and paid sites, [ although we paid has just begun in general ]. We're engaging and capturing new parents where they hear us and come to us through the site and social channels and the app. We're nurturing those new parent prospects demonstrating the value of Tinybeans and how it delivers them everyday value and converting them to paying subscribers. We're then presenting them to the Tinybeans community and the curation and personalized products and gift ideas to really offer them value. Finally, [ we prompt ] them for reviews, ratings; and tell other people around the Tinybeans stories they're telling us. The cycle continues. So our growth flywheel that clearly you haven't seen before but we're very focused on executing around is really a key, I guess, ingredient, a key area; and the reason why we feel we can grow very successfully, because we're scaling from our position of strength with our customers. I don't want to spend too much time on financials, as we've shared quite a bit in the past and about to end the quarter, but that would be remiss of me not to share just how well the company is performing. To grow 50% in the last 12 months -- over the 6-month period is truly incredible, all while growing organically. The ad business is on fire. I can't wait [ for Nina ] to share more later. And the last half saw the launch of a paid subscription product, Beanstalk. Lots more to come there. And in order to continue these growth rates, growth needs to come from other sources, not just organic. And as we've shared in the past, paid acquisition and partnerships will become new growth channels for us. Growing revenues to 50-50 in a few years is a bold ambition, but we are absolutely committed to it, so committed, in fact, that we're prioritizing recurring long-term revenues over short-term unsustainable revenues even if it's much harder. Today, we will continue to hear about how. Acquiring Red Tricycle increased our addressable market over the last 5 years, and it will over the next 5 years. We're expanding it even more to continue to be committed to growing our ad business while having accelerated growth of our consumer revenue business. It's been a tremendous few years at Tinybeans and we're in it for the long term. We're here today to share just how we're continuing to upgrade our ambitions and continuing to deliver on those ambitions. With that, let me hand back to Grady, and I'll be back later for the wrap-up.

All right, thanks, Eddie. I love that new video. I totally can relate to [ Shay ]. Okay, our next speaker is what I like to call an effortless genius. He is a published author, a leading expert on super consumers; and can talk all day long about things like lifetime value, customer acquisition costs and all the acronyms you can think of. He is a growth strategy guru who works with big U.S. brands, including General Mills, Nestlé and Colgate-Palmolive, to name a few. And he is also the dad to 3 kids and beginning the college search with his eldest. He is currently based in Chicago but originally from Hawaii. Please say hello to our very own, Eddie Yoon.

Thanks, Grady. I am so honored and thrilled to be here or -- not only as a dad but -- or as somebody who has -- have a great front-row seat to many companies that have grown and scaled and creating new categories. I have to say that, Tinybeans, I'm extraordinarily excited about, largely because of the size of the mission which is commensurate with the size of the market that we're going after. So we've already talked about how large the total addressable market is for Tinybeans. I want to just kind of let you know from my perspective that it is actually larger. How do we know this is I wrote a book with the Harvard business press called Superconsumers. And basically what it highlights is that some small subset of consumers for every category drive the lion's share of the category of revenue. Most people know this, but what they don't realize is perhaps the depth of the emotional resources that these consumers have. Depth of emotion matters not just because of spending because emotion is what drives word of mouth, recommendation and evangelism. And according to McKinsey, over half of all growth comes from word of mouth. So Tinybeans consumers have this in spades not just for Tinybeans but for the other brands and categories that they're buying. And that's the other part of the super consumers that Tinybeans has that's so valuable, is that they are extraordinarily good at foretelling what's coming around the future. And why does this matter? Well, what -- it matters because there probably is no category more important than parenting, for many of us. I know that's true for me. However, it's not just a large and important category. Parenting, in particular the consumers that we have on Tinybeans, they are the epicenter of a set of seismic shifts in demand and consumer preference, whether it is for entering and exiting categories, whether it is for swapping out the totally different brands that they might not have considered before having children. And if you don't believe me, just think back, to those of you who have children or are maybe in the midst of it, how your life was radically different as a result of having kids and how your purchase behavior changed quite a bit. So what this means is that a super consumer of one category is a super consumer of 9 other categories. And what you see that -- is if I'm a super consumer of parenting in the $1 trillion TAM that's there, I'm actually also a super consumer of adjacent categories that we should talk about, which you'll see on the right-hand side. And so you think about there are a few categories that are bigger than the ones on the right side. So life insurance is a $600 billion category, as is the overall $1 trillion insurance category in the U.S. Automotive is a $1.5 trillion category if you look at new car sales and used car sales. And housing, $4.3 trillion of mortgages get -- got originated last year. And so why does this matter? It's because all of these categories are fundamentally places where moms and new moms and babies change the demand of how they buy. You likely entered the life insurance category as a result of having a child. I know that I did. You likely changed and perhaps joined the minivan movement as a result of having a child, same here. I did that as well. And similarly, you might have made a significant shift in your housing choice of -- did you move somewhere? Did you move out of the city, into the suburbs? Did you move to an entirely different city to be nearer to mom? And as we see in many parts of the country, around, due to COVID, the great migration is happening. People are realizing, "I can work from home." And in particular, if that's the case, "Maybe I don't need to be in an urban environment. And maybe I can go back to your -- extended family so that I can get the support that I need." And so I call this out to say that I think what we find -- my observation with Tinybeans is that we are currently tapping into the [ close-in ] parenting horizon of categories and brands that want to advertise with us because it's just obvious that parenting is a good fit for them. However, there is a concentric circle that is much wider of trillions of dollars of spending that -- some of them realize it. Some of them don't, of how incredibly important it is from a lifetime value perspective to win these new parenting -- new parents and new babies that are being formed in these households. And so that's why we're just getting started in the second horizon of what I'm calling the parenting adjacent categories, all of which can be massive advertisers, all of which have amazing content that can be created and monetized into subscriptions and also open the door to many other business models that we can be very excited about. So as you'll see, parenting is a huge category, but it is a beachhead that can also be a bridge to much bigger categories that we have an undue influence on. And some brands just don't realize that just yet. If you will actually see, next, I'll get some more specifics here, is that parenting adjacent categories of life insurance and housing and automotive aren't the only categories that our users touch. And in fact, based on some data that I have seen through a partner of Tinybeans, [ Ixcela ], where we did a survey of 3,000 consumers nationally representative in the U.S. -- Grady replicated this study also on the Tinybeans platform, and what we see is that Tinybeans is a target-rich platform. This is data that I was quite surprised by even though I am the one who knows a super consumer in 1 category is a super of 9. So how do you read this chart is, if you look at the 1:00 position, these are the obvious insights. It's that the Tinybeans audience is 8x more likely to be pregnant than the U.S. national average, 5x more likely to be nursing or trying. These consumers are extraordinarily valuable in terms of their life event, life stages but also their lifetime value, but if you go on to the right-hand side: Having a baby triggers demand for other categories. And did you know that Tinybeans users are 10x more likely to own or use the Peloton app or bicycle? That's extraordinary for a company that has been in the news recently, got a new CEO; and could actually use some good news of, hey, you might actually be able to hit your high-flying growth targets and actually spend your marketing much more efficiently if you understood that -- who is the perfect target for a Peloton. It might be somebody who just had a baby and really isn't looking to go out anymore. You can actually keep going down the clock, to the 5:00 position; and you'll see that 6x more likely to get SmileDirectClub or other adult orthodontics, 4x more likely to get Botox. This is not -- these aren't obvious categories that you would think of when it comes to parenting, but what I'll tell you is that these are consumers that, in this life space, these are the things that they are thinking about because they are not in the workforce for a period of time and that they have to go back into the workforce. Perhaps they use this time to do a little bit of tune-up in terms of their appearance and what they want to accomplish. And that this life stage might be the perfect time to do that. And some of these brands, as I know because I've worked with many of these companies, is that -- this is [ a novel part. And in fact ], once they think about it, they're like, "Oh, this makes a lot of sense. Maybe I should reach out to Tinybeans and talk about an advertiser or a content platform opportunity." Same thing at the 7:00 position, nutrition, specialty diets like paleo and autoimmune protocols; meal delivery systems, which have gotten all the range from a market cap perspective; gut health, which controls so many parts of our bodies. These are all things that our Tinybeans users are much higher from an interest perspective and spending perspective. And even things at the 10:00 position. You'll see that 3x more likely to own a robot vacuum cleaner. That's kind of a funny thing but not an obvious insight, but it's actually obvious in hindsight that -- who knows? Perhaps Tinybeans could partner with iRobot to help them see that, hey, the #1 baby shower gift should actually be a robot vacuum cleaner because that brings order to the chaos that's right around the corner. So that's we just wanted to highlight this data science that we have. We're just beginning the journey of figuring out how valuable our Tinybeans users are not only to us but to a wide ecosystem of category and brands that may not have thought of Tinybeans first off in their heads as a place to advertise, as a place to partner with from a subscription content or even a place to partner with from an e-commerce perspective. And why is that all important is that it's all about lifetime value, as Grady said. And so a good news of where we are starting is that our lifetime value already exceeds our customer acquisition costs, and that is a fantastic place to start. So we're already playing with house money, but you think about all the other things that we can do to tap in and increase that lifetime value in terms of not only going deeper in parenting categories but going broader into these parenting adjacent categories like financial services, automotive and housing. And then the third horizon of what I've been calling these for-the-parent categories, things that are not obvious when it comes to babies, but when you think about a -- parents and their lives from a 360 point of view, it's like, oh, this makes total sense that somebody who just had a baby might be quite interested in having all of these other high-end, high-growth brands that are spending quite a bit of money to acquire these customers. We believe that, that opens a door. And it creates a road map that we can clearly follow to more than exponentially grow our lifetime value while holding our customer acquisition costs in check. And not only will we do that through going broadly in these other categories that are parenting adjacent and for-the-parent categories, but it opens up many new business models for us in addition to advertising, the subscriptions we talked about, e-commerce and many other services. So that's why I'm bullish on this. This data was quite remarkable across many companies and [ categories ] that I've seen, that there's a treasure trove that resides in our current data -- user base as it stands today.

Eddie, thank you so much. I'm going to jump back in. Super consumers are just fascinating, and it makes total sense that they are the super-est. I mean, if you have a new baby, you need everything. And from a twin mom, I needed 2 of everything, which is like super consumer plus. And believe it or not, there is an even higher-value super consumer than just a new parent. Parents today, they have higher standards. They have more choice. They have less time. They need so many things, but they need different things. They don't want to just get through the parenting journey. They want to raise amazing kids. They want to create meaningful experiences and find ways to spend quality time together, whether it's a trip to the zoo, a family vacation or just finding the best place to buy ice cream near them. And last but certainly not least, they strive to be the best parent they can be. And as highly educated, high-achieving adults, mindful parents are not afraid or ashamed to ask for help on how to parent better because they know that learning is how they grow. These 3 attributes together define the mindful mindset. And almost 2/3 of Tinybeans parents have this mindset, nearly 50% more likely than the national average. And as a brand, nearly everything we do speaks to this consumer with this mindful mindset. And as an advertising platform, nearly all brands are looking to reach this target consumer. So what do we know about the mindful mindset and what these consumers want? These are parents who are always looking to up their game. Part of that is who they are as humans. As I mentioned on the previous slide, these are affluent, educated and successful people who have high standards and expectations. This translates into how they parent, but being an amazing parent is only part of what fulfills them. They operate on all cylinders and want to feel fulfilled in all aspects of their life, including their career, their health. You name it. It is not just about being good at one thing. Eddie Yoon mentions this often, but parents need to put on their own oxygen masks, first, in order to take better care of themselves and others around them. They can do this through self care and investing in themselves as people with some of the products that we saw a few slides earlier but also through extended family members showering these parents with care and love. Let the caregiving be a 2-way street versus the parent being at the center. So I'm sure, by now, you're curious about who these mindful parents are and what we are doing to help their needs. And so I'm about to turn it over to our dynamic product duo to share with you exactly that, but before I do, let me introduce them. Marissa Frydman is our head of project -- product management. She and her team identify problems facing our Tinybeans parents and create solutions to ensure they continue to engage on our website and in our app. She has 2 tiny beans of her own in Manhattan, but you'll be able to tell from her accent that her family might be a bit further away. Not only does Tinybeans help Marissa's family to be a part of her children's lives from across the world, but it also helps Marissa strive to be the best mom she can while working to help other families do the same through her work at Tinybeans. Sarah Argus is our Director of Brand and User Experience. She is a consumer experience pro and her team make sure Tinybeans is always dressed to impress with design that is as beautiful as it is functional. Sarah advocates for our families to ensure they have the best, most engaging experience with our brands and products. Always on trend, she lives in Brooklyn. Sarah adopted a cat during COVID, becoming one of Tinybeans' growing number of pet families, which we will show you more about in a little bit as well. So Sarah, Marissa, over to you.

Hi there, everybody. And thank you, Grady, for the great introduction. I'm Marissa. I'm excited to be here today to talk about what's happening in product at Tinybeans. In a moment, you'll meet Sarah. And together, we've spent the last year talking to our customers. We have family members of all kinds interacting with the Tinybeans brand every day. We split into our new moms, to toddler parents, single parents, same-sex families and even grandparents to understand the big question, "What are our customers looking for?" and really get to the understanding of what their unmet needs are. So what did we learn? For our newborn moms bringing home their babies for the first time: I've been there. It's really tough. Your body has been through a traumatic experience. You brought home this baby. Or like Grady, maybe you brought home 2. You need to keep them alive. You're hungry. You're tired. You need information, but you just don't know where to start. Maybe you are the first of your friends to have a child and you have no one to learn from. Or your family lives far away and you don't have the support that you'd like, yet everyone, your friends, your parents, your grandparents, are asking for pictures. "What color is his hair? What color is his eyes? Send us videos, photos, anything you can," but you're struggling, struggling to find a way to share these moments safely, quickly and without compromising your new family's privacy. Then they keep growing and the questions keep growing, and they get bigger and you have more of them. "My daughter is 2. When can I start potty training? My son is 4, and he doesn't sleep. We're traveling to another city. How do I keep my kids safe on the plane today? My 8-year old is learning about international women's month. How do I support this learning?" Our parents want to be the best parents they can be, but there's no one-stop destination out there currently giving them this. They need help, and we are here to build it for them.

So now you know a little bit about who our super consumer is, what she's looking for, but most importantly, let's talk a little bit about what we're doing to help make her parenting journey just a little bit easier. We've identified 3 things that all our consumer-facing projects fall into: providing wisdom, celebrating family and pampering parents. Over the last year, we've successfully merged Red Tricycle into the Tinybeans brand, creating a single destination that provides parents trusted content and private photo sharing. Now we help parents create even more memories with ideas for local activities, products, events and more. Additionally, we've continued to learn and grow our memories product and making it easier for parents to upload photos and videos to share them with friends and family. This is the -- one of our most beloved features. And we have some incredibly exciting plans, if I do say so myself, and you'll hear about that a little bit more in a minute. Last but certainly not least, how do we pamper her? Most importantly, we're looking to save her time. As you just heard a little bit about from our other parents, time is a resource you can't buy. She doesn't have time to go digging around for answers across dozens of specialty brands, so we've started to lay the groundwork to deliver personalized parenting content straight into our Tinybeans app, giving her the information she wants when she needs it most. So let's dig a little bit deeper into some of these projects.

As Sarah just explained, we've got a great base to continue building on. We need to keep differentiating and growing to serve our customer through their family's life stages and to continue to keep them engaged and excited in our product and what we're offering. We've got big plans to grow our content library and the credibility of who's writing the material. We've got a team of parenting experts across a range of topics to create Q&As, videos and step-by-step guides to help our parents easily consume information in a way that is helpful to them while they navigate the many aspects of parenthood. We're expanding the audience we reach through increasing our age-based content from newborn through to the older child and location-based content. Understanding where our families live will help us serve them content that is most relevant. Is it rainy today? Here are some great inside activities to keep your 6-year old engaged and busy. Are you an active outdoors family? Here's what you need to go hiking with your toddler. Oh, this week, you're in New York. Here are the "not to be missed" things to do. You can also see some examples in the illustrations shown here of how these ideas could come to life in our app. We're also growing our machine learning capabilities. By understanding how parents move through our site and our app, what they're searching for, what search terms they're using, what they spend time reading or what they spend time not reading, what they skip over, we can start to profile our users and personalize the articles we show and when because we've learned what parents like you want to see and consume. For every parent, their experience with Tinybeans will be relevant, informative, timely and memory making.

Exciting, right? How do we give her the confidence so she feels she's being the best parent she can be? And I use she because, as we talked about, our primary goal is to make sure that mom who has just had that moment has this amazing experience and that we're building up her confidence. It's definitely something we've talked to a lot of moms about, but we also don't want to forget that there's dads in the room, so please don't feel excluded. Anyways, this is where we think community can really thrive in Tinybeans. Using Grady is a great example. She's learned so much from her friend who had twins just a few months prior to her, but so many parents don't have that friend, somebody that's local, somebody that has a similar family makeup, somebody that has similar interests. We've asked users what they're doing now for a parenting community, and they're finding so many flaws without their social media groups and other popular platforms. One of those key complaints is safety and privacy, something our audience already loves about us. We've spent time this past year testing different elements of community. In the screens here, you'll see a few of them. How do we mix in UGC with editorial content? How can we social proof topics? How can we use our audience to help support parents in every corner of the world? For example, this article of best strollers in 2022 is probably not great for parents with twins, but with the recommendations from other parents weaved in, we can showcase parent-approved strollers for any type of family, twin strollers, running strollers, strollers so easy than an aunt like myself can learn how to use. In the upcoming year, we're looking to build on these initial experiments. Lastly, we're also exploring techniques around rewarding our users as they grow with us, in an effort to keep them engaged and excited through every year of parenthood. We want to make those parents feel thanked and special because they've helped out other parents in the community and they've built that bond and trust, so why not give them a little something special? And particularly -- I'm sorry. I'm particularly excited about this project because I've seen the joy in parent spaces when we've tested some of these concepts. And the results are incredible, and I can't wait to start building these.

As Eddie mentioned earlier, over the past year, we've implemented Beanstalk, our new subscription model for customers engaging in our memories feature. Most recently, we've been building tools to grow our subscription user base. Through our research, our engaged parents told us that they tell all their friends about Tinybeans. What could be a better endorsement for us? Word-of-mouth recommendations are one of our strongest assets, and now we're building a referral program to reward these parents for spreading the word. And we'll continue to reward these parents, just like Sarah was saying, finding ways to grow our subscription offering to engage and delight them. We're looking at family subscription plans [ that partners ], aunts, uncles and grandparents can continue to benefit more. We are hoping to expand further into e-commerce with a curated product store for these parents, recommending products for their child at the right time and with discounted rates for our subscribers. We are constantly brainstorming and testing new ideas to keep ourselves relevant to our Tinybeans families.

So whether you're a parent to a human or a pet parent like me, we're here to make memories, making community better. Maybe you're looking for advice or a little bit of self care, or maybe you're here for all of it. We're excited to work towards being the one place for all things parenting. We're celebrating families. We're growing the wisdom of our parents. And we're pampering those that work the hardest, the parents. Back to you, Grady.

Thank you. Community would have been a total lifesaver for me when the twins were young. I love my mom friends, but Tinybeans would have saved me so much time and spared me so many trips out in the winter. The twins were born in December. Could I -- if I could have just looked at it from the comfort of my small Manhattan apartment. Okay, guys that hung in there almost all night, our last speaker will have you turning green not with envy or sickness but with money and maybe a green thumb. She is our revenue driver, an avid gardener, a legit ski racer and totally get that accessories definitely do matter. Ask her about her shoes on any given day, and she will make them seem way more exciting that is -- than is -- that what is actually on her feet. She has 2 big beans who are in college. And she is an awesome suck-you-in kind of storyteller. So please welcome our Chief Content and Revenue Officer, Nina Lawrence.

Grady, you set the bar too high. What are you doing to me? All right. So all right, everybody, we're in the home stretch. So let's talk about how we capture big brand, global marketers' imaginations. Let's talk about how we create a vibrant, rapidly growing advertising revenue stream that scales alongside of our growing subscription business. So you heard all about how we're a brand that's loved and trusted. And under that halo, we approach our brand partners with a simple invitation: Together, let's help families raise amazing kids. The unique position we hold in consumers' lives beautifully aligns to the values that advertisers look for. There are foundational elements to our relationship with our consumers that we continue to -- will continue to expand our opportunities with brand partners well into the future. So consumers are increasingly cautious, we all know this every day, about sharing their data; and we promise to protect it. We believe parents should be able to get the hyper-relevant information they want without sacrificing their data. Our purpose is to serve parents better than everyone else with high personalization so they know we're always there for them. Our promise to them is, "We're here for your family." Our final foundational element is, as parenting experts, we understand parenting is highly rewarding but also hard and sometimes messy. We keep it real, but we bring the sunshine, sprinkling our advice, support and information with optimism and inspiration, so the outcome is parents feel like a superhero in their own home. Our promise to consumers has this direct correlation benefit to our advertising partners. We offer brand safety to premium products in a high-trust environment. We won't sell our consumers' data, but we do use our top-quality data to help marketers target their ads, which in turn helps to create a better experience for consumers because the ads are of higher interest. And finally, within our engaging and safe experience, we help marketers create brand trust and desire through our storytelling solutions. So how do these strengths differentiate us in the ad market? When you look at the competitive landscape of brands that serve parents, we have a unique value that lives at the sweet spot of what marketers are looking for, a high-trust partner that delivers a personalized experience and first-party targeting capabilities. The value of owning this top spot is high. There are billions of dollars on this map. And calling out just one fact: We crush the largest social media network in the world on earning consumer trust. It's a fact. And as we grow, the power of our position will command more of these dollars. So this is our story, our positioning for the ad community. Now what do we sell, and what are we going to sell? Well, we monetize all of our audiences across all of our products, website, app, e-mail and social media, with one exception. No ads next to kid photos in memories -- in our memories product, to support growth in our subscription business. We're successfully earning more and more 6-figure relationships, with top companies more than doubling these deals in the past year. At the core of our offering is high-quality branded content solutions. Global marketers are challenged every day with how to create messaging that will grab a consumer's attention while they scroll past the ads as fast as their fingers can carry them. We specialize in helping them solve for that, creating engaging solutions that, layered with first-party data targeting in a high-trust environment, help them break through. So here's something we created for Marriott to help them share with the world that family travel is back and Marriott is a place to return to. We created all of these articles, and then in the spirit of adding that personalization element, we created a quiz. Mom or dad makes their way through the choices of the kind of trip they want to take. Hustle and bustle, or keep it calm. Plan it out, or go with the flow. They land at a destination that's just right for their family. And a simple click out gets them to Marriott's website to book their trip. These are the kinds of projects that have helped us double our revenues over the last year, so big question is where do we go from here. Well, in the advertising business, a Holy Grail is annual renewable relationships that are driven on the clients side and supported by their ad agencies. You earn those by being a consultative partner that brings them innovative opportunities; performs for them consistently; and helps them further understand the relationship your consumers have with their brand through custom insight studies, the kind of information Eddie Yoon shared with you just minutes ago. We have 2 of these kinds of relationships. Hill's is sponsor of our add-a-pet feature in our memories product. It's an always-on partnership that's supported with inputs, video and expert content from Hill's' veterinarian network. For Microsoft, they've chosen us as their core parenting partner to serve them across 6 of their products from Outlook to Microsoft family. We're the only brand they've ever worked with before across their products to do a project like this. Both of these programs are being referenced company-wide across Hill's and Microsoft as models of how to successfully work with marketing partners. We earned that. We will continue to earn that. We have 2 of these relationships now. Our goal, tens and then hundreds, so we're looking forward to years of growth ahead in the advertising business as we continue to gain traction as the trusted parenting expert. Sending it back to you, Eddie.

Thanks, Nina. Well, we've covered a lot of ground today. I trust you've taken a lot from the session. We're a passionate, smart team more committed than ever, focused on a clear path to success and have the tenacity and competence to succeed and well placed to build the multiple revenue streams we've spoken about through the growth flywheel. And although it's been a challenging few years, we've achieved so much. With the parenting dynamics -- the market dynamics we talked about earlier, just this huge opportunity awaits. Or in a word: We're delivering it. We're building it every day. Just look at the brands we've won and the growth we've had. [ Just as like ] we've delivered in 2021, I expect to report even more great success and progress in 2022 and looking forward to our partnership with you together. So thank you for everyone's time. If you're able to stay, we'd welcome the chance to answer questions. [Operator Instructions] If the -- if everyone who has presented can come back on video, we'll open it up. And I'll start with the questions [ I received to date ].

Well, all right, the first question. How long will the 40% growth rate last? Great question. The growth rate in recent years has been stellar. Achieving a 40% growth year-on-year for the past 3 years has been incredible and a testament to the team. Having said that, we certainly expect the growth rate to be strong but likely not in 40%. As we're executing our strategy of accelerated growth in consumer while a more modest growth in advertising, we expect the top line growth rates to decline because the math really works that way. So overall it's expected to be lower. However, you will find consumer revenues to be expected to be higher than what we've seen in the past and clearly of more recurring natures. And that's really the nature of delivering on our commitment to get to that 50-50 revenue stream in 2024. Another question, a long-term shareholder confused with the falling share price given the good growth and results. What's happening? I guess the Board and management can't control the share price. Our focus is on executing our growth strategy to increase shareholder value over the long term by providing a unique platform that really delivers on members and clearly on brands. As you heard today, we're confident on the growth trajectory and momentum we're generating across advertising and the consumer businesses and have an exciting runway of growth ahead. We are looking forward to investors recognizing that this and marketing -- or this will make us obviously continue to deliver. And then especially given the revenue acceleration, hopefully, the -- I guess, the market will reward the business accordingly. This is more of a statement rather than a question, but I'll -- it was sent in, so I'm going to share it. "Love your platform and products. It has been connecting my family with our youngest members and new parents since [ people are in a pandemic ]. Also, while my kids are growing, I relied on Red Tricycle while they were young, the San Francisco Bay Area version. Glad to see you're incorporating those valuable local resources for parents everywhere." Thanks for the comment. Next question. The Tinybeans strategy is in transition from a photo-sharing app and parenting website reliance on advertising revenues to a subscription-based full-content app for parents and families. How are things progressing? Well, as we've said and as most of you know, we have a successful photo-sharing app for families and clearly a parenting website [ and that's full of classes defined ] by the Apple partnership. Our current goal is to largely monetize this through the advertising area and then clearly invest in the consumer area. Our mission is to be the place where parents go to raise amazing kids. In order to deliver on that promise, our platform -- we'll obviously look to go and invest in some of those newer services we talked about earlier. So as we tailor content, community and a fully featured e-commerce experience that we can't wait to launch in the future. When you think of this transition -- and strive to offer many more things for parents and clearly grow the revenues as accordingly. And clearly we'll continue to strive towards that goal in the future for the revenue split. Next question. "Do you see possible friction with growing a subscription consumer business and advertising revenue stream at the same time?" It's a great question. I'm sure it's something that people think about a lot, something that we think about a lot and are happy to answer here. While we don't see this as a significant obstacle, given there are many paid services that -- for content that basically generate subscription and advertising revenues, we continue to pay close attention to a variety of these companies, including streaming brands like Disney+, Netflix, Apple plus; and how they're evolving their models to accommodate both subscription and advertising. There's definitely a whole range of areas to test and offer different tiers and how we can offer value to the customer while still having the appetite for ads at a fair price that's driving value. Another question we've received. "So my homepage on the Android app has had the same links for the whole time since following Tinybeans in the Android app. It doesn't seem to change. Why is that engaging?" Thanks for the question. We definitely have had in recent times challenges with the Android app. You've probably seen that by the reviews we've had last year. We're making a concerted effort to make changes and improve those investments and improve, I guess, the robustness of the app. And as we improve the robustness of the app, we obviously need to make some changes to the experience as well. So the content and experience in the Android app is probably not as advanced as the iOS app. There's definitely some work we need to do there, so I apologize, for the Android users out there, where the memories feature is clearly the main area, but the content side of things isn't really as advanced. It's something we're certainly committed to addressing and certainly something we're committed to solving over the course of the next 6 months. So appreciate the question and really thank you for the patience and being obviously a loyal user of Tinybeans on Android. Next question is, "Do you have the capital needed to execute your plans?" Great question. So we raised capital, I guess, in November last year to the tune of about USD 6 million; and that's really what we're using today to execute on our growth plans. Today, we're very confident with using those funds to continue to execute our growth. There's a whole range of initiatives, some of which we've spoken to today, that basically you'll start to see. And we're confident we'll be able to use the capital we've raised to continue to implement that. So over the next 3, 6, 12 months, you'll start to see, again, continued growth across users, product, revenue split, like I've talked about earlier. Using the capital we received to date, we have no plans to raise capital in the short to medium term. All right, I'll just give it another minute or so until there's -- if there's any other questions. And then we can -- we will wrap up. Another question: "Do you consider to [ sell your own-brand product on the sides ] to increase revenue?" It's a great question. We've certainly spoken about having licensed products and being able to launch products with the Tinybeans brand. And I certainly think that's a significant opportunity into the future. For us, I think initially, though, we'll start with e-commerce using traditional brands, brands we have already relationships with, brands that already want to work with us in terms of e-commerce. So that will probably be a starting point, but absolutely we see -- because, at the end of the day, parents trust the brand, we see significant upside. We'll be able to launch products that have the Tinybeans brand that really parents want to connect to, so -- and I'm not quite sure when that will be but certainly believe that it will be in our future and, again, all tied to the connection, to the trust and the engagement we have with the parent and then clearly figuring out what right products we'll be launching with the Tinybeans brand out there. Well, I think that's a wrap of the Q&A unless there's anything else quickly, but look. Hopefully, today, you've got a sense as to where we're heading into the future, some validation in terms of the data we've been talking about and clearly some wonderful presentations our team has presented to you in terms of where we're today but also more importantly where we're heading. And we're really excited to have your partnership, excited for you to continue to monitor the company and obviously monitor our results, but really the future is incredibly bright. And we're really hoping that we will continue to deliver and expected to deliver growth and showcase the visuals you saw today in the product in the not-too-distant future. So with that, that's a wrap. And thank you all for coming today, and looking forward to updating all of you into the future. Thanks, everyone. Thanks, Grady, for leading us today. And all the best.