Grindr Q1 2025 Earnings Report

Grindr EPS Results

• Actual EPS: $0.09
• Consensus EPS: $0.09
• Beat/Miss: Met Expectations
• One Year Ago EPS: N/A

Grindr Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $95.94 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Grindr Announcement Details

• Quarter: Q1 2025
• Date: 5/8/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, May 8, 2025
• Conference Call Time: 5:00PM ET

Grindr (NYSE:GRND) operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version. Grindr Inc. was founded in 2009 and is headquartered in West Hollywood, California.

Grindr Q1 2025 Earnings Call Transcript

Presentation

[Operator]

Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Grindr First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

[Operator]

Thank you. I would now like to turn the conference over to Tolu Adiosse, Grindr's Head of Investor Relations. Tolu, please go ahead.

[Tolu Adeofe, Director - IR at Grindr]

Thank you, moderator. Hello, and welcome to the Grindr Earnings Call for the First Quarter twenty twenty five. Today's call will be led by Grindr's CEO, George Arison and CFO, Vanna Kramp. They'll make a few brief remarks and then we'll open it up for questions. Please note, Grindr released its shareholder letter this afternoon and this is available on the SEC's website and Grindr's Investor page at investors.grinder.com.

[Tolu Adeofe, Director - IR at Grindr]

Before we begin, I will remind everyone that during this call, we may discuss our outlook, future performance and future prospects. You should not rely on forward looking statements as predictions of future events. These forward looking statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of the risks that could cause our actual results to differ from views expressed in our forward looking statements have been set forth in our earnings release and our periodic reports filed with the SEC, including our annual report on Form 10 ks for the year ended 12/31/2024. During today's call, we will also present both GAAP and non GAAP financial measures.

[Tolu Adeofe, Director - IR at Grindr]

Additional disclosures regarding non GAAP measures, including a reconciliation of these non GAAP financial measures to their most closely comparable GAAP financial measure are included in the earnings release we issued today, which has been posted on the Investor Relations page of Grindr's website and in Grindr's filings with the SEC. With that, I'll turn it over to George.

[George Arison, CEO & Executive Director at Grindr]

Thanks, Todo. Welcome, everyone. We're kicking off 2025 with exceptional Q1 results and strong momentum in product development. Early data from several initiatives and testing give us confidence to raise our full year outlook to 26% or greater revenue growth and at least 43% adjusted EBITDA margin. Our Q1 shareholder letter dives into why 2025 is such a pivotal year for Grindr.

[George Arison, CEO & Executive Director at Grindr]

We're building one of the world's most advanced consumer tech platforms and the beloved community app that integrates AI throughout the experience. At last year's Investor Day, we outlined a bold road map centered on three pillars. First, deepening intent based offerings in our core connections use case. Second, creating an AI architectural layer to power the app for the long term. And third, building the digital neighborhood.

[George Arison, CEO & Executive Director at Grindr]

Across all three, we're executing on or ahead of schedule. In the first connections pillar, our single biggest current effort is RightNow, which significantly expands our app's surface area for all users and has performed strongly in testing. We've now rolled it out to 17 major cities, including New York, Miami, London, Paris, and Rio. In these markets, 20 to 25% of our users engage with RightNow weekly, and we've begun monetizing it in select regions. The success is a key driver behind our updated guidance.

[George Arison, CEO & Executive Director at Grindr]

We expect to expand RightNow to nearly 50% of our weekly active users over the next several weeks. Where it is live, all users, including free users, can take advantage of right now even with monetization. On AI, we're committed to making Grindr an AI native leader in nonconsumer apps, Leveraging our distribution, user base, and vast data, we are creating previously unimaginable product experiences. In January, we've announced a suite of AI native products, including now in testing with a quarter of unlimited users. A list applies our architectural layer to users' track activity, over a 30,000,000,000 tracks annually or 50 per daily user, providing smarter, best fit priority connections to each user, coupled with thoughtful, rich insights from conversations that have already taken place.

[George Arison, CEO & Executive Director at Grindr]

Sparing users the effort to manually curate favorites or find other ways to track profiles they like, Alist automatically surfaces the connections that matter most based on chat history. I encourage everyone to take a look at the demo linked in our shareholder letter posted on our website. Even in this early version, it's an amazing product, giving us an early view into the incredible age of consumer products we will experience with GenAI. Our letter also details the steps we're taking to prioritize user control and transparency since privacy remains nonnegotiable as we build AI products. For our third pillar, the gayborhood, Soft beta launched Woodwork, a men's health subscription service designed by gay people or gay people.

[George Arison, CEO & Executive Director at Grindr]

Partnering with a telehealth provider, Open Loop, Woodwork offers a compounded ED medication relevant to close to thirty percent of our users who have purchased ED medications in the last year and sixty percent have considered using supplements or medicines for their sexual health. This capital light, low execution risk initiative is a zero to one effort, a true seed stage startup within Grindr. As a startup, the Woodwork team is focused on learning and it will be several quarters before we have meaningful updates to share. Today, thanks to our team's intense focus and discipline, the pace of product development at Grindr is relentless. Over our first two years as a public company, we've laid a strong foundation and proven we can deliver.

[George Arison, CEO & Executive Director at Grindr]

Our next growth phase will come from a surge in product and future launches. To put this in perspective, in 2024, we launched eight new products and initiatives. In 2025, we're targeting over 40 across core use cases, AI, and the gateway. As these roll out, we'll be focused on optimizing our portfolio, balancing user experience with how we merchandise our growing set of offerings. I'm thrilled by our team's ability to execute on this ambitious strategy in such a nimble way.

[George Arison, CEO & Executive Director at Grindr]

It is inspiring to watch. We're honored to be building these experiences for our fantastic community. Now over to Anna.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Thank you, George, and hello, everyone. Grindr is off to a strong start this year. In the first quarter, total revenue grew 25% year over year to $94,000,000 and the adjusted EBITDA margin reached 43% to $41,000,000 Direct revenue increased 24% year over year to $80,000,000 driven by the continued demand for Unlimited Weekly, which launched late in Q1 of twenty twenty four and Extra Weekly, which benefited this quarter from the international rollout of our recommendations feature, which shows more quality profiles. This machine learning based enhancement shows profiles to our users based on relevancy in addition to geolocation, which helps improve discovery. Summarizing our key user metrics, average monthly active users increased 7% over the prior year to 14,600,000.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Average paying users in the quarter increased 16% over the prior year to 1,200,000, which brings paid penetration to 8% for the quarter. And our average direct revenue per paying user increased 8% over the prior year to $22.86 this quarter. Indirect revenue for Q1 grew 26% year over year to $14,000,000 In Q1, we introduced both native and rewarded ad formats, expanded our network of third party ad partners and further optimized our ad tech. We are encouraged by the early results and expect these initiatives to continue to ramp in 2025. Moving to expenses and profitability.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Our operating expenses in Q1 of twenty twenty five, excluding $25,000,000 in cost of revenue, was $44,000,000 up 21% year over year, primarily driven by compensation related expenses. Adjusted EBITDA for the quarter was $41,000,000 or 43% of revenue compared to thirty two million dollars or 42% of revenue a year ago. And net income was $27,000,000 for the first quarter representing 29% of revenue compared to a net loss of $9,000,000 in the same period last year. As we noted in our Q4 shareholder letter, on February 24, we completed the redemption of all outstanding unexercised warrants. As a result, beginning in Q2 twenty twenty five, there will no longer be a revaluation of the warrant liability.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Hence, we expect to report positive GAAP EPS going forward. Turning to cash flow and the balance sheet. In the first quarter, Grindr generated free cash flow of just over $23,000,000 and ended the quarter with approximately $256,000,000 in cash and cash equivalents. Our gross leverage was 1.9 times the last twelve months adjusted EBITDA. During the first quarter, Grindr repurchased $141,000,000 in common stock.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

At the end of Q1, we had $359,000,000 remaining under the repurchase program. Finally, as George mentioned, we are raising our guidance for the full year. We now expect revenue growth of 26% or greater and an adjusted EBITDA margin of at least 43%. This updated outlook reflects the strength of our business model and the expectations of our ability to drive enhanced monetization and operational efficiency. We remain focused on executing against our product roadmap.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

And with that, operator, we'll now take questions.

[Operator]

Thank you. We will now begin the question and answer session. Your first question comes from John Blackledge with TD Cowen. Please go ahead.

[Logan Whalley, VP - Equity Research at TD Cowen]

Hi, thanks for the question. It's Logan on for John. Maybe on the higher 25 guidance, could you tell us what changed, since the initial forecast and maybe what the biggest drivers were of the the higher revenue growth and and EBITDA growth targets? And then longer term, should we think any differently about your 2027 revenue and EBITDA targets? And then just have one follow-up as well.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Sure. Thanks, Logan. Thanks for the question. As we said in March, in the first half of the year, we have a few ongoing tests of initiatives, which if successful could have a positive impact on 2025 revenue and on EBITDA. And some of those tests have come in positive over the last few weeks.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

That coupled with right now, early monetization are really impacting our guidance in a positive way. We moved pretty fast at Grindr, so nine weeks is a pretty long time since March earnings. And as we said often, we guide to what we have line of sight to, and our raise today is a reflection of our increased confidence. We also saw the FX tailwind, benefit us in the back March, and this really dovetails into our EBITDA guide. And now that we're midway through q two, we anticipate q two looking a lot like q one with respect to EBITDA.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

I just add a couple

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

of thoughts on this.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

In the letter, we talked significantly about the product work that we have underway, 40 new initiatives this year, and several of those are AI related. We're investing in becoming an AI first company, and with that can come some elevated cost with respect to cloud. So in the past, we've also talked about managing discretionary spend in the second half based on how we see the year coming together. That's still the case. George, do wanna add a little bit about the Apple Store policy?

[George Arison, CEO & Executive Director at Grindr]

Yeah. I'm happy to talk about that. So, obviously, we know that a lot of users wanna have a direct pay. And assuming that the court ruling stays in place, that'll be a big benefit for users of Grindr and other products For us to be able to enable direct payment, we have to integrate with a provider and we also need to build some capabilities internally to handle, you know, that process both from charge offs point of view, customer service, etcetera. But, it is something that's on our road map, and, we will probably do to enable our users to be able to have, the direct pay with these.

[Logan Whalley, VP - Equity Research at TD Cowen]

Great. Thanks.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Does that answer your question?

[Logan Whalley, VP - Equity Research at TD Cowen]

And then yes. Definitely. Thank you. And then, the the Woodwork announcement is is super exciting. Could you maybe just, I'm I'm just curious as to how you maybe plan to integrate it into the Grindr ecosystem over time.

[Logan Whalley, VP - Equity Research at TD Cowen]

And then, how it might open up Grindr to other kind of health care related offerings potentially in the future? Thanks.

[George Arison, CEO & Executive Director at Grindr]

Totally. And I just want to make sure on the Apple question, that is not in any way represented in our guidance. And so it's not it's completely it would be completely additive to that if that happened. But since we have not done it, we can't really speak to what will happen with it since we tend to only guide to what we have a very clear line of sight too. With regards to Woodwork, yeah, we're really excited about Woodwork.

[George Arison, CEO & Executive Director at Grindr]

I think it's a really great brand that the team has created. I think it really speaks to the Grindr user base. It was built by gay men for gay men. And I think it's really good from that point of view. I want to really emphasize that Woodwork is in the earliest stages of a start up getting going.

[George Arison, CEO & Executive Director at Grindr]

Right? It's very much a a series seed, maybe even an angel stage company inside Grindr with a tiny team working on this full time and very limited amount of resources being allocated to it at this stage. That's done on purpose because I want the team to be very much operating in a startup learning mode like a very early stage setup would where literally every day is critical for their survival and they want to work as hard as possible to achieve success. I think grit is really critical to new things being started and and that's what we're trying to have here. Obviously, we can definitely see opportunities to integrate with what Grindr does as well.

[George Arison, CEO & Executive Director at Grindr]

You know, simple things like subscribe to Woodwork and then you also get a discount on the Grindr subscription. It could be one one opportunity. Integration of payments between Woodwork subscription and Grindr is another possibility. And there are other things like that that we can do. And then more broadly, WoodWorks is our healthcare and wellness brand.

[George Arison, CEO & Executive Director at Grindr]

It is not just an erectile dysfunction medication brand. We will be adding other treatments to Woodwork. And so we will be putting a broad spectrum of things. We know that a fairly large number of users have already used BD medication in the past. That's detailed in each of our letter.

[George Arison, CEO & Executive Director at Grindr]

Another very large portion has thought about or considered using it in the future. And so there there that's a strong kind of advantage to us. But again, Woodwork is a very early stage business for us, very much kind of zero to one proposition. And I would not expect any updates on woodwork for the next several quarters nor is it in any way assumed in our guidance for this year.

[Logan Whalley, VP - Equity Research at TD Cowen]

Great. That's super helpful. Thank you.

[Operator]

Your next question comes from the line of Andrew Maroc with Raymond James. Please go ahead.

[Analyst]

Hi. Raj calling in here for Andrew Marocca at Raymond James. Congrats on the quarter. Just wanted to ask a couple of questions. First, so one of your competitors this morning talked about increasing investment into initiatives and features addressed at the gay male community.

[Analyst]

How do you see Grindr's defensibility of its position? And to the extent that Grindr may have not served a specific need, how's your product line up addressing that? Thank you.

[George Arison, CEO & Executive Director at Grindr]

Thanks for the question. I've I've spoken, many times in the past that, you know, we know people are gonna use many different products and we're totally fine with them doing it. And if someone wants to challenge Grindr, you should challenge Grindr from the position of weakness rather than a position of of strength, meaning where Grindr is very strong. I've not really seen any one of our larger competitors do that. And so I think you really need to understand what gay men want and understand gay culture in an intimate way to be able to do that, and that's not been something that we've been seeing from our peers.

[George Arison, CEO & Executive Director at Grindr]

What we do know is that our users very much want and game in the country really want oh, sorry, around the world really want, features in Grindr that address their specific needs and intentions. And that's why our entire product strategy for the core of Grindr has been built around intent. Right now, is the first major launch of ours that is very intent focused, which is for people who want an immediate connection with somebody, whether it's, you know, today or tomorrow or in the near very near term. Right now is a way to get that more easily than previously was possible. The response from users to that has been amazing.

[George Arison, CEO & Executive Director at Grindr]

We know that 20 to 25% of our users are using right now on a weekly basis, at least once a week. Shares of location are about twice what they are in normal conversations, which indicates the likelihood of meeting between people is much higher, and that's really positive. And so we're really happy with that that launch and how that's gone. But that's just one piece of our intention based road map, Helping people do a better job identifying people who would be good partners for them for the long term from the relationship perspective is the other one that we need to launch as well, and that's something we're working on. It's also on a road map from what we spoke about at Investor Day.

[George Arison, CEO & Executive Director at Grindr]

Again, we know that among gay men 35 and under, half of them want to be in a long term monogamous relationship. That's a really big change from how gay men thought about things even ten years ago and certainly twenty years ago when I was younger, and we need to serve them really well in that regard. Grindr is by far the primary place where gay relationships today in America are formed. About between three to four gay relationships in The US are formed on Grindr, like, right now. So it's already a huge percentage.

[George Arison, CEO & Executive Director at Grindr]

But I think we can do a better job at that than we do, and and that's part of what we're trying to do. So I think our product roadmap is is really robust from both the intentions perspective, and a bunch of other pieces. Happy to talk about those. And so, I think our users will be quite happy with what they're seeing coming down the path.

[Analyst]

Awesome. Really appreciate the color. For a follow-up, if I may. So I heard a bit from some of your peers that, there's a little bit of macro weakness in certain segments of the audiences. How's how's that picture from your seat, and how are you thinking about potential impacts from a broader economic slowdown?

[Analyst]

Thank you.

[George Arison, CEO & Executive Director at Grindr]

Thanks for the question. We are very fortunate that we've not seen any consumer or ecosystem weakness that peers have discussed. Obviously, we are tracking that to make sure that it's not impactful. But so far, we've not seen anything and we feel really good about things. That's probably probably why we feel confident raising guidance on revenue and on EBITDA as much as we have.

[George Arison, CEO & Executive Director at Grindr]

We've talked before that gay men tend to have higher education levels than their straight counterparts by about 2x in the number of JDs, PhDs, MBAs, MDs in the population. They also have much higher disposable income both because they earn a lot more and then a lot of them don't have children, which gives them more disposable income. And so I I think even if we were to have, you know, an economic kind of negative economic trends for our user base. They're gonna be able to withstand that a lot better, than an average kind of set of the population. And so, I think that's really important to kind of remember.

[George Arison, CEO & Executive Director at Grindr]

And then lastly, you know, we are not a place for politics and and economics. We're a place where people come to to escape that. People come to Grindr for fun, adventurous, sexy experiences, and that's gonna be why in part they spend as much time as they do every day on Grindr. And so in a situation of economic weakness, if there's a lot of commotion going on, you could very well envision a world where we were spending more time on Grindr because they are dealing with all those things kinda off Grindr, and they come here to escape that and and be dealing with something else. So so far, we feel really good about what's happening with Grindr while whatever might be happening in the economy, and I do not really anticipate any impact from that to us this year.

[Analyst]

Love to hear it. Thanks again and congrats on the quarter.

[George Arison, CEO & Executive Director at Grindr]

Thank you.

[Operator]

Your next question comes from the line of Eric Sheridan with Goldman Sachs. Please go ahead.

[Eric Sheridan, Managing Director at Goldman Sachs]

Thanks so much for taking the question and hope that all is well with the team. As you look at the business right now, what how you would characterize the scope for growth on users engagement and monetization if you were to break the business down geographically between the international opportunity and what you're seeing in The U. S. As you look out over the next twelve to eighteen months? Thanks so much.

[George Arison, CEO & Executive Director at Grindr]

Sure. Happy to do that. So from the perspective of kind of user growth everywhere, obviously, it's a it's a big a big focus for us all the time. Grindr is by far the best known gate brand in the world, but and we have a lot of users in lots and lots of places, but there is a lot of opportunity to drive more people to use Grindr. The way we tend to think about that is product led growth.

[George Arison, CEO & Executive Director at Grindr]

Right? So we create new products, and then those products, are what brings people to want to use Grindr. We that's probably why we launched right now where that is a significant kind of user growth expansion opportunity for people who previously might have been using Grindr more for those kind of immediate connections. And over time, I have started to use it less because there are upper too many other things that are going on in Grindr at the same time. This intention is based kind of solution with right now, Give them a chance to be on Grindr just for right now and and nothing else, which we think is great.

[George Arison, CEO & Executive Director at Grindr]

Same thing with relationships. That's, again, a user growth kind of opportunity that we think is significant because we do know from our users that, yes, they know that Grindr has the critical mass of users, but we don't have features for relationships. So they consider oftentimes to go to a different product, but then frequently come back to Grindr because we have the critical mass. And so we don't want them going through that. We want them to actually stay with us in our ecosystem looking for whatever relationship that might be looking for.

[George Arison, CEO & Executive Director at Grindr]

So I think that's all kind of every a lot of things that we're doing in products are very much driven with the idea towards creating more more user growth. And then with regards to international and domestic, we think there's plenty of opportunity to grow our domestic user base. Obviously, we have an incredible brand in The US, you know, 95% brand awareness unaided, but not everybody who is in the community is using Grindr. And so we do believe that there is opportunity to grow MAU here. But, obviously, there's lot more opportunity internationally.

[George Arison, CEO & Executive Director at Grindr]

For one, we are less known abroad. Right? We only have based on the countries we have tested, we're not tested everywhere. Roughly about 60% awareness in a lot of those countries. Now people who know us use it all the time.

[George Arison, CEO & Executive Director at Grindr]

But people who don't know us, they can't use us because they don't know us. And so we need to do more work on that front. There's also opportunity to localize the app a lot better, starting with kind of what we do in the App Store and localizing that for given locations as well as what we do with the product itself. There's been very little localization of the product ever in in any way. That's not something that we are kind of necessarily working on in 2025, but those are the kinds of things that we are thinking about for the future.

[George Arison, CEO & Executive Director at Grindr]

At Investor Day, we we said that, you know, international growth is a long term opportunity for us, and we still very much believe that. And and it's something that we're gonna invest in over time because we do think it's a big opportunity.

[Vandana Mehta-Krantz, Chief Financial Officer at Grindr]

Just to add, our, conversion rates have been having a steady cadence up in every region. So the product road map is definitely resonating with our users, and you're seeing that in our payer growth.

[Eric Sheridan, Managing Director at Goldman Sachs]

Really appreciate it. Thanks.

[Operator]

Your next question comes from the line of Nick Jones with Citizens. Please go ahead.

[Analyst]

Hi. This is Luke on for Nick. Thanks for taking the question. Can you just expand a bit on the AI native product suite powered by a list and, you know, the early progress you're seeing there and, you know, maybe what you're most excited about? Thank you.

[George Arison, CEO & Executive Director at Grindr]

Yeah. I mean, I'm super excited about a list. I tell everybody that I've not yet seen another consumer product launch something like a list where they are identifying a very clear user need, and then using the most innovative, Gen AI that's out there to create a previously unimaginable solution. Like, this was not possible before. I frankly use numerous products where I wish there was an a list.

[George Arison, CEO & Executive Director at Grindr]

Like, for example, I'd love an a list in my g personal Gmail. It would be really fantastic because, you know, the the contact kind of information in Gmail is nowhere near as helpful as it could be and should be. And so I think there's a ton of opportunity with that with that. So we are really, really proud of what we've built and how quickly we built it and how we believe useful it will be for users. Really, we strongly encourage everybody to go and check it out at grinderproduct.com/alist.

[George Arison, CEO & Executive Director at Grindr]

It's about a one minute video, but really gives you a kind of good deep dive into how a list works. There are a bunch of other AI based products that are coming out this year, and we've already put Discover into into test. I think of Discover as a new page inside Grindr where you can see people based on your interests and their interests, whether it's congruence from all over the world. Right? So it breaks down the geographic barriers that usually exist inside dating products, including on Grindr, which our main grid is very local based and that's very beneficial.

[George Arison, CEO & Executive Director at Grindr]

But we also do know that people wanna find people everywhere, and and this way, kind of gives them heavy into people all over the world that might be appealing to them. And there's many other things that are with AI kind of coming along as well. We believe that these AI products are turning Grindr into an AI native product overall. So the same way that we basically invented location based, know, in 02/2009. We are now doing the same thing with AI and are very much at the forefront of of what is possible.

[George Arison, CEO & Executive Director at Grindr]

And I believe that's gonna be really, really valuable to users. The value that we're creating for them through a list, through Discover, through Insights, and and other things that are on the come are gonna be pretty significant. And whenever you create a large amount of value for users, there's always an opportunity to significantly monetize that. We have some plans for how we'll do that, but not ready to speak about that yet. That'll be something we'll discuss probably, you know, a few quarters down the road.

[Analyst]

Great, pal. Thank you.

[Operator]

And ladies and gentlemen, this concludes today's conference call. Thank you for your participation and you may now disconnect.

Participants

Executives

• Tolu Adeofe, Director - IR
• George Arison, CEO & Executive Director

Analysts

• Vandana Mehta-Krantz, Chief Financial Officer at Grindr
• Logan Whalley, VP - Equity Research at TD Cowen
• Analyst
• Eric Sheridan, Managing Director at Goldman Sachs