Bumble Inc. (NASDAQ: BMBL), the parent company of Bumble and Badoo,
today reported financial results for the first quarter
ended March 31, 2021.
“Our results and first quarter momentum validate
the strength of our mission and our brand. We were able to combine
our safety, mission and women-first narratives throughout the
quarter in a manner that drove notable growth in user engagement
and retention globally. Our brand and products are resonating
worldwide, and we are inspired by the resilience of our customers
who have demonstrated the power of human connection during the
pandemic. Safety and accountability are at the foundation of our
business and this mission-first approach has been key in advancing
our position as leaders in the space. Our impressive results
demonstrate that Bumble is more than our apps – our mission is
powering a movement,” said Whitney Wolfe Herd, Founder and CEO of
Bumble.
First Quarter 2021 Operational and Financial
Results:(All comparisons relative to the First
Quarter 2020)
- First quarter 2021 revenue increased year-over-year to $170.7
million. First quarter 2020 revenue was comprised of $79.1 million
for the period from January 29, 2020 to March 31, 2020 and
$40.0 million for the period from January 1, 2020 to
January 28, 2020.
- First quarter 2021
Bumble App Revenue increased year-over-year to $112.6 million.
First quarter 2020 Bumble App Revenue was comprised of $46.7
million for the period from January 29, 2020 to March 31, 2020
and $23.3 million for the period from January 1, 2020 to
January 28, 2020.
- First quarter 2021
Badoo App and Other Revenue increased year-over-year to
$58.1 million. First quarter 2020 Badoo App and Other Revenue
was comprised of $32.5 million for the period from January 29,
2020 to March 31, 2020 and $16.7 million for the period from
January 1, 2020 to January 28, 2020.
- Total Paying Users
increased 30.0% to 2.8 million, compared to 2.2 million.
- Total ARPPU was
$19.99, compared to $17.73.
- Net earnings
were $323.4 million, or 189.5% of revenue for the three months
ended March 31, 2021, compared to Net loss of $55.8 million, or
(70.5)% of revenue for the period from January 29, 2020 to
March 31, 2020 and Net loss of $32.6 million, or (81.4)% of
revenue for the period from January 1, 2020 to
January 28, 2020.
- Adjusted EBITDA
was $46.1 million, or 27.0% of revenue for the three months
ended March 31, 2021, compared to $12.7 million, or 16.1% of
revenue for the period from January 29, 2020 to March 31, 2020
and $9.4 million, or 23.4% of revenue for the period from
January 1, 2020 to January 28, 2020.
“Our first quarter results reflect significant
growth in paying users as well as improved monetization,
positioning us to raise full year 2021 guidance,” added Anu
Subramanian, CFO of Bumble. “Our high flow through rates, efficient
marketing strategy, and shared technology platform are driving
operating leverage in the business. In the first quarter, we
successfully completed our IPO, enabling us to pay down $200
million in debt and in further strengthening our balance sheet. We
are making strategic investments in product and technology to
continue growing our community and capitalizing on the large market
opportunity in front of us.”
Key Operating Metrics:
(in thousands, except
ARPPU) |
|
Three MonthsEndedMarch
31,2021 |
|
|
Three MonthsEndedMarch
31,2020 |
|
Key Operating Metrics |
|
|
|
|
|
|
|
|
Bumble App Paying Users |
|
|
1,352.8 |
|
|
|
938.3 |
|
Badoo App and Other Paying
Users |
|
|
1,450.5 |
|
|
|
1,218.2 |
|
Total Paying Users |
|
|
2,803.3 |
|
|
|
2,156.5 |
|
Bumble App Average Revenue per
Paying User |
|
$ |
27.75 |
|
|
$ |
24.84 |
|
Badoo App and Other Average
Revenue per Paying User |
|
$ |
12.76 |
|
|
$ |
12.26 |
|
Total Average Revenue per Paying
User |
|
$ |
19.99 |
|
|
$ |
17.73 |
|
Financial Outlook:
Bumble anticipates Revenue and Adjusted EBITDA
for the second quarter ending June 30, 2021 and year ending
December 31, 2021 to be:
Second quarter 2021:
- Revenue in the range of $175 to $178 million
- Adjusted EBITDA in the range of $42 to $44 million.
Full year 2021:
- Revenue in the range of $724 to $734 million
- Adjusted EBITDA in the range of $177 to $182 million
Actual results may differ materially from
Bumble’s Financial Outlook as a result of, among other things, the
factors described under “Forward-Looking Statements” below.
With regards to the Non-GAAP Adjusted EBITDA
outlook provided above, a reconciliation to GAAP net earnings
(loss) has not been provided as the quantification of certain items
included in the calculation of GAAP net earnings (loss) cannot be
calculated or predicted at this time without unreasonable efforts.
For example, the non-GAAP adjustment for stock-based compensation
expense requires additional inputs such as number of shares granted
and market price that are not currently ascertainable, and the
non-GAAP adjustment for certain legal, tax and regulatory reserves
and expenses depends on the timing and magnitude of these expenses
and cannot be accurately forecasted. For the same reasons, the
Company is unable to address the probable significance of the
unavailable information, which could have a potentially
unpredictable, and potentially significant, impact on its future
GAAP financial results.
Conference Call and Webcast Information
Bumble will host a conference call and live
webcast to discuss its first quarter 2021 financial results at 4:30
p.m. Eastern Time today, May 12, 2021. To listen to the live
conference call, please dial toll free (833) 362-0206 or (914)
987-7675, access code 3897705, approximately 10 minutes prior to
the start of the call. A webcast of the call and other information
related to the call will be accessible on the Investors section of
the Company’s website at https://ir.bumble.com. A webcast replay
will be available approximately two hours after the conclusion of
the live event.
Definitions
Bumble App Average Revenue per Paying User is
calculated based on Bumble App Revenue in any measurement period,
divided by Bumble App Paying Users in such period divided by the
number of months in the period.
Bumble App Paying User is a user that has
purchased or renewed a Bumble subscription plan and/or made an
in-app purchase on the Bumble app in a given month. We calculate
Bumble App Paying Users as a monthly average, by counting the
number of Bumble App Paying Users in each month and then dividing
by the number of months in the relevant measurement period.
Badoo App and Other Average Revenue per Paying
User is calculated based on Badoo App and Other Revenue in any
measurement period, excluding any revenue generated from
advertising and partnerships or affiliates, divided by Badoo App
and Other Paying Users in such period divided by the number of
months in the period.
Badoo App and Other Paying User is a user that
has purchased or renewed a subscription plan and/or made an in-app
purchase on the Badoo app in a given month (or made a purchase on
one of our other apps that we owned and operated in a given month,
or purchase on other third-party apps that used our technology in
the relevant period). We calculate Badoo App and Other Paying Users
as a monthly average, by counting the number of Badoo App and Other
Paying Users in each month and then dividing by the number of
months in the relevant measurement period.
Predecessor refers to Worldwide Vision Limited
and its consolidated subsidiaries. Worldwide Vision Limited
operated the trade of Bumble Inc. prior to the consummation of the
acquisition (the “Sponsor Acquisition”) on January 29, 2020 of a
majority stake in Worldwide Vision Limited by a group of investment
funds managed by The Blackstone Group Inc.
Successor refers to Buzz Holdings L.P. and its
consolidated subsidiaries from the Sponsor Acquisition to the
initial public offering on February 16, 2021 and to Bumble Inc. and
its consolidated subsidiaries after the initial public
offering.
Non-GAAP Financial Measures
We report our financial results in accordance
with GAAP, however, management believes that certain non-GAAP
financial measures provide users of our financial information with
useful supplemental information that enables a better comparison of
our performance across periods. These measures include: Adjusted
EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow
Conversion. We believe Adjusted EBITDA and Adjusted EBITDA Margin
provide visibility to the underlying continuing operating
performance by excluding the impact of certain expenses, including
income tax provision, interest (income) expense, depreciation and
amortization, stock-based compensation expense, foreign exchange
loss (gain), changes in fair value of contingent earn-out
liability, interest rate swaps and external investments,
transaction costs and one-time litigation costs, as management does
not believe these expenses are representative of our core earnings.
In addition to Adjusted EBITDA and Adjusted EBITDA Margin, we
believe Free Cash Flow and Free Cash Flow Conversion provide useful
information regarding how cash provided by operating activities
compares to the capital expenditures required to maintain and grow
our business, and our available liquidity, after funding such
capital expenditures, to service our debt, fund strategic
initiatives and strengthen our balance sheet, as well as our
ability to convert our earnings to cash. Additionally, we believe
such metrics are widely used by investors, securities analysis,
ratings agencies and other parties in evaluating liquidity and
debt-service capabilities. We calculate Free Cash Flow and Free
Cash Flow Conversion using methodologies that we believe can
provide useful supplemental information to help investors better
understand underlying trends in our business.
Our non-GAAP financial measures may not be
comparable to similarly titled measures used by other companies,
have limitations as analytical tools and should not be considered
in isolation, or as substitutes for analysis of our operating
results as reported under GAAP. Additionally, we do not consider
our non-GAAP financial measures as superior to, or a substitute
for, the equivalent measures calculated and presented in accordance
with GAAP.
Adjusted Earnings before Interest, Taxes,
Depreciation and Amortization (“Adjusted EBITDA”) is defined as net
earnings (loss) excluding income tax (benefit) provision, interest
expense (income), depreciation and amortization, stock-based
compensation expense, foreign exchange loss (gain), changes in fair
value of contingent earn-out liability, interest rate swaps and
external investments, transaction costs and one-time litigation
costs.
Adjusted EBITDA Margin represents Adjusted
EBITDA as a percentage of revenue.
Free Cash Flow is defined as net cash provided
by (used in) operating activities less capital expenditures.
Free Cash Flow Conversion represents Free Cash
Flow as a percentage of Adjusted EBITDA.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements reflecting our current views with
respect to, among other things, our operations, our financial
performance, our industry, the impact of the Coronavirus Disease
2019 (“COVID-19”) on our business and other non-historical
statements, including without limitation the statements in the
“Financial Outlook” section of this press release. In some cases,
you can identify these forward-looking statements by the use of
words such as “outlook,” “believe(s),” “expect(s),” “potential,”
“continue(s),” “may,” “will,” “should,” “could,” “would,”
“seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),”
“estimate(s),” “anticipates,” “projection,” “will likely result”
and or the negative version of these words or other comparable
words of a future or forward-looking nature. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. These factors include, but are not
limited to, the following:
- our ability to retain existing users or attract new users and
to convert users to paying users
- competition and changes in the competitive landscape of our
market
- our ability to distribute our dating products through third
parties, such as Apple App Store or Google Play Store, and offset
related fees
- the impact of data security breaches or cyber attacks on our
systems and the costs of remediation related to any such
incidents
- the continued development and upgrading of our technology
platform and our ability to adapt to rapid technological
developments and changes in a timely and cost-effective manner
- our ability to obtain, maintain, protect and enforce
intellectual property rights and successfully defend against claims
of infringement, misappropriation or other violations of
third-party intellectual property
- our ability to comply with complex and evolving U.S. and
international laws and regulations relating to our business,
including data privacy laws
- foreign currency exchange rate fluctuations
- risks relating to certain of our international operations,
including successful expansion into new markets
- affiliates of The Blackstone Group Inc.’s (“Blackstone”) and
our Founder’s control of us
- the outsized voting rights of affiliates of Blackstone and our
Founder
- the inability to attract hire and retain a highly qualified and
diverse workforce, or maintain our corporate culture
- changes in business or macroeconomic conditions, including the
impact of COVID-19 (and other widespread health emergencies or
pandemics) and measures taken in response, lower consumer
confidence in our business or in the online dating industry
generally, recessionary conditions, increased unemployment rates,
stagnant or declining wages, political unrest, armed conflicts or
natural disasters
For additional information on these and other
factors that could cause Bumble’s actual results to differ
materially from expected results, please see our Annual Report on
Form 10-K for the year ended December 31, 2020, which was filed
with the Securities and Exchange Commission (the “SEC”) on March
15, 2021, as such factors may be updated from time to time in our
periodic filings with the SEC, which are accessible on the SEC’s
website at www.sec.gov. The forward-looking statements included in
this press release are made only as of the date of this press
release, and we undertake no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law.
About Bumble
Bumble Inc. is the parent company of Bumble and
Badoo, two of the world’s highest-grossing dating apps with
millions of users worldwide. The Bumble platform enables people to
connect and build equitable and healthy relationships. Founded by
CEO Whitney Wolfe Herd in 2014, the Bumble app is one of the first
dating apps built with women at the center, and the Badoo app,
which was founded in 2006, is one of the pioneers of web and mobile
dating products. Bumble currently employs over 700 people in
offices in Austin, Barcelona, London, and Moscow.
For more information about Bumble, please visit
www.bumble.com and follow @Bumble on social platforms.
Source: Bumble Inc.
Investor Contactir@team.bumble.com
Media Contactpress@team.bumble.com
Bumble Inc.Unaudited
Condensed Consolidated Balance Sheets(in
thousands, except share and par value amounts)
|
|
(Unaudited)March 31, 2021 |
|
|
December 31, 2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
246,002 |
|
|
$ |
128,029 |
|
Accounts receivable |
|
|
62,168 |
|
|
|
41,595 |
|
Other current assets |
|
|
86,342 |
|
|
|
81,387 |
|
Total current
assets |
|
|
394,512 |
|
|
|
251,011 |
|
Right-of-use assets |
|
|
10,616 |
|
|
|
11,711 |
|
Lease receivable |
|
|
1,099 |
|
|
|
1,069 |
|
Property and equipment, net |
|
|
16,449 |
|
|
|
16,833 |
|
Goodwill |
|
|
1,540,112 |
|
|
|
1,540,915 |
|
Intangible assets, net |
|
|
1,788,250 |
|
|
|
1,812,410 |
|
Deferred tax assets, net |
|
|
14,809 |
|
|
|
— |
|
Other noncurrent assets |
|
|
4,267 |
|
|
|
3,319 |
|
Total
assets |
|
$ |
3,770,114 |
|
|
$ |
3,637,268 |
|
LIABILITIES AND BUMBLE
INC. SHAREHOLDERS’ / BUZZ HOLDINGS L.P. OWNERS’
EQUITY |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
15,047 |
|
|
$ |
23,741 |
|
Deferred revenue |
|
|
33,370 |
|
|
|
31,269 |
|
Accrued expenses and other
current liabilities |
|
|
142,652 |
|
|
|
180,986 |
|
Current portion of long-term
debt, net |
|
|
9,996 |
|
|
|
5,338 |
|
Total current
liabilities |
|
|
201,065 |
|
|
|
241,334 |
|
Long-term debt, net |
|
|
619,542 |
|
|
|
820,876 |
|
Deferred tax liabilities,
net |
|
|
— |
|
|
|
428,087 |
|
Tax receivable agreement
liability |
|
|
356,755 |
|
|
|
— |
|
Other liabilities |
|
|
118,546 |
|
|
|
62,190 |
|
Total
liabilities |
|
$ |
1,295,908 |
|
|
$ |
1,552,487 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Bumble Inc. Shareholders’
/ Buzz Holdings L.P. Owners’ Equity: |
|
|
|
|
|
|
|
|
Class A common stock (par value
$0.01 per share, 6,000,000,000 shares authorized; 140,142,374
shares issued; and 115,343,526 shares outstanding as of March 31,
2021) |
|
|
1,401 |
|
|
|
— |
|
Class B common stock (par value
$0.01 per share, 1,000,000 shares authorized; 20 shares issued and
outstanding as of March 31, 2021) |
|
|
0 |
|
|
|
— |
|
Preferred stock; par value $0.01;
authorized 600,000,000 shares; no shares issued and outstanding as
of March 31, 2021 |
|
|
— |
|
|
|
— |
|
Limited Partners’ interest |
|
|
— |
|
|
|
1,903,121 |
|
Additional paid-in capital |
|
|
2,259,381 |
|
|
— |
|
Treasury stock |
|
|
(1,018,365 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(28,845 |
) |
|
|
— |
|
Accumulated other comprehensive
income |
|
|
178,672 |
|
|
|
180,852 |
|
Total Bumble Inc.
shareholders’ / Buzz Holdings L.P. owners’ equity |
|
|
1,392,244 |
|
|
|
2,083,973 |
|
Noncontrolling interests |
|
|
1,081,962 |
|
|
|
808 |
|
Total shareholders’ /
owners’ equity |
|
|
2,474,206 |
|
|
|
2,084,781 |
|
Total liabilities and
shareholders’ / owners’ equity |
|
$ |
3,770,114 |
|
|
$ |
3,637,268 |
|
Bumble Inc.Unaudited
Condensed Consolidated Statements of Operations(in
thousands, except per share / unit data)
|
|
Successor |
|
|
|
Predecessor |
|
|
|
Three
MonthsEndedMarch 31,2021 |
|
|
Period fromJanuary
29,throughMarch
31,2020 |
|
|
|
Period fromJanuary
1,throughJanuary
28,2020 |
|
Revenue |
|
$ |
170,713 |
|
|
$ |
79,145 |
|
|
|
$ |
39,990 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
47,747 |
|
|
|
21,627 |
|
|
|
|
10,790 |
|
Selling and marketing expense |
|
|
46,838 |
|
|
|
27,287 |
|
|
|
|
11,157 |
|
General and administrative expense |
|
|
126,524 |
|
|
|
60,034 |
|
|
|
|
44,907 |
|
Product development expense |
|
|
35,045 |
|
|
|
6,945 |
|
|
|
|
4,087 |
|
Depreciation and amortization expense |
|
|
26,955 |
|
|
|
16,313 |
|
|
|
|
408 |
|
Total operating costs and
expenses |
|
|
283,109 |
|
|
|
132,206 |
|
|
|
|
71,349 |
|
Operating
loss |
|
|
(112,396 |
) |
|
|
(53,061 |
) |
|
|
|
(31,359 |
) |
Interest (expense) income |
|
|
(7,729 |
) |
|
|
(4,539 |
) |
|
|
|
50 |
|
Other income (expense), net |
|
|
6,991 |
|
|
|
612 |
|
|
|
|
(882 |
) |
Loss before
tax |
|
|
(113,134 |
) |
|
|
(56,988 |
) |
|
|
|
(32,191 |
) |
Income tax benefit
(provision) |
|
|
436,576 |
|
|
|
1,179 |
|
|
|
|
(365 |
) |
Net earnings
(loss) |
|
|
323,442 |
|
|
|
(55,809 |
) |
|
|
|
(32,556 |
) |
Net (loss) earnings attributable
to noncontrolling interests |
|
|
(18,348 |
) |
|
|
(48 |
) |
|
|
|
1,917 |
|
Net earnings (loss) attributable
to Bumble Inc. shareholders / Buzz Holdings L.P. owners |
|
$ |
341,790 |
|
|
$ |
(55,761 |
) |
|
|
$ |
(34,473 |
) |
Net earnings (loss) per
share / unit attributable to Bumble Inc.
shareholders / Buzz Holdings L.P. owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share /
unit |
|
$ |
1.74 |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
Diluted earnings (loss) per share
/ unit |
|
$ |
1.69 |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
Bumble Inc.Unaudited
Condensed Consolidated Statements of Cash Flows(in
thousands)
|
|
Successor |
|
|
|
Predecessor |
|
|
|
Three
MonthsEndedMarch 31,2021 |
|
|
Period fromJanuary
29,throughMarch
31,2020 |
|
|
|
Period fromJanuary
1,throughJanuary
28,2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
323,442 |
|
|
$ |
(55,809 |
) |
|
|
$ |
(32,556 |
) |
Adjustments to reconcile net
earnings (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
26,955 |
|
|
|
16,313 |
|
|
|
|
408 |
|
Changes in fair value of interest rate swaps |
|
|
(2,944 |
) |
|
|
— |
|
|
|
|
— |
|
Changes in fair value of contingent consideration |
|
|
71,954 |
|
|
|
— |
|
|
|
|
— |
|
Deferred income tax |
|
|
(441,682 |
) |
|
|
(517 |
) |
|
|
|
26 |
|
Stock-based compensation expense |
|
|
45,823 |
|
|
|
1,420 |
|
|
|
|
4,156 |
|
Net foreign exchange difference |
|
|
(2,307 |
) |
|
|
6,331 |
|
|
|
|
(198 |
) |
Other, net |
|
|
2,719 |
|
|
|
(255 |
) |
|
|
|
(195 |
) |
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(21,075 |
) |
|
|
2,749 |
|
|
|
|
(17,599 |
) |
Other current assets |
|
|
(7,234 |
) |
|
|
(17,803 |
) |
|
|
|
(2,175 |
) |
Accounts payable |
|
|
(9,194 |
) |
|
|
(12,639 |
) |
|
|
|
12,984 |
|
Deferred revenue |
|
|
2,101 |
|
|
|
8,078 |
|
|
|
|
289 |
|
Legal liabilities |
|
|
(30,243 |
) |
|
|
(2,587 |
) |
|
|
|
(521 |
) |
Accrued expenses and other current liabilities |
|
|
(4,410 |
) |
|
|
(2,018 |
) |
|
|
|
32,075 |
|
Other, net |
|
|
513 |
|
|
|
(865 |
) |
|
|
|
— |
|
Net cash used in
operating activities |
|
|
(45,582 |
) |
|
|
(57,602 |
) |
|
|
|
(3,306 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(2,712 |
) |
|
|
(921 |
) |
|
|
|
(1,045 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
(2,801,262 |
) |
|
|
|
— |
|
Other, net |
|
|
(31 |
) |
|
|
(73 |
) |
|
|
|
16 |
|
Net cash used in
investing activities |
|
|
(2,743 |
) |
|
|
(2,802,256 |
) |
|
|
|
(1,029 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of Class A common stock sold in initial
public offering, net of offering costs |
|
|
2,358,371 |
|
|
|
— |
|
|
|
|
— |
|
Purchase of Class A Common Stock in the initial public
offering |
|
|
(1,018,365 |
) |
|
|
— |
|
|
|
|
— |
|
Purchase of Common Units from Pre-IPO Common Unitholders in the
initial public offering |
|
|
(973,289 |
) |
|
|
— |
|
|
|
|
— |
|
Proceeds from repayments of loans to related companies |
|
|
— |
|
|
|
41,929 |
|
|
|
|
|
|
Debt issuance costs |
|
|
— |
|
|
|
(16,281 |
) |
|
|
|
— |
|
Limited Partners’ interest |
|
|
— |
|
|
|
2,334,233 |
|
|
|
|
— |
|
Proceeds from term loan |
|
|
— |
|
|
|
575,000 |
|
|
|
|
— |
|
Repayment of term loan |
|
|
(200,000 |
) |
|
|
— |
|
|
|
|
— |
|
Net cash provided by
financing activities |
|
|
166,717 |
|
|
|
2,934,881 |
|
|
|
|
— |
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
(162 |
) |
|
|
(7,715 |
) |
|
|
|
813 |
|
Net increase (decrease)
in cash and cash equivalents |
|
|
118,230 |
|
|
|
67,308 |
|
|
|
|
(3,522 |
) |
Cash and cash equivalents, beginning of the period |
|
|
128,029 |
|
|
|
53,669 |
|
|
|
|
57,449 |
|
Cash and cash equivalents
and restricted cash, end of the period |
|
|
246,259 |
|
|
|
120,977 |
|
|
|
|
53,927 |
|
Less restricted cash |
|
|
257 |
|
|
|
258 |
|
|
|
|
— |
|
Cash and cash
equivalents, end of the period |
|
$ |
246,002 |
|
|
$ |
120,719 |
|
|
|
$ |
53,927 |
|
Reconciliation of GAAP to NON-GAAP Measures
Reconciliation of Net Earnings (Loss) to Adjusted
EBITDA
|
Successor |
|
|
|
Predecessor |
|
In thousands, except
percentages |
Three
MonthsEndedMarch 31,2021 |
|
|
Period fromJanuary
29,throughMarch
31,2020 |
|
|
|
Period fromJanuary 1,2020
throughJanuary
28,2020 |
|
Net earnings (loss) |
$ |
323,442 |
|
|
$ |
(55,809 |
) |
|
|
$ |
(32,556 |
) |
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
provision |
|
(436,576 |
) |
|
|
(1,179 |
) |
|
|
|
365 |
|
Interest expense (income) |
|
7,729 |
|
|
|
4,539 |
|
|
|
|
(50 |
) |
Depreciation and
amortization |
|
26,955 |
|
|
|
16,313 |
|
|
|
|
408 |
|
Stock-based compensation
expense |
|
45,823 |
|
|
|
1,420 |
|
|
|
|
336 |
|
Litigation costs, net of
insurance proceeds(1) |
|
234 |
|
|
|
1,000 |
|
|
|
|
— |
|
Foreign exchange (gain) loss
(2) |
|
(3,843 |
) |
|
|
(647 |
) |
|
|
|
523 |
|
Changes in fair value of interest
rate swaps(3) |
|
(2,944 |
) |
|
|
— |
|
|
|
|
— |
|
Transaction costs(4) |
|
13,502 |
|
|
|
47,097 |
|
|
|
|
40,345 |
|
Changes in fair value of
contingent earn-out liability |
|
71,954 |
|
|
|
— |
|
|
|
|
— |
|
Changes in fair value of external
investments |
|
(196 |
) |
|
|
— |
|
|
|
|
— |
|
Adjusted EBITDA |
$ |
46,080 |
|
|
$ |
12,734 |
|
|
|
$ |
9,371 |
|
Net earnings (loss)
margin(5) |
|
189.5 |
% |
|
|
(70.5 |
)% |
|
|
|
(81.4 |
)% |
Adjusted EBITDA Margin |
|
27.0 |
% |
|
|
16.1 |
% |
|
|
|
23.4 |
% |
(1) Represents certain litigation costs and insurance proceeds
associated with pending litigations or settlements of litigation.
(2) Represents foreign exchange (gain) loss due to foreign currency
transactions. (3) Represents fair value gain on interest rate
swaps.(4) Represents transaction costs and professional service
fees related to the Sponsor Acquisition and the initial public
offering.(5) Includes a $441.5 million tax benefit related to the
reversal of a deferred tax liability due to a restructuring of the
Company’s international operations.Reconciliation of Net
Cash Used In Operating Activities to Free Cash Flow
|
Successor |
|
|
|
Predecessor |
|
In thousands, except
percentages |
Three
MonthsEndedMarch 31,2021 |
|
|
Period fromJanuary
29,throughMarch
31,2020 |
|
|
|
Period fromJanuary
1,2020throughJanuary
28,2020 |
|
Net cash used in operating activities |
$ |
(45,582 |
) |
|
$ |
(57,602 |
) |
|
|
$ |
(3,306 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,712 |
) |
|
|
(921 |
) |
|
|
|
(1,045 |
) |
Free Cash Flow |
$ |
(48,294 |
) |
|
$ |
(58,523 |
) |
|
|
$ |
(4,351 |
) |
Operating Cash Flow
Conversion |
|
(14.1 |
)% |
|
|
103.2 |
% |
|
|
|
10.2 |
% |
Free Cash Flow Conversion |
|
(104.8 |
)% |
|
|
(459.6 |
)% |
|
|
|
(46.4 |
)% |
Supplementary Information
Stock-based compensation expense
|
|
Successor |
|
|
|
Predecessor |
|
(in
thousands) |
|
Three MonthsEndedMarch
31,2021 |
|
|
Period fromJanuary
29,throughMarch
31,2020 |
|
|
|
Period fromJanuary
1,throughJanuary
28,2020 |
|
Cost of revenue |
|
$ |
1,607 |
|
|
$ |
— |
|
|
|
$ |
— |
|
Selling and marketing
expense |
|
|
5,141 |
|
|
|
— |
|
|
|
|
75 |
|
General and administrative
expense |
|
|
19,908 |
|
|
|
1,420 |
|
|
|
|
3,997 |
|
Product development expense |
|
|
19,167 |
|
|
|
— |
|
|
|
|
84 |
|
Total stock-based
compensation expense |
|
$ |
45,823 |
|
|
$ |
1,420 |
|
|
|
$ |
4,156 |
|
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