Bumble Inc. (NASDAQ: BMBL), the parent company of Bumble and Badoo,
today reported financial results for the second quarter ended June
30, 2021.
“In the second quarter, we remained focused
on executing against our strategic priorities and delivered strong
growth in paying users, engagement and monetization across both
Bumble app and Badoo app. Our results are a reflection of the
appeal of our mission, and the result of the investments we are
making in our product offerings, our technology, our international
expansion efforts, and our ongoing commitment to our members. More
people across the globe are benefiting from our brands, given the
growing desire for healthy and equitable relationships,” said
Whitney Wolfe Herd, Founder and CEO of Bumble.
Second Quarter 2021 Financial and
Operational Results: (All comparisons relative to
the Second Quarter 2020)
- Total revenue increased 38% to $186.2 million.
- Bumble App Revenue grew 55% to $127.3 million.
- Badoo App and Other Revenue grew 11% to
$58.9 million.
- Total Paying Users increased 20% to 2.9 million.
- Total average revenue per paying user ("ARPPU") increased to
$20.88, compared to $18.12.
- Net loss was $11.1 million and net loss margin was (6.0)%,
compared to net loss of $5.5 million and net loss margin of
(4.0)%.
- Adjusted EBITDA was $51.9 million, or 27.9% of revenue,
compared to $32.5 million, or 24.1% of revenue.
“Our business delivered outstanding revenue
growth in the second quarter, as we increased our user base and
provided our members with innovative products that led to increases
in paying users and ARPPU,” added Anu Subramanian, CFO of Bumble.
"Our Adjusted EBITDA expansion demonstrates that we are able to
grow our business while scaling our cost structure efficiently. We
are encouraged by the momentum we are seeing, and are pleased to be
increasing our financial outlook for both revenue and Adjusted
EBITDA for the year.”
Key Operating Metrics:
(In
thousands, except ARPPU) |
|
Three Months Ended
June 30, 2021 |
|
|
Three Months Ended
June 30, 2020 |
|
Key
Operating Metrics |
|
|
|
|
|
|
Bumble App Paying Users |
|
|
1,473.0 |
|
|
|
1,079.3 |
|
Badoo App
and Other Paying Users |
|
|
1,454.3 |
|
|
|
1,352.9 |
|
Total Paying
Users |
|
|
2,927.3 |
|
|
|
2,432.2 |
|
Bumble App
Average Revenue per Paying User |
|
$ |
28.81 |
|
|
$ |
25.40 |
|
Badoo App
and Other Average Revenue per Paying User |
|
$ |
12.85 |
|
|
$ |
12.32 |
|
Total
Average Revenue per Paying User |
|
$ |
20.88 |
|
|
$ |
18.12 |
|
Balance Sheet:
At June 30, 2021, total cash and cash
equivalents were $252.0 million and total debt was $624.2
million.
Financial results will not be final until Bumble
files its quarterly report on Form 10-Q for the period. Information
about Bumble's use of non-GAAP financial measures is provided below
under “Non-GAAP Financial Measures.”
Financial Outlook:
Bumble anticipates total revenue and Adjusted
EBITDA for the third quarter ending September 30, 2021 and year
ending December 31, 2021 to be:
Third quarter 2021:
- Total revenue in the range of $195 to $198 million.
- Adjusted EBITDA in the range of $48 to $50 million.
Full year 2021:
- Total revenue in the range of $752 to $762 million.
- Adjusted EBITDA in the range of $195 to $200 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 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 second quarter 2021 financial results at
4:30 p.m. Eastern Time today, August 11, 2021. To listen to the
live conference call, please dial toll free (833) 362-0206 or (914)
987-7675, access code 5974259, 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 (benefit) provision, interest (income) expense,
depreciation and amortization, stock-based compensation expense,
foreign exchange (gain) loss, changes in fair value of contingent
earn-out liability, interest rate swaps and external investments,
transaction and other costs and litigation costs net of insurance
reimbursements that arise outside of the ordinary course of
business, 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
(income) expense, depreciation and amortization, stock-based
compensation expense, foreign exchange (gain) loss, changes in fair
value of contingent earn-out liability, interest rate swaps and
external investments, transaction and other costs and litigation
costs net of insurance reimbursements that arise outside of the
ordinary course of business.
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.
Operating cash flow conversion represents net
cash provided by (used in) operating activities as a percentage of
net earnings (loss).
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 800 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 Contact
ir@team.bumble.com
Media Contact
press@team.bumble.com
Bumble Inc. Condensed
Consolidated Balance Sheets (In thousands, except
share and per share information)
(Unaudited)
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
252,021 |
|
|
$ |
128,029 |
|
Accounts
receivable |
|
|
66,745 |
|
|
|
41,595 |
|
Other
current assets |
|
|
85,282 |
|
|
|
81,387 |
|
Total current assets |
|
|
404,048 |
|
|
|
251,011 |
|
Right-of-use
assets |
|
|
9,442 |
|
|
|
11,711 |
|
Lease
receivable |
|
|
1,115 |
|
|
|
1,069 |
|
Property and
equipment, net |
|
|
15,000 |
|
|
|
16,833 |
|
Goodwill |
|
|
1,540,112 |
|
|
|
1,540,915 |
|
Intangible
assets, net |
|
|
1,765,825 |
|
|
|
1,812,410 |
|
Deferred tax
assets, net |
|
|
15,175 |
|
|
|
— |
|
Other
noncurrent assets |
|
|
3,913 |
|
|
|
3,319 |
|
Total assets |
|
$ |
3,754,630 |
|
|
$ |
3,637,268 |
|
LIABILITIES AND BUMBLE INC. SHAREHOLDERS’ / BUZZ HOLDINGS
L.P. OWNERS’ EQUITY |
|
|
|
|
|
|
Accounts
payable |
|
$ |
15,689 |
|
|
$ |
23,741 |
|
Deferred
revenue |
|
|
37,329 |
|
|
|
31,269 |
|
Accrued
expenses and other current liabilities |
|
|
115,083 |
|
|
|
180,986 |
|
Current
portion of long-term debt, net |
|
|
2,588 |
|
|
|
5,338 |
|
Total current liabilities |
|
|
170,689 |
|
|
|
241,334 |
|
Long-term
debt, net |
|
|
621,645 |
|
|
|
820,876 |
|
Deferred tax
liabilities, net |
|
|
— |
|
|
|
428,087 |
|
Tax
receivable agreement liability |
|
|
356,755 |
|
|
|
— |
|
Other
liabilities |
|
|
118,033 |
|
|
|
62,190 |
|
Total liabilities |
|
$ |
1,267,122 |
|
|
$ |
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; 119,799,036 shares issued; and 119,799,036 shares
outstanding as of June 30, 2021) |
|
|
1,198 |
|
|
|
— |
|
Class B
common stock (par value $0.01 per share, 1,000,000 shares
authorized; 20 shares issued and outstanding as of June 30,
2021) |
|
|
— |
|
|
|
— |
|
Preferred
stock (par value $0.01; authorized 600,000,000 shares; no shares
issued and outstanding as of June 30, 2021) |
|
|
— |
|
|
|
— |
|
Limited
Partners’ interest |
|
|
— |
|
|
|
1,903,121 |
|
Additional
paid-in capital |
|
|
1,339,583 |
|
|
— |
|
Accumulated
deficit |
|
|
(35,928 |
) |
|
|
— |
|
Accumulated
other comprehensive income |
|
|
175,198 |
|
|
|
180,852 |
|
Total Bumble Inc. shareholders’ / Buzz Holdings L.P.
owners’ equity |
|
|
1,480,051 |
|
|
|
2,083,973 |
|
Noncontrolling interests |
|
|
1,007,457 |
|
|
|
808 |
|
Total shareholders’ / owners’ equity |
|
|
2,487,508 |
|
|
|
2,084,781 |
|
Total liabilities and shareholders’ / owners’
equity |
|
$ |
3,754,630 |
|
|
$ |
3,637,268 |
|
Bumble Inc. Condensed
Consolidated Statements of Operations (In
thousands, except per share / unit information)
(Unaudited)
|
|
Successor |
|
|
|
Predecessor |
|
|
|
Three Months Ended
June 30, 2021 |
|
|
Three Months Ended
June 30, 2020 |
|
|
Six Months Ended
June 30, 2021 |
|
|
Period from January 29,
through June 30,
2020 |
|
|
|
Period from January 1,
through January 28,
2020 |
|
Revenue |
|
$ |
186,217 |
|
|
$ |
135,142 |
|
|
$ |
356,930 |
|
|
$ |
214,287 |
|
|
|
$ |
39,990 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
50,797 |
|
|
|
36,867 |
|
|
|
98,544 |
|
|
|
58,494 |
|
|
|
|
10,790 |
|
Selling and marketing expense |
|
|
49,711 |
|
|
|
39,480 |
|
|
|
96,549 |
|
|
|
66,767 |
|
|
|
|
11,157 |
|
General and administrative expense |
|
|
43,381 |
|
|
|
20,128 |
|
|
|
169,905 |
|
|
|
80,162 |
|
|
|
|
44,907 |
|
Product development expense |
|
|
24,921 |
|
|
|
10,110 |
|
|
|
59,966 |
|
|
|
17,055 |
|
|
|
|
4,087 |
|
Depreciation and amortization expense |
|
|
26,905 |
|
|
|
24,032 |
|
|
|
53,860 |
|
|
|
40,345 |
|
|
|
|
408 |
|
Total operating costs and expenses |
|
|
195,715 |
|
|
|
130,617 |
|
|
|
478,824 |
|
|
|
262,823 |
|
|
|
|
71,349 |
|
Operating earnings (loss) |
|
|
(9,498 |
) |
|
|
4,525 |
|
|
|
(121,894 |
) |
|
|
(48,536 |
) |
|
|
|
(31,359 |
) |
Interest
income (expense) |
|
|
(5,921 |
) |
|
|
(5,246 |
) |
|
|
(13,650 |
) |
|
|
(9,785 |
) |
|
|
|
50 |
|
Other income
(expense), net |
|
|
4,731 |
|
|
|
(1,159 |
) |
|
|
11,722 |
|
|
|
(547 |
) |
|
|
|
(882 |
) |
Income (loss) before income taxes |
|
|
(10,688 |
) |
|
|
(1,880 |
) |
|
|
(123,822 |
) |
|
|
(58,868 |
) |
|
|
|
(32,191 |
) |
Income tax
benefit (provision) |
|
|
(459 |
) |
|
|
(3,585 |
) |
|
|
436,117 |
|
|
|
(2,406 |
) |
|
|
|
(365 |
) |
Net
earnings (loss) |
|
|
(11,147 |
) |
|
|
(5,465 |
) |
|
|
312,295 |
|
|
|
(61,274 |
) |
|
|
|
(32,556 |
) |
Net earnings
(loss) attributable to noncontrolling interests |
|
|
(4,064 |
) |
|
|
(16 |
) |
|
|
(22,412 |
) |
|
|
(64 |
) |
|
|
|
1,917 |
|
Net earnings
(loss) attributable to Bumble Inc. shareholders / Buzz Holdings
L.P. owners |
|
$ |
(7,083 |
) |
|
$ |
(5,449 |
) |
|
$ |
334,707 |
|
|
$ |
(61,210 |
) |
|
|
$ |
(34,473 |
) |
Net
earnings (loss) per share / unit attributable to Bumble Inc.
shareholders / Buzz Holdings L.P. owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings (loss) per share / unit |
|
$ |
(0.06 |
) |
|
$ |
— |
|
|
$ |
1.67 |
|
|
$ |
(0.02 |
) |
|
|
|
|
Diluted
earnings (loss) per share / unit |
|
$ |
(0.06 |
) |
|
$ |
— |
|
|
$ |
1.62 |
|
|
$ |
(0.02 |
) |
|
|
|
|
Bumble Inc. Condensed
Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
|
|
Successor |
|
|
|
Predecessor |
|
|
|
Three Months Ended
June 30, 2021 |
|
|
Three Months Ended
June 30, 2020 |
|
|
Six Months Ended
June 30, 2021 |
|
|
Period from January 29,
through June 30,
2020 |
|
|
|
Period from January 1,
through January 28,
2020 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
(11,147 |
) |
|
$ |
(5,465 |
) |
|
$ |
312,295 |
|
|
$ |
(61,274 |
) |
|
|
$ |
(32,556 |
) |
Adjustments
to reconcile net earnings (loss) to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
26,905 |
|
|
|
24,032 |
|
|
|
53,860 |
|
|
|
40,345 |
|
|
|
|
408 |
|
Changes in fair value of interest rate swaps |
|
|
201 |
|
|
|
— |
|
|
|
(2,743 |
) |
|
|
— |
|
|
|
|
— |
|
Changes in fair value of contingent consideration |
|
|
484 |
|
|
|
— |
|
|
|
72,438 |
|
|
|
— |
|
|
|
|
— |
|
Deferred income tax |
|
|
(159 |
) |
|
|
6,103 |
|
|
|
(441,841 |
) |
|
|
5,586 |
|
|
|
|
26 |
|
Stock-based compensation expense |
|
|
29,916 |
|
|
|
2,756 |
|
|
|
75,739 |
|
|
|
4,176 |
|
|
|
|
4,156 |
|
Net foreign exchange difference |
|
|
(5,114 |
) |
|
|
(1,170 |
) |
|
|
(7,421 |
) |
|
|
5,161 |
|
|
|
|
(198 |
) |
Other, net |
|
|
1,326 |
|
|
|
164 |
|
|
|
4,045 |
|
|
|
(91 |
) |
|
|
|
(195 |
) |
Changes in
assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(4,663 |
) |
|
|
(5,235 |
) |
|
|
(25,738 |
) |
|
|
(2,486 |
) |
|
|
|
(17,599 |
) |
Other current assets |
|
|
1,795 |
|
|
|
3,550 |
|
|
|
(5,439 |
) |
|
|
(14,253 |
) |
|
|
|
(2,175 |
) |
Accounts payable |
|
|
578 |
|
|
|
(498 |
) |
|
|
(8,616 |
) |
|
|
(13,137 |
) |
|
|
|
12,984 |
|
Deferred revenue |
|
|
3,959 |
|
|
|
7,723 |
|
|
|
6,060 |
|
|
|
15,801 |
|
|
|
|
289 |
|
Legal liabilities |
|
|
(7,384 |
) |
|
|
(893 |
) |
|
|
(37,627 |
) |
|
|
(3,480 |
) |
|
|
|
(521 |
) |
Accrued expenses and other current liabilities |
|
|
(21,995 |
) |
|
|
(9,149 |
) |
|
|
(26,405 |
) |
|
|
(11,167 |
) |
|
|
|
32,075 |
|
Other, net |
|
|
(302 |
) |
|
|
143 |
|
|
|
(46 |
) |
|
|
(980 |
) |
|
|
|
— |
|
Net
cash provided by (used in) operating activities |
|
|
14,400 |
|
|
|
22,061 |
|
|
|
(31,439 |
) |
|
|
(35,799 |
) |
|
|
|
(3,306 |
) |
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(2,840 |
) |
|
|
(2,511 |
) |
|
|
(5,552 |
) |
|
|
(3,432 |
) |
|
|
|
(1,045 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,801,262 |
) |
|
|
|
— |
|
Other, net |
|
|
34 |
|
|
|
(58 |
) |
|
|
3 |
|
|
|
(131 |
) |
|
|
|
16 |
|
Net
cash used in investing activities |
|
|
(2,806 |
) |
|
|
(2,569 |
) |
|
|
(5,549 |
) |
|
|
(2,804,825 |
) |
|
|
|
(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 |
|
|
|
— |
|
|
|
|
— |
|
Payments to purchase and retire common stock |
|
|
— |
|
|
|
— |
|
|
|
(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 |
|
|
(6,096 |
) |
|
|
(1,405 |
) |
|
|
(206,096 |
) |
|
|
(1,405 |
) |
|
|
|
— |
|
Net
cash provided by (used in) financing activities |
|
|
(6,096 |
) |
|
|
(1,405 |
) |
|
|
160,621 |
|
|
|
2,933,476 |
|
|
|
|
— |
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
264 |
|
|
|
995 |
|
|
|
102 |
|
|
|
(6,720 |
) |
|
|
|
813 |
|
Net
increase (decrease) in cash and cash equivalents and restricted
cash |
|
|
5,762 |
|
|
|
19,082 |
|
|
|
123,735 |
|
|
|
86,132 |
|
|
|
|
(3,522 |
) |
Cash and cash equivalents and restricted cash, beginning of the
period |
|
|
246,259 |
|
|
|
120,977 |
|
|
|
128,286 |
|
|
|
53,927 |
|
|
|
|
57,449 |
|
Cash
and cash equivalents and restricted cash, end of the
period |
|
|
252,021 |
|
|
|
140,059 |
|
|
|
252,021 |
|
|
|
140,059 |
|
|
|
|
53,927 |
|
Less restricted cash |
|
|
— |
|
|
|
258 |
|
|
|
— |
|
|
|
258 |
|
|
|
|
258 |
|
Cash
and cash equivalents, end of the period |
|
$ |
252,021 |
|
|
$ |
139,801 |
|
|
$ |
252,021 |
|
|
$ |
139,801 |
|
|
|
$ |
53,669 |
|
Bumble Inc.
Reconciliation of GAAP to NON-GAAP Financial
Measures (Unaudited)
Reconciliation of Net Earnings (Loss) to
Adjusted EBITDA
|
|
Successor |
|
|
|
Predecessor |
|
(In
thousands, except percentages) |
|
Three Months Ended
June 30, 2021 |
|
|
Three Months Ended
June 30, 2020 |
|
|
Six Months Ended
June 30, 2021 |
|
|
Period from January 29,
through June 30,
2020 |
|
|
|
Period from January 1,
2020 through January 28,
2020 |
|
Net earnings (loss) |
|
$ |
(11,147 |
) |
|
$ |
(5,465 |
) |
|
$ |
312,295 |
|
|
$ |
(61,274 |
) |
|
|
$ |
(32,556 |
) |
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(benefit) provision |
|
|
459 |
|
|
|
3,585 |
|
|
|
(436,117 |
) |
|
|
2,406 |
|
|
|
|
365 |
|
Interest
(income) expense |
|
|
5,921 |
|
|
|
5,246 |
|
|
|
13,650 |
|
|
|
9,785 |
|
|
|
|
(50 |
) |
Depreciation
and amortization |
|
|
26,905 |
|
|
|
24,032 |
|
|
|
53,860 |
|
|
|
40,345 |
|
|
|
|
408 |
|
Stock-based
compensation expense |
|
|
29,916 |
|
|
|
2,756 |
|
|
|
75,739 |
|
|
|
4,176 |
|
|
|
|
336 |
|
Litigation
costs, net of insurance reimbursements (1) |
|
|
1,541 |
|
|
|
— |
|
|
|
1,775 |
|
|
|
1,000 |
|
|
|
|
— |
|
Foreign
exchange (gain) loss (2) |
|
|
(4,796 |
) |
|
|
1,604 |
|
|
|
(8,639 |
) |
|
|
957 |
|
|
|
|
523 |
|
Changes in
fair value of interest rate swaps(3) |
|
|
201 |
|
|
|
— |
|
|
|
(2,743 |
) |
|
|
— |
|
|
|
|
— |
|
Transaction
and other costs(4) |
|
|
2,522 |
|
|
|
755 |
|
|
|
16,024 |
|
|
|
47,852 |
|
|
|
|
40,345 |
|
Changes in
fair value of contingent earn-out liability |
|
|
484 |
|
|
|
— |
|
|
|
72,438 |
|
|
|
— |
|
|
|
|
— |
|
Changes in
fair value of external investments |
|
|
(123 |
) |
|
|
— |
|
|
|
(319 |
) |
|
|
— |
|
|
|
|
— |
|
Adjusted
EBITDA |
|
$ |
51,883 |
|
|
$ |
32,513 |
|
|
$ |
97,963 |
|
|
$ |
45,247 |
|
|
|
$ |
9,371 |
|
Net earnings
(loss) margin(5) |
|
|
(6.0 |
)% |
|
|
(4.0 |
)% |
|
|
87.5 |
% |
|
|
(28.6 |
)% |
|
|
|
(81.4 |
)% |
Adjusted
EBITDA margin |
|
|
27.9 |
% |
|
|
24.1 |
% |
|
|
27.4 |
% |
|
|
21.1 |
% |
|
|
|
23.4 |
% |
(1) Represents certain litigation costs, net
of insurance reimbursements 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 legal, accounting, advisory fees and certain
other costs related to our offerings, including the Sponsor
Acquisition, our IPO and the Reorganization. (5) Net earnings
margin for the six months ended June 30, 2021 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 Months Ended
June 30, 2021 |
|
|
Three Months Ended
June 30, 2020 |
|
|
Six Months Ended
June 30, 2021 |
|
|
Period from January 29,
through June 30,
2020 |
|
|
|
Period from January 1,
2020 through January
28, 2020 |
|
Net cash used in operating activities |
$ |
14,400 |
|
|
$ |
22,061 |
|
|
$ |
(31,439 |
) |
|
$ |
(35,799 |
) |
|
|
$ |
(3,306 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
(2,840 |
) |
|
|
(2,511 |
) |
|
|
(5,552 |
) |
|
|
(3,432 |
) |
|
|
|
(1,045 |
) |
Free cash
flow |
$ |
11,560 |
|
|
$ |
19,550 |
|
|
$ |
(36,991 |
) |
|
$ |
(39,231 |
) |
|
|
$ |
(4,351 |
) |
Operating
cash flow conversion |
|
(129.2 |
)% |
|
|
(403.7 |
)% |
|
|
(10.1 |
)% |
|
|
58.4 |
% |
|
|
|
10.2 |
% |
Free cash
flow conversion |
|
22.3 |
% |
|
|
60.1 |
% |
|
|
(37.8 |
)% |
|
|
(86.7 |
)% |
|
|
|
(46.4 |
)% |
Supplementary Information
(Unaudited)
Stock-based Compensation
Expense
|
|
Successor |
|
|
|
Predecessor |
|
(In
thousands) |
|
Three Months Ended
June 30, 2021 |
|
|
Three Months Ended
June 30, 2020 |
|
|
Six Months Ended
June 30, 2021 |
|
|
Period from January 29,
through June 30,
2020 |
|
|
|
Period from January 1,
through January 28,
2020 |
|
Cost of revenue |
|
$ |
604 |
|
|
$ |
19 |
|
|
$ |
2,211 |
|
|
$ |
19 |
|
|
|
$ |
— |
|
Selling and
marketing expense |
|
|
2,500 |
|
|
|
84 |
|
|
|
7,641 |
|
|
|
84 |
|
|
|
|
75 |
|
General and
administrative expense |
|
|
17,960 |
|
|
|
2,332 |
|
|
|
37,868 |
|
|
|
3,752 |
|
|
|
|
3,997 |
|
Product
development expense |
|
|
8,852 |
|
|
|
321 |
|
|
|
28,019 |
|
|
|
321 |
|
|
|
|
84 |
|
Total stock-based compensation expense |
|
$ |
29,916 |
|
|
$ |
2,756 |
|
|
$ |
75,739 |
|
|
$ |
4,176 |
|
|
|
$ |
4,156 |
|
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