Bumble Inc. (NASDAQ: BMBL), the parent company of Bumble and Badoo,
today reported financial results for the fourth quarter and full
year ended December 31, 2020.
“We are committed to our mission, our customers
and to advancing the business, which fueled our strong fourth
quarter and full year 2020 results,” said Whitney Wolfe Herd,
Founder and CEO of Bumble. “Our significant increase in revenue and
paying users is a direct result of our team’s dedication and
remarkable agility during a challenging pandemic. Looking ahead, we
remain focused on driving scale, investing in our users and
expanding internationally. Our IPO was a pivotal milestone, but we
are just getting started and are excited for the next chapter of
our journey.”
Full year 2020 revenue increased to $582.2
million from $488.9 million in 2019. Full year revenue was
comprised of $40.0 million for the period from January 1, 2020 to
January 28, 2020 and $542.2 million for the period from January 29,
2020 to December 31, 2020. Full year 2020 Total Paying Users
increased 22% year over year to 2.5 million.
Fourth Quarter 2020 Operational and Financial
Results:(All comparisons relative to the Fourth
Quarter 2019)
-
Revenue increased 31.1% to $165.6 million, compared to $126.3
million. Bumble app revenue increased 46.6% to $105.8 million and
Badoo app and other revenue increased 10.5% to $59.8 million.
-
Total Paying Users increased 32.5% to 2.7 million, compared to 2.0
million.
-
Total ARPPU was $20.02, compared to $19.99.
-
Net loss was $(26.1) million, or (15.7)% of revenue, compared
to net earnings of $17.2 million, or 13.6% of revenue.
-
Adjusted EBITDA was $44.1 million, or 26.6% of revenue,
compared to $21.9 million, or 17.3% of revenue.
Full Year 2020 Operational and Financial
Results:(All comparisons relative to the Full Year
2019)
-
Revenue was $542.2 million for the period from
January 29, 2020 to December 31, 2020 and $40.0 million
for the period from January 1, 2020 to January 28, 2020,
compared to $488.9 million.
-
Bumble App Revenue was $337.2 million for the period from
January 29, 2020 to December 31, 2020 and $23.3 million
for the period from January 1, 2020 to January 28, 2020,
compared to $275.5 million.
-
Badoo App and Other Revenue was $205.0 million for the period
from January 29, 2020 to December 31, 2020 and
$16.7 million for the period from January 1, 2020 to
January 28, 2020, compared to $213.4 million.
-
Total Paying Users increased 22.2% to 2.5 million, compared to 2.1
million.
-
Total ARPPU was $18.89, compared to $19.22.
-
Net (loss) earnings was $(110.2) million, or (20.3)% of
revenue, for the period from January 29, 2020 to December 31,
2020 and $(32.6) million, or (81.4)% of revenue, for the
period from January 1, 2020 to January 28, 2020, compared
to $85.8 million, or 17.6% of revenue.
-
Adjusted EBITDA was $143.1 million, or 26.4% of revenue,
for the period from January 29, 2020 to December 31, 2020 and
$9.4 million, or 23.4% of revenue, for the period from
January 1, 2020 to January 28, 2020, compared to
$101.8 million, or 20.8% of revenue.
“During the fourth quarter, we demonstrated our
ability to continue to scale the business and rapidly adapt to the
pandemic, while expanding Adjusted EBITDA,” added Anu Subramanian,
CFO of Bumble. “Looking ahead, we believe we are well positioned to
drive growth in users and capitalize on our significant market
opportunity.”
*Please see “Definitions” section below for the
definition of “Paying Users”
Key Operating Metrics:
(in thousands, except
ARPPU) |
|
QuarterEndedDecember31,
2020 |
|
|
QuarterEndedDecember31,
2019 |
|
Bumble App Paying Users |
|
|
1,268.7 |
|
|
|
890.6 |
|
Badoo
App and Other Paying Users |
|
|
1,424.6 |
|
|
|
1,142.9 |
|
Total
Paying Users |
|
|
2,693.3 |
|
|
|
2,033.5 |
|
Bumble
App Average Revenue per Paying User |
|
$ |
27.79 |
|
|
$ |
27.00 |
|
Badoo
App and Other Average Revenue per Paying User |
|
$ |
13.10 |
|
|
$ |
14.52 |
|
Total
Average Revenue per Paying User |
|
$ |
20.02 |
|
|
$ |
19.99 |
|
|
|
|
|
|
|
|
|
|
Financial Outlook:
Bumble anticipates Revenue and Adjusted EBITDA
for the quarter ending March 31, 2021 and year ending December 31,
2021 to be:
First quarter 2021:
- Revenue in the range of $163 to $165 million
- Adjusted EBITDA in the range of $41 to $42 million.
Full year 2021:
- Revenue in the range of $716 to $726 million
- Adjusted EBITDA in the range of $173 to $178 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 fourth quarter and full year 2020 financial
results at 4:30 p.m. Eastern Time today, March 10, 2021. To listen
to the live conference call, please dial toll free (833) 362-0206
or (914) 987-7675, access code 1162237, 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. Buzz Holdings L.P. was formed
primarily as a vehicle to finance the Sponsor Acquisition.
Following completion of the initial public offering on February 16,
2021, Bumble Inc. is now the holding company of the group.
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
and interest rate swaps, 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, changes in fair value of
interest rate swaps, 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 and our industry 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 the Coronavirus
Disease 2019 (“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 prospectus, dated
February 10, 2021, filed with the Securities and Exchange
Commission (the “SEC”) pursuant to Rule 424(b)(4) of the Securities
Act of 1933, as amended, on February 12, 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 Badoo and
Bumble, 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 bumble.com and
follow @Bumble on social platforms.
Source: Bumble Inc.
Investor Contactir@team.bumble.com
Media Contactpress@team.bumble.com
Buzz Holdings
L.P.Consolidated Balance
Sheets(in thousands, except par value
amounts)
|
|
Successor |
|
|
|
Predecessor |
|
|
|
December 31,2020 |
|
|
|
December 31,2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
128,029 |
|
|
|
$ |
57,449 |
|
Accounts receivable |
|
|
41,595 |
|
|
|
|
34,234 |
|
Loans to related
companies |
|
|
— |
|
|
|
|
42,043 |
|
Other current assets |
|
|
81,387 |
|
|
|
|
36,106 |
|
Total current
assets |
|
|
251,011 |
|
|
|
|
169,832 |
|
Right-of-use assets |
|
|
11,711 |
|
|
|
|
16,291 |
|
Lease receivable |
|
|
1,069 |
|
|
|
|
1,011 |
|
Property and equipment,
net |
|
|
16,833 |
|
|
|
|
14,033 |
|
Goodwill |
|
|
1,540,915 |
|
|
|
|
— |
|
Intangible assets, net |
|
|
1,812,410 |
|
|
|
|
1,241 |
|
Deferred tax assets, net |
|
|
— |
|
|
|
|
7,055 |
|
Other noncurrent assets |
|
|
3,319 |
|
|
|
|
835 |
|
Total
assets |
|
$ |
3,637,268 |
|
|
|
$ |
210,298 |
|
LIABILITIES AND BUZZ
HOLDINGS L.P. OWNERS’ / WORLDWIDE VISION
LIMITED SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
23,741 |
|
|
|
$ |
8,066 |
|
Deferred revenue |
|
|
31,269 |
|
|
|
|
24,749 |
|
Accrued expenses and other
current liabilities |
|
|
180,986 |
|
|
|
|
88,649 |
|
Current portion of long-term
debt, net |
|
|
5,338 |
|
|
|
|
— |
|
Total current
liabilities |
|
|
241,334 |
|
|
|
|
121,464 |
|
Long-term debt, net |
|
|
820,876 |
|
|
|
|
— |
|
Deferred tax liabilities |
|
|
428,087 |
|
|
|
|
— |
|
Other liabilities |
|
|
62,190 |
|
|
|
|
59,152 |
|
Total
liabilities |
|
$ |
1,552,487 |
|
|
|
$ |
180,616 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Buzz Holdings L.P.
owners’ / Worldwide Vision
Limited shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Limited Partners’ interest
(2,453,785 Class A units and 153,274 Class B units issued and
outstanding as of December 31, 2020) |
|
|
1,903,121 |
|
|
|
|
— |
|
Issued share capital ($0.0001
par value; 126,424 shares authorized; 108,431 shares issued and
outstanding as of December 31, 2019) |
|
|
— |
|
|
|
|
11 |
|
Additional paid-in
capital |
|
|
— |
|
|
|
|
3,449 |
|
Accumulated other
comprehensive income |
|
|
180,852 |
|
|
|
|
644 |
|
Treasury stock (6,940 shares
as of December 31, 2019) |
|
|
— |
|
|
|
|
(3,788 |
) |
Retained earnings |
|
|
— |
|
|
|
|
23,352 |
|
Total Buzz Holdings
L.P. owners’ / Worldwide Vision
Limited shareholders’ equity |
|
|
2,083,973 |
|
|
|
|
23,668 |
|
Noncontrolling interests |
|
|
808 |
|
|
|
|
6,014 |
|
Total owners’ /
shareholders’ equity |
|
|
2,084,781 |
|
|
|
|
29,682 |
|
Total liabilities and
owners’ / shareholders’ equity |
|
$ |
3,637,268 |
|
|
|
$ |
210,298 |
|
|
|
|
|
|
|
|
|
|
|
Buzz Holdings
L.P.Consolidated Statements of
Operations(in thousands, except per unit
data)
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
|
|
QuarterEndedDecember31,
2020 |
|
|
|
QuarterEndedDecember31,
2019 |
|
|
Period fromJanuary
29,throughDecember31,
2020 |
|
|
|
Period fromJanuary
1,throughJanuary28,
2020 |
|
|
YearEndedDecember31,
2019 |
|
Revenue |
|
$ |
165,605 |
|
|
|
$ |
126,301 |
|
|
$ |
542,192 |
|
|
|
$ |
39,990 |
|
|
$ |
488,940 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
44,612 |
|
|
|
|
34,713 |
|
|
|
146,629 |
|
|
|
|
10,790 |
|
|
|
139,767 |
|
Selling and marketing expense |
|
|
48,077 |
|
|
|
|
40,561 |
|
|
|
152,588 |
|
|
|
|
11,157 |
|
|
|
142,902 |
|
General and administrative expense |
|
|
50,495 |
|
|
|
|
19,706 |
|
|
|
178,615 |
|
|
|
|
44,907 |
|
|
|
67,079 |
|
Product development expense |
|
|
17,079 |
|
|
|
|
10,195 |
|
|
|
46,994 |
|
|
|
|
4,087 |
|
|
|
39,205 |
|
Depreciation and amortization expense |
|
|
25,996 |
|
|
|
|
1,831 |
|
|
|
91,767 |
|
|
|
|
408 |
|
|
|
6,734 |
|
Total operating costs and expenses |
|
|
186,259 |
|
|
|
|
107,006 |
|
|
|
616,593 |
|
|
|
|
71,349 |
|
|
|
395,687 |
|
Operating (loss) income |
|
|
(20,654 |
) |
|
|
|
19,295 |
|
|
|
(74,401 |
) |
|
|
|
(31,359 |
) |
|
|
93,253 |
|
Interest
(expense) income |
|
|
(7,430 |
) |
|
|
|
156 |
|
|
|
(22,134 |
) |
|
|
|
50 |
|
|
|
202 |
|
Other
expense, net |
|
|
(8,999 |
) |
|
|
|
(1,989 |
) |
|
|
(5,525 |
) |
|
|
|
(882 |
) |
|
|
(1,473 |
) |
(Loss) earnings before tax |
|
|
(37,083 |
) |
|
|
|
17,462 |
|
|
|
(102,060 |
) |
|
|
|
(32,191 |
) |
|
|
91,982 |
|
Income
tax benefit (provision) |
|
|
11,017 |
|
|
|
|
(250 |
) |
|
|
(8,126 |
) |
|
|
|
(365 |
) |
|
|
(6,138 |
) |
Net (loss) earnings |
|
|
(26,066 |
) |
|
|
|
17,212 |
|
|
|
(110,186 |
) |
|
|
|
(32,556 |
) |
|
|
85,844 |
|
Net
earnings attributable to noncontrolling interests |
|
|
908 |
|
|
|
|
5,111 |
|
|
|
808 |
|
|
|
|
1,917 |
|
|
|
19,698 |
|
Net
(loss) earnings attributable to Buzz Holdings L.P. owners /
Worldwide Vision Limited shareholders |
|
$ |
(26,974 |
) |
|
|
$ |
12,101 |
|
|
$ |
(110,994 |
) |
|
|
$ |
(34,473 |
) |
|
$ |
66,146 |
|
Net loss per unit attributable to Buzz Holdings
L.P. owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per unit |
|
$ |
(0.01 |
) |
|
|
|
— |
|
|
$ |
(0.05 |
) |
|
|
|
— |
|
|
|
— |
|
Diluted loss per unit |
|
$ |
(0.01 |
) |
|
|
|
— |
|
|
$ |
(0.05 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buzz Holdings
L.P.Consolidated Statements of Cash
Flows(in thousands)
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
|
|
Quarter EndedDecember31,
2020 |
|
|
|
Quarter EndedDecember31,
2019 |
|
|
Period fromJanuary
29,throughDecember31,
2020 |
|
|
|
Period fromJanuary
1,throughJanuary28,
2020 |
|
|
YearEndedDecember31,
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings |
|
$ |
(26,066 |
) |
|
|
$ |
17,212 |
|
|
$ |
(110,186 |
) |
|
|
$ |
(32,556 |
) |
|
$ |
85,844 |
|
Adjustments to reconcile net
(loss) earnings to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
25,996 |
|
|
|
|
1,831 |
|
|
|
91,767 |
|
|
|
|
408 |
|
|
|
6,734 |
|
Change in fair value of interest swap |
|
|
(242 |
) |
|
|
|
— |
|
|
|
1,586 |
|
|
|
|
— |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
8,700 |
|
|
|
|
— |
|
|
|
27,800 |
|
|
|
|
— |
|
|
|
— |
|
Non-cash lease expense |
|
|
442 |
|
|
|
|
666 |
|
|
|
(109 |
) |
|
|
|
(226 |
) |
|
|
952 |
|
Deferred income tax |
|
|
(22,935 |
) |
|
|
|
201 |
|
|
|
(789 |
) |
|
|
|
26 |
|
|
|
201 |
|
Stock-based compensation expense |
|
|
14,350 |
|
|
|
|
1,080 |
|
|
|
27,468 |
|
|
|
|
4,156 |
|
|
|
2,160 |
|
Net foreign exchange difference |
|
|
1,965 |
|
|
|
|
600 |
|
|
|
6,945 |
|
|
|
|
(198 |
) |
|
|
600 |
|
Research and development tax credit |
|
|
(307 |
) |
|
|
|
(593 |
) |
|
|
(1,211 |
) |
|
|
|
— |
|
|
|
(2,374 |
) |
Other, net |
|
|
169 |
|
|
|
|
221 |
|
|
|
3,604 |
|
|
|
|
31 |
|
|
|
201 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
19,933 |
|
|
|
|
15,192 |
|
|
|
10,737 |
|
|
|
|
(17,599 |
) |
|
|
(5,971 |
) |
Other current assets |
|
|
(23,261 |
) |
|
|
|
(24,802 |
) |
|
|
(46,949 |
) |
|
|
|
(2,175 |
) |
|
|
(21,144 |
) |
Accounts payable |
|
|
9,649 |
|
|
|
|
(1,556 |
) |
|
|
2,970 |
|
|
|
|
12,984 |
|
|
|
(252 |
) |
Deferred revenue |
|
|
1,479 |
|
|
|
|
287 |
|
|
|
22,169 |
|
|
|
|
289 |
|
|
|
1,360 |
|
Legal liabilities |
|
|
(5,249 |
) |
|
|
|
(268 |
) |
|
|
(18,374 |
) |
|
|
|
(521 |
) |
|
|
(1,811 |
) |
Accrued expenses and other current liabilities |
|
|
50,576 |
|
|
|
|
20,357 |
|
|
|
38,806 |
|
|
|
|
32,075 |
|
|
|
34,523 |
|
Other liabilities |
|
|
21 |
|
|
|
|
369 |
|
|
|
27 |
|
|
|
|
— |
|
|
|
369 |
|
Net cash provided by
(used in) operating activities |
|
|
55,220 |
|
|
|
|
30,797 |
|
|
|
56,261 |
|
|
|
|
(3,306 |
) |
|
|
101,392 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(4,853 |
) |
|
|
|
(3,337 |
) |
|
|
(10,632 |
) |
|
|
|
(1,045 |
) |
|
|
(9,674 |
) |
Acquisition of business, net of cash acquired |
|
|
(36,444 |
) |
|
|
|
— |
|
|
|
(2,837,706 |
) |
|
|
|
— |
|
|
|
— |
|
Other, net |
|
|
(1,866 |
) |
|
|
|
25 |
|
|
|
(2,313 |
) |
|
|
|
16 |
|
|
|
(1,722 |
) |
Net cash used in
investing activities |
|
|
(43,163 |
) |
|
|
|
(3,312 |
) |
|
|
(2,850,651 |
) |
|
|
|
(1,029 |
) |
|
|
(11,396 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from repayments of loans to related companies |
|
|
— |
|
|
|
|
— |
|
|
|
41,929 |
|
|
|
|
— |
|
|
|
— |
|
Debt issuance costs |
|
|
(4,824 |
) |
|
|
|
— |
|
|
|
(21,105 |
) |
|
|
|
— |
|
|
|
— |
|
Limited Partners’ interest |
|
|
25,626 |
|
|
|
|
— |
|
|
|
2,360,412 |
|
|
|
|
— |
|
|
|
— |
|
Proceeds from term loan |
|
|
275,000 |
|
|
|
|
— |
|
|
|
850,000 |
|
|
|
|
— |
|
|
|
— |
|
Repayment of term loan |
|
|
(2,125 |
) |
|
|
|
— |
|
|
|
(5,000 |
) |
|
|
|
— |
|
|
|
— |
|
Issuance of loans |
|
|
— |
|
|
|
|
(41,965 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
(41,965 |
) |
Proceeds from issuance of shares |
|
|
— |
|
|
|
|
104 |
|
|
|
— |
|
|
|
|
— |
|
|
|
104 |
|
Dividends paid |
|
|
(360,000 |
) |
|
|
|
— |
|
|
|
(360,000 |
) |
|
|
|
— |
|
|
|
(23,359 |
) |
Other, net |
|
|
— |
|
|
|
|
24 |
|
|
|
— |
|
|
|
|
— |
|
|
|
24 |
|
Net cash (used in)
provided by financing activities |
|
|
(66,323 |
) |
|
|
|
(41,837 |
) |
|
|
2,866,236 |
|
|
|
|
— |
|
|
|
(65,196 |
) |
Effects of exchange rate changes on cash and cash equivalents |
|
|
6,199 |
|
|
|
|
(1,151 |
) |
|
|
2,513 |
|
|
|
|
813 |
|
|
|
(640 |
) |
Net (decrease)
increase in cash and cash equivalents and restricted
cash |
|
|
(48,067 |
) |
|
|
|
(15,503 |
) |
|
|
74,359 |
|
|
|
|
(3,522 |
) |
|
|
24,160 |
|
Cash and cash equivalents and restricted cash, beginning of the
period |
|
|
176,353 |
|
|
|
|
72,952 |
|
|
|
53,927 |
|
|
|
|
57,449 |
|
|
|
33,289 |
|
Cash and cash
equivalents and restricted cash, end of the period |
|
$ |
128,286 |
|
|
|
$ |
57,449 |
|
|
$ |
128,286 |
|
|
|
$ |
53,927 |
|
|
$ |
57,449 |
|
Less restricted cash |
|
|
257 |
|
|
|
|
— |
|
|
|
257 |
|
|
|
|
— |
|
|
|
— |
|
Cash and cash
equivalents, end of the period |
|
$ |
128,029 |
|
|
|
$ |
57,449 |
|
|
$ |
128,029 |
|
|
|
$ |
53,927 |
|
|
$ |
57,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to NON-GAAP Measures
Reconciliation of Net (Loss) Earnings to Adjusted
EBITDA
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
(in thousands, except
percentages) |
|
QuarterEndedDecember
31,2020 |
|
|
|
QuarterEndedDecember
31,2019 |
|
|
Period fromJanuary
29,throughDecember
31,2020 |
|
|
|
Period fromJanuary
1,throughJanuary
28,2020 |
|
|
YearEndedDecember
31,2019 |
|
Net (loss) earnings |
|
$ |
(26,066 |
) |
|
|
$ |
17,212 |
|
|
$ |
(110,186 |
) |
|
|
$ |
(32,556 |
) |
|
$ |
85,844 |
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax (benefit) provision |
|
|
(11,017 |
) |
|
|
|
250 |
|
|
|
8,126 |
|
|
|
|
365 |
|
|
|
6,138 |
|
Interest
expense (income) |
|
|
7,430 |
|
|
|
|
(156 |
) |
|
|
22,134 |
|
|
|
|
(50 |
) |
|
|
(202 |
) |
Depreciation and amortization |
|
|
25,996 |
|
|
|
|
1,831 |
|
|
|
91,767 |
|
|
|
|
408 |
|
|
|
6,734 |
|
Stock-based compensation expense |
|
|
14,350 |
|
|
|
|
1,080 |
|
|
|
27,468 |
|
|
|
|
336 |
|
|
|
2,160 |
|
Litigation costs (recoveries), net of
insurance proceeds(1) |
|
|
1,357 |
|
|
|
|
— |
|
|
|
(6,008 |
) |
|
|
|
— |
|
|
|
— |
|
Foreign
exchange loss (2) |
|
|
9,212 |
|
|
|
|
1,654 |
|
|
|
14,133 |
|
|
|
|
523 |
|
|
|
1,160 |
|
Changes
in fair value of interest rate swaps(3) |
|
|
(242 |
) |
|
|
|
— |
|
|
|
1,586 |
|
|
|
|
— |
|
|
|
— |
|
Transaction costs(4) |
|
|
14,403 |
|
|
|
|
— |
|
|
|
66,251 |
|
|
|
|
40,345 |
|
|
|
— |
|
Changes
in fair value of contingent earn-out liability |
|
|
8,700 |
|
|
|
|
— |
|
|
|
27,800 |
|
|
|
|
— |
|
|
|
— |
|
Adjusted
EBITDA |
|
$ |
44,123 |
|
|
|
$ |
21,871 |
|
|
$ |
143,071 |
|
|
|
$ |
9,371 |
|
|
$ |
101,834 |
|
Net
(loss) earnings margin |
|
|
(15.7 |
)% |
|
|
|
13.6 |
% |
|
|
(20.3 |
)% |
|
|
|
(81.4 |
)% |
|
|
17.6 |
% |
Adjusted
EBITDA Margin |
|
|
26.6 |
% |
|
|
|
17.3 |
% |
|
|
26.4 |
% |
|
|
|
23.4 |
% |
|
|
20.8 |
% |
________
(1) |
Represents certain litigation costs and insurance proceeds
associated with pending litigations or settlements of litigation.
For additional information, refer to Note 17, Commitments and
Contingencies, within the audited consolidated financial statements
and Item 3. Legal Proceedings in our Annual Report on Form 10-K for
the year ended December 31, 2020. |
(2) |
Represents foreign exchange loss due to foreign currency
transactions. |
(3) |
Represents fair value (gain) or loss on interest rate swaps. |
(4) |
Represents transaction costs and professional service fees related
to the Sponsor Acquisition and the initial public offering. |
Reconciliation of Net Cash Provided By (Used In)
Operating Activities to Free Cash Flow
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
(in thousands, except
percentages) |
|
QuarterEndedDecember
31,2020 |
|
|
|
QuarterEndedDecember
31,2019 |
|
|
Period fromJanuary
29,throughDecember
31,2020 |
|
|
|
Period fromJanuary
1,throughJanuary
28,2020 |
|
|
YearEndedDecember
31,2019 |
|
Net cash provided by (used in) operating activities |
|
$ |
55,220 |
|
|
|
$ |
30,797 |
|
|
$ |
56,261 |
|
|
|
$ |
(3,306 |
) |
|
$ |
101,392 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(4,853 |
) |
|
|
|
(3,337 |
) |
|
|
(10,632 |
) |
|
|
|
(1,045 |
) |
|
|
(9,674 |
) |
Free
Cash Flow |
|
$ |
50,367 |
|
|
|
$ |
27,460 |
|
|
$ |
45,629 |
|
|
|
$ |
(4,351 |
) |
|
$ |
91,718 |
|
Operating Cash Flow Conversion(1) |
|
|
(211.8 |
)% |
|
|
|
178.9 |
% |
|
|
(51.1 |
)% |
|
|
|
10.2 |
% |
|
|
118.1 |
% |
Free
Cash Flow Conversion |
|
|
114.2 |
% |
|
|
|
125.6 |
% |
|
|
31.9 |
% |
|
|
|
(46.4 |
)% |
|
|
90.1 |
% |
________
(1) |
Operating Cash Flow Conversion is calculated based on net cash
provided by (used in) operating activities as a percentage of net
earnings (loss) in any measurement period. |
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