Total Revenue Increased 18% to $276 Million
Bumble App Revenue Increased 23% to $222 Million Bumble App Paying
Users Increased 25% to 2.6 Million; Grew 147,000 Quarter Over
Quarter Net Earnings of $23.1 Million, Adjusted EBITDA of $75.3
Million Share Repurchase Program Increased to $300 Million
Bumble Inc. (NASDAQ: BMBL) today reported financial results for
the third quarter ended September 30, 2023.
“Our strong third quarter results reflect our powerful brand,
commitment to innovation, and relentless focus on helping people
connect with one another,” said Whitney Wolfe Herd, Founder and CEO
of Bumble Inc. “By continuing to execute successfully on growth
initiatives, we are strengthening our market leadership in online
dating and making progress on the sizable opportunity beyond
dating.”
Third Quarter 2023 Financial and Operational
Highlights:
(All comparisons relative to the Third Quarter 2022)
- Total Revenue increased 18.4% to $275.5 million, compared to
$232.6 million. This includes a favorable impact of $4.0 million
from foreign currency movements year over year.
- Bumble App Revenue increased 22.8% to $221.8 million, compared
to $180.6 million. This includes a favorable impact of $1.7 million
from foreign currency movements year over year.
- Badoo App and Other Revenue increased 3.3% to $53.7 million,
compared to $52.0 million. This includes a favorable impact of $2.3
million from foreign currency movements year over year.
- Total Paying Users increased to 3.8 million, compared to 3.3
million.
- Total Average Revenue per Paying User ("ARPPU") increased to
$23.42, compared to $22.96.
- Net earnings were $23.1 million, or 8.4% of revenue, compared
to net earnings of $26.4 million, or 11.4% of revenue.
- Adjusted EBITDA was $75.3 million, or 27.3% of revenue,
compared to $61.8 million, or 26.6% of revenue.
“Our business continued to perform well with strong top-line
growth and better than expected Adjusted EBITDA in Q3,” said Anu
Subramanian, Chief Financial Officer of Bumble Inc. “Our conviction
in the long-term trajectory of our business is reflected in the
increased share repurchase authorization and our commitment to
return capital to shareholders.”
Key Operating Metrics:
The following metrics were calculated excluding paying users and
revenue generated from Fruitz and Official. Please refer to the
Definitions section for more information.
(In thousands, except ARPPU)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Bumble App Paying Users
2,604.9
2,088.1
Badoo App and Other Paying Users
1,215.6
1,202.2
Total Paying Users
3,820.5
3,290.3
Bumble App Average Revenue per Paying
User
$
28.38
$
28.84
Badoo App and Other Average Revenue per
Paying User
$
12.79
$
12.75
Total Average Revenue per Paying User
$
23.42
$
22.96
Balance Sheet:
As of September 30, 2023, total cash and cash equivalents were
$439.2 million and total debt was $621.9 million.
Share Repurchase Program:
During the third quarter of 2023, there were no share
repurchases under our previously announced $150.0 million share
repurchase program approved by the Board of Directors. As of
September 30, 2023, a total of $129.1 million remained available
under the repurchase program. The Company announced today an
increase in the share repurchase program authorized amount from
$150.0 million to $300.0 million.
Information about Bumble's use of non-GAAP financial measures is
provided below under “Non-GAAP Financial Measures.”
Financial Outlook:
A reconciliation of Adjusted EBITDA to GAAP net earnings (loss)
and Adjusted EBITDA margin growth to GAAP net earnings (loss)
margin growth which is growth in GAAP net earnings (loss) as a
percentage of revenue has not been provided for the outlook
included herein 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.
The Company anticipates Total Revenue and Adjusted EBITDA for
the fourth quarter ending December 31, 2023 to be:
Fourth quarter 2023:
- Total Revenue in the range of $272 million to $278 million,
which includes:
- Total foreign currency benefit $6 million lower than previously
estimated
- Estimated unfavorable impact of approximately $1 million from
the crisis in the Middle East, primarily in Bumble App Revenue
- Bumble App Revenue of $221 million to $225 million, which
includes foreign currency benefit $4 million lower than previously
estimated
- Adjusted EBITDA in the range of $72 million to $75
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.
Conference Call and Webcast Information
Bumble will host a live webcast of its conference call to
discuss its third quarter 2023 financial results at 4:30 p.m.
Eastern Time today, November 7, 2023. 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
Total Revenue is the sum of Bumble App Revenue and Badoo App and
Other Revenue.
Total Paying Users is the sum of Bumble App Paying Users and
Badoo App and Other Paying Users.
Total Average Revenue per Paying User or Total ARPPU is a metric
calculated based on Total Revenue in any measurement period
(excluding any revenue generated from Fruitz and Official,
advertising and partnerships or affiliates) divided by the Total
Paying Users in such period divided by the number of months in the
period.
Bumble App Revenue is revenue derived from purchases or renewals
of a Bumble app or Bumble For Friends app subscription plan and/or
in-app purchases on Bumble app or Bumble For Friends app in the
relevant period.
Bumble App Paying User is a user that has purchased or renewed a
Bumble app or Bumble For Friends app subscription plan and/or made
an in-app purchase on Bumble app or Bumble For Friends 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.
Bumble App Average Revenue per Paying User or Bumble App ARPPU
is a metric 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.
Badoo App and Other Revenue is revenue derived from purchases or
renewals of a Badoo app subscription plan and/or in-app purchases
on Badoo app in the relevant period, purchases on one of our other
apps that we owned and operated in the relevant period, purchases
on other third party apps that used our technology in the relevant
period and advertising, partnerships or affiliates revenue in the
relevant 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 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 (excluding Fruitz and
Official), or made a 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.
Badoo App and Other Average Revenue per Paying User or Badoo App
and Other ARPPU is a metric calculated based on Badoo App and Other
Revenue in any measurement period (excluding any revenue generated
from Fruitz and Official, 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.
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. We believe Adjusted EBITDA provides
visibility to the underlying continuing operating performance by
excluding the impact of certain expenses, including income tax
(benefit) provision, interest (income) expense, net, depreciation
and amortization, stock-based compensation expenses, employer costs
related to stock-based compensation, foreign exchange (gain) loss,
changes in fair value of contingent earn-out liability, interest
rate swaps and investments in equity securities, transaction and
other costs, litigation costs net of insurance reimbursements that
arise outside of the ordinary course of business, tax receivable
agreement liability remeasurement (benefit) expense and impairment
loss, as management does not believe these expenses are
representative of our core earnings. We also provide Adjusted
EBITDA margin, which is calculated as Adjusted EBITDA divided by
revenue. 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 (used in)
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, effectuate discretionary share repurchases
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, net, depreciation and amortization, stock-based
compensation expense, employer costs related to stock-based
compensation, foreign exchange (gain) loss, changes in fair value
of contingent earn-out liability, interest rate swaps and
investments in equity securities, transaction and other costs,
litigation costs net of insurance reimbursements that arise outside
of the ordinary course of business, tax receivable agreement
liability remeasurement (benefit) expense and impairment loss.
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 the current views of management of Bumble
Inc. 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 geopolitical conditions and successful expansion into new
markets
- the impact of current developments in Russia, Ukraine and
surrounding countries on our business and users, including the
impact of our decision to discontinue our operations in Russia and
remove our apps from the Apple App Store and Google Play Store in
Russia and Belarus
- affiliates of Blackstone 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 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, changes
in inflation or interest rates, geopolitical events, political
unrest, armed conflicts, including conflicts in Eastern Europe and
the Middle East, extreme weather events 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, 2022, which was filed with the Securities and
Exchange Commission (the “SEC”) on February 28, 2023, as such
factors may be updated from time to time in our subsequent periodic
filings, 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, Bumble For Friends,
Badoo, Fruitz and Official. The Bumble platform enables people to
build healthy and equitable relationships, through Kind
Connections. Founded by CEO Whitney Wolfe Herd in 2014, Bumble was
one of the first dating apps built with women at the center and
connects people across dating (Bumble Date), friendship (Bumble For
Friends) and professional networking (Bumble Bizz). Badoo, which
was founded in 2006, is one of the pioneers of web and mobile
dating products. Fruitz, founded in 2017, encourages open and
honest communication of dating intentions through playful fruit
metaphors. Official is an app for couples that promotes open and
honest communication between partners and was founded in 2020.
Bumble Inc.
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share information)
(Unaudited)
September 30, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
439,184
$
402,559
Accounts receivable, net
102,007
66,930
Other current assets
42,952
31,882
Total current assets
584,143
501,371
Right-of-use assets
15,537
17,419
Property and equipment, net
13,589
14,467
Goodwill
1,584,062
1,579,770
Intangible assets, net
1,495,791
1,524,428
Deferred tax assets, net
32,379
24,050
Other noncurrent assets
7,692
31,116
Total assets
$
3,733,193
$
3,692,621
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
5,351
$
3,367
Deferred revenue
49,305
46,108
Accrued expenses and other current
liabilities
136,471
156,443
Current portion of long-term debt, net
5,750
5,750
Total current liabilities
196,877
211,668
Long-term debt, net
616,179
619,223
Deferred tax liabilities, net
8,766
8,077
Payable to related parties pursuant to a
tax receivable agreement
416,754
385,486
Other long-term liabilities
14,458
14,588
Total liabilities
1,253,034
1,239,042
Commitments and contingencies
Shareholders’ Equity:
Class A common stock (par value $0.01 per
share, 6,000,000,000 shares authorized; 138,003,587 shares issued
and 136,683,215 shares outstanding as of September 30, 2023;
129,774,299 shares issued and outstanding as of December 31,
2022)
1,380
1,298
Class B common stock (par value $0.01 per
share, 1,000,000 shares authorized; 20 shares issued and
outstanding as of September 30, 2023 and December 31, 2022,
respectively)
—
—
Preferred stock (par value $0.01;
authorized 600,000,000 shares; no shares issued and outstanding as
of September 30, 2023 and December 31, 2022, respectively)
—
—
Additional paid-in capital
1,750,233
1,691,911
Treasury stock (1,320,372 and no shares as
of September 30, 2023 and December 31, 2022, respectively)
(15,743
)
—
Accumulated deficit
(118,058
)
(139,871
)
Accumulated other comprehensive income
71,911
74,477
Total Bumble Inc. shareholders’
equity
1,689,723
1,627,815
Noncontrolling interests
790,436
825,764
Total shareholders’ equity
2,480,159
2,453,579
Total liabilities and shareholders’
equity
$
3,733,193
$
3,692,621
Bumble Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except per
share information)
(Unaudited)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Revenue
$
275,510
$
232,639
$
778,193
$
661,875
Operating costs and expenses:
Cost of revenue
80,049
64,581
227,366
181,702
Selling and marketing expense
68,848
64,316
197,767
180,628
General and administrative expense
48,577
27,265
141,706
100,061
Product development expense
30,909
28,378
100,294
81,054
Depreciation and amortization expense
17,127
19,755
50,825
73,835
Total operating costs and
expenses
245,510
204,295
717,958
617,280
Operating earnings (loss)
30,000
28,344
60,235
44,595
Interest income (expense), net
(5,256
)
(6,866
)
(16,585
)
(18,446
)
Other income (expense), net
252
6,545
(6,278
)
24,729
Income (loss) before income
taxes
24,996
28,023
37,372
50,878
Income tax benefit (provision)
(1,872
)
(1,618
)
(7,228
)
(5,756
)
Net earnings (loss)
23,124
26,405
30,144
45,122
Net earnings (loss) attributable to
noncontrolling interests
6,453
8,342
8,331
14,298
Net earnings (loss) attributable to Bumble
Inc. shareholders
$
16,671
$
18,063
$
21,813
$
30,824
Net earnings (loss) per share
attributable to Bumble Inc. shareholders
Basic earnings (loss) per share
$
0.12
$
0.14
$
0.16
$
0.24
Diluted earnings (loss) per share
$
0.12
$
0.14
$
0.16
$
0.23
Bumble Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Cash flows from operating
activities:
Net earnings (loss)
$
23,124
$
26,405
$
30,144
$
45,122
Adjustments to reconcile net earnings
(loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
17,127
19,755
50,825
73,835
Impairment loss
—
—
—
4,388
Changes in fair value of interest rate
swaps
3,796
(4,774
)
9,029
(18,404
)
Changes in fair value of contingent
earn-out liability
(11,308
)
(27,004
)
(24,241
)
(46,399
)
Non-cash lease expense
893
1,106
2,640
3,479
Deferred income tax
(3,364
)
(2,608
)
(8,880
)
(6,501
)
Stock-based compensation expense
21,528
37,175
83,660
77,179
Net foreign exchange difference
(2,973
)
(14,892
)
(3,300
)
(28,054
)
Other, net
(21,460
)
4,433
1,240
12,463
Changes in assets and liabilities:
Accounts receivable
(1,778
)
(1,433
)
(32,759
)
(5,176
)
Other current assets
472
(815
)
(1,784
)
20,261
Accounts payable
(2,770
)
(684
)
2,464
(9,841
)
Deferred revenue
1,195
782
3,149
4,679
Legal liabilities
19,725
288
1,475
(7,130
)
Lease liabilities
(1,009
)
(895
)
(2,991
)
(3,237
)
Accrued expenses and other current
liabilities
18,993
185
7,664
(34,880
)
Other, net
378
(22
)
334
(15
)
Net cash provided by (used in)
operating activities
62,569
37,002
118,669
81,769
Cash flows from investing
activities:
Capital expenditures
(3,559
)
(3,262
)
(12,769
)
(11,311
)
Acquisition of business, net of cash
acquired
57
—
(9,820
)
(69,720
)
Net cash provided by (used in)
investing activities
(3,502
)
(3,262
)
(22,589
)
(81,031
)
Cash flows from financing
activities:
Repayment of term loan
(1,438
)
(1,438
)
(4,313
)
(4,313
)
Distributions paid to noncontrolling
interest holders
(46
)
—
(19,287
)
—
Share repurchases
—
—
(20,890
)
—
Withholding tax paid on behalf of
employees on stock-based awards
(2,171
)
(1,158
)
(13,865
)
(7,352
)
Net cash provided by (used in)
financing activities
(3,655
)
(2,596
)
(58,355
)
(11,665
)
Effects of exchange rate changes on cash
and cash equivalents
2,419
6,100
(2,117
)
13,641
Net increase (decrease) in cash and
cash equivalents and restricted cash
57,831
37,244
35,608
2,714
Cash and cash equivalents and restricted
cash, beginning of the period
384,819
334,645
407,042
369,175
Cash and cash equivalents and
restricted cash, end of the period
442,650
371,889
442,650
371,889
Less restricted cash
(3,466
)
(6,784
)
(3,466
)
(6,784
)
Cash and cash equivalents, end of the
period
$
439,184
$
365,105
$
439,184
$
365,105
Bumble Inc.
Reconciliation of GAAP to
NON-GAAP Financial Measures
(Unaudited)
Reconciliation of Net Earnings (Loss)
to Adjusted EBITDA and Reconciliation of Net Cash Provided By (Used
in) Operating Activities to Free Cash Flow
(In thousands, except
percentages)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Net earnings (loss)
$
23,124
$
26,405
$
30,144
$
45,122
Add back:
Income tax (benefit) provision
1,872
1,618
7,228
5,756
Interest (income) expense, net
5,256
6,866
16,585
18,446
Depreciation and amortization
17,127
19,755
50,825
73,835
Stock-based compensation expense
21,528
37,175
83,660
77,179
Employer costs related to stock-based
compensation (1)
1,003
431
4,025
1,628
Litigation costs, net of insurance
reimbursements (2)
16,323
249
24,874
4,089
Foreign exchange (gain) loss (3)
(3,905
)
(1,551
)
(2,439
)
(6,050
)
Changes in fair value of interest rate
swaps(4)
3,796
(4,774
)
9,029
(18,404
)
Transaction and other costs(5)
463
2,705
1,994
6,869
Changes in fair value of contingent
earn-out liability
(11,308
)
(27,004
)
(24,241
)
(46,399
)
Changes in fair value of investments in
equity securities
2
(38
)
178
(38
)
Impairment loss(6)
—
—
—
4,388
Adjusted EBITDA
$
75,281
$
61,837
$
201,862
$
166,421
Net earnings (loss) margin
8.4
%
11.4
%
3.9
%
6.8
%
Adjusted EBITDA margin
27.3
%
26.6
%
25.9
%
25.1
%
Net cash provided by (used in) operating
activities
$
62,569
$
37,002
$
118,669
$
81,769
Less:
Capital expenditures
(3,559
)
(3,262
)
(12,769
)
(11,311
)
Free cash flow
$
59,010
$
33,740
$
105,900
$
70,458
Operating cash flow conversion
270.6
%
140.1
%
393.7
%
181.2
%
Free cash flow conversion
78.4
%
54.6
%
52.5
%
42.3
%
(1)
Represents employer portion of Social
Security and Medicare payroll taxes domestically, National
Insurance contributions in the United Kingdom and comparable costs
internationally related to the settlement of equity awards.
(2)
Represents certain litigation costs and
insurance proceeds associated with pending litigations or
settlements of litigation.
(3)
Represents foreign exchange (gain) loss
due to foreign currency transactions.
(4)
Represents fair value (gain) loss on
interest rate swaps.
(5)
Represents transaction costs related to
acquisitions and our offerings such as legal, accounting, advisory
fees and other related costs. Amount in 2022 also includes
employee-related restructuring costs directly associated with our
decision to discontinue our operations in Russia including
severance benefits, relocation and advisory fees.
(6)
Represents impairment loss of a
right-of-use asset related to our Moscow office.
Supplementary Information
(Unaudited)
Stock-Based Compensation
Expense
(In thousands)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Cost of revenue
$
542
$
807
$
2,800
$
2,726
Selling and marketing expense
2,469
3,779
7,191
4,547
General and administrative expense
10,352
22,461
44,029
43,959
Product development expense
8,165
10,128
29,640
25,947
Total stock-based compensation
expense
$
21,528
$
37,175
$
83,660
$
77,179
Reconciliation of GAAP costs and
expenses to non-GAAP costs and expenses by function
(In thousands)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Cost of revenue GAAP
$
80,049
$
64,581
$
227,366
$
181,702
Stock-based compensation expense
(542
)
(807
)
(2,800
)
(2,726
)
Payroll tax expense related to stock-based
compensation
(42
)
(22
)
(197
)
(84
)
Transaction and other costs
—
14
—
(125
)
Cost of revenue non-GAAP
$
79,465
$
63,766
$
224,369
$
178,767
(In thousands)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Selling and marketing expense
GAAP
$
68,848
$
64,316
$
197,767
$
180,628
Stock-based compensation expense
(2,469
)
(3,779
)
(7,191
)
(4,547
)
Payroll tax expense related to stock-based
compensation
(72
)
(27
)
(309
)
(197
)
Transaction and other costs
—
—
—
(34
)
Selling and marketing expense
non-GAAP
$
66,307
$
60,510
$
190,267
$
175,850
(In thousands)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
General and administrative expense
GAAP
$
48,577
$
27,265
$
141,706
$
100,061
Changes in fair value of contingent
earn-out liability
11,308
27,004
24,241
46,399
Litigation costs, net of insurance
proceeds
(16,323
)
(249
)
(24,874
)
(4,089
)
Stock-based compensation expense
(10,352
)
(22,461
)
(44,029
)
(43,959
)
Payroll tax expense related to stock-based
compensation
(193
)
(113
)
(1,239
)
(470
)
Transaction and other costs
(463
)
(2,882
)
(1,994
)
(5,657
)
Impairment loss
—
—
—
(4,388
)
General and administrative expense
non-GAAP
$
32,554
$
28,564
$
93,811
$
87,897
(In thousands)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Product development expense
GAAP
$
30,909
$
28,378
$
100,294
$
81,054
Stock-based compensation expense
(8,165
)
(10,128
)
(29,640
)
(25,947
)
Payroll tax expense related to stock-based
compensation
(696
)
(269
)
(2,280
)
(877
)
Transaction and other costs
—
163
—
(1,053
)
Product development expense
non-GAAP
$
22,048
$
18,144
$
68,374
$
53,177
(In thousands)
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Total operating costs and expenses
GAAP
$
245,510
$
204,295
$
717,958
$
617,280
Depreciation and amortization expense
(17,127
)
(19,755
)
(50,825
)
(73,835
)
Changes in fair value of contingent
earn-out liability
11,308
27,004
24,241
46,399
Litigation costs, net of insurance
proceeds
(16,323
)
(249
)
(24,874
)
(4,089
)
Stock-based compensation expense
(21,528
)
(37,175
)
(83,660
)
(77,179
)
Payroll tax expense related to stock-based
compensation
(1,003
)
(431
)
(4,026
)
(1,628
)
Transaction and other costs
(463
)
(2,705
)
(1,994
)
(6,869
)
Impairment loss
—
—
—
(4,388
)
Total operating costs and expenses
non-GAAP
$
200,374
$
170,984
$
576,820
$
495,691
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version on businesswire.com: https://www.businesswire.com/news/home/20231107727603/en/
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