false000183004300018300432024-02-212024-02-21

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 21, 2024

Bumble Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-40054

85-3604367

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

1105 West 41st Street, Austin, Texas

78756

(Address of principal executive offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (512) 696-1409

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

 

BMBL

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On February 27, 2024, Bumble Inc. (the “Company”) issued a press release announcing earnings for the fourth quarter and full year ended December 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein in its entirety.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

 

Item 2.05 Costs Associated with Exit or Disposal Activities.

 

On February 27, 2024, the Company announced that it intends to reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. As a result, the Company expects to incur approximately $20 million to $25 million of non-recurring charges, consisting primarily of employee severance, benefits, and related charges, for impacted employees. Substantially all of these charges are expected to result in future cash outlays. These actions were approved by the Company’s Board of Directors on February 21, 2024.

 

The Company expects that the charges will be incurred primarily in the first and second quarters of 2024. The actions associated with the elimination of positions are subject to local law and consultation requirements in certain countries, which may extend this process beyond the second quarter of 2024. These estimates are subject to a number of assumptions and actual expenses may differ materially from the estimates disclosed above.

 

Item 7.01 Regulation FD Disclosure

 

On February 27, 2024, the Company issued an employee communication relating to the workforce reduction, which is shared in part as Exhibit 99.2 to this Form 8-K and is incorporated by reference.

 

The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act.

 

Forward-Looking Statements

 

This current report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to, among other things, its operations, including the recently announced plan to implement a global workforce reduction and restructuring of our operations and its expected impact, its financial performance, its industry and its business. Forward-looking statements include all statements that are not historical facts. 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 those described under “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) as such factors may be updated from time to time in the Company’s periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that

2


 

are included in the Company’s filings with the SEC. 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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

 

Description of Exhibit

99.1

 

Press release of Bumble Inc., dated February 27, 2024, announcing earnings for the fourth quarter and full year ended December 31, 2023

99.2

 

Message from CEO Lidiane Jones to employees on February 27, 2024

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

3


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

BUMBLE INC.

 Date: February 27, 2024

By:

/s/ Anuradha B. Subramanian

Name:

 Anuradha B. Subramanian

Title:

 Chief Financial Officer

 

4


Exhibit 99.1

 

 

Bumble Inc. Announces Fourth Quarter and Full Year 2023 Results

 

Total Revenue in 2023 Increased 16% to $1,051.8 Million

Full Year Bumble App Revenue Increased 22% to $844.8 Million

Fourth Quarter Bumble App Paying Users Increased 21% to 2.7 Million; Grew 83,000 Quarter Over Quarter

 

AUSTIN, Texas, February 27, 2024 -- Bumble Inc. (NASDAQ: BMBL) today reported financial results for the fourth quarter and full year ended December 31, 2023.

“Today, we announced solid full-year results and a bold plan to transform Bumble and lead the company to its next phase of growth and innovation,” said Lidiane Jones, CEO of Bumble Inc. “We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap. We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that create healthy and equitable relationships. I am confident in our team’s ability to deliver Bumble’s next chapter of growth as we sharpen our focus on execution.”


Fourth Quarter 2023 Financial and Operational Highlights:

(All comparisons relative to the Fourth Quarter 2022)

Total Revenue increased 13.2% to $273.6 million, compared to $241.6 million. This includes a favorable impact of $3.4 million from foreign currency movements year over year.
o
Bumble App Revenue increased 15.7% to $220.7 million, compared to $190.8 million. This includes a favorable impact of $1.6 million from foreign currency movements year over year.
o
Badoo App and Other Revenue increased 4.2% to $52.9 million, compared to $50.8 million. This includes a favorable impact of $1.8 million from foreign currency movements year over year.
Total Paying Users increased 16.4% to 4.0 million, compared to 3.4 million.
Total Average Revenue per Paying User ("ARPPU") decreased to $22.64, compared to $23.01.
Net loss was $32.0 million, or (11.7)% of revenue, compared to net loss of $159.2 million, or (65.9)% of revenue.
Adjusted EBITDA was $73.7 million, or 26.9% of revenue, compared to $60.5 million, or 25.0% of revenue.

 

Full Year 2023 Operational and Financial Highlights:

(All comparisons relative to the Full Year 2022)

Revenue increased 16.4% to $1,051.8 million, compared to $903.5 million. This includes an unfavorable impact of $1.4 million from foreign currency movements year over year.
o
Bumble App Revenue Increased 21.7% to $844.8 million, compared to $694.3 million. This includes an unfavorable impact of $2.9 million from foreign currency movements year over year.
o
Badoo App and Other Revenue decreased 1.0% to $207.1 million, compared to $209.2 million. This includes a favorable impact of $1.5 million from foreign currency movements year over year.
Total Paying Users increased 16.9% to 3.7 million, compared to 3.2 million.
Total ARPPU did not change at $23.03.
Net loss was $1.9 million, or (0.2)% of revenue, compared to net loss of $114.1 million, or (12.6)% of revenue.
Adjusted EBITDA was $275.6 million, or 26.2% of revenue, compared to $226.9 million, or 25.1% of revenue.

 

“We surpassed $1 billion in revenue for 2023 and delivered on our outlook for revenue and Adjusted EBITDA,” said Anu Subramanian, Chief Financial Officer of Bumble Inc. “As we look to the year ahead, we are focused on execution and setting the stage for the next phase of growth. We are implementing a clear plan designed to drive product velocity and reduce operational friction, which we believe will enable us to invest in our key growth initiatives while strengthening our margin profile and cash flow potential for the years ahead.”


Key Operating Metrics:

 

The following metrics were calculated excluding paying users and revenue generated from Official, advertising and partnerships or affiliates and, for periods prior to the fourth quarter of 2023, excluding paying users and revenue generated from Fruitz. Beginning in the fourth quarter of 2023, paying users and revenue generated from Fruitz are included in our key operating metrics. Prior period information and key operating metrics have not been recast to include paying users and revenue generated from Fruitz. Please refer to the Definitions section for more information.

 

(in thousands, except ARPPU)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Bumble App Paying Users

 

 

2,687.9

 

 

 

2,221.1

 

 

 

2,517.4

 

 

 

2,002.2

 

Badoo App and Other Paying Users

 

 

1,281.2

 

 

 

1,188.2

 

 

 

1,203.3

 

 

 

1,179.7

 

Total Paying Users

 

 

3,969.1

 

 

 

3,409.3

 

 

 

3,720.7

 

 

 

3,181.9

 

Bumble App Average Revenue per Paying User

 

$

27.37

 

 

$

28.64

 

 

$

27.97

 

 

$

28.90

 

Badoo App and Other Average Revenue per Paying User

 

$

12.69

 

 

$

12.48

 

 

$

12.70

 

 

$

13.06

 

Total Average Revenue per Paying User

 

$

22.64

 

 

$

23.01

 

 

$

23.03

 

 

$

23.03

 

 

Balance Sheet:

As of December 31, 2023, total cash and cash equivalents were $355.6 million and total debt was $620.9 million.

 

Share Repurchase Program:

During the fourth quarter of 2023, there was a total of $136 million in share repurchases under our previously announced $300.0 million share repurchase program. As of December 31, 2023, a total of $143 million remained available under the share repurchase program.

 

Transformation Plan:

 

Today, the Company announced that it intends to reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. We expect to incur approximately $20 million to $25 million of non-recurring charges, consisting primarily of employee severance, benefits, and related charges for impacted employees, the majority of which will be recognized in the first two quarters of 2024.

 

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, Adjusted EBITDA and Adjusted EBITDA margin for the quarter ending March 31, 2024 and year ending December 31, 2024 to be:

 

First quarter 2024

Total Revenue between $262 million and $268 million
o
Bumble App Revenue between $211 million and $215 million
Adjusted EBITDA between $67 million and $70 million, representing 26% margin at the midpoint of the range

 

Full year 2024

Total Revenue growth of 8% to 11%
o
Bumble App Revenue growth of 9% to 11%
Adjusted EBITDA margin growth of at least 300 basis points, which excludes:
o
Expected severance and other non-recurring charges related to the transformation initiative of between $20 million and $25 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 fourth quarter and full year 2023 financial results at 4:30 p.m. Eastern Time today, February 27, 2024. 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

 

As used in this press release, unless otherwise noted or the context requires otherwise, the following terms have the following meanings. Our key metrics (Bumble App Paying Users, Badoo App and Other Paying Users, Total Paying Users, Bumble App Average Revenue per Paying User, Badoo App and Other Average Revenue per Paying User, and Total Average Revenue per Paying User) were calculated excluding paying users and revenue generated from Official, advertising and partnerships or affiliates and, for periods prior to the fourth quarter of 2023, excluding paying users and revenue generated from Fruitz. Beginning in the fourth quarter of 2023, paying users and revenue generated from Fruitz are included in our key operating metrics.

 

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 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, 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 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 expense, 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 expense, 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, including the recently announced plan to implement a global workforce reduction


and restructuring of our operations and its expected impact, our financial performance, our industry and 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:

 

the risk that the costs and charges related to our recently announced plan to implement a global workforce reduction and restructuring of our operations may be greater than anticipated or incurred in different periods than anticipated
the risk that our restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated
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
our ability to maintain the value and reputation of our brands
risks relating to changes to our existing brands and products, or the introduction or acquisition of new brands or products
risks relating to certain of our international operations, including geopolitical conditions and successful expansion into new markets
the impact of data security breaches or cyber attacks on our systems and the costs of remediation related to any such incidents
challenges with properly managing the use of artificial intelligence
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
our substantial indebtedness
affiliates of Blackstone Inc.’s (“Blackstone”) and our Founder’s control of us
the outsized voting rights of affiliates of Blackstone and our Founder
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
foreign currency exchange rate fluctuations

 

For additional information on these and other factors that could cause Bumble’s actual results to differ materially from expected results, please see our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2022, 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 Whitney Wolfe Herd in 2014, Bumble was one of the first dating apps built with women at the center and connects people across dating (Date mode), friendship (BFF mode) and


professional networking (Bizz mode). Bumble For Friends app is a friendship app where people in all stages of life can meet people nearby and create meaningful platonic connections. Badoo, which was founded in 2006, was one of the pioneers of web and mobile free-to-use dating products. Fruitz, founded in 2017, encourages honesty and transparency by sharing dating intentions from the first touch point. Official, founded in 2020, is an app that is intended to help couples build healthy and lasting habits in their romantic relationships.

 

Source: Bumble Inc.

 

Investor Contact

ir@team.bumble.com

 

Media Contact

press@team.bumble.com

 


Bumble Inc.

Consolidated Balance Sheets

(in thousands, except share and per share information)

 

 

December 31,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

355,642

 

 

$

402,559

 

Accounts receivable, net

 

 

102,677

 

 

 

66,930

 

Other current assets

 

 

34,732

 

 

 

31,882

 

Total current assets

 

 

493,051

 

 

 

501,371

 

Right-of-use assets

 

 

15,425

 

 

 

17,419

 

Property and equipment, net

 

 

12,462

 

 

 

14,467

 

Goodwill

 

 

1,585,750

 

 

 

1,579,770

 

Intangible assets, net

 

 

1,484,290

 

 

 

1,524,428

 

Deferred tax assets, net

 

 

27,029

 

 

 

24,050

 

Other noncurrent assets

 

 

7,120

 

 

 

31,116

 

Total assets

 

$

3,625,127

 

 

$

3,692,621

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Accounts payable

 

$

4,611

 

 

$

3,367

 

Deferred revenue

 

 

48,749

 

 

 

46,108

 

Accrued expenses and other current liabilities

 

 

185,799

 

 

 

156,443

 

Current portion of long-term debt, net

 

 

5,750

 

 

 

5,750

 

Total current liabilities

 

 

244,909

 

 

 

211,668

 

Long-term debt, net

 

 

615,176

 

 

 

619,223

 

Deferred tax liabilities, net

 

 

5,673

 

 

 

8,077

 

Payable to related parties pursuant to a tax receivable agreement

 

 

407,389

 

 

 

385,486

 

Other long-term liabilities

 

 

14,707

 

 

 

14,588

 

Total liabilities

 

$

1,287,854

 

 

$

1,239,042

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Class A common stock (par value $0.01 per share, 6,000,000,000 shares authorized;138,520,102 shares issued and 130,687,629 shares outstanding as of December 31, 2023; 129,774,299 shares issued and outstanding as of December 31, 2022)

 

 

1,385

 

 

 

1,298

 

Class B common stock (par value $0.01 per share, 1,000,000 shares authorized; 20 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively)

 

 

 

 

 

 

Preferred stock (par value $0.01; 600,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively)

 

 

 

 

 

 

Treasury stock (7,832,473 and no shares as of December 31, 2023 and December 31, 2022, respectively)

 

 

(73,764

)

 

 

 

Additional paid-in capital

 

 

1,772,449

 

 

 

1,691,911

 

Accumulated deficit

 

 

(144,084

)

 

 

(139,871

)

Accumulated other comprehensive income

 

 

79,029

 

 

 

74,477

 

Total Bumble Inc. shareholders’ equity

 

 

1,635,015

 

 

 

1,627,815

 

Noncontrolling interests

 

 

702,258

 

 

 

825,764

 

Total shareholders’ equity

 

 

2,337,273

 

 

 

2,453,579

 

Total liabilities and shareholders’ equity

 

$

3,625,127

 

 

$

3,692,621

 

 


Bumble Inc.

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Revenue

 

$

273,637

 

 

$

241,628

 

 

$

1,051,830

 

 

$

903,503

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

80,469

 

 

 

67,788

 

 

 

307,835

 

 

 

249,490

 

Selling and marketing expense

 

 

72,613

 

 

 

68,641

 

 

 

270,380

 

 

 

249,269

 

General and administrative expense

 

 

79,943

 

 

 

208,795

 

 

 

221,649

 

 

 

308,855

 

Product development expense

 

 

30,271

 

 

 

27,965

 

 

 

130,565

 

 

 

109,020

 

Depreciation and amortization expense

 

 

17,203

 

 

 

15,878

 

 

 

68,028

 

 

 

89,713

 

Total operating costs and expenses

 

 

280,499

 

 

 

389,067

 

 

 

998,457

 

 

 

1,006,347

 

Operating earnings (loss)

 

 

(6,862

)

 

 

(147,439

)

 

 

53,373

 

 

 

(102,844

)

Interest income (expense), net

 

 

(4,949

)

 

 

(5,617

)

 

 

(21,534

)

 

 

(24,063

)

Other income (expense), net

 

 

(20,259

)

 

 

(8,540

)

 

 

(26,537

)

 

 

16,189

 

Income (loss) before income taxes

 

 

(32,070

)

 

 

(161,596

)

 

 

5,302

 

 

 

(110,718

)

Income tax benefit (provision)

 

 

58

 

 

 

2,350

 

 

 

(7,170

)

 

 

(3,406

)

Net earnings (loss)

 

 

(32,012

)

 

 

(159,246

)

 

 

(1,868

)

 

 

(114,124

)

Net earnings (loss) attributable to noncontrolling interests

 

 

(5,986

)

 

 

(48,676

)

 

 

2,345

 

 

 

(34,378

)

Net earnings (loss) attributable to Bumble Inc. shareholders

 

$

(26,026

)

 

$

(110,570

)

 

$

(4,213

)

 

$

(79,746

)

Net earnings (loss) per share attributable to Bumble Inc. shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

(0.19

)

 

$

(0.85

)

 

$

(0.03

)

 

$

(0.62

)

Diluted earnings (loss) per share

 

$

(0.19

)

 

$

(0.85

)

 

$

(0.03

)

 

$

(0.62

)

 


Bumble Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

 

 

 

 

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

(32,012

)

 

$

(159,246

)

 

$

(1,868

)

 

$

(114,124

)

Adjustments to reconcile net earnings (loss) to net cash provided
   by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

17,203

 

 

 

15,878

 

 

 

68,028

 

 

 

89,713

 

Impairment loss

 

 

 

 

 

141,000

 

 

 

 

 

 

145,388

 

Gain on settlement of lease liabilities

 

 

 

 

 

(2,140

)

 

 

 

 

 

(2,140

)

Changes in fair value of interest rate swap

 

 

4,777

 

 

 

1,318

 

 

 

13,806

 

 

 

(17,086

)

Changes in fair value of contingent earn-out liability

 

 

(5,328

)

 

 

(735

)

 

 

(29,569

)

 

 

(47,134

)

Tax receivable agreement liability remeasurement expense

 

 

10,341

 

 

 

5,332

 

 

 

10,341

 

 

 

5,332

 

Non-cash lease expense

 

 

878

 

 

 

1,060

 

 

 

3,518

 

 

 

4,539

 

Deferred income tax

 

 

1,714

 

 

 

1,047

 

 

 

(7,166

)

 

 

(5,454

)

Stock-based compensation expense

 

 

20,678

 

 

 

33,829

 

 

 

104,338

 

 

 

111,008

 

Net foreign exchange difference

 

 

4,223

 

 

 

24,692

 

 

 

923

 

 

 

(3,362

)

Other, net

 

 

9,825

 

 

 

(11,274

)

 

 

11,065

 

 

 

1,189

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(3,272

)

 

 

(15,547

)

 

 

(36,031

)

 

 

(20,723

)

Other current assets

 

 

(1,136

)

 

 

2,703

 

 

 

(2,920

)

 

 

22,964

 

Accounts payable

 

 

(689

)

 

 

(4,156

)

 

 

1,775

 

 

 

(13,997

)

Deferred revenue

 

 

(556

)

 

 

1,210

 

 

 

2,593

 

 

 

5,889

 

Legal liabilities

 

 

43,765

 

 

 

19,125

 

 

 

45,240

 

 

 

11,995

 

Lease liabilities

 

 

(939

)

 

 

(2,747

)

 

 

(3,930

)

 

 

(5,984

)

Accrued expenses and other current liabilities

 

 

(6,179

)

 

 

(111

)

 

 

1,485

 

 

 

(34,991

)

Other, net

 

 

124

 

 

 

(66

)

 

 

458

 

 

 

(81

)

Net cash provided by (used in) operating activities

 

 

63,417

 

 

 

51,172

 

 

 

182,086

 

 

 

132,941

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,166

)

 

 

(5,022

)

 

 

(14,935

)

 

 

(16,333

)

Acquisition of business, net of cash acquired

 

 

 

 

 

 

 

 

(9,820

)

 

 

(69,720

)

Net cash provided by (used in) investing activities

 

 

(2,166

)

 

 

(5,022

)

 

 

(24,755

)

 

 

(86,053

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of term loan

 

 

(1,437

)

 

 

(1,437

)

 

 

(5,750

)

 

 

(5,750

)

Distributions paid to noncontrolling interest holders

 

 

(23

)

 

 

 

 

 

(19,310

)

 

 

 

Share repurchases

 

 

(91,940

)

 

 

 

 

 

(112,830

)

 

 

 

Purchase of Common Units

 

 

(44,309

)

 

 

 

 

 

(44,309

)

 

 

 

Withholding tax paid on behalf of employees on stock-based awards

 

 

(2,827

)

 

 

(1,852

)

 

 

(16,692

)

 

 

(9,204

)

Net cash provided by (used in) financing activities

 

 

(140,536

)

 

 

(3,289

)

 

 

(198,891

)

 

 

(14,954

)

Effects of exchange rate changes on cash and cash equivalents

 

 

(4,163

)

 

 

(7,708

)

 

 

(6,280

)

 

 

5,933

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

(83,448

)

 

 

35,153

 

 

 

(47,840

)

 

 

37,867

 

Cash and cash equivalents and restricted cash, beginning of the period

 

 

442,650

 

 

 

371,889

 

 

 

407,042

 

 

 

369,175

 

Cash and cash equivalents and restricted cash, end of the period

 

$

359,202

 

 

$

407,042

 

 

$

359,202

 

 

$

407,042

 

Less restricted cash

 

 

(3,560

)

 

 

(4,483

)

 

 

(3,560

)

 

 

(4,483

)

Cash and cash equivalents, end of the period

 

$

355,642

 

 

$

402,559

 

 

$

355,642

 

 

$

402,559

 

 

 


Bumble Inc.

Reconciliation of GAAP to NON-GAAP Financial Measures

 

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)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Net earnings (loss)

 

$

(32,012

)

 

$

(159,246

)

 

$

(1,868

)

 

$

(114,124

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (benefit) provision

 

 

(58

)

 

 

(2,350

)

 

 

7,170

 

 

 

3,406

 

Interest (income) expense, net

 

 

4,949

 

 

 

5,617

 

 

 

21,534

 

 

 

24,063

 

Depreciation and amortization expense

 

 

17,203

 

 

 

15,878

 

 

 

68,028

 

 

 

89,713

 

Stock-based compensation expense

 

 

20,678

 

 

 

33,829

 

 

 

104,338

 

 

 

111,008

 

Employer costs related to stock-based compensation(1)

 

 

510

 

 

 

426

 

 

 

4,535

 

 

 

2,054

 

Litigation costs, net of insurance reimbursements(2)

 

 

47,044

 

 

 

18,645

 

 

 

71,918

 

 

 

22,734

 

Foreign exchange (gain) loss (3)

 

 

4,624

 

 

 

2,371

 

 

 

2,185

 

 

 

(3,679

)

Changes in fair value of interest rate swaps(4)

 

 

4,777

 

 

 

1,318

 

 

 

13,806

 

 

 

(17,086

)

Transaction and other costs(5)

 

 

315

 

 

 

(1,643

)

 

 

2,309

 

 

 

5,226

 

Changes in fair value of contingent earn-out liability

 

 

(5,328

)

 

 

(735

)

 

 

(29,569

)

 

 

(47,134

)

Changes in fair value of investments

 

 

665

 

 

 

56

 

 

 

843

 

 

 

18

 

Tax receivable agreement liability remeasurement expense(6)

 

 

10,341

 

 

 

5,332

 

 

 

10,341

 

 

 

5,332

 

Impairment loss(7)

 

 

 

 

 

141,000

 

 

 

 

 

 

145,388

 

Adjusted EBITDA

 

$

73,708

 

 

$

60,498

 

 

$

275,570

 

 

$

226,919

 

Net earnings (loss) margin

 

 

(11.7

)%

 

 

(65.9

)%

 

 

(0.2

)%

 

 

(12.6

)%

Adjusted EBITDA margin

 

 

26.9

%

 

 

25.0

%

 

 

26.2

%

 

 

25.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

63,417

 

 

$

51,172

 

 

$

182,086

 

 

$

132,941

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,166

)

 

 

(5,022

)

 

 

(14,935

)

 

 

(16,333

)

Free cash flow

 

$

61,251

 

 

$

46,150

 

 

$

167,151

 

 

$

116,608

 

Operating cash flow conversion

 

 

(198.1

)%

 

 

(32.1

)%

 

*

 

 

 

(116.5

)%

Free cash flow conversion

 

 

83.1

%

 

 

76.3

%

 

 

60.7

%

 

 

51.4

%

* Not meaningful

(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. Includes amounts accrued with respect to the litigation related to the Biometric Information Privacy Act, the mass arbitrations and the Company’s class action lawsuit related to the secondary public stock offering, representing management’s then-current estimated probable loss for this matter.
(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, secondary offerings, and share repurchases 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 costs and advisory fees.
(6)
Represents recognized adjustments to the tax receivable agreement liability.
(7)
Represents impairment loss of the Badoo brand and a right-of-use asset related to our Moscow office in 2022.

 

 

 


 

Supplementary Information

 

Stock-Based Compensation Expense

 

 

 

 

 

(in thousands)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Cost of revenue

 

$

1,253

 

 

$

1,093

 

 

$

4,054

 

 

$

3,819

 

Selling and marketing expense

 

 

2,611

 

 

 

3,517

 

 

 

9,803

 

 

 

8,064

 

General and administrative expense

 

 

7,980

 

 

 

19,616

 

 

 

52,008

 

 

 

63,575

 

Product development expense

 

 

8,834

 

 

 

9,603

 

 

 

38,473

 

 

 

35,550

 

Total stock-based compensation expense

 

$

20,678

 

 

$

33,829

 

 

$

104,338

 

 

$

111,008

 

 

Reconciliation of GAAP costs and expenses to non-GAAP costs and expenses by function

 

(In thousands)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Cost of revenue GAAP

 

$

80,469

 

 

$

67,788

 

 

$

307,835

 

 

$

249,490

 

Stock-based compensation expense

 

 

(1,253

)

 

 

(1,093

)

 

 

(4,054

)

 

 

(3,819

)

Payroll tax expense related to stock-based compensation

 

 

(24

)

 

 

(17

)

 

 

(221

)

 

 

(101

)

Transaction and other costs

 

 

 

 

 

6

 

 

 

 

 

 

(119

)

Cost of revenue non-GAAP

 

$

79,192

 

 

$

66,684

 

 

$

303,560

 

 

$

245,451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Selling and marketing expense GAAP

 

$

72,613

 

 

$

68,641

 

 

$

270,380

 

 

$

249,269

 

Stock-based compensation expense

 

 

(2,611

)

 

 

(3,517

)

 

 

(9,803

)

 

 

(8,064

)

Payroll tax expense related to stock-based compensation

 

 

(33

)

 

 

(37

)

 

 

(343

)

 

 

(230

)

Transaction and other costs

 

 

 

 

 

 

 

 

 

 

 

(34

)

Selling and marketing expense non-GAAP

 

$

69,969

 

 

$

65,087

 

 

$

260,234

 

 

$

240,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

General and administrative expense GAAP

 

$

79,943

 

 

$

208,795

 

 

$

221,649

 

 

$

308,855

 

Changes in fair value of contingent earn-out liability

 

 

5,328

 

 

 

735

 

 

 

29,569

 

 

 

47,134

 

Litigation costs, net of insurance proceeds

 

 

(47,044

)

 

 

(18,645

)

 

 

(71,918

)

 

 

(22,734

)

Stock-based compensation expense

 

 

(7,980

)

 

 

(19,616

)

 

 

(52,008

)

 

 

(63,575

)

Payroll tax expense related to stock-based compensation

 

 

(168

)

 

 

(179

)

 

 

(1,406

)

 

 

(649

)

Transaction and other costs

 

 

(315

)

 

 

1,602

 

 

 

(2,309

)

 

 

(4,055

)

Impairment loss

 

 

 

 

 

(141,000

)

 

 

 

 

 

(145,388

)

General and administrative expense non-GAAP

 

$

29,764

 

 

$

31,692

 

 

$

123,577

 

 

$

119,588

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Product development expense GAAP

 

$

30,271

 

 

$

27,965

 

 

$

130,565

 

 

$

109,020

 

Stock-based compensation expense

 

 

(8,834

)

 

 

(9,603

)

 

 

(38,473

)

 

 

(35,550

)

Payroll tax expense related to stock-based compensation

 

 

(285

)

 

 

(193

)

 

 

(2,565

)

 

 

(1,074

)

Transaction and other costs

 

 

 

 

 

35

 

 

 

 

 

 

(1,018

)

Product development expense non-GAAP

 

$

21,152

 

 

$

18,204

 

 

$

89,527

 

 

$

71,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Quarter Ended December 31, 2023

 

 

Quarter Ended December 31, 2022

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

Total operating costs and expenses GAAP

 

$

280,499

 

 

$

389,067

 

 

$

998,457

 

 

$

1,006,347

 

Depreciation and amortization expense

 

 

(17,203

)

 

 

(15,878

)

 

 

(68,028

)

 

 

(89,713

)

Changes in fair value of contingent earn-out liability

 

 

5,328

 

 

 

735

 

 

 

29,569

 

 

 

47,134

 

Litigation costs, net of insurance proceeds

 

 

(47,044

)

 

 

(18,645

)

 

 

(71,918

)

 

 

(22,734

)

Stock-based compensation expense

 

 

(20,678

)

 

 

(33,829

)

 

 

(104,338

)

 

 

(111,008

)

Payroll tax expense related to stock-based compensation

 

 

(510

)

 

 

(426

)

 

 

(4,535

)

 

 

(2,054

)

Transaction and other costs

 

 

(315

)

 

 

1,643

 

 

 

(2,309

)

 

 

(5,226

)

Impairment loss

 

 

 

 

 

(141,000

)

 

 

 

 

 

(145,388

)

Total operating costs and expenses non-GAAP

 

$

200,077

 

 

$

181,667

 

 

$

776,898

 

 

$

677,358

 

 


Exhibit 99.2

 

 

On February 27, 2024, Lidiane Jones, Chief Executive Officer of Bumble Inc. (the “Company”), shared the following message with the Company’s employees:

 

 

A Message from CEO Lidiane Jones

Bumble Newsroom

February 27, 2024

 

Team Bumble,

 

Today, we are announcing the incredibly difficult news that we are reducing the size of our Bumble team, which means we are expecting to say goodbye to about 350 talented employees. In the time I’ve been here, I’ve gotten to know many of you, and I’ve seen your commitment to our mission to create a world where all relationships are healthy and equitable.

 

I deeply feel the profound impact this action has on those affected and their families. I want to provide as much clarity as possible about how we came to this decision, how we are taking care of those impacted, and what you can expect next.

 

The short version is this: Notifications and meetings will begin across all impacted geographies starting Wednesday, February 28. Exits will begin immediately for some locations, while in others, a consultation process will begin in accordance with local laws that we expect to conclude in April.

 

How we came to this decision

There continues to be great market demand for connection and tremendous opportunity for our business, but we have been affected by a recent slowdown in some markets, and are also experiencing some execution challenges that have slowed our ability to innovate appropriately for our customers. The Bumble leadership team and I have examined our business closely, with the goal of positioning the company and our people for long-term success.

 

You’ve seen some of these changes already in action, including our recent return to a more agile functional operating model that fosters better collaboration across our apps and allows us to deliver a cohesive portfolio of experiences to our customers.

 

We also concluded that Bumble is not the right size or structure we need to be to meet the opportunity ahead. Ultimately, we need to run a leaner, more agile, and more efficient company. In order to do this, we are reducing the size of our workforce, centralizing mission-critical teams, removing layers, and addressing duplicate efforts so we can accelerate how quickly we innovate and go to market.

 

Our mission is unwavering, and this new model enables us to be more innovative, deliver products faster, and better serve our customers who rely on Bumble to find love, partnership, and friendship. Serving our customers continues to be our most important focus today and in our future success and growth.

 

How we’re taking care of our people

Reducing the size of our team is an extremely difficult decision. I want to be clear that this is not a reflection of individual or team performance. Each one of you has played a vital role in shaping our journey, contributing to our success, and creating a world where relationships are more healthy and equitable. I am incredibly grateful to each of our team members for the part they have played in getting Bumble to where it is today.

 

We are committed to doing all that we can to support our affected colleagues during this time. While severance differs by country, at a high level we’re providing our impacted team members with the following:

 

Severance. We will be offering enhanced severance pay across all geographies, including a length of service component.
Bonus. All impacted employees are eligible to receive their 2023 performance bonus.
Healthcare. We will be offering healthcare stipends in markets with private healthcare systems.
Job Support. We will be offering outplacement services to all impacted employees through CareerMinds, which provides unlimited, proactive 1:1 coaching, resume and LinkedIn profile reviews, among other services.

Counseling Support. We will continue to offer Spring Health’s mental health services to impacted employees for an extended period following the date of termination.

 

Stepping back, I want to acknowledge that our departing colleagues will be amazing additions at other companies. Bumble has attracted some of the most talented people, who have a deep passion for building relationships rooted in kindness, honesty, inclusivity, accountability, and growth. These are values that endure and create positive change in almost any environment, and I know that our impacted colleagues will continue to thrive.

 

What to expect next

My goal is to provide clarity while also knowing we have employee impacts across many countries, each with their own local regulations, so this process will take some time. In some countries, impacts will take place right away, and in others, a consultation process will begin and conclude in April.

 

For those that will be staying at Bumble, I know that today’s news will still deeply affect you and that you’ll have questions about your team and your role moving forward. Our people managers and People & Culture Business Partners are here for you as well.

 

Thank you, team Bumble

 

This is going to be a hard moment in Bumble’s journey, but one that is crucial for laying the foundation of our next chapter. I am tremendously honored to be leading this talented, passionate team with a renewed vision and focus. I remain deeply convinced of Bumble's opportunity to grow by serving our mission to help our customers create healthy and equitable connections throughout their lives.

 

Still, I know that saying goodbye to colleagues who have been integral to Bumble’s history, and to your own personal journeys, can be incredibly painful. I understand that moving forward can be difficult in the face of change like this. Please prioritize your well-being during this time, and do what you feel is necessary to care for yourself.

 

We are a resilient team, and together, we will navigate this critical phase and build a brighter future for our business.

 

Thank you so much for everything you have done to contribute to Bumble’s journey.

 

With gratitude,

 

Lidiane

 

 

 

 

 

Note: For clarity and brevity, details about internal meeting logistics and processes included in the original email have been redacted from the text above.


v3.24.0.1
Document and Entity Information
Feb. 21, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001830043
Document Type 8-K
Document Period End Date Feb. 21, 2024
Entity Registrant Name Bumble Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-40054
Entity Tax Identification Number 85-3604367
Entity Address, Address Line One 1105 West 41st Street
Entity Address, City or Town Austin
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78756
City Area Code 512
Local Phone Number 696-1409
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A common stock, par value $0.01 per share
Trading Symbol BMBL
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

Bumble (NASDAQ:BMBL)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Bumble Charts.
Bumble (NASDAQ:BMBL)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Bumble Charts.