Total Revenue Increased 3% to $269 Million
Bumble App Revenue Increased 5% to $218
Million
Bumble App Paying Users Increased 15% to 2.8
Million; Grew 87,000 Quarter Over Quarter
Net Earnings of $38 Million, Adjusted EBITDA of
$75 Million
Bumble Inc. (NASDAQ: BMBL) today reported financial results for
the second quarter ended June 30, 2024.
“Our first chapter of the Bumble App launch delivered better
women’s experiences and improved engagement,” said Lidiane Jones,
CEO of Bumble Inc. “We are pleased with these early wins but it’s
evident that to reignite the user growth engine for Bumble Inc. in
the long term, we need to take a firm stance towards delivering
customer value that goes beyond this launch. We are confident that
the steps we are taking to strengthen our ecosystem, customer
experience, and revenue strategy will revitalize our growth by
making Bumble the best place for people to find successful and
healthy connections in their lives.”
Second Quarter 2024 Financial and Operational Highlights:
(All comparisons relative to the Second Quarter 2023)
- Total Revenue increased 3.4% to $268.6 million, compared to
$259.7 million. This includes an unfavorable impact of $3.4 million
from foreign currency movements year over year.
- Bumble App Revenue increased 4.8% to $218.0 million, compared
to $208.0 million. This includes an unfavorable impact of $2.5
million from foreign currency movements year over year.
- Badoo App and Other Revenue decreased 2.2% to $50.6 million,
compared to $51.8 million. This includes an unfavorable impact of
$0.9 million from foreign currency movements year over year.
- Total Paying Users increased to 4.1 million, compared to 3.6
million.
- Total Average Revenue per Paying User ("ARPPU") decreased to
$21.37, compared to $23.23.
- Net earnings were $37.7 million, or 14.0% of revenue, compared
to net earnings of $9.3 million, or 3.6% of revenue.
- Adjusted EBITDA was $75.0 million, or 27.9% of revenue,
compared to $67.3 million, or 25.9% of revenue.
“We delivered second quarter results that were largely in line
with our expectations,” said Anu Subramanian, CFO of Bumble Inc.
“We are resetting our guidance today to reflect actions we are
taking to position Bumble to reignite user growth, deliver improved
customer value, and drive long-term revenue growth. We believe our
strong balance sheet and cash flow generation give us the
flexibility we need to return capital to shareholders while
creating lasting value.”
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)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Bumble App Paying Users
2,817.2
2,457.8
Badoo App and Other Paying Users
1,321.4
1,175.5
Total Paying Users
4,138.6
3,633.3
Bumble App Average Revenue per Paying
User
$
25.79
$
28.21
Badoo App and Other Average Revenue per
Paying User
$
11.93
$
12.83
Total Average Revenue per Paying User
$
21.37
$
23.23
Balance Sheet:
As of June 30, 2024, total cash and cash equivalents were $286.7
million and total debt was $618.9 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.
Bumble anticipates the following for the third quarter ending
September 30, 2024 and full year ending December 31, 2024:
Third Quarter 2024:
- Total Revenue in the range of $269 million to $275 million,
which includes:
- Bumble App Revenue of $217 million to $221 million.
- Adjusted EBITDA in the range of $77 million to $80
million.
Full Year 2024:
- Total Revenue year over year growth in the range of 1% to 2%.
- Bumble App Revenue year over year growth in the range of 1.5%
to 2.5%.
- Adjusted EBITDA margin growth of at least 200 basis
points.
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 second quarter 2024 financial results at 4:30 p.m.
Eastern Time today, August 7, 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, impairment loss, and costs associated with our
restructuring plan, 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, impairment loss, and
restructuring 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.
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, 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:
- 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 Blackstone and our Founder
- the risk that the costs and charges related to our global
workforce reduction and restructuring of our operations and its
expected impact 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 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 (which may be heightened in a U.S. presidential election
year), 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 Annual Report on Form 10-K for the year
ended December 31, 2023, which was filed with the Securities and
Exchange Commission (the “SEC”) on February 28, 2024, 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.
Bumble Inc.
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share information)
(Unaudited)
June 30, 2024
December 31, 2023
ASSETS
Cash and cash equivalents
$
286,664
$
355,642
Accounts receivable (net of allowance of
$600 and $648, respectively)
101,800
102,677
Other current assets
31,121
34,732
Total current assets
419,585
493,051
Right-of-use assets
13,264
15,425
Property and equipment (net of accumulated
depreciation of $18,774 and $15,831, respectively)
10,062
12,462
Goodwill
1,584,546
1,585,750
Intangible assets, net
1,455,658
1,484,290
Deferred tax assets, net
24,245
27,029
Other noncurrent assets
16,880
7,120
Total assets
$
3,524,240
$
3,625,127
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
5,839
$
4,611
Deferred revenue
46,702
48,749
Accrued expenses and other current
liabilities
117,902
185,799
Current portion of long-term debt, net
5,750
5,750
Total current liabilities
176,193
244,909
Long-term debt, net
613,194
615,176
Deferred tax liabilities, net
4,521
5,673
Payable to related parties pursuant to a
tax receivable agreement
419,323
407,389
Other long-term liabilities
13,011
14,707
Total liabilities
1,226,242
1,287,854
Commitments and contingencies
Shareholders’ Equity:
Class A common stock (par value $0.01 per
share, 6,000,000,000 shares authorized; 139,592,347 shares issued
and 126,468,688 shares outstanding as of June 30, 2024; 138,520,102
shares issued and 130,687,629 shares outstanding as of December 31,
2023)
1,396
1,385
Class B common stock (par value $0.01 per
share, 1,000,000 shares authorized; 20 shares issued and
outstanding as of June 30, 2024 and December 31, 2023,
respectively)
—
—
Preferred stock (par value $0.01;
authorized 600,000,000 shares; no shares issued and outstanding as
of June 30, 2024 and December 31, 2023, respectively)
—
—
Additional paid-in capital
1,771,155
1,772,449
Treasury stock (13,123,659 and 7,832,473
shares as of June 30, 2024 and December 31, 2023, respectively)
(119,364
)
(73,764
)
Accumulated deficit
(77,113
)
(144,084
)
Accumulated other comprehensive income
76,853
79,029
Total Bumble Inc. shareholders’
equity
1,652,927
1,635,015
Noncontrolling interests
645,071
702,258
Total shareholders’ equity
2,297,998
2,337,273
Total liabilities and shareholders’
equity
$
3,524,240
$
3,625,127
Bumble Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except per
share information)
(Unaudited)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Revenue
$
268,615
$
259,735
$
536,390
$
502,683
Operating costs and expenses:
Cost of revenue
80,041
76,737
161,330
147,317
Selling and marketing expense
67,562
65,329
131,179
128,919
General and administrative expense
36,329
43,298
57,185
93,129
Product development expense
15,705
36,233
51,722
69,385
Depreciation and amortization expense
17,024
16,967
34,230
33,698
Total operating costs and
expenses
216,661
238,564
435,646
472,448
Operating earnings (loss)
51,954
21,171
100,744
30,235
Interest income (expense), net
(9,082
)
(6,110
)
(18,000
)
(11,329
)
Other income (expense), net
(558
)
(2,969
)
917
(6,530
)
Income (loss) before income
taxes
42,314
12,092
83,661
12,376
Income tax benefit (provision)
(4,628
)
(2,743
)
(12,102
)
(5,356
)
Net earnings (loss)
37,686
9,349
71,559
7,020
Net earnings (loss) attributable to
noncontrolling interests
10,291
2,596
19,547
1,878
Net earnings (loss) attributable to Bumble
Inc. shareholders
$
27,395
$
6,753
$
52,012
$
5,142
Net earnings (loss) per share
attributable to Bumble Inc. shareholders
Basic earnings (loss) per share
$
0.22
$
0.05
$
0.41
$
0.04
Diluted earnings (loss) per share
$
0.22
$
0.05
$
0.41
$
0.04
Bumble Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Cash flows from operating
activities:
Net earnings (loss)
$
37,686
$
9,349
$
71,559
$
7,020
Adjustments to reconcile net earnings
(loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense
17,024
16,967
34,230
33,698
Changes in fair value of interest rate
swaps
(114
)
1,000
(1,692
)
5,233
Changes in fair value of contingent
earn-out liability
(3,654
)
(12,287
)
(19,343
)
(12,933
)
Non-cash lease expense
889
885
1,783
1,747
Tax receivable agreement liability
remeasurement expense
—
—
230
—
Deferred income tax
1,322
(2,795
)
1,486
(5,516
)
Stock-based compensation expense
2,089
33,548
2,115
62,132
Net foreign exchange difference
513
1,663
658
(327
)
Other, net
778
10,845
(2,459
)
22,700
Changes in assets and liabilities:
Accounts receivable
(904
)
(4,947
)
2,662
(30,981
)
Other current assets
322
4,804
(3,945
)
(2,256
)
Accounts payable
(2,226
)
(803
)
1,160
5,234
Deferred revenue
(74
)
933
(2,047
)
1,954
Legal liabilities
(7,913
)
(18,250
)
(25,228
)
(18,250
)
Lease liabilities
(366
)
(1,023
)
(752
)
(1,982
)
Accrued expenses and other current
liabilities
(12,117
)
2,835
(24,997
)
(11,329
)
Other, net
(330
)
(13
)
(75
)
(44
)
Net cash provided by (used in)
operating activities
32,925
42,711
35,345
56,100
Cash flows from investing
activities:
Capital expenditures
(1,730
)
(2,399
)
(4,531
)
(9,210
)
Acquisition of business, net of cash
acquired
—
(9,877
)
—
(9,877
)
Net cash provided by (used in)
investing activities
(1,730
)
(12,276
)
(4,531
)
(19,087
)
Cash flows from financing
activities:
Repayment of term loan
(1,437
)
(1,437
)
(2,875
)
(2,875
)
Distributions paid to noncontrolling
interest holders
(2,897
)
(13,832
)
(5,618
)
(19,241
)
Share repurchases
—
(20,890
)
(62,108
)
(20,890
)
Purchase of Common Units
—
—
(22,155
)
—
Withholding tax paid on behalf of
employees on stock-based awards
(2,303
)
(2,373
)
(8,247
)
(11,694
)
Net cash provided by (used in)
financing activities
(6,637
)
(38,532
)
(101,003
)
(54,700
)
Effects of exchange rate changes on cash
and cash equivalents
(381
)
(275
)
1,217
(4,536
)
Net increase (decrease) in cash and
cash equivalents and restricted cash
24,177
(8,372
)
(68,972
)
(22,223
)
Cash and cash equivalents and restricted
cash, beginning of the period
266,053
393,191
359,202
407,042
Cash and cash equivalents and
restricted cash, end of the period
290,230
384,819
290,230
384,819
Less restricted cash
(3,566
)
(3,800
)
(3,566
)
(3,800
)
Cash and cash equivalents, end of the
period
$
286,664
$
381,019
$
286,664
$
381,019
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 June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Net earnings (loss)
$
37,686
$
9,349
$
71,559
$
7,020
Add back:
Income tax (benefit) provision
4,628
2,743
12,102
5,356
Interest (income) expense, net
9,082
6,110
18,000
11,329
Depreciation and amortization expense
17,024
16,967
34,230
33,698
Stock-based compensation expense
2,089
33,548
2,115
62,132
Employer costs related to stock-based
compensation (1)
561
463
1,949
3,022
Litigation costs, net of insurance
reimbursements (2)
3,500
7,018
8,736
8,551
Foreign exchange (gain) loss (3)
629
2,034
628
1,465
Changes in fair value of interest rate
swaps (4)
(114
)
1,000
(1,692
)
5,233
Restructuring costs (5)
3,157
—
19,773
—
Transaction and other costs (6)
377
234
714
1,531
Changes in fair value of contingent
earn-out liability
(3,654
)
(12,287
)
(19,343
)
(12,933
)
Changes in fair value of investments in
equity securities
43
76
46
177
Tax receivable agreement liability
remeasurement expense (7)
—
—
230
—
Adjusted EBITDA
$
75,008
$
67,255
$
149,047
$
126,581
Net earnings (loss) margin
14.0
%
3.6
%
13.3
%
1.4
%
Adjusted EBITDA margin
27.9
%
25.9
%
27.8
%
25.2
%
Net cash provided by (used in) operating
activities
$
32,925
$
42,711
$
35,345
$
56,100
Less:
Capital expenditures
(1,730
)
(2,399
)
(4,531
)
(9,210
)
Free cash flow
$
31,195
$
40,312
$
30,814
$
46,890
Operating cash flow conversion
87.4
%
456.9
%
49.4
%
799.1
%
Free cash flow conversion
41.6
%
59.9
%
20.7
%
37.0
%
(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 costs associated with the
restructuring plan announced in February 2024, such as severance,
benefits and other related costs.
(6)
Represents transaction costs related to
acquisitions and secondary offerings such as legal, accounting,
advisory fees and other related costs.
(7)
Represents recognized adjustments to the
tax receivable agreement liability.
Supplementary Information
(Unaudited)
Stock-Based Compensation
Expense
(In thousands)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Cost of revenue
$
(226
)
$
1,120
$
319
$
2,258
Selling and marketing expense
44
1,195
(2,818
)
4,723
General and administrative expense
7,892
18,860
6,386
33,676
Product development expense
(5,621
)
12,373
(1,772
)
21,475
Total stock-based compensation
expense
$
2,089
$
33,548
$
2,115
$
62,132
Reconciliation of GAAP costs and
expenses to non-GAAP costs and expenses by function
(In thousands)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Cost of revenue GAAP
$
80,041
$
76,737
$
161,330
$
147,317
Stock-based compensation expense
226
(1,120
)
(319
)
(2,258
)
Payroll tax expense related to stock-based
compensation
(30
)
(21
)
(94
)
(155
)
Restructuring costs
(85
)
—
(1,006
)
—
Transaction and other costs
—
—
(144
)
—
Cost of revenue non-GAAP
$
80,152
$
75,596
$
159,767
$
144,904
(In thousands)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Selling and marketing expense
GAAP
$
67,562
$
65,329
$
131,179
$
128,919
Stock-based compensation expense
(44
)
(1,195
)
2,818
(4,723
)
Payroll tax expense related to stock-based
compensation
(65
)
(53
)
(204
)
(237
)
Restructuring costs
(163
)
—
(3,247
)
—
Selling and marketing expense
non-GAAP
$
67,290
$
64,081
$
130,546
$
123,959
(In thousands)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
General and administrative expense
GAAP
$
36,329
$
43,298
$
57,185
$
93,129
Changes in fair value of contingent
earn-out liability
3,654
12,287
19,343
12,933
Litigation costs, net of insurance
proceeds
(3,500
)
(7,018
)
(8,736
)
(8,551
)
Stock-based compensation expense
(7,892
)
(18,860
)
(6,386
)
(33,676
)
Payroll tax expense related to stock-based
compensation
(134
)
(165
)
(611
)
(1,047
)
Restructuring costs
(1,482
)
—
(6,072
)
—
Transaction and other costs
(377
)
(234
)
(570
)
(1,531
)
General and administrative expense
non-GAAP
$
26,598
$
29,308
$
54,153
$
61,257
(In thousands)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Product development expense
GAAP
$
15,705
$
36,233
$
51,722
$
69,385
Stock-based compensation expense
5,621
(12,373
)
1,772
(21,475
)
Payroll tax expense related to stock-based
compensation
(332
)
(225
)
(1,040
)
(1,584
)
Restructuring costs
(1,427
)
—
(9,448
)
—
Product development expense
non-GAAP
$
19,567
$
23,635
$
43,006
$
46,326
(In thousands)
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Total operating costs and expenses
GAAP
$
216,661
$
238,564
$
435,646
$
472,448
Depreciation and amortization expense
(17,024
)
(16,967
)
(34,230
)
(33,698
)
Changes in fair value of contingent
earn-out liability
3,654
12,287
19,343
12,933
Litigation costs, net of insurance
proceeds
(3,500
)
(7,018
)
(8,736
)
(8,551
)
Stock-based compensation expense
(2,089
)
(33,548
)
(2,115
)
(62,132
)
Payroll tax expense related to stock-based
compensation
(561
)
(464
)
(1,949
)
(3,023
)
Restructuring costs
(3,157
)
—
(19,773
)
—
Transaction and other costs
(377
)
(234
)
(714
)
(1,531
)
Total operating costs and expenses
non-GAAP
$
193,607
$
192,620
$
387,472
$
376,446
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