UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(IRS Employer Identification No.) |
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(Address of principal executive offices) |
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Registrant’s Telephone Number, Including Area Code: (
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(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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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Trading Symbol |
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Name of each exchange on which registered |
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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 August 10, 2022, Bumble Inc. issued a press release announcing earnings for the second quarter ended June 30, 2022. 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 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 or the Securities Exchange Act of 1934.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description of Exhibit |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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2
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.
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BUMBLE INC. |
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Date: August 10, 2022 |
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By: |
/s/ Anuradha B. Subramanian |
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Name: |
Anuradha B. Subramanian |
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Title: |
Chief Financial Officer |
3
Exhibit 99.1
Bumble Inc. Announces Second Quarter 2022 Results
Total Revenue Increased 18% to $220 million
Bumble App Revenue Increased 33% to $170 million
Bumble App Paying Users Increased 31% to 1.9 million; Grew 149,000 Quarter Over Quarter
AUSTIN, Texas, August 10, 2022 - Bumble Inc. (NASDAQ: BMBL), the parent company of Bumble, Badoo, and Fruitz, today reported financial results for the second quarter ended June 30, 2022.
"Our strong second quarter results reflect the strength of our products, the relevance of our mission and the enduring fundamental human need for love and connection," said Whitney Wolfe Herd, Founder and CEO of Bumble Inc. "With its powerful women-first approach, Bumble App drove robust paying user growth, while expanding to more markets around the globe. Across the company, we believe our focus on product innovation, underscored by our drive to create an inclusive and trusted experience for our users, continues to differentiate us from the competition while delivering profitable growth."
Second Quarter 2022 Financial and Operational Highlights:
(All comparisons relative to the Second Quarter 2021)
“We are encouraged by the strong momentum of our business in this dynamic operating environment,” said Anu Subramanian, CFO of Bumble Inc. “We delivered an 18% increase in total revenue and drove strong bottom-line results, with adjusted EBITDA of $55 million exceeding our Q2 outlook. As we move into the second half of the year, we remain focused on executing on our growth initiatives and are confident in our ability to drive profitable growth for our shareholders.”
Key Operating Metrics:
The following metrics were calculated excluding paying users and revenue generated from Fruitz. Please refer to the Definitions section for more information.
(In thousands, except ARPPU) |
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Three Months Ended June 30, 2022 |
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Three Months Ended June 30, 2021 |
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Key Operating Metrics |
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Bumble App Paying Users |
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1,924.5 |
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1,473.0 |
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Badoo App and Other Paying Users |
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1,096.2 |
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1,454.3 |
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Total Paying Users |
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3,020.7 |
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2,927.3 |
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Bumble App Average Revenue per Paying User |
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$ |
29.38 |
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$ |
28.81 |
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Badoo App and Other Average Revenue per Paying User |
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$ |
13.60 |
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$ |
12.85 |
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Total Average Revenue per Paying User |
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$ |
23.65 |
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$ |
20.88 |
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Balance Sheet:
As of June 30, 2022, total cash and cash equivalents were $334.6 million and total debt was $621.6 million.
Financial results will not be final until Bumble files its quarterly report on Form 10-Q for the period. Information about Bumble's use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.”
Financial Outlook:
Bumble anticipates Total Revenue and adjusted EBITDA for the third quarter and year ending December 31, 2022 to be:
Third quarter 2022:
Full year 2022:
Actual results may differ materially from Bumble’s financial outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.
With regards to the adjusted EBITDA outlook provided above, a reconciliation to GAAP net earnings (loss) has not been provided as the quantification of certain items included in the calculation of GAAP net earnings (loss) cannot be calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable, and the non-GAAP adjustment for certain legal, tax and regulatory reserves and expenses depends on the timing and magnitude of these expenses and cannot be accurately forecasted. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on its future GAAP financial results.
Conference Call and Webcast Information
Bumble will host a live webcast of its conference call to discuss its second quarter 2022 financial results at 4:30 p.m. Eastern Time today, August 10, 2022. 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 is calculated based on Total Revenue in any measurement period, excluding any revenue generated from Fruitz, 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 subscription plan and/or in-app purchases on Bumble app in the relevant period.
Bumble App Paying User is a user that has purchased or renewed a Bumble subscription plan and/or made an in-app purchase on the Bumble app in a given month. We calculate Bumble App Paying Users as a monthly average, by counting the number of Bumble App Paying Users in each month and then dividing by the number of months in the relevant measurement period.
Bumble App Average Revenue per Paying User is calculated based on Bumble App Revenue in any measurement period, divided by Bumble App Paying Users in such period divided by the number of months in the period.
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 the Badoo app in a given month (or made a purchase on one of our other apps that we owned and operated in a given month (excluding Fruitz), or purchase on other third-party apps that used our technology in the relevant period). We calculate Badoo App and Other Paying Users as a monthly average, by counting the number of Badoo App and Other Paying Users in each month and then dividing by the number of months in the relevant measurement period.
Badoo App and Other Average Revenue per Paying User is calculated based on Badoo App and Other Revenue in any measurement period, excluding any revenue generated from Fruitz, 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. These measures include: adjusted EBITDA, adjusted EBITDA margin, free cash flow and free cash flow conversion. We believe adjusted EBITDA and adjusted EBITDA margin provide visibility to the underlying continuing operating performance by excluding the impact of certain expenses, including income tax (benefit) provision, interest (income) expense, depreciation and amortization, stock-based compensation expense, 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, 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. In addition to adjusted EBITDA and adjusted EBITDA margin, we believe free cash flow and free cash flow conversion provide useful information regarding how cash provided by operating activities compares to the capital expenditures required to maintain and grow our business, and our available liquidity, after funding such capital expenditures, to service our debt, fund strategic initiatives and strengthen our balance sheet, as well as our ability to convert our earnings to cash. Additionally, we believe such metrics are widely used by investors, securities analysis, ratings agencies and other parties in evaluating liquidity and debt-service capabilities. We calculate free cash flow and free cash flow conversion using methodologies that we believe can provide useful supplemental information to help investors better understand underlying trends in our business.
Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our operating results as reported under GAAP. Additionally, we do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP.
Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) is defined as net earnings (loss) excluding income tax (benefit) provision, interest (income) expense, depreciation and amortization, stock-based compensation expense, 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, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business and 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 our current views with respect to, among other things, our operations, our financial performance, our industry, and on our business and other non-historical statements, including without limitation the statements in the “Financial Outlook” section of this press release. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” “expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “will likely result” and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, the following:
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, 2021, which was filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2022, as such factors may be updated from time to time in our subsequent filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Bumble
Bumble Inc. is the parent company of Bumble, Badoo, and Fruitz. The Bumble platform enables people to connect and build equitable and healthy relationships. Founded by CEO Whitney Wolfe Herd in 2014, Bumble was one of the first dating apps built with women at the center. 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. For more information about Bumble, please visit www.bumble.com and follow @Bumble on social platforms.
Source: Bumble Inc.
Investor Contact
ir@team.bumble.com
Media Contact
press@team.bumble.com
Bumble Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share information)
(Unaudited)
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June 30, 2022 |
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December 31, 2021 |
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ASSETS |
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Cash and cash equivalents |
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$ |
334,645 |
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$ |
369,175 |
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Accounts receivable |
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54,729 |
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47,538 |
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Other current assets |
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28,319 |
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52,751 |
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Total current assets |
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417,693 |
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469,464 |
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Right-of-use assets |
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20,469 |
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26,410 |
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Property and equipment, net |
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13,501 |
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14,627 |
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Goodwill |
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1,579,050 |
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1,540,112 |
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Intangible assets, net |
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1,691,881 |
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1,696,798 |
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Deferred tax assets, net |
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22,365 |
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19,090 |
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Other noncurrent assets |
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22,860 |
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9,319 |
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Total assets |
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$ |
3,767,819 |
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$ |
3,775,820 |
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LIABILITIES AND BUMBLE INC. SHAREHOLDERS’ / BUZZ HOLDINGS L.P. OWNERS’ EQUITY |
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Accounts payable |
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$ |
10,125 |
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$ |
19,169 |
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Deferred revenue |
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44,470 |
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39,924 |
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Accrued expenses and other current liabilities |
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154,676 |
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111,482 |
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Current portion of long-term debt, net |
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2,588 |
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2,588 |
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Total current liabilities |
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211,859 |
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173,163 |
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Long-term debt, net |
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619,057 |
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620,351 |
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Deferred tax liabilities, net |
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10,127 |
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— |
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Payable to related parties pursuant to a tax receivable agreement |
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388,980 |
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388,780 |
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Other liabilities |
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21,282 |
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119,246 |
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Total liabilities |
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1,251,305 |
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1,301,540 |
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Commitments and contingencies |
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Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity: |
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Class A common stock (par value $0.01 per share, 6,000,000,000 shares authorized; 129,559,112 and 129,212,949 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively) |
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1,296 |
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1,292 |
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Class B common stock (par value $0.01 per share, 1,000,000 shares authorized; 20 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively) |
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— |
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— |
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Preferred stock (par value $0.01; authorized 600,000,000 shares; no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively) |
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— |
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— |
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Additional paid-in capital |
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1,621,917 |
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1,586,781 |
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Accumulated deficit |
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(40,853 |
) |
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(52,856 |
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Accumulated other comprehensive income |
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73,667 |
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80,629 |
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Total Bumble Inc. shareholders’ / Buzz Holdings L.P. owners’ equity |
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1,656,027 |
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1,615,846 |
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Noncontrolling interests |
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860,487 |
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858,434 |
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Total shareholders’ / owners’ equity |
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2,516,514 |
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2,474,280 |
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Total liabilities and shareholders’ / owners’ equity |
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$ |
3,767,819 |
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$ |
3,775,820 |
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Bumble Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share / unit information)
(Unaudited)
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Three Months Ended June 30, 2022 |
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Three Months Ended June 30, 2021 |
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Six Months Ended June 30, 2022 |
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Six Months Ended June 30, 2021 |
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Revenue |
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$ |
220,454 |
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$ |
186,217 |
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$ |
431,653 |
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$ |
356,930 |
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Operating costs and expenses: |
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Cost of revenue |
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62,757 |
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50,797 |
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119,538 |
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98,544 |
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Selling and marketing expense |
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59,483 |
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49,711 |
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116,312 |
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96,549 |
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General and administrative expense |
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51,375 |
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43,381 |
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77,821 |
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169,905 |
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Product development expense |
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22,456 |
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24,921 |
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47,651 |
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59,966 |
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Depreciation and amortization expense |
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27,151 |
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26,905 |
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54,080 |
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53,860 |
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Total operating costs and expenses |
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223,222 |
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195,715 |
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415,402 |
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478,824 |
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Operating earnings (loss) |
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(2,768 |
) |
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(9,498 |
) |
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16,251 |
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(121,894 |
) |
Interest income (expense) |
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(6,281 |
) |
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(5,921 |
) |
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(12,164 |
) |
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(13,650 |
) |
Other income (expense), net |
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4,954 |
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4,731 |
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18,184 |
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|
11,722 |
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Income (loss) before income taxes |
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(4,095 |
) |
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(10,688 |
) |
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22,271 |
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(123,822 |
) |
Income tax benefit (provision) |
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(2,328 |
) |
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(459 |
) |
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(4,756 |
) |
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436,117 |
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Net earnings (loss) |
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(6,423 |
) |
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(11,147 |
) |
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17,515 |
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312,295 |
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Net earnings (loss) attributable to noncontrolling interests |
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(2,031 |
) |
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(4,064 |
) |
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5,512 |
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(22,412 |
) |
Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners |
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$ |
(4,392 |
) |
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$ |
(7,083 |
) |
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$ |
12,003 |
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$ |
334,707 |
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Net earnings (loss) per share / unit attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners |
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Basic earnings (loss) per share / unit |
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$ |
(0.03 |
) |
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$ |
(0.06 |
) |
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$ |
0.09 |
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$ |
1.67 |
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Diluted earnings (loss) per share / unit |
|
$ |
(0.03 |
) |
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$ |
(0.06 |
) |
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$ |
0.09 |
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$ |
1.62 |
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Bumble Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Three Months Ended June 30, 2022 |
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Three Months Ended June 30, 2021 |
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Six Months Ended June 30, 2022 |
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Six Months Ended June 30, 2021 |
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Cash flows from operating activities: |
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Net earnings (loss) |
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$ |
(6,423 |
) |
|
$ |
(11,147 |
) |
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$ |
17,515 |
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|
$ |
312,295 |
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Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: |
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Depreciation and amortization |
|
|
27,151 |
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|
|
26,905 |
|
|
|
54,080 |
|
|
|
53,860 |
|
Impairment loss |
|
|
4,388 |
|
|
|
— |
|
|
|
4,388 |
|
|
|
— |
|
Changes in fair value of interest rate swaps |
|
|
(2,813 |
) |
|
|
201 |
|
|
|
(13,630 |
) |
|
|
(2,743 |
) |
Changes in fair value of contingent earn-out liability |
|
|
1,314 |
|
|
|
484 |
|
|
|
(19,395 |
) |
|
|
72,438 |
|
Non-cash lease expense |
|
|
1,204 |
|
|
|
1,428 |
|
|
|
2,373 |
|
|
|
2,857 |
|
Deferred income tax |
|
|
(314 |
) |
|
|
(159 |
) |
|
|
(3,275 |
) |
|
|
(441,841 |
) |
Stock-based compensation expense |
|
|
22,447 |
|
|
|
29,916 |
|
|
|
40,004 |
|
|
|
75,739 |
|
Net foreign exchange difference |
|
|
170 |
|
|
|
(5,114 |
) |
|
|
(5,535 |
) |
|
|
(7,421 |
) |
Other, net |
|
|
(7,676 |
) |
|
|
1,088 |
|
|
|
689 |
|
|
|
3,875 |
|
Changes in assets and liabilities: |
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|
|
|
|
|
|
|
|
|
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|
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Accounts receivable |
|
|
(4,237 |
) |
|
|
(4,663 |
) |
|
|
(3,743 |
) |
|
|
(25,738 |
) |
Other current assets |
|
|
27,065 |
|
|
|
1,795 |
|
|
|
21,076 |
|
|
|
(5,439 |
) |
Accounts payable |
|
|
1,198 |
|
|
|
578 |
|
|
|
(9,157 |
) |
|
|
(8,616 |
) |
Deferred revenue |
|
|
3,791 |
|
|
|
3,959 |
|
|
|
3,897 |
|
|
|
6,060 |
|
Legal liabilities |
|
|
(6,370 |
) |
|
|
(7,384 |
) |
|
|
(7,120 |
) |
|
|
(37,627 |
) |
Accrued expenses and other current liabilities |
|
|
(35,488 |
) |
|
|
(23,185 |
) |
|
|
(37,407 |
) |
|
|
(29,092 |
) |
Other, net |
|
|
2 |
|
|
|
(302 |
) |
|
|
7 |
|
|
|
(46 |
) |
Net cash provided by (used in) operating activities |
|
|
25,409 |
|
|
|
14,400 |
|
|
|
44,767 |
|
|
|
(31,439 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(3,053 |
) |
|
|
(2,840 |
) |
|
|
(8,049 |
) |
|
|
(5,552 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
(69,720 |
) |
|
|
— |
|
Other, net |
|
|
— |
|
|
|
34 |
|
|
|
- |
|
|
|
3 |
|
Net cash provided by (used in) investing activities |
|
|
(3,053 |
) |
|
|
(2,806 |
) |
|
|
(77,769 |
) |
|
|
(5,549 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,358,371 |
|
Payments to purchase and retire common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,018,365 |
) |
Purchase of Common Units from Pre-IPO Common Unitholders in the initial public offering |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(973,289 |
) |
Withholding tax paid on behalf of employees on stock-based awards |
|
|
(486 |
) |
|
|
— |
|
|
|
(6,194 |
) |
|
|
— |
|
Repayment of term loan |
|
|
(1,437 |
) |
|
|
(6,096 |
) |
|
|
(2,875 |
) |
|
|
(206,096 |
) |
Net cash provided by (used in) financing activities |
|
|
(1,923 |
) |
|
|
(6,096 |
) |
|
|
(9,069 |
) |
|
|
160,621 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
5,424 |
|
|
|
264 |
|
|
|
7,541 |
|
|
|
102 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
25,857 |
|
|
|
5,762 |
|
|
|
(34,530 |
) |
|
|
123,735 |
|
Cash and cash equivalents, beginning of the period |
|
|
308,788 |
|
|
|
246,259 |
|
|
|
369,175 |
|
|
|
128,286 |
|
Cash and cash equivalents, end of the period |
|
$ |
334,645 |
|
|
$ |
252,021 |
|
|
$ |
334,645 |
|
|
$ |
252,021 |
|
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, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
Net earnings (loss) |
|
$ |
(6,423 |
) |
|
$ |
(11,147 |
) |
|
$ |
17,515 |
|
|
$ |
312,295 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax (benefit) provision |
|
|
2,328 |
|
|
|
459 |
|
|
|
4,756 |
|
|
|
(436,117 |
) |
Interest (income) expense |
|
|
6,281 |
|
|
|
5,921 |
|
|
|
12,164 |
|
|
|
13,650 |
|
Depreciation and amortization |
|
|
27,151 |
|
|
|
26,905 |
|
|
|
54,080 |
|
|
|
53,860 |
|
Stock-based compensation expense |
|
|
22,447 |
|
|
|
29,916 |
|
|
|
40,004 |
|
|
|
75,739 |
|
Employer costs related to stock-based compensation (1) |
|
|
125 |
|
|
|
— |
|
|
|
1,197 |
|
|
|
— |
|
Litigation costs, net of insurance reimbursements (2) |
|
|
1,023 |
|
|
|
1,541 |
|
|
|
3,841 |
|
|
|
1,775 |
|
Foreign exchange (gain) loss (3) |
|
|
(2,104 |
) |
|
|
(4,796 |
) |
|
|
(4,499 |
) |
|
|
(8,639 |
) |
Changes in fair value of interest rate swaps(4) |
|
|
(2,813 |
) |
|
|
201 |
|
|
|
(13,630 |
) |
|
|
(2,743 |
) |
Transaction and other costs(5) |
|
|
1,055 |
|
|
|
2,522 |
|
|
|
4,164 |
|
|
|
16,024 |
|
Changes in fair value of contingent earn-out liability |
|
|
1,314 |
|
|
|
484 |
|
|
|
(19,395 |
) |
|
|
72,438 |
|
Changes in fair value of investments |
|
|
— |
|
|
|
(123 |
) |
|
|
— |
|
|
|
(319 |
) |
Impairment loss (6) |
|
|
4,388 |
|
|
|
— |
|
|
|
4,388 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
54,772 |
|
|
$ |
51,883 |
|
|
$ |
104,585 |
|
|
$ |
97,963 |
|
Net earnings (loss) margin(7) |
|
|
(2.9 |
)% |
|
|
(6.0 |
)% |
|
|
4.1 |
% |
|
|
87.5 |
% |
Adjusted EBITDA margin |
|
|
24.8 |
% |
|
|
27.9 |
% |
|
|
24.2 |
% |
|
|
27.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used in) operating activities |
|
$ |
25,409 |
|
|
$ |
14,400 |
|
|
$ |
44,767 |
|
|
$ |
(31,439 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(3,053 |
) |
|
|
(2,840 |
) |
|
|
(8,049 |
) |
|
|
(5,552 |
) |
Free cash flow |
|
$ |
22,356 |
|
|
$ |
11,560 |
|
|
$ |
36,718 |
|
|
$ |
(36,991 |
) |
Operating cash flow conversion |
|
|
(395.6 |
)% |
|
|
(129.2 |
)% |
|
|
255.6 |
% |
|
|
(10.1 |
)% |
Free cash flow conversion |
|
|
40.8 |
% |
|
|
22.3 |
% |
|
|
35.1 |
% |
|
|
(37.8 |
)% |
Supplementary Information (Unaudited)
Stock-Based Compensation Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
Cost of revenue |
|
$ |
971 |
|
|
$ |
604 |
|
|
$ |
1,919 |
|
|
$ |
2,211 |
|
Selling and marketing expense |
|
|
2,091 |
|
|
|
2,500 |
|
|
|
769 |
|
|
|
7,641 |
|
General and administrative expense |
|
|
12,149 |
|
|
|
17,960 |
|
|
|
22,547 |
|
|
|
37,868 |
|
Product development expense |
|
|
7,236 |
|
|
|
8,852 |
|
|
|
14,769 |
|
|
|
28,019 |
|
Total stock-based compensation expense |
|
$ |
22,447 |
|
|
$ |
29,916 |
|
|
$ |
40,004 |
|
|
$ |
75,739 |
|
Reconciliation of GAAP costs and expenses to non-GAAP costs and expenses by function
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
Cost of revenue GAAP |
|
$ |
62,757 |
|
|
$ |
50,797 |
|
|
$ |
119,538 |
|
|
$ |
98,544 |
|
Stock-based compensation expense |
|
|
(971 |
) |
|
|
(604 |
) |
|
|
(1,919 |
) |
|
|
(2,211 |
) |
Payroll tax expense related to stock-based compensation |
|
|
(11 |
) |
|
|
— |
|
|
|
(62 |
) |
|
|
— |
|
Transaction and other costs |
|
|
(56 |
) |
|
|
— |
|
|
|
(139 |
) |
|
|
— |
|
Cost of revenue non-GAAP |
|
$ |
61,719 |
|
|
$ |
50,193 |
|
|
$ |
117,418 |
|
|
$ |
96,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
Selling and marketing expense GAAP |
|
$ |
59,483 |
|
|
$ |
49,711 |
|
|
$ |
116,312 |
|
|
$ |
96,549 |
|
Stock-based compensation expense |
|
|
(2,091 |
) |
|
|
(2,500 |
) |
|
|
(769 |
) |
|
|
(7,641 |
) |
Payroll tax expense related to stock-based compensation |
|
|
(17 |
) |
|
|
— |
|
|
|
(170 |
) |
|
|
— |
|
Transaction and other costs |
|
|
55 |
|
|
|
— |
|
|
|
(34 |
) |
|
|
(11 |
) |
Selling and marketing expense non-GAAP |
|
$ |
57,430 |
|
|
$ |
47,211 |
|
|
$ |
115,339 |
|
|
$ |
88,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
General and administrative expense GAAP |
|
$ |
51,375 |
|
|
$ |
43,381 |
|
|
$ |
77,821 |
|
|
$ |
169,905 |
|
Changes in fair value of contingent earn-out liability |
|
|
(1,314 |
) |
|
|
(484 |
) |
|
|
19,395 |
|
|
|
(72,438 |
) |
Litigation costs, net of insurance proceeds |
|
|
(1,023 |
) |
|
|
(1,541 |
) |
|
|
(3,841 |
) |
|
|
(1,775 |
) |
Stock-based compensation expense |
|
|
(12,149 |
) |
|
|
(17,960 |
) |
|
|
(22,547 |
) |
|
|
(37,868 |
) |
Payroll tax expense related to stock-based compensation |
|
|
(41 |
) |
|
|
— |
|
|
|
(357 |
) |
|
|
— |
|
Transaction and other costs |
|
|
(1,063 |
) |
|
|
(2,522 |
) |
|
|
(2,775 |
) |
|
|
(16,013 |
) |
Impairment loss |
|
|
(4,388 |
) |
|
|
— |
|
|
|
(4,388 |
) |
|
|
— |
|
General and administrative expense non-GAAP |
|
$ |
31,397 |
|
|
$ |
20,874 |
|
|
$ |
63,308 |
|
|
$ |
41,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
Product development expense GAAP |
|
$ |
22,456 |
|
|
$ |
24,921 |
|
|
$ |
47,651 |
|
|
$ |
59,966 |
|
Stock-based compensation expense |
|
|
(7,236 |
) |
|
|
(8,852 |
) |
|
|
(14,769 |
) |
|
|
(28,019 |
) |
Payroll tax expense related to stock-based compensation |
|
|
(56 |
) |
|
|
— |
|
|
|
(608 |
) |
|
|
— |
|
Transaction and other costs |
|
|
9 |
|
|
|
— |
|
|
|
(1,216 |
) |
|
|
— |
|
Product development expense non-GAAP |
|
$ |
15,173 |
|
|
$ |
16,069 |
|
|
$ |
31,058 |
|
|
$ |
31,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
|
||||
Total costs and expenses GAAP |
|
$ |
223,222 |
|
|
$ |
195,715 |
|
|
$ |
415,402 |
|
|
$ |
478,824 |
|
Depreciation and amortization expense |
|
|
(27,151 |
) |
|
|
(26,905 |
) |
|
|
(54,080 |
) |
|
|
(53,860 |
) |
Changes in fair value of contingent earn-out liability |
|
|
(1,314 |
) |
|
|
(484 |
) |
|
|
19,395 |
|
|
|
(72,438 |
) |
Litigation costs, net of insurance proceeds |
|
|
(1,023 |
) |
|
|
(1,541 |
) |
|
|
(3,841 |
) |
|
|
(1,775 |
) |
Stock-based compensation expense |
|
|
(22,447 |
) |
|
|
(29,916 |
) |
|
|
(40,004 |
) |
|
|
(75,739 |
) |
Payroll tax expense related to stock-based compensation |
|
|
(125 |
) |
|
|
— |
|
|
|
(1,197 |
) |
|
|
— |
|
Transaction and other costs |
|
|
(1,055 |
) |
|
|
(2,522 |
) |
|
|
(4,164 |
) |
|
|
(16,024 |
) |
Impairment loss |
|
|
(4,388 |
) |
|
|
— |
|
|
|
(4,388 |
) |
|
|
— |
|
Total costs and expenses non-GAAP |
|
$ |
165,719 |
|
|
$ |
134,347 |
|
|
$ |
327,123 |
|
|
$ |
258,988 |
|
Document and Entity Information |
Aug. 10, 2022 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001830043 |
| Document Type | 8-K |
| Document Period End Date | Aug. 10, 2022 |
| 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 | true |
| Entity Ex Transition Period | false |