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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-40054

Bumble Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-3604367

(State or other jurisdiction of

incorporation or organization)

(I.R.S. 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

 

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

 

Title of each class

 

Trading

Symbol(s)

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of October 31, 2024, Bumble Inc. had 108,182,365 shares of Class A common stock, par value $0.01 per share, outstanding and 20 shares of Class B common stock, par value $0.01 per share, outstanding.

 

 


 

SPECIAL NOTE REGARDING Forward-Looking Statements

This Quarterly Report on Form 10-Q, or this Quarterly Report, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of management of Bumble Inc. with respect to, among other things, its operations, 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, the following:

our ability to retain existing users or attract new users and to convert users to paying users (including as a result of shifts in strategy)
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
control of us by Blackstone and our Founder (each, as defined below)
the outsized voting rights of Blackstone and our Founder
the risk that we may experience impairments to our goodwill and intangible assets as a result of a number of factors, some of which are beyond our control
the risk that our recent global workforce reduction and restructuring of our operations 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 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, widespread health emergencies or pandemics and measures taken in response, extreme weather events or natural disasters
foreign currency exchange rate fluctuations

For more information regarding these and other risks and uncertainties that we face, see Part I, “Item 1A—Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). These factors should not be construed as exhaustive and we caution you that the important factors referenced above may not contain all of the factors that are important to you. Bumble Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

1


 

Website and Social Media Disclosure

We use our websites (www.bumble.com and ir.bumble.com) and at times our corporate X account (formerly known as Twitter) (@bumble) and LinkedIn (www.linkedin.com/company/bumble) to distribute company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, Securities and Exchange Commission (the "SEC") filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about Bumble when you enroll your e-mail address by visiting the “E-mail Alerts” section of our website at ir.bumble.com. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q.

Certain Definitions

As used in this Quarterly Report, 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. Geneva is a non-revenue generating app as of September 30, 2024 and excluded from our key operating metrics.

 

“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.
a “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 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.
“Blackstone” or “our Sponsor” refer to investment funds associated with Blackstone Inc.
“Blocker Companies” refer to certain entities that are taxable as corporations for U.S. federal income tax purposes in which the Pre-IPO Shareholders held interests.
“Blocker Restructuring” refers to certain restructuring transactions that resulted in the acquisition by Pre-IPO Shareholders of shares of Class A common stock in exchange for their ownership interests in the Blocker Companies and Bumble Inc. acquiring an equal number of outstanding Common Units.
“Board of Directors” or “Board” refers to the board of directors of Bumble Inc.
“Bumble,” the “Company,” “we,” “us” and “our” refer to Bumble Inc. and its consolidated subsidiaries.
“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.
a “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 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 Holdings” refers to Buzz Holdings L.P., a Delaware limited partnership.
“Class B Units” refers to the interests in Bumble Holdings called “Class B Units,” including the Class B units held by Buzz Management Aggregator L.P., that were outstanding prior to the Reclassification.

2


 

“Common Units” refers to the new class of units of Bumble Holdings created by the Reclassification and does not include Incentive Units.
“Continuing Incentive Unitholders” refers to certain pre-IPO holders of Class B Units who hold Incentive Units following the consummation of the Reorganization Transactions and the Offering Transactions.
“Founder” refers to Whitney Wolfe Herd, the founder of Bumble app, our former Chief Executive Officer and current Executive Chair of the Board of Directors, together with entities beneficially owned by her.
“Fruitz” refers to Flashgap SAS, which operates the Fruitz app.
“Geneva” refers to Geneva Technologies, Inc., which Bumble acquired on July 1, 2024.
“Incentive Units” refers to the class of units of Bumble Holdings created by the reclassification of the Class B Units in the Reclassification. The Incentive Units are “profit interests” having economic characteristics similar to stock appreciation rights and having the right to share in any equity value of Bumble Holdings above specified participation thresholds. Vested Incentive Units may be converted to Common Units and be subsequently exchanged for shares of Class A common stock.
“IPO” refers to the initial public offering of Class A common stock, which was completed on February 16, 2021.
“Offering Transactions” refers to the offering of Class A common stock in the IPO and certain related transactions.
“Official” refers to Newel Corporation, which operates the Official app.
“Pre-IPO owners” refer to our Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders who were the owners of Bumble Holdings immediately prior to the Offering Transactions.
“Pre-IPO Shareholders” refer to pre-IPO owners that received shares of Class A common stock of Bumble Inc. pursuant to the Blocker Restructuring.
“Reclassification” refers to the reclassification of the limited partnership interests of Bumble Holdings in connection with the IPO pursuant to which certain outstanding Class A units were reclassified into a new class of limited partnership interests that we refer to as “Common Units” and certain outstanding Class B Units were reclassified into a new class of limited partnership interests that we refer to as “Incentive Units.”
“Reorganization Transactions” refer to certain transactions that occurred prior to the completion of the IPO which were accounted for as a reorganization of entities under common control, as further described in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations―Factors Affecting the Comparability of Our Results of Operations―Reorganization Transactions.”
“Sponsor Acquisition” refers to the acquisition on January 29, 2020 by our Sponsor of a majority stake in Worldwide Vision Limited and certain transactions related thereto.
“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.
“Total Paying Users” is the sum of Bumble App Paying Users and Badoo App and Other Paying Users.
“Total Revenue” is the sum of Bumble App Revenue and Badoo App and Other Revenue.
“user” is a user ID, a unique identifier assigned during registration.

 

3


4


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

Bumble Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share information)

(Unaudited)

 

 

 

September 30, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

252,057

 

 

$

355,642

 

Accounts receivable (net of allowance of $624 and $648, respectively)

 

 

102,547

 

 

 

102,677

 

Other current assets

 

 

28,725

 

 

 

34,732

 

Total current assets

 

 

383,329

 

 

 

493,051

 

Right-of-use assets

 

 

13,303

 

 

 

15,425

 

Property and equipment (net of accumulated depreciation of $21,463 and $15,831, respectively)

 

 

8,974

 

 

 

12,462

 

Goodwill

 

 

1,389,002

 

 

 

1,585,750

 

Intangible assets, net

 

 

764,406

 

 

 

1,484,290

 

Deferred tax assets, net

 

 

22,558

 

 

 

27,029

 

Other noncurrent assets

 

 

7,840

 

 

 

7,120

 

Total assets

 

$

2,589,412

 

 

$

3,625,127

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Accounts payable

 

$

6,830

 

 

$

4,611

 

Deferred revenue

 

 

45,329

 

 

 

48,749

 

Accrued expenses and other current liabilities

 

 

125,083

 

 

 

185,799

 

Current portion of long-term debt, net

 

 

5,750

 

 

 

5,750

 

Total current liabilities

 

 

182,992

 

 

 

244,909

 

Long-term debt, net

 

 

612,231

 

 

 

615,176

 

Deferred tax liabilities, net

 

 

975

 

 

 

5,673

 

Payable to related parties pursuant to a tax receivable agreement

 

 

412,958

 

 

 

407,389

 

Other long-term liabilities

 

 

13,393

 

 

 

14,707

 

Total liabilities

 

 

1,222,549

 

 

 

1,287,854

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Class A common stock (par value $0.01 per share, 6,000,000,000 shares authorized; 139,851,829 shares issued and 112,557,526 shares outstanding as of September 30, 2024; 138,520,102 shares issued and 130,687,629 shares outstanding as of December 31, 2023)

 

 

1,398

 

 

 

1,385

 

Class B common stock (par value $0.01 per share, 1,000,000 shares authorized; 20 shares issued and outstanding as of September 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 September 30, 2024 and December 31, 2023, respectively)

 

 

 

 

 

 

Additional paid-in capital

 

 

1,749,314

 

 

 

1,772,449

 

Treasury stock (27,294,303 and 7,832,473 shares as of September 30, 2024 and December 31, 2023, respectively)

 

 

(266,045

)

 

 

(73,764

)

Accumulated deficit

 

 

(705,271

)

 

 

(144,084

)

Accumulated other comprehensive income

 

 

73,166

 

 

 

79,029

 

Total Bumble Inc. shareholders’ equity

 

 

852,562

 

 

 

1,635,015

 

Noncontrolling interests

 

 

514,301

 

 

 

702,258

 

Total shareholders’ equity

 

 

1,366,863

 

 

 

2,337,273

 

Total liabilities and shareholders’ equity

 

$

2,589,412

 

 

$

3,625,127

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

Bumble Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share information)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

Three Months Ended September 30, 2023

 

 

Nine Months Ended September 30, 2024

 

 

Nine Months Ended September 30, 2023

 

Revenue

 

$

273,605

 

 

$

275,510

 

 

$

809,995

 

 

$

778,193

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

79,552

 

 

 

80,049

 

 

 

240,882

 

 

 

227,366

 

Selling and marketing expense

 

 

63,549

 

 

 

68,848

 

 

 

194,728

 

 

 

197,767

 

General and administrative expense

 

 

33,251

 

 

 

48,577

 

 

 

90,436

 

 

 

141,706

 

Product development expense

 

 

24,880

 

 

 

30,909

 

 

 

76,602

 

 

 

100,294

 

Depreciation and amortization expense

 

 

18,312

 

 

 

17,127

 

 

 

52,542

 

 

 

50,825

 

Impairment loss

 

 

892,248

 

 

 

 

 

 

892,248

 

 

 

 

Total operating costs and expenses

 

 

1,111,792

 

 

 

245,510

 

 

 

1,547,438

 

 

 

717,958

 

Operating earnings (loss)

 

 

(838,187

)

 

 

30,000

 

 

 

(737,443

)

 

 

60,235

 

Interest expense, net

 

 

(9,809

)

 

 

(5,256

)

 

 

(27,809

)

 

 

(16,585

)

Other income (expense), net

 

 

2,898

 

 

 

252

 

 

 

3,815

 

 

 

(6,278

)

Income (loss) before income taxes

 

 

(845,098

)

 

 

24,996

 

 

 

(761,437

)

 

 

37,372

 

Income tax provision

 

 

(4,161

)

 

 

(1,872

)

 

 

(16,263

)

 

 

(7,228

)

Net earnings (loss)

 

 

(849,259

)

 

 

23,124

 

 

 

(777,700

)

 

 

30,144

 

Net earnings (loss) attributable to noncontrolling interests

 

 

(236,060

)

 

 

6,453

 

 

 

(216,513

)

 

 

8,331

 

Net earnings (loss) attributable to Bumble Inc. shareholders

 

$

(613,199

)

 

$

16,671

 

 

$

(561,187

)

 

$

21,813

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

(5.11

)

 

$

0.12

 

 

$

(4.53

)

 

$

0.16

 

Diluted earnings (loss) per share

 

$

(5.11

)

 

$

0.12

 

 

$

(4.53

)

 

$

0.16

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

Bumble Inc.

Condensed Consolidated Statements of Comprehensive Operations

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

Three Months Ended September 30, 2023

 

 

Nine Months Ended September 30, 2024

 

 

Nine Months Ended September 30, 2023

 

Net earnings (loss)

 

$

(849,259

)

 

$

23,124

 

 

$

(777,700

)

 

$

30,144

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

(5,201

)

 

 

(9,283

)

 

 

(8,181

)

 

 

(3,558

)

Total other comprehensive loss, net of tax

 

 

(5,201

)

 

 

(9,283

)

 

 

(8,181

)

 

 

(3,558

)

Comprehensive income (loss)

 

 

(854,460

)

 

 

13,841

 

 

 

(785,881

)

 

 

26,586

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

(237,574

)

 

 

3,865

 

 

 

(218,831

)

 

 

7,339

 

Comprehensive income (loss) attributable to Bumble Inc. shareholders

 

$

(616,886

)

 

$

9,976

 

 

$

(567,050

)

 

$

19,247

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

Bumble Inc.

Condensed Consolidated Statements of Changes in Equity

Three months ended September 30, 2024

(In thousands, except per share amounts)

(Unaudited)

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Additional
Paid-in

 

Treasury
Stock

 

Accumulated

 

Accumulated
Other
Comprehensive

 

Total Bumble Inc. Shareholders'

 

Noncontrolling

 

Total
Shareholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Shares

 

Amount

 

Deficit

 

Income

 

Equity

 

Interests

 

Equity

 

Balance as of June 30, 2024

 

139,592,347

 

$

1,396

 

 

20

 

$

 

$

1,771,155

 

 

13,123,659

 

$

(119,364

)

$

(77,113

)

$

76,853

 

$

1,652,927

 

$

645,071

 

$

2,297,998

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(613,199

)

 

 

 

(613,199

)

 

(236,060

)

 

(849,259

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

7,281

 

 

 

 

 

 

 

 

 

 

7,281

 

 

2,989

 

 

10,270

 

Impact of Tax Receivable Agreement due to exchanges of Common Units

 

 

 

 

 

 

 

 

 

7,086

 

 

 

 

 

 

 

 

 

 

7,086

 

 

 

 

7,086

 

Cancellation of restricted shares

 

(155

)

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

(1

)

 

1

 

 

 

Restricted stock units issued, net of shares withheld for taxes

 

227,802

 

 

2

 

 

 

 

 

 

234

 

 

 

 

 

 

 

 

 

 

236

 

 

(1,472

)

 

(1,236

)

Exchange of Common Units for Class A common stock

 

31,835

 

 

 

 

 

 

 

 

566

 

 

 

 

 

 

 

 

 

 

566

 

 

(566

)

 

 

Purchase of common stock

 

 

 

 

 

 

 

 

 

11,662

 

 

14,170,644

 

 

(146,681

)

 

 

 

 

 

(135,019

)

 

44,483

 

 

(90,536

)

Purchase of Common Units

 

 

 

 

 

 

 

 

 

(48,669

)

 

 

 

 

 

 

 

 

 

(48,669

)

 

48,669

 

 

 

Partnership tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,959

)

 

 

 

(14,959

)

 

12,700

 

 

(2,259

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,687

)

 

(3,687

)

 

(1,514

)

 

(5,201

)

Balance as of September 30, 2024

 

139,851,829

 

$

1,398

 

 

20

 

$

 

$

1,749,314

 

 

27,294,303

 

$

(266,045

)

$

(705,271

)

$

73,166

 

$

852,562

 

$

514,301

 

$

1,366,863

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

8


 

Bumble Inc.

Condensed Consolidated Statements of Changes in Equity

Three months ended September 30, 2023

(In thousands, except per share amounts)

(Unaudited)

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Additional
Paid-in

 

Treasury
Stock

 

Accumulated

 

Accumulated
Other
Comprehensive

 

Total Bumble Inc. Shareholders'

 

Noncontrolling

 

Total
Shareholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Shares

 

Amount

 

Deficit

 

Income

 

Equity

 

Interests

 

Equity

 

Balance as of June 30, 2023

 

137,771,696

 

$

1,378

 

 

20

 

$

 

$

1,735,792

 

 

1,320,372

 

$

(15,743

)

$

(134,729

)

$

78,606

 

$

1,665,304

 

$

781,028

 

$

2,446,332

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,671

 

 

 

 

16,671

 

 

6,453

 

 

23,124

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

16,177

 

 

 

 

 

 

 

 

 

 

16,177

 

 

6,255

 

 

22,432

 

Cancellation of restricted shares

 

(6,864

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units issued, net of shares withheld for taxes

 

225,029

 

 

2

 

 

 

 

 

 

(1,736

)

 

 

 

 

 

 

 

 

 

(1,734

)

 

(666

)

 

(2,400

)

Exchange of Common Units for Class A common stock

 

13,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution to noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46

)

 

(46

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,695

)

 

(6,695

)

 

(2,588

)

 

(9,283

)

Balance as of September 30, 2023

 

138,003,587

 

$

1,380

 

 

20

 

$

 

$

1,750,233

 

 

1,320,372

 

$

(15,743

)

$

(118,058

)

$

71,911

 

$

1,689,723

 

$

790,436

 

$

2,480,159

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

9


 

Bumble Inc.

Condensed Consolidated Statements of Changes in Equity

Nine months ended September 30, 2024

(In thousands, except per share amounts)

(Unaudited)

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Additional
Paid-in

 

Treasury
Stock

 

Accumulated

 

Accumulated
Other
Comprehensive

 

Total Bumble Inc.
Shareholders'

 

Noncontrolling

 

Total
Shareholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Shares

 

Amount

 

Deficit

 

Income

 

Equity

 

Interests

 

Equity

 

Balance as of December 31, 2023

 

138,520,102

 

$

1,385

 

 

20

 

$

 

$

1,772,449

 

 

7,832,473

 

$

(73,764

)

$

(144,084

)

$

79,029

 

$

1,635,015

 

$

702,258

 

$

2,337,273

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(561,187

)

 

 

 

(561,187

)

 

(216,513

)

 

(777,700

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

9,136

 

 

 

 

 

 

 

 

 

 

9,136

 

 

3,667

 

 

12,803

 

Impact of Tax Receivable Agreement due to exchanges of Common Units

 

 

 

 

 

 

 

 

 

(4,915

)

 

 

 

 

 

 

 

 

 

(4,915

)

 

 

 

(4,915

)

Cancellation of restricted shares

 

(24,785

)

 

 

 

 

 

 

 

(116

)

 

 

 

 

 

 

 

 

 

(116

)

 

116

 

 

 

Restricted stock units issued, net of shares withheld for taxes

 

1,318,227

 

 

13

 

 

 

 

 

 

9,089

 

 

 

 

 

 

 

 

 

 

9,102

 

 

(18,243

)

 

(9,141

)

Exchange of Common Units for Class A common stock

 

38,285

 

 

 

 

 

 

 

 

678

 

 

 

 

 

 

 

 

 

 

678

 

 

(678

)

 

 

Purchase of common stock

 

 

 

 

 

 

 

 

 

11,662

 

 

19,461,830

 

 

(192,281

)

 

 

 

 

 

(180,619

)

 

52,527

 

 

(128,092

)

Purchase of Common Units

 

 

 

 

 

 

 

 

 

(48,669

)

 

 

 

 

 

 

 

 

 

(48,669

)

 

1,362

 

 

(47,307

)

Partnership tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,877

)

 

(7,877

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,863

)

 

(5,863

)

 

(2,318

)

 

(8,181

)

Balance as of September 30, 2024

 

139,851,829

 

$

1,398

 

 

20

 

$

 

$

1,749,314

 

 

27,294,303

 

$

(266,045

)

$

(705,271

)

$

73,166

 

$

852,562

 

$

514,301

 

$

1,366,863

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

10


 

Bumble Inc.

Condensed Consolidated Statements of Changes in Equity

Nine months ended September 30, 2023

(In thousands, except per share amounts)

(Unaudited)

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Additional
Paid-in

 

Treasury
Stock

 

Accumulated

 

Accumulated
Other
Comprehensive

 

Total Bumble Inc.
Shareholders'

 

Noncontrolling

 

Total
Shareholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Shares

 

Amount

 

Deficit

 

Income

 

Equity

 

Interests

 

Equity

 

Balance as of December 31, 2022

 

129,774,299

 

$

1,298

 

 

20

 

$

 

$

1,691,911

 

$

 

$

 

$

(139,871

)

$

74,477

 

$

1,627,815

 

$

825,764

 

$

2,453,579

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,813

 

 

 

 

21,813

 

 

8,331

 

 

30,144

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

(5,333

)