10-Q 1 bmbl-20240331.htm 10-Q 10-Q
falseQ10001830043--12-3110001830043bmbl:ShareRepurchaseProgramMemberus-gaap:CommonClassAMembersrt:MinimumMember2023-05-310001830043bmbl:ExitVestingAwardsMemberus-gaap:RestrictedStockMember2023-01-012023-03-310001830043bmbl:WhitneyWolfeHerdMember2024-01-012024-03-310001830043us-gaap:ParentMember2023-12-310001830043bmbl:ShareRepurchaseProgramMember2024-01-012024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingRestrictedStockUnitsMember2024-03-310001830043us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingAwardsMember2024-01-012024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingRestrictedStockUnitsMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043us-gaap:RetainedEarningsMember2024-03-310001830043bmbl:ExitVestingStockOptionMember2023-12-310001830043bmbl:UserBaseMember2023-12-3100018300432024-02-270001830043us-gaap:CommonClassBMember2024-03-310001830043us-gaap:ParentMember2023-03-310001830043bmbl:TimeVestingStockOptionMember2023-12-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingIncentiveUnitsMember2024-03-310001830043bmbl:ShareRepurchaseProgramMember2024-03-310001830043us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-12-3100018300432023-01-012023-03-310001830043bmbl:TermLoanFacilityMember2024-01-012024-03-310001830043us-gaap:CommonClassAMemberbmbl:SecondaryOfferingMember2023-03-080001830043bmbl:OtherMemberus-gaap:SellingAndMarketingExpenseMember2024-01-012024-03-310001830043bmbl:TimeVestingAwardsMemberus-gaap:StockCompensationPlanMember2023-01-012023-03-310001830043us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-12-310001830043bmbl:ShareholderMember2024-03-310001830043us-gaap:CommonClassAMemberbmbl:SecondaryOfferingMember2023-03-082023-03-080001830043us-gaap:RetainedEarningsMember2022-12-310001830043bmbl:OriginalCreditAgreementMember2020-01-290001830043us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001830043bmbl:TimeVestingRestrictedSharesOfClassACommonStockMember2024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberbmbl:ContingentConsiderationArrangementMember2024-03-310001830043bmbl:BadooAppAndOtherMember2023-01-012023-03-310001830043bmbl:DevelopedTechnologyMember2024-03-310001830043bmbl:TimeVestingAwardsMemberbmbl:IncentiveUnitsMember2023-01-012023-03-310001830043bmbl:TimeVestingRestrictedSharesOfClassACommonStockMemberbmbl:RestrictedSharesOfClassACommonStockInBumbleIncMember2024-01-012024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043bmbl:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-01-012024-03-310001830043us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100018300432023-09-012024-03-310001830043bmbl:ShareRepurchaseProgramMemberus-gaap:CommonStockMember2024-01-012024-03-310001830043us-gaap:TreasuryStockCommonMember2023-12-310001830043bmbl:TimeVestingRestrictedSharesOfClassACommonStockMember2024-01-012024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310001830043bmbl:TimeVestingIncentiveUnitsMemberbmbl:IncentiveUnitsInBumbleHoldingsMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001830043bmbl:BumbleAppMember2023-01-012023-03-310001830043us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberbmbl:AmendedCreditAgreementMember2024-03-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001830043bmbl:WhiteLabelContractsMember2023-01-012023-12-310001830043srt:MaximumMemberbmbl:TermLoanFacilityMember2024-01-012024-03-310001830043us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001830043us-gaap:NoncontrollingInterestMember2022-12-310001830043us-gaap:RetainedEarningsMember2024-01-012024-03-310001830043us-gaap:OtherRestructuringMember2024-01-012024-03-310001830043bmbl:ExitVestingStockOptionMember2024-01-012024-03-310001830043bmbl:OtherMemberus-gaap:AdvertisingMember2024-01-012024-03-310001830043us-gaap:CommonClassAMember2024-04-300001830043bmbl:TimeVestingAwardsMember2024-01-012024-03-310001830043us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-03-310001830043us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001830043bmbl:IncrementalTermLoanFacilityMember2024-03-310001830043bmbl:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2023-05-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001830043bmbl:AnnMatherMember2024-03-310001830043us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043us-gaap:CostOfSalesMember2024-01-012024-03-310001830043bmbl:BrandsIndefiniteLivedMember2024-03-310001830043us-gaap:OtherRestructuringMember2024-03-310001830043bmbl:DevelopedTechnologyMember2023-01-012023-12-310001830043us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:TimeVestingIncentiveUnitsMemberbmbl:IncentiveUnitsInBumbleHoldingsMember2023-12-310001830043bmbl:CostOfRevenueMemberbmbl:OtherMember2024-01-012024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingIncentiveUnitsMember2024-01-012024-03-3100018300432024-01-012024-01-310001830043bmbl:AmendedCreditAgreementMemberbmbl:TermLoanFacilityMember2020-10-190001830043bmbl:ContingentEarnOutLiabilityMemberbmbl:ContingentConsiderationArrangementMember2023-12-310001830043bmbl:PreIpoOwnersMember2024-03-310001830043bmbl:TimeVestingAwardsMember2023-01-012023-03-310001830043bmbl:DevelopedTechnologyMember2023-12-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043us-gaap:OtherRestructuringMember2023-12-310001830043us-gaap:CommonClassAMember2024-03-310001830043us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310001830043srt:MinimumMemberbmbl:InitialTermLoanFacilityMember2024-03-310001830043us-gaap:AdditionalPaidInCapitalMember2024-03-310001830043us-gaap:SellingAndMarketingExpenseMember2023-01-012023-03-310001830043srt:MaximumMember2024-01-012024-09-300001830043srt:MinimumMemberus-gaap:PurchaseCommitmentMember2023-05-310001830043bmbl:ExitVestingRestrictedSharesOfClassACommonStockMemberbmbl:RestrictedSharesOfClassACommonStockInBumbleIncMember2023-12-310001830043bmbl:UserBaseMember2024-01-012024-03-310001830043us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingRestrictedStockUnitsMember2023-12-310001830043bmbl:IncentiveUnitsInBumbleHoldingsMemberbmbl:ExitVestingIncentiveUnitsMember2024-03-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-03-310001830043us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310001830043us-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043bmbl:PreIpoOwnersMember2023-12-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043us-gaap:RevolvingCreditFacilityMemberbmbl:OriginalCreditAgreementMember2020-01-290001830043us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-03-310001830043bmbl:ExitVestingRestrictedSharesOfClassACommonStockMember2024-03-310001830043country:USsrt:MinimumMember2023-01-012023-03-310001830043bmbl:IncentiveUnitsInBumbleHoldingsMemberbmbl:ExitVestingIncentiveUnitsMember2023-12-310001830043us-gaap:CommonClassAMemberbmbl:BlackstoneMember2024-01-012024-03-310001830043us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2024-01-012024-03-310001830043us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-01-012023-03-310001830043country:USsrt:MinimumMember2024-01-012024-03-310001830043bmbl:TaskusMember2023-09-300001830043us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-03-310001830043us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:TimeVestingAwardsMember2023-01-012023-03-310001830043bmbl:ExitVestingRestrictedSharesOfClassACommonStockMember2024-01-012024-03-3100018300432024-01-012024-03-310001830043bmbl:ProductDevelopmentMember2024-01-012024-03-310001830043bmbl:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-03-310001830043us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2024-01-012024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:TimeVestingRestrictedSharesOfClassACommonStockMemberbmbl:RestrictedSharesOfClassACommonStockInBumbleIncMember2023-12-310001830043us-gaap:AdditionalPaidInCapitalMember2022-12-310001830043us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001830043us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberbmbl:AmendedCreditAgreementMember2024-01-012024-03-310001830043us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-310001830043bmbl:WhiteLabelContractsMember2023-12-310001830043bmbl:SissieHsiaoMember2024-01-012024-03-310001830043bmbl:IncentiveUnitsMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001830043srt:MaximumMemberbmbl:ShareRepurchaseProgramMemberus-gaap:SubsequentEventMember2024-05-080001830043us-gaap:CommonClassAMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043bmbl:OtherMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:TimeVestingRestrictedSharesOfClassACommonStockMemberbmbl:RestrictedSharesOfClassACommonStockInBumbleIncMember2024-03-310001830043us-gaap:CommonClassAMember2023-12-310001830043bmbl:ShareRepurchaseProgramMemberbmbl:BlackstoneMemberus-gaap:CommonStockMember2024-01-012024-03-310001830043us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:TimeVestingStockOptionMember2024-01-012024-03-310001830043bmbl:WhiteLabelContractsMember2024-03-310001830043us-gaap:AdditionalPaidInCapitalMember2023-03-310001830043srt:NorthAmericaMember2023-01-012023-03-310001830043us-gaap:NoncontrollingInterestMember2023-12-310001830043bmbl:IncrementalTermLoanFacilityMember2021-01-012021-03-3100018300432022-09-300001830043bmbl:TimeVestingRestrictedStockUnitsMemberus-gaap:RestrictedStockUnitsRSUMember2023-12-310001830043bmbl:TimeVestingIncentiveUnitsMember2024-03-310001830043us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043us-gaap:RetainedEarningsMember2023-12-310001830043bmbl:OtherMember2024-03-310001830043us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310001830043bmbl:ExitVestingIncentiveUnitsMember2024-01-012024-03-310001830043us-gaap:CostOfSalesMember2023-01-012023-03-310001830043bmbl:AnnMatherMember2024-01-012024-03-310001830043us-gaap:ParentMember2024-03-310001830043bmbl:OtherMember2023-01-012023-03-3100018300432023-01-012023-12-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:SissieHsiaoMember2024-03-310001830043us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310001830043bmbl:ShareRepurchaseProgramMembersrt:MinimumMemberus-gaap:SubsequentEventMember2024-05-080001830043us-gaap:NoncontrollingInterestMember2023-03-310001830043bmbl:ShareRepurchaseProgramMemberus-gaap:SubsequentEventMember2024-05-080001830043us-gaap:ParentMember2022-12-310001830043bmbl:BumbleAppMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001830043us-gaap:RetainedEarningsMember2023-03-310001830043bmbl:DevelopedTechnologyMember2024-01-012024-03-310001830043bmbl:OtherMemberus-gaap:OtherIncomeMember2024-01-012024-03-310001830043bmbl:TermLoanFacilityMember2024-03-310001830043us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043us-gaap:PurchaseCommitmentMember2024-01-012024-03-310001830043us-gaap:RestructuringChargesMember2024-03-310001830043us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001830043bmbl:RestOfWorldMember2024-01-012024-03-310001830043bmbl:EmployeeRelatedBenefitsMember2024-03-310001830043us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001830043bmbl:BrandsDefiniteLivedMember2024-01-012024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:TimeVestingAwardsMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001830043bmbl:OriginalCreditAgreementMemberbmbl:LettersOfCreditMember2020-01-290001830043bmbl:TimeVestingAwardsMemberbmbl:IncentiveUnitsMember2024-01-012024-03-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043srt:MaximumMemberbmbl:TimeVestingOptionsGrantedMember2024-03-310001830043bmbl:EmployeeRelatedBenefitsMember2024-01-012024-03-310001830043us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001830043bmbl:ExitVestingStockOptionMember2024-03-310001830043bmbl:ExitVestingRestrictedSharesOfClassACommonStockMemberbmbl:RestrictedSharesOfClassACommonStockInBumbleIncMember2024-03-310001830043bmbl:ExitVestingAwardsMemberus-gaap:StockCompensationPlanMember2024-01-012024-03-310001830043bmbl:ExitVestingAwardsMemberus-gaap:StockCompensationPlanMember2023-01-012023-03-310001830043bmbl:ExitVestingAwardsMemberbmbl:IncentiveUnitsMember2023-01-012023-03-310001830043srt:NorthAmericaMember2024-01-012024-03-310001830043bmbl:ExitVestingAwardsMember2023-01-012023-03-310001830043bmbl:OriginalCreditAgreementMemberbmbl:InitialTermLoanFacilityMember2020-01-290001830043us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043bmbl:ExitVestingAwardsMemberus-gaap:RestrictedStockMember2024-01-012024-03-310001830043us-gaap:CommonClassBMember2024-04-300001830043us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001830043us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-03-3100018300432024-03-310001830043bmbl:ExitVestingRestrictedSharesOfClassACommonStockMemberbmbl:RestrictedSharesOfClassACommonStockInBumbleIncMember2024-01-012024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043bmbl:EmployeeRelatedBenefitsMember2023-12-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:ExitVestingAwardsMember2023-01-012023-03-310001830043bmbl:WhiteLabelContractsMember2024-01-012024-03-310001830043bmbl:ExitVestingAwardsMemberbmbl:IncentiveUnitsMember2024-01-012024-03-310001830043us-gaap:FairValueMeasurementsRecurringMember2024-03-310001830043bmbl:TimeVestingOptionsGrantedMember2024-01-012024-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:TimeVestingRestrictedStockUnitsMember2024-03-310001830043bmbl:TimeVestingIncentiveUnitsMemberbmbl:IncentiveUnitsInBumbleHoldingsMember2024-03-310001830043srt:MinimumMember2024-01-012024-09-3000018300432023-03-310001830043us-gaap:RestrictedStockUnitsRSUMemberbmbl:TimeVestingRestrictedStockUnitsMember2024-01-012024-03-310001830043bmbl:BrandsIndefiniteLivedMember2023-01-012023-12-310001830043bmbl:UserBaseMember2024-03-310001830043us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-03-310001830043bmbl:ExitVestingAwardsMember2024-01-012024-03-310001830043us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-012024-03-310001830043us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043srt:MinimumMemberbmbl:TermLoanFacilityMember2024-01-012024-03-310001830043bmbl:ShareholderMember2023-12-310001830043bmbl:TimeVestingAwardsMemberus-gaap:RestrictedStockMember2023-01-012023-03-310001830043bmbl:BrandsDefiniteLivedMember2023-01-012023-12-310001830043us-gaap:TreasuryStockCommonMember2024-03-310001830043srt:MinimumMemberbmbl:TimeVestingOptionsGrantedMember2024-03-3100018300432023-12-310001830043srt:MaximumMemberbmbl:InitialTermLoanFacilityMember2024-03-310001830043bmbl:RestOfWorldMember2023-01-012023-03-310001830043us-gaap:ParentMember2023-01-012023-03-310001830043us-gaap:ParentMember2024-01-012024-03-310001830043bmbl:TimeVestingAwardsMemberus-gaap:RestrictedStockMember2024-01-012024-03-310001830043bmbl:BadooAppAndOtherMember2024-01-012024-03-3100018300432022-12-310001830043bmbl:UserBaseMember2023-01-012023-12-310001830043us-gaap:RetainedEarningsMember2023-01-012023-03-310001830043bmbl:IncentiveUnitsInBumbleHoldingsMemberbmbl:ExitVestingIncentiveUnitsMember2024-01-012024-03-310001830043us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310001830043us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-03-310001830043bmbl:OtherMember2024-01-012024-03-310001830043us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001830043us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001830043bmbl:BrandsIndefiniteLivedMember2023-12-310001830043bmbl:OtherMember2023-01-012023-12-310001830043us-gaap:NoncontrollingInterestMember2024-03-310001830043us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310001830043us-gaap:SellingAndMarketingExpenseMember2024-01-012024-03-310001830043bmbl:OtherMember2023-12-310001830043us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-03-3100018300432023-01-012023-09-300001830043bmbl:ExitVestingIncentiveUnitsMember2024-03-310001830043bmbl:ContingentEarnOutLiabilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310001830043us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-03-310001830043us-gaap:IPOMember2024-01-012024-03-310001830043bmbl:IncrementalTermLoanFacilityMember2024-01-012024-03-310001830043srt:MaximumMemberbmbl:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2023-05-310001830043bmbl:BrandsDefiniteLivedMember2024-03-310001830043bmbl:TimeVestingStockOptionMember2024-03-310001830043us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-03-310001830043us-gaap:CommonClassBMember2023-12-310001830043bmbl:TimeVestingAwardsMemberus-gaap:StockCompensationPlanMember2024-01-012024-03-310001830043bmbl:TimeVestingIncentiveUnitsMember2024-01-012024-03-310001830043bmbl:WhitneyWolfeHerdMember2024-03-310001830043us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001830043bmbl:BrandsIndefiniteLivedMember2024-01-012024-03-310001830043bmbl:BrandsDefiniteLivedMember2023-12-310001830043us-gaap:AdditionalPaidInCapitalMember2023-12-310001830043srt:MaximumMemberbmbl:ContingentConsiderationArrangementMemberbmbl:WorldwideVisionLimitedMember2023-09-30xbrli:purexbrli:sharesiso4217:USDxbrli:sharesbmbl:PreArbritrationbmbl:Employeesiso4217:USDbmbl:Segment

 

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 March 31, 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 April 30, 2024, Bumble Inc. had 126,198,601 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:

the risk that the costs and charges related to our recently announced 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 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
control of us by Blackstone and our Founder (each, as defined below)
the outsized voting rights of Blackstone and our Founder
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 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.

 

“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.
“Common Units” refers to the new class of units of Bumble Holdings created by the Reclassification and does not include Incentive Units.

2


 

“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.
“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


 

Table of Contents

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

5

Condensed Consolidated Balance Sheets

5

Condensed Consolidated Statements of Operations

6

Condensed Consolidated Statements of Comprehensive Operations

7

 

Condensed Consolidated Statements of Changes in Equity

8

Condensed Consolidated Statements of Cash Flows

10

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

40

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 5.

Other Information

43

Item 6.

Exhibits

44

 

Signatures

45

 

 

 

 

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)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

262,699

 

 

$

355,642

 

Accounts receivable (net of allowance of $658 and $648, respectively)

 

 

100,685

 

 

 

102,677

 

Other current assets

 

 

30,708

 

 

 

34,732

 

Total current assets

 

 

394,092

 

 

 

493,051

 

Right-of-use assets

 

 

13,989

 

 

 

15,425

 

Property and equipment (net of accumulated depreciation of $17,385 and $15,831, respectively)

 

 

11,675

 

 

 

12,462

 

Goodwill

 

 

1,584,842

 

 

 

1,585,750

 

Intangible assets, net

 

 

1,469,690

 

 

 

1,484,290

 

Deferred tax assets, net

 

 

26,009

 

 

 

27,029

 

Other noncurrent assets

 

 

16,652

 

 

 

7,120

 

Total assets

 

$

3,516,949

 

 

$

3,625,127

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Accounts payable

 

$

8,108

 

 

$

4,611

 

Deferred revenue

 

 

46,776

 

 

 

48,749

 

Accrued expenses and other current liabilities

 

 

140,539

 

 

 

185,799

 

Current portion of long-term debt, net

 

 

5,750

 

 

 

5,750

 

Total current liabilities

 

 

201,173

 

 

 

244,909

 

Long-term debt, net

 

 

614,181

 

 

 

615,176

 

Deferred tax liabilities, net

 

 

5,041

 

 

 

5,673

 

Payable to related parties pursuant to a tax receivable agreement

 

 

419,323

 

 

 

407,389

 

Other long-term liabilities

 

 

14,034

 

 

 

14,707

 

Total liabilities

 

 

1,253,752

 

 

 

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; 139,237,906 shares issued and 126,114,247 shares outstanding as of March 31, 2024; 138,520,102 shares issued and 130,687,629 shares outstanding as of December 31, 2023)

 

 

1,392

 

 

 

1,385

 

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

 

 

 

 

 

 

Preferred stock (par value $0.01; authorized 600,000,000 shares; no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)

 

 

 

 

 

 

Additional paid-in capital

 

 

1,764,917

 

 

 

1,772,449

 

Treasury stock (13,123,659 and 7,832,473 shares as of March 31, 2024 and December 31, 2023, respectively)

 

 

(119,364

)

 

 

(73,764

)

Accumulated deficit

 

 

(119,467

)

 

 

(144,084

)

Accumulated other comprehensive income

 

 

76,867

 

 

 

79,029

 

Total Bumble Inc. shareholders’ equity

 

 

1,604,345

 

 

 

1,635,015

 

Noncontrolling interests

 

 

658,852

 

 

 

702,258

 

Total shareholders’ equity

 

 

2,263,197

 

 

 

2,337,273

 

Total liabilities and shareholders’ equity

 

$

3,516,949

 

 

$

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 March 31, 2024

 

 

Three Months Ended March 31, 2023

 

Revenue

 

$

267,775

 

 

$

242,948

 

Operating costs and expenses:

 

 

 

 

 

 

Cost of revenue

 

 

81,289

 

 

 

70,580

 

Selling and marketing expense

 

 

63,617

 

 

 

63,590

 

General and administrative expense

 

 

20,856

 

 

 

49,831

 

Product development expense

 

 

36,017

 

 

 

33,152

 

Depreciation and amortization expense

 

 

17,206

 

 

 

16,731

 

Total operating costs and expenses

 

 

218,985

 

 

 

233,884

 

Operating earnings (loss)

 

 

48,790

 

 

 

9,064

 

Interest income (expense), net

 

 

(8,918

)

 

 

(5,219

)

Other income (expense), net

 

 

1,475

 

 

 

(3,561

)

Income (loss) before income taxes

 

 

41,347

 

 

 

284

 

Income tax benefit (provision)

 

 

(7,474

)

 

 

(2,613

)

Net earnings (loss)

 

 

33,873

 

 

 

(2,329

)

Net earnings (loss) attributable to noncontrolling interests

 

 

9,256

 

 

 

(718

)

Net earnings (loss) attributable to Bumble Inc. shareholders

 

$

24,617

 

 

$

(1,611

)

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

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.19

 

 

$

(0.01

)

Diluted earnings (loss) per share

 

$

0.19

 

 

$

(0.01

)

 

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 March 31, 2024

 

 

Three Months Ended March 31, 2023

 

Net earnings (loss)

 

$

33,873

 

 

$

(2,329

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

(2,961

)

 

 

2,820

 

Total other comprehensive income (loss), net of tax

 

 

(2,961

)

 

 

2,820

 

Comprehensive income (loss)

 

 

30,912

 

 

 

491

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

8,457

 

 

 

68

 

Comprehensive income (loss) attributable to Bumble Inc. shareholders

 

$

22,455

 

 

$

423

 

 

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 March 31, 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 (Loss)

 

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 earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,617

 

 

 

 

24,617

 

 

9,256

 

 

33,873

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

215

 

 

 

 

 

 

 

 

 

 

215

 

 

79

 

 

294

 

Impact of Tax Receivable Agreement

 

 

 

 

 

 

 

 

 

(12,001

)

 

 

 

 

 

 

 

 

 

(12,001

)

 

 

 

(12,001

)

Cancellation of restricted shares

 

(19,954

)

 

 

 

 

 

 

 

(93

)

 

 

 

 

 

 

 

 

 

(93

)

 

93

 

 

 

Restricted stock units issued, net of shares withheld for taxes

 

731,308

 

 

7

 

 

 

 

 

 

4,235

 

 

 

 

 

 

 

 

 

 

4,242

 

 

(9,939

)

 

(5,697

)

Exchange of Common Units for Class A common stock

 

6,450

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

 

112

 

 

(112

)

 

 

Share repurchases

 

 

 

 

 

 

 

 

 

 

 

5,291,186

 

 

(45,600

)

 

 

 

 

 

(45,600

)

 

8,044

 

 

(37,556

)

Purchase of Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,307

)

 

(47,307

)

Distribution to noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,721

)

 

(2,721

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,162

)

 

(2,162

)

 

(799

)

 

(2,961

)

Balance as of March 31, 2024

$

139,237,906

 

$

1,392

 

$

20

 

$

 

$

1,764,917

 

$

13,123,659

 

$

(119,364

)

$

(119,467

)

$

76,867

 

$

1,604,345

 

$

658,852

 

$

2,263,197

 

 

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 March 31, 2023

(In thousands, except per share amounts)

(Unaudited)

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Additional
Paid-in

 

Accumulated

 

Accumulated
Other
Comprehensive

 

Total Bumble Inc. Shareholders'

 

Noncontrolling

 

Total
Shareholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income (Loss)

 

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 (loss)

 

 

 

 

 

 

 

 

 

 

 

(1,611

)

 

 

 

(1,611

)

 

(718

)

 

(2,329

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

29,257

 

 

 

 

 

 

29,257

 

 

 

 

29,257

 

Impact of Tax Receivable Agreement due to exchanges of Common Units

 

 

 

 

 

 

 

 

 

(31,389

)

 

 

 

 

 

(31,389

)

 

 

 

(31,389

)

Cancellation of restricted shares

 

(1,829

)

 

 

 

 

 

 

 

(27

)

 

 

 

 

 

(27

)

 

27

 

 

 

Restricted stock units issued, net of shares withheld for taxes

 

573,480

 

 

6

 

 

 

 

 

 

(7,128

)

 

 

 

 

 

(7,122

)

 

(2,711

)

 

(9,833

)

Exchange of Common Units for Class A common stock

 

7,225,238

 

 

72

 

 

 

 

 

 

105,178

 

 

 

 

 

 

105,250

 

 

(105,250

)

 

 

Distribution to non-controlling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,409

)

 

(5,409

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

2,034

 

 

2,034

 

 

786

 

 

2,820

 

Balance as of March 31, 2023

 

137,571,188

 

$

1,376

 

 

20

 

$

 

$

1,787,802

 

$

(141,482

)

$

76,511

 

$

1,724,207

 

$

712,489

 

$

2,436,696

 

 

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

 

9


 

Bumble Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

Three Months Ended March 31, 2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings (loss)

 

$

33,873

 

 

$

(2,329

)

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

 

 

 

 

 

 

Depreciation and amortization expense

 

 

17,206

 

 

 

16,731

 

Changes in fair value of interest rate swaps

 

 

(1,578

)

 

 

4,233

 

Changes in fair value of contingent earn-out liability

 

 

(15,689

)

 

 

(646

)

Non-cash lease expense

 

 

894

 

 

 

862

 

Tax receivable agreement liability remeasurement expense

 

 

230

 

 

 

 

Deferred income tax

 

 

164

 

 

 

(2,721

)

Stock-based compensation expense

 

 

26

 

 

 

28,584

 

Net foreign exchange difference

 

 

145

 

 

 

(1,990

)

Other, net

 

 

(3,237

)

 

 

11,855

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

3,566

 

 

 

(26,034

)

Other current assets

 

 

(4,267

)

 

 

(7,060

)

Accounts payable

 

 

3,386

 

 

 

6,037

 

Deferred revenue

 

 

(1,973

)

 

 

1,021

 

Legal liabilities

 

 

(17,315

)

 

 

 

Lease liabilities

 

 

(386

)

 

 

(959

)

Accrued expenses and other current liabilities

 

 

(12,880

)

 

 

(14,164

)

Other, net

 

 

255

 

 

 

(31

)

Net cash provided by (used in) operating activities

 

 

2,420

 

 

 

13,389

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(2,801

)

 

 

(6,811

)

Net cash provided by (used in) investing activities

 

 

(2,801

)

 

 

(6,811

)

Cash flows from financing activities:

 

 

 

 

 

 

Repayment of term loan

 

 

(1,438

)

 

 

(1,438

)

Distributions paid to noncontrolling interest holders

 

 

(2,721

)

 

 

(5,409

)

Share repurchases

 

 

(62,108

)

 

 

 

Purchase of Common Units

 

 

(22,155

)

 

 

 

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

 

 

(5,944

)

 

 

(9,321

)

Net cash provided by (used in) financing activities

 

 

(94,366

)

 

 

(16,168

)

Effects of exchange rate changes on cash and cash equivalents

 

 

1,598

 

 

 

(4,261

)

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

 

 

(93,149

)

 

 

(13,851

)

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

 

 

359,202

 

 

 

407,042

 

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

 

 

266,053

 

 

 

393,191

 

Less restricted cash

 

 

(3,354

)

 

 

(4,236

)

Cash and cash equivalents, end of the period

 

$

262,699

 

 

$

388,955

 

 

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

10


 

Bumble Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

 

Note 1 - Organization and Basis of Presentation

Company Overview

Bumble Inc.’s main operations are providing online dating and social networking applications through subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. Bumble Inc. provides these services through websites and applications that it owns and operates. Bumble Inc. (the “Company” or “Bumble”) was incorporated as a Delaware corporation on October 5, 2020 for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to operate the business of Buzz Holdings L.P. (“Bumble Holdings”) and its subsidiaries.

 

Prior to the IPO and the Reorganization Transactions, Bumble Holdings L.P. (“Bumble Holdings”), a Delaware limited partnership, was formed primarily as a vehicle to finance the acquisition (the “Sponsor Acquisition”) of a majority stake in Worldwide Vision Limited by a group of investment funds managed by Blackstone Inc. (“Blackstone” or our “Sponsor”). As Bumble Holdings did not have any previous operations, Worldwide Vision Limited, a Bermuda exempted limited company, is viewed as the predecessor to Bumble Holdings and its consolidated subsidiaries.

 

On February 16, 2021, the Company completed its IPO and used the proceeds from the issuance to redeem shares of Class A common stock and purchase limited partnership interests of Bumble Holdings (“Common Units”) from entities affiliated with our Sponsor.

 

In connection with the IPO, the organizational structure was converted to an umbrella partnership-C-Corporation with Bumble Inc. becoming the general partner of Bumble Holdings. The Reorganization Transactions were accounted for as a transaction between entities under common control. As a result, the financial statements for periods subsequent to the Sponsor Acquisition and prior to the IPO and the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. As the general partner, Bumble Inc. operates and controls all of the business and affairs, and through Bumble Holdings and its subsidiaries, conducts the business. Bumble Inc. consolidates Bumble Holdings in its consolidated financial statements and reports a noncontrolling interest related to the Common Units held by the pre-IPO owners that hold Common Units following the Reclassification and the incentive units held by the Continuing Incentive Unitholders in the consolidated financial statements.

 

Assuming the exchange of all outstanding Common Units for shares of Class A common stock on a one-for-one basis under the exchange agreement entered into by holders of Common Units, there would be 172,355,802 shares of Class A common stock outstanding (which does not reflect any shares of Class A common stock issuable in exchange for as-converted Incentive Units or upon settlement of certain other interests) as of March 31, 2024.

 

All references to the “Company”, “we”, “our” or “us” in this report are to Bumble Inc.

Secondary Offering

On March 8, 2023, the Company completed a secondary offering of 13.75 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone (the “Blackstone Selling Stockholders”) and the Founder at a price of $22.80 per share. This transaction resulted in the issuance of 7.2 million shares of Class A common stock for the period ended March 31, 2023, which were issued in exchange for Common Units held by the selling stockholders.

 

Bumble did not sell any shares of Class A common stock in the secondary offering and did not receive any of the proceeds from the sales. Bumble paid the costs associated with the sale of shares by the Blackstone Selling Stockholders and the Founder, net of the underwriting discounts.

Basis of Presentation and Consolidation

The unaudited condensed consolidated financial statements that accompany these notes include the financial statements of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), consistent in all material respects with those applied in the Company's 2023 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated statements and notes thereto included in the 2023 Form 10-K.

 

A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the consolidated

11


 

balance sheets and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. The Company’s noncontrolling interest represents substantive profit-sharing arrangements and profit and losses are attributable to controlling and noncontrolling interests using an attribution method.

 

Certain prior year amounts have been reclassified to conform to the current year presentation.

Note 2 - Summary of Selected Significant Accounting Policies

Included below are selected significant accounting policies including those that were added or modified during the three months ended March 31, 2024 as a result of new transactions entered into or the adoption of new accounting policies. Refer to Note 2, Summary of Selected Significant Accounting Policies, within the annual consolidated financial statements in our 2023 Form 10-K for the full list of our significant accounting policies.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses. The Company’s significant estimates relate to business combinations, asset impairments, potential obligations associated with legal contingencies, the fair value of contingent consideration, the fair value of derivatives, stock-based compensation, tax receivable agreements, and income taxes.

 

These estimates are based on management’s best estimates and judgment. Actual results may differ from these estimates. Estimates, judgments and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions, judgments and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Share Repurchase Program

Shares repurchased pursuant to the Company's share repurchase program are held as treasury stock and reflected as a reduction of stockholders' equity within the accompanying condensed consolidated balance sheets. Upon retirement, the share repurchases will reduce Class A common stock based on the par value of the shares and reduce its capital surplus for the excess of the repurchase price over the par value. In the event the Company still has an accumulated deficit balance, the excess over the par value will be applied to “Additional paid-in capital”. Once the Company has retained earnings, the excess will be charged entirely to retained earnings.

 

Direct costs and excise tax obligations will be included in the cost of the repurchased shares in the Company’s condensed consolidated financial statements. Reduction to the excise tax obligation associated with subsequent issuance of shares will be reflected as an adjustment to the excise tax previously recorded.

 

In May 2023, the Board of Directors approved a share repurchase program of up to $150.0 million of our outstanding Class A common stock. On November 7, 2023, the Company announced an increase in the share repurchase program authorized amount from $150.0 million to $300.0 million. In March 2024, the Company and Bumble Holdings entered into an agreement with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase 2.5 million shares of its Class A common stock beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone 2.0 million Common Units, which are exchangeable for shares of Class A Common Stock on a one-for-one basis, for an aggregate purchase price of $50.0 million. During the three months ended March 31, 2024, share repurchases were 5.3 million shares of Class A common stock and 2.0 million Common Units for $84.4 million, excluding excise tax obligations. As of March 31, 2024, a total of $58.7 million remains available for repurchase under the repurchase program. On May 8, 2024, the Company announced an increase in the share repurchase program authorized amount from $300.0 million to $450.0 million, which increased the amount available for repurchases under the program to $208.7 million.

Revenue Recognition

Revenue is primarily derived in the form of recurring subscriptions and in-app purchases. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage and estimated breakage revenue associated with unused in-app purchases. Unused in-app purchase fees expire based on the terms of the underlying agreement and are recognized as revenue when it is probable that a significant revenue reversal would not occur. The Company also earns revenue from online advertising and partnerships. Online advertising revenue is recognized when an advertisement is displayed. Revenue from partnerships is recognized according to the contractual terms of the partnership.

12


 

 

During the three months ended March 31, 2024 and 2023, there were no customers representing greater than 10% of total revenue.

 

For the periods presented, revenue across apps was as follows (in thousands):

 

 

 

Three Months Ended March 31, 2024

 

 

Three Months Ended March 31, 2023

 

Bumble App

 

$

215,757

 

 

$

194,277

 

Badoo App and Other

 

 

52,018

 

 

 

48,671

 

Total Revenue

 

$

267,775

 

 

$

242,948

 

Deferred Revenue

Deferred revenue consists of advance payments that are received or are contractually due in advance of the Company's performance. The Company’s deferred revenue is reported on a contract by contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the term of the applicable subscription period or expected completion of the performance obligation is one year or less. The deferred revenue balance is $46.8 million and $48.7 million as of March 31, 2024 and December 31, 2023, respectively, all of which is classified as a current liability. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $37.6 million and $34.5 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period.

Restructuring Charges

Restructuring charges consist primarily of severance, relocation, asset impairment and other related costs. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to them and the amount of the benefits can be reasonably estimated. One-time employee termination costs are recognized when management has communicated the termination plan to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and are classified based on each employee’s respective function.

 

See Note 6, Restructuring Charges, for additional information on restructuring charges.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for the Company beginning in fiscal year 2024 and interim periods beginning in the first quarter of 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures. The ASU requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid on an annual basis. ASU 2023-09 is effective for the Company beginning in fiscal year 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

 

In December 2023, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The ASU clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective for the Company beginning in the first quarter of 2025. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

 

13


 

The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are not applicable to the Company.

Note 3 - Income Taxes

The Company is subject to U.S. federal and state income taxes and files consolidated income tax returns for U.S. federal and certain state jurisdictions with respect to its allocable share of any net taxable income of Bumble Holdings. The subsidiaries of Bumble Holdings are also subject to income taxes in the foreign jurisdictions in which they operate. For the three months ended March 31, 2024, the Company's effective tax rate was 18.1%, which differs from the U.S. federal statutory tax rate of 21% primarily due to the geographical distribution of our earnings, income attributable to noncontrolling interests, nondeductible stock-based compensation, the impact of Pillar Two minimum taxes and a valuation allowance recorded against certain deferred tax assets arising in the current year.

 

For the three months ended March 31, 2023, our effective tax rate was 920.1%, which differs from the U.S. federal statutory tax rate of 21% primarily due to the geographical distribution of our earnings, income attributable to noncontrolling interests, nondeductible stock-based compensation, and a valuation allowance recorded against certain deferred tax assets arising in the current year.

Note 4 - Payable to Related Parties Pursuant to a Tax Receivable Agreement

In connection with the Reorganization Transactions and our IPO, we entered into a tax receivable agreement with certain of our pre-IPO owners that provides for the payment by the Company to such pre-IPO owners of 85% of the benefits, that the Company realizes, or is deemed to realize, as a result of the Company's allocable share of existing tax basis acquired in our IPO and other tax benefits related to entering into the tax receivable agreement. The payments under the tax receivable agreement are not conditioned upon continued ownership of the Company by the pre-IPO owners.

 

We have determined that it is more likely than not that we will be unable to realize tax benefits related to certain basis adjustments and acquired net operating losses that were received in connection with the Reorganization Transactions and our IPO. As a result of this determination, we have not recorded the benefit of these deferred tax assets as of March 31, 2024. At the time of the Sponsor Acquisition, the assets and liabilities of Bumble Holdings were adjusted to fair value on the closing date of the business combination for both financial reporting and income tax purposes. As a result of the IPO, we inherited certain tax benefits associated with this stepped-up basis (“Common Basis”) created when certain pre-IPO owners acquired their interests in Bumble Holdings in the Sponsor Acquisition. This Common Basis entitles us to the depreciation and amortization deductions previously allocable to the pre-IPO owners. Based on current projections, we anticipate having sufficient taxable income to be able to realize the benefit of this Common Basis and have recorded a tax receivable agreement liability to related parties of $419.3 million related to these benefits as of March 31, 2024. To the extent that we determine that we are able to realize the tax benefits associated with the basis adjustments and net operating losses, we would record an additional liability of $290.5 million for a total liability of $709.8 million. If, in the future, we are not able to utilize the Common Basis, we would record a reduction in the tax receivable agreement liability to related parties that would result in a benefit recorded within our consolidated statements of operations. During the three months ended March 31, 2024, our tax receivable agreement liability decreased by a net $10.9 million due to the following: (1) a $23.1 million decrease from tax receivable agreement payments made during the period ended March 31, 2024, and (2) an offsetting increase of $12.2 million, primarily due to the effects of the repurchase of Common Units in Bumble Holdings from Blackstone entities and the common stock repurchases completed in the first quarter of 2024.

Note 5 - Goodwill and Intangible Assets, net

Goodwill

The changes in the carrying amount of goodwill for the period presented are as follows (in thousands):

 

Balance as of December 31, 2023

 

$

1,585,750

 

Foreign currency translation adjustment

 

 

(908

)

Balance as of March 31, 2024

 

$

1,584,842

 

 

There were no impairment charges recorded for goodwill for the three months ended March 31, 2024 and 2023.

Intangible Assets, net

A summary of the Company’s intangible assets, net is as follows (in thousands):

 

14


 

 

 

March 31, 2024

 

 

 

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Accumulated
Impairment Losses

 

 

Net
Carrying
Amount

 

 

Weighted-
Average
Remaining
Useful
Life (Years)

 

Brands - indefinite-lived

 

$

1,511,269

 

 

$

 

 

$

(141,000

)

 

$

1,370,269

 

 

Indefinite

 

Brands - definite-lived

 

 

42,479

 

 

 

(5,997

)

 

 

 

 

 

36,482

 

 

 

12.0

 

Developed technology

 

 

249,380

 

 

 

(206,248

)

 

 

 

 

 

43,132

 

 

 

0.9

 

User base

 

 

113,742

 

 

 

(113,220

)

 

 

 

 

 

522

 

 

 

0.5

 

White label contracts

 

 

33,384

 

 

 

(6,953

)

 

 

(26,431

)

 

 

 

 

 

 

Other

 

 

30,008

 

 

 

(10,723

)

 

 

 

 

 

19,285

 

 

 

3.8

 

Total intangible assets, net

 

$

1,980,262

 

 

$

(343,141

)

 

$

(167,431

)

 

$

1,469,690

 

 

 

 

 

 

 

December 31, 2023

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Accumulated Impairment Losses

 

 

Net
Carrying
Amount

 

 

Weighted-
Average
Remaining
Useful
Life (Years)

 

Brands - indefinite-lived

 

$

1,511,269

 

 

$

 

 

$

(141,000

)

 

$

1,370,269

 

 

Indefinite

 

Brands - definite-lived

 

 

43,309

 

 

 

(5,301

)

 

 

 

 

 

38,008

 

 

 

12.3

 

Developed technology

 

 

249,470

 

 

 

(193,777

)

 

 

 

 

 

55,693

 

 

 

1.1

 

User base

 

 

113,760

 

 

 

(113,154

)

 

 

 

 

 

606

 

 

 

0.5

 

White label contracts

 

 

33,384

 

 

 

(6,953

)

 

 

(26,431

)

 

 

 

 

 

 

Other

 

 

28,549

 

 

 

(8,835

)

 

 

 

 

 

19,714

 

 

 

3.9

 

Total intangible assets, net

 

$

1,979,741

 

 

$

(328,020

)

 

$

(167,431

)

 

$

1,484,290

 

 

 

 

 

Amortization expense related to intangible assets, net for the three months ended March 31, 2024 and 2023 was $15.3 million and $14.3 million, respectively.

Note 6 - Restructuring Charges

On February 27, 2024, the Company announced that it adopted a restructuring plan (the “Restructuring Plan”) to reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. As a result, we expect to incur approximately $20.0 million to $22.0 million of non-recurring charges during the first three quarters of 2024, consisting primarily of employee severance, benefits, and related charges for impacted employees. The Restructuring Plan is expected to be completed in the third quarter of 2024. The following table presents the total restructuring charges by function (in thousands):

 

 

 

 

 

Three Months Ended March 31, 2024

 

Cost of revenue

 

 

 

$

920

 

Selling and marketing

 

 

 

 

3,084

 

General and administrative

 

 

 

 

4,591

 

Product development

 

 

 

 

8,021

 

     Total

 

 

 

$

16,616

 

 

As of March 31, 2024, the $13.9 million remaining restructuring liability consists primarily of accrued severance costs, which are included in "Accrued expenses and other current liabilities" in the accompanying condensed consolidated balance sheets.

 

The following table summarizes the restructuring-related liabilities (in thousands):

 

 

 

Employee Related Benefits

 

 

Other

 

 

Total

 

Balance as of December 31, 2023

 

$