UNITED STATES
証券取引委員会
ワシントンDC 20549
フォーム
（表1）
証券取引法第13条または15(d)条に基づく四半期報告書 |
四半期間
OR
移行期間： から まで |
移行期間：__________から__________まで
報告書番号：
（登記事項で指定された）登録者の正式名称
（設立または組織の州またはその他の管轄区域） （I.R.S.雇用者識別番号） |
（I.R.S. 雇用主識別番号） |
(主要執行オフィスの住所) |
（郵便番号） |
登録者の電話番号（地域コードを含む）: (
法第12条（b）に基づく登録証券
各クラスの名称 |
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取引 シンボル |
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登録されている各取引所の名称 |
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登録者(1)は、前の12ヶ月間（または登録者がそのような報告書を提出することが必要だった期間が短い場合はそれ以下の期間）に、証券取引法第13条または15(d)条によって提出する必要があったすべての報告書を提出したかどうか、および(2)は過去90日間にわたってそのような報告書の提出要件を受けていたかどうかをチェックマークで示します。
規定の不動産市場規制 (本章の§232.405) に従い、過去12か月間のすべてのインタラクティブデータファイルを電子提出したかをチェックマークで示してください。
規制第1202条における「大口加速申請者」「加速申請者」「小規模報告会社」「新興成長会社」の定義については、チェックマークによって示します。取引所法の定義については、「大口加速申請者」「加速申請者」「小規模報告会社」「新興成長企業」を参照してください。
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加速ファイラー |
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非加速ファイラー |
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レポート義務のある中小企業 |
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新興成長企業 |
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新興成長企業の場合は、註記欄にチェックマークを付けてください。申請者は、証券取引法第13(a)条に基づく新しいまたは改訂された財務会計基準の遵守のために延長された移行期間を使用しないことを選択しましたか。 ☐
配当金がない会社であることを示す場合は、はいのボックスをマークしてください。 ☐ いいえ
2024年10月31日時点で、バンブル社は
前方向きの声明に関する特記事項
この第10-Qフォームに関する四半期報告書、またはこの四半期報告書には、1995年の民事訴訟改革法に基づく「前向きな見通しに関する声明」が含まれています。これらの前向きな見通しの声明は、Bumble Inc.の経営陣が、業務、財務パフォーマンス、業種およびビジネスに関する現在の見解を反映しています。前向きな見通しの声明には、全ての歴史的事実でない声明が含まれます。一部の場合、これらの前向きな見通しの声明を、「見通し」、「信じる」、「期待する」、「潜在的」、「継続する」、「するかもしれない」、「するべきだ」、「できるだろう」、「求める」、「予測する」、「意図する」、「動向」、「計画」、「見積もる」、「予想する」、「予測し、」、「可能性が高い結果」などの言葉の使用によって識別できます。 またはこれらの言葉の負のバージョン、または将来または前向きな性質の他の類似の言葉。このような前向きな見通しの声明は、さまざまなリスクと不確実性にさらされています。したがって、これらの声明に示されている実際の結果や結果が異なる要因があるかまたはある可能性があります。これらの要因には、以下のものが含まれます：
当社が直面するこれらおよびその他のリスクおよび不確実性に関する詳細は、2023年12月31日に終了した当社の年次報告書の第I部の“Item 1A—リスクファクター”を参照してください（“2023年フォーム10-K”）。これらの要因は総括的とみなすべきではなく、上記の重要な要因がすべてを含んでいるとは限らないことを注意喚起いたします。 Bumble Inc.は、新しい情報、将来の展開、その他に結果何らかの理由で法律に基づき義務を負う限り、前向きな発言を公開的に更新または再検討する義務はありません。
1
Webサイトおよびソーシャルメディア開示
当社は、企業情報を配信するために、弊社のウェブサイト（www.bumble.comおよびir.bumble.com）や時折弊社の企業Xアカウント（以前はTwitterとして知られていました）（@bumble）およびリンクトイン（www.linkedin.com/company/bumble）を利用しています。これらのチャンネルを通じて掲載される情報は重要と見なされる場合があります。したがって、投資家は弊社のプレスリリース、証券取引委員会（"SEC"）のファイリング、公開会議およびウェブキャストに加えて、これらのチャンネルを確認する必要があります。さらに、ir.bumble.comの“E-mail Alerts”セクションを訪れてEメールアドレスを登録することで、Bumbleに関する電子メールアラートやその他の情報を自動的に受け取ることができます。弊社のウェブサイトおよびソーシャルメディアチャンネルの内容は、ただし、この四半期報告書フォーム10-Qの一部ではありません。
一定の定義。
本四半期報告書では、特に明記されていない限り、または文脈から要求される他の場合を除き、以下の用語は次の意味を持ちます。弊社の主要指標（バンブルアプリの有料ユーザー数、バドゥアプリおよびその他の有料ユーザー数、トータル有料ユーザー数、バンブルアプリの平均有料ユーザー当たり売上、バドゥアプリおよびその他の平均有料ユーザー当たり売上、およびトータル平均有料ユーザー当たり売上）は、オフィシャル、広告、パートナーシップまたは提携先から生成された有料ユーザーおよび売上を除外して計算され、2023年第四四半期以前の期間については、Fruitzから生成された有料ユーザーおよび売上も除外されています。2023年第四四半期から、Fruitzから生成された有料ユーザーおよび売上が当社の主要運営指標に含まれています。ジュネーブは2024年9月30日現在、売上を生成しないアプリであり、主要運営指標から除外されています。
2
3
目次
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ページ |
第一部分 |
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アイテム1. |
5 |
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5 |
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6 |
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7 |
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8 |
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12 |
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13 |
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アイテム2. |
31 |
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項目3。 |
47 |
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項目4. |
47 |
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知られているおよび未知の多数のリスクおよび不確定要因の結果として, 当社の実際の結果やパフォーマンスは、これらの前向きの声明によって発表された結果と大きく異なる場合があります。実際の結果が異なる可能性のある要因については、Part II、Item 1Aの「リスクファクター」およびSECへのその他の提出に記載されています。 |
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アイテム1. |
48 |
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項目1A。 |
48 |
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アイテム2. |
48 |
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項目5。 |
49 |
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項目6。 |
50 |
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51 |
4
パートI—FINANCI財務情報
項目1財務諸表（未監査）.
バンブル株式会社
コンデンスドコンソリダ縮小されたバランスシート
(千単位、株および1株当たりの情報を除く)
(未監査)
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2024年9月30日 |
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2023年12月31日 |
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資産 |
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現金及び現金同等物 |
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$ |
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$ |
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Accounts receivable（債権（債権引当金を除く）$ |
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その他の流動資産 |
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流動資産合計 |
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使用権資産 |
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固定資産および設備（償却累計額$」 |
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のれん |
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無形資産、純額 |
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繰延税金資産、純額 |
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その他の非流動資産 |
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総資産 |
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$ |
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$ |
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負債および株主資本 |
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支払調整 |
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$ |
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$ |
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前払収益 |
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発生利息およびその他流動負債 |
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長期借入金の流動割 |
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流動負債合計 |
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長期借入金（純額） |
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繰延税金負債（純額） |
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税金受取契約に基づく関連会社への支払い可能 |
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その他の長期負債 |
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負債合計 |
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株主資本: |
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普通株式A類（株価$ |
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普通株式B類（株価$ |
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優先株（帳面価額$ |
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追加の資本金 |
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自己株式 ( |
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( |
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( |
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累積欠損 |
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( |
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( |
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累積その他の包括利益 |
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バンブル株式会社の株主資本合計 |
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非支配株主持分 |
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総株主資本 |
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負債および株主資本の合計 |
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$ |
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$ |
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添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
5
バンブル株式会社
現金フローの簡略化された連結財務諸表損益計算書
（千の位を除く、1株当たりの情報を除く）
(未監査)
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
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すべて投信 |
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売上高 |
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$ |
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$ |
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$ |
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$ |
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運営コストと経費: |
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売上高の原価 |
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販売およびマーケティング費用 |
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一般および管理費用 |
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製品開発費 |
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減価償却費および償却費 |
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減損損失 |
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総運営費用および費用 |
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営業利益（損失） |
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金利費用、純額 |
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( |
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( |
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その他の収益（費用）、純額 |
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( |
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所得税前利益（損失） |
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事業税調整前当期純利益 |
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( |
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( |
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( |
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( |
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純利益（損失） |
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( |
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( |
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親会社に帰属する非支配持分に帰属する純利益（損失） |
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( |
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( |
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親会社に帰属するバンブル社株主に帰属する純利益（損失） |
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$ |
( |
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$ |
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$ |
( |
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$ |
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親会社に帰属するバンブル社株主に帰属する一株当たり純利益（損失） |
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一株当たり純利益（損失） |
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$ |
( |
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$ |
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$ |
( |
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$ |
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希薄化後一株当たり純利益（損失） |
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$ |
( |
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$ |
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$ |
( |
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$ |
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添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
6
バンブル株式会社
連結貸借対照表総合業務の財務諸表
営業活動によるキャッシュフロー：
(未監査)
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
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すべて投信 |
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純利益（損失） |
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$ |
( |
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$ |
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$ |
( |
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$ |
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その他の包括的損失（税引き後）： |
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為替差損益の変動 |
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( |
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( |
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( |
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( |
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税調整後その他の総損失 |
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( |
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( |
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( |
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( |
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包括利益（損失） |
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( |
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( |
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非支配持分に帰属する総合利益(損失) |
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( |
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( |
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バンブル株式会社株主に帰属する包括利益（損失） |
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$ |
( |
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$ |
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$ |
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$ |
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添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
7
バンブル株式会社
コンデンスドコンソリダ株主資本の変動計算書
2024年9月30日を終了した3ヶ月
(千ドル単位、1株当たり金額以外)
(未監査)
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クラスA |
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B種普通株式 |
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追加 |
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財務省 |
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累積 |
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累積 |
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トータル バンブル 株主 |
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非支配株主持分 |
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総計 |
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株式 |
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数量 |
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株式 |
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数量 |
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2002年に設立されたKingSett Capitalは、機関投資家と超高純資産のクライアントとの共同投資で、持続可能でプレミアムなリスク加重リターンを提供する、カナダをリードするプライベートエクイティ不動産会社です。KingSettは、グローバル不動産サステナビリティベンチマーク（GRESB）調査において、リストに掲載されていない同業種の純財産部門で第1位、北アメリカの多様化したオフィス/リストに掲載されていない純財産部門で第2位にランクインし、持続可能性への取り組みが評価されました。業界のリーダーとして、KingSettは不動産セクターを前進させ、様々な不動産物件、開発、共同事業、住宅ローンの新しい投資機会を探し続けることに専念しています。 |
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株式 |
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数量 |
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赤字 |
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純実現短期キャピタルゲイン |
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株式 |
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インタレスト |
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株式 |
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2024年6月30日時点の残高 |
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$ |
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$ |
— |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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最終損失 |
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— |
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— |
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— |
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— |
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株式報酬費用 |
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— |
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普通株式の取引による税金受取契約の影響 |
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制限株のキャンセル |
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— |
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— |
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— |
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|
税金控除のために差し引かれたシェアを差し引いた発行された制限株ユニット |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
( |
) |
|
( |
) |
||||
普通株式への一般単位の交換 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
( |
) |
|
— |
|
|||
普通株式の購入 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
( |
) |
|
— |
|
|
— |
|
|
( |
) |
|
|
|
( |
) |
|||
普通株式の購入 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
|
|
— |
|
|
パートナーシップ税の配当 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
( |
) |
|
|
|
( |
) |
|
その他の包括的損益、純額 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
2024年9月30日の残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
8
バンブル株式会社
財務諸表要約：株主資本の変動表
2023年9月30日までの3ヶ月間
(千ドル単位、1株当たり金額以外)
(未監査)
|
クラスA |
|
B種普通株式 |
|
追加 |
|
財務省 |
|
累積 |
|
累積 |
|
トータル バンブル シェアの株主 |
|
非支配株主持分 |
|
総計 |
|
||||||||||||||||||
|
株式 |
|
数量 |
|
株式 |
|
数量 |
|
2002年に設立されたKingSett Capitalは、機関投資家と超高純資産のクライアントとの共同投資で、持続可能でプレミアムなリスク加重リターンを提供する、カナダをリードするプライベートエクイティ不動産会社です。KingSettは、グローバル不動産サステナビリティベンチマーク（GRESB）調査において、リストに掲載されていない同業種の純財産部門で第1位、北アメリカの多様化したオフィス/リストに掲載されていない純財産部門で第2位にランクインし、持続可能性への取り組みが評価されました。業界のリーダーとして、KingSettは不動産セクターを前進させ、様々な不動産物件、開発、共同事業、住宅ローンの新しい投資機会を探し続けることに専念しています。 |
|
株式 |
|
数量 |
|
赤字 |
|
純実現短期キャピタルゲイン |
|
株式 |
|
インタレスト |
|
株式 |
|
||||||||||||
2023年6月30日現在の残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
純利益 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
||||
株式報酬費用 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
||||
制限株の取り消し |
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
発行された制限株式ユニット、税金控除後のシェアを差し引いた純額 |
|
|
|
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
||
普通株式のクラスA普通株式への交換 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
非支配出資者への配当 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
その他の包括的損益、純額 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
2023年9月30日の残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
9
バンブル株式会社
財務諸表要約：株主資本の変動表
2024年9月30日を終了した9か月間
(千ドル単位、1株当たり金額以外)
(未監査)
|
クラスA |
|
B種普通株式 |
|
追加 |
|
財務省 |
|
累積 |
|
累積 |
|
トータルバンブル株式会社 |
|
非支配株主持分 |
|
総計 |
|
||||||||||||||||||
|
株式 |
|
数量 |
|
株式 |
|
数量 |
|
2002年に設立されたKingSett Capitalは、機関投資家と超高純資産のクライアントとの共同投資で、持続可能でプレミアムなリスク加重リターンを提供する、カナダをリードするプライベートエクイティ不動産会社です。KingSettは、グローバル不動産サステナビリティベンチマーク（GRESB）調査において、リストに掲載されていない同業種の純財産部門で第1位、北アメリカの多様化したオフィス/リストに掲載されていない純財産部門で第2位にランクインし、持続可能性への取り組みが評価されました。業界のリーダーとして、KingSettは不動産セクターを前進させ、様々な不動産物件、開発、共同事業、住宅ローンの新しい投資機会を探し続けることに専念しています。 |
|
株式 |
|
数量 |
|
赤字 |
|
純実現短期キャピタルゲイン |
|
株式 |
|
インタレスト |
|
株式 |
|
||||||||||||
2023年12月31日現在残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
最終損失 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
株式報酬費用 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
||||
普通株式の取引による税金受取契約の影響 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
( |
) |
制限株の取り消し |
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
|
|
— |
|
|
発行された制限株式ユニット、税金控除後のシェアを差し引いた純額 |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
( |
) |
|
( |
) |
||||
普通株式のクラスA普通株式への交換 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
( |
) |
|
— |
|
|||
普通株式の購入 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
( |
) |
|
— |
|
|
— |
|
|
( |
) |
|
|
|
( |
) |
|||
普通株式の購入 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
|
|
( |
) |
|
パートナーシップ税の配当 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
その他の包括的損益、純額 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
2024年9月30日の残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
10
バンブル株式会社
要約連結株主資本変動計算書
2023年9月30日に終了した9か月間
（千単位、1株あたりの金額を除く）
(未監査)
|
クラス A |
|
クラス B |
|
[追加] |
|
財務省 |
|
累積 |
|
累積 |
|
トータル・バンブル株式会社 |
|
非制御 |
|
合計 |
|
||||||||||||||||||
|
株式 |
|
金額 |
|
株式 |
|
金額 |
|
資本 |
|
株式 |
|
金額 |
|
赤字 |
|
収入 |
|
エクイティ |
|
興味 |
|
エクイティ |
|
||||||||||||
2022年12月31日現在の残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
$ |
— |
|
$ |
— |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
純利益 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
||||
株式ベースの報酬費用 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
|
|
|
||
共通ユニットの交換による売掛金契約の影響 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
( |
) |
制限付株式の取り消し |
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
|
|
— |
|
|
発行された制限付株式ユニット、源泉徴収された株式を差し引いたもの |
|
|
|
|
|
— |
|
|
— |
|
|
( |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
||
普通単位をクラスA普通株式に交換 |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
( |
) |
|
— |
|
||||
非支配株主への分配 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
株式買戻し |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
( |
) |
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
その他の包括損失（税引後） |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
2023年9月30日現在の残高 |
|
|
$ |
|
|
|
$ |
— |
|
$ |
|
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
添付の注記は、これらの未監査の要約連結財務諸表の不可欠な部分です。
11
バンブル株式会社
概要連結現金フロー計算書
営業活動によるキャッシュフロー：
(未監査)
|
|
|
|
|||||
|
|
2024年9月30日までの9ヶ月間 |
|
|
すべて投信 |
|
||
営業活動によるキャッシュフロー: |
|
|
|
|
|
|
||
純利益（損失） |
|
$ |
( |
) |
|
$ |
|
|
純利益（損失）を営業活動に提供するための調整： |
|
|
|
|
|
|
||
減損損失 |
|
|
|
|
|
|
||
減価償却費および償却費 |
|
|
|
|
|
|
||
金利スワップの公正価値の変動 |
|
|
|
|
|
|
||
コンティンジェント・アウトライトの公正価値の変動 |
|
|
( |
) |
|
|
( |
) |
キャッシュレスリース料 |
|
|
|
|
|
|
||
税金受取契約の負債再評価費用 |
|
|
|
|
|
|
||
繰延税金 |
|
|
|
|
|
( |
) |
|
株式報酬費用 |
|
|
|
|
|
|
||
為替差損益、貸借対象金額の為替差損益等の差額 |
|
|
|
|
|
( |
) |
|
その他、当期純利益 |
|
|
( |
) |
|
|
|
|
資産および負債の変動： |
|
|
|
|
|
|
||
売掛金 |
|
|
|
|
|
( |
) |
|
その他の流動資産 |
|
|
( |
) |
|
|
( |
) |
支払調整 |
|
|
|
|
|
|
||
前払収益 |
|
|
( |
) |
|
|
|
|
法的負債 |
|
|
( |
) |
|
|
|
|
リース債務 |
|
|
( |
) |
|
|
( |
) |
発生利息およびその他流動負債 |
|
|
( |
) |
|
|
|
|
その他、当期純利益 |
|
|
|
|
|
|
||
営業活動によるキャッシュフロー |
|
|
|
|
|
|
||
投資活動によるキャッシュフロー： |
|
|
|
|
|
|
||
設備投資 |
|
|
( |
) |
|
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ビジネスの買収、受け取ったキャッシュを差し引いた金額 |
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無形固定資産の取得 |
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投資活動によるキャッシュフローの純流出 |
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当座借越償還 |
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非支配株主に支払われた配当 |
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株式自己取得 |
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普通株式の購入 |
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従業員の名目株式報酬にかかる源泉徴収税 |
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税金収受契約に基づく支払い |
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資金調達活動に使用された純現金流入額 |
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現金及び現金同等物に対する為替差損益 |
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現金及び現金同等物の純増減 |
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期首の現金及び現金同等物及び制限付き現金 |
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期末の現金及び現金同等物及び制限付き現金 |
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添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
12
バンブル株式会社
未検査の要約された財務諸表への注記財務諸表の注記
注記1 - 組織と発表の基本
会社概要
Bumble Inc.は、北米、ヨーロッパ、および世界各国のサービスを通じてオンラインの出会い系やソーシャルネットワーキングアプリを提供しています。Bumble Inc.は、所有および運営するウェブサイトやアプリを通じてこれらのサービスを提供しています。Bumble Inc.（以下「会社」または「Bumble」）は、2020年10月5日にデラウェア州の法人として設立され、初めての公開株式募集（「IPO」）および関連する取引を円滑に行い、Buzz Holdings L.P.（「Bumble Holdings」）およびその子会社の事業を運営するために設立されました。
IPOおよび再編取引の前、デラウェア州の有限パートナーシップであるBumble Holdings L.P.（「Bumble Holdings」）は、ブラックストーン社（「ブラックストーン」または当社の「スポンサー」）が運営する投資ファンドグループによってWorldwide Vision Limitedの過半数支配株式を取得するための資金調達車両として主に設立されました。先行してノープレスの事業を展開していた Bumble Holdingsに代わり、バミューダの特許免除有限会社であるWorldwide Vision LimitedがBumble Holdingsおよびその連結子会社の前身として見られています。
2021年2月16日に、会社はIPOを完了し、発行から得た資金を使用して、ブラックストーン社に関連するエンティティからClass A普通株式の株式を償還し、Bumble Holdingsの有限パートナーシップ出資（「コモンユニット」）を購入しました。
IPOに関連して、組織構造はブンブルインクとブンブルホールディングスの一般パートナーとなるブンブルインクによる傘下パートナーシップ・C法人に変換されました。再編取引は、共通コントロール下のエンティティ間の取引として計上されました。その結果、スポンサー取得後およびIPO前の期間および再編取引のために、これまでに分離されていたエンティティをプレゼンテーション目的のために統合するために、財務諸表が調整されました。ブンブルインクとして一般パートナーであるブンブルインクは、全ビジネスおよび事業を管理し、ブンブルホールディングスとその子会社を通じてビジネスを行います。ブンブルインクは、ブンブルホールディングスを連結財務諸表に合算し、再分類後に保有している普通株式持株者によって保有される普通株式と、連結財務諸表における継続インセンティブユニット保有者によって保有されるインセンティブユニットに関連する非支配的な利益を報告しています。
Common Unitのすべての未決済のCommon Unitを、Common Unit保有者によって締結された交換契約に基づいて1対1でClass A普通株式に交換することを前提とすると、Class A普通株式が発行され、
当レポートにおける「会社」、「私たち」、「弊社」、「我々」という表現はすべてブンブルインクを指します。
セカンダリーオファリング
2023年3月8日、当社はブラックストーンを代表してClass A普通株式の追加公開を完了し、
バンブルはセカンダリOfferingでは一切普通株式クラスAを売却せず、売却の収益は一切受け取っていませんでした。バンブルは、売却者であるブラックストーン売株株主および創立者による株式販売に関連する費用を、アンダーライティング割引を差し引いた金額で支払いました。
報告の基礎となる機関と統合
これらの注記に添付された監査されていない要約連結財務諸表には、会社、会社が完全所有するすべての実体、および会社が支配的な財務権益を有するすべての実体の財務諸表が含まれています。全てのグループ内取引と残高は除去されています。これらの監査されていない要約連結財務諸表は、米国で一般的に受け入れられている会計原則（通称GAAP）に準拠して作成されており、会社の2023年10-kの申請書に適用されているものと全体として一貫しています。これらの監査されていない要約連結財務諸表は、2023年10-kに含まれる連結財務諸表およびその注記と併せて読まれるべきです。
連結子会社における非支配持分は、会社に直接的または間接的に帰属しない子会社の資産（純資産）の部分を表すものです。非支配持分は、連結された資本の別成分として提示されます
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貸借対照表および純利益（損失）の表示が変更されて純利益と他の包括利益（損失）が支配的関心と非支配的関心に帰属する収益および損失の表示方法へ変更されました。企業の非支配的関心は実質的な利益分配契約を表し、利益および損失は支配的関心と非支配的関心に帰属し、帰属方法を使用しています。
2024年9月30日までの3か月および9か月にわたる要約連結株主資本計算書には、2023年12月31日までの年間および2024年6月30日までの6か月において普通株式および普通ユニットの買戻しに関連する非支配的関心、追加出資資本および自己株式に対する調整が含まれます。企業はこれらの調整を要約連結財務諸表には影響がないと判断し、以前に報告された連結損益計算書、包括損益計算書およびキャッシュ・フロー計算書に影響がないことを付記しました。
再分類
過去の一部金額は、現在の年度のプレゼンテーションに合わせて再分類されました。
注2 - 選択された重要な会計方針の概要
2024年9月30日までの9か月にわたり、新しい取引または新しい会計方針の採用により追加または変更された選択された重要な会計方針が以下に示されています。詳細な重要な会計方針のリストは、当社の2023年の10-K様式に注2を参照して、年次連結財務諸表内で提供されています。 選択された重要な会計方針の概要、2023年のForm 10-kに掲載された年次連結財務諸表内での選択された重要な会計方針の完全なリストについては、以下を参照してください。
見積もりの使用
GAAPに準拠した財務諸表の作成には、経営陣が資産や負債、収益、費用の報告額に影響を与える一部の判断、見積り、仮定を行う必要があります。会社の重要な見積りは、事業組合、資産の減損、法的紛争に関連する潜在的な義務、条件付きの報酬の公正価値、デリバティブの公正価値、株式報酬、税金受取契約、および法人税に関連します。
これらの見積りは、経営陣の最善の判断と見解に基づいています。実際の結果はこれらの見積りとは異なる場合があります。見積り、判断、仮定は継続的に評価され、経営陣の経験や将来の出来事の期待など、状況下で合理的と信じられる他の要因に基づいています。これらの仮定、判断、見積りに対する不確実性は、将来の期間に影響を受ける資産や負債の帳簿価額に重要な調整が必要となる結果を招く可能性があります。
現金、現金同等物および拘束された現金
現金及び現金同等物には、銀行の預金、手元資金、電子マネーアカウントの現金、週末預金、マネーマーケットファンドへの投資が含まれます。
2024年9月30日および2023年12月31日現在会社は、ロシアに保有する現金を、ロシア・ウクライナ紛争によって課された制裁のために制限された現金として分類しており、これは、添付の要約連結貸借対照表内の「その他の非流動資産」に含まれています。
グッドウィル減損損失
Goodwillは、取得した事業の購入価格が取得された純資産の公正価値を上回る超過金を表します。会社は、報告ユニットの公正価値が帳簿価額を下回る可能性が極めて高いと示す出来事や状況がある場合、毎年10月1日にGoodwillの減損テストを実施するか、より頻繁にテストを実施します。
各年の減損テストでは、会社はまず、報告ユニットの公正価値が帳簿価額を下回る可能性が極めて高いかどうかを定性的に評価する選択肢があります。定性的評価には以下を含むがこれに限られない：(i)マクロ経済状況の悪化や市場競争力の変化;(ii)キャッシュフローや原価要素の大幅な変化;(iii)資産の予定使用の変更;(iv)持続的な期間にわたる会社株価の大幅な下落;(v)会社の時価総額が帳簿価格に対して大きく変化したもの。
定性的評価の結果、報告ユニットの公正価値が帳簿価額を下回る可能性が極めて高い（つまり、50％以上の確率）と会社が判断した場合、報告ユニットの公正価値を推定することによる数量的テストを実施します。報告ユニットの帳簿価額がその公正価値を超えている場合、会社は報告ユニットの帳簿価額を公正価値を超える差額、Goodwillの簿価を超えない範囲内で記録します。
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あるいは、会社が定性評価を迂回して、直接定量的評価を行うことも許可されています。
当社は、報告単位の公正価値を見積もる際に、収益アプローチと市場アプローチの両方を考慮しています。収入アプローチでは、割引キャッシュフロー分析を利用しています。市場アプローチでは、比較可能な公開企業情報と主要な評価倍数を活用し、該当する場合は市場支配プレミアムとガイドライン取引を考慮します。報告単位の推定公正価値は、収益成長率、割引率、評価倍数を含むがこれらに限定されない、経営陣の見積もりや仮定の変化に非常に敏感です。
2024年9月30日に終了した3か月間で、当社はドルを記録しました
無期限無形資産の減損
当社は、償却されていない無形資産（つまり、無期限ブランド）の減損を資産レベルでテストします。無期限無形資産は、毎年10月1日から、または特定の状況で減損の可能性があることが示された場合は、より頻繁に減損検査を受けます。会社は定性評価を行い、資産の公正価値が帳簿価額を下回っている可能性が高いかどうかを判断します。無形資産が減損している可能性が高いと会社が判断した場合、資産の公正価値と帳簿価額を比較して定量的評価を行います。将来の予想キャッシュフローに基づく公正価値が帳簿価額を上回る場合、その資産は減損とは見なされません。帳簿価額が公正価値を超える場合、減損損失は、資産の帳簿価額を資産の公正価値を超えて超えた額に等しい金額で計上されます。
2024年9月30日に終了した3か月間で、当社はドルを記録しました
長期資産と期限付き無形資産の減損
主に資産や設備、使用権資産で構成される長期資産と、主に先進技術と期限付きブランドで構成される期限付き無形資産は、事象や状況により、そのような資産または資産グループの帳簿価額が回収できない可能性があることが判明した場合はいつでも、減損の有無が審査されます。資産グループは、識別可能なキャッシュフローが他の資産や負債のキャッシュフローからほとんど独立している最下位レベルです。そのような資産または資産グループの帳簿価額は、資産または資産グループの使用および最終的な処分から生じると予想される割引前のキャッシュフローの合計を超えると回収できません。帳簿価額が回収できないと判断された場合、減損損失は、資産または資産グループの帳簿価額が公正価値を上回った金額に等しくなります。長期資産と有期無形資産の残りの推定耐用年数は定期的に見直され、見積もりが修正された場合、未償却残高は修正後の推定耐用年数にわたって償却または減価償却されます。
2024年9月30日に終了した3か月間で、当社はドルを記録しました
株式買戻しプログラム
当社の自社株買戻しプログラムに従って買い戻された株式は自己株式として保有され、株主資本の減少分として添付の連結貸借対照表に反映されます。退職時に、自社株の買い戻しにより、株式の額面価格に基づいてクラスAの普通株式が減額され、買戻し価格が額面を上回った分だけ資本余剰が減ります。会社にまだ累積赤字が残っている場合は、額面額を超える超過分が「追加払込資本」に充当されます。会社が利益を留保すると、超過分はすべて利益剰余金に計上されます。
直接費用と物品税義務は、会社の要約連結財務諸表の買い戻し株式の費用に含まれます。その後の株式発行に伴う消費税義務の軽減は、以前に記録された物品税の調整として反映されます。
2023年5月、当社は取締役会が最大$の自社株買いプログラムを承認したと発表しました
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消費税の支払いを除く。2024年9月30日までの9か月間、会社は売り上げ高ユニットを買い戻しました。
収益認識
売上高は、主に継続的な定期購読とインアプ購入の形で得られています。定期購読の売上高は、税金、払い戻し、クレジットカードのチャージバックを差し引いた額で表示されます。この売上高は、最初に繰越し、該当する定期購読期間中に直線法を用いて認識されます。終身定期購読からの売上高は、加入者関係の平均見込み期間である現在の推定期間である12ヵ月にわたって繰延されます。インアプ機能の購入からの売上高は、使用状況と未使用のインアプ購入に関連する売上高の見込額に基づいて認識されます。未使用のインアプ購入料金は、基礎となる契約条件に基づいて期限切れとなり、重大な売上高の逆転が発生しない可能性が高い時点で収益として認識されます。会社はオンライン広告と提携からも収益を上げています。オンライン広告収益は広告が表示された時に認識されます。提携からの収益は提携の契約条件に従って認識されます。
2024年および2023年9月30日までの3か月および9か月間について、全収益の10%以上を占める顧客はいませんでした。
提示された期間にわたる全セクターのアプリ別売上高は、次の通りです（千単位）:
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
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バンブルアプリ |
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バドゥアプリおよびその他 |
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売上高全体 |
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前受収入
遅延売上高は、会社の業績が前もって受領されるか契約上支払われる前もって受領される前払金から構成されています。同社の遅延売上高は、各報告期末に契約ごとに報告されます。遅延売上高は、該当する契約期間の期間または業務引渡しの見込み完了が1年以下の場合、現在のものとして分類されます。遅延売上高残高は、2024年9月30日および2023年12月31日現在、いずれも現在の負債として分類されています。2024年9月30日および2023年までの3か月間にわたる $
リストラクチャー費用
再編成費用は、主に解雇手当、移転、資産減損、およびその他関連費用から構成されます。会社はこれらの費用の性質を評価し、それらが持続的な福利厚生手配に関連するかどうかを判断します。これらはASC712に基づいて処理されます。 報酬 - 非退職後給付、または一時的な給付契約であり、これらはASC 420に基づいて処理されます。 一度限りの利益の条件に当てはまるため、従業員の契約解除費用やその他のリストラ関連費用を含む、退去または廃棄活動に関連する費用の負債が発生した日に費用が認められます。ASC 420の規定が適用されます。ASC 420では、退去計画を承認する日ではなく、費用が発生した時点で負債を確立します。報告日ごとに、負債の評価が行われ、金額が適切であることが確認されます。。従業員の定期的な解雇給付については、従業員がそれらに資格がある可能性が高く、給付の金額が合理的に見積もられる場合、会社は負債を計上します。1回限りの従業員解雇コストは、経営陣が従業員に解雇計画を通知した時点で認識されます（将来の勤務が必要な場合は、コストは将来の勤務期間中に均等に認識されます）。その他の関連費用は支払日時に認識されます。組織再編費用は、各従業員の対応する業務に基づいて販売管理費として計上されます。組織再編費用の詳細については、「注釈6」を参照してください。 リストラクチャー費用、組織再編費用に関する追加情報については、参照してください。
まだ採用されていない最近の発行された会計原則
『2023-07 会計基準の更新』を公表し、主に重要なセグメント費用に関する開示を強化し、報告対象セグメント開示の改善を図ることを意図しています。本ガイダンスは、2023年12月15日以降開始する会計年度および2024年12月15日以降開始する会計年度内の中間期に遡及的に適用する必要があります。ただし、早期採用が許可される。本社は、財務諸表の開示に対する本ガイダンスの影響を現在評価中です。 セグメント報告（トピック280）：報告上のセグメント開示の改善ASU は、重要なセグメントの支出を開示することを要求することで、公的機関のセグメント開示を拡大します。これらは、通常最高執行責任者に定期的に提供されます。
16
全セクターのセグメント利益または損失の報告に含まれ、その構成要素とその他のセグメント項目に関する金額と説明、さらには報告義務のあるセグメントの利益または損失、資産の中間開示。ASU 2023-07は、2024年度と2025年第1四半期からの中間期間について有効となります。早期適用が許可されています。現在、会社は、このASUの採用が連結財務諸表と開示に及ぼす影響を評価しています。
2023年12月、FASBはASU 2023-09「所得税（課題740）：所得税開示の改善」を発行し、公開会社に対して、定量的閾値を超える調整項目の調整に対する追加情報を含む、有効税率調整の特定のカテゴリを開示することを要求することで、さらに拡大された開示を要求します。 ASU 2023-09は、2024年12月15日以降の会計年度に適用され、早期採用が許可されています。当社は、ASU 2023-09の採用が当社の連結財務諸表および関連する開示に与える影響を現在評価しています。所得税（トピック740）: 所得税開示の改善所得税率の調整と年次納税所得税の分割開示を提供することが求められます。ASU 2023-09は、2025年度から会社に適用されます。早期適用が許可されています。現在、会社は、このASUの採用が連結財務諸表と開示に及ぼす影響を評価しています。
2024年3月、FASbはASU 2024-01を発行しました。 報酬 - 株式報酬（トピック718）: 利益配当と類似した受賞の適用範囲 ASUにより、実体が類似の受賞がトピック718の適用範囲内かどうかを判断する方法が明確化されます。実体は、これらの修正を、財務諸表に提示される過去のすべての期間について溯れる適用または採用日以降に付与または修正された利益配当および類似の受賞に対して前向きな適用のいずれかを適用できます。前向きな適用を選択した場合、実体は会計原則の変更の性質と理由を開示しなければなりません。ASU 2024-01は、2025年第1四半期から会社に適用されます。現在、会社は、このASUの採用が連結財務諸表と開示に及ぼす影響を評価しています。
2024年11月、FASBはASU 2024-03を発行しました。 財務諸表 - 総合所得の報告 - 経費分解開示（サブトピック220-40）: 損益計算書の経費の分解 普通に提示される経費キャプションのより詳細な情報を提供することにより、経費の開示を改善することを目的としています。規格は経費を従業員の報酬や減価償却費および償却費に関連する費用などの特定のカテゴリに分解することを要求し、量的に分解されない関連経費キャプションに残っている金額の質的な説明も含まれます。このASUでは、販売費用の総額と、年次報告期間において、販売費用の会社の定義も開示することが義務付けられています。ASU 2024-03は、2027会計年度を始めとする会社に対して適用され、2028会計年度を始めとする中間期間についても、有効日以降の報告期間に発行された財務諸表に対しては将来的にまたは過去にすべて遡及的に適用されます。早期適用が認められています。会社は、このASUの採用が連結財務諸表の開示に与える影響を現在評価しています。
その他、最近発行された会計基準の適用性と影響を検討しています。当社の開示で特に識別されていない最近の会計基準は当社には適用されません。
注記3 - 法人税
当社は米国連邦および州所得税の対象であり、Bumble Holdingsの任意の純課税所得について米国連邦および一定の州管轄区域の統合所得税申告を提出します。Bumble Holdingsの子会社も、それらが運営している外国管轄区域で法人税の対象となります。
2024年9月30日までの3か月および9か月間、当社の実効税率は (
2023年9月30日終了の3か月と9か月間における、当社の実効税率は
注4 - 税金受取契約に基づく関係者への支払
再編取引と当社のIPOに関連して、私たちは私たちのIPO前の所有者の一部と税金受取契約を締結しました。これにより、当社はこのようなIPO前の所有者に支払いを行うこととなります。
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
17
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 $
ノート5 - 商標権および無形資産、純額
のれん
提示期間中の商標権の帳簿価額の変動は、次の通りです（千円単位）：
|
|
総帳簿価額 |
|
|
累積減損損失 |
|
|
純簿価額 |
|
|||
2023年12月31日現在残高 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
減価償却費用 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
外国通貨の為替調整 |
|
|
|
|
|
|
|
|
|
|||
2024年9月30日の残高 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
2024年9月30日までの3ヶ月間、企業は、報告ユニットの公正価値が帳簿価額よりも大幅に下回る可能性が高いことを示す潜在的な減損誘発事象を特定しました。これらの誘発事象には、企業の修正された2024年の展望が含まれていました。 および2024年第3四半期に持続した企業の株価と時価総額の減少。ASC 350「無形資産-のれんおよびその他」に基づいて、企業は数量的なのれんの減損テストを実施しました。報告ユニットの公正価値は、ディスカウントキャッシュフローモデルを用いたキャッシュフロー割引法と、公開企業のガイドラインを用いた市場アプローチの組み合わせを使用して見積もられました。これらの評価アプローチには、収益成長率、ディスカウント率、および評価倍率など、期待されるキャッシュフローの時期と額に関するさまざまな仮定を行う必要があります。この減損テストの結果、企業は2024年9月30日までの3か月および9か月間において、のれん減損損失を認識しました$
無形資産純額
会社の無形資産、純額の概要は次の通りです（単位：千）：
|
|
2024年9月30日 |
|
|
|
|
||||||||||||||
|
|
手数料 |
|
|
累積 |
|
|
累積 |
|
|
収益 |
|
|
加重平均 |
|
|||||
ブランド - 無定の存続期間 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
不特定多数 |
|
||||
ブランド - 有定の存続期間 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||
開発された技術 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|||
ユーザーベース |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
|
|
|
|||
ホワイトラベル契約 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
— |
|
||
他 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
無形資産合計、純額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
|
|
|||
18
|
|
2023年12月31日 |
|
|||||||||||||||||
|
|
手数料 |
|
|
累積 |
|
|
累積減損損失 |
|
|
収益 |
|
|
加重平均 |
|
|||||
ブランド - 無定の存続期間 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
不特定多数 |
|
||||
ブランド - 有定の存続期間 |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
|
|
|
|||
開発された技術 |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
|
|
|
|||
ユーザーベース |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
|
|
|
|||
ホワイトラベル契約 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
— |
|
||
他 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
無形資産合計、純額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
|
|
|||
2024年9月30日までの3か月間において、企業の株価と時価総額の下落は、企業の無期限ライフアセットの実質価値が損耗価値を下回る可能性があることを示しています。企業は、管理側の仮定に基づくロイヤルティ免除方法により、無期限ライフアセットの実質価値を評価しました。この評価手法により、企業は、期待されるキャッシュフローのタイミングや金額に関するさまざまな仮定、収益成長率、ロイヤリティ率、および割引率などの様々な仮定を行う必要がありました。その結果、企業は$の減損費用を認識しました。
Additionally, the Company assessed the recoverability of our long-lived assets and definite-lived intangible assets at the asset group level and determined that the carrying value of the Fruitz asset group was not recoverable. The Company then evaluated the fair value of the Fruitz asset group using a discounted cash flow method, which required the Company to make various assumptions, including, but not limited to, the revenue growth rate and discount rate. As a result of this impairment test, the Company recognized $
多くの主張があり、私はすべてを調べていなかったので、判断を下しませんでした。ただし、確認した特定の項目は、事実に基づいているように見えました。
On July 1, 2024, the Company completed the acquisition of Geneva Technologies, Inc. (“Geneva”) for total cash consideration of $
2024年9月30日および2023年に終了した3か月間の無形資産に関連する償却費でした$
2024年9月30日時点で、有形固定資産の償却費（千ドル単位で）の見積もりは次のとおりです
2024年の残りの期間 |
|
$ |
|
|
2025 |
|
|
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
2028年以降 |
|
|
|
|
総計 |
|
$ |
|
ノート6-リストラクチャリング料金
2024年2月27日、会社はリストラクチャリングプラン（「リストラクチャリングプラン」）を採用したことを発表しました。そのグローバル従業員を約 役職減らすために
19
2024年第3四半期までの総非経常費用のうち、従業員の一掃、手当、および影響を受ける従業員に関する費用を中心としている。.
|
|
|
|
2024年9月30日終了の3か月間 |
|
|
2024年9月30日までの9ヶ月間 |
|
||
売上高の原価 |
|
|
|
$ |
( |
) |
|
$ |
|
|
販売およびマーケティング費用 |
|
|
|
|
( |
) |
|
|
|
|
一般管理費用 |
|
|
|
|
|
|
|
|
||
製品開発 |
|
|
|
|
|
|
|
|
||
Total |
|
|
|
$ |
|
|
$ |
|
||
会社は、3か月間の間にGoodwill減損損失を計上していませんでした。
従業員関連給付
|
|
百万ドルの再編責任の主たる残高は、主に引き続き発生する解雇手当費用で構成されており、付随する簡易合算貸借対照表の「未払費用およびその他の流動負債」に含まれています。 |
|
|
他 |
|
|
総計 |
|
|||
2023年12月31日現在残高 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
リストラの費用 |
|
|
|
|
|
|
|
|
|
|||
現金支払い |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
2024年9月30日の残高 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Note 7 - その他の財務データ
取締役会に優先株を1つ以上のシリーズで発行し、その優先株の価格、権利、選好、特権、および制限を株主の追加の投票や行動なしに指定する権限を付与する。
その他の流動資産は以下の残高で構成されています（千円単位で）:
|
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
キャピタル化されたアグリゲータ手数料 |
|
$ |
|
|
$ |
|
||
前払金 |
|
|
|
|
|
|
||
その他の流動資産 |
|
|
|
|
|
|
||
その他の流動資産の合計 |
|
$ |
|
|
$ |
|
||
未払費用及びその他流動負債は、以下の残高（千円単位）から成り立っています：
|
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
法的負債 |
|
$ |
|
|
$ |
|
||
給与および関連費用 |
|
|
|
|
|
|
||
マーケティング費用 |
|
|
|
|
|
|
||
専門家料金 |
|
|
|
|
|
|
||
リース債務 |
|
|
|
|
|
|
||
法人税支払企業 |
|
|
|
|
|
|
||
コンティンジェントな譲渡先に対する支払い義務 |
|
|
|
|
|
|
||
税金受取契約に基づく関連会社への支払い可能 |
|
|
|
|
|
|
||
その他の未払い費用およびその他の支払い勘定 |
|
|
|
|
|
|
||
未払費用及びその他流動負債合計 |
|
$ |
|
|
$ |
|
||
その他の長期負債は、以下の残高で構成されています（千円単位）：
|
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
リース債務 |
|
$ |
|
|
$ |
|
||
その他の負債 |
|
|
|
|
|
|
||
その他の負債合計 |
|
$ |
|
|
$ |
|
||
20
ノート8 - 公正価値測定
以下の表は、会社の金融機器を再発生的に公正価値で測定したもの（千単位で）を示しています。
|
|
2024年9月30日 |
|
|||||||||||||
|
|
派生負債 - 先物買付契約 |
|
|
レベル2 |
|
|
レベル3 |
|
|
公正価値合計 |
|
||||
資産: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金同等物 - すべて投信 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
デリバティブ商品 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
株式投資 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
負債: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
コンティンジェントな譲渡先に対する支払い義務 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
2023年12月31日 |
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派生負債 - 先物買付契約 |
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レベル2 |
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レベル3 |
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公正価値合計 |
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資産: |
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現金同等物 - すべて投信 |
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$ |
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$ |
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$ |
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$ |
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デリバティブ商品 |
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株式証券への投資 |
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$ |
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$ |
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$ |
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$ |
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負債: |
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コンティンジェントな譲渡先に対する支払い義務 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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2024年9月30日から2023年12月31日までの間に段階間の振替はありませんでした。
売掛金、買掛金、所得税未払い、未払い経費、およびその他の支払いの帳簿価額は、これらの有価証券の短期満期により公正価値に近いです。
企業は債務の利子率変動からのキャッシュフロー変動に関連するリスクを管理するために金利デリバティブ取引を使用しています。これらの取引は会計上ヘッジとして指定されておらず、「その他の流動資産」、「その他の固定資産」、「未払い経費およびその他の流動 pass負債」または「その他の長期負債」に記録され、公正価値の変動は「その他の収益（費用）、純額」で認識されます。会社のデリバティブ資産は、観察可能な市場データ（レベル2）を使用して継続的に公正価値で測定され、合計されます。 $
会社のコンティンジェント・アーンアウト債務は、重要な観測不能インプット（レベル3）を使用して定期的に公正価値で計測され、それぞれ2024年9月30日および2023年12月31日時点で合計 $
2024年9月30日現在、そこにはWorldwide Vision Limitedの元株主に対する最大限度のアーンアウト支払いからなるコンティンジェント・コンシデレーション・アレンジメントがあります。
The Company classified contingent earn-out arrangements as liabilities at the time of the acquisition, as they will be settled in cash, and remeasures the fair values of the contingent earn-out liabilities each reporting period thereafter until settled. The fair value of the contingent earn-out liabilities are sensitive to changes in the stock price, discount rates and the timing of the future payments, which
21
業績メトリクスの将来の達成に基づいて推定されています。コンティンジェントな収益責任の公正価値の変化は、添付の簡易連結損益計算書の「一般管理費」に認識されます。コンティンジェントな収益責任の公正価値の変化は、 $(
非経常的に評価される資産と負債には、無期限の無形資産、長期資産、有限期間の無形資産、および資本金が含まれます。2024年9月30日までの３ヶ月間に、会社は無期限の無形資産に対して$
ノート9 - 負債
総負債は、以下の通りです（千の単位で）：
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2024年9月30日 |
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2023年12月31日 |
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2027年1月29日満期のテームローン |
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$ |
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$ |
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流動負債部分：18,876 |
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債務の流動部分の減少、純額 |
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合計長期債務、純額 |
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$ |
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$ |
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クレジット契約
2020年1月29日、Buzz Bidco LLC、Buzz Merger Sub Limited、Buzz Finco LLC（以下「借入者」という）成立、持分全体所有子会社、Buzz Merger Sub Limited、及びBuzz Finco LLC（以下「借入者」と称する）と会社は与信契約（以下「与信契約」と称する）を締結し、当該契約に基づき、当該契約に基づき、最大で＄
2020年10月19日、会社は与信契約への修正第1号に調印し、累積元本額 $
2023年3月20日、ベンチマークの廃止イベントに関連して、会社は与信契約に修正第2号（以下「修正番号2」という）に調印し、LIBORからSOFRに基づく確保された一夜物語の融資利率（以下「SOFR」）への移行を定めています。与信契約に定められたベンチマークの交換条項に基づき、修正番号2の規定に基づき、2023年3月31日からの利息期間開始を効力発生とし、LIBORをSOFRに基づく先見的な期間利率である「Term SOFR」に置き換え、SOFRに基づくクレジットスプレッド調整を含む
適用のある総合第一順位の純レバレッジ比率の計算に基づいて、Revolving Credit Facilityの借入に対する適用マージンは、
2024年9月30日時点でのオリジナル期間融資と増額期間融資の適用金利は再び
22
期間ファシリティの。回転式クレジットファシリティの未済残高の元金は、2025年1月29日の満期に満額で支払われるべきです。 2024年9月30日現在、および2024年9月30日終了時点で、会社は財務的債務規約に準拠していました。
注記10 - 1株あたりの収益（損失）
次の表には、会社の普通株式と希薄化後1株あたりの収益（損失）を計算するために使用される分子の調整が示されています（千万単位）：
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
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すべて投信 |
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分子: |
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純利益（損失） |
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$ |
( |
) |
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$ |
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$ |
( |
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$ |
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親会社に帰属する非支配持分に帰属する純利益（損失） |
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( |
) |
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( |
) |
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親会社に帰属するバンブル社株主に帰属する純利益（損失） |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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以下の表は、会社の希薄化後および希薄化後の一株当たり利益（損失）を示しています（単位：千、株数を除く）。
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
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すべて投信 |
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普通株式保有者に帰属する一株当たりの基本利益（損失） |
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分子 |
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バンブル株主に帰属する純利益（損失）の割り当て |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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参加証券に帰属する差引純利益（損失） |
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普通株主に帰属する純利益（損失） |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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分母 |
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普通株式発行済みクラスA株式の希薄化後の加重平均株式数 |
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普通株主に帰属する1株当たりの基本利益（損失） |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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普通株主に帰属する1株当たりの希薄化後の利益（損失） |
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分子 |
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バンブル・インク株主に帰属する純利益（損失）の割り当て |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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潜在的に希薄化する普通ユニットの換金に伴う普通株主に帰属する純利益（損失）の増加 |
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希薄化後利益（損失）のうち出資証券に帰属する部分 |
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普通株主に帰属する当期純利益（損失） |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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分母 |
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基本計算に使用される株式数 |
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希薄化後証券の加重平均効果を追加する |
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RSU |
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普通株式に換算すべき普通ユニット |
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希薄化後1株当たり利益（損失）の計算に使用される普通株式クラスAの加重平均株式数 |
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希薄化後の1株あたり利益（損失）普通株主に帰属 |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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23
希薄化後の利益（損失）1株あたり計算から除外された可能性のある希薄化証券を示す表は、その影響が希薄化を防ぐものであるため、あるいはその株式の発行が特定の条件の達成に依存しており、その条件が期間終了時点までに満たされなかったため、計算から除外されました:
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
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すべて投信 |
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時間経過型報酬オプション: |
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オプション |
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制限付き株 |
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RSU |
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インセンティブユニット |
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総時間ベスティング賞 |
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エグジットベスティング賞： |
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オプション |
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制限付きシェア |
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RSU |
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インセンティブユニット |
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合計の従業員退職ベスティング賞与 |
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総計 |
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ノート11 - ストックベースの報酬
株式報酬費用の合計は次のとおりでした:
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営業活動によるキャッシュフロー： |
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2024年9月30日終了の3か月間 |
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2023年9月30日終了の3か月間 |
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2024年9月30日までの9ヶ月間 |
|
|
すべて投信 |
|
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売上高の原価 |
|
$ |
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$ |
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$ |
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$ |
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販売およびマーケティング費用 |
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( |
) |
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一般および管理費用 |
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製品開発費 |
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在庫ベースの報酬費用の合計 |
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$ |
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$ |
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$ |
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$ |
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2024年9月30日までの3ヶ月および9ヶ月間における、株式報酬費用は2023年と同じ時期に比べて減少し、主に再編計画に関連する人員削減を含む解雇による放棄によるものです。
Bumble Holdingsのインセンティブユニット
以下の表は、バンブルホールディングスのインセンティブユニットに関する情報をまとめたものです:
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タイムベスト方式のインセンティブユニット |
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エグジットベスト方式のインセンティブユニット |
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数 |
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加重平均 |
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数 |
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加重平均 |
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214,150 |
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$ |
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$ |
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承諾されました |
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Vested |
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( |
) |
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( |
) |
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没収 |
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( |
) |
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( |
) |
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2024年9月30日現在未付与 |
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$ |
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$ |
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2024年9月30日現在、タイム・ベスティングインセンティブユニットに関連する未認識報酬コストの合計額は$
24
Bumble Inc.の普通株式クラスAの制限付株
以下の表は、会社内の制限付株に関する情報を要約しています:
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時間ベスト |
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退出ベスト |
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数 |
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加重平均 |
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数 |
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加重平均 |
|
||||
214,150 |
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$ |
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$ |
|
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承諾されました |
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Vested |
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( |
) |
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( |
) |
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没収 |
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( |
) |
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( |
) |
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2024年9月30日現在未付与 |
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$ |
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$ |
|
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As of September 30, 2024, total unrecognized compensation cost related to the Time-Vesting restricted shares was $
RSUs in Bumble Inc.
会社内のRSUsに関する情報を要約した表は次のとおりです:
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時間配分型RSU |
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退職配分型RSU |
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数 |
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加重平均 |
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数 |
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加重平均 |
|
||||
214,150 |
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$ |
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$ |
|
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承諾されました |
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Vested |
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( |
) |
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( |
) |
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没収 |
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( |
) |
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( |
) |
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2024年9月30日現在未付与 |
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$ |
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$ |
|
||||
2024年9月30日および2023年までの9ヶ月間にわたり、当該ベスト日時点でのベスト条件付株式の総公正価値は$
オプション
tの公正価値を計算するためには、以下の仮定が利用されました2024年9月30日までの9か月間に付与された時間経過型オプションの公正価値を計算するためには、以下の仮定が利用されました:
|
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2024年9月30日 |
変動 |
|
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予想期間 |
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無リスク利子率 |
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1ユニットあたりの公正価値 |
|
$ |
配当利回り |
|
25
以下の表は、時限付きストックオプションに関連する会社のオプション取引を要約しています。
|
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2024年9月30日 |
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|||||||||
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数 |
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加重平均 |
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加重平均 |
|
|||
2019年の株式報酬計画により発行された株式オプション数は10,744,406株です。 |
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$ |
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$ |
|
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承諾されました |
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行使 |
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破棄および期限切れ |
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( |
) |
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2024年9月30日現在の優れた業績 |
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2024年9月30日現在の行使可能 |
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$ |
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|
$ |
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|||
次の表は、企業のオプション活動を退職ベスティング株式オプションに関連付けて要約したものです。
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|
2024年9月30日 |
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|||||||||
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|
数 |
|
|
加重平均 |
|
|
加重平均 |
|
|||
2019年の株式報酬計画により発行された株式オプション数は10,744,406株です。 |
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|
|
|
$ |
|
|
$ |
|
|||
承諾されました |
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|
|
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|
|||
行使 |
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|
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|
|
|
|||
没収 |
|
|
( |
) |
|
|
|
|
|
|
||
2024年9月30日現在の優れた業績 |
|
|
|
|
|
|
|
|
|
|||
2024年9月30日現在の行使可能 |
|
|
|
|
$ |
|
|
$ |
|
|||
2024年9月30日現在、未認識賠償費用の合計は関連していますタイムベスティングオプションに関連する未認識の合計賠償費用は$
ノート12 - 関連取引
通常業務の過程で、当社は以下で説明するように関連当事者と取引を行います (数千単位で)。
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|
|
|
|
|
||||||
関連会社との関係 |
|
取引の種類 |
|
財務諸表の項目 |
|
2024年9月30日終了の3か月間 |
|
2023年9月30日終了の3か月間 |
|
|
2024年9月30日までの9ヶ月間 |
|
すべて投信 |
|
||||
他 |
|
マーケティング費用 |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|||||
他 |
|
モデレーター費用 |
|
|
|
|
|
|
|
|
|
|
|
|||||
他 |
|
広告収入 |
|
|
|
|
|
|
|
|
|
|
|
|||||
他 |
|
税金受取契約の負債再評価費用 |
|
|
|
( |
) |
|
|
|
|
( |
) |
|
|
|||
|
|
|
|
|
|
|
|
|
|
||
関係会社関係 |
|
取引の種類 |
|
財務諸表の項目 |
|
2024年9月30日 |
|
2023年12月31日 |
|
||
他 |
|
税金債権契約 |
|
税金受取契約に基づく関連会社への支払い可能 |
|
$ |
|
$ |
|
||
26
Payable to related parties pursuant to a tax receivable agreement
Concurrent with the completion of the IPO, the Company entered into a tax receivable agreement with pre-IPO owners including our Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders. See Note 4, Payable to Related Parties Pursuant to a Tax Receivable Agreement.
Other
The Company recognizes advertising revenues and incurs marketing expenses from Liftoff Mobile Inc. (“Liftoff”), a company in which Blackstone-affiliated funds hold a controlling interest. The Company uses TaskUs Inc. (“TaskUs”), a company in which Blackstone-affiliated funds holds more than
Share Repurchase
In December 2023, the Company and Bumble Holdings entered into an agreement with certain entities affiliated with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase approximately
Note 13 - Segment and Geographic Information
The Company operates as a operating segment. The Company’s chief operating decision maker is the Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about the Company’s revenue, for purposes of making operating decisions, assessing financial performance and allocating resources.
Revenue by major geographic region is based upon the location of the customers who receive the Company's services.
|
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||||||||||||||||||
United States |
|
$ |
|
|
|
% |
|
$ |
|
|
|
% |
|
$ |
|
|
|
% |
|
$ |
|
|
|
% |
||||||||
Rest of the world |
|
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|
|
|
% |
|
|
|
|
|
% |
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||
Total |
|
$ |
|
|
|
% |
|
$ |
|
|
|
% |
|
$ |
|
|
|
% |
|
$ |
|
|
|
% |
||||||||
The United States is the only country with revenues of
Note 14 - Commitments and Contingencies
The Company has entered into indemnification agreements with the Company’s officers and directors for certain events or occurrences. The Company maintains a directors and officers insurance policy to provide coverage in the event of a claim against an officer or director.
Litigation
We are subject to various legal proceedings, claims, and governmental inspections, audits or investigations arising out of our business which cover matters such as general commercial, consumer protection, governmental regulations, product liability, privacy, safety, environmental, intellectual property, employment and other actions that are incidental to our business, including a number of trademark proceedings, both offensive and defensive, regarding the BUMBLE, BADOO and FRUITZ marks.
These actions frequently seek putative damages that may significantly exceed our assessment of any reasonably possible loss from the resolution of such actions. We record a liability for legal claims when the Company determines that a loss is probable and the amount can be reasonably estimated, and, if the liability is material, we disclose the amount of the liability reserved. Except as otherwise disclosed below, while it is reasonably possible that a loss for a particular matter may be incurred in excess of recorded amounts as of September 30, 2024, a reasonable estimate of the amount or range of possible loss in excess of amounts already accrued cannot be made at this time.
27
These matters are subject to inherent uncertainties and it is possible that an unfavorable outcome of one or more of these legal proceedings or other contingencies could have a material impact on the business, financial condition, or results of operations of the Company.
Litigation Related to the Illinois Biometric Information Privacy Act (the “BIPA”)
In late 2021 and early 2022, four putative class action lawsuits were filed against the Company alleging that certain features of the Badoo or Bumble apps violate the Illinois BIPA. Each of these lawsuits allege that the apps used facial geometry scans in violation of BIPA’s authorization, consent, and data retention policy provisions. Plaintiffs in these lawsuits seek statutory damages, compensatory damages, attorneys’ fees, injunctive relief, and (in one action) punitive damages. The parties reached a proposed class action settlement in these lawsuits, which were consolidated on May 30, 2024. The settlement was preliminarily approved on June 6, 2024, and the Court entered a final approval order as to the settlement on October 24, 2024.
Between September 2023 and March 2024, the Company received approximately
An accrual has been made based on the probable and estimable loss in connection with the aforementioned class and individual matters. For the three and nine months ended September 30, 2024, we recorded
In February 2024, an additional class action lawsuit was filed in Illinois alleging that certain features of Bumble app violate BIPA. The case has been administratively terminated pending resolution of the plaintiff’s individual claims in arbitration.
Proceedings Related to the September 2021 Secondary Public Stock Offering (the “SPO”)
Six shareholder derivative complaints have been filed in the United States District Court for the Southern District of New York, United States District Court for the District of Delaware and Delaware Court of Chancery against the Company and certain directors and officers asserting claims under the U.S. federal securities laws that the Registration Statement and prospectus used for the SPO contained false and misleading statements or omissions by failing to disclose certain information concerning Bumble and Badoo app paying users and related trends and issues with the Badoo app payment platform, and that as a result of the foregoing, Bumble’s business metrics and financial prospects were not as strong as represented in the SPO Registration Statement and prospectus. The Glover-Mott shareholder derivative complaint was filed in April 2022 in federal court. The Michael Schirano shareholder derivative complaint was filed in May 2023 in federal court. The United States District Court for the District of Delaware ordered the two actions consolidated in August 2023 under the caption In Re Bumble Inc. Stockholder Derivative Litigation. An amended consolidated complaint was filed in August 2023 alleging violations of Section 14(a) of the Exchange Act, Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and Section 29(b) of the Exchange Act, as well as for breach of fiduciary duty, waste, and unjust enrichment against, among others, management, our Board of Directors and Blackstone. The complaint seeks unspecified damages; rescission of certain employment agreements between the individual defendants and the Company, disgorgement from defendants of any improperly or unjustly obtained profits or benefits; an award of costs and disbursements, including reasonable attorneys’ fees; punitive damages; pre- and post-judgment interest, and that the Company be directed to take action to reform its corporate governance and internal procedures.
Two federal court shareholder derivative complaints were voluntarily dismissed in July 2023.
In January 2023 and February 2023, purported shareholders Alberto Sanchez and City of Vero Beach Police Officers’ Retirement Trust Fund, respectively, filed shareholder derivative complaints in the Delaware Court of Chancery. In March 2023, the Delaware Court of Chancery consolidated those actions under the caption In re Bumble Inc. Stockholder Derivative Litigation. In April 2023, the consolidated action plaintiffs filed a consolidated complaint that asserts claims for breach of fiduciary duty and unjust enrichment against, among others, management, our Board of Directors, and Blackstone. The complaint seeks unspecified damages; a finding that the individual defendants breached their fiduciary duties; disgorgement from defendants of any unjustly obtained profits or benefits; and an award of costs and disbursement, including attorneys’ fees, accountants’ fees, and experts’ fees. In October 2023, the court denied defendants’ motion to dismiss the consolidated complaint.
In August 2023, Bumble received litigation demands from (i) counsel representing the purported Bumble shareholder who filed the voluntarily dismissed William B. Federman Irrevocable Trust derivative action in the U.S. District Court for the District of Delaware and (ii) counsel representing the purported Bumble shareholder who filed the voluntarily dismissed Dana Messana derivative action in the U.S. District Court for the District of Delaware. Both litigation demands are directed to the Bumble Board and contain factual allegations involving the September 2021 SPO that are generally consistent with those in the derivative litigation filed in state and federal court. The letters demand, among other things, that Bumble’s Board undertake an independent investigation into alleged legal violations, and that Bumble commence a civil action to pursue related claims against any individuals who allegedly harmed Bumble. In November 2023, Bumble formed a Special Litigation Committee (“SLC”) to investigate the claims at-issue in the In Re Bumble
28
Inc. Stockholder Derivative Litigation pending in the United States District Court for the District of Delaware and Delaware Court of Chancery, as well as the William B. Federman Irrevocable Trust and Dana Messana litigation demands. In January 2024, the Delaware Court of Chancery entered an order staying the litigation for
The Company has also received an inquiry from the SEC relating to the disclosures that were at issue in the SPO class action that has since been settled by the Company. The Company cannot predict at this point the length of time that the inquiry will be ongoing, the outcome or the liability, if any, that may arise therefrom.
Proceedings Related to the California Unruh Civil Rights Act (the "Unruh Act")
On April 9, 2024, a putative class action complaint was filed against the Company in the United States District Court for the Central District of California, also alleging that Bumble’s “women message first” feature violates the Unruh Act. Plaintiffs in these lawsuits sought declaratory and injunctive relief, statutory damages, and attorneys’ fees and costs. On July 8, 2024, the named plaintiffs filed a notice voluntarily dismissing the action without prejudice.
On August 16, 2024, the named plaintiffs refiled their Unruh Act claims in the Superior Court of the State of California for the County of Riverside, this time naming as defendants both the Company and its founder, Executive Chair and former CEO Whitney Wolfe Herd. Similar to the action filed on April 9, 2024, the litigation is a putative class action in which the named plaintiffs allege that the “women message first” feature violates the Unruh Act. Plaintiffs seek declaratory and injunctive relief, statutory damages, and attorneys’ fees and costs. On October 9, 2024, the action was removed to the United States District Court for the Central District of California, where it is currently pending.
Proceedings Related to 2024 Financial Results
In September 2024, a purported securities class action complaint was filed in the United States District Court for the Western District of Texas, naming the Company and certain of its current executives and directors as defendants. The complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act, alleging that the defendants made or disseminated materially false and misleading statements and/or concealed material adverse facts concerning Bumble’s relaunch strategy announced in 2024. The class action complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable relief.
On October 31, 2024, a shareholder derivative complaint was filed in the United States District Court for the Western District of Texas, naming as defendants certain of our current and former executives and directors, as well as the Company as a nominal defendant. The complaint asserts state and federal claims based on the same alleged misstatements as the securities class action complaint. The complaints seek unspecified damages, attorneys’ fees, and other costs.
The Company intends to vigorously defend against the claims asserted in the lawsuits. However, any litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company, or any adverse settlement, could materially and adversely impact the business, results of operations, financial condition and prospects of the Company.
Other Proceedings
From time to time, the Company is subject to patent litigations asserted by non-practicing entities.
As of September 30, 2024 and December 31, 2023, the Company determined that provisions of $
29
Purchase Commitments
In May 2023, the Company amended an agreement with one of our third parties related to cloud services, which superseded and replaced the September 2022 agreement. Under the amended terms, the Company is committed to pay a minimum of $
Note 15 - Subsequent Events
In October 2024, the Company repurchased
30
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
You should read the following discussion and analysis of the financial condition and results of operations of Bumble Inc. in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in Part I, “Item 1 – Financial Statements (Unaudited).” This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include, without limitation, those discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations and those identified under “Special Note Regarding Forward-Looking Statements” herein and Part I, “Item 1A—Risk Factors" in our 2023 Form 10-K.
Overview
We provide online dating and social networking applications through free, subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. As of September 30, 2024, Bumble operates five apps, Bumble, Bumble For Friends, Badoo, Fruitz, and Official. Bumble app, launched in 2014, is one of the first dating apps built with women at the center, where women make the first move. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app’s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app continues to be a market leader in Europe and Latin America. In January 2022, we acquired Fruitz, an intentions-driven dating app focused on Gen Z, operating in EMEA and Canada. In April 2023, we acquired Official, an app that is intended to help couples build healthy and lasting habits in their romantic relationships. Building on the BFF mode in Bumble app, in July 2023 we officially launched a standalone Bumble For Friends app. Bumble For Friends app is a friendship app where people in all stages of life can meet people nearby and create meaningful platonic connections. Through the acquisition of Geneva in July 2024, we aim to expand the Bumble For Friends experience from one-to-one connections to groups and communities to serve the many ways people seek friendships.
Quarter ended September 30, 2024 Consolidated Results
For the three months ended September 30, 2024 and 2023, we generated:
Year-to-Date ended September 30, 2024 Consolidated Results
For the nine months ended September 30, 2024 and 2023, we generated:
* Not meaningful
31
For a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Free Cash Flow Conversion, which are all non-GAAP measures, to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion useful and a discussion of the material risks and limitations of these measures, please see “Non-GAAP Financial Measures.”
Key Operating and Financial Metrics
We regularly review a number of metrics, including the following key operating and financial metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. We believe these non-GAAP and operational measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
The following metrics were calculated excluding paying users and revenue generated from Official, advertising and partnerships or affiliates and, for periods prior to the fourth quarter of 2023, excluding paying users and revenue generated from Fruitz. Beginning in the fourth quarter of 2023, paying users and revenue generated from Fruitz are included in our key operating metrics. Prior period information and key operating metrics have not been recast to include paying users and revenue generated from Fruitz. Geneva is a non-revenue generating app as of September 30, 2024 and excluded from our key operating metrics.
(In thousands, except ARPPU) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Bumble App Paying Users |
|
|
2,869.3 |
|
|
|
2,604.9 |
|
|
|
2,805.5 |
|
|
|
2,460.5 |
|
Badoo App and Other Paying Users |
|
|
1,386.2 |
|
|
|
1,215.6 |
|
|
|
1,334.0 |
|
|
|
1,177.4 |
|
Total Paying Users |
|
|
4,255.5 |
|
|
|
3,820.5 |
|
|
|
4,139.5 |
|
|
|
3,637.9 |
|
Bumble App Average Revenue per Paying User |
|
$ |
25.58 |
|
|
$ |
28.38 |
|
|
$ |
25.90 |
|
|
$ |
28.18 |
|
Badoo App and Other Average Revenue per Paying User |
|
$ |
12.03 |
|
|
$ |
12.79 |
|
|
$ |
12.10 |
|
|
$ |
12.70 |
|
Total Average Revenue per Paying User |
|
$ |
21.17 |
|
|
$ |
23.42 |
|
|
$ |
21.45 |
|
|
$ |
23.17 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except per share data and percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Condensed Consolidated Statements of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
$ |
273,605 |
|
|
$ |
275,510 |
|
|
$ |
809,995 |
|
|
$ |
778,193 |
|
Net earnings (loss) |
|
|
(849,259 |
) |
|
|
23,124 |
|
|
|
(777,700 |
) |
|
|
30,144 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||||
Condensed Consolidated Balance Sheets Data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets |
|
|
|
|
|
|
|
$ |
2,589,412 |
|
|
$ |
3,625,127 |
|
||
Cash and cash equivalents |
|
|
|
|
|
|
|
|
252,057 |
|
|
|
355,642 |
|
||
Long-term debt, net including current maturities |
|
|
|
|
|
|
|
|
617,981 |
|
|
|
620,926 |
|
||
Profitability and Liquidity
We use net earnings (loss) and net cash provided by (used in) operating activities to assess our profitability and liquidity, respectively. In addition to net earnings (loss) and net cash provided by (used in) operating activities, we also use the following measures:
32
Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion are key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. We believe Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion are helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. In addition, these measures are frequently used by analysts, investors and other interested parties to evaluate and assess performance.
See “Non-GAAP Financial Measures” for additional information and a reconciliation of net earnings (loss) to Adjusted EBITDA and Adjusted EBITDA margin and net cash provided by (used in) operating activities to free cash flow.
Key Factors Affecting our Performance
Our results of operations and financial condition have been, and will continue to be, affected by a number of factors, including those discussed below.
Growth Strategy
As previously disclosed, we are in the process of implementing a new strategy and transformation plan intended to deliver durable customer value and drive long-term sustainable revenue. As part of this new strategy, we are focusing on fostering a vibrant and healthy customer ecosystem, improving the customer experience through product innovation and optimization of operations, and evolving our revenue strategy to ensure we deliver value at every step of our customers’ journey through a rebalancing of Bumble app subscription tiers, among other things. As we address these areas of focus, our user growth and success in attracting new users, user engagement and monetization may be negatively impacted. Furthermore, if we do not successfully implement our new strategy, our business, financial condition and results of operations could be materially adversely affected.
See also “If we fail to retain existing users or add new users, or if our users decrease their level of engagement with our products or do not convert to paying users, our revenue, financial results and business may be significantly harmed” and “We are subject to certain risks as a mission-based company” in Part I, “Item 1A—Risk Factors—Risks Related to Our Brands, Products and Operations” of our 2023 Form 10-K.
Macroeconomic Conditions
Macroeconomic conditions, including the conflicts in Eastern Europe and the Middle East, slower growth or economic recession, changes to fiscal and monetary policy and fluctuations in foreign currency exchange rates have impacted and may continue to impact our results of operations, as well as our consumers who face greater pressure on disposable income. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results.
For additional information, see “Risk Factors—General Risk Factors—We are exposed to changes in the global macroeconomic environment beyond our control, which may adversely affect consumer discretionary spending, demand for our products and services, our expenses, and our ability to execute strategic plans.” in Part I, “Item 1A—Risk Factors” of our 2023 Form 10-K.
Factors Affecting the Comparability of Our Results of Operations
As a result of a number of factors, our historical results of operations may not be comparable from period to period or going forward. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations.
Share Repurchase Program
In May 2024, our Board of Directors approved amendments to the share repurchase program to increase the authorized Class A common stock repurchase amount from $300.0 million to $450.0 million. During the three months ended September 30, 2024, we repurchased 14.2 million shares of Class A common stock for $89.7 million, excluding excise tax obligations. During the nine months ended September 30, 2024, we repurchased 19.5 million shares of Class A common stock and 2.0 million Common Units for $174.1 million, excluding excise tax obligations. There were no share repurchases during the three months ended September 30, 2023. During
33
the nine months ended September 30, 2023, we repurchased 1.3 million shares of Class A common stock for $20.9 million. As of September 30, 2024, a total of $119.0 million remained available for repurchase under the repurchase program.
For additional information, see Note 2, Summary of Selected Significant Accounting Policies —Share Repurchase Program, Note 12, Related Party Transactions — Share Repurchase, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
Tax Receivable Agreement
In connection with certain 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 that we may be required to make under the tax receivable agreement to the pre-IPO owners may be significant and are dependent upon future taxable income. During the nine months ended September 30, 2024, our tax receivable agreement liability decreased by a net $17.2 million due to the following: (1) a $23.1 million decrease from tax receivable agreement payments made during the first quarter of 2024, and (2) a partially offsetting net increase of $5.9 million, primarily due to the effects of the repurchase of Common Units in Bumble Holdings from Blackstone entities completed in the first quarter of 2024 and the effects of the repurchase of Common Units in Bumble Holdings from Bumble during 2024, the proceeds from which were used to fund Class A common stock repurchases during 2024.
For additional information, see “Risk Factors—Bumble Inc. will be required to pay certain of our pre-IPO owners for most of the benefits relating to tax depreciation or amortization deductions that we may claim as a result of Bumble Inc.’s allocable share of existing tax basis acquired in the IPO, Bumble Inc.’s increase in its allocable share of existing tax basis and anticipated tax basis adjustments we receive in connection with sales or exchanges of Common Units (including Common Units issued upon conversion of vested Incentive Units) in connection with or after the IPO and our utilization of certain tax attributes of the Blocker Companies”, “Risk Factors—In certain cases, payments under the tax receivable agreement may be accelerated and/or significantly exceed the actual benefits Bumble Inc. realizes in respect of the tax attributes subject to the tax receivable agreement.” in each case, in Part I, “Item 1A—Risk Factors” of our 2023 Form 10-K, and Note 4, Payable to Related Parties Pursuant to a Tax Receivable Agreement, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
Impairment Charges
During the three months ended September 30, 2024, we identified potential impairment triggering events related to our indefinite-lived assets, long-lived assets and definite-lived intangible assets, and goodwill. These triggering events included our revised 2024 outlook and a decrease in our stock price and market capitalization that was sustained during the third quarter of 2024. As a result, we performed an interim impairment test. Based on the results of the test, we recognized impairment charges of $670.3 million for indefinite-lived intangible assets, $24.7 million for the Fruitz asset group and $197.2 million for goodwill during the three and nine months ended September 30, 2024. There were no impairment charges recorded for the three and nine months ended September 30, 2023.
Given the aforementioned impairment recorded in 2024, it is reasonably possible that changes in judgments, assumptions and estimates we made in assessing the fair values of these assets could cause us to consider some portion, or all of the remaining carrying values of these assets, to become impaired. A further decline in our stock price, economic downturns, a decline in market conditions and/or unfavorable industry trends could potentially trigger impairment tests in the future. In addition, reduced demand for our products, slower growth rates in our industry, and changes in market-based interest rates could negatively impact the estimated future cash flows and discount rates used in the income approach to determine the fair values of these assets and could result in an impairment charge in the future.
For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Impairment of Goodwill,—Impairment of Indefinite-lived Intangible Assets and —Impairment of Long-lived Assets and Definite-lived Intangible Assets and Note 5, Goodwill and Intangible Assets, Net to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
34
Acquisition
On July 1, 2024, we completed the acquisition of Geneva Technologies Inc.(“Geneva”) for total cash consideration of $17.5 million, net of cash acquired, of which $17.2 million was allocated to developed technology and $0.3 million was allocated to other assets and liabilities.
For additional information, see Note 5, Goodwill and Intangible Assets, Net to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
Restructuring Plan
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. The Restructuring Plan was completed in the third quarter of 2024, and we incurred approximately $20.4 million of total non-recurring charges through the third quarter of 2024, consisting primarily of employee severance, benefits, and related charges for impacted employees. For the three and nine months ended September 30, 2024, we incurred non-recurring charges of $0.6 million and $20.4 million, respectively.
For additional information, see Note 6, Restructuring Charges, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
Components of Results of Operations
Our business is organized into a single reportable segment.
Revenue
We monetize the Bumble, Bumble For Friends, Badoo, Fruitz and Official apps via a freemium model where the use of our service is free and a subset of our users pay for subscriptions or in-app purchases to access premium features. 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.
We also earn revenue from online advertising and partnerships, which are not a significant part of our business. Online advertising revenue is recognized when an advertisement is displayed. Revenue from partnerships is recognized according to the contractual terms of the partnership.
Cost of revenue
Cost of revenue consists primarily of in-app purchase fees due on payments processed through the Apple App Store and Google Play Store. Purchases on Android, mobile web and desktop may have additional payment methods, such as credit card or via telecom providers. These purchases incur fees which vary depending on payment method. Purchase fees are deferred and expensed over the same period as revenue.
Cost of revenue also includes data center expenses such as rent, power and bandwidth for running servers, cloud hosting costs, employee compensation (including stock-based compensation) and other employee related costs, impairment of capitalized aggregator costs associated with breakage revenue and restructuring charges. Expenses relating to customer care functions such as customer service, moderators and other auxiliary costs associated with providing services to customers such as fraud prevention are also included within cost of revenue.
Selling and marketing expense
Selling and marketing expense consists primarily of brand marketing, digital and social media spend, field marketing, restructuring charges, compensation expense (including stock-based compensation) and other employee-related costs for personnel engaged in sales and marketing functions.
General and administrative expense
General and administrative expense consists primarily of compensation (including stock-based compensation) and other employee-related costs for personnel engaged in executive management, finance, legal, tax and human resources. General and administrative expense also consists of transaction costs, changes in fair value of contingent earn-out liability, expenses associated with facilities, information technology, external professional services, legal costs, settlement of legal claims and accruals for future legal obligations that are deemed probable and estimable, restructuring charges and other administrative expenses.
35
Product development expense
Product development expense consists primarily of compensation (including stock-based compensation) and other employee-related costs for personnel engaged in the design, development, testing and enhancement of product offerings and related technology, as well as restructuring charges.
Depreciation and amortization expense
Depreciation and amortization expense is primarily related to computer equipment, leasehold improvements, furniture and fixtures, developed technology, user base, white label contracts, trademarks and other definite-lived intangible assets.
Impairment loss
Impairment loss relates to impairment charges to indefinite-lived intangible assets, long-lived assets and definite-lived intangible assets, and goodwill as applicable.
Interest income (expense), net
Interest income (expense), net consists of interest income received on money market funds and related party loans receivables and interest expense incurred in connection with our long-term debt.
Other income (expense), net
Other income (expense), net consists of insurance reimbursement proceeds, impacts from foreign exchange transactions, tax receivable agreement liability remeasurement expense, loss on debt extinguishment, fair value changes in derivatives, sub-lease income and investments in equity securities.
Income tax benefit (provision)
Income tax benefit (provision) represents the income tax benefit or expense associated with our operations based on the tax laws of the jurisdictions in which we operate. These foreign jurisdictions have different statutory tax rates than the United States. Our effective tax rates will vary depending on the relative proportion of foreign to domestic income, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.
Results of Operations
The following table sets forth our unaudited condensed consolidated statement of operations information for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
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 |
|
36
The following table sets forth our unaudited condensed consolidated statement of operations information as a percentage of revenue for the periods presented:
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
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 |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
29.1 |
% |
|
|
29.1 |
% |
|
|
29.7 |
% |
|
|
29.2 |
% |
Selling and marketing expense |
|
|
23.2 |
% |
|
|
25.0 |
% |
|
|
24.0 |
% |
|
|
25.4 |
% |
General and administrative expense |
|
|
12.2 |
% |
|
|
17.6 |
% |
|
|
11.2 |
% |
|
|
18.2 |
% |
Product development expense |
|
|
9.1 |
% |
|
|
11.2 |
% |
|
|
9.5 |
% |
|
|
12.9 |
% |
Depreciation and amortization expense |
|
|
6.7 |
% |
|
|
6.2 |
% |
|
|
6.5 |
% |
|
|
6.5 |
% |
Impairment loss |
|
|
326.1 |
% |
|
|
0.0 |
% |
|
|
110.2 |
% |
|
|
0.0 |
% |
Total operating costs and expenses |
|
|
406.3 |
% |
|
|
89.1 |
% |
|
|
191.0 |
% |
|
|
92.3 |
% |
Operating earnings (loss) |
|
|
(306.3 |
%) |
|
|
10.9 |
% |
|
|
(91.0 |
%) |
|
|
7.7 |
% |
Interest expense, net |
|
|
(3.6 |
%) |
|
|
(1.9 |
%) |
|
|
(3.4 |
%) |
|
|
(2.1 |
%) |
Other income (expense), net |
|
|
1.1 |
% |
|
|
0.1 |
% |
|
|
0.5 |
% |
|
|
(0.8 |
%) |
Income (loss) before income taxes |
|
|
(308.9 |
%) |
|
|
9.1 |
% |
|
|
(94.0 |
%) |
|
|
4.8 |
% |
Income tax provision |
|
|
(1.5 |
%) |
|
|
(0.7 |
%) |
|
|
(2.0 |
%) |
|
|
(0.9 |
%) |
Net earnings (loss) |
|
|
(310.4 |
%) |
|
|
8.4 |
% |
|
|
(96.0 |
%) |
|
|
3.9 |
% |
Net earnings (loss) attributable to noncontrolling interests |
|
|
(86.3 |
%) |
|
|
2.3 |
% |
|
|
(26.7 |
%) |
|
|
1.1 |
% |
Net earnings (loss) attributable to Bumble Inc. shareholders |
|
|
(224.1 |
%) |
|
|
6.1 |
% |
|
|
(69.3 |
%) |
|
|
2.8 |
% |
The following table sets forth the stock-based compensation expense, included in operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Cost of revenue |
|
$ |
45 |
|
|
$ |
542 |
|
|
$ |
364 |
|
|
$ |
2,800 |
|
Selling and marketing expense |
|
|
490 |
|
|
|
2,469 |
|
|
|
(2,328 |
) |
|
|
7,191 |
|
General and administrative expense |
|
|
7,781 |
|
|
|
10,352 |
|
|
|
14,167 |
|
|
|
44,029 |
|
Product development expense |
|
|
1,842 |
|
|
|
8,165 |
|
|
|
70 |
|
|
|
29,640 |
|
Total stock-based compensation expense |
|
$ |
10,158 |
|
|
$ |
21,528 |
|
|
$ |
12,273 |
|
|
$ |
83,660 |
|
During the three and nine months ended September 30, 2024, stock-based compensation expense decreased from the same periods in 2023, primarily due to forfeitures for terminations including the reduction in force related to the Restructuring Plan.
Comparison of the Three and Nine Months Ended September 30, 2024 and 2023
Revenue
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Bumble App |
|
$ |
220,188 |
|
|
$ |
221,785 |
|
|
$ |
653,928 |
|
|
$ |
624,039 |
|
Badoo App and Other |
|
|
53,417 |
|
|
|
53,725 |
|
|
|
156,067 |
|
|
|
154,154 |
|
Total Revenue |
|
$ |
273,605 |
|
|
$ |
275,510 |
|
|
$ |
809,995 |
|
|
$ |
778,193 |
|
Total Revenue was $273.6 million for the three months ended September 30, 2024, compared to $275.5 million for the same period in 2023. The decrease was primarily driven by a decline in Total Average Revenue per Paying User and unfavorable fluctuations in foreign currency exchange rates, partially offset by growth in Total Paying Users.
37
Bumble App Revenue was $220.2 million for the three months ended September 30, 2024, compared to $221.8 million for the same period in 2023. This decrease was primarily driven by a 9.9% decline in Bumble App ARPPU to $25.58 and unfavorable fluctuations in foreign currency exchange rates, partially offset by a 10.2% increase in Bumble App Paying Users to 2.9 million.
Badoo App and Other Revenue was $53.4 million for the three months ended September 30, 2024, compared to $53.7 million for the same period in 2023. This decrease was primarily driven by a 5.9% decline in Badoo App and Other ARPPU to $12.03, partially offset by a 14.0% increase in Badoo App and Other Paying Users to 1.4 million. We began to include paying users and revenue generated from Fruitz in our key operating metrics in the fourth quarter of 2023 and prior period key operating metrics have not been recast.
Total Revenue was $810.0 million for the nine months ended September 30, 2024, compared to $778.2 million for the same period in 2023. The increase was primarily driven by growth in Total Paying Users, partially offset by a decline in Total Average Revenue per Paying User and unfavorable fluctuations in foreign currency exchange rates.
Bumble App Revenue was $653.9 million for the nine months ended September 30, 2024, compared to $624.0 million for the same period in 2023. This increase was primarily driven by a 14.0% increase in Bumble App Paying Users to 2.8 million, partially offset by an 8.1% decline in Bumble App ARPPU to $25.90 and unfavorable fluctuations in foreign currency exchange rates.
Badoo App and Other Revenue was $156.1 million for the nine months ended September 30, 2024, compared to $154.2 million for the same period in 2023. This increase was primarily driven by a 13.3% increase in Badoo App and Other Paying Users to 1.3 million, partially offset by a 4.7% decline in Badoo App and Other ARPPU to $12.10. We began to include paying users and revenue generated from Fruitz in our key operating metrics in the fourth quarter of 2023 and prior period key operating metrics have not been recast.
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Cost of revenue |
|
$ |
79,552 |
|
|
$ |
80,049 |
|
|
$ |
240,882 |
|
|
$ |
227,366 |
|
Percentage of revenue |
|
|
29.1 |
% |
|
|
29.1 |
% |
|
|
29.7 |
% |
|
|
29.2 |
% |
Cost of revenue for the three months ended September 30, 2024 remained relatively flat as compared to the same period in 2023. Cost of revenue for the nine months ended September 30, 2024 increased by $13.5 million, or 5.9%, as compared to the same period in 2023. The increase in cost of revenue for the nine months ended September 30, 2024 was driven primarily by growth in in-app purchase fees due to increasing revenue.
As a percentage of revenue, cost of revenue for the three months ended September 30, 2024 remained flat as compared to the same period in 2023. As a percentage of revenue, cost of revenue increased for the nine months ended September 30, 2024 as compared to the same period in 2023, primarily due to the adoption of Google Play and user choice billing in many of our markets and to a lesser extent an increase in subscription costs, personnel-related costs associated with our Restructuring Plan, and cloud hosting, partially offset by a decrease in stock-based compensation due to forfeitures for terminations including the reduction in force related to the Restructuring Plan announced during the first quarter of 2024.
Selling and marketing expense
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Selling and marketing expense |
|
$ |
63,549 |
|
|
$ |
68,848 |
|
|
$ |
194,728 |
|
|
$ |
197,767 |
|
Percentage of revenue |
|
|
23.2 |
% |
|
|
25.0 |
% |
|
|
24.0 |
% |
|
|
25.4 |
% |
Selling and marketing expense for the three months ended September 30, 2024 decreased by $5.3 million, or 7.7%, as compared to the same period in 2023. The change was primarily due to a $3.2 million decrease in personnel-related costs and a $2.0 million decrease in stock-based compensation, both of which were due to headcount reduction associated with our Restructuring Plan, and a $0.5 million decrease in marketing costs.
38
Selling and marketing expense for the nine months ended September 30, 2024 decreased by $3.0 million, or 1.5%, as compared to the same period in 2023. The change was primarily due to a $9.5 million decrease in stock-based compensation driven by forfeitures and headcount reduction associated with our Restructuring Plan, as well as a $3.4 million decrease in personnel-related costs associated with our Restructuring Plan, partially offset by a $9.8 million increase in marketing costs.
General and administrative expense
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
General and administrative expense |
|
$ |
33,251 |
|
|
$ |
48,577 |
|
|
$ |
90,436 |
|
|
$ |
141,706 |
|
Percentage of revenue |
|
|
12.2 |
% |
|
|
17.6 |
% |
|
|
11.2 |
% |
|
|
18.2 |
% |
General and administrative expense for the three months ended September 30, 2024 decreased by $15.3 million, or 31.5%, as compared to the same period in 2023. The change was primarily driven by an $18.0 million decrease in legal and professional fees, a $2.6 million decrease in stock-based compensation and a $2.6 million decrease in personnel-related costs, the latter two of which were due to headcount reduction associated with our Restructuring Plan, and a $1.1 million decrease in insurance expenses, partially offset by an $8.6 million increase associated with the change in fair value of the contingent earn-out liabilities.
General and administrative expense for the nine months ended September 30, 2024 decreased by $51.3 million, or 36.2%, as compared to the same period in 2023. The change was primarily driven by a $29.9 million decrease in stock-based compensation due to forfeitures and headcount reduction associated with our Restructuring Plan, a $21.3 million decrease in legal and professional fees, and a $3.7 million decrease in insurance expenses, partially offset by a $2.2 million increase associated with the change in fair value of the contingent earn-out liabilities and a $0.7 million increase in personnel-related costs associated with our Restructuring Plan.
Product development expense
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Product development expense |
|
$ |
24,880 |
|
|
$ |
30,909 |
|
|
$ |
76,602 |
|
|
$ |
100,294 |
|
Percentage of revenue |
|
|
9.1 |
% |
|
|
11.2 |
% |
|
|
9.5 |
% |
|
|
12.9 |
% |
Product development expense in the three months ended September 30, 2024 decreased by $6.0 million, or 19.5%, as compared to the same period in 2023. The change was primarily driven by an $6.2 million decrease in stock-based compensation due to headcount reduction associated with our Restructuring Plan.
Product development expense in the nine months ended September 30, 2024 decreased by $23.7 million, or 23.6%, as compared to the same period in 2023. The change was primarily driven by a $29.5 million decrease in stock-based compensation due to forfeitures and headcount reduction, partially offset by a $4.3 million increase in personnel-related costs in each case primarily associated with our Restructuring Plan.
Depreciation and amortization expense
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Depreciation and amortization expense |
|
$ |
18,312 |
|
|
$ |
17,127 |
|
|
$ |
52,542 |
|
|
$ |
50,825 |
|
Percentage of revenue |
|
|
6.7 |
% |
|
|
6.2 |
% |
|
|
6.5 |
% |
|
|
6.5 |
% |
Depreciation and amortization expense for the three months ended September 30, 2024 increased by $1.2 million, or 6.9%, as compared to the same period in 2023. Depreciation and amortization expense for the nine months ended September 30, 2024 increased by $1.7 million, or 3.4%, as compared to the same period in 2023. The increases in depreciation and amortization for the three-month and nine-month periods were due to the increased amortization of intangible assets, driven by the acquisition of Geneva developed technology in July 2024.
39
Impairment loss
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Impairment loss |
|
$ |
892,248 |
|
|
$ |
— |
|
|
$ |
892,248 |
|
|
$ |
— |
|
Percentage of revenue |
|
|
326.1 |
% |
|
|
— |
|
|
|
110.2 |
% |
|
|
— |
|
During the three and nine months ended September 30, 2024, we recognized an impairment charge of $670.3 million for our indefinite-lived intangible assets, $24.7 million for the Fruitz asset group, and $197.2 million for goodwill. There were no impairment charges recorded for the three and nine months ended September 30, 2023. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Impairment of Goodwill,—Impairment of Indefinite-lived Intangible Assets and —Impairment of Long-lived Assets and Definite-lived Intangible Assets and Note 5, Goodwill and Intangible Assets, Net to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
Interest expense, net
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Interest expense, net |
|
$ |
(9,809 |
) |
|
$ |
(5,256 |
) |
|
$ |
(27,809 |
) |
|
$ |
(16,585 |
) |
Percentage of revenue |
|
|
(3.6 |
)% |
|
|
(1.9 |
)% |
|
|
(3.4 |
)% |
|
|
(2.1 |
)% |
Interest expense, net for the three months ended September 30, 2024 increased by $4.6 million, or 86.6%, compared to the same period in 2023. Interest expense, net for the nine months ended September 30, 2024 increased by $11.2 million, or 67.7%, compared to the same period in 2023. The increases in interest expense, net for the three-month and nine-month periods were due to an increase in interest rates on our outstanding debt under the credit agreements, partially offset by an increase in interest income from our investment in money market funds.
Other income (expense), net
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Other income (expense), net |
|
$ |
2,898 |
|
|
$ |
252 |
|
|
$ |
3,815 |
|
|
$ |
(6,278 |
) |
Percentage of revenue |
|
|
1.1 |
% |
|
|
0.1 |
% |
|
|
0.5 |
% |
|
|
(0.8 |
)% |
Other income, net for the three months ended September 30, 2024 increased by $2.6 million, compared to the same period in 2023. The change was primarily due to a $8.2 million increase in net foreign currency exchange gains, partially offset by a $4.9 million increase in net losses on interest rate swaps.
Other income, net for the nine months ended September 30, 2024 increased by $10.1 million, compared to the same period in 2023. The change was primarily due to a $9.1 million increase in net foreign currency exchange gains and a $2.0 million decrease in net losses on interest rate swaps.
Income tax provision
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
Three Months Ended September 30, 2024 |
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||||
Income tax provision |
|
$ |
(4,161 |
) |
|
$ |
(1,872 |
) |
|
$ |
(16,263 |
) |
|
$ |
(7,228 |
) |
Effective tax rate |
|
|
(0.5 |
)% |
|
|
7.5 |
% |
|
|
(2.1 |
)% |
|
|
19.3 |
% |
40
Income tax provision was $4.2 million for the three months ended September 30, 2024, as compared to $1.9 million for the same period in 2023. Income tax provision was $16.3 million for the nine months ended September 30, 2024, as compared to $7.2 million for the same period in 2023. The income tax provision is higher year over year for the three and nine months ended September 30, 2024 primarily due to the impact of Pillar Two minimum taxes applicable in 2024 and due to an increase in the unfavorable tax effects associated with the vesting and cancellation of certain stock-based awards in 2024.
Pillar Two Minimum Tax
On December 20, 2021, the Organization for Economic Cooperation and Development released the Pillar Two model rules providing a framework for implementing a 15% minimum tax, also referred to as the Global Anti-Base Erosion ("GloBE") rules, on earnings of multinational companies with consolidated annual revenue exceeding €750 million. Pillar Two legislation has been enacted in certain jurisdictions where the Company operates, including the UK and certain EU member states, and is effective for the Company's financial year beginning January 1, 2024. The Company has performed an assessment of its exposure to Pillar Two income taxes, including its ability to qualify for transitional safe harbor relief under the GloBE rules. While the Company expects to qualify for transitional safe harbor relief in most jurisdictions in which it operates, there are a limited number of jurisdictions where the transitional safe harbor is not available, including for certain entities classified as “stateless” constituent entities under the Pillar Two model rules. The Company’s income tax provision for each of the three and nine months ended September 30, 2024 includes the effects of Pillar Two minimum taxes based on currently enacted legislation and guidance. The Company will continue to closely monitor Pillar Two developments, including the release of additional administrative guidance on the application of the GloBE rules, and evaluate the potential impact to the Company’s financial position.
Non-GAAP Financial Measures
We report our financial results in accordance with GAAP, however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of certain expenses, including income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, stock-based compensation expenses, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, interest rate swaps and investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and costs associated with our Restructuring Plan, as management does not believe these expenses are representative of our core earnings. We also provide Adjusted EBITDA margin, which is calculated as Adjusted EBITDA divided by revenue. In addition to Adjusted EBITDA and Adjusted EBITDA margin, we believe free cash flow and free cash flow conversion provide useful information regarding how cash provided by (used in) operating activities compares to the capital expenditures required to maintain and grow our business, and our available liquidity, after funding such capital expenditures, to service our debt, fund strategic initiatives, effectuate discretionary share repurchases and strengthen our balance sheet, as well as our ability to convert our earnings to cash. Additionally, we believe such metrics are widely used by investors, securities analysis, ratings agencies and other parties in evaluating liquidity and debt-service capabilities. We calculate free cash flow and free cash flow conversion using methodologies that we believe can provide useful supplemental information to help investors better understand underlying trends in our business.
Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our operating results as reported under GAAP. Additionally, we do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP. Some of the limitations are:
41
Adjusted EBITDA is not a liquidity measure and should not be considered as discretionary cash available to us to reinvest in the growth of our business or to distribute to stockholders or as a measure of cash that will be available to us to meet our obligations.
To properly and prudently evaluate our business, we encourage investors to review the financial statements included elsewhere in this report, and not rely on a single financial measure to evaluate our business. We also strongly urge investors to review the reconciliation of net earnings (loss) to Adjusted EBITDA, the computation of Adjusted EBITDA margin as compared to net earnings (loss) margin which is net earnings (loss) as a percentage of revenue, the reconciliation of net cash provided by (used in) operating activities to free cash flow, and the computation of free cash flow conversion as compared to operating cash flow conversion, which is net cash provided by (used in) operating activities as a percentage of net earnings (loss) in each case set forth below.
We define Adjusted EBITDA as net earnings (loss) excluding income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, interest rate swaps and investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and restructuring costs. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.
42
We define free cash flow as net cash provided by (used in) operating activities less capital expenditures. Free cash flow conversion represents free cash flow as a percentage of Adjusted EBITDA. Operating cash flow conversion represents net cash provided by (used in) operating activities as a percentage of net earnings (loss).
The following table reconciles our non-GAAP financial measures to the most comparable GAAP financial measures for the periods presented:
|
|
|
|
|
|
|
|
|
|
|||||||
(In thousands, except percentages) |
|
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 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax provision |
|
|
4,161 |
|
|
|
1,872 |
|
|
|
16,263 |
|
|
|
7,228 |
|
Interest expense, net |
|
|
9,809 |
|
|
|
5,256 |
|
|
|
27,809 |
|
|
|
16,585 |
|
Depreciation and amortization expense |
|
|
18,312 |
|
|
|
17,127 |
|
|
|
52,542 |
|
|
|
50,825 |
|
Stock-based compensation expense |
|
|
10,158 |
|
|
|
21,528 |
|
|
|
12,273 |
|
|
|
83,660 |
|
Employer costs related to stock-based compensation (1) |
|
|
441 |
|
|
|
1,003 |
|
|
|
2,390 |
|
|
|
4,025 |
|
Litigation costs, net of insurance reimbursements (2) |
|
|
959 |
|
|
|
16,323 |
|
|
|
9,695 |
|
|
|
24,874 |
|
Foreign exchange gain (3) |
|
|
(12,143 |
) |
|
|
(3,905 |
) |
|
|
(11,515 |
) |
|
|
(2,439 |
) |
Changes in fair value of interest rate swaps (4) |
|
|
8,687 |
|
|
|
3,796 |
|
|
|
6,995 |
|
|
|
9,029 |
|
Restructuring costs (5) |
|
|
582 |
|
|
|
— |
|
|
|
20,355 |
|
|
|
— |
|
Transaction and other costs (6) |
|
|
583 |
|
|
|
463 |
|
|
|
1,297 |
|
|
|
1,994 |
|
Changes in fair value of contingent earn-out liability |
|
|
(2,689 |
) |
|
|
(11,308 |
) |
|
|
(22,032 |
) |
|
|
(24,241 |
) |
Changes in fair value of investments in equity securities |
|
|
(20 |
) |
|
|
2 |
|
|
|
26 |
|
|
|
178 |
|
Tax receivable agreement liability remeasurement expense (7) |
|
|
721 |
|
|
|
— |
|
|
|
951 |
|
|
|
— |
|
Impairment loss (8) |
|
|
892,248 |
|
|
|
— |
|
|
|
892,248 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
82,550 |
|
|
$ |
75,281 |
|
|
$ |
231,597 |
|
|
$ |
201,862 |
|
Net earnings (loss) margin |
|
|
(310.4 |
)% |
|
|
8.4 |
% |
|
|
(96.0 |
)% |
|
|
3.9 |
% |
Adjusted EBITDA margin |
|
|
30.2 |
% |
|
|
27.3 |
% |
|
|
28.6 |
% |
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by operating activities |
|
|
|
|
|
|
|
$ |
128,839 |
|
|
$ |
118,669 |
|
||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
|
|
|
|
|
|
(6,150 |
) |
|
|
(12,769 |
) |
||
Free cash flow |
|
|
|
|
|
|
|
$ |
122,689 |
|
|
$ |
105,900 |
|
||
Operating cash flow conversion |
|
|
|
|
|
|
|
* |
|
|
|
393.7 |
% |
|||
Free cash flow conversion |
|
|
|
|
|
|
|
|
53.0 |
% |
|
|
52.5 |
% |
||
* Not meaningful
43
Liquidity and Capital Resources
Overview
As of September 30, 2024, we had $252.1 million of cash and cash equivalents, a decrease of $103.6 million from December 31, 2023 primarily due to share repurchases and the acquisition of Geneva, partially offset by cash generated from operations. Our principal sources of liquidity are our cash and cash equivalents and cash generated from operations. Our primary uses of liquidity are operating expenses and capital expenditures, acquisition of businesses, funding of our debt obligations, partnership tax distributions, paying income taxes and obligations under our tax receivable agreement and effectuating share repurchases as discussed below. Based on current conditions, we believe that we have sufficient financial resources to fund our activities and execute our business plans during the next twelve months.
In May 2023, we announced that our Board of Directors approved a share repurchase program of up to $150.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. We announced increases in the share repurchase program authorized amount from $150.0 million to $300.0 million in November 2023 and from $300.0 million to $450.0 million in May 2024. This repurchase program may be commenced, suspended or discontinued at any time. During the three months ended September 30, 2024, we repurchased 14.2 million shares of Class A common stock for $89.7 million, excluding excise tax obligations. During the nine months ended September 30, 2024, we repurchased 19.5 million shares of Class A common stock and 2.0 million Common Units for $174.1 million, excluding excise tax obligations. In addition, in October 2024, we repurchased an additional 4.4 million shares of Class A common stock pursuant to a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, in the amount of $30.0 million, excluding excise tax obligations. There were no share repurchases during the three months ended September 30, 2023. During the nine months ended September 30, 2023, we repurchased 1.3 million shares of Class A common stock for $20.9 million. As of October 31, 2024, a total of $89.0 million remained available for repurchase under the repurchase program, subject to an approximately 3.1 million share repurchase limit which may be increased pursuant to authorization from the Company’s Board of Directors.
On February 27, 2024, we announced that the Company adopted the Restructuring Plan to reduce its global workforce. The Restructuring Plan was completed in the third quarter of 2024, and we incurred approximately $20.4 million of total non-recurring charges through the third quarter of 2024. During the nine months ended September 30, 2024, we made $19.1 million of cash payments in connection with the Restructuring Plan.
In July 1, 2024, we completed the acquisition of Geneva for a total cash consideration of $17.5 million, net of cash acquired.
Cash Flow Information
The following table summarizes our unaudited condensed consolidated cash flow information for the periods presented:
|
|
|
|||||
(In thousands) |
Nine Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2023 |
|
||
Net cash provided by (used in): |
|
|
|
|
|
||
Operating activities |
$ |
128,839 |
|
|
$ |
118,669 |
|
Investing activities |
|
(23,585 |
) |
|
|
(22,589 |
) |
Financing activities |
|
(207,749 |
) |
|
|
(58,355 |
) |
Operating activities
Net cash provided by operating activities was $128.8 million and $118.7 million, respectively, in the nine months ended September 30, 2024 and 2023. This includes adjustments to net earnings (loss) for the nine months ended September 30, 2024 and 2023 related to: impairment loss of $892.2 million and nil, respectively; depreciation and amortization of $52.5 million and $50.8 million, respectively; stock-based compensation of $12.3 million and $83.7 million, respectively; change in fair value of interest rate swaps of $7.0 million and $9.0 million, respectively; and change in fair value of deferred contingent consideration of $(22.0) million and $(24.2) million, respectively. The changes in assets and liabilities for the nine months ended September 30, 2024 and 2023 consist primarily of: changes in accrued expenses and other current liabilities of $(3.7) million and $7.7 million, respectively, driven by bonus payouts; changes in legal liabilities of $(26.0) million and $1.5 million, respectively, driven by litigation settlement payments; changes in accounts receivables of $1.3 million and $(32.8) million, respectively, driven by timing of cash receipts.
44
Investing activities
Net cash used in investing activities was $23.6 million and $22.6 million for the nine months ended September 30, 2024 and 2023, respectively. The Company had capital expenditures of $6.2 million and $12.8 million in the nine months ended September 30, 2024 and 2023, respectively. In addition, the Company paid $17.4 million to acquire intangible assets from Geneva, net of deferred tax liabilities of $0.5 million during the three months ended September 30, 2024. During the nine months ended September 30, 2023, the Company used $9.8 million for the acquisition of Official, net of cash acquired.
Financing activities
Net cash used in financing activities was $207.7 million and $58.4 million in the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, the Company used $151.8 million for share repurchases of our Class A common stock and Bumble Holdings used $22.2 million for the repurchase of Common Units. During the nine months ended September 30, 2023, the Company used $20.9 million for share repurchases of our Class A common stock. During the nine months ended September 30, 2024 and 2023, the Company used $9.6 million and $13.9 million, respectively, for shares withheld to satisfy employee tax withholding requirements upon vesting of restricted stock units and made cash distribution payments of $7.9 million and $19.3 million, respectively, to the noncontrolling interest holders. During the nine months ended September 30, 2024, net cash used in financing activities included $11.9 million of tax receivable agreement payments. The Company used $4.3 million in both of the nine months ended September 30, 2024 and 2023 to repay a portion of the outstanding indebtedness under our Original Term Loan.
Indebtedness
Senior Secured Credit Facilities
In connection with the Sponsor Acquisition, in January 2020, we entered into a credit agreement (the “Credit Agreement”) providing for (i) a term loan facility in an original aggregate principal amount of $575.0 million (the “Original Term Loan Facility”) and (ii) a revolving facility in an aggregate principal amount of up to $50.0 million. In connection with a transaction whereby we distributed proceeds to our pre-IPO owners and to partially repay a loan from our Founder, in October 2020, we entered into the Incremental Term Loan Facility (the “Incremental Term Loan Facility” and together with the Original Term Loan Facility, the “Senior Secured Credit Facilities”) in an original aggregate principal amount of $275.0 million. The Incremental Term Loan provides for additional senior secured term loans with substantially identical terms as the Original Term Loan Facility (other than the applicable margin). A portion of the net proceeds from our initial public offering was used to repay $200.0 million aggregate principal amount of our outstanding indebtedness under our Term Loan Facility in the three months ended March 31, 2021. The Credit Agreement was further amended in March 2023, pursuant to which the interest rate benchmark referenced to LIBOR was transitioned to SOFR. The borrower under the Credit Agreement is a wholly owned subsidiary of Bumble Holdings, Buzz Finco L.L.C. (the “Borrower”). The Credit Agreement contains affirmative and negative covenants and customary events of default.
Borrowings under the Credit Agreement bear interest at a rate equal to, at the Borrower’s option, either (i) LIBOR prior to March 31, 2023 and Adjusted Term SOFR beginning March 31, 2023 for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.0% on the Original Term Loan and 0.50% on the Incremental Term Loan), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest in effect as last quoted by the Wall Street Journal as the “Prime Rate” in the United States, (b) the federal funds effective rate plus 0.50% and (c) adjusted LIBOR prior to April 1, 2023 and Adjusted Term SOFR beginning April 1, 2023, for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. The applicable margin for loans under the Revolving Credit Facility is subject to adjustment based upon the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries and is subject to reduction after the consummation of our initial public offering.
In addition to paying interest on the outstanding principal under the Credit Agreement, the Borrower is required to pay a commitment fee of 0.50% per annum (which is subject to a decrease to 0.375% per annum based upon the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries) to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The Borrower must also pay customary letter of credit fees and an annual administrative agency fee.
The Original Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% of the principal amount of the Original Term Loan Facility outstanding as of the date of the closing of the Original Term Loan Facility, with the balance being payable at maturity on January 29, 2027. The Incremental Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% of the principal amount of the Incremental Term Loan Facility outstanding as of the date of the closing of the Incremental Term Loan Facility, with the balance being payable at maturity on January 29, 2027. Following the $200.0 million aggregate principal payment of outstanding indebtedness during the three months ended March 31, 2021, quarterly installment payments on the Incremental Term Loan Facility are no longer required for the remaining term of the facility. Principal amounts outstanding under the Revolving Credit Facility are due and payable in full at maturity on January 29,
45
2025.
Contractual Obligations and Contingencies
The following table summarizes our contractual obligations as of September 30, 2024:
|
|
Payments due |
|
|||||||||
(In thousands) |
|
Total |
|
|
Less than 1 year |
|
|
More than 1 year |
|
|||
Long-term debt, including interest |
|
$ |
622,750 |
|
|
$ |
5,750 |
|
|
$ |
617,000 |
|
Operating lease liabilities, including imputed interest |
|
|
15,427 |
|
|
|
3,133 |
|
|
|
12,294 |
|
Other (1) |
|
|
11,432 |
|
|
|
9,316 |
|
|
|
2,116 |
|
Total |
|
$ |
649,609 |
|
|
$ |
18,199 |
|
|
$ |
631,410 |
|
(1) We have contractual obligations with various third parties. In May 2023, we amended an agreement with one of our third parties related to cloud services, which superseded and replaced the September 2022 agreement. Under the amended terms, we are committed to pay a minimum of $12.0 million over the period of 18 months from May 2023. If at the end of the 18 months, or upon early termination, we have not reached the $12.0 million in spend, we will be required to pay for the difference between the sum of fees already incurred and the minimum commitment. As of September 30, 2024, our minimum commitment remaining with this third party is $2.6 million.
Additionally, we have the following contractual obligations not reflected in the table set forth above:
In connection with the IPO, in February 2021, 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. The payments that we may be required to make under the tax receivable agreement to the pre-IPO owners may be significant and are not reflected in the contractual obligations table set forth above as they are dependent upon future taxable income. Assuming no material changes in the relevant tax law, and that we earn sufficient taxable income to realize all tax benefits that are subject to the tax receivable agreement, we expect future payments under the tax receivable agreement related to the Offering Transactions and subsequent activity through September 30, 2024 to aggregate to $703.4 million and to range over the next 15 years from approximately $5.6 million to $77.2 million per year and decline thereafter. In determining these estimated future payments, we have given retrospective effect to certain exchanges of Common Units for Class A shares that occurred after the IPO but were contemplated to have occurred pursuant to the Blocker Restructuring. The foregoing numbers are merely estimates, and the actual payments could differ materially. See Note 4, Payable to Related Parties Pursuant to a Tax Receivable Agreement, for additional information.
In connection with the Sponsor Acquisition in January 2020, we entered into a contingent consideration arrangement, consisting of an earn-out payment to the former shareholders of Worldwide Vision Limited of up to $150.0 million. The timing and amount of such payments, that we may be required to make, is not reflected in the contractual obligations table set forth above as the payment to the former shareholders of Worldwide Vision Limited is dependent upon the achievement of a specified return on invested capital by our Sponsor. See Note 11, Fair Value Measurements, in our 2023 Form 10-K for additional information.
Critical Accounting Policies and Estimates
We have discussed the estimates and assumptions that we believe are critical because they involve a higher degree of judgment in their application and are based on information that is inherently uncertain in our 2023 Form 10-K for the year ended December 31, 2023. There have been no significant changes to these accounting policies and estimates for the nine months ended September 30, 2024.
Related Party Transactions
For discussions of related party transactions, see Note 12, Related Party Transactions, to the condensed consolidated financial statements included in “Item 1 - Financial Statements (Unaudited).”
46
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Foreign Currency Exchange Risk
We conduct business in certain foreign markets, primarily in the United Kingdom and the European Union. For the three months ended September 30, 2024 and 2023, revenue outside of the United States accounted for 52.9% and 47.9% of consolidated revenue, respectively. Revenue outside of the United States accounted for 51.4% and 46.8% of combined revenue for the nine months ended September 30, 2024 and 2023, respectively. Our primary exposure to foreign currency exchange risk is the underlying user’s functional currency other than the U.S. Dollar, primarily the British Pound and Euro. As foreign currency exchange rates change, translation of the statements of operations of our international businesses into U.S. dollars affects year-over-year comparability of operating results. The average Euro versus the U.S. Dollar exchange rate was 0.9% and 0.3% higher in the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023, respectively. The average British Pound versus the U.S. Dollar exchange rate was 2.7% and 2.6% higher in the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023, respectively.
Historically, we have not hedged any foreign currency exposures. We have performed a sensitivity analysis as of September 30, 2024 and 2023. A hypothetical 10% change in British Pound and Euro, relative to the U.S. Dollar, would have changed revenue by $19.1 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively, with all other variables held constant. This accounts for 2.4% and 0.8% of total revenue for the nine months ended September 30, 2024 and 2023, respectively. Our continued international expansion increases our exposure to exchange rate fluctuations and as a result such fluctuations could have a significant impact on our future results of operations.
Interest Rate Risk
At September 30, 2024, we had debt outstanding with a carrying value of $618.0 million. With consideration of the financial impact of our interest rate swaps, a hypothetical interest rate increase of 1% would have increased interest expense for the three and nine months ended September 30, 2024 by $0.7 million and $2.1 million, respectively, based upon the outstanding debt balances and interest rates in effect during that period.
Borrowings under our Senior Secured Credit Facilities bear interest at a variable market rate. In order to reduce the financial impact of increases in interest rates, the Company entered into two interest rate swaps for a total notional amount of $350.0 million on June 22, 2020, which were set to expire on June 30, 2024. In January 2024, we replaced these interest rate swaps and entered into new interest rate swaps for the same notional value of $350.0 million to extend the expiration from June 2024 to January 2027. The financial impact of the interest rate swaps is to fix the variable interest rate element on $350.0 million of the long-term debt at a rate of 3.18%. See Note 9, Debt, within the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2024, our disclosure controls and procedures are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
During the three months ended September 30, 2024, the Company completed its implementation of a new enterprise resource planning (“ERP”) system. The new ERP system integrates various financial and operational processes to enhance accuracy, efficiency, and internal controls.
A standardized internal control framework was used during implementation and monitoring controls have been established. Management will continue to assess and monitor the new ERP system to ensure the ongoing effectiveness of internal controls.
Other than the ERP system implementation, there have been no material changes in the Company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
47
PART II—OTHER INFORMATION
Item 1. Legal Proceedings.
See Note 14, Commitments and Contingencies—Litigation, to our unaudited condensed consolidated financial statements included in Part I, “Item 1—Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Item 1A. Risk Factors.
For a discussion of our risk factors, see Part I, “Item 1A—Risk Factors” of our 2023 Form 10-K. Refer also to the other information set forth in this Quarterly Report on Form 10-Q, including in the “Special Note Regarding Forward-Looking Statements,” and in Part I, “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Item 1—Financial Statements (Unaudited).”
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
In May 2023, we announced that our Board of Directors had approved a share repurchase program of up to $150.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. The Company announced increases in the share repurchase program authorized amount from $150.0 million to $300.0 million in November 2023 and from $300.0 million to $450.0 million in May 2024. As of September 30, 2024, a total of $119.0 million remained available for repurchase under the program.
The following table sets forth purchases by the Company of its Class A common stock during the three months ended September 30, 2024 under this publicly announced share repurchase program.
Period |
|
(a) |
|
|
(b) |
|
|
(c) |
|
|
(d) |
|
||||
July 1 - July 31, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
208,717,169 |
|
August 1 - August 31, 2024 |
|
|
13,571,145 |
|
|
|
6.31 |
|
|
|
13,571,145 |
|
|
|
123,053,131 |
|
September 1 - September 30, 2024 |
|
|
599,499 |
|
|
|
6.70 |
|
|
|
599,499 |
|
|
|
119,035,903 |
|
Total |
|
|
14,170,644 |
|
|
$ |
6.33 |
|
|
|
14,170,644 |
|
|
$ |
119,035,903 |
|
In October 2024, we repurchased 4.4 million shares for $30.0 million, excluding excise tax obligations, pursuant to a Rule 10b5-1 trading plan.
(1) Average price paid per share includes costs associated with the repurchases (i.e. broker commissions, etc.) but excludes the 1% excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022.
(2) Represents the approximate dollar value of shares of Class A common stock that remained available for repurchase as of the end of each monthly period reflected in the applicable row. Amount includes broker commissions but excludes the impact of other costs and expenses related to the repurchase of shares, such as excise taxes or other transaction costs.
48
Item 5. Other Information.
Section 13(r) Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Mundys S.p.A. (formerly Atlantia S.p.A.), which may be, or may have been at the time considered to be, an affiliate of Blackstone and, therefore, our affiliate.
49
Item 6. Exhibits.
The following is a list of all exhibits filed or furnished as part of this report:
Exhibit Number |
|
Description |
|
|
|
2.1 |
|
|
3.1 |
|
|
3.2 |
|
|
31.1* |
|
|
31.2* |
|
|
32.1* |
|
|
32.2* |
|
|
99.1* |
|
|
|
|
|
101.INS |
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Filed herewith. |
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
50
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
BUMBLE INC. |
|
|
|
|
|
Date: November 8, 2024 |
|
By: |
/s/ Lidiane S. Jones |
|
|
|
Lidiane S. Jones |
|
|
|
Chief Executive Officer |
|
|
|
|
Date: November 8, 2024 |
|
By: |
/s/ Anuradha B. Subramanian |
|
|
|
Anuradha B. Subramanian |
|
|
|
Chief Financial Officer |
51