PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents Bumble Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with detailed accounting policy notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets decreased to **$3.52 billion** from **$3.63 billion** at year-end 2023, driven by reduced cash and equivalents Condensed Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $286,664 | $355,642 | | Goodwill | $1,584,546 | $1,585,750 | | Intangible assets, net | $1,455,658 | $1,484,290 | | **Total assets** | **$3,524,240** | **$3,625,127** | | **Liabilities & Equity** | | | | Total current liabilities | $176,193 | $244,909 | | Long-term debt, net | $613,194 | $615,176 | | **Total liabilities** | **$1,226,242** | **$1,287,854** | | **Total shareholders' equity** | **$2,297,998** | **$2,337,273** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 revenue grew to **$268.6 million**, with operating earnings surging to **$52.0 million** and diluted EPS increasing to **$0.22** Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$268,615** | **$259,735** | **$536,390** | **$502,683** | | Operating earnings (loss) | $51,954 | $21,171 | $100,744 | $30,235 | | Net earnings (loss) | $37,686 | $9,349 | $71,559 | $7,020 | | Net earnings (loss) attributable to Bumble Inc. shareholders | $27,395 | $6,753 | $52,012 | $5,142 | | **Diluted earnings (loss) per share** | **$0.22** | **$0.05** | **$0.41** | **$0.04** | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations for H1 2024 was **$35.3 million**, with **$101.0 million** used in financing, resulting in a **$69.0 million** net cash decrease Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $35,345 | $56,100 | | Net cash used in investing activities | ($4,531) | ($19,087) | | Net cash used in financing activities | ($101,003) | ($54,700) | | **Net decrease in cash and cash equivalents** | **($68,972)** | **($22,223)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, including **$19.8 million** in restructuring charges, a **$450 million** share repurchase program, and a **$40.5 million** litigation provision - In February 2024, the company adopted a Restructuring Plan to reduce its global workforce by approximately 350 roles, expecting to incur total charges of **$20.0 million** to **$22.0 million**. For the six months ended June 30, 2024, it incurred **$19.8 million** in restructuring charges[34](index=34&type=chunk)[86](index=86&type=chunk) - The share repurchase program authorization was increased to **$450.0 million** in May 2024. As of June 30, 2024, **$208.7 million** remains available for repurchase[24](index=24&type=chunk)[82](index=82&type=chunk) - As of June 30, 2024, the company has accrued a provision of **$40.5 million** for probable future obligations related to various litigations, including matters concerning the Illinois Biometric Information Privacy Act (BIPA)[70](index=70&type=chunk) - On July 1, 2024, Bumble acquired Geneva Technologies, Inc., a social networking platform, for an aggregate purchase price of approximately **$17.0 million** in cash[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2024 financial performance, noting **3.4%** revenue growth driven by user increases, offset by lower ARPPU, and the impact of restructuring on expenses [Key Operating and Financial Metrics](index=30&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Q2 2024 saw **13.9%** growth in Total Paying Users to **4.14 million**, but Total ARPPU declined **8.0%** to **$21.37** Key Operating Metrics (Q2 2024 vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Paying Users (thousands) | 4,138.6 | 3,633.3 | +13.9% | | Bumble App Paying Users (thousands) | 2,817.2 | 2,457.8 | +14.6% | | Total Average Revenue per Paying User | $21.37 | $23.23 | -8.0% | | Bumble App Average Revenue per Paying User | $25.79 | $28.21 | -8.6% | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q2 2024 revenue grew **3.4%** YoY, while operating expenses, particularly G&A and Product Development, significantly decreased due to restructuring-related compensation reductions - Bumble App Revenue grew to **$218.0 million** in Q2 2024 from **$208.0 million** in Q2 2023, an increase of **4.8%**, driven by a **14.6%** increase in paying users[97](index=97&type=chunk) - Badoo App and Other Revenue decreased slightly to **$50.6 million** in Q2 2024 from **$51.8 million** in Q2 2023, a **2.3%** decline, primarily due to lower ARPPU[97](index=97&type=chunk) - Product development expense decreased by **$20.5 million** (**56.7%**) in Q2 2024 compared to Q2 2023, mainly due to an **$18.0 million** decrease in stock-based compensation from forfeitures[102](index=102&type=chunk) - General and administrative expense decreased by **$7.0 million** (**16.1%**) in Q2 2024, driven by an **$11.0 million** decrease in stock-based compensation and lower legal fees[101](index=101&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, cash and equivalents totaled **$286.7 million**, with **$101.0 million** used in financing activities, primarily for share repurchases - Cash and cash equivalents stood at **$286.7 million** as of June 30, 2024, a decrease of **$69.0 million** from year-end 2023, primarily due to share repurchases[113](index=113&type=chunk) - During the six months ended June 30, 2024, the company repurchased **5.3 million** shares of Class A common stock and **2.0 million** Common Units for a total of **$84.4 million**[113](index=113&type=chunk) - The company made cash payments of **$15.2 million** in H1 2024 related to its Restructuring Plan[113](index=113&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include foreign currency exposure, with **47.3%** of Q2 2024 revenue from outside North America, and interest rate risk on **$618.9 million** in variable-rate debt - Revenue outside of North America accounted for **47.3%** of consolidated revenue for the three months ended June 30, 2024. A hypothetical **10%** change in British Pound and Euro exchange rates would have impacted H1 2024 revenue by **$12.4 million**[120](index=120&type=chunk)[122](index=122&type=chunk) - The company mitigates interest rate risk on its variable-rate debt by using interest rate swaps with a total notional value of **$350.0 million**, effectively fixing the variable rate element at **3.18%** until January 2027[123](index=123&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal controls - Management, including the CEO and CFO, concluded that as of June 30, 2024, the company's disclosure controls and procedures are effective[124](index=124&type=chunk) - There were no changes in internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[125](index=125&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including BIPA-related litigation, with a **$40.5 million** provision for probable losses as of June 30, 2024 - The company is subject to various legal proceedings, including matters related to consumer protection, intellectual property, and employment[64](index=64&type=chunk)[125](index=125&type=chunk) - A proposed class action settlement for lawsuits related to the Illinois Biometric Information Privacy Act (BIPA) was preliminarily approved on June 6, 2024[67](index=67&type=chunk) - As of June 30, 2024, the company determined a provision of **$40.5 million** reflects its best estimate of probable future obligations for its litigations[70](index=70&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the comprehensive risk factor discussion in the company's 2023 Form 10-K, with no new or updated risks presented - For a discussion of risk factors, readers are referred to Part I, "Item 1A—Risk Factors" of the company's 2023 Form 10-K[126](index=126&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company updated its share repurchase program, increasing authorization to **$450.0 million**, with **$208.7 million** remaining available as of June 30, 2024 - The Board of Directors increased the share repurchase program authorization from **$300.0 million** to **$450.0 million** in May 2024[126](index=126&type=chunk) - The company did not purchase any shares under the program during the second quarter of 2024[126](index=126&type=chunk) - As of June 30, 2024, **$208.7 million** remained available for repurchase under the program[126](index=126&type=chunk)

Vladimir Vladimirov Bumble stock plunges after reporting Q2 earnings It's been an incredibly tough earnings season for many companies, but Bumble Inc.'s (NASDAQ:BMBL) post-Q2 decline has been one of the worst. After announcing a wholesale "reset" of its corporate strategy and dramatically slashing its outlook for the year, shares of Bumble crashed roughly 40%. Now, the stock has lost more than two-thirds of its value since the start of the year, making it by far the worst-performing dating app stock and one ...

Key Takeaways Bumble cut its full-year outlook as customers spent less to use the online dating service. Second-quarter revenue fell short of estimates. Shares of Bumble sank to a record low. Shares of Bumble (BMBL) tumbled to their all-time low Thursday after the online dating service slashed its guidance as customers spent less on it. The company that operates the eponymous app now expects full-year revenue to rise 1% to 2% year-over-year, compared with its earlier forecast of 8% to 11%, and app revenue t ...

SAN DIEGO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating whether Bumble Inc. (NASDAQ: BMBL) or any of its executive officers or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focuses on investors' losses and whether they may be recovered under federal securities laws. What if I purchased Bumble securities? If you purchased securities and suffered losses on your ...

Bumble Inc. BMBL reported worse-than-expected second-quarter revenue results on Wednesday. Bumble reported quarterly earnings of 22 cents per share on $273.12 million of quarterly revenue which came in just under analyst estimates. "Our first chapter of the Bumble App launch delivered better women's experiences and improved engagement," said Lidiane Jones, CEO of Bumble. "We are pleased with these early wins but it's evident that to reignite the user growth engine for Bumble Inc. in the long term, we need t ...

Financial Data and Key Metrics Changes - Total Bumble Inc. revenue grew 3% in Q2 to $269 million, impacted by FX headwinds totaling $3.4 million, which negatively affected the growth rate by approximately 1.5 percentage points [16][22] - Total paying users increased by 14% to 4.1 million, while ARPPU decreased by 8% to $21.37 [16][22] - Q2 adjusted EBITDA was $75 million, representing a margin of 28%, up from 26% in the previous year [19][24] Business Line Data and Key Metrics Changes - Bumble app revenue grew 5% to $218 million, driven by a 15% increase in paying users to 2.8 million [16][22] - Badoo app and other revenue declined 2% year over year to $51 million, with paying users growing by 12% to 1.3 million [17][22] Market Data and Key Metrics Changes - The increase in paying users was partially offset by a 9% year-over-year decline in ARPPU due to geographic mix shifts, with some pressure on US top-of-the-funnel metrics [16][22] - International markets showed continuous strength, contributing positively to the overall user growth [22] Company Strategy and Development Direction - The company is focusing on three areas: fostering a vibrant customer ecosystem, enhancing customer experience, and evolving revenue strategy [7][12] - A comprehensive plan is in place to address demographic imbalances and improve retention by providing innovative dating experiences [6][12] - The acquisition of Geneva aims to accelerate opportunities in the friendships and community space, aligning with the company's broader strategy [14][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need to reset the strategy to deliver durable customer value, which may impact near-term growth but is essential for long-term value creation [15][22] - The outlook for Q3 expects total revenue between $269 million and $275 million, representing a year-over-year decline of 1% at the mid-point [23][24] - Management remains confident in the long-term growth potential despite short-term challenges, emphasizing the importance of customer experience [22][60] Other Important Information - The company is committed to returning cash to shareholders, having returned $241 million since the inception of its repurchase program [20][24] - The company plans to slow down certain monetization initiatives, including the expansion of Premium Plus, to focus on enhancing the free experience [12][22] Q&A Session Summary Question: Can you provide clarity on the US versus international paying user dynamics? - Management noted that while ARPPU is increasing in individual markets, the overall decline is influenced by the geographic mix, with pressure on US top-of-the-funnel metrics affecting US payers [26] Question: What is the timing for impactful product roadmap features? - Management indicated that improving customer experience and engagement will take time to realize revenue growth, with multiple quarters needed to see top-of-funnel strength [28] Question: What drove the decision to reset the roadmap? - The decision was based on observed top-of-funnel softness and the need to prioritize product experiences that drive long-term sustainable revenue growth [33] Question: Will there be an increase in sales and marketing in the back half of the year? - Management stated that while spending will be tailored based on market maturity, there will be a slight increase in Q4 marketing as part of the strategy [36][38] Question: How will the company address the demographic imbalance in the ecosystem? - Management emphasized a multifaceted approach, including product, marketing, and revenue techniques to ensure a balanced mix of users and improve engagement [71]

For the quarter ended June 2024, Bumble Inc. (BMBL) reported revenue of $268.62 million, up 3.4% over the same period last year. EPS came in at $0.22, compared to $0.05 in the year-ago quarter. The reported revenue represents a surprise of -1.73% over the Zacks Consensus Estimate of $273.34 million. With the consensus EPS estimate being $0.15, the EPS surprise was +46.67%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine t ...

Bumble Inc. (BMBL) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 46.67%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.19, delivering a surprise of 171.43%. Over the last four quarters, the company h ...

Exhibit 99.1 Bumble Inc. Announces Second Quarter 2024 Results Total Revenue Increased 3% to $269 Million Bumble App Revenue Increased 5% to $218 Million Bumble App Paying Users Increased 15% to 2.8 Million; Grew 87,000 Quarter Over Quarter Net Earnings of $38 Million, Adjusted EBITDA of $75 Million AUSTIN, Texas, August 7, 2024 - Bumble Inc. (NASDAQ: BMBL) today reported financial results for the second quarter ended June 30, 2024. "Our first chapter of the Bumble App launch delivered better women's experi ...

The upcoming earnings release of Bumble Inc. will be of great interest to investors. The company's earnings report is expected on August 7, 2024. The company's upcoming EPS is projected at $0.15, signifying a 200% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $273.73 million, reflecting a 5.39% rise from the equivalent quarter last year. Empirical research indicates that these revisions in estimates have a direct c ...