Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-39714 ________________________ Grindr Inc. (Exact name of reg ...

Grindr Inc. (NYSE:GRND) Q3 2023 Earnings Conference Call November 13, 2023 11:00 AM ET Company Participants Tolu Adeofe - Head of Investor Relations George Arison - Chief Executive Officer Vanna Krantz - Chief Financial Officer Conference Call Participants Rohit Kulkarni - ROTH MKM Operator Good afternoon. My name is Ludi and I will be your conference operator today. At this time, I would like to welcome everyone to the Grindr Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute t ...

Financial Data and Key Metrics Changes - The company achieved a revenue growth of 32% year-over-year, with second quarter revenue reaching $61.5 million, up from $46.6 million [10][11] - Adjusted EBITDA margin improved to 44%, up from 38% previously expected for the full year [10][11] - Net income for the second quarter was $22.3 million, a significant increase from a net loss of $4.3 million in Q2 2022 [34] Business Line Data and Key Metrics Changes - The global rollout of the Weeklies subscription offering contributed to growth in paying users, with 35,000 new paying subscribers added in the quarter [21] - Average revenue per paying user increased by $0.56 sequentially to $19.08 [11] - Direct revenue increased by 37% year-over-year to $53.2 million, driven by new subscription offerings [33] Market Data and Key Metrics Changes - Average monthly active users (MAU) increased by 8% year-over-year and 2% sequentially to 13.1 million [32] - Average paying users rose by 22% year-over-year to 929,000, resulting in an average payer penetration of 7.1% [32] Company Strategy and Development Direction - The company is focused on improving user experience, monetization, and planning for future growth, with a strategic emphasis on new features and offerings [3][7][29] - The introduction of Grindr Web aims to enhance user engagement and provide features that were previously unavailable on mobile [29] - The company is investing in AI and machine learning to improve user matching and engagement [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook, raising full-year revenue growth guidance to 28% or greater, supported by strong user engagement trends [3][10] - The leadership acknowledged the competitive landscape but emphasized the unique positioning of Grindr and its focus on user needs [19][37] Other Important Information - The company made principal debt repayments of $17.6 million, reducing net debt to $342.9 million [13] - Cash and cash equivalents decreased to $22.1 million from $25.5 million in the prior year [13] Q&A Session Summary Question: Why did the company hire Littler Mendelson while employees are attempting to unionize? - The company stated it respects and supports team members' rights regarding union representation but could not comment on the matter pending before the NLRB [16] Question: How does the new competitive app impact Grindr's future base? - Management noted that user preferences vary, with younger users seeking NSFW features and older users desiring dating features, and emphasized their focus on meeting these needs [19] Question: What is being done to make the app more responsive and less battery-intensive? - The company is investing in future features, including AI, but acknowledged that location-based services inherently require more battery [23] Question: How does the company plan to combat AI and bot scammers? - The company has expanded its customer service team and developed machine learning capabilities to detect spam and unsafe activity [41] Question: How does Grindr plan to leverage its brand recognition in the long term? - The company aims to enhance user experience and functionality to support various use cases beyond hookups, thereby increasing shareholder value [42][44]

Financial Performance - For the three months ended June 30, 2023, Grindr generated revenue of $61.5 million, a 32.0% increase from $46.6 million in the same period of 2022[119]. - Adjusted EBITDA for the three months ended June 30, 2023, was $26.9 million, reflecting a 25.2% increase from $21.5 million in the same period of 2022[127]. - The net income for the three months ended June 30, 2023, was $22.3 million, a significant increase of 618.6% from a net loss of $4.3 million in 2022[127]. - Revenue for the three months ended June 30, 2023, was $61.5 million, a 32% increase from $46.6 million in Q2 2022[185]. - Net income for Q2 2023 was $22.3 million, a $26.6 million increase compared to a net loss of $4.3 million in Q2 2022[181]. - Adjusted EBITDA for Q2 2023 was $26.9 million, up from $21.5 million in Q2 2022, with an Adjusted EBITDA margin of 43.7%[185]. User Metrics - The number of Paying Users increased to approximately 929 thousand for the three months ended June 30, 2023, representing a growth of 21.5% compared to 765 thousand in 2022[132]. - Grindr's Monthly Active Users (MAUs) reached approximately 13.1 million for the three months ended June 30, 2023, compared to 12.2 million in the same period of 2022[132]. - For the six months ended June 30, 2023, the company reported approximately 898 thousand Paying Users, a 20.7% increase from 744 thousand in the same period of 2022[139]. - Paying Users increased by 164 thousand, from approximately 765 thousand to approximately 929 thousand for the three months ended June 30, 2023[161]. Revenue Streams - Grindr's Direct Revenue accounted for 86.4% of total revenue for the three months ended June 30, 2023, up from 83.2% in the same period of 2022[130]. - The company generates revenue from two streams: Direct Revenue from user subscriptions and premium add-ons, and Indirect Revenue from third-party advertising[148]. - Indirect Revenue for the three months ended June 30, 2023, was $8.4 million, an increase from $7.8 million in the same period of 2022[133]. - International revenues accounted for 41.3% of total revenue for the three months ended June 30, 2023, up from 37.8% in the same period of 2022[147]. Cost and Expenses - Total operating expenses for the three months ended June 30, 2023, were $47.6 million, a decrease from $48.6 million in the same period of 2022[168]. - Cost of revenue for the three months ended June 30, 2023, was $16.1 million, a 33.1% increase from $12.1 million in the same period of 2022[166]. - Selling, general and administrative expenses for the three months ended June 30, 2023, decreased by 25.9% to $17.2 million from $23.2 million in the same period of 2022[168]. - Product development expenses for the three months ended June 30, 2023, increased by 47.6% to $6.2 million from $4.2 million in the same period of 2022[170]. Cash Flow and Investments - Grindr's net cash provided by operating activities for the three months ended June 30, 2023, was $63.7 million, compared to $14.0 million in the same period of 2022[133]. - Net cash provided by operating activities for the six months ended June 30, 2023, was $14.8 million, down from $27.8 million in the same period of 2022[189]. - Cash and cash equivalents as of June 30, 2023, were $23.5 million, a decrease from $26.9 million at the end of June 2022[189]. - Net cash used in investing activities for the six months ended June 30, 2023, was $2.6 million, primarily for capitalized software[193]. - The company expects to increase capital investments over time to enhance its platform and product offerings[194]. Debt and Financing - As of June 30, 2023, the company had a total debt of approximately $197.9 million, with various repayment schedules[202]. - The company may seek additional funds through equity or debt financing to support future activities if existing cash flows are insufficient[198]. - The Initial Term Loans require a premium on voluntary and mandatory prepayments until June 10, 2024, and November 14, 2024, for the remaining loans[208]. - The applicable margin for index rate loans is currently 7.0%, while for the Supplemental Term Loan II, it is 3.2%[209]. - The total leverage ratio must not exceed 4.50:1.00 until May 17, 2024, if any Supplemental Term Loan II is outstanding[210]. - As of June 30, 2023, the company was in compliance with the financial covenants under the Credit Agreement[210]. - A default interest rate of an additional 2.0% per annum will apply on all outstanding obligations after an event of default[211]. Strategic Goals - The company aims to expand its user base and revenues by introducing new products and services in untapped geographic regions[121]. - The company aims to increase ARPPU through new monetization features and improved existing features, with ARPPU being influenced by product mix and geographic mix[141]. - The company is focused on expanding its platform globally, which includes entering new markets and investing in under-penetrated markets[140]. - The company plans to continue expanding sales and marketing efforts to attract new users and increase monetization[153]. - The company is investing in machine learning capabilities and features that prioritize security and privacy to drive long-term profitability[142]. Employee Metrics - The company had 174 full-time employees as of June 30, 2023, with approximately 62.0% working in engineering and product development[143]. Accounting and Compliance - The company has not made material changes to its critical accounting estimates since the last Annual Report[215]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[218]. - There are no significant off-balance sheet arrangements reported by the company[213].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-39714 ________________________ Grindr Inc. (Exact name of registr ...

PART I [Business](index=9&type=section&id=Item%201.%20Business) Grindr, the largest LGBTQ social network, reported **$195.0 million** revenue in 2022, a **33.7%** increase, primarily from subscriptions, with **12.2 million** MAUs Key Operating Metrics (2022 vs 2021) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Monthly Active Users (MAUs) | ~12.2 million | ~10.8 million | | Paying Users | ~788 thousand | ~601 thousand | | Daily Messages Sent (Average) | >308 million | >260 million | Financial Performance (FY 2022 vs FY 2021, in millions) | Metric | FY 2022 | FY 2021 | YoY Growth | | :--- | :--- | :--- | :--- | | Total Revenue | $195.0 | $145.8 | 33.7% | | Net Income | $0.9 | $5.1 | -82.4% | | Adjusted EBITDA | $85.2 | $77.1 | 10.6% | - Revenue is generated from two streams: Direct Revenue (subscriptions and add-ons) and Indirect Revenue (advertising/partnerships) In 2022, Direct Revenue was **83.7%** of total revenue, while Indirect Revenue was **16.3%**[39](index=39&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - The company's growth is primarily organic, driven by strong brand awareness and network effects, with customer acquisition spending comprising only **0.3%** of total revenue in 2022[38](index=38&type=chunk)[121](index=121&type=chunk) - Key growth strategies include expanding monetization through new subscription features and stand-alone paid options, growing the user base in core and new geographic markets, and investing in machine learning and data science[124](index=124&type=chunk)[127](index=127&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including brand dependence, competition, platform reliance, data privacy regulations, indebtedness, and internal control weaknesses - A material weakness in internal control over financial reporting has been identified, which could affect the reliability of financial statements if not corrected[22](index=22&type=chunk)[279](index=279&type=chunk) - The business is highly dependent on the strength of the Grindr brand, which could be damaged by unfavorable media coverage, user misconduct, or privacy concerns[150](index=150&type=chunk)[151](index=151&type=chunk)[166](index=166&type=chunk) - Distribution and payment processing rely heavily on third-party platforms like the Apple App Store and Google Play Store, whose policies and fees can significantly impact operations and revenue[181](index=181&type=chunk)[190](index=190&type=chunk) - The company is subject to complex and evolving data privacy laws globally, such as GDPR and CCPA, which could result in significant fines, changes to business practices, and increased operational costs The company has faced regulatory inquiries, including a fine from the Norwegian Data Protection Authority[311](index=311&type=chunk)[312](index=312&type=chunk)[317](index=317&type=chunk) - As of December 31, 2022, the company had approximately **$360.6 million** in total outstanding net indebtedness, which imposes significant operating and financial restrictions[343](index=343&type=chunk) [Unresolved Staff Comments](index=71&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[375](index=375&type=chunk) [Properties](index=71&type=section&id=Item%202.%20Properties) Grindr's headquarters is a leased **25,000 sq. ft.** office in West Hollywood, California, with the lease expiring in **2026** - The company's headquarters is a leased **25,000 sq. ft.** office in West Hollywood, CA, with the lease expiring in **2026**[376](index=376&type=chunk) [Legal Proceedings](index=71&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, not currently expected to have a material adverse effect, with details in Note 13 - The company is subject to various legal claims and government investigations in the ordinary course of business Specific details are provided in Note 13 to the consolidated financial statements[378](index=378&type=chunk) [Mine Safety Disclosures](index=71&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[381](index=381&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=72&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Grindr's Common Stock and Public Warrants trade on the NYSE, and the company does not anticipate paying cash dividends in the foreseeable future - Common Stock and Public Warrants are traded on the NYSE under symbols **"GRND"** and **"GRND.WS"**[383](index=383&type=chunk) - The company has never paid dividends and does not intend to pay them in the foreseeable future[385](index=385&type=chunk) [Reserved.](index=72&type=section&id=Item%206.%20%5BReserved.%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=73&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2022, revenue grew **33.7%** to **$195.0 million**, net income decreased to **$0.9 million**, and Adjusted EBITDA increased **10.6%** to **$85.2 million** Key Financial and Operating Metrics (FY 2022 vs. FY 2021, in thousands, except per user data) | Metric | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Revenue | $195,015 | $145,833 | | Net Income | $852 | $5,064 | | Adjusted EBITDA | $85,192 | $77,054 | | Average Paying Users | 788 | 601 | | Adjusted ARPPU | $17.28 | $16.21 | | Monthly Active Users (MAUs) | 12,246 | 10,799 | - The **33.7%** revenue growth in 2022 was primarily driven by a **$47.3 million (41%)** increase in Direct Revenue, attributed to growth in both Paying Users and a **7.5%** increase in ARPPU[436](index=436&type=chunk) - Selling, general and administrative expenses increased by **146.1%** to **$75.3 million**, largely due to a **$23.7 million** increase in stock-based compensation, a **$6.0 million** increase in employee-related expenses, and a **$7.0 million** increase in outside service fees[439](index=439&type=chunk)[441](index=441&type=chunk) - Net cash provided by operating activities increased to **$50.6 million** in 2022 from **$34.4 million** in 2021[466](index=466&type=chunk)[467](index=467&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=88&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Grindr is not required to provide information for this item - The company is a smaller reporting company and is not required to provide this information[496](index=496&type=chunk) [Financial Statements and Supplementary Data](index=89&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for FY2022 and FY2021, along with the independent auditor's report and detailed notes - The report from independent registered public accounting firm Ernst & Young LLP provides an unqualified opinion on the consolidated financial statements[501](index=501&type=chunk) - The Business Combination on November 18, 2022, was accounted for as a reverse recapitalization, with Legacy Grindr as the accounting acquirer[523](index=523&type=chunk) Consolidated Balance Sheet Highlights (As of Dec 31, in thousands) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Total Assets | $438,828 | $449,726 | | Total Liabilities | $434,776 | $186,489 | | Total Stockholders' Equity | $4,052 | $263,237 | - As of December 31, 2022, the company had total debt of **$360.6 million** (net of unamortized costs) under its Credit Agreement[625](index=625&type=chunk) - The company is involved in ongoing legal and regulatory matters, including an appeal of a fine from the Norwegian Data Protection Authority (Datatilsynet) related to GDPR compliance[655](index=655&type=chunk)[656](index=656&type=chunk)[657](index=657&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=131&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - None reported[725](index=725&type=chunk) [Controls and Procedures](index=131&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2022, due to a material weakness in financial reporting, with remediation underway - A material weakness was identified in internal control over financial reporting related to the accuracy and timeliness of the financial statement closing process[728](index=728&type=chunk) - As a result of the material weakness, the CEO and CFO concluded that disclosure controls and procedures were not effective as of December 31, 2022[726](index=726&type=chunk) - Remediation efforts are underway, including hiring more accounting staff, automating manual reconciliations, and implementing enhanced internal controls for the closing process[729](index=729&type=chunk) [Other Information](index=132&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[731](index=731&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=132&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[731](index=731&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=133&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the forthcoming 2023 Proxy Statement - Information is incorporated by reference from the forthcoming **2023 Proxy Statement**[733](index=733&type=chunk) [Executive Compensation](index=133&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the forthcoming 2023 Proxy Statement - Information is incorporated by reference from the forthcoming **2023 Proxy Statement**[736](index=736&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=133&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information concerning security ownership is incorporated by reference from the forthcoming 2023 Proxy Statement - Information is incorporated by reference from the forthcoming **2023 Proxy Statement**[737](index=737&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=133&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information detailing related party transactions and director independence is incorporated by reference from the forthcoming 2023 Proxy Statement - Information is incorporated by reference from the forthcoming **2023 Proxy Statement**[738](index=738&type=chunk) [Principal Accounting Fees and Services](index=133&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the forthcoming 2023 Proxy Statement - Information is incorporated by reference from the forthcoming **2023 Proxy Statement**[739](index=739&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=134&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements and schedules, along with an index of all exhibits filed with the report, including key agreements and certifications - This item includes the list of financial statements and an index of all exhibits filed with the Annual Report on Form 10-K[742](index=742&type=chunk) [Form 10-K Summary](index=139&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary for this item - None[752](index=752&type=chunk)

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on February 8, 2023. Registration No. 333-268782 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GRINDR INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 7370 (Primary Standard Industrial Classification Code Number) 750 N. San Vicente Blvd., Suit ...

As filed with the U.S. Securities and Exchange Commission on January 12, 2023. Registration No. 333-268782 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GRINDR INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 7370 (Primary Standard Industrial Classification Code Number) TABLE OF CONTENTS 750 N. San Vicente Blvd., Suit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39714 TIGA ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | | (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39714 TIGA ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | | (State or other ...