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Bumble(BMBL) - 2023 Q4 - Annual Results
BMBLBumble(BMBL)2024-02-26 16:00

Revenue Performance - Total Revenue for Q4 2023 increased 13.2% to 273.6million,comparedto273.6 million, compared to 241.6 million in Q4 2022[4] - Bumble App Revenue rose 15.7% to 220.7million,whileBadooAppandOtherRevenueincreased4.2220.7 million, while Badoo App and Other Revenue increased 4.2% to 52.9 million[4] - Full Year 2023 Total Revenue increased 16.4% to 1,051.8million,withBumbleAppRevenueup221,051.8 million, with Bumble App Revenue up 22% to 844.8 million[11] - Total revenue for the year ended December 31, 2023, reached 1.052billion,up16.41.052 billion, up 16.4% from 903.5 million in 2022[52] User Metrics - Total Paying Users grew 16.4% to 4.0 million, up from 3.4 million in the previous year[4] - Total Paying Users increased to 1,253,000 in Q4 2023 from 1,093,000 in Q4 2022, representing a growth of 14.6% year-over-year[35] - Bumble App Average Revenue per Paying User (ARPPU) for the year ended December 31, 2023, was 4.054,comparedto4.054, compared to 3.819 for the year ended December 31, 2022, indicating a growth of 6.1%[35] Financial Losses and Improvements - Net loss for Q4 2023 was 32.0million,significantlyimprovedfromanetlossof32.0 million, significantly improved from a net loss of 159.2 million in Q4 2022[4] - Operating loss for Q4 2023 was 6.9million,significantlyimprovedfromalossof6.9 million, significantly improved from a loss of 147.4 million in Q4 2022[52] - Net loss attributable to Bumble Inc. shareholders for Q4 2023 was 26.0million,comparedtoalossof26.0 million, compared to a loss of 110.6 million in Q4 2022[52] - Net earnings for the quarter ended December 31, 2023, were (32,012)thousand,comparedto(32,012) thousand, compared to (159,246) thousand for the same quarter in 2022, showing significant improvement[55] Cash Flow and Liquidity - As of December 31, 2023, total cash and cash equivalents were 355.6million,whiletotaldebtstoodat355.6 million, while total debt stood at 620.9 million[6] - Cash and cash equivalents at the end of Q4 2023 were 355.6million,downfrom355.6 million, down from 402.6 million at the end of Q4 2022[54] - Operating cash flow for Q4 2023 was 63.4million,anincreasefrom63.4 million, an increase from 51.2 million in Q4 2022[54] - Free cash flow for the quarter ended December 31, 2023, was 61,251thousand,comparedto61,251 thousand, compared to 46,150 thousand in the same quarter of 2022, indicating a 32.5% increase[55] - The company reported a net cash provided by operating activities of 63,417thousandforthequarterendedDecember31,2023,upfrom63,417 thousand for the quarter ended December 31, 2023, up from 51,172 thousand in the prior year[55] Operational Efficiency - Adjusted EBITDA for Q4 2023 was 73.7million,representing26.973.7 million, representing 26.9% of revenue, compared to 25.0% in Q4 2022[4] - Adjusted EBITDA for the year ended December 31, 2023, was 275,570 thousand, up from 226,919thousandin2022,reflectingagrowthinadjustedEBITDAmarginfrom25.1226,919 thousand in 2022, reflecting a growth in adjusted EBITDA margin from 25.1% to 26.2%[55] - Adjusted EBITDA margin for the year ended December 31, 2023, was not specified but is calculated as Adjusted EBITDA divided by revenue, providing insight into operational performance[41] - The adjusted EBITDA margin increased by at least 300 basis points year-over-year, indicating strong operational efficiency[57] Cost Management - General and administrative expenses decreased to 52.008 million for the year ended December 31, 2023, from 63.575millionin2022,areductionof18.363.575 million in 2022, a reduction of 18.3%[35] - Stock-based compensation expense for the year ended December 31, 2023, was 104.338 million, down from 111.008millionin2022,adecreaseof6.0111.008 million in 2022, a decrease of 6.0%[35] - Capital expenditures for the year ended December 31, 2023, were (14,935) thousand, down from (16,333)thousandin2022,indicatingareductionincapitalspending[55]FutureOutlook−ForQ12024,thecompanyanticipatesTotalRevenuebetween(16,333) thousand in 2022, indicating a reduction in capital spending[55] Future Outlook - For Q1 2024, the company anticipates Total Revenue between 262 million and 268million[19]−BumbleAppRevenuefor2024isexpectedtogrowbetween9268 million[19] - Bumble App Revenue for 2024 is expected to grow between 9% and 11%[21] - The company plans to reduce its global workforce by approximately 350 roles, expecting non-recurring charges of 20 million to 25million[7]−Thecompanyplanstoimplementaglobalworkforcereductionandrestructuringofoperations,whichmayimpactfuturefinancialperformance[46]−Thecompanyanticipatespotentialrisksrelatedtocompetition,userretention,andgeopoliticalconditionsaffectingfuturegrowth[46]LegalandCompliance−Thecompanyreportedlitigationcostsnetofinsuranceproceedsof25 million[7] - The company plans to implement a global workforce reduction and restructuring of operations, which may impact future financial performance[46] - The company anticipates potential risks related to competition, user retention, and geopolitical conditions affecting future growth[46] Legal and Compliance - The company reported litigation costs net of insurance proceeds of (71.918) million for the year ended December 31, 2023, compared to (22.734)millionin2022,indicatingincreasedlegalexpenses[35]−Thecompanyincurredlitigationcostsof(22.734) million in 2022, indicating increased legal expenses[35] - The company incurred litigation costs of 47,044 thousand in the quarter ended December 31, 2023, compared to 18,645thousandinthesamequarterof2022,highlightingincreasedlegalexpenses[55]AssetManagement−TotalassetsasofDecember31,2023,were18,645 thousand in the same quarter of 2022, highlighting increased legal expenses[55] Asset Management - Total assets as of December 31, 2023, were 3.625 billion, a decrease from 3.693billionin2022[51]−Long−termdebtasofDecember31,2023,was3.693 billion in 2022[51] - Long-term debt as of December 31, 2023, was 615.2 million, slightly down from 619.2millionin2022[51]−Thecompanyreportedasignificantincreaseinaccountsreceivable,netting619.2 million in 2022[51] - The company reported a significant increase in accounts receivable, netting 102.7 million in Q4 2023, up from 66.9millioninQ42022[51]ProductDevelopment−ProductdevelopmentexpensesfortheyearendedDecember31,2023,were66.9 million in Q4 2022[51] Product Development - Product development expenses for the year ended December 31, 2023, were 130,565 thousand, compared to $109,020 thousand in 2022, reflecting a 19.8% increase[60] - Bumble Inc. plans to continue expanding its product offerings and market presence, focusing on user engagement and retention strategies[49]