Grindr (US:GRND)2025-03-07 21:15Financial Performance - For the year ended December 31, 2024, Grindr Inc. reported revenue of $344.636 million, a 32.7% increase from $259.691 million in 2023[412]. - Grindr reported a net loss of $131,001,000 for the year ended December 31, 2024, compared to a net loss of $55,768,000 in 2023, indicating a significant increase in losses[416]. - The Company recognized direct revenue of $290,890,000, an increase of 29.1% from $225,285,000 in 2023[454]. - Indirect revenue for the year ended December 31, 2024, was $53,746,000, up 56.5% from $34,406,000 in 2023[454]. - The total income tax provision for the year ended December 31, 2024, was $12,711, compared to $4,023 in 2023, marking an increase of approximately 216%[554]. Operating Expenses - The total operating expenses for 2024 were $252.038 million, compared to $204.243 million in 2023, reflecting a 23.4% increase[412]. - Stock-based compensation increased to $37,272,000 in 2024 from $15,824,000 in 2023, reflecting a rise of approximately 135%[416]. - The cost of revenue (exclusive of depreciation and amortization) rose to $87,579,000 in 2024, up from $67,458,000 in 2023, representing a 29.8% increase[482]. - Advertising costs for the year ended December 31, 2024, totaled $8,215,000, a substantial increase from $2,378,000 in 2023[460]. Assets and Liabilities - The company had cash and cash equivalents of $59.152 million as of December 31, 2024, up from $27.606 million in 2023, indicating a 114.2% increase[410]. - Total assets increased to $479.090 million in 2024 from $444.595 million in 2023, marking an increase of 7.8%[410]. - Long-term debt decreased from $325.600 million in 2023 to $275.580 million in 2024, a reduction of 15.4%[410]. - The company’s stockholders' deficit increased to $131.570 million in 2024 from $18.292 million in 2023, indicating a substantial decline in equity[410]. Cash Flow - The net cash provided by operating activities was $94,957,000 in 2024, up from $36,147,000 in 2023, representing a growth of about 162%[416]. - The company had a net cash used in financing activities of $58,853,000 in 2024, compared to $13,036,000 in 2023, indicating a significant increase in cash outflows[417]. - The company incurred cash interest paid of $25,992,000 in 2024, down from $47,859,000 in 2023, reflecting a decrease of approximately 46%[417]. Stock and Equity - The Company repurchased 1,016,496 shares in 2024 and 357,240 shares in 2023 related to employees' tax withholding upon vesting of restricted stock units[529]. - The 2022 Equity Incentive Plan was amended to increase the number of shares reserved for issuance from 13,764,400 to 16,624,700 shares, with 8,520,012 shares available for grant as of December 31, 2024[531]. - The intrinsic value of options exercised during the years ended December 31, 2024, and 2023 was $8,351 and $2,081, respectively, indicating a substantial increase in option value realized[552]. Internal Controls and Compliance - The company’s internal control over financial reporting was assessed as effective as of December 31, 2024, following remediation of previously disclosed material weaknesses[588]. - The material weakness related to payroll processes has been remediated as of December 31, 2024[589]. - There were no changes in internal control over financial reporting during the last fiscal quarter[590]. Miscellaneous - The company faced a reduced administrative fine of 65,000 NOK (approximately $5,716) upheld by the Norwegian Privacy Appeals Board for GDPR violations[572]. - The company signed a lease for office space in New York with an initial base rent of $27,000 per month, escalating by 5% annually[579].