Bumble(US:BMBL)2022-05-15 16:00Financial Performance - Revenue for the three months ended March 31, 2022, was $211,199,000, representing a 23.7% increase from $170,713,000 for the same period in 2021[20] - Operating earnings for the same period were $19,019,000, a significant improvement compared to an operating loss of $112,396,000 in Q1 2021[20] - Net earnings attributable to Bumble Inc. shareholders for Q1 2022 were $16,395,000, down from $341,790,000 in Q1 2021[20] - Comprehensive income for Q1 2022 was $22,733,000, significantly lower than $319,875,000 in Q1 2021[23] - For the three months ended March 31, 2022, Bumble Inc. reported a net earnings of $23,938 thousand, a decrease from $323,442 thousand in the same period of 2021[35] - Adjusted EBITDA for the quarter was $49.8 million, with an Adjusted EBITDA margin of 23.6%, compared to $46.1 million and 27.0% margin in the same quarter of 2021[200] - Net earnings for the quarter were $23.9 million, down significantly from $323.4 million in the prior year, resulting in a net earnings margin of 11.3%[200] Assets and Liabilities - Total assets as of March 31, 2022, were $3,795,402,000, a slight increase from $3,775,820,000 at the end of 2021[16] - Total liabilities decreased to $1,286,257,000 as of March 31, 2022, from $1,301,540,000 at the end of 2021[16] - Total shareholders' equity increased to $2,509,145,000 as of March 31, 2022, from $2,474,280,000 at the end of 2021[16] - Cash and cash equivalents decreased to $308,788,000 from $369,175,000 at the end of 2021, indicating a cash reduction of 16.3%[16] - Total long-term debt, net, was $619.704 million as of March 31, 2022, slightly down from $620.351 million as of December 31, 2021[110] Revenue Breakdown - Revenue from the Bumble App for the three months ended March 31, 2022, was $155.4 million, compared to $112.6 million for the same period in 2021, representing a 38.0% increase[65] - North America generated $124.2 million in revenue for the three months ended March 31, 2022, compared to $95.7 million in the same period of 2021, reflecting a 30% increase[185] - The average revenue per paying user for the Bumble App was $29.18, an increase from $27.75 in the previous year[204] - Total paying users increased to 3,007.2 thousand, a 7.3% rise from 2,803.3 thousand in the prior year[204] Cash Flow and Expenditures - The company experienced a net cash provided by operating activities of $19,358 thousand, compared to a net cash used of $45,582 thousand in the prior year[35] - Bumble Inc. incurred capital expenditures of $4,996 thousand and an acquisition of business totaling $69,720 thousand during the same period[35] - Free cash flow improved to $14.4 million, compared to a negative $48.3 million in the same quarter of 2021, indicating a free cash flow conversion of 28.8%[200] Stock and Equity - The company reported a basic earnings per share of $0.13 for Q1 2022, compared to $1.74 for Q1 2021[20] - As of March 31, 2022, there are 188,253,131 shares of Class A common stock outstanding[43] - The weighted average number of shares of Class A common stock outstanding for basic earnings per share calculation was 129,233,843 for the three months ended March 31, 2022, compared to 115,230,399 for the same period in 2021[145] - The Company has 6,000,000,000 shares of Class A common stock authorized, with a par value of $0.01 per share[130] Acquisitions and Investments - The company acquired Flashgap SAS for approximately $75.4 million, which includes a cash consideration of $72.3 million and a fair value of contingent earn-out liability of $3.1 million[88] - The acquisition of Flashgap is expected to expand the company's product offerings to the Gen Z market, complementing existing apps like Bumble and Badoo[88] Tax and Compliance - The effective tax rate for the three months ended March 31, 2022, was (9.2)%, lower than the U.S. federal statutory tax rate of 21%[81] - The company recorded a tax receivable agreement liability of $389.0 million as of March 31, 2022, related to tax benefits from basis adjustments and net operating losses[85] Operational Changes - The company plans to exit its Russian operations by the end of 2022, impacting approximately 120 employees[97] - The company discontinued operations in Russia and Belarus, which accounted for approximately 1.9% of total revenue and 1.7% of total operating costs for the quarter[208][209] Stock-Based Compensation - Stock-based compensation expense for the three months ended March 31, 2022, was $17,557 thousand, down from $45,823 thousand in the same period of 2021[35] - The Company recognized stock-based compensation expense related to Exit-Vesting awards of $0.9 million for Q1 2022, compared to $11.3 million for Q1 2021[156] - The total unrecognized compensation cost related to Exit-Vesting RSUs is $19.0 million, expected to be recognized over 2.8 years[168]