Bumble(US:BMBL)2024-02-26 16:00Revenue Performance - Total Revenue for Q4 2023 increased 13.2% to $273.6 million, compared to $241.6 million in Q4 2022[4] - Bumble App Revenue rose 15.7% to $220.7 million, while Badoo App and Other Revenue increased 4.2% to $52.9 million[4] - Full Year 2023 Total Revenue increased 16.4% to $1,051.8 million, with Bumble App Revenue up 22% to $844.8 million[11] - Total revenue for the year ended December 31, 2023, reached $1.052 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, 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 $32.0 million, significantly improved from a net loss of $159.2 million in Q4 2022[4] - Operating loss for Q4 2023 was $6.9 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 $26.0 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, 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 $355.6 million, while total debt stood at $620.9 million[6] - Cash and cash equivalents at the end of Q4 2023 were $355.6 million, down from $402.6 million at the end of Q4 2022[54] - Operating cash flow for Q4 2023 was $63.4 million, an increase from $51.2 million in Q4 2022[54] - Free cash flow for the quarter ended December 31, 2023, was $61,251 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 $63,417 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 $73.7 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 $226,919 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 $63.575 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 $111.008 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) thousand in 2022, indicating a reduction in capital spending[55] Future Outlook - For Q1 2024, the company anticipates Total Revenue between $262 million and $268 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 $25 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) 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 $18,645 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 $3.693 billion in 2022[51] - Long-term debt as of December 31, 2023, was $615.2 million, slightly down from $619.2 million in 2022[51] - The company reported a significant increase in accounts receivable, netting $102.7 million in Q4 2023, up from $66.9 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]