Bumble Inc. Announces Third Quarter 2024 Results

Bumble Inc., a prominent player in the online dating and social networking space, has released its financial results for the third quarter of 2024. The company, known for its Bumble and Badoo apps, reported a slight decline in total revenue and a significant net loss, primarily due to non-cash impairment charges.

Financial Highlights

For the third quarter ended September 30, 2024, Bumble Inc. reported:

• Total revenue decreased by 0.7% to $273.6 million, compared to $275.5 million in the same period last year.
• Bumble App revenue also saw a slight decline of 0.7% to $220.2 million.
• Net loss was $849.3 million, which includes $892.2 million of non-cash impairment charges, compared to net earnings of $23.1 million in the third quarter of 2023.
• Adjusted EBITDA was $82.6 million, or 30.2% of revenue, up from $75.3 million, or 27.3% of revenue, in the same period last year.

Business and Operational Highlights

Despite the revenue decline, Bumble Inc. saw growth in its user base:

• Total paying users increased to 4.3 million, up from 3.8 million in the third quarter of 2023.
• Bumble App paying users grew by 10% to 2.9 million, with an increase of 52,000 users quarter over quarter.
• Total average revenue per paying user (ARPPU) decreased to $21.17 from $23.42 in the same period last year.

Strategic Initiatives and Corporate Developments

Key corporate activities and strategic initiatives include:

• The company repurchased $89.7 million of shares of Class A common stock during the third quarter under its $450.0 million share repurchase program.
• In October 2024, an additional $30.0 million of shares were repurchased.
• As of October 31, 2024, $89.0 million remained available for repurchase under the program.

Management's Perspective

Lidiane Jones, CEO of Bumble Inc., commented on the results: "We delivered on our financial objectives for the third quarter as we executed on our plans to reimagine Bumble App to enable the next generation of online-to-real-world connections. Our work is focused on strengthening our ecosystem, rolling out a rebalanced marketing approach to drive high-quality user growth, achieving a steady cadence of product releases, and evolving our revenue strategy to better align with customer value."

Anu Subramanian, CFO of Bumble Inc., added: "We reported total revenue and Bumble App revenue within our Q3 outlook ranges, while our team’s strong operational focus led to Adjusted EBITDA that exceeded our outlook. Operating with discipline and generating solid cash flow enabled us to continue to return cash to our shareholders, while allowing us to invest in key initiatives to drive our long-term growth plans for our business."

Future Outlook

For the fourth quarter ending December 31, 2024, Bumble anticipates:

• Total revenue in the range of $256 million to $262 million, including Bumble App revenue of $207 million to $211 million.
• Adjusted EBITDA of $70 million to $73 million.

For the full year ending December 31, 2024, the company expects:

• Total revenue in the range of $1,066 million to $1,072 million, including Bumble App revenue of $861 million to $865 million.
• Adjusted EBITDA margin growth of at least 200 basis points.

SEC Filing: Bumble Inc. [ BMBL ] - 8-K - Nov. 06, 2024