Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BMBL | |
Entity Registrant Name | Bumble Inc. | |
Entity Central Index Key | 0001830043 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-40054 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 85-3604367 | |
Entity Address Postal Zip Code | 78756 | |
Entity Address, Address Line One | 1105 West 41st Street | |
Entity Address City Or Town | Austin | |
Entity Address State Or Province | TX | |
City Area Code | 512 | |
Local Phone Number | 696-1409 | |
Security12b Title | Class A common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 129,586,219 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 334,645 | $ 369,175 |
Accounts receivable | 54,729 | 47,538 |
Other current assets | 28,319 | 52,751 |
Total current assets | 417,693 | 469,464 |
Right-of-use assets | 20,469 | 26,410 |
Property and equipment, net | 13,501 | 14,627 |
Goodwill | 1,579,050 | 1,540,112 |
Intangible assets, net | 1,691,881 | 1,696,798 |
Deferred tax assets, net | 22,365 | 19,090 |
Other noncurrent assets | 22,860 | 9,319 |
Total assets | 3,767,819 | 3,775,820 |
LIABILITIES AND BUMBLE INC. SHAREHOLDERS’ / BUZZ HOLDINGS L.P. OWNERS’ EQUITY | ||
Accounts payable | 10,125 | 19,169 |
Deferred revenue | 44,470 | 39,924 |
Accrued expenses and other current liabilities | 154,676 | 111,482 |
Current portion of long-term debt, net | 2,588 | 2,588 |
Total current liabilities | 211,859 | 173,163 |
Long-term debt, net | 619,057 | 620,351 |
Deferred tax liabilities, net | 10,127 | 0 |
Tax receivable agreement liability | 388,980 | 388,780 |
Other liabilities | 21,282 | 119,246 |
Total liabilities | 1,251,305 | 1,301,540 |
Commitments and contingencies (Note 17) | ||
Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity: | ||
Preferred stock (par value $0.01; authorized 600,000,000 shares; no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively) | 0 | 0 |
Additional paid-in capital | 1,621,917 | 1,586,781 |
Accumulated deficit | (40,853) | (52,856) |
Accumulated other comprehensive income | 73,667 | 80,629 |
Total Bumble Inc. shareholders’ / Buzz Holdings L.P. owners’ equity | 1,656,027 | 1,615,846 |
Noncontrolling interests | 860,487 | 858,434 |
Total shareholders’ / owners’ equity | 2,516,514 | 2,474,280 |
Total liabilities and shareholders’ / owners’ equity | 3,767,819 | 3,775,820 |
Class A Common Stock | ||
Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity: | ||
Common stock | 1,296 | 1,292 |
Class B Common Stock | ||
Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 600,000,000 | 600,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued | 129,559,112 | 129,212,949 |
Common stock, shares outstanding | 129,559,112 | 129,212,949 |
Class B Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 20 | 20 |
Common stock, shares outstanding | 20 | 20 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 220,454 | $ 186,217 | $ 431,653 | $ 356,930 |
Operating costs and expenses: | ||||
Cost of revenue | 62,757 | 50,797 | 119,538 | 98,544 |
Selling and marketing expense | 59,483 | 49,711 | 116,312 | 96,549 |
General and administrative expense | 51,375 | 43,381 | 77,821 | 169,905 |
Product development expense | 22,456 | 24,921 | 47,651 | 59,966 |
Depreciation and amortization expense | 27,151 | 26,905 | 54,080 | 53,860 |
Total operating costs and expenses | 223,222 | 195,715 | 415,402 | 478,824 |
Operating earnings (loss) | (2,768) | (9,498) | 16,251 | (121,894) |
Interest income (expense) | (6,281) | (5,921) | (12,164) | (13,650) |
Other income (expense), net | 4,954 | 4,731 | 18,184 | 11,722 |
Income (loss) before income taxes | (4,095) | (10,688) | 22,271 | (123,822) |
Income tax benefit (provision) | (2,328) | (459) | (4,756) | 436,117 |
Net earnings (loss) | (6,423) | (11,147) | 17,515 | 312,295 |
Net earnings (loss) attributable to noncontrolling interests | (2,031) | (4,064) | 5,512 | (22,412) |
Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | $ (4,392) | $ (7,083) | $ 12,003 | $ 334,707 |
Net earnings (loss) per share / unit attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | ||||
Basic earnings (loss) per share / unit | $ (0.03) | $ 0.06 | $ 0.09 | $ 1.67 |
Diluted earnings (loss) per share / unit | $ (0.03) | $ 0.06 | $ 0.09 | $ 1.62 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (6,423) | $ (11,147) | $ 17,515 | $ 312,295 |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation adjustment | (8,973) | (5,467) | (10,178) | (9,034) |
Total other comprehensive income (loss), net of tax | (8,973) | (5,467) | (10,178) | (9,034) |
Comprehensive income (loss) | (15,396) | (16,614) | 7,337 | 303,261 |
Comprehensive income (loss) attributable to noncontrolling interests | (4,866) | (6,057) | 2,296 | (25,792) |
Comprehensive income (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | $ (10,530) | $ (10,557) | $ 5,041 | $ 329,053 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Limited Partners' Equity | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Bumble Inc. Owners' / Total Predecessor Shareholders' Equity / (Deficit) |
Beginning balance at Dec. 31, 2020 | $ 2,084,781 | $ 1,903,121 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 180,852 | $ 808 | $ 2,083,973 |
Beginning balance, shares at Dec. 31, 2020 | 0 | 100 | 0 | |||||||
Net earnings (loss) | 312,295 | |||||||||
Acquisition of noncontrolling interests | 808 | (808) | 808 | |||||||
Net earnings prior to Reorganization Transactions | 370,635 | 370,635 | 370,635 | |||||||
Stock-based compensation expense | 11,587 | 11,587 | 11,587 | |||||||
Effect of the Reorganization Transactions | (2,286,151) | $ 26 | 1,075,019 | (95,744) | 1,306,050 | (1,306,050) | ||||
Effect of the Reorganization Transactions, shares | 82,642,374 | |||||||||
Retirement Of Class B Common Stock, Shares | (80) | |||||||||
Issuance of Class A common stock sold in the initial public offering, net of offering costs | 2,358,371 | $ 575 | 2,236,787 | 121,009 | 2,237,362 | |||||
Issuance of Class A common stock sold in the initial public offering, shares | 57,500,000 | |||||||||
Purchase of Class A Common Stock in the initial public offering | 1,018,365 | $ 1,018,365 | 1,018,365 | |||||||
Purchase of Class A Common Stock in the initial public offering, shares | 24,798,848 | |||||||||
Purchase of Common Units from Pre-IPO Common Unitholders in the initial public offering | 973,289 | 609,489 | 363,800 | 609,489 | ||||||
Vested Incentive Units | (8,067) | 8,067 | (8,067) | |||||||
Issuance of Founder loan common units | (30,371) | 30,371 | (30,371) | |||||||
Equity plan modification from liability to equity settled due to Reorganization | 22,107 | 22,107 | 22,107 | |||||||
Impact of Tax Receivable Agreement due to exchanges of Common Units | (356,755) | (356,755) | (356,755) | |||||||
Stock-based compensation expense | 55,810 | 55,810 | 55,810 | |||||||
Retirement of treasury stock | $ 248 | 1,018,117 | $ (1,018,365) | |||||||
Retirement of treasury stock, Shares | 24,798,848 | 24,798,848 | ||||||||
Exchange of Common Units for Class A common stock | $ 45 | 68,403 | (68,448) | 68,448 | ||||||
Exchange of Common Units for Class A common stock, shares | 4,455,510 | |||||||||
Net earnings (loss) subsequent to Reorganization Transactions | (58,340) | (35,928) | (22,412) | (35,928) | ||||||
Other comprehensive loss, net of tax | (9,034) | (5,654) | (3,380) | (5,654) | ||||||
Ending balance at Jun. 30, 2021 | 2,487,508 | $ 1,198 | 1,435,327 | (35,928) | 79,454 | 1,007,457 | 1,480,051 | |||
Ending balance, shares at Jun. 30, 2021 | 119,799,036 | 20 | ||||||||
Beginning balance at Dec. 31, 2020 | 2,084,781 | $ 1,903,121 | $ 0 | $ 0 | 0 | $ 0 | 0 | 180,852 | 808 | 2,083,973 |
Beginning balance, shares at Dec. 31, 2020 | 0 | 100 | 0 | |||||||
Ending balance at Dec. 31, 2021 | 2,474,280 | $ 1,292 | 1,586,781 | (52,856) | 80,629 | 858,434 | 1,615,846 | |||
Ending balance, shares at Dec. 31, 2021 | 129,212,949 | 20 | ||||||||
Beginning balance at Mar. 31, 2021 | 2,474,206 | $ 1,401 | 2,355,125 | $ (1,018,365) | (28,845) | 82,928 | 1,081,962 | 1,392,244 | ||
Beginning balance, shares at Mar. 31, 2021 | 140,142,374 | 20 | 24,798,848 | |||||||
Net earnings (loss) | (11,147) | (7,083) | (4,064) | (7,083) | ||||||
Stock-based compensation expense | 29,916 | 29,916 | 29,916 | |||||||
Retirement of treasury stock | $ (248) | (1,018,117) | $ (1,018,365) | |||||||
Retirement of treasury stock, Shares | 24,798,848 | 24,798,848 | ||||||||
Exchange of Common Units for Class A common stock | $ 45 | 68,403 | (68,448) | 68,448 | ||||||
Exchange of Common Units for Class A common stock, shares | 4,455,510 | |||||||||
Other comprehensive loss, net of tax | (5,467) | (3,474) | (1,993) | (3,474) | ||||||
Ending balance at Jun. 30, 2021 | 2,487,508 | $ 1,198 | 1,435,327 | (35,928) | 79,454 | 1,007,457 | 1,480,051 | |||
Ending balance, shares at Jun. 30, 2021 | 119,799,036 | 20 | ||||||||
Beginning balance at Dec. 31, 2021 | 2,474,280 | $ 1,292 | 1,586,781 | (52,856) | 80,629 | 858,434 | 1,615,846 | |||
Beginning balance, shares at Dec. 31, 2021 | 129,212,949 | 20 | ||||||||
Net earnings (loss) | 17,515 | 12,003 | 5,512 | 12,003 | ||||||
Stock-based compensation expense | 41,291 | 41,291 | 41,291 | |||||||
Impact of Tax Receivable Agreement due to exchanges of Common Units | (200) | (200) | (200) | |||||||
Cancellation of restricted shares | (64) | 64 | (64) | |||||||
Cancellation of restricted shares, shares | 25,659 | |||||||||
Restricted stock units issued, net of shares withheld for taxes | (6,194) | $ 3 | (5,821) | (376) | (5,818) | |||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 309,978 | |||||||||
Exchange of Common Units for Class A common stock | $ 1 | (70) | 69 | (69) | ||||||
Exchange of Common Units for Class A common stock, shares | 61,844 | |||||||||
Other comprehensive loss, net of tax | (10,178) | (6,962) | (3,216) | (6,962) | ||||||
Ending balance at Jun. 30, 2022 | 2,516,514 | $ 1,296 | 1,621,917 | (40,853) | 73,667 | 860,487 | 1,656,027 | |||
Ending balance, shares at Jun. 30, 2022 | 129,559,112 | 20 | ||||||||
Beginning balance at Mar. 31, 2022 | 2,509,145 | $ 1,296 | 1,598,567 | (36,461) | 79,805 | 865,938 | 1,643,207 | |||
Beginning balance, shares at Mar. 31, 2022 | 129,519,804 | 20 | ||||||||
Net earnings (loss) | (6,423) | (4,392) | (2,031) | (4,392) | ||||||
Stock-based compensation expense | 23,251 | 23,251 | 23,251 | |||||||
Cancellation of restricted shares | (86) | 86 | (86) | |||||||
Cancellation of restricted shares, shares | 5,758 | |||||||||
Restricted stock units issued, net of shares withheld for taxes | (486) | 185 | (671) | 185 | ||||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 45,066 | |||||||||
Other comprehensive loss, net of tax | (8,973) | (6,138) | (2,835) | (6,138) | ||||||
Ending balance at Jun. 30, 2022 | $ 2,516,514 | $ 1,296 | $ 1,621,917 | $ (40,853) | $ 73,667 | $ 860,487 | $ 1,656,027 | |||
Ending balance, shares at Jun. 30, 2022 | 129,559,112 | 20 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 17,515 | $ 312,295 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 54,080 | 53,860 |
Impairment loss | 4,388 | 0 |
Changes in fair value of interest rate swaps | (13,630) | (2,743) |
Changes in fair value of contingent earn-out liability | (19,395) | 72,438 |
Non-cash lease expense | 2,373 | 2,857 |
Deferred income tax | (3,275) | (441,841) |
Stock-based compensation expense | 40,004 | 75,739 |
Net foreign exchange difference | (5,535) | (7,421) |
Other, net | 689 | 3,875 |
Changes in assets and liabilities: | ||
Accounts receivable | (3,743) | (25,738) |
Other current assets | 21,076 | (5,439) |
Accounts payable | (9,157) | (8,616) |
Deferred revenue | 3,897 | 6,060 |
Legal liabilities | (7,120) | (37,627) |
Accrued expenses and other current liabilities | (37,407) | (29,092) |
Other, net | 7 | (46) |
Net cash provided by (used in) operating activities | 44,767 | (31,439) |
Cash flows from investing activities: | ||
Capital expenditures | (8,049) | (5,552) |
Acquisition of business, net of cash acquired | (69,720) | 0 |
Other, net | 0 | 3 |
Net cash used in investing activities | (77,769) | (5,549) |
Cash flows from financing activities: | ||
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs | 0 | 2,358,371 |
Payments to purchase and retire common stock | 0 | (1,018,365) |
Purchase of Common Units from Pre-IPO Common Unitholders in the initial public offering | 0 | (973,289) |
Withholding tax paid on behalf of employees on stock based awards | (6,194) | 0 |
Repayment of term loan | (2,875) | (206,096) |
Net cash provided by financing activities | (9,069) | 160,621 |
Effects of exchange rate changes on cash and cash equivalents | 7,541 | 102 |
Net increase (decrease) in cash and cash equivalents | (34,530) | 123,735 |
Cash and cash equivalents, beginning of the period | 369,175 | 128,286 |
Cash and cash equivalents, end of the period | $ 334,645 | $ 252,021 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Background | Note 1 - Organization and Basis of Presentation Company Overview Bumble Inc.’s main operations are providing online dating and social networking platforms through subscription and in-app purchases of dating products servicing North America, Europe and various other countries around the world. Bumble Inc. provides these services through websites and applications that it owns and operates. Bumble Inc. (the "Company" or "Bumble") was incorporated as a Delaware corporation on October 5, 2020 for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to operate the business of Buzz Holdings L.P. (“Bumble Holdings”) and its subsidiaries. Prior to the IPO and the Reorganization Transactions, Bumble Holdings L.P. ("Bumble Holdings"), a Delaware limited partnership, was formed primarily as a vehicle to finance the acquisition (the “Sponsor Acquisition”) of a majority stake in Worldwide Vision Limited (the “Predecessor”) by a group of investment funds managed by Blackstone Inc. (“Blackstone” or our "Sponsor"). As Bumble Holdings did not have any previous operations, Worldwide Vision Limited, a Bermuda exempted limited company, is viewed as the predecessor to Bumble Holdings and its consolidated subsidiaries. Accordingly, these consolidated financial statements include certain historical consolidated financial and other data for Worldwide Vision Limited for periods prior to the completion of the business combination. On February 16, 2021, the Company completed its IPO of 57.5 million shares of Class A common stock at an offering price of $ 43 per share and received net proceeds of $ 2,361.2 million after deducting underwriting discounts and commissions. The Company used the proceeds from the issuance of 48.5 million shares ($ 1,991.6 million) to redeem shares of Class A common stock and purchase limited partnership interests of Bumble Holdings ("Common Units") from entities affiliated with our Sponsor, at a price per share / Common Unit equal to the IPO price, net of underwriting discounts and commissions. In connection with the IPO, the organizational structure was converted to an umbrella partnership-C-Corporation with Bumble Inc. becoming the general partner of Bumble Holdings. The Reorganization Transactions were accounted for as a transaction between entities under common control. As a result, the financial statements for periods subsequent to the Sponsor Acquisition and prior to the IPO and the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. As the general partner, Bumble Inc. operates and controls all of the business and affairs, and through Bumble Holdings and its subsidiaries, conducts the business. Bumble Inc. consolidates Bumble Holdings in its consolidated financial statements and reports a noncontrolling interest related to the Common Units held by the pre-IPO common unitholders and the incentive units held by the continuing incentive unitholders in the consolidated financial statements. Assuming the exchange of all outstanding Common Units for shares of Class A common stock on a one-for-one basis under the exchange agreement entered into by holders of Common Units, there would be 188,292,439 shares of Class A common stock outstanding (which does not reflect any shares of Class A common stock issuable in exchange for as-converted Incentive Units or upon settlement of certain other interests) as of June 30, 2022. Secondary Offering On September 15, 2021, the Company completed a secondary offering of 20.7 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone (the "Selling Stockholders") at a price of $ 54.00 per share. This transaction resulted in the issuance of 9.2 million shares of Class A common stock for the period ending September 30, 2021. Bumble did not sell any shares of Class A common stock in the offering and did not receive any of the proceeds from the sale. Bumble paid the costs associated with the sale of shares by the Selling Stockholders, net of the underwriting discounts. Basis of Presentation and Consolidation The unaudited condensed consolidated financial statements that accompany these notes include the financial statements of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, consistent in all material respects with those applied in the Company's 2021 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated statements and notes thereto included in the 2021 Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheets and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. The Company’s noncontrolling interest represents substantive profit-sharing arrangements and profit and losses are attributable to controlling and noncontrolling interests using a hypothetical liquidation at book value method. Statement of Changes in Equity Reclassification As disclosed within our 2021 Annual Report on Form 10-K, beginning in the fourth quarter of 2021, the Company adjusted its Consolidated Statement of Changes in Equity to reclassify $ 95.7 million from accumulated other comprehensive income to additional paid-in capital in order to correctly present the effects of the Reorganization Transactions and IPO. This change has been concluded to be immaterial to the interim condensed consolidated financial statements presented herein given it has no impact on the reported condensed consolidated statements of operations, comprehensive operations, and changes in cash flows. The fiscal year end of the Company is December 31. All references to the “Company”, “we”, “our” or “us” in this report are to Bumble Inc. |
Summary of Selected Significant
Summary of Selected Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Selected Significant Accounting Policies | Note 2 - Summary of Selected Significant Accounting Policies Included below are selected significant accounting policies including those that were added or modified during the six months ended June 30, 2022 as a result of new transactions entered into or the adoption of new accounting policies. Refer to Note 2, Summary of Selected Significant Accounting Policies , within the annual consolidated financial statements in our 2021 Form 10-K for the full list of our significant accounting policies. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses. The Company’s significant estimates relate to income taxes, the fair value and useful lives of assets acquired and liabilities assumed in business combinations, the recoverability of long-lived assets and goodwill, potential obligations associated with legal contingencies, the fair value of contingent consideration, and the fair value of derivatives and stock-based compensation. These estimates are based on management’s best estimates and judgment. Actual results may differ from these estimates. Estimates, judgments and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions, judgments and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Impairment of Long-lived Assets Long-lived assets, which consist of property and equipment and right-of-use assets, are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. The remaining estimated useful lives of property and equipment and right-of-use assets are routinely reviewed and, if the estimate is revised, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life. During the three months ended June 30, 2022, the Company determined that a right-of-use asset associated with its decision to discontinue its operations in Russia was fully impaired and recognized an impairment charge of $ 4.4 million in “General and administrative expense” within the accompanying condensed consolidated statement of operations. See Note 8, Restructuring, for additional information on impairment. Revenue Recognition The Company recognizes revenue from services in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when or as the Company’s performance obligations are satisfied by transferring control of the promised services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps as prescribed by ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies performance obligations. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determine those that are performance obligations and assess whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Revenue is primarily derived in the form of recurring subscriptions and in-app purchases. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage. Unused in-app purchase fees expire and are recognized as revenue after six months. The Company also earns revenue from online advertising and partnerships. Online advertising revenue is recognized when an advertisement is displayed. Revenue from partnerships is recognized according to the contractual terms of the partnership. As permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. During the three and six months ended June 30, 2022 and 2021, there were no customers representing greater than 10% of total revenue. For the periods presented, revenue across apps was as follows (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Bumble App $ 169,608 $ 127,319 $ 325,028 $ 239,955 Badoo App and Other 50,846 58,898 106,625 116,975 Total Revenue $ 220,454 $ 186,217 $ 431,653 $ 356,930 Deferred Revenue Deferred revenue consists of advance payments that are received or are contractually due in advance of the Company's performance. The Company’s deferred revenue is reported on a contract by contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the term of the applicable subscription period or expected completion of the performance obligation is one year or less. The deferred revenue balance is $ 44.5 million and $ 39.9 million as of June 30, 2022 and December 31, 2021, respectively. During the three months ended June 30, 2022 and 2021, the Company recognized revenue of $ 6.8 million and $ 6.0 million, that was included in the deferred revenue balance at the beginning of each respective period. During the six months ended June 30, 2022 and 2021, the Company recognized revenue of $ 36.6 million and $ 27.9 million, that was included in the deferred revenue balance at the beginning of each respective period. Business Combination The Company accounts for business combinations using the acquisition method of accounting. The purchase price is allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their fair values at the date of acquisition, with the exception of contract assets and contract liabilities from contracts with customers. On January 1, 2022, the Company adopted ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, under which the Company recognizes and measures revenue contract assets and contract liabilities (including deferred revenue) acquired in a business combination on the acquisition date as if the revenue contracts were originated by the Company in accordance with ASC 606, Revenue from Contracts with Customers. The adoption of ASU 2021-08 did not have a material impact to the Company's consolidated financial position, results of operations and cash flows. Any excess of the amount paid over the fair values of the identifiable net assets acquired is allocated to goodwill. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Transaction costs associated with business combinations are expensed as incurred. Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. The Company uses the fair value hierarchy to categorize the financial instruments measured at fair value based on the available inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. Level 3 - Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available. Restructuring Charges Restructuring charges, associated with office closure or exiting a market, consist primarily of severance, relocation, right-of-use asset impairment and other related costs. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to them and the amount of the benefits can be reasonably estimated. One-time employee termination costs are recognized when management has communicated the termination plan to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred. See Note 8, Restructuring , for additional information. Restructuring charges are recognized as an operating expense within the condensed consolidated statements of operations and are classified based on each employee’s respective function. Earnings (Loss) per Share / Unit Basic earnings (loss) per share / unit is computed by dividing net earnings (loss) attributable to the Company by the weighted average number of common shares / units outstanding during the period. Diluted earnings (loss) per share / unit is computed by dividing net earnings (loss) attributable to the Company by the weighted-average share / units outstanding during the period after adjusting for the impact of securities that would have a dilutive effect on earnings (loss) per share / unit. See Note 13, Earnings (Loss) per Share / Unit , for additional information on dilutive securities. Stock-Based Compensation The Company issues stock-based awards to employees that are generally in the form of stock options, restricted shares, incentive units, or restricted stock units (“RSUs”). Compensation cost for equity awards is measured at their grant-date fair value, and in the case of restricted shares and RSUs is estimated based on the fair value of the Company’s underlying common stock. The grant date fair value of stock options is estimated using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company’s common stock on the grant date, including the expected term of the award, the expected volatility of the Company’s stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates and expected dividend yields of the Company’s stock. For time-vesting awards, compensation cost is recognized over the requisite service period, which is generally the vesting period, using the graded attribution method. For performance-based stock awards, compensation expense is recognized over the requisite service period on a straight-line basis when achievement is probable. At the IPO date, the Company concluded that our public offering represented a qualifying liquidity event that would cause the performance conditions to be probable of occurring. For periods prior to the Company’s IPO, the grant date fair value of stock-based compensation awards and the underlying equity were determined on each grant date using a Monte Carlo model. As the Company's equity was not publicly traded, there was no history of market prices for the Company's equity. Thus, estimating grant date fair value required the Company to make assumptions, including the value of the Company's equity, expected time to liquidity, and expected volatility. See Note 14, Stock-based Compensation , for additional information on the Company’s stock-based compensation plans and awards. Recently Issued Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” 2020-04) Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and then subsequent amendments, which provide optional guidance and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The amendments are effective prospectively at any point through December 31, 2022. The Company continues to implement its transition plan toward cessation of LIBOR and the modification of its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company expects to utilize the LIBOR transition relief allowed under ASU 2020-04, as applicable, and does not expect such adoption to have a material impact on its accounting and disclosures. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 3 - Income Taxes The Company is subject to U.S. federal and state income taxes and will file consolidated income tax returns for U.S. federal and certain jurisdictions with respect to its allocable share of any net taxable income of Buzz Holdings L.P. For the three and six months ended June 30, 2022, our effective tax rates are ( 56.8 )% and 21.4 % , respectively, which differ from the U.S. federal statutory tax rate of 21 % primarily due to the geographical distribution of our earnings, income attributable to non-controlling interests, nondeductible stock-based compensation, and a valuation allowance recorded against certain deferred tax assets arising in the current year. Our effective tax rate for the six months ended June 30, 2021 was 352.2 % which includes the discrete impact of the Company’s restructuring activities that occurred on January 1, 2021. Deferred tax l iabilities of $ 448.2 millio n recorded at Maltese and UK entities related to relevant intangible property were written off in the first quarter of 2021, offset by $ 6.7 million of deferred tax assets recorded in Malta for related tax basis in transferred intangible property resulting in a net income tax benefit of $ 441.5 million during the period. In addition, the tax benefit for the three and six months ended June 30, 2021 reflects the impact of our assessment that we will not be able to record the benefit of certain current year deferred tax assets for which a valuation allowance is recorded. |
Payable to Related Parties Purs
Payable to Related Parties Pursuant to a Tax Receivable Agreement | 6 Months Ended |
Jun. 30, 2022 | |
Tax Receivable Agreement [Abstract] | |
Payable to Related Parties Pursuant to a Tax Receivable Agreement | Note 4 - Payable to Related Parties Pursuant to a Tax Receivable Agreement In connection with the Reorganization Transactions and our IPO, we entered into a tax receivable agreement with certain of our pre-IPO owners that provides for the payment by the Company to such pre-IPO owners of 85 % of the benefits, that the Company realizes, or is deemed to realize, as a result of the Company's allocable share of existing tax basis acquired in our IPO and other tax benefits related to entering into the tax receivable agreement. We estimate the amount of existing tax basis with respect to which our pre-IPO owners will be entitled to receive payments under the tax receivable agreement (assuming all Pre-IPO Common Unitholders exchanged their Common Units for shares of Class A common stock on the date of the IPO, and assuming all vested Incentive Units were converted to Common Units and immediately exchanged for shares of Class A common stock at the IPO price of $ 43.00 per share of Class A common stock) is approximately $ 2,603 million which includes the Company's allocable share of existing tax basis acquired in the IPO, which we have determined to be approximately $ 1,728 million. In determining the Company's allocable share of existing tax basis acquired in the IPO, we have given retrospective effect to certain exchanges of Common Units for Class A shares that occurred after the IPO that were contemplated to have occurred pursuant to the Blocker Restructuring. The payments under the tax receivable agreement are not conditioned upon continued ownership of the Company by the pre-IPO owners. We have determined that it is more likely than not that we will be unable to realize tax benefits related to certain basis adjustments and acquired net operating losses that were received in connection with the Reorganization Transactions and our IPO. As a result of this determination, we have no t recorded the benefit of these deferred tax assets as of June 30, 2022. The realizability of the deferred tax assets is evaluated based on all positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. We will assess the realizability of the deferred tax assets at each reporting period, and a change in our estimate of our liability associated with the tax receivable agreement may result as additional information becomes available, including results of operations in future periods. At the time of the Sponsor Acquisition, the assets and liabilities of Bumble Holdings were adjusted to fair value on the closing date of the business combination for both financial reporting and income tax purposes. As a result of the IPO transaction, we inherited certain tax benefits associated with this stepped-up basis (“Common Basis”) created when certain pre-IPO owners acquired their interests in Bumble Holdings in the Sponsor Acquisition. This Common Basis entitles us to the depreciation and amortization deductions previously allocable to the pre-IPO owners. Based on current projections, we anticipate having sufficient taxable income to be able to realize the benefit of this Common Basis and have recorded a tax receivable agreement liability of $ 389.0 million related to these benefits as of June 30, 2022 . To the extent that we determine that we are able to realize the tax benefits associated with the basis adjustments and net operating losses, we would record an additional liability of $ 281.0 million for a total liability of $ 670.0 million. If, in the future, we are not able to utilize the Common Basis, we would record a reduction in the tax receivable agreement liability to related parties that would result in a benefit recorded within our consolidated statement of operations. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combination | Note 5 - Business Combination The Company entered into a definitive agreement to purchase all of the outstanding shares of Flashgap SAS (“Flashgap”), pursuant to a Share Purchase Agreement dated January 31, 2022 (“Purchase Agreement”), by and among Bumble, Flashgap, and the company’s selling shareholders, for a purchase price of approximately $ 75.4 million. Flashgap (popularly known as Fruitz), is a fast growing dating app with a Gen Z focus, which is a growing segment of online dating consumers. Fruitz complements our existing Bumble and Badoo apps and will allow the Company to expand our product offerings to a dynamic Gen Z market. The acquisition of Fruitz was accounted for using the acquisition method of accounting which required that the assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date (based on Level 3 measurements). As detailed below, the Company entered into a contingent earn-out arrangement that was determined to be part of the purchase consideration. See Note 10, Fair Value Measurements for further discussion. The following tables summarize the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed (in thousands): Cash consideration $ 72,275 Fair value of contingent earn-out liability 3,100 Total purchase price $ 75,375 Purchase price allocation $ 75,375 Less fair value of net assets acquired: Cash and cash equivalents 2,555 Accounts receivable 799 Other current assets 57 Property and equipment 17 Intangible assets 42,930 Deferred revenue ( 650 ) Accounts payable ( 1,045 ) Deferred tax liabilities ( 10,819 ) Net assets acquired 33,844 Goodwill $ 41,531 Goodwill, which is not expected to be tax deductible, is primarily attributable to assembled workforce, expected synergies and other fa ctors. During the three months ended June 30, 2022, the Company adjusted the purchase price allocation for tax related matters in the amount of $ 0.4 million. The fair values of the identifiable intangible assets acquired at the date of acquisition a re as follows (in thousands): Acquisition Weighted- Brand $ 38,000 15 Developed technology 4,100 4 User base 830 4 Total identifiable intangible assets acquired $ 42,930 The fair values of the acquired brand and developed technology were determined using a relief from royalty methodology. The fair value of the user base was determined using an excess earnings methodology. The valuations of intangible assets incorporates significant unobservable inputs and require significant judgment and estimates, including the amount and timing of future cash flows. For the three and six months ended June 30, 2022 , the Company has recognized transaction costs related to the acquisition of $ 0.0 million and $ 1.1 million, respectively. These costs are recorded in “General and administrative expense” in the condensed consolidated statements of operations. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 6 - Property and Equipment, net A summary of the Company’s property and equipment, net is as follows (in thousands): June 30, 2022 December 31, 2021 Computer equipment $ 22,733 $ 21,675 Leasehold improvements 7,317 7,288 Furniture and fixtures 941 904 Total property and equipment, gross $ 30,991 $ 29,867 Accumulated depreciation ( 17,490 ) ( 15,240 ) Total property and equipment, net $ 13,501 $ 14,627 Depreciation expense related to property and equipment, net for the three months ended June 30, 2022 and 2021 was $ 2.2 million and $ 2.3 million, respectively, and for the six months ended June 30, 2022 and 2021 was $ 4.5 million and $ 4.7 million, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, net | Note 7 - Goodwill and Intangible Assets, net Goodwill The changes in the carrying amount of goodwill for the periods presented is as follows (in thousands): Balance as of December 31, 2021 $ 1,540,112 Fruitz acquisition 41,531 Foreign currency translation adjustment ( 2,593 ) Balance as of June 30, 2022 $ 1,579,050 Intangible Assets, net A summary of the Company’s intangible assets, net is as follows (in thousands): June 30, 2022 Gross Accumulated Impairment losses Net Weighted- Bumble and Badoo brands $ 1,511,269 $ — $ — $ 1,511,269 Indefinite Fruitz brand 35,648 ( 990 ) — 34,658 14.6 Developed technology 248,659 ( 118,727 ) — 129,932 2.6 User base 113,474 ( 109,020 ) — 4,454 0.1 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 13,474 ( 1,906 ) — 11,568 4.6 Total intangible assets, net $ 1,955,908 $ ( 237,596 ) $ ( 26,431 ) $ 1,691,881 December 31, 2021 Gross Accumulated Impairment losses Net Weighted- Bumble and Badoo brands $ 1,511,269 $ — $ — $ 1,511,269 Indefinite Developed technology 244,813 ( 93,845 ) — 150,968 3.1 User base 112,695 ( 86,399 ) — 26,296 0.6 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 9,106 ( 841 ) — 8,265 5.3 Total intangible assets, net $ 1,911,267 $ ( 188,038 ) $ ( 26,431 ) $ 1,696,798 Amortization expense related to intangible assets, net for the three months ended June 30, 2022 and 2021 was $ 25.0 million and $ 24.6 million, respectively, and for the six months ended June 30, 2022 and 2021 was $ 49.6 million and $ 49.2 million, respectively. As of June 30, 2022, amortization of intangible assets with definite lives is estimated to be as follows (in thousands): Remainder of 2022 $ 31,236 2023 54,958 2024 54,397 2025 8,358 2026 and thereafter 28,134 Total $ 177,083 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Note 8 - Restructuring On March 8, 2022, the Company announced that it adopted a restructuring plan to discontinue its existing operations in Russia and remove its apps from the Apple App Store and Google Play Store in Russia and Belarus. The Company plans to substantially exit its Russian operations by the end of 2022. In connection with the restructuring plan, approximate ly 120 empl oyees were impacted. The Company expects to incur restructuring charges totaling approximately $ 7.0 million to $ 8.0 million, consisting primarily of right-of-use asset impairment, severance benefits, relocation and other related costs during the twelve months ended December 31, 2022. The following table presents the total restructuring charges by function (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Cost of revenue $ 56 $ 139 Selling and marketing 11 34 General and administrative 5,386 5,772 Product development 363 1,216 Total $ 5,816 $ 7,161 During the three months ended June 30, 2022 , the Company determined that the Moscow office was fully impaired and recorded an impairment charge of $ 4.4 million, which was included in “General and administrative” expense in the accompanying condensed consolidated statements of operations. The remaining amounts were primarily related to employee severance and relocation costs. Including the impairment charge, the Company incurred restructuring charges of $ 5.8 million and $ 7.2 million during the three and six months ended June 30, 2022, respectively. The following table summarizes the restructuring related liabilities (in thousands): Employee Related Benefits Other Total Balance as of December 31, 2021 $ — $ — $ — Restructuring charges 2,611 163 2,774 Cash payments ( 1,636 ) ( 163 ) ( 1,799 ) Balance as of June 30, 2022 $ 975 $ — $ 975 |
Other Financial Data
Other Financial Data | 6 Months Ended |
Jun. 30, 2022 | |
Other Financial Data Disclosure [Abstract] | |
Other Financial Data | Note 9 - Other Financial Data Consolidated Balance Sheets Information Other current assets are comprised of the following balances (in thousands): June 30, 2022 December 31, 2021 Capitalized aggregator fees $ 9,706 $ 8,183 Prepayments 14,627 10,989 Income tax receivable 305 30,563 Other receivables 3,681 3,016 Total other current assets $ 28,319 $ 52,751 Accrued expenses and other current liabilities are comprised of the following balances (in thousands): June 30, 2022 December 31, 2021 Legal liabilities $ 1,474 $ 8,767 Accrued expenses 45,524 39,849 Lease liabilities 4,596 3,898 Income tax payable 10,060 42,317 Contingent earn-out liability 79,485 — Other payables 13,537 16,651 Total accrued expenses and other current liabilities $ 154,676 $ 111,482 Other non-current liabilities are comprised of the following balances (in thousands): June 30, 2022 December 31, 2021 Lease liabilities $ 19,809 $ 21,711 Contingent earn-out liability 628 96,600 Other liabilities 845 935 Total other liabilities $ 21,282 $ 119,246 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 - Fair Value Measurements The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Fair Assets: Cash and cash equivalents $ 334,645 $ — $ — $ 334,645 Derivative asset — 18,638 — 18,638 Equity investments — — 2,609 2,609 $ 334,645 $ 18,638 $ 2,609 $ 355,892 Liabilities: Contingent earn-out liability $ — $ — $ 80,113 $ 80,113 $ — $ — $ 80,113 $ 80,113 December 31, 2021 Level 1 Level 2 Level 3 Total Fair Assets: Cash and cash equivalents $ 369,175 $ — $ — $ 369,175 Derivative asset — 5,008 — 5,008 Equity investments — — 2,610 2,610 $ 369,175 $ 5,008 $ 2,610 $ 376,793 Liabilities: Contingent earn-out liability $ — $ — $ 96,600 $ 96,600 $ — $ — $ 96,600 $ 96,600 There were no transfers between levels between June 30, 2022 and December 31, 2021. The carrying value of accounts receivable, accounts payable, income tax payable, accrued expenses and other payables approximate their fair values due to the short-term maturities of these instruments. The Company’s contingent earn-out liability is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) and totaled $ 80.1 million and $ 96.6 million as of June 30, 2022 and December 31, 2021, respectively. The portion of the contingent earn-out liability expected to be payable within one year is included in “Total accrued expenses and other current liabilities” and the amount expected to be payable beyond one year is included is included in “Other liabilities” in the accompanying condensed consolidated balance sheets. As of June 30, 2022 , there is a contingent consideration arrangement, consisting of an earn-out payment to former shareholders of Worldwide Vision Limited of up to $ 150 million. The Company determined the fair value of the contingent earn-out liability by using a probability-weighted analysis to determine the amount of the liability, and applying a discount rate that captures the risks associated with the duration of the obligation. The number of scenarios in the probability-weighted analyses vary; generally, more scenarios are prepared for longer duration and more complex arrangements. As of June 30, 2022 and December 31, 2021, the fair value of the contingent earn-out liability reflects a risk-free rate of 2.8 % a nd 0.5 %, respectively. In addition, as of June 30, 2022 , there is a contingent consideration arrangement, consisting of an earn-out payment of up to $ 10 million in connection with the acquisition of Fruitz in January 2022. The Company determined the fair value of the contingent earn-out liability using a probability-weighted analysis and applied a discount rate that captures the risks associated with the obligation that is long-term in nature. As of June 30, 2022 , the fair value of the contingent earn-out liability reflects a risk-free rate of 3.4 %. The Company classified contingent earn-out arrangements as liabilities at the time of the acquisition, as they will be settled in cash, and remeasures the fair values of the contingent earn-out liabilities each reporting period thereafter until settled. The fair value of the contingent earn-out liabilities are sensitive to changes in the forecasts of earnings and/or the relevant operating metrics and changes in discount rates. Changes in fair values of contingent earn-out liabilities are recognized in “General and administrative expense” in the accompanying condensed consolidated statements of operations. The change in fair value of the contingent earn-out liability was $ 1.3 million and $ 0.5 million for the three months ended June 30, 2022 and 2021, respectively, and $( 19.4 ) million and $ 72.4 million for the six months ended June 30, 2022 and 2021 , respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 11 - Debt Total debt is comprised of the following (in thousands): June 30, 2022 December 31, 2021 Term Loan due January 29, 2027 $ 635,688 $ 638,563 Less: unamortized debt issuance costs 14,043 15,624 Less: current portion of debt, net 2,588 2,588 Total long-term debt, net $ 619,057 $ 620,351 Credit Agreements On January 29, 2020, the Company and the wholly-owned subsidiaries, Buzz Bidco LLC, Buzz Merger Sub Limited, and Buzz Finco LLC (collectively, the “Borrowers”) entered into a credit agreement (the “Original Credit Agreement”). The Original Credit Agreement permitted the Company to borrow up to $ 625.0 million through a seven-year $ 575.0 million term loan (“Original Term Loan”), as well as a five-year revolving credit facility of $ 50.0 million and $ 25.0 million available through letters of credit. In connection with the Original Credit Agreement, the Company incurred and paid debt issuance costs of $ 16.3 million during the year ended December 31, 2020. On October 19, 2020, the Company amended the Original Credit Agreement and entered into the First Amendment to the Credit Agreement (the “Amended Credit Agreement”), which provides for incremental borrowing of an aggregate principal amount of $ 275.0 million (the “Additional Term Loan”, collectively with the Original Term Loan, the “Term Loans”). The terms of the Amended Credit Agreement were unchanged from the Original Credit Agreement, and the sole purpose of the Amendment was to increase the principal available to the Company. In connection with the Amended Credit Agreement, the Company incurred and paid debt issuance costs of $ 4.8 million during the year ended December 31, 2020. On March 31, 2021, the Company used proceeds from the IPO to repay outstanding indebtedness on the Incremental Term Loan Facility in an aggregate principal amount of $ 200.0 million, which has prepaid our obligated principal repayments until maturity on the Incremental Term Loan and, as a result, has reduced our contractual obligations. Based on the calculation of the applicable consolidated total leverage ratio, the applicable margin for borrowings under the revolving credit facility is between 1.00 % to 1.50 % with respect to base rate borrowings and between 2.00 % and 2.50 % wi th respect to LIBOR rate borrowings. The interest rates in effect for the Original Term Loan and the Additional Term Loan as of June 30, 2022 were 3.81 % and 4.31 % , re spectively. The Term Loans will mature on January 29, 2027 and principal amounts outstanding under the revolving credit facility will be due and payable in full at maturity on January 29, 2025 . As of June 30, 2022, and at all times during the period, the Company was in compliance with the financial debt covenants. As the loans are issued with a floating rate of interest, the Company believes that the fair value of the obligations is approximated by the principal amount of the loans as of June 30, 2022. The carrying value of the Term Loans includes the outstanding principal amount, less unamortized debt issuance costs. Therefore, the Company assumes the carrying value of the debt, before any transaction costs, would closely approximate the fair value of the loan obligation with the assumptions above. Future maturities of long-term debt as of June 30, 2022, were as follows (in thousands): Remainder of 2022 $ 2,875 2023 5,750 2024 5,750 2025 5,750 2026 and thereafter 615,563 Total $ 635,688 |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders’ Equity | Note 12 - Shareholders' Equity Equity Structure Prior to Initial Public Offering and Reorganization Limited Partner’s Interest On January 29, 2020, Bumble Holdings, and the wholly owned indirect subsidiary, Buzz Merger Sub Limited, executed the Merger Agreement with Worldwide Vision Limited whereby Bumble Holdings agreed to purchase all of the outstanding equity interest of Worldwide Vision Limited. In conjunction with the Sponsor Acquisition, the equity that was in existence in the Predecessor periods was settled and no longer outstanding subsequent to January 29, 2020. Prior to the IPO, Limited Partners' Interest was inclusive of Capital Contribution from the Parent, Additional Paid-in Capital, and Retained Earnings. The capital structure of Bumble Holdings consisted of two different classes of limited partnership interests, Class A and Class B units. Class A units were issued and held by Blackstone, an affiliate of Accel Partners LP., our Founder, and certain members of senior management in exchange for capital contributions (“Class A Units”). Class B units were issued to senior management, select members of the Company's board of directors (the “Board”) and select employees of Bumble Holdings and represent profit interests of Bumble Holdings which vest subject to certain service and performance conditions. As of December 31, 2020, there wer e 2,453,784,599 units of Class A and 153,273,895 uni ts of Class B were outstanding. Noncontrolling Interests Prior to the IPO, the Company’s noncontrolling interests represented a reserve for minority interests’ share of accumulated profits and losses of Huggle App (UK) Limited and Lumen App Limited and pre-Sponsor Acquisition, Bumble Holding Limited and its subsidiaries. Initial Public Offering On February 16, 2021, the Company completed its IPO of 57.5 million shares of Class A common stock at an offering price of $ 43 per share. The Company received net proceeds of $ 2,361.2 million after deducting underwriting discounts and commissions. The Company used the proceeds from the issuance of 48.5 million shares ($ 1,991.6 million) in the IPO to redeem shares of Class A common stock and purchase Common Units from entities affiliated with our Sponsor, at a price per share / Common Unit equal to the IPO price, net of underwriting discounts and commissions. The Company used a portion of the proceeds from the issuance of 9.0 million shares ($ 369.6 million) in the IPO to repay $ 200.0 million of outstanding indebtedness. Secondary Offering On September 15, 2021, the Company completed a secondary offering of 20.7 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders") at a price of $ 54.00 per share. This transaction resulted in the issuance of 9.2 million shares of Class A common stock for the period ended September 30, 2021. Bumble did not sell any shares of Class A common stock in the offering and did not receive any of the proceeds from the sale. Bumble paid the costs associated with the sale of shares by the Selling Stockholders, net of the underwriting discounts. Reorganization Prior to the IPO, on February 10, 2021 the limited partnership agreement of Bumble Holdings was amended and restated, resulting in the following: • Bumble Inc. became the general partner of Bumble Holdings with 100 % of the voting power and control of the management of Bumble Holdings. • All outstanding Class A Units were either (1) reclassified into a new class of limited partnership interest referred to as “Common Units”, or (2) directly or indirectly exchanged for vested shares of Class A common stock of Bumble Inc. • All outstanding Class B Units were either (1) reclassified into a new class of limited partnership interest referred to as “Incentive Units”, or (2) directly or indirectly exchanged for vested shares of Class A common stock of Bumble Inc. (in the case of vested Class B Units) and restricted shares of Class A common stock of Bumble Inc. (in the case of unvested Class B Units). • Recognition of a noncontrolling interest due to the Pre-IPO Shareholders retaining an economic interest in Bumble Holdings related to Common Units not exchanged for vested shares of Class A common stock. As part of the Reorganization Transactions, the Blocker Companies entered into certain restructuring transactions that resulted in the Pre-IPO Shareholders acquiring newly issued shares of Class A common stock in exchange for their ownership interests in the Blocker Companies and the Company acquiring an equal number of outstanding Common Units. Additionally, Bumble Inc. and the holders of all Common Units entered into an exchange agreement in which the holders of the Common Units will have the right on a quarterly basis to exchange their Common Units for shares of Class A common stock of the Company on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. Subsequent to the Reorganization Transactions, our Sponsor effected certain exchanges of Common Units for Class A shares that were contemplated to have occurred pursuant to the Blocker Restructuring, with the net change to the capital structure being 4,455,510 Common Units in Bumble Holdings being exchanged on April 1, 2021, on a one-for-one basis, for Class A common stock in the Company. We gave retrospective effect to these transactions when estimating our tax receivable agreement liability, see Note 3, Income Taxes . Amendment and Restatement of Certificate of Incorporation The Company’s amended and restated certificate of incorporation has three classes of ownership interests: 6,000,000,000 shares of Class A common stock, par value $ 0.01 per share, 1,000,000 shares of Class B common stock, par value $ 0.01 per share, and 600,000,000 shares of preferred stock, par value $ 0.01 per share. Class A Common Stock Shares of Class A common stock have both voting and economic rights. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held. Notwithstanding the foregoing, unless they elect otherwise, our Founder and affiliates of Blackstone (collectively, the “Principal Stockholders”) are entitled to outsized voting rights. Until the High Vote Termination Date (as defined below), each share of Class A common stock held by a Principal Stockholder is entitled to ten votes . “High Vote Termination Date” means the earlier to occur of (i) seven years from the closing of this offering and (ii) the date the parties to the stockholders agreement cease to own in the aggregate 7.5 % of the outstanding shares of Class A common stock, assuming exchange of all Common Units. Shares of Class A common stock are entitled to dividends and pro rata distribution of remaining available assets upon liquidation. Shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. As of June 30, 2022 and December 31, 2021 , there were 129,559,112 and 129,212,949 shares of Class A common stock outstanding, respectively. Class B Common Stock Shares of Class B common stock have voting but no economic rights. Holders of Class B common stock generally are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each Common Unit of Bumble Holdings held by such holder. Notwithstanding the foregoing, unless they elect otherwise, each Principal Stockholder that holds Class B common stock is entitled to outsized voting rights. Until the High Vote Termination Date, each Principal Stockholder that holds Class B common stock is entitled, without regard to the number of shares of Class B common stock held by such Principal Stockholder, to a number of votes equal to 10 times the aggregate number of Common Units of Bumble Holdings held by such Principal Stockholder. Shares of Class B common stock do not have any right to receive dividends or distribution upon liquidation. As of June 30, 2022 and December 31, 2021, there were 20 sha res of Class B common stock outstanding. Preferred Stock The Company is authorized to issue, without the approval of its stockholders, one or more series of preferred stock. The Board may determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative, participating, optional or other special rights. As of June 30, 2022 and December 31, 2021 , no preferred stock had been issued. Treasury Stock During the three months ended March 31, 2021, the Company used a portion of the proceeds from the issuance of 48.5 million shares in the IPO to redeem shares of Class A common stock from the pre-IPO owners. Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased. During the three months ended June 30, 2021, the Company retired and restored the treasury stock to the status of authorized, but unissued, shares of Class A Common Stock. Noncontrolling Interests The Company’s noncontrolling interests represent a reserve related to the Common Units held by the pre-IPO Common Unitholders and the Common Units to which continuing incentive unitholders would be entitled to following exchange of their Vested Incentive Units. |
Earnings (Loss) per Share _ Uni
Earnings (Loss) per Share / Unit | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share / Unit | Note 13 - Earnings (Loss) per Share / Unit The Company computes earnings per share (“EPS”) of Class A common stock using the two-class method required for participating securities. The Company considers unvested restricted shares and vested RSUs to be participating securities because holders are entitled to be credited with dividend equivalent payments, upon the payment by the Company of dividends on shares of Common Stock. Undistributed earnings allocated to participating securities are subtracted from net earnings (loss) attributable to Bumble Inc. in determining net earnings (loss) attributable to common stockholders. Basic EPS is computed by dividing net earnings (loss) attributable to common stockholders / unitholders by the weighted-average number of shares of our Class A Common Stock / Units outstanding. For the calculation of diluted EPS, net earnings (loss) attributable to common stockholders / unitholders for basic EPS is adjusted by the effect of dilutive securities. Diluted EPS attributable to common stockholders / unitholders is computed by dividing the resulting net earnings (loss) attributable to common stockholders / unitholders by the weighted-average number of common shares / units outstanding, adjusted to give effect to dilutive elements including restricted shares, RSUs, and options to the extent these are dilutive. The following table sets forth a reconciliation of the numerators used to compute the Company's basic and diluted earnings (loss) per share / unit (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Numerator: Net earnings (loss) $ ( 6,423 ) $ ( 11,147 ) $ 17,515 $ 312,295 Net earnings (loss) attributable to noncontrolling interests ( 2,031 ) ( 4,064 ) 5,512 ( 22,412 ) Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $ ( 4,392 ) $ ( 7,083 ) $ 12,003 $ 334,707 The following table sets forth the computation of the Company's basic and diluted earnings (loss) per share / unit (in thousands, except share / unit amounts, and per share / unit amounts, unaudited): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Basic earnings (loss) per share / unit attributable to common stockholders / unitholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $ ( 4,392 ) $ ( 7,074 ) $ 11,981 $ 196,398 Less: net earnings (loss) attributable to participating securities — — 13 589 Net earnings (loss) attributable to common stockholders / unitholders $ ( 4,392 ) $ ( 7,074 ) $ 11,968 $ 195,809 Denominator Weighted average number of shares of Class A common stock / units outstanding 129,398,184 119,814,297 129,316,467 117,520,382 Basic earnings (loss) per share / unit attributable to common stockholders / unitholders $ ( 0.03 ) $ ( 0.06 ) $ 0.09 $ 1.67 Diluted earnings (loss) per share / unit attributable to common stockholders / unitholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $ ( 4,392 ) $ ( 7,074 ) $ 11,832 $ 191,358 Increase in net earnings (loss) attributable to common shareholders upon conversion of potentially dilutive Common Units — — 5,683 120,937 Less: net earnings (loss) attributable to participating securities — — 13 574 Net earnings (loss) attributable to common stockholders / unitholders $ ( 4,392 ) $ ( 7,074 ) $ 17,502 $ 311,721 Denominator Number of shares / units used in basic computation 129,398,184 119,814,297 129,316,467 117,520,382 Add: weighted-average effect of dilutive securities Restricted shares — — — — RSUs — — 684,071 976,452 Options — — — 11,026 Common Units to Convert to Class A Common Stock — — 61,501,508 73,523,363 Weighted average shares of Class A common stock / units outstanding used to calculate diluted earnings (loss) per share / unit 129,398,184 119,814,297 191,502,046 192,031,223 Diluted earnings (loss) per share / unit attributable to common stockholders / unitholders $ ( 0.03 ) $ ( 0.06 ) $ 0.09 $ 1.62 The following table sets forth potentially dilutive securities that were excluded from the diluted earnings (loss) per share computation because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the periods: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Time-vesting awards: Options 2,773,714 1,997,390 2,773,714 1,967,911 Restricted shares 63,244 177,105 — — RSUs 4,180,300 2,373,040 995,154 59,230 Incentive units 4,282,841 5,668,263 446,550 182,059 Total time-vesting awards 11,300,099 10,215,798 4,215,418 2,209,200 Exit-vesting awards: Options 164,362 222,424 164,362 222,424 Restricted shares 68,793 135,770 — — RSUs 944,710 1,292,555 944,710 1,292,555 Incentive units 4,324,868 4,384,917 4,324,868 4,384,917 Total exit-vesting awards 5,502,733 6,035,666 5,433,940 5,899,896 Total 16,802,832 16,251,464 9,649,358 8,109,096 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 14 - Stock-based Compensation Total stock-based compensation cost, net of forfeitures, was as follows: (In thousands) Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Cost of revenue $ 971 $ 604 $ 1,919 $ 2,211 Selling and marketing expense 2,091 2,500 769 7,641 General and administrative expense 12,149 17,960 22,547 37,868 Product development expense 7,236 8,852 14,769 28,019 Total stock-based compensation expense $ 22,447 $ 29,916 $ 40,004 $ 75,739 Plans Prior to the IPO, Bumble Holdings had three active plans under which awards had been granted to various employees of the Company, including key management personnel, based on their management grade. In connection with the Sponsor Acquisition, Bumble Holdings and Buzz Management Aggregator L.P., an interest holder in Bumble Holdings, adopted two new incentive plans for the employees’ performance and retention purposes, namely the Employee Incentive Plan (“Non-U.S. Plan”) and the Equity Incentive Plan (“U.S. Plan”). The participants of the Non-U.S. Plan and U.S. Plan are selected employees of the Company and the subsidiaries. Bumble Holdings and Buzz Management Aggregator L.P. also adopted one incentive plan for Whitney Wolfe Herd (the “Founder Plan”). Awards granted under the Founder Plan and U.S. Plan were in the form of Class B Units in Bumble Holdings and Class B Units in Buzz Management Aggregator L.P, respectively (collectively, the “Class B Units”). Under the Non-U.S. Plan, participants have received phantom awards of Class B Units in Buzz Management Aggregator L.P. (the “Phantom Class B Units”) that are settled in cash equal to the notional value of the Buzz Management Aggregator Class B Units at the settlement date. The Class B Units under the Founder Plan and U.S. Plan and the Phantom Class B Units under the Non-U.S. Plan comprise: ● Time-Vesting Class B Units and Time-Vesting Phantom Class B Units ( 60 % of the Class B Units and Phantom Class B Units granted) that generally vest over a five-year service period and for which expense is recognized under a graded expense attribution model; and ● Exit-Vesting Class B Units and Exit-Vesting Phantom Class B Units ( 40 % of the Class B Units and Phantom Class B Units granted). Vesting for these awards is based on a liquidity event in which affiliates of Blackstone receive cash proceeds in respect of its Class A units in the Company prior to the termination of the participant. Further, the portion of the Exit-Vesting Class B Units and Exit-Vesting Phantom Class B Units that vest is based on certain Multiple on Invested Capital (“MOIC”) and Internal Rate of Return (“IRR”) hurdles associated with a liquidity event. The MOIC and IRR hurdles impact the fair value of the awards. As the vesting of these units is contingent upon a specified liquidity event, no expense was required to be recorded prior to the occurrence of a liquidity event. Time-Vesting Class B Units and Exit-Vesting Class B Units Expense for the Time-Vesting Class B Units and Exit-Vesting Class B Units was based on the grant date fair value of the Class B Units. The grant date fair value was measured using a Monte Carlo model, which incorporates various assumptions noted in the following table. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the observed equity volatility for comparable companies. The expected time to liquidity event was based on management’s estimate of time to an expected liquidity event. The dividend yield was based on the Company’s expected dividend rate. The risk-free interest rate was based on U.S. Treasury zero-coupon issues. Forfeitures were accounted for as they occurred. The weighted-average assumptions the Company used in the Monte Carlo model for 2020 are as follows: Dividend yield — Expected volatility 58 % Risk-free interest rate 0.86 % Expected time to liquidity event (years) 4.7 Post-IPO Award Reclassification In connection with the Company’s IPO, awards under the Founder Plan, U.S. Plan, and Non-U.S. Plan were reclassified as follows: ● The Time-Vesting and Exit-Vesting Class B Units in Bumble Holdings under the Founder Plan and granted to senior management under the U.S. Plan were reclassified to vested Incentive Units (in the case of Vested Class B Units) and unvested Incentive Units (in the case of unvested Class B Units) in Bumble Holdings. ● The Time-Vesting and Exit-Vesting Class B Units in Bumble Holdings (other than those granted to senior management) were reclassified to Class A common stock (in the case of vested Class B Units) and restricted shares of Class A common stock (in the case of unvested Class B Units) in the Company. ● The Time-Vesting and Exit-Vesting Phantom Class B Units in Bumble Holdings were reclassified into vested RSUs (in the case of vested Class B Phantom Units) and unvested RSUs (in the case of unvested Class B Phantom Units) in the Company. In each of the above reclassifications, the Post-IPO awards retained the same terms and conditions (including applicable vesting requirement). Each Post-IPO award was converted to reflect the $ 43.00 share price contemplated in the Company’s IPO while retaining the same economic value in the Company. At the IPO date, the Company concluded that our public offering represented a qualifying liquidity event that would cause the Exit-Vesting awards’ performance conditions to be probable. As such, the Company has begun to recognize stock-based compensation expense in relation to the Exit-Vesting awards. Compensation cost related to the reclassified Exit-Vesting awards for the three months ended June 30, 2022 and 2021 was $ 2.6 million and $ 7.8 million, respectively, and $ 3.5 million and $ 19.1 million, respectively, for the six months ended June 30, 2022 and 2021. On July 15, 2022, the Exit-Vesting awards were modified to also provide for vesting in 36 equal installments, with the first installment on August 29, 2022, subject to the award holder's continued employment through each applicable vesting date and subject to other terms and conditions of the award. See Note 18, Subsequent Events , for additional information. 2021 Omnibus Plan In connection with the IPO, the Company adopted the 2021 Omnibus Plan, which became effective on the date immediately prior to the effective date of the IPO. The 2021 Omnibus Plan provides the Company with flexibility to use various equity-based incentive awards as compensation tools to motivate and retain the Company’s workforce. The Company has initially reserved 30,000,000 shares of our common stock for the issuance of awards under the 2021 Omnibus Plan. The fair value of Time-Vesting awards granted or modified at the time of the IPO was determined using the Black-Scholes option pricing model with the following assumptions: Volatility 55 %- 60 % Expected Life 0.5 - 7.4 years Risk-free rate 0.1 %- 0.8 % Fair value per unit $ 43.00 Dividend yield 0.0 % Discount for lack of marketability (1) 15 % - 25 % The fair value of Exit-Vesting awards granted or modified at the time of the IPO was determined using a Monte Carlo simulation approach in an option pricing framework, where the common stock price of the Company was evolved using a Geometric Brownian Motion over a period from the Valuation Date to the date of Management's expected exit date - a date at which MOIC and IRR realized by the Sponsor can be calculated ("Sponsor Exit"), with the following assumptions: Volatility 55 % Expected Life 1.8 years Risk-free rate 0.1 % Fair value per unit $ 43.00 Dividend yield 0.0 % Discount for lack of marketability (1) 15 % (1) Discount for lack of marketability for Time-Vesting awards and Exit-Vesting awards is only applicable for Incentive Units granted in Bumble Holdings at the time of the IPO. The fair value of Time-Vesting Options granted during the six months ended June 30, 2022 was determined using the Black-Scholes option pricing model with the following assumptions: Volatility 60 %- 70 % Expected Life 7.0 years Risk-free rate 1.74 % - 2.95 % Fair value per unit $ 15.36 - $ 17.66 Dividend yield 0.0 % Incentive Units in Bumble Holdings: The following table summarizes information around Incentive Units in Bumble Holdings. These include grants of Class B Units that were reclassified into Incentive Units as described above, as well as Incentive Units issued to new recipients. The Incentive Units received as a result of the reclassification of Class B Units retain the vesting attributes (including original service period vesting start date) of the Class B Units. The Company did not recognize any incremental fair value due to the reclassification of awards as the fair value per award was the same immediately prior to and after the Reclassification. The newly granted Incentive Units contain the same vesting attributes as Incentive Units granted as a result of the Reclassification. Time-Vesting Incentive Units Exit-Vesting Incentive Units Number of Weighted- Number of Weighted- Unvested as of December 31, 2021 5,170,731 $ 14.22 4,324,868 $ 13.81 Granted — — — — Vested ( 887,890 ) 13.78 — — Forfeited — — — — Unvested as of June 30, 2022 4,282,841 $ 14.31 4,324,868 $ 13.81 As of June 30, 2022 , total unrecognized compensation cost related to the Time-Vesting Incentive Units is $ 14.9 million, which is expected to be recognized over a weighted-average period of 2.9 years. Total unrecognized compensation cost related to the Exit-Vesting Incentive Units is $ 14.5 million, which is expected to be recognized over a weighted average period of 2.5 years. Restricted Shares of Class A Common Stock in Bumble Inc.: The following table summarizes information around restricted shares in the Company. The restricted shares granted as a result of the reclassification of Class B Units retain the vesting attributes (including original service period vesting start date) of the Class B Units. The Company did not recognize any incremental fair value due to the reclassification of awards as the fair value per award was the same immediately prior to and after the Reclassification. Time-Vesting Exit-Vesting Number of Weighted- Number of Weighted- Unvested as of December 31, 2021 98,717 $ 7.26 82,211 $ 5.19 Granted — — — — Vested ( 23,232 ) 6.73 — — Forfeited ( 12,241 ) 6.97 ( 13,418 ) 4.89 Unvested as of June 30, 2022 63,244 $ 7.51 68,793 $ 5.25 As of June 30, 2022, total unrecognized compensation cost related to the Time-Vesting restricted shares is $ 0.2 million, which is expected to be recognized over a weigh ted-average period of 2.6 years. Total unrecognized compensation cost related to the Exit-Vesting restricted shares is $ 0.2 million, which is expected to be recognized over a weighted average period of 2.6 years. RSUs in Bumble Inc.: The following table summarizes information around RSUs in the Company. These include grants of Phantom Class B Units that were reclassified into RSUs in conjunction with the IPO, as well as Promised RSUs issued to new recipients. The RSUs granted as a result of the reclassification of Phantom Class B Units retain the vesting attributes (including original service period vesting start date) of the Phantom Class B Units. As the Phantom Class B Units were legally settled in cash and the RSUs will be settled with equity, this represents a liability-to-equity modification. The Company reclassified any outstanding liabilities to equity and recognized expense in accordance with the appropriate pattern using the modification date fair value. Time-Vesting RSUs that were granted as a result of the Reclassification generally vest in equal annual installments over a five year period, whereas Time-Vesting RSUs that were granted at the time of the Company’s IPO generally vest in equal annual installments over a four year period. Time-Vesting RSUs that have been granted since the Company’s IPO generally vest 25% on the first anniversary of the date of grant, or other vesting commencement date, and the remaining 75% of the award vests in equal installments on each monthly anniversary thereafter such that the award will be fully vested on the fourth anniversary of the date of grant, or other vesting commencement date. Exit-Vesting RSUs that were granted as a result of the Reclassification contain similar vesting requirements to the previously Exit-Vesting Phantom Class B Units. Time-Vesting RSUs Exit-Vesting RSUs Number of Weighted- Number of Weighted- Unvested as of December 31, 2021 2,803,943 $ 45.36 1,217,151 $ 30.52 Granted 2,536,416 27.86 — — Vested ( 523,746 ) 44.83 — — Forfeited ( 636,313 ) 39.56 ( 272,441 ) 30.52 Unvested as of June 30, 2022 4,180,300 $ 35.69 944,710 $ 30.52 As of June 30, 2022, total unrec ognized compensation cost related to the Time-Vesting RSUs is $ 88.1 million, which is expected to be recognized over a weighted-average period of 3.3 years. Total unrecognized compensation cost related to the Exit-Vesting RSUs is $ 16.2 million, which is expected to be recognized over a weighted average period of 2.6 years. Options Under the 2021 Omnibus Plan, the Company has granted certain stock options with the underlying equity being shares of the Company’s Class A common stock. These stock options are inclusive of both Time-Vesting stock options and Exit-Vesting stock options. Time-Vesting stock options either vest over a four or a five year period, and weighted-average remaining contractual term has been specified in the table below. Exit-Vesting stock options vest upon satisfaction of a performance condition under which Blackstone and its affiliates receive cash proceeds in respect of certain MOIC and IRR hurdles, subject to the recipient’s continued employment at the time of satisfaction . At the IPO date, the Company concluded that our public offering represented a qualifying liquidity event that would cause the Exit-Vesting options’ performance conditions to be probable of occurring. The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options as of June 30, 2022: June 30, 2022 Number of Weighted- Weighted- Outstanding as of December 31, 2021 2,038,016 $ 43.76 $ 22.96 Granted 1,198,321 27.06 17.17 Exercised — — — Forfeited and expired ( 462,623 ) 38.17 20.72 Outstanding as of June 30, 2022 2,773,714 $ 37.48 $ 20.89 Exercisable as of June 30, 2022 419,976 $ 43.00 $ 22.22 The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options as of June 30, 2022: June 30, 2022 Number of Weighted- Weighted- Outstanding as of December 31, 2021 222,424 $ 43.00 $ 18.10 Granted — — — Exercised — — — Forfeited ( 58,062 ) 43.00 18.10 Outstanding as of June 30, 2022 164,362 $ 43.00 $ 18.10 Exercisable as of June 30, 2022 — — — Total unrecognized compensation cost related to the Time-Vesting options is $ 30.6 million, which is expected to be recognized over a weighted-average period of 3.2 years. Total unrecognized compensation cost related to the Exit-Vesting options i s $ 1.5 milli on, which is expected to be recognized over a weighted-average period of 1.5 years. Options have a maximum contractual term of 10 years . The aggregate intrinsic value – assuming all options are expected to vest – and weighted average remaining contractual terms of Time-Vesting and Exit-Vesting options outstanding and options exercisable were as follows as of June 30, 2022. Aggregate intrinsic value Time-Vesting options outstanding 1,552,064 Time Vesting options exercisable — Exit-Vesting options outstanding — Exit-Vesting options exercisable N/A Weighted-average remaining contractual term (in years) Time-Vesting options outstanding 9.0 Time Vesting options exercisable 8.2 Exit-Vesting options outstanding 8.6 Exit-Vesting options exercisable N/A Employee Stock Purchase Plan In connection with the IPO, on February 10, 2021, Bumble Inc. adopted the 2021 Employee Stock Purchase Plan (the “ESPP”) for the issuance of up to a total of 4,500,000 shares of Class A com mon stock. The number of shares reserved for issuance under the ESPP will be increased automatically on January 1 of each fiscal year beginning in 2022 by a number of shares of our Class A common stock equal to the lesser of (i) the positive difference between 1% of the shares outstanding on the final day of the immediately preceding fiscal year and the ESPP share reserve on the final day of the immediately preceding fiscal year; and (ii) a smaller number of shares as may be determined by the Board. The ESPP allows participants to purchase Class A common stock through contributions of up to 15 % of their total compensation. The purchase price of the Class A common stock will be 85 % of the lesser of the fair market value of our Class A common stock as determined on the applicable grant date or the applicable purchase period end date (provided that, in no event may the purchase price be less than the par value per share of our Class A common stock) . No purchases have been made under the ESPP as of June 30, 2022 . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 - Related Party Transactions In the ordinary course of operations, the Company enters into transactions with related parties, as discussed below. Related Party relationship Type of Transaction Financial Statement Line Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Other Marketing costs Selling and marketing expense $ 1,034 $ 1,265 $ 1,526 $ 1,451 Other Moderator costs Cost of revenue 436 — 597 — Company owned by a Loans repaid by Whitney Wolfe Herd Limited Partners’ interest — 95,465 — 95,465 Related Party relationship Type of Transaction Financial Statement Line June 30, 2022 December 31, 2021 Parent Company of the Loan granted - current Payable to related parties pursuant to a tax receivable agreement $ 388,980 $ 388,780 Founder Loan On January 29, 2020, the Company recognized a $ 119.0 million loan to an entity controlled by the Founder, which was recorded as a reduction of “Limited Partners’ interest” in the consolidated balance sheets. In connection with the dividends paid, the Company’s Founder repaid $ 25.6 million of the loan (the "Founder Loan"), which was recorded as an increase to Limited Partners’ Interest. As of December 31, 2020 , $ 93.4 million remained outstanding. On January 14, 2021, our Founder settled the outstanding balance of the loan plus accrued interest for a total of $ 95.5 million when Bumble Holdings distributed the loan in redemption of 63,643,425 Class A units held by Beehive Holdings III, LP with a hypothetical fair value equal to $ 95.5 million (such Class A units, the “Loan Settlement Units”). Since the value of the Loan Settlement Units redeemed by Bumble Holdings, determined using the volume-weighted average price of the Class A Common Stock on Nasdaq during the regular trading session as reported by Bloomberg L.P. for the 30-day period beginning on February 16, 2021 (the “Applicable VWAP”) exceeded the implied value of the Loan Settlement Units on the settlement date for purposes of repaying the loan, Bumble Holdings delivered to Beehive Holdings III, LP 3,252,056 Common Units which are exchangeable for shares of Class A common stock having a value based on the Applicable VWAP equal to such excess amount. The settlement of the Founder loan was recorded as an equity transaction with no net impact to the accompanying condensed consolidated balance sheet. Underwriting of IPO Blackstone Securities Partners L.P., an affiliate of Blackstone, underwrote 4.1 million of the 57.5 million shares of Class A common stock offered to the market in the IPO, with underwriting discounts and commissions of $ 1.935 per share paid by the Company. Redemption of Class A Common Stock and Purchase Common Units in Connection with the IPO The Company used the proceeds from the issuance of 48.5 million shares ($ 1,991.6 million) in the IPO to redeem shares of Class A common stock and purchase Common Units from our Sponsor, at a price per share / Common Unit equal to the IPO price, net of underwriting discounts and commissions . Payable to related parties pursuant to a tax receivable agreement Concurrent with the completion of the IPO, the Company entered into a tax receivable agreement with pre-IPO owners including our Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders (see Note 4). Other The Company uses Liftoff Mobile Inc. ("Liftoff"), a company in which Blackstone affiliated funds hold a controlling interest, for marketing purposes. The Company uses TaskUs Inc. ("TaskUs"), a company in which Blackstone affiliated funds holds more than 20 % of ownership interest, for moderator services. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Note 16 - Segment and Geographic Information The Company operates as a single operating segment. The Company’s chief operating decision maker is the CEO, who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about the Company’s revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Revenue by major geographic region is based upon the location of the customers who receive the Company’s services. The information below summarizes revenue by geographic area, based on customer location (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 North America (1) $ 135,683 $ 107,443 $ 259,866 $ 203,168 Rest of the world 84,771 78,774 171,787 153,762 Total $ 220,454 $ 186,217 $ 431,653 $ 356,930 (1) North America revenue includes revenue from the United States and Canada. The United States is the only country with revenues of 10 % or more of the Company’s total revenue for the three and six months ended June 30, 2022 and 2021. The information below summarizes property and equipment, net by geographic area (in thousands): June 30, 2022 December 31, 2021 United Kingdom $ 6,250 $ 6,035 United States 2,948 3,183 Czech Republic 2,247 3,234 Rest of the world 2,056 2,175 Total $ 13,501 $ 14,627 United Kingdom, United States and Czech Republic are the only countries with property and equipment of 10% or more of the Company’s total property and equipment, net at June 30, 2022 and December 31, 2021. |
Commitments and Contigencies
Commitments and Contigencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contigencies | Note 17 - Commitments and Contingencies The Company has entered into indemnification agreements with the Company’s officers and directors for certain events or occurrences. The Company maintains a directors and officers insurance policy to provide coverage in the event of a claim against an officer or director. Historically, the Company has not been obligated to make any payments for indemnification obligations, and no liabilities have been recorded for these obligations as of June 30, 2022. The Company is involved in certain lawsuits, claims and proceedings that arise from time to time. The Company records a liability for these when it is believed to be probable that the Company has incurred a loss and the amount can be reasonably estimated. The Company regularly evaluates current information to determine whether it should adjust a recorded liability or record a new one. If the Company determines that there is a reasonable possibility that a loss may be incurred and the loss or range of loss can be estimated, the possible loss is disclosed in the accompanying notes to the condensed consolidated financial statements to the extent material. Litigation On May 29, 2018 , a plaintiff filed a class action complaint against Bumble Trading Inc. alleging that the Bumble app’s “women message first” feature discriminates against men and is therefore unlawful under California’s Unruh Civil Rights Act (the “Unruh Act”) and Cal. Bus & Prof. Code Section 17200. The parties held a mediation on June 23, 2020 and signed a settlement agreement on November 20, 2020, which received final approval by the court on January 28, 2022. The settlement was fully paid in the quarter ended June 30, 2022. In late 2021 and early 2022, four putative class action lawsuits were filed against the Company in Illinois alleging that certain features of the Badoo or Bumble apps violate the Illinois Biometric Privacy Act (“BIPA”). These lawsuits allege that the apps used facial geometry scans in violation of BIPA’s authorization, consent, and data retention policy provisions. A fifth putative class action was also filed against the Company in late 2021 in California alleging that Bumble app users’ information was collected, used, and disseminated in violation of California’s consumer protection and privacy laws. Plaintiffs in these lawsuits seek statutory damages, compensatory damages, attorneys’ fees, injunctive relief, and (in the California action) punitive damages. These cases are still in early stages and at this time the Company cannot reasonably estimate a range of potential liability, if any, which may arise therefrom. In January 2022, a purported class action complaint was filed in the United States District Court for the Southern District of New York naming, among others, the Company, our Chief Executive Officer, our Chief Financial Officer, our board of directors and Blackstone, as defendants. The class action complaint asserts claims under the U.S. federal securities laws, purportedly brought on behalf of a class of purchasers of shares of Class A common stock in in Bumble’s secondary public stock offering which took place in September 2021 (the “SPO”), that the SPO Registration Statement and prospectus contained false and misleading statements or omissions by failing to disclose certain information concerning Bumble and Badoo app paying users and related trends and issues with the Badoo app payment platform, and that as a result of the foregoing, Bumble’s business metrics and financial prospects were not as strong as represented in the SPO Registration Statement and prospectus. The class action complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable relief. The Company believes that the allegations contained in the complaint are without merit and intend to defend the complaint vigorously. Two shareholder derivative complaints were subsequently filed in the United States District Court for the Southern District of New York against the Company and certain directors and officers. The Glover-Mott shareholder derivative complaint, filed in April 2022, alleges a breach of fiduciary duty against management and our board of directors based on the same allegations and events described in the class action complaint. The complaint seeks unspecified damages, an award of costs and disbursements, including reasonable attorneys’ fees, and that the Company be directed to take action to reform its corporate governance and internal procedures. The William B. Federman Irrevocable Trust shareholder derivative complaint, filed in May 2022, alleges violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, aiding and abetting breach of duty and gross mismanagement based on misstatements or omissions in the Company’s April 2022 Proxy Statement concerning alleged deficiencies in the Company’s risk management and internal controls which allegedly led to disclosure deficiencies in the SPO documents. The complaint seeks a declaration that the individual defendants breached their fiduciary duties, aided and abetted breach of fiduciary duty, were unjustly enriched, grossly mismanaged the Company and violated the federal securities laws; an order that the individual defendants are jointly and severally liable for all damages; an order requiring the individual defendants to remit their salaries and compensation to the Company for the period of breach; unspecified equitable and injunctive relief; and costs and disbursements, including reasonable attorneys’, consultants’ and experts’ fees. The Company has also received an inquiry from the SEC relating to the disclosures at issue in the SPO class action complaint. The Company cannot predict at this point the length of time that these matters will be ongoing, their outcome or the liability, if any, which may arise therefrom. From time to time, the Company is subject to patent litigations asserted by non-practicing entities. As of June 30, 2022 and December 31, 2021, the Company determined that provisions of $ 1.5 million and $ 8.8 million, respectively, reflect our best estimate of any probable future obligation, including legal costs incurred to date and expected to be incurred up to completion, for the Company’s litigations. During the three and six months ended June 30, 2022 , the Company paid $ 6.8 million and $ 7.5 million to settle litigation matters. Legal expenses are included within “General and administrative” expense in the accompanying condensed consolidated statements of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 - Subsequent Events On July 15, 2022, the Board, acting upon the unanimous recommendations of its compensation committee and a special committee of disinterested directors, approved a modification to outstanding Exit-Vesting awards to provide for an additional service-based vesting opportunity (the “Modified Awards”). Under the original terms of the Exit Vesting awards, such awards generally vest, subject to the award holder’s continued employment through the vesting date, upon achievement of certain performance conditions in which affiliates of Blackstone receive cash proceeds in respect of their common equity in the Company and its subsidiaries that meet certain specified multiples on their investment and a specified internal rate of return. The Modified Awards will, in addition to continuing to be eligible to vest pursuant to the original terms, now also provide for vesting in 36 equal installments, with the first installment vesting on August 29, 2022, and subsequent installments vesting on each of the next 35 monthly anniversaries of August 29, 2022, subject to the award holder’s continued employment through each applicable vesting date and subject to other terms and conditions of the award. We account for our stock-based awards in accordance with provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”) which includes guidance for accounting for a modification of existing stock-based compensation awards. The Company currently estimates that it will incur incremental non-cash stock-based compensation expense associated with the Modified Awards of approximately $ 34 -$ 39 million, of which approximately 70% of the expense is expected to be recognized in the next twelve months. The expense recognition timing would change if the performance conditions as described above are met. Determining the estimated incremental non-cash stock-based compensation expense, including the fair value of our Modified Awards, requires judgment. Management has considered numerous objective and subjective factors to determine the best estimate of the incremental non-cash stock-based compensation expense. Changes in any of these estimates and assumptions may have a material impact to our estimates and result in total incremental non-cash stock-based compensation expense that is materially different from this estimated range. |
Summary of Selected Significa_2
Summary of Selected Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses. The Company’s significant estimates relate to income taxes, the fair value and useful lives of assets acquired and liabilities assumed in business combinations, the recoverability of long-lived assets and goodwill, potential obligations associated with legal contingencies, the fair value of contingent consideration, and the fair value of derivatives and stock-based compensation. These estimates are based on management’s best estimates and judgment. Actual results may differ from these estimates. Estimates, judgments and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions, judgments and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Long-lived assets, which consist of property and equipment and right-of-use assets, are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. The remaining estimated useful lives of property and equipment and right-of-use assets are routinely reviewed and, if the estimate is revised, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life. During the three months ended June 30, 2022, the Company determined that a right-of-use asset associated with its decision to discontinue its operations in Russia was fully impaired and recognized an impairment charge of $ 4.4 million in “General and administrative expense” within the accompanying condensed consolidated statement of operations. See Note 8, Restructuring, for additional information on impairment. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from services in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when or as the Company’s performance obligations are satisfied by transferring control of the promised services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps as prescribed by ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies performance obligations. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determine those that are performance obligations and assess whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Revenue is primarily derived in the form of recurring subscriptions and in-app purchases. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage. Unused in-app purchase fees expire and are recognized as revenue after six months. The Company also earns revenue from online advertising and partnerships. Online advertising revenue is recognized when an advertisement is displayed. Revenue from partnerships is recognized according to the contractual terms of the partnership. As permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. During the three and six months ended June 30, 2022 and 2021, there were no customers representing greater than 10% of total revenue. For the periods presented, revenue across apps was as follows (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Bumble App $ 169,608 $ 127,319 $ 325,028 $ 239,955 Badoo App and Other 50,846 58,898 106,625 116,975 Total Revenue $ 220,454 $ 186,217 $ 431,653 $ 356,930 |
Deferred Revenue | Deferred Revenue Deferred revenue consists of advance payments that are received or are contractually due in advance of the Company's performance. The Company’s deferred revenue is reported on a contract by contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the term of the applicable subscription period or expected completion of the performance obligation is one year or less. The deferred revenue balance is $ 44.5 million and $ 39.9 million as of June 30, 2022 and December 31, 2021, respectively. During the three months ended June 30, 2022 and 2021, the Company recognized revenue of $ 6.8 million and $ 6.0 million, that was included in the deferred revenue balance at the beginning of each respective period. During the six months ended June 30, 2022 and 2021, the Company recognized revenue of $ 36.6 million and $ 27.9 million, that was included in the deferred revenue balance at the beginning of each respective period. |
Business Combination | Business Combination The Company accounts for business combinations using the acquisition method of accounting. The purchase price is allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their fair values at the date of acquisition, with the exception of contract assets and contract liabilities from contracts with customers. On January 1, 2022, the Company adopted ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, under which the Company recognizes and measures revenue contract assets and contract liabilities (including deferred revenue) acquired in a business combination on the acquisition date as if the revenue contracts were originated by the Company in accordance with ASC 606, Revenue from Contracts with Customers. The adoption of ASU 2021-08 did not have a material impact to the Company's consolidated financial position, results of operations and cash flows. Any excess of the amount paid over the fair values of the identifiable net assets acquired is allocated to goodwill. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Transaction costs associated with business combinations are expensed as incurred. |
Fair Value Measurements | Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. The Company uses the fair value hierarchy to categorize the financial instruments measured at fair value based on the available inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. Level 3 - Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available. |
Restructuring Charges | Restructuring Charges Restructuring charges, associated with office closure or exiting a market, consist primarily of severance, relocation, right-of-use asset impairment and other related costs. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to them and the amount of the benefits can be reasonably estimated. One-time employee termination costs are recognized when management has communicated the termination plan to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred. See Note 8, Restructuring , for additional information. Restructuring charges are recognized as an operating expense within the condensed consolidated statements of operations and are classified based on each employee’s respective function. |
Earnings (Loss) per Share / Unit | Earnings (Loss) per Share / Unit Basic earnings (loss) per share / unit is computed by dividing net earnings (loss) attributable to the Company by the weighted average number of common shares / units outstanding during the period. Diluted earnings (loss) per share / unit is computed by dividing net earnings (loss) attributable to the Company by the weighted-average share / units outstanding during the period after adjusting for the impact of securities that would have a dilutive effect on earnings (loss) per share / unit. See Note 13, Earnings (Loss) per Share / Unit , for additional information on dilutive securities. |
Stock-Based Compensation | Stock-Based Compensation The Company issues stock-based awards to employees that are generally in the form of stock options, restricted shares, incentive units, or restricted stock units (“RSUs”). Compensation cost for equity awards is measured at their grant-date fair value, and in the case of restricted shares and RSUs is estimated based on the fair value of the Company’s underlying common stock. The grant date fair value of stock options is estimated using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company’s common stock on the grant date, including the expected term of the award, the expected volatility of the Company’s stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates and expected dividend yields of the Company’s stock. For time-vesting awards, compensation cost is recognized over the requisite service period, which is generally the vesting period, using the graded attribution method. For performance-based stock awards, compensation expense is recognized over the requisite service period on a straight-line basis when achievement is probable. At the IPO date, the Company concluded that our public offering represented a qualifying liquidity event that would cause the performance conditions to be probable of occurring. For periods prior to the Company’s IPO, the grant date fair value of stock-based compensation awards and the underlying equity were determined on each grant date using a Monte Carlo model. As the Company's equity was not publicly traded, there was no history of market prices for the Company's equity. Thus, estimating grant date fair value required the Company to make assumptions, including the value of the Company's equity, expected time to liquidity, and expected volatility. See Note 14, Stock-based Compensation , for additional information on the Company’s stock-based compensation plans and awards. |
Recently Issued Pronouncements Not Yet Adopted | Recently Issued Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” 2020-04) Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and then subsequent amendments, which provide optional guidance and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The amendments are effective prospectively at any point through December 31, 2022. The Company continues to implement its transition plan toward cessation of LIBOR and the modification of its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company expects to utilize the LIBOR transition relief allowed under ASU 2020-04, as applicable, and does not expect such adoption to have a material impact on its accounting and disclosures. |
Summary of Selected Significa_3
Summary of Selected Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Revenue Across Apps | During the three and six months ended June 30, 2022 and 2021, there were no customers representing greater than 10% of total revenue. For the periods presented, revenue across apps was as follows (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Bumble App $ 169,608 $ 127,319 $ 325,028 $ 239,955 Badoo App and Other 50,846 58,898 106,625 116,975 Total Revenue $ 220,454 $ 186,217 $ 431,653 $ 356,930 |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Summary of Purchase Consideration and Purchase Price Allocation to Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed | The following tables summarize the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed (in thousands): Cash consideration $ 72,275 Fair value of contingent earn-out liability 3,100 Total purchase price $ 75,375 Purchase price allocation $ 75,375 Less fair value of net assets acquired: Cash and cash equivalents 2,555 Accounts receivable 799 Other current assets 57 Property and equipment 17 Intangible assets 42,930 Deferred revenue ( 650 ) Accounts payable ( 1,045 ) Deferred tax liabilities ( 10,819 ) Net assets acquired 33,844 Goodwill $ 41,531 |
Summary of Fair Values of Identifiable Intangible Assets Acquired at Date of Sponsor Acquisition | The fair values of the identifiable intangible assets acquired at the date of acquisition a re as follows (in thousands): Acquisition Weighted- Brand $ 38,000 15 Developed technology 4,100 4 User base 830 4 Total identifiable intangible assets acquired $ 42,930 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | A summary of the Company’s property and equipment, net is as follows (in thousands): June 30, 2022 December 31, 2021 Computer equipment $ 22,733 $ 21,675 Leasehold improvements 7,317 7,288 Furniture and fixtures 941 904 Total property and equipment, gross $ 30,991 $ 29,867 Accumulated depreciation ( 17,490 ) ( 15,240 ) Total property and equipment, net $ 13,501 $ 14,627 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying amount of Goodwill | The changes in the carrying amount of goodwill for the periods presented is as follows (in thousands): Balance as of December 31, 2021 $ 1,540,112 Fruitz acquisition 41,531 Foreign currency translation adjustment ( 2,593 ) Balance as of June 30, 2022 $ 1,579,050 |
Summary of Intangible Assets, Net | A summary of the Company’s intangible assets, net is as follows (in thousands): June 30, 2022 Gross Accumulated Impairment losses Net Weighted- Bumble and Badoo brands $ 1,511,269 $ — $ — $ 1,511,269 Indefinite Fruitz brand 35,648 ( 990 ) — 34,658 14.6 Developed technology 248,659 ( 118,727 ) — 129,932 2.6 User base 113,474 ( 109,020 ) — 4,454 0.1 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 13,474 ( 1,906 ) — 11,568 4.6 Total intangible assets, net $ 1,955,908 $ ( 237,596 ) $ ( 26,431 ) $ 1,691,881 December 31, 2021 Gross Accumulated Impairment losses Net Weighted- Bumble and Badoo brands $ 1,511,269 $ — $ — $ 1,511,269 Indefinite Developed technology 244,813 ( 93,845 ) — 150,968 3.1 User base 112,695 ( 86,399 ) — 26,296 0.6 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 9,106 ( 841 ) — 8,265 5.3 Total intangible assets, net $ 1,911,267 $ ( 188,038 ) $ ( 26,431 ) $ 1,696,798 |
Summary of Amortization of Intangible Assets with Definite Lives | As of June 30, 2022, amortization of intangible assets with definite lives is estimated to be as follows (in thousands): Remainder of 2022 $ 31,236 2023 54,958 2024 54,397 2025 8,358 2026 and thereafter 28,134 Total $ 177,083 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of total restructuring changes by function | The following table presents the total restructuring charges by function (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Cost of revenue $ 56 $ 139 Selling and marketing 11 34 General and administrative 5,386 5,772 Product development 363 1,216 Total $ 5,816 $ 7,161 |
Summary of restructuring related liabilities | The following table summarizes the restructuring related liabilities (in thousands): Employee Related Benefits Other Total Balance as of December 31, 2021 $ — $ — $ — Restructuring charges 2,611 163 2,774 Cash payments ( 1,636 ) ( 163 ) ( 1,799 ) Balance as of June 30, 2022 $ 975 $ — $ 975 |
Other Financial Data (Tables)
Other Financial Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Financial Data Disclosure [Abstract] | |
Summary of Other Current Assets | Other current assets are comprised of the following balances (in thousands): June 30, 2022 December 31, 2021 Capitalized aggregator fees $ 9,706 $ 8,183 Prepayments 14,627 10,989 Income tax receivable 305 30,563 Other receivables 3,681 3,016 Total other current assets $ 28,319 $ 52,751 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following balances (in thousands): June 30, 2022 December 31, 2021 Legal liabilities $ 1,474 $ 8,767 Accrued expenses 45,524 39,849 Lease liabilities 4,596 3,898 Income tax payable 10,060 42,317 Contingent earn-out liability 79,485 — Other payables 13,537 16,651 Total accrued expenses and other current liabilities $ 154,676 $ 111,482 |
Summary of Other Non-current Liabilities | Other non-current liabilities are comprised of the following balances (in thousands): June 30, 2022 December 31, 2021 Lease liabilities $ 19,809 $ 21,711 Contingent earn-out liability 628 96,600 Other liabilities 845 935 Total other liabilities $ 21,282 $ 119,246 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Fair Assets: Cash and cash equivalents $ 334,645 $ — $ — $ 334,645 Derivative asset — 18,638 — 18,638 Equity investments — — 2,609 2,609 $ 334,645 $ 18,638 $ 2,609 $ 355,892 Liabilities: Contingent earn-out liability $ — $ — $ 80,113 $ 80,113 $ — $ — $ 80,113 $ 80,113 December 31, 2021 Level 1 Level 2 Level 3 Total Fair Assets: Cash and cash equivalents $ 369,175 $ — $ — $ 369,175 Derivative asset — 5,008 — 5,008 Equity investments — — 2,610 2,610 $ 369,175 $ 5,008 $ 2,610 $ 376,793 Liabilities: Contingent earn-out liability $ — $ — $ 96,600 $ 96,600 $ — $ — $ 96,600 $ 96,600 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Total debt is comprised of the following (in thousands): June 30, 2022 December 31, 2021 Term Loan due January 29, 2027 $ 635,688 $ 638,563 Less: unamortized debt issuance costs 14,043 15,624 Less: current portion of debt, net 2,588 2,588 Total long-term debt, net $ 619,057 $ 620,351 |
Summary of Future Maturities of Long-term Debt | Future maturities of long-term debt as of June 30, 2022, were as follows (in thousands): Remainder of 2022 $ 2,875 2023 5,750 2024 5,750 2025 5,750 2026 and thereafter 615,563 Total $ 635,688 |
Earnings (Loss) per Share _ U_2
Earnings (Loss) per Share / Unit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Earnings (Loss) Per Share | The following table sets forth a reconciliation of the numerators used to compute the Company's basic and diluted earnings (loss) per share / unit (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Numerator: Net earnings (loss) $ ( 6,423 ) $ ( 11,147 ) $ 17,515 $ 312,295 Net earnings (loss) attributable to noncontrolling interests ( 2,031 ) ( 4,064 ) 5,512 ( 22,412 ) Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $ ( 4,392 ) $ ( 7,083 ) $ 12,003 $ 334,707 The following table sets forth the computation of the Company's basic and diluted earnings (loss) per share / unit (in thousands, except share / unit amounts, and per share / unit amounts, unaudited): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Basic earnings (loss) per share / unit attributable to common stockholders / unitholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $ ( 4,392 ) $ ( 7,074 ) $ 11,981 $ 196,398 Less: net earnings (loss) attributable to participating securities — — 13 589 Net earnings (loss) attributable to common stockholders / unitholders $ ( 4,392 ) $ ( 7,074 ) $ 11,968 $ 195,809 Denominator Weighted average number of shares of Class A common stock / units outstanding 129,398,184 119,814,297 129,316,467 117,520,382 Basic earnings (loss) per share / unit attributable to common stockholders / unitholders $ ( 0.03 ) $ ( 0.06 ) $ 0.09 $ 1.67 Diluted earnings (loss) per share / unit attributable to common stockholders / unitholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $ ( 4,392 ) $ ( 7,074 ) $ 11,832 $ 191,358 Increase in net earnings (loss) attributable to common shareholders upon conversion of potentially dilutive Common Units — — 5,683 120,937 Less: net earnings (loss) attributable to participating securities — — 13 574 Net earnings (loss) attributable to common stockholders / unitholders $ ( 4,392 ) $ ( 7,074 ) $ 17,502 $ 311,721 Denominator Number of shares / units used in basic computation 129,398,184 119,814,297 129,316,467 117,520,382 Add: weighted-average effect of dilutive securities Restricted shares — — — — RSUs — — 684,071 976,452 Options — — — 11,026 Common Units to Convert to Class A Common Stock — — 61,501,508 73,523,363 Weighted average shares of Class A common stock / units outstanding used to calculate diluted earnings (loss) per share / unit 129,398,184 119,814,297 191,502,046 192,031,223 Diluted earnings (loss) per share / unit attributable to common stockholders / unitholders $ ( 0.03 ) $ ( 0.06 ) $ 0.09 $ 1.62 |
Schedule of Potentially Dilutive Securities Excluded From the Diluted Earnings (Loss) Per Share | The following table sets forth potentially dilutive securities that were excluded from the diluted earnings (loss) per share computation because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the periods: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Time-vesting awards: Options 2,773,714 1,997,390 2,773,714 1,967,911 Restricted shares 63,244 177,105 — — RSUs 4,180,300 2,373,040 995,154 59,230 Incentive units 4,282,841 5,668,263 446,550 182,059 Total time-vesting awards 11,300,099 10,215,798 4,215,418 2,209,200 Exit-vesting awards: Options 164,362 222,424 164,362 222,424 Restricted shares 68,793 135,770 — — RSUs 944,710 1,292,555 944,710 1,292,555 Incentive units 4,324,868 4,384,917 4,324,868 4,384,917 Total exit-vesting awards 5,502,733 6,035,666 5,433,940 5,899,896 Total 16,802,832 16,251,464 9,649,358 8,109,096 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Total Stock-based Compensation Cost, Net of Forfeitures | Total stock-based compensation cost, net of forfeitures, was as follows: (In thousands) Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Cost of revenue $ 971 $ 604 $ 1,919 $ 2,211 Selling and marketing expense 2,091 2,500 769 7,641 General and administrative expense 12,149 17,960 22,547 37,868 Product development expense 7,236 8,852 14,769 28,019 Total stock-based compensation expense $ 22,447 $ 29,916 $ 40,004 $ 75,739 |
Summary of Weighted-Average Assumptions Used in Monte Carlo Model for 2020 | The weighted-average assumptions the Company used in the Monte Carlo model for 2020 are as follows: Dividend yield — Expected volatility 58 % Risk-free interest rate 0.86 % Expected time to liquidity event (years) 4.7 |
Summary of Assumption Ranges and Fair Value Per Unit | The fair value of Time-Vesting awards granted or modified at the time of the IPO was determined using the Black-Scholes option pricing model with the following assumptions: Volatility 55 %- 60 % Expected Life 0.5 - 7.4 years Risk-free rate 0.1 %- 0.8 % Fair value per unit $ 43.00 Dividend yield 0.0 % Discount for lack of marketability (1) 15 % - 25 % |
Summary of Aggregate Intrinsic Value and Weighted Average Remaining Contractual Terms | weighted average remaining contractual terms of Time-Vesting and Exit-Vesting options outstanding and options exercisable were as follows as of June 30, 2022. Aggregate intrinsic value Time-Vesting options outstanding 1,552,064 Time Vesting options exercisable — Exit-Vesting options outstanding — Exit-Vesting options exercisable N/A Weighted-average remaining contractual term (in years) Time-Vesting options outstanding 9.0 Time Vesting options exercisable 8.2 Exit-Vesting options outstanding 8.6 Exit-Vesting options exercisable N/A |
Incentive Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Around Incentive Units in Bumble Holdings | The newly granted Incentive Units contain the same vesting attributes as Incentive Units granted as a result of the Reclassification. Time-Vesting Incentive Units Exit-Vesting Incentive Units Number of Weighted- Number of Weighted- Unvested as of December 31, 2021 5,170,731 $ 14.22 4,324,868 $ 13.81 Granted — — — — Vested ( 887,890 ) 13.78 — — Forfeited — — — — Unvested as of June 30, 2022 4,282,841 $ 14.31 4,324,868 $ 13.81 |
RSU's | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exit Vesting RSUs Granted | Exit-Vesting RSUs that were granted as a result of the Reclassification contain similar vesting requirements to the previously Exit-Vesting Phantom Class B Units. Time-Vesting RSUs Exit-Vesting RSUs Number of Weighted- Number of Weighted- Unvested as of December 31, 2021 2,803,943 $ 45.36 1,217,151 $ 30.52 Granted 2,536,416 27.86 — — Vested ( 523,746 ) 44.83 — — Forfeited ( 636,313 ) 39.56 ( 272,441 ) 30.52 Unvested as of June 30, 2022 4,180,300 $ 35.69 944,710 $ 30.52 |
Time-Vesting Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Time Vesting RSUs and Exit Vesting RSUs Granted | The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options as of June 30, 2022: June 30, 2022 Number of Weighted- Weighted- Outstanding as of December 31, 2021 2,038,016 $ 43.76 $ 22.96 Granted 1,198,321 27.06 17.17 Exercised — — — Forfeited and expired ( 462,623 ) 38.17 20.72 Outstanding as of June 30, 2022 2,773,714 $ 37.48 $ 20.89 Exercisable as of June 30, 2022 419,976 $ 43.00 $ 22.22 |
Exit-Vesting Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Assumption Ranges and Fair Value Per Unit | The fair value of Exit-Vesting awards granted or modified at the time of the IPO was determined using a Monte Carlo simulation approach in an option pricing framework, where the common stock price of the Company was evolved using a Geometric Brownian Motion over a period from the Valuation Date to the date of Management's expected exit date - a date at which MOIC and IRR realized by the Sponsor can be calculated ("Sponsor Exit"), with the following assumptions: Volatility 55 % Expected Life 1.8 years Risk-free rate 0.1 % Fair value per unit $ 43.00 Dividend yield 0.0 % Discount for lack of marketability (1) 15 % |
Summary of Option Activity Related to Time-Vesting Stock Options and Exit-Vesting Stock Options | The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options as of June 30, 2022: June 30, 2022 Number of Weighted- Weighted- Outstanding as of December 31, 2021 222,424 $ 43.00 $ 18.10 Granted — — — Exercised — — — Forfeited ( 58,062 ) 43.00 18.10 Outstanding as of June 30, 2022 164,362 $ 43.00 $ 18.10 Exercisable as of June 30, 2022 — — — |
Time Vesting Options Granted | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Related to Time-Vesting Stock Options and Exit-Vesting Stock Options | The fair value of Time-Vesting Options granted during the six months ended June 30, 2022 was determined using the Black-Scholes option pricing model with the following assumptions: Volatility 60 %- 70 % Expected Life 7.0 years Risk-free rate 1.74 % - 2.95 % Fair value per unit $ 15.36 - $ 17.66 Dividend yield 0.0 % |
Restricted Shares Of Class A Common Stock In Bumble Inc | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information about Restricted Shares | The Company did not recognize any incremental fair value due to the reclassification of awards as the fair value per award was the same immediately prior to and after the Reclassification. Time-Vesting Exit-Vesting Number of Weighted- Number of Weighted- Unvested as of December 31, 2021 98,717 $ 7.26 82,211 $ 5.19 Granted — — — — Vested ( 23,232 ) 6.73 — — Forfeited ( 12,241 ) 6.97 ( 13,418 ) 4.89 Unvested as of June 30, 2022 63,244 $ 7.51 68,793 $ 5.25 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Summary of transactions with related parties | In the ordinary course of operations, the Company enters into transactions with related parties, as discussed below. Related Party relationship Type of Transaction Financial Statement Line Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Other Marketing costs Selling and marketing expense $ 1,034 $ 1,265 $ 1,526 $ 1,451 Other Moderator costs Cost of revenue 436 — 597 — Company owned by a Loans repaid by Whitney Wolfe Herd Limited Partners’ interest — 95,465 — 95,465 Related Party relationship Type of Transaction Financial Statement Line June 30, 2022 December 31, 2021 Parent Company of the Loan granted - current Payable to related parties pursuant to a tax receivable agreement $ 388,980 $ 388,780 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Area | Revenue by major geographic region is based upon the location of the customers who receive the Company’s services. The information below summarizes revenue by geographic area, based on customer location (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 North America (1) $ 135,683 $ 107,443 $ 259,866 $ 203,168 Rest of the world 84,771 78,774 171,787 153,762 Total $ 220,454 $ 186,217 $ 431,653 $ 356,930 (1) North America revenue includes revenue from the United States and Canada. |
Summary of Property and Equipment by Geographic Area | The information below summarizes property and equipment, net by geographic area (in thousands): June 30, 2022 December 31, 2021 United Kingdom $ 6,250 $ 6,035 United States 2,948 3,183 Czech Republic 2,247 3,234 Rest of the world 2,056 2,175 Total $ 13,501 $ 14,627 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 15, 2021 | Feb. 16, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs | $ 0 | $ 2,358,371 | |||||
Value of shares redeemed during period | $ (1,018,365) | ||||||
IPO | |||||||
Class Of Stock [Line Items] | |||||||
Effect of the Reorganization Transactions | $ 95,700 | ||||||
Class A Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Assumed shares outstanding upon exchange of common units on one-for-one basis | 188,292,439 | ||||||
Class A Common Stock | IPO | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares issued | 57,500,000 | 57,500,000 | |||||
Offering price per share | $ 43 | ||||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs | $ 2,361,200 | ||||||
Value of shares redeemed during period | $ 1,991,600 | $ 1,991,600 | |||||
Stock issued for purchase or redemption of shares | 48,500,000 | 48,500,000 | 48,500,000 | ||||
Class A Common Stock | Secondary Offering | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares issued | 20,700,000 | 9,200,000 | |||||
Offering price per share | $ 54 |
Summary of Selected Significa_4
Summary of Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||||
Impairment of Assets Recognized | $ 4,400 | ||||
Description of performance obligations | As permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. | ||||
Deferred revenue | 44,470 | $ 44,470 | $ 39,924 | ||
Deferred revenue recognized | $ 6,800 | $ 6,000 | $ 36,600 | $ 27,900 |
Summary of Selected Significa_5
Summary of Selected Significant Accounting Policies - Summary of Revenue Across Apps (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 220,454 | $ 186,217 | $ 431,653 | $ 356,930 |
Bumble App | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 169,608 | 127,319 | 325,028 | 239,955 |
Badoo App and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 50,846 | $ 58,898 | $ 106,625 | $ 116,975 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Schedule Of Income Tax Disclosure [Line Items] | |||||
Federal income tax rate | 21% | ||||
Deferred tax liabilities | $ 448,200 | ||||
Effective Income Tax Rate | (56.80%) | 21.40% | 352.20% | ||
Deferred tax assets | $ 6,700 | $ 6,700 | |||
Net income tax benefit | $ (2,328) | $ (459) | (4,756) | $ 436,117 | |
Transfer of Intangible Properties | |||||
Schedule Of Income Tax Disclosure [Line Items] | |||||
Net income tax benefit | $ 441,500 |
Payable to Related Parties Pu_2
Payable to Related Parties Pursuant to a Tax Receivable Agreement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Tax Receivable Agreement [Line Items] | ||
Percentage of tax receivable agreement | 85% | |
Tax receivable agreement liability | $ 388,980 | $ 388,780 |
Tax receivable agreement additional liability | 281,000 | |
Tax receivable agreement liability, total | 670,000 | |
IPO | ||
Schedule Of Tax Receivable Agreement [Line Items] | ||
Payments under tax receivable | 2,603,000 | |
Allocable share of existing tax basis acquired | 1,728,000 | |
Deferred tax benefit | $ 0 | |
Class A Common Stock | IPO | ||
Schedule Of Tax Receivable Agreement [Line Items] | ||
Share issued, per share | $ 43 |
Business Combination - Addition
Business Combination - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | |||
Business acquisition transaction costs | $ 0 | $ 1,100 | |
Worldwide Vision Limited | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 400 | $ 75,375 |
Business Combination - Summary
Business Combination - Summary of Purchase Consideration (Details) - Worldwide Vision Limited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||
Business combination cash consideration | $ 72,275 | |
Fair value of contingent earn-out liability | 3,100 | |
Total purchase price | $ 400 | $ 75,375 |
Business Combination - Summar_2
Business Combination - Summary of Purchase Price Allocation to Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Less fair value of net assets acquired: | |||
Intangible assets | $ 42,930 | $ 42,930 | |
Goodwill | 1,579,050 | 1,579,050 | $ 1,540,112 |
Worldwide Vision Limited | |||
Business Acquisition [Line Items] | |||
Purchase price | 400 | 75,375 | |
Less fair value of net assets acquired: | |||
Cash and cash equivalents | 2,555 | 2,555 | |
Accounts receivable | 799 | 799 | |
Other current assets | 57 | 57 | |
Property and equipment | 17 | 17 | |
Intangible assets | 42,930 | 42,930 | |
Deferred revenue | (650) | (650) | |
Accounts payable | (1,045) | (1,045) | |
Deferred tax liabilities | (10,819) | (10,819) | |
Net assets acquired | 33,844 | 33,844 | |
Goodwill | $ 41,531 | $ 41,531 |
Business Combination - Summar_3
Business Combination - Summary of Fair Values of Identifiable Intangible Assets Acquired at Date of Sponsor Acquisition (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value | $ 42,930 |
Brands | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value | $ 38,000 |
Weighted- Average Useful Life (Years) | 15 years |
Developed Technology | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value | $ 4,100 |
Weighted- Average Useful Life (Years) | 4 years |
User Base | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value | $ 830 |
Weighted- Average Useful Life (Years) | 4 years |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 30,991 | $ 29,867 |
Accumulated depreciation | (17,490) | (15,240) |
Total property and equipment, net | 13,501 | 14,627 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 22,733 | 21,675 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 7,317 | 7,288 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 941 | $ 904 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense related to property and equipment, net | $ 2.2 | $ 2.3 | $ 4.5 | $ 4.7 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of Changes in Carrying amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 1,540,112 |
Fruitz Acquisition | 41,531 |
Foreign currency translation adjustment | (2,593) |
Ending balance | $ 1,579,050 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense related to intangible assets, net | $ 25 | $ 24.6 | $ 49.6 | $ 49.2 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,955,908 | $ 1,911,267 |
Accumulated Amortization | (237,596) | (188,038) |
Impairment losses | (26,431) | (26,431) |
Net Carrying Amount | 1,691,881 | 1,696,798 |
Bumble and Badoo brands | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,511,269 | 1,511,269 |
Accumulated Amortization | 0 | 0 |
Impairment losses | 0 | 0 |
Net Carrying Amount | 1,511,269 | 1,511,269 |
Fruitz Brand | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 35,648 | |
Accumulated Amortization | (990) | |
Impairment losses | 0 | |
Net Carrying Amount | $ 34,658 | |
Weighted- Average Useful Life (Years) | 14 years 7 months 6 days | |
Developed Technology | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 248,659 | 244,813 |
Accumulated Amortization | (118,727) | (93,845) |
Impairment losses | 0 | 0 |
Net Carrying Amount | $ 129,932 | $ 150,968 |
Weighted- Average Useful Life (Years) | 2 years 7 months 6 days | 3 years 1 month 6 days |
User Base | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 113,474 | $ 112,695 |
Accumulated Amortization | (109,020) | (86,399) |
Impairment losses | 0 | 0 |
Net Carrying Amount | $ 4,454 | $ 26,296 |
Weighted- Average Useful Life (Years) | 4 years | |
User Base | Intangible Assets [Member] | ||
Intangible Assets [Line Items] | ||
Weighted- Average Useful Life (Years) | 1 month 6 days | 7 months 6 days |
White Label Contracts | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 33,384 | $ 33,384 |
Accumulated Amortization | (6,953) | (6,953) |
Impairment losses | (26,431) | (26,431) |
Net Carrying Amount | 0 | 0 |
Other | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,474 | 9,106 |
Accumulated Amortization | (1,906) | (841) |
Impairment losses | 0 | 0 |
Net Carrying Amount | $ 11,568 | $ 8,265 |
Weighted- Average Useful Life (Years) | 4 years 7 months 6 days | 5 years 3 months 18 days |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Summary of Amortization of Intangible Assets with Definite Lives (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 31,236 |
2023 | 54,958 |
2024 | 54,397 |
2025 | 8,358 |
2026 and thereafter | 28,134 |
Total | $ 177,083 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) Employees | Jun. 30, 2022 USD ($) Employees | |
Restructuring Cost and Reserve [Line Items] | ||
Number of Employees Retrenched due to Restructuring | Employees | 120 | 120 |
Restructuring charges | $ 2,774,000 | |
Impairment of Assets Recognized | $ 4,400,000 | |
Employee Severance and Relocation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 5,800,000 | 7,200,000 |
Russia | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment of Assets Recognized | $ 4,400,000 | |
Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 8,000 | |
Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 7,000,000 |
Restructuring - Schedule of res
Restructuring - Schedule of restructuring changes by function (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring changes | $ 5,816 | $ 7,161 |
Cost of Revenue | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring changes | 56 | 139 |
Selling and Marketing Expense | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring changes | 11 | 34 |
General and Administrative Expense | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring changes | 5,386 | 5,772 |
Product Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring changes | $ 363 | $ 1,216 |
Restructuring - Summary of rest
Restructuring - Summary of restructuring related liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 0 |
Restructuring charges | 2,774 |
Cash Payments | (1,799) |
Ending Balance | 975 |
Employee Related Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 2,611 |
Cash Payments | (1,636) |
Ending Balance | 975 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 163 |
Cash Payments | (163) |
Ending Balance | $ 0 |
Other Financial Data - Summary
Other Financial Data - Summary of Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Capitalized aggregator fees | $ 9,706 | $ 8,183 |
Prepayments | 14,627 | 10,989 |
Income tax receivable | 305 | 30,563 |
Other receivables | 3,681 | 3,016 |
Total other current assets | $ 28,319 | $ 52,751 |
Other Financial Data - Summar_2
Other Financial Data - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Legal liabilities | $ 1,474 | $ 8,767 |
Accrued expenses | 45,524 | 39,849 |
Lease liabilities | 4,596 | 3,898 |
Income tax payable | 10,060 | 42,317 |
Contingent earn-out liability | 79,485 | 0 |
Other payables | 13,537 | 16,651 |
Total accrued expenses and other current liabilities | $ 154,676 | $ 111,482 |
Other Financial Data - Summar_3
Other Financial Data - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities, Noncurrent [Abstract] | ||
Lease liabilities | $ 19,809 | $ 21,711 |
Contingent earn-out liability | 628 | 96,600 |
Other liabilities | 845 | 935 |
Total other liabilities | $ 21,282 | $ 119,246 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Assets | $ 355,892 | $ 376,793 |
Liabilities: | ||
Liabilities | 80,113 | 96,600 |
Cash and Cash Equivalents | ||
Assets: | ||
Assets | 334,645 | 369,175 |
Derivative Asset | ||
Assets: | ||
Assets | 18,638 | 5,008 |
Equity Investments | ||
Assets: | ||
Assets | 2,609 | 2,610 |
Level 1 | ||
Assets: | ||
Assets | 334,645 | 369,175 |
Liabilities: | ||
Liabilities | 0 | 0 |
Level 1 | Cash and Cash Equivalents | ||
Assets: | ||
Assets | 334,645 | 369,175 |
Level 1 | Derivative Asset | ||
Assets: | ||
Assets | 0 | 0 |
Level 1 | Equity Investments | ||
Assets: | ||
Assets | 0 | 0 |
Level 2 | ||
Assets: | ||
Assets | 18,638 | 5,008 |
Liabilities: | ||
Liabilities | 0 | 0 |
Level 2 | Cash and Cash Equivalents | ||
Assets: | ||
Assets | 0 | 0 |
Level 2 | Derivative Asset | ||
Assets: | ||
Assets | 18,638 | 5,008 |
Level 2 | Equity Investments | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | ||
Assets: | ||
Assets | 2,609 | 2,610 |
Liabilities: | ||
Liabilities | 80,113 | 96,600 |
Level 3 | Cash and Cash Equivalents | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | Derivative Asset | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | Equity Investments | ||
Assets: | ||
Assets | 2,609 | 2,610 |
Contingent Earn-out Liability | ||
Liabilities: | ||
Liabilities | 80,113 | 96,600 |
Contingent Earn-out Liability | Level 1 | ||
Liabilities: | ||
Liabilities | 0 | 0 |
Contingent Earn-out Liability | Level 2 | ||
Liabilities: | ||
Liabilities | 0 | 0 |
Contingent Earn-out Liability | Level 3 | ||
Liabilities: | ||
Liabilities | $ 80,113 | $ 96,600 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Contingent Consideration Arrangement | Worldwide Vision Limited | Maximum | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Maximum possible earn-out payment to former shareholders | $ 150,000 | $ 150,000 | |||
Contingent Earn-out Liability | Contingent Consideration Arrangement | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Risk free rate | 2.8 | 2.8 | 0.005 | ||
Contingent Earn-out Liability | Contingent Consideration Arrangement | Fruitz [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Contingent earnout liability movement | $ 10,000 | ||||
Risk free rate | 3.4 | 3.4 | |||
Fair Value on Recurring Basis | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | $ 80,113 | $ 80,113 | $ 96,600 | ||
Fair Value on Recurring Basis | Contingent Earn-out Liability | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | 80,113 | 80,113 | 96,600 | ||
Fair Value on Recurring Basis | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | 80,113 | 80,113 | 96,600 | ||
Fair Value on Recurring Basis | Level 3 | Contingent Earn-out Liability | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | 80,113 | 80,113 | $ 96,600 | ||
Fair Value on Recurring Basis | Level 3 | Contingent Earn-out Liability | General and Administrative Expense | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Contingent earnout liability movement | $ 1,300 | $ 500 | $ (19,400) | $ 72,400 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Term Loan due January 29, 2027 | $ 635,688 | $ 638,563 |
Less: unamortized debt issuance costs | 14,043 | 15,624 |
Current portion of long-term debt, net | 2,588 | 2,588 |
Total long-term debt, net | $ 619,057 | $ 620,351 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Oct. 19, 2020 | Jan. 29, 2020 | |
Line Of Credit Facility [Line Items] | ||||||
Repayment of term loan | $ 2,875 | $ 206,096 | ||||
Initial Term Loan Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rates in effect | 3.81% | |||||
Revolving Credit Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maturity date | Jan. 29, 2025 | |||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Applicable margin for borrowings with respect to base rate borrowings | 1% | |||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Applicable margin for borrowings with respect to base rate borrowings | 1.50% | |||||
Term Loan Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maturity date | Jan. 29, 2027 | |||||
Term Loan Facility [Member] | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Applicable margin for borrowings with respect to LIBOR rate borrowings in addition to base rates | 2% | |||||
Term Loan Facility [Member] | Maximum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Applicable margin for borrowings with respect to LIBOR rate borrowings in addition to base rates | 2.50% | |||||
Incremental Term Loan Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Repayment of term loan | $ 200,000 | |||||
Interest rates in effect | 4.31% | |||||
Original Credit Agreement [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 625,000 | |||||
Debt issuance costs incurred and paid | $ 16,300 | |||||
Original Credit Agreement [Member] | Initial Term Loan Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, Term | 7 years | |||||
Line of credit | $ 575,000 | |||||
Original Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, Term | 5 years | |||||
Line of credit | $ 50,000 | |||||
Original Credit Agreement [Member] | Letters Of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit | $ 25,000 | |||||
Amended Credit Agreement [Member] | Term Loan Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt issuance costs incurred and paid | $ 4,800 | |||||
Aggregate principal amount | $ 275,000 |
Debt - Summary of Future Maturi
Debt - Summary of Future Maturities of Long-term Debt (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Maturities of Long-term Debt [Abstract] | |
Remainder of 2022 | $ 2,875 |
2023 | 5,750 |
2024 | 5,750 |
2025 | 5,750 |
2026 and thereafter | 615,563 |
Total | $ 635,688 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 15, 2021 | Apr. 02, 2021 | Feb. 16, 2021 | Jun. 30, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | |||||||||||
Issuance of stock | $ 2,358,371 | ||||||||||
Value of shares redeemed during period | (1,018,365) | ||||||||||
Repayment of term loan | $ 2,875 | $ 206,096 | |||||||||
Number of shares authorized | 600,000,000 | 600,000,000 | 600,000,000 | ||||||||
Par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Preferred stock issued | 0 | 0 | 0 | ||||||||
Bumble Holdings | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Voting power percentage | 100% | ||||||||||
Class A Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of shares authorized | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 | ||||||||
Par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common stock, voting rights | one vote | ||||||||||
Stockholders agreement cease to own percentage | 7.50% | ||||||||||
Common stock, voting rights for principal stockholders | ten votes | ||||||||||
High vote termination date description | (i) seven years from the closing of this offering and (ii) the date the parties to the stockholders agreement cease to own in the aggregate 7.5% of the outstanding shares of Class A common stock, assuming exchange of all Common Units. | ||||||||||
Common stock outstanding | 129,559,112 | 129,559,112 | 129,212,949 | ||||||||
Class B Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common stock, voting rights | one vote | ||||||||||
Common stock, voting rights for principal stockholders | 10 times | ||||||||||
Common stock outstanding | 20 | 20 | 20 | ||||||||
Preferred Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of shares authorized | 600,000,000 | 600,000,000 | |||||||||
Par value | $ 0.01 | $ 0.01 | |||||||||
IPO | Class A Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of shares issued | 57,500,000 | 57,500,000 | |||||||||
Offering price per share | $ 43 | ||||||||||
Net proceeds after deducting underwriting discounts and commissions | $ 2,361,200 | ||||||||||
Stock issued for purchase or redemption of shares | 48,500,000 | 48,500,000 | 48,500,000 | ||||||||
Value of shares redeemed during period | $ 1,991,600 | $ 1,991,600 | |||||||||
Proceeds from the issuance used for repayment of debt, bear IPO expenses and for general corporate purposes | $ 369,600 | ||||||||||
Stock issued during period shares used to repay outstanding indebtedness, bear IPO expenses and for general corporate purposes | 9,000,000 | ||||||||||
Repayment of term loan | $ 200,000 | ||||||||||
Secondary Offering | Class A Common Stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of shares issued | 20,700,000 | 9,200,000 | |||||||||
Offering price per share | $ 54 | ||||||||||
Class A Units | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Limited partner’s interest, units outstanding | 2,453,784,599 | ||||||||||
Common stock outstanding | 129,559,112 | 129,559,112 | |||||||||
Class B Units | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Limited partner’s interest, units outstanding | 153,273,895 | ||||||||||
Common Units | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common units exchanged for Class A common stock | 4,455,510 | ||||||||||
Common stock, conversion basis | one-for-one |
Earnings (Loss) per Share - Sch
Earnings (Loss) per Share - Schedule of Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Net earnings (loss) | $ (6,423) | $ (11,147) | $ 17,515 | $ 312,295 |
Net earnings (loss) attributable to noncontrolling interests | (2,031) | (4,064) | 5,512 | (22,412) |
Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | (4,392) | (7,083) | 12,003 | 334,707 |
Numerator | ||||
Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | (4,392) | (7,074) | 11,981 | 196,398 |
Less: net earnings (loss) attributable to participating securities | 0 | 13 | 589 | |
Net earnings (loss) attributable to common stockholders / unitholders | $ (4,392) | $ (7,074) | $ 11,968 | $ 195,809 |
Denominator | ||||
Weighted average number of shares of Class A common stock / units outstanding | 129,398,184 | 119,814,297 | 129,316,467 | 117,520,382 |
Basic earnings (loss) per share / unit | $ (0.03) | $ 0.06 | $ 0.09 | $ 1.67 |
Numerator | ||||
Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | $ (4,392) | $ (7,074) | $ 11,832 | $ 191,358,000 |
Increase in net earnings (loss) attributable to common shareholders upon conversion of potentially dilutive Common Units | 0 | 0 | 5,683 | 120,937 |
Less: net earnings (loss) attributable to participating securities | 0 | 0 | 13 | 574 |
Net earnings (loss) attributable to common stockholders / unitholders | $ (4,392) | $ (7,074) | $ 17,502 | $ 311,721 |
Add: weighted-average effect of dilutive securities | ||||
Weighted average shares of Class A common stock / units outstanding used to calculate diluted earnings (loss) per share / unit | 129,398,184 | 119,814,297 | 191,502,046 | 192,031,223 |
Diluted earnings (loss) per share / unit attributable to common stockholders / unitholders | $ (0.03) | $ 0.06 | $ 0.09 | $ 1.62 |
Restricted Shares | ||||
Add: weighted-average effect of dilutive securities | ||||
Weighted-average effect of dilutive securities | 0 | 0 | 0 | 0 |
RSU's | ||||
Add: weighted-average effect of dilutive securities | ||||
Weighted-average effect of dilutive securities | 0 | 0 | 684,071 | 976,452 |
Options | ||||
Add: weighted-average effect of dilutive securities | ||||
Weighted-average effect of dilutive securities | 0 | 0 | 0 | 11,026 |
Class A Common Stock | ||||
Denominator | ||||
Weighted average number of shares of Class A common stock / units outstanding | 129,398,184 | 119,814,297 | 129,316,467 | 117,520,382 |
Add: weighted-average effect of dilutive securities | ||||
Weighted-average effect of dilutive securities | 0 | 0 | 61,501,508 | 73,523,363 |
Earnings (Loss) per Share - S_2
Earnings (Loss) per Share - Schedule of Potentially Dilutive Securities Excluded From the Diluted Earnings (Loss) Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 16,802,832 | 16,251,464 | 9,649,358 | 8,109,096 |
Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 11,300,099 | 10,215,798 | 4,215,418 | 2,209,200 |
Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 5,502,733 | 6,035,666 | 5,433,940 | 5,899,896 |
Restricted Shares | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 63,244 | 177,105 | 0 | 0 |
Restricted Shares | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 68,793 | 135,770 | 0 | 0 |
RSU's | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 4,180,300 | 2,373,040 | 995,154 | 59,230 |
RSU's | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 944,710 | 1,292,555 | 944,710 | 1,292,555 |
Options | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 2,773,714 | 1,997,390 | 2,773,714 | 1,967,911 |
Options | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 164,362 | 222,424 | 164,362 | 222,424 |
Incentive Units | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 4,282,841 | 5,668,263 | 446,550 | 182,059 |
Incentive Units | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 4,324,868 | 4,384,917 | 4,324,868 | 4,384,917 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Total Stock-based Compensation Cost Net of Forfeitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 22,447,000 | $ 29,916 | $ 40,004 | $ 75,739 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 971,000 | 604 | 1,919 | 2,211 |
Selling and Marketing Expense | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,091,000 | 2,500 | 769 | 7,641 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 12,149,000 | 17,960 | 22,547 | 37,868 |
Product Development Expense | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 7,236,000 | $ 8,852 | $ 14,769 | $ 28,019 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||||
Feb. 10, 2021 shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) | Feb. 15, 2021 Plan | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 22,447,000 | $ 29,916 | $ 40,004 | $ 75,739 | |||
Share price | $ / shares | $ 43 | $ 43 | |||||
Employee stock purchase plan description | on February 10, 2021, Bumble Inc. adopted the 2021 Employee Stock Purchase Plan (the “ESPP”) for the issuance of up to a total of 4,500,000 shares of Class A common stock. The number of shares reserved for issuance under the ESPP will be increased automatically on January 1 of each fiscal year beginning in 2022 by a number of shares of our Class A common stock equal to the lesser of (i) the positive difference between 1% of the shares outstanding on the final day of the immediately preceding fiscal year and the ESPP share reserve on the final day of the immediately preceding fiscal year; and (ii) a smaller number of shares as may be determined by the Board. The ESPP allows participants to purchase Class A common stock through contributions of up to 15% of their total compensation. The purchase price of the Class A common stock will be 85% of the lesser of the fair market value of our Class A common stock as determined on the applicable grant date or the applicable purchase period end date (provided that, in no event may the purchase price be less than the par value per share of our Class A common stock) | ||||||
Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-Average Remaining Contractual Term, Outstanding | 10 years | ||||||
2021 Omnibus Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Reserved shares of common stock for issuance of awards | shares | 30,000,000 | ||||||
2021 Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Maximum eligible compensation percentage of participants to purchase common stock through contributions | 15% | ||||||
Percentage of purchase price of shares lower of the fair market value of common stock on grant date or purchase date | 85% | ||||||
Exit-Vesting Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 2,600 | 7,800 | $ 3,500 | 19,100 | |||
Exit-Vesting Awards | 2021 Omnibus Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 43 | $ 43 | |||||
Time-Vesting Restricted Shares of Class A Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 200 | $ 200 | |||||
Unrecognized compensation cost to be recognized over a weighted-average period | 2 years 7 months 6 days | ||||||
Exit-Vesting Restricted Shares of Class A Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 200 | $ 200 | |||||
Unrecognized compensation cost to be recognized over a weighted-average period | 2 years 7 months 6 days | ||||||
Time Vesting Stock Option | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost to be recognized over a weighted-average period | 3 years 2 months 12 days | ||||||
Number of Options, Exercised | shares | 0 | ||||||
Unrecognized compensation cost related to options | 30,600 | $ 30,600 | |||||
Weighted-Average Remaining Contractual Term, Outstanding | 9 years | ||||||
Time Vesting Stock Option | 2021 Omnibus Plan | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Time Vesting Stock Option | 2021 Omnibus Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
Exit Vesting Stock Option | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of Options, Exercised | shares | 0 | ||||||
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 7 months 6 days | ||||||
Exit Vesting Stock Option | 2021 Omnibus Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 1,500 | $ 1,500 | |||||
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 6 months | ||||||
Share-based compensation arrangement by share-based payment award, award vesting rights | Exit-Vesting stock options vest upon satisfaction of a performance condition under which Blackstone and its affiliates receive cash proceeds in respect of certain MOIC and IRR hurdles, subject to the recipient’s continued employment at the time of satisfaction | ||||||
Time-Vesting Class B Units and Time-Vesting Phantom Class B Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based payment award granted, percentage | 60% | ||||||
Share-based payment award service period | 5 years | ||||||
Exit-Vesting Class B Units and Exit-Vesting Phantom Class B Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based payment award granted, percentage | 40% | ||||||
Time-Vesting Incentive Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 14,900 | $ 14,900 | |||||
Unrecognized compensation cost to be recognized over a weighted-average period | 2 years 10 months 24 days | ||||||
Exit-Vesting Incentive Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 14,500 | $ 14,500 | |||||
Unrecognized compensation cost to be recognized over a weighted-average period | 2 years 6 months | ||||||
Exit-Vesting Incentive Units | RSU's | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 16,200 | $ 16,200 | |||||
Time-Vesting RSUs | RSU's | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 88,100 | $ 88,100 | |||||
Weighted average period | 3 years 3 months 18 days | ||||||
Time-Vesting RSUs | RSU's | Granted As Result Of Reclassification | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
Time-Vesting RSUs | RSU's | Granted At Time Of I P O | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Exit Vesting Restricted Stock Units | RSU's | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted average period | 2 years 7 months 6 days | ||||||
Class A Common Stock | 2021 Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares purchased under ESPP | shares | 0 | ||||||
Class A Common Stock | 2021 Employee Stock Purchase Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for issuance under ESPP | shares | 4,500,000 | ||||||
General and Administrative Expense | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 12,149,000 | $ 17,960 | $ 22,547 | $ 37,868 | |||
Number of plans under which awards granted | Plan | 3 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Weighted-Average Assumptions Used in Monte Carlo Model (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Dividend yield | 0.86% |
Expected volatility | 58% |
Risk-free interest rate | 0% |
Expected time to liquidity event (years) | 4 years 8 months 12 days |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Assumption Ranges and Fair Value Per Unit (Details) | 6 Months Ended | |
Jun. 30, 2022 $ / shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Life | 4 years 8 months 12 days | |
Fair value per unit | $ 43 | |
Dividend yield | 0.86% | |
Volatility | 58% | |
Risk-free rate | 0% | |
Time Vesting Options Granted | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility, Minimum | 60% | |
Volatility, Maximum | 70% | |
Expected Life | 7 years | |
Risk-free rate, Minimum | 1.74% | |
Risk-free rate, Maximum | 2.95% | |
Dividend yield | 0% | |
2021 Omnibus Plan | Time-Vesting Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility, Minimum | 55% | |
Volatility, Maximum | 60% | |
Risk-free rate, Minimum | 0.10% | |
Risk-free rate, Maximum | 0.80% | |
Fair value per unit | $ 43 | |
Dividend yield | 0% | |
2021 Omnibus Plan | Exit-Vesting Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Life | 1 year 9 months 18 days | |
Fair value per unit | $ 43 | |
Dividend yield | 0% | |
Discount for lack of marketability | 15% | [1] |
Volatility | 55% | |
Risk-free rate | 0.10% | |
Minimum | Time Vesting Options Granted | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value per unit | $ 15.36 | |
Minimum | 2021 Omnibus Plan | Time-Vesting Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Life | 6 months | |
Discount for lack of marketability | 15% | |
Maximum | Time Vesting Options Granted | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value per unit | $ 17.66 | |
Maximum | 2021 Omnibus Plan | Time-Vesting Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Life | 7 years 4 months 24 days | |
Discount for lack of marketability | 25% | |
[1] Discount for lack of marketability for Time-Vesting awards and Exit-Vesting awards is only applicable for Incentive Units granted in Bumble Holdings at the time of the IPO. |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Information Around Incentive Units in Bumble Holdings (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Incentive Units in Bumble Holdings | Time-Vesting Incentive Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards, Beginning balance | 5,170,731 | 5,170,731 | |
Number of Awards, Vested | (887,890) | ||
Number of Awards, Ending balance | 4,282,841 | ||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 14.31 | $ 14.22 | |
Weighted-Average Grant Date Fair Value, Vested | 13.78 | ||
Weighted-Average Grant Date Fair Value, Ending balance | $ 14.31 | ||
Incentive Units in Bumble Holdings | Exit-Vesting Incentive Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards, Beginning balance | 4,324,868 | 4,324,868 | |
Number of Awards, Ending balance | 4,324,868 | ||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 13.81 | 13.81 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 13.81 | ||
Restricted Shares Of Class A Common Stock In Bumble Inc | Time-Vesting Restricted Shares of Class A Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards, Beginning balance | 98,717 | 98,717 | |
Number of Awards, Granted | 0 | ||
Number of Awards, Vested | (23,232) | ||
Number of Awards, Forfeited | (63,244) | (12,241) | |
Weighted-Average Grant Date Fair Value, Beginning balance | 7.26 | ||
Weighted-Average Grant Date Fair Value, Granted | $ 0 | ||
Weighted-Average Grant Date Fair Value, Vested | 6.73 | ||
Weighted-Average Grant Date Fair Value, Forfeited | $ 7.51 | $ 6.97 | |
Restricted Shares Of Class A Common Stock In Bumble Inc | Exit-Vesting Restricted Shares of Class A Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards, Beginning balance | 82,211 | 82,211 | |
Number of Awards, Granted | 0 | ||
Number of Awards, Vested | 0 | ||
Number of Awards, Forfeited | (68,793) | (13,418) | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 5.25 | $ 5.19 | |
Weighted-Average Grant Date Fair Value, Granted | 0 | ||
Weighted-Average Grant Date Fair Value, Vested | 0 | ||
Weighted-Average Grant Date Fair Value, Forfeited | 4.89 | ||
Weighted-Average Grant Date Fair Value, Ending balance | $ 5.25 |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Time Vesting RSUs and Exit Vesting RSUs Granted (Details) - RSU's | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Time-Vesting RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Beginning balance | shares | 2,803,943 |
Number of Awards, Granted | shares | 2,536,416 |
Number of Awards, Vested | shares | (523,746) |
Number of Awards, Forfeited | shares | (636,313) |
Number of Awards, Unvested | shares | 4,180,300 |
Number of Awards, Ending balance | shares | 4,180,300 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 45.36 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 27.86 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 44.83 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 39.56 |
Weighted-Average Grant Date Fair Value, Unvested | $ / shares | 35.69 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 35.69 |
Exit Vesting Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Beginning balance | shares | 1,217,151 |
Number of Awards, Granted | shares | 0 |
Number of Awards, Vested | shares | 0 |
Number of Awards, Forfeited | shares | (272,441) |
Number of Awards, Unvested | shares | 944,710 |
Number of Awards, Ending balance | shares | 944,710 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 30.52 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 30.52 |
Weighted-Average Grant Date Fair Value, Unvested | $ / shares | 30.52 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 30.52 |
Stock-based Compensation - Su_5
Stock-based Compensation - Summary of Option Activity Related to Time-Vesting Stock Options and Exit-Vesting Stock Options (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Time-Vesting Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Beginning, Outstanding | shares | 2,038,016 |
Number of Options, Granted | shares | 1,198,321 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | (462,623) |
Number of Options, Ending, Outstanding | shares | 2,773,714 |
Number of Options, Exercisable | shares | 419,976 |
Weighted-Average Exercise Price Per Share, Outstanding | $ 43.76 |
Weighted-Average Exercise Price Per Share, Granted | 27.06 |
Weighted-Average Exercise Price Per Share, Exercised | 0 |
Weighted-Average Exercise Price Per Share, Forfeited | 38.17 |
Weighted-Average Exercise Price Per Share, Outstanding | 37.48 |
Weighted-Average Exercise Price Per Share, Exercisable | 43 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 22.96 |
Weighted-Average Grant Date Fair Value Per Share, Granted | 17.17 |
Weighted-Average Grant Date Fair Value, Vested | 0 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 20.72 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 20.89 |
Weighted-Average Grant Date Fair Value Per Share, Exercisable | $ 22.22 |
Exit-Vesting Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Beginning, Outstanding | shares | 222,424 |
Number of Options, Granted | shares | 0 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | (58,062) |
Number of Options, Ending, Outstanding | shares | 164,362 |
Number of Options, Exercisable | shares | 0 |
Weighted-Average Exercise Price Per Share, Outstanding | $ 43 |
Weighted-Average Exercise Price Per Share, Granted | 0 |
Weighted-Average Exercise Price Per Share, Exercised | 0 |
Weighted-Average Exercise Price Per Share, Forfeited | 43 |
Weighted-Average Exercise Price Per Share, Outstanding | 43 |
Weighted-Average Exercise Price Per Share, Exercisable | 0 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 18.10 |
Weighted-Average Grant Date Fair Value Per Share, Granted | 0 |
Weighted-Average Grant Date Fair Value Per Share, Exercised | 0 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 18.10 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 18.10 |
Weighted-Average Grant Date Fair Value Per Share, Exercisable | $ 0 |
Stock-based Compensation - Su_6
Stock-based Compensation - Summary of Aggregate Intrinsic Value and Weighted Average Remaining Contractual Terms (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Time-Vesting Stock Options | |
Aggregate intrinsic value | |
Options outstanding | $ 1,552,064 |
Options exercisable | $ 0 |
Weighted-average remaining contractual term | |
Options outstanding | 9 years |
Options exercisable | 8 years 2 months 12 days |
Exit-Vesting Stock Options | |
Aggregate intrinsic value | |
Options outstanding | $ 0 |
Weighted-average remaining contractual term | |
Options outstanding | 8 years 7 months 6 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Feb. 16, 2021 | Jan. 14, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Jan. 29, 2020 | |
Related Party Transaction [Line Items] | |||||||||
Underwriting discounts and commissions per share paid | $ 1.935 | ||||||||
Value of shares redeemed during period | $ (1,018,365) | ||||||||
Selling and marketing expense | $ 59,483 | $ 49,711 | $ 116,312 | $ 96,549 | |||||
Liftoff Mobile Inc. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership interest | 20% | 20% | |||||||
Class A Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock shares underwrite value | $ 4,100 | ||||||||
IPO | Class A Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 57,500,000 | 57,500,000 | |||||||
Value of shares redeemed during period | $ 1,991,600 | $ 1,991,600 | |||||||
Stock issued for purchase or redemption of shares | 48,500,000 | 48,500,000 | 48,500,000 | ||||||
Founder | |||||||||
Related Party Transaction [Line Items] | |||||||||
Loan recognized | $ 119,000 | ||||||||
Loans repaid | $ 25,600 | ||||||||
Outstanding Balance Of Founder Loan | $ 93,400 | ||||||||
Outstanding balance of loan plus accrued interest settled | $ 95,500 | ||||||||
Beehive Holdings III, LP | Class A Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
Redemption of common units held | 63,643,425 | ||||||||
Hypothetical fair value of common units redeemed | $ 95,500 | ||||||||
Exchangeable common units | 3,252,056 |
Related Party Transactions - Su
Related Party Transactions - Summary of transactions with related parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Other | |||||
Related Party Transaction [Line Items] | |||||
Marketing costs | $ 1,034 | $ 1,265 | $ 1,526 | $ 1,451 | |
Cost of revenue | 436 | 0 | $ 597 | 0 | |
Other | Selling and Marketing Expense | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction Description Of Transaction | Selling and marketing expense | ||||
Other | Cost of Revenue | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction Description Of Transaction | Cost of revenue | ||||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loans repaid by Whitney Wolfe Herd | $ 0 | $ 95,465 | $ 0 | $ 95,465 | |
Director [Member] | Limited Partners Interest | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction Description Of Transaction | Limited Partners’ interest | ||||
Parent Company of the Predecessor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan granted - current | $ 388,980 | $ 388,780 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Description of company's property and equipment | United Kingdom, United States and Czech Republic are the only countries with property and equipment of 10% or more of the Company’s total property and equipment, net at June 30, 2022 and December 31, 2021. | |||
United States | Minimum | ||||
Segment Reporting Information [Line Items] | ||||
Part of company's total revenue | 10% | 10% | 10% | 10% |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 220,454 | $ 186,217 | $ 431,653 | $ 356,930 | |
North America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | [1] | 135,683 | 107,443 | 259,866 | 203,168 |
Rest of the World | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 84,771 | $ 78,774 | $ 171,787 | $ 153,762 | |
[1] North America revenue includes revenue from the United States and Canada. |
Segment and Geographic Inform_5
Segment and Geographic Information - Summary of Property and Equipment by Geographic Area (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 13,501 | $ 14,627 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 6,250 | 6,035 |
Czech Republic | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 2,247 | 3,234 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 2,948 | 3,183 |
Rest of the World | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 2,056 | $ 2,175 |
Commitments and Contigencies -
Commitments and Contigencies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Liabilities | $ 1,251,305,000 | $ 1,251,305,000 | $ 1,301,540,000 |
Lawsuit filing date | On May 29, 2018 | ||
Provisions assessed | $ 1,500,000 | $ 8,800,000 | |
Litigation settlement, expense | 6,800,000 | 7,500,000 | |
Indemnification Agreements | |||
Loss Contingencies [Line Items] | |||
Liabilities | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions | Jul. 15, 2022 USD ($) |
Subsequent Event [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The Modified Awards will, in addition to continuing to be eligible to vest pursuant to the original terms, now also provide for vesting in 36 equal installments, with the first installment vesting on August 29, 2022, and subsequent installments vesting on each of the next 35 monthly anniversaries of August 29, 2022, subject to the award holder’s continued employment through each applicable vesting date and subject to other terms and conditions of the award. |
Modified Awards [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Non Cash Stock Based Compensation Expense | $ 39 |
Modified Awards [Member] | Minimum [Member] | |
Subsequent Event [Line Items] | |
Non Cash Stock Based Compensation Expense | $ 34 |