Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BMBL | |
Entity Registrant Name | Bumble Inc. | |
Entity Central Index Key | 0001830043 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | 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 $0.01 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 136,751,357 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 439,184 | $ 402,559 |
Accounts receivable, net | 102,007 | 66,930 |
Other current assets | 42,952 | 31,882 |
Total current assets | 584,143 | 501,371 |
Right-of-use assets | 15,537 | 17,419 |
Property and equipment, net | 13,589 | 14,467 |
Goodwill | 1,584,062 | 1,579,770 |
Intangible assets, net | 1,495,791 | 1,524,428 |
Deferred tax assets, net | 32,379 | 24,050 |
Other noncurrent assets | 7,692 | 31,116 |
Total assets | 3,733,193 | 3,692,621 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 5,351 | 3,367 |
Deferred revenue | 49,305 | 46,108 |
Accrued expenses and other current liabilities | 136,471 | 156,443 |
Current portion of long-term debt, net | 5,750 | 5,750 |
Total current liabilities | 196,877 | 211,668 |
Long-term debt, net | 616,179 | 619,223 |
Deferred tax liabilities, net | 8,766 | 8,077 |
Payable to related parties pursuant to a tax receivable agreement | 416,754 | 385,486 |
Other long-term liabilities | 14,458 | 14,588 |
Total liabilities | 1,253,034 | 1,239,042 |
Commitments and contingencies (Note 14) | ||
Shareholders' Equity: | ||
Preferred stock (par value $0.01; authorized 600,000,000 shares; no shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively) | 0 | 0 |
Additional paid-in capital | 1,750,233 | 1,691,911 |
Treasury stock (1,320,372 and no shares as of September 30, 2023 and December 31, 2022, respectively) | (15,743) | 0 |
Accumulated deficit | (118,058) | (139,871) |
Accumulated other comprehensive income | 71,911 | 74,477 |
Total Bumble Inc. shareholders' equity | 1,689,723 | 1,627,815 |
Noncontrolling interests | 790,436 | 825,764 |
Total shareholders' equity | 2,480,159 | 2,453,579 |
Total liabilities and shareholders' equity | 3,733,193 | 3,692,621 |
Class A Common Stock | ||
Shareholders' Equity: | ||
Common stock | 1,380 | 1,298 |
Class B Common Stock | ||
Shareholders' Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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 |
Treasury stock share issue | 1,320,372 | 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 | 138,003,587 | 129,774,299 |
Common stock, shares outstanding | 136,683,215 | 129,774,299 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 275,510 | $ 232,639 | $ 778,193 | $ 661,875 |
Operating costs and expenses: | ||||
Cost of revenue | 80,049 | 64,581 | 227,366 | 181,702 |
Selling and marketing expense | 68,848 | 64,316 | 197,767 | 180,628 |
General and administrative expense | 48,577 | 27,265 | 141,706 | 100,061 |
Product development expense | 30,909 | 28,378 | 100,294 | 81,054 |
Depreciation and amortization expense | 17,127 | 19,755 | 50,825 | 73,835 |
Total operating costs and expenses | 245,510 | 204,295 | 717,958 | 617,280 |
Operating earnings (loss) | 30,000 | 28,344 | 60,235 | 44,595 |
Interest income (expense), net | (5,256) | (6,866) | (16,585) | (18,446) |
Other income (expense), net | 252 | 6,545 | (6,278) | 24,729 |
Income (loss) before income taxes | 24,996 | 28,023 | 37,372 | 50,878 |
Income tax benefit (provision) | (1,872) | (1,618) | (7,228) | (5,756) |
Net earnings (loss) | 23,124 | 26,405 | 30,144 | 45,122 |
Net earnings (loss) attributable to noncontrolling interests | 6,453 | 8,342 | 8,331 | 14,298 |
Net earnings (loss) attributable to Bumble Inc. shareholders | $ 16,671 | $ 18,063 | $ 21,813 | $ 30,824 |
Net earnings (loss) per share attributable to Bumble Inc. shareholders | ||||
Basic earnings (loss) per share | $ 0.12 | $ 0.14 | $ 0.16 | $ 0.24 |
Diluted earnings (loss) per share | $ 0.12 | $ 0.14 | $ 0.16 | $ 0.23 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 23,124 | $ 26,405 | $ 30,144 | $ 45,122 |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation adjustment | (9,283) | (14,220) | (3,558) | (24,398) |
Total other comprehensive income (loss), net of tax | (9,283) | (14,220) | (3,558) | (24,398) |
Comprehensive income (loss) | 13,841 | 12,185 | 26,586 | 20,724 |
Comprehensive income (loss) attributable to noncontrolling interests | 3,865 | 4,051 | 7,339 | 6,428 |
Comprehensive income (loss) attributable to Bumble Inc. shareholders | $ 9,976 | $ 8,134 | $ 19,247 | $ 14,296 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Bumble Inc. Shareholders' Equity | Noncontrolling Interests |
Beginning balance at Dec. 31, 2021 | $ 2,469,769 | $ 1,292 | $ 1,588,426 | $ (60,125) | $ 78,603 | $ 1,608,196 | $ 861,573 | ||
Beginning balance, shares at Dec. 31, 2021 | 129,212,949 | 20 | |||||||
Net earnings (loss) | 45,122 | 30,824 | 30,824 | 14,298 | |||||
Stock-based compensation expense | 79,363 | 79,363 | 79,363 | ||||||
Impact of Tax Receivable Agreement due to exchanges of Common Units | (200) | (200) | (200) | ||||||
Cancellation of restricted shares | (109) | (109) | 109 | ||||||
Cancellation of restricted shares, shares | (28,988) | ||||||||
Restricted stock units issued, net of shares withheld for taxes | (7,352) | $ 4 | (6,000) | (5,996) | (1,356) | ||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 399,887 | ||||||||
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 | ||||||||
Share repurchases | 0 | ||||||||
Other comprehensive loss, net of tax | (24,398) | (16,528) | (16,528) | (7,870) | |||||
Ending balance at Sep. 30, 2022 | 2,562,304 | $ 1,297 | 1,661,410 | (29,301) | 62,075 | 1,695,481 | 866,823 | ||
Ending balance, shares at Sep. 30, 2022 | 129,645,692 | 20 | |||||||
Beginning balance at Jun. 30, 2022 | 2,513,205 | $ 1,296 | 1,623,562 | (47,364) | 72,004 | 1,649,498 | 863,707 | ||
Beginning balance, shares at Jun. 30, 2022 | 129,559,112 | 20 | |||||||
Net earnings (loss) | 26,405 | 18,063 | 18,063 | 8,342 | |||||
Stock-based compensation expense | 38,072 | 38,072 | 38,072 | ||||||
Cancellation of restricted shares | (45) | (45) | 45 | ||||||
Cancellation of restricted shares, shares | (3,329) | ||||||||
Restricted stock units issued, net of shares withheld for taxes | (1,158) | $ 1 | (179) | (178) | (980) | ||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 89,909 | ||||||||
Other comprehensive loss, net of tax | (14,220) | (9,929) | (9,929) | (4,291) | |||||
Ending balance at Sep. 30, 2022 | 2,562,304 | $ 1,297 | 1,661,410 | (29,301) | 62,075 | 1,695,481 | 866,823 | ||
Ending balance, shares at Sep. 30, 2022 | 129,645,692 | 20 | |||||||
Beginning balance at Dec. 31, 2022 | 2,453,579 | $ 1,298 | 1,691,911 | (139,871) | 74,477 | 1,627,815 | 825,764 | ||
Beginning balance, shares at Dec. 31, 2022 | 129,774,299 | 20 | |||||||
Net earnings (loss) | 30,144 | 21,813 | 21,813 | 8,331 | |||||
Stock-based compensation expense | 85,925 | (5,333) | (5,333) | 91,258 | |||||
Impact of Tax Receivable Agreement due to exchanges of Common Units | (31,389) | (31,389) | (31,389) | ||||||
Cancellation of restricted shares | (27) | (27) | 27 | ||||||
Cancellation of restricted shares, shares | (8,693) | ||||||||
Restricted stock units issued, net of shares withheld for taxes | (14,365) | $ 10 | (10,118) | (10,108) | (4,257) | ||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 978,485 | ||||||||
Exchange of Common Units for Class A common stock | $ 72 | 105,189 | 105,261 | (105,261) | |||||
Exchange of Common Units for Class A common stock, shares | 7,259,496 | ||||||||
Share repurchases, shares | 1,320,372 | ||||||||
Share repurchases | (20,890) | $ 15,743 | (15,743) | (5,147) | |||||
Distribution to noncontrolling interest holders | (19,287) | (19,287) | |||||||
Other comprehensive loss, net of tax | (3,558) | (2,566) | (2,566) | (992) | |||||
Ending balance at Sep. 30, 2023 | 2,480,159 | $ 1,380 | 1,750,233 | $ (15,743) | (118,058) | 71,911 | 1,689,723 | 790,436 | |
Ending balance, shares at Sep. 30, 2023 | 138,003,587 | 20 | 1,320,372 | ||||||
Beginning balance at Jun. 30, 2023 | 2,446,332 | $ 1,378 | 1,735,792 | $ (15,743) | (134,729) | 78,606 | 1,665,304 | 781,028 | |
Beginning balance, shares at Jun. 30, 2023 | 137,771,696 | 20 | 1,320,372 | ||||||
Net earnings (loss) | 23,124 | 16,671 | 16,671 | 6,453 | |||||
Stock-based compensation expense | 22,432 | 16,177 | 16,177 | 6,255 | |||||
Cancellation of restricted shares, shares | (6,864) | ||||||||
Restricted stock units issued, net of shares withheld for taxes | (2,400) | $ 2 | (1,736) | (1,734) | (666) | ||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 225,029 | ||||||||
Exchange of Common Units for Class A common stock, shares | 13,726 | ||||||||
Distribution to noncontrolling interest holders | (46) | (46) | |||||||
Other comprehensive loss, net of tax | (9,283) | (6,695) | (6,695) | (2,588) | |||||
Ending balance at Sep. 30, 2023 | $ 2,480,159 | $ 1,380 | $ 1,750,233 | $ (15,743) | $ (118,058) | $ 71,911 | $ 1,689,723 | $ 790,436 | |
Ending balance, shares at Sep. 30, 2023 | 138,003,587 | 20 | 1,320,372 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 30,144 | $ 45,122 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 50,825 | 73,835 |
Impairment loss | 0 | 4,388 |
Changes in fair value of interest rate swaps | 9,029 | (18,404) |
Changes in fair value of contingent earn-out liability | (24,241) | (46,399) |
Non-cash lease expense | 2,640 | 3,479 |
Deferred income tax | (8,880) | (6,501) |
Stock-based compensation expense | 83,660 | 77,179 |
Net foreign exchange difference | (3,300) | (28,054) |
Other, net | 1,240 | 12,463 |
Changes in assets and liabilities: | ||
Accounts receivable | (32,759) | (5,176) |
Other current assets | (1,784) | 20,261 |
Accounts payable | 2,464 | (9,841) |
Deferred revenue | 3,149 | 4,679 |
Legal liabilities | 1,475 | (7,130) |
Lease liabilities | (2,991) | (3,237) |
Accrued expenses and other current liabilities | 7,664 | (34,880) |
Other, net | 334 | (15) |
Net cash provided by (used in) operating activities | 118,669 | 81,769 |
Cash flows from investing activities: | ||
Capital expenditures | (12,769) | (11,311) |
Acquisition of business, net of cash acquired | (9,820) | (69,720) |
Net cash provided by (used in) investing activities | (22,589) | (81,031) |
Cash flows from financing activities: | ||
Repayment of term loan | (4,313) | (4,313) |
Distributions paid to noncontrolling interest holders | (19,287) | 0 |
Share repurchases | (20,890) | 0 |
Withholding tax paid on behalf of employees on stock-based awards | (13,865) | (7,352) |
Net cash provided by (used in) financing activities | (58,355) | (11,665) |
Effects of exchange rate changes on cash and cash equivalents | (2,117) | 13,641 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 35,608 | 2,714 |
Cash and cash equivalents and restricted cash, beginning of the period | 407,042 | 369,175 |
Cash and cash equivalents and restricted cash, end of the period | 442,650 | 371,889 |
Less restricted cash | (3,466) | (6,784) |
Cash and cash equivalents, end of the period | $ 439,184 | $ 365,105 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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 applications through subscription and in-app purchases of 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 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. 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 188,199,837 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 September 30, 2023. All references to the “Company”, “we”, “our” or “us” in this report are to Bumble Inc. Secondary Offerings On September 15, 2021, the Company completed a secondary offering of 20.70 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone (the "Blackstone 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. On March 8, 2023, the Company completed a secondary offering of 13.75 million shares of Class A common stock on behalf of the Blackstone Selling Stockholders and the Founder at a price of $ 22.80 per share. This transaction resulted in the issuance of 7.2 million shares of Class A common stock for the period ended March 31, 2023. Bumble did not sell any shares of Class A common stock in the secondary offerings and did not receive any of the proceeds from the sales. Bumble paid the costs associated with the sale of shares by the Blackstone Selling Stockholders and the Founder, 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 2022 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated statements and notes thereto included in the 2022 Form 10-K. 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 an attribution method. Statements of Changes in Equity Reclassification In the second quarter of 2023, the Company adjusted balances within its Consolidated Statements of Changes in Equity to correct the allocation of stock-based compensation of $ 75.5 m illion from additional paid-in capital to noncontrolling interests. This amount relates to adjustments to additional paid-in capital and noncontrolling interests that had been incorrectly presented in the consolidated financial statements included within our previously filed Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 through March 31, 2023 and Annual Reports on Form 10-K for years ended December 31, 2022 and 2021. This classification adjustment is recorded in "Stock-based compensation expense" within our Condensed Consolidated Statements of Changes in Equity for the nine month periods ended September 30, 2023. The Company concluded the misclassification to be immaterial to the consolidated financial statements and noted that it has no impact on previously reported consolidated statements of operations, comprehensive operations, and cash flows. Statements of Operations Reclassification Beginning on January 1, 2023, the Company reclassified certain employee and non-employee related expenses that support engineering, data design and product management, as well as maintenance and support costs for technology infrastructure, from "General and administrative expense" to "Product development expense" in the Condensed Consolidated Statements of Operations to align with operational functio ns. The Company has reclassified $ 2.6 million and $ 7.6 million of expenses for the three and nine months ended September 30, 2022, respectively, to conform to the current year presentation. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Summary of Selected Significant
Summary of Selected Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 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 2022 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 business combinations, asset impairments, potential obligations associated with legal contingencies, the fair value of contingent consideration, the fair value of derivatives, stock-based compensation, tax receivable agreements, and income taxes. 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. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in banks, cash on hand, cash in electronic money accounts, overnight deposits and investment in money market funds. As of September 30, 2023 and December 31, 2022 , the Company has classified the cash held in Russia as restricted cash due to the sanctions imposed by the Russia-Ukraine Conflict, which is included in “Other noncurrent assets” within the accompanying condensed consolidated balance sheets. Share Repurchase Program Shares repurchased pursuant to the Company's share repurchase program are held as treasury stock and reflected as a reduction of stockholders' equity within the accompanying condensed consolidated balance sheets. Upon retirement, the share repurchases will reduce common stock based on the par value of the shares and reduce its capital surplus for the excess of the repurchase price over the par value. In the event the Company still has an accumulated deficit balance, the excess over the par value will be applied to additional paid-in capital. Once the Company has retained earnings, the excess will be charged entirely to retained earnings. Excise tax obligations will be included in the cost of the repurchased shares in the Company’s condensed consolidated financial statements. Reduction to the excise tax obligation associated with subsequent issuance of shares will be reflected as an adjustment to the excise tax previously recorded. In May 2023, the Board of Directors approved a share repurchase program of up to $ 150.0 million of our outstanding Class A common stock. During the three and nine months ended September 30, 2023, share repurchases were nil and 1.3 million shares of Class A common stock, respectively. As of September 30, 2023, a total of $ 129.1 million remains available for repurchase under the repurchase program. On November 7, 2023, the Company announced an increase in the share repurchase program authorized amount from $ 150.0 million to $ 300.0 million. Revenue Recognition The Company recognizes revenue from services in accordance with FASB 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 determines 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 based on the terms of the underlying agreement and are recognized as revenue when it is probable that a significant revenue reversal would not occur. 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 nine months ended September 30, 2023 and 2022, 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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Bumble App $ 221,785 $ 180,641 $ 624,039 $ 503,482 Badoo App and Other 53,725 51,998 154,154 158,393 Total Revenue $ 275,510 $ 232,639 $ 778,193 $ 661,875 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 $ 49.3 million and $ 46.1 million as of September 30, 2023 and December 31, 2022, respectively, all of which is classified as a current liability. During the three months ended September 30, 2023 and 2022, the Company recognized revenue of $2 .9 million and $ 2.5 million, respectively, which was included in the deferred revenue balance at the beginning of each respective period. During the nine months ended September 30, 2023 and 2022 , the Company recognized revenue of $ 45.0 million and $ 39.1 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period. Fair Value Measurements The Company follows ASC 820, Fair Value Measurement, for financial assets and liabilities measured at fair value 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. See Note 8, Fair Value Measurements, for additional information. 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 for time-vesting awards or a Monte Carlo simulation approach in an option pricing framework for exit-vesting awards. These require management to make assumptions with respect to the fair value of the Company’s equity award 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. 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. As such, compensation expense for performance-based stock awards was recognized over the requisite service period on a straight-line basis as achievement was probable. On July 15, 2022, the Exit-Vesting awards, with vesting based on certain performance conditions, were modified to also provide for time-based vesting in 36 equal installments and we began to recognize incremental stock-based compensation associated with the modification of these awards using the graded attribution method. 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 11, Stock-based Compensation , for a discussion of the Company’s stock-based compensation plans and awards. Recently Adopted Accounting Pronouncement In March 2020, 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. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 (ASU 2022-06), which extends the optional transition relief to ease the potential burden in accounting for reference rate reform on financial reporting. The transition relief is provided through December 30, 2024 based on the expectation that the LIBOR ceased to be published as of June 30, 2023. The amendments are effective prospectively at any point through December 31, 2024. The Company utilized the LIBOR transition relief for the amendments to its credit agreement and interest rate swaps. During the three months ended March 31, 2023, the Company implemented its transition plan toward the cessation of LIBOR and modified its financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The adoption of Topic 848 did not have a material impact on the Company's consolidated financial statements and disclosures. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 3 - Income Taxes The Company is subject to U.S. federal and state income taxes and files consolidated income tax returns for U.S. federal and certain state jurisdictions with respect to its allocable share of any net taxable income of Bumble Holdings. For the three and nine months ended September 30, 2023, the Company's effective tax rate was 7.5 % and 19.3 % , respectively, which differs from the U.S. federal statutory tax rate of 21 % primarily due to the geographical distribution of our earnings, income attributable to noncontrolling interests, nondeductible stock-based compensation, and a valuation allowance recorded against certain deferred tax assets arising in the current year. For the three and nine months ended September 30, 2022, our effective tax rates were 5.8 % and 11.3 % , 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 noncontrolling interests, nondeductible stock-based compensation, and a valuation allowance recorded against certain deferred tax assets arising in the current year. |
Payable to Related Parties Purs
Payable to Related Parties Pursuant to a Tax Receivable Agreement | 9 Months Ended |
Sep. 30, 2023 | |
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. 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 September 30, 2023. 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 to related parties of $ 416.8 million related to these benefits as of September 30, 2023 . 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 $ 298.0 million for a total liability of $ 714.8 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. During the nine months ended September 30, 2023, our tax receivable agreement liability increased by a net $ 22.4 million p rincipally due to the effects of the March 2023 secondary offering of 13.75 million shares of Class A common stock of certain selling stockholders and the Founder and partially offset by the tax receivable agreement payments of $ 8.9 million made during the three months ended June 30, 2023. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 5 - Property and Equipment, net A summary of the Company’s property and equipment, net is as follows (in thousands): September 30, 2023 December 31, 2022 Computer equipment $ 22,840 $ 22,366 Leasehold improvements 4,576 6,135 Furniture and fixtures 708 875 Total property and equipment, gross $ 28,124 $ 29,376 Accumulated depreciation ( 14,535 ) ( 14,909 ) Total property and equipment, net $ 13,589 $ 14,467 Depreciation expense related to property and equipment, net for the three months ended September 30, 2023 and 2022 was $ 2.2 million and $ 2.1 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $ 7.1 million and $ 6.5 million, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, net | Note 6 - Goodwill and Intangible Assets, net Goodwill The changes in the carrying amount of goodwill for the period presented are as follows (in thousands): Balance as of December 31, 2022 $ 1,579,770 Acquisition 4,636 Foreign currency translation adjustment ( 344 ) Balance as of September 30, 2023 $ 1,584,062 On April 26, 2023, the Company entered into a definitive agreement to purchase all the outstanding shares of Newel Corporation ("Newel") for a purchase price of approximately $ 10.0 million in cash. Newel (popularly known as Official) is an app that facilitates personal communication between partners. The Company acquired approximately $ 5.4 million in identifiable net assets and recognized goodwill of $ 4.6 million during the quarter ended June 30, 2023, based on a preliminary purchase price allocation. The goodwill is not expected to be tax deductible. There were no impairment charges recorded for goodwill for the three and nine months ended September 30, 2023 and 2022. Intangible Assets, net A summary of the Company’s intangible assets, net is as follows (in thousands): September 30, 2023 Gross Accumulated Accumulated Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 41,765 ( 4,314 ) — 37,451 12.5 Developed technology 249,303 ( 181,189 ) — 68,114 1.4 User base 113,727 ( 113,064 ) — 663 0.6 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 26,489 ( 7,195 ) — 19,294 3.9 Total intangible assets, net $ 1,975,937 $ ( 312,715 ) $ ( 167,431 ) $ 1,495,791 December 31, 2022 Gross Accumulated Accumulated Impairment Losses Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 36,280 ( 2,217 ) — 34,063 14.1 Developed technology 248,727 ( 143,704 ) — 105,023 2.1 User base 113,487 ( 112,877 ) — 610 — White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 17,761 ( 3,298 ) — 14,463 4.3 Total intangible assets, net $ 1,960,908 $ ( 269,049 ) $ ( 167,431 ) $ 1,524,428 Amortization expense related to intangible assets, net for the three months ended September 30, 2023 and 2022 was $ 14.9 million and $ 17.7 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $ 43.8 million and $ 67.3 million, respectively. As of September 30, 2023, amortization of intangible assets with definite lives is estimated to be as follows (in thousands): Remainder of 2023 $ 15,002 2024 59,646 2025 13,232 2026 5,060 2027 and thereafter 30,243 Total $ 123,183 |
Other Financial Data
Other Financial Data | 9 Months Ended |
Sep. 30, 2023 | |
Other Financial Data Disclosure [Abstract] | |
Other Financial Data | Note 7 - Other Financial Data Consolidated Balance Sheets Information Other current assets are comprised of the following balances (in thousands): September 30, 2023 December 31, 2022 Capitalized aggregator fees $ 12,451 $ 10,917 Prepayments 12,178 9,201 Income tax receivable 432 4,491 Derivative asset 13,065 — Other receivables 4,826 7,273 Total other current assets $ 42,952 $ 31,882 Accrued expenses and other current liabilities are comprised of the following balances (in thousands): September 30, 2023 December 31, 2022 Legal liabilities $ 21,981 $ 20,501 Payroll and related expenses 20,511 20,814 Marketing expenses 26,097 19,874 Other accrued expenses 16,548 14,536 Lease liabilities 1,392 3,135 Income tax payable 9,043 3,092 Contingent earn-out liability 28,086 52,327 Payable to related parties pursuant to a tax receivable agreement — 8,826 Other payables 12,813 13,338 Total accrued expenses and other current liabilities $ 136,471 $ 156,443 Other non-current liabilities are comprised of the following balances (in thousands): September 30, 2023 December 31, 2022 Lease liabilities $ 13,252 $ 13,750 Other liabilities 1,206 838 Total other liabilities $ 14,458 $ 14,588 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 - Fair Value Measurements The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 339,777 $ — $ — $ 339,777 Derivative asset — 13,065 — 13,065 Investments in equity securities — — 2,408 2,408 $ 339,777 $ 13,065 $ 2,408 $ 355,250 Liabilities: Contingent earn-out liability $ — $ — $ 28,086 $ 28,086 $ — $ — $ 28,086 $ 28,086 December 31, 2022 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 322,409 $ — $ — $ 322,409 Derivative asset — 22,094 — 22,094 Investments in equity securities — — 2,577 2,577 $ 322,409 $ 22,094 $ 2,577 $ 347,080 Liabilities: Contingent earn-out liability $ — $ — $ 52,327 $ 52,327 $ — $ — $ 52,327 $ 52,327 There were no transfers between levels between September 30, 2023 and December 31, 2022. 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 $ 28.1 million and $ 52.3 million as of September 30, 2023 and December 31, 2022, respectively. Contingent earn-out liability is included in “Accrued expenses and other current liabilities” in the accompanying condensed consolidated balance sheets. As of September 30, 2023 , there is a contingent consideration arrangement, consisting of an earn-out payment to former shareholders of Worldwide Vision Limited of up to $ 150.0 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 liabilities, and, if the arrangement is long-term in nature, 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 September 30, 2023 and December 31, 2022, the fair value of the contingent earn-out liability reflects a risk-free rate of 5.5 % a nd 4.7 %, respectively. In addition, there is a contingent consideration arrangement, consisting of an earn-out payment of up to $ 10.0 million in connection with the acquisition of Fruitz in January 2022. As of September 30, 2023 , the balance of the contingent earn-out liability was nil . 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 stock price, discount rates and the timing of the future payments, which are based upon estimates of future achievement of the performance metrics. 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 $( 11.3 ) million and $( 27.0 ) million for the three months ended September 30, 2023 and 2022, respectively, and $( 24.2 ) million and $( 46.4 ) million for the nine months ended September 30, 2023 and 2022 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 - Debt Total debt is comprised of the following (in thousands): September 30, 2023 December 31, 2022 Term Loan due January 29, 2027 $ 628,500 $ 632,813 Less: unamortized debt issuance costs 6,571 7,840 Less: current portion of debt, net 5,750 5,750 Total long-term debt, net $ 616,179 $ 619,223 Credit Agreements On January 29, 2020, the Company and the wholly-owned subsidiaries, Buzz Bidco LLC, Buzz Merger Sub Limited, and Buzz Finco LLC (the “Borrower”) 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 senior secured revolving credit facility of $ 50.0 million (the "Revolving Credit Facility") 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 entered into the Amendment No.1 to the Credit Agreement, which provides for incremental borrowing of an aggregate principal amount of $ 275.0 million (the “Incremental Term Loan”, and collectively with the Original Term Loan, the “Term Loans”). The terms of the Amendment No.1 to the 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 Amendment No.1 to the Credit Agreement, the Company incurred and paid debt issuance costs of $ 4.8 million during the year ended December 31, 2020, of which approximately $ 1.6 million was capitalized as debt issuance costs. 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. In connection with the repayment, the Company recognized a $ 3.4 million loss on extinguishment of long-term debt. On March 20, 2023, in connection with a Benchmark Discontinuation Event, the Company entered into Amendment No. 2 to the Original Credit Agreement (“Amendment No. 2”), which provided for the transition of the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR") pursuant to benchmark replacement provisions set forth in the Original Credit Agreement. Pursuant to the terms of Amendment No. 2, effective with the interest period beginning March 31, 2023, LIBOR was replaced with Term SOFR, a forward-looking term rate based on SOFR, plus a credit spread adjustment of 0.10 % with respect to the Term Loans and 0.00 % with respect to loans under the Revolving Credit Facility (Term SOFR plus such credit spread adjustment, “Adjusted Term SOFR”). All other terms of the Original Credit Agreement unrelated to the benchmark replacement and its incorporation were unchanged by Amendment No. 2. Effective March 31, 2023 all Term Loans outstanding are bearing interest based on Adjusted Term SOFR and there were no Revolving Credit Loans outstanding. Based on the calculation of the applicable consolidated first lien net 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 % with respect to (i) prior to March 31, 2023, LIBOR rate borrowings and (ii) on or after April 1, 2023, Adjusted Term SOFR borrowings. The applicable commitment fee under the revolving credit facility is between 0.375 % and 0.500 % pe r annum based upon the consolidated first lien net leverage ratio. The Borrower must also pay customary letter of credit fees and an annual administrative agency fee. The interest rates in effect for the Original Term Loan and the Incremental Term Loan as of September 30, 2023 we re 8.17 % and 8.67 %, respecti vely. The Original Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00 % of the principal amount of the Original Term Loan Facility outstanding as of the date of the closing of the Original Term Loan Facility, with the balance being payable at maturity on January 29, 2027 . The Incremental Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00 % of the principal amount of the Incremental Term Loan Facility outstanding as of the date of the closing of the Incremental Term Loan Facility, with the balance being payable at maturity on January 29, 2027 . Following the $ 200.0 million aggregate principal payment of amount of outstanding indebtedness during the three months ended March 31, 2021 quarterly installment payments on the Incremental Term Loan Facility are no longer required for the remaining term of the facility. Principal amounts outstanding under the Revolving Credit Facility are due and payable in full at maturity on January 29, 2025. As of September 30, 2023, and at all times during the nine months ended September 30, 2023, 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 September 30, 2023. 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 September 30, 2023, were as follows (in thousands): Remainder of 2023 $ 1,437 2024 5,750 2025 5,750 2026 5,750 2027 and thereafter 609,813 Total $ 628,500 |
Earnings (Loss) per Share _ Uni
Earnings (Loss) per Share / Unit | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share / Unit | Note 10 - Earnings (Loss) per Share 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 by the weighted-average number of shares of our Class A common stock outstanding. For the calculation of diluted EPS, net earnings (loss) attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted EPS attributable to common stockholders is computed by dividing the resulting net earnings (loss) attributable to common stockholders by the weighted-average number of common shares 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 (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Numerator: Net earnings (loss) $ 23,124 $ 26,405 $ 30,144 $ 45,122 Net earnings (loss) attributable to noncontrolling interests 6,453 8,342 8,331 14,298 Net earnings (loss) attributable to Bumble Inc. shareholders $ 16,671 $ 18,063 $ 21,813 $ 30,824 The following table sets forth the computation of the Company's basic and diluted earnings (loss) per share (in thousands, except share amounts, and per share amounts, unaudited): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Basic earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 16,671 $ 18,042 $ 21,461 $ 30,855 Less: net earnings (loss) attributable to participating securities 9 18 14 33 Net earnings (loss) attributable to common stockholders $ 16,662 $ 18,024 $ 21,447 $ 30,822 Denominator Weighted average number of shares of Class A common stock outstanding 136,457,412 129,464,491 135,185,151 129,366,351 Basic earnings (loss) per share attributable to common stockholders $ 0.12 $ 0.14 $ 0.16 $ 0.24 Diluted earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 16,487 $ 17,628 $ 21,199 $ 30,362 Increase in net earnings (loss) attributable to common shareholders upon conversion of potentially dilutive Common Units 6,637 8,777 8,945 14,760 Less: net earnings (loss) attributable to participating securities 9 18 14 33 Net earnings (loss) attributable to common stockholders $ 23,115 $ 26,387 $ 30,130 $ 45,089 Denominator Number of shares used in basic computation 136,457,412 129,464,491 135,185,151 129,366,351 Add: weighted-average effect of dilutive securities Restricted shares — — — — RSUs 1,375,772 1,597,664 1,244,705 988,602 Options — — — — Common Units to Convert to Class A Common Stock 53,584,628 62,924,260 55,831,913 61,968,587 Weighted average shares of Class A common stock outstanding used to calculate diluted earnings (loss) per share 191,417,812 193,986,415 192,261,769 192,323,540 Diluted earnings (loss) per share attributable to common stockholders $ 0.12 $ 0.14 $ 0.16 $ 0.23 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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Time-vesting awards: Options 3,844,085 2,698,372 3,844,085 2,698,372 Restricted shares — — — — RSUs 2,252,668 92,173 2,280,638 481,978 Incentive units 401,614 266,723 366,393 344,648 Total time-vesting awards 6,498,367 3,057,268 6,491,116 3,524,998 Exit-vesting awards: Options 79,908 164,362 79,908 164,362 Restricted shares — — — — RSUs — 208,007 — 208,007 Incentive units 958,133 300,732 1,012,768 372,819 Total exit-vesting awards 1,038,041 673,101 1,092,676 745,188 Total 7,536,408 3,730,369 7,583,792 4,270,186 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 11 - Stock-based Compensation Total stock-based compensation cost, net of forfeitures, was as follows: (In thousands) Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Cost of revenue $ 542 $ 807 $ 2,800 $ 2,726 Selling and marketing expense 2,469 3,779 7,191 4,547 General and administrative expense 10,352 22,461 44,029 43,959 Product development expense 8,165 10,128 29,640 25,947 Total stock-based compensation expense $ 21,528 $ 37,175 $ 83,660 $ 77,179 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. On July 15, 2022, the Exit-Vesting awards granted to 386 participants were modified to also provide for time-based 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. Incremental expense associated with the modification of the Exit-Vesting awards was $ 35.8 million, which is expected to be recognized over a period of 3.0 years. If the performance conditions are met prior to their respective time-vesting schedules, vesting of these Exit-Vesting awards and the associated stock-based compensation will be accelerated pursuant to the terms of the award agreements. Incremental expense for the modified Exit-Vesting awards was based on the modification date fair value of modified Exit-Vesting Awards. The modification 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 are accounted for as they occur. The weighted-average assumptions the Company used in the Monte Carlo model for the modified Exit-Vesting awards are as follows: Dividend yield — Expected volatility 60 % Risk-free interest rate 2.1 % to 3.1 % Expected time to liquidity event (years) 1.0 Compensation cost related to the Exit-Vesting awards for the three months ended September 30, 2023 and 2022 w as $ 5.0 million and $ 16.0 million, respectively, and $ 14.0 million and $ 19.5 million for the nine months ended September 30, 2023 and 2022, respectively. On February 25, 2023, the Board of Directors approved amendments to outstanding Exit-Vesting awards with respect to change in control provisions. See “Item 9B — Other Information” of our 2022 Form 10-K for additional details. The Company reviewed the amendments to the change of control provisions in accordance with ASC 718, Compensation—Stock Compensation, and determined that the modification does not impact the existing expense recognition and financial statement presentation. 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 initially reserved 30,000,000 shares of Class A common stock for the issuance of awards under the 2021 Omnibus Plan. The number of shares available for issuance under the 2021 Omnibus Plan will be increased automatically on January 1 of each fiscal year, by a number of shares of our Class A common stock equal to the least of (i) 12,000,000 shares of Class A common stock; (ii) 5 % of the total number of shares of Class A common stock outstanding on the last day of the immediately preceding fiscal year, and (iii) a lower number of shares as may be determined by the Board. The Board elected not to approve an increase to the number of shares available for issuance under the 2021 Omnibus Plan for each of 2022 and 2023. 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 % 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 % 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 nine months ended September 30, 2023 was determined using the Black-Scholes option pricing model with the following assumptions: Volatility 60 %- 80 % Expected Life 7.0 years Risk-free rate 3.7 %- 4.4 % Fair value per unit $ 10.00 -$ 15.30 Dividend yield 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. In July 2022, the Exit-Vesting RSUs were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). Time-Vesting Incentive Units Exit-Vesting Incentive Units Number of Weighted- Number of Weighted- Unvested as of December 31, 2022 3,857,248 $ 14.33 3,724,214 $ 13.81 Granted — — — — Vested ( 1,175,615 ) 13.37 ( 1,063,172 ) 13.32 Forfeited ( 146,094 ) 43.00 ( 117,236 ) 12.35 Unvested as of September 30, 2023 2,535,539 $ 13.12 2,543,806 $ 12.67 As of September 30, 2023 , total unrecognized compensation cost related to the Time-Vesting Incentive Units is $ 3.2 million, which is expected to be recognized over a weighted-average period of 1.6 years. Total unrecognized compensation cost related to the Exit-Vesting Incentive Units is $ 9.3 million, which is expected to be recognized over a weighted-average period of 1.8 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. In July 2022, the Exit-Vesting restricted stock were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). Time-Vesting Exit-Vesting Number of Weighted- Number of Weighted- Unvested as of December 31, 2022 58,247 $ 7.02 55,744 $ 17.26 Granted — — — — Vested ( 19,330 ) 7.02 ( 15,581 ) 17.24 Forfeited ( 4,062 ) 8.06 ( 4,631 ) 18.14 Unvested as of September 30, 2023 34,855 $ 6.90 35,532 $ 17.15 As of September 30, 2023, total unrecogniz ed compensation cost related to the Time-Vesting restricted shares is $ 47.0 thousand, which is expected to be recognized over a weighted-average period of 1.3 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 1.8 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 will 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 or quarterly 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. In July 2022, the Exit-Vesting RSUs were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). In June 2023, the Company's Board of Directors adopted an Independent Director Compensation Policy for independent directors not employed by the Company. Initial and annual Time-Vesting RSUs granted under the Independent Director Compensation Policy will vest on the earlier of (i) immediately prior to the first annual meeting of the shareholders of the Company following the grant date, or (ii) the first anniversary of the current year annual meeting of the shareholders of the Company. Time-Vesting RSUs Exit-Vesting RSUs Number of Weighted- Number of Weighted- Unvested as of December 31, 2022 4,845,852 $ 32.50 761,473 $ 40.23 Granted 4,127,622 21.69 — — Vested ( 1,476,389 ) 32.89 ( 170,127 ) 42.23 Forfeited ( 643,892 ) 31.06 ( 205,080 ) 33.74 Unvested as of September 30, 2023 6,853,193 $ 26.04 386,266 $ 42.79 As of September 30, 2023, total unrec ognized compensation cost related to the Time-Vesting RSUs is $ 86.2 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 RSUs is $ 4.5 million, which is expected to be recognized over a weighted-average period of 1.8 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 the 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 the public offering represented a qualifying liquidity event that would cause the Exit-Vesting options’ performance conditions to be probable of occurring. In July 2022, the Exit-Vesting options were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options as of September 30, 2023: September 30, 2023 Number of Weighted- Weighted- Outstanding as of December 31, 2022 2,946,118 $ 35.64 $ 20.34 Granted 1,250,466 20.84 13.42 Exercised — — — Forfeited and expired ( 352,499 ) 41.16 21.30 Outstanding as of September 30, 2023 3,844,085 $ 30.32 $ 17.70 Exercisable as of September 30, 2023 1,029,160 $ 37.59 $ 20.57 The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options as of September 30, 2023: September 30, 2023 Number of Weighted- Weighted- Outstanding as of December 31, 2022 164,362 $ 43.00 $ 18.66 Granted — — — Exercised — — — Forfeited ( 84,454 ) 43.00 15.30 Outstanding as of September 30, 2023 79,908 $ 43.00 $ 22.21 Exercisable as of September 30, 2023 31,071 $ 43.00 $ 22.21 Total unrecognized compensation cost relate d to the Time-Vesting options is $ 18.9 million, which is expected to be recognized over a weighted-average period of 2.7 years. Total unrecognized compensation cost related to the Exit-Vesting options is $ 0.3 million, which is expected to be recognized over a weighted-average period of 1.8 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 September 30, 2023. Aggregate intrinsic value Time-Vesting options outstanding — Time Vesting options exercisable — Exit-Vesting options outstanding — Exit-Vesting options exercisable — Weighted-average remaining contractual term (in years) Time-Vesting options outstanding 8.5 Time Vesting options exercisable 7.7 Exit-Vesting options outstanding 7.4 Exit-Vesting options exercisable 7.4 The weighted-average exercise price exceeded the market price as of September 30, 2023, an d as such, resulted in the aggregate intrinsic value to be negative for all of the Company’s stock options (referred to as “out-of-the money”). |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Other Marketing costs Selling and marketing expense $ 1,331 $ 836 $ 3,941 $ 2,362 Other Moderator costs Cost of revenue 1,442 566 3,902 1,120 Other Advertising revenue Revenue 218 143 552 400 Related Party relationship Type of Transaction Financial Statement Line September 30, 2023 December 31, 2022 Pre-IPO owners Tax receivable agreement Accrued expenses and other current liabilities $ — $ 8,826 Pre-IPO owners Tax receivable agreement Payable to related parties pursuant to a tax receivable agreement 416,754 385,486 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, Payable to Related Parties Pursuant to a Tax Receivable Agreement ). Other The Company recognizes advertising revenues and incurs marketing expenses from Liftoff Mobile Inc. ("Liftoff"), a company in which Blackstone-affiliated funds hold a controlling interest. The Company uses TaskUs Inc. ("TaskUs"), a company in which Blackstone-affiliated funds holds more than a 20 % ownership interest, for moderator services. |
Segment and Geographic Informat
Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | The Company operates as a single operating segment. The Company’s chief operating decision maker is the Chief Executive Officer, 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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 North America (1) $ 154,699 $ 141,808 $ 445,156 $ 400,177 Rest of the world 120,811 90,831 333,037 261,698 Total $ 275,510 $ 232,639 $ 778,193 $ 661,875 (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 nine months ended September 30, 2023 and 2022. The information below summarizes property and equipment, net by geographic area (in thousands): September 30, 2023 December 31, 2022 United Kingdom $ 4,811 $ 5,893 United States 3,166 4,462 Czech Republic 3,218 1,491 Rest of the world 2,394 2,621 Total $ 13,589 $ 14,467 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 September 30, 2023 and December 31, 2022. |
Commitments and Contigencies
Commitments and Contigencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contigencies | Note 14 - 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. Litigation We are subject to various legal proceedings, claims, and governmental inspections, audits or investigations arising out of our business which cover matters such as general commercial, consumer protection, governmental regulations, product liability, privacy, safety, environmental, intellectual property, employment and other actions that are incidental to our business, including a number of trademark proceedings, both offensive and defensive, regarding the BUMBLE, BADOO and FRUITZ marks. Although the outcomes of these claims cannot be predicted with certainty, in the opinion of management, the ultimate resolution of these matters will not have a material adverse effect on our financial position or results of operations. 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 Information 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. Plaintiffs in these lawsuits seek statutory damages, compensatory damages, attorneys’ fees, injunctive relief, and (in one 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, UA Local 13 Pension Fund v. Bumble Inc. et al., 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 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 Bumble’s secondary public stock offering that 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 complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable relief. In March 2023, the parties executed a settlement agreement that includes a full release of the asserted claims against the Company and other defendants in exchange for a settlement amount of $ 18 million. The settlement does not reflect an admission of any allegation or wrongdoing. In August 2023, the court granted final approval of the settlement. The Company and its insurers have paid the full settlement amount into an escrow account in accordance with the terms of the court’s prior preliminary approval. Six shareholder derivative complaints have been filed in the United States District Court for the Southern District of New York, United States District Court for the District of Delaware and Delaware Court of Chancery against the Company and certain directors and officers based on the same allegations and events described in the SPO class action complaint above. The Glover-Mott shareholder derivative complaint was filed in April 2022 in federal court. The Michael Schirano shareholder derivative complaint was filed in May 2023 in federal court. The United States District Court for the District of Delaware ordered the two actions consolidated in August 2023 under the caption In Re Bumble Inc. Stockholder Derivative Litigation. An amended consolidated complaint was filed in August 2023 alleging violations of Section 14(a) of the Exchange Act, Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and Section 29(b) of the Exchange Act, as well as for breach of fiduciary duty, waste, and unjust enrichment against, among others, management, our Board of Directors and Blackstone. The complaint seeks unspecified damages; rescission of certain employment agreements between the individual defendants and the Company, disgorgement from defendants of any improperly or unjustly obtained profits or benefits; an award of costs and disbursements, including reasonable attorneys’ fees; punitive damages; pre- and post-judgment interest, and that the Company be directed to take action to reform its corporate governance and internal procedures. Two federal court shareholder derivative complaints—the William B. Federman Irrevocable Trust complaint, filed in May 2022, and the Dana Messana complaint, filed in September 2022—were voluntarily dismissed in July 2023. In January 2023 and February 2023, purported shareholders Alberto Sanchez and City of Vero Beach Police Officers’ Retirement Trust Fund, respectively, filed shareholder derivative complaints in the Delaware Court of Chancery. In March 2023, the Delaware Court of Chancery consolidated those actions under the caption In re Bumble Inc. Stockholder Derivative Litigation. In April 2023, the consolidated action plaintiffs filed a consolidated complaint that asserts claims for breach of fiduciary duty and unjust enrichment against, among others, management, our Board of Directors, and Blackstone. The complaint seeks unspecified damages; a finding that the individual defendants breached their fiduciary duties; disgorgement from defendants of any unjustly obtained profits or benefits; and an award of costs and disbursement, including attorneys’ fees, accountants’ fees, and experts’ fees. In October 2023, the court denied defendants’ motion to dismiss the consolidated complaint. In August 2023, Bumble received litigation demands from (i) counsel representing the purported Bumble shareholder who filed the voluntarily dismissed William B. Federman Irrevocable Trust derivative action in the U.S. District Court for the District of Delaware and (ii) counsel representing the purported Bumble shareholder who filed the voluntarily dismissed Dana Messana derivative action in the U.S. District Court for the District of Delaware. Both litigation demands are directed to the Bumble Board and contains factual allegations involving the September 2021 SPO that are generally consistent with those in the derivative litigation filed in state and federal court. The letters demand s , among other things, that Bumble’s Board undertake an independent investigation into alleged legal violations, and that Bumble commence a civil action to pursue related claims against any individuals who allegedly harmed Bumble. The Bumble Board will act in response to the letters as appropriate. Management is unable to determine a range of potential losses that is reasonably possible of occurring. 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. Between June 2023 and August 2023, the Company received over 15,000 individual demands for arbitration regarding Bumble’s alleged violation of California’s Unruh Civil Rights Act as a result of its “women message first” feature. We agreed to enter into a mediation and, as a result, we were informed by JAMS, our putative arbitration service provider, that it placed a stay on the administration of the submitted demands pending mediation. The mediation concluded successfully, and the Company has made or is making settlement offers to each of the individual claimants based on the outcome of that mediation. Although the Company expects that most claimants will accept the settlement and that most demands will be withdrawn and dismissed, certain claimants who reject the settlement may continue to prosecute their demands. The Company cannot predict at this time the number of claimants who will continue to prosecute their demands and thus cannot predict at this time the outcome or liability that may result from any such continued arbitration. In addition, in August 2023, the Company received a pre-arbitration demand from a law firm purporting to represent over 5,000 claimants regarding the same alleged violation. The Company is in discussions regarding the mediation of these claims. If these claims or additional claims in the future were to proceed to arbitration, we could incur significant administrative, arbitrator, and legal fees and costs associated with their defense. For example, although we dispute the applicability and propriety of these fees, JAMS generally charges up to $ 2,000 in filing fees for each individual claim, which would be accrued when invoiced or, if earlier, when the services are rendered. In addition to filing fees, we could incur ongoing administrative fees to JAMS and its arbitrators and potential damages, including attorney’s fees and costs, if there were adverse outcomes. We cannot predict at this time the incremental liability, if any, we may incur related to these administrative or arbitrator fees, or damages or attorneys’ fees and costs, or the length of time that it may take to resolve these claims. For the three and nine months ended September 30, 2023, we recorded approximately $ 14.0 million and $ 19.5 million, respectively, in costs in connection with the aforementioned matters. From time to time, the Company is subject to patent litigations asserted by non-practicing entities. As of September 30, 2023 and December 31, 2022, the Company determined that provisions of $ 22.0 million and $ 20.5 million, respectively, reflect our best estimate of any probable future obligation for the Company’s litigations. The provision as of September 30, 2023, includes amounts accrued in connection with the mass arbitrations described above, and the provision as of December 31, 2022, includes amounts accrued with respect to the Company’s class action lawsuit related to the SPO, representing management’s current estimated probable loss for this matter following a court-ordered mediation between the parties to the litigation. During the nine months ended September 30, 2023, the Company paid $ 18.3 million to settle litigation matters, which amount is accordingly no longer reflected in the provision as of September 30, 2023. Legal expenses are included in “General and administrative expense” in the accompanying condensed consolidated statements of operations. Purchase Commitments In May 2023, the Company amended the agreement for third-party cloud services, which superseded and replaced the September 2022 agreement. Under the amended terms, the Company is committed to pay a minimum of $ 12.0 million over the period of 18 months . If at the end of the 18 months, or upon early termination, the Company has not reached the $ 12.0 million in spend, the Company will be required to pay for the difference between the sum of fees already incurred and the minimum commitment. As of September 30, 2023, our minimum commitment remaining i s $ 10.1 million . |
Summary of Selected Significa_2
Summary of Selected Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 business combinations, asset impairments, potential obligations associated with legal contingencies, the fair value of contingent consideration, the fair value of derivatives, stock-based compensation, tax receivable agreements, and income taxes. 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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in banks, cash on hand, cash in electronic money accounts, overnight deposits and investment in money market funds. As of September 30, 2023 and December 31, 2022 , the Company has classified the cash held in Russia as restricted cash due to the sanctions imposed by the Russia-Ukraine Conflict, which is included in “Other noncurrent assets” within the accompanying condensed consolidated balance sheets. |
Share Repurchase Program | Share Repurchase Program Shares repurchased pursuant to the Company's share repurchase program are held as treasury stock and reflected as a reduction of stockholders' equity within the accompanying condensed consolidated balance sheets. Upon retirement, the share repurchases will reduce common stock based on the par value of the shares and reduce its capital surplus for the excess of the repurchase price over the par value. In the event the Company still has an accumulated deficit balance, the excess over the par value will be applied to additional paid-in capital. Once the Company has retained earnings, the excess will be charged entirely to retained earnings. Excise tax obligations will be included in the cost of the repurchased shares in the Company’s condensed consolidated financial statements. Reduction to the excise tax obligation associated with subsequent issuance of shares will be reflected as an adjustment to the excise tax previously recorded. In May 2023, the Board of Directors approved a share repurchase program of up to $ 150.0 million of our outstanding Class A common stock. During the three and nine months ended September 30, 2023, share repurchases were nil and 1.3 million shares of Class A common stock, respectively. As of September 30, 2023, a total of $ 129.1 million remains available for repurchase under the repurchase program. On November 7, 2023, the Company announced an increase in the share repurchase program authorized amount from $ 150.0 million to $ 300.0 million. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from services in accordance with FASB 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 determines 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 based on the terms of the underlying agreement and are recognized as revenue when it is probable that a significant revenue reversal would not occur. 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 nine months ended September 30, 2023 and 2022, 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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Bumble App $ 221,785 $ 180,641 $ 624,039 $ 503,482 Badoo App and Other 53,725 51,998 154,154 158,393 Total Revenue $ 275,510 $ 232,639 $ 778,193 $ 661,875 |
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 $ 49.3 million and $ 46.1 million as of September 30, 2023 and December 31, 2022, respectively, all of which is classified as a current liability. During the three months ended September 30, 2023 and 2022, the Company recognized revenue of $2 .9 million and $ 2.5 million, respectively, which was included in the deferred revenue balance at the beginning of each respective period. During the nine months ended September 30, 2023 and 2022 , the Company recognized revenue of $ 45.0 million and $ 39.1 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period. |
Fair Value Measurements | Fair Value Measurements The Company follows ASC 820, Fair Value Measurement, for financial assets and liabilities measured at fair value 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. See Note 8, Fair Value Measurements, for additional information. |
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 for time-vesting awards or a Monte Carlo simulation approach in an option pricing framework for exit-vesting awards. These require management to make assumptions with respect to the fair value of the Company’s equity award 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. 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. As such, compensation expense for performance-based stock awards was recognized over the requisite service period on a straight-line basis as achievement was probable. On July 15, 2022, the Exit-Vesting awards, with vesting based on certain performance conditions, were modified to also provide for time-based vesting in 36 equal installments and we began to recognize incremental stock-based compensation associated with the modification of these awards using the graded attribution method. 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 11, Stock-based Compensation , for a discussion of the Company’s stock-based compensation plans and awards. |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncement In March 2020, 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. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 (ASU 2022-06), which extends the optional transition relief to ease the potential burden in accounting for reference rate reform on financial reporting. The transition relief is provided through December 30, 2024 based on the expectation that the LIBOR ceased to be published as of June 30, 2023. The amendments are effective prospectively at any point through December 31, 2024. The Company utilized the LIBOR transition relief for the amendments to its credit agreement and interest rate swaps. During the three months ended March 31, 2023, the Company implemented its transition plan toward the cessation of LIBOR and modified its financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The adoption of Topic 848 did not have a material impact on the Company's consolidated financial statements and disclosures. |
Summary of Selected Significa_3
Summary of Selected Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Revenue Across Apps | For the periods presented, revenue across apps was as follows (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Bumble App $ 221,785 $ 180,641 $ 624,039 $ 503,482 Badoo App and Other 53,725 51,998 154,154 158,393 Total Revenue $ 275,510 $ 232,639 $ 778,193 $ 661,875 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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): September 30, 2023 December 31, 2022 Computer equipment $ 22,840 $ 22,366 Leasehold improvements 4,576 6,135 Furniture and fixtures 708 875 Total property and equipment, gross $ 28,124 $ 29,376 Accumulated depreciation ( 14,535 ) ( 14,909 ) Total property and equipment, net $ 13,589 $ 14,467 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying amount of Goodwill | The changes in the carrying amount of goodwill for the period presented are as follows (in thousands): Balance as of December 31, 2022 $ 1,579,770 Acquisition 4,636 Foreign currency translation adjustment ( 344 ) Balance as of September 30, 2023 $ 1,584,062 |
Summary of Intangible Assets, Net | A summary of the Company’s intangible assets, net is as follows (in thousands): September 30, 2023 Gross Accumulated Accumulated Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 41,765 ( 4,314 ) — 37,451 12.5 Developed technology 249,303 ( 181,189 ) — 68,114 1.4 User base 113,727 ( 113,064 ) — 663 0.6 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 26,489 ( 7,195 ) — 19,294 3.9 Total intangible assets, net $ 1,975,937 $ ( 312,715 ) $ ( 167,431 ) $ 1,495,791 December 31, 2022 Gross Accumulated Accumulated Impairment Losses Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 36,280 ( 2,217 ) — 34,063 14.1 Developed technology 248,727 ( 143,704 ) — 105,023 2.1 User base 113,487 ( 112,877 ) — 610 — White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 17,761 ( 3,298 ) — 14,463 4.3 Total intangible assets, net $ 1,960,908 $ ( 269,049 ) $ ( 167,431 ) $ 1,524,428 |
Summary of Amortization of Intangible Assets with Definite Lives | As of September 30, 2023, amortization of intangible assets with definite lives is estimated to be as follows (in thousands): Remainder of 2023 $ 15,002 2024 59,646 2025 13,232 2026 5,060 2027 and thereafter 30,243 Total $ 123,183 |
Other Financial Data (Tables)
Other Financial Data (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Financial Data Disclosure [Abstract] | |
Summary of Other Current Assets | Other current assets are comprised of the following balances (in thousands): September 30, 2023 December 31, 2022 Capitalized aggregator fees $ 12,451 $ 10,917 Prepayments 12,178 9,201 Income tax receivable 432 4,491 Derivative asset 13,065 — Other receivables 4,826 7,273 Total other current assets $ 42,952 $ 31,882 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following balances (in thousands): September 30, 2023 December 31, 2022 Legal liabilities $ 21,981 $ 20,501 Payroll and related expenses 20,511 20,814 Marketing expenses 26,097 19,874 Other accrued expenses 16,548 14,536 Lease liabilities 1,392 3,135 Income tax payable 9,043 3,092 Contingent earn-out liability 28,086 52,327 Payable to related parties pursuant to a tax receivable agreement — 8,826 Other payables 12,813 13,338 Total accrued expenses and other current liabilities $ 136,471 $ 156,443 |
Summary of Other Non-current Liabilities | Other non-current liabilities are comprised of the following balances (in thousands): September 30, 2023 December 31, 2022 Lease liabilities $ 13,252 $ 13,750 Other liabilities 1,206 838 Total other liabilities $ 14,458 $ 14,588 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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): September 30, 2023 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 339,777 $ — $ — $ 339,777 Derivative asset — 13,065 — 13,065 Investments in equity securities — — 2,408 2,408 $ 339,777 $ 13,065 $ 2,408 $ 355,250 Liabilities: Contingent earn-out liability $ — $ — $ 28,086 $ 28,086 $ — $ — $ 28,086 $ 28,086 December 31, 2022 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 322,409 $ — $ — $ 322,409 Derivative asset — 22,094 — 22,094 Investments in equity securities — — 2,577 2,577 $ 322,409 $ 22,094 $ 2,577 $ 347,080 Liabilities: Contingent earn-out liability $ — $ — $ 52,327 $ 52,327 $ — $ — $ 52,327 $ 52,327 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Total debt is comprised of the following (in thousands): September 30, 2023 December 31, 2022 Term Loan due January 29, 2027 $ 628,500 $ 632,813 Less: unamortized debt issuance costs 6,571 7,840 Less: current portion of debt, net 5,750 5,750 Total long-term debt, net $ 616,179 $ 619,223 |
Summary of Future Maturities of Long-term Debt | Future maturities of long-term debt as of September 30, 2023, were as follows (in thousands): Remainder of 2023 $ 1,437 2024 5,750 2025 5,750 2026 5,750 2027 and thereafter 609,813 Total $ 628,500 |
Earnings (Loss) per Share _ U_2
Earnings (Loss) per Share / Unit (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Numerator: Net earnings (loss) $ 23,124 $ 26,405 $ 30,144 $ 45,122 Net earnings (loss) attributable to noncontrolling interests 6,453 8,342 8,331 14,298 Net earnings (loss) attributable to Bumble Inc. shareholders $ 16,671 $ 18,063 $ 21,813 $ 30,824 The following table sets forth the computation of the Company's basic and diluted earnings (loss) per share (in thousands, except share amounts, and per share amounts, unaudited): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Basic earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 16,671 $ 18,042 $ 21,461 $ 30,855 Less: net earnings (loss) attributable to participating securities 9 18 14 33 Net earnings (loss) attributable to common stockholders $ 16,662 $ 18,024 $ 21,447 $ 30,822 Denominator Weighted average number of shares of Class A common stock outstanding 136,457,412 129,464,491 135,185,151 129,366,351 Basic earnings (loss) per share attributable to common stockholders $ 0.12 $ 0.14 $ 0.16 $ 0.24 Diluted earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 16,487 $ 17,628 $ 21,199 $ 30,362 Increase in net earnings (loss) attributable to common shareholders upon conversion of potentially dilutive Common Units 6,637 8,777 8,945 14,760 Less: net earnings (loss) attributable to participating securities 9 18 14 33 Net earnings (loss) attributable to common stockholders $ 23,115 $ 26,387 $ 30,130 $ 45,089 Denominator Number of shares used in basic computation 136,457,412 129,464,491 135,185,151 129,366,351 Add: weighted-average effect of dilutive securities Restricted shares — — — — RSUs 1,375,772 1,597,664 1,244,705 988,602 Options — — — — Common Units to Convert to Class A Common Stock 53,584,628 62,924,260 55,831,913 61,968,587 Weighted average shares of Class A common stock outstanding used to calculate diluted earnings (loss) per share 191,417,812 193,986,415 192,261,769 192,323,540 Diluted earnings (loss) per share attributable to common stockholders $ 0.12 $ 0.14 $ 0.16 $ 0.23 |
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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Time-vesting awards: Options 3,844,085 2,698,372 3,844,085 2,698,372 Restricted shares — — — — RSUs 2,252,668 92,173 2,280,638 481,978 Incentive units 401,614 266,723 366,393 344,648 Total time-vesting awards 6,498,367 3,057,268 6,491,116 3,524,998 Exit-vesting awards: Options 79,908 164,362 79,908 164,362 Restricted shares — — — — RSUs — 208,007 — 208,007 Incentive units 958,133 300,732 1,012,768 372,819 Total exit-vesting awards 1,038,041 673,101 1,092,676 745,188 Total 7,536,408 3,730,369 7,583,792 4,270,186 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Cost of revenue $ 542 $ 807 $ 2,800 $ 2,726 Selling and marketing expense 2,469 3,779 7,191 4,547 General and administrative expense 10,352 22,461 44,029 43,959 Product development expense 8,165 10,128 29,640 25,947 Total stock-based compensation expense $ 21,528 $ 37,175 $ 83,660 $ 77,179 |
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 Options granted during the nine months ended September 30, 2023 was determined using the Black-Scholes option pricing model with the following assumptions: Volatility 60 %- 80 % Expected Life 7.0 years Risk-free rate 3.7 %- 4.4 % Fair value per unit $ 10.00 -$ 15.30 Dividend yield 0 % |
Summary of Aggregate Intrinsic Value and Weighted Average Remaining Contractual Terms | 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 September 30, 2023. Aggregate intrinsic value Time-Vesting options outstanding — Time Vesting options exercisable — Exit-Vesting options outstanding — Exit-Vesting options exercisable — Weighted-average remaining contractual term (in years) Time-Vesting options outstanding 8.5 Time Vesting options exercisable 7.7 Exit-Vesting options outstanding 7.4 Exit-Vesting options exercisable 7.4 |
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. In July 2022, the Exit-Vesting RSUs were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). Time-Vesting Incentive Units Exit-Vesting Incentive Units Number of Weighted- Number of Weighted- Unvested as of December 31, 2022 3,857,248 $ 14.33 3,724,214 $ 13.81 Granted — — — — Vested ( 1,175,615 ) 13.37 ( 1,063,172 ) 13.32 Forfeited ( 146,094 ) 43.00 ( 117,236 ) 12.35 Unvested as of September 30, 2023 2,535,539 $ 13.12 2,543,806 $ 12.67 |
RSU's | |
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. In July 2022, the Exit-Vesting restricted stock were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). Time-Vesting Exit-Vesting Number of Weighted- Number of Weighted- Unvested as of December 31, 2022 58,247 $ 7.02 55,744 $ 17.26 Granted — — — — Vested ( 19,330 ) 7.02 ( 15,581 ) 17.24 Forfeited ( 4,062 ) 8.06 ( 4,631 ) 18.14 Unvested as of September 30, 2023 34,855 $ 6.90 35,532 $ 17.15 |
Summary of Time Vesting RSUs and Exit Vesting RSUs Granted | Exit-Vesting Phantom Class B Units. In July 2022, the Exit-Vesting RSUs were modified to also provide for time-based 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 (as noted above in the section headed “Post-IPO Award Reclassification”). In June 2023, the Company's Board of Directors adopted an Independent Director Compensation Policy for independent directors not employed by the Company. Initial and annual Time-Vesting RSUs granted under the Independent Director Compensation Policy will vest on the earlier of (i) immediately prior to the first annual meeting of the shareholders of the Company following the grant date, or (ii) the first anniversary of the current year annual meeting of the shareholders of the Company. Time-Vesting RSUs Exit-Vesting RSUs Number of Weighted- Number of Weighted- Unvested as of December 31, 2022 4,845,852 $ 32.50 761,473 $ 40.23 Granted 4,127,622 21.69 — — Vested ( 1,476,389 ) 32.89 ( 170,127 ) 42.23 Forfeited ( 643,892 ) 31.06 ( 205,080 ) 33.74 Unvested as of September 30, 2023 6,853,193 $ 26.04 386,266 $ 42.79 |
Time-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 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 % Discount for lack of marketability (1) 15 %- 25 % |
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 September 30, 2023: September 30, 2023 Number of Weighted- Weighted- Outstanding as of December 31, 2022 2,946,118 $ 35.64 $ 20.34 Granted 1,250,466 20.84 13.42 Exercised — — — Forfeited and expired ( 352,499 ) 41.16 21.30 Outstanding as of September 30, 2023 3,844,085 $ 30.32 $ 17.70 Exercisable as of September 30, 2023 1,029,160 $ 37.59 $ 20.57 |
Exit-Vesting Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
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 the modified Exit-Vesting awards are as follows: Dividend yield — Expected volatility 60 % Risk-free interest rate 2.1 % to 3.1 % Expected time to liquidity event (years) 1.0 Compensation cost related to the Exit-Vesting awards for the three months ended September 30, 2023 and 2022 w as $ 5.0 million and $ 16.0 million, respectively, and $ 14.0 million and $ 19.5 million for the nine months ended September 30, 2023 and 2022, respectively. On February 25, 2023, the Board of Directors approved amendments to outstanding Exit-Vesting awards with respect to change in control provisions. See “Item 9B — Other Information” of our 2022 Form 10-K for additional details. The Company reviewed the amendments to the change of control provisions in accordance with ASC 718, Compensation—Stock Compensation, and determined that the modification does not impact the existing expense recognition and financial statement presentation. |
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 % 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. |
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 September 30, 2023: September 30, 2023 Number of Weighted- Weighted- Outstanding as of December 31, 2022 164,362 $ 43.00 $ 18.66 Granted — — — Exercised — — — Forfeited ( 84,454 ) 43.00 15.30 Outstanding as of September 30, 2023 79,908 $ 43.00 $ 22.21 Exercisable as of September 30, 2023 31,071 $ 43.00 $ 22.21 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Other Marketing costs Selling and marketing expense $ 1,331 $ 836 $ 3,941 $ 2,362 Other Moderator costs Cost of revenue 1,442 566 3,902 1,120 Other Advertising revenue Revenue 218 143 552 400 Related Party relationship Type of Transaction Financial Statement Line September 30, 2023 December 31, 2022 Pre-IPO owners Tax receivable agreement Accrued expenses and other current liabilities $ — $ 8,826 Pre-IPO owners Tax receivable agreement Payable to related parties pursuant to a tax receivable agreement 416,754 385,486 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Area | The information below summarizes revenue by geographic area, based on customer location (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 North America (1) $ 154,699 $ 141,808 $ 445,156 $ 400,177 Rest of the world 120,811 90,831 333,037 261,698 Total $ 275,510 $ 232,639 $ 778,193 $ 661,875 (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): September 30, 2023 December 31, 2022 United Kingdom $ 4,811 $ 5,893 United States 3,166 4,462 Czech Republic 3,218 1,491 Rest of the world 2,394 2,621 Total $ 13,589 $ 14,467 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Mar. 08, 2023 | Sep. 15, 2021 | Feb. 16, 2021 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class Of Stock [Line Items] | ||||||||
Adjustments to additional paid-in capital and noncontrolling interests | $ 75,500 | |||||||
Employee and non-employee related expenses | $ 2,600 | $ 7,600 | ||||||
General and administrative expense | $ 48,577 | $ 27,265 | $ 141,706 | $ 100,061 | ||||
Class A Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Assumed shares outstanding upon exchange of common units on one-for-one basis | 188,199,837 | 188,199,837 | ||||||
Class A Common Stock | IPO | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares issued | 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 | |||||||
Stock issued for purchase or redemption of shares | 48,500,000 | |||||||
Class A Common Stock | Secondary Offering | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares issued | 13,750,000 | 20,700,000 | 13,750,000 | |||||
Offering price per share | $ 22.8 | $ 54 | ||||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs | $ 7,200 | $ 9,200 |
Summary of Selected Significa_4
Summary of Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Nov. 07, 2023 | May 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | |||||||
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 | $ 49,305 | $ 49,305 | $ 46,108 | ||||
Deferred revenue recognized | $ 900 | $ 2,500 | $ 45,000 | $ 39,100 | |||
Class A Common Stock | Share Repurchase Program [Member] | |||||||
Product Information [Line Items] | |||||||
Stock repurchased during period, shares | 0 | 1,300,000 | |||||
Stock repurchase program, remaining authorized amount | $ 129,100 | $ 129,100 | |||||
Class A Common Stock | Maximum [Member] | Share Repurchase Program [Member] | |||||||
Product Information [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 300,000 | $ 150,000 | |||||
Class A Common Stock | Minimum [Member] | Share Repurchase Program [Member] | |||||||
Product Information [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 150,000 |
Summary of Selected Significa_5
Summary of Selected Significant Accounting Policies - Summary of Revenue Across Apps (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 275,510 | $ 232,639 | $ 778,193 | $ 661,875 |
Bumble App | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 221,785 | 180,641 | 624,039 | 503,482 |
Badoo App and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 53,725 | $ 51,998 | $ 154,154 | $ 158,393 |
Revisions of Previously-Issued
Revisions of Previously-Issued Financial Statements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Goodwill | $ 1,584,062 | $ 1,579,770 | ||||
Other noncurrent assets | 7,692 | 31,116 | ||||
Total assets | 3,733,193 | 3,692,621 | ||||
Accrued expenses and other current liabilities | 136,471 | 156,443 | ||||
Deferred revenue | 49,305 | 46,108 | ||||
Current portion of long-term debt, net | 5,750 | 5,750 | ||||
Total current liabilities | 196,877 | 211,668 | ||||
Long-term debt, net | 616,179 | 619,223 | ||||
Deferred tax liabilities, net | 8,766 | 8,077 | ||||
Total liabilities | 1,253,034 | 1,239,042 | ||||
Accumulated deficit | (118,058) | (139,871) | ||||
Accumulated other comprehensive income | 71,911 | 74,477 | ||||
Total Bumble Inc. shareholders' equity | 1,689,723 | 1,627,815 | ||||
Noncontrolling interests | 790,436 | 825,764 | ||||
Total shareholders' equity | 2,480,159 | $ 2,446,332 | 2,453,579 | $ 2,562,304 | $ 2,513,205 | $ 2,469,769 |
Total liabilities and shareholders' equity | $ 3,733,193 | $ 3,692,621 |
REVISIONS OF PREVIOUSLY-ISSUE_2
REVISIONS OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of Revenue | $ 14,000 | $ 19,500 | ||
General and administrative expense | 48,577 | $ 27,265 | 141,706 | $ 100,061 |
Operating earnings (loss) | 30,000 | 28,344 | 60,235 | 44,595 |
Income (loss) before income taxes | (24,996) | (28,023) | (37,372) | (50,878) |
Income tax benefit (provision) | (1,872) | (1,618) | (7,228) | (5,756) |
Net earnings (loss) | 23,124 | 26,405 | 30,144 | 45,122 |
Net earnings (loss) attributable to noncontrolling interests | 6,453 | 8,342 | 8,331 | 14,298 |
Net earnings (loss) attributable to Bumble Inc. shareholders | 16,671 | 18,063 | 21,813 | 30,824 |
Change in foreign currency translation adjustment | (9,283) | (14,220) | (3,558) | (24,398) |
Other comprehensive loss, net of tax | (9,283) | (14,220) | (3,558) | (24,398) |
Comprehensive income (loss) | 13,841 | 12,185 | 26,586 | 20,724 |
Comprehensive income (loss) attributable to noncontrolling interests | 3,865 | 4,051 | 7,339 | 6,428 |
Comprehensive income (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | $ 9,976 | $ 8,134 | $ 19,247 | $ 14,296 |
Net earnings (loss) per share attributable to Bumble Inc. shareholders | ||||
Basic earnings (loss) per share | $ 0.12 | $ 0.14 | $ 0.16 | $ 0.24 |
Diluted earnings (loss) per share | $ 0.12 | $ 0.14 | $ 0.16 | $ 0.23 |
REVISIONS OF PREVIOUSLY-ISSUE_3
REVISIONS OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Unaudited Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||||
Net earnings (loss) | $ 23,124 | $ 26,405 | $ 30,144 | $ 45,122 |
Deferred income tax | (8,880) | (6,501) | ||
Net foreign exchange difference | (3,300) | (28,054) | ||
Other, net | (1,240) | (12,463) | ||
Deferred revenue | 3,149 | 4,679 | ||
Accrued expenses and other current liabilities | 7,664 | (34,880) | ||
Changes in assets and liabilities: Other, net | (334) | 15 | ||
Net cash provided by (used in) operating activities | 118,669 | 81,769 | ||
Cash flows from financing activities: | ||||
Repayment of term loan | (4,313) | (4,313) | ||
Withholding tax paid on behalf of employees on stock-based awards | (13,865) | (7,352) | ||
Net cash provided by (used in) financing activities | $ (58,355) | $ (11,665) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule Of Income Tax Disclosure [Line Items] | ||||
Federal income tax rate | 21% | |||
Effective Income Tax Rate | 7.50% | 5.80% | 19.30% | 11.30% |
Net income tax benefit | $ (1,872) | $ (1,618) | $ (7,228) | $ (5,756) |
Payable to Related Parties Pu_2
Payable to Related Parties Pursuant to a Tax Receivable Agreement - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Mar. 08, 2023 | Sep. 15, 2021 | Feb. 16, 2021 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule Of Tax Receivable Agreement [Line Items] | ||||||
Percentage of tax receivable agreement | 85% | |||||
Tax receivable agreement liability for related parties | $ 416,800 | |||||
Tax receivable agreement liability | 416,754 | $ 385,486 | ||||
Tax receivable agreement others current liability | 8,900 | |||||
Tax receivable agreement additional liability | 298,000 | |||||
Tax receivable agreement liability, total | 714,800 | |||||
Increase in tax receivable agreement liability | 22,400 | |||||
IPO | ||||||
Schedule Of Tax Receivable Agreement [Line Items] | ||||||
Deferred tax benefit | $ 0 | |||||
Class A Common Stock | IPO | ||||||
Schedule Of Tax Receivable Agreement [Line Items] | ||||||
Number of shares issued | 57,500,000 | |||||
Class A Common Stock | Secondary Offering | ||||||
Schedule Of Tax Receivable Agreement [Line Items] | ||||||
Number of shares issued | 13,750,000 | 20,700,000 | 13,750,000 |
Business Combination - Summary
Business Combination - Summary of Purchase Price Allocation to Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 26, 2023 | Dec. 31, 2022 |
Less fair value of net assets acquired: | |||
Net assets acquired | $ 4,600 | ||
Goodwill | $ 1,584,062 | $ 1,579,770 |
Business Combination - Summar_2
Business Combination - Summary of Fair Values of Identifiable Intangible Assets Acquired at Date of Sponsor Acquisition (Details) | 9 Months Ended |
Sep. 30, 2023 | |
User Base | |
Business Acquisition [Line Items] | |
Weighted- Average Useful Life (Years) | 7 months 6 days |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 28,124 | $ 29,376 |
Accumulated depreciation | (14,535) | (14,909) |
Total property and equipment, net | 13,589 | 14,467 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 22,840 | 22,366 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 4,576 | 6,135 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 708 | $ 875 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense related to property and equipment, net | $ 2.2 | $ 2.1 | $ 7.1 | $ 6.5 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of Changes in Carrying amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 1,579,770 |
Acquisition | 4,636 |
Foreign currency translation adjustment | (344) |
Ending balance | $ 1,584,062 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Purchase all the outstanding shares | $ 10,000 | ||||
Identifiable net assets | 5,400 | ||||
Recognized goodwill | $ 4,600 | ||||
Impairment charges for goodwill and indefinite-lived intangible asset | $ 0 | $ 0 | $ 0 | $ 0 | |
Amortization expense related to intangible assets, net | $ 14,900 | $ 17,700 | $ 43,800 | $ 67,300 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,975,937 | $ 1,960,908 |
Accumulated Amortization | (312,715) | (269,049) |
Accumulated Impairment losses | (167,431) | (167,431) |
Net Carrying Amount | 1,495,791 | 1,524,428 |
Brands - indefinite-lived | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,511,269 | 1,511,269 |
Accumulated Amortization | 0 | 0 |
Accumulated Impairment losses | (141,000) | (141,000) |
Net Carrying Amount | 1,370,269 | 1,370,269 |
Brands - definite-lived | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,765 | 36,280 |
Accumulated Amortization | 4,314 | (2,217) |
Accumulated Impairment losses | 0 | |
Net Carrying Amount | $ 37,451 | $ 34,063 |
Weighted- Average Useful Life (Years) | 12 years 6 months | 14 years 1 month 6 days |
Developed Technology | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 249,303 | $ 248,727 |
Accumulated Amortization | (181,189) | (143,704) |
Accumulated Impairment losses | 0 | 0 |
Net Carrying Amount | $ 68,114 | $ 105,023 |
Weighted- Average Useful Life (Years) | 1 year 4 months 24 days | 2 years 1 month 6 days |
User Base | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 113,727 | $ 113,487 |
Accumulated Amortization | (113,064) | (112,877) |
Accumulated Impairment losses | 0 | 0 |
Net Carrying Amount | $ 663 | 610 |
Weighted- Average Useful Life (Years) | 7 months 6 days | |
White Label Contracts | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 33,384 | 33,384 |
Accumulated Amortization | (6,953) | (6,953) |
Accumulated Impairment losses | (26,431) | (26,431) |
Net Carrying Amount | 0 | 0 |
Other | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,489 | 17,761 |
Accumulated Amortization | (7,195) | (3,298) |
Accumulated Impairment losses | 0 | 0 |
Net Carrying Amount | $ 19,294 | $ 14,463 |
Weighted- Average Useful Life (Years) | 3 years 10 months 24 days | 4 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 | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 15,002 |
2024 | 59,646 |
2025 | 13,232 |
2026 | 5,060 |
2027 and thereafter | 30,243 |
Total | $ 123,183 |
Other Financial Data - Summary
Other Financial Data - Summary of Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Capitalized aggregator fees | $ 12,451 | $ 10,917 |
Prepayments | 12,178 | 9,201 |
Income tax receivable | 432 | 4,491 |
Derivative asset | 13,065 | 0 |
Other receivables | 4,826 | 7,273 |
Total other current assets | $ 42,952 | $ 31,882 |
Other Financial Data - Summar_2
Other Financial Data - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Legal liabilities | $ 21,981 | $ 20,501 |
Payroll and related expenses | 20,511 | 20,814 |
Marketing expenses | 26,097 | 19,874 |
Other accrued expenses | 16,548 | 14,536 |
Lease liabilities | 1,392 | 3,135 |
Income tax payable | 9,043 | 3,092 |
Contingent earn-out liability | 28,086 | 52,327 |
Payable to related parties pursuant to a tax receivable agreement | 0 | 8,826 |
Other payables | 12,813 | 13,338 |
Total accrued expenses and other current liabilities | $ 136,471 | $ 156,443 |
Other Financial Data - Summar_3
Other Financial Data - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Liabilities, Noncurrent [Abstract] | ||
Lease liabilities | $ 13,252 | $ 13,750 |
Other liabilities | 1,206 | 838 |
Total other liabilities | $ 14,458 | $ 14,588 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Assets | $ 355,250 | $ 347,080 |
Liabilities: | ||
Liabilities | 28,086 | 52,327 |
Cash Equivalents [Member] | ||
Assets: | ||
Assets | 339,777 | 322,409 |
Derivative Asset | ||
Assets: | ||
Assets | 13,065 | 22,094 |
Investments in equity securities | ||
Assets: | ||
Assets | 2,408 | 2,577 |
Level 1 | ||
Assets: | ||
Assets | 339,777 | 322,409 |
Level 1 | Cash Equivalents [Member] | ||
Assets: | ||
Assets | 339,777 | 322,409 |
Level 2 | ||
Assets: | ||
Assets | 13,065 | 22,094 |
Level 2 | Derivative Asset | ||
Assets: | ||
Assets | 13,065 | 22,094 |
Level 3 | ||
Assets: | ||
Assets | 2,408 | 2,577 |
Liabilities: | ||
Liabilities | 28,086 | 52,327 |
Level 3 | Investments in equity securities | ||
Assets: | ||
Assets | 2,408 | 2,577 |
Contingent Earn-out Liability | ||
Liabilities: | ||
Liabilities | 28,086 | 52,327 |
Contingent Earn-out Liability | Level 3 | ||
Liabilities: | ||
Liabilities | $ 28,086 | $ 52,327 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 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] | |||||
Contingent earnout liability movement | $ 0 | ||||
Risk free rate | 0.055 | 0.055 | 0.047 | ||
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 | ||||
Fair Value on Recurring Basis | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | $ 28,086 | 28,086 | $ 52,327 | ||
Fair Value on Recurring Basis | Contingent Earn-out Liability | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | 28,086 | 28,086 | 52,327 | ||
Fair Value on Recurring Basis | Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | 28,086 | 28,086 | 52,327 | ||
Fair Value on Recurring Basis | Level 3 | Contingent Earn-out Liability | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Liabilities | 28,086 | 28,086 | $ 52,327 | ||
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 | $ (11,300) | $ (27,000) | $ (24,200) | $ (46,400) |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Term Loan due January 29, 2027 | $ 628,500 | $ 632,813 |
Less: unamortized debt issuance costs | 6,571 | 7,840 |
Current portion of long-term debt, net | 5,750 | 5,750 |
Total long-term debt, net | $ 616,179 | $ 619,223 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2020 | Oct. 19, 2020 | Jan. 29, 2020 | |
Line Of Credit Facility [Line Items] | ||||||||
Repayment of term loan | $ 4,313 | $ 4,313 | ||||||
Initial Term Loan Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rates in effect | 8.67% | |||||||
Initial Term Loan Facility [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rates in effect | 0.375% | |||||||
Initial Term Loan Facility [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rates in effect | 0.50% | |||||||
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] | ||||||||
Interest rates in effect | 8.17% | |||||||
Amortize of interest rate | 1% | |||||||
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 | $ 200,000 | ||||||
Amortize of interest rate | 1% | |||||||
Maturity date | Jan. 29, 2027 | |||||||
Loss on extinguishment of long-term debt | $ 3,400 | |||||||
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] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rates in effect | 0% | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
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 | |||||||
Capitalized of debt issuance costs | $ 1,600 |
Debt - Summary of Future Maturi
Debt - Summary of Future Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Maturities of Long-Term Debt [Abstract] | |
Remainder of 2023 | $ 1,437 |
2024 | 5,750 |
2025 | 5,750 |
2026 | 5,750 |
2027 and thereafter | 609,813 |
Total | $ 628,500 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
Mar. 08, 2023 | Sep. 15, 2021 | Feb. 16, 2021 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | |||||||
Repayment of term loan | $ 4,313 | $ 4,313 | |||||
Number of shares authorized | 600,000,000 | 600,000,000 | |||||
Par value | $ 0.01 | $ 0.01 | |||||
Preferred stock issued | 0 | 0 | |||||
Class A Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares authorized | 6,000,000,000 | 6,000,000,000 | |||||
Par value | $ 0.01 | $ 0.01 | |||||
Common stock outstanding | 136,683,215 | 129,774,299 | |||||
Class B Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares authorized | 1,000,000 | 1,000,000 | |||||
Par value | $ 0.01 | $ 0.01 | |||||
Common stock outstanding | 20 | 20 | |||||
IPO | Class A Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares issued | 57,500,000 | ||||||
Offering price per share | $ 43 | ||||||
Stock issued for purchase or redemption of shares | 48,500,000 | ||||||
Value of shares redeemed during period | $ 1,991,600 | ||||||
Secondary Offering | Class A Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares issued | 13,750,000 | 20,700,000 | 13,750,000 | ||||
Offering price per share | $ 22.8 | $ 54 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Net earnings (loss) | $ 23,124 | $ 26,405 | $ 30,144 | $ 45,122 |
Net earnings (loss) attributable to noncontrolling interests | 6,453 | 8,342 | 8,331 | 14,298 |
Net earnings (loss) attributable to Bumble Inc. shareholders | 16,671 | 18,063 | 21,813 | 30,824 |
Numerator | ||||
Allocation of net earnings (loss) attributable to Bumble Inc. shareholders | 16,671 | 18,042 | 21,461 | 30,855 |
Less: net earnings (loss) attributable to participating securities | (9) | 18 | (14) | 33 |
Net earnings (loss) attributable to common stockholders | $ 16,662 | $ 18,024 | $ 21,447 | $ 30,822 |
Denominator | ||||
Weighted average number of shares of Class A common stock outstanding | 136,457,412 | 129,464,491 | 135,185,151 | 129,366,351 |
Basic earnings (loss) per share | $ 0.12 | $ 0.14 | $ 0.16 | $ 0.24 |
Numerator | ||||
Allocation of net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | $ 16,487 | $ 17,628 | $ 21,199 | $ 30,362 |
Increase in net earnings (loss) attributable to common shareholders upon conversion of potentially dilutive Common Units | 6,637 | 8,777 | 8,945 | 14,760 |
Less: net earnings (loss) attributable to participating securities | 9 | 18 | 14 | 33 |
Net earnings (loss) attributable to common stockholders / unitholders | $ 23,115 | $ 26,387 | $ 30,130 | $ 45,089 |
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 | 191,417,812 | 193,986,415 | 192,261,769 | 192,323,540 |
Diluted earnings (loss) per share attributable to common stockholders | $ 0.12 | $ 0.14 | $ 0.16 | $ 0.23 |
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 | 1,375,772 | 1,597,664 | 1,244,705 | 988,602 |
Options | ||||
Add: weighted-average effect of dilutive securities | ||||
Weighted-average effect of dilutive securities | 0 | 0 | 0 | 0 |
Class A Common Stock | ||||
Add: weighted-average effect of dilutive securities | ||||
Weighted-average effect of dilutive securities | 53,584,628 | 62,924,260 | 55,831,913 | 61,968,587 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 7,536,408 | 3,730,369 | 7,583,792 | 4,270,186 |
Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 6,498,367 | 3,057,268 | 6,491,116 | 3,524,998 |
Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 1,038,041 | 673,101 | 1,092,676 | 745,188 |
Restricted Shares | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 0 | 0 | 0 | 0 |
Restricted Shares | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 0 | 0 | 0 | 0 |
RSU's | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 2,252,668 | 92,173 | 2,280,638 | 481,978 |
RSU's | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 0 | 208,007 | 0 | 208,007 |
Options | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 3,844,085 | 2,698,372 | 0 | 2,698,372 |
Options | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 79,908 | 164,362 | 79,908 | 164,362 |
Incentive Units | Time-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 401,614 | 266,723 | 366,393 | 344,648 |
Incentive Units | Exit-Vesting Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents | 958,133 | 300,732 | 1,012,768 | 372,819 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Total Stock-based Compensation Cost Net of Forfeitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 21,528 | $ 37,175 | $ 83,660 | $ 77,179 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 542 | 807 | 2,800 | 2,726 |
Selling and Marketing Expense | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,469 | 3,779 | 7,191 | 4,547 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 10,352 | 22,461 | 44,029 | 43,959 |
Product Development Expense | ||||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 8,165 | $ 10,128 | $ 29,640 | $ 25,947 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||
Jul. 15, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Feb. 15, 2021 Plan | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 21,528,000 | $ 37,175,000 | $ 83,660,000 | $ 77,179,000 | ||
Share price | $ / shares | $ 43 | $ 43 | ||||
Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted-Average Remaining Contractual Term, Outstanding | 10 years | |||||
Exit-Vesting Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 5,000,000 | 16,000,000 | $ 14,000,000 | 19,500,000 | ||
Incremental expense | $ 35,800,000 | |||||
Unrecognized compensation cost to be recognized over a weighted-average period | 3 years | |||||
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 | $ 47,000 | $ 47,000 | ||||
Exit-Vesting Restricted Shares of Class A Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 200,000 | $ 200,000 | ||||
Restricted Shares | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 9 months 18 days | |||||
RSU's | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted average period | 1 year 3 months 18 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 | 2 years 8 months 12 days | |||||
Number of Options, Exercised | shares | 0 | |||||
Unrecognized compensation cost related to options | 18,900,000 | $ 18,900,000 | ||||
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 6 months | |||||
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] | ||||||
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 9 months 18 days | |||||
Number of Options, Exercised | shares | 0 | |||||
Unrecognized compensation cost related to options | 300,000 | $ 300,000 | ||||
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 4 months 24 days | |||||
Exit Vesting Stock Option | 2021 Omnibus Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
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 | 3,200,000 | $ 3,200,000 | ||||
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 7 months 6 days | |||||
Exit-Vesting Incentive Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 9,300,000 | $ 9,300,000 | ||||
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 9 months 18 days | |||||
Exit-Vesting Incentive Units | RSU's | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 4,500,000 | $ 4,500,000 | ||||
Time-Vesting RSUs | RSU's | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 86,200,000 | $ 86,200,000 | ||||
Weighted average period | 2 years 10 months 24 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 | 1 year 9 months 18 days | |||||
Class A Common Stock | 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 | 30,000,000 | ||||
Increased common stock capital shares reserved for future issuance | shares | 12,000,000 | 12,000,000 | ||||
Outstanding common stock, percentage | 5% | 5% | ||||
General and Administrative Expense | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 10,352,000 | $ 22,461,000 | $ 44,029,000 | $ 43,959,000 | ||
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) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend yield | 0% |
Expected volatility | 58% |
Risk-free interest rate | 0.86% |
Expected time to liquidity event (years) | 4 years 8 months 12 days |
Exit-Vesting Awards | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend yield | 0% |
Expected volatility | 60% |
Risk-free rate, Minimum | 2.10% |
Risk-free rate, Maximum | 3.10% |
Expected time to liquidity event (years) | 1 year |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Assumption Ranges and Fair Value Per Unit (Details) | 9 Months Ended | |
Sep. 30, 2023 $ / 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% | |
Volatility | 58% | |
Risk-free rate | 0.86% | |
Exit-Vesting Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Life | 1 year | |
Risk-free rate, Minimum | 2.10% | |
Risk-free rate, Maximum | 3.10% | |
Dividend yield | 0% | |
Volatility | 60% | |
Time Vesting Options Granted | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility, Minimum | 60% | |
Volatility, Maximum | 80% | |
Expected Life | 7 years | |
Risk-free rate, Minimum | 3.70% | |
Risk-free rate, Maximum | 4.40% | |
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 | $ 10 | |
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 | $ 15.3 | |
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 | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 | 3,857,248 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (1,175,615) | |
Number of Awards, Forfeited | (146,094) | |
Number of Awards, Ending balance | 2,535,539 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 13.12 | $ 14.33 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 13.37 | |
Weighted-Average Grant Date Fair Value, Forfeited | 43 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 13.12 | |
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 | 3,724,214 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (1,063,172) | |
Number of Awards, Forfeited | (117,236) | |
Number of Awards, Ending balance | 2,543,806 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 12.67 | 13.81 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 13.32 | |
Weighted-Average Grant Date Fair Value, Forfeited | 12.35 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 12.67 | |
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 | 58,247 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (19,330) | |
Number of Awards, Forfeited | (4,062) | |
Number of Awards, Ending balance | 34,855 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 6.9 | 7.02 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 7.02 | |
Weighted-Average Grant Date Fair Value, Forfeited | 8.06 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 6.9 | |
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 | 55,744 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (15,581) | |
Number of Awards, Forfeited | (4,631) | |
Number of Awards, Ending balance | 35,532 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 17.15 | $ 17.26 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 17.24 | |
Weighted-Average Grant Date Fair Value, Forfeited | 18.14 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 17.15 |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Time Vesting RSUs and Exit Vesting RSUs Granted (Details) - RSU's | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Time-Vesting RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Beginning balance | shares | 4,845,852 |
Number of Awards, Granted | shares | 4,127,622 |
Number of Awards, Vested | shares | (1,476,389) |
Number of Awards, Forfeited | shares | (643,892) |
Number of Awards, Unvested | shares | 6,853,193 |
Number of Awards, Ending balance | shares | 6,853,193 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 32.5 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 21.69 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 32.89 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 31.06 |
Weighted-Average Grant Date Fair Value, Unvested | $ / shares | 26.04 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 26.04 |
Exit Vesting Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Beginning balance | shares | 761,473 |
Number of Awards, Granted | shares | 0 |
Number of Awards, Vested | shares | (170,127) |
Number of Awards, Forfeited | shares | (205,080) |
Number of Awards, Unvested | shares | 386,266 |
Number of Awards, Ending balance | shares | 386,266 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 40.23 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 42.23 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 33.74 |
Weighted-Average Grant Date Fair Value, Unvested | $ / shares | 42.79 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 42.79 |
Stock-based Compensation - Su_5
Stock-based Compensation - Summary of Option Activity Related to Time-Vesting Stock Options and Exit-Vesting Stock Options (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Time-Vesting Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Beginning, Outstanding | shares | 2,946,118 |
Number of Options, Granted | shares | 1,250,466 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | (352,499) |
Number of Options, Ending, Outstanding | shares | 3,844,085 |
Number of Options, Exercisable | shares | 1,029,160 |
Weighted-Average Exercise Price Per Share, Outstanding | $ 35.64 |
Weighted-Average Exercise Price Per Share, Granted | 20.84 |
Weighted-Average Exercise Price Per Share, Exercised | 0 |
Weighted-Average Exercise Price Per Share, Forfeited | 41.16 |
Weighted-Average Exercise Price Per Share, Outstanding | 30.32 |
Weighted-Average Exercise Price Per Share, Exercisable | 37.59 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 20.34 |
Weighted-Average Grant Date Fair Value Per Share, Granted | 13.42 |
Weighted-Average Grant Date Fair Value, Vested | 0 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 21.3 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 17.7 |
Weighted-Average Grant Date Fair Value Per Share, Exercisable | $ 20.57 |
Exit-Vesting Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Beginning, Outstanding | shares | 164,362 |
Number of Options, Granted | shares | 0 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | (84,454) |
Number of Options, Ending, Outstanding | shares | 79,908 |
Number of Options, Exercisable | shares | 31,071 |
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 | 43 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 18.66 |
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 | 15.3 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 22.21 |
Weighted-Average Grant Date Fair Value Per Share, Exercisable | $ 22.21 |
Stock-based Compensation - Su_6
Stock-based Compensation - Summary of Aggregate Intrinsic Value and Weighted Average Remaining Contractual Terms (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Time-Vesting Stock Options | |
Aggregate intrinsic value | |
Options exercisable | $ 0 |
Options outstanding | $ 0 |
Weighted-average remaining contractual term | |
Options outstanding | 8 years 6 months |
Options exercisable | 7 years 8 months 12 days |
Exit-Vesting Stock Options | |
Aggregate intrinsic value | |
Options exercisable | $ 0 |
Options outstanding | $ 0 |
Weighted-average remaining contractual term | |
Options outstanding | 7 years 4 months 24 days |
Options exercisable | 7 years 4 months 24 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Feb. 16, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | |||||
Selling and marketing expense | $ 68,848 | $ 64,316 | $ 197,767 | $ 180,628 | |
TaskUs | |||||
Related Party Transaction [Line Items] | |||||
Subsidiary, Ownership Percentage, Parent | 20% | 20% | |||
IPO | Class A Common Stock | |||||
Related Party Transaction [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 57,500,000 | ||||
Value of shares redeemed during period | $ 1,991,600 | ||||
Stock issued for purchase or redemption of shares | 48,500,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of transactions with related parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Other | |||||
Related Party Transaction [Line Items] | |||||
Marketing costs | $ 1,331 | $ 836 | $ 3,941 | $ 2,362 | |
Cost of revenue | 1,442 | 566 | 3,902 | 1,120 | |
Advertising Revenue | 218 | $ 143 | $ 552 | $ 400 | |
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 | ||||
Other | Revenue | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction Description Of Transaction | Revenue | ||||
Pre-IPO owners [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued expenses and other current liabilities | 0 | $ 0 | $ 8,826 | ||
Payable to related parties pursuant to a tax receivable agreement | $ 416,754 | $ 416,754 | $ 385,486 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
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 September 30, 2023 and December 31, 2022. | 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 September 30, 2023 and December 31, 2022. | |||
United States | Minimum [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, percent | 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 275,510 | $ 232,639 | $ 778,193 | $ 661,875 | |
North America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | [1] | 154,699 | 141,808 | 445,156 | 400,177 |
Rest of the World | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 120,811 | $ 90,831 | $ 333,037 | $ 261,698 | |
[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 | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 13,589 | $ 14,467 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 4,811 | 5,893 |
Czech Republic | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 3,218 | 1,491 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 3,166 | 4,462 |
Rest of the World | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 2,394 | $ 2,621 |
Commitments and Contigencies -
Commitments and Contigencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | May 31, 2023 | |
Loss Contingencies [Line Items] | ||||
Liabilities | $ 1,253,034,000 | $ 1,253,034,000 | $ 1,239,042,000 | |
Costs in connection with the aforementioned matters | 14,000,000 | 19,500,000 | ||
Filing fees | 2,000 | |||
Provisions assessed | 22,000,000 | $ 20,500,000 | ||
Litigation settlement, expense | 18,300,000 | |||
Litigation Settlement, Amount Awarded to Other Party | 18,000,000 | |||
Minimum commitment remaining | $ 10,100,000 | $ 10,100,000 | ||
Purchase Commitment [Member] | ||||
Loss Contingencies [Line Items] | ||||
Commitments period | 18 months | |||
Spend amount | $ 12,000,000 | |||
Purchase Commitment [Member] | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Commitments payment | $ 12,000,000 |