Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Securities Act File Number | 001-40054 | |
Entity Incorporation, State or 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 | |
Title of 12(b) Security | Class A common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 126,198,601 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 262,699 | $ 355,642 |
Accounts receivable (net of allowance of $658 and $648, respectively) | 100,685 | 102,677 |
Other current assets | 30,708 | 34,732 |
Total current assets | 394,092 | 493,051 |
Right-of-use assets | 13,989 | 15,425 |
Property and equipment (net of accumulated depreciation of $17,385 and $15,831, respectively) | 11,675 | 12,462 |
Goodwill | 1,584,842 | 1,585,750 |
Intangible assets, net | 1,469,690 | 1,484,290 |
Deferred tax assets, net | 26,009 | 27,029 |
Other noncurrent assets | 16,652 | 7,120 |
Total assets | 3,516,949 | 3,625,127 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 8,108 | 4,611 |
Deferred revenue | 46,776 | 48,749 |
Accrued expenses and other current liabilities | 140,539 | 185,799 |
Current portion of long-term debt, net | 5,750 | 5,750 |
Total current liabilities | 201,173 | 244,909 |
Long-term debt, net | 614,181 | 615,176 |
Deferred tax liabilities, net | 5,041 | 5,673 |
Payable to related parties pursuant to a tax receivable agreement | 419,323 | 407,389 |
Other long-term liabilities | 14,034 | 14,707 |
Total liabilities | 1,253,752 | 1,287,854 |
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 March 31, 2024 and December 31, 2023, respectively) | 0 | 0 |
Additional paid-in capital | 1,764,917 | 1,772,449 |
Treasury stock (13,123,659 and 7,832,473 shares as of March 31, 2024 and December 31, 2023, respectively) | (119,364) | (73,764) |
Accumulated deficit | (119,467) | (144,084) |
Accumulated other comprehensive income | 76,867 | 79,029 |
Total Bumble Inc. shareholders' equity | 1,604,345 | 1,635,015 |
Noncontrolling interests | 658,852 | 702,258 |
Total shareholders' equity | 2,263,197 | 2,337,273 |
Total liabilities and shareholders' equity | 3,516,949 | 3,625,127 |
Class A Common Stock | ||
Shareholders' Equity: | ||
Common stock | 1,392 | 1,385 |
Class B Common Stock | ||
Shareholders' Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable, net of allowance | $ 658 | $ 648 |
Net of accumulated depreciation | $ 17,385 | $ 15,831 |
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 | 13,123,659 | 7,832,473 |
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 | 139,237,906 | 138,520,102 |
Common stock, shares outstanding | 126,114,247 | 130,687,629 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 267,775 | $ 242,948 |
Operating costs and expenses: | ||
Cost of revenue | 81,289 | 70,580 |
Selling and marketing expense | 63,617 | 63,590 |
General and administrative expense | 20,856 | 49,831 |
Product development expense | 36,017 | 33,152 |
Depreciation and amortization expense | 17,206 | 16,731 |
Total operating costs and expenses | 218,985 | 233,884 |
Operating earnings (loss) | 48,790 | 9,064 |
Interest income (expense), net | (8,918) | (5,219) |
Other income (expense), net | 1,475 | (3,561) |
Income (loss) before income taxes | 41,347 | 284 |
Income tax benefit (provision) | (7,474) | (2,613) |
Net earnings (loss) | 33,873 | (2,329) |
Net earnings (loss) attributable to noncontrolling interests | 9,256 | (718) |
Net earnings (loss) attributable to Bumble Inc. shareholders | $ 24,617 | $ (1,611) |
Net earnings (loss) per share attributable to Bumble Inc. shareholders | ||
Basic earnings (loss) per share attributable to common stockholders | $ 0.19 | $ (0.01) |
Diluted earnings (loss) per share | $ 0.19 | $ (0.01) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ 33,873 | $ (2,329) |
Other comprehensive income (loss), net of tax: | ||
Change in foreign currency translation adjustment | (2,961) | 2,820 |
Total other comprehensive income (loss), net of tax | (2,961) | 2,820 |
Comprehensive income (loss) | 30,912 | 491 |
Comprehensive income (loss) attributable to noncontrolling interests | 8,457 | 68 |
Comprehensive income (loss) attributable to Bumble Inc. shareholders | $ 22,455 | $ 423 |
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, 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) | (2,329) | (1,611) | (1,611) | (718) | |||||
Stock-based compensation expense | 29,257 | 29,257 | 29,257 | ||||||
Impact of Tax Receivable Agreement | (31,389) | (31,389) | (31,389) | ||||||
Cancellation of restricted shares | (27) | (27) | 27 | ||||||
Cancellation of restricted shares, shares | (1,829) | ||||||||
Restricted stock units issued, net of shares withheld for taxes | (9,833) | $ 6 | (7,128) | (7,122) | (2,711) | ||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 573,480 | ||||||||
Exchange of Common Units for Class A common stock | $ 72 | 105,178 | 105,250 | (105,250) | |||||
Exchange of Common Units for Class A common stock, shares | 7,225,238 | ||||||||
Share repurchases | 0 | ||||||||
Distribution to noncontrolling interest holders | (5,409) | (5,409) | |||||||
Other comprehensive loss, net of tax | 2,820 | 2,034 | 2,034 | 786 | |||||
Ending balance at Mar. 31, 2023 | 2,436,696 | $ 1,376 | 1,787,802 | (141,482) | 76,511 | 1,724,207 | 712,489 | ||
Ending balance, shares at Mar. 31, 2023 | 137,571,188 | 20 | |||||||
Beginning balance at Dec. 31, 2023 | 2,337,273 | $ 1,385 | 1,772,449 | $ (73,764) | (144,084) | 79,029 | 1,635,015 | 702,258 | |
Beginning balance, shares at Dec. 31, 2023 | 138,520,102 | 20 | 7,832,473 | ||||||
Net earnings (loss) | 33,873 | 24,617 | 24,617 | 9,256 | |||||
Stock-based compensation expense | 294 | 215 | 215 | 79 | |||||
Impact of Tax Receivable Agreement | (12,001) | (12,001) | (12,001) | ||||||
Cancellation of restricted shares | (93) | (93) | 93 | ||||||
Cancellation of restricted shares, shares | (19,954) | ||||||||
Restricted stock units issued, net of shares withheld for taxes | (5,697) | $ 7 | 4,235 | 4,242 | (9,939) | ||||
Restricted stock units issued, net of shares withheld for taxes, Shares | 731,308 | ||||||||
Exchange of Common Units for Class A common stock | 112 | 112 | (112) | ||||||
Exchange of Common Units for Class A common stock, shares | 6,450 | ||||||||
Share repurchases, shares | 5,291,186 | ||||||||
ShareRepurchaseAmount | (37,556) | $ (45,600) | (45,600) | 8,044 | |||||
Purchase of Common Units | (47,307) | (47,307) | |||||||
Share repurchases | (62,108) | ||||||||
Distribution to noncontrolling interest holders | (2,721) | (2,721) | |||||||
Other comprehensive loss, net of tax | (2,961) | (2,162) | (2,162) | (799) | |||||
Ending balance at Mar. 31, 2024 | $ 2,263,197 | $ 1,392 | $ 1,764,917 | $ (119,364) | $ (119,467) | $ 76,867 | $ 1,604,345 | $ 658,852 | |
Ending balance, shares at Mar. 31, 2024 | 139,237,906 | 20 | 13,123,659 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 33,873 | $ (2,329) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 17,206 | 16,731 |
Changes in fair value of interest rate swaps | (1,578) | 4,233 |
Changes in fair value of contingent earn-out liability | (15,689) | (646) |
Non-cash lease expense | 894 | 862 |
Tax receivable agreement liability remeasurement expense | 230 | |
Deferred income tax | 164 | (2,721) |
Stock-based compensation expense | 26 | 28,584 |
Net foreign exchange difference | 145 | (1,990) |
Other, net | (3,237) | 11,855 |
Changes in assets and liabilities: | ||
Accounts receivable | 3,566 | (26,034) |
Other current assets | (4,267) | (7,060) |
Accounts payable | 3,386 | 6,037 |
Deferred revenue | (1,973) | 1,021 |
Legal liabilities | (17,315) | 0 |
Lease liabilities | (386) | (959) |
Accrued expenses and other current liabilities | (12,880) | (14,164) |
Other, net | 255 | (31) |
Net cash provided by (used in) operating activities | 2,420 | 13,389 |
Cash flows from investing activities: | ||
Capital expenditures | (2,801) | (6,811) |
Net cash provided by (used in) investing activities | (2,801) | (6,811) |
Cash flows from financing activities: | ||
Repayment of term loan | (1,438) | (1,438) |
Distributions paid to noncontrolling interest holders | (2,721) | (5,409) |
Share repurchases | (62,108) | 0 |
Purchase of Common Units | (22,155) | 0 |
Withholding tax paid on behalf of employees on stock-based awards | (5,944) | (9,321) |
Net cash provided by (used in) financing activities | (94,366) | (16,168) |
Effects of exchange rate changes on cash and cash equivalents | 1,598 | (4,261) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (93,149) | (13,851) |
Cash and cash equivalents and restricted cash, beginning of the period | 359,202 | 407,042 |
Cash and cash equivalents and restricted cash, end of the period | 266,053 | 393,191 |
Less restricted cash | (3,354) | (4,236) |
Cash and cash equivalents, end of the period | $ 262,699 | $ 388,955 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 24,617 | $ (1,611) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans Our officers and directors from time to time may adopt trading plans to transact in Bumble Inc. securities for reasons such as satisfying vesting-related income tax requirements, investment diversification, or other personal reasons. During the three months ended March 31, 2024, certain of our officers and directors adopted a pre-arranged stock trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (each such plan, a “Rule 10b5-1 Plan”), as described below. Beehive Holdings III, LP, an entity controlled by Whitney Wolfe Herd , our Executive Chair , adopted a Rule 10b5-1 Plan on March 6, 2024 . The plan provides for the potential exchange of up to 1,100,000 Common Units for an equivalent number of shares of Class A common stock pursuant and subject to the terms of the exchange agreement, dated as of February 10, 2021, by and among Bumble Inc., Buzz Holdings L.P. and holders of Common Units from time to time party thereto, and the associated sale of up to 1,100,000 shares of Class A common stock at certain specified limit prices. Sissie Hsiao , a member of our Board of Director s, adopted a Rule 10b5-1 Plan on March 7, 2024 . Ms. Hsiao’s plan provides for the sale of 8,203 shares of Class A common stock to be received from the vesting of restricted stock units (“RSUs”). The plan is intended to sell shares of Class A common stock to cover the income tax obligations related to the vesting of the RSUs. Ann Mather , our Lead Director , adopted a Rule 10b5-1 Plan on March 8, 2024 . Ms. Mather’s plan provides for the sale of 7,492 shares of Class A common stock to be received from the vesting of RSUs (the intent of such sale being to cover the income tax obligations related to the vesting of the RSUs) and the potential sale of an additional 7,491 shares of Class A common stock which is subject to a specified limit price. Mses. Wolfe Herd’s, Hsiao’s and Mather’s plans will expire on October 23, 2024 , October 4, 2024 and September 8, 2024 , respectively, or upon the earlier completion of all authorized transactions under the plan or if the trading arrangement is otherwise terminated according to its terms. Each of the Rule 10b5-1 Plans described above was adopted in accordance with our Securities Trading Policy. |
Whitney Wolfe Herd | |
Trading Arrangements, by Individual | |
Name | Whitney Wolfe Herd |
Title | Executive Chair |
Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | March 6, 2024 |
Termination Date | October 23, 2024 |
Aggregate Available | 1,100,000 |
Sissie Hsiao | |
Trading Arrangements, by Individual | |
Name | Sissie Hsiao |
Title | Board of Director |
Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | March 7, 2024 |
Termination Date | October 4, 2024 |
Aggregate Available | 8,203 |
Ann Mather | |
Trading Arrangements, by Individual | |
Name | Ann Mather |
Title | Lead Director |
Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | March 8, 2024 |
Termination Date | September 8, 2024 |
Aggregate Available | 7,492 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 and used the proceeds from the issuance to redeem shares of Class A common stock and purchase limited partnership interests of Bumble Holdings (“Common Units”) from entities affiliated with our Sponsor. 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 owners that hold Common Units following the Reclassification 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 172,355,802 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 March 31, 2024. All references to the “Company”, “we”, “our” or “us” in this report are to Bumble Inc. Secondary Offering On March 8, 2023, the Company completed a secondary offering of 13.75 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone (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, which were issued in exchange for Common Units held by the selling stockholders. Bumble did not sell any shares of Class A common stock in the secondary offering 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. All intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), consistent in all material respects with those applied in the Company's 2023 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated statements and notes thereto included in the 2023 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. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Summary of Selected Significant
Summary of Selected Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 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 2023 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. 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 Class A 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. Direct costs and 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. On November 7, 2023, the Company announced an increase in the share repurchase program authorized amount from $ 150.0 million to $ 300.0 million. In March 2024, the Company and Bumble Holdings entered into an agreement with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase 2.5 million shares of its Class A common stock beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone 2.0 million Common Units, which are exchangeable for shares of Class A Common Stock on a one-for-one basis, for an aggregate purchase price of $ 50.0 million. During the three months ended March 31, 2024 , share repurchases were 5.3 million shares of Class A common stock and 2.0 million Common Units for $ 84.4 million, excluding excise tax obligations. As of March 31, 2024, a total of $ 58.7 million remains available for repurchase under the repurchase program. On May 8, 2024, the Company announced an increase in the share repurchase program authorized amount from $ 300.0 million to $ 450.0 million , which increased the amount available for repurchases under the program to $ 208.7 million . Revenue Recognition 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 and estimated breakage revenue associated with unused in-app purchases. 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. During the three months ended March 31, 2024 and 2023, 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 March 31, 2024 Three Months Ended March 31, 2023 Bumble App $ 215,757 $ 194,277 Badoo App and Other 52,018 48,671 Total Revenue $ 267,775 $ 242,948 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 $ 46.8 million and $ 48.7 million as of March 31, 2024 and December 31, 2023, respectively, all of which is classified as a current liability. During the three months ended March 31, 2024 and 2023 , the Company recognized revenue of $ 37.6 million and $ 34.5 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period. Restructuring Charges Restructuring charges consist primarily of severance, relocation, asset impairment and other related costs. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to them and the amount of the benefits can be reasonably estimated. One-time employee termination costs are recognized when management has communicated the termination plan to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and are classified based on each employee’s respective function. See Note 6, Restructuring Charges , for additional information on restructuring charges. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for the Company beginning in fiscal year 2024 and interim periods beginning in the first quarter of 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures . The ASU requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid on an annual basis. ASU 2023-09 is effective for the Company beginning in fiscal year 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The ASU clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective for the Company beginning in the first quarter of 2025. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are not applicable to the Company. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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. The subsidiaries of Bumble Holdings are also subject to income taxes in the foreign jurisdictions in which they operate. For the three months ended March 31, 2024, the Company's effective tax rate was 18.1 % , 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, the impact of Pillar Two minimum taxes and a valuation allowance recorded against certain deferred tax assets arising in the current year. For the three months ended March 31, 2023, our effective tax rate was 920.1 % , 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. |
Payable to Related Parties Purs
Payable to Related Parties Pursuant to a Tax Receivable Agreement | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024. 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, 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 $ 419.3 million related to these benefits as of March 31, 2024. 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 $ 290.5 million for a total liability of $ 709.8 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 statements of operations. During the three months ended March 31, 2024, our tax receivable agreement liability decreased by a net $ 10.9 million due to the following: (1) a $ 23.1 million decrease from tax receivable agreement payments made during the period ended March 31, 2024, and (2) an offsetting increase of $ 12.2 million, primarily due to the effects of the repurchase of Common Units in Bumble Holdings from Blackstone entities and the common stock repurchases completed in the first quarter of 2024. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, net | Note 5 - 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, 2023 $ 1,585,750 Foreign currency translation adjustment ( 908 ) Balance as of March 31, 2024 $ 1,584,842 There were no impairment charges recorded for goodwill for the three months ended March 31, 2024 and 2023. Intangible Assets, net A summary of the Company’s intangible assets, net is as follows (in thousands): March 31, 2024 Gross Accumulated Accumulated Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 42,479 ( 5,997 ) — 36,482 12.0 Developed technology 249,380 ( 206,248 ) — 43,132 0.9 User base 113,742 ( 113,220 ) — 522 0.5 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 30,008 ( 10,723 ) — 19,285 3.8 Total intangible assets, net $ 1,980,262 $ ( 343,141 ) $ ( 167,431 ) $ 1,469,690 December 31, 2023 Gross Accumulated Accumulated Impairment Losses Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 43,309 ( 5,301 ) — 38,008 12.3 Developed technology 249,470 ( 193,777 ) — 55,693 1.1 User base 113,760 ( 113,154 ) — 606 0.5 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 28,549 ( 8,835 ) — 19,714 3.9 Total intangible assets, net $ 1,979,741 $ ( 328,020 ) $ ( 167,431 ) $ 1,484,290 Amortization expense related to intangible assets, net for the three months ended March 31, 2024 and 2023 was $ 15.3 million and $ 14.3 million, respectively. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 6 - Restructuring Charges On February 27, 2024, the Company announced that it adopted a restructuring plan (the “Restructuring Plan”) t o reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. As a result, we expect to incur approximately $ 20.0 million to $ 22.0 million of non-recurring charges during the first three quarters of 2024, consisting primarily of employee severance, benefits, and related charges for impacted employees. The Restructuring Pla n is expected to be completed in the third quarter of 2024. The following table presents the total restructuring charges by function (in thousands): Three Months Ended March 31, 2024 Cost of revenue $ 920 Selling and marketing 3,084 General and administrative 4,591 Product development 8,021 Total $ 16,616 As of March 31, 2024, the $ 13.9 million remaining restructuring liability consists primarily of accrued severance costs, which are included in "Accrued expenses and other current liabilities" in the accompanying condensed consolidated balance sheets. The following table summarizes the restructuring-related liabilities (in thousands): Employee Related Benefits Other Total Balance as of December 31, 2023 $ — $ — $ — Restructuring charges 15,787 829 16,616 Cash payments ( 2,716 ) — ( 2,716 ) Balance as of March 31, 2024 $ 13,071 $ 829 $ 13,900 |
Other Financial Data
Other Financial Data | 3 Months Ended |
Mar. 31, 2024 | |
Other Financial Data Disclosure [Abstract] | |
Other Financial Data | Other Financial Data Consolidated Balance Sheets Information Other current assets are comprised of the following balances (in thousands): March 31, 2024 December 31, 2023 Capitalized aggregator fees $ 11,891 $ 12,390 Prepayments 15,455 9,831 Other current assets 3,362 12,511 Total other current assets $ 30,708 $ 34,732 Accrued expenses and other current liabilities are comprised of the following balances (in thousands): March 31, 2024 December 31, 2023 Legal liabilities $ 48,443 $ 65,761 Payroll and related expenses 33,099 29,355 Marketing expenses 21,702 22,622 Professional fees 9,805 8,724 Lease liabilities 1,109 1,171 Income tax payable 4,624 958 Contingent earn-out liability 7,069 22,758 Payable to related parties pursuant to a tax receivable agreement — 22,807 Other accrued expenses and other payables 14,688 11,643 Total accrued expenses and other current liabilities $ 140,539 $ 185,799 Other long-term liabilities are comprised of the following balances (in thousands): March 31, 2024 December 31, 2023 Lease liabilities $ 12,414 $ 13,273 Other liabilities 1,620 1,434 Total other liabilities $ 14,034 $ 14,707 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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): March 31, 2024 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 166,896 $ — $ — $ 166,896 Derivative asset — 9,866 — 9,866 Investments in equity securities — — 1,735 1,735 $ 166,896 $ 9,866 $ 1,735 $ 178,497 Liabilities: Contingent earn-out liability $ — $ — $ 7,069 $ 7,069 $ — $ — $ 7,069 $ 7,069 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 237,087 $ — $ — $ 237,087 Derivative asset — 8,288 — 8,288 Investments in equity securities — — 1,735 1,735 $ 237,087 $ 8,288 $ 1,735 $ 247,110 Liabilities: Contingent earn-out liability $ — $ — $ 22,758 $ 22,758 $ — $ — $ 22,758 $ 22,758 There were no transfers between levels between March 31, 2024 and December 31, 2023. 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 uses interest rate derivative instruments to manage the risk related to fluctuating cash flows from interest rate changes on the debt. These instruments are not designated as hedges for accounting purposes and are recorded in “Other current assets,” “Other noncurrent assets,” “Accrued expense and other current liabilities” or “Other long-term liabilities,” with changes in fair value recognized in “Other income (expense), net.” The Company's derivative asset, which consists of interest rate swaps, is measured at fair value on a recurring basis using observable market data (Level 2) and totaled $ 9.9 million and $ 8.3 million as of March 31, 2024 and December 31, 2023, respectively. The fair value of interest rate swaps is estimated using a combined income and market-based valuation methodology based on Level 2 inputs, including forward interest rate yield curves obtained from independent pricing services. Derivative assets are included in “Other noncurrent assets” as of March 31, 2024 and “Other current assets” as of December 31, 2023 in the accompanying condensed consolidated balance sheets. The Company’s contingent earn-out liability is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) and totaled $ 7.1 million and $ 22.8 million as of March 31, 2024 and December 31, 2023, respectively. Contingent earn-out liability is included in “Accrued expenses and other current liabilities” in the accompanying condensed consolidated balance sheets. As of March 31, 2024 , 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 March 31, 2024 and December 31, 2023, the fair value of the contingent earn-out liability reflects a risk-free rate of 5.2 % a nd 5.0 %, respectively. 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 $( 15.7 ) million and $( 0.6 ) million for the three months ended March 31, 2024 and 2023, respectively . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt is comprised of the following (in thousands): March 31, 2024 December 31, 2023 Term Loan due January 29, 2027 $ 625,625 $ 627,063 Less: unamortized debt issuance costs 5,694 6,137 Less: current portion of debt, net 5,750 5,750 Total long-term debt, net $ 614,181 $ 615,176 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 “Credit Agreement”), which 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. 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”). On March 20, 2023, in connection with a Benchmark Discontinuation Event, the Company entered into Amendment No. 2 to the 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 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 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 March 31, 2024 we re 8.18 % and 8.68 %, 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 March 31, 2024, and at all times during the three months ended March 31, 2024, 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 March 31, 2024 . 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. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Note 10 - 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 March 31, 2024 Three Months Ended March 31, 2023 Numerator: Net earnings (loss) $ 33,873 $ ( 2,329 ) Net earnings (loss) attributable to noncontrolling interests 9,256 ( 718 ) Net earnings (loss) attributable to Bumble Inc. shareholders $ 24,617 $ ( 1,611 ) 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 March 31, 2024 Three Months Ended March 31, 2023 Basic earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 24,617 $ ( 1,614 ) Less: net earnings (loss) attributable to participating securities 8 — Net earnings (loss) attributable to common stockholders $ 24,609 $ ( 1,614 ) Denominator Weighted average number of shares of Class A common stock outstanding 128,733,487 131,924,371 Basic earnings (loss) per share attributable to common stockholders $ 0.19 $ ( 0.01 ) Diluted earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 24,409 $ ( 1,614 ) Less: net earnings (loss) attributable to participating securities 8 — Net earnings (loss) attributable to common stockholders $ 24,401 $ ( 1,614 ) Denominator Number of shares used in basic computation 128,733,487 131,924,371 Weighted average shares of Class A common stock outstanding used to calculate diluted earnings (loss) per share 128,733,487 131,924,371 Diluted earnings (loss) per share attributable to common stockholders $ 0.19 $ ( 0.01 ) 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 March 31, 2024 Three Months Ended March 31, 2023 Time-vesting awards: Options 4,970,332 3,902,069 Restricted shares — 38,669 RSUs 5,976,075 6,810,786 Incentive units 1,090,930 3,017,321 Total time-vesting awards 12,037,337 13,768,845 Exit-vesting awards: Options 69,590 95,154 Restricted shares — 49,378 RSUs 259,449 502,251 Incentive units 1,432,665 3,363,792 Total exit-vesting awards 1,761,704 4,010,575 Total 13,799,041 17,779,420 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Total stock-based compensation cost, net of forfeitures, was as follows: (In thousands) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Cost of revenue $ 545 $ 1,138 Selling and marketing expense ( 2,862 ) 3,527 General and administrative expense ( 1,506 ) 14,817 Product development expense 3,849 9,102 Total stock-based compensation expense $ 26 $ 28,584 During the three months ended March 31, 2024, stock-based compensation expense decreased due to forfeitures for terminations including the reduction in force related to the Restructuring Plan. Incentive Units in Bumble Holdings The following table summarizes information around Incentive Units in Bumble Holdings: Time-Vesting Incentive Units Exit-Vesting Incentive Units Number of Weighted- Number of Weighted- Unvested as of December 31, 2023 2,014,042 $ 13.11 1,817,295 $ 12.89 Granted — — — — Vested ( 791,238 ) 12.12 ( 274,735 ) 12.58 Forfeited ( 131,874 ) 19.83 ( 109,895 ) 14.12 Unvested as of March 31, 2024 1,090,930 $ 13.02 1,432,665 $ 12.42 As of March 31, 2024 , total unrecognized compensation cost related to the Time-Vesting Incentive Units is $ 1.4 million, which is expected to be recognized over a weighted-average period of 1.0 years. Total unrecognized compensation cost related to the Exit-Vesting Incentive Units is $ 3.3 million, which is expected to be recognized over a weighted-average period of 1 . 3 years. Restricted Shares of Class A Common Stock in Bumble Inc. The following table summarizes information around restricted shares in the Company: Time-Vesting Exit-Vesting Number of Weighted- Number of Weighted- Unvested as of December 31, 2023 32,255 $ 6.87 28,386 $ 17.13 Granted — — — — Vested ( 15,599 ) 6.73 ( 3,810 ) 17.16 Forfeited ( 7,952 ) 6.73 ( 12,002 ) 17.01 Unvested as of March 31, 2024 8,704 $ 7.23 12,574 $ 17.23 As of March 31, 2024, total unrecogniz ed compensation cost related to the Time-Vesting restricted shares is $ 11.3 thousand, which is expected to be recognized over a weighted-average period of 0 . 9 years. Total unrecognized compensation cost related to the Exit-Vesting restricted shares is $ 51.4 thousand, which is expected to be recognized over a weighted-average period of 1 . 3 years. RSUs in Bumble Inc. The following table summarizes information around RSUs in the Company: Time-Vesting RSUs Exit-Vesting RSUs Number of Weighted- Number of Weighted- Unvested as of December 31, 2023 6,557,643 $ 25.41 333,296 $ 42.79 Granted 1,580,177 12.93 — — Vested ( 1,159,546 ) 28.35 ( 50,968 ) 42.79 Forfeited ( 1,002,199 ) 25.67 ( 22,879 ) 42.79 Unvested as of March 31, 2024 5,976,075 $ 21.49 259,449 $ 42.79 During the three months ended March 31, 2024 and 2023 , the total fair value of RSUs as of the respective vesting dates was $ 15.9 million and $ 24.6 million, respectively. As of March 31, 2024, total unrec ognized compensation cost related to the Time-Vesting RSUs is $ 61.4 million, which is expected to be recognized over a weighted-average period of 2. 8 years. Total unrecognized compensation cost related to the Exit-Vesting RSUs is $ 2.1 million, which is expected to be recognized over a weighted-average period of 1 . 3 years. Options The following assumptions were utilized to calculate t he fair value of Time-Vesting Options granted during the three months ended March 31, 2024: March 31, 2024 Volatility 58 % Expected Life 7.0 years Risk-free rate 4.0 % - 4.2 % Fair value per unit $ 6.73 - $ 8.95 Dividend yield 0.0 % The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options : March 31, 2024 Number of Weighted- Weighted- Outstanding as of December 31, 2023 3,528,145 $ 30.87 $ 17.75 Granted 2,127,265 13.13 8.11 Exercised — — — Forfeited and expired ( 685,078 ) 27.35 16.58 Outstanding as of March 31, 2024 4,970,332 $ 23.76 $ 13.79 Exercisable as of March 31, 2024 1,668,920 $ 35.09 $ 19.66 The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options : March 31, 2024 Number of Weighted- Weighted- Outstanding as of December 31, 2023 79,908 $ 43.00 $ 22.21 Granted — — — Exercised — — — Forfeited ( 10,318 ) 43.00 22.21 Outstanding as of March 31, 2024 69,590 $ 43.00 $ 22.21 Exercisable as of March 31, 2024 43,783 $ 43.00 $ 22.21 As of March 31, 2024, total unrecognized compensation cost relate d to the Time-Vesting options is $ 21.9 million, which is expected to be recognized over a weighted-average period of 3 . 3 years. Total unrecognized compensation cost related to the Exit-Vesting options is $ 0.1 million, which is expected to be recognized over a weighted-average period of 1 . 3 years. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12 - 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 March 31, 2024 Three Months Ended March 31, 2023 Other Marketing costs Selling and marketing expense $ 1,622 $ 1,232 Other Moderator costs Cost of revenue 1,592 1,123 Other Advertising revenue Revenue 311 176 Other Tax receivable agreement liability remeasurement benefit Other income (expense), net 230 — Related Party relationship Type of Transaction Financial Statement Line March 31, 2024 December 31, 2023 Other Tax receivable agreement Payable to related parties pursuant to a tax receivable agreement $ 419,323 $ 430,196 Shareholder Repurchase of Class A common stock and Common Units Treasury stock and Noncontrolling interests 50,000 100,000 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 ). Share Repurchase In March 2024, the Company and Bumble Holdings entered into an agreement with certain entities affiliated with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase approximately 2.5 million shares of its Class A common stock beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone approximately 2.0 million Common Units, which are exchangeable for shares of Class A common stock on a one-for-one basis, for an aggregate purchase price of $ 50.0 million. 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 20 % of ownership interests, for moderator services. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Note 13 - 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 March 31, 2024 Three Months Ended March 31, 2023 North America (1) $ 143,594 $ 143,073 Rest of the world 124,181 99,875 Total $ 267,775 $ 242,948 (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 months ended March 31, 2024 and 2023 . |
Commitments and Contigencies
Commitments and Contigencies | 3 Months Ended |
Mar. 31, 2024 | |
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. These matters are subject to inherent uncertainties and it is possible that an unfavorable outcome of one or more of these legal proceedings or other contingencies could have a material impact on the business, financial condition, or results of operations of the Company. Litigation Related to the Illinois Biometric Information Privacy Act (the “BIPA”) In late 2021 and early 2022, four putative class action lawsuits were filed against the Company alleging that certain features of the Badoo or Bumble apps violate the Illinois BIPA. Each of 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. The parties in some of these lawsuits have filed motions with the court on procedural issues and some of the lawsuits have been narrowed. The parties have engaged in settlement discussions and an agreement in principle has been reached. An accrual has been made based on the probable and estimable loss. In February 2024, an additional class action lawsuit was filed in Illinois alleging that certain features of Bumble app violate BIPA. This case is in an early stage and the Company cannot predict at this point the length of time that this matter will be ongoing, or the outcome or the liability, if any, which may arise therefrom. Between September 2023 and March 2024, the Company received approximately 29,000 pre-arbitration demands regarding Bumble’s alleged violation of BIPA. The parties have engaged in settlement discussions and an agreement in principle has been reached. For the three months ended March 31, 2024, we recorded approximately $ 2.5 million in costs in connection with the aforementioned matters. Proceedings Related to the September 2021 Secondary Public Stock Offering (the “SPO”) 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 asserting claims under the U.S. federal securities laws that the Registration Statement and prospectus used for the SPO 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 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 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, 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. In November 2023, Bumble formed a Special Litigation Committee (“SLC”) to investigate the claims at-issue in the In Re Bumble Inc. Stockholder Derivative Litigation pending in the United States District Court for the District of Delaware and Delaware Court of Chancery, as well as the William B. Federman Irrevocable Trust and Dana Messana litigation demands. In January 2024, the Delaware Court of Chancery entered an order staying the litigation for 180 days while the SLC investigation is ongoing, and the United States District Court for the District of Delaware so-ordered a stipulation similarly staying the litigation until July 15, 2024 while the SLC investigation is ongoing. 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. Proceedings Related to the California Unruh Civil Rights Act (the "Unruh Act") Between June 2023 and August 2023, the Company received over 20,000 pre-arbitration demands or demands for arbitration regarding Bumble’s alleged violation of the Unruh Act as a result of its “women message first” feature. We agreed to enter into mediations and, as a result, the arbitrations were stayed pending resolution of the mediations. The mediations concluded successfully, and the Company has made settlement offers to each of the individual claimants based on the outcomes of the mediations. Although the Company expects that most claimants will accept the settlement offers and that most demands will be withdrawn and dismissed, certain claimants who reject the settlement offers 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 arbitrations. An accrual has been made based on the probable and estimable loss. On April 9, 2024, a putative class action complaint was filed against the Company in the United States District Court for the Central District of California, also alleging that Bumble’s “women message first” feature violates the Unruh Act. Plaintiffs in these lawsuits seek declaratory and injunctive relief, statutory damages, and attorneys’ fees and costs. The Company is evaluating the complaint and cannot predict at this point the length of time that this matter will be ongoing, the outcome or the liability, if any, which may arise therefrom. From time to time, the Company is subject to patent litigations asserted by non-practicing entities. As of March 31, 2024 and December 31, 2023, the Company determined that provisions of $ 48.4 million and $ 65.8 million, respectively, reflect our best estimate of any probable future obligation for the Company’s litigations. The provisions as of March 31, 2024 and December 31, 2023, include amounts accrued in connection with the litigation related to the BIPA and mass arbitrations described above. During the three months ended March 31, 2024, the Company paid $ 19.8 million to settle litigation matters, which amount is accordingly no longer reflected in the provision as of March 31, 2024. Legal expenses are included in “General and administrative expense” in the accompanying 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 March 31, 2024, our minimum commitment remaining i s $ 6.7 million . |
Summary of Selected Significa_2
Summary of Selected Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. |
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 Class A 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. Direct costs and 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. On November 7, 2023, the Company announced an increase in the share repurchase program authorized amount from $ 150.0 million to $ 300.0 million. In March 2024, the Company and Bumble Holdings entered into an agreement with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase 2.5 million shares of its Class A common stock beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone 2.0 million Common Units, which are exchangeable for shares of Class A Common Stock on a one-for-one basis, for an aggregate purchase price of $ 50.0 million. During the three months ended March 31, 2024 , share repurchases were 5.3 million shares of Class A common stock and 2.0 million Common Units for $ 84.4 million, excluding excise tax obligations. As of March 31, 2024, a total of $ 58.7 million remains available for repurchase under the repurchase program. On May 8, 2024, the Company announced an increase in the share repurchase program authorized amount from $ 300.0 million to $ 450.0 million , which increased the amount available for repurchases under the program to $ 208.7 million . |
Revenue Recognition | Revenue Recognition 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 and estimated breakage revenue associated with unused in-app purchases. 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. During the three months ended March 31, 2024 and 2023, 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 March 31, 2024 Three Months Ended March 31, 2023 Bumble App $ 215,757 $ 194,277 Badoo App and Other 52,018 48,671 Total Revenue $ 267,775 $ 242,948 |
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 $ 46.8 million and $ 48.7 million as of March 31, 2024 and December 31, 2023, respectively, all of which is classified as a current liability. During the three months ended March 31, 2024 and 2023 , the Company recognized revenue of $ 37.6 million and $ 34.5 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period. |
Restructuring Charges | Restructuring Charges Restructuring charges consist primarily of severance, relocation, asset impairment and other related costs. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to them and the amount of the benefits can be reasonably estimated. One-time employee termination costs are recognized when management has communicated the termination plan to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and are classified based on each employee’s respective function. See Note 6, Restructuring Charges , for additional information on restructuring charges. |
Recently Adopted Accounting Pronouncement | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for the Company beginning in fiscal year 2024 and interim periods beginning in the first quarter of 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures . The ASU requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid on an annual basis. ASU 2023-09 is effective for the Company beginning in fiscal year 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The ASU clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective for the Company beginning in the first quarter of 2025. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are not applicable to the Company. |
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 March 31, 2024 Three Months Ended March 31, 2023 Bumble App $ 215,757 $ 194,277 Badoo App and Other 52,018 48,671 Total Revenue $ 267,775 $ 242,948 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 $ 1,585,750 Foreign currency translation adjustment ( 908 ) Balance as of March 31, 2024 $ 1,584,842 |
Summary of Intangible Assets, Net | A summary of the Company’s intangible assets, net is as follows (in thousands): March 31, 2024 Gross Accumulated Accumulated Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 42,479 ( 5,997 ) — 36,482 12.0 Developed technology 249,380 ( 206,248 ) — 43,132 0.9 User base 113,742 ( 113,220 ) — 522 0.5 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 30,008 ( 10,723 ) — 19,285 3.8 Total intangible assets, net $ 1,980,262 $ ( 343,141 ) $ ( 167,431 ) $ 1,469,690 December 31, 2023 Gross Accumulated Accumulated Impairment Losses Net Weighted- Brands - indefinite-lived $ 1,511,269 $ — $ ( 141,000 ) $ 1,370,269 Indefinite Brands - definite-lived 43,309 ( 5,301 ) — 38,008 12.3 Developed technology 249,470 ( 193,777 ) — 55,693 1.1 User base 113,760 ( 113,154 ) — 606 0.5 White label contracts 33,384 ( 6,953 ) ( 26,431 ) — — Other 28,549 ( 8,835 ) — 19,714 3.9 Total intangible assets, net $ 1,979,741 $ ( 328,020 ) $ ( 167,431 ) $ 1,484,290 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of total restructuring changes by function | The following table presents the total restructuring charges by function (in thousands): Three Months Ended March 31, 2024 Cost of revenue $ 920 Selling and marketing 3,084 General and administrative 4,591 Product development 8,021 Total $ 16,616 |
Summary of restructuring related liabilities | The following table summarizes the restructuring-related liabilities (in thousands): Employee Related Benefits Other Total Balance as of December 31, 2023 $ — $ — $ — Restructuring charges 15,787 829 16,616 Cash payments ( 2,716 ) — ( 2,716 ) Balance as of March 31, 2024 $ 13,071 $ 829 $ 13,900 |
Other Financial Data (Tables)
Other Financial Data (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Financial Data Disclosure [Abstract] | |
Summary of Other Current Assets | Other current assets are comprised of the following balances (in thousands): March 31, 2024 December 31, 2023 Capitalized aggregator fees $ 11,891 $ 12,390 Prepayments 15,455 9,831 Other current assets 3,362 12,511 Total other current assets $ 30,708 $ 34,732 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following balances (in thousands): March 31, 2024 December 31, 2023 Legal liabilities $ 48,443 $ 65,761 Payroll and related expenses 33,099 29,355 Marketing expenses 21,702 22,622 Professional fees 9,805 8,724 Lease liabilities 1,109 1,171 Income tax payable 4,624 958 Contingent earn-out liability 7,069 22,758 Payable to related parties pursuant to a tax receivable agreement — 22,807 Other accrued expenses and other payables 14,688 11,643 Total accrued expenses and other current liabilities $ 140,539 $ 185,799 |
Summary of Other Non-current Liabilities | Other long-term liabilities are comprised of the following balances (in thousands): March 31, 2024 December 31, 2023 Lease liabilities $ 12,414 $ 13,273 Other liabilities 1,620 1,434 Total other liabilities $ 14,034 $ 14,707 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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): March 31, 2024 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 166,896 $ — $ — $ 166,896 Derivative asset — 9,866 — 9,866 Investments in equity securities — — 1,735 1,735 $ 166,896 $ 9,866 $ 1,735 $ 178,497 Liabilities: Contingent earn-out liability $ — $ — $ 7,069 $ 7,069 $ — $ — $ 7,069 $ 7,069 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Assets: Cash equivalent - money market funds $ 237,087 $ — $ — $ 237,087 Derivative asset — 8,288 — 8,288 Investments in equity securities — — 1,735 1,735 $ 237,087 $ 8,288 $ 1,735 $ 247,110 Liabilities: Contingent earn-out liability $ — $ — $ 22,758 $ 22,758 $ — $ — $ 22,758 $ 22,758 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Total debt is comprised of the following (in thousands): March 31, 2024 December 31, 2023 Term Loan due January 29, 2027 $ 625,625 $ 627,063 Less: unamortized debt issuance costs 5,694 6,137 Less: current portion of debt, net 5,750 5,750 Total long-term debt, net $ 614,181 $ 615,176 |
Earnings (Loss) per Share _ Uni
Earnings (Loss) per Share / Unit (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Three Months Ended March 31, 2023 Numerator: Net earnings (loss) $ 33,873 $ ( 2,329 ) Net earnings (loss) attributable to noncontrolling interests 9,256 ( 718 ) Net earnings (loss) attributable to Bumble Inc. shareholders $ 24,617 $ ( 1,611 ) 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 March 31, 2024 Three Months Ended March 31, 2023 Basic earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 24,617 $ ( 1,614 ) Less: net earnings (loss) attributable to participating securities 8 — Net earnings (loss) attributable to common stockholders $ 24,609 $ ( 1,614 ) Denominator Weighted average number of shares of Class A common stock outstanding 128,733,487 131,924,371 Basic earnings (loss) per share attributable to common stockholders $ 0.19 $ ( 0.01 ) Diluted earnings (loss) per share attributable to common stockholders Numerator Allocation of net earnings (loss) attributable to Bumble Inc. shareholders $ 24,409 $ ( 1,614 ) Less: net earnings (loss) attributable to participating securities 8 — Net earnings (loss) attributable to common stockholders $ 24,401 $ ( 1,614 ) Denominator Number of shares used in basic computation 128,733,487 131,924,371 Weighted average shares of Class A common stock outstanding used to calculate diluted earnings (loss) per share 128,733,487 131,924,371 Diluted earnings (loss) per share attributable to common stockholders $ 0.19 $ ( 0.01 ) |
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 March 31, 2024 Three Months Ended March 31, 2023 Time-vesting awards: Options 4,970,332 3,902,069 Restricted shares — 38,669 RSUs 5,976,075 6,810,786 Incentive units 1,090,930 3,017,321 Total time-vesting awards 12,037,337 13,768,845 Exit-vesting awards: Options 69,590 95,154 Restricted shares — 49,378 RSUs 259,449 502,251 Incentive units 1,432,665 3,363,792 Total exit-vesting awards 1,761,704 4,010,575 Total 13,799,041 17,779,420 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Total Stock-based Compensation Cost | Total stock-based compensation cost, net of forfeitures, was as follows: (In thousands) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Cost of revenue $ 545 $ 1,138 Selling and marketing expense ( 2,862 ) 3,527 General and administrative expense ( 1,506 ) 14,817 Product development expense 3,849 9,102 Total stock-based compensation expense $ 26 $ 28,584 |
Summary of Assumption Ranges and Fair Value Per Unit | The following assumptions were utilized to calculate t he fair value of Time-Vesting Options granted during the three months ended March 31, 2024: March 31, 2024 Volatility 58 % Expected Life 7.0 years Risk-free rate 4.0 % - 4.2 % Fair value per unit $ 6.73 - $ 8.95 Dividend yield 0.0 % |
Incentive Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Around Incentive Units in Bumble Holdings | The following table summarizes information around Incentive Units in Bumble Holdings: Time-Vesting Incentive Units Exit-Vesting Incentive Units Number of Weighted- Number of Weighted- Unvested as of December 31, 2023 2,014,042 $ 13.11 1,817,295 $ 12.89 Granted — — — — Vested ( 791,238 ) 12.12 ( 274,735 ) 12.58 Forfeited ( 131,874 ) 19.83 ( 109,895 ) 14.12 Unvested as of March 31, 2024 1,090,930 $ 13.02 1,432,665 $ 12.42 |
RSU's | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information about Restricted Shares | The following table summarizes information around restricted shares in the Company: Time-Vesting Exit-Vesting Number of Weighted- Number of Weighted- Unvested as of December 31, 2023 32,255 $ 6.87 28,386 $ 17.13 Granted — — — — Vested ( 15,599 ) 6.73 ( 3,810 ) 17.16 Forfeited ( 7,952 ) 6.73 ( 12,002 ) 17.01 Unvested as of March 31, 2024 8,704 $ 7.23 12,574 $ 17.23 |
Summary of Time Vesting RSUs and Exit Vesting RSUs Granted | The following table summarizes information around RSUs in the Company: Time-Vesting RSUs Exit-Vesting RSUs Number of Weighted- Number of Weighted- Unvested as of December 31, 2023 6,557,643 $ 25.41 333,296 $ 42.79 Granted 1,580,177 12.93 — — Vested ( 1,159,546 ) 28.35 ( 50,968 ) 42.79 Forfeited ( 1,002,199 ) 25.67 ( 22,879 ) 42.79 Unvested as of March 31, 2024 5,976,075 $ 21.49 259,449 $ 42.79 |
Time-Vesting Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Time Vesting RSUs and Exit Vesting RSUs Granted | The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options : March 31, 2024 Number of Weighted- Weighted- Outstanding as of December 31, 2023 3,528,145 $ 30.87 $ 17.75 Granted 2,127,265 13.13 8.11 Exercised — — — Forfeited and expired ( 685,078 ) 27.35 16.58 Outstanding as of March 31, 2024 4,970,332 $ 23.76 $ 13.79 Exercisable as of March 31, 2024 1,668,920 $ 35.09 $ 19.66 |
Exit-Vesting Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Related to Time-Vesting Stock Options and Exit-Vesting Stock Options | The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options : March 31, 2024 Number of Weighted- Weighted- Outstanding as of December 31, 2023 79,908 $ 43.00 $ 22.21 Granted — — — Exercised — — — Forfeited ( 10,318 ) 43.00 22.21 Outstanding as of March 31, 2024 69,590 $ 43.00 $ 22.21 Exercisable as of March 31, 2024 43,783 $ 43.00 $ 22.21 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Three Months Ended March 31, 2023 Other Marketing costs Selling and marketing expense $ 1,622 $ 1,232 Other Moderator costs Cost of revenue 1,592 1,123 Other Advertising revenue Revenue 311 176 Other Tax receivable agreement liability remeasurement benefit Other income (expense), net 230 — Related Party relationship Type of Transaction Financial Statement Line March 31, 2024 December 31, 2023 Other Tax receivable agreement Payable to related parties pursuant to a tax receivable agreement $ 419,323 $ 430,196 Shareholder Repurchase of Class A common stock and Common Units Treasury stock and Noncontrolling interests 50,000 100,000 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Three Months Ended March 31, 2023 North America (1) $ 143,594 $ 143,073 Rest of the world 124,181 99,875 Total $ 267,775 $ 242,948 (1) North America revenue includes revenue from the United States and Canada. |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 08, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Class Of Stock [Line Items] | |||
General and administrative expense | $ 20,856 | $ 49,831 | |
Class A Common Stock | |||
Class Of Stock [Line Items] | |||
Assumed shares outstanding upon exchange of common units on one-for-one basis | 172,355,802 | ||
Class A Common Stock | Secondary Offering | |||
Class Of Stock [Line Items] | |||
Number of shares issued | 13,750,000 | ||
Offering price per share | $ 22.8 | ||
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs | $ 7,200 |
Summary of Selected Significa_4
Summary of Selected Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | May 08, 2024 | Dec. 31, 2023 | May 31, 2023 | |
Product Information [Line Items] | |||||
Deferred revenue | $ 46,776 | $ 48,749 | |||
Deferred revenue recognized | 37,600 | $ 34,500 | |||
Share Repurchase Program [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchased during period, value | $ 84,400 | ||||
Share Repurchase Program [Member] | Subsequent Event [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchase program, remaining authorized amount | $ 208,700 | ||||
Minimum [Member] | Share Repurchase Program [Member] | Subsequent Event [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchase program, authorized amount | 300,000 | ||||
Maximum [Member] | Share Repurchase Program [Member] | Subsequent Event [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchase program, authorized amount | $ 450,000 | ||||
Common Stock | Share Repurchase Program [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchased during period, shares | 2 | ||||
Stock repurchased during period, value | $ 50,000 | ||||
Blackstone [Member] | Common Stock | Share Repurchase Program [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchased during period, shares | 2 | ||||
Class A Common Stock | Share Repurchase Program [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchased during period, shares | 5.3 | ||||
Stock repurchase program, authorized amount | $ 150,000 | ||||
Stock repurchase program, remaining authorized amount | $ 58,700 | ||||
Class A Common Stock | Minimum [Member] | Share Repurchase Program [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchase program, authorized amount | 150,000 | ||||
Class A Common Stock | Maximum [Member] | Share Repurchase Program [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchase program, authorized amount | $ 300,000 | ||||
Class A Common Stock | Blackstone [Member] | |||||
Product Information [Line Items] | |||||
Stock repurchased during period, shares | 2.5 |
Summary of Selected Significa_5
Summary of Selected Significant Accounting Policies - Summary of Revenue Across Apps (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Revenue | $ 267,775 | $ 242,948 |
Bumble App | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 215,757 | 194,277 |
Badoo App and Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | $ 52,018 | $ 48,671 |
Revisions of Previously-Issued
Revisions of Previously-Issued Financial Statements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Goodwill | $ 1,584,842 | $ 1,585,750 | ||
Other noncurrent assets | 16,652 | 7,120 | ||
Total assets | 3,516,949 | 3,625,127 | ||
Accrued expenses and other current liabilities | 140,539 | 185,799 | ||
Deferred revenue | 46,776 | 48,749 | ||
Current portion of long-term debt, net | 5,750 | 5,750 | ||
Total current liabilities | 201,173 | 244,909 | ||
Long-term debt, net | 614,181 | 615,176 | ||
Deferred tax liabilities, net | 5,041 | 5,673 | ||
Total liabilities | 1,253,752 | 1,287,854 | ||
Accumulated deficit | (119,467) | (144,084) | ||
Accumulated other comprehensive income | 76,867 | 79,029 | ||
Total Bumble Inc. shareholders' equity | 1,604,345 | 1,635,015 | ||
Noncontrolling interests | 658,852 | 702,258 | ||
Total shareholders' equity | 2,263,197 | 2,337,273 | $ 2,436,696 | $ 2,453,579 |
Total liabilities and shareholders' equity | $ 3,516,949 | $ 3,625,127 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Cost of Revenue | $ 2,500 | |
General and administrative expense | 20,856 | $ 49,831 |
Operating earnings (loss) | 48,790 | 9,064 |
Income (loss) before income taxes | (41,347) | (284) |
Income tax benefit (provision) | (7,474) | (2,613) |
Net earnings (loss) | 33,873 | (2,329) |
Net earnings (loss) attributable to noncontrolling interests | 9,256 | (718) |
Net earnings (loss) attributable to Bumble Inc. shareholders | 24,617 | (1,611) |
Change in foreign currency translation adjustment | (2,961) | 2,820 |
Other comprehensive loss, net of tax | (2,961) | 2,820 |
Comprehensive income (loss) | 30,912 | 491 |
Comprehensive income (loss) attributable to noncontrolling interests | 8,457 | 68 |
Comprehensive income (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners | $ 22,455 | $ 423 |
Net earnings (loss) per share attributable to Bumble Inc. shareholders | ||
Basic earnings (loss) per share attributable to common stockholders | $ 0.19 | $ (0.01) |
Diluted earnings (loss) per share | $ 0.19 | $ (0.01) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 33,873 | $ (2,329) |
Deferred income tax | 164 | (2,721) |
Net foreign exchange difference | 145 | (1,990) |
Other, net | 3,237 | (11,855) |
Deferred revenue | (1,973) | 1,021 |
Accrued expenses and other current liabilities | (12,880) | (14,164) |
Changes in assets and liabilities: Other, net | (255) | 31 |
Net cash provided by (used in) operating activities | 2,420 | 13,389 |
Cash flows from financing activities: | ||
Repayment of term loan | (1,438) | (1,438) |
Withholding tax paid on behalf of employees on stock-based awards | (5,944) | (9,321) |
Net cash provided by (used in) financing activities | $ (94,366) | $ (16,168) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Income Tax Disclosure [Line Items] | ||
Federal income tax rate | 21% | 21% |
Effective Income Tax Rate | 18.10% | 920.10% |
Net income tax benefit | $ (7,474) | $ (2,613) |
Payable to Related Parties Pu_2
Payable to Related Parties Pursuant to a Tax Receivable Agreement - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Schedule Of Tax Receivable Agreement [Line Items] | |
Percentage of tax receivable agreement | 85% |
Tax receivable agreement liability for related parties | $ 419.3 |
Tax receivable agreement additional liability | 290.5 |
Tax receivable agreement liability, total | 709.8 |
Total net change of tax receivable agreement liability | 10.9 |
Partnership Interests | 12.2 |
IPO | |
Schedule Of Tax Receivable Agreement [Line Items] | |
Deferred tax benefit | 0 |
Class A Common Stock | |
Schedule Of Tax Receivable Agreement [Line Items] | |
Tax receivable agreement liability for related parties | $ 23.1 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Less fair value of net assets acquired: | ||
Goodwill | $ 1,584,842 | $ 1,585,750 |
Business Combination - Summar_2
Business Combination - Summary of Fair Values of Identifiable Intangible Assets Acquired at Date of Sponsor Acquisition (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
User Base | ||
Business Acquisition [Line Items] | ||
Weighted- Average Useful Life (Years) | 6 months | 6 months |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Accumulated depreciation | $ (17,385) | $ (15,831) |
Total property and equipment, net | $ 11,675 | $ 12,462 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of Changes in Carrying amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 1,585,750 |
Foreign currency translation adjustment | (908) |
Ending balance | $ 1,584,842 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment charges for goodwill and indefinite-lived intangible asset | $ 0 | $ 0 |
Amortization expense related to intangible assets, net | $ 15,300 | $ 14,300 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,980,262 | $ 1,979,741 |
Accumulated Amortization | (343,141) | (328,020) |
Accumulated Impairment losses | (167,431) | (167,431) |
Net Carrying Amount | 1,469,690 | 1,484,290 |
Brands - indefinite-lived | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 42,479 | 1,511,269 |
Accumulated Amortization | (5,997) | 0 |
Accumulated Impairment losses | (141,000) | (141,000) |
Net Carrying Amount | 36,482 | 1,370,269 |
Brands - definite-lived | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,511,269 | 43,309 |
Accumulated Amortization | 0 | (5,301) |
Net Carrying Amount | $ 1,370,269 | $ 38,008 |
Weighted- Average Useful Life (Years) | 12 years | 12 years 3 months 18 days |
Developed Technology | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 249,380 | $ 249,470 |
Accumulated Amortization | (206,248) | (193,777) |
Net Carrying Amount | $ 43,132 | $ 55,693 |
Weighted- Average Useful Life (Years) | 10 months 24 days | 1 year 1 month 6 days |
User Base | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 113,742 | $ 113,760 |
Accumulated Amortization | (113,220) | (113,154) |
Net Carrying Amount | $ 522 | $ 606 |
Weighted- Average Useful Life (Years) | 6 months | 6 months |
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 | 30,008 | 28,549 |
Accumulated Amortization | (10,723) | (8,835) |
Accumulated Impairment losses | 0 | 0 |
Net Carrying Amount | $ 19,285 | $ 19,714 |
Weighted- Average Useful Life (Years) | 3 years 9 months 18 days | 3 years 10 months 24 days |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 USD ($) | Sep. 30, 2024 USD ($) | Feb. 27, 2024 Employees | |
Restructuring Cost and Reserve [Line Items] | |||
Number of Employees Retrenched due to Restructuring | Employees | 350 | ||
Restructuring charges | $ 16,616 | ||
Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued severance cost | $ 13,900 | ||
Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 22,000 | ||
Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 20,000 |
Restructuring Charges - Schedul
Restructuring Charges - Schedule of restructuring changes by function (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring changes | $ 16,616 |
Cost of Revenue | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring changes | 920 |
Selling and Marketing Expense | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring changes | 3,084 |
General and Administrative Expense | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring changes | 4,591 |
Product Development | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring changes | $ 8,021 |
Restructuring Charges - Summary
Restructuring Charges - Summary of restructuring related liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 0 |
Restructuring charges | 16,616 |
Cash Payments | (2,716) |
Ending Balance | 13,900 |
Employee Related Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 15,787 |
Cash Payments | (2,716) |
Ending Balance | 13,071 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 829 |
Cash Payments | |
Ending Balance | $ 829 |
Other Financial Data - Summary
Other Financial Data - Summary of Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Abstract] | ||
Capitalized aggregator fees | $ 11,891 | $ 12,390 |
Prepayments | 15,455 | 9,831 |
Other receivables | 3,362 | 12,511 |
Total other current assets | $ 30,708 | $ 34,732 |
Other Financial Data - Summar_2
Other Financial Data - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | ||
Legal liabilities | $ 48,443 | $ 65,761 |
Payroll and related expenses | 33,099 | 29,355 |
Marketing expenses | 21,702 | 22,622 |
Professional Fees | 9,805 | 8,724 |
Lease liabilities | 1,109 | 1,171 |
Income tax payable | 4,624 | 958 |
Contingent earn-out liability | 7,069 | 22,758 |
Payable to related parties pursuant to a tax receivable agreement | 0 | 22,807 |
Other accrued expenses and other payables | 14,688 | 11,643 |
Total accrued expenses and other current liabilities | $ 140,539 | $ 185,799 |
Other Financial Data - Summar_3
Other Financial Data - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Liabilities, Noncurrent [Abstract] | ||
Lease liabilities | $ 12,414 | $ 13,273 |
Other liabilities | 1,620 | 1,434 |
Total other liabilities | $ 14,034 | $ 14,707 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Assets | $ 178,497 | $ 247,110 |
Liabilities: | ||
Liabilities | 7,069 | 22,758 |
Cash Equivalents [Member] | ||
Assets: | ||
Assets | 166,896 | 237,087 |
Derivative Asset | ||
Assets: | ||
Assets | 9,866 | 8,288 |
Investments in equity securities | ||
Assets: | ||
Assets | 1,735 | 1,735 |
Level 1 | ||
Assets: | ||
Assets | 166,896 | 237,087 |
Liabilities: | ||
Liabilities | 0 | 0 |
Level 1 | Cash Equivalents [Member] | ||
Assets: | ||
Assets | 166,896 | 237,087 |
Level 1 | Derivative Asset | ||
Assets: | ||
Assets | 0 | 0 |
Level 1 | Investments in equity securities | ||
Assets: | ||
Assets | 0 | 0 |
Level 2 | ||
Assets: | ||
Assets | 9,866 | 8,288 |
Liabilities: | ||
Liabilities | 0 | 0 |
Level 2 | Cash Equivalents [Member] | ||
Assets: | ||
Assets | 0 | |
Level 2 | Derivative Asset | ||
Assets: | ||
Assets | 9,866 | 8,288 |
Level 2 | Investments in equity securities | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | ||
Assets: | ||
Assets | 1,735 | 1,735 |
Liabilities: | ||
Liabilities | 7,069 | 22,758 |
Level 3 | Cash Equivalents [Member] | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | Derivative Asset | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | Investments in equity securities | ||
Assets: | ||
Assets | 1,735 | 1,735 |
Contingent Earn-out Liability | ||
Liabilities: | ||
Liabilities | 7,069 | 22,758 |
Contingent Earn-out Liability | Level 1 | ||
Liabilities: | ||
Liabilities | 0 | 0 |
Contingent Earn-out Liability | Level 2 | ||
Liabilities: | ||
Liabilities | 0 | 0 |
Contingent Earn-out Liability | Level 3 | ||
Liabilities: | ||
Liabilities | $ 7,069 | $ 22,758 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | |
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 | |||
Contingent Earn-out Liability | Contingent Consideration Arrangement | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Contingent Earn-Out liability, Risk-Free Rate | 5.20% | 5% | ||
Fair Value on Recurring Basis | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities | $ 7,069 | $ 22,758 | ||
Fair Value on Recurring Basis | Interest Rate Swap [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Derivative assets | 9,900 | 8,300 | ||
Fair Value on Recurring Basis | Contingent Earn-out Liability | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities | 7,069 | 22,758 | ||
Fair Value on Recurring Basis | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities | 7,069 | 22,758 | ||
Fair Value on Recurring Basis | Level 3 | Contingent Earn-out Liability | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities | 7,069 | 22,758 | ||
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 | (15,700) | $ (600) | ||
Fair Value on Recurring Basis | Level 2 | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities | 0 | 0 | ||
Fair Value on Recurring Basis | Level 2 | Contingent Earn-out Liability | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities | $ 0 | $ 0 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Term Loan due January 29, 2027 | $ 625,625 | $ 627,063 |
Less: unamortized debt issuance costs | 5,694 | 6,137 |
Current portion of long-term debt, net | 5,750 | 5,750 |
Total long-term debt, net | $ 614,181 | $ 615,176 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2021 | Oct. 19, 2020 | Jan. 29, 2020 | |
Line Of Credit Facility [Line Items] | |||||
Repayment of term loan | $ 1,438 | $ 1,438 | |||
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 | 8.18% | ||||
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 | ||||
Interest rates in effect | 8.68% | ||||
Amortize of interest rate | 1% | ||||
Maturity date | Jan. 29, 2027 | ||||
Original Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 625,000 | ||||
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] | |||||
Aggregate principal amount | $ 275,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 08, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Class Of Stock [Line Items] | ||||
Repayment of term loan | $ 1,438 | $ 1,438 | ||
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 | 126,114,247 | 130,687,629 | ||
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 | ||
Secondary Offering | Class A Common Stock | ||||
Class Of Stock [Line Items] | ||||
Number of shares issued | 13,750,000 | |||
Offering price per share | $ 22.8 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share Basic And Diluted [Line Items] | ||
Net earnings (loss) | $ 33,873 | $ (2,329) |
Net earnings (loss) attributable to noncontrolling interests | 9,256 | (718) |
Net earnings (loss) attributable to Bumble Inc. shareholders | 24,617 | (1,611) |
Numerator | ||
Allocation of net earnings (loss) attributable to Bumble Inc. shareholders | 24,409 | (1,614) |
Less: net earnings (loss) attributable to participating securities | 8 | 0 |
Net earnings (loss) attributable to common stockholders | $ 24,609 | $ (1,614) |
Denominator | ||
Weighted average number of shares of Class A common stock outstanding | 128,733,487 | 131,924,371 |
Basic earnings (loss) per share attributable to common stockholders | $ 0.19 | $ (0.01) |
Numerator | ||
Allocation of net earnings (loss) attributable to Bumble Inc. shareholders | $ 24,617 | $ (1,614) |
Less: net earnings (loss) attributable to participating securities | 8 | 0 |
Net earnings (loss) attributable to common stockholders | $ 24,401 | $ (1,614) |
Denominator | ||
Weighted average shares of Class A common stock / units outstanding used to calculate diluted earnings (loss) per share / unit | 128,733,487 | 131,924,371 |
Diluted earnings (loss) per share attributable to common stockholders | $ 0.19 | $ (0.01) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 13,799,041 | 17,779,420 |
Time-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 12,037,337 | 13,768,845 |
Exit-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 1,761,704 | 4,010,575 |
Restricted Shares | Time-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 0 | 38,669 |
Restricted Shares | Exit-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 0 | 49,378 |
RSU's | Time-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 5,976,075 | 6,810,786 |
RSU's | Exit-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 259,449 | 502,251 |
Options | Time-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 4,970,332 | 3,902,069 |
Options | Exit-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 69,590 | 95,154 |
Incentive Units | Time-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 1,090,930 | 3,017,321 |
Incentive Units | Exit-Vesting Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive common share equivalents | 1,432,665 | 3,363,792 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Total Stock-based Compensation Cost Net of Forfeitures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 26 | $ 28,584 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 545 | 1,138 |
Selling and Marketing Expense | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | (2,862) | 3,527 |
General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | (1,506) | 14,817 |
Product Development Expense | ||
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 3,849 | $ 9,102 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Time-Vesting Restricted Shares of Class A Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 11,300 | |
Weighted average period | 10 months 24 days | |
Exit-Vesting Restricted Shares of Class A Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 51,400 | |
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 3 months 18 days | |
RSU's | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total fair value of RSUs | $ 15,900,000 | $ 24,600,000 |
Time Vesting Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost to be recognized over a weighted-average period | 3 years 3 months 18 days | |
Unrecognized compensation cost related to options | $ 21,900,000 | |
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 3 months 18 days | |
Unrecognized compensation cost related to options | $ 100,000 | |
Time-Vesting Incentive Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 1,400,000 | |
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year | |
Exit-Vesting Incentive Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 3,300,000 | |
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 3 months 18 days | |
Exit-Vesting Incentive Units | RSU's | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 2,100,000 | |
Unrecognized compensation cost to be recognized over a weighted-average period | 1 year 3 months 18 days | |
Time-Vesting RSUs | RSU's | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 61,400,000 | |
Weighted average period | 2 years 9 months 18 days |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Assumption Ranges and Fair Value Per Unit (Details) - Time Vesting Options Granted | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected Life | 7 years |
Risk-free rate, Minimum | 4% |
Risk-free rate, Maximum | 4.20% |
Dividend yield | 0% |
Volatility | 58% |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Fair value per unit | $ 6.73 |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Fair value per unit | $ 8.95 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Information Around Incentive Units in Bumble Holdings (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | 2,014,042 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (791,238) | |
Number of Awards, Forfeited | (131,874) | |
Number of Awards, Ending balance | 1,090,930 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 13.02 | $ 13.11 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 12.12 | |
Weighted-Average Grant Date Fair Value, Forfeited | 19.83 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 13.02 | |
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 | 1,817,295 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (274,735) | |
Number of Awards, Forfeited | (109,895) | |
Number of Awards, Ending balance | 1,432,665 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 12.42 | 12.89 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 12.58 | |
Weighted-Average Grant Date Fair Value, Forfeited | 14.12 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 12.42 | |
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 | 32,255 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (15,599) | |
Number of Awards, Forfeited | (7,952) | |
Number of Awards, Ending balance | 8,704 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 7.23 | 6.87 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 6.73 | |
Weighted-Average Grant Date Fair Value, Forfeited | 6.73 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 7.23 | |
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 | 28,386 | |
Number of Awards, Granted | 0 | |
Number of Awards, Vested | (3,810) | |
Number of Awards, Forfeited | (12,002) | |
Number of Awards, Ending balance | 12,574 | |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 17.23 | $ 17.13 |
Weighted-Average Grant Date Fair Value, Granted | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 17.16 | |
Weighted-Average Grant Date Fair Value, Forfeited | 17.01 | |
Weighted-Average Grant Date Fair Value, Ending balance | $ 17.23 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Time Vesting RSUs and Exit Vesting RSUs Granted (Details) - RSU's | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Time-Vesting RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Beginning balance | shares | 6,557,643 |
Number of Awards, Granted | shares | 1,580,177 |
Number of Awards, Vested | shares | (1,159,546) |
Number of Awards, Forfeited | shares | (1,002,199) |
Number of Awards, Unvested | shares | 5,976,075 |
Number of Awards, Ending balance | shares | 5,976,075 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 25.41 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 12.93 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 28.35 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 25.67 |
Weighted-Average Grant Date Fair Value, Unvested | $ / shares | 21.49 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 21.49 |
Exit Vesting Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Beginning balance | shares | 333,296 |
Number of Awards, Granted | shares | 0 |
Number of Awards, Vested | shares | (50,968) |
Number of Awards, Forfeited | shares | (22,879) |
Number of Awards, Unvested | shares | 259,449 |
Number of Awards, Ending balance | shares | 259,449 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 42.79 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 42.79 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 42.79 |
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_4
Stock-based Compensation - Summary of Option Activity Related to Time-Vesting Stock Options and Exit-Vesting Stock Options (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Time-Vesting Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Beginning, Outstanding | shares | 3,528,145 |
Number of Options, Granted | shares | 2,127,265 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | (685,078) |
Number of Options, Ending, Outstanding | shares | 4,970,332 |
Number of Options, Exercisable | shares | 1,668,920 |
Weighted-Average Exercise Price Per Share, Outstanding | $ 30.87 |
Weighted-Average Exercise Price Per Share, Granted | 13.13 |
Weighted-Average Exercise Price Per Share, Exercised | 0 |
Weighted-Average Exercise Price Per Share, Forfeited | 27.35 |
Weighted-Average Exercise Price Per Share, Outstanding | 23.76 |
Weighted-Average Exercise Price Per Share, Exercisable | 35.09 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 17.75 |
Weighted-Average Grant Date Fair Value Per Share, Granted | 8.11 |
Weighted-Average Grant Date Fair Value, Vested | 0 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 16.58 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 13.79 |
Weighted-Average Grant Date Fair Value Per Share, Exercisable | $ 19.66 |
Exit-Vesting Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Beginning, Outstanding | shares | 79,908 |
Number of Options, Granted | shares | 0 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | (10,318) |
Number of Options, Ending, Outstanding | shares | 69,590 |
Number of Options, Exercisable | shares | 43,783 |
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 | 22.21 |
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 | 22.21 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding | 22.21 |
Weighted-Average Grant Date Fair Value Per Share, Exercisable | $ 22.21 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | |
Related Party Transaction [Line Items] | |||
Selling and marketing expense | $ 63,617 | $ 63,590 | |
TaskUs | |||
Related Party Transaction [Line Items] | |||
Subsidiary, Ownership Percentage, Parent | 20% | ||
Share Repurchase Program [Member] | |||
Related Party Transaction [Line Items] | |||
Repurchased of Common Units | 2,000,000 | ||
Common stock, conversion basis | one-for-one | ||
Aggregate Purchase Price Of Common Stock | $ 50,000 | ||
Class A Common Stock | Share Repurchase Program [Member] | |||
Related Party Transaction [Line Items] | |||
Repurchased of Common Units | 2,500,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of transactions with related parties (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Other | |||
Related Party Transaction [Line Items] | |||
Marketing costs | $ 1,622 | $ 1,232 | |
Cost of revenue | 1,592 | 1,123 | |
Advertising Revenue | $ 311 | $ 176 | |
Related Party Transaction Description Of Transaction | Other income (expense), net | ||
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 | ||
Other | Other Income | |||
Related Party Transaction [Line Items] | |||
Tax receivable agreement liability remeasurement benefit | $ 230 | ||
Shareholder [Member] | |||
Related Party Transaction [Line Items] | |||
Treasury stock and Noncontrolling interest | 50,000 | 100,000 | |
Pre-IPO owners [Member] | |||
Related Party Transaction [Line Items] | |||
Payable to related parties pursuant to a tax receivable agreement | $ 419,323 | $ 430,196 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Details) - Segment | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | 1 | |
United States | Minimum [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, percent | 10% | 10% |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Segment Reporting Information [Line Items] | |||
Revenue | $ 267,775 | $ 242,948 | |
North America | |||
Segment Reporting Information [Line Items] | |||
Revenue | [1] | 143,594 | 143,073 |
Rest of the World | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 124,181 | $ 99,875 | |
[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 | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Property and equipment (net of accumulated depreciation of $17,385 and $15,831, respectively) | $ 11,675 | $ 12,462 |
Commitments and Contigencies -
Commitments and Contigencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | |
Jan. 31, 2024 | Mar. 31, 2024 USD ($) | Mar. 31, 2024 USD ($) PreArbritration | Dec. 31, 2023 USD ($) | May 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |||||
Liabilities | $ 1,253,752 | $ 1,253,752 | $ 1,287,854 | ||
Pre-arbitration demands | PreArbritration | 29,000 | ||||
Costs in connection with the aforementioned matters | 2,500 | ||||
Provisions assessed | 48,400 | $ 65,800 | |||
Litigation settlement, expense | 19,800 | ||||
Litigation term | 180 days | ||||
Minimum commitment remaining | $ 6,700 | $ 6,700 | |||
Purchase Commitment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Commitments period | 18 months | ||||
Spend amount | $ 12,000 | ||||
Purchase Commitment [Member] | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Commitments payment | $ 12,000 |