Bumble (BMBL) 7 Aug 242024 Q2 Earnings call transcript

Hello, and welcome to the Bumble Second Quarter 2024 Financial Results Conference Call. My name is Elliot, and I will be coordinating your call today. [Operator Instructions]. I would now like to hand over to Cherryl Valenzuela, Vice President of Investor Relations. Please go ahead.

Thank you for joining us to discuss Bumble's Second Quarter 2024 financial results. Bumble Jones; are Subramanian. CFO, today me CEO, and Lidiane Anu With

These subject we remind and belief call and on statements. to I'd reflect today us. information statements that forward-looking Before based like assumptions made our everyone current begin, on and various to risks certain expectations statements are currently forward-looking uncertainties to are our this available

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quarter X% was reported paying our all in growth year-over-year XX,XXX app comparisons do million. percentage sequential individual X% adds geographic XX% the ARPPU by to and by FX to to a revenue QX million Thank Badoo by $X.X growth then net $XXX million grew negatively percentage perspective impacted approximately Bumble a you million to shift. $XX.XX. Bumble U.S. our driven headwinds [ totaled growth mix with many million. strength and basis, X% million. On continued stated game declined approximately negatively you, grew million a to driven App XX% declined in to was markets. year-over-year rate FX walk more outlook. X% negatively quarter in of by in $X.X otherwise, year-over-year users on share Lidiane, within The revenue and We offset owing users top $XX,XXX. we X% which and rate were good floating in $X FX are user should adds XX% I'll was by increase updated this ARPPU Total by $XX.XX. Revenue revenue line it decrease million, through $XXX our a grow in second year-over-year. and impacted to paying approximately afternoon, ARPPU $X.X impacted total grew markets points. paying everyone. net Inc. points. $X.X percentage XXXX $X.X $XX other international million users growth were basis. to RTO], to our X paying increase results Unless offset by and X.X decline partially QX to approximately continue nearly on and X% users, the headwinds grew by were an in X growth headwinds

KPIs in other reminder, of a including and XXXX. growth contribution QX in As we began app Badoo

expenses. Turning to now

charges to and $XXX related and continue million approximately stock-based approximately We and and reduction, $XXX and down year items, to structure QX and decrease million XX% million [ year. this a of with noncash quarter, operating for the was $X margin were net or head of leverage Cost count and grew Total basis, compensation earnings last excluding in operate largely non-GAAP $XX year-over-year year. ago implemented in earlier were compensation related million X%. were the operating of second adjusted million. On and by the X% partially a decline our cost EBITDA expense other quarter period. we XX% was The some severance stock-based total was up revenue up discipline expenses in reflects year-over-year. costs expense $X compared cost $XX a $XX million, driven QX X% financial ] onetime costs million nonrecurring improvements GAAP expenses offset by of to represented

XX% of period, XX% As million, in of and revenue $XX revenue. a year-ago in X% percentage line revenue, of cost expenses the our with marketing was grew expectations. Selling versus to XX% representing

related of to Our spend our to million declined product development of Product to additional primarily X% XX% expenses lower development February. $XX anticipated in than revenue of were expenses marketing million, primarily revenue. to campaign. due Bumble last revenue or lower $XX to million around a compared XX% announced our XX% in as expenses result relaunch declined reduced of actions G&A employee costs XX% brand representing $XX year. was or ] Decline [

our million equivalents. total the program, than the and have We we with flow cash of Turning of shareholders repurchase free inception $XXX to million to representing quarter $XXX ended balance returned cash sheet. Since our cash more $XXX XXX% repurchase the $XX in buyback $XXX Year-to-date, authorization. more of that million of over which represents year-to-date million, million. around million remaining, free X.Xx we At time. had our than total is QX, cash our the share end $XX flow

continue We and our cash our shares to that financial shareholders. buyback Our to remain committed strong of remains gives returning good believe the continue program our profitability and very a balance sheet very us use back to flexibility buying to capital.

on to the the our rest Now year. moving of for outlook

resetting We ecosystem outlook the and are experience, prioritize just our we the reflect process engagement of product market. efforts will will app. In around our the This on today customer-focused and outlined. improving Lidiane strengthening and intent execution ecosystem mix plan and expanding customer particularly intentionally more our to improving that marketing the customers investments strategy in our mature improve safety that our include and the of of health,

the planned across of in broader down as to also certain strategy addition, we year. all that efforts had for tiers, Premium+ originally In slow customer monetization deliver second like value the subscription will align half we our revenue we

factors our reignite high and these we steps for the growth that are value necessary capture top-of-funnel these the customer in impact revenue growth, near-term drive and term. monetization us to will confidence but in user of All sustainable aggregate have user long

growth We continue continue encouraged be second in of the by those the expect markets half. healthy seeing to in we our many are strength international and in to

year-over-year flat expect As midpoint. would revenue million, year-over-year. the for $XXX QX, be $XXX revenue a between and headwinds, at FX million total we a of result, now Adjusted X% representing for decline

would We Bumble also App be midpoint. App between to $XXX representing at for of Adjusted year-over-year year-over-year. a decline flat be X% and $XXX expect million, FX, revenue the Bumble revenue million also

approximately of margin the We be expect of EBITDA adds We $XX the at million, will net $XX XX,XXX and to QX. in million sequential adjusted XX,XXX estimate app representing Bumble range. between XX% midpoint

X% growth XXXX, full X%. between revenue we For year total now Inc expect Bumble and

net This app X.X% approximately between to Bumble of to ]. [ in full we expect revenue see implies to expect We QX XXX,XXX XXX,XXX Net that year year. of adds negative X.X% with adds app growth this Bumble

outlined. primarily While actions this is partly just I reflects driven the seasonality, it by

our outlook, now year-over-year. least margin we year to full Going EBITDA XXX adjusted revised expect points at revenue expansion of growth basis

is largely come a with [indiscernible] That as our small this today in-year QX. of the from benefit of outlook model, benefit workforce been profitability strong to incremental Our realized reduction. including operating of our in business savings has portion

critical Bumble's that will exercise we capture We Inc. growth Bumble see making continue intentional approach how we the in financial choices long-term today an our opportunity to and us. outlined ahead for opportunity to discipline strategically Lidiane and ROI-focused and align take summary, large operational to invest the are strategy, for we areas execution long-term earlier. In of to tremendous resources

actions the taking While cash ability it a drive to our Q&A. we flow capital as that, in healthy financially difficult in the with are to including the are turn strong position to returning over our we we are near operator I'll execute, for shareholders. And term, while

Andrew [Operator Instructions] from Marok James. first Our question comes Raymond with

then and on results Maybe the guide. XQ one first on one the

your within markets. individual that given that comments of ARPPU So growing is your were many

we can the by help international largely Or driven decline the you decline a geo users? guardrails dynamic? ARPPU MAU provide infer overall in user that around U.S. any versus U.S. mix the paying from paying With us shift, . should

an of is I are Anu. Andrew, increase the the think in [ as are mentioned for ARPPU ARPPU we the international that. Bumble call, take U.S., having we weightage versus app ] overall, the impact I'll boom. on Yes, is overall of seeing we the while decline including markets, markets seeing each ARPPU individually this U.S. on

actions payers our meant We through more are And especially outlining mature a are on and the be are lot is that to focused to of as well. the today on really markets, U.S. pressure seeing effectively we U.S. are metrics, on seeing some that the that pressure top-of-the-funnel we U.S. flowing

one more And features. the then more others timing place on sense I'm the road I to can on revenue just be the be UX laid that and some more context what the product-wise of product start includes are some needs you things map the for on map any guide. maybe maybe of groundwork clarity the turn impactful to of moves? terms trajectory. Or the you of in sure further impactful road before impactful some and of guess than to provide in a likely

today, a As in reigniting customer-centric set means perspective, we a for for are that is up long we this aligned strategy growth the on product this really optimizing term. What to unveiling us strategy really from we're engagement.

the As April longer you of takes you the launch, features experience, realize improving that have experience that's engagement, drove itself. especially today. from our behind we And that women's heard releases the which heard saw principles the customer set to and

that better believe opening markets the do release customers. expansion top and to ecosystem we customers to quarters capabilities, intentions retention as strength out. We overall our will in But it planning experience believe and will our of funnel of are experience called will a moves, a just series capabilities of us multiple to of allow the of offer. improve expansion Anu the will these that of these us take actions that balance align We realizing for mature start

our success and help level profiles more for make profile metrics. we to can platform of look picker get that products same engagement and photopic when profile We also, with expand [ quality in really, engagement users April ensuring This waiving markets. the and are of engagement of focused first our the really has of heard ] major Bumble we growth for and that and of there all and on photo will intention started that our are our is drive overall our the chapter of as quality we of in the the meant users on you going bar so today, AI of great our think

improvement from the great great quarters. customer the about. we increasing model And is for focus for revenue and start women, What safety aligning profile the to will So which in delivering the turn men. great also will great That's engagement, we'll really creation is us. experience revenue strategy see in that and our makes experience foundation what of what see is over we're

We Carpenter now turn JPMorgan. to with Cory

a as had the at reset to decide about a just right Maybe road then you, a Lidiane on hoping you you talk pivot time expand I App bit. Bumble you just agrilaunch two is forward? the the now made And level for well. with could initial that you and going was of could make what map high I saw

that reward you You mechanisms What like? what talked monetization user And that look could by about that? positive mean do behavior.

if this So back just quarter. -- of a out that's We It step areas our this we factors plan. past isn't little in combination of bit, strategy is about laid a the

about. you talked been at from quarters. look the top-of-funnel that quarters about talked last over the several we've few This If softness has in Bumble

[indiscernible] steady revenue, pressure results. our the saw And it engagement. the improved from sometimes doesn't In seen in launch immediately April experience, that the will consumable engagement revenue an But have We but users. has those our we immediately sustain in what doesn't customer drive past, the growth. improving is our immediate

so drive really growth. product is prioritizing that sustainable shifting long-term going towards revenue we're experiences are what And to

market. that we users ensuring what It's differentiation safe, on come of focused is undeniably one are so the our the a And to choose Bumble, for is women's platform best why the experience. people is in healthy to which

People our people. here in And when so map to customers a see what our is to very going great focused product helping along come on successful. road all differentiation the lot be of you're

to our So improve here which stay help we ultimately our balanced innovate customers our have to the want and of and funnel, products top is ecosystem goal. healthy

We TD Cohen. turn with to John Blackledge now

Two questions.

there. so some marketing, and sales mentioned changes You maybe

drive rollout. of the question, slowing an And second part the half perhaps marketing we the sales should you in then rationale So and expect this with down change? you the reset increase Premium+ reset, top of mentioned the give of Could the and for also funnel? strategic to back as year in

H Josh.

of for based lot dollars. focused the about is as you optimize being Anu, allocation What have more the go-to-market the market. believe from strategies operating really how heard of maturity On the LTV marketing on on our side, We level of we're with are a discipline. we we and are we right do really we of tailored

marketing have attracting aware markets and we're the of for very our that greater where penetration reengagement, digital So different very on where a focused markets strategies reigniting and we're we are emerging already are very but performance users our very, effective. brand, are

and So optimizing it's our for about really tailoring strategy marketing markets.

investments. going focus. that's our our certainly an that's to drive of to I performance improvement the think And

not is in to In Premium+ doing overinvest Premium creating we it want terms maintaining rebalancing before changing additional What plus that believe of We're that the clarify for I we premium Plus, just value that as value subscriptions. are is We we our of really really it. today. ensuring it's turn, of we clarity subscription a in that being improves that RP great one. free important of the have pool time. It conversion a will, helps great over and we value funnel, [indiscernible], each experience metric. single our improve land one which every spare tiers. the across That are top and

more about focus it's is, as the product add aligning We're premiums next in and our in rebalancing. as the and we quarters. tiers it capabilities So really few subscription market maintaining value is

think up more we in intend that's really Lidiane's a do And just little focus on actually terms that bit to And a marketing as of in feel sure And QX. to QX get revenue, up we'll QX, right about to market, have spent and sales in marketing as From less allocated about than you'll But second good percentage see for I we dollars the strategies of more to John, spend I a our percentage perspective, question. have the earlier of spending half. the we to users. a be we think follow dollar what up the to point versus pretty we again. that go to how spend take just going making

from question with Arounian Our Citigroup. next Ygal comes

talked to the Lidiane important three of ecosystem. in customer I right go of the back want kind point about balance getting to areas the and first

product a the you that something it's it the and leading some that or the and look talked talk feels experience healthier at enhancements you just you're evolved historically guys to way maybe can was or right You your has at And ecosystem. the like and changed towards about has focus ecosystem changed where the of in making now? women's how more made and It ecosystem on has that case? here? that's Is leans it's women changes healthier, about

So best best business, for unpack several it been to now we the women, is imbalance we a platform There that has us. continues created. be on a advantage let me and been has just great and bit. general our in about for are heard balance, and are as business I Bumble to ecosystem in as That looking little today, you've $X billion certainly markets. source from users. a our mature the is and the experience sophisticated Anu because of deliver it's particular, But both not slight mix mature. that scale And has a us important to It about been intent, about it's in gender balance. taking possible for and more the the what of more markets we're markets U.S., users so allow users that will really a intent to mix they're of look for engagement

we growth want to the will It's our going time. get for of is all great right That's user reignite brand us. local some part our markets. take delivering by really big in tailoring our that's right, and shift of products that do what customers experiences, about really brand us is have it We it great to and are experiencing And love complex how our customers. mix how their our we're a But engine about. recognition, to

guess to the that quarter, the we the year out parse what are refresh the near-term what on course the of from And impacts the the of Is changes of versus possible magnitude and follow over look the I what to app trade-off up monetization would of deliver full in user the at guidance. the expectations year. change that, last expectation here, the it

is not much much hitting how How your actions? app of on the So refresh new expectations? the

I can take that.

ago a take where you the two we we in where step if things we today, break months there I are where terms few you say terms factors versus were back having main are and guidance would of So in down changed. see a of

are one top the is seeing what of number So trends. around around we funnel

If and had call, that we are we went trends we seeing said seeing you we've our we QX as QX as in funnel. top And the slowness those in some recall of through entered continue. our QX, were

had the relaunch, out we do planned from for in and trends Now were of but work due the these a to that intending perspective. an improvement also we coming to marketing product

So have this from was the relaunch perspective, half but wasn't a this map second what product of just for road about had we the year. the planned we that around

improvement, a lead top and that but sure time. and heard strategy of the now of reset that be said, much the around half like absolutely just the is some we that Given metrics to more map take you've engagement will that funnel Lidiane product about health see will focus are big part second our road the ecosystem making to going which healthy,

is outlook. And into so what of the that's of built revenue reset part the

have our architecture. And that that is tremendous our revenue strongly of second conversion heard strategy some you from the we us. half, to passed around very second acceleration monetization opportunity of in in assumption more features of part still what work had built and we now ahead clear we there around of payer Premium+. favor still as very, doing about, our such I as fundamental revenue that that monetization want of But make The in terms just into around a and believe was it amount are we very is

rearchitecture market. growth us where us this do lower strongly rates of we work where is, that penetration know of fundamental versus are we rest the still see the for to we believe But market up payer compare ahead that than you us. you If we for see the the is where to need set you

outlook to get we've together, that guidance the So these we second of that add numbers can you given half get if you have. today, to both you and the

Our with Kelley next question comes from Mark Stifel.

you a I in put wanted to from respects. departure but the not competitor Ygal that the first your are the strategy kind the category, terms functionality first long messaging. question at do terms in some different the do which aimed add or go load is maybe and that mentioned run? of get in dating for question. And monetization turning seems is, future being about and that not main kind initiatives I to of of others how When of asked, users my his that you in words competitors. of second converging yourself in make able balance to maybe, some given one like think to that trying the and about trying guess, to in right And of, has apps back women's advertising that and that That's sure we through some respects, in to platform. are and churning features it women I a between guess how on functionality bunch competitor the away versus to differentiate cohort. just the mouth, your ad

Thank you, Mark.

let First, our with me start strategy.

to the center start at That I case on the call at experiences. of today. As earnings was the said app continues today, really be the Bumble our the that women of focused first

is the continue the setting compass great to because our best when are that's are experience for fundamental else dating, we're is we're which women everybody women, this We strategy in not be. going and our belief shifting does. destination that strategy we And have to a

great that experience to in safe what across really ecosystem. entire but we're women experiences the it's not that great is delivering on a So only also really our product we make turn, deliver and sure are for to innovation experiences focused continues important

differentiates are we're that very measures the centered part. discussing inside these much So of what around the today

we us. With very here be So case, that to very, to anchored to certainly is customer-centric advertisement for going continue take to delivery. on the be our the advertising, product regards our going approach be believe in to case

partners offer there and value customers. will journey we So partnerships [ ad beating our important that are to strategic are adding believe space to to the that ]

also So we're in very over upside, overall see scale this but their and but opportunity going experience. of terms to benefit we be we'll selective added time, our customers to leading revenue tremendous

focus on. it's that's serving revenue our journey. So going both we're and for end There's our business, the and upside the their about to in user what customers and for definitely for really

to America turn Nagle Curtis Bank with Lynch. now Merrill We of

Just one for me.

the it down perhaps on longer business to relationships core romantic at given or point? and expected, pause and reacceleration So taking the back this in efforts on than restructuring sense and step BFF make pull does the

Curt, great question.

Geneva customers regards Our us very the on July opportunity be X especially friendship, is we to to closed as where are. our give efforts with to an much consumers acquisition and

look to the you relates category, creation of sentiment, If first. at it some point especially their with users community younger is starting as the

to of at So and connected the an very we to the dating, believe we dynamic separate. want experience forefront it's that a of. future interrelated very generational important be it's It's not

friendship So is journey. an point of tackling, development dating will anchor users start how the our what of power and as many that their to really community on-ramp become

I it space. an message sized And is the gradually to to opportunity genuinely it that believe innovation there grow. allow and important us is can think deliver we in business So haul this tremendous is and appropriately in to the that tremendous, long we

Stanley. with Feather Morgan Our comes from next question Nathan

the buckets it into XQ weakness is that aware it news be the mid-teens this should revenue more or help of between just down or back Just to the when does little of? primarily is break us guide. shift Can digging then the flattish in And deceleration, growth, to we consumer anything making to in monetization. bit pulling half, and back changes a XQ you the on the closer retention in in platform in the and strategy? changes guidance there come are you the macro Or from

have obviously, growth, into Nate, you active as the sort the around piece the And of then on we of users So include And reengage of funnel work the that if the each then puzzle we become of users then users. think as convert that third that users platform. users paying new drivers do that the top the is well do optimizing those metrics markets. work about the to we in prices of

the like from to sort funnel markets. for more felt is weakness heard again, now the some to top strong we our of the of users are and new is in Reengaged growth thing users. And seeing the on is As you mature I us. in a Where on weakness we've continue predominantly U.S. said, in that for softness continued be in metrics. Lidiane, of few see the quarters

to in Our strong be newer markets terms of growth continue there.

terms most you're seeing So you which if And in revenue. having of we the there impact impact second was don't seeing users is are the deceleration the an where new is question, that a on Nate, mind?

in or is yes, there idiocratic? Is more that macro here anything

more macro Yes. I mean, We've amount spending on and as closer pretty consumer things. discerning especially keeping just in close are just eye users eye environment. you that are a heard can sentiment respect their we that a younger whatever with seeing imagine, money we of impact are spend certainly keeping the on just are on to the users, the and overall of they're

we're baking into are outlook. pretty change. of it's the we in as something that our some half assumptions But monitoring things impact second closely that again, So from

Our Khajuria with Wolfe next from question Shweta comes Research.

point forward. You confidence Is you -- opinion, tests the what outside share strategy seeing right I've One just competition? right especially now particular product the in this so seeing that your is driving months, then What, sound you've like got at marketing driving few opinion, confidence? your that? of in any for in States. the driving confident Are with is top a now of what this is is, user your two. this the going some second been strategy What driving in is And you've But seeing quarters, is time? Are it funnel run? that for new this specifically and is maybe reason? United you -- you're experience. more you really that pressure several the do -- shift

for question. the you Yes. Thank

first with part. me So let start the

a category. that in First, there confident is I'm of lot really this opportunity

than more a in category is We support are users only overall. really experiencing our are ever. to where connections job it And this time

the opportunities ahead I am about overall. excited really So of category the

this work really of strategies overall that Now tested thousands plan. of allowed ecosystems, some to we today, started ecosystems. for in is us as to factors a and ecosystem, we With look start us, you today, that a there comprehensive the have this separating of our our have to number plan at of that gotten want comprised number of has across business and which are I saw have regards to the you if data markets, mentioned of parts us three

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Just a couple, please.

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