Bumble (BMBL) 6 Nov 242024 Q3 Earnings call transcript

Hello, and welcome to the Bumble Third Quarter 2024 Financial Results Conference Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions].

And I hand over to Cherryl Valenzuela, Vice President of Investor Relations. Please go ahead.

us Bumble's joining Financial Quarter for Results. you to Third discuss XXXX Thank are Jones; CEO, Subramanian. me Bumble's With today Lidiane and Anu CFO,

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

any statement we factors no in revise statements periodic Although detail cause today's more these with obligation after differ occur forward-looking reasonable, SEC. expectations and to discussed from materially our could of filings the reflect undertake we to earnings this believe are that actual Descriptions press that results in and are these changes to call. risks release

also These isolation the GAAP During addition in earnings which for to our most GAAP on at and non-GAAP is to section our ir.bumble.com. refer press should release, the measures website the be or certain call, our substitute of non-GAAP in a considered are Investor financial available we Reconciliation available in not as to results. Relations from measures measures. comparable

And it turn that, to over with Lidiane. I'll

good delivered ranges. our objectives and Bumble outlook revenue In Cherryl, you, term. revenue sustainable long key Total QX to quarter, and came our we and growth app everyone. Thank deliver third on made the strategy good afternoon, within on financial our progress for the

walk in $XXX the more and moment. stock our has solid operational through we which focus million on We're cash team's strong adjusted repurchase a discipline details quarter Anu in for August. since us that While to generating to in enabled will reported outlook. our you EBITDA QX operating with led exceeded flow,

transformation In embarked a on team. leaner a as of Bumble. XXXX, gone We've we

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in initiatives proud these and on that our execute team progress to QX, transformation the of really and continue We I'm making. we're

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growing our [indiscernible]lots showing driving of has which tests importance on acquisition have a in of we data results a registration in have been of organic marketing of efforts, mix we just a Effective month the Early right has meaningful user story rebalanced the in resulted single-digit matches. that encouraging are increase high marketing in top optimizing increase a always target on testing, effort and day. the Bumble, healthier tier In focus to of a we're reigniting around one markets. spend differentiator our European this user are incremental marketing of First, cosystem. that engine. In higher channels the kinds more validates quality This organic better organic in women investments in to to over we our world. strategies parallel states seen Bumble per growth the ecosystem

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precision We X driving the to our machine time have safety well issues greatly by handling found minute. increased routing down for of under learning our users, models

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product These better we term," predicts matching week, ranking include last in your to potential cadence our "date the release that and operating seen that probability of improvements including a see relevant algorithm matching move. enhance [indiscernible] the engagement. key filters algorithm, app a regular introduction customer richer helps opening matches. Other a to have and new addresses customers experience to on may which and most fall include AI new updates the requests. Bumble our to into tools enable update delivered demonstrate new customer that you on Finally, our interactions a included multiple success which commitment product deemed ultimately that will of several image-based expanded interest moves, continually drive model types This for

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we support make payroll continue work While to and and road to conversion will map, we product our revenue. optimization pricing and ecosystem execute on

We while in our our paid focused achieving to friction the deliver [indiscernible] incentives to entice better while pay points we're see positive that success. right on offerings removing significant with ecosystem customer try current term, aligning the opportunities of more subscription wall. value Longer balance customers

revenue improvements make customers to strategy, and of we to value. lifetime these communicate clearly offerings drive our satisfaction As we'll to value our the higher our ultimately,

and ability We're our in to execute. our path direction about excited our ahead. We're confident

our community we're take a journey, will committed quarters that roll multiple the out investment helping of goals it you support know revenue of our innovation this We We ultimately continue drive also to product achieve to and strategies, and our as growth. the marketing deliver progress way. we on along see measure ecosystem work, value our

learnings continues Now Badoo our let revenue on improve Badoo's this to some potential. the modestly app. leading Badoo apps. investments, delivering Bumble earlier payer We're to customer the marketing move and our relaunch conversion. awareness year, we're provides applying we is and are other and important that focused about since optimistic value to rearchitecture also improved rebalancing me to clear brand of This

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infrastructure, mention season, to WNBA powerful very and we'll us up our never force real-world which next it When execution let proud I in positive Champion on gives scale, that the of sports. market a our a for online the cadence values important of increasingly remaining Our women. were brand, the for, we're excited generation technical financial with as York of emphasize to Liberty footing it's the improved what combined healthy visible embrace our and brand New Bumble to position connection. of raising powerful new and to a women's this stands highly robust build in We see sponsor

group brings partner fundamental that women's of many the our We care. with customers. of needed documentary to health critical an to visibility the been important of humble raising which Texas, amazing [indiscernible] have right also human is people very A in so much to profile

Bumble drive for women. awareness also to particularly work like mission are and sentiment, are doing. Initiatives we're with Z helping values brand Gen why important grateful and rallying in to the staying to team social our committed our around sentiment and and remain I'm strong these peers, our relative for to improved

of thank for above the given I'd like you've Bumble. and all, to trust our partners and all customers shareholders, support our

to cover results. Any the here's Now quarterly

Thank quarter you, good adjusted within our revenue Lidiane, third expectations while We for and EBITDA. delivered everyone. ranges afternoon, exceeding our outlook

just and to also the the while vision that we towards results foundation near-term quarter, Lidiane the executed the discipline achieve shared. growth towards working During for sustainable building setting

still making. we coming have encouraged and our to early by over progress we direction the While the we are confident years, do in work are

million. added was which ARPU offset of million, to $XXX outlook you by including basis. detail to our FX and Unless to X% Bumble our results an of comparisons unfavorable a $X all million. sequential third XX% year-over-year are quarter. paying in grew then decline by approximately through QX, $X.X increase shift Inc. a In walk payers I'll total Bumble people share for impact the was XX% on offset to a was geographic The year-over-year On Total app was we users. The $X.X XX% decline to paying fourth quarter primarily X% international. users in otherwise, Bumble $XX.XX. approximately impact stated $X revenue due FX $XX.XX. in in unfavorable users an to declined from million mix a million, $XXX total basis, million. revenue from grew to XX% XX,XXX paying decline with down app our

our On conversion. payer sixth and a XX,XXX to QX, $XX.X. and Badoo's sequential $X.X App which basis, Badoo excluding to noted, at Lidiane early XX% X% was X% payer declined revenue in see Other consecutive to came the $XX benefits grew as FX [ revenue paying reported in quarter but adds, Badoo we Other began Other of and Badoo ]. users And impact. rearchitecture ARPU Other net Badoo million up and improved we slightly of positive of million. lower driving

expenses during factors that noncash reported in a intangible now assets account billion, million operating related $XXX market September our triggered of months a was decline as costs was the on by impairment cap of X Turning we a XX. the recorded goodwill. to was impairment company's expenses. GAAP sustained Total to GAAP The The ended and $XXX loss primarily and charge net several a million. and loss of were mainly $X.X of result

stock-based basis, other nonrecurring which $XXX expenses and excludes costs total million. to compensation or On items, and declined a X% non-GAAP noncash

planned $XX to the costs reflects As QX announced as count margin, million earlier from well increased being a up This from to we shifted this timing result, marketing XX% XX% our benefit XXX basis year period. coincide with to QX as several adjusted the October or restructuring head product a lower campaigns ago better QX program year points from release. EBITDA from

XX% expenses costs the marketing period Selling Cost brand revenue, year earlier we to spend from the million, million of reductions of XX% XX% lower to revenue and in representing was $XX and $XX revenue head year. and of count announced declined from lower flat due ago or this X% year-over-year. down

of declined X% G&A overhead decrease were be down as representing our expenses to in due flat head as lower revenue, development The $XX $XX million, costs of about as year-over-year. period. XX% representing XX% spend. year-ago from to Product we XX% revenue, $XX disciplined million, count million well to continue was lower expenses the or

our Turning sheet. ended in with equivalents, in generated now We balance QX million and free $XX the $XXX cash we cash of to and quarter. flow cash million

and the and We us cash significant remain our to committed return to Year-to-date, QX to of $XX enabled to we returned free stock And have profitability cash buyback $XX that continue Our this million repurchases. $XXX approximately strong inception quarter. shareholders XXX% in amounts QX, to million repurchased through balance shareholders of flow share repurchased we authorization, $XXX including program. our since we sheet of repurchase QX. our our via million have in million returned

to on outlook. moving Now our

For $XXX representing full X.X% the our Bumble growth of $XXX year previous revenue which to total at with of of line consistent million XXXX, $X.XXX million, outlook. of revenue the in prior represents we growth outlook. $X.XXX midpoint, with at billion, billion expect App also midpoint, our X% to

expect We margin. for basis our of XXX and adjusted continue expansion to full least with at spend discipline year EBITDA points

midpoint revenue range. this million, million X% the QX, $XXX at decline year-over-year representing and For a total implies $XXX between the of

year-over-year and XX% decline $XX Bumble between the of representing the App $XX adjusted at X% million $XXX a representing between of be million, $XXX midpoint at range. million And of the revenue million, the of EBITDA to and range. midpoint margin

expectations. to net ]. XX,XXX to We with [ the App implies of [ approximately line in adds our expect year at full QX adds XX,XXX midpoint, ] App payer $XXX,XXX prior XXXX net Bumble decline Bumble This

the while revenue aligned progress undertaking the early the our are in foundation, Looking making to user strengthen Bumble innings we and good work are we drive further apps are experience strategic early of ahead, remain we ultimately with repositioning, the reimagine with delivering. we value

noted, Lidiane will work our take full As realization quarters. multiple of

position investments are and time next to on people support and growth, ecosystem our meaningful road more making investments we earnings map thoughtful us to and These our revenue outlook product long-term will our take to marketing, technology We expect details provide initiatives, and for our to releases call. in plans including growth. translate on and

us. conviction the will we strong doing to work powerful that opportunity enable us have the We are realize in front of

Our robust position well-loved meaningful reimagination and members, authentic lead dating millions to of on the brand, uniquely category. vision us connections app product the focus of

just delivering And future our work, While the is around lies over Q&A. And for that world. potential that in the our delight to it customers experiences the we I'll on we team see ahead. begun have will with turn operator that that, the laser focused tremendous

question from First Instructions] [Operator with Arounian comes Ygal Citigroup.

the see have it the seen progress that balance time out far, play we nice is first, about to think which Maybe trying But we're multiple you with out getting to quarters. that how so guidance here. comments take not around as XXXX also to understanding will in guys

progress how about Just benchmarks that to here? any more we thinking other kind should help of as contribution think and that contributing to make the the how curve are about in or of be the -- the of kind any looking we products

last Thank our quarter our focused look primary year, you for I at and really strengthening the this areas, on question. ecosystem. we investments, When as we again X outlined emphasized

we're really the engagement seeing customers. market. are we investments play mentioned across that engaged progress the I seeing today, means that in, signs the That and from on customers ecosystem that we're early direction test most our positive that have moving about right the we of the in really we're As and excited ensuring growth

end-to-end ensuring product. The second to success customer And experiences success. is safety, customer on on our to we're focused innovative from support,

success. anchored So the is that on [indiscernible] fall map customer road week, just very last launched incurred very we

is even steps release winter at Our bolder to innovating. going take

aligned to ensure value each the and of offering major our And one subscription initiative, them. good imagining revenue of getting third customers, our and we're our across value to really which feel that really they're evolving that the they is every about tiers, across is strategy to one

of We're on we've track. in QX, the we're the more seen at marketing we but we're optimistic progress quarters we're balance that markets So the all that from looking and balance, providing and really customer we're confident that. the doing be that expanding in the acquisition right definitely will ahead,

maybe flow -- for the you've product kind more that's margin investments with in sets follow-up part here like needed looks you just expansion this the balancing the cash and it at right that are to a free maybe Anu. is year, continued of the in buybacks up. But XXX% direction. XQ, early this And on of It move of on think

thinking philosophically, that? about Just how you're

Yes, sure. Happy Ygal. to

our said, in always think So capital I if you about we've about sort broad X think as buckets. of we allocation think it philosophy,

first in invest and continuing that us. organic know to of revenue for that growth ahead making we we're sure is the our have around The one investing growth we

The second have the pretty shareholders, one M&A. an and said looks we We've like. a one be to past program opportunistic high for continue M&A third back is the in that that we around perspective what capital buyback to with return to the And bar is place. in from

balance to these us. each depending on what's trying most always are We to of priorities, critical

continue think take going us approach. forward, a I you'll So balanced see to

are the is important I year, of definitely most things next think line to for going we focused be having growth one top on.

a that then will obviously And us opportunistic to So which we focus we have as program, buyback continue our see company. you'll definitely about. on be

Research. Wolfe with turn now Shweta Khajuria We to

X, me try please. Let

X strategy in first It and includes health. talked of both X First profile ecosystem of is maybe you've a creation you things about, the marketing and addressed the shift these. is on ecosystem health. Lidiane,

I my in provide That's term impactful. focuses So question the could one. have you you that is, on examples specific take think platform actions the to in will of the health most guess quarter question be other near please plan of the taken and/or that that you rebalancing

should you that And say experience. How initiative the comp you'll the and think fair that QX? on funnel is top customer the this your post is on initiatives, third mainly quarter from we next in that question the to so it year safety about of year, next started headwind

Thank you. Yes.

a And marketing your positive. right ensure of On definitely really acquiring has been that the first users. to us part of rebalance for that types the question, we're

In to of the in is one especially our market, which sign. efforts about rebalance, also really addition prepared positive remarks in that key marketing, shown mentioned I strengthening my mature organic has

about The other think we ecosystem here when innovation. is efforts product for related to healthy us

We on regular are we customers. new for this product that embarking so a constantly model our are cadence innovating of operationally

So release for from regular fall and you'll in winter you're more XXXX of a seeing what X cadence our innovation. is see

ensuring we're [indiscernible] and is experiences of also to attracting apps. within great great are does What customers going that have that success retaining portfolio that our

So really also acquiring, customers. our it's retaining but excited we're certainly about about ecosystem,

you're to quarters see ahead. So that from of lot us the going in a

think are our shouldn't at. a about a safety experience things of many we just There and customers. safety. think customer not an safety we you just also When for look here important lot headwind. of tractor It's that related it's as And to

remarks, photo ecosystem to blocked. a there's example, earlier as being that not already for ensures good key are unfairly are customers ensure we interested we improve saw prepared So in started in our moderation, for our my this modeling that to things you year, are few in in -- that have

not through ecosystem modeling actually getting customers welcoming a So that of into issue. is because that were more

efforts many there's So there.

like verification that again and be on ID customers, choice would lot our feel ecosystem. safety have a will for gives to like customers they our the capabilities Additionally, that optional more

the safety customers attracting we don't about and think the retaining we we capabilities keeping ecosystem. want So are [indiscernible] in safe, users right that customers and both have that ensuring don't

growth. optimistic positive those So we are for all, all user in investments as about

Sachs. from question with Sheridan Eric comes Goldman Next

I Just one, could. if

user and that priorities the business key to long and in how on to theme the Badoo what the for asset sticking part side about the as Just key longer of term, potential of out an the it term? learnings the on for be of over looking informs portfolio your the revenue that continued medium

positive complementary a base. brand we This did Eric. approach And well serve we rebalancing to and took the a year, on as made revenue marketing architecture. that's customer that base -- a Thank because we growth very with customer-centric what benefits does engagement value seeing the a you, customer modestly we're we brand our in in our we're the rebalancing And from that ARPPU right relaunch, is Badoo. to customer product, getting Badoo the Bumble we're our customers from Badoo as in seeing changes base

So we're about Badoo. optimistic

potential investments the can I in a the right right think, longer to Badoo portfolio within in with placement term. the medium our greater have

definitely about play Badoo the can So optimistic us. for [indiscernible]

now to Morgan Feather Stanley. with Nathan We turn

Two about elections And see first, or with you after? marketing so on end, are XQ? impact either seeing Z any did changes you've made it's do in shoots that before et thinking or any engagement to signed on the or from how difference second, And either Gen you you guiding up, platform, when about whether think . with then in my the green far any the engagement product cetera. past,

Thank Nathan. you,

from this has one set our that has our us balanced strategy. That organic we've has cities in QX for from shift engagement, been Gen positive In our for has terms differentiator. Bumble, top marketing engagement, which towards With activated always of been kind been a part really Z incredibly outcomes us a marketing DNA positive the an of always for positive of reigniting women perspective. been a that of

channels have as We've gains followship in as We gains positive well social NPS. seen sentiment. seen positive positive in in our

all, in Z Gen in from for our gaining marketing us more is positive and targeting being rebalance women. all results support So

really Bumble want. what why younger lot spending also this There's category, truly understand a can the to customers the feel excited needs lot category. role their our great of insight in are about that and reimagining of play with users time a We we about and

future a that, being perspective, women's our So lot lot product a into of customers' is voice voice. certainly, incorporated of Gen from Z a

excited to many great working So customers. for truly be

of terms in our that we our In significant and seen seen over mission not customers, we shifts moment decade, critical customers expect do the we in strong at the what but that only for is incredibly historically, election, critical customer business, remained have and what from and last base this we our our experience. haven't time but believe have values women's stay our it definitely supporting is we in women mission, well, now

So that's going to be a key part needs. of how we support customers and their

the And big really of Nick, in don't impact of we in a QX, think terms to thought there's the up about that what leading way terms seen been impact to we election. we've

we outlook are we that a consistent QX earnings. guided guiding to to what So with is largely our in revenue

So not to report that. on much

Our Black Bank. next Deutsche comes with question from Benjamin

spoken that the ecosystem. may and past, need you've to obviously In experience you in think effort about to free the evolve how help the

think the I between as maybe about if over I'm coming we're we we and And year? that think we next speaking, not the the Is end into payers quarters, it any but the of how relief product generally you not the of should to So you towards sort of head year, plans think growth? change then guidance, ARPPU XXXX, competition curious free the if years? new experience how about to expect the as understood ahead do getting

Benjamin. Great,

fundamentals evolution to getting their ensuring right. first. a we're key get with this the our that And me free revenue of the for that Let right part for We start really is recognize is important experience. company the our and customers experience a moment

of Premium subscription taking So at the we we looking which funnel step to from top have, journey is tier and that are all a Plus. most the way optimized back entire the

experience. that see course, to from of also and want that to them the that get-go, free should great customers of for more positively that free We value. be our to all journey a right the helps believe greater get will so of the experience value in the pay comes really And one entice people

free rate some quarters. increase initiatives going regard, to our the from the that in see in next near the opportunities conversion term drive few with to to we pay So that greater in of we're

we're about So excited and that. quite bullish

innovating and our Secondly we the are and and innovation. product rhythm velocity is the of that cadence as regularity our the

a earnings innovating talent company that I It's in of higher last really think big test the transformation ensuring been us we're bring that about in innovation in been base, undergoing. has we a best will what part are couple going really help that attracting talking value the I've the degree tiers. a increase for of the And that's industry. greater creation the to we're

the for our So of lot balancing I'll question. a about tiers really our the of our in take to us segment second rearchitecture of of and terms value But for of more little on subscription the Anu a value talk bit customers. part it your to

that Lidiane we customer about, deep for as around X we are reimagining are the talked in experiences. so of that Ben, the and this work, well of the of subscription And is revenue of which revenue of And the can pillars are you middle imagine, in will work results quite as planning these, and experience, key our next tests as year, this ecosystem we've growth, some doing that early the terms and growth, the impact about a all bit how today from talked user seeing we KPIs think we running growth, which that about et payer have little been cetera. encouraging. encompasses we're

puts next for about details sure. how early we forward our call specific earnings little the more providing takes into around I and look think talk look some it's but to to that at, on we of translates a metrics bit this

Robert question comes next from ISI. with Our Evercore Coolbrith

balance? you on the also, ecosystem in if Wanted or back if established, strategy? mix about in that maybe there go more to could are wondering channel you to you've plan I to drive the ask some to markets more the uplift driving from there. demographic improvements targeted Anything and you're related the Europe in more in mature accelerate learnings you any then the tell the done messaging organic the to us just but markets, the expand that ecosystem health and focused more apply that or that marketing of that tests changes towards more And balance and understand established marketing can could

Yes, question. Robert. Great

there mix. markets, brand as marketing emerging for of channel tailored well So as and very is a expansion balance both awareness

this so what to greatest and in And rapidly insights things we assuring excited how we're in the of our effectively. allow one that QX And that have seen about I'm is, operations marketing us the ROI. is have we greater balanced in for for right market, very acquiring users, effective demographic, acquisition that especially this we on particular with were particular at case, the women investment and right

short in time. So amount a that's very positive of such

what have is done, a set markets, balancing users. about mature it's [indiscernible] we is experiences delivering more because the and already broader of awareness as For our really there, for brand noted, you

amplifies like be can own is channels, a a positive New great sponsoring customers thing big part that our the And a a stories. our quarter. the their WNBA saw example market and effort having of and telling events York are a really lot about York, through also results in digitally that holding really great single event that in it organic an put New where is of of customers social that through we

that about. So of we excited a that are scaling positive there is as well

well young based perspective in. being in as are of brand thoughtful expansion, our we're still marketing international my [indiscernible] fairly markets. an that the thing So the on a that awareness very we presence as here exciting and strategies company, the many is message key about markets deliberate from is from The is our

great the growth to a drive opportunity over And so expansion international ahead. quarters have we and

turn Capital. Laura Champine with Loop to now We Instructions] [Operator

something margins through I advertising certainly QX, outlook, a might that work sequentially missing? else spend? If lower would there's scenario from I that is your come Or there be in higher there for

what outlook, if our said expand least is points. we've to maintained XXX by margin our full had basis margin year we at at previously, which so Laura, look EBITDA you

the no spend year change there's shifted October. So full In we be because the QX of had to ahead QX, had expected just came and coincide of some our it from outlook. in we a better we in QX, marketing sort margin release to to primarily with fall perspective, from that was we where

aggregate a in marketing to of QX QX. because you full higher changed. why not our between margin being year And what to said, But intend just terms So as for be in the QX spend it plans that's lower. see you It's of shift do and will has spend. we

Ladies gentlemen, no further we questions. have and

to Q&A Bumble our Conference We'd this Call. your concludes like thank Third for So participation. today's XXXX Results Quarter and you Financial

disconnect now your may You lines.