0000950170-22-003960 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 369,175	$ 128,029
Accounts receivable	47,538	41,595
Other current assets	52,751	81,387
Total current assets	469,464	251,011
Right-of-use assets	26,410	11,711
Lease receivable	0	1,069
Property and equipment, net	14,627	16,833
Goodwill	1,540,112	1,540,915
Intangible assets, net	1,696,798	1,812,410
Deferred tax assets, net	19,090	0
Other noncurrent assets	9,319	3,319
Total assets	3,775,820	3,637,268
LIABILITIES AND BUMBLE INC. SHAREHOLDERS’ / BUZZ HOLDINGS L.P. OWNERS’ EQUITY
Accounts payable	19,169	23,741
Deferred revenue	39,924	31,269
Accrued expenses and other current liabilities	111,482	180,986
Less: current portion of debt, net	2,588	5,338
Total current liabilities	173,163	241,334
Long-term debt, net	620,351	820,876
Deferred tax liabilities		428,087
Payable to related parties pursuant to a tax receivable agreement	388,780	0
Other liabilities	119,246	62,190
Total liabilities	1,301,540	1,552,487
Commitments and contingencies (Note 17)
Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity:
Preferred stock (par value $0.01; authorized 600,000,000 shares; no shares issued and outstanding as of September 30, 2021)	0	0
Limited Partners’ interest	0	1,903,121
Additional paid-in capital	1,586,781	0
Accumulated deficit	(52,856)	0
Accumulated other comprehensive income	80,629	180,852
Total Bumble Inc. shareholders’ / Buzz Holdings L.P. owners’ equity	1,615,846	2,083,973
Noncontrolling interests	858,434	808
Total shareholders’ / owners’ equity	2,474,280	2,084,781
Total liabilities and shareholders’ / owners’ equity	3,775,820	3,637,268
Common Class A
Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity:
Common stock	1,292	0
Common Class B
Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity:
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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
Common Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	6,000,000,000	6,000,000,000
Common stock, shares issued	129,212,949	0
Common stock, shares outstanding	129,212,949	0
Common Class B
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued	20	100
Common stock, shares outstanding	20	100

Consolidated Statements of Operations - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 28, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 39,990	$ 542,192	$ 765,660	$ 488,940
Operating costs and expenses:
Cost of revenue	10,790	146,629	209,921	139,767
Selling and marketing expense	11,157	152,588	211,711	142,902
General and administrative expense	44,907	178,615	265,738	67,079
Product development expense	4,087	46,994	105,917	39,205
Depreciation and amortization expense	408	91,767	107,056	6,734
Total operating costs and expenses	71,349	616,593	900,343	395,687
Operating earnings (loss)	(31,359)	(74,401)	(134,683)	93,253
Interest income (expense)	50	(22,134)	(25,609)	202
Other income (expense), net	(882)	(5,525)	11,166	(1,473)
Income (loss) before income taxes	(32,191)	(102,060)	(149,126)	91,982
Income tax benefit (provision)	(365)	(8,126)	436,071	(6,138)
Net earnings (loss)	(32,556)	(110,186)	286,945	85,844
Net earnings (loss) attributable to noncontrolling interests	1,917	808	(30,834)	19,698
Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners / Worldwide Vision Limited shareholders	$ (34,473)	$ (110,994)	$ 317,779	$ 66,146
Net earnings (loss) per share / unit attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners
Basic earnings (loss) per share / unit	$ 0	$ (0.05)	$ 1.52	$ 0
Diluted earnings (loss) per share / unit	$ 0	$ (0.05)	$ 1.48	$ 0

Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 28, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (32,556)	$ (110,186)	$ 286,945	$ 85,844
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment	(774)	180,852	(7,319)	152
Total other comprehensive income (loss), net of tax	(774)	180,852	(7,319)	152
Comprehensive income (loss)	(33,330)	70,666	279,626	85,996
Comprehensive income (loss) attributable to noncontrolling interests	1,917	808	(33,673)	19,698
Comprehensive income (loss) attributable to Bumble Inc. shareholders' / Buzz Holdings L.P. owners / Worldwide Vision Limited shareholders	$ (35,247)	$ 69,858	$ 313,299	$ 66,298

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Consolidated Statements of Changes in Equity / Deficit - USD ($) $ in Thousands	Total	Limited Partners Interest	Common Class A IPO [Member]	Limited Partners' Equity	Issued Share Capital	Common Stock Common Class A	Common Stock Common Class B	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Buzz Holdings L.P. Owners' Equity	Noncontrolling Interests
Beginning balance at Dec. 31, 2018	$ (35,219)				$ 11			$ (3,788)	$ 1,185	$ 492	$ (24,794)	$ (26,894)	$ (8,325)
Beginning balance, shares at Dec. 31, 2018					108,389			6,940
Stock-based compensation expense	2,160								2,160			2,160
Share issuance Amount	104								104			104
Share issuance (Shares)					42,000
Net loss	85,844										66,146	66,146	19,698
Dividends paid	(23,359)										(18,000)	(18,000)	(5,359)
Other comprehensive income, net of tax	152									152		152
Ending balance at Dec. 31, 2019	29,682				$ 11			$ (3,788)	3,449	644	23,352	23,668	6,014
Ending balance, shares at Dec. 31, 2019					108,431,000			6,940
Stock-based compensation expense	336								336			336
Net loss	(32,556)										(34,473)	(34,473)	1,917
Other comprehensive income, net of tax	(774)									(774)		(774)
Ending balance at Jan. 28, 2020	(3,312)				$ 11			$ (3,788)	3,785	(130)	(11,121)	(11,243)	7,931
Ending balance, shares at Jan. 28, 2020					108,431			6,940
Beginning balance at Dec. 31, 2019	29,682				$ 11			$ (3,788)	3,449	644	23,352	23,668	6,014
Beginning balance, shares at Dec. 31, 2019					108,431,000			6,940
Issuance of Limited Partners' Interest	2,360,412	$ 2,360,412										2,360,412
Other comprehensive income, net of tax	180,852									180,852		180,852
Ending balance at Dec. 31, 2020	2,084,781	$ 2,000,412		$ 1,903,121		$ 0	$ 0	$ 0	0	180,852	0	2,083,973	808
Ending balance, shares at Dec. 31, 2020		2,119,412				0	100	0
Beginning balance at Jan. 28, 2020	(3,312)				$ 11			$ (3,788)	3,785	(130)	(11,121)	(11,243)	7,931
Beginning balance, shares at Jan. 28, 2020					108,431			6,940
Net loss	(110,186)
Other comprehensive income, net of tax	180,852
Ending balance at Dec. 31, 2020	2,084,781	$ 2,000,412		1,903,121		$ 0	$ 0	$ 0	0	180,852	0	2,083,973	808
Ending balance, shares at Dec. 31, 2020		2,119,412				0	100	0
Beginning balance at Jan. 29, 2020	0			$ 0						0		0	0
Beginning balance, shares at Jan. 29, 2020				0
Stock-based compensation expense	13,703											13,703
Net loss	(110,186)											(110,994)	808
Dividends paid	(360,000)	$ (360,000)										(360,000)
Ending balance at Dec. 31, 2020	2,084,781	$ 2,000,412		$ 1,903,121		$ 0	$ 0	$ 0	0	180,852	0	2,083,973	808
Ending balance, shares at Dec. 31, 2020		2,119,412				0	100	0
Issuance of Limited Partners' Interest, shares		2,119,412
Limited Partners’ interest	1,903,121											$ 1,903,121
Acquisition of noncontrolling interests				808				$ 0			0		(808)
Net earnings prior to Reorganization Transactions	370,635			370,635
Stock-based compensation expense	11,587			11,587
Stock-based compensation expense	105,254								105,254
Effect of the Reorganization Transactions				$ (2,286,151)		$ 826			1,075,019	(95,744)			1,306,050
Effect of the Reorganization Transactions, shares						82,642,374
Retirement of Class B common stock							(80)
Share issuance Amount	2,358,371					$ 575			2,236,787				121,009
Share issuance (Shares)			57,500,000			57,500,000
Purchase of Class A Common Stock in the initial public offering	(1,018,365)		$ (1,991,600)					$ (1,018,365)
Purchase of Class A Common Stock in the initial public offering, shares								24,798,848
Purchase of Common Units from Pre-IPO Common Unitholders in the initial public offering	973,289								(609,489)				363,800
Vested Incentive Units									(8,067)				8,067
Issuance of Founder loan common units									(30,371)				30,371
Equity plan modification from liability to equity settled due to Reorganization	22,107								22,107
Impact of Tax Receivable Agreement due to exchanges of Common Units	(387,669)								(387,669)
Retirement of treasury stock						$ 248		$ 1,018,365	1,018,117
Retirement of treasury stock, Shares						24,798,848		24,798,848
Cancellation of restricted shares						$ (1)			(2,164)				2,165
Cancellation of restricted shares, shares						178,806
Exercise of options	545								734				(189)
Options Exercised, Shares						(12,668)
Restricted stock units issued, net of shares withheld for taxes	(8,668)					$ 2			(5,227)				(3,443)
Restricted stock units issued, net of shares withheld for taxes, Shares						235,148
Exchange of common units for Class A common stock						$ (138)			(207,984)				208,122
Exchange of Common Units for Class A common stock, shares						13,800,413
Net loss subsequent to Reorganization Transactions	(83,690)										(52,856)		(30,834)
Net loss	286,945
Other comprehensive income, net of tax	(7,319)									(4,479)			(2,840)
Ending balance at Dec. 31, 2021	2,474,280					$ 1,292			$ 1,586,781	$ 80,629	$ (52,856)		$ 858,434
Ending balance, shares at Dec. 31, 2021						129,212,949	20
Limited Partners’ interest	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	11 Months Ended		12 Months Ended
	Jan. 28, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net earnings (loss)	$ (32,556)	$ (110,186)	$ (110,186)	$ 286,945		$ 85,844
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	408		91,767	107,056		6,734
Impairment losses	0		0	26,431		0
Changes in fair value of interest rate swap	0		1,586	(6,593)		0
Change in fair value of contingent earn-out liability	0		27,800	55,900		0
Non-cash lease expense	(226)		(109)	5,438		952
Deferred income tax	26		(789)	(446,629)		201
Stock-based compensation expense	4,156		27,468	123,910		2,160
Net foreign exchange difference	(198)		6,945	(4,084)		600
Research and development tax credit	0		(1,211)	(1,322)		(2,374)
Other, net	(31)		(3,604)	(6,093)		(201)
Changes in assets and liabilities:
Accounts receivable	17,599		(10,737)	9,953		5,971
Other current assets	(2,175)		(46,949)	(24,328)		(21,144)
Accounts payable	12,984		2,970	(3,531)		(252)
Deferred revenue	289		22,169	8,654		1,360
Legal liabilities	(521)		(18,374)	(46,377)		(1,811)
Accrued expenses and other current liabilities	32,075		38,806	(30,545)		34,523
Other, net	0		27	948		369
Net cash provided by (used in) operating activities	(3,306)		56,261	104,837		101,392
Cash flows from investing activities:
Capital expenditures	(1,045)		(10,632)	13,653		(9,674)
Acquisition of business, net of cash acquired	0		(2,837,706)	0		0
Other, net	16		(2,313)	1,169		(1,722)
Net cash used in investing activities	(1,029)		(2,850,651)	(12,484)		(11,396)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs	0		0	2,358,371		0
Payments to purchase and retire common stock	0		0	(1,018,365)		0
Purchase of Common Units from Pre-IPO Common Unitholders in the initial public offering	0		0	(973,289)		0
Proceeds from exercise of options	0		0	545		0
Proceeds from repayments of loans to related companies	0		41,929	0		0
Debt issuance costs	0		(21,105)	0		0
Limited Partners’ interest	0		2,360,412	0		0
Proceeds from term loan	0		850,000	0		0
Repayment of term loan	0		(5,000)	(206,438)		0
Issuance of loans	0		0	0		(41,965)
Proceeds from issuance of shares	0		0	0		104
Dividends paid	0		(360,000)	0		(23,359)
Withholding tax paid on behalf of employees on stock based awards	0		0	(9,338)		0
Other, net	0		0	0		24
Net cash provided by (used in) financing activities	0		2,866,236	151,486		(65,196)
Effects of exchange rate changes on cash and cash equivalents	813		2,513	(2,950)		(640)
Net increase (decrease) in cash and cash equivalents and restricted cash	(3,522)		74,359	240,889		24,160
Cash and cash equivalents and restricted cash, beginning of the period	57,449		53,927	128,286	$ 57,449	33,289
Cash and cash equivalents and restricted cash, end of the period	53,927	128,286	128,286	369,175	128,286	57,449
Less restricted cash	0	257	257	0	257	0
Cash and cash equivalents, end of the period	$ 53,927	$ 128,029	$ 128,029	$ 369,175	$ 128,029	$ 57,449

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Organization and Basis of Presentation

Note 1 - Organization and Basis of Presentation

Company Overview

Bumble Inc.’s main operations are providing online dating and social networking platforms through subscription and in-app purchases dating products servicing North America, Europe and various other countries around the world. Bumble Inc. provides these services through websites and applications that it owns and operates.

Bumble Inc. (the "Company" or "Bumble") was incorporated as a Delaware corporation on October 5, 2020 for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to operate the business of Buzz Holdings L.P. (“Bumble Holdings”) and its subsidiaries.

Prior to the IPO and the Reorganization Transactions, Bumble Holdings L.P. ("Bumble Holdings"), a Delaware limited partnership, was formed primarily as a vehicle to finance the acquisition (the “Sponsor Acquisition”) of a majority stake in Worldwide Vision Limited by a group of investment funds managed by Blackstone Inc. (“Blackstone” or our "Sponsor"). As Bumble Holdings did not have any previous operations, Worldwide Vision Limited, a Bermuda exempted limited company, is viewed as the predecessor to Bumble Holdings and its consolidated subsidiaries. Accordingly, these consolidated financial statements include certain historical consolidated financial and other data for Worldwide Vision Limited for periods prior to the completion of the business combination.

On February 16, 2021, the Company completed its IPO of 57.5 million shares of Class A common stock at an offering price of $43 per share and received net proceeds of $2,361.2 million after deducting underwriting discounts and commissions. The Company used the proceeds from the issuance of 48.5 million shares ($1,991.6 million) to redeem shares of Class A common stock and purchase limited partnership interests of Bumble Holdings ("Common Units") from entities affiliated with our Sponsor, at a price per share / Common Unit equal to the IPO price, net of underwriting discounts and commissions.

In connection with the IPO, the organizational structure was converted to an umbrella partnership-C-Corporation with Bumble Inc. becoming the general partner of Bumble Holdings. The Reorganization Transactions were accounted for as a transaction between entities under common control. As a result, the financial statements for periods subsequent to the Sponsor Acquisition and prior to the IPO and the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. As the general partner, Bumble Inc. operates and controls all of the business and affairs, and through Bumble Holdings and its subsidiaries, conducts the business. Bumble Inc. consolidates Bumble Holdings in its consolidated financial statements and reports a noncontrolling interest related to the Common Units held by the pre-IPO common unitholders and the incentive units held by the continuing incentive unitholders in the consolidated financial statements.

Assuming the exchange of all outstanding Common Units for shares of Class A common stock on a one-for-one basis under the exchange agreement entered into by holders of Common Units, there would be 187,986,526 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 December 31, 2021.

Secondary Offering

On September 15, 2021, the Company completed a secondary offering of 20.7 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone (the "Selling Stockholders") at a price of $54.00 per share. This transaction resulted in the issuance of 9.2 million shares of Class A common stock for the period ending September 30, 2021.

Bumble did not sell any shares of Class A common stock in the offering and did not receive any of the proceeds from the sale. Bumble paid the costs associated with the sale of shares by the Selling Stockholders, net of the underwriting discounts.

Basis of Presentation and Consolidation

The Company prepares the consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements 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.

A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheets and the presentation of net income is modified to present earnings and other comprehensive income attributed to

controlling and noncontrolling interests. The Company’s noncontrolling interest represents substantive profit-sharing arrangements and profit and losses are attributable to controlling and noncontrolling interests using a hypothetical liquidation at book value method.

As a result of the Sponsor Acquisition as further discussed in Note 6, Business Combination, periods prior to January 28, 2020 reflect the financial statements of Worldwide Vision Limited prior to the business combination (referred to herein as the “Predecessor”). Periods subsequent to January 28, 2020 reflect the financial statements of the Company after the business combination (referred to herein as the “Successor”). The Company’s assets and liabilities were adjusted to fair value on the closing date of the business combination. Due to the change in the basis of accounting, the consolidated financial statements for the Predecessor and the Successor are not necessarily comparable. Where applicable, a black line separates the Successor and Predecessor periods to highlight the lack of comparability.

Statement of Changes in Equity Reclassification

Beginning in the fourth quarter of 2021, the Company adjusted its Consolidated Statement of Changes in Equity to reclassify $95.7 million from accumulated other comprehensive income to additional paid-in capital in order to correctly present the effects of the Reorganization Transactions and IPO, which had been incorrectly presented in the condensed consolidated financial statements included within our previously filed Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021.

This change has been concluded to be immaterial to the consolidated financial statements and has no impact on previously reported consolidated statements of operations, comprehensive operations, and cash flows.

The fiscal year end of the Company is December 31.

All references to the “Company”, “we”, “our” or “us” in this report are to Bumble Inc.

Summary of Selected Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Selected Significant Accounting Policies

Note 2 - Summary of Selected Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses. The Company’s significant estimates relate to income taxes, the fair value and useful lives of assets acquired and liabilities assumed in the Sponsor Acquisition, the recoverability of long-lived assets and goodwill, potential obligations associated with legal contingencies, the fair value of contingent consideration, and the fair value of derivatives and stock-based compensation.

These estimates are based on management’s best estimates and judgment. Actual results may differ from these estimates. Estimates, judgments and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions, judgments and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, cash on hand, cash in electronic money accounts and overnight deposits.

Accounts Receivable

Accounts receivable are recorded net of an allowance for credit losses, potential chargebacks and refunds issued to users. The amount of this allowance is primarily based upon historical experience and future economic expectations. The Company maintains an allowance for expected credit losses to provide for the estimated amount of accounts receivable that will not be collected. The Company determines if an allowance is needed by considering a number of factors, including the Company’s previous loss history, the length of time accounts receivable are past due, the specific customer’s ability to pay the obligation to the Company, reasonable and supportable forecasts of future economic conditions, and the current economic condition of the general economy. No allowance for credit losses was recorded as of December 31, 2021 and 2020, as all accounts receivable were considered collectible.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of investments. The Company has not experienced any losses on these deposits.

The Company’s accounts receivable balances are predominantly with third-party aggregators and these are subject to normal credit risks which management believes to be not significant. As of December 31, 2021, one third party aggregator accounted for approximately 71% of the Company’s gross accounts receivable. As of December 31, 2020, two third party aggregators accounted for approximately 56% and 14%, of the Company’s gross accounts receivable, respectively. As of December 31, 2019, three third party aggregators accounted for approximately 48%, 12% and 10% of the Company’s gross accounts receivable, respectively.

Leases

Company as a lessee

Under ASC 842, Leases, (“ASC 842”), the Company determines whether an arrangement is or contains a lease at contract inception. Right-of-use assets and lease liabilities, which are disclosed on the consolidated balance sheets, are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term using the Company’s incremental borrowing rate on the lease commencement date. If the lease contains an option to extend the lease term, the renewal option is considered in the lease term if it is reasonably certain that the Company will exercise the option. Operating lease expense is recognized on a straight-line basis over the term of the lease. Short-term leases, defined as leases with an initial term of twelve months or less, are not recorded on the consolidated balance sheets.

Company as a lessor

Amounts due from lessees under finance leases are recorded as receivables at the amount of the Company’s lease receivable. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company’s lease receivable. Rental income from operating leases is recognized on a straight-line basis over the term of the lease.

Property and Equipment, net

Property and equipment, net is stated at cost less accumulated depreciation and accumulated impairment, if any. Cost of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:


Leasehold improvements	—	5 years or remaining lease term
Furniture and fixtures	—	4 years
Computer equipment	—	3 years

Internal-Use Software

The Company incurs costs to develop software to be used solely to meet internal needs and applications used to deliver its services. These software development costs meet the criteria for capitalization once the preliminary project stage is complete and it is probable that the project will be completed, and the software will be used to perform the function intended. Costs capitalized during the application development stage include salaries, benefits, bonus, stock-based compensation, and taxes for employees who are directly involved in the development of new products or features, direct costs of materials and services incurred in developing or obtaining internal-use software and interest costs incurred, if applicable. Costs associated with post implementation activities are expensed as incurred.

Capitalized software development costs are classified as intangibles, net on the consolidated balance sheets. The cost of internal-use software is amortized on a straight-line method over the estimated useful life of the applicable software which is typically three years.

Impairment of Long-lived Assets

Long-lived assets, which consist of property and equipment and right-of-use assets, are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. The remaining estimated useful lives of property and equipment and right-of-use assets are routinely reviewed and, if the estimate is revised, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life.

Business Combination

The Company accounts for business combinations using the acquisition method of accounting. The purchase price of the Sponsor Acquisition is allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible assets. Any excess of the amount paid over the estimated fair values of the identifiable net assets acquired is allocated to goodwill. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items.

In connection with the Sponsor Acquisition, the Company entered into a contingent earn-out arrangement that was determined to be part of the purchase consideration. The Company classified the arrangement as a liability at the time of the Sponsor Acquisition, as it will be settled in cash, and reflected the change in the liability at its current fair value for each subsequent reporting period thereafter until settled. The changes in the remeasured fair value of the contingent earn-out liability during each reporting period is recognized in “General and administrative expense” in the accompanying consolidated statements of operations. See Note 6, Business Combination, for additional information.

Transaction costs associated with business combinations are expensed as incurred.

Goodwill and Intangible Assets, net

Intangible assets are stated at cost less accumulated amortization and accumulated impairment, if any. Amortization is calculated on a straight-line basis over the estimated useful lives of the definite-lived intangible assets, as follows:


User base	—	2.5 years
White label contracts	—	8 years
Trademark	—	10 years
Domain	—	3 years
Developed technology	—	5 years

Brand names are indefinite-lived intangible assets and not amortized.

Intangible assets with definite lives are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. The remaining estimated useful lives of definite-lived intangible assets are routinely reviewed and, if the estimate is revised, the remaining unamortized balance is amortized over the revised estimated useful life.

The Company assesses goodwill on the one reporting unit and indefinite-lived intangible assets for impairment annually as of October, 1, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or the fair value of an indefinite-lived intangible asset below its carrying value.

When the Company elects to perform a qualitative assessment and concludes it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds its fair value an impairment loss equal to the excess is recorded.

During the fourth quarter of the year ended December 31, 2021, the Company determined that an individual definite long-lived asset was impaired and recognized an impairment charge of $26.4 million in "general and administrative expense" within the accompanying consolidated statement of operations. No impairment charges were recorded for goodwill and indefinite-lived intangibles. See Note 8, Goodwill and Intangible Assets, net for additional information on impairment.

Investments

The Company has certain investments in privately held companies and limited partnerships. These investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee in accordance with ASC 321, Certain investment in Debt and Equity Securities. The investments are included in other assets in the accompanying consolidated balance sheets. Any gains or losses are recorded to other income (loss), net on the accompanying consolidated statement of operations.

Fair Value Measurements

The Company follows ASC 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. Other assets and liabilities are subject to fair value measurements only in certain circumstances, including purchase accounting in a business combination and long-lived assets that are written down to fair value when they are impaired.

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the fair value hierarchy to categorize the financial instruments measured at fair value based on the available inputs to the valuation and the degree to which they are observable or not observable in the market.

The three levels of the fair value hierarchy are as follows:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities.

•

Level 3—Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available.

See Note 10, Fair Value Measurements, net for additional information.

Derivatives

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 assets" or “Other liabilities,” with changes in fair value recognized in “Other expense, net.”

Revenue Recognition

The Company recognizes revenue from services in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when or as the Company’s performance obligations are satisfied by transferring control of the promised services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps as prescribed by ASC 606:

(i)

identify the contract(s) with a customer;

(ii)

identify the performance obligations in the contract;

(iii)

determine the transaction price;

(iv)

allocate the transaction price to the performance obligations in the contract; and

(v)

recognize revenue when (or as) the entity satisfies performance obligations.

The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determine those that are performance obligations and assess whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Revenue is primarily derived in the form of recurring subscriptions and in-app purchases. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage. Unused in-app purchase fees expire and are recognized as revenue after six months. The Company also

earns revenue from online advertising and partnerships. Online advertising revenue is recognized when an advertisement is displayed. Revenue from partnerships is recognized according to the contractual terms of the partnership.

As permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed.

During the year ended December 31, 2021, the period from January 29, 2020 to December 31, 2020, the period from January 1, 2020 to January 28, 2020 and the year ended December 31, 2019, there were no customers representing greater than 10% of total revenue.

For the periods presented, revenue across apps was as follows (in thousands):


	Successor				Predecessor
(in thousands)	Year Ended December 31, 2021		Period from January 29, through December 31, 2020		Period from January 1, through January 28, 2020		Year Ended December 31, 2019
Bumble App	$	532,916	$	337,237	$	23,256	$	275,545
Badoo App and Other		232,744		204,955		16,734		213,395
Total Revenue	$	765,660	$	542,192	$	39,990	$	488,940

Assets Recognized from the Costs to Obtain a Contract with a Customer

The Company has determined that certain costs paid to third party aggregators, primarily mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract. These costs are capitalized and amortized over the period of contract performance, typically over the term of the applicable subscription period.

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 $39.9 million and $31.3 million at December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, the period from January 29, 2020 to December 31, 2020, the period from January 1, 2020 to January 28, 2020 and the year ended December 31, 2019, the Company recognized revenue of $31.3 million, $9.6 million $10.6 million and $23.4 million, respectively, that was included in the deferred revenue balance at the beginning of each period.

Advertising Costs

Advertising costs are expensed in the period in which the services are first delivered to the Company. Where media space is purchased in advance, expense is deferred until the advertising service has been received by the Company. Advertising costs represent online marketing, including fees paid to search engines and social media sites, brand marketing such as out of home and television advertising, field marketing and partner-related payments to those who direct traffic to the Company’s platforms. Advertising expense was $175.0 million, $138.0 million, $9.8 million, and $130.4 million for the year ended December 31, 2021, the period from January 29, 2020 to December 31, 2020, for the period from January 1, 2020 to January 28, 2020, and the year ended December 31, 2019, respectively.

Debt Issuance Costs

Costs incurred in connection with obtaining new debt financing are deferred and amortized over the life of the related financing. If such financing is settled or replaced prior to maturity with debt instruments that have substantially different terms, the settlement is treated as an extinguishment and the unamortized costs are charged to gain or loss on extinguishment of debt. If such financing is settled or replaced with debt instruments from the same lender that do not have substantially different terms, the new debt agreement is accounted for as a modification for the prior debt agreement and the unamortized costs remain capitalized, the new original issuance discount costs are capitalized, and any new third-party costs are charged to expense. Deferred costs are recognized as a direct reduction in the carrying amount of the debt instrument on the consolidated balance sheets and are amortized to interest expense over the term of the related debt using the effective interest method.

Income Taxes

The Company accounts for income taxes under the liability method, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more likely than not that the deferred tax asset will not be realized. The Company records interest (and penalties where applicable), net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax provision.

The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition (step one) occurs when the Company concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustainable upon examination. Measurement (step two) determines the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more likely-than-not threshold of being sustained.

Payable to Related Parties Pursuant to Tax Receivable Agreement

In connection with our IPO, the Company entered into a tax receivable agreement with certain pre-IPO owners whereby the Company agreed to pay to such pre-IPO owners 85% of the benefits that the Company realizes, or is deemed to realize, as a result of our allocable share of existing tax basis acquired in the IPO, increases in our share of existing tax basis and adjustments to the tax basis of the assets of Bumble Holdings as a result of sales or exchanges of Common Units (including Common Units issued upon conversion of vested Incentive Units), and our utilization of certain tax attributes of the Blocker Companies (including the Blocker Companies’ allocable share of existing tax basis) and certain other tax benefits related to entering into the tax receivable agreement.

Actual tax benefits realized by the Company may differ from tax benefits calculated under the tax receivable agreement as a result of the use of certain assumptions in the tax receivable agreement, including the use of an assumed weighted-average state and local income tax rate to calculate tax benefits. Payments to be made under the tax receivable agreement will depend upon a number of factors, including the timing and amount of our future income.

The Company accounts for amounts payable under the tax receivable agreement in accordance with ASC Topic 450, Contingencies. As such, subsequent changes in the fair value of the tax receivable agreement liability between reporting periods are recognized in the statement of operations.

See Note 5, Payable to Related Parties Pursuant to a Tax Receivable Agreement, for additional information on the tax receivable agreement.

Foreign Currencies

The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. The financial position and operating results of foreign entities whose primary economic environment is based on their local currency are consolidated using the local currency as the functional currency. These local currency assets and liabilities are translated into U.S. dollars at the rates of exchange as of the balance sheet date, and local currency revenue and expenses of these operations are translated at average rates of exchange during the period. Translation gains and losses are included in accumulated other comprehensive income as a component of shareholders’ equity. Transaction gains and losses resulting from assets and liabilities denominated in a currency other than the functional currency are included in “Other expense, net” in the accompanying consolidated statements of operations. For the year ended December 31. 2021, the period from January 29, 2020 to December 31, 2020, the period from January 1, 2020 to January 28, 2020, and the year ended December 31, 2019, the Company recorded a gain (loss) of $4.5 million, $(14.1) million, $(0.6) million, and $(1.2) million, respectively.

Earnings (Loss) per Share/Unit

Basic earnings (loss) per unit is computed by dividing net earnings (loss) attributable to the Company by the weighted average number of common units outstanding during the period. Diluted earnings (loss) per unit is computed by dividing net earnings (loss) attributable to the Company by the weighted-average units outstanding during the period after adjusting for the impact of securities that would have a dilutive effect on earnings (loss) per unit.

All earnings (loss) for the Predecessor period from January 1, 2020 to January 28, 2020 and for the year ended December 31, 2019 were entirely allocable to Predecessor shareholders and non-controlling interest. Additionally, due to the impact of the Sponsor Acquisition, the Company’s capital structure for the Predecessor and Successor periods is not comparable. As a result, the presentation

of earnings (loss) per share for the periods prior to such transaction is not meaningful and only earnings (loss) per unit for periods subsequent to the Sponsor Acquisition are presented herein.

See Note 13, Earnings (Loss) per Share/Unit, for additional information on dilutive securities.

Stock-Based Compensation

The Company issues stock-based awards to employees that are generally in the form of stock options, restricted shares, incentive units, or restricted stock units (“RSUs”). Compensation cost for equity awards is measured at their grant-date fair value, and in the case of restricted shares and RSUs is estimated based on the fair value of the Company’s underlying common stock. The grant date fair value of stock options and incentive units is estimated using the Black-Scholes option pricing model for time-vesting awards or a Monte Carlo simulation approach in an option pricing framework for exit-vesting awards. These require management to make assumptions with respect to the fair value of the Company’s common stock on the grant date, including the expected term of the award, the expected volatility of the Company’s stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates and expected dividend yields of the Company’s stock. For time-vesting awards, compensation cost is recognized over the requisite service period, which is generally the vesting period, using the graded attribution method. For performance-based stock awards, compensation expense is recognized over the requisite service period on a straight-line basis when achievement is probable. At the IPO date, we concluded that our public offering represented a qualifying liquidity event that would cause the performance conditions to be probable.

For periods prior to the Company’s IPO, the grant date fair value of stock-based compensation awards and the underlying equity were determined on each grant date using a Monte Carlo model. As the Company's equity was not publicly traded, there was no history of market prices for the Company's equity. Thus, estimating grant date fair value required the Company to make assumptions, including the value of the Company's equity, expected time to liquidity, and expected volatility.

See Note 14, Stock-based Compensation, for a discussion of the Company’s stock-based compensation plans and awards.

Recently Issued Pronouncements Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities are recognized by the acquirer at fair value on the acquisition date. This new guidance is effective for the Company for its fiscal year beginning January 1, 2023 and interim periods within that fiscal year, and early adoption is permitted. The Company is currently evaluating the impact of adopting the new accounting guidance on its consolidated financial position, results of operations and cash flows.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” 2020-04) and related amendments on Reference Rate Reform, which provided optional guidance and exceptions to for applying GAAP to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. The amendments are effective prospectively at any point through December 31, 2022. The Company continues to evaluate the potential impact of adopting this new accounting guidance on its consolidated financial position, results of operations and cash flows. The Company plans to adopt the pronouncement during the fiscal year ending December 31, 2022.

Stockholders Equity

12 Months Ended

Dec. 31, 2021

Class Of Stock [Line Items]

Stockholders Equity

Note 12 – Shareholders’ Equity

Equity Structure Prior to Initial Public Offering and Reorganization

Limited Partner’s Interest

On January 29, 2020, Bumble Holdings, and the wholly owned indirect subsidiary, Buzz Merger Sub Limited, executed the Merger Agreement with Worldwide Vision Limited whereby Bumble Holdings agreed to purchase all of the outstanding equity interest of Worldwide Vision Limited (see Note 6, Business Combination). In conjunction with the Sponsor Acquisition, the equity that was in existence in the Predecessor periods was settled and no longer outstanding subsequent to January 29, 2020.

Prior to the IPO, Limited Partners' Interest was inclusive of Capital Contribution from the Parent, Additional Paid-in Capital, and Retained Earnings. The capital structure of Bumble Holdings consisted of two different classes of limited partnership interests, Class A and Class B units. Class A units were issued and held by Blackstone, an affiliate of Accel Partners LP., our Founder, and certain members of senior management in exchange for capital contributions (“Class A Units”). Class B units were issued to senior management, select members of the Company's board of directors (the “Board”) and select employees of Bumble Holdings and represent profit interests of Bumble Holdings which vest subject to certain service and performance conditions.

As of December 31, 2020, there were 2,453,784,599 units of Class A and 153,273,895 units of Class B outstanding.

Noncontrolling Interests

Prior to the IPO, the Company’s noncontrolling interests represented a reserve for minority interests’ share of accumulated profits and losses of Huggle App (UK) Limited and Lumen App Limited and pre-Sponsor Acquisition, Bumble Holding Limited and its subsidiaries.

Initial Public Offering

On February 16, 2021, the Company completed its IPO of 57.5 million shares of Class A common stock at an offering price of $43 per share. The Company received net proceeds of $2,361.2 million after deducting underwriting discounts and commissions. The Company used the proceeds from the issuance of 48.5 million shares ($1,991.6 million) in the IPO to redeem shares of Class A common stock and purchase Common Units from entities affiliated with our Sponsor, at a price per share / Common Unit equal to the IPO price, net of underwriting discounts and commissions. The Company used a portion of the proceeds from the issuance of 9.0 million shares ($369.6 million) in the IPO to repay $200.0 million of outstanding indebtedness.

Secondary Offering

On September 15, 2021, the Company completed a secondary offering of 20.7 million shares of Class A common stock on behalf of certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders") at a price of $54.00 per share. This transaction resulted in the issuance of 9.2 million shares of Class A common stock for the period ending September 30, 2021.

Reorganization

Prior to the IPO, on February 10, 2021 the limited partnership agreement of Bumble Holdings was amended and restated, resulting in the following:

•

Bumble Inc. became the general partner of Bumble Holdings with 100% of the voting power and control of the management of Bumble Holdings.

•

All outstanding Class A Units were either (1) reclassified into a new class of limited partnership interest referred to as “Common Units”, or (2) directly or indirectly exchanged for vested shares of Class A common stock of Bumble Inc.

•

All outstanding Class B Units were either (1) reclassified into a new class of limited partnership interest referred to as “Incentive Units”, or (2) directly or indirectly exchanged for vested shares of Class A common stock of Bumble Inc. (in the case of vested Class B Units) and restricted shares of Class A common stock of Bumble Inc. (in the case of unvested Class B Units).

•

Recognition of a noncontrolling interest due to the Pre-IPO Shareholders retaining an economic interest in Bumble Holdings related to Common Units not exchanged for vested shares of Class A common stock.

As part of the Reorganization Transactions, the Blocker Companies entered into certain restructuring transactions that resulted in the Pre-IPO Shareholders acquiring newly issued shares of Class A common stock in exchange for their ownership interests in the Blocker Companies and the Company acquiring an equal number of outstanding Common Units.

Additionally, Bumble Inc. and the holders of all Common Units entered into an exchange agreement in which the holders of the Common Units will have the right on a quarterly basis to exchange their Common Units for shares of Class A common stock of the Company on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications.

Subsequent to the Reorganization Transactions, our Sponsor effected certain exchanges of Common Units for Class A shares that were contemplated to have occurred pursuant to the Blocker Restructuring, with the net change to the capital structure being 4,455,510 Common Units in Bumble Holdings being exchanged on April 1, 2021, on a one-for-one basis, for Class A common stock in the Company. We gave retrospective effect to these transactions when estimating our tax receivable agreement liability, see Note 4 – Income Taxes.

Amendment and Restatement of Certificate of Incorporation

The Company’s amended and restated certificate of incorporation has three classes of ownership interests: 6,000,000,000 shares of Class A common stock, par value $0.01 per share, 1,000,000 shares of Class B common stock, par value $0.01 per share, and 600,000,000 shares of preferred stock, par value $0.01 per share.

Class A Common Stock

Shares of Class A common stock have both voting and economic rights. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held. Notwithstanding the foregoing, unless they elect otherwise, our Founder and affiliates of Blackstone (collectively, the “Principal Stockholders”) are entitled to outsized voting rights. Until the High Vote Termination Date (as defined below), each share of Class A common stock held by a Principal Stockholder is entitled to ten votes. “High Vote Termination Date” means the earlier to occur of (i) seven years from the closing of this offering and (ii) the date the parties to the stockholders agreement cease to own in the aggregate 7.5% of the outstanding shares of Class A common stock, assuming exchange of all Common Units. Shares of Class A common stock are entitled to dividends and pro rata distribution of remaining available assets upon liquidation. Shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights.

As of December 31, 2021 and 2020, there were 129,212,949 and 0 shares of Class A common stock outstanding.

Class B Common Stock

Shares of Class B common stock have voting but no economic rights. Holders of Class B common stock generally are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each Common Unit of Bumble Holdings held by such holder. Notwithstanding the foregoing, unless they elect otherwise, each Principal Stockholder that holds Class B common stock is entitled to outsized voting rights. Until the High Vote Termination Date, each Principal Stockholder that holds Class B common stock is entitled, without regard to the number of shares of Class B common stock held by such Principal Stockholder, to a number of votes equal to 10 times the aggregate number of Common Units of Bumble Holdings held by such Principal Stockholder. Shares of Class B common stock do not have any right to receive dividends or distribution upon liquidation.

As of December 31, 2021 and 2020, there were 20 and 100 shares of Class B common stock outstanding.

Preferred Stock

The Company is authorized to issue, without the approval of its stockholders, one or more series of preferred stock. The Board may determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative, participating, optional or other special rights.

As of December 31, 2021 and 2020, no preferred stock has been issued.

Treasury Stock

During the three months ended March 31, 2021, the Company used a portion of the proceeds from the issuance of 48.5 million shares in the IPO to redeem shares of Class A common stock from the pre-IPO owners. Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased.

During the three months ended June 30, 2021, the Company retired and restored the treasury stock to the status of authorized, but unissued, shares of Class A Common Stock.

Distributions

No dividends were paid in the year ended December 31, 2021.

During the period from January 29, 2020 to December 31, 2020, the Company declared a dividend of $360.0 million to the pre-IPO owners, of which approximately $334.3 million was paid by the Company on October 28, 2020 and $25.6 million of which was used by Whitney Wolfe Herd to partially repay the loan to Founder, and to pay related fees and expenses in connection therewith. The dividend that was paid on October 28, 2020 and the Founder Loan repayment is accounted for as an increase to Limited Partners’ Interest.

During the year ended December 31, 2019, the Company paid dividends of $5.4 million to the unitholders that are outside the Company. No dividends were paid in the period from January 1, 2020 to January 28, 2020.

No dividends were outstanding at December 31, 2021, 2020 and 2019.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 3 - Leases

Company as a lessee

The Company has operating leases for office space, data centers and other facilities in several states and international locations. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Generally, the leases have initial terms ranging from one to eight years. Renewal options are not recognized as part of the right-of-use assets and lease liabilities as it is not reasonably certain at the lease commencement date that we will exercise these options to extend the leases.

The Company elected certain practical expedients under ASC 842 which allow us to combine lease and non-lease components of lease payments in determining right-of-use assets and related lease liabilities. We also elected the short-term lease exception. Leases with an

initial term of twelve-months or less that do not include an option to purchase the underlying asset are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term.

Expenses related to short-term leases were $0.4 million, $0.3 million, $0.0 million and $0.5 million for the year ended December 31, 2021, the period from January 29, 2020 to December 31, 2020 and the period from January 1, 2020 to January 28, 2020 and the year ended December 31, 2019, respectively.

Components of lease cost included in general and administrative expenses on the consolidated statement of operations are as follows (in thousands):


	Successor						Predecessor
Lease cost	Year Ended December 31, 2021			Period from January 29, through December 31, 2020			Period from January 1, through January 28, 2020			Year Ended December 31, 2019
Operating lease cost	$	5,438		$	4,165		$	410		$	5,704
Expense relating to short-term leases		363			331			36			467
Income from subleasing right-of-use assets		(561	)		(502	)		(46	)		(559	)
Total lease cost	$	5,240		$	3,994		$	400		$	5,612

Supplemental cash flow information related to leases is as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2021		Period from January 29, through December 31, 2020		Period from January 1, through January 28, 2020		Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities	$	5,464	$	5,886	$	633	$	4,753
Right-of-use assets obtained in exchange for lease liabilities		19,570		146		—		2,960

During the year ended December 31, 2021, the Company has extended the leases on its properties in the United States and other countries, resulting in an increase of $19.6 million in right-of-use assets and a corresponding increase in lease liabilities.

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate):



	December 31,			December 31,
	2021			2020
Assets:
Right-of-use assets	$	26,410		$	11,711
Liabilities:
Accrued expenses and other current liabilities	$	3,898		$	4,933
Other liabilities		21,711			5,831
Total operating lease liabilities	$	25,609		$	10,764
Weighted average remaining operating lease term (years)		6.8			2.9
Weighted average operating lease discount rate		5.0	%		6.5	%

The Company’s leases do not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. As the Company enters into operating leases in multiple jurisdictions and denominated in currencies other than the U.S. dollar, judgment is used to determine the Company’s incremental borrowing rate including (1) conversion of the subordinated borrowing rate (using published yield curves) to an unsubordinated and collateralized rate, (2) adjusting the rate to align with the term of each lease, and (3) adjusting the rate to incorporate the effects of the currency in which the lease is denominated.

Future maturities on lease liabilities as of December 31, 2021, are as follows (in thousands):


Years Ended December 31,
2022	$	4,037
2023		5,238
2024		2,109
2025		5,584
2026		5,241
Thereafter		8,105
Total lease payments		30,314
Less: imputed interest		(4,705	)
Total lease liabilities	$	25,609

There were no leases with residual value guarantees or executed leases that had not yet commenced as of December 31, 2021 and 2020.

Company as a lessor

In prior periods, the Company had classified a lease as a finance lease as it was reasonably certain that the lessee would exercise its option to purchase the property at the end of the lease. During the fourth quarter of 2021, the lessee exercised its option and the Company sold its legal and beneficial interest in the leased property which it had acquired in 2019 for an immaterial gain which is included in “Other income (expense), net” in the accompanying consolidated statements of operation.

Sublease considerations

The Company is also a sublessor on two operating leases that expire through 2023. The Company recorded $0.6 million, $0.5 million and $0.0 million in sublease income during the year ended December 31, 2021, the period from January 29, 2020 to December 31, 2020 and the period from January 1, 2020 to January 28, 2020, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 4 - Income Taxes

The Company is a corporation for U.S. federal and state income tax purposes. Each of the Company's accounting predecessor, Bumble Holdings, and Bumble Holdings’ accounting predecessor, Worldwide Vision Limited, is, and has been since the Sponsor Acquisition, treated as a flow-through entity for U.S. federal income tax purposes and as such, has generally not been subject to U.S. federal income tax at the entity level. Accordingly, the historical results of operations and other financial information set forth in this Annual Report do not include any material provisions for U.S. federal income tax. Following our initial public offering, the Company is subject to U.S. federal and state income tax as a corporation on its share of Bumble Holdings’ taxable income.

U.S. and foreign (loss) earnings before income taxes and noncontrolling interests are as follows (in thousands):


	Successor						Predecessor
	Year Ended December 31, 2021			Period from January 29, through December 31, 2020			Period from January 1, through January 28, 2020
U.S.	$	(177,893	)	$	(41,703	)	$	(168	)
Foreign		28,767			(60,357	)		(32,023	)
Total	$	(149,126	)	$	(102,060	)	$	(32,191	)

The components of the income tax (benefit) provision are as follows (in thousands):


	Successor						Predecessor
	Year Ended December 31, 2021			Period from January 29, through December 31, 2020			Period from January 1, through January 28, 2020
Current income tax (benefit) provision:
State	$	(122	)	$	162		$	—
Foreign		10,680			8,753			452
Current income tax provision	$	10,558		$	8,915		$	452
Deferred income tax (benefit) provision:
Federal	$	192		$	(100	)	$	—
State		—			(91	)		—
Foreign		(446,821	)		(598	)		(87	)
Deferred income tax (benefit) provision		(446,629	)		(789	)		(87	)
Income tax (benefit) provision	$	(436,071	)	$	8,126		$	365

The income tax benefit of $436.1 million recorded in the year ended December 31, 2021 includes a $441.5 million deferred tax benefit related to the reversal of net deferred tax liabilities recorded at our Maltese and UK entities due to a restructuring of our international operations which occurred on January 1, 2021. In addition, the income tax benefit for the year ended December 31, 2021, reflects the impact of our assessment that we will not be able to realize the benefit of certain deferred tax assets arising in the current year for which a valuation allowance has been recorded.

The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below (in thousands):



	December 31,		December 31,
	2021		2020
Deferred tax assets:
Investment in partnership	$	164,220	$	—
Depreciation and amortization		275