Bumble Inc.

Previous wording

We provide online dating and social networking applications through free, subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. Bumble operates a family of apps, including Bumble, Bumble For Friends, Badoo, and Geneva. Bumble app, launched in 2014, is one of the first dating apps built with women at the center, where women make the first move. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app’s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app continues to be a market leader in several countries in Europe and Latin America. Building on the BFF mode in Bumble app, in July 2023 we officially launched a standalone Bumble For Friends app. Bumble For Friends app is a friendship app where people in all stages of life can meet people nearby and create meaningful platonic connections. In July 2024, we acquired Geneva, through which we aim to expand the Bumble For Friends experience from one-to-one connections to groups and communities to serve the many ways people seek friendships. As part of our strategic priorities, we decided to discontinue our operation of the Fruitz and Official apps. During the second quarter, we shut down the Official app. In June 2025, we entered into an agreement with a third-party to sell our subsidiary, Flashgap SAS (popularly known as Fruitz app). The sale was completed in July 2025.

Current wording

We provide online dating and social networking applications through free, subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. Bumble operates a family of apps, including Bumble, BFF and Badoo. Bumble app, launched in 2014, is one of the first dating apps built with women at the center, where women make the first move. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app’s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app continues to be a market leader in several countries in Europe and Latin America. Building on the BFF mode in Bumble app, in July 2023, we officially launched a standalone Bumble For Friends app, which we re-launched in September 2025 as BFF, our dedicated app for friend-finding, group connections and community-building, powered in part by the integration of Geneva, which we acquired in July 2024. As part of our strategic priorities, we decided to discontinue our operation of the Fruitz and Official apps. During the second quarter of 2025, we shut down the Official app. In July 2025, we completed the sale of our subsidiary, Flashgap SAS (popularly known as Fruitz app).

Previous wording

•Adjusted EBITDA of $94.6 million and $75.0 million, respectively, representing Adjusted EBITDA margins of 38.1% and 27.9%, respectively.

Current wording

•Adjusted EBITDA of $83.1 million and $82.6 million, respectively, representing Adjusted EBITDA margins of 33.7% and 30.2%, respectively.

Previous wording

•Net loss was $347.2 million, or (70.1)% of revenue, which included a $408.5 million impairment loss, compared to net earnings of $71.6 million, or 13.3% of revenue; and

Current wording

•Net loss was $295.5 million, or (39.9)% of revenue, which included a $408.5 million impairment loss, compared to net loss of $777.7 million, or (96.0)% of revenue, which included an $892.2 million impairment loss; and

Previous wording

•Adjusted EBITDA of $159.0 million and $149.0 million, respectively, representing Adjusted EBITDA margins of 32.1% and 27.8%, respectively.

Current wording

•Adjusted EBITDA of $242.1 million and $231.6 million, respectively, representing Adjusted EBITDA margins of 32.6% and 28.6%, respectively;

Previous wording

•Net cash provided by operating activities of $114.5 million and $35.3 million, respectively, and operating cash flow conversion of * and 49.4%, respectively; and

Current wording

•Net cash provided by operating activities of $191.3 million and $128.8 million, respectively, and operating cash flow conversion of * and *, respectively; and

Previous wording

•Free cash flow of $108.6 million and $30.8 million, respectively, representing free cash flow conversion of 68.3% and 20.7%, respectively.

Current wording

•Free cash flow of $182.4 million and $122.7 million, respectively, representing free cash flow conversion of 75.3% and 53.0%, respectively.

Previous wording

The following metrics were calculated excluding paying users and revenue generated from Official, advertising and partnerships or affiliates. As of June 30, 2025, Geneva had not generated any revenue, and therefore, is excluded from our key operating metrics.

Current wording

The following metrics were calculated excluding paying users of and revenue generated from Official, advertising, partnerships and affiliates. Although Bumble For Friends app was relaunched as BFF in September 2025, the Company continues to generate revenue from the legacy Bumble For Friends app. As of September 30, 2025, BFF app has not generated any revenue and therefore is excluded from our key operating metrics.

Previous wording

As previously disclosed, we are in the process of implementing a new strategy and transformation plan intended to deliver durable member value and drive long-term sustainable revenue. As part of this strategy, we are focusing on fostering a vibrant and healthy membership base, improving the member experience through product innovation, including increased use of artificial intelligence in our product and in the optimization of our operations, modernizing our technology to better deliver product innovation, and evolving our revenue strategy to ensure we deliver value at every step of our members’ journey. To align with these priorities, we have strategically shifted away from paid member acquisition and performance marketing in favor of brand and organic investment. As we address these areas of focus, our member growth and success in attracting new members, member engagement and monetization may be negatively impacted. In addition, efforts to improve the health of our membership base, including the removal of bad actors from our apps and strategically reducing paid performance marketing for member acquisition, may adversely affect revenue and paying users in the short term. Furthermore, if we do not successfully implement our new strategy, our business, financial condition and results of operations could be materially adversely affected.

Current wording

As previously disclosed, we are in the process of implementing a new strategy and transformation plan intended to deliver durable member value and drive long-term sustainable revenue. As part of this strategy, we are focusing on fostering a vibrant and healthy membership base, improving the member experience through product innovation, including increased use of artificial intelligence in our product and in the optimization of our operations, modernizing our technology to better deliver product innovation, and evolving our revenue strategy to ensure we deliver value at every step of our members’ journey. To align with these priorities, we have (a) strategically shifted away from paid member acquisition in favor of brand and organic investment and (b) limited performance marketing to targeted usage aimed at acquiring quality members who we believe will be additive to the health of our membership base. As we address these areas of focus, our member growth and success in attracting new members, member engagement and monetization may be negatively impacted. In addition, efforts to improve the health of our membership base, including trust and safety initiatives, such as the removal of bad actors from our apps, and strategically reducing paid performance marketing for member acquisition, have recently and may continue to adversely affect revenue and paying users in the short term. Furthermore, if we do not successfully implement our new strategy, our business, financial condition and results of operations could be materially adversely affected.

Previous wording

We have a share repurchase program whereby our Board of Directors has authorized us to repurchase up to $450.0 millionin Class A common stock. During the six months ended June 30, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. During the six months ended June 30, 2024, we repurchased 5.3 million shares of Class A common stock and 2.0 million Common Units for $84.4 million, excluding excise tax obligations. There were no share repurchases during the three months ended June 30, 2025 and 2024. As of June 30, 2025, a total of $50.1 million remained available for repurchase under the repurchase program.

Current wording

We have a share repurchase program whereby our Board of Directors has authorized us to repurchase up to $450.0 millionin Class A common stock. There were no share repurchases during the three months ended September 30, 2025. During the nine months ended September 30, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. During the three months ended September 30, 2024, we repurchased 14.2 million shares of Class A common stock for $89.7 million, excluding excise tax obligations. During the nine months ended September 30, 2024, we repurchased 19.5 million shares of Class A common stock and 2.0 million Common Units for $174.1 million, excluding excise tax obligations. As of September 30, 2025, a total of $50.1 million remained available for repurchase under the repurchase program.

Previous wording

In connection with certain reorganization transactions and our initial public offering (“IPO”), we entered into a tax receivable agreement with certain of our pre-IPO owners that provides for the payment by the Company to such pre-IPO owners of 85% of the benefits that the Company realizes, or is deemed to realize, as a result of the Company's allocable share of existing tax basis acquired in our IPO and other tax benefits related to entering into the tax receivable agreement. The payments that we may be required to make under the tax receivable agreement to the pre-IPO owners may be significant and are dependent upon future taxable income. During the six months ended June 30, 2025, our tax receivable agreement liability decreased by a net $17.0 million due to the tax receivable agreement payment made in the first quarter of 2025 and the impact of share repurchases.

Current wording

In connection with certain reorganization transactions and our initial public offering (“IPO”), we entered into a tax receivable agreement with certain of our pre-IPO owners that provides for the payment by the Company to such pre-IPO owners of 85% of the benefits that the Company realizes, or is deemed to realize, as a result of the Company's allocable share of existing tax basis acquired in our IPO and other tax benefits related to entering into the tax receivable agreement. The payments that we may be required to make under the tax receivable agreement to the pre-IPO owners may be significant and are dependent upon future taxable income. During the nine months ended September 30, 2025, our tax receivable agreement liability increased by a net $2.4 million due to the following: (1) a decrease of $16.0 million for a tax receivable agreement payment and (2) a decrease of $1.0 million related to share repurchases in the first quarter of 2025, offset by (3) a net $19.4 million increase primarily related to exchanges with certain stockholders affiliated with Blackstone and the Founder during 2025.

Previous wording

For additional information, see “Risk Factors—Bumble Inc. will be required to pay certain of our pre-IPO owners for most of the benefits relating to tax depreciation or amortization deductions that we may claim as a result of Bumble Inc.’s allocable share of existing tax basis acquired in the IPO, Bumble Inc.’s increase in its allocable share of existing tax basis and anticipated tax basis adjustments we receive in connection with sales or exchanges of Common Units (including Common Units issued upon conversion of vested Incentive Units) in connection with or after the IPO and our utilization of certain tax attributes of the Blocker Companies”, “Risk Factors—In certain cases, payments under the tax receivable agreement may be accelerated and/or significantly exceed the actual benefits Bumble Inc. realizes in respect of the tax attributes subject to the tax receivable agreement.” in each case, in Part I, “Item 1A—Risk Factors” of our 2024 Form 10-K, and Note 4, Payable to Related Parties Pursuant to a Tax Receivable Agreement, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.

Current wording

For additional information, see “Risk Factors—Bumble Inc. will be required to pay certain of our pre-IPO owners for most of the benefits relating to tax depreciation or amortization deductions that we may claim as a result of Bumble Inc.’s allocable share of existing tax basis acquired in the IPO, Bumble Inc.’s increase in its allocable share of existing tax basis and anticipated tax basis adjustments we receive in connection with sales or exchanges of Common Units (including Common Units issued upon conversion of vested Incentive Units) in connection with or after the IPO and our utilization of certain tax attributes of the Blocker Companies”, “Risk Factors—In certain cases, payments under the tax receivable agreement may be accelerated and/or significantly exceed the actual benefits Bumble Inc. realizes in respect of the tax attributes subject to the tax receivable agreement.” in each case, in Part I, “Item 1A—Risk Factors” of our 2024 Form 10-K, and Note 4, Payable to Related Parties Pursuant to a Tax Receivable Agreementand Note 17, Subsequent Event, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.

Previous wording

During the three months ended June 30, 2025, we identified a potential impairment triggering event related to our indefinite-lived assets and goodwill. The triggering event was related to our revised 2025 outlook, which reflects a strategic shift to improve the health of our membership base. As a result, we performed an interim impairment test. Based on the results of the test, we recognized impairment charges of $140.0 million for indefinite-lived intangible assets and $258.1 million for goodwill during the three months ended June 30, 2025. We also recorded an impairment charge of $6.8 million during the three months ended June 30, 2025 in conjunction with the classification of Fruitz to held for sale. In addition, during the three months ended March 31, 2025, we recognized impairment charges of $3.6 million for the Official asset group due to the anticipated discontinuation of the Official app. There were no impairment charges recorded for the three and six months ended June 30, 2024.

Current wording

During the three months ended June 30, 2025, we identified a potential impairment triggering event related to our indefinite-lived assets and goodwill. The triggering event was related to our revised 2025 outlook, which reflects a strategic shift to improve the health of our membership base. As a result, we performed an interim impairment test. Based on the results of the test, we recognized impairment charges of $140.0 million for indefinite-lived intangible assets and $258.1 million for goodwill during the three months ended June 30, 2025. We also recorded an impairment charge of $6.8 million during the three months ended June 30, 2025 in conjunction with the classification of Fruitz to held for sale. In addition, during the three months ended March 31, 2025, we recognized impairment charges of $3.6 million for the Official asset group due to the anticipated discontinuation of the Official app.

Previous wording

For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill, Indefinite-lived Intangible Assets and Long-lived Assets and Definite-lived Intangible Assets, Note 5, Goodwill and Intangible Assets, Net, and Note 6, Asset Held for Saleto our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.

Current wording

For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill, Indefinite-lived Intangible Assets and Long-lived Assets and Definite-lived Intangible Assets, Note 5, Goodwill and Intangible Assets, Net, and Note 6, Sale of a Businessto our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.

Previous wording

In June 2025, we announced our decision to reduce our global workforce (the “2025 Restructuring Plan”) by approximately 240 roles, representing approximately 30% of our employees, as we realign our operating structure to optimize execution on our strategic priorities. As a result, we expect to incur approximately $13.0 million to $18.0 million of total non-recurring charges through the fourth quarter of 2025, consisting primarily of employee severance, benefits, and related charges for impacted employees.

Current wording

In June 2025, we announced our decision to reduce our global workforce (the “2025 Restructuring Plan”) by approximately 240 roles, representing approximately 30% of our employees, as we realign our operating structure to optimize execution on our strategic priorities. As a result, we expect to incur approximately $13.0 million to $18.0 million oftotal non-recurring charges through the first quarter of 2026, consisting primarily of employee severance, benefits, and related charges for impacted employees.

Previous wording

In February 2025, we announced our decision to discontinue our operation of the Fruitz and Official apps. The Official app was discontinued during the second quarter of 2025 and Fruitz was sold to a third party in July 2025. We expect to incur approximately $1.4 million of expenses through the third quarter of 2025, primarily related to empl oyee severance, benefits and related charges for impacted employees.

Current wording

In February 2025, we announced our decision to discontinue our operation of the Fruitz and Official apps. The Official app was discontinued during the second quarter of 2025 and Fruitz was sold to a third party in July 2025. We incurred approximately $1.4 million of expenses through the third quarter of 2025, primarily related to empl oyee severance, benefits and related charges for impacted employees.

Previous wording

Other income (expense), net consists of insurance reimbursement proceeds, impacts from foreign exchange transactions, tax receivable agreement liability remeasurement (benefit) expense, sub-lease income and investments in equity securities.

Current wording

Other income (expense), net consists of insurance reimbursement proceeds, impacts from foreign exchange transactions, tax receivable agreement liability remeasurement (benefit) expense, sub-lease income, investments in equity securities and gain (loss) on sale of businesses.

Previous wording

During the three and six months ended June 30, 2025, stock-based compensation expense was higher compared to the same period in 2024, primarily due to forfeitures and headcount reductions associated with the 2024 Restructuring Plan. Negative amounts represent expense reversals associated with forfeitures that exceeded expenses recognized during the periods presented.

Current wording

During the three and nine months ended September 30, 2025, stock-based compensation expense was higher compared to the same period in 2024, primarily due to lower forfeitures. Negative amounts represent expense reversals associated with forfeitures that exceeded expenses recognized during the periods presented.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

Current wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

Previous wording

Total Revenue was $248.2 million for the three months ended June 30, 2025, compared to $268.6 million for the same period in 2024. The decrease was primarily driven by a decline in Total Paying Users, partially offset by an increase in Total Average Revenue per Paying User and favorable fluctuations in foreign currency exchange rates.

Current wording

Total Revenue was $246.2 million for the three months ended September 30, 2025, compared to $273.6 million for the same period in 2024. The decrease was primarily driven by a decline in Total Paying Users, partially offset by an increase in Total Average Revenue per Paying User and favorable fluctuations in foreign currency exchange rates.

Previous wording

Bumble App Revenue was $201.4 million for the three months ended June 30, 2025, compared to $218.0 million for the same period in 2024. This decrease was primarily driven by an 11.3% decline in Bumble App Paying Users to 2.5 million, partially offset by a 4.1% increase in Bumble App ARPPU to $26.85 and favorable fluctuations in foreign currency exchange rates.

Current wording

Bumble App Revenue was $198.8 million for the three months ended September 30, 2025, compared to $220.2 million for the same period in 2024. This decrease was primarily driven by an 18.3% decline in Bumble App Paying Users to 2.3 million, partially offset by a 10.5% increase in Bumble App ARPPU to $28.27 and favorable fluctuations in foreign currency exchange rates.

Previous wording

Badoo App and Other Revenue was $92.1 million for the six months ended June 30, 2025, compared to $102.7 million for the same period in 2024. This decrease was primarily driven by a 1.2% decline in Badoo App and Other Paying Users to 1.3 million, a 8.2% decline in Badoo App and Other ARPPU to $11.14, and unfavorable fluctuations in foreign currency exchange rates.

Current wording

Badoo App and Other Revenue was $47.4 million for the three months ended September 30, 2025, compared to $53.4 million for the same period in 2024. This decrease was primarily driven by a 11.2% decline in Badoo App and Other Paying Users to 1.2 million and a 1.0% decline in Badoo App and Other ARPPU to $11.91, which were partially attributable to the sale of Fruitz in July 2025. These declines were partially offset by favorable fluctuations in foreign currency exchange rates.

Previous wording

Total Revenue was $495.3 million for the six months ended June 30, 2025, compared to $536.4 million for the same period in 2024. The decrease was primarily driven by a decline in Total Paying Users, a decline in Total Average Revenue per Paying User, and unfavorable fluctuations in foreign currency exchange rates.

Current wording

Total Revenue was $741.5 million for the nine months ended September 30, 2025, compared to $810.0 million for the same period in 2024. The decrease was primarily driven by a decline in Total Paying Users.

Previous wording

Bumble App Revenue was $403.2 million for the six months ended June 30, 2025, compared to $433.7 million for the same period in 2024. This decrease was primarily driven by a 6.1% decline in Bumble App Paying Users to 2.6 million, a 1.0% decline in Bumble App ARPPU to $25.81, and unfavorable fluctuations in foreign currency exchange rates.

Current wording

Bumble App Revenue was $602.0 million for the nine months ended September 30, 2025, compared to $653.9 million for the same period in 2024. This decrease was primarily driven by a 10.3% decline in Bumble App Paying Users to 2.5 million and unfavorable fluctuations in foreign currency exchange rates, partially offset by a 2.6% increase in Bumble App ARPPU to $26.57.

Previous wording

Badoo App and Other Revenue was $46.8 million for the three months ended June 30, 2025, compared to $50.6 million for the same period in 2024. This decrease was primarily driven by a 3.3% decline in Badoo App and Other Paying Users to 1.3 million and a 3.0% decline in Badoo App and Other ARPPU to $11.57, partially offset by favorable fluctuations in foreign currency exchange rates.

Current wording

Badoo App and Other Revenue was $139.5 million for the nine months ended September 30, 2025, compared to $156.1 million for the same period in 2024. This decrease was primarily driven by a 4.7% decline in Badoo App and Other Paying Users to 1.3 million, a 5.9% decline in Badoo App and Other ARPPU to $11.39, partially offset by favorable fluctuations in foreign currency exchange rates.

Previous wording

Cost of revenue for the three months ended June 30, 2025 decreased by $5.7 million, or 7.1%, compared to the same period in 2024. Cost of revenue for the six months ended June 30, 2025 decreased by $13.6 million, or 8.5%, compared to the same period in 2024. The decreases in cost of revenue for the three and six months ended June 30, 2025 were driven primarily by decreases in in-app purchase fees due to lower revenue.

Current wording

Cost of revenue for the three months ended September 30, 2025 decreased by $10.3 million, or 13.0%, compared to the same period in 2024. Cost of revenue for the nine months ended September 30, 2025 decreased by $24.0 million, or 10.0%, compared to the same period in 2024. The decreases in cost of revenue for the three and nine months ended September 30, 2025 were driven primarily by decreases in in-app purchase fees due to lower revenue.

Previous wording

As a percentage of revenue, cost of revenue for the three months ended June 30, 2025 increased compared to the same period in 2024, primarily due to an increase in personnel costs associated with the 2025 Restructuring Plan and increased fraud prevention expenses, partially offset by a reduction in Apple fees as a result of opting into Apple's European Union terms in the first quarter of 2025. As a percentage of revenue, cost of revenue decreased for the six months ended June 30, 2025 as compared to the same period in 2024, primarily due to the reduction in Apple fees as a result of opting into Apple's European Union terms in the first quarter of 2025, partially offset by increased fraud prevention expenses.

Current wording

As a percentage of revenue, cost of revenue decreased for the three and nine months ended September 30, 2025 as compared to the same period in 2024. The decrease for the three months ended September 30, 2025 as compared to the same period in 2024 was due to the reduction in Apple fees as a result of opting into Apple’s European Union terms in the first quarter of 2025, as well as alternate payment methods offered to iPhone Operating System members, partially offset by increased fraud prevention expenses. The decrease for the nine months ended September 30, 2025 as compared to the same period in 2024 was primarily due to the reduction in Apple fees as a result of opting into Apple's European Union terms in the first quarter of 2025.

Previous wording

Selling and marketing expense for the three months ended June 30, 2025 decreased by $35.5 million, or 52.5%, compared to the same period in 2024, primarily due to a $34.4 million decrease in marketing costs.

Current wording

Selling and marketing expense for the three months ended September 30, 2025 decreased by $30.8 million, or 48.4%, compared to the same period in 2024, primarily due to a $28.7 million decrease in marketing costs.

Previous wording

Selling and marketing expense for the six months ended June 30, 2025 decreased by $39.4 million, or 30.0%, compared to the same period in 2024. The change was primarily due to a $36.8 million decrease in marketing costs and a $5.3 million decrease in personnel costs from restructuring-related headcount reductions, partially offset by an increase in stock-based compensation driven by higher restructuring-related forfeitures in the 2024 period.

Current wording

Selling and marketing expense for the nine months ended September 30, 2025 decreased by $70.1 million, or 36.0%, compared to the same period in 2024. The change was primarily due to a $64.5 million decrease in marketing costs and a $6.9 million decrease in personnel costs from restructuring-related headcount reductions, partially offset by a $2.1 million increase in stock-based compensation driven by higher restructuring-related forfeitures in the 2024 period.

Previous wording

The decrease in marketing expense in the three and six months ended June 30, 2025 was primarily due to our decision to remove certain planned spend during the second quarter of 2025, in particular on non-organic channels. These reductions reflect our strategic shift away from paid member acquisition and performance marketing in favor of brand and organic investment.

Current wording

The decrease in marketing expense in the three and nine months ended September 30, 2025 was primarily due to our decision to remove certain planned spend during the second quarter of 2025, in particular on non-organic channels. These reductions reflect our strategic shift away from paid member acquisition and performance marketing in favor of brand and organic investment.

Previous wording

General and administrative expense for the six months ended June 30, 2025 increased by $0.6 million, or 1.1%, compared to the same period in 2024. The change was primarily driven by an $18.8 million unfavorable fluctuation in fair value of the contingent earn-out liabilities, partially offset by a $7.3 million decrease in legal and professional fees, a $6.8 million decrease in stock-based compensation primarily due to the departure of officers in the first quarter of 2025, and a $3.5 million decrease in personnel costs from restructuring-related headcount reductions.

Current wording

General and administrative expense for the nine months ended September 30, 2025 increased by $13.6 million, or 15.1%, compared to the same period in 2024. The change was primarily driven by a $19.9 million unfavorable fluctuation in changes in fair value of the contingent earn-out liabilities and $12.6 million of indirect taxes recorded in in the 2025 period, partially offset by a $8.2 million decrease in stock-based compensation primarily due to the departure of officers in the first half of 2025, a $4.8 million decrease in legal and professional fees, a $4.5 million decrease in personnel costs from restructuring-related headcount reductions and a $0.8 million decrease in restructuring costs.

Previous wording

Product development expense in the three months ended June 30, 2025 increased by $16.8 million, or 107.0%, compared to the same period in 2024. The change was primarily driven by a $7.8 million increase in personnel costs primarily associated with the 2025 Restructuring Plan, a $7.1 million increase in stock-based compensation due to equity awards granted in 2025 and higher restructuring-related forfeitures in the 2024 period, and a $1.5 million increase in subscription expense.

Current wording

Product development expense in the three months ended September 30, 2025 increased by $4.7 million, or 19.0%, compared to the same period in 2024. The change was primarily driven by a $2.7 million increase in stock-based compensation due to equity awards granted in 2025 and a $1.4 million increase in subscription expense.

Previous wording

Product development expense in the six months ended June 30, 2025 increased by $15.3 million, or 29.6%, compared to the same period in 2024. The change was primarily driven by a $12.3 million increase in stock-based compensation due to equity awards granted in the first six months of 2025 and higher restructuring-related forfeitures in the 2024 period, as well as a $2.5 million increase in subscription expense.

Current wording

Product development expense in the nine months ended September 30, 2025 increased by $20.0 million, or 26.1%, compared to the same period in 2024. The change was primarily driven by a $14.5 million increase in stock-based compensation due to equity awards granted in 2025 and higher restructuring-related forfeitures in the 2024 period, as well as a $3.9 million increase in subscription expense.

Previous wording

Depreciation and amortization expense for the three months ended June 30, 2025 decreased by $10.4 million, or 61.0%, compared to the same period in 2024. For the six months ended June 30, 2025, depreciation and amortization expense decreased by $18.0 million, or 52.6%, compared to the same period in 2024. The decreases in depreciation and amortization expense for the three and six months ended June 30, 2025 were primarily driven by the full amortization of Bumble and Badoo's developed technology in February 2025.

Current wording

Depreciation and amortization expense for the three months ended September 30, 2025 decreased by $13.7 million, or 74.7%, and for the nine months ended September 30, 2025 decreased by $31.7 million, or 60.3%, compared to the same periods in 2024. The decreases in depreciation and amortization expense for the three and nine months ended September 30, 2025 were primarily driven by the full amortization of Bumble and Badoo's developed technology in February 2025.

Previous wording

During the three months ended June 30, 2025, we recognized impairment charges of $258.1 million for goodwill, $140.0 million for our indefinite-lived intangible assets and $6.8 million for Fruitz. In addition, we recognized an impairment charge of $3.6 million for the Official asset group in the three months ended March 31, 2025. There were no impairment charges recorded for the three and six months ended June 30, 2024. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill, Indefinite-lived Intangible Assets, Long-lived Assets and Definite-lived Intangible Assets, Note 5, Goodwill and Intangible Assets, Net, and Note 6, Asset Held for Sale to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.

Current wording

During the nine months ended September 30, 2025, we recognized impairment charges of $258.1 million for goodwill, $140.0 million for indefinite-lived intangible assets and $6.8 million for Fruitz asset held for sale and $3.6 million for the Official asset group. During the three and nine months ended September 30, 2024, we recognized impairment charges of $670.3 million for indefinite-lived intangible assets, $24.7 million for the Fruitz asset group, and $197.2 million for goodwill. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill, Indefinite-lived Intangible Assets, Long-lived Assets and Definite-lived Intangible Assets, Note 5, Goodwill and Intangible Assets, Net, and Note 6, Sale of a Business to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.

Previous wording

Interest expense, net for the three months ended June 30, 2025 increased by $1.2 million, or 13.0%, compared to the same period in 2024. Interest expense, net for the six months ended June 30, 2025 increased by $4.3 million, or 23.9%, compared to the same period in 2024. These changes for the three and six months ended June 30, 2025 were primarily driven by lower interest income on our interest rate swaps and reduced investments in money market funds, partially offset by a decrease in interest rates on our outstanding debt under the Credit Agreement.

Current wording

Interest expense, net for the three months ended September 30, 2025 increased by $0.8 million, or 8.5%, compared to the same period in 2024, primarily driven by a $1.4 million interest expense recognized in connection with a cumulative adjustment for certain indirect taxes and a decrease in interest income on our interest rate swaps, partially offset by a decrease in interest rates on our outstanding debt under the Credit Agreement and higher investments in money market funds.

Previous wording

Other income (expense), net for the three months ended June 30, 2025 was $(11.9) million, compared to $(0.6) million for the same period in 2024. Other income (expense), net for the six months ended June 30, 2025 was $(18.7) million, compared to $0.9 million for the same period in 2024. These changes for the three and six months ended June 30, 2025 were primarily driven by net foreign currency exchange losses.

Current wording

Other income (expense), net for the three months ended September 30, 2025 was $8.1 million, compared to $2.9 million for the same period in 2024. Other income (expense), net for the nine months ended September 30, 2025 was $(10.5) million, compared to $3.8 million for the same period in 2024. These changes for the three and nine months ended September 30, 2025 were primarily driven by foreign currency exchange gain (loss).

Previous wording

Income tax provision was $6.5 million for the three months ended June 30, 2025, compared to $4.6 million for the same period in 2024 and $12.5 million for the six months ended June 30, 2025, compared to $12.1 million for the same period in 2024. The income tax provision increased year over year for both the three and six months ended June 30, 2025 primarily due to higher foreign taxes resulting from a shift in the jurisdictional mix of earnings.

Current wording

Income tax provision was $9.5 million for the three months ended September 30, 2025, compared to $4.2 million for the same period in 2024 and $22.0 million for the nine months ended September 30, 2025, compared to $16.3 million for the same period in 2024. The income tax provision increased year over year for both the three and nine months ended September 30, 2025 primarily due to higher foreign taxes resulting from a shift in the jurisdictional mix of earnings and an increase in the unfavorable tax effects associated with the vesting and cancellation of certain stock-based awards in 2025.

Previous wording

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act, was enacted in the U.S., which includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), and provisions allowing accelerated tax deductions for qualified property and research expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. While we are evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position, we expect that the legislation will likely not have a material impact on our financial statements. As the legislation was signed into law after June 30, 2025, it had no impact on our operating results for the three months and six months ended June 30, 2025.

Current wording

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act, was enacted in the U.S., which includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), and provisions allowing accelerated tax deductions for qualified property and research expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The enactment of the legislation did not have a material impact on our operating results for the three months and nine months ended September 30, 2025.

Previous wording

On December 20, 2021, the Organization for Economic Cooperation and Development ("OECD") released the Pillar Two model rules providing a framework for implementing a 15% minimum tax, also referred to as the Global Anti-Base Erosion ("GloBE") rules, on earnings of multinational companies with consolidated annual revenue exceeding €750 million. Pillar Two legislation has been enacted in certain jurisdictions where we operate, including the UK and certain EU member states, and is effective for our financial year beginning January 1, 2024. We have performed an assessment of our exposure to Pillar Two income taxes, including our ability to qualify for transitional safe harbor relief under the GloBE rules. While we expect to qualify for transitional safe harbor relief in most jurisdictions in which we operate, there are a limited number of jurisdictions where the transitional safe harbor is not available, including for certain entities classified as “stateless” constituent entities under the Pillar Two model rules. Our income tax provision for the three and six months ended June 30, 2025 and June 30, 2024, includes the effects of Pillar Two minimum taxes based on currently enacted legislation and guidance. We are monitoring the implementation of Pillar Two legislation (both proposed and enacted) by individual countries, including the release of administrative guidance on the application of the GloBE rules, and will continue to evaluate the potential impact to our financial position. In addition, in January 2025, the United States issued an executive order announcing opposition to aspects of these rules. Accordingly, we are still evaluating the potential consequences of Pillar Two on our longer-term financial position.

Current wording

On December 20, 2021, the Organization for Economic Cooperation and Development ("OECD") released the Pillar Two model rules providing a framework for implementing a 15% minimum tax, also referred to as the Global Anti-Base Erosion ("GloBE") rules, on earnings of multinational companies with consolidated annual revenue exceeding €750 million. Pillar Two legislation has been enacted in certain jurisdictions where we operate, including the UK and certain EU member states, and is effective for our financial year beginning January 1, 2024. We have performed an assessment of our exposure to Pillar Two income taxes, including our ability to qualify for transitional safe harbor relief under the GloBE rules. While we expect to qualify for transitional safe harbor relief in most jurisdictions in which we operate, there are a limited number of jurisdictions where the transitional safe harbor is not available, including for certain entities classified as “stateless” constituent entities under the Pillar Two model rules. Our income tax provision for the three and nine months ended September 30, 2025 and September 30, 2024, includes the effects of Pillar Two minimum taxes based on currently enacted legislation and guidance. We are monitoring the implementation of Pillar Two legislation (both proposed and enacted) by individual countries, including the release of administrative guidance on the application of the GloBE rules, and will continue to evaluate the potential impact to our financial position. In addition, in January 2025, the United States issued an executive order announcing opposition to aspects of these rules. Accordingly, we are still evaluating the potential consequences of Pillar Two on our longer-term financial position.

Previous wording

(4)Represents foreign exchange loss due to foreign currency transactions.

Current wording

(4)Represents foreign exchange (gain) loss due to foreign currency transactions.