Bumble Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
BMBL$5.97-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001830043-26-000060
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001830043-26-000104
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 157 previous paragraphs and 177 current paragraphs.
105 unchanged; 39 reworded; 31 added; 12 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
Quarter ended June 30, 2026 Consolidated Results
Current report
•Total revenue of $210.5 million and $248.2 million, respectively;
Current report
•Bumble App Revenue of $171.7 million and $201.4 million, respectively;
Current report
•Badoo App and Other Revenue of $38.8 million and $46.8 million, respectively;
Current report
•Net loss of $127.9 million, or (60.7)% of revenue, which included a $169.3 million impairment charge, compared to net loss of $367.0 million, or (147.8)% of revenue, which included a $404.9 million impairment charge; and
Current report
For the six months ended June 30, 2026 and 2025, we generated:
Current report
•Total revenue of $422.9 million and $495.3 million, respectively;
Current report
•Bumble App Revenue of $344.4 million and $403.2 million, respectively;
Current report
•Badoo App and Other Revenue of $78.5 million and $92.1 million, respectively;
Current report
•Net loss of $75.3 million, or (17.8)% of revenue, which included a $169.3 million impairment charge, compared to net loss of $347.2 million, or (70.1)% of revenue, which included a $408.5 million impairment charge;
Current report
•Adjusted EBITDA of $155.5 million and $159.0 million, respectively, representing Adjusted EBITDA margins of 36.8% and 32.1%, respectively;
Current report
Operating cash flow conversion rate was not meaningful for the year-to-date periods.
Current report
(1) The sum of individual metrics may not always equal total amounts indicated due to rounding.
Current report
Debt Refinancing
Current report
In April 2026, certain of our subsidiaries entered into a term loan credit agreement (the “2026 Credit Agreement”) providing for a term loan facility in an aggregate principal amount of $475.0 million, which matures in April 2030. We used proceeds from the 2026 Credit Agreement, together with cash on hand, to repay in full and terminate our existing indebtedness under the 2020 Credit Agreement (as defined in “Liquidity and Capital Resources” below). The 2026 term loan bears interest, at the borrower's election, at a rate equal to the Term Secured Overnight Financing Rate (“Term SOFR”) plus 8.0% or a base rate plus 7.0%. As of June 30, 2026, the interest rate in effect for the 2026 term loan was 11.62%, compared with interest rates of 7.18% and 7.68% for the Original Term Loan and Incremental Term Loan, respectively, under the 2020 Credit Agreement (each as defined in “Liquidity and Capital Resources” below) as of June 30, 2025. In connection with the April 2026 debt refinancing, we recognized a loss on extinguishment of debt of approximately $1.5 million, consisting primarily of the write-off of unamortized debt issuance costs, during the three and six months ended June 30, 2026. For additional information, see Note 8, Debt, 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 report
During the three months ended June 30, 2026, we identified a triggering event related to a sustained decline in our stock price and the resulting decrease in our market capitalization. As a result, we performed an interim impairment test. Based on the results of the test, we recognized impairment charges of$40.0 million for indefinite-lived intangible assets and$129.3 million for goodwill during the three and six months ended June 30, 2026.
Current report
Impairment charge
Current report
Badoo App and Other Revenue was $38.8 million for the three months ended June 30, 2026, compared to $46.8 million for the same period in 2025. This decrease was primarily driven by a 15.4% decline in Badoo App and Other Paying Users to 1.1 million and a 3.1% decline in Badoo App and Other ARPPU to $11.21, partially offset by favorable fluctuations in foreign currency exchange rates.
Current report
Bumble App Revenue was $344.4 million for the six months ended June 30, 2026, compared to $403.2 million for the same period in 2025. This decrease was primarily driven by a 20.1% decline in Bumble App Paying Users to 2.1 million, partially offset by a 6.9% increase in Bumble App ARPPU to $27.60 and favorable fluctuations in foreign currency exchange rates.
Current report
Selling and marketing expense for the three months ended June 30, 2026 decreased by $2.9 million, or 9.0%, compared to the same period in 2025. The change was primarily due to a $2.5 million decrease driven by lower restructuring costs in 2026 as restructuring activities under the 2025 Restructuring Plan declined, as well as lower personnel costs resulting from headcount reductions.
Current report
General and administrative expense for the three months ended June 30, 2026 decreased by $5.5 million, or 15.2%, compared to the same period in 2025. The change was primarily due to a $5.2 million decrease driven by lower restructuring costs in 2026 as restructuring activities under the 2025 Restructuring Plan declined, as well as lower personnel costs resulting from headcount reductions.
Current report
Product development expense in the three months ended June 30, 2026 increased by $3.0 million, or 9.3%, compared to the same period in 2025. The change was primarily due to a $2.9 million increase in hosting and subscription costs.
Current report
Impairment charge
Current report
During the three and six months ended June 30, 2026, we recognized impairment charges of $129.3 million for goodwill and $40.0 million for our indefinite-lived intangible assets. 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. During the six months ended June 30, 2025, the impairment charges also included a $3.6 million impairment for the Official asset group.
Current report
Interest expense, net for the six months ended June 30, 2026 decreased by $0.5 million, or 2.2%, compared to the same period in 2025, primarily driven by an increase in interest income on our interest rate swaps, partially offset by an increase in interest expense associated with the term loan under the 2026 Credit Agreement following the April 2026 refinancing.
Current report
Income tax benefit was $2.4 million for the three months ended June 30, 2026, compared to $6.5 million expense for the same period in 2025. Income tax expense was $9.0 million for the six months ended June 30, 2026, compared to $12.5 million for the same period in 2025. The change in income tax for both periods was primarily due to the geographical distribution of the Company's earnings and a resulting decrease in foreign taxes, including Pillar Two minimum taxes, and the Company's inability to recognize tax benefits on losses in certain jurisdictions, partially offset by nondeductible stock-based compensation and the recording of a valuation allowance against certain deferred tax assets.
Current report
Not meaningful.
Current report
(9)Represents the loss in connection with the repayment of the Term Loans under the 2020 Credit Agreement and the termination of the 2020 Revolving Credit Facility.
Current report
On April 24, 2026, certain of our subsidiaries entered into the 2026 Credit Agreement providing for a senior secured term loan facility in an aggregate principal amount of $475.0 million. The term loan was issued with a $28.5 million discount and will mature on April 24, 2030. It bears interest, at the borrower's election, at a rate equal to the Term SOFR plus 8.0% or a base rate plus 7.0%. The interest rate in effect as of June 30, 2026 was 11.62%. The loan amortizes in equal monthly installments, with annual amortization of 12.5% of the original principal amount in year one and 15.0% thereafter, and is subject to customary mandatory prepayments, including from excess cash flow and certain asset sale proceeds. The obligations are secured by substantially all of the assets of Buzz Finco LLC (the “Borrower”), one of our wholly owned subsidiaries, and certain of the Borrower's subsidiaries that guarantee the obligation. We incurred issuance costs of approximately$6.7 million inconnection with the 2026 Credit Agreement. As of June 30, 2026, the outstanding balance under the 2026 Credit Agreement was $475.0 million.
Current report
In addition, on April 24, 2026, certain of our subsidiaries entered into the 2026 Revolving Credit Agreement providing for a senior secured revolving credit facility in an aggregate principal committed amount of $50.0 million, including $10.0 million of letters of credit capacity, maturing on January 23, 2030. The 2026 Revolving Credit Facility is available for general corporate purposes and working capital. Borrowings under the 2026 Revolving Credit Agreement bear interest, at the borrower's election, at a rate equal to Term SOFR plus 4.00% or the base rate plus 3.00%. The 2026 Revolving Credit Agreement requires the payment of an unused commitment fee ranging from 0.375% to 0.5% per annum on undrawn commitments, based on our total leverage ratio, as well as customary letter of credit fees and an annual administrative agency fee. As of June 30, 2026, amounts available under the revolving credit facility were $50.0 million. We incurred issuance costs of approximately $0.7 million in connection with the 2026 Revolving Credit Agreement.
Current report
The 2026 Credit Agreement and the 2026 Revolving Credit Agreement contain customary events of default and financial affirmative and negative covenants, including limitations on additional indebtedness, liens, restricted payments and investments, and contain financial maintenance covenants, including a maximum consolidated total leverage ratio of 3.00 to 1.00 with incremental step downs over time to reach 2.00 to 1.00 on June 30, 2028, and a minimum liquidity requirement of $25.0 million, increasing to $50.0 million after the five month anniversary of the closing date of the credit agreements. As of June 30, 2026, and at all times during the six months ended June 30, 2026, we were in compliance with the financial debt covenants.
Removed paragraphs (12)
Previous report
•Total revenue of $212.4 million and $247.1 million, respectively;
Previous report
•Bumble App Revenue of $172.7 million and $201.8 million, respectively;
Previous report
•Badoo App and Other Revenue of $39.7 million and $45.3 million, respectively;
Previous report
•Net earnings of $52.6 million and $19.8 million, respectively, representing net earnings margin of 24.8% and 8.0% respectively; and
Previous report
Impairment loss
Previous report
Impairment loss
Previous report
Income tax provision was $11.4 million for the three months ended March 31, 2026, compared to $6.0 million for the same period in 2025. The income tax provision increased year over year for three months ended March 31, 2026 primarily due to higher earnings and resulting increases in foreign taxes, including Pillar Two, and the recording of a valuation allowance against certain deferred tax assets.
Previous report
Borrowings under the 2020 Credit Agreement bore interest at a rate equal to, at the Borrower’s option, either (i) Adjusted Term SOFR for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.0% on the Original Term Loan and 0.50% on the Incremental Term Loan), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest in effect as last quoted by the Wall Street Journal as the “Prime Rate” in the United States, (b) the federal funds effective rate plus 0.50% and (c) Adjusted Term SOFR, for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. The applicable margin for loans under the 2020 Revolving Credit Facility was subject to adjustment based upon the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries and was subject to reduction after the consummation of our IPO.
Previous report
In addition to paying interest on the outstanding principal under the 2020 Credit Agreement, the Borrower was required to pay a commitment fee of 0.50% per annum (which is subject to a decrease to 0.375% per annum based upon the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries) to the lenders under the 2020 Revolving Credit Facility in respect of the unutilized commitments thereunder. The Borrower was also obligated to pay customary letter of credit fees and an annual administrative agency fee.
Previous report
As of March 31, 2026, the outstanding balance under the Term Loans was $589.1 million. As of March 31, 2026, amounts available under the 2020 Revolving Credit Facility were $50.0 million. The Original Term Loan amortized in equal quarterly installments in aggregate annual amounts equal to 1.00% of the principal amount of the Original Term Loan outstanding as of the date of the closing of the Original Term Loan, with the balance being payable at maturity on January 29, 2027. The Incremental Term Loan amortized in equal quarterly installments in aggregate annual amounts equal to 1.00% of the principal amount of the Incremental Term Loan outstanding as of the date of the closing of the Incremental Term Loan, with the balance being payable at maturity on January 29, 2027. Following the $200.0 million aggregate principal payment of outstanding indebtedness during the three months ended March 31, 2021, quarterly installment payments on the Incremental Term Loan were no longer required for the remaining term of the facility. In August 2025, we made a $25.0 million voluntary principal payment on the Incremental Term Loan. Principal amounts outstanding under the 2020 Revolving Credit Facility, as amended, were due and payable in full at maturity on June 17, 2026.
Previous report
The Term Loans and the 2020 Revolving Credit Facility under the 2020 Credit Agreement were terminated and replaced by the 2026 Credit Agreement and the 2026 Revolving Credit Facility in April 2026. For additional information, see Note 1, Organization and Basis of Presentation, Note 8, Debt, and Note 14, Subsequent Events, 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 report
(1)The Term Loans under the 2020 Credit Agreement were terminated and replaced by the 2026 Credit Agreement in April 2026. For additional information, see Note 1, Organization and Basis of Presentation, Note 8, Debt, and Note 14, Subsequent Events, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.
Reworded paragraphs (39)
Previous wording
•Adjusted EBITDA of $82.6 million and $64.4 million, respectively, representing Adjusted EBITDA margin of 38.9% and 26.1%, respectively;
Current wording
•Adjusted EBITDA of $72.9 million and $94.6 million, respectively, representing Adjusted EBITDA margins of 34.6% and 38.1%, respectively.
Previous wording
•Net cash provided by operating activities of $77.2 million and $43.2 million, respectively, and operating cash flow conversion of 146.8% and 218.1%, respectively; and
Current wording
•Net cash provided by operating activities of $130.9 million and $114.5 million, respectively *; and
Previous wording
•Free cash flow of $73.8 million and $40.8 million, respectively, representing free cash flow conversion of 89.4% and 63.4%, respectively.
Current wording
•Free cash flow of $124.9 million and $108.6 million, respectively, representing free cash flow conversion of 80.3% and 68.3%, respectively.
Previous wording
•Adjusted EBITDA. We define Adjusted EBITDA as net earnings (loss) excluding income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and restructuring costs. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.
Current wording
•Adjusted EBITDA. We define Adjusted EBITDA as net earnings (loss) excluding income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment charge, costs associated with restructuring and loss on extinguishment of debt. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.
Previous wording
As previously disclosed, we have implemented a business strategy and transformation plan intended to deliver durable member value and drive long-term sustainable revenue. As part of this strategy, we have focused on fostering a vibrant and healthy membership base and improving the member experience through product innovation, including modernizing our technology and increased use of artificial intelligence in our products and in the optimization of our operations. 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 transition from the completion of the quality reset to our membership base, our primary focus has shifted to improving the member experience through product innovation. As we address these areas of focus, our revenue and paying users have been, and may continue to be, negatively impacted in the short term. Furthermore, if we do not successfully implement this strategy, our business, financial condition and results of operations could be materially adversely affected.
Current wording
As previously disclosed, we have implemented a business strategy and transformation plan intended to deliver durable member value and drive long-term sustainable revenue. As part of this strategy, we have focused on fostering a vibrant and healthy membership base and improving the member experience through product innovation, including modernizing our technology and increased use of artificial intelligence in our products and in the optimization of our operations. To align with these priorities, we have rebalanced our marketing investment, increasing our focus on brand and organic demand generation while optimizing performance marketing to efficiently acquire high-quality, incremental members who strengthen the health of our membership base. As we transition from the completion of the quality reset to our membership base, our primary focus has shifted to improving the member experience through product innovation, enabled by our ongoing investment in a more modern technology platform, including application re-architecture, migration to cloud hosting, and adoption of select vendor solutions to replace certain homegrown systems. As we address these areas of focus, our revenue and paying users have been, and may continue to be, negatively impacted in the short term. Furthermore, if we do not successfully implement this strategy, our business, financial condition and results of operations could be materially adversely affected.
Previous wording
We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. During the three months ended March 31, 2026, we did not repurchase any shares of Class A common stock. During the three months ended March 31, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. As of March 31, 2026, a total of $50.1 million remains available for repurchase under the repurchase program.
Current wording
We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. During the six months ended June 30, 2026, we did not repurchase any shares of 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. As of June 30, 2026, a total of $50.1 million remains available for repurchase under the repurchase program.
Previous wording
During the three months ended March 31, 2025, we recognized impairment charges of $3.6 million for the Official asset group due to the then-anticipated discontinuation of the Official app. There were no impairment charges recorded for the three months ended March 31, 2026.
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 six months ended June 30, 2025, we recognized impairment charges of $3.6 million for the Official asset group due to the then-anticipated discontinuation of the Official app.
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 $15.0 million of total non-recurring charges through the first half of 2026, 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. We expect to incur approximately $16.0 millionof total non-recurring charges through the end of 2026, consisting primarily of employee severance, benefits, and related charges for impacted employees.
Previous wording
We monetize the Bumble, Bumble For Friends, Badoo, Fruitz and Official apps via a freemium model where the use of our service is free and a subset of our members pay for subscriptions or in-app purchases to access premium features. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage and estimated breakage revenue associated with unused in-app purchases.
Current wording
We monetize the Bumble, Bumble For Friends and Badoo apps via a freemium model where the use of our service is free and a subset of our members pay for subscriptions or in-app purchases to access premium features. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage and estimated breakage revenue associated with unused in-app purchases.
Previous wording
Impairment loss relates to impairment charges to indefinite-lived intangible assets, long-lived assets and definite-lived intangible assets, and goodwill as applicable.
Current wording
Impairment charge relates to impairment charges to indefinite-lived intangible assets, long-lived assets and definite-lived intangible assets, and goodwill as applicable.
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, changes in fair value of investments in equity securities and gain (loss) on sale of businesses.
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, changes in fair value of investments in equity securities, gain (loss) on sale of businesses and loss on extinguishment of debt.
Previous wording
During the three months ended March 31, 2026, stock-based compensation expense was higher compared to the same period in 2025, primarily due to higher forfeitures in the 2025 period. Negative amounts represent expense reversals associated with forfeitures that exceeded expenses recognized during the periods presented.
Current wording
During the three months ended June 30, 2026, stock-based compensation expense was higher compared to the same period in 2025, primarily due to higher forfeitures in the 2025 periods and new equity awards granted. Negative amounts represent expense reversals associated with forfeitures that exceeded expenses recognized during the periods presented.
Previous wording
Comparison of the Three Months Ended March 31, 2026 and 2025
Current wording
Comparison of the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
Bumble App Revenue was $172.7 million for the three months ended March 31, 2026, compared to $201.8 million for the same period in 2025. This decrease was primarily driven by a 23.1% decline in Bumble App Paying Users to 2.1 million, partially offset by an 11.3% increase in Bumble App ARPPU to $27.65 and favorable fluctuations in foreign currency exchange rates.
Current wording
Bumble App Revenue was $171.7 million for the three months ended June 30, 2026, compared to $201.4 million for the same period in 2025. This decrease was primarily driven by a 16.9% decline in Bumble App Paying Users to 2.1 million, partially offset by a 2.6% increase in Bumble App ARPPU to $27.55 and favorable fluctuations in foreign currency exchange rates.
Previous wording
Total Revenue was $212.4 million for the three months ended March 31, 2026, compared to $247.1 million for the same period in 2025. The decrease was primarily driven by a decline in Total Paying Users, partially offset by an increase in Total ARPPU and favorable fluctuations in foreign currency exchange rates.
Current wording
Total Revenue was $422.9 million for the six months ended June 30, 2026, compared to $495.3 million for the same period in 2025. The decrease was primarily driven by a decline in Total Paying Users, partially offset by an increase in Total ARPPU and favorable fluctuations in foreign currency exchange rates.
Previous wording
Badoo App and Other Revenue was $39.7 million for the three months ended March 31, 2026, compared to $45.3 million for the same period in 2025. This decrease was primarily driven by a 17.0% decline in Badoo App and Other Paying Users to 1.1 million, partially offset by a 5.0% increase in Badoo App and Other ARPPU to $11.26 primarily due to favorable fluctuations in foreign currency exchange rates.
Current wording
Badoo App and Other Revenue was $78.5 million for the six months ended June 30, 2026, compared to $92.1 million for the same period in 2025. This decrease was primarily driven by a 16.2% decline in Badoo App and Other Paying Users to 1.1 million, partially offset by a 0.8% increase in Badoo App and Other ARPPU to $11.23, primarily due to favorable fluctuations in foreign currency exchange rates.
Previous wording
Cost of revenue for the three months ended March 31, 2026 decreased by $18.5 million, or 25.3%, compared to the same period in 2025. The decreases in cost of revenue for the three months ended March 31, 2026 were driven primarily by decreases in in-app purchase fees due to lower revenue.
Current wording
Cost of revenue for the three months ended June 30, 2026 decreased by $20.3 million, or 27.4%, compared to the same period in 2025. Cost of revenue for the six months ended June 30, 2026 decreased by $38.9 million, or 26.3%, compared to the same period in 2025. The decreases in cost of revenue for the three and six months ended June 30, 2026 were driven primarily by decreases in in-app purchase fees due to lower revenue.
Previous wording
As a percentage of revenue, cost of revenue decreased for the three months ended March 31, 2026 as compared to the same period in 2025, 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, as well as alternate payment methods offered to iPhone operating system members.
Current wording
As a percentage of revenue, cost of revenue decreased for the three and six months ended June 30, 2026 as compared to the same period in 2025, primarily due to the reduction in fees as a result of alternate payment methods offered to iPhone operating system members in the United States, partially offset by higher cloud infrastructure and hosting costs.
Previous wording
Selling and marketing expense for the three months ended March 31, 2026 decreased by $32.8 million, or 54.9%, compared to the same period in 2025. The change was primarily due to a $31.4 million decrease in marketing costs, reflecting our strategic shift away from paid member acquisition and performance marketing in favor of brand and organic investment since the second quarter of 2025, as well as a $1.4 million decrease in personnel costs driven by lower headcount in the first quarter of 2026 following the 2025 Restructuring Plan.
Current wording
Selling and marketing expense for the six months ended June 30, 2026 decreased by $35.7 million, or 38.8%, compared to the same period in 2025. The change was primarily due to a $32.2 million decrease in marketing costs, reflecting our strategic shift away from paid member acquisition and performance marketing in favor of brand and organic investment since the second quarter of 2025, as well as a $4.2 million lower restructuring costs in 2026 as restructuring activities under the 2025 Restructuring Plan declined, as well as lower personnel costs resulting from headcount reductions.
Previous wording
General and administrative expense for the three months ended March 31, 2026 increased by $9.1 million, or 42.1%, compared to the same period in 2025. The change was primarily due to a $10.1 million increase in stock-based compensation driven by forfeitures associated with the departure of officers in the first quarter of 2025 and a $2.2 million unfavorable fluctuation in fair value of the contingent earn-out liabilities, partially offset by a $1.7 million decrease in personnel costs driven by lower headcount in the first quarter of 2026 following the 2025 Restructuring Plan.
Current wording
General and administrative expense for the six months ended June 30, 2026 increased by $3.6 million, or 6.3%, compared to the same period in 2025. The change was primarily due to an $11.6 million increase in stock-based compensation driven by forfeitures associated with the departure of officers in 2025, partially offset by a $7.7 million decrease driven by lower restructuring costs in 2026 as restructuring activities under the 2025 Restructuring Plan declined, as well as lower personnel costs resulting from headcount reductions.
Previous wording
Product development expense in the three months ended March 31, 2026 decreased by $4.3 million, or 12.6%, compared to the same period in 2025. The change was primarily due to a $4.9 million decrease in stock-based compensation driven by a lower ongoing run rate associated with employee terminations in 2025.
Current wording
Product development expense in the six months ended June 30, 2026 decreased by $1.3 million, or 2.0%, compared to the same period in 2025. The change was primarily due to a $2.9 million decrease driven by capitalized development costs and a $2.8 million decrease in stock-based compensation driven by a lower ongoing run rate associated with employee terminations in 2025, offset by a $4.3 million increase in hosting and subscription fees.
Previous wording
Depreciation and amortization expense for the three months ended March 31, 2026 decreased by $5.2 million, or 54.0%, compared to the same periods in 2025. The decrease in depreciation and amortization expense for the three months ended March 31, 2026 was 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 June 30, 2026 decreased by $2.7 million, or 41.2%, compared to the same period in 2025. The decrease in depreciation and amortization expense for the three months ended June 30, 2026 was primarily driven by the full amortization of Fruitz and Official's developed technology in the second quarter of 2025 following the February 2025 decision to discontinue those apps.
Previous wording
Interest expense, net for the three months ended March 31, 2026 decreased by $4.1 million, or 33.9%, compared to the same period in 2025, primarily driven by an increase in interest income on our interest rate swaps, a decrease in our interest expense due to lower outstanding debt under the 2020 Credit Agreement, and an increase in our interest income on from higher investments balances in money market funds.
Current wording
Interest expense, net for the three months ended June 30, 2026 increased by $3.6 million, or 35.1%, compared to the same period in 2025, primarily driven by an increase in interest expense associated with the term loan under the 2026 Credit Agreement following the April 2026 refinancing, a decrease in our interest income from lower investments balances in money market funds, partially offset by an increase in interest income on our interest rate swaps.
Previous wording
Other income (expense), net for the three months ended March 31, 2026 was $6.7 million, compared to $(6.8) million for the same period in 2025. The change in other income (expense), netwas primarily driven by foreign currency exchange.
Current wording
Other income (expense), net for the three months ended June 30, 2026 was $(4.5) million, compared to $(11.9) million for the same period in 2025. Other income (expense), net for the six months ended June 30, 2026 was $2.3 million, compared to $(18.7) million for the same period in 2025. These changes for the three and six months ended June 30, 2026 and 2025 in other income (expense), net were primarily driven by foreign currency exchange.
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 both the three months ended March 31, 2026 and 2025, 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 administrative guidance on the application of the GloBE rules, and will continue to evaluate the potential impact to our financial position. On January 5, 2026, the OECD released Administrative Guidance containing the Side-by-Side agreement (“SbS System”) as part of a broader package of Administrative Guidance on Pillar Two. The SbS System introduces two new Pillar Two safe harbors: (i) the Side-by-Side Safe Harbor (“SbS SH”) for MNE Groups headquartered in jurisdictions with both eligible domestic and worldwide tax systems; and (ii) the Ultimate Parent Entity Safe Harbor (“UPE SH”) for MNE Groups with a UPE located in a jurisdiction that has an eligible domestic tax system but not an eligible worldwide tax system. The Central Record for purposes of the Global Minimum Tax was updated on January 5, 2026 to reflect that the United States is an eligible jurisdiction for the SbS SH. We expect the SbS SH to have a significant future impact to the Company and our Pillar Two computations, however, given the absence of implementing legislation as of March 31, 2026, no impact has been recorded for thethree months ended March 31, 2026. 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 expense (benefit) for the six months ended June 30, 2026 and 2025, 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 administrative guidance on the application of the GloBE rules, and will continue to evaluate the potential impact to our financial position. On January 5, 2026, the OECD released Administrative Guidance containing the Side-by-Side agreement (“SbS System”) as part of a broader package of Administrative Guidance on Pillar Two. The SbS System introduces two new Pillar Two safe harbors: (i) the Side-by-Side Safe Harbor (“SbS SH”) for MNE Groups headquartered in jurisdictions with both eligible domestic and worldwide tax systems; and (ii) the Ultimate Parent Entity Safe Harbor (“UPE SH”) for MNE Groups with a UPE located in a jurisdiction that has an eligible domestic tax system but not an eligible worldwide tax system. The Central Record for purposes of the Global Minimum Tax was updated on January 5, 2026 to reflect that the United States is an eligible jurisdiction for the SbS SH. We expect the SbS SH to have a significant future impact to the Company and our Pillar Two computations, however, given the absence of implementing legislation as of June 30, 2026, no impact has been recorded for thesix months ended June 30, 2026. Accordingly, we are still evaluating the potential consequences of Pillar Two on our longer-term financial position.
Previous wording
We report our financial results in accordance with GAAP, however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of certain expenses, including income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expenses, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and costs associated with restructuring, as management does not believe these expenses are representative of our core earnings.
Current wording
We report our financial results in accordance with GAAP, however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of certain expenses, including income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expenses, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment charge, costs associated with restructuring and loss on extinguishment of debt, as management does not believe these expenses are representative of our core earnings.
Previous wording
We define Adjusted EBITDA as net earnings (loss) excluding income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and restructuring costs. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.
Current wording
We define Adjusted EBITDA as net earnings (loss) excluding income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment charge, restructuring costs and loss on extinguishment of debt. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.
Previous wording
(6)Represents transaction and other costs primarily related to acquisitions and divestiture of business.
Current wording
(6)Represents transaction and other costs primarily related to acquisitions and divestiture of business, and debt financing-related costs associated with the Company's April 2026 refinancing.
Previous wording
(8)Represents impairment charges to the Official asset group in the first quarter of 2025.
Current wording
(8)Represents impairment charges to indefinite-lived intangible assets and goodwill in the second quarter of 2026, to the Official asset group in the first quarter of 2025, and to indefinite-lived intangible assets, goodwill and Fruitz held for sale in the second quarter of 2025.
Previous wording
As of March 31, 2026, we had $245.6 million of cash and cash equivalents, an increase of $69.8 million from December 31, 2025. Our principal sources of liquidity are our cash and cash equivalents and cash generated from operations. Our primary uses of liquidity are operating expenses and capital expenditures, acquisition of businesses, funding of our debt obligations and any voluntary prepayments, partnership tax distributions, income tax payments and effectuating share repurchases as discussed below. Our obligations under the Tax Receivable Agreement were a primary use of liquidity in 2025, but such obligations were fully settled in November 2025. See Note 5, Payable to Related Parties Pursuant to a Tax Receivable Agreement, within the annual consolidated financial statements in the Company's 2025 Form 10-K for additional information regarding the Tax Receivable Agreement. Based on current conditions, we believe that we have sufficient financial resources to fund our activities and execute our business plans during the next twelve months.
Current wording
As of June 30, 2026, we had $154.0 million of cash and cash equivalents, a decrease of $21.8 million from December 31, 2025. Our principal sources of liquidity are our cash and cash equivalents and cash generated from operations. Our primary uses of liquidity are operating expenses and capital expenditures, funding of our debt obligations and any voluntary prepayments, partnership tax distributions, income tax payments and effectuating share repurchases as discussed below. Based on current conditions, we believe that we have sufficient financial resources to fund our activities and execute our business plans during the next twelve months.
Previous wording
In April 2026, certain subsidiaries of the Company entered into a $475.0 million senior secured term loan credit agreement (the “2026 Credit Agreement”) and a senior priority revolving credit agreement providing for a $50.0 million senior secured revolving credit facility (the “2026 Revolving Credit Facility”), which mature in April 2030. The proceeds from the 2026 Credit Agreement, together with cash on hand, were used to repay in full and terminate the Company’s existing indebtedness under the 2020 Credit Agreement (as defined below). The 2026 Revolving Credit Facility, which replaces the Company’s 2020 Revolving Credit Facility (as defined below), provides additional liquidity for general corporate purposes and working capital. The 2026 Credit Agreement bears interest at Term SOFR plus 8.0% or a base rate plus 7.0%. For additional information, see Note 1, Organization and Basis of Presentation, Note 8, Debt, and Note 14, Subsequent Events, 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
In April 2026, certain of our subsidiaries entered into the 2026 Credit Agreement providing for a $475.0 million senior secured term loan facility, which matures in April 2030, and a senior priority revolving credit agreement providing for a $50.0 million senior secured revolving credit facility (the “2026 Revolving Credit Facility”), which matures in January 2030. The proceeds from the 2026 Credit Agreement, together with cash on hand, were used to repay in full and terminate our existing indebtedness under the 2020 Credit Agreement (as defined below). The 2026 Revolving Credit Facility, which replaces the 2020 Revolving Credit Facility (as defined below), provides additional liquidity for general corporate purposes and working capital. The 2026 Credit Agreement bears interest at Term SOFR plus 8.0% or a base rate plus 7.0%. For additional information, see Note 8, Debt, 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
We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. There were no share repurchases during the three months ended March 31, 2026. During the three months ended March 31, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. As of March 31, 2026, all treasury shares were retired, and a total of $50.1 million remained available for repurchase under the repurchase program.
Current wording
We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. There were no share repurchases during the six months ended June 30, 2026. 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. As of June 30, 2026, all treasury shares were retired, and a total of $50.1 million remained available for repurchase under the repurchase program.
Previous wording
In June 2025, we announced our decision to reduce our global workforce 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 $15.0 million of total non-recurring charges through the first half of 2026, consisting primarily of employee severance, benefits, and related charges for impacted employees. 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 $1.4 million of expenses through the third quarter of 2025, primarily related to empl oyee severance, benefits and related charges for impacted employees. During the three months ended March 31, 2026 and 2025, we made cash payments of $0.8 million and $1.1 million, respectively, in connection with our restructuring activities.
Current wording
In June 2025, we announced our decision to reduce our global workforce by approximately 240 roles, representing approximately 30% of our employees, as we realigned our operating structure to optimize execution on our strategic priorities. As a result, we expect to incur approximately$16.0 millionof total non-recurring charges through the end of 2026, consisting primarily of employee severance, benefits, and related charges for impacted employees. 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 $1.4 million of expenses through the third quarter of 2025, primarily related to empl oyee severance, benefits and related charges for impacted employees. During the six months ended June 30, 2026 and 2025, we made cash payments of $1.5 million and $1.8 million, respectively, in connection with our restructuring activities.
Previous wording
Net cash provided by operating activities was $77.2 million and $43.2 million, respectively, in the three months ended March 31, 2026 and 2025, which was driven by net earnings of $52.6 million and $19.8 million, non-cash adjustments of $10.8 million and $32.6 million, and changes in assets and liabilities of $13.8 million and $(9.2) million in the three months ended March 31, 2026 and 2025, respectively. Changes in assets and liabilities during the three months ended March 31, 2026 consisted primarily of: changes in accounts receivable of $18.3 million driven by timing of cash receipts, changes in accounts payable of $(7.5) million driven by a decrease in operating costs and expenses, and changes in accrued expense and other current liabilities of $9.3 million primarily driven by an increase in income tax payable. Changes in assets and liabilities during the three months ended March 31, 2025 consisted primarily of: changes in accrued expenses and other current liabilities of $(5.5) million, driven by bonus payouts, other personnel-related expenses, and tax receivable liability payments.
Current wording
Net cash provided by operating activities was $130.9 million and $114.5 million, respectively, in the six months ended June 30, 2026 and 2025, which was driven by a net loss of $(75.3) million and $(347.2) million, non-cash adjustments of $200.6 million and $469.6 million, and changes in assets and liabilities of $5.6 million and $(7.9) million in the six months ended June 30, 2026 and 2025, respectively. Non-cash adjustments during the six months ended June 30, 2026 and 2025 included impairment charges of $169.3 million and $408.5 million, respectively. Changes in assets and liabilities during the six months ended June 30, 2026 consisted primarily of: changes in accounts receivable of $11.1 million driven by timing of cash receipts, changes in accrued expense and other current liabilities of $2.3 million primarily driven by income taxes payable and personnel-related expenses, and changes in accounts payable of $(6.8) million driven by timing of payments. Changes in assets and liabilities during the six months ended June 30, 2025 consisted primarily of: changes in accrued expenses and other current liabilities of $(8.2) million, driven by marketing spend, personnel-related expenses, and tax receivable liability payments.
Previous wording
Net cash used in investing activities related to capital expenditures of $3.4 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
Net cash used in investing activities related to capital expenditures was $5.9 million for each of the six months ended June 30, 2026 and 2025.
Previous wording
Net cash used in financing activities was $3.6 million and $42.5 million in the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, we used $28.7 million for share repurchases of our Class A common stock and $8.9 million for tax receivable agreement payments. During the three months ended March 31, 2026 and 2025, we used $2.1 million and $3.4 million, respectively, for shares withheld to satisfy employee tax withholding requirements upon vesting of restricted stock units. During each of the three months ended March 31, 2026 and 2025, we used $1.4 million to repay a portion of the outstanding indebtedness under our Original Term Loan.
Current wording
Net cash used in financing activities was $146.5 million and $51.4 million in the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, we used $590.6 million to repay the term loans under the 2020 Credit Agreement, received $456.0 million in net proceeds from the term loan under the 2026 Credit Agreement (as defined below) and paid $7.0 million for related debt issuance costs. During the six months ended June 30, 2025, we used $28.7 million for share repurchases of our Class A common stock, $8.9 million for tax receivable agreement payments, $5.2 million for cash distribution payments to the noncontrolling interest holders and $2.9 million to repay a portion of the outstanding indebtedness under our Original Term Loan. During the six months ended June 30, 2026 and 2025, we used $4.9 million and $5.7 million, respectively, for shares withheld to satisfy employee tax withholding requirements upon vesting of restricted stock units.
Previous wording
As of March 31, 2026, we and certain of our wholly owned subsidiaries, including Buzz Finco L.L.C. (the “Borrower”) were party to a credit agreement (as amended, the “2020 Credit Agreement”), pursuant to which we borrowed $575.0 million through a seven-year term loan (“Original Term Loan”) and $275.0 million through a seven-year incremental term loan (the “Incremental Term Loan,” and collectively with the Original Term Loan, the “Term Loans”). In addition, the 2020 Credit Agreement provided for a $50.0 million senior secured revolving credit facility maturing on June 17, 2026 (the “2020 Revolving Credit Facility”) and up to $25.0 million through letters of credit. The forward-looking term rate was based on the Term Secured Overnight Financing Rate (“Term SOFR”), plus a credit spread adjustment of 0.10% with respect to the Term Loans and 0.00% with respect to loans under the 2020 Revolving Credit Facility (Term SOFR plus such credit spread adjustment, “Adjusted Term SOFR”).
Current wording
Prior to entering into the 2026 Credit Agreement and 2026 Revolving Credit Agreement, certain of our subsidiaries, including the Borrower, were party to a credit agreement (as amended, the “2020 Credit Agreement”), pursuant to which we borrowed an aggregate principal amount of $575.0 million through a seven-year term loan (“Original Term Loan”) and $275.0 million through a seven-year incremental term loan (the “Incremental Term Loan,” and collectively with the Original Term Loan, the “Term Loans”). The proceeds from the 2026 Credit Agreement, together with cash on hand, were used to repay in full and terminate our outstanding indebtedness under the 2020 Credit Agreement. In addition, the 2020 Credit Agreement provided for a $50.0 million senior secured revolving credit facility (the “2020 Revolving Credit Facility”), which was originally scheduled to mature on June 17, 2026 and included $25.0 million of letters of credit capacity. The 2020 Revolving Credit Facility was terminated on April 24, 2026 in connection with our entry into the 2026 Revolving Credit Agreement. In connection with the repayment of the Term Loans and the termination of the 2020 Revolving Credit Facility, we recognized a loss of $1.5 million on extinguishment of debt, primarily related to the write-off of unamortized debt issuance costs during the three and six months ended June 30, 2026.
Previous wording
(2)We have contractual obligations with various third parties. On December 12, 2025, we amended an agreement with one of our third party service providers related to cloud services. Under the amended terms, we are committed to pay minimum amounts to the third-party over five consecutive years beginning in December 2025 for a total amount of $56.0 million. If we fail to meet a minimum annual commitment in any period or upon early termination as defined in the agreement, we will be required to pay any unsatisfied minimum commitment amounts, subject to certain rollover provisions. As of March 31, 2026, our minimum commitment remaining with this third-party is $52.8 million. In addition, we have an agreement with another third party related to cloud services, under which we are committed to pay a total of $12.4 million over a period of 36 months beginning October 2024. At the end of the 36 months, or upon early termination, any unused consumption capacity will expire unless a renewal agreement is executed. As of March 31, 2026, our total commitment fee remaining with this third-party was $3.8 million. The remaining contractual obligation of $7.9 million as of March 31, 2026 relates to individually immaterial contractual obligations with various other third-party service providers.
Current wording
(1)We have contractual obligations with various third parties. On December 12, 2025, we amended an agreement with one of our third-party service providers related to cloud services. Under the amended terms, we are committed to pay minimum amounts to the third-party over five consecutive years beginning in December 2025 for a total amount of $56.0 million. If we fail to meet a minimum annual commitment in any period or upon early termination as defined in the agreement, we will be required to pay any unsatisfied minimum commitment amounts, subject to certain rollover provisions. As of June 30, 2026, our minimum commitment remaining with this third-party is$46.2 million. In addition, we have an agreement with another third party related to cloud services, under which we are committed to pay a total of $12.4 million over a period of 36 months beginning October 2024. At the end of the 36 months, or upon early termination, any unused consumption capacity will expire unless a renewal agreement is executed. As of June 30, 2026, our total commitment fee remaining with this third-party was$3.7 million. The remaining contractual obligation of$5.6 million as of June 30, 2026 relates to individually immaterial contractual obligations with various other third-party service providers.
Previous wording
We have discussed the estimates and assumptions that we believe are critical because they involve a higher degree of judgment in their application and are based on information that is inherently uncertain in our 2025 Form 10-K for the year ended December 31, 2025. There have been no significant changes to these accounting policies and estimates for the three months ended March 31, 2026.
Current wording
We have discussed the estimates and assumptions that we believe are critical because they involve a higher degree of judgment in their application and are based on information that is inherently uncertain in our 2025 Form 10-K for the year ended December 31, 2025. There have been no significant changes to these accounting policies and estimates for the six months ended June 30, 2026.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Total Revenue was $210.5 million for the three months ended June 30, 2026, compared to $248.2 million for the same period in 2025. The decrease was primarily driven by a decline in Total Paying Users, partially offset by an increase in Total ARPPU, primarily due to favorable fluctuations in foreign currency exchange rates.
Current report — wording carried from elsewhere
Depreciation and amortization expense for the six months ended June 30, 2026 decreased by $7.9 million, or 48.8%, compared to the same period in 2025. The decrease in depreciation and amortization expense for the six months ended June 30, 2026 was primarily driven by the full amortization of Bumble and Badoo's developed technology in February 2025, as well as the full amortization of Fruitz and Official's developed technology in the second quarter of 2025 following the February 2025 decision to discontinue those apps.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
During the three months ended March 31, 2025, we recognized impairment charges of $3.6 million for the Official asset group. There were no impairment charges recorded for the three months ended March 31, 2026.