Slide 1: Shareholder Letter Third Quarter 2024
Q3 2024 Shareholder Letter Third Quarter 2024 November 7, 2024 LETTER TO SHAREHOLDERS 1
Slide 2: Dear Grindr Shareholders
Q3 2024 Dear Grindr Shareholders, Grindr delivered an exceptional third quarter with strong growth across all financial and user metrics. Outstanding performance through the first nine months of the year is allowing us to increase revenue guidance for 2024 to 29% or greater. Our outperformance this
Slide 3: Right Now
Q3 2024 Right Now A Dedicated Space Right Off the Main Dance Floor We also launched the new Interest tab, which makes inbounds a core feature by centralizing ‘Viewed Me’ and ‘Taps.’ This change has driven increased user engagement across both features and increased payer conversion. Given its succes
Slide 4: Product agenda and technical debt
Q3 2024 I am bullish about our ambitious product agenda. To enhance our ability to execute on it, in September, we brought together our Engineering, Product, and Design teams under the leadership of our Chief Product Officer, AJ Balance. This streamlines decision-making and enables faster iteration
Slide 5: Q3 Business Highlights
Q3 2024 Q3 Business Highlights Introducing Wingman Grindr Wingman is an all-purpose AI assistant aimed at enhancing the user experience on the app. As part of our product portfolio, Wingman embodies our portfolio strategy as we test, iterate, and refine to drive long-term success. Early testing of t
Slide 6: Host or Travel: Steering our Brand
Q3 2024 Steering our Brand In September, we premiered season 2 of Who’s the A**hole, our award-winning podcast series, across all major platforms. This series exemplifies how we’re NEW SERIES delivering engaging and fun Host or Travel experiences that elevate our brand, reaching both existing and ne
Slide 7: Q3 Financial & Operating Performance
Q3 2024 Q3 Financial & Operating Performance We delivered an outstanding third quarter, with solid performance across our financial and user metrics. Outperformance in our advertising business was driven by strengthening demand of our third-party advertising (TPA) partners. On the subscription side,
Slide 8: Revenue, Operating Expenses, Net Income
Q3 2024 Revenue Direct revenue increased by 25% year-over-year to Revenue $77 million. Growth in direct revenue was driven by ($ in millions) $82M $89M the success of our weekly Unlimited subscription $70M $72M $75M offerings and better merchandising and paywall optimizations resulting in higher con
Slide 9: Adjusted EBITDA, Free Cash Flow, Outlook
Q3 2024 Adjusted EBITDA Adjusted EBITDA was $40 million, or 45% of total revenue, in Q3 2024. Relative to Q3 of last year, Adjusted EBITDA ($ in millions) Adjusted EBITDA grew by approximately $8 million, Adj. EBITDA Adj. EBITDA margin $40M or 23%, as we benefited from robust revenue $37M $33M growt
Slide 10: Performance Metrics and Conference Call
Q3 2024 Performance Metrics Q3 2024 Average Paying Users 1.11M Average MAUs 14.6M Average Paying User Penetration 7.6% ARPPU $23.07 Conference Call Grindr will host a conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), November 7, 2024. The live audio webcast
Slide 11: Condensed Consolidated Balance Sheets (unaudited)
Q3 2024 Condensed Consolidated Balance Sheets (unaudited) Grindr Inc. and subsidiaries (in thousands, except share data) Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share data) September 30, December 31, 2024 2023 Assets Current Assets Cash and cash equivalents ..........
Slide 12: Consolidated Statements of Operations and Comprehensive Income (Loss)
Q3 2024 Consolidated Statements of Operations and Comprehensive Grindr Inc. and Subsidiaries (Loss) Income Consolidated Statements(unaudited) (in thousands, of Operations and Comprehensive except Income (Loss) per share and (unaudited) share data) (in thousands, except per share and share data) Thre
Slide 13: Condensed Consolidated Statements of Cash Flows
Q3 2024 Condensed Consolidated Grindr Inc. and subsidiaries Condensed Consolidated Statements Statements of Cash Flows (unaudited)of Cash Flows (unaudited) (in thousands) Nine Months Ended September 30, 2024 2023 Operating activities Net loss and comprehensive loss ..................................
Slide 14: Adjusted EBITDA and Free Cash Flow
Q3 2024 Adjusted EBITDA and Free Cash Flow Grindr Inc. and subsidiaries Adjusted EBITDA and Free Cash Flow (in thousands) (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Reconciliation of net income (loss) to Adjusted EBITDA Net income (loss)......
Slide 15: Forward Looking Statements
Q3 2024 Forward Looking Statements This letter contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 regarding Grindr’s current views with respect to our industry, operations, and future business
Slide 16: Non-GAAP Financial Measures
Q3 2024 Non-GAAP Financial Measures Grindr uses Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow, which are non-GAAP measures, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used by other compan
Slide 17: Key Operating Measures, Trademarks, About Grindr
Q3 2024 Key Operating Measures Our key operating measures include Average Paying Users, Average Monthly Active Users (Average MAUs), Average Paying User Penetration, Average Direct Revenue per Average Paying User (ARPPU) , and Average Total Revenue Per User (ARPU). We define our key operating measur