Slide 1: Shareholder Letter First Quarter 2023
Shareholder Letter First Quarter 2023 May 15, 2023
Slide 2: Dear Shareholders
Dear Shareholders, I am proud to share with you our Q1 financial results, which reflect a strong performance and put us on track to meet our goals for the year, indicated by continued improvement in key financial metrics and proven value to the community we serve. The team grew revenue 28% year-over
Slide 3: Letter continued: hiring, LGBTQ advocacy and outlook
attractive price points. Further out, we will explore a variety of use cases outside casual dating that we know are already taking place organically in the Grindr app, but for which we have not built specific product offerings to date. We’re also focused on ensuring that Grindr has a fantastic group
Slide 4: Q1 Accomplishments + Strategic Progress
Q1 Accomplishments + Strategic Progress We have previously highlighted four strategic priorities for 2023 and continued to make progress on each of them: Improve the User Experience In Q1, we introduced an important and popular feature to support users’ desire to share, by expanding Albums functiona
Slide 5: Planning for Future Growth
Planning for Future Growth User insights are driving the foundation we are building in 2023, and will inform our decisions as we plan for future growth. One area of such investment is our expansion of a la carte offerings. While a la carte features are very popular on other dating applications, Grin
Slide 6: Q1 Financial + Operating Performance
Q1 Financial + Operating Performance We had a successful quarter Q1 2023 Highlights financially, with strong results. Our user base continued to grow as Average Paying Users were up 20% $55.8mm revenue year-over-year. Average MAU for +28% YoY growth the quarter reached 12.8 million, representing a g
Slide 7: Revenue, Gross Profit, Operating Expenses
Revenue Overall, Q1 revenue of $55.8 million was up 28% year-over-year from $43.5 million in the same period from the prior year. Direct Revenue increased $11.7 million to $48.1 million, up 32% year over year, as a result of an increase in ARPPU and paying users, primarily led by subscription revenu
Slide 8: Performance Metrics and 2023 Guidance
Performance Metrics Q1 2023 Average Paying Users 866k Average Paying User Penetration 6.7% Average MAU 12.8m ARPPU $18.52 All figures given in thousands, except paying user penetration and ARPPU. Guidance 2023 Full Year 25%+ 38%+ revenue growth adjusted EBITDA margin Conference Call Grindr will host
Slide 9: Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets Table of Contents (unaudited) Grindr Inc. and subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in (in thousands, exceptshare thousands, except sharedata) data) March 31, December 31, 2023 2022 Assets Current Assets Cash and cash equivalents ......
Slide 10: Consolidated Statements of Operations and Comprehensive (Loss) Income
Consolidated Table of Contents Statements of Operations and Comprehensive Grindr Inc. and Subsidiaries (Loss) Income (unaudited) Consolidated Statements of Operations and Comprehensive (Loss) Income (unaudited) (in (in thousands, exceptper thousands, except pershare sharedata) data) Three Months End
Slide 11: Condensed Consolidated Statements of Stockholders' Equity
Table of Contents Condensed Consolidated Statements of Stockholders’ Equity (unaudited) Grindr Inc. and subsidiaries Condensed Consolidated Statements of Stockholders’ Equity (unaudited) (in thousands, (in exceptper thousands, except pershare shareamounts amounts and and share share data) data) Pref
Slide 12: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows Table of Contents (unaudited) Grindr Inc. and subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) thousands) Three Months Ended March 31, 2023 2022 Operating activities Net (loss) income .......................................
Slide 13: Reconciliation of Net Income to Adjusted EBITDA
interest expense, net of interest income from the related party loan to Catapult GP II, depreciation and amortization, stock- based compensation expense and non-core expenses/losses (gains), including transaction-related costs, litigation-related costs, management fees, change in fair value of warra
Slide 14: Forward Looking Statements
Forward Looking Statements This press release 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 p
Slide 15: About Non-GAAP / About Grindr
About Non-GAAP Grindr uses Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP measures, to understand and evaluate its core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investor
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