Slide 1: Shareholder Letter First Quarter 2024
Q1 2024 Shareholder Letter First Quarter 2024 May 9, 2024 LETTER TO SHAREHOLDERS 1
Slide 2: Dear Grindr Shareholders
Q1 2024 Dear Grindr Shareholders, Grindr is off to a great start in 2024, delivering year-over-year revenue growth of 35% and an Adjusted EBITDA margin of 42% in Q1 2024. These results, along with continued strength in our key metrics and momentum in product development, are setting us up for a stro
Slide 3: Global Gayborhood in Your Pocket vision
Q1 2024 We also continue to make great additions to our Grindr team. We’ve increased our engineering headcount by more than 50% quarter-over-quarter in Q1, adding key skills to our product development team. Overall, our growing team is energized and focused, and this has contributed to our strong fi
Slide 4: Q1 Business Highlights
Q1 2024 Q1 Business Highlights Innovating with a Focus on User Intent Our new chat system, which encompasses step change improvements in this critical user feature, was 100% rolled out globally at the end of Q1. Rebuilding our chat infrastructure, which the team has worked on for the last couple of
Slide 5: Right Now and Roam
Q1 2024 Right Now is a multi-phased product we are building in response to strong user demand for our core use case. Phase one features are currently in testing NEW FEATURE with more to be launched later Right this year and next year. Right Now Now adds a further monetizable dimension to our product
Slide 6: Building a Performance-Driven Culture
Q1 2024 Building a Performance-Driven Culture As we accelerate our product roadmap, we’ve continued to add top talent to the Grindr team. Though still far from our early 2023 employment level, as of March 31, 2024, our team has grown to 129 employees globally. We will be hiring deliberately to bring
Slide 7: Q1 Financial & Operating Performance
Q1 2024 Q1 Financial & Operating Performance Our first quarter financial results were outstanding and primarily driven by the continued strong performance of our XTRA Weekly subscription offering. Total revenue for the first quarter increased by 35% year-over-year to $75 million, operating income wa
Slide 8: Revenue, Operating Expenses, Operating Income
Q1 2024 Revenue Revenue ($ in millions) Revenue for Q1 2024 was $75 million, up 35% year- $72M $75M over-year from $56 million. Growth in revenue was $70M driven by both an increase in the number of paying $62M users and ARPPU underpinned by the growth in $56M our subscription product offerings. Dir
Slide 9: Net Loss, Adjusted EBITDA, Outlook
Q1 2024 Net Loss Our net loss for Q1 2024 of $9 million included the loss of $19 million related to the change in fair value of our warrant liability. Including this impact, net loss margin was 12% for Q1 versus the prior period net loss margin of 59%. Adjusted EBITDA ($ in millions) Adjusted EBITDA
Slide 10: Conference Call and Investor Day
Q1 2024 Performance Metrics Q1 2024 Average Paying Users 1.0M Average Paying User Penetration 7.4% Average MAUs 13.7M ARPPU $21.25 Conference Call Grindr will host a conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), May 9, 2024. The live audio webcast, alon
Slide 11: Condensed Consolidated Balance Sheets
Q1 2024 Grindr Inc. and subsidiaries Condensed Consolidated Balance Sheets (unaudited) Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share data) (in thousands, except share data) March 31, December 31, 2024 2023 Assets Current Assets Cash and cash equivalents ..............
Slide 12: Consolidated Statements of Operations and Comprehensive Loss
Q1 2024 Consolidated Statements of Operations and Comprehensive (Loss) Grindr Income Inc. and (unaudited) (in thousands, except per share and Subsidiaries share data) Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except per share and share data) Three Months
Slide 13: Condensed Consolidated Statements of Cash Flows
Q1 2024 Grindr Inc. and subsidiaries Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) (unaudited) (in thousands) Three Months Ended March 31, 2024 2023 Operating activities Net loss and comprehensive loss .....................
Slide 14: Adjusted EBITDA Reconciliation
Q1 2024 Grindr Inc. and subsidiaries Adjusted Adjusted EBITDAEBITDA (in thousands) Three Months Ended March 31, ($ in thousands) 2024 2023 Reconciliation of net loss to Adjusted EBITDA Net loss ..........................................................................................................
Slide 15: Forward Looking Statements
Q1 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
Q1 2024 Non-GAAP Financial Measures Grindr uses Adjusted EBITDA and Adjusted EBITDA margin, 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 companies, are presente