Slide 1: Shareholder Letter Second Quarter 2023
Shareholder Letter Second Quarter 2023 August 14, 2023
Slide 2: Dear Shareholders
Dear Shareholders, Through the first half of 2023, Grindr has executed very well on our near-term priorities, from delivering a better experience for our users to further optimizing monetization. I’m proud of what we’ve been able to achieve so far, and these achievements are reflected in our Q2 resu
Slide 3: Q2 launches and advocacy for users
The results of our strong execution are clear in our Q2 launches: • Significant feature improvements, including a newly designed home screen; introduction of a redesigned profile with higher quality photos; and faster load times across the entire product due to improvements to our backend and mobile
Slide 4: Q2 Accomplishments + Strategic Progress
Q2 Accomplishments + Strategic Progress We continued to make progress on each of the 2023 strategic priorities we previously highlighted. Please see our updates below. Improve the User Experience At the beginning of Q2, we rolled out a newly designed home screen built around core search and filterin
Slide 5: Redesigned profile and monetization through new offerings
Later in the quarter, we rolled out a redesigned profile based on extensive user research and feedback. The new profile design emphasizes the information our users are looking for – high quality photos; a clear and upfront “About Me” section; and relevant tags, interests, and stats all grouped for e
Slide 6: Planning for Future Growth
Planning for Future Growth A significant component of our near-term plan is to implement industry-proven paid features to improve our product. Throughout the rest of the year, we plan to build and test-launch a la carte features that we expect to be key components of our growth in 2024 and beyond. W
Slide 7: Q2 Financial + Operating Performance
Q2 Financial + Operating Performance We had an excellent quarter Q2 2023 Highlights financially, including 32% year over year revenue growth, net income margin of 36% and a 44% $61.5mm revenue adjusted EBITDA margin. Year- +32% YoY growth to-date revenue has grown 30% and adjusted EBITDA margin was
Slide 8: Revenue, Operating Expenses, Operating Income
Revenue Q2 revenue of $61.5 million was up 32% year-over-year from $46.6 million driven by increases in both ARPPU and Average Paying Users, primarily due to increased subscriptions including weeklies and by the adoption of the a la carte product Boost. Direct Revenue increased by 37% year-over-year
Slide 9: Guidance 2023 Full Year
Guidance 2023 Full Year 28%+ revenue growth 41%+ adjusted EBITDA margin up from 25%+ up from 38%+ 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), Tuesday, August 15, 2023. To access the conference call, participants shou
Slide 10: Condensed Consolidated Balance Sheets (unaudited)
Table of Contents Condensed Consolidated Balance Sheets (unaudited) Grindr Inc. and subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in thousands, exceptshare thousands, except sharedata) data) June 30, December 31, 2023 2022 Assets Current Assets Cash and cash equivalents ...........
Slide 11: Consolidated Statements of Operations and Comprehensive Income
Consolidated Table of Contents Statements of Operations and Comprehensive Grindr Inc. and Subsidiaries (Loss) Income (unaudited) (in thousands,Statements Consolidated except per of share and share Operations data) and Comprehensive (Loss) Income (unaudited) (in thousands, except per share and share
Slide 12: Condensed Consolidated Statements of Cash Flows
Table of Contents Condensed Consolidated Statements of Cash Grindr Inc. and subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited) Flows (in thousands) (unaudited) (in thousands) Six Months Ended June 30, 2023 2022 Operating activities Net (loss) income ............................
Slide 13: Reconciliation of net income to adjusted EBITDA
litigation-related costs, management fees, change in fair value of warrant liability and other expense, which includes asset impairments. Our management uses this measure internally to evaluate the performance of our business and this measure is one of the primary metrics by which our internal budge
Slide 14: Forward Looking Statements
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 plans an
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 our 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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