Bumble Inc.

Good day, and thank you for standing by. Welcome to the Bumble's third quarter 2022 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Cheryl Valenzuela, Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and thank you all for joining us to discuss Bumble's third quarter financial results. With me today are Whitney Wolf Hurd, Founder and CEO, Tarek Shawkat, President, and Anusa Bermanian, CFO of Bumble. Before we begin, I'd like to remind everyone that certain statements made on this call today are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, and reflect our current expectations based on our beliefs, assumptions, and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of these factors and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our earnings press release and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2021, and our subsequent periodic filing. During the call, we also refer to certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on the investor relations section of our website at ir.bumble.com. And with that, I'll turn it over to Whitney.

Thank you, Cheryl. And thank you all for joining us today. Our Q3 results demonstrate the strength and resilience of our brands and our business amidst a challenging global operating environment. I want to lead by restating that love is a universal and fundamental human need. How we deliver for this global need evolves, but we are well positioned to deliver for our members at scale. In the third quarter, We delivered solid top line growth of 17% year over year, driven by 28% growth for Bumble app. Adjusted for both FX and the Ukraine conflict, Bumble Inc. revenue growth would have been 10 points higher, and Bumble app revenue growth would have been 5 points higher. We maintained a strong focus on cash flow and profitability, delivering record adjusted EBITDA of $62 million in the third quarter, surpassing our outlook. Bumble app continued its momentum in Q3, gaining download share in both core and international expansion markets, while exceeding our expectations for both new user growth and re-engaged users. Monetization was also strong, as paying users accelerated for the fourth consecutive quarter to a record 164,000 sequential net ads. International expansion continued to propel Bumble apps' growth, with strong increases in users and payers across Western Europe, Asia Pacific, and Latin America. Our strategy and new management structure for Bidu are starting to deliver, and we have made progress in stabilizing Bidu. Sequential net ads increased for the first time since Q4 2021, and we achieved positive revenue growth after adjusting for the impacts of FX and the conflict in Ukraine. We achieved these results against the backdrop of a very uncertain geopolitical and macroeconomic environment. While these results are strong, our third quarter revenue adjusted for FX headwinds came in just shy of our previous expectations. There are two factors that drove this, which will also impact Q4. Now, let me provide more context for each. First, In Q3, we encountered some design and user engagement issues related to new product launches on our core profile page. As a result, we made the decision to delay these launches, including monetized compliments. That's our message before match feature. We have addressed the issues, and these features have started rolling out eight to 10 weeks behind plan. Notably, fully monetized compliments is now live in Australia, Germany, Canada, and parts of the US, including New York and New England. We anticipate completing the US rollout and progressing to our remaining markets throughout Q4 and into early 2023. Our results were also impacted by the increasingly challenging macroeconomic environment in late Q3 and Q4. User engagement and new user growth are strong. in both our core markets and our international expansion markets. Importantly, we have seen no impact on new subscriptions. However, some of our user segments are facing greater pressure on disposable income, and these segments are renewing their subscriptions at a modestly lower rate. We are actively adjusting our marketing approach to ensure that we highlight the comparative value of our offerings to other dating alternatives. and modifying our merchandising and payer retention strategies. Notwithstanding these items, our business remains strong. Bumble app revenue grew to $181 million in Q3, up to 28% year over year. Paying user growth remains strong in Q3, with sequential net ads accelerating to 164,000. We continue to grow download share in both core and international expansion markets. with share gains across all of our major regions and strong year-over-year performance in the US, Canada, UK, and Australia. Notably, we are continuing to see strength in our Gen Z user growth in both our core and our international growth markets. According to the research group Morning Consult, Bumble has the highest net brand favorability and net promoter scores with the 18 to 29 and 30 to 44 year old segments of the major dating brands that they track in the US. This speaks to the unique strength of our brand, which is the foundation for the strong performance that we have delivered all year. International expansion continues to be a critical growth driver for Bumble app. In Western Europe, we saw robust user growth and even faster revenue growth. We remained the number two dating app in Germany, closing the gap significantly with the number one player. and we gained a download share in Austria, France, Switzerland, Belgium, and the Netherlands. Spain is our most recent launch in the region, and we have seen significant growth in registrations, MAU, and revenue since early July. Our Latin America and Asia expansion are performing well. India remains a notable highlight, and revenue in India more than doubled year over year, again, demonstrating the broad global appeal of our brand and product. Between now and the end of 2023, we will build on our proven playbook to continue to actively expand internationally. We expect to complete our major launches in Europe and, critically, to continue to deepen our presence in each of our recently launched markets. In addition, we expect to continue our rollout in Asia and Latin America. Outside of the products already noted, Q3 was a very active product launch period for us. better serving the wide range of audiences on Bumble has been a key focus. We launched improved experiences for users who want to celebrate their cultural heritage, and we improved the experience for our LGBTQIA plus audience. We launched Astrology Tuesday offerings, which drove strong engagement with 18 to 30 year old women in particular. We expect to continue building on this platform. We've also been focusing on developing an improved experience for our college and recent graduate communities and we are rolling out student-only experiences for verified college students. Our first college monetization offering launched in late August, and we are pleased with the initial results. In Q3, we also introduced our speed dating feature in select cities around the world. We utilized the product functionality to launch our partnership with Emmy Award-winning comedy Ted Lasso, with Banter Live by Bumble, We are bringing the fictitious dating app feature on the show to life, creating an innovative and fun way to grow and further engage Bumble users in our core English-speaking markets. Banter Live takes place on Thursdays each week through the remainder of the year. We are pleased with the initial participation results that we've seen, and we're excited by the new engagement model that this product represents. Now looking forward to 2023. We expect to continue our rapid pace of product development. Our product focus will include enhancing the college and recent grad experience, continuing to build on the compliments and speed dating platforms that we've launched, leaning into social features such as our recently launched recommend to a friend feature, and building out new monetization platforms at both the low end and high end. Now, turning to Bidu and other products, including fruits. Bidu and other revenue totaled $52 million in Q3, down 10% year-on-year on a reported basis. That includes 21 points of combined negative impact from FX and the conflict in Ukraine. We have made progress towards stabilizing Bidu's performance. The sequential increase in paying users was driven by product improvements, including an enhanced talk-to-someone experience, and a new one-day consumable aimed at driving payer conversions for the more economically sensitive Bidu user. Over the next several quarters, we will build on these successes with additional product releases and a continued disciplined marketing approach. Let me turn next to fruits. Adoption continues to grow quickly in France, Belgium, the Netherlands, and parts of Canada, and we are actively working on its broader international expansion strategy for 2023. Since acquiring the company in January, we have integrated a significant amount of our safety capability And throughout Q3, we've been bringing our monetization expertise to that team. At the same time, we are leveraging Fruits as a learning platform to better serve Gen Z. Finally, I would like to spotlight a couple of safety initiatives that serve as powerful reflections of our mission and our commitment to creating kind connections. First, California signed a cyber-flashing bill in September that makes the sending of unwanted lewd images illegal, building upon similar legislation that we also championed in Texas, Virginia, and the UK. More recently, we open source our private detector machine learning models to bring improved user trust and safety to the social media industry at large. I am so proud of how our team's work is shaping our global industry for the better, and I'm looking forward to more. I will now turn it over to Anu for discussion of our financials and outlook. Thank you so much.