Company Raises 2024 Revenue Guidance and Sets
Four-Year Annual Revenue Growth Target of 20-25%
Outlines New Product Roadmap to Deliver on its
Mission to Build the Global Gayborhood in Your PocketTM
Grindr Inc. (NYSE: GRND) will host today in New York its
inaugural investor day as a public company, unveiling its plans to
deliver on its mission to build the Global Gayborhood in Your
Pocket. Presentations by Grindr senior management will highlight
its industry-leading performance and user engagement metrics, the
Company’s new product roadmap that is powered by AI, and a
four-year financial outlook.
“Grindr is unique because it was built by gay people for gay
people. By focusing on our users over the past 15 years, we’ve
achieved tremendous loyalty and engagement from them,” said George
Arison, Grindr’s Chief Executive Officer. “Throughout our investor
day, we will articulate the innovation we are planning in order to
make our user experience even better and drive long-term growth. We
are improving connection and casual dating, which have always been
core to Grindr, through a suite of features called Right Now, while
also creating new AI-first features to help users more easily find
long-term relationships. We know our users want additional
functionality to help them better access other types of social
connections and to access curated, relevant information and
services that will enhance the quality of their lives. Through new
product expansions, we are creating ways for users to gain these
experiences in the app.”
Grindr will present a multi-year product plan to build out
additional functionality in its app. This includes developing eight
new products for users to engage with Grindr’s core use cases of
connectivity, dating, and relationships, and Gayborhood expansion
use cases, which are new partnership-based digital services
typically found in physical gayborhoods. To bring this vision to
life, the roadmap leverages AI in a variety of ways, including the
Grindr Wingman product.
Today, Grindr is increasing its revenue guidance for 2024 from
revenue growth of at least 23% to at least 25%. Adjusted EBITDA
guidance for 2024 of at least 40% remains intact. Looking out to
2027, with the Company’s new product plans designed to support the
core dating business, Grindr expects to deliver 20-25% revenue
growth annually through 2027, with Adjusted EBITDA margins in the
range of 39-42%. Grindr’s expanded, partnership-based, digital
Gayborhood services, including travel, wellness, and entertainment
experiences, are not reflected in Grindr’s revenue outlook through
2027, though modest investments in these initiatives are factored
into the company’s long-term Adjusted EBITDA margins.
“Grindr has built a durable financial model that is delivering
strong, reliable growth as we execute on our monetization
strategy,” said Vanna Krantz, Chief Financial Officer. “Our 2024
revenue guidance increase combined with the longer-term financial
targets we are announcing today demonstrate our confidence in
Grindr’s continued strong revenue growth and Adjusted EBITDA
profitability even as we invest prudently in our product roadmap
and new use cases. We believe our plans set up Grindr for
significant profitable growth, cash generation and value
creation.”
For more details or to view Grindr’s investor day presentation,
visit investors.grindr.com.
About Grindr Inc.
With more than 13.7 million monthly active users, Grindr has
grown to become the Global Gayborhood in Your Pocket, on a mission
to make a world where the lives of our global community are free,
equal, and just. Available in 190 countries and territories, Grindr
is often the primary way for its users to connect, express
themselves, and discover the world around them. Since 2015 Grindr
for Equality has advanced human rights, health, and safety for
millions of LGBTQ+ people in partnership with organizations in
every region of the world. Grindr has offices in West Hollywood,
the Bay Area, Chicago, and New York. The Grindr app is available on
the App Store and Google Play.
Forward Looking Statements
This press release contains statements that may constitute
forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify these
forward-looking statements by the use of terminology such as
“anticipates,” “approximately,” “believes,” “continues,” “could,”
“estimates,” “expects,” “intends,” “may,” “outlook,” “plans,”
“potential,” “predicts,” “seeks,” “should,” “upcoming,” “will” or
the negative version of these words or other comparable words or
phrases.
The forward-looking statements include statements regarding our
strategic priorities; product roadmap; new plans, products, and
features; AI-first features; our long term vision and our annual
revenue and adjusted EBITDA guidance for 2024 through 2027. These
statements reflect our current views about our business and future
events and are subject to numerous known and unknown risks,
uncertainties, assumptions and changes in circumstances that may
cause actual results to differ materially from those expressed in
any forward-looking statement. There are no guarantees that any
transactions or events described will happen as described (or that
they will happen at all). The following factors, among others,
could cause actual results and future events to differ materially
from those set forth in or contemplated by the forward-looking
statements:
- our ability to retain existing users and add new users;
- the impact of the regulatory environment and complexities with
compliance related to such environment, including maintaining
compliance with privacy, data protection, and user safety laws and
regulations;
- our ability to address privacy concerns and protect systems and
infrastructure from cyber-attacks and prevent unauthorized data
access;
- our success in retaining or recruiting our directors, officers,
key employees, or other key personnel, and our success in managing
any changes in such roles;
- our ability to respond to general economic conditions;
- competition in the dating and social networking products and
services industry;
- our ability to adapt to changes in technology and user
preferences in a timely and cost-effective manner;
- our ability to successfully adopt generative AI processes and
algorithms into our daily operations, including by deploying
generative AI and machine learning into our products and
services;
- our dependence on the integrity of third-party systems and
infrastructure;
- our ability to protect our intellectual property rights from
unauthorized use by third parties;
- whether the concentration of our stock ownership and voting
power limits our stockholders’ ability to influence corporate
matters; and
- the effects of macroeconomic and geopolitical events on our
business, such as health epidemics, pandemics, natural disasters,
and wars or other regional conflicts.
In addition, statements that “Grindr believes” or “we believe”
and similar statements reflect our beliefs and opinions on the
relevant subjects as of the date of any such statement. These
statements are based upon information available to us as of the
date they are made, and while we believe such information forms a
reasonable basis for such statements, such information may be
limited or incomplete, and such statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain and investors are cautioned not
to unduly rely upon these statements.
While forward-looking statements reflect our good faith beliefs,
they are not guarantees of future performance. Except to the extent
required by applicable law, we are under no obligation (and
expressly disclaim any such obligation) to update or revise our
forward-looking statements whether as a result of new information,
future events, or otherwise. For a further discussion of these and
other factors that could cause our future results, performance, or
transactions to differ significantly from those expressed in any
forward-looking statement, please see the section titled “Risk
Factors.” in annual reports on Form 10-K and quarterly reports on
Form 10-Q that we file with the Securities and Exchange Commission
from time to time. You should not place undue reliance on any
forward-looking statements, which are based only on information
currently available to us (or to third parties making the
forward-looking statements).
Non-GAAP Financial Measures
We use 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 investors’ overall understanding of our
financial performance and should not be considered a substitute
for, or superior to, the financial information prepared and
presented in accordance with GAAP.
Adjusted EBITDA adjusts for the impact of items that we do not
consider indicative of the operational performance of our business.
We define Adjusted EBITDA as net income (loss) excluding income tax
provision; interest expense, net; depreciation and amortization;
stock-based compensation expense; transaction-related costs; gain
(loss) in fair value of warrant liability; and severance expense,
litigation-related costs, and other items, in each case that are
unrelated to our core ongoing business operations. Adjusted EBITDA
Margin is calculated by dividing Adjusted EBITDA for a period by
revenue for the same period.
Our management uses this measure internally to evaluate the
performance of our business and this measure is one of the primary
metrics by which management and other employees are compensated. We
exclude the above items as some are non-cash in nature and others
may not be representative of normal operating results. While we
believe that Adjusted EBITDA and Adjusted EBITDA Margin are useful
in evaluating our business, this information should be considered
as supplemental in nature and is not meant as a substitute for the
related financial information prepared and presented in accordance
with GAAP.
We are not able to estimate net income (loss) or net income
(loss) margin on a forward-looking basis or reconcile the guidance
provided for Adjusted EBITDA margin to net income (loss) margin on
a forward-looking basis without unreasonable efforts due to the
variability and complexity with respect to the charges excluded
from Adjusted EBITDA margin. In particular, the measures and
effects of our stock-based compensation related to equity grants
and the gain (loss) on changes in fair value of our warrant
liability that, in each case, are directly impacted by
unpredictable fluctuations in our share price. The variability of
the above charges could have a significant and potentially
unpredictable impact on our future GAAP financial results.
Trademarks
This press release may contain trademarks of Grindr. Solely for
convenience, trademarks referred to in this press release may
appear without the ® or TM symbols, but such references are not
intended to indicate, in any way, that Grindr will not assert, to
the fullest extent under applicable law, its rights to these
trademarks.
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