Grindr Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Grindr Inc. has submitted its 2023 10-K filing, detailing its financial performance and corporate information.</b>

AI Summary

Grindr Inc. (GRND) filed a Annual Report (10-K) with the SEC on March 11, 2024. Grindr Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 750 N. San Vicente Blvd., Suite RE 1400, West Hollywood, CA 90069. Grindr Inc. was formerly known as Tiga Acquisition Corp., with a name change effective August 4, 2020. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Accounts Payable and Other Accrued Liabilities Current are referenced.

Why It Matters

For investors and stakeholders tracking Grindr Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Grindr's financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial data and risk factors outlined in the report are essential for stakeholders to understand the company's market position, potential challenges, and strategic direction.

Risk Assessment

Risk Level: medium — Grindr Inc. shows moderate risk based on this filing. The company's reliance on app store revenue streams (Apple and Google) presents a significant risk due to potential changes in their policies or commission structures, as indicated by the customer concentration risk noted for MobileAppStore1Member and MobileAppStore2Member.

Analyst Insight

Investors should closely monitor Grindr's strategies for diversifying revenue streams beyond app store commissions and assess the impact of any potential app store policy changes on its financial performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-11 — Filing Date (Date of submission)
• 7370 — SIC Code (Services-Computer Programming, Data Processing, Etc.)
• NY — State of Incorporation (Legal domicile)

Key Players & Entities

• Grindr Inc. (company) — Filer name
• Tiga Acquisition Corp. (company) — Former company name
• West Hollywood, CA (location) — Business address city and state
• 750 N. San Vicente Blvd., Suite RE 1400 (location) — Business address street
• 2023-12-31 (date) — Fiscal year end
• 2024-03-11 (date) — Filing date
• Apple (company) — App store provider
• Google (company) — App store provider

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces customer concentration risk related to its accounts receivable from app stores, specifically MobileAppStore1Member and MobileAppStore2Member, for the fiscal years 2023 and 2022.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-11: Filing Date — Date the 10-K report was officially submitted to the SEC.
• 2020-08-04: Name Change — Date Grindr Inc. changed its name from Tiga Acquisition Corp.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Grindr Inc. to report its annual financial results and business operations.)

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share GRND New York Stock
• $11.50 — of Common Stock at an exercise price of $11.50 per share GRND.WS New York Stock Exchan
• $5.53 — 30, 2023, based on the closing price of $5.53 for shares of the Registrant's common s

Filing Documents

• grnd-20231231.htm (10-K) — 2010KB
• exhibit1026-chenemployment.htm (EX-10.26) — 17KB
• exhibit1027-krantzamendede.htm (EX-10.27) — 29KB
• exhibit231-consentofernsty.htm (EX-23.1) — 2KB
• exhibit311-certificationge.htm (EX-31.1) — 10KB
• exhibit312-certificationva.htm (EX-31.2) — 9KB
• exhibit321-certification.htm (EX-32.1) — 7KB
• exhibit971-incentivecompen.htm (EX-97.1) — 40KB
• 0001820144-24-000011.txt (&nbsp;) — 10613KB
• grnd-20231231.xsd (EX-101.SCH) — 85KB
• grnd-20231231_cal.xml (EX-101.CAL) — 131KB
• grnd-20231231_def.xml (EX-101.DEF) — 349KB
• grnd-20231231_lab.xml (EX-101.LAB) — 892KB
• grnd-20231231_pre.xml (EX-101.PRE) — 651KB
• grnd-20231231_htm.xml (XML) — 1406KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 43 I tem 1C. C ybersecu rity 43 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II. 46 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [Reserved.] 46 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 104 Item 9A.

Controls and Procedures

Controls and Procedures 104 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III. 106 Item 10. Directors, Executive Officers and Corporate Governance 106 Item 11.

Executive Compensation

Executive Compensation 106 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 Item 13. Certain Relationships and Related Transactions, and Director Independence 106 Item 14. Principal Accounting Fees and Services 106 PART IV. 107 Item 15. Exhibits, Financial Statement Schedules 107 Item 16. Form 10-K Summary 111

Signatures

Signatures 112 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements contained in this Annual Report on Form 10-K 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. These forward-looking statements include statements regarding our intentions, beliefs, current expectations or projections concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which we operate. 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," "will" or the negative version of these words or other comparable words or phrases. The forward-looking statements contained in this Annual Report on Form 10-K 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 regulati

Business

Item 1. Business Our Company We are the world's largest social network and dating app focused on the lesbian, gay, bisexual, transgender, and queer ("LGBTQ") communities, primarily serving gay and bisexual men in over 190 countries and territories around the world, with 13.3 million Average MAUs and 937 thousand Average Paying Users in 2023. Our Average Paying Users were over 937 thousand and 788 thousand for the years ending December 31, 2023 and December 31, 2022, respectively. We enable all of our users to find and engage with one another, share content and experiences, and generally express their unique selves. As a "Gayborhood" on our users mobile devices, our platform is a meaningful part of our users' lives and has embedded us at the center of their communities, as they seek relationships of various forms, whether intimate, romantic, or social. As a company built by gay people for gay people, Grindr fulfills crucial needs for its users. While the broader global landscape of social networks is highly competitive with many different platforms, there are few global platforms that focus solely on the LGBTQ community and address their unique needs. Our platform enables the LGBTQ community to connect with each other and the world. Our users have a range of motivations and use cases. Our platform helps our users find what they are looking for: casual dating, long-term relationships, community and friendships, professional networking, travel information and local discovery. By facilitating the connection of our users around the world, we believe we can help our community find one another, advance LGBTQ rights globally, and make the world a safer place for our community. The Grindr platform has become an integral part of the daily lives of our millions of users around the world, enabling them to discover and connect with each other effortlessly anytime. The Grindr platform offers a variety of location-based social features and functions, including identity express

View Full Filing

View this 10-K filing on SEC EDGAR