Spark Networks have announced their financial results for the 2021 fourth quarter and full year ended December 31, 2021.
The financial results are as follows:
Fourth Quarter 2021 Financial Results
- Revenue was $52.0 million, compared to $58.1 million in the fourth quarter of 2020.
- Net Loss was $9.9 million, compared to $45.1 million in the fourth quarter of 2020.
- Adjusted EBITDA(1) was $14.3 million, compared to $13.1 million in the fourth quarter of 2020.
- Total cash and cash equivalents were $16.1 million as of December 31, 2021.
- Total debt was $82.1 million, compared to $99.1 million at December 31, 2020, representing a $17.0 million decline in total debt.
- Net debt was $66.0 million as of December 31, 2021.
Full Year 2021 Financial Results
- Revenue was $216.9 million, compared to $233.0 million in 2020.
- Net Loss was $68.2 million, compared to $46.6 million in 2020.
- Adjusted EBITDA(1) was $33.0 million, compared to $38.9 million in 2020.
Business Highlights and Financial Outlook
- Spark properties generated over 4 million daily page views and a total free and paid user base of nearly 40 million people in 2021.
- Spark averaged 875,000 paid subscribers during 2021.
- Four of Spark’s top five brands, representing close to half of total revenue, collectively grew revenue 5% and subscribers 3% year over year in 2021.
- Zoosk turnaround progressing as organic traffic increased 74% year over year in the quarter.
- Spark successfully refinanced its debt facility following the close of the year, to better fund its growth initiatives in 2022 and beyond.
- Spark intends to invest $110 million in customer acquisition in 2022.
- For full year 2022, Spark expects to return to total revenue growth year over year, while still delivering solid Adjusted EBITDA margins for the year.
Eric Eichmann, CEO of Spark Networks, said: “Currently, our family of brands serve roughly four million page views per day of singles searching for serious relationships and millions of paid subscribers per year, making Spark the fourth largest online subscription-based dating company across North America and Europe. With this scaled platform, we have a large growth opportunity ahead of us and with our new credit facility in place, we now have the financial flexibility to begin to execute on a strong and well-developed roadmap of strategies and investments that we believe will drive growth in 2022 and beyond. With the right talent in place, the right product strategy, scalable technology and financial flexibility we are now well positioned to return to growing our revenue.”
Read the full financial results here.