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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation Total stock-based compensation cost, net of forfeitures, was as follows:
(In thousands) |  | Three Months Ended March 31, 2024 |  |  | Three Months Ended March 31, 2023 |
Cost of revenue |  | $ | 545 |  |  | $ | 1,138 |
Selling and marketing expense |  |  | (2,862 | ) |  |  | 3,527 |
General and administrative expense |  |  | (1,506 | ) |  |  | 14,817 |
Product development expense |  |  | 3,849 |  |  |  | 9,102 |
Total stock-based compensation expense |  | $ | 26 |  |  | $ | 28,584 |
During the three months ended March 31, 2024, stock-based compensation expense decreased due to forfeitures for terminations including the reduction in force related to the Restructuring Plan. Incentive Units in Bumble Holdings The following table summarizes information around Incentive Units in Bumble Holdings:
|  | Time-Vesting Incentive Units |  |  | Exit-Vesting Incentive Units |
|  | Number of Awards |  |  | Weighted- Average Participation Threshold |  |  | Number of Awards |  |  | Weighted- Average Participation Threshold |
Unvested as of December 31, 2023 |  |  | 2,014,042 |  |  | $ | 13.11 |  |  |  | 1,817,295 |  |  | $ | 12.89 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (791,238 | ) |  |  | 12.12 |  |  |  | (274,735 | ) |  |  | 12.58 |
Forfeited |  |  | (131,874 | ) |  |  | 19.83 |  |  |  | (109,895 | ) |  |  | 14.12 |
Unvested as of March 31, 2024 |  |  | 1,090,930 |  |  | $ | 13.02 |  |  |  | 1,432,665 |  |  | $ | 12.42 |
As of March 31, 2024, total unrecognized compensation cost related to the Time-Vesting Incentive Units is $1.4 million, which is expected to be recognized over a weighted-average period of 1.0 years. Total unrecognized compensation cost related to the Exit-Vesting Incentive Units is $3.3 million, which is expected to be recognized over a weighted-average period of 1.3 years. Restricted Shares of Class A Common Stock in Bumble Inc. The following table summarizes information around restricted shares in the Company:
|  | Time-Vesting Restricted Shares of Class A Common Stock |  |  | Exit-Vesting Restricted Shares of Class A Common Stock |
|  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |  |  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |
Unvested as of December 31, 2023 |  |  | 32,255 |  |  | $ | 6.87 |  |  |  | 28,386 |  |  | $ | 17.13 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (15,599 | ) |  |  | 6.73 |  |  |  | (3,810 | ) |  |  | 17.16 |
Forfeited |  |  | (7,952 | ) |  |  | 6.73 |  |  |  | (12,002 | ) |  |  | 17.01 |
Unvested as of March 31, 2024 |  |  | 8,704 |  |  | $ | 7.23 |  |  |  | 12,574 |  |  | $ | 17.23 |
As of March 31, 2024, total unrecogniz ed compensation cost related to the Time-Vesting restricted shares is $11.3 thousand, which is expected to be recognized over a weighted-average period of 0.9 years. Total unrecognized compensation cost related to the Exit-Vesting restricted shares is $51.4 thousand, which is expected to be recognized over a weighted-average period of 1.3 years. RSUs in Bumble Inc. The following table summarizes information around RSUs in the Company:
|  | Time-Vesting RSUs |  |  | Exit-Vesting RSUs |
|  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |  |  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |
Unvested as of December 31, 2023 |  |  | 6,557,643 |  |  | $ | 25.41 |  |  |  | 333,296 |  |  | $ | 42.79 |
Granted |  |  | 1,580,177 |  |  |  | 12.93 |  |  |  | — |  |  |  | — |
Vested |  |  | (1,159,546 | ) |  |  | 28.35 |  |  |  | (50,968 | ) |  |  | 42.79 |
Forfeited |  |  | (1,002,199 | ) |  |  | 25.67 |  |  |  | (22,879 | ) |  |  | 42.79 |
Unvested as of March 31, 2024 |  |  | 5,976,075 |  |  | $ | 21.49 |  |  |  | 259,449 |  |  | $ | 42.79 |
During the three months ended March 31, 2024 and 2023, the total fair value of RSUs as of the respective vesting dates was $15.9 million and $24.6 million, respectively. As of March 31, 2024, total unrec ognized compensation cost related to the Time-Vesting RSUs is $61.4 million, which is expected to be recognized over a weighted-average period of 2.8 years. Total unrecognized compensation cost related to the Exit-Vesting RSUs is $2.1 million, which is expected to be recognized over a weighted-average period of 1.3 years. Options The following assumptions were utilized to calculate t he fair value of Time-Vesting Options granted during the three months ended March 31, 2024:
|  | March 31, 2024 |
Volatility |  | 58% |
Expected Life |  | 7.0 years |
Risk-free rate |  | 4.0% - 4.2% |
Fair value per unit |  | $6.73 - $8.95 |
Dividend yield |  |  | 0.0 | %
The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options:
|  | March 31, 2024 |
|  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Grant Date Fair Value Per Share |
Outstanding as of December 31, 2023 |  |  | 3,528,145 |  |  | $ | 30.87 |  |  | $ | 17.75 |
Granted |  |  | 2,127,265 |  |  |  | 13.13 |  |  |  | 8.11 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Forfeited and expired |  |  | (685,078 | ) |  |  | 27.35 |  |  |  | 16.58 |
Outstanding as of March 31, 2024 |  |  | 4,970,332 |  |  | $ | 23.76 |  |  | $ | 13.79 |
Exercisable as of March 31, 2024 |  |  | 1,668,920 |  |  | $ | 35.09 |  |  | $ | 19.66 |
The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options:
|  | March 31, 2024 |
|  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Grant Date Fair Value Per Share |
Outstanding as of December 31, 2023 |  |  | 79,908 |  |  | $ | 43.00 |  |  | $ | 22.21 |
Granted |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (10,318 | ) |  |  | 43.00 |  |  |  | 22.21 |
Outstanding as of March 31, 2024 |  |  | 69,590 |  |  | $ | 43.00 |  |  | $ | 22.21 |
Exercisable as of March 31, 2024 |  |  | 43,783 |  |  | $ | 43.00 |  |  | $ | 22.21 |
As of March 31, 2024, total unrecognized compensation cost relate d to the Time-Vesting options is $21.9 million, which is expected to be recognized over a weighted-average period of 3.3 years. Total unrecognized compensation cost related to the Exit-Vesting options is $0.1 million, which is expected to be recognized over a weighted-average period of 1.3 years.

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