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.

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.

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 unrecognized 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.

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 unrecognized 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.

The following assumptions were utilized to calculate the 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 related 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.