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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Note 11 - Stock-based Compensation Total stock-based compensation expense was as follows:
(In thousands) |  | Three Months Ended September 30, 2024 |  |  | Three Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2023 |
Cost of revenue |  | $ | 45 |  |  | $ | 542 |  |  | $ | 364 |  |  | $ | 2,800 |
Selling and marketing expense |  |  | 490 |  |  |  | 2,469 |  |  |  | (2,328 | ) |  |  | 7,191 |
General and administrative expense |  |  | 7,781 |  |  |  | 10,352 |  |  |  | 14,167 |  |  |  | 44,029 |
Product development expense |  |  | 1,842 |  |  |  | 8,165 |  |  |  | 70 |  |  |  | 29,640 |
Total stock-based compensation expense |  | $ | 10,158 |  |  | $ | 21,528 |  |  | $ | 12,273 |  |  | $ | 83,660 |
During the three and nine months ended September 30, 2024, stock-based compensation expense decreased from the same periods in 2023, primarily 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 |  |  | (911,125 | ) |  |  | 12.20 |  |  |  | (809,754 | ) |  |  | 12.48 |
Forfeited |  |  | (143,861 | ) |  |  | 19.15 |  |  |  | (123,216 | ) |  |  | 13.66 |
Unvested as of September 30, 2024 |  |  | 959,056 |  |  | $ | 13.07 |  |  |  | 884,325 |  |  | $ | 12.43 |
As of September 30, 2024, total unrecognized compensation cost related to the Time-Vesting Incentive Units was $0.7 million, which is expected to be recognized over a weighted-average period of 0.5 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting Incentive Units was $1.2 million, which is expected to be recognized over a weighted-average period of 0.8 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 |  |  | (15,824 | ) |  |  | 6.87 |  |  |  | (8,051 | ) |  |  | 17.21 |
Forfeited |  |  | (9,987 | ) |  |  | 6.81 |  |  |  | (14,798 | ) |  |  | 17.05 |
Unvested as of September 30, 2024 |  |  | 6,444 |  |  | $ | 6.96 |  |  |  | 5,537 |  |  | $ | 17.22 |
As of September 30, 2024, total unrecogniz ed compensation cost related to the Time-Vesting restricted shares was $3.4 thousand, which is expected to be recognized over a weighted-average period of 0.3 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting restricted shares was $13.7 thousand, which is expected to be recognized over a weighted-average period of 0.8 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 |  |  | 3,745,502 |  |  |  | 11.51 |  |  |  | — |  |  |  | — |
Vested |  |  | (2,008,290 | ) |  |  | 26.28 |  |  |  | (135,570 | ) |  |  | 42.79 |
Forfeited |  |  | (2,523,969 | ) |  |  | 23.71 |  |  |  | (70,262 | ) |  |  | 42.79 |
Unvested as of September 30, 2024 |  |  | 5,770,886 |  |  | $ | 16.79 |  |  |  | 127,464 |  |  | $ | 42.79 |
During the nine months ended September 30, 2024 and 2023, the total fair value of vested RSUs as of the respective vesting dates was $24.7 million and $36.0 million, respectively. As of September 30, 2024, total unrec ognized compensation cost related to the Time-Vesting RSUs was $44.8 million, which is expected to be recognized over a weighted-average period of 2.8 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting RSUs was $0.6 million, which is expected to be recognized over a weighted-average period of 0.8 years. Options The following assumptions were utilized to calculate t he fair value of Time-Vesting Options granted during the nine months ended September 30, 2024:
|  | September 30, 2024
Volatility |  | 57% - 58%
Expected Life |  | 7.0 years
Risk-free rate |  | 4.0% - 4.6%
Fair value per unit |  | $5.72 - $8.95
Dividend yield |  | 0.0%
The following table summarizes the Company’s option activity as it relates to Time-Vesting stock options:
|  | September 30, 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 |  |  | 3,745,723 |  |  |  | 12.23 |  |  |  | 7.59 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Forfeited and expired |  |  | (2,323,657 | ) |  |  | 27.15 |  |  |  | 15.99 |
Outstanding as of September 30, 2024 |  |  | 4,950,211 |  |  |  | 18.52 |  |  |  | 10.84 |
Exercisable as of September 30, 2024 |  |  | 994,391 |  |  | $ | 34.16 |  |  | $ | 18.87 |
The following table summarizes the Company’s option activity as it relates to Exit-Vesting stock options:
|  | September 30, 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 |  |  | (21,846 | ) |  |  | 43.00 |  |  |  | 22.21 |
Outstanding as of September 30, 2024 |  |  | 58,062 |  |  |  | 43.00 |  |  |  | 22.21 |
Exercisable as of September 30, 2024 |  |  | 41,930 |  |  | $ | 43.00 |  |  | $ | 22.21 |
As of September 30, 2024, total unrecognized compensation cost relate d to the Time-Vesting options was $19.5 million, which is expected to be recognized over a weighted-average period of 3.2 years. As of September 30, 2024, total unrecognized compensation cost related to the Exit-Vesting options was $34.8 thousand, which is expected to be recognized over a weighted-average period of 0.8 years.

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