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Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

Note 12 - Related Party Transactions

In the ordinary course of operations, the Company enters into transactions with related parties, as discussed below (in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

Related Party relationship

 

Type of Transaction

 

Financial Statement Line

 

Three Months Ended September 30, 2024

 

Three Months Ended September 30, 2023

 

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

Other

 

Marketing costs

 

Selling and marketing expense

 

$

1,258

 

$

1,331

 

 

$

4,218

 

$

3,941

 

Other

 

Moderator costs

 

Cost of revenue

 

 

1,800

 

 

1,442

 

 

 

5,067

 

 

3,902

 

Other

 

Advertising revenue

 

Revenue

 

 

260

 

 

218

 

 

 

868

 

 

552

 

Other

 

Tax receivable agreement liability remeasurement expense

 

Other income (expense), net

 

 

(721

)

 

—

 

 

 

(951

)

 

—

 

 

 

 

 

 

 

 

 

 

 

 

Related Party relationship

 

Type of Transaction

 

Financial Statement Line

 

September 30, 2024

 

December 31, 2023

 

Other

 

Tax receivable agreement

 

Payable to related parties pursuant to a tax receivable agreement

 

$

412,958

 

$

430,196

 

 

 

Payable to related parties pursuant to a tax receivable agreement

Concurrent with the completion of the IPO, the Company entered into a tax receivable agreement with pre-IPO owners including our Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders. See Note 4, Payable to Related Parties Pursuant to a Tax Receivable Agreement.

Other

The Company recognizes advertising revenues and incurs marketing expenses from Liftoff Mobile Inc. (“Liftoff”), a company in which Blackstone-affiliated funds hold a controlling interest. The Company uses TaskUs Inc. (“TaskUs”), a company in which Blackstone-affiliated funds holds more than 20% of ownership interests, for moderator services.

Share Repurchase

In December 2023, the Company and Bumble Holdings entered into an agreement with certain entities affiliated with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase approximately 4.0 million shares of its Class A common stock beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone approximately 3.2 million Common Units, which are exchangeable for shares of Class A common stock on a one-for-one basis, for an aggregate purchase price of $100 million. In March 2024, the Company and Bumble Holdings entered into an agreement with certain entities affiliated with Blackstone in a private transaction under the Company’s existing share repurchase program, under which the Company agreed to repurchase approximately 2.5 million shares of its Class A common stock beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone approximately 2.0 million Common Units, which are exchangeable for shares of Class A common stock on a one-for-one basis, for an aggregate purchase price of $50 million.