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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation Expense Related to Grants of Employee Stock Options, Restricted Stock Units (RSUs) and Performance and Market Based Awards

We recorded stock-based compensation expense related to grants of employee stock options, restricted stock units (“RSUs”) and performance and market-based awards in our consolidated statements of operations as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	0.8	$	0.6	$	2.0	$	1.5
Research and development		29.9		25.4		83.0		48.6
Sales and marketing		4.4		4.0		13.0		11.0
General and administrative		9.5		8.8		27.0		23.8
Total stock-based compensation expense	$	44.6	$	38.8	$	125.0	$	84.9

Schedule of Share Based Compensation Stock Option Activity

The following table shows stock option activity for the nine months ended September 30, 2021 (in millions, except weighted-average exercise price and weighted-average contractual term):

	Outstanding Options
						Aggregate		Weighted-
				Weighted-Average		Intrinsic Value of		Average
				Exercise Price		Stock Options		Contractual Term
	Stock Options			(per option)		Outstanding		(in years)
Balance as of December 31, 2020		30.1		$	3.46	$	193.1		6.43
Granted		1.0			2.93
Forfeited, expired and cancelled		—			—
Exercised		(2.0	)		2.96
Balance as of September 30, 2021		29.1		$	3.47	$	118.4		5.83

Weighted-Average Grant Date Fair Value of Stock Options and Related Assumptions

The following table presents the weighted-average grant date fair value and related assumptions used to estimate the fair value of the Zynga Replacement Stock Options:

	Three and Nine Months Ended September 30,
	2021
Expected term, in years		5.6
Risk-free interest rates		0.7	%
Expected volatility		34.2	%
Dividend yield		—
Weighted-average estimated fair value of options granted⁽¹⁾	$	7.21

⁽¹⁾

Of the total the weighted-average estimated fair value of the Zynga Replacement Stock options, $5.10 was allocated to the post-combination value.

Schedule of Share Based Compensation Restricted Stock Units Award Activity

The following table shows a summary of RSU activity for the nine months ended September 30, 2021, which includes performance and market-based awards (in millions, except weighted-average grant date fair value):

	Outstanding RSUs
				Weighted-Average		Aggregate
				Grant Date Fair Value		Intrinsic Value of
	Shares			(per share)		Unvested RSUs
Unvested as of December 31, 2020		64.5		$	7.43	$	636.0
Granted		21.8			10.12
Vested		(16.8	)		6.36
Forfeited		(3.1	)		6.92
Unvested as of September 30, 2021		66.4		$	8.61	$	500.0