Equity Award Activity and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Activity Under Equity Plans and Related Information

A summary of activity under the equity plans and related information is as follows:

	Options Outstanding							RSUs Outstanding
	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Number of RSUs
	(in millions)							(in millions)
Balances at December 31, 2021(1)		45		$	0.254	2.5			48
Granted		6		$	2.860				69
Vested		—		$	—				(13	)
Exercised		(1	)	$	0.138				—
Forfeited or cancelled		—		$	—				(24	)
Balances at June 30, 2022		50		$	0.593		3.0		80

(1)Outstanding restricted stock units (“RSUs”) as of December 31, 2021 include 11 million performance stock units (“PSUs”), which were cancelled in February 2022.

Summary of Assumptions Used in Black-Scholes Option Pricing Model

A summary of the assumptions used in the Black-Scholes option pricing model to determine the fair value of the options is as follows:

	Black-Scholes
	Assumptions
Expected term (in years)		6.10
Risk free interest rate		1.70	%
Volatility		73.20	%
Dividend yield		—
Estimated fair value per share	$	1.87

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022			2021
	(in millions)
Cost of revenue	$	3	$	5	$	2		$	10
Sales and marketing		2		3		3			6
Product development		14		14		28			29
General and administrative		10		15		(6	)		29
Total stock-based compensation(1)	$	29	$	37	$	27		$	74

(1)Total stock-based compensation for the six months ended June 30, 2022 decreased by $47 million compared to the six months ended June 30, 2021 primarily due to forfeitures originating from the resignation of the Company’s former CEO, reductions to the Company’s workforce as part of the Company’s February 2022 Restructuring Plan, and modifications to the Company’s former Executive Chair’s equity awards.