Stockholders' Deficit

3 Months Ended

Mar. 31, 2022

Changes in Stockholders’ Deficit

The following tables present certain information regarding our stockholders’ deficit as of March 31, 2022 and March 31, 2021:


	Three Months Ended March 31, 2022
	Common Stock		Additional Paid in Capital		Accumulated Loss		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2022	$	1	$	1,337	$	(3,158)	$	(175)	$	(261)	$	150	$	(2,106)
Settlement of liability awards and other, net	—		43		—		—		—		—		43
Vesting of RSUs, net of tax withholdings	—		(31)		—		—		—		—		(31)
Purchase of treasury stock	—		—		—		(51)		—		—		(51)
Stock-based compensation	—		17		—		—		—		—		17
Net income	—		—		26		—		—		2		28
Other comprehensive loss	—		—		—		—		(37)		—		(37)










March 31, 2022	$	1	$	1,366	$	(3,132)	$	(226)	$	(298)	$	152	$	(2,137)


	Three Months Ended March 31, 2021
	Common Stock		Additional Paid in Capital		Accumulated Loss		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2021	$	1	$	1,268	$	(3,529)	$	(175)	$	(218)	$	129	$	(2,524)
Vesting of RSUs, net of tax withholdings and other	—		(13)		—		—		—		—		(13)
Stock-based compensation	—		17		—		—		—		—		17
Net loss	—		—		(15)		—		—		6		(9)
Other comprehensive income	—		—		—		—		8		—		8

March 31, 2021	$	1	$	1,272	$	(3,544)	$	(175)	$	(210)	$	135	$	(2,521)

Stock Based Compensation

The following reflects total stock-based compensation expense recognized under all programs in our continuing operations:


	Three Months Ended March 31,
	2022		2021
Related to L&W stock options	$	—	$	6
Related to L&W RSUs	12		11
Related to SciPlay RSUs	3		2
Total	$	15	$	19

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended March 31, 2022 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2021	2.7	$	32.03
Granted	1.4	$	58.68
Vested	(1.6)	$	38.28
Cancelled	—	$	37.07
Unvested RSUs as of March 31, 2022	2.5	$	42.64

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2022 and 2021 was $58.68 and $43.63, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. At March 31, 2022, we had $85 million in total unrecognized stock-based compensation expense relating to unvested RSUs that will be amortized over a weighted-average period of approximately two years, of which $9 million related to employees of discontinued operations. The fair value at vesting date of RSUs vested during the three months ended March 31, 2022 and 2021 was $92.4 million and $42.5 million, respectively.

Share Repurchase Program

As described in Note 17 within our 2021 10-K and in our Current Report on Form 8-K filed with the SEC on March 1, 2022, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time through February 25, 2025, up to an aggregate amount of $750 million of our outstanding common stock over a three-year period. During the first quarter of 2022, we repurchased 0.9 million shares of common stock under the program at an aggregate cost of $51 million and an average of $59.10 per share.