Unity Software (U) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39497
Entity Registrant Name	UNITY SOFTWARE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0334803
Entity Address, Address Line One	30 3rd Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94103‑3104
City Area Code	415
Local Phone Number	539‑3162
Title of 12(b) Security	Common stock, $0.000005 par value
Trading Symbol	U
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		298,162,767
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001810806
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,162,385	$ 1,055,776
Marketable securities	591,475	681,323
Accounts receivable, net	322,332	340,491
Prepaid expenses and other	81,559	73,520
Total current assets	2,157,751	2,151,110
Property and equipment, net	112,489	106,106
Goodwill	1,657,920	1,620,127
Intangible assets, net	758,109	814,386
Restricted cash	10,755	10,823
Other assets	143,152	138,794
Total assets	4,840,176	4,841,346
Current liabilities:
Accounts payable	11,633	14,009
Accrued expenses and other	214,217	233,976
Publisher payables	197,631	237,637
Deferred revenue	202,990	140,528
Total current liabilities	626,471	626,150
Convertible notes	1,705,268	1,703,035
Long-term deferred revenue	131,519	15,945
Other long-term liabilities	94,847	101,825
Total liabilities	2,558,105	2,446,955
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.000005 par value: Authorized shares - 1,000,000 and 1,000,000 Issued and outstanding shares - 295,847 and 292,592	2	2
Additional paid-in capital	4,005,333	3,729,874
Accumulated other comprehensive loss	(9,924)	(3,858)
Accumulated deficit	(1,713,340)	(1,331,627)
Total stockholders’ equity	2,282,071	2,394,391
Total liabilities and stockholders’ equity	$ 4,840,176	$ 4,841,346

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (USD per share)	$ 0.000005	$ 0.000005
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	298,028,000	292,592,000
Common stock, outstanding (in shares)	298,028,000	292,592,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 297,043	$ 273,562	$ 617,169	$ 508,334
Cost of revenue	96,836	57,725	190,669	116,459
Gross profit	200,207	215,837	426,500	391,875
Operating expenses
Research and development	215,960	154,216	437,000	308,231
Sales and marketing	100,908	74,888	204,847	144,681
General and administrative	81,005	135,917	153,480	199,049
Total operating expenses	397,873	365,021	795,327	651,961
Loss from operations	(197,666)	(149,184)	(368,827)	(260,086)
Interest expense	(1,123)	(485)	(2,234)	(600)
Interest income and other expense, net	(3,058)	70	(2,117)	1,635
Loss before income taxes	(201,847)	(149,599)	(373,178)	(259,051)
Provision for (benefit from) Income taxes	2,311	(1,257)	8,535	(3,249)
Net loss	$ (204,158)	$ (148,342)	$ (381,713)	$ (255,802)
Net loss per share, basic (USD per share)	$ (0.69)	$ (0.53)	$ (1.29)	$ (0.92)
Net loss per share, diluted (USD per share)	$ (0.69)	$ (0.53)	$ (1.29)	$ (0.92)
Weighted-average shares used in computation of basic net loss per share (in shares)	296,849	280,374	295,602	278,233
Weighted-average shares used in computation of diluted net loss per share (in shares)	296,849	280,374	295,602	278,233

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (204,158)	$ (148,342)	$ (381,713)	$ (255,802)
Other comprehensive loss, net of taxes:
Change in foreign currency translation adjustment	(366)	81	(347)	50
Change in unrealized losses on marketable securities	(1,291)	(3)	(5,719)	(106)
Other comprehensive income (loss)	(1,657)	78	(6,066)	(56)
Comprehensive loss	$ (205,815)	$ (148,264)	$ (387,779)	$ (255,858)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Adjustment
Beginning balance (in shares) at Dec. 31, 2020			273,537,218
Beginning balance at Dec. 31, 2020	$ 2,037,143	$ (1,522)	$ 2	$ 2,838,057	$ (3,418)	$ (797,498)	$ (1,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from employee equity plans (in shares)			6,831,982
Issuance of common stock from exercise of stock options	38,059			38,059
Issuance of common stock for settlement of RSUs (in shares)			1,807,844
Stock‑based compensation expense	151,961			151,961
Net loss	(255,802)					(255,802)
Other comprehensive loss	(56)				(56)
Ending balance (in shares) at Jun. 30, 2021			282,177,044
Ending balance at Jun. 30, 2021	1,969,783		$ 2	3,028,077	(3,474)	(1,054,822)
Beginning balance (in shares) at Mar. 31, 2021			279,170,161
Beginning balance at Mar. 31, 2021	2,017,212		$ 2	2,927,242	(3,552)	(906,480)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from employee equity plans (in shares)			2,287,484
Issuance of common stock from exercise of stock options	15,435			15,435
Issuance of common stock for settlement of RSUs (in shares)			719,399
Stock‑based compensation expense	85,400			85,400
Net loss	(148,342)					(148,342)
Other comprehensive loss	78				78
Ending balance (in shares) at Jun. 30, 2021			282,177,044
Ending balance at Jun. 30, 2021	1,969,783		$ 2	3,028,077	(3,474)	(1,054,822)
Beginning balance (in shares) at Dec. 31, 2021			292,592,356
Beginning balance at Dec. 31, 2021	$ 2,394,391		$ 2	3,729,874	(3,858)	(1,331,627)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from employee equity plans (in shares)	3,038,757		3,246,743
Issuance of common stock from exercise of stock options	$ 37,718			37,718
Issuance of common stock for settlement of RSUs (in shares)			2,019,132
Common stock issued in connection with acquisitions (in shares)			169,321
Common stock issued in connection with acquisitions	16,072			16,072
Stock‑based compensation expense	221,669			221,669
Net loss	(381,713)					(381,713)
Other comprehensive loss	(6,066)				(6,066)
Ending balance (in shares) at Jun. 30, 2022			298,027,552
Ending balance at Jun. 30, 2022	2,282,071		$ 2	4,005,333	(9,924)	(1,713,340)
Beginning balance (in shares) at Mar. 31, 2022			295,846,751
Beginning balance at Mar. 31, 2022	2,362,142		$ 2	3,879,589	(8,267)	(1,509,182)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from employee equity plans (in shares)			1,086,699
Issuance of common stock from exercise of stock options	7,502			7,502
Issuance of common stock for settlement of RSUs (in shares)			1,094,102
Stock‑based compensation expense	118,242			118,242
Net loss	(204,158)					(204,158)
Other comprehensive loss	(1,657)				(1,657)
Ending balance (in shares) at Jun. 30, 2022			298,027,552
Ending balance at Jun. 30, 2022	$ 2,282,071		$ 2	$ 4,005,333	$ (9,924)	$ (1,713,340)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net loss	$ (381,713)	$ (255,802)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	84,108	24,102
Stock-based compensation expense	221,669	151,961
Other	5,890	7,680
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	17,873	(67,549)
Prepaid expenses and other	(8,025)	(14,778)
Other assets	13,333	(7,753)
Accounts payable	(582)	(1,274)
Accrued expenses and other	(16,468)	3,970
Publisher payables	(40,006)	39,099
Other long-term liabilities	(15,663)	(3,455)
Deferred revenue	178,014	8,236
Net cash provided by (used in) operating activities	58,430	(115,563)
Investing activities
Purchases of marketable securities	(150,911)	(290,808)
Proceeds from principal repayments on marketable securities	30,683	11,624
Maturities of marketable securities	200,666	168,000
Purchases of non-marketable investments	(15,000)	(4,600)
Sales of non-marketable investments	1,000	0
Purchases of property and equipment	(30,357)	(18,551)
Business acquisitions, net of cash acquired, and other	(25,647)	(69,430)
Net cash provided by (used in) investing activities	10,434	(203,765)
Financing activities
Proceeds from issuance of common stock from employee equity plans	37,718	38,059
Net cash provided by financing activities	37,718	38,059
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(41)	89
Increase (decrease) in cash, cash equivalents, and restricted cash	106,541	(281,180)
Cash and restricted cash, beginning of period	1,066,599	1,293,947
Cash, cash equivalents, and restricted cash, end of period	1,173,140	1,012,767
Supplemental disclosure of cash flow information:
Cash paid for interest	0	110
Cash paid for income taxes, net of refunds	5,891	5,839
Cash paid for operating leases	12,653	15,532
Supplemental disclosures of non‑cash investing and financing activities:
Accrued property and equipment	2,842	4,743
Assets acquired under operating lease	$ 8,683	$ 18,999

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 1,162,385	$ 1,055,776	$ 1,001,944
Restricted cash	10,755	10,823	10,823
Total cash, cash equivalents, and restricted cash	$ 1,173,140	$ 1,066,599	$ 1,012,767	$ 1,293,947

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation and Consolidation We prepared the accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. The condensed consolidated financial statements include the accounts of Unity Software Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, all adjustments, which include normal recurring adjustments necessary for a fair presentation, have been included. The results of operations for the three and six months ended June 30, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2021. In the second quarter of 2022, we further condensed our Consolidated Balance Sheet and Statements of Cash Flows. Prior period amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on the previously reported total assets, liabilities, stockholders' equity, or net loss. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material to our financial position and results of operations.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents our revenue disaggregated by source, which also have similar economic characteristics (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Create Solutions $ 120,876 $ 72,614 $ 237,289 $ 143,001 Operate Solutions 158,500 182,916 342,519 329,493 Strategic Partnerships and Other 17,667 18,032 37,361 35,840 Total revenue $ 297,043 $ 273,562 $ 617,169 $ 508,334 The following table presents our revenue disaggregated by geography, based on the invoice address of our customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 69,768 $ 62,566 $ 143,714 $ 119,572 Greater China (1) 42,286 41,891 86,130 78,440 EMEA (2) 101,835 105,260 217,147 191,362 APAC (3) 75,068 53,905 151,761 99,584 Other Americas (4) 8,087 9,940 18,417 19,376 Total revenue $ 297,043 $ 273,562 $ 617,169 $ 508,334 (1) Greater China includes China, Hong Kong, and Taiwan. (2) Europe, the Middle East, and Africa ("EMEA") (3) Asia- Pacific , excluding Greater China ("APAC") (4) Canada and Latin America ("Other Americas") Accounts Receivable, Net Accounts receivable are recorded at the original invoiced amount, net of allowances for uncollectible amounts. We estimate losses on uncollectible amounts based on expected losses, including our historical experience of actual losses. The estimated loss on uncollectible amounts recorded as a general and administrative expense on our condensed consolidated statement of operations. As of June 30, 2022 and December 31, 2021, the allowance for uncollectible amounts was $6.4 million and $5.4 million, respectively. We record unbilled receivables within Accounts receivable, net, when revenue is earned in advance of customer billing schedules. Unbilled receivables totaled $27.6 million and $28.3 million as of June 30, 2022 and December 31, 2021, respectively. Sales Commissions Sales commissions are incremental costs to obtain customer contract. If the expected benefit is greater than one year, commissions are capitalized and amortized over the expected period of benefit, which is generally three years. Capitalized commissions, net of amortization, are included in prepaid expenses and other and other assets on our condensed consolidated balance sheets. As of June 30, 2022, capitalized commissions, net of amortization, included in prepaid expenses and other and other assets were $8.5 million and $6.5 million, respectively. As of December 31, 2021, capitalized commissions, net of amortization, included in prepaid expenses and other and other assets were $7.9 million and $8.7 million, respectively. Commissions costs are recorded in sales and marketing expenses. For the three months ended June 30, 2022 and 2021, we amortized $2.2 million and $1.3 million of capitalized commissions, respectively. For the six months ended June 30, 2022 and 2021, we amortized $4.5 million and $2.3 million of capitalized commissions, respectively. Contract Liabilities and Remaining Performance Obligations Contract liabilities (deferred revenue) relate to payments received in advance of performance under the contract. Revenue recognized during the three and six months ended June 30, 2022 that was included in the deferred revenue balances at April 1, 2022 and January 1, 2022, was $78.1 million and $98.6 million. respectively.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	Financial Instruments Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value. • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities. • Level 2—Valuations based on quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration. • Level 3—Valuations based on unobservable inputs reflecting our own assumptions used to measure assets and liabilities at fair value. These valuations require significant judgment. The following table summarizes, by major security type, our restricted cash, cash equivalents, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands) : June 30, 2022 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level 1: Restricted cash: Restricted cash $ 10,755 $ — $ — $ 10,755 $ 10,823 Total restricted cash $ 10,755 $ — $ — $ 10,755 $ 10,823 Level 1 securities: Cash equivalents: Money market funds $ 166,174 $ — $ — $ 166,174 $ 73,138 Total cash equivalents $ 166,174 $ — $ — $ 166,174 $ 73,138 Level 2 securities: Marketable securities: Commercial paper $ 127,113 $ — $ — $ 127,113 $ 59,792 Asset-backed securities 28,317 — (90) 28,227 40,942 Corporate bonds 208,362 — (3,465) 204,897 237,402 U.S. treasury securities 181,344 — (2,164) 179,180 272,300 Supranational bonds 53,027 — (969) 52,058 70,887 Total marketable securities $ 598,163 $ — $ (6,688) $ 591,475 $ 681,323 We do not intend to sell any of the securities in an unrealized loss position and we expect to realize the full value of all these investments, which may be upon maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three and six months ended June 30, 2022 and 2021. The following table summarizes the amortized cost and fair value of our marketable securities as of June 30, 2022, by contractual years to maturity (in thousands): Amortized Cost Fair Value Due within one year $ 542,211 $ 537,242 Due between one and two years 55,952 54,233 Total $ 598,163 $ 591,475 There were no material realized or unrealized gains or losses, either individually or in the aggregate, during the three and six months ended June 30, 2022 and 2021. Nonrecurring Fair Value Measurements We hold equity investments in certain unconsolidated entities without a readily determinable fair value. These strategic investments represent less than a 20% ownership interest in each of the entities, and we do not have significant influence over or control of the entities. We elected the practical expedient in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments-Equity Securities , and measure these investments at cost less any impairment, adjusted for observable price changes, if any. As of June 30, 2022, the equity investments totaled $15.6 million.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Completed acquisition MindKick, Inc. On January 28, 2022, we completed the purchase of MindKick, Inc. ("MindKick") for a total purchase consideration of approximately $46.6 million. This amount was payable in a combination of approximately $26.7 million in cash and the issuance of 169,321 shares of common stock valued at approximately $16.1 million. An additional 42,330 shares of common stock subject to a service-based vesting condition were granted to certain employees of Mindkick; these shares of common stock are accounted for outside of the business combination and will be recognized as post-combination expense. MindKick provides 2D game creation tools and game templates with the goal of providing consumers the ability to create, play, and share their own 2D games on mobile. Prior to the completion of the acquisition, we held a minority investment in MindKick that we accounted for using the equity method of accounting. In circumstances where a business combination is achieved in stages, previously-held equity interests are remeasured at fair value. The remeasured fair value assigned to the previously-held equity interest in MindKick approximates cost, and therefore, no gain or loss was recognized. The following table summarizes the consideration paid for MindKick and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Consideration: Cash $ 26,740 Common stock issued 16,072 Fair value of previously held interest 3,747 Fair value of total consideration transferred $ 46,559 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 2,789 Intangible assets 7,450 Deferred tax liability (685) Other assets and liabilities, net (14) Total identifiable net assets assumed 9,540 Goodwill (1) 37,019 Total $ 46,559 (1) Goodwill reflects the expected future benefits of certain synergies and acquired assembled workforce, which does not qualify for separate recognition as an identifiable intangible asset. The goodwill balance is not subject to amortization, and it is not deductible for U.S. income tax purposes The transaction costs associated with the acquisition are not material. The revenue and earnings of the acquired business have been included in our results since the acquisition date and are not material to our consolidated results. Pending acquisition On July 13, 2022, we entered into an Agreement and Plan of Merger to acquire ironSource Ltd ("ironSource"), a leading business platform for the app economy. The estimated purchase consideration is based on an exchange ratio of 0.1089 shares of Unity in exchange for shares of ironSource. As of August 8, 2022, this exchange ratio would translate to a purchase price of approximately $5.8 billion payable in common stock. The actual purchase consideration will change based on fluctuations in the share price of our common stock and the number of shares of ironSource outstanding on the closing date. The transaction, which is anticipated to close in the fourth quarter of this year, is subject to approval by ironSource and Unity stockholders, the receipt of required regulatory approvals, and other customary closing conditions. Additionally, we entered into an investment agreement with certain investors relating to the sale and issuance of $1.0 billion in aggregate principal amount of convertible senior notes due in 2027 (the "Notes"). The closing of the issuance and sale of the Notes is contingent upon closing of the acquisition of ironSource. The proceeds from the issuance and sale of the Notes are expected to be used to partially fund a plan to repurchase of up to $2.5 billion of shares of Unity Common Stock in open market transactions following the acquisition of ironSource.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases We have operating leases for offices, which have remaining lease terms of up to 9.5 years, some of which include options to extend the lease with renewal terms from one year to five years. Some leases include an option to terminate the lease for up to five years from the lease commencement date. Components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease expense $ 8,163 $ 7,407 $ 15,783 $ 14,708 Variable lease expense 1,393 1,471 2,838 2,446 Sublease income — (93) — (186) Total lease expense $ 9,556 $ 8,785 $ 18,621 $ 16,968 Supplemental balance sheet information related to leases was as follows (in thousands, except weighted-average figures): As of Classification June 30, 2022 December 31, 2021 Operating lease assets Other assets $ 92,621 $ 98,393 Current operating lease liabilities Accrued expenses and other $ 24,358 $ 23,729 Long-term operating lease liabilities Other long-term liabilities 86,636 92,539 Total operating lease liabilities $ 110,994 $ 116,268 As of June 30, 2022, our operating leases had a weighted-average remaining lease term of 5.7 years and a weighted-average discount rate of 4.3%. As of June 30, 2022, future minimum lease payments under our non-cancellable operating leases were as follows (in thousands): Operating Leases (1) Remainder of 2022 $ 14,931 2023 26,849 2024 23,075 2025 17,619 2026 11,371 Thereafter 31,588 Total future minimum lease payments 125,433 Less: imputed interest (14,439) Present value of lease liabilities $ 110,994 (1) Excludes future minimum payments for leases which have not yet commenced as of June 30, 2022. As of June 30, 2022, we had entered into leases that have not yet commenced with future minimum lease payments of $49.5 million that are not yet reflected on our condensed consolidated balance sheet. These operating leases will commence in 2022 and 2023 with lease terms of 3.0 years to 10.7 years.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Borrowings	Borrowings Convertible Notes In November 2021, we issued an aggregate of $1.7 billion principal amount of 0% Convertible Senior Notes due 2026 (the "2026 Notes"), including the exercise in full by the initial purchasers of their option to purchase up to an additional $225.0 million aggregate principal amount of the 2026 Notes, pursuant to an Indenture dated as of November 19, 2021 (the "Indenture"), between us and U.S. Bank National Association, as trustee. Proceeds from the issuance of the 2026 Notes were $1.7 billion, net of debt issuance costs and cash used to purchase the capped call transactions ("Capped Call Transactions") discussed below. The debt issuance costs are amortized to interest expense using the straight-line method, which approximates the effective interest method. The 2026 Notes are general unsecured obligations which do not bear regular interest and for which the principal balance will not accrete. We may elect for special interest to accrue on the 2026 Notes as the sole remedy for any failure by us to comply with certain reporting requirements for the first 365 days after the occurrence of such failure under the Indenture. Holders of the 2026 Notes may receive special interest under specified circumstances as outlined in the Indenture. Special interest will accrue for any failure by us to comply with certain reporting requirements during the six-month period beginning on, and including, the date that is six months after the last date of original issuance of the 2026 Notes. Special interest will also accrue if, and for so long as: the restrictive legend on the 2026 Notes has not been removed, the 2026 Notes are assigned a restricted CUSIP number or the 2026 Notes are not otherwise freely tradeable by holders other than our affiliates as of the de-legending deadline date set forth in the Indenture, until the restrictive legend has been removed from the 2026 Notes, the 2026 Notes are assigned an unrestricted CUSIP number and the 2026 Notes are freely tradable. Special interest, if any, will be payable semiannually in arrears on November 15 and May 15 of each year, beginning on May 15, 2022 (if and to the extent that special interest is then payable on the 2026 Notes). The 2026 Notes will mature on November 15, 2026 unless earlier converted, redeemed, or repurchased. The 2026 Notes are convertible into cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election, at an initial conversion rate of 3.2392 shares of common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $308.72 per share of our common stock. The conversion rate is subject to customary adjustments for certain events as described in the Indenture governing the 2026 Notes. We may not redeem the Notes prior to November 20, 2024. We may redeem for cash all or any portion of the 2026 Notes, at our option, on or after November 20, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30-consecutive-trading-day period (including the last day of such period), ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. On any such date, the redemption price shall equal 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid special interest, if any, up to, but excluding, the redemption date. If we redeem less than all the outstanding 2026 Notes, at least $150.0 million aggregate principal amount of 2026 Notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption. No sinking fund is provided for the convertible notes, which means that we are not required to redeem or retire them periodically. Holders of the 2026 Notes may convert all or a portion of their 2026 Notes at their option at any time prior to the close of business on the business day immediately preceding August 15, 2026, in multiples of $1,000 principal amounts, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the preceding calendar quarter, is greater than or equal to 130% of the applicable conversion price of the 2026 Notes on each such trading day; • during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of the 2026 Notes for each trading day of that ten consecutive trading day period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate of the 2026 Notes on each such trading day; • if we call such 2026 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the 2026 Notes called (or deemed called) for redemption; or • on the occurrence of specified corporate events set forth in the Indenture. On or after August 15, 2026, the 2026 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. In connection with a make-whole fundamental change, as defined in the Indenture, or in connection with certain corporate events that occur prior to the maturity date or following our issuance of a notice of redemption, in each case as described in the Indenture, we will increase the conversion rate for a holder of the 2026 Notes who elects to convert its 2026 Notes in connection with such a corporate event or during the related redemption period in certain circumstances. Additionally, in the event of a fundamental change, subject to certain limitations described in the Indenture, holders of the 2026 Notes may require us to repurchase all or a portion of the 2026 Notes at a price equal to 100% of the principal amount of 2026 Notes to be repurchased, plus any accrued and unpaid special interest, if any, up to, but excluding, the fundamental change repurchase date. We accounted for the issuance of the 2026 Notes as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. As of June 30, 2022 Convertible note: Principal $ 1,725,000 Unamortized debt issuance cost (19,732) Net carrying amount $ 1,705,268 Interest expense related to the amortization of debt issuance costs was $1.1 million and $2.2 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2022, the if-converted value of the 2026 Notes did not exceed the principal amount. The sale price for conversion was not satisfied and the 2026 Notes were not eligible for conversion as of June 30, 2022. Capped Call Transactions In connection with the pricing of the 2026 Notes, we entered into the Capped Call Transactions with certain counterparties at a net cost of $48.1 million with call options totaling approximately 5.6 million of our common shares, and expiration dates beginning on September 18, 2026 and ending on November 12, 2026. The strike price of the Capped Call Transactions is $308.72, and the cap price is initially $343.02 per share of our common stock and is subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Call Transactions are freestanding and are considered separately exercisable from the 2026 Notes. The Capped Call Transactions are intended to reduce potential dilution to our common stock upon any conversion of the 2026 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2026 Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price described above. The cost of the Capped Call Transactions was recorded as a reduction of our additional paid-in capital on our consolidated balance sheets. The Capped Call Transactions will not be remeasured as long as they continue to meet the conditions for equity classification. As of June 30, 2022, the Capped Call Transactions were not in the money.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following table summarizes our non-cancelable contractual commitments as of June 30, 2022 (in thousands): Total Remainder of 2022 2023‑2024 2025‑2026 Thereafter Purchase commitments (1), (2) $ 927,162 $ 77,786 $ 403,498 $ 416,453 $ 29,425 (1) The substantial majority of our purchase commitments are related to agreements with our data center hosting providers. (2) In June 2022, we entered into a cloud service agreement for a term of 5 years with a total commitment of $300.0 million over the term. There was no spend during the three months ended June 30, 2022. We expect to meet our remaining commitments. Legal Matters In the normal course of business, we are subject to various legal matters. We accrue a liability when management believes both that it is probable that a liability has been incurred and that the amount of loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Legal costs related to such potential losses are expensed as incurred. In addition, recoveries are shown as a reduction in legal costs in the period in which they are realized. With respect to our outstanding matters, based on our current knowledge, we believe that the resolution of such matters will not, either individually or in aggregate, have a material adverse effect on our business or our consolidated financial statements. However, litigation is inherently uncertain, and the outcome of these matters cannot be predicted with certainty. Accordingly, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these matters. We are currently subject to two putative class action complaints, each of which we believe are without merit and intend to vigorously defend against. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters. Indemnification may include losses from our breach of such agreements, services we provide, or third-party intellectual property infringement claims. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. As of June 30, 2022, there were no known events or circumstances that have resulted in a material indemnification liability to us and we did not incur material costs to defend lawsuits or settle claims related to these indemnifications. Letters of Credit We had $10.8 million of secured letters of credit outstanding as of June 30, 2022 and December 31, 2021. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in restricted cash on our condensed consolidated balance sheets.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock‑Based Compensation We recorded stock-based compensation expense related to grants to employees, including those in connection with modified awards, on our condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 11,877 $ 5,340 $ 20,671 $ 10,457 Research and development 60,110 33,227 115,363 64,877 Sales and marketing 25,125 14,523 48,959 26,560 General and administrative 21,130 32,310 36,676 50,067 Total stock-based compensation expense $ 118,242 $ 85,400 $ 221,669 $ 151,961 Stock Options A summary of our stock option activity under the 2009 Stock Plan, 2019 Stock Plan, and 2020 Equity Incentive Plan (the "2020 Plan") is as follows: Options Outstanding Stock Weighted-Average Weighted-Average Balance as of December 31, 2021 29,226,041 $ 13.28 6.26 Granted 1,569,938 $ 74.59 Exercised (3,038,757) $ 6.22 Forfeited, cancelled, or expired (570,719) $ 34.77 Balance as of June 30, 2022 27,186,503 $ 17.16 6.02 The calculated grant-date fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Expected dividend yield — — — — Risk-free interest rate 3.0% 1.1% - 1.2% 1.7% - 3.0% 0.9% - 1.2% Expected volatility 33.3% 36.1% - 36.2% 33.3% - 33.8% 36.0% - 36.2% Expected term (in years) 6.25 6.25 6.25 6.25 Fair value of underlying common stock $38.47 $100.60 - $103.86 $38.47 - $89.01 $100.60 - $108.10 Restricted Stock Units A summary of our RSU activity under the 2019 Stock Plan and 2020 Plan is as follows: Unvested RSUs Number of Weighted-Average Unvested as of December 31, 2021 13,696,836 $ 85.96 Granted 6,089,462 $ 66.22 Vested (2,052,726) $ 83.49 Forfeited (881,543) $ 84.69 Unvested as of June 30, 2022 16,852,029 $ 79.20 Employee Stock Purchase Plan In determining the fair value of the shares subject to our Employee Stock Purchase Plan (the "ESPP"), we use the Black-Scholes option pricing model that employs the following weighted-average assumptions: Six Months Ended June 30, 2022 Expected dividend yield — Risk-free interest rate 0.6% Expected volatility 40.0% Expected term (in years) 0.50 Estimated fair value $27.42 Additional information related to the ESPP is provided below (in thousands, except per share amounts): Six Months Ended June 30, 2022 Share issued under the ESPP 207,986 Weighted-average price per share issued $90.48 No shares were granted or issued under the ESPP during the three months ended June 30, 2022 or June 30, 2021.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to volatility due to several factors, including variability in accurately predicting our pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in how we do business, and tax law developments. Our effective tax rate for the three and six months ended June 30, 2022 differs from the U.S. federal statutory tax rate of 21% primarily due to the base-erosion and anti-abuse tax ("BEAT") mainly arising as a result of mandatory R&D capitalization under the IRC Section 174, losses that cannot be benefited due to the valuation allowance on U.S., Denmark, and United Kingdom ("U.K.") entities, and to a lesser extent, foreign earnings taxed at different tax rates. Our effective tax rate for the three and six months ended June 30, 2021 differs from the U.S. federal statutory tax rate of 21% primarily due to foreign earnings taxed at different tax rates, credits and losses that cannot be benefited due to the valuation allowance on U.S. and Denmark entities, the tax benefit from stock-based compensation activities during the period, and the tax impact related to the U.K. corporate tax rate change, effective April 1, 2023, that was enacted during the three months ended June 30, 2021. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess the ability to realize our deferred tax assets and establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. In performing this assessment with respect to each jurisdiction, we review all available positive and negative evidence. Primarily due to our history of losses, we believe that it is more likely than not that the deferred tax assets of our U.S. federal, certain state, Denmark, U.K., and certain non-U.S. jurisdictions will not be realized and as such, we have maintained a full valuation allowance against such deferred tax assets.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock Basic and diluted net loss per share is the same for all periods presented because the effects of potentially dilutive items were antidilutive given our net loss in each period. The following table presents potentially dilutive items excluded from the computation of diluted net loss per share for the following periods (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Convertible notes 17,438 — 12,441 — Stock options 27,187 34,275 27,187 34,275 Unvested RSUs 16,852 11,943 16,852 11,943

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and ConsolidationWe prepared the accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting.
Consolidation	The condensed consolidated financial statements include the accounts of Unity Software Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, all adjustments, which include normal recurring adjustments necessary for a fair presentation, have been included. The results of operations for the three and six months ended June 30, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2021. In the second quarter of 2022, we further condensed our Consolidated Balance Sheet and Statements of Cash Flows. Prior period amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on the previously reported total assets, liabilities, stockholders' equity, or net loss.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material to our financial position and results of operations.
Accounts Receivable, Net	Accounts Receivable, NetAccounts receivable are recorded at the original invoiced amount, net of allowances for uncollectible amounts. We estimate losses on uncollectible amounts based on expected losses, including our historical experience of actual losses.
Sales Commissions	Sales Commissions Sales commissions are incremental costs to obtain customer contract. If the expected benefit is greater than one year, commissions are capitalized and amortized over the expected period of benefit, which is generally three years. Capitalized commissions, net of amortization, are included in prepaid expenses and other and other assets on our condensed consolidated balance sheets.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Source	The following table presents our revenue disaggregated by source, which also have similar economic characteristics (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Create Solutions $ 120,876 $ 72,614 $ 237,289 $ 143,001 Operate Solutions 158,500 182,916 342,519 329,493 Strategic Partnerships and Other 17,667 18,032 37,361 35,840 Total revenue $ 297,043 $ 273,562 $ 617,169 $ 508,334
Schedule of Revenue by Geographic Area	The following table presents our revenue disaggregated by geography, based on the invoice address of our customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 69,768 $ 62,566 $ 143,714 $ 119,572 Greater China (1) 42,286 41,891 86,130 78,440 EMEA (2) 101,835 105,260 217,147 191,362 APAC (3) 75,068 53,905 151,761 99,584 Other Americas (4) 8,087 9,940 18,417 19,376 Total revenue $ 297,043 $ 273,562 $ 617,169 $ 508,334 (1) Greater China includes China, Hong Kong, and Taiwan. (2) Europe, the Middle East, and Africa ("EMEA") (3) Asia- Pacific , excluding Greater China ("APAC") (4) Canada and Latin America ("Other Americas")

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash Equivalents and Marketable Securities	The following table summarizes, by major security type, our restricted cash, cash equivalents, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands) : June 30, 2022 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level 1: Restricted cash: Restricted cash $ 10,755 $ — $ — $ 10,755 $ 10,823 Total restricted cash $ 10,755 $ — $ — $ 10,755 $ 10,823 Level 1 securities: Cash equivalents: Money market funds $ 166,174 $ — $ — $ 166,174 $ 73,138 Total cash equivalents $ 166,174 $ — $ — $ 166,174 $ 73,138 Level 2 securities: Marketable securities: Commercial paper $ 127,113 $ — $ — $ 127,113 $ 59,792 Asset-backed securities 28,317 — (90) 28,227 40,942 Corporate bonds 208,362 — (3,465) 204,897 237,402 U.S. treasury securities 181,344 — (2,164) 179,180 272,300 Supranational bonds 53,027 — (969) 52,058 70,887 Total marketable securities $ 598,163 $ — $ (6,688) $ 591,475 $ 681,323
Schedule of Cash Equivalents	The following table summarizes, by major security type, our restricted cash, cash equivalents, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands) : June 30, 2022 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level 1: Restricted cash: Restricted cash $ 10,755 $ — $ — $ 10,755 $ 10,823 Total restricted cash $ 10,755 $ — $ — $ 10,755 $ 10,823 Level 1 securities: Cash equivalents: Money market funds $ 166,174 $ — $ — $ 166,174 $ 73,138 Total cash equivalents $ 166,174 $ — $ — $ 166,174 $ 73,138 Level 2 securities: Marketable securities: Commercial paper $ 127,113 $ — $ — $ 127,113 $ 59,792 Asset-backed securities 28,317 — (90) 28,227 40,942 Corporate bonds 208,362 — (3,465) 204,897 237,402 U.S. treasury securities 181,344 — (2,164) 179,180 272,300 Supranational bonds 53,027 — (969) 52,058 70,887 Total marketable securities $ 598,163 $ — $ (6,688) $ 591,475 $ 681,323
Schedule of Amortized Cost and Fair Value of Our Marketable Securities	The following table summarizes the amortized cost and fair value of our marketable securities as of June 30, 2022, by contractual years to maturity (in thousands): Amortized Cost Fair Value Due within one year $ 542,211 $ 537,242 Due between one and two years 55,952 54,233 Total $ 598,163 $ 591,475

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid for MindKick and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Consideration: Cash $ 26,740 Common stock issued 16,072 Fair value of previously held interest 3,747 Fair value of total consideration transferred $ 46,559 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 2,789 Intangible assets 7,450 Deferred tax liability (685) Other assets and liabilities, net (14) Total identifiable net assets assumed 9,540 Goodwill (1) 37,019 Total $ 46,559 (1) Goodwill reflects the expected future benefits of certain synergies and acquired assembled workforce, which does not qualify for separate recognition as an identifiable intangible asset. The goodwill balance is not subject to amortization, and it is not deductible for U.S. income tax purposes

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Lease Cost	Components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease expense $ 8,163 $ 7,407 $ 15,783 $ 14,708 Variable lease expense 1,393 1,471 2,838 2,446 Sublease income — (93) — (186) Total lease expense $ 9,556 $ 8,785 $ 18,621 $ 16,968
Schedule of Assets And Liabilities, Lessee	Supplemental balance sheet information related to leases was as follows (in thousands, except weighted-average figures): As of Classification June 30, 2022 December 31, 2021 Operating lease assets Other assets $ 92,621 $ 98,393 Current operating lease liabilities Accrued expenses and other $ 24,358 $ 23,729 Long-term operating lease liabilities Other long-term liabilities 86,636 92,539 Total operating lease liabilities $ 110,994 $ 116,268
Schedule of Future Minimum Lease Payments	As of June 30, 2022, future minimum lease payments under our non-cancellable operating leases were as follows (in thousands): Operating Leases (1) Remainder of 2022 $ 14,931 2023 26,849 2024 23,075 2025 17,619 2026 11,371 Thereafter 31,588 Total future minimum lease payments 125,433 Less: imputed interest (14,439) Present value of lease liabilities $ 110,994 (1) Excludes future minimum payments for leases which have not yet commenced as of June 30, 2022.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Convertible Debt	As of June 30, 2022 Convertible note: Principal $ 1,725,000 Unamortized debt issuance cost (19,732) Net carrying amount $ 1,705,268

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Maturities of Future Purchase Obligations	The following table summarizes our non-cancelable contractual commitments as of June 30, 2022 (in thousands): Total Remainder of 2022 2023‑2024 2025‑2026 Thereafter Purchase commitments (1), (2) $ 927,162 $ 77,786 $ 403,498 $ 416,453 $ 29,425 (1) The substantial majority of our purchase commitments are related to agreements with our data center hosting providers. (2) In June 2022, we entered into a cloud service agreement for a term of 5 years with a total commitment of $300.0 million over the term. There was no spend during the three months ended June 30, 2022.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	We recorded stock-based compensation expense related to grants to employees, including those in connection with modified awards, on our condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 11,877 $ 5,340 $ 20,671 $ 10,457 Research and development 60,110 33,227 115,363 64,877 Sales and marketing 25,125 14,523 48,959 26,560 General and administrative 21,130 32,310 36,676 50,067 Total stock-based compensation expense $ 118,242 $ 85,400 $ 221,669 $ 151,961
Schedule of Stock Options	A summary of our stock option activity under the 2009 Stock Plan, 2019 Stock Plan, and 2020 Equity Incentive Plan (the "2020 Plan") is as follows: Options Outstanding Stock Weighted-Average Weighted-Average Balance as of December 31, 2021 29,226,041 $ 13.28 6.26 Granted 1,569,938 $ 74.59 Exercised (3,038,757) $ 6.22 Forfeited, cancelled, or expired (570,719) $ 34.77 Balance as of June 30, 2022 27,186,503 $ 17.16 6.02
Summary of Valuation Assumptions of Stock Options	The calculated grant-date fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Expected dividend yield — — — — Risk-free interest rate 3.0% 1.1% - 1.2% 1.7% - 3.0% 0.9% - 1.2% Expected volatility 33.3% 36.1% - 36.2% 33.3% - 33.8% 36.0% - 36.2% Expected term (in years) 6.25 6.25 6.25 6.25 Fair value of underlying common stock $38.47 $100.60 - $103.86 $38.47 - $89.01 $100.60 - $108.10
Summary of Restricted Stock Unit Activity	A summary of our RSU activity under the 2019 Stock Plan and 2020 Plan is as follows: Unvested RSUs Number of Weighted-Average Unvested as of December 31, 2021 13,696,836 $ 85.96 Granted 6,089,462 $ 66.22 Vested (2,052,726) $ 83.49 Forfeited (881,543) $ 84.69 Unvested as of June 30, 2022 16,852,029 $ 79.20
Summary of Valuation Assumptions of Employee Stock Purchase Plans	In determining the fair value of the shares subject to our Employee Stock Purchase Plan (the "ESPP"), we use the Black-Scholes option pricing model that employs the following weighted-average assumptions: Six Months Ended June 30, 2022 Expected dividend yield — Risk-free interest rate 0.6% Expected volatility 40.0% Expected term (in years) 0.50 Estimated fair value $27.42
Summary of Employee Stock Purchase Plan	Additional information related to the ESPP is provided below (in thousands, except per share amounts): Six Months Ended June 30, 2022 Share issued under the ESPP 207,986 Weighted-average price per share issued $90.48

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	The following table presents potentially dilutive items excluded from the computation of diluted net loss per share for the following periods (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Convertible notes 17,438 — 12,441 — Stock options 27,187 34,275 27,187 34,275 Unvested RSUs 16,852 11,943 16,852 11,943

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 297,043	$ 273,562	$ 617,169	$ 508,334
Create Solutions
Disaggregation of Revenue [Line Items]
Revenue	120,876	72,614	237,289	143,001
Operate Solutions
Disaggregation of Revenue [Line Items]
Revenue	158,500	182,916	342,519	329,493
Strategic Partnerships and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 17,667	$ 18,032	$ 37,361	$ 35,840

Revenue - Disaggregation of R_2

Revenue - Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 297,043	$ 273,562	$ 617,169	$ 508,334
United States
Disaggregation of Revenue [Line Items]
Revenue	69,768	62,566	143,714	119,572
Greater China
Disaggregation of Revenue [Line Items]
Revenue	42,286	41,891	86,130	78,440
EMEA
Disaggregation of Revenue [Line Items]
Revenue	101,835	105,260	217,147	191,362
APAC
Disaggregation of Revenue [Line Items]
Revenue	75,068	53,905	151,761	99,584
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	$ 8,087	$ 9,940	$ 18,417	$ 19,376

Revenue - Accounts Receivable,

Revenue - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, allowances	$ 6.4	$ 5.4
Unbilled receivables	$ 27.6	$ 28.3

Revenue - Sales Commissions (De

Revenue - Sales Commissions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	3 years		3 years
Capitalized contract cost, amortization	$ 2.2	$ 1.3	$ 4.5	$ 2.3
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Capitalized contract costs	8.5		8.5		$ 7.9
Other Assets
Disaggregation of Revenue [Line Items]
Capitalized contract costs	$ 6.5		$ 6.5		$ 8.7

Revenue - Contract Liabilities

Revenue - Contract Liabilities and Remaining Performance Obligations (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 78.1	$ 98.6
Revenue, remaining performance obligation, amount	$ 607.1	$ 607.1
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Commitment term		1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Commitment term		5 years

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	33.33%
Recognition period	12 months

Financial Instruments - Schedul

Financial Instruments - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Marketable securities:
Amortized Cost	$ 598,163
Fair Value	591,475	$ 681,323
Level 1 securities:
Restricted cash:
Restricted cash, amortized cost	10,755
Restricted cash, fair value	10,755	10,823
Cash equivalents:
Cash equivalents, amortized cost	166,174
Cash and cash equivalents, fair value	166,174	73,138
Level 1 securities: | Money market funds
Cash equivalents:
Cash equivalents, amortized cost	166,174
Cash and cash equivalents, fair value	166,174	73,138
Level 2 securities:
Marketable securities:
Amortized Cost	598,163
Unrealized Gains	0
Unrealized Losses	(6,688)
Fair Value	591,475	681,323
Level 2 securities: | Commercial paper
Marketable securities:
Amortized Cost	127,113
Unrealized Gains	0
Unrealized Losses	0
Fair Value	127,113	59,792
Level 2 securities: | Asset-backed securities
Marketable securities:
Amortized Cost	28,317
Unrealized Gains	0
Unrealized Losses	(90)
Fair Value	28,227	40,942
Level 2 securities: | Corporate bonds
Marketable securities:
Amortized Cost	208,362
Unrealized Gains	0
Unrealized Losses	(3,465)
Fair Value	204,897	237,402
Level 2 securities: | U.S. treasury securities
Marketable securities:
Amortized Cost	181,344
Unrealized Gains	0
Unrealized Losses	(2,164)
Fair Value	179,180	272,300
Level 2 securities: | Supranational bonds
Marketable securities:
Amortized Cost	53,027
Unrealized Gains	0
Unrealized Losses	(969)
Fair Value	$ 52,058	$ 70,887

Financial Instruments - Maturit

Financial Instruments - Maturity of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost
Due within one year	$ 542,211
Due between one and two years	55,952
Amortized Cost	598,163
Fair Value
Due within one year	537,242
Due between one and two years	54,233
Fair Value	$ 591,475	$ 681,323

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Equity investments	$ 15.6
Maximum
Debt Securities, Available-for-sale [Line Items]
Ownership interest less than	20%

Acquisitions - MindKick, Inc. A

Acquisitions - MindKick, Inc. Acquisitions & Pending Acquisition (Details)	Aug. 08, 2022 USD ($)	Jul. 13, 2022 USD ($)	Jan. 28, 2022 USD ($) shares
MindKick, Inc.
Business Acquisition [Line Items]
Consideration transferred			$ 46,559,000
Cash consideration transferred			$ 26,740,000
Shares issued as consideration (in shares) | shares			169,321
Fair value of common stock issued as consideration for business acquisitions			$ 16,072,000
Additional shares (in shares) | shares			42,330
IronSource | Subsequent Event
Business Acquisition [Line Items]
Consideration transferred	$ 5,800,000,000
Exchange ratio		0.1089
Repurchase of stock		$ 2,500,000,000
IronSource | Subsequent Event | Convertible Senior Notes Due 2027
Business Acquisition [Line Items]
Fair value of common stock issued as consideration for business acquisitions		$ 1,000,000,000

Acquisitions - Summary of MindK

Acquisitions - Summary of MindKick, Inc. Acquisitions (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Jun. 30, 2022	Dec. 31, 2021
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill		$ 1,657,920	$ 1,620,127
MindKick, Inc.
Business Acquisition [Line Items]
Cash	$ 26,740
Common stock issued	16,072
Fair value of previously held interest	3,747
Fair value of total consideration transferred	46,559
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	2,789
Intangible assets	7,450
Deferred tax liability	(685)
Other assets and liabilities, net	(14)
Total identifiable net assets assumed	9,540
Goodwill	37,019
Total	$ 46,559

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease term (up to)	9 years 6 months
Operating lease termination period (up to)	5 years
Operating lease, weighted average remaining lease term	5 years 8 months 12 days
Operating lease, weighted average discount rate, percent	4.30%
Lessee, operating lease, lease not yet commenced, undiscounted amount	$ 49.5
Minimum
Lessee, Lease, Description [Line Items]
Operating lease renewal term	1 year
Lessee, operating lease, lease not yet commenced, term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years
Lessee, operating lease, lease not yet commenced, term	10 years 8 months 12 days

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease expense	$ 8,163	$ 7,407	$ 15,783	$ 14,708
Variable lease expense	1,393	1,471	2,838	2,446
Sublease income	0	(93)	0	(186)
Total lease expense	$ 9,556	$ 8,785	$ 18,621	$ 16,968

Leases - Schedule of Assets And

Leases - Schedule of Assets And Liabilities, Lessee (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease assets	$ 92,621	$ 98,393
Current operating lease liabilities	$ 24,358	$ 23,729
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other	Accrued expenses and other
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Long-term operating lease liabilities	$ 86,636	$ 92,539
Present value of lease liabilities	$ 110,994	$ 116,268

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 14,931
2023	26,849
2024	23,075
2025	17,619
2026	11,371
Thereafter	31,588
Total future minimum lease payments	125,433
Less: imputed interest	(14,439)
Present value of lease liabilities	$ 110,994	$ 116,268

Borrowings - Convertible Notes

Borrowings - Convertible Notes (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 30, 2021 USD ($) d $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Interest expense related to amortization of debt | $		$ 1.1	$ 2.2
Convertible Debt | 0% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt face amount | $	$ 1,700
Debt interest rate	0%
Additional principal amount | $	$ 225
Proceeds from issuance of notes | $	$ 1,700
Reporting requirement period	365 days
Special interest requirement	6 months
Special interest period after issuance	6 months
Conversion ratio	0.0032392
Conversion price (USD per share) | $ / shares	$ 308.72
Convertible Debt | 0% Convertible Senior Notes Due 2026 | On or after November 20, 2024
Debt Instrument [Line Items]
Conversion price threshold	130%
Number of trading days	20
Number of consecutive trading days	30
Redemption price percentage	100%
Minimum debt outstanding | $	$ 150
Convertible Debt | 0% Convertible Senior Notes Due 2026 | Immediately preceding August 15, 2026, Circumstance A
Debt Instrument [Line Items]
Conversion price threshold	130%
Number of trading days	20
Number of consecutive trading days	30
Convertible Debt | 0% Convertible Senior Notes Due 2026 | Immediately preceding August 15, 2026, Circumstance B
Debt Instrument [Line Items]
Number of consecutive trading days	10
Redemption price percentage	98%
Number of business days	5
Convertible Debt | 0% Convertible Senior Notes Due 2026 | On or after August 15, 2026
Debt Instrument [Line Items]
Redemption price percentage	100%

Borrowings - Summary of Convert

Borrowings - Summary of Convertible Note (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net carrying amount	$ 1,705,268	$ 1,703,035
0% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Principal	1,725,000
Unamortized debt issuance cost	(19,732)
Net carrying amount	$ 1,705,268

Borrowings - Capped Call Transa

Borrowings - Capped Call Transaction (Details) - 0% Convertible Senior Notes Due 2026 $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Nov. 30, 2021 USD ($) $ / shares shares
Debt Instrument [Line Items]
Net cost incurred | $	$ 48.1
Number of common shares (in shares) | shares	5.6
Strike price (USD per share)	$ 308.72
Cap price (USD per share)	$ 343.02

Commitments and Contingencies -

Commitments and Contingencies - Future Purchase Obligations (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total	$ 927,162
Remainder of 2022	77,786
2023‑2024	403,498
2025‑2026	416,453
Thereafter	$ 29,425
Cloud Service
Long-term Purchase Commitment [Line Items]
Term of commitment	5 years
Minimum commitment amount	$ 300,000

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($) complaint	Dec. 31, 2021 USD ($)
Long-term Purchase Commitment [Line Items]
Number of pending class action complaints | complaint	2
Letter of Credit
Long-term Purchase Commitment [Line Items]
Letter of credit outstanding | $	$ 10.8	$ 10.8

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 118,242	$ 85,400	$ 221,669	$ 151,961
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	11,877	5,340	20,671	10,457
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	60,110	33,227	115,363	64,877
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	25,125	14,523	48,959	26,560
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 21,130	$ 32,310	$ 36,676	$ 50,067

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Options (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Stock Options Outstanding
Balance as of December 31, 2021 (in shares)	29,226,041
Granted (in shares)	1,569,938
Exercised (in shares)	(3,038,757)
Forfeited, cancelled, or expired (in shares)	(570,719)
Balance as of June 30, 2022 (in shares)	27,186,503	29,226,041
Weighted-Average Exercise Price
Balance as of December 31, 2021 (USD per share)	$ 13.28
Granted (USD per share)	74.59
Exercised (USD per share)	6.22
Forfeited, cancelled, or expired (USD per share)	34.77
Balance as of June 30, 2022 (USD per share)	$ 17.16	$ 13.28
Stock Option Activity, Additional Disclosures
Options outstanding, Weighted average remaining contractual term	6 years 7 days	6 years 3 months 3 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Valuation Assumptions of Stock Options (Details) - Stock options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0%	0%	0%	0%
Risk-free interest rate	3%
Risk-free interest rate minimum		1.10%	1.70%	0.90%
Risk-free interest rate maximum		1.20%	3%	1.20%
Expected volatility	33.30%
Expected volatility minimum		36.10%	33.30%	36%
Expected volatility maximum		36.20%	33.80%	36.20%
Expected term (in years)	6 years 3 months	6 years 3 months	6 years 3 months	6 years 3 months
Fair value of underlying common stock (USD per share)	$ 38.47
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Fair value of underlying common stock (USD per share)		$ 100.60	$ 38.47	$ 100.60
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Fair value of underlying common stock (USD per share)		$ 103.86	$ 89.01	$ 108.10

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Unvested RSUs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Unvested as of December 31, 2021 (in shares) | shares	13,696,836
Granted (in shares) | shares	6,089,462
Vested (in shares) | shares	(2,052,726)
Forfeited (in shares) | shares	(881,543)
Unvested as of June 30, 2022 (in shares) | shares	16,852,029
Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2021 (USD per share) | $ / shares	$ 85.96
Granted (USD per share) | $ / shares	66.22
Vested (USD per share) | $ / shares	83.49
Forfeited (USD per share) | $ / shares	84.69
Unvested as of June 30, 2022 (USD per share) | $ / shares	$ 79.20

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Valuation Assumptions of Employee Stock Purchase Plans (Details) - Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%
Risk-free interest rate	0.60%
Expected volatility	40%
Expected term (in years)	6 months
Estimated fair value (USD per share)	$ 27.42

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of ESPP (Details) - Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the ESPP (in shares) | shares	207,986
Weighted-average price per share issued (USD per share) | $ / shares	$ 90.48

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 134.7
Unrecognized tax benefits that would impact effective tax rate	12.1
Decrease in unrecognized tax benefits is reasonably possible	$ 1.7

Net Loss per Share of Common _3

Net Loss per Share of Common Stock - Antidilutive Securities Excluded From Computation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17,438	0	12,441	0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	27,187	34,275	27,187	34,275
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,852	11,943	16,852	11,943