v3.20.2

Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Restricted Stock Unit Activity | Restricted Stock Unit (“RSU”) activity was as follows during the periods indicated:
| Six Months Ended June 30, 2020 |  |
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested at beginning of period | — |  |  | $ | — |
Granted | 511,537 |  |  | $ | 21.00 |
Forfeited | (1,124) |  |  | $ | 21.00 |
Unvested at June 30, 2020 | 510,413 |  |  | $ | 21.00 |
Schedule of Unvested Options Activity | Unvested Options activity was as follows during the periods indicated:
| Six Months Ended June 30, 2020 |  |
| Options |  | Weighted Average Exercise Price
Unvested at beginning of period | — |  |  | $ | — |
Effect of Reorganization Transactions and IPO | 576,708 |  |  | $ | 21.00 |
Forfeited | (7,165) |  |  | $ | 21.00 |
Unvested at June 30, 2020 | 569,543 |  |  | $ | 21.00 |
The aggregate intrinsic value and weighted average remaining contractual terms of Options outstanding and Options exercisable were as follows as of June 30, 2020.
| June 30, 2020
Aggregate intrinsic value (in millions) |
Unit Options outstanding | $ | 17.1 |
Unit Options exercisable | $ | — |
Weighted average remaining contractual life (in years) |
Unit Options outstanding | 9.9 years
Unit Options exercisable | N/A
LTIP Unit activity was as follows during the periods indicated:
| Six Months Ended June 30, 2020 |  |
| LTIP Units |  | Weighted Average Participation Threshold
Unvested at beginning of period | — |  |  | $ | — |
Granted | 47,620 |  |  | $ | 21.00 |
Unvested at June 30, 2020 | 47,620 |  |  | $ | 21.00 |
Schedule of Valuation Assumptions | The fair value of Class A stock options was determined using the Black-Scholes option pricing model with the following assumption ranges and fair value per unit:
| Six Months Ended June 30, 2020
Volatility | 39.0% to 39.3%
Expected life | 5.6 to 5.9 years
Risk-free rate | 0.5%
Fair value per unit | $21.00
The fair value of these Class P Units was determined using the Black-Scholes option pricing model with the following assumption ranges and fair value per unit:
| Six Months Ended June 30, |  |
| 2020 |  | 2019
Volatility | 39.9% |  | 40.4% to 41.2%
Expected life | 6.5 to 6.8 years |  | 4 years
Risk-free rate | 0.5% |  | 1.8% to 2.5%
Fair value per unit | $21.00 |  | $5.20 to $9.04
Equity-based Units Activity | HoldCo Units Unvested HoldCo Unit activity was as follows during the periods indicated:
| Six Months Ended June 30, 2020 |  |
| HoldCo Units |  | Weighted Average Grant Date Fair Value
Unvested at beginning of period | — |  |  | $ | — |
Effect of Reorganization Transactions and IPO | 1,332,239 |  |  | $ | 8.98 |
Vested | (35,758) |  |  | $ | 5.43 |
Forfeited | (6,262) |  |  | $ | 12.77 |
Unvested at June 30, 2020 | 1,290,219 |  |  | $ | 9.06 |
OpCo Units OpCo Unit activity was as follows during the periods indicated:
| Six Months Ended June 30, 2020 |  |  |  | Six Months Ended June 30, 2019
| OpCo Units |  | Weighted Average Grant Date Fair Value |  | OpCo Units
Unvested at beginning of period | 228,819 |  |  | $ | 1.72 |  |  | 441,681 |
Effect of Reorganization Transactions and IPO | (6,909) |  |  | $ | 10.48 |  |  | — |
Vested | (162,218) |  |  | $ | 1.72 |  |  | (118,867) |
Forfeited | (59,692) |  |  | $ | 0.68 |  |  | — |
Unvested at June 30, 2020 | — |  |  | $ | — |  |  | 322,814 |
Class P Units Class P Units were issued under both the prior and current LLC agreement of ZoomInfo OpCo. Class P Unit activity was as follows during the periods indicated:
| Six Months Ended June 30, 2020 |  |  |  | Six Months Ended June 30, 2019
| Class P Units |  | Weighted Average Participation Threshold |  | Class P Units
Unvested at beginning of period | 16,893,603 |  |  | $ | 6.19 |  |  | 5,716,467 |
Effect of Reorganization Transactions and IPO | (1,950,930) |  |  | $ | 7.01 |  |  | — |
Granted | 642,500 |  |  | $ | 21.00 |  |  | 7,376,918 |
Vested | (3,504,844) |  |  | $ | 5.77 |  |  | — |
Forfeited | (343,289) |  |  | $ | 6.56 |  |  | — |
Unvested at June 30, 2020 | 11,737,040 |  |  | $ | 6.31 |  |  | 13,093,385 |
| Six Months Ended June 30, 2020 |  |
| LTIP Units |  | Weighted Average Participation Threshold
Unvested at beginning of period | — |  |  | $ | — |
Granted | 47,620 |  |  | $ | 21.00 |
Unvested at June 30, 2020 | 47,620 |  |  | $ | 21.00 |
Equity-Based Compensation Expense | Including this extra charge as a result of completing the IPO, compensation expense incurred from all the equity-based incentive awards described above was the following (in millions):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (unaudited) |  |  |  | (unaudited) |  |
Cost of service and Operating expenses include equity-based compensation expenses as follows: |  |  |  |  |  |  |
Cost of service | $ | 15.3 |  |  | $ | 0.7 |  |  | $ | 17.0 |  |  | $ | 1.9 |
Sales and marketing | 32.0 |  |  | 1.4 |  |  | 38.4 |  |  | 4.1 |
Research and development | 8.5 |  |  | 2.6 |  |  | 10.1 |  |  | 2.9 |
General and administrative | 8.7 |  |  | 1.3 |  |  | 10.3 |  |  | 2.7 |
Total equity-based compensation expense | $ | 64.5 |  |  | $ | 6.0 |  |  | $ | 75.8 |  |  | $ | 11.6 |
Summary of Unamortized Equity-Based Compensation Costs | As of June 30, 2020, unamortized equity-based compensation costs related to each equity-based incentive award described above is the following:
| Amount |  | Weighted Average Remaining Service Period (years)
Restricted Stock Units | $ | 10.3 |  |  | 3.2
Class A Common Stock Options | 1.6 |  |  | 3.0
HoldCo Units | 9.2 |  |  | 2.9
Class P Units | 30.4 |  |  | 2.5
LTIP Units | 1.0 |  |  | 4.4
HSKB Incentive Units | 96.4 |  |  | 2.2
HSKB Phantom Units | 5.7 |  |  | 3.0
Total unamortized equity-based compensation cost | $ | 154.6 |  |  | 2.4
DiscoverOrg Holdings |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Valuation Assumptions | The fair value of each grant was estimated on the date of the award using a Black-Scholes option pricing model with the following assumption ranges and fair value per unit:
|  |  | Year Ended December 31, |  |
|  |  | 2019 |  | 2018
Risk free rate |  |  | 1.58% - 2.49% |  | 2.49% - 2.82%
Volatility of the underlying assets |  |  | 38.4% - 41.9% |  | 39.1% - 41.2%
Expected life |  |  | 4 years |  | 4 years
Marketability discount |  |  | (A) |  | 29%
Fair value per common unit |  |  | $5.20 - $14.36 |  | $4.00 - $5.20
__________________ (A)In June 2019, the Company began to apply a probability weighted expected return method, where equity values were calculated using an option pricing model under an IPO and non-IPO scenarios and each value was weighted based on estimated probability of occurrence. For common units, an estimated time until a liquidation event of 1.5 - 4.0 years and a marketability discount of 13% - 25% was used, depending on an IPO or non-IPO scenarios. As of December 31, 2019, an 80% weight was applied to an IPO scenario.
Equity-based Units Activity | The number and weighted-average grant date fair value for Common Units and Class P Incentive Units for key activities are as follows:
| Common Units |  |  |  | Class P Units |  |
| Units |  | Weighted Avg Grant Date Fair Value/Unit |  | Units |  | Weighted Avg Grant Date Fair Value/Unit
Non-vested units at December 31, 2018 | 441,681 |  |  | $ | 0.43 |  |  | 5,716,467 |  |  | $ | 1.72 |
Granted | — |  |  | $ | — |  |  | 13,310,663 |  |  | $ | 4.10 |
Vested | (118,867) |  |  | $ | 0.22 |  |  | (280,563) |  |  | $ | 4.22 |
Forfeited/Canceled | (93,995) |  |  | $ | 0.17 |  |  | (1,852,964) |  |  | $ | 2.08 |
Non-vested units at December 31, 2019 (1) | 228,819 |  |  | $ | 1.72 |  |  | 16,893,603 |  |  | $ | 3.52 |
__________________ (1)During the year 24,872 units were modified when non-vested units were permitted to be retained by a separating employee without vesting or forfeiting as per the terms of the original agreement. The fair value of these Common units at the time of the modification was $10.48 per unit.
Equity-Based Compensation Expense | The following table summarizes equity-based compensation expense related to all employee incentive unit awards including Class P Incentive Units, DOH Phantom Units, HSKB Grants, and HSKB Phantom Units (in millions):
|  |  | Year Ended December 31, |  |
|  |  | 2019 |  | 2018
Cost of service and Operating expenses include equity-based compensation expenses as follows: |  |  |  |  |
Cost of service |  |  | $ | 4.0 |  |  | $ | 8.3 |
Sales and marketing |  |  | 11.2 |  |  | 15.8 |
Research and development |  |  | 4.7 |  |  | 1.1 |
General and administrative |  |  | 5.2 |  |  | 7.5 |
Total equity-based compensation expense |  |  | $ | 25.1 |  |  | $ | 32.7 |

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