They may have $X of cash or close-to-cash assets, but the company also isn't shutting down tomorrow and liquidating. They will continue to spend into the foreseeable future, making its probably future value something less than $X.
Basically, the future value of Zynga's games is worth less than the future revenue, creating an expected net value decrease.
Basically, the future value of Zynga's games is worth less than the future revenue, creating an expected net value decrease.