Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2022

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share is computed by dividing net loss by basic weighted-average shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by diluted weighted-average shares outstanding, including potentially dilutive securities.

On July 12, 2021, the shares of Class B common stock that converted to Class A common stock were retired and will not be reissued by the Company. Prior to that date, the Company computed net loss per share using the two-class method required for multiple classes of common stock and participating securities. The rights of the holders of the Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Accordingly, the Class A common stock and Class B common stock share equally in the Company's net losses.

The following table presents the computation of basic and diluted net loss per share of common stock (in millions, except per share data):


	Three months ended June 30,						Six months ended June 30,
	2022		2021				2022		2021
	Class A		Class A		Class B		Class A		Class A		Class B
	(in thousands, except per share amounts)
Net loss attributable to common stockholders	$	(16,437)	$	(53,339)	$	(4,956)	$	(80,701)	$	(99,511)	$	(9,467)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	121,242		105,522		9,804		120,295		104,766		9,967
Net loss per share attributable to common stockholders, basic and diluted	$	(0.14)	$	(0.51)	$	(0.51)	$	(0.67)	$	(0.95)	$	(0.95)

The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive (in millions):


	Number of Shares
	As of June 30,
	2022	2021
	(in thousands)
Stock options	2,633	5,750
RSUs	10,872	4,737
PSUs	297	109
Revest shares	37	560
Early exercised stock options	—	62
Shares issuable pursuant to the ESPP	44	23
Convertible senior notes (if-converted)	7,338	9,229
Total	21,221	20,470

The dilution table above excludes RSUs to be awarded under the Company's 2022 Bonus Program, which is expected to have an impact on its outstanding awards in the first quarter of 2023. Refer to Note 11 — Stockholders' Equity for further details on the Company's 2022 Bonus Program.

Accumulated Other Comprehensive (Loss) Income

For the three and six months ended June 30, 2022 and 2021, components of accumulated other comprehensive (loss) income, net of taxes, were as follows (in thousands):


	Unrealized Loss on Available-for-Sale Securities	Foreign Currency Translation Adjustment	Total
Balance, March 31, 2022	(8,924)	(572)	(9,496)
Foreign currency translation adjustment	—	17	17
Unrealized loss on available-for-sale securities	(3,063)	—	(3,063)
Balance, June 30, 2022	(11,987)	(555)	(12,542)


	Unrealized Gain on Available-for-Sale Securities		Foreign Currency Translation Adjustment	Total
Balance, March 31, 2021	27		(164)	(137)
Foreign currency translation adjustment	—		23	23
Unrealized loss on available-for-sale securities	(147)		—	(147)
Balance, June 30, 2021	(120)	99	(141)	(261)


	Unrealized Loss on Available-for-Sale Securities	Foreign Currency Translation Adjustment	Total
Balance, December 31, 2021	(2,242)	(385)	(2,627)
Foreign currency translation adjustment	—	(170)	(170)
Unrealized loss on available-for-sale securities	(9,745)	—	(9,745)
Balance, June 30, 2022	(11,987)	(555)	(12,542)


	Unrealized Gain on Available-for-Sale Securities	Foreign Currency Translation Adjustment	Total
Balance, December 31, 2020	105	(99)	6
Foreign currency translation adjustment	—	(42)	(42)
Unrealized loss on available-for-sale securities	(225)	—	(225)
Balance, June 30, 2021	(120)	(141)	(261)

There were no material reclassifications out of accumulated other comprehensive (loss) income during three and six months ended June 30, 2022 and 2021. Additionally, there was no material tax impact on the amounts presented.