Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2022

Net Income (Loss) per Share

Net Income (Loss) per Share

2. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding, less ordinary shares subject to forfeiture. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding, less ordinary shares subject to forfeiture, plus all additional ordinary shares that would have been outstanding, assuming dilutive potential ordinary shares had been issued for other dilutive securities.

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net loss from continuing operations	$	(16,023)	$	(55,910)	$	(78,568)	$	(207,256)
Net income from discontinued operations		932,654		20,602		961,062		39,864
Net income (loss)		916,631		(35,308)		882,494		(167,392)
Denominator:
Weighted-average ordinary shares outstanding		75,515		73,574		75,678		68,021
Less: weighted-average ordinary shares subject to forfeiture		—		—		—		(76)
Weighted-average ordinary shares outstanding - basic and diluted		75,515		73,574		75,678		67,945
Net income (loss) per ordinary share:
Continuing operations - basic and diluted	$	(0.21)	$	(0.76)	$	(1.04)	$	(3.05)
Discontinued operations - basic and diluted	$	12.35	$	0.28	$	12.70	$	0.59
Net income (loss) - basic and diluted	$	12.14	$	(0.48)	$	11.66	$	(2.46)

Anti-dilutive Securities

In accordance with ASC 260, Earnings Per Share, if a company incurred a loss related to its continuing operations, then potential ordinary shares are considered anti-dilutive for the periods in which the loss was recognized. For the three and nine months ended September 30, 2022 and 2021, the Company recognized losses from continuing operations. As a result, the following ordinary equivalent shares were not included in the computation of diluted net loss per share for both continuing operations and discontinuing operations:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2022	2021	2022	2021
Share issuances under equity incentive plans and purchase plans	5,036	8,900	7,137	8,307
Share issuances upon the conversion of convertible senior notes	—	6,676	—	6,676
Total	5,036	15,576	7,137	14,983