Net Loss Per Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. As the liquidation and dividend rights for both Class A and Class B Common Stock are identical, the net loss is allocated on a proportionate basis to the weighted-average number of shares of common stock outstanding for the period. Basic net loss per share attributable to Class A and Class B stockholders is computed by dividing the net loss by the weighted-average number of Class A and Class B Common Stock outstanding during the period.

For the calculation of diluted net loss per share, net loss for basic EPS is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. The dilutive potential shares of common stock are computed using the treasury stock method or the as-if converted method, as applicable. Since the Company is in a loss position for all periods reported, basic and diluted net loss per share are the same as diluted net loss per share for all periods as the inclusion of potential dilutive shares would have been anti-dilutive.

The following tables present the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):

	Three Months Ended December 31,								Six Months Ended December 31,
	2022				2021				2022				2021
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Numerator:
Net Loss	$	(119,094)	$	(85,937)	$	(12,413)	$	(9,915)	$	(126,357)	$	(92,415)	$	(239,710)	$	(193,822)
Denominator:
Weighted-average shares outstanding, basic and diluted	148,627		107,247		140,629		112,331		147,582		107,938		139,632		112,901
Net loss per share, basic and diluted	$	(0.80)	$	(0.80)	$	(0.09)	$	(0.09)	$	(0.86)	$	(0.86)	$	(1.72)	$	(1.72)

The potential weighted average dilutive securities that were not included in the dilutive earnings per share calculation because the effect would be anti-dilutive are as follows (shares in thousands):

	Three Months Ended December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Class A Common Stock options	—	1	1	1
Class A restricted stock units	9,167	3,036	6,976	3,283
Class A restricted stock awards	17	94	24	113
Total	9,184	3,131	7,001	3,397