Net Loss Per Share

6 Months Ended

Jun. 30, 2022

11. Net Loss Per Share

For periods in which there were shares of Class A and Class B common stock outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share would, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	Class A and Class B Common Stock						Class A and Class B Common Stock
Numerator:
Net loss	$	(117,631	)	$	(88,170	)	$	(230,618	)	$	(132,696	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		278,268,980			118,648,655			275,593,362			113,717,546
Net loss per share, basic and diluted	$	(0.42	)	$	(0.74	)	$	(0.84	)	$	(1.17	)

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive:


	June 30, 2022		June 30, 2021
Stock options		51,921,878		75,323,365
Unvested early exercised stock options		1,079,122		3,486,976
RSUs		17,167,218		4,050,033
ESPP		758,398		-
Shares issuable upon conversion of the 2027 Notes		10,992,960		-
Total		81,919,576		82,860,374

The Company calculates the potential dilutive effect of its 2027 Notes under the if-converted method. Under this method, diluted net loss per share is determined by assuming that all of the 2027 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period.

In connection with the issuance of the 2027 Notes, the Company entered into Capped Calls, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2027 Notes.