Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings (Loss) Per ShareBasic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock during the period plus common stock equivalents, as calculated under the treasury stock method, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share

excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The Company computes earnings (loss) per share using the two-class method for its Class A and Class B common stock. Earnings (loss) per share is same for both Class A and Class B common stock since they are entitled to the same liquidation and dividend rights.

The following table sets forth the computation of basic and diluted loss per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except for share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(141,756)	$	(95,239)	$	(288,530)	$	(183,572)


Denominator:
Weighted average common shares outstanding—Basic	382,424,675		352,054,529		376,616,066		350,378,494

Weighted average common shares outstanding—Diluted	382,424,675		352,054,529		376,616,066		350,378,494
Net loss per share—Basic and Diluted	$	(0.37)	$	(0.27)	$	(0.77)	$	(0.52)

The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of June 30, 2023:



															June 30, 2023
Warrants															5,757,549
Stock-based awards—Equity classified															36,511,687
Stock-based awards—Liability classified															9,789,753
Vendor stock-in-lieu of cash program															500,969
Option issued to a wholly owned subsidiary of TPK															1,652,892
Convertible Senior Notes															31,279,716
Earn-out shares															8,606,717
Total															94,099,283

The Company uses the if converted method for calculating the dilutive effect of the Convertible Senior Notes using the initial conversion price of $19.981 per share. The closing price of Class A common stock as of June 30, 2023 was less than the initial conversion price.