NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2023

NOTE 14: NET LOSS PER SHARE

We present net loss per share using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.

The following table presents the calculation of basic and diluted loss per share:


(in millions, except share and per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2023		2022		2023
Net loss	$	(175)	$	(85)	$	(862)	$	(571)
Less: allocation of earnings to participating securities	—		—		—		—
Net loss attributable to common stockholders	$	(175)	$	(85)	$	(862)	$	(571)

Weighted-average common shares outstanding - basic	882,356,575		895,108,790		875,055,571		898,999,464
Dilutive effect of stock options and unvested shares	—		—		—		—
Weighted-average common shares used to compute diluted loss per share	882,356,575		895,108,790		875,055,571		898,999,464

Net loss per share attributable to common stockholders:
Basic	$	(0.20)	$	(0.09)	$	(0.99)	$	(0.64)
Diluted	$	(0.20)	$	(0.09)	$	(0.99)	$	(0.64)

The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2023	2022	2023

Time-Based RSUs	107,457,215	45,066,880	107,457,215	45,066,880
Market-Based RSUs	23,053,048	22,591,988	23,053,048	22,591,988
Stock options	15,905,575	13,668,390	15,905,575	13,668,390

Warrants	14,278,034	14,278,034	14,278,034	14,278,034
ESPP	824,292	838,958	824,292	838,958
Total anti-dilutive securities	161,518,164	96,444,250	161,518,164	96,444,250