Basic and Diluted Net Loss per Share

12 Months Ended

Dec. 31, 2022

21.

Basic and Diluted Net Loss per Share

Basic and diluted net loss per share have been calculated in accordance with ASC 260, Earnings Per Share. Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. The computation of earnings per share for the years ended December 31, 2020, 2021 and 2022 is as follows:


	Year Ended December 31
	2020			2021			2022
	(US$ thousand)
Numerator:
Net loss	$	(3,115	)	$	(72,355	)	$	(120,380	)
Cumulative undeclared dividends on convertible redeemable preferred shares		(6,715	)		—			—
Accretion on convertible redeemable preferred shares to redemption value (Note 16)		(193,466	)		—			—
Net loss attributable to Agora, Inc.’s ordinary shareholders - basic and diluted		(203,296	)		(72,355	)		(120,380	)
Denominator:
Denominator for basic and diluted loss per share
weighted-average ordinary shares outstanding(1)		268,849,967			440,864,190			446,426,914
Basic and diluted loss per share	$	(0.76	)	$	(0.16	)	$	(0.27	)

(1)

Options exercisable for a minimal exercise price are included in the denominator of basic loss per share calculation once there are no further vesting conditions or contingencies associated with them, as they are considered contingently issuable shares. Accordingly, a weighted average of 1,457,697 shares related to these options, for which the exercise price is zero dollars per share, are included in the denominator for the computation of basic loss per share for the year ended December 31, 2022.

The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect:


	Year Ended December 31
	2020		2021		2022
Preferred shares - weighted average		86,731,855		—	—
Share options - weighted average		39,846,432		39,790,418		27,465,692
Restricted share - weighted average		479,275		204,129		369,050
Restricted share units - weighted average		32,870		471,680		942,501
VPP shares – weighted average		39,311		72,257		343,984