Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Net Loss Per Share

Net Loss Per Share

Note 11. Net Loss Per Share

We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of the Company’s common stock, including those presented in the table below, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of the Company’s common stock outstanding would have been anti-dilutive.

As the Company uses the two-class method required for companies with multiple classes of common stock, the following table presents the calculation of basic and diluted net loss per share for each class of the Company’s common stock outstanding (in thousands, except share and per share amounts):

Three months ended September 30, 2022
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(47,515)	$	(7,227)	$	(54,742)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(47,515)	$	(7,227)	$	(54,742)
Denominator:
Weighted-average common shares outstanding		173,745,746		26,426,937		200,172,683
Denominator for basic and diluted net loss per share – weighted-average common stock		173,745,746		26,426,937		200,172,683
Basic and diluted net loss per share	$	(0.27)	$	(0.27)	$	(0.27)

Three months ended September 30, 2021
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(11,733)	$	(1,828)	$	(13,561)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(11,733)	$	(1,828)	$	(13,561)
Denominator:
Weighted-average common shares outstanding		169,668,255		26,426,937		196,095,192
Denominator for basic and diluted net loss per share – weighted-average common stock		169,668,255		26,426,937		196,095,192
Basic and diluted net loss per share	$	(0.07)	$	(0.07)	$	(0.07)

Nine months ended September 30, 2022
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(117,137)	$	(17,883)	$	(135,020)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(117,137)	$	(17,883)	$	(135,020)
Denominator:
Weighted-average common shares outstanding		173,101,457		26,426,937		199,528,394
Denominator for basic and diluted net loss per share – weighted-average common stock		173,101,457		26,426,937		199,528,394
Basic and diluted net loss per share	$	(0.68)	$	(0.68)	$	(0.68)

Nine months ended September 30, 2021
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(14,872)	$	(2,321)	$	(17,193)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(14,872)	$	(2,321)	$	(17,193)
Denominator:
Weighted-average common shares outstanding		143,295,154		22,361,254		165,656,408
Denominator for basic and diluted net loss per share – weighted-average common stock		143,295,154		22,361,254		165,656,408
Basic and diluted net loss per share	$	(0.10)	$	(0.10)	$	(0.10)

For the periods presented above, the net loss per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Certificate of Incorporation. The undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.

For the periods presented, anti-dilutive common equivalent shares were as follows:

	September 30,
	2022	2021
Outstanding options to purchase common stock	13,740,728	17,170,640
Outstanding restricted stock units	11,578,865	3,932,587
Outstanding warrants	20,652,690	20,652,937
Total anti-dilutive common equivalent shares	45,972,283	41,756,164