Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Net Loss Per Share

Net Loss Per Share

Note 10. 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 were 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 tables present 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 June 30, 2024
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(13,745)	$	(1,961)	$	(15,706)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(13,745)	$	(1,961)	$	(15,706)
Denominator:
Weighted-average common shares outstanding		185,236,617		26,426,937		211,663,554
Denominator for basic and diluted net loss per share – weighted-average common stock		185,236,617		26,426,937		211,663,554
Basic and diluted net loss per share	$	(0.07)	$	(0.07)	$	(0.07)

Three months ended June 30, 2023
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(24,973)	$	(3,698)	$	(28,671)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(24,973)	$	(3,698)	$	(28,671)
Denominator:
Weighted-average common shares outstanding		178,468,404		26,426,937		204,895,341
Denominator for basic and diluted net loss per share – weighted-average common stock		178,468,404		26,426,937		204,895,341
Basic and diluted net loss per share	$	(0.14)	$	(0.14)	$	(0.14)

Six months ended June 30, 2024
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(32,758)	$	(4,709)	$	(37,467)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(32,758)	$	(4,709)	$	(37,467)
Denominator:
Weighted-average common shares outstanding		183,841,564		26,426,937		210,268,501
Denominator for basic and diluted net loss per share – weighted-average common stock		183,841,564		26,426,937		210,268,501
Basic and diluted net loss per share	$	(0.18)	$	(0.18)	$	(0.18)

Six months ended June 30, 2023
					Total
	Class A		Class B		Common Stock
Numerator:
Allocation of undistributed earnings	$	(54,142)	$	(8,069)	$	(62,211)
Numerator for basic and diluted net loss per share – loss available to common stockholders	$	(54,142)	$	(8,069)	$	(62,211)
Denominator:
Weighted-average common shares outstanding		177,310,107		26,426,937		203,737,044
Denominator for basic and diluted net loss per share – weighted-average common stock		177,310,107		26,426,937		203,737,044
Basic and diluted net loss per share	$	(0.31)	$	(0.31)	$	(0.31)

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.

The following table summarizes the Company’s anti-dilutive common equivalent shares:

	June 30,
	2024	2023
Outstanding options to purchase common stock	7,022,739	9,262,296
Outstanding restricted stock units	21,944,400	17,738,585
Outstanding warrants	20,652,690	20,652,690
Total anti-dilutive common equivalent shares	49,619,829	47,653,571