Net Loss per Share

12 Months Ended

Dec. 31, 2021

The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. As the liquidation and dividend rights are identical, the undistributed earnings or loss are allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net loss per share attributable to common stockholders are therefore the same for Class A and Class B common stock on both an individual and a combined basis. Basic net loss per share is computed using the weighted-average number of shares of Class A and Class B common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of Class A and Class B common stock and potentially dilutive Class A and Class B potential common shares outstanding during the period. The Company's basic and diluted net loss per share are the same because the Company has generated net loss to common stockholders. During the years ended December 31, 2020 and 2019 the Company repurchased certain preferred units at a premium over the carrying values, which increased net loss attributable to common stockholders.

As discussed in Note 1 — "Basis of Presentation and Summary of Significant Accounting Policies," immediately prior to the IPO, the Company completed the Corporate Conversion. The Corporate Conversion resulted in a change of equity interests from common units to shares of common stock, but no change in relative shareholder rights, rank, or value before and after this reorganization transaction. As such, the Corporate Conversion of common units was considered equivalent to a stock split and requires retrospective treatment for net loss per share purposes. All share and per share information has been retroactively adjusted to reflect the Corporate Conversion for all periods presented. PIUs outstanding prior to the Corporate Conversion were considered compensatory arrangements that were settled with shares of Class A or Class B common stock at the time of the Corporate Conversion and have been included as outstanding shares subsequent to that date. Similarly, any preferred units that were converted in accordance with their terms into shares of Class A or Class B common stock at the time of the Corporate Conversion have also been included as outstanding shares subsequent to that date.

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


	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Numerator:
Net loss	$	(1,542,590)	$	(463,157)	$	(696,885)
Less: premium on repurchase of redeemable convertible preferred units	—		(92,734)		(71,415)
Net loss attributable to Class A and Class B common stockholders	$	(1,542,590)	$	(555,891)	$	(768,300)

Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	1,423,887		29,012		19,463

Net loss attributable to Class A and Class B common stockholders per share, basic and diluted	$	(1.08)	$	(19.16)	$	(39.48)

The following have been excluded from the computation of basic and diluted net loss per share attributable to Class A and Class B common stockholders as their effect would have been anti-dilutive:


	Year Ended December 31,
(in thousands of equivalent common shares)	2021	2020	2019
Convertible debt	—	178,567	148,942
Redeemable convertible preferred units	—	1,329,465	1,348,313
Equity compensation awards	46,228	79,747	58,645