Net Loss per Share

6 Months Ended

Mar. 30, 2024

Basic earnings per share of Class A common stock is computed by dividing net loss attributable to common shareholders by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net loss attributable to common shareholders adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive elements. Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (in thousands, except per share information):


	Three Months Ended				Six Months Ended
	March 30, 2024		March 25, 2023		March 30, 2024		March 25, 2023
Numerator - basic and diluted
Net loss	$	(40,952)	$	(55,416)	$	(53,919)	$	(123,402)
Less: Net loss attributable to the noncontrolling interest	(34,372)		(49,298)		(45,411)		(110,091)
Net loss attributable to common stockholders	$	(6,580)	$	(6,118)	$	(8,508)	$	(13,311)
Denominator - basic and diluted
Weighted-average shares of Class A common shares outstanding	93,043,769		60,503,119		88,155,791		59,352,634
Loss per share of Class A common stock - basic and diluted	$	(0.07)	$	(0.10)	$	(0.10)	$	(0.22)

The Company’s Class V-1 Common Stock and Class V-3 Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V-1 Common Stock and Class V-3 Common Stock under the two-class method has not been presented.

The Company uses the treasury stock method and the average market price per share during the period for calculating any potential dilutive effect of the restricted stock units (“RSUs”), 2022 Employee Stock Purchase Plan (the “ESPP”) and Warrant Units. The average stock price for the three and six months ended March 30, 2024 was $43.81 and $43.83, respectively. For the three months ended March 30, 2024, there were 7.3 million and 0.5 million potentially dilutive common stock equivalents related to the RSUs and Warrant Units, respectively. For the six months ended March 30, 2024, there were 7.1 million and 0.5 million potentially dilutive common stock equivalents related to the RSUs and Warrant Units, respectively.