Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

v3.23.2
NET LOSS PER SHARE
6 Months Ended
Jun. 30, 2023
NET LOSS PER SHARE  
NET LOSS PER SHARE

23. NET LOSS PER SHARE

The Company computes basic loss per share using net loss attributable to Common Stockholders and the weighted-average number of Common Stock shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive.

Three Months Ended June 30, 

Six Months Ended June 30, 

(in thousands, except per share amounts)

2023

    

2022

    

2023

    

2022

Numerator for basic and diluted net loss per share:

  

 

  

  

 

  

Net loss

$

(49,728)

$

(297,272)

$

(102,369)

$

(367,216)

Denominator for basic and diluted net loss per share:

 

  

 

  

 

  

 

  

Weighted-average shares

 

321,656

 

313,557

 

320,383

 

312,798

Net loss per share—Basic and Diluted

$

(0.15)

$

(0.95)

$

(0.32)

$

(1.17)

The Company’s potential dilutive securities, which include outstanding Common Stock options, unvested restricted stock units, unvested restricted stock awards and outstanding Common Stock warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding as of June 30, 2023 and 2022, from the computation of diluted net loss per share attributable to common stockholders because including them would have an anti-dilutive effect (in thousands):

Six Months Ended June 30, 

2023

    

2022

Common Stock options outstanding

6,431

10,392

Unvested restricted stock units outstanding

26,163

19,278

Unvested restricted stock awards outstanding

26

146

6.0% Convertible Senior Notes due 2027

86,466

86,466

Total shares

119,086

116,282

The dilution table above excludes RSUs to be awarded under the Company's 2023 Bonus Program, which is expected to have an impact on its outstanding awards in the first quarter of 2024. Refer to Note 20. Stock-Based Compensation for further details on the Company's Bonus Program.