Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Note 11 – Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. The dilutive effect of outstanding awards and convertible securities is reflected in diluted net income (loss) per share by application of the treasury stock method. Since we were in a loss position for each of the periods presented, basic net loss per share was the same as diluted net loss per share for the periods presented.

We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Basic net income (loss) per share:
Numerator
Net loss including non-controlling interests	$	(1,108)	$	(2,439)	$	(5,826)	$	(1,449)
Add: net loss attributable to non-controlling interests, net of tax	(19)		(15)		(27)		(61)
Net loss attributable to common stockholders	$	(1,089)	$	(2,424)	$	(5,799)	$	(1,388)
Denominator
Basic weighted-average common stock outstanding	1,755,029		1,898,954		1,739,488		1,877,655
Basic net loss per share attributable to common stockholders (1)	$	(0.62)	$	(1.28)	$	(3.33)	$	(0.74)
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders	$	(1,089)	$	(2,424)	$	(5,799)	$	(1,388)
Net loss attributable to Freight Holding convertible common shares non-controlling interest, net of tax	—		—		—		(27)


Diluted net loss attributable to common stockholders	$	(1,089)	$	(2,424)	$	(5,799)	$	(1,415)
Denominator
Number of shares used in basic net income (loss) per share computation	1,755,029		1,898,954		1,739,488		1,877,655
Weighted-average effect of potentially dilutive securities:






Assumed redemption of Freight Holding common shares, non-controlling interest	—		—		—		1,342



Diluted weighted-average common stock outstanding	1,755,029		1,898,954		1,739,488		1,878,997
Diluted net loss per share attributable to common stockholders (1)	$	(0.62)	$	(1.28)	$	(3.33)	$	(0.75)

(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.

Effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective approach. Upon adoption, we use the if-converted method and presume share settlement for our 2025 Convertible Notes and our non-interest bearing unsecured convertible notes related to the acquisition of Careem (“Careem Notes”) when calculating the dilutive effect of these notes.

The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2021	2020	2021
Freight Holding contingently redeemable preferred stock	—	9,077	—	9,077
RSUs	93,508	75,161	93,508	75,161
Stock options	25,492	24,694	25,492	24,694
Common stock subject to repurchase	28	4,540	28	4,540
RSUs to settle fixed monetary awards	109	—	109	—
Shares committed under ESPP	2,016	2,758	2,016	2,758
Warrants to purchase common stock	126	73	126	73
Convertible notes	14,181	20,655	14,181	22,604
Total	135,460	136,958	135,460	138,907