Loss Per Share

3 Months Ended

Mar. 31, 2023

We compute loss per share attributable to common stock using the two-class method required for participating interests. Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. For each period presented, we increased net loss by the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock.

Basic loss per share of common stock was computed by dividing net loss, adjusted for the impact of Series 1 Redeemable Preferred Stock dividends, by the weighted average number of shares of common stock outstanding during the period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted loss per share, as their inclusion would have been anti-dilutive.

The calculations of basic and diluted loss per share were as follows:


	Three Months Ended March 31,
		2023		2022
Numerator:
Net loss		$	(34,422)	$	(110,357)
Less: Redeemable preferred stock dividends		(9,968)		(9,968)
Net loss attributable to common stockholders – basic and diluted		$	(44,390)	$	(120,325)
Denominator:
Weighted average common stock outstanding – basic		929,270,723		852,853,596
Weighted average common stock outstanding – diluted		929,270,723		852,853,596
Loss per share – basic		$	(0.05)	$	(0.14)
Loss per share – diluted		$	(0.05)	$	(0.14)

We excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive, as there were no earnings attributable to common stockholders. These amounts represent the number of instruments outstanding at the end of the period.


	March 31,
	2023	2022
Common stock options	18,569,877	20,059,315
Common stock warrants	12,170,990	12,170,990
Unvested RSUs	86,139,377	62,633,066
Unvested PSUs	18,073,029	23,092,586
Convertible notes(1)	53,538,000	53,538,000
Contingent common stock(2)	6,305,595	6,903,663
Potentially issuable contingent common stock(3)	—	598,068

________________________

(1)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated.

(2)As of March 31, 2023, includes contingently returnable common stock in connection with the Technisys Merger, which consists of shares that may be used to satisfy certain indemnification claims, subject to certain limitations, and to cover any outstanding claims or indemnifications pursuant to the merger agreement. See Note 2. Business Combinations for additional information.

(3)As of March 31, 2022, included the maximum amount of potentially issuable contingent common stock in connection with the Technisys Merger, which was pending final agreement regarding a closing net working capital calculation specified in the merger agreement.