Net Loss Per Share

12 Months Ended

Dec. 31, 2021

12. Net Loss Per Share

For periods in which there were Class A and Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights were identical for Class A and Class B common stock, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share would, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2021			2020						2019
	Class A and Class B Common			Common			Convertible Founder			Common			Convertible Founder
Numerator:
Net loss	$	(342,801	)	$	(219,560	)	$	(10,268	)	$	(87,207	)	$	(7,835	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		188,627,720			99,562,032			4,656,050			88,147,380			7,920,000
Net loss per share, basic and diluted	$	(1.82	)	$	(2.21	)	$	(2.21	)	$	(0.99	)	$	(0.99	)

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive:


	December 31, 2021		December 31, 2020		December 31, 2019
Redeemable convertible preferred stock		-		115,277,850		90,624,091
Stock options		61,926,383		71,213,150		67,586,556
Unvested early exercised stock options		2,164,577		2,338,945		4,510,347
RSUs		6,434,508		-		-
ESPP		1,322,476		-		-
Shares issuable upon conversion of the 2027 Notes		10,992,960		-		-
Total		82,840,904		188,829,945		162,720,994

The Company calculates the potential dilutive effect of its 2027 Notes under the if-converted method. Under this method, diluted net loss per share is determined by assuming that all of the 2027 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period.

In connection with the issuance of the 2027 Notes, the Company entered into Capped Calls, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2027 Notes.