NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

Basic net loss per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. No dividends were declared or paid for the years ended December 31, 2023, 2022, or 2021.

The Company uses the two-class method to calculate net loss per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. Undistributed earnings for each period are allocated to participating securities, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for participating securities to share in losses, the Company’s basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2023, 2022, and 2021 (in millions, except share amounts which are presented in thousands, and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Basic and diluted net loss per share:
Numerator:
Net loss	$	(275)	$	(1,353)	$	(662)



Denominator:
Weighted average shares outstanding – basic and diluted	657,111		627,105		592,574
Basic and diluted net loss per share	$	(0.42)	$	(2.16)	$	(1.12)

There were no preferred dividends declared or accumulated for the period.

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, 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):


	Year Ended December 31,
	2023	2022	2021



RSUs	60,896	54,547	53,446
Options	7,820	10,712	14,546
Unvested Shares from Early Exercise	—	—	4
Restricted Shares	—	—	692
Employee Stock Purchase Plan	1,992	1,867	—

Total anti-dilutive securities	70,708	67,126	68,688