NET LOSS PER SHARE

12 Months Ended

Dec. 25, 2022

NET LOSS PER SHAREDuring the fiscal years ended December 25, 2022, December 26, 2021, and December 27, 2020, 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. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share attributable to common stockholders were, therefore, the same for both Class A and Class B common stock on an individual or combined basis.

On November 22, 2021, the Company completed its IPO, in which it issued and sold 14,950,000 shares of its Class A common stock at a price of $28.00 per share. On that date, all of the Company’s outstanding preferred stock automatically converted into 69,231,197 shares of Class A common stock. These shares were included in the Company’s issued and outstanding common stock starting on that date. Additionally, 1,843,493 shares of outstanding Class S stock issued in connection with the Company’s acquisition of Spyce in September 2021 were converted into 1,316,763 shares of Class A common stock, the Series J Warrants were automatically exercised upon the IPO for 1,557,686 shares of Class A common stock and the Series F Warrants were exercised during fiscal year 2021 and converted into 235,000 shares of Class A common stock in connection with the IPO. See Note 1.

The following table sets forth the computation of net loss per common share:


(dollar amounts in thousands)	Fiscal Year Ended December 25, 2022		Fiscal Year Ended December 26, 2021		Fiscal Year Ended December 27, 2020
Numerator:
Net loss	$	(190,441)	$	(153,175)	$	(141,224)
Denominator:
Weighted-average common shares outstanding—basic and diluted	110,128,287		27,782,442		16,051,960
Earnings per share—basic and diluted	$	(1.73)	$	(5.51)	$	(8.80)

The Company’s potentially dilutive securities, which include preferred stock and options to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Fiscal Year Ended December 25, 2022	Fiscal Year Ended December 26, 2021	Fiscal Year Ended December 27, 2020
Options to purchase common stock	13,813,922	13,773,414	14,682,063
Time-based vesting restricted stock units	1,780,681	2,392,426	62,797,051
Performance stock units	6,621,428	6,621,428	—
Contingently issuable stock	714,285	714,285	—
Total common stock equivalents	22,930,316	23,501,553	77,479,114