NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

During the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, 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 31, 2023		Fiscal Year Ended December 25, 2022		Fiscal Year Ended December 26, 2021
Numerator:
Net loss	$	(113,384)	$	(190,441)	$	(153,175)
Denominator:
Weighted-average common shares outstanding—basic and diluted	111,907,675		110,128,287		27,782,442
Earnings per share—basic and diluted	$	(1.01)	$	(1.73)	$	(5.51)

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 31, 2023	Fiscal Year Ended December 25, 2022	Fiscal Year Ended December 26, 2021
Options to purchase common stock	13,219,388	13,813,922	13,773,414
Time-based vesting restricted stock units	951,517	1,780,681	2,392,426
Performance stock units	6,621,428	6,621,428	6,621,428
Contingently issuable stock	714,285	714,285	714,285
Total common stock equivalents	21,506,618	22,930,316	23,501,553