Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Basic net loss per share is calculated by dividing net loss attributable to Class A common stockholders by the weighted-average shares of Class A common shares outstanding without the consideration for potential dilutive securities. Diluted net loss per share represents basic net loss per share adjusted to include the potentially dilutive effect of outstanding unvested share awards, warrants, Common Units and Restricted Common Units that are exchangeable into shares of Class A common stock. Diluted net loss per share is computed by dividing the net income attributable to Class A common shareholders by the weighted-average number of shares of Class A common stock outstanding for the period determined using the treasury stock method and if-converted method, as applicable. Shares of Class B Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted loss per share of Class B Common Stock under the two-class method has not been presented.

The following table sets forth the computation of basic and diluted net loss per share are presented below:


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(17,321)	$	(254,136)
Less: Net loss attributable to non-controlling interests	(12,521)		(193,906)
Net loss attributable to Class A Common Stock - basic and diluted(1)	$	(4,800)	$	(60,230)

Denominator:
Weighted-average shares of Class A Common Stock outstanding(1)	58,159,223		44,254,837
Net loss per share attributable to Class A common stockholders, basic and diluted	$	(0.08)	$	(1.36)

(1) For the three months ended March 31, 2022, net loss per share of Class A Common Stock and weighted-average shares of Class A Common Stock outstanding is representative of the period from February 9, 2022 through March 31, 2022, the period following the Business Combination, as defined in N ote 1, Organization and Nature of Business.

The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to Class A common shareholders because including them would have had an antidilutive effect:


	Three Months Ended March 31,
	2023	2022
Stock options	896,202	578,290
Warrants	—	17,766,641
Applicable Premium shares	—	826,506
Class C Common Stock	—	694,063
Common Units	153,156,442	149,032,886
Restricted Common Units	—	10,620,625
RSUs	923,521	—
PSUs	8,462,412	—
Incentive Units	14,210	16,445
Employee Stock Purchase	95,309	—
Total units excluded from computation of diluted net loss per share	163,548,096	179,535,456