Annual report pursuant to Section 13 and 15(d)

Net Loss Per Share

v3.22.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per ShareBasic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period and potentially dilutive common stock equivalents, including stock options, RSUs, warrants to purchase redeemable convertible preferred stock and Class A Common Stock, redeemable convertible preferred stock, founders convertible preferred stock and contingently issuable shares, except in cases where the effect of the common stock equivalent would be anti-dilutive. Potential common stock equivalents consist of common stock issuable upon exercise of stock options and vesting of RSUs using the treasury stock method. Since the Company was in a loss position for the years ended December 31, 2022, 2021, and 2020, basic net loss per share was the same as diluted net loss per share for the periods presented.
The Company computes net loss per share using the two-class method. The rights, including the liquidation and dividend rights, of the Class A Common Stock and Class X Common Stock are identical, other than voting rights. Accordingly, the Class A Common Stock and Class X Common Stock share equally in the Company’s net losses. Because the computed loss per share for holders of the Class A Common Stock and the Class X Common Stock is identical, we do not present separate net loss per share computations.

Loss per share for the years ended December 31, 2021 and 2020 were retroactively restated to reflect the application of the Business Combination. Net loss for the years ended December 31, 2021 and 2020 were adjusted to reflect the accrual of paid-in kind dividends earned by certain holders of senior preferred stock. The following table presents the calculation of basic and diluted net loss per share for the years ended December 31, 2022, 2021, and 2020 (in thousands, except per share amounts):
 
  December 31,
  2022 2021 2020
Numerator:
Net loss $ (358,741) $ (214,924) $ (208,733)
Adjustment to net loss attributable to common stockholders —  (15,540) — 
Net loss attributable to common stockholders $ (358,741) $ (230,464) $ (208,733)
Denominator:
Weighted-average shares outstanding, basic and diluted 277,997  84,261  37,367 
Loss per share:
Loss per share, basic and diluted $ (1.29) $ (2.74) $ (5.59)

The following outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands):
 
December 31,
2022 2021 2020
Redeemable convertible preferred shares —  —  135,225 
Founders convertible preferred stock —  —  3,993 
Unvested shares of common stock —  —  4,032 
Stock options 8,449  12,730  19,446 
Time-based vesting RSUs 25,515  24,166  — 
Market-based vesting RSUs 10,700  29,073  — 
Warrants to purchase redeemable convertible preferred stock —  —  94 
Warrants to purchase Class A common stock 12,935  12,935  — 
Contingently issuable shares 1,977  1,977  — 
Total 59,576  80,881  162,790 

While the portion of the Earnout Shares designated to holders of common stock of Bird Rides immediately prior to the consummation of the Business Combination would have been anti-dilutive for the periods presented, such Earnout Shares are not outstanding securities and have been excluded from the table above.