Basic and Diluted Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Basic and Diluted Net Loss Per Share

Schedule of earnings per share, basic and diluted

	2021		2020		2019
Numerator:
Net loss used to compute net loss per share	$	(106,606)	$	(54,032)	$	(103,319)
Induced conversion of preferred stock		—		(17,284)		—
Basic	$	(106,606)	$	(71,316)	$	(103,319)
Add: gain on warrant value		—		(2,427)		—
Diluted	$	(106,606)	$	(73,743)	$	(103,319)
Denominator:
Weighted average shares outstanding used to compute loss per share:
Basic		93,884,566		36,344,234		31,170,351
Dilutive effect of warrants		—		29,981		—
Diluted		93,884,566		36,374,215		31,170,351
Loss per share - basic		(1.14)		(1.96)	$	(3.31)
Loss per share - diluted	$	(1.14)	$	(2.03)	$	(3.31)

Schedule of antidilutive securities excluded from computation of earnings per share

	2021	2020	2019
Stock options	4,822,992	6,414,611	7,428,682
Restricted stock units and awards	2,712,762	2,581,902	495,633
Public and private warrants	1,795,700	8,625,000	—
Earnout shares	2,050,000	6,150,000	—
Legacy Porch warrants	—	—	3,060,530
Convertible debt(1)	16,998,130	—	1,734,264

⁽¹⁾ In connection with the September 16, 2021 issuance of the 2026 Notes, the Company used a portion of the proceeds to pay for the capped call transactions, which are expected to generally reduce the potential dilution to the Company’s common stock. The capped call transactions impact the number of shares that may be issued by effectively increasing the conversion price for the Company from $25 per share to approximately $37.74 per share, which would result in 11,261,261 potentially dilutive shares instead of the shares reported in this table as of December 31, 2021.