NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2022

The following table sets forth the net income (loss) and the computation of basic and diluted per common stock for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except shares and per share data)	2022		2021		2022		2021
Numerator:
Net income (loss)	$	(112,011)	$	(64,840)	$	(126,660)	$	(117,240)
Less: net loss attributable to non-controlling interests	(57,783)		(41,602)		(67,759)		(98,559)
Net income (loss) attributable to Class A common stockholders	(54,228)		(23,238)		(58,901)		(18,681)
Dilutive effect of warrants on net income to Class A common stockholders	—		—		—		(8,780)
Dilutive effect of Class B common stock	—		(41,602)		—		—
Net loss attributable to Class A common stockholders - Diluted	$	(54,228)	$	(64,840)	$	(58,901)	$	(27,461)
Basic and Diluted Earnings Per Share denominator:
Weighted average common stock outstanding - basic	232,314,170		170,871,429		211,408,974		168,100,210
Net income (loss) per share - basic	$	(0.23)	$	(0.14)	$	(0.28)	$	(0.11)
Diluted Earnings Per Share:
Dilutive effect of warrants on weighted average common stock outstanding	—		—		—		1,212,048
Dilutive effect of Class B common stock on weighted average common stock outstanding	—		306,384,554		—		—
Weighted average common stock outstanding - diluted	232,314,170		477,255,983		211,408,974		169,312,258
Net loss per share - diluted	$	(0.23)	$	(0.14)	$	(0.28)	$	(0.16)

The outstanding Company’s Class B common stock does not represent economic interests in the Company, and as such, is not included in the denominator of the basic net loss per share calculation.

On August 11, 2021, the Company issued 2,720,966 shares of Class A common stock (the “escrowed shares”) to the escrow agent, on behalf of the seller, as part of the consideration in connection with an acquisition. The amount of shares was based on a $30.0 million purchase price divided by the average share price of the Company during the twenty consecutive trading days preceding the closing date of the transaction. The shares were deposited in escrow and will be released to the seller upon the satisfaction of certain performance metrics during 2022 and 2023. The final number of shares to be issued to the seller, if any, from the escrow account will be calculated by multiplying the initial share amount by an earned share percentage in accordance

with the purchase agreement and subtracting any forfeited indemnity shares. The dilutive effects of these shares were excluded from the three and nine months ended September 30, 2022 diluted earnings per share calculation because they were antidilutive.

No securities were dilutive for the three and nine months ended September 30, 2022. The table below presents the Company’s potentially dilutive securities:


			As of September 30, 2022
Class B common stock			250,093,479
Public Warrants			22,999,900
Private Placement Warrants			10,533,292
Restricted Stock Units			12,495,697
Stock Options			11,180,034
Contingent Shares Issued in Connection with Acquisitions			2,720,966
2021 ESPP Shares			611,183
Potential Common Stock Equivalents			310,634,551