Loss per Share (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Calculation of Both Basic and Diluted Loss Per Share

The calculation of both basic and diluted loss per share for the periods indicated below was as follows (in thousands, except per share data):


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Basic and diluted loss per share:
Net loss	$	(21,749)	$	(135,723)	$	(46,959)	$	(273,946)
Less: Net income (loss) attributable to non-controlling interests	956		(177)		2,016		(650)
Less: Series A Senior Preferred redemption value adjustments(1)	44,696		—		44,696		—
Less: Series A Senior Preferred cumulative dividend	5,709		5,063		11,012		6,988
Loss available to common stockholders	$	(73,110)	$	(140,609)	$	(104,683)	$	(280,284)

Weighted average shares outstanding(2)	4,122		4,077		4,110		4,038

Basic and diluted loss per share	$	(17.74)	$	(34.49)	$	(25.47)	$	(69.41)

(1) For the three and six months ended June 30, 2023, the Series A Senior Preferred Stock was remeasured to its redemption value. This adjustment consisted of the recognition of a deemed dividend primarily from the original issue discount and an incremental redemption value adjustment to reflect the carrying amount equal to what the redemption amount would be as if redemption were to occur at the end of the reporting period. Refer to Note 10 - Mezzanine and Stockholders' Equity for additional information.

(2) Included within weighted average shares outstanding following the 2022 Debt Refinancing are common shares issuable upon the exercise of the Series II Warrants, as the Series II Warrants are exercisable at any time for nominal consideration. As such, the shares are considered to be outstanding for the purpose of calculating basic and diluted loss per share.

Schedule of Antidilutive Securities Excluded From Computation of Diluted Shares Outstanding

For the periods presented, basic and diluted loss per share were equal. The following number of shares issuable related to outstanding securities could potentially dilute earnings per share in the future (in thousands):


	Three Months Ended		Six Months Ended
	June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022
2L Notes(1)	8,259	—	8,259	—
Series I Warrants	105	105	105	105
IPO Warrants	197	197	197	197
Restricted shares(2)	7	11	7	11
Stock options	103	129	103	129
RSUs	767	97	767	97
RSAs	2	6	2	6
Total	9,440	545	9,440	545

(1) Potential dilution is reflected on an if-converted basis based on the principal amount of 2L Notes and conversion price of $12.50 per share.

(2) Represents certain shares of Class A common stock legally issued, but not outstanding, as of the respective periods.