NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2022

Basic net income (loss) per share is computed by dividing net income (loss) attributable to Class A and Class B common stockholders by the weighted-average number of shares of each respective class of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to Class A and Class B common stockholders by the weighted-average number of each respective class of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net income (loss) per share, net income (loss) attributable to Class A and Class B common stockholders is adjusted to reflect the potential effect of dilutive securities.

As result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Business Combination to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted.

The following table sets forth the computation of basic and diluted net income (loss) attributable to Class A and Class B common stockholders per share (in thousands except per share data):


	Three Months Ended June 30, 2022				Three Months Ended June 30, 2021
	Class A		Class B		Class A		Class B
Numerator

Net income (loss) attributable to common stockholders – basic	$	4,805	$	698	$	(5,893)	$	(1,142)
Potential dilutive effect of stock options	22		(22)		—		—
Potential dilutive effect of restricted stock units	—		—		—		—
Net income (loss) attributable to common stockholders – diluted	$	4,827	$	676	$	(5,893)	$	(1,142)
Denominator
Weighted average shares of common stock outstanding - basic	111,057		16,130		83,167		16,130
Potential dilutive effect of stock options	9,873		1,837		—		—
Potential dilutive effect of restricted stock units	7,300		—		—		—
Weighted average shares of common stock outstanding - diluted	128,230		17,967		83,167		16,130
Net income (loss) attributable to common stockholders per share
Basic	$	0.04	$	0.04	$	(0.07)	$	(0.07)
Diluted	$	0.04	$	0.04	$	(0.07)	$	(0.07)


	Six Months Ended June 30, 2022				Six Months Ended June 30, 2021
	Class A		Class B			Class A		Class B
Numerator

Net loss attributable to common stockholders – basic	$	(17,201)	$	(2,508)		$	(932)	$	(185)
Potential dilutive effect of stock options	—		—			—		—
Potential dilutive effect of restricted stock units	—		—			—		—
Net loss attributable to common stockholders – diluted	$	(17,201)	$	(2,508)		$	(932)	$	(185)
Denominator
Weighted average shares of common stock outstanding - basic	110,635		16,130			81,121		16,130
Potential dilutive effect of stock options	—		—			—		—
Potential dilutive effect of restricted stock units	—		—			—		—
Weighted average shares of common stock outstanding - diluted	110,635		16,130			81,121		16,130
Net loss attributable to common stockholders per share
Basic	$	(0.16)	$	(0.16)		$	(0.01)	$	(0.01)
Diluted	$	(0.16)	$	(0.16)		$	(0.01)	$	(0.01)

For the periods presented above, the net income (loss) per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in

accordance with the Certificate of Incorporation. The undistributed earnings (losses) for each period are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings (losses) for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings (losses) are allocated on a proportionate basis.

The following equity awards outstanding have been excluded from the computation of diluted net income (loss) per share of common stock for the periods presented due to their anti-dilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock options	133	15,696	13,752	15,696
RSUs	—	—	7,300	—
Public Warrants	5,382	7,175	5,382	7,175
Private Warrants	3,822	3,821	3,822	3,821
Earnout Shares	15,000	15,000	15,000	15,000
	24,337	41,692	45,256	41,692