Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

v3.21.2
Net Income (Loss) Per Share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE

16. NET INCOME (LOSS) PER SHARE

 

As of September 30, 2021 and 2020, the following table sets forth the computation of net loss per common share:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2021     2020     2021     2020  
                         
Numerator:                        
Net loss   $ (20,283 )   $ (5,490 )   $ (132,878 )   $ (11,153 )
Net income attributable to redeemable noncontrolling interests     (3,520 )     (1,967 )     (9,364 )     (6,480 )
Reversal of previously accrued / (accrual of) dividends on redeemable convertible preferred stock     52,466       (4,387 )     42,728       (12,817 )
Net income (loss) attributable to common stockholders   $ 28,663     $ (11,844 )   $ (99,514 )   $ (30,450 )
Denominator:                                
Weighted-average common shares outstanding - basic and diluted (1)     62,314,396       44,857,889       53,119,751       45,253,509  
Net income (loss) per share attributable to common stockholders - basic and diluted   $ 0.46     $ (0.26 )   $ (1.87 )   $ (0.67 )

  

  (1) Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s common stock for MoneyLion Class A Common Stock at an exchange ratio of approximately 16.4078 in September 2021 as a result of the Business Combination. See Note 3, “Business Combination,” for details. Additionally, included within net income attributable to common stockholders for the three months and nine months ended September 30, 2021 is an adjustment to reflect the reversal of previously accrued dividends on redeemable convertible preferred stock in the amount of $56,931 which were forfeited by the preferred stockholders in conjunction with the Business Combination.

  

The Company’s potentially dilutive securities, which include stock options to purchase common stock and warrants to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same.

 

The Company excluded the following potential common shares from the computation of diluted net loss per share because including them would have an anti-dilutive effect for the three months and nine months ended September 30, 2021 and 2020:

 

    September 30,  
    2021     2020  
Conversion of redeemable convertible preferred stock (1)     0       107,410,844  
Warrants to purchase common stock and redeemable convertible preferred stock (1)     25,600,000       16,286,818  
Options to purchase common stock (1)     37,622,625       34,935,030  
Total common stock equivalents     63,222,625       158,632,692  

 

(4) Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion Common Stock for MoneyLion Common Stock at an exchange ratio of approximately 16.4078 in September 2021 as a result of the Business Combination. See Note 3, “Business Combination” for details.