| NET LOSS PER SHARE |
15. NET LOSS PER SHARE
The following table sets forth the computation of net loss per share of MoneyLion Class A Common Stock for the three and nine months ended September 30, 2022 and 2021:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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|
2021 |
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Numerator: |
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Net loss |
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(21,017 |
) |
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|
(24,645 |
) |
|
|
(54,060 |
) |
|
|
(137,240 |
) |
Net income attributable to redeemable noncontrolling interests |
|
- |
|
|
|
(3,520 |
) |
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|
- |
|
|
|
(9,364 |
) |
(Accrual) / reversal of dividends on preferred stock |
|
(1,688 |
) |
|
|
52,466 |
|
|
|
(4,892 |
) |
|
|
42,728 |
|
Net (loss) income attributable to common shareholders |
$ |
(22,705 |
) |
|
$ |
24,301 |
|
|
$ |
(58,952 |
) |
|
$ |
(103,876 |
) |
Change in fair value of Legacy MoneyLion warrants liability |
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- |
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|
|
12,046 |
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|
- |
|
|
|
- |
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Change in fair value of subordinated convertible notes |
|
- |
|
|
|
(7,684 |
) |
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|
- |
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|
- |
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Interest expense from subordinated convertible notes |
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- |
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|
323 |
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- |
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- |
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Net (loss) income attributable to common stockholders - diluted |
$ |
(22,705 |
) |
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$ |
28,986 |
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$ |
(58,952 |
) |
|
$ |
(103,876 |
) |
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Denominator: |
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Weighted-average common shares outstanding - basic(1) |
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244,702,713 |
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62,314,396 |
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237,302,217 |
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|
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53,119,751 |
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Weighted-average dilutive impact of redeemable convertible preferred stock |
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- |
|
|
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106,043,330 |
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|
- |
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|
- |
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Weighted-average dilutive impact of Legacy MoneyLion Warrants |
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- |
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8,456,138 |
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- |
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|
- |
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Weighted-average dilutive impact of options to purchase common stock |
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- |
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33,117,202 |
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|
|
- |
|
|
|
- |
|
Weighted-average dilutive impact of subordinated convertible notes |
|
- |
|
|
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9,183,022 |
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|
|
- |
|
|
|
- |
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Weighted-average common shares outstanding - diluted(1) |
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244,702,713 |
|
|
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219,114,088 |
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237,302,217 |
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53,119,751 |
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Net (loss) income per share attributable to common stockholders - basic(1) |
$ |
(0.09 |
) |
|
$ |
0.39 |
|
|
$ |
(0.25 |
) |
|
$ |
(1.96 |
) |
Net (loss) income per share attributable to common stockholders - diluted (1) |
$ |
(0.09 |
) |
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$ |
0.13 |
|
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$ |
(0.25 |
) |
|
$ |
(1.96 |
) |
(1)
Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s Common Stock for MoneyLion Class A Common Stock at the Exchange Ratio of approximately 16.4078 in September 2021 as a result of the Business Combination. See Note 3, “Business Combination,” for details.
For the three and nine months ended September 30, 2022 and the nine months ended September 30, 2021, the Company’s potentially dilutive securities, which include stock options, RSUs, PSUs, preferred stock, the right to receive earnout shares and warrants to purchase shares of common stock and preferred 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 for the three and nine months ended September 30, 2022 and the nine months ended September 30, 2021.
The following potential common shares have been excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2022 and 2021:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2022 |
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2021 |
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|
2022 |
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|
2021 |
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Conversion of convertible preferred stock (1) |
|
25,655,579 |
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|
- |
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25,655,579 |
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|
- |
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Warrants to purchase common stock and redeemable convertible preferred stock (1) |
|
25,599,889 |
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25,600,000 |
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25,599,889 |
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25,600,000 |
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PSUs, RSUs and options to purchase common stock (1) |
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57,816,406 |
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|
- |
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57,816,406 |
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37,622,625 |
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Right to receive earnout shares |
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17,500,000 |
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17,500,000 |
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17,500,000 |
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|
17,500,000 |
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Total common stock equivalents |
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126,571,874 |
|
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43,100,000 |
|
|
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126,571,874 |
|
|
|
80,722,625 |
|
(1)
Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion Common Stock for MoneyLion Class A Common Stock at the Exchange Ratio of approximately 16.4078 in September 2021 as a result of the Business Combination. See Note 3, “Business Combination” for details.
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