Annual report pursuant to Section 13 and 15(d)

Net Loss Per Share

v3.22.4
Net Loss Per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
NET LOSS PER SHARE

15. NET LOSS PER SHARE

The following table sets forth the computation of net loss per common share for the twelve months ended December 31, 2022 and 2021:

 

 

Twelve Months Ended December 31,

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

Net loss

 

(189,066

)

 

 

(169,484

)

Net income attributable to redeemable noncontrolling interests

 

-

 

 

 

(12,776

)

(Accrual) / reversal of dividends on preferred stock

 

(6,880

)

 

 

42,728

 

Net loss attributable to common shareholders

$

(195,946

)

 

$

(139,532

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted-average common shares outstanding - basic and diluted(1)

 

241,695,859

 

 

 

97,158,738

 

Net loss per share attributable to common stockholders - basic and diluted(1)

$

(0.81

)

 

$

(1.44

)

 

(1)
Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s Common Stock for 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 twelve months ended December 31, 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, RSUs, preferred stock 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.

 

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 twelve months ended December 31, 2022 and 2021:

 

 

Twelve Months Ended

 

 

December 31,

 

 

2022

 

 

2021

 

Conversion of convertible preferred stock (1)

 

25,655,579

 

 

 

-

 

Warrants to purchase common stock and redeemable convertible preferred stock (1)

 

25,599,889

 

 

 

25,599,889

 

PSUs, RSUs and options to purchase common stock (1)

 

63,465,503

 

 

 

38,085,775

 

Right to receive earnout shares

 

17,500,000

 

 

 

17,500,000

 

Total common stock equivalents

 

132,220,971

 

 

 

81,185,664

 

 

(1)
Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion Common Stock for 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.