| NET INCOME (LOSS) PER SHARE |
17. NET INCOME (LOSS) PER SHARE (As Restated)
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 |
|
$ |
(24,645 |
) |
|
$ |
(5,490 |
) |
|
$ |
(137,240 |
) |
|
$ |
(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 - basic |
|
$ |
24,301 |
|
|
$ |
(11,844 |
) |
|
$ |
(103,876 |
) |
|
$ |
(30,450 |
) |
| Change in fair value of Legacy MoneyLion Warrants liability |
|
|
12,046 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Change in fair value of subordinated convertible notes |
|
|
(7,684 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Interest expense from subordinated convertible notes |
|
|
323 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to common stockholders - diluted |
|
$ |
28,986 |
|
|
$ |
(11,844 |
) |
|
$ |
(103,876 |
) |
|
$ |
(30,450 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding - basic (1) |
|
|
62,314,396 |
|
|
|
44,857,889 |
|
|
|
53,119,751 |
|
|
|
45,253,509 |
|
| Weighted-average dilutive impact of redeemable convertible preferred stock |
|
|
106,043,330 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Weighted-average dilutive impact of Legacy MoneyLion Warrants |
|
|
8,456,138 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Weighted-average dilutive impact of options to purchase common stock |
|
|
33,117,202 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Weighted-average dilutive impact of Subordinated Convertible Notes |
|
|
9,183,022 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Weighted-average common shares outstanding - diluted (1) |
|
|
219,114,088 |
|
|
|
44,857,889 |
|
|
|
53,119,751 |
|
|
|
45,253,509 |
|
| Net income (loss) per share attributable to common stockholders - basic |
|
$ |
0.39 |
|
|
$ |
(0.26 |
) |
|
$ |
(1.96 |
) |
|
$ |
(0.67 |
) |
| Net income (loss) per share attributable to common stockholders - diluted |
|
$ |
0.13 |
|
|
$ |
(0.26 |
) |
|
$ |
(1.96 |
) |
|
$ |
(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 4, “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 income (loss) per share because including them would have an anti-dilutive effect:
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Conversion of redeemable convertible preferred stock (1) |
|
|
- |
|
|
|
107,410,844 |
|
|
|
- |
|
|
|
107,410,844 |
|
| Warrants to purchase common stock and redeemable convertible preferred stock (1) |
|
|
25,600,000 |
|
|
|
16,286,818 |
|
|
|
25,600,000 |
|
|
|
16,286,818 |
|
| Options to purchase common stock (1) |
|
|
- |
|
|
|
34,935,030 |
|
|
|
37,622,625 |
|
|
|
34,935,030 |
|
Right to receive Earnout Shares |
|
|
17,500,000 |
|
|
|
- |
|
|
|
17,500,000 |
|
|
|
- |
|
| Total common stock equivalents |
|
|
43,100,000 |
|
|
|
158,632,692 |
|
|
|
80,722,625 |
|
|
|
158,632,692 |
|
| | (1) | 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 4, “Business Combination” for details. |
|