Rodgers Silicon Valley Acquisition Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Net Loss per Share

Net Loss per Share

12 Months Ended

Dec. 31, 2023

The Company computes net earnings per share (“EPS”) of common stock using the two-class method. Basic EPS is computed using net income (loss) divided by the weighted-average number of common stock shares outstanding. Diluted EPS is computed using net income (loss) with an adjustment of changes in fair value of the Private Placement Warrants recorded in earnings divided by the total of weighted-average number of common stock shares outstanding and any dilutive potential common stock shares outstanding. Dilutive potential common stock shares included the assumed stock

options exercises, vesting and issuance activities of restricted stock units and estimated common stock issuance under the employee stock purchase plan.

The following table shows the computation of the Company’s basic and diluted net EPS of common stock for the periods presented below (in thousands, except share and per share amount).


	Fiscal Years
		2023		2022		2021

Numerator:
Net loss attributable to common stockholders - basic		$	(214,071)	$	(51,622)	$	(125,874)
Decrease in fair value of Private Placement Warrants		(6,180)		(75,180)		—
Net loss attributable to common stockholders - diluted		$	(220,251)	$	(126,802)	$	(125,874)

Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic		159,065,697		152,918,287		117,218,893
Dilutive effect of Private Placement Warrants		509,858		1,231,080		—
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted		159,575,555		154,149,367		117,218,893

Net loss per share of common stock:
Basic		$	(1.35)	$	(0.34)	$	(1.07)
Diluted		$	(1.38)	$	(0.82)	$	(1.07)

As the Company reported net loss for the periods presented above, these potentially dilutive securities were anti-dilutive and were excluded in the computation of diluted net loss per share. The following table discloses shares of the securities that were not included in the diluted EPS calculation above because they were anti-dilutive for the periods presented above.


	Fiscal Years
		2023	2022	2021
Stock options outstanding		2,615,199	5,034,282	5,753,005
Restricted stock units and performance restricted stock units outstanding		11,424,740	7,371,158	535,449
Private Placement Warrants outstanding		—	—	6,000,000
Public Warrants outstanding		—	—	4,322,106
Employee stock purchase plan estimated shares		442,146	349,988	47,379
Assumed conversion of Convertible Senior Notes		11,053,800	—	—