| Schedule of earnings per share, basic and diluted |
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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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|
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2021 |
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2020 |
|
2021 |
|
2020 |
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Numerator: |
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Net loss used to compute net loss per share: |
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Basic |
|
$ |
(5,099) |
|
$ |
(8,923) |
|
$ |
(86,497) |
|
$ |
(33,548) |
|
Adjustments for change in fair value of warrant liability |
|
|
(2,692) |
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|
— |
|
|
— |
|
|
— |
|
Diluted |
|
$ |
(7,791) |
|
$ |
(8,923) |
|
$ |
(86,497) |
|
$ |
(33,548) |
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Denominator: |
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Weighted average shares outstanding used to compute loss per share: |
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Basic |
|
|
96,839,292 |
|
|
35,809,973 |
|
|
92,544,137 |
|
|
35,294,839 |
|
Dilutive effect of warrants |
|
|
706,650 |
|
|
— |
|
|
— |
|
|
— |
|
Diluted |
|
|
97,545,942 |
|
|
35,809,973 |
|
|
92,544,137 |
|
|
35,294,839 |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Loss per share - basic |
|
$ |
(0.05) |
|
$ |
(0.25) |
|
$ |
(0.93) |
|
$ |
(0.95) |
|
Loss per share - diluted |
|
$ |
(0.08) |
|
$ |
(0.25) |
|
$ |
(0.93) |
|
$ |
(0.95) |
|
|
| Schedule of antidilutive securities excluded from computation of earnings per share |
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Three Months Ended |
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Nine Months Ended |
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|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Stock options |
|
5,131,615 |
|
7,916,924 |
|
5,131,615 |
|
7,916,924 |
|
Restricted stock units and awards |
|
984,135 |
|
2,144,819 |
|
984,135 |
|
2,144,819 |
|
Legacy Porch warrants |
|
— |
|
3,343,451 |
|
— |
|
3,343,451 |
|
Public and private warrants |
|
— |
|
— |
|
1,821,951 |
|
— |
|
Earnout shares |
|
4,099,999 |
|
— |
|
4,099,999 |
|
— |
|
Convertible debt(1) |
|
16,998,130 |
|
1,856,353 |
|
16,998,130 |
|
1,856,353 |
|
(1) In connection with the September 16, 2021 issuance of the 2026 Notes, the Company used a portion of the proceeds to pay for the capped call transactions, which are expected to generally reduce the potential dilution to the Company’s common stock. The capped call transactions impact the number of shares that may be issued by effectively increasing the conversion price for the Company from $25 per share to approximately $37.74 per share, which would result in 11,261,261 potentially dilutive shares instead of the shares reported in this table as of September 30, 2021.
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