Rodgers Silicon Valley Acquisition Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) per Share

Net Income (Loss) per Share

3 Months Ended

Apr. 02, 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 sets forth 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).


	Quarters Ended
	April 2, 2023		April 3, 2022

Numerator:
Net income (loss) attributable to common stockholders - basic	$	(73,603)	$	42,707
Decrease in fair value of Private Placement Warrants	—		(67,800)
Net loss attributable to common stockholders - diluted	$	(73,603)	$	(25,093)

Denominator:
Weighted-average shares outstanding used in computing net loss per share of common stock, basic	155,626,977		151,648,439
Dilutive effect of Private Placement Warrants	—		1,690,023
Weighted-average shares outstanding used in computing net loss per share of common stock, diluted	155,626,977		153,338,462

Net income (loss) per share of common stock:
Basic	$	(0.47)	$	0.28
Diluted	$	(0.47)	$	(0.16)

As the Company reported net loss for the periods presented above, these potentially dilutive securities were anti-dilutive and are 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 are anti-dilutive for the periods presented above.


	Quarters Ended
	April 2, 2023	April 3, 2022
Stock options outstanding	4,608,824	5,536,905
Restricted stock units and performance restricted stock units outstanding	9,821,622	917,079
Private Placement Warrants outstanding	6,000,000	—

Employee stock purchase plan estimated shares	349,988	78,198