Basic earnings (loss) per share is based on the average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and RSUs using the “treasury stock” method.

The Company has issued and outstanding approximately 23 million earnout shares, which are subject to forfeiture if the achievement of certain stock price thresholds are not met. In accordance with ASC 260, “Earnings Per Share,” earnout shares are excluded from weighted-average shares outstanding to calculate basic earnings (loss) per share as they are considered contingently issuable shares due to their potential forfeiture. Earnout shares will be included in weighted-average shares outstanding to calculate basic earnings (loss) per share as of the date their stock price thresholds are met and they are no longer subject to forfeiture. Additionally, dividends accrued on earnout shares, if any, will be forfeited if the pricing thresholds for earnout shares are not met during the specified time period.

The Company has excluded approximately 4 million of stock options for the three months ended March 31, 2025, as their inclusion would have resulted in anti-dilutive effect on earnings per share. Additionally, the Company has excluded 0.8 million of PSUs which were subject to the achievement of performance-based vesting conditions from the computation of diluted weighted average common shares because the performance conditions were not achieved as of March 31, 2025.

As the Company incurred net loss during the three months ended March 31, 2024, the Company excluded 20 million of stock options and 28 million of RSUs from the calculation of diluted earnings (loss) per share as their inclusion would have resulted in anti-dilutive effect on loss per share.


(in $ millions, except share and per share data)	Three months ended March 31,
		2025		2024
Numerator – Basic and diluted income (loss) per share:
Net income (loss) attributable to the Company’s Class A common stockholders (A)		$	75	$	(19)



Denominator – Basic and diluted weighted average number of shares outstanding:
Weighted average number of Class A Common Stock outstanding – Basic (B)		465,872,540		461,386,280

Dilutive effect of RSUs		10,845,224		—
Dilutive effect of stock options		1,997,918		—
Weighted average number of Class A Common Stock outstanding – Diluted (C)		478,715,682		461,386,280

Basic income (loss) per share attributable to the Company’s Class A common stockholders: (A) / (B)		$	0.16	$	(0.04)

Diluted income (loss) per share attributable to the Company’s Class A common stockholders: (A) / (C)		$	0.16	$	(0.04)