Basic and Diluted Net Loss per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Basic and Diluted Net Loss per Share
21.
Basic and Diluted Net Loss per Share

 

Basic and diluted net loss per share have been calculated in accordance with ASC 260, Earnings Per Share. Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. The computation of earnings per share for the years ended December 31, 2020, 2021 and 2022 is as follows:

 

 

Year Ended December 31

 

 

2020

 

 

2021

 

 

2022

 

 

(US$ thousand)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(3,115

)

 

$

(72,355

)

 

$

(120,380

)

Cumulative undeclared dividends on convertible redeemable preferred shares

 

 

(6,715

)

 

 

—

 

 

 

—

 

Accretion on convertible redeemable preferred shares to redemption value (Note 16)

 

 

(193,466

)

 

 

—

 

 

 

—

 

Net loss attributable to Agora, Inc.’s ordinary shareholders - basic and diluted

 

 

(203,296

)

 

 

(72,355

)

 

 

(120,380

)

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic and diluted loss per share

 

 

 

 

 

 

 

 

 

weighted-average ordinary shares outstanding(1)

 

 

268,849,967

 

 

 

440,864,190

 

 

 

446,426,914

 

Basic and diluted loss per share

 

$

(0.76

)

 

$

(0.16

)

 

$

(0.27

)

 

(1)
Options exercisable for a minimal exercise price are included in the denominator of basic loss per share calculation once there are no further vesting conditions or contingencies associated with them, as they are considered contingently issuable shares. Accordingly, a weighted average of 1,457,697 shares related to these options, for which the exercise price is zero dollars per share, are included in the denominator for the computation of basic loss per share for the year ended December 31, 2022.

The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect:

 

 

Year Ended December 31

 

 

2020

 

 

2021

 

 

2022

 

Preferred shares - weighted average

 

 

86,731,855

 

 

 

—

 

 

—

 

Share options - weighted average

 

 

39,846,432

 

 

 

39,790,418

 

 

 

27,465,692

 

Restricted share - weighted average

 

 

479,275

 

 

 

204,129

 

 

 

369,050

 

Restricted share units - weighted average

 

 

32,870

 

 

 

471,680

 

 

 

942,501

 

VPP shares – weighted average

 

 

39,311

 

 

 

72,257

 

 

 

343,984