The Company applies the two-class method to calculate its basic and diluted net loss per share as Class A subordinate voting shares and Class B restricted voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis. The Company uses the treasury stock method for calculating the effect of dilutive potential common stock from employee stock options and employee RSUs.

The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:


	Three months ended March 31,
	2026		2025







	(in US $ millions, except share and per share amounts)
Numerator:
Net loss	(581)		(682)

Denominator:
Basic weighted average number of shares outstanding	1,303,357,874		1,295,377,376
Weighted average effect of dilutive securities:
Stock options	—		—
Restricted share units	—		—

Deferred share units	—		—
Diluted weighted average number of shares	1,303,357,874		1,295,377,376

Net loss per share:
Basic	$	(0.45)	$	(0.53)
Diluted	$	(0.45)	$	(0.53)

Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:
Stock options	12,211,409		14,767,620
Restricted share units	4,058,554		5,300,232
Convertible senior notes(1)	—		6,388,480
Deferred share units	5,657		15,488
	16,275,620		26,471,820