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Earnings Per Share | 6 Months Ended
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Jan. 31, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Our basic earnings per share ("EPS") is computed based on the weighted average number of common shares (including vested but unissued stock units, share units, performance shares and restricted stock units ("RSUs")) outstanding during each respective period. Our diluted EPS reflects the dilution from potential common stock issuable pursuant to the exercise of equity-classified stock-based awards, warrants issued to our lenders in connection with entering the Credit Facility, settlement of escrow arrangements related to our acquisition of UHP Networks Inc. ("UHP") and the assumed conversion of Convertible Preferred Stock, if dilutive, outstanding during each respective period. The warrants contingently issuable to our preferred shareholders upon a repurchase of the Series B-2 Convertible Preferred Stock are not reflected in diluted EPS. Pursuant to FASB ASC 260 "Earnings Per Share" ("ASC 260"), shares whose issuance is contingent upon the satisfaction of certain conditions are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period. When calculating our diluted earnings per share, we consider the amount an employee must pay upon assumed exercise of stock-based awards and the amount of stock-based compensation cost attributed to future services and not yet recognized. There were no repurchases of our common stock during the three and six months ended January 31, 2025 and 2024. See Note (19) - Stockholders’ Equity for more information. Weighted average stock options, RSUs and restricted stock outstanding of 1,314,000 and 1,111,000 shares for the three months ended January 31, 2025 and 2024, respectively, and 1,148,000 and 1,139,000 shares for the six months ended January 31, 2025 and 2024, respectively, were not included in our diluted EPS calculation because their effect would have been anti-dilutive. Our EPS calculations exclude 694,000 and 719,000 weighted average performance shares outstanding for the three months ended January 31, 2025 and 2024, respectively, and 507,000 and 699,000 weighted average performance shares outstanding for the six months ended January 31, 2025 and 2024, respectively, as the performance conditions have not yet been satisfied. However, the numerator for EPS calculations for each respective period is reduced by the compensation expense related to these awards. Weighted average common shares related to warrants issued in connection with entering the Credit Facility on June 17, 2024 of 1,396,000 and 1,405,000 for the three and six months ended January 31, 2025, respectively, were not included in our diluted EPS calculation because their effect would have been anti-dilutive. Weighted average common shares of 162,000 for the three and six months ended January 31, 2024 related to our acquisition of UHP in March 2021 were not included in our diluted EPS calculation because their effect would have been anti-dilutive. As of July 31, 2024, all of the shares held in escrow related to the UHP acquisition were settled. Weighted average common shares underlying the assumed conversion of convertible preferred stock, on an if-converted basis, of 24,036,000 and 6,866,000, for the three months ended January 31, 2025 and 2024, respectively, and 23,545,000 and 5,812,000, for the six months ended January 31, 2025 and 2024, respectively, were not included in our diluted EPS calculation because their effect would have been anti-dilutive. As a result, the numerator for our basic and diluted EPS calculation for the three and six months ended January 31, 2025 and 2024 is the respective net loss attributable to common stockholders. The following table reconciles the numerators and denominators used in the basic and diluted EPS calculations:
| Three months ended January 31, |  | Six months ended January 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Net loss | $ | (48,739,000) |  |  | (10,558,000) |  |  | $ | (197,146,000) |  |  | (11,995,000) |
Gain (loss) on extinguishment of convertible preferred stock | — |  |  | (13,640,000) |  |  | 51,179,000 |  |  | (13,640,000) |
Convertible preferred stock issuance costs | — |  |  | (4,273,000) |  |  | — |  |  | (4,273,000) |
Deemed contributions (dividends) on convertible preferred stock | 26,383,000 |  |  | (2,061,000) |  |  | (32,251,000) |  |  | (3,884,000) |
Net loss attributable to common stockholders | $ | (22,356,000) |  |  | (30,532,000) |  |  | $ | (178,218,000) |  |  | (33,792,000) |
Denominator: |  |  |  |  |  |  |
Denominator for basic and diluted calculation | 29,339,000 |  |  | 28,662,000 |  |  | 29,393,000 |  |  | 28,704,000 |
As discussed further in Note (18) - Convertible Preferred Stock, such shares of preferred stock represent a "participating security" as defined in ASC 260. As a result, our EPS calculations for the three and six months ended January 31, 2025 and 2024 were based on the two-class method. Given the net loss attributable to common stockholders for the three and six months ended January 31, 2025 and 2024, there was no impact of applying the two-class method to our reported basic or diluted earnings per common share.

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