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Net Income (Loss) Per Share | 9 Months Ended
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Oct. 31, 2023
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, net of treasury stock. Diluted net income (loss) per share is computed by giving effect to all potentially dilutive shares of common stock, including our convertible senior notes, outstanding warrants related to the issuance of the convertible senior notes, and outstanding share-based awards consisting primarily of unvested RSUs and ESPP obligations. We determine the dilutive effect of outstanding share-based awards and warrants using the treasury stock method, and the dilutive effect of shares underlying our convertible senior notes using the if-converted method. The net income (loss) per share is allocated based on the contractual participation rights of the Class A common shares and Class B common shares as if the income (loss) for the period had been distributed. As the liquidation and dividend rights are identical, the net income (loss) is allocated on a proportionate basis. Basic and diluted net loss per share was the same for the three and nine months ended October 31, 2022, as the inclusion of potentially outstanding weighted-average shares of common stock would have been anti-dilutive due to the incurrence of net loss during these periods. The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B
Net income (loss) per share, basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 90,101 |  |  | $ | 23,608 |  |  | $ | (58,648) |  |  | $ | (16,073) |  |  | $ | 152,222 |  |  | $ | 40,283 |  |  | $ | (188,757) |  |  | $ | (52,295) |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding, basic | 207,726 |  |  | 54,427 |  |  | 200,740 |  |  | 55,013 |  |  | 206,184 |  |  | 54,563 |  |  | 198,876 |  |  | 55,099 |
Net income (loss) per share, basic | $ | 0.43 |  |  | $ | 0.43 |  |  | $ | (0.29) |  |  | $ | (0.29) |  |  | $ | 0.74 |  |  | $ | 0.74 |  |  | $ | (0.95) |  |  | $ | (0.95) |
Net income (loss) per share, diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 90,101 |  |  | $ | 23,608 |  |  | $ | (58,648) |  |  | $ | (16,073) |  |  | $ | 152,222 |  |  | $ | 40,283 |  |  | $ | (188,757) |  |  | $ | (52,295) |
Reallocation of net income as a result of conversion of Class B to Class A common stock | 23,608 |  |  | — |  |  | — |  |  | — |  |  | 40,283 |  |  | — |  |  | — |  |  | — |
Reallocation of net income to Class B common stock | — |  |  | (374) |  |  | — |  |  | — |  |  | — |  |  | (509) |  |  | — |  |  | — |
Net income (loss) for diluted calculation | 113,709 |  |  | 23,234 |  |  | (58,648) |  |  | (16,073) |  |  | 192,505 |  |  | 39,774 |  |  | (188,757) |  |  | (52,295) |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding, basic | 207,726 |  |  | 54,427 |  |  | 200,740 |  |  | 55,013 |  |  | 206,184 |  |  | 54,563 |  |  | 198,876 |  |  | 55,099 |
Conversion of Class B to Class A common stock | 54,427 |  |  | — |  |  | — |  |  | — |  |  | 54,563 |  |  | — |  |  | — |  |  | — |
Dilutive effect of share-based awards | 4,224 |  |  | — |  |  | — |  |  | — |  |  | 3,340 |  |  | — |  |  | — |  |  | — |
Weighted-average shares outstanding, diluted | 266,377 |  |  | 54,427 |  |  | 200,740 |  |  | 55,013 |  |  | 264,087 |  |  | 54,563 |  |  | 198,876 |  |  | 55,099 |
Net income (loss) per share, diluted | $ | 0.43 |  |  | $ | 0.43 |  |  | $ | (0.29) |  |  | $ | (0.29) |  |  | $ | 0.73 |  |  | $ | 0.73 |  |  | $ | (0.95) |  |  | $ | (0.95) |
The computation of diluted net income (loss) per share does not include the effect of the following potentially outstanding weighted-average shares of common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted net income (loss) per share because the effect would have been anti-dilutive (in thousands):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Shares related to outstanding share-based awards | 1,882 |  |  | 16,105 |  |  | 2,774 |  |  | 15,453 |
Shares related to the convertible senior notes | — |  |  | 5,182 |  |  | — |  |  | 6,928 |
Shares subject to warrants related to the issuance of convertible senior notes | — |  |  | 7,818 |  |  | — |  |  | 7,818 |
Total | 1,882 |  |  | 29,105 |  |  | 2,774 |  |  | 30,199 |

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