Net Loss Per Share

9 Months Ended

Oct. 31, 2023

The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period, including stock options, restricted stock units and shares underlying the conversion option of the convertible senior notes. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each period presented.

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Numerator:
Net loss	$	(29,297)	$	(84,841)	$	(121,140)	$	(281,000)

Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	71,560,023		68,916,813		70,878,162		68,325,990

Net loss per share, basic and diluted	$	(0.41)	$	(1.23)	$	(1.71)	$	(4.11)

In connection with the issuance of the 2024 Notes and 2026 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2024 Notes and the 2026 Notes. The Company has not exercised any of its Capped Calls as of October 31, 2023.

The following weighted-average outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive:


	Three Months Ended October 31,		Nine Months Ended October 31,
	2023	2022	2023	2022
Stock options pursuant to the 2016 Equity Incentive Plan	391,969	549,089	448,289	584,933
Stock options pursuant to the 2008 Stock Incentive Plan	848,908	1,537,192	996,896	1,680,349
Unvested restricted stock units	4,260,776	3,879,249	4,271,290	3,801,137
Unvested executive PSUs	205,232	65,844	205,232	65,844


Shares underlying the conversion option of the 2026 Notes	5,445,002	5,445,036	5,445,002	5,445,051
Total	11,151,887	11,476,410	11,366,709	11,577,314