Net Loss Per Share

6 Months Ended

Jun. 30, 2024

13. Net Loss Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	Class A and Class B Common Stock						Class A and Class B Common Stock
Numerator:
Net loss	$	(89,900	)	$	(103,425	)	$	(182,867	)	$	(255,980	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		319,415,586			297,827,200			316,809,384			294,862,197
Net loss per share, basic and diluted	$	(0.28	)	$	(0.35	)	$	(0.58	)	$	(0.87	)

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to the Company’s Class A and Class B common stockholders for the periods presented because the impact of including them would have been anti-dilutive:


	June 30, 2024		June 30, 2023
Stock options		26,788,538		36,467,274
Unvested early exercised stock options		67,525		284,550
RSUs		21,297,536		25,308,465
ESPP		514,211		1,553,885
Shares issuable upon conversion of the 2027 Notes		10,992,960		10,992,960
Total		59,660,770		74,607,134

The Company calculates the potential dilutive effect of its 2027 Notes under the if-converted method. Under this method, diluted net loss per share is determined by assuming that all of the 2027 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period.

In connection with the issuance of the 2027 Notes, the Company entered into Capped Calls, which are not included for purposes of calculating the number of diluted weighted-average 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 Class A common stock upon any conversion of the 2027 Notes.