Net (Loss) Income Per Share

9 Months Ended

Mar. 31, 2022

The computation of basic and diluted net (loss) income per share is as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
	(in millions, except share and per share amounts)
Basic net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(757.1)	$	(8.6)	$	(1,572.4)	$	124.2
Shares used in computation:
Weighted-average common shares outstanding	333,864,579		295,646,824		317,245,844		292,276,299
Basic net (loss) income per share	$	(2.27)	$	(0.03)	$	(4.96)	$	0.43

Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(757.1)	$	(8.6)	$	(1,572.4)	$	124.2
Shares used in computation:
Weighted-average common shares outstanding	333,864,579		295,646,824		317,245,844		292,276,299
Weighted-average effect of potentially dilutive securities:
Employee stock options	—		—		—		54,623,068
Restricted stock units and awards	—		—		—		611,364
Shares estimated to be purchased under ESPP	—		—		—		583,648
Diluted weighted-average common shares outstanding	333,864,579		295,646,824		317,245,844		348,094,379
Diluted net (loss) income per share	$	(2.27)	$	(0.03)	$	(4.96)	$	0.36

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended March 31,		Nine Months Ended March 31,
	2022	2021	2022	2021
Employee stock options	31,148,210	57,016,995	42,008,515	78,887
Restricted stock units and awards	154,564	729,305	219,810	14,406
Shares estimated to be purchased under ESPP	—	359,350	37,826	—

Impact of 2021 Notes

The Company expects to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable. The conversion option will have a dilutive impact on net loss per share of common stock when the average market price per share of the Company's Class A common stock for a given period exceeds the conversion price of the Notes of $239.23 per share. During the three and nine months ended March 31, 2022, the weighted average price per share of the Company's Class A common stock was below the conversion price of the Notes.

The denominator for basic and diluted (loss) income per share does not include any effect from the Capped Call Transactions the Company entered into concurrently with the issuance of the Notes as this effect would be anti-dilutive. In the event of conversion of the Notes, if shares are delivered to the Company under the Capped Call Transactions, they will offset the dilutive effect of the shares that the Company would issue under the Notes.