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Net Income (Loss) Per Share | 12 Months Ended
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Jan. 31, 2024
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Prior to the Company's IPO in June 2021, the Company computed net loss per share using the two-class method required for participating securities. The two-class method required income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considered its convertible preferred shares to be participating securities as the holders of the convertible preferred shares would be entitled to dividends that would be distributed to the holders of ordinary shares, on a pro-rata basis assuming conversion of all convertible preferred shares into ordinary shares. These participating securities did not contractually require the holders of such shares to participate in the Company’s losses. As such, net loss was not allocated to the Company’s participating securities. Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period. Diluted net income (loss) per share is calculated by giving effect to all potential dilutive common stock equivalents, which includes stock options, restricted stock units and other awards. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Following the Company’s IPO in June 2021, the Company has two classes of common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, conversion and transfer rights. All shares of the Company’s common stock outstanding immediately prior to the Company’s IPO, including all shares held by executive officers, directors and their respective affiliates, and all shares issuable on the conversion of outstanding convertible preferred stock, were converted into shares of the Company’s Class B common stock immediately prior to the completion of the offering. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net income (loss) per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. The following table sets forth the computation of basic and diluted net income (loss) per share:
| Year Ended January 31,
(in thousands, except per share data) | 2024 |  | 2023 |  | 2022
Net income (loss) per share – basic: |  |  |  |  |
Numerator: |  |  |  |  |
Net income (loss) | $ | 51,403 |  |  | $ | (55,742) |  |  | $ | (111,470) |
Denominator: |  |  |  |  |
Weighted-average shares outstanding used in computing net income (loss) per share, basic | 269,974 |  | 259,530 |  | 195,020
Net income (loss) per common share, basic | $ | 0.19 |  |  | $ | (0.21) |  |  | $ | (0.57) |
Net income (loss) per share - diluted: |  |  |  |  |
Numerator: |  |  |  |  |
Net income (loss) | $ | 51,403 |  |  | $ | (55,742) |  |  | $ | (111,470) |
Denominator: |  |  |  |  |
Weighted-average shares outstanding used in computing net income (loss) per share, basic | 269,974 |  |  | 259,530 |  |  | 195,020 |
Weighted-average effect of diluted securities: |  |  |  |  |
Stock options | 11,749 |  | — |  |  | — |
Restricted stock units | 4,783 |  | — |  |  | — |
Common stock warrants | 587 |  | — |  |  | — |
Weighted-average shares outstanding used in computing net income (loss) per share, diluted | 287,093 |  |  | 259,530 |  |  | 195,020 |
Net income (loss) per common share, diluted | $ | 0.18 |  |  | $ | (0.21) |  |  | $ | (0.57) |
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
| Year Ended January 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Stock options | $ | 2,595 |  |  | $ | 33,049 |  |  | $ | 44,355 |
PSUs and other performance-based awards | 780 |  |  | 1,450 |  |  | 3,175 |
RSUs | 415 |  |  | 9,400 |  |  | 1,730 |
ESPP | 91 |  |  | 168 |  |  | 242 |
Warrants to purchase common stock | — |  |  | 2,500 |  |  | 2,500 |
Total shares excluded from net income (loss) per share | $ | 3,881 |  |  | $ | 46,567 |  |  | $ | 52,002 |

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