Net Loss Per Share

12 Months Ended

Dec. 31, 2023

(15) Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share of our common stock for the years ended December 31, 2023 and 2022 :


		Year Ended December 31,
			2023		2022		2021
	(in thousands, except share and per share data)
Numerator:
Net loss			$	(149,260)	$	(124,717)	$	(146,334)
Denominator:
Weighted-average common shares outstanding, basic and diluted			60,756,087		58,552,065		55,270,998
Net loss per share, basic and diluted			$	(2.46)	$	(2.13)	$	(2.65)

We intend to settle any conversion of our 2025 Notes, 2027 Notes and 2029 Notes in cash, shares, or a combination thereof. The dilutive impact of the Notes for our calculation of diluted net income (loss) per share is considered using the if-converted method. For the years ended December 31, 2023 and 2022, the shares underlying the Notes were not considered in the calculation of diluted net loss per share as the effect would have been anti-dilutive.

In connection with the issuance of the 2023 Notes, the 2025 Notes, the 2027 Notes and the 2029 Notes, we entered into 2023 Capped Calls, 2025 Capped Calls, 2027 Capped Calls and 2029 Capped Calls, which were not included for the purpose of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. As further described in Note 11, Debt, the 2023 Capped Calls were not redeemed with the redemption of the 2023 Notes. The 2025 Capped Calls were not redeemed with the partial repurchase of the 2025 Notes and remain outstanding.

As of December 31, 2023 and 2022, the 2025 Notes, the 2027 Notes and the 2029 Notes were not convertible at the option of the holder. We had not received any conversion notices through the issuance date of our unaudited consolidated financial statements. For disclosure purposes, we have calculated the potentially dilutive effect of the conversion spread, which is included in the table below. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been anti-dilutive:


	Year Ended December 31,
		2023	2022	2021
Options to purchase common stock		716,270	932,126	1,411,387
Unvested restricted stock units		2,983,020	3,001,443	2,778,877
Common stock issued in conjunction to acquisitions		115,051	74,627	273,473
Shares to be issued under ESPP		103,778	106,965	36,831
Convertible senior notes		11,183,611	9,572,955	9,573,087
Total		15,101,730	13,688,116	14,073,655