Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. As the Company had net losses for the three months ended March 31, 2023 and 2022, all potentially issuable shares of common stock were determined to be anti-dilutive.

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


	Three Months Ended March 31,
		2023		2022
Net loss		$	(12,686)	$	(18,185)
Weighted-average shares used in computing net loss per share, basic and diluted		99,503		97,554
Net loss per share, basic and diluted		$	(0.13)	$	(0.19)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect (in thousands):


	March 31, 2023	March 31, 2022
Shares related to convertible senior notes	19,538	19,538
Stock-options to purchase common stock	12,690	12,212
Restricted stock units	10,869	7,357
ESPP	150	83
Total shares of potentially dilutive securities	43,247	39,190

For the 2025 Notes and 2026 Notes, the conversion spread of 11.9 million shares and 7.6 million shares, respectively, will have a dilutive impact on diluted net income per share of common stock when the average market price of the Company’s Class A common stock for a given period exceeds the conversion price of $12.60 per share for the 2025 Notes and $27.89 per share for the 2026 Notes.