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Net Loss Per Share Available to Common Stockholders
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share Available to Common Stockholders Net Loss Per Share Available to Common StockholdersThe Company calculates basic and diluted net loss per share available to common stockholders in conformity with the two-class method required for companies with participating securities. Pursuant to Accounting Standards Update 2020-06, the Company applies the more dilutive of the if-converted method and the two-class method to its Notes.
Computation of net loss per share available to common stockholders for the three and nine months ended September 30, 2023 excludes the dilutive effect of 4,383,626 shares issuable under stock options and 1,399,909 RSUs outstanding at September 30, 2023 because the Company incurred a net loss and their inclusion would be anti-dilutive. Computation of net loss per share available to common stockholders for the three and nine months ended September 30, 2023 also excludes the dilutive effect of the Notes because the Company recorded a net loss and their inclusion would be anti-dilutive. Computation of net loss per share available to common stockholders for the three and nine months ended October 1, 2022 excludes the dilutive effect of 4,185,008 shares issuable under stock options and 830,256 RSUs outstanding at October 1, 2022 because their inclusion would be anti-dilutive. Computation of net loss per share available to common stockholders for the three and nine months ended October 1, 2022 also excludes the dilutive effect of the Notes because the Company recorded a net loss and their inclusion would be anti-dilutive.
(in thousands, except share and per share amounts)Three Months Ended Nine Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Numerator:
Net loss available to common stockholders$(70,492)$(101,678)$(183,034)$(299,270)
Net loss available to common stockholders—basic(70,492)(101,678)(183,034)(299,270)
Denominator:
Weighted average common shares outstanding—basic64,398,448 63,694,592 64,210,809 63,579,763 
Dilutive effect of shares issuable under stock options— — — — 
Dilutive effect of RSUs— — — — 
Dilutive effect of Notes, if converted(1)
— — — — 
Weighted average common shares outstanding—diluted64,398,448 63,694,592 64,210,809 63,579,763 
Net loss per share available to common stockholders—basic$(1.09)$(1.60)$(2.85)$(4.71)
Net loss per share available to common stockholders—diluted$(1.09)$(1.60)$(2.85)$(4.71)
__________
(1) As the Company recorded a net loss in the three and nine months ended September 30, 2023 and October 1, 2022, inclusion of shares from the conversion premium or spread would be anti-dilutive. The Company had $1.2 billion in Notes outstanding as of September 30, 2023 and October 1, 2022.