Net Loss per Share Attributable to Common Stock

9 Months Ended

Sep. 30, 2023

Net Loss per Share Attributable to Common Stock

Net Loss from Continuing Operations per Share Attributable to Common Stock

Net loss from continuing operations per share attributable to common stock is computed by dividing the net loss from continuing operations attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss from continuing operations per share whenever doing so would be dilutive.

We calculate basic and diluted net loss from continuing operations per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss from continuing operations attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 11.

The calculation of basic and diluted net loss from continuing operations per share attributable to common stock was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net loss from continuing operations	$	(18,972)	$	(46,251)	$	(103,494)	$	(222,721)
Dividends on convertible preferred stock	(335)		(272)		(858)		(1,416)

Net loss from continuing operations attributable to common stock—basic and diluted	$	(19,307)	$	(46,523)	$	(104,352)	$	(224,137)
Denominator:
Weighted-average shares—basic and diluted(1)	114,592,679		108,618,491		112,141,342		107,566,894



Net loss from continuing operations per share attributable to common stock—basic and diluted	$	(0.17)	$	(0.43)	$	(0.93)	$	(2.08)

(1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.

The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share for the periods presented because their effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
2023 notes as if converted	—	769,623	—	769,623
2025 notes as if converted	3,234,293	9,119,960	3,234,293	9,119,960
2027 notes as if converted	6,147,900	6,147,900	6,147,900	6,147,900
Convertible preferred stock as if converted	2,040,000	2,040,000	2,040,000	2,040,000
Stock options outstanding	2,653,619	3,309,305	2,653,619	3,309,305
Restricted stock units outstanding(1)(2)	13,605,240	11,300,717	13,605,240	11,300,717
Employee stock purchase plan	333,131	775,579	333,131	775,579
Total	28,014,183	33,463,084	28,014,183	33,463,084

(1) Excludes 2,316,061 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs.

(2) Excludes 38,438 restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors as of September 30, 2023.