Net Loss per Share

The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the year, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period, including stock options and restricted stock units. Refer to Note 2, Summary of Significant Accounting Policies, for further details on the Company’s methodology for calculating net loss per share.

Basic and diluted net loss per share was the same for each year presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each year presented.

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 10 votes per share. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

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



	Years Ended January 31,
	2019			2018 *As Adjusted			2017 *As Adjusted
Numerator:
Net loss	$	(99,011	)	$	(83,973	)	$	(70,063	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	52,034,596			23,718,391			12,211,711

Net loss per share, basic and diluted	$	(1.90	)	$	(3.54	)	$	(5.74	)

* See Note 2 for a summary of adjustments.

The shares underlying the conversion option in the Notes were not considered in the calculation of diluted net loss per share as the effect would have been anti-dilutive. Additionally, the Notes were not convertible as of January 31, 2019. Based on the initial conversion price, the entire outstanding principal amount of the Notes as of January 31, 2019 would have been convertible into approximately 4.4 million shares of the Company’s Class A common stock. However, the Company expects to settle the principal amount of the Notes in cash. As a result, only the amount by which the conversion value exceeds the aggregate principal amount of the Notes (the “conversion spread”) is considered in the diluted earnings per share computation under the treasury stock method. The conversion spread will have a dilutive impact on diluted net income per share when the average market price of the Company’s Class A common stock for a given period exceeds the initial conversion price of $68.15 per share for the Notes. In connection with the issuance of the Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the Notes. Although the Notes were not convertible as of January 31, 2019, the Company calculated the potentially dilutive effect of the conversion spread, which is included in the table below.

The following weighted-average outstanding potentially dilutive common shares were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive:



	Years Ended January 31,
	2019	2018	2017
Redeemable convertible preferred stock (as converted)	—	19,534,014	25,856,309
Redeemable convertible preferred stock warrants (as converted)	—	22,592	54,604
Common stock warrants	—	90,143	122,043
Stock options to purchase Class A common stock	3,174,009	2,552,397	52,663
Stock options to purchase Class B common stock	7,691,386	9,612,572	10,777,310
Unvested restricted stock units	1,447,642	—	—
Early exercised stock options	126,447	236,675	79,394
Shares underlying the conversion spread in the convertible senior notes	227,982	—	—