Net Loss Per Share

6 Months Ended

Jul. 31, 2022

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 period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period, including stock options, restricted stock units and shares underlying the conversion option of the convertible senior notes. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each period presented.

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


	Three Months Ended July 31,				Six Months Ended July 31,
	2022		2021		2022		2021
Numerator:
Net loss	$	(118,865)	$	(77,133)	$	(196,159)	$	(141,125)

Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	68,334,464		63,426,694		68,025,687		62,411,295

Net loss per share, basic and diluted	$	(1.74)	$	(1.22)	$	(2.88)	$	(2.26)

In connection with the issuance of the 2024 Notes and 2026 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 common stock upon any conversion of the 2024 Notes and the 2026 Notes. The Company has not exercised any of its Capped Calls as of July 31, 2022.

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


	Three Months Ended July 31,		Six Months Ended July 31,
	2022	2021	2022	2021
Stock options pursuant to the 2016 Equity Incentive Plan	584,405	815,591	602,856	866,849
Stock options pursuant to the 2008 Stock Incentive Plan	1,666,919	2,422,645	1,751,927	2,589,037
Unvested restricted stock units	3,851,114	3,691,436	3,763,435	3,780,079
Unvested executive PSUs	81,557	—	81,557	—
Early exercised stock options	—	—	—	205
Shares underlying the conversion option of the 2024 Notes	—	27,513	—	449,605
Shares underlying the conversion option of the 2026 Notes	5,445,050	5,445,121	5,445,059	5,445,128
Total	11,629,045	12,402,306	11,644,834	13,130,903