Net Income (Loss) per Share Attributable to Common Stockholders

6 Months Ended

Aug. 06, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Share Attributable to Common Stockholders

Net Income (Loss) per Share Attributable to Common StockholdersBasic and diluted net income (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents, including our outstanding stock options, common stock related to unvested RSUs, PRSUs and LTP Awards, unvested restricted stock, the shares underlying the conversion option in our Notes (prior to the Notes being repaid in April 2023) to the extent dilutive, and common stock issuable pursuant to the ESPP. We used the if-converted method to calculate the impact of our Notes, prior to the Notes being repaid, on diluted EPS. All potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

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

	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024
Numerator:
Net income (loss)	$	10,922	$	(7,115)	$	(613)	$	(74,516)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	297,475		309,510		296,659		307,687
Add: Dilutive effect of common stock equivalents	15,245		—		—		—
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	312,720		309,510		296,659		307,687
Net income (loss) per share attributable to common stockholders, basic	$	0.04	$	(0.02)	$	(0.00)	$	(0.24)
Net income (loss) per share attributable to common stockholders, diluted	$	0.03	$	(0.02)	$	(0.00)	$	(0.24)

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):

 

	Second Quarter of Fiscal		First Two Quarters of Fiscal
	2023	2024	2023	2024
Stock options to purchase common stock	10,716	6,982	11,136	7,928
Unvested RSUs and PRSUs	32,570	34,350	30,860	31,072
Unvested LTP Awards	—	2,683	—	1,342
Unvested restricted stock	—	—	12	—
Shares related to convertible senior notes	21,884	—	21,884	8,657
Shares issuable pursuant to the ESPP	1,002	1,190	1,002	1,190
Total	66,172	45,205	64,894	50,189