Net Loss Per Share

12 Months Ended

Jan. 31, 2026

The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common

stock and Class B common stock are substantially identical, other than voting and conversion rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses.

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


	Year Ended January 31,
	2026		2025		2024
Numerator:
Net loss	$	(189,024)	$	(255,536)	$	(257,030)
Denominator:
Weighted-average shares used in calculating net loss per share, basic and diluted	236,823		229,472		220,406
Net loss per share, basic and diluted	$	(0.80)	$	(1.11)	$	(1.17)

The potential shares of common stock that were excluded from the computation of diluted net loss per share for the period presented because including them would have been anti-dilutive are as follows (in thousands):


	Year Ended January 31,
	2026	2025	2024
Stock options	4,356	6,071	9,788
Restricted stock units	12,631	21,521	17,190

Performance-based restricted stock units (1)	991	—	—
Shares issuable pursuant to the 2020 Employee Stock Purchase Plan	693	642	485
Total	18,671	28,234	27,463

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(1)Performance-based restricted stock units are presented at the number of shares eligible to vest based on 100% target attainment of the market and performance conditions, however the number of shares that ultimately vest will range between zero and 200% depending on level of attainment. See Note 10. Stockholders’ Equity for additional information.