Net Income (Loss) Per Share

9 Months Ended

Oct. 28, 2023

Net Income (Loss) Per Share

Net Income (Loss) Per Share

NOTE 13—NET INCOME (LOSS) PER SHARE

The weighted-average shares used for net income (loss) per share are presented in the table below.

	THREE MONTHS ENDED			NINE MONTHS ENDED
	OCTOBER 28,		OCTOBER 29,	OCTOBER 28,		OCTOBER 29,
	2023(1)		2022	2023		2022
Weighted-average shares—basic		18,371,545	23,681,482		20,459,241		23,588,464
Effect of dilutive stock-based awards		—	2,209,736		1,545,988		2,943,274
Effect of dilutive convertible senior notes(2)		—	207,047		202,584		415,349
Weighted-average shares—diluted		18,371,545	26,098,265		22,207,813		26,947,087

(1) As we reported a net loss for the three months ended October 28, 2023, the weighted-average shares outstanding for basic and diluted are the same for the corresponding period.

(2) The dilutive effect of the 2023 Notes and 2024 Notes is calculated under the if-converted method, which assumes share settlement of the entire convertible debt instrument. The 2023 Notes terminated in June 2023 and did not have an impact on our diluted share count post-termination. The warrants associated with the 2023 Notes and 2024 Notes had an impact on our dilutive share count beginning at stock prices of $309.84 per share and $338.24 per share, respectively. The warrants associated with the 2023 Notes and 2024 Notes were repurchased in April 2022 and, as a result, no warrant instruments were outstanding as of and after April 30, 2022. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 9—Convertible Senior Notes.

The following number of options and restricted stock units, as well as shares issuable under convertible senior notes, were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been anti-dilutive:

	THREE MONTHS ENDED		NINE MONTHS ENDED
	OCTOBER 28,	OCTOBER 29,	OCTOBER 28,	OCTOBER 29,
	2023	2022	2023	2022
Options	2,999,409	1,084,920	1,275,183	1,083,745
Restricted stock units	16,547	19,310	15,705	19,443
Convertible senior notes	198,223	—	—	308,824