Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2023

Net Income (Loss) per Share

Net Income (Loss) per Share

2. Net Loss per Share

Basic net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding for the period, excluding shares subject to repurchase and without consideration of potentially dilutive securities. Diluted net loss per share is computed by giving effect to all potentially dilutive ordinary shares outstanding for the period, which primarily consist of instruments issued and outstanding under the Company’s equity incentive and employee share purchase plans and shares issuable upon note conversion. Ordinary share equivalents are excluded from the computation in periods in which they have an anti-dilutive effect unless the consideration of any one of them gives a dilutive effect.

	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Numerator:
Net loss from continuing operations	$	(22,088)	$	(40,259)
Net income from discontinued operations		—		14,313
Net loss	$	(22,088)	$	(25,946)
Denominator:
Weighted-average ordinary shares outstanding - basic and diluted		62,934		75,247
Net loss per share:
Continuing operations - basic and diluted	$	(0.35)	$	(0.53)
Discontinued operations - basic and diluted	$	—	$	0.19
Net loss per share - basic and diluted	$	(0.35)	$	(0.34)

Anti-dilutive Securities

In accordance with Accounting Standards Codification (“ASC”) 260, Earnings Per Share, if a company incurred a loss related to its continuing operations, then potential ordinary shares are considered anti-dilutive for the periods in which the loss was recognized. For the three months ended March 31, 2023 and 2022, the Company recognized losses from continuing operations. As a result, the following ordinary equivalent shares were not included in the computation of diluted net loss per share for both continuing operations and discontinuing operations:

	Three Months Ended March 31,
(In thousands)	2023	2022
Share issuances under equity incentive plans and employee share purchase plans	4,289	6,831
Share issuances upon the conversion of convertible senior notes	—	6,676
Total	4,289	13,507