Net Loss per Share

9 Months Ended

Oct. 31, 2020

Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. Prior to the automatic conversion of all of its redeemable convertible preferred stock outstanding into Class B common stock upon the completion of the IPO, the Company considered all series of its redeemable convertible preferred stock and unvested common stock to be participating securities as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses.

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, redeemable convertible preferred stock, stock options, restricted stock awards, RSUs, ESPP, early exercised stock options, and common stock warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both individual and combined basis.

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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019

Numerator:
Net loss attributable to Class A and Class B common stockholders	$	(168,889)	$	(88,057)	$	(340,167)	$	(265,281)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders – basic and diluted	166,868,200		45,911,449		93,763,599		43,113,683
Net loss per share attributable to Class A and Class B common stockholders – basic and diluted	$	(1.01)	$	(1.92)	$	(3.63)	$	(6.15)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:


	October 31,
	2020	2019

Redeemable convertible preferred stock	—	169,921,272
Stock options	69,634,367	79,268,167
Common stock warrants	—	32,336
Shares subject to repurchase(1)	1,171,124	4,034,938
RSUs	7,616,097	—
ESPP	85,922	—
Total	78,507,510	253,256,713

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(1)Includes zero and 234,400 shares of restricted stock that were subject to performance-based vesting conditions as of October 31, 2020 and 2019, respectively.