Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Basic net income (loss) per common share is based on the weighted-average common shares outstanding during the relevant period. Diluted net income (loss) per share is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards and convertible debt. Basic and diluted net income (loss) per share are computed independently for each fiscal quarter and year-to-date period, which involves the use of different weighted-average share count figures relating to quarterly and year-to-date periods. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of each fiscal quarter-to-date basic and diluted net income (loss) per share may not equal year-to-date basic and diluted net income (loss) per share.

For periods in which the Company reports net losses, basic and diluted net loss per share are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Numerator:
Net income (loss)	$	29,113	$	(56,223)	$	76,499	$	(53,402)






Denominator:
Weighted-average common shares outstanding used to calculate net income (loss) per share, basic	79,392,600		81,672,099		76,586,395		83,236,131
Weighted-average effect of dilutive securities	16,664,610		—		17,578,930		—
Weighted-average common shares outstanding used to calculate net income (loss) per share, diluted	96,057,210		81,672,099		94,165,325		83,236,131

Net income (loss) per share, basic	$	0.37	$	(0.69)	$	1.00	$	(0.64)
Net income (loss) per share, diluted	$	0.30	$	(0.69)	$	0.81	$	(0.64)

The following securities were excluded from the computation of diluted net income (loss) per share for the periods presented, because including them would have been anti-dilutive. These amounts represent the number of instruments outstanding at the end of each respective period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2022	2021	2022

Options to purchase common stock	5,310	11,723,427	501,476	11,723,427
Unvested RSUs	214,481	4,679,719	896,131	4,679,719
Unvested PRSUs	—	687,500	—	687,500
Purchase rights committed under the ESPP	27,746	109,198	27,746	109,198

Convertible debt	2,318,078	2,318,078	2,318,078	2,318,078

Total	2,565,615	19,517,922	3,743,431	19,517,922