Net Loss Per Share

12 Months Ended

Dec. 31, 2019

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For purposes of this calculation, redeemable convertible preferred stock, stock options, RSUs, restricted stock awards, stock purchase rights granted under the Company’s ESPP, and early exercised stock options are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share when including them has an anti-dilutive effect. Basic and diluted net loss per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.

The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share data):


	Year Ended December 31,
	2019		2018		2017
Net loss	$	(2,602,241)	$	(911,335)	$	(688,301)
Weighted-average shares used in computing net loss per share, basic and diluted	227,498		21,176		19,371
Net loss per share, basic and diluted	$	(11.44)	$	(43.04)	$	(35.53)

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (in thousands):


	As of December 31,
	2019	2018	2017
Redeemable convertible preferred stock (on an if-converted basis)	—	219,176	199,815
Stock options	2,957	13,818	16,302
Restricted stock units	41,685	46,433	26,052
Restricted stock awards	94	220	—
Early exercised options	—	—	10
Total	44,736	279,647	242,179