Net Loss per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Share

Net Loss per Share

Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of employee share based awards and options. Diluted net income per common share is computed giving effect to all potentially dilutive common shares, including common stock issuable upon exercise of stock options, convertible preferred stock, conversion of the Convertible Senior Notes, and unvested restricted common stock and stock units. As we had net losses for continuing operations for the three and six months ended June 30, 2022 and 2021, all potentially issuable common shares were determined to be anti-dilutive.

The following table sets forth the computation of net loss per common share (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Loss from continuing operations	$	(90,491)	$	(99,141)	$	(182,505)	$	(185,596)
Net income from discontinued operations	—		34,445		—		70,254
Net loss	(90,491)		(64,696)		(182,505)		(115,342)
Dividend on series A convertible preferred stock	(4,772)		(4,563)		(9,490)		(9,075)
Accretion of series A convertible preferred stock	—		—		—		(82)
Net loss attributable to common stockholders	$	(95,263)	$	(69,259)	$	(191,995)	$	(124,499)
Denominator:
Weighted average number of shares outstanding—basic and diluted	233,218		237,279		231,909		236,016
Net loss per share attributable to common stockholders, basic and diluted:
Continuing operations	$	(0.41)	$	(0.44)	$	(0.83)	$	(0.83)
Discontinued operations	—		0.15		—		0.30
Total net loss per share attributable to common stockholders, basic and diluted	$	(0.41)	$	(0.29)	$	(0.83)	$	(0.53)

The following outstanding options, unvested shares and units, ESPP shares, shares issuable upon the conversion of the Convertible Senior Notes, convertible preferred stock and shares contingently issuable were excluded (as common stock equivalents) from the computation of diluted net loss per common share for the periods presented as their effect would have been anti-dilutive (in thousands):

	As of June 30,
	2022	2021
Options to purchase common stock	1,514	2,705
Unvested restricted stock awards and units	20,058	27,259
Convertible preferred stock	24,863	23,775
Convertible senior notes	26,422	33,856
ESPP shares	101	133