Net Loss Per Share

6 Months Ended

Jun. 30, 2020

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 ESPP, early exercised stock options and common stock issuable upon the conversion of the 2025 Notes 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 (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Net loss	$	(437,112)	$	(644,239)	$	(835,185)	$	(1,782,712)
Weighted-average shares used in computing net loss per share, basic and diluted	309,213		288,372		306,857		156,647
Net loss per share, basic and diluted	$	(1.41)	$	(2.23)	$	(2.72)	$	(11.38)

The following potentially dilutive outstanding shares 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, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	June 30,
	2020	2019
Restricted stock units	46,888	42,468
2025 Notes⁽¹⁾	19,471	—
Stock options	2,301	6,443
Restricted stock awards	31	157
ESPP	87	96
Total	68,778	49,164

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(1)In connection with the issuance of the 2025 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to reduce the potential dilution to the Company's common stock (or, in the event a conversion of the 2025 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2025 Notes the Company's common stock price exceeds the conversion price of the 2025 Notes.