Basic and Diluted Net Loss Per Share

3 Months Ended

Apr. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Share

13. Basic and Diluted Net Loss per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three months ended April 30, 2021 and 2020:

	Three Months Ended April 30,
	2021			2020
	(in thousands, except share and per share data)
Numerator:
Net income (loss)	$	82,289		$	(30,098	)
Adjust: Cumulative dividends on redeemable convertible preferred stock		(4,292	)		—
Adjust: Deemed dividends attributable to vested option holders		(51,855	)		—
Adjust: Deemed dividends attributable to common stock warrant holders		(110,635	)		—
Net loss attributable to common stockholders - Basic		(84,493	)		(30,098	)
Less: Gain attributable to earnout shares issued		(53,820	)		—
Less: Change in fair value of dilutive warrants		(49,471	)		—
Net loss attributable to common stockholders - Diluted	$	(187,784	)	$	(30,098	)
Denominator:
Weighted average common shares outstanding		218,932,121			12,432,519
Less: Weighted-average unvested restricted shares and shares subject to repurchase		(316,258	)		(179,427	)
Weighted average shares outstanding - Basic		218,615,863			12,253,092
Add: Earnout Shares under the treasury stock method		2,956,122			0
Add: Public and Private Placement Warrants under the treasury stock method		3,961,404			0
Weighted average shares outstanding - Diluted		225,533,389			12,253,092
Net loss per share - Basic	$	(0.39	)	$	(2.46	)
Net loss per share - Diluted	$	(0.83	)	$	(2.46	)

As a result of the Merger, the Company has retroactively adjusted the weighted-average number of shares of Common Stock outstanding prior to February 26, 2021 (“Closing Date”) by multiplying them by the exchange ratio of 0.9966 used to determine the number of shares of Common Stock into which they converted. The Common Stock issued as a result of the redeemable convertible preferred stock conversion on the Closing Date was included in the basic net loss per share calculation on a prospective basis.

Redeemable convertible preferred stock and preferred stock warrants outstanding prior to the Merger Closing Date were excluded from the diluted net loss per share calculation for the three-months period ended April 30, 2021, because including them would have had an antidilutive effect. Additionally, the remaining 9,000,000 Earnout Shares for which the Earnout Triggering Event has not occurred yet were excluded from the diluted net loss per share calculation for the three-months period ended April 30, 2021, because the Earnout Triggering Event was not met at the end of the reporting period.

The potential shares of Common Stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have had an antidilutive effect were as follows:

	April 30, 2021
Options to purchase common stock		29,795,964
Unvested early exercised common stock options		263,982
Common stock warrants		43,895,087
Total potentially dilutive common share equivalents		73,955,033