Basic and Diluted Net Loss per Share

12 Months Ended

Jan. 31, 2023

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the years ended January 31, 2023, 2022, and 2021:


	Year Ended January 31,
	2023		2022		2021
	(in thousands, except share and per share data)
Numerator:
Net income (loss)	$	(345,108)	$	(132,241)	$	(197,024)
Adjust: Accretion of beneficial conversion feature of redeemable convertible preferred stock	—		—		(60,377)
Adjust: Cumulative dividends on redeemable convertible preferred stock	—		(4,292)		(16,799)
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	$	(345,108)	$	(299,023)	$	(274,200)
Less: Gain attributable to earnout shares issued	—		(84,420)		—
Less: Change in fair value of dilutive warrants	—		(68,223)		—
Net loss attributable to common stockholders - Diluted	$	(345,108)	$	(451,666)	$	(274,200)
Denominator:
Weighted average common shares outstanding(1)	338,576,326		297,642,999		15,116,763
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(87,659)		(221,030)		—
Weighted average shares outstanding - Basic	338,488,667		297,421,969		15,116,763
Add: Earnout Shares under the treasury stock method	—		3,701,427		—
Add: Public and Private Placement Warrants under the treasury stock method	—		1,366,870		—
Weighted average shares outstanding - Diluted	338,488,667		302,490,266		15,116,763

Net loss per share - Basic	$	(1.02)	$	(1.01)	$	(18.14)
Net loss per share - Diluted	$	(1.02)	$	(1.49)	$	(18.14)

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(1) For the fiscal year ended January 31, 2022, as a result of the Merger, the Company retroactively adjusted the weighted-average number of shares of Common Stock outstanding prior to the 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 year ended January 31, 2022, because including them would have had an antidilutive effect.

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:


	Year Ended January 31,
	2023	2022	2021
Redeemable convertible preferred stock (on an as-converted basis)	—	—	193,037,715
2027 Convertible Notes (on an as-converted basis)	12,483,569	—	—
Options to purchase common stock	17,600,524	22,200,869	30,167,178

Restricted stock units	12,935,413	4,033,418	—
Unvested early exercised common stock options	40,555	132,180	371,193
Redeemable convertible preferred stock warrants (on an as-converted basis)	—	—	2,358,546
Common stock warrants	34,499,436	35,549,024	36,402,515
Employee stock purchase plan	1,835,659	894,348	—
Total potentially dilutive common share equivalents	79,395,156	62,809,839	262,337,147

PRSUs granted during the fiscal year ended January 31, 2023 were excluded from the above table because the respective stock price targets had not been met as of the year end.