Basic and Diluted Net Loss per Share

12 Months Ended

Jan. 31, 2024

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, 2024, 2023, and 2022:


	Year Ended January 31,
	2024		2023		2022
	(in thousands, except share and per share data)
Numerator:
Net income (loss)	$	(457,609)	$	(345,108)	$	(132,241)

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	$	(457,609)	$	(345,108)	$	(299,023)
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	$	(457,609)	$	(345,108)	$	(451,666)
Denominator:
Weighted average common shares outstanding(1)	375,543,916		338,576,326		297,642,999
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(14,033)		(87,659)		(221,030)
Weighted average shares outstanding - Basic	375,529,883		338,488,667		297,421,969
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	375,529,883		338,488,667		302,490,266

Net loss per share - Basic	$	(1.22)	$	(1.02)	$	(1.01)
Net loss per share - Diluted(2)	$	(1.22)	$	(1.02)	$	(1.49)

_______________

(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.

(2) For the fiscal year ended January 31, 2022, redeemable convertible preferred stock and preferred stock warrants outstanding prior to the Merger Closing Date were excluded 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,
	2024	2023	2022

2028 Convertible Notes (on an as-converted basis)	24,999,990	12,483,569	—
Options to purchase common stock	11,396,756	17,600,524	22,200,869

Restricted stock units	28,416,127	12,935,413	4,033,418
Unvested early exercised common stock options	665	40,555	132,180

Common stock warrants	34,499,436	34,499,436	35,549,024
Employee stock purchase plan	9,348,659	1,835,659	894,348
Total potentially dilutive common share equivalents	108,661,633	79,395,156	62,809,839

PRSUs granted during the fiscal years ended January 31, 2024 and 2023 were excluded from the above table because the respective stock price targets had not been met as of the year end.