Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Mar. 31, 2024

Net Loss Per Share Attributable to Common Stockholders

The Company has two classes of common stock and, as such, applies the two class method of computing earnings per share. As the rights are identical, including liquidation and dividend rights, except the Company’s Class B common stock has additional voting rights and is convertible at any time at the option of the holder into Class A common stock, and is automatically converted into Class A common stock upon transfer (except for certain permitted transfers), the net loss attributable to common stockholders is allocated on a proportionate basis, and the resulting net loss per share is identical for Class A and Class B common stock under the two-class method.

No dividends were declared or paid for the fiscal years ended March 31, 2024, 2023 and 2022.

The Company’s stock options, RSUs, restricted stock awards subject to vesting, estimated RSUs to be issued under the 2022 AIP and estimated shares to be issued under the ESPP are considered to be potential common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

Net loss attributable to common stockholders was equivalent to net loss for all periods presented.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Year Ended March 31,
	2024				2023				2022
	Class A		Class B		Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(431,876)	$	(234,828)	$	(185,112)	$	(126,544)	$	(68,620)	$	(148,870)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	308,330,435		167,651,830		268,177,185		183,327,192		114,064,921		247,463,198
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders, basic and diluted	$	(1.40)	$	(1.40)	$	(0.69)	$	(0.69)	$	(0.60)	$	(0.60)

The potential shares of Class A 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 been anti-dilutive were as follows:


	Year Ended March 31,
	2024	2023	2022
Outstanding stock options	70,739,770	68,050,752	73,609,565
Unvested restricted stock units	44,056,670	26,562,566	10,676,378
Shares subject to vesting	—	2,576,082	3,512,839
2022 AIP RSUs	13,116,407	8,460,836	—
ESPP	2,561,500	2,937,194	2,239,756
Total	130,474,347	108,587,430	90,038,538