NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

For the three and nine months ended September 30, 2022 and 2021, there were no differences between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive due to the net loss position and, therefore, would be excluded from the diluted net loss per share calculation.

		For the Three Months Ended September 30,							For the Nine Months Ended September 30,
		2022			2021				2022			2021
	(in thousands, except per share amounts)							(in thousands, except per share amounts)
Net loss		$	(257,738	)	$	(48,144	)		$	(594,244	)	$	(296,799	)
Weighted-average common shares outstanding - basic			87,628			79,880				87,465			79,695
Effect of dilutive securities*			—			—				—			—
Weighted-average common shares outstanding - diluted			87,628			79,880				87,465			79,695
Net loss per share - basic and diluted		$	(2.94	)	$	(0.60	)		$	(6.79	)	$	(3.72	)

* For the three and nine months ended September 30, 2022 and 2021, stock options, RSAs, RSUs, and ESPP to purchase 11.2 million and 9.6 million shares of the Company’s common stock, respectively, were excluded from the diluted net loss per share calculation as their effect would have been anti-dilutive. The Company accounts for the effect of its 2027 Notes and 2024 Notes on diluted net earnings per share (“EPS”) using the if-converted method as this obligation may be settled in cash or shares at the Company’s option. The effect of potential share settlement is included in the diluted EPS calculation if the effect is more dilutive. During the three and nine months ended September 30, 2022, the inclusion of the potential share settlement of the 2027 Notes was anti-dilutive. During the three and nine months ended September 30, 2022 and 2021 the inclusion of the potential share settlement of the 2024 Notes was anti-dilutive. Accordingly, the potential conversion of 5,712,253 and 7,763,970 shares related to the 2024 Notes has been excluded from the computation of diluted net loss per share during the three and nine months ended September 30, 2022 and 2021, respectively, and

the potential conversion of 8,100,485 shares related to the 2027 Notes has been excluded from the computation of diluted net loss per share during the three and nine months ended September 30, 2022.