NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

Given that the Company recorded a net loss for each of the periods presented, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.

		For the Three Months Ended March 31,
		2023			2022
	(in thousands, except per share amounts)
Net loss		$	(516,755	)	$	(105,025	)
Weighted-average common shares outstanding - basic			88,186			87,253
Effect of dilutive securities*			—			—
Weighted-average common shares outstanding - diluted			88,186			87,253
Net loss per share - basic and diluted		$	(5.86	)	$	(1.20	)

* For the three months ended March 31, 2023 and 2022, stock options, RSUs and employee stock purchase plan to purchase of approximately 12.6 million and 11.3 million shares of 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 months ended March 31, 2023, the inclusion of the potential share settlement of the 2027 Notes was anti-dilutive. During the three months ended March 31, 2023 and 2022 the inclusion of the potential share settlement of the 2024 Notes was anti-dilutive. Accordingly, the potential conversion of approximately 1.4 million and 7.8 million shares related to the 2024 Notes has been excluded from the computation of diluted net loss per share for the three months ended March 31, 2023 and 2022, respectively, and the potential conversion of approximately 8.1 million shares related to the 2027 Notes has been excluded from the computation of diluted net loss per share for the three months ended March 31, 2023.