Net Income (Loss) per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2023

Net Income (Loss) per Share Attributable to Common Stockholders


14.						Net Income (Loss) per Share Attributable to Common Stockholders

Prior to the IPO, the rights, including the liquidation and dividend rights, of the holders of voting and non-voting common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net income (loss) per share attributable to common stockholders were, therefore, the same for both voting and non-voting common stock on an individual or combined basis.

Immediately prior to the completion of the IPO, all outstanding shares of the Company’s non-voting common stock were converted into shares of voting common stock, all of which were subsequently reclassified into common stock. The shares issued in the IPO and the shares of common stock issued upon conversion of the then-outstanding shares of redeemable convertible preferred stock in connection with the IPO, as well as vested RSUs, are included in the table below weighted for the period outstanding during the years ended December 31, 2021, 2022, and 2023.

The computation of basic and diluted net income (loss) per share attributable to common stockholders was as follows:


	Year Ended December 31,
		2021		2022		2023

		(in millions, except share amounts, which are reflected in thousands, and per share amounts)
Numerator:
Net income (loss)		$	(73)	$	428	$	(1,622)
Less: Undistributed earnings attributable to preferred stockholders		—		(351)		—
Less: Accretion related to Series A redeemable convertible preferred stock		—		—		(2)
Net income (loss) attributable to common stockholders, basic		$	(73)	$	77	$	(1,624)
Add: Undistributed earnings reallocated to common stockholders		—		20		—
Net income (loss) attributable to common stockholders, diluted		$	(73)	$	97	$	(1,624)

Denominator:
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders		65,874		71,853		130,616
Weighted-average effect of dilutive securities:
Stock options		—		25,087		—
Non-voting common stock warrants		—		4,527		—
Unvested restricted non-voting common stock		—		2		—
Vested but not settled restricted stock units		—		11		—

Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders		65,874		101,480		130,616

Net income (loss) per share attributable to common stockholders:
Basic		$	(1.12)	$	1.08	$	(12.43)
Diluted		$	(1.12)	$	0.96	$	(12.43)

The following potentially dilutive outstanding securities were excluded from the computation of diluted income (loss) per share attributable to common stockholders because their effect was not dilutive:


	As of December 31,
	2021	2022	2023

	(in thousands)
Redeemable convertible preferred stock	167,692	167,692	—
Series A redeemable convertible preferred stock (1)	—	—	6,925
Stock options	30,264	—	19,553
Restricted stock units	—	—	27,229
Non-voting common stock issuable pursuant to a subscription agreement	465	—	—

Unvested restricted non-voting common stock	247	154	326
Non-voting common stock warrants	9,289	—	—
Total	207,957	167,846	54,033

___________

(1) Series A redeemable convertible preferred stock included in the table above considers the Conversion Shortfall, as applicable, as further described in Note 11 — Redeemable Convertible Preferred Stock.

The following potentially dilutive outstanding securities were excluded from the table above because they are subject to performance-based and / or market-based vesting conditions that were not achieved as of those dates:


	As of December 31,
	2021	2022	2023

	(in thousands)
Restricted stock units	39,450	56,969	1,890
Unvested restricted non-voting common stock	450	450	—
Non-voting common stock warrants	1,858	—	—
Total	41,758	57,419	1,890