Net Income per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income per Share Attributable to Common Stockholders

13. Net Income 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 per share attributable to common stockholders were, therefore, the same for both voting and non-voting common stock on an individual or combined basis.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
	(in millions, except share amounts, which are reflected in thousands, and per share amounts)
Numerator:
Net income	$	(1,999)	$	118	$	(1,757)	$	309
Less: Accretion related to Series A redeemable convertible preferred stock	—		(2)		—		(7)
Net income attributable to common stockholders, basic	$	(1,999)	$	116	$	(1,757)	$	302
Add: Accretion related to Series A redeemable convertible preferred stock	—		2		—		—
Net income attributable to common stockholders, diluted	$	(1,999)	$	118	$	(1,757)	$	302
Denominator:
Weighted-average shares used in computing basic net income per share attributable to common stockholders	95,836		259,660		80,180		266,550
Weighted-average effect of dilutive securities:
Series A redeemable convertible preferred stock	—		5,833		—		—
Stock options	—		5,629		—		8,054
Restricted stock units	—		9,881		—		11,097
Unvested restricted non-voting common stock	—		—		—		—
Weighted-average shares used in computing diluted net income per share attributable to common stockholders	95,836		281,003		80,180		285,701
Net income per share attributable to common stockholders:
Basic	$	(20.86)	$	0.45	$	(21.92)	$	1.13
Diluted	$	(20.86)	$	0.42	$	(21.92)	$	1.06

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2024	2023	2024
	(in thousands)
Series A redeemable convertible preferred stock	5,833	—	5,833	5,833
Stock options	19,996	384	19,996	428
Restricted stock units	28,559	5,811	28,559	2,470
Unvested restricted non-voting common stock	375	74	375	74
Total	54,763	6,269	54,763	8,805

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:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2024	2023	2024
	(in thousands)
Restricted stock units	2,158	1,319	2,158	1,319
Total	2,158	1,319	2,158	1,319