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Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) per Share
4. Net Income (Loss) per Share
We compute net income (loss) per share of Class A and Class B common stock using the two-class method required for multiple classes of common stock and participating securities. Prior to the IPO, our participating securities included Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock, as the holders of these series of preferred stock were entitled to receive noncumulative dividends subject to certain requirements at an annual rate of 8% of the respective original issue price then in effect in the event that a dividend was paid on common stock.
In connection with our IPO, our Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, and Series F preferred stock converted on a one-to-one basis into 67,917,432 shares of Class B common stock, and our Series F-1 preferred stock converted on a one-to-one basis into 5,104,017 shares of Class A common stock. These shares are weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO.
The holders of Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock did not have a contractual obligation to share in our losses. As such, our net losses for the years ended December 31, 2023 and 2022 were not allocated to these participating securities.
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stock:
Year ended December 31,
202420232022
Class AClass BClass AClass BClass AClass B
(in thousands, except share and per share data)
Numerator:
Net income (loss) attributable to common stockholders$(231,631)$(252,645)$(11,033)$(79,791)$(16,272)$(142,278)
Denominator:
Basic weighted-average common shares outstanding69,580,04875,892,3417,183,72351,954,3635,875,65651,375,456
Diluted weighted-average common shares outstanding69,580,04875,892,3417,183,72351,954,3635,875,65651,375,456
Basic and diluted income (loss) per share attributable to common stockholders$(3.33)$(3.33)$(1.54)$(1.54)$(2.77)$(2.77)
The following outstanding potentially dilutive shares, including stock options that have been exercised prior to vesting, were excluded from the computation of diluted net income (loss) per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
Year ended December 31,
202420232022
Class AClass BClass AClass BClass AClass B
Stock options11,501,771 3,185,767 22,600,876 7,213,522 16,290,463 8,228,797 
Unvested RSUs and RSAs10,746,145 598,102 24,166,383 2,720,150 12,953,243 4,362,661 
Preferred shares— — 5,104,017 67,917,432 5,104,017 67,917,432 
22,247,916 3,783,869 51,871,276 77,851,104 34,347,723 80,508,890