Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net loss per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the years ended December 31, 2023, 2022 and 2021 (in thousands, except share and per share data):


	Year Ended December 31,
	2023		2022		2021
BASIC EPS
Numerator:
Net income (loss)	$	356,711	$	(192,746)	$	35,446
Less:
Income attributable to convertible preferred stock	—		—		(3,209)
Income attributable to options exercises by promissory notes	(1,412)		—		(387)
Income attributable to unvested early exercised options	(23)		—		(95)
Income attributable to common stock subject to share repurchase agreements	(334)		—		—
Income attributable to unvested RSA's	—		—		(52)
Net income (loss) attributable to Class A and Class B common stockholders	$	354,942	$	(192,746)	$	31,703
Denominator:
Weighted-average shares used in computing net income (loss) per share: Basic	351,952,187		371,568,011		324,836,076
Net income (loss) per share attributable to common stock: Basic	$	1.01	$	(0.52)	$	0.10
DILUTED EPS
Numerator:
Net income (loss)	$	356,711	$	(192,746)	$	35,446
Less:
Income attributable to convertible preferred stock	—		—		(3,058)
Income attributable to options exercises by promissory notes	(1,371)		—		(369)
Income attributable to unvested early exercised options	(23)		—		(91)
Income attributable to common stock subject to share repurchase agreements	(324)		—		—
Income attributable to unvested RSA's	—		—		(49)
Net income (loss) attributable to Class A and Class B common stockholders	$	354,993	$	(192,746)	$	31,879
Denominator:
Weighted-average shares used in computing net income (loss) per share: Basic	351,952,187		371,568,011		324,836,076
Weighted-average dilutive stock options, RSUs, and convertible security	10,637,059		—		17,927,556
Weighted-average shares used in computing net income (loss) per share: Diluted	362,589,246		371,568,011		342,763,632
Net income (loss) per share attributable to common stock: Diluted	$	0.98	$	(0.52)	$	0.09

The following table presents the forms of antidilutive potential common shares:


	Year Ended December 31,
	2023	2022	2021
Stock options exercised for promissory notes	1,399,999	1,399,999	2,884,999
Early exercised stock options	3,147	99,372	487,000
Unvested RSAs	—	—	181,737
Stock options	115,229	11,315,805	—
Unvested RSU	3,340,992	15,616,743	291,093
ESPP	1,917	856,811	246,246
Total antidilutive potential common shares	4,861,284	29,288,730	4,091,075

The table above excludes any unvested PSUs since the related market conditions had not been met as of December 31, 2023.