Earnings Per Share

6 Months Ended

Jun. 30, 2025

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 one 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 income 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 per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic EPS:
Numerator:
Net income from continuing operations	$	771,856	$	300,982	$	1,495,394	$	560,339
Income (loss) from discontinued operations, net of income taxes	47,675		8,987		(99,444)		(14,187)
Net income	$	819,531	$	309,969	$	1,395,950	$	546,152
Less:
Income attributable to participating securities	(206)		(79)		(350)		(1,752)
Net income attributable to Class A and Class B common stockholders—Basic	$	819,325	$	309,890	$	1,395,600	$	544,400
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic	338,617,184		335,681,788		339,223,841		335,785,864
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations	$	2.28	$	0.90	$	4.41	$	1.66
Discontinued operations	0.14		0.02		(0.30)		(0.04)
Basic net income per share	$	2.42	$	0.92	$	4.11	$	1.62
Diluted EPS:
Numerator:
Net income from continuing operations	$	771,856	$	300,982	$	1,495,394	$	560,339
Income (loss) from discontinued operations, net of income taxes	47,675		8,987		(99,444)		(14,187)
Net income	$	819,531	$	309,969	$	1,395,950	$	546,152
Less:
Income attributable to participating securities	(204)		(76)		(345)		(1,689)
Net income attributable to Class A and Class B common stockholders—Diluted	$	819,327	$	309,893	$	1,395,605	$	544,463
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic	338,617,184		335,681,788		339,223,841		335,785,864
Weighted-average dilutive stock awards	3,577,249		12,282,413		4,304,735		12,541,984
Weighted-average shares used in computing net income (loss) per share—Diluted	342,194,433		347,964,201		343,528,576		348,327,848
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations	$	2.26	$	0.86	$	4.35	$	1.60
Discontinued operations	0.13		0.03		(0.29)		(0.04)
Diluted net income per share	$	2.39	$	0.89	$	4.06	$	1.56

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


	As of June 30,
	2025	2024
Stock options exercised for promissory notes	85,000	85,000
Unvested RSUs	7,453	347,627
ESPP	55,904	43,712
Total antidilutive potential common shares	148,357	476,339

As of June 30, 2024, the table above excludes any unvested PSUs since the related market conditions had not yet been met. There were no unvested PSUs as of June 30, 2025.