v3.19.3
Net Income (Loss) Per Share
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
Note 13 - Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2019
 
2018
 
2019
Basic net income (loss) per share:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
Net income (loss) including non-controlling interests
 
$
(994
)
 
$
(1,159
)
 
$
1,876

 
$
(7,421
)
Less: net income (loss) attributable to non-controlling interests, net of tax
 
8

 
(3
)
 
8

 
11

Less: noncumulative dividends to preferred stockholders
 

 

 
(1,091
)
 

Less: undistributed earnings to participating securities
 

 

 
(533
)
 

          Net income (loss) attributable to common stockholders
 
$
(986
)
 
$
(1,162
)
 
$
260

 
$
(7,410
)
Denominator
 
 
 
 
 
 
 
 
Basic weighted-average common stock outstanding
 
445,783

 
1,700,213

 
441,301

 
1,092,241

Basic net income (loss) per share attributable to common stockholders (1)
 
$
(2.21
)
 
$
(0.68
)
 
$
0.59

 
$
(6.79
)
Diluted net income (loss) per share:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
     Net income (loss) attributable to common stockholders
 
$
(986
)
 
$
(1,162
)
 
$
260

 
$
(7,410
)
Add: Change in fair value of MLU B.V. put/call feature
 

 

 
(10
)
 

          Diluted net income (loss) attributable to common stockholders
 
$
(986
)
 
$
(1,162
)
 
$
250

 
$
(7,410
)
Denominator
 
 
 
 
 
 
 
 
     Number of shares used in basic net income (loss) per share computation
 
445,783

 
1,700,213

 
441,301

 
1,092,241

     Weighted-average effect of potentially dilutive securities:
 
 
 
 
 
 
 
 
          Common stock subject to a put/call feature
 

 

 
462

 

          Stock options
 

 

 
34,165

 

          RSUs to settle fixed monetary awards
 

 

 
1,215

 

          Other
 

 

 
449

 

     Diluted weighted-average common stock outstanding
 
445,783

 
1,700,213

 
477,592

 
1,092,241

Diluted net income (loss) per share attributable to common stockholders (1)
 
$
(2.21
)
 
$
(0.68
)
 
$
0.52

 
$
(6.79
)

(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.
On May 14, 2019, the Company completed its IPO, in which it issued and sold 180 million shares of its common stock at a price of $45.00 per share. On that date, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 905 million shares of common stock, and the holders of the 2021 Convertible Notes and the 2022 Convertible Notes elected to convert the outstanding notes into common stock, resulting in the issuance of 94 million shares of common stock. These shares were included in the Company’s issued and outstanding common stock starting on that date. Refer to Note 1 - Basis of Presentation and Summary of Significant Accounting Policies for further information.
The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2019
 
2018

2019
Redeemable convertible preferred stock
 
893,354

 

 
893,354

 

Convertible notes
 
200,595

 

 
200,595

 

Stock options
 
43,240

 
40,532

 
8,690

 
40,532

Restricted common stock with performance condition
 
1,640

 

 
1,640

 

Common stock subject to repurchase
 
7,340

 
827

 
7,196

 
828

Warrants to purchase redeemable convertible preferred stock
 
1,073

 

 
1,073

 

SARs
 
712

 

 
712

 

RSUs to settle fixed monetary awards
 
1,256

 
325

 
582

 
325

RSUs
 
123,927

 
91,284

 
122,763

 
91,284

Shares committed under ESPP
 

 
5,012

 

 
5,012

Shares in escrow
 
459

 

 

 

Warrants to purchase common stock
 
242

 
187

 
127

 
187

Total
 
1,273,838

 
138,167

 
1,236,732

 
138,168