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NET INCOME (LOSS) PER SHARE | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE The computation of Net income (loss) p er share is as follows (in thousands, except per share amounts):
| Three Months Ended March 31,
| 2024 |  | 2023 |  |  |  |  |
Basic Net income (loss) per share: |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |
Net income (loss) | $ | 1,176,245 |  |  | $ | (78,896) |  |  |  |  |  |
Less: Income allocated to participating securities | (766) |  |  | — |  |  |  |  |  |
Net income (loss) attributable to common stockholders, basic | $ | 1,175,479 |  |  | $ | (78,896) |  |  |  |  |  |
Denominator |  |  |  |  |  |  |  |
Weighted-average shares of common stock used to compute Net income (loss) per share attributable to common stockholders, basic | 242,793 |  |  | 231,489 |  |  |  |  |  |
Net income (loss) per share attributable to common stockholders, basic | $ | 4.84 |  |  | $ | (0.34) |  |  |  |  |  |
Diluted Net income (loss) per share: |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |
Net income (loss) | $ | 1,176,245 |  |  | $ | (78,896) |  |  |  |  |  |
Less: Income allocated to participating securities | (697) |  |  | — |  |  |  |  |  |
Add: Interest on convertible notes, net of tax | 2,531 |  |  | — |  |  |  |  |  |
Net income (loss) attributable to common stockholders, diluted | $ | 1,178,079 |  |  | $ | (78,896) |  |  |  |  |  |
Denominator |  |  |  |  |  |  |  |
Weighted-average shares of common stock used to compute Net income (loss) per share attributable to common stockholders, basic | 242,793 |  |  | 231,489 |  |  |  |  |  |
Weighted-average effect of potentially dilutive securities: |  |  |  |  |  |  |  |
Stock options | 18,534 |  |  | — |  |  |  |  |  |
Convertible notes | 4,145 |  |  | — |  |  |  |  |  |
RSUs | 2,164 |  |  | — |  |  |  |  |  |
Restricted common stock | 309 |  |  | — |  |  |  |  |  |
Weighted-average shares of common stock used to compute Net income (loss) per share attributable to common stockholders, diluted | 267,945 |  |  | 231,489 |  |  |  |  |  |
Net income (loss) per share attributable to common stockholders, diluted | $ | 4.40 |  |  | $ | (0.34) |  |  |  |  |  |
Certain shares of the Company’s restricted Class A common stock granted as consideration in past acquisitions are participating securities. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings are allocated on a proportionate basis and the resulting income (loss) per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis. The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands):
| March 31,
| 2024 |  | 2023 |  |  |  |
Stock options | 6,671 |  |  | 31,274 |  |  |  |  |
ESPP | 733 |  |  | 822 |  |  |  |  |
PRSUs | 322 |  |  | — |  |  |  |  |
RSUs | 292 |  |  | 10,592 |  |  |  |  |
Restricted common stock | 242 |  |  | 1,004 |  |  |  |  |
Convertible notes | — |  |  | 3,880 |  |  |  |  |
Contingent consideration | — |  |  | 76 |  |  |  |  |
Total | 8,260 |  |  | 47,648 |  |  |  |  |

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