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Net Income per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Net Income per Share | Net Income per Share The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the periods indicated (in millions, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 | 2023 |  | 2022 | 2023
Net income | $ | 1,214 |  | $ | 4,374 |  |  | $ | 1,574 |  | $ | 5,141 |
Add: convertible notes interest expense, net of tax | 1 |  | 1 |  |  | 2 |  | 2 |
Net income - diluted | $ | 1,215 |  | $ | 4,375 |  |  | $ | 1,576 |  | $ | 5,143 |
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders: |  |  |  |  |
Basic | 639 |  | 640 |  |  | 637 |  | 636 |
Effect of dilutive securities | 41 |  | 20 |  |  | 45 |  | 29 |
Diluted | 680 |  | 660 |  |  | 683 |  | 665 |
Net income per share attributable to Class A and Class B common stockholders: |  |  |  |  |
Basic | $ | 1.90 |  | $ | 6.83 |  |  | $ | 2.47 |  | $ | 8.08 |
Diluted | $ | 1.79 |  | $ | 6.63 |  |  | $ | 2.31 |  | $ | 7.74 |
As of both September 30, 2022 and 2023, RSUs to be settled in 9.6 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date. Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 | 2023 | 2022 | 2023
Stock options | 1 |  | 2 |  |  | 1 |  | 2 |
RSUs | 10 |  | 5 |  |  | 8 |  | 5 |
Total | 11 |  | 7 |  |  | 9 |  | 7 |
Share Repurchase Program On August 2, 2022, the Company announced that its board of directors approved a share repurchase program with authorization to purchase up to $2.0 billion of the Company's Class A common stock (the “2022 Share Repurchase Program”). As of June 30, 2023, the Company completed the repurchase of all of its authorization under the 2022 Share Repurchase Program. On May 9, 2023, the Company announced that its board of directors approved another share repurchase program with authorization to purchase up to $2.5 billion of the Company's Class A common stock at management’s discretion (the “2023 Share Repurchase Program”). Share repurchases under the 2023 Share Repurchase Program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. The 2023 Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion. During the three and nine months ended September 30, 2023, the Company repurchased and subsequently retired 3.7 million and 12.1 million shares of Class A common stock for $500 million and $1.5 billion, respectively. As of September 30, 2023, the Company had $1.5 billion available to repurchase shares of Class A common stock under the 2023 Share Repurchase Program. The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. For the three and nine months ended September 30, 2023, there was no excise tax on share repurchases. Class A Common Stock Warrants As of December 31, 2022, the Company had warrants outstanding to purchase 7.9 million shares of Class A common stock with an exercise price of $28.36 per share, subject to adjustment upon the occurrence of certain specified events. During the three months ended September 30, 2023, warrant holders exercised warrants to purchase 6.0 million shares of Class A common stock. The warrants were exercised on a cashless basis, resulting in the issuance of 4.8 million shares of the Class A common stock. As of September 30, 2023, 1.9 million warrants were outstanding.

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