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NET INCOME PER SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
NET INCOME PER SHARE | NET INCOME PER SHARE The Company computes net income (loss) per share attributable to our common stockholders using the two-class method required for multiple classes of common stock and participating securities. The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present net income (loss) per share for Class A and Class B common stock together. Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive. The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):
| Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Basic net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 538,458 |  |  | $ | 195,268 |  |  | $ | 728,330 |  |  | $ | 667,273 |
Denominator |  |  |  |  |  |  |
Shares used to compute basic net income per share | 612,882 |  |  | 617,666 |  |  | 616,108 |  |  | 617,033 |
Basic net income per share | $ | 0.88 |  |  | $ | 0.32 |  |  | $ | 1.18 |  |  | $ | 1.08 |
Diluted net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 538,458 |  |  | $ | 195,268 |  |  | $ | 728,330 |  |  | $ | 667,273 |
Interest expense on convertible notes | 823 |  |  | — |  |  | 2,409 |  |  | — |
Net income used to compute diluted net income per share | $ | 539,281 |  |  | $ | 195,268 |  |  | $ | 730,739 |  |  | $ | 667,273 |
Denominator |  |  |  |  |  |  |
Shares used to compute basic net income per share | 612,882 |  |  | 617,666 |  |  | 616,108 |  |  | 617,033 |
Stock options, restricted stock, and employee stock purchase plan | 2,202 |  |  | 6,369 |  |  | 4,412 |  |  | 7,610 |
Convertible notes | 3,844 |  |  | 10,186 |  |  | 6,583 |  |  | 12,108 |
Shares used to compute diluted net income per share | 618,928 |  |  | 634,221 |  |  | 627,103 |  |  | 636,751 |
Diluted net income per share | $ | 0.87 |  |  | $ | 0.31 |  |  | $ | 1.17 |  |  | $ | 1.05 |
The following potential common shares were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock options, restricted stock, and employee stock purchase plan | 41,593 |  |  | 40,759 |  |  | 37,385 |  |  | 37,883 |
Convertible notes | — |  |  | 1,923 |  |  | — |  |  | — |
Common stock warrants | 11,626 |  |  | 12,243 |  |  | 11,866 |  |  | 12,109 |
Total anti-dilutive securities | 53,219 |  |  | 54,925 |  |  | 49,251 |  |  | 49,992 |

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