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NET INCOME PER SHARE | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Basic net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 461,544 |  |  | $ | 283,754 |  |  | $ | 1,189,874 |  |  | $ | 951,027 |
Denominator |  |  |  |  |  |  |
Shares used to compute basic net income per share | 610,199 |  |  | 616,428 |  |  | 614,117 |  |  | 616,830 |
Basic net income per share | $ | 0.76 |  |  | $ | 0.46 |  |  | $ | 1.94 |  |  | $ | 1.54 |
Diluted net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 461,544 |  |  | $ | 283,754 |  |  | $ | 1,189,874 |  |  | $ | 951,027 |
Interest expense on convertible notes | 864 |  |  | — |  |  | 3,245 |  |  | — |
Net income used to compute diluted net income per share | $ | 462,408 |  |  | $ | 283,754 |  |  | $ | 1,193,119 |  |  | $ | 951,027 |
Denominator |  |  |  |  |  |  |
Shares used to compute basic net income per share | 610,199 |  |  | 616,428 |  |  | 614,117 |  |  | 616,830 |
Stock options, restricted stock, and employee stock purchase plan | 7,615 |  |  | 4,224 |  |  | 5,479 |  |  | 6,481 |
Convertible notes | 3,844 |  |  | 12,108 |  |  | 5,660 |  |  | 12,108 |
Shares used to compute diluted net income per share | 621,658 |  |  | 632,760 |  |  | 625,256 |  |  | 635,419 |
Diluted net income per share | $ | 0.74 |  |  | $ | 0.45 |  |  | $ | 1.91 |  |  | $ | 1.50 |
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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock options, restricted stock, and employee stock purchase plan | 35,901 |  |  | 41,498 |  |  | 36,900 |  |  | 39,090 |
Common stock warrants | 5,535 |  |  | 12,109 |  |  | 9,732 |  |  | 12,109 |
Total anti-dilutive securities | 41,436 |  |  | 53,607 |  |  | 46,632 |  |  | 51,199 |

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