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Net Income (Loss) per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Net Income (Loss) per Share | 4. Net Income (Loss) per Share We compute net income (loss) per share of Class A and Class B common stock using the two-class method required for multiple classes of common stock and participating securities. Prior to the IPO, our participating securities included Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock, as the holders of these series of preferred stock were entitled to receive noncumulative dividends subject to certain requirements at an annual rate of 8% of the respective original issue price then in effect in the event that a dividend was paid on common stock. In connection with our IPO, our Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, and Series F preferred stock converted on a one-to-one basis into 67,917,432 shares of Class B common stock, and our Series F-1 preferred stock converted on a one-to-one basis into 5,104,017 shares of Class A common stock. These shares are weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO. The holders of Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock did not have a contractual obligation to share in our losses. As such, our net losses for the three and six months ended June 30, 2023 were not allocated to these participating securities. The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stock:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Class A |  | Class B |  |  |  | Class A |  | Class B |  |  |  | Class A |  | Class B |  |  |  | Class A |  | Class B |  |
| (in thousands, except share and per share data)
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders | $ | (3,034) |  |  | $ | (7,065) |  |  |  |  | $ | (4,952) |  |  | $ | (36,157) |  |  |  |  | $ | (151,229) |  |  | $ | (433,936) |  |  |  |  | $ | (12,021) |  |  | $ | (89,954) |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted-average common shares outstanding | 49,386,912 |  | 114,995,824 |  |  |  | 7,047,807 |  | 51,460,350 |  |  |  | 30,317,800 |  | 86,993,814 |  |  |  | 6,873,912 |  | 51,438,626 |  |
Diluted weighted-average common shares outstanding | 49,386,912 |  | 114,995,824 |  |  |  | 7,047,807 |  | 51,460,350 |  |  |  | 30,317,800 |  | 86,993,814 |  |  |  | 6,873,912 |  | 51,438,626 |  |
Basic and diluted income (loss) per share attributable to common stockholders: | $ | (0.06) |  |  | $ | (0.06) |  |  |  |  | $ | (0.70) |  |  | $ | (0.70) |  |  |  |  | $ | (4.99) |  |  | $ | (4.99) |  |  |  |  | $ | (1.75) |  |  | $ | (1.75) |  |  |
As of June 30, 2024 and 2023, basic and diluted shares were the same as there were no securities that were dilutive. The following outstanding potentially dilutive shares, including stock options that have been exercised prior to vesting, were excluded from the computation of diluted net income (loss) per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
| June 30, 2024
| Class A |  | Class B |  | Consolidated
Stock options | 19,090,416 |  | 6,410,374 |  | 25,500,790
Unvested RSUs & RSAs | 12,620,086 |  | 1,335,312 |  | 13,955,398
| 31,710,502 |  | 7,745,686 |  | 39,456,188
| June 30, 2023
| Class A |  | Class B |  | Consolidated
Stock options | 15,642,899 |  | 8,127,519 |  | 23,770,418
Unvested RSUs & RSAs | 15,928,878 |  | 4,475,150 |  | 20,404,028
Preferred shares | 5,104,017 |  | 67,917,432 |  | 73,021,449
| 36,675,794 |  | 80,520,101 |  | 117,195,895

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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