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Net Income per Share Attributable to Common Stockholders | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Net Income per Share Attributable to Common Stockholders |
13. |  | Net Income per Share Attributable to Common Stockholders
Prior to the IPO, the rights, including the liquidation and dividend rights, of the holders of voting and non-voting common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net income per share attributable to common stockholders were, therefore, the same for both voting and non-voting common stock on an individual or combined basis. The computation of basic and diluted net income per share attributable to common stockholders was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2024 |  | 2023 |  | 2024
| (in millions, except share amounts, which are reflected in thousands, and per share amounts)
Numerator: |  |  |  |  |  |  |
Net income | $ | (1,999) |  |  | $ | 118 |  |  | $ | (1,757) |  |  | $ | 309 |
Less: Accretion related to Series A redeemable convertible preferred stock | — |  |  | (2) |  |  | — |  |  | (7) |
Net income attributable to common stockholders, basic | $ | (1,999) |  |  | $ | 116 |  |  | $ | (1,757) |  |  | $ | 302 |
Add: Accretion related to Series A redeemable convertible preferred stock | — |  |  | 2 |  |  | — |  |  | — |
Net income attributable to common stockholders, diluted | $ | (1,999) |  |  | $ | 118 |  |  | $ | (1,757) |  |  | $ | 302 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares used in computing basic net income per share attributable to common stockholders | 95,836 |  |  | 259,660 |  |  | 80,180 |  |  | 266,550 |
Weighted-average effect of dilutive securities: |  |  |  |  |  |  |
Series A redeemable convertible preferred stock | — |  |  | 5,833 |  |  | — |  |  | — |
Stock options | — |  |  | 5,629 |  |  | — |  |  | 8,054 |
Restricted stock units | — |  |  | 9,881 |  |  | — |  |  | 11,097 |
Unvested restricted non-voting common stock | — |  |  | — |  |  | — |  |  | — |
Weighted-average shares used in computing diluted net income per share attributable to common stockholders | 95,836 |  |  | 281,003 |  |  | 80,180 |  |  | 285,701 |
Net income per share attributable to common stockholders: |  |  |  |  |  |  |
Basic | $ | (20.86) |  |  | $ | 0.45 |  |  | $ | (21.92) |  |  | $ | 1.13 |
Diluted | $ | (20.86) |  |  | $ | 0.42 |  |  | $ | (21.92) |  |  | $ | 1.06 |
The following potentially dilutive outstanding securities were excluded from the computation of diluted income per share attributable to common stockholders because their effect was not dilutive:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2024 |  | 2023 |  | 2024
| (in thousands)
Series A redeemable convertible preferred stock | 5,833 |  | — |  | 5,833 |  | 5,833
Stock options | 19,996 |  | 384 |  | 19,996 |  | 428
Restricted stock units | 28,559 |  | 5,811 |  | 28,559 |  | 2,470
Unvested restricted non-voting common stock | 375 |  | 74 |  | 375 |  | 74
Total | 54,763 |  | 6,269 |  | 54,763 |  | 8,805
The following potentially dilutive outstanding securities were excluded from the table above because they are subject to performance-based and / or market-based vesting conditions that were not achieved as of those dates:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2024 |  | 2023 |  | 2024
| (in thousands)
Restricted stock units | 2,158 |  | 1,319 |  | 2,158 |  | 1,319
Total | 2,158 |  | 1,319 |  | 2,158 |  | 1,319

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