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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 per share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses. Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Class A and Class B common stock outstanding. Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The computation of the diluted net income per share of Class A common stock assumes the conversion of the Company's Class B common stock to Class A common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares to Class A common stock. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the 2026 Notes and the 2028 Notes, and by application of the treasury stock method for the Company's other potentially dilutive securities. The numerators and denominators of the basic and diluted EPS computations for the Company's common stock are calculated as follows (in millions, except for per share amounts):
| Three Months Ended September 30,
| 2025 |  | 2024
| Class A |  | Class B |  | Class A |  | Class B
Basic net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 87.6 |  |  | $ | 36.2 |  |  | $ | 79.7 |  |  | $ | 27.0 |
Denominator |  |  |  |  |  |  |
Weighted-average number of common shares outstanding used in computing basic net income per share | 184.8 |  |  | 76.3 |  |  | 235.0 |  |  | 79.5 |
Net income per common share, basic | $ | 0.47 |  |  | $ | 0.47 |  |  | $ | 0.34 |  |  | $ | 0.34 |
Diluted net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 87.6 |  |  | $ | 36.2 |  |  | $ | 79.7 |  |  | $ | 27.0 |
Reallocation of net income as a result of conversion of Class B to Class A common stock | 36.2 |  |  | — |  |  | 27.0 |  |  | — |
Reallocation of net income to Class B common stock | — |  |  | (0.6) |  |  | — |  |  | (0.2) |
Net income attributable to common stockholders for diluted EPS | $ | 123.8 |  |  | $ | 35.6 |  |  | $ | 106.7 |  |  | $ | 26.8 |
Denominator |  |  |  |  |  |  |
Weighted-average number of common shares outstanding used in computing basic net income per share | 184.8 |  |  | 76.3 |  |  | 235.0 |  |  | 79.5
Weighted-average effect of dilutive restricted stock units and awards and employee stock options | 4.0 |  | — |  |  | 1.9 |  |  | — |
Conversion of Class B to Class A common stock | 76.3 |  |  | — |  |  | 79.5 |  |  | — |
Weighted-average number of common shares outstanding used in computing diluted net income per share | 265.1 |  |  | 76.3 |  |  | 316.4 |  |  | 79.5 |
Net income per common share, diluted | $ | 0.47 |  |  | $ | 0.47 |  |  | $ | 0.34 |  |  | $ | 0.34 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Class A |  | Class B |  | Class A |  | Class B
Basic net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 287.9 |  |  | $ | 111.8 |  |  | $ | 263.2 |  |  | $ | 86.3 |
Denominator |  |  |  |  |  |  |
Weighted-average number of common shares outstanding used in computing basic net income per share | 197.7 |  |  | 76.7 |  |  | 243.9 |  |  | 80.0 |
Net income per common share, basic | $ | 1.46 |  |  | $ | 1.46 |  |  | $ | 1.08 |  |  | $ | 1.08 |
Diluted net income per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 287.9 |  |  | $ | 111.8 |  |  | $ | 263.2 |  |  | $ | 86.3 |
Reallocation of net income as a result of conversion of Class B to Class A common stock | 111.8 |  |  | — |  |  | 86.3 |  |  | — |
Reallocation of net income to Class B common stock | — |  |  | (2.0) |  |  | — |  |  | (0.8) |
Net income attributable to common stockholders for diluted EPS | $ | 399.7 |  |  | $ | 109.8 |  |  | $ | 349.5 |  |  | $ | 85.5 |
Denominator |  |  |  |  |  |  |
Weighted-average number of common shares outstanding used in computing basic net income per share | 197.7 |  |  | 76.7 |  |  | 243.9 |  |  | 80.0
Weighted-average effect of dilutive restricted stock units and awards and employee stock options | 4.7 |  | — |  |  | 3.2 |  |  | — |
Conversion of Class B to Class A common stock | 76.7 |  |  | — |  |  | 80.0 |  |  | — |
Weighted-average number of common shares outstanding used in computing diluted net income per share | 279.1 |  |  | 76.7 |  |  | 327.1 |  |  | 80.0 |
Net income per common share, diluted | $ | 1.43 |  |  | $ | 1.43 |  |  | $ | 1.07 |  |  | $ | 1.07 |
The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Restricted stock units and awards | 1.1 |  |  | 14.6 |  |  | 2.1 |  |  | 4.7 |
Options to purchase shares of common stock | — |  |  | 0.1 |  |  | — |  |  | — |
Co-Founder Grant | 8.3 |  |  | 8.3 |  |  | 8.3 |  |  | 8.3 |
Convertible Senior Notes | 37.8 |  |  | 37.8 |  |  | 37.8 |  |  | 37.8 |
Warrants | 37.8 |  |  | 37.8 |  |  | 37.8 |  |  | 37.8 |
Total | 85.0 |  |  | 98.6 |  |  | 86.0 |  |  | 88.6 |

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