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Net Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic and diluted net income (loss) per share are computed using the two-class method as required when there are participating securities and multiple classes of common stock. Prior to May 14, 2021, when the Company’s Series A and B redeemable convertible preferred stock converted into shares of Class B common stock, the Company’s redeemable convertible preferred stock were participating securities as the holders of the redeemable convertible preferred stock were entitled to participate in dividends with common stock. In periods of net income, net income after deducting the accretion of redeemable convertible preferred stock was attributed to common stockholders and participating securities based on their participation rights. Net losses after deducting the accretion of redeemable convertible preferred stock are not allocated to the participating securities as the participating securities do not have a contractual obligation to share in any losses. In April 2021, the Company filed its amended and restated certificate of incorporation, which resulted in the creation of Class A common stock and Class B common stock. As the liquidation and dividend rights are identical for Class A and Class B common stock (see Note 9), the undistributed earnings under the two-class method are allocated on a proportional basis and the resulting net income (loss) per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The following table presents the Company’s basic net income (loss) per share (in thousands, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) per share, basic: |  |  |  |  |  |  |
Net income (loss) | $ | (52,847) |  |  | $ | 21,323 |  |  | $ | (39,449) |  |  | $ | 10,241 |
Less: Accretion of redeemable convertible preferred stock | (483) |  |  | (956) |  |  | (1,480) |  |  | (1,911) |
Less: Undistributed earnings attributable to participating securities | — |  |  | (4,745) |  |  | — |  |  | (1,943) |
Net income (loss) attributable to Class A and Class B common stockholders | $ | (53,330) |  |  | $ | 15,622 |  |  | $ | (40,929) |  |  | $ | 6,387 |
Weighted average shares of Class A and Class B common stock outstanding | 96,726 |  |  | 79,681 |  |  | 87,829 |  |  | 79,552 |
Net income (loss) per share attributable to Class A and Class B common stockholders, basic | $ | (0.55) |  |  | $ | 0.20 |  |  | $ | (0.47) |  |  | $ | 0.08 |
On April 19, 2021, the Company’s board of directors waived the liquidity event-based performance condition such that the RSUs that had satisfied the service condition would vest upon the earlier of the first day of trading of the Company’s common stock on the New York Stock Exchange or March 15, 2022. As vesting of the Company’s RSUs was now probable after the modification, these awards were considered in the diluted net income (loss) per share calculation on and after April 19, 2021. During the three and six months ended June 30, 2021, unvested RSU awards were excluded from the calculation of diluted net loss per share because their inclusion would have been anti-dilutive. The following table presents the Company’s diluted net income (loss) per share (in thousands, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) per share, diluted: |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income (loss) attributable to Class A and Class B common stockholders | $ | (53,330) |  |  | $ | 15,622 |  |  | $ | (40,929) |  |  | $ | 6,387 |
Add: |  |  |  |  |  |  |
Reallocation of net income attributable to participating securities | — |  |  | 477 |  |  | — |  |  | 202 |
Interest on convertible notes with related parties, net of tax | — |  |  | 11 |  |  | — |  |  | — |
Net income (loss) attributable to Class A and Class B common stockholders, diluted | $ | (53,330) |  |  | $ | 16,110 |  |  | $ | (40,929) |  |  | $ | 6,589 |
Denominator: |  |  |  |  |  |  |
Weighted average shares of Class A and Class B common stock outstanding, basic | 96,726 |  |  | 79,681 |  |  | 87,829 |  |  | 79,552 |
Effect of dilutive securities: |  |  |  |  |  |  |
Options to purchase common stock | — |  |  | 11,236 |  |  | — |  |  | 12,029 |
Convertible notes with related parties | — |  |  | 373 |  |  | — |  |  | — |
Weighted average shares of Class A and Class B common stock outstanding, diluted | 96,726 |  |  | 91,290 |  |  | 87,829 |  |  | 91,581 |
Net income (loss) per share attributable to Class A and Class B common stockholders, diluted | $ | (0.55) |  |  | $ | 0.18 |  |  | $ | (0.47) |  |  | $ | 0.07 |
The following table presents the weighted average number of potentially dilutive common stock equivalents excluded from the computation of diluted net income (loss) per share because their inclusion would have been anti-dilutive (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Options to purchase common stock | 15,521 |  |  | 6,643 |  |  | 17,065 |  |  | 5,499 |
Restricted stock units | 6,078 |  |  | 3,921 |  |  | 5,820 |  |  | 3,550 |
Redeemable convertible preferred stock, if converted basis | 11,436 |  |  | — |  |  | 17,784 |  |  | — |
Convertible notes with related parties, if converted basis | 1,860 |  |  | — |  |  | 2,457 |  |  | 187 |
Unvested early exercise common stock | 61 |  |  | — |  |  | 31 |  |  | — |
Total shares excluded from diluted net income (loss) per share | 34,956 |  |  | 10,564 |  |  | 43,157 |  |  | 9,236 |
The CEO Performance Award is excluded from the above table because none of the market conditions had been met as of June 30, 2021.

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