Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Computation of Basic and Diluted Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Net income (loss)	$	833,893	$	1,214,288	$	(406,535)	$	1,574,337
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	621,012		638,696		611,311		637,485
Diluted	681,916		680,059		611,311		682,791
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	$	1.34	$	1.90	$	(0.67)	$	2.47
Diluted	$	1.22	$	1.79	$	(0.67)	$	2.31

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
	2021	2022	2021	2022
2026 Notes(1)	—	—		11,086	—
Warrants	—	—		7,935	—
Escrow shares	74	74		74	74
Stock options	550	1,128		27,773	1,128
RSUs	4,777	10,266		29,816	8,292
RSAs	—	—		148	—

ESPP	109	—		594	—

Total	5,510	11,468		77,426	9,494

(1)Holders of the 2026 Notes who convert their 2026 Notes in connection with certain corporate events that constitute a make-whole fundamental change are entitled to an increase in the conversion rate. The 11.1 million shares represents the maximum number of shares that can be issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.