Net Income (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 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 loss per share attributable to common stockholders for the years indicated (in millions, except per share amounts):


	Year Ended December 31,
	2020		2021		2022
Net income (loss)	$	(4,585)	$	(352)	$	1,893
Add: convertible notes interest expense, net of tax	—		—		4
Net income (loss) - diluted	$	(4,585)	$	(352)	$	1,897
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	284		616		637
Effect of dilutive securities	—		—		43
Diluted	284		616		680

Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	$	(16.12)	$	(0.57)	$	2.97
Diluted	$	(16.12)	$	(0.57)	$	2.79

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 millions):


	Year Ended December 31,
	2020	2021	2022
2026 Notes(1)	—	11	—
Warrants	8	8	—
Escrow shares	1	—	—
Stock options	41	24	1
RSUs	36	26	9

ESPP	1	1	—

Total	87	70	10

(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 could have been issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.