Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 millions, except per share amounts):


	Three Months Ended March 31,
		2022		2023
Net income (loss)		$	(19)	$	117
Add: convertible notes interest expense, net of tax		—		1
Net income (loss) - diluted		$	(19)	$	118
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic		635		634
Effect of dilutive securities		—		36
Diluted		635		670
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic		$	(0.03)	$	0.18
Diluted		$	(0.03)	$	0.18

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):


	Three Months Ended March 31,
	2022	2023
2026 Notes(1)		11	—
Warrants		8	—

Stock options		24	1
RSUs		28	8




Total		71	9

(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.