Net Income (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

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,
	2021		2022		2023
Net income (loss)	$	(352)	$	1,893	$	4,792
Add: convertible notes interest expense, net of tax	—		4		3
Net income (loss) - diluted	$	(352)	$	1,897	$	4,795
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	616		637		637
Effect of dilutive securities	—		43		25
Diluted	616		680		662

Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic	$	(0.57)	$	2.97	$	7.52
Diluted	$	(0.57)	$	2.79	$	7.24

Schedule of Computation of Diluted Shares Outstanding

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,
	2021	2022	2023
2026 Notes(1)	11	—	—
Warrants	8	—	—

Stock options	24	1	2
RSUs	26	9	5
RSAs	1	—	—

Total	70	10	7

(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 represent the maximum number of shares that could have been issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.