Net Income per Share

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31,
		2023		2024
Net income		$	117	$	264
Add: convertible notes interest expense, net of tax		1		1
Net income - diluted		$	118	$	265
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic		634		638
Effect of dilutive securities		36		16
Diluted		670		654
Net income per share attributable to Class A and Class B common stockholders:
Basic		$	0.18	$	0.41
Diluted		$	0.18	$	0.41

As of both March 31, 2023 and 2024, 9.6 million shares of RSUs were excluded from the table below because they are subject to performance conditions that were not achieved as of such date.

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,
	2023	2024



Stock options		1	2
RSUs		8	4



Total		9	6

Share Repurchase Program

In May 2023 and February 2024, the Company announced that its board of directors approved share repurchase programs to purchase up to $2.5 billion and $6.0 billion of the Company’s Class A common stock, respectively.

Share repurchases under these share repurchase programs may be made through a variety of methods, such as open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. These share repurchase programs do not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion.

During the three months ended March 31, 2024, the Company repurchased and subsequently retired 4.7 million shares of Class A common stock for $750 million, which completed the repurchases authorized under the share repurchase program announced in May 2023. As of March 31, 2024, the Company had $6.0 billion available to repurchase shares of Class A common stock under its share repurchase program.