v3.26.1
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs, RSUs, convertible notes and ASR, to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock. We use the if‑converted method for the Notes and the treasury stock method for the unsettled forward contract related to the ASR in the calculation of diluted net income (loss) per share.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(40,314)$(6,355)$34,066 $4,689 $(104,581)$(15,675)$41,871 $5,806 
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
486,259 76,654 594,953 81,899 521,471 78,158 594,282 82,406 
Basic net income (loss) per share
$(0.08)$(0.08)$0.06 $0.06 $(0.20)$(0.20)$0.07 $0.07 
Diluted net income (loss) per share:
Numerator:
Net income (loss)$(40,314)$(6,355)$34,066 $4,689 $(104,581)$(15,675)$41,871 $5,806 
Reallocation of net income as a result of conversion of Class B to Class A common stock — — 4,689 — — — 5,806 — 
Reallocation of net income to Class B common stock — — — (88)— — — (109)
Diluted net income (loss)
$(40,314)$(6,355)$38,755 $4,601 $(104,581)$(15,675)$47,677 $5,697 
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
486,259 76,654 594,953 81,899 521,471 78,158 594,282 82,406 
Conversion of Class B to Class A common stock— — 81,899 — — — 82,406 — 
Weighted average effect of dilutive potential common stock — — 12,985 — — — 12,910 — 
Weighted-average shares used in computing net income (loss) per share, diluted
486,259 76,654 689,837 81,899 521,471 78,158 689,598 82,406 
Diluted net income (loss) per share
$(0.08)$(0.08)$0.06 $0.06 $(0.20)$(0.20)$0.07 $0.07 
Basic net income (loss) per share is the same as diluted net income (loss) per share for the three and six months ended June 30, 2026 because we reported a net loss. As we will settle the principal amount of the Notes in cash upon conversion, the Notes will only impact diluted net income (loss) per share when the average market price of our Class A common stock exceeds the initial conversion price of approximately $22.72 per share in the period presented. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Outstanding stock options8,554 — 8,554 — 
Unvested restricted stock units and restricted stock awards77,844 11,490 59,489 11,682 
ASR
1,931 — 3,062 — 
Total88,329 11,490 71,105 11,682 
The calculation of diluted net income (loss) per share does not reflect the effect of the Capped Calls, which would have been anti-dilutive. If the average market price of our Class A common stock is greater than the strike price of the Capped Calls upon any conversion of the Notes, we expect the Capped Calls to reduce the potential dilution to our Class A common stock, subject to a cap based on the cap price. Refer to Note 5 for further information on the Capped Calls.