Net Loss Per Share

9 Months Ended

Sep. 30, 2024

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(5,831)	$	(7,875)	$	(25,199)	$	(47,864)
Weighted average common shares outstanding, basic and diluted	90,323		90,176		91,133		89,407
Net loss per share, basic and diluted	$	(0.06)	$	(0.09)	$	(0.28)	$	(0.54)

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted loss per share at September 30, 2024 and 2023 (in thousands):


	September 30,
	2024	2023
Options to purchase common stock	1,345	2,394
Unvested restricted stock units	5,987	6,790
Unvested performance stock units	3,254	2,647
Total shares excluded from net loss per share	10,586	11,831

Share Repurchase Program

In July 2020, the Company’s board of directors authorized an open market stock repurchase program (the “Program”) of up to $75 million to allow for the repurchase of shares of the Company’s common stock through September 30, 2022. In May 2021, the Company’s board of directors increased the authorization of the Program by an additional $75 million, bringing the total authorization to $150 million. In July 2022, the Company’s board of directors extended the expiration of the Program until September 30, 2024. In February 2024, the Program had a remaining authorization of $45.8 million and the Company’s board of directors increased the authorization of the Program by $54.2 million, bringing the total remaining authorization to $100 million, as well as extended the expiration of the program until December 31, 2026. The timing and amount of any repurchases will be determined by Company management based on its evaluation of market conditions and other factors. Repurchases of the Company’s common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws, open market purchases, privately-negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. The Program may be suspended or discontinued at any time and does not obligate the Company to purchase any minimum number of shares. During the three and nine months ended September 30, 2024, the Company repurchased and retired a total of 3,875,069 and 4,300,078 shares under the Program for $12.4 million and $13.7 million, respectively, which excludes excise tax imposed under the Inflation Reduction Act of $0.1 million for the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, the Company had no share repurchases. As of September 30, 2024, the Company had a remaining authorization of $86.3 million for future share repurchases.