Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2024

(15) Net Income (Loss) per Share

The following table summarizes the computation of basic and diluted net income (loss) per share of our common stock for the years ended December 31, 2024, 2023 and 2022:


		Year Ended December 31,
			2024		2023		2022
	(in thousands, except share and per share data)
Numerator:
Net income (loss) used to calculate net income (loss), basic			$	25,526	$	(152,815)	$	(124,717)

Denominator:
Weighted-average common shares outstanding, basic			62,607,583		60,756,087		58,552,065
Weighted average effect of dilutive shares:
Dilutive effect of equity incentive plans			576,068		—		—
Weighted-average common shares outstanding, diluted			63,183,651		60,756,087		58,552,065

Net income (loss) per share, basic			$	0.41	$	(2.52)	$	(2.13)
Net income (loss) per share, diluted			$	0.40	$	(2.52)	$	(2.13)

We intend to settle any conversion of our 2025 Notes, 2027 Notes and 2029 Notes in cash, shares, or a combination thereof. The dilutive impact of the Notes for our calculation of diluted net income (loss) per share is considered using the if-converted method. For the years ended December 31, 2024, 2023 and 2022, the shares underlying the Notes were not considered in the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive.

In connection with the issuance of the 2025 Notes, the 2027 Notes and the 2029 Notes, we entered into the 2025 Capped Calls, 2027 Capped Calls and 2029 Capped Calls, which were not included for the purpose of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.

As of December 31, 2024, the 2025 Notes were convertible at the option of the holder, however the 2027 Notes and the 2029 Notes were not convertible at the option of the holder. As of December 31, 2023, and 2022 the 2025 Notes, the 2027 Notes and the 2029 Notes were not convertible at the option of the holder. We had not received any conversion notices through the issuance date of our consolidated financial statements. For disclosure purposes, we have calculated the potentially dilutive effect of the conversion spread, which is included in the table below. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been anti-dilutive:


	Year Ended December 31,
		2024	2023	2022
Options to purchase common stock		—	716,270	932,126
Unvested restricted stock units		—	2,983,020	3,001,443
Common stock issued in conjunction to acquisitions		227,316	115,051	74,627
Shares to be issued under ESPP		91,634	103,778	106,965
Convertible senior notes		11,183,611	11,183,611	9,572,955
Total		11,502,561	15,101,730	13,688,116