Basic and Diluted Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2024

Basic and Diluted Net Income (Loss) per Share

The Company uses the two-class method to calculate net income (loss) per share. No dividends were declared or paid for the three months ended March 31, 2024 and 2023. Undistributed earnings for each period are allocated equally to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. The Company’s basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding during the period. The Company’s diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding and, when dilutive, potential common shares

outstanding during the period. The dilutive effect of potential common shares is reflected in diluted net income (loss) per share by application of the treasury stock method.

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common stockholders for the three months ended March 31 (in thousands, except share and per share amounts):


	Three Months Ended March 31,
		2024	2023
			Class A		Class V		Class A		Class V
Numerator:
Net income (loss) attributable to common stockholders			$	10,691	$	437	$	(9,660)	$	(407)

Denominator:
Weighted average shares outstanding, basic			205,074,469		8,377,623		198,762,675		8,377,623
Effect of dilutive potential common shares			15,912,493		—		—		—
Weighted average shares outstanding, diluted			220,986,962		8,377,623		198,762,675		8,377,623

Basic net income (loss) per share			$	0.05	$	0.05	$	(0.05)	$	(0.05)
Diluted net income (loss) per share			$	0.05	$	0.05	$	(0.05)	$	(0.05)

Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended March 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the periods presented.

The following table discloses weighted-average securities that were not included in the computation of diluted net loss per share as their inclusion would have been anti-dilutive:


	Three Months Ended March 31,
		2024	2023
RSUs		5,264,985	13,334,746
Stock options		1,456,985	21,549,957
Common stock issued subject to vesting		—	1,441,632
Common stock issuable under the ESPP		—	874,287
Warrants to purchase Class A common stock		—	561,058
PRSUs		—	384,300