Basic and Diluted Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) per Share

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 and six months ended June 30, 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 and six months ended June 30 (in thousands, except share and per share amounts):

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
	Class A		Class V		Class A		Class V		Class A		Class V		Class A		Class V
Numerator:
Net income (loss) attributable to common stockholders, basic	$	12,778	$	519	$	(6,869)	$	(288)	$	23,469	$	956	$	(16,530)	$	(694)
Reallocation of undistributed earnings	45		(45)		—		—		76		(76)		—		—
Net income (loss) attributable to common stockholders, diluted	12,823		474		(6,869)		(288)		23,545		880		(16,530)		(694)
Denominator:
Weighted average shares outstanding, basic	206,240,414		8,377,623		200,045,202		8,377,623		205,657,442		8,377,623		199,407,481		8,377,623
Effect of dilutive potential common shares	20,173,948		—		—		—		18,548,611		—		—		—
Weighted average shares outstanding, diluted	226,414,362		8,377,623		200,045,202		8,377,623		224,206,053		8,377,623		199,407,481		8,377,623
Basic net income (loss) per share	$	0.06	$	0.06	$	(0.03)	$	(0.03)	$	0.11	$	0.11	$	(0.08)	$	(0.08)
Diluted net income (loss) per share	$	0.06	$	0.06	$	(0.03)	$	(0.03)	$	0.11	$	0.11	$	(0.08)	$	(0.08)

Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 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 Class A securities that were not included in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
RSUs	280,634	16,944,918	5,126,199	15,149,805
Stock options	164,959	21,698,967	1,048,169	21,624,874
Common stock issued subject to vesting	—	1,219,636	—	1,330,021
PRSUs	—	1,111,823	—	750,071
Common stock issuable under the ESPP	—	766,255	—	722,090
Warrants to purchase Class A common stock	—	561,058	—	561,058

There were no Class V securities that were excluded in the computation of diluted net income (loss) per share for the periods presented.