Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2025

24. NET INCOME (LOSS) PER SHARE

The Company calculates basic earnings per share by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by assuming the exercise, settlement and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. The Company excludes common stock equivalent shares from the calculation if their effect is anti-dilutive. In a period where the Company is in a net loss position, the diluted loss per share is calculated using the basic share count.

The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share of common stock (in thousands, except for share and per share data).


	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
	2025		2024			2025			2024
Numerator
Net income (loss)	$	12,960	$	21,445		$	(4,461	)	$	20,848
Accretion of redeemable non-controlling interest		—		(1,221	)		(1,276	)		(2,363	)
Net income (loss) attributable to common stockholders	$	12,960	$	20,224		$	(5,737	)	$	18,485

Denominator
Weighted average shares of common stock—basic and diluted		637,578,033		609,997,114			637,207,185			604,138,246
Dilutive effect of stock-based awards		23,044,670		28,370,631			—			32,852,387
Weighted average shares of common stock—diluted		660,622,703		638,367,745			637,207,185			636,990,633
Net income (loss) per share:
Basic	$	0.02	$	0.03		$	(0.01	)	$	0.03
Diluted	$	0.02	$	0.03		$	(0.01	)	$	0.03

Approximately 11,524,628 and 52,267 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended June 30, 2025 and 2024, respectively, because their effect was anti-dilutive.

Approximately 28,922,996 and 4,794,260 common stock equivalent shares were excluded from the computation of diluted per share amounts for the six months ended June 30, 2025 and 2024, respectively, because their effect was anti-dilutive.

As part of the Business Combination, 8,625,000 shares issued and held by Dragoneer (the "Sponsor Vesting Shares") became non-transferable and subject to forfeiture on the tenth anniversary of the closing of the Business Combination if neither of the defined triggering events has occurred. The Sponsor Vesting Shares are issued and outstanding during the three and six months ended June 30, 2025 and 2024 and excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed.