EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

The following table displays the computation of basic and diluted earnings (loss) per share, or EPS, for both Class A and Class B common stock for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions, except per share amounts)
Numerator:
Net income (loss)	$	22.0	$	(7.8)	$	40.4	$	(14.0)
Less: Undistributed income allocated to participating securities	(1.1)		—		(2.0)		—
Net income (loss) attributable to common shareholders	20.9		(7.8)		38.4		(14.0)
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B)	15.4		14.9		15.3		14.8
Effect of dilutive securities:
Redeemable convertible preferred stock	0.8		—		0.8		—
Service-based restricted stock units	0.5		—		0.6		—
Market-based restricted stock units	0.3		—		0.3		—

Stock options	0.1		—		0.1		—

Weighted-average common shares outstanding: diluted (both Class A and B)	17.1		14.9		17.1		14.8
Earnings (loss) per common share (both Class A and B):
Basic	$	1.36	$	(0.52)	$	2.51	$	(0.95)
Diluted	$	1.29	$	(0.52)	$	2.36	$	(0.95)

Schedule of Anti-Dilutive Securities

We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted EPS attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(in millions)
Stock options	—	0.1	—	0.1
Nonvested shares subject to repurchase	—	0.1	—	0.1
Service-based restricted stock units	—	1.0	—	1.0
Market-based restricted stock units	—	0.4	—	0.4

Redeemable convertible preferred stock (as converted to common stock)	—	0.8	—	0.8
Warrants to purchase common stock	7.5	7.7	7.5	7.7
Total	7.5	10.1	7.5	10.1