v3.25.4
Net loss per share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net loss per share
The following table presents the calculations of basic and diluted net loss per share:
Year ended December 31,
(in thousands, except per share data)202520242023
Numerator:
Net loss$(93,487)$(432,311)$(53,183)
Denominator:
Weighted-average common shares - basic and diluted for Class A and Class B common stock158,579 153,113 153,348 
Basic and diluted net loss per share$(0.59)$(2.82)$(0.35)
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:
Year ended December 31,
(in thousands)202520242023
Stock-based awards14,396 16,207 15,839 
Shares related to convertible senior notes8,783 10,050 14,808 
Warrants2,120 — — 
Total anti-dilutive securities25,299 26,257 30,647 
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding. Diluted net income per share adjusts the basic net income per share and the weighted-average number of shares of common stock outstanding for the potentially dilutive impact of the Company’s ESPP awards, stock awards, and warrants using the treasury stock method. The Company calculated the potential dilutive effect of its 2025 Notes under the if-converted method. Under the if-converted method, diluted net income per share was determined by assuming all of the outstanding 2025 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period. In addition, in periods of net income, interest charges on the 2025 Notes, which includes both coupon interest and amortization of debt issuance costs, were added back to net income on an after-tax effected basis. The Company repaid the remaining $93.8 million in aggregate principal of the 2025 Notes at maturity on November 15, 2025 with restricted cash on hand, as described further in Note 5 Financing arrangements.
The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock and has no expiration date. Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date when the outstanding shares of Class B common stock represent less than 10% of the aggregate number of shares of common stock then outstanding. Class A common stock is not convertible into Class B common stock. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock.