v3.26.1
Net Income Per Share
 9 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET INCOME PER SHARE
The Company calculates net income per share as defined by ASC 260, Earnings per Share (“ASC 260”). Basic net income per share (“Basic EPS”) is computed by dividing net income attributable to common shareholders by the weighted-average common stock outstanding during the respective period. Per ASC 260, shares issuable for little to no consideration (“Penny Warrants”) should be included in the number of outstanding shares used for Basic EPS. As of March 31, 2026, the Company included the Tranche A Senior Non-Convertible Preferred Stock Warrants outstanding in the denominator of Basic EPS since the exercise price was $0.01 per share thus are considered Penny Warrants.

Diluted net income per share (“Diluted EPS”) is computed by dividing net income attributable to common and common equivalent shareholders by the total of the weighted-average common stock outstanding and common equivalent shares outstanding during the respective period. For the purpose of calculating the Company’s Diluted EPS, common equivalent shares outstanding include common shares issuable upon the exercise of outstanding employee stock options, unvested RSUs, PVUs assuming market conditions are satisfied as of the end of the reporting period, common shares issuable upon the conclusion of each ESPP offering period, Eleventh Amendment Warrants, and Senior Non-Convertible Preferred Stock Warrants (excluding the Penny Warrants). The number of common equivalent shares outstanding has been determined in accordance with the treasury stock method for employee stock options, RSUs, PVUs, common stock issuable pursuant to the ESPP, Eleventh Amendment Warrants, and Senior Non-Convertible Preferred Stock Warrants to the extent they are dilutive. Under the treasury stock method, the exercise price paid by the option holder and future share-based compensation expense that the Company has not yet recognized are assumed to be used to repurchase shares.

The following table sets forth the computation of net income per share for the periods presented:
Three Months Ended March 31,Nine Months Ended March 31,
(in thousands, except per share amounts)
2026202520262025
Numerator:
Net income attributable to common shareholders, basic$21,422 $20,235 $24,649 $28,925 
Change in fair value of warrants(1)
— (13,803)(3,539)(6,160)
Net income attributable to common shareholders, diluted21,422 6,432 21,110 22,765 
Denominator:
Weighted-average common stock outstanding, basic189,455 178,156 187,614 173,462 
Stock options outstanding to purchase shares of common stock including unvested RSUs and from the ESPP691 5,738 1,580 4,518 
Dilutive effect of warrants to purchase common stock335 2,745 1,453 915 
Weighted-average common stock outstanding, diluted
190,481 186,639 190,647 178,895 
Net income per share—basic:$0.11 $0.11 $0.13 $0.17 
Net income per share—diluted:$0.11 $0.03 $0.11 $0.13 
(1) Includes the change in fair value of warrant liabilities to the extent the related warrants to purchase common stock are dilutive or the effect is not anti-dilutive.

The weighted average potential shares of common stock that were excluded from the calculation of net income per share-diluted for the periods presented because including them would have been anti-dilutive consisted of the following:
Three Months Ended March 31,Nine Months Ended March 31,
(in thousands)2026202520262025
Stock options outstanding to purchase shares of common stock, unvested RSUs and shares from the ESPP
11,095 2,161 6,932 3,496 

The weighted average potential shares of common stock that were excluded from the calculation of net income per share-diluted because the performance or market conditions associated with these awards were not met are as follows for the periods presented:
Three Months Ended March 31,Nine Months Ended March 31,
(in thousands)2026202520262025
Shares subject to outstanding PVUs
8,439 7,482 8,497 7,422 

The weighted average potential shares of common stock that were excluded from the calculation of net income per share-diluted because the exercise price of the warrants exceeded the average market price of the Company's common stock or the effect would have been anti-dilutive for the periods presented:
Three Months Ended March 31,Nine Months Ended March 31,
(in thousands)2026202520262025
Warrants to purchase shares of common stock18,744 7,241 21,528 4,270