
	Three Months Ended March 31,
	2026		2025
	(unaudited)
Net loss per share, basic and diluted
Numerator:
Net loss	$	(111,026)	$	(23,742)
Denominator:
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted	72,593,210		68,552,084
Net loss per share, basic and diluted	$	(1.53)	$	(0.35)

During the three months ended March 31, 2026 and 2025, we incurred net losses and, therefore, the effect of our stock options, restricted stock units, performance-based restricted stock units, convertible senior notes, employee stock purchase plan, and restricted shares were not included in the calculation of diluted net loss per share as the effect would be anti-dilutive.

The calculation of diluted net loss per share does not include the effect of the following potentially outstanding shares of common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted net loss per share when the effect would have been anti-dilutive:


	As of March 31,
	2026	2025
	(unaudited)
Common stock options	801,332	1,023,042
Restricted stock units	5,170,578	5,707,796
Performance-based restricted stock units	616,338	2,727,883
Shares related to convertible senior notes(1)	—	—
Employee stock purchase plan	252,300	217,113
Restricted shares	106,196	106,196
Shares issuable as acquisition-related contingent consideration(2)	—	—
Total potentially dilutive securities	6,946,744	9,782,030

_________________________

(1)On April 14, 2025, we fully settled the principal amount of the convertible senior notes in cash with no issuance of shares of our common stock. As of March 31, 2025, we had formally communicated that the convertible senior notes would be settled fully in cash, so we have not included any shares related to convertible senior notes as of this date in the table above. In connection with the offering of our convertible senior notes, we entered into Capped Calls with initial caps on the conversion price of $42.00 per share, which are excluded from the calculation of diluted earnings per share in all periods presented, as they would be antidilutive.

(2)The Upfront acquisition includes contingent consideration based on certain recurring revenue-based earn-out performance targets for Upfront during an earn-out period that ends on December 31, 2026. The Upfront contingent consideration is capped and will be paid in a combination of equity and cash to the extent achieved. If the earn-out were to be fully achieved, we would be required to issue approximately 2.7 million shares of common stock related to this acquisition in early 2027. There were no anti-dilutive shares issuable as acquisition-related contingent consideration presented as of March 31, 2026 in the table above as the amounts presented above are calculated based on the earn-out achieved and the estimated number of shares that would be issuable if the outstanding acquisition-related contingent consideration liabilities were to be settled as of that date.