Net Income (Loss) Per Share (Tables)

The computation of basic and diluted net income (loss) per share is as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic EPS
Numerator:
Net income (loss)	$	(4,231)	$	(23,783)	$	45,100	$	(19,915)
Less: Income attributable to participating securities	—		—		(6,120)		—
Net income (loss) attributable to common stockholders - basic	$	(4,231)	$	(23,783)	$	38,980	$	(19,915)

Denominator:
Weighted-average common shares outstanding – basic	137,076,788		145,269,540		130,121,241		145,309,595
Net income (loss) per share attributable to common stockholders - basic	$	(0.03)	$	(0.16)	$	0.30	$	(0.14)

Diluted EPS
Numerator:
Net income (loss) attributable to common stockholders - diluted	$	(4,231)	$	(23,783)	$	38,980	$	(19,915)

Denominator:
Weighted-average common shares outstanding – basic	137,076,788		145,269,540		130,121,241		145,309,595
Weighted-average dilutive stock securities	—		—		13,412,085		—
Weighted-average common shares outstanding - diluted	137,076,788		145,269,540		143,533,326		145,309,595
Net income (loss) per share attributable to common stockholders - diluted	$	(0.03)	$	(0.16)	$	0.27	$	(0.14)

The following potentially dilutive securities were excluded from the computation of diluted income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Time-vesting stock options	21,852,821	18,713,365	876,054	18,713,365
Performance-vesting stock options	23,925,554	2,348,996	21,576,558	2,348,996
RSUs	87,587	—	—	—
Redeemable Convertible Preferred Stock (as converted)	—	24,011,299	—	24,011,299
Total	45,865,962	45,073,660	22,452,612	45,073,660