EARNINGS PER SHARE

Basic earnings per share is calculated using the two-class method as the Company’s convertible preferred stock

is considered a participating security because these shares participate in dividends on an as-converted basis with

common stock, and for the three and six months ended June 30, 2026, the Company has two classes of common

stock, which are referred to as Class A common stock and Class B common stock. On January 26, 2026, concurrent

with the IPO, all outstanding shares of the Company’s convertible preferred stock were converted into Class A

common stock and all shares of Class A common stock then held by the Founders were exchanged into an

equivalent number of shares of Class B common stock. Income and losses are shared pro-rata between the two

classes of common stock. The two-class method requires an allocation of earnings to all classes of common stock

and participating securities. Basic earnings per share is calculated by dividing net income (loss) attributable to

common shareholders by the weighted average number of common shares outstanding for the period. The

participating securities are not required to participate in the losses of the Company and, therefore, during periods of

loss there is no allocation required under the two-class method between common and participating securities. The

Company calculated diluted earnings per share using the more dilutive of either the two-class, if-converted method

or the treasury stock method. For the three months ended June 30, 2026, the treasury stock method diluted earnings

per share yielded Class A common stock $0.06 per share and Class B common stock $0.07 per share. For the three

months ended June 30, 2025, the treasury stock method diluted earnings per share of common stock yielded $0.06

per share. For the periods presented the two-class, if-converted method and the treasury stock method yielded the

same result. Diluted earnings per common share is computed by dividing net (loss) income attributable to common

shareholders by the weighted average number of common shares plus the effect of dilutive potential common shares

outstanding during the period.

The following tables set forth the computation of basic and diluted earnings per common share (in millions):


	Three Months Ended June 30,
	2026		2025
	Class A	Class B	Common Stock
Basic earnings per common share:
Allocation of net income ..................................................................	$16	$3	$16
Less: Deemed dividends on perpetual preferred stock ....................	(3)	—	(3)
Net income attributable to common shareholders ...........................	13	3	13
Weighted average common shares outstanding - Basic ...................	215	38	78
Basic earnings per common share ...................................................	$0.07	$0.07	$0.17

	Three Months Ended June 30,
	2026		2025
	Class A	Class B	Common Stock
Diluted earnings per common share:
Allocation of net income ..................................................................	$16	$3	$16
Less: Deemed dividends on perpetual preferred stock ....................	(3)	—	(3)
Net income attributable to common shareholders ...........................	13	3	13
Weighted average common shares outstanding - Diluted................	222	38	226
Diluted earnings per common share ................................................	$0.06	$0.07	$0.06

Figures in the tables may not recalculate exactly due to rounding. Basic and diluted earnings per share are

calculated based on unrounded numbers.

For the three months ended June 30, 2026, 6,485,862 shares related to the IPO Founders Awards were excluded

from the calculation of diluted earnings per share, as a result of their anti-dilutive effect. For the three months ended

June 30, 2025, 1,061,506 employee stock options were excluded from the calculation of diluted earnings per share,

as a result of their anti-dilutive effect.


	Six Months Ended June 30,
	2026		2025
	Class A	Class B	Common Stock
Basic and diluted earnings per common share:
Allocation of net loss .......................................................................	$(9)	$(1)	$(32)
Less: Deemed dividends on perpetual preferred stock ....................	(13)	(2)	(15)
Net loss attributable to common shareholders .................................	(22)	(3)	(47)
Weighted average common shares outstanding - basic and diluted	196	32	78
Basic and diluted loss per common share ........................................	$(0.11)	$(0.11)	$(0.60)

Figures in the table may not recalculate exactly due to rounding. Basic and diluted earnings per share are

calculated based on unrounded numbers.

For the six months ended June 30, 2026 and 2025, 6,983,666 and 5,609,262 employee stock options,

respectively, were excluded from the calculation of diluted earnings per share, as a result of their anti-dilutive effect.

In addition, convertible preferred shares of 51,445,535 and 141,989,676, which are considered participating

securities, were excluded from the calculation of diluted earnings per share for the six months ended June 30, 2026

and 2025, respectively, as a result of their anti-dilutive effect. IPO Founders Awards of 5,916,927 were excluded

from the calculation of diluted earnings per share for the six months ended June 30, 2026, as a result of their anti-

dilutive effect. For the six months ended June 30, 2026, 787 RSUs were excluded from the calculation of diluted