| Basic and Diluted Net Loss Per Share |
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
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For the Three Months Ended
June 30, |
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For the Six Months Ended
June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands, except per share amounts) |
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Numerator: |
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Net income (loss) - basic |
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$ |
196,892 |
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$ |
6,460 |
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$ |
(250,616 |
) |
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$ |
42,579 |
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Add: interest expense, net of tax, on the Company's convertible debt |
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4,303 |
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|
340 |
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— |
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|
769 |
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Net income (loss) - diluted |
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$ |
201,195 |
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$ |
6,800 |
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$ |
(250,616 |
) |
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$ |
43,348 |
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Denominator: |
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Weighted-average common shares outstanding, basic |
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98,005 |
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94,618 |
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97,685 |
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|
94,305 |
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Effect of dilutive securities: |
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Common stock issuable under the Company's equity incentive plans |
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518 |
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3,095 |
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— |
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3,388 |
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Common stock issuable under the Company's convertible debt |
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8,100 |
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|
1,431 |
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— |
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|
1,436 |
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Weighted-average common shares outstanding, diluted |
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106,623 |
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|
99,144 |
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|
97,685 |
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|
99,129 |
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Earnings (loss) per common share, basic |
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$ |
2.01 |
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$ |
0.07 |
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$ |
(2.57 |
) |
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$ |
0.45 |
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Earnings (loss) per common share, diluted |
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$ |
1.89 |
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$ |
0.07 |
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$ |
(2.57 |
) |
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$ |
0.44 |
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| Summary of Potential Shares of Common Stock that were Excluded from the Computation of Diluted Earnings per Share |
The following table summarizes potential shares of common stock that were excluded from the computation of diluted earnings per share as they were anti-dilutive:
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As of
June 30, 2025 |
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As of
June 30, 2024 |
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(in thousands) |
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Common stock issuable under the Company's equity incentive plans |
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8,308 |
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|
2,879 |
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(1) |
Common stock issuable under the Company's convertible debt |
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— |
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8,100 |
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Total number of potentially issuable common stock |
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8,308 |
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10,979 |
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(1) As of June 30, 2024, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 1.2 million shares that are dilutive but have performance or market conditions that were not met as of the end of the period.
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