v3.25.3
Basic and Diluted Net Income per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income per Share Basic and Diluted Net Income per Share
The Company uses the two-class method to calculate net income per share. No dividends were declared or paid for the three and nine months ended September 30, 2025 and 2024. Undistributed earnings for each period are allocated equally to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. The Company’s basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average shares of common stock outstanding during the period. The Company’s diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average shares of common stock outstanding and, when dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is reflected in diluted net income per share by application of the treasury stock method and if-converted method.
 
The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to common stockholders for the three and nine months ended September 30 (in thousands, except share and per share amounts):
 
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 Class AClass VClass AClass VClass AClass VClass AClass V
Numerator:
Net income attributable to common stockholders, basic$15,190 $584 $72,665 $2,923 $103,738 $4,026 $96,114 $3,899 
Amortization of debt discount and issuance costs for 2030 Convertible Notes— — — — 2,365 — — — 
Reallocation of undistributed earnings53 (53)229 (229)416 (416)305 (305)
Net income attributable to common stockholders, diluted15,243 531 72,894 2,694 106,519 3,610 96,419 3,594 
Denominator:
Weighted average shares outstanding, basic217,969,192 8,377,623 208,239,520 8,377,623 215,874,844 8,377,623 206,524,417 8,377,623 
Effect of dilutive potential common shares22,328,895 — 18,452,396 — 31,300,485 — 18,247,722 — 
Weighted average shares outstanding, diluted240,298,087 8,377,623 226,691,916 8,377,623 247,175,329 8,377,623 224,772,139 8,377,623 
Basic net income per share$0.07 $0.07 $0.35 $0.35 $0.48 $0.48 $0.47 $0.47 
Diluted net income per share$0.06 $0.06 $0.32 $0.32 $0.43 $0.43 $0.43 $0.43 

The following table discloses weighted-average Class A securities that were not included in the computation of diluted net income per share as their inclusion would have been anti-dilutive:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Convertible notes14,149,300 — — — 
RSUs1,843,041 237,328 3,386,583 5,727,897 
Common stock issuable under the ESPP77,039 — — — 
Stock options— 62,276 — 876,877 

The Capped Calls entered into in connection with the 2030 Convertible Notes were excluded from the calculation of diluted net income per share as the effect would have been anti-dilutive. There were no Class V securities that were excluded in the computation of diluted net income per share for the periods presented.