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Net Income Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income Per Share Basic and diluted net income per common share is presented in conformity with the two-class method required for participating securities. Basic and diluted net income per share is computed using the weighted-average number of shares of common stock outstanding during the period. The undistributed earnings are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B common stock is assumed in the computation of the diluted net income per share of Class A common stock, the undistributed earnings are equal to net income for that computation. The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic net income per share: | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 2,450 |  |  | $ | 197 |  |  | $ | 40,409 |  |  | $ | 3,415 |  |  | $ | 25,257 |  |  | $ | 2,032 |  |  | $ | 79,715 |  |  | $ | 6,740 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares used in calculating net income per share, basic | 320,400 |  |  | 25,785 |  |  | 308,838 |  |  | 26,103 |  |  | 318,989 |  |  | 25,661 |  |  | 307,382 |  |  | 25,991 |
Basic net income per share | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.13 |  |  | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | 0.26 |  |  | $ | 0.26 |
Diluted net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of distributed income, net of interest expense and related tax | $ | 3,744 |  |  | $ | 301 |  |  | $ | 40,409 |  |  | $ | 3,415 |  |  | $ | 27,957 |  |  | $ | 2,249 |  |  | $ | 79,715 |  |  | $ | 6,740 |
Reallocation of undistributed net income as a result of conversion of Class B to Class A shares | 301 |  |  | — |  |  | 3,415 |  |  | — |  |  | 2,249 |  |  | — |  |  | 6,740 |  |  | — |
Allocation of undistributed income | $ | 4,045 |  |  | $ | 301 |  |  | $ | 43,824 |  |  | $ | 3,415 |  |  | $ | 30,206 |  |  | $ | 2,249 |  |  | $ | 86,455 |  |  | $ | 6,740 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares used in basic calculation | 320,400 |  |  | 25,785 |  |  | 308,838 |  |  | 26,103 |  |  | 318,989 |  |  | 25,661 |  |  | 307,382 |  |  | 25,991 |
Weighted-average effect of diluted securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Conversion of Class B to Class A common shares outstanding | 25,785 |  |  | — |  |  | 26,103 |  |  | — |  |  | 25,661 |  |  | — |  |  | 25,991 |  |  | — |
Employee stock options | 4,542 |  |  | — |  |  | 9,716 |  |  | — |  |  | 5,248 |  |  | — |  |  | 10,382 |  |  | — |
Employee stock purchase plan | 13 |  |  | — |  |  | 26 |  |  | — |  |  | 18 |  |  | — |  |  | 30 |  |  | — |
Restricted stock units and performance stock units | 2,356 |  |  | — |  |  | 3,687 |  |  | — |  |  | 3,269 |  |  | — |  |  | 4,367 |  |  | — |
Unvested restricted stock in connection with acquisition | 213 |  |  | — |  |  | 272 |  |  | — |  |  | 208 |  |  | — |  |  | 400 |  |  | — |
Shares issuable upon conversion of the 2025 Notes | 820 |  |  | — |  |  | 8,098 |  |  | — |  |  | 3,300 |  |  | — |  |  | 8,098 |  |  | — |
Shares issuable upon conversion of the 2029 Notes | 4,596 |  |  | — |  |  | — |  |  | — |  |  | 4,596 |  |  | — |  |  | — |  |  | — |
Number of shares used in diluted calculation | 358,725 |  |  | 25,785 |  |  | 356,740 |  |  | 26,103 |  |  | 361,289 |  |  | 25,661 |  |  | 356,650 |  |  | 25,991 |
Diluted net income per share | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.12 |  |  | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 0.09 |  |  | $ | 0.24 |  |  | $ | 0.26 |
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands):
| As of June 30,
| 2025 |  | 2024
Shares subject to outstanding stock options, RSUs and PSUs | 4,405 |  |  | 1,017 |
Shares subject to the employee stock purchase plan | 149 |  |  | 104 |
Total | 4,554 |  |  | 1,121 |
The Company uses the if-converted method for calculating any potential dilutive effect of the conversion options embedded in the Notes on diluted net income per share. The Company entered into Capped Calls in connection with the issuance of the Notes. The effect of the Capped Calls was excluded from the calculation of diluted net income per share as the effect of the Capped Calls would have been anti-dilutive. In connection with the maturity of the 2025 Notes, the Company received shares from the relevant option counterparties, which resulted in no dilution to the Company’s Class A common stock.

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