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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2025
EARNINGS PER SHARE |
EARNINGS PER SHARE | 10. EARNINGS PER SHARE The Company has two classes of common stock outstanding and thus calculates earnings per share (“EPS”) following the two-class method. This method allocates earnings for the respective periods between the two classes of common stock in proportion to the weighted average shares outstanding for each class of common stock as a percentage of total weighted average shares of both classes of common stock outstanding. Neither the Class A nor Class B common stock has any liquidity or dividend preferences and are both considered to be participating securities. ​ Basic and diluted net income (loss) per share attributable to common stockholders is calculated using the treasury stock and if-converted methods. The basic net income (loss) per share attributable to Class A common stockholders includes RSAs, RSUs, Performance Stock Units (“PSUs”), and ESPP shares once vesting or purchase contingencies are resolved, and the related shares are deemed to be outstanding. The diluted net income (loss) per share attributable to Class A common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, all options to purchase shares of Class A common stock and nonvested RSAs and RSUs are considered common stock equivalents. PSUs are included in the computation of diluted net income (loss) per share only to the extent that the underlying performance conditions are satisfied prior to the end of the reporting period or would be satisfied if the end of the reporting period were the end of the related performance period, and if the effect would be dilutive. The portion of ESPP shares for which the Company has received payments but for which the related shares are not yet issuable are also considered potential common stock equivalents. Additionally, the dilutive effect of shares issuable upon conversion of the Notes is included in the calculation of diluted EPS by application of the if-converted method. In connection with the issuance of the Notes, the Company entered into the Capped Call Transactions, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would be anti-dilutive. The Company has excluded the effect of its Class A common stock to be issued in connection with the Stock Earn-outs as the underlying performance conditions were not satisfied prior to the end of the reporting period, nor would they be satisfied if the end of the reporting period were the end of the related performance period. In periods of net loss available to common stockholders, diluted calculations are equal to basic calculations because the inclusion of potential common stock equivalents would be anti-dilutive. ​ The tables below illustrate the calculation of basic and diluted net income per common share for the Class A common stock and Class B common stock for the periods reflected below. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | 2025 | ​ | ​ | 2024
​ | ​ | Class A | ​ | ​ | Class B | ​ | ​ | Class A | ​ | ​ | Class B | ​ | ​ | Class A | ​ | ​ | Class B | ​ | ​ | Class A | ​ | ​ | Class B
​ | (unaudited) | ​ | (unaudited)
Basic net income per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allocation of net income (1) | $ | 1,961 | ​ | $ | 2,084 | ​ | $ | 3,038 | ​ | $ | 4,183 | ​ | $ | 6,636 | ​ | $ | 7,578 | ​ | $ | 6,197 | ​ | $ | 8,872
Denominator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total shares used in per share computation | ​ | 77,290 | ​ |  | 82,156 | ​ | ​ | 65,468 | ​ |  | 90,161 | ​ |  | 74,102 | ​ | ​ | 84,610 | ​ |  | 63,742 | ​ |  | 91,251
Basic net income per share: | $ | 0.03 | ​ | $ | 0.03 | ​ | $ | 0.05 | ​ | $ | 0.05 | ​ | $ | 0.09 | ​ | $ | 0.09 | ​ | $ | 0.10 | ​ | $ | 0.10
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net income per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allocation of net income (1) | $ | 1,996 | ​ | $ | 2,049 | ​ | $ | 3,206 | ​ | $ | 4,015 | ​ | $ | 6,813 | ​ | $ | 7,401 | ​ | $ | 6,549 | ​ | $ | 8,520
Total net income used in per diluted computation | $ | 1,996 | ​ | $ | 2,049 | ​ | $ | 3,206 | ​ | $ | 4,015 | ​ | $ | 6,813 | ​ | $ | 7,401 | ​ | $ | 6,549 | ​ | $ | 8,520
Denominator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number shares used in basic per share computation | ​ | 77,290 | ​ |  | 82,156 | ​ | ​ | 65,468 | ​ |  | 90,161 | ​ |  | 74,102 | ​ |  | 84,610 | ​ | ​ | 63,742 | ​ |  | 91,251
Dilutive effect of common stock equivalents | ​ | 2,725 | ​ |  | — | ​ | ​ | 6,509 | ​ |  | — | ​ |  | 3,782 | ​ |  | — | ​ | ​ | 6,394 | ​ |  | —
Total shares used in per share computation (2) | ​ | 80,015 | ​ | ​ | 82,156 | ​ | ​ | 71,977 | ​ | ​ | 90,161 | ​ | ​ | 77,884 | ​ | ​ | 84,610 | ​ | ​ | 70,136 | ​ | ​ | 91,251
Dilutive net income per share: | $ | 0.02 | ​ | $ | 0.02 | ​ | $ | 0.04 | ​ | $ | 0.04 | ​ | $ | 0.09 | ​ | $ | 0.09 | ​ | $ | 0.09 | ​ | $ | 0.09
(1) Allocation of net income is based on the percentage of shares outstanding.
(2) The following resulted in anti-dilutive impact to EPS and therefore were excluded from the calculation: (i) for both the three and nine months ended September 30, 2025, a total of 9,498 shares assumed to be converted from the Notes, (ii) for the three months ended September 30, 2025, a total of 51 out-of-the-money options, (iii) for the nine months ended September 30, 2025 and 2024, a total of 21 and 135 out-of-the-money options, respectively, and (iv) for the three and nine months ended September 30, 2025, a total of 212 and 201 PSUs, respectively.
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