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Net Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The following table presents the basic and diluted net income (loss) per share:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (in thousands, except per share data)
Basic Net Income (Loss) Per Share: |  |  |  |  |  |  |
Net income (loss) | $ | 20,058 |  |  | $ | 5,214 |  |  | $ | 21,563 |  |  | $ | (13,621) |
Weighted-average common shares outstanding used to compute basic net income (loss) per share | 143,009 |  |  | 141,270 |  |  | 142,176 |  |  | 140,376 |
Basic net income (loss) per share | $ | 0.14 |  |  | $ | 0.04 |  |  | $ | 0.15 |  |  | $ | (0.10) |
Diluted Net Income (Loss) Per Share: |  |  |  |  |  |  |
Net income (loss) used to calculate diluted income (loss) per share | $ | 20,058 |  |  | $ | 5,214 |  |  | $ | 21,563 |  |  | $ | (13,621) |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares used to compute basic net income (loss) per share | 143,009 |  |  | 141,270 |  |  | 142,176 |  |  | 140,376 |
Dilutive effect of weighted-average restricted stock units | 6,124 |  |  | 4,654 |  |  | 4,887 |  |  | — |
Dilutive effect of weighted-average common stock options | 2,412 |  |  | 1,955 |  |  | 2,153 |  |  | — |
Dilutive effect of weighted-average performance stock units | 1,569 |  |  | 796 |  |  | 1,260 |  |  | — |
Dilutive effect of weighted-average Employee Stock Purchase Plan ("ESPP") shares | 52 |  |  | 22 |  |  | 40 |  |  | — |
Weighted-average shares used to compute diluted net income (loss) per share | 153,166 |  |  | 148,697 |  |  | 150,516 |  |  | 140,376 |
Diluted net income (loss) per share | $ | 0.13 |  |  | $ | 0.04 |  |  | $ | 0.14 |  |  | $ | (0.10) |
The following weighted-average shares have been excluded from the calculation of diluted net income (loss) per share attributable to common stockholders for each period presented because they were anti-dilutive:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
|  | (in thousands) |  | (in thousands)
Unvested restricted stock units |  | — |  |  | — |  |  | — |  |  | 3,293 |
Options to purchase common stock |  | — |  |  | — |  |  | — |  |  | 1,744 |
Unvested performance stock units |  | — |  |  | — |  |  | — |  |  | 546 |
ESPP shares |  | — |  |  | — |  |  | — |  |  | 47 |
Convertible Senior Notes |  | 3,210 |  |  | 3,210 |  |  | 3,210 |  |  | 3,210 |
Total shares excluded from diluted net income (loss) per share |  | 3,210 |  |  | 3,210 |  |  | 3,210 |  |  | 8,840 |
As of September 30, 2025, the performance stock units granted during 2021, 2023, 2024, and 2025 had expected achievement levels of 0%, 150%, 150%, and 150%, respectively. The performance stock units granted during 2022 vested on February 1, 2025 with an achievement of approximately 125%. As of September 30, 2024, the performance stock units granted in 2021, 2022, 2023, and 2024 had expected achievement levels of 0%, 99%, 115%, and 150%, respectively. These expected and actual achievement levels are included in the calculation of weighted-average shares in the tables above. Refer to Note 11 for additional information related to performance stock units. For the three and nine months ended September 30, 2025 and 2024, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 9) was approximately 3,210,098 and were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. The Convertible Senior Notes have an initial conversion rate of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Senior Notes, which will be subject to anti-dilution adjustments in certain circumstances.

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