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Basic and Diluted Net Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Basic and Diluted Net Income (Loss) Per Share | Note 12. Basic and Diluted Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by giving effect to all potential shares of common stock, stock options, restricted stock units, performance stock units, ESPP, convertible notes, and convertible preferred stock, to the extent dilutive. For the three and six months ended June 30, 2024, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive. The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share of common stock (in thousands, except per share data):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator |  |  |  |  |  |  |
Net income (loss) | $ | 13,193 |  |  | $ | (14,753) |  |  | $ | 2,865 |  |  | $ | (43,247) |
Denominator |  |  |  |  |  |  |
Weighted-average common shares outstanding for basic net income (loss) per share | 90,710 |  |  | 92,745 |  |  | 90,861 |  |  | 92,944 |
Effect of dilutive securities: |  |  |  |  |  |  |
Shares of common stock issuable under equity incentive awards outstanding | 603 |  |  | — |  |  | 884 |  |  | — |
Shares of common stock related to convertible preferred stock | 743 |  |  | — |  |  | 743 |  |  | — |
Weighted-average common shares outstanding for diluted net income (loss) per share | 92,056 |  |  | 92,745 |  |  | 92,488 |  |  | 92,944 |
Basic net income (loss) per share | $ | 0.15 |  |  | $ | (0.16) |  |  | $ | 0.03 |  |  | $ | (0.47) |
Diluted net income (loss) per share | $ | 0.14 |  |  | $ | (0.16) |  |  | $ | 0.03 |  |  | $ | (0.47) |
The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Shares of common stock issuable under equity incentive plans outstanding | 7,074 |  |  | 9,813 |  |  | 7,102 |  |  | 9,879 |
Shares of common stock related to convertible preferred stock | — |  |  | 743 |  |  | — |  |  | 743 |
Potential common shares excluded from diluted net loss per share | 7,074 |  |  | 10,556 |  |  | 7,102 |  |  | 10,622 |
Pursuant to the terms of the 2026 Convertible Notes Indenture, effective January 1, 2022, the Company made an irrevocable election to, upon conversions of the 2026 Convertible Notes, settle the principal portion of such converted 2026 Convertible Notes only in cash, with the conversion premium to be settled in cash or shares at the Company’s election. The Company calculates the potential dilutive effect of the 2026 Convertible Notes under the if-converted method. Under this method, only the amounts settled in excess of the principal will be considered in diluted earnings per share, in line with the terms of the 2026 Convertible Notes Indenture.

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