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EARNINGS (LOSS) PER SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The following table displays the computation of basic and diluted earnings (loss) per share, or EPS, for both Class A and Class B common stock for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions, except per share amounts)
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | 22.0 |  |  | $ | (7.8) |  |  | $ | 40.4 |  |  | $ | (14.0) |
Less: Undistributed income allocated to participating securities | (1.1) |  |  | — |  |  | (2.0) |  |  | — |
Net income (loss) attributable to common shareholders | 20.9 |  |  | (7.8) |  |  | 38.4 |  |  | (14.0) |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding: basic (both Class A and B) | 15.4 |  |  | 14.9 |  |  | 15.3 |  |  | 14.8 |
Effect of dilutive securities: |  |  |  |  |  |  |
Redeemable convertible preferred stock | 0.8 |  |  | — |  |  | 0.8 |  |  | — |
Service-based restricted stock units | 0.5 |  |  | — |  |  | 0.6 |  |  | — |
Market-based restricted stock units | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
Stock options | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
Weighted-average common shares outstanding: diluted (both Class A and B) | 17.1 |  |  | 14.9 |  |  | 17.1 |  |  | 14.8 |
Earnings (loss) per common share (both Class A and B): |  |  |  |  |  |  |
Basic | $ | 1.36 |  |  | $ | (0.52) |  |  | $ | 2.51 |  |  | $ | (0.95) |
Diluted | $ | 1.29 |  |  | $ | (0.52) |  |  | $ | 2.36 |  |  | $ | (0.95) |
For the three and six months ended June 30, 2024, we operated at a loss and, therefore, the conversion of common stock equivalents would increase the denominator of the diluted EPS calculation and create a lower EPS. Therefore, these common stock equivalents are considered anti-dilutive and diluted EPS is equal to basic EPS. We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted EPS attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions)
Stock options | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Nonvested shares subject to repurchase | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Service-based restricted stock units | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Market-based restricted stock units | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Redeemable convertible preferred stock (as converted to common stock) | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Warrants to purchase common stock | 7.5 |  |  | 7.7 |  |  | 7.5 |  |  | 7.7 |
Total | 7.5 |  |  | 10.1 |  |  | 7.5 |  |  | 10.1 |

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