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Net Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | 2. Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock and dilutive potential common stock equivalents then outstanding. Dilutive potential common stock equivalents include the assumed exercise, vesting and issuance of employee stock awards using the treasury stock method, as well as common stock issuable upon assumed conversion of our convertible senior notes due 2025 (the “2025 Notes”) and our convertible senior notes due 2028 (the “2028 Notes”) using the if-converted method. If in a net loss position, diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for dilutive potential common stock equivalents. The following table shows the computation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands except per share data) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss), basic |  | $ | 63,688 |  |  | $ | (34,685 | ) |  | $ | 17,104 |  |  | $ | 1,847 |
Add: interest expense on 2025 Notes, net of tax effect |  |  | 697 |  |  |  | — |  |  |  | 1,396 |  |  |  | — |
Add: interest expense on 2028 Notes, net of tax effect |  |  | 873 |  |  |  | — |  |  |  | 1,748 |  |  |  | — |
Net income (loss), diluted |  | $ | 65,258 |  |  | $ | (34,685 | ) |  | $ | 20,248 |  |  | $ | 1,847 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares used to compute basic net income (loss) per share |  |  | 62,865 |  |  |  | 62,526 |  |  |  | 62,787 |  |  |  | 62,856 |
Dilutive effect of 2025 Notes |  |  | 11,149 |  |  |  | — |  |  |  | 11,150 |  |  |  | — |
Dilutive effect of 2028 Notes |  |  | 9,955 |  |  |  | — |  |  |  | 9,955 |  |  |  | — |
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan |  |  | 449 |  |  |  | — |  |  |  | 435 |  |  |  | — |
Dilutive effect of outstanding warrant |  |  | 34 |  |  |  | — |  |  |  | 15 |  |  |  | 208 |
Weighted-average shares used to compute diluted net income (loss) per share |  |  | 84,452 |  |  |  | 62,526 |  |  |  | 84,342 |  |  |  | 63,064 |
Net income (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.01 |  |  | $ | (0.55 | ) |  | $ | 0.27 |  |  | $ | 0.03 |
Diluted |  | $ | 0.77 |  |  | $ | (0.55 | ) |  | $ | 0.24 |  |  | $ | 0.03 |
Anti-Dilutive Securities The following common stock equivalents were not included in the computation of diluted net income (loss) per share because their effect was anti-dilutive for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Outstanding options and awards granted under equity incentive plan and employee stock purchase plan |  |  | 1,630 |  |  |  | 1,897 |  |  |  | 1,389 |  |  |  | 1,542 |
Outstanding stock warrant |  |  | — |  |  |  | 591 |  |  |  | — |  |  |  | 591 |
Outstanding 2025 Notes |  |  | — |  |  |  | 11,150 |  |  |  | — |  |  |  | 11,150 |
Outstanding 2028 Notes |  |  | — |  |  |  | 9,955 |  |  |  | — |  |  |  | 9,955 |
Total |  |  | 1,630 |  |  |  | 23,593 |  |  |  | 1,389 |  |  |  | 23,238 |

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