EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

Basic earnings (loss) per share of Class A common stock and Class D common stock is computed using the two-class method by dividing net earnings (loss) allocated to common stockholders by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding during the period. Diluted earnings (loss) per share of Class A common stock and Class D common stock is computed using the two-class method by dividing net earnings (loss) allocated to common stockholders by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding adjusted to give effect to potentially dilutive securities. Diluted EPS was computed using the treasury stock method for Class A RSUs, non-qualified stock options, and ESPP shares and the if-converted method for Class C common stock. During the first quarter of 2024, the Company discontinued the ESPP Plan.

There was no Class B common stock outstanding during the nine months ended September 30, 2025 and 2024. The following table sets forth the calculation of basic and diluted loss per share for Class A common stock and Class D common stock:


	Three Months Ended						Nine Months Ended
	September 30, 2025						September 30, 2025
	Class A		Class D		Total		Class A		Class D		Total


Net loss allocated to common stockholders	$	(2,642)	$	(2,240)	$	(4,882)	$	(21,316)	$	(18,850)	$	(40,166)





Weighted average shares - basic	114,416,310		97,026,671		211,442,981		109,718,453		97,026,671		206,745,124

Loss per share - basic	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.19)	$	(0.19)	$	(0.19)











Weighted average shares - diluted	114,416,310		97,026,671		211,442,981		109,718,453		97,026,671		206,745,124

Loss per share - diluted	$	(0.02)	$	(0.02)	$	(0.02)	$	(0.19)	$	(0.19)	$	(0.19)


	Three Months Ended						Nine Months Ended
	September 30, 2024						September 30, 2024
	Class A		Class D		Total		Class A		Class D		Total


Net income (loss) allocated to common stockholders	$	653	$	716	$	1,369	$	(30,590)	$	(34,507)	$	(65,097)





Weighted average shares - basic	88,358,600		97,026,671		185,385,271		86,014,818		97,026,671		183,041,489

Earnings (loss) per share - basic	$	0.01	$	0.01	$	0.01	$	(0.36)	$	(0.36)	$	(0.36)

Diluted earnings (loss) per share:



Net earnings (loss) allocated to common shareholders - diluted	$	1,661	$	685	$	2,346	$	(30,590)	$	(34,507)	$	(65,097)

Weighted average shares - diluted	235,506,313		97,026,671		332,532,984		86,014,818		97,026,671		183,041,489
Earnings (loss) per share - diluted	$	0.01	$	0.01	$	0.01	$	(0.36)	$	(0.36)	$	(0.36)

The potential dilutive effect of the exchange of Class C common stock for Class A common stock is evaluated under the if-converted method. Reallocation of net income or loss attributable to the dilutive impact of the exchange of Class C common stock for Class A common stock was tax-effected using the combined federal and state rate (less federal benefit) of 25.4% and 25.0% for the three months ended September 30, 2025 and 2024, respectively, and 25.4% and 25.8%, for the nine months ended September 30, 2025 and 2024, respectively. The potential dilutive effect of stock options, restricted stock units, and ESPP shares is evaluated under the treasury stock method. The following table summarizes the shares that were anti-dilutive and excluded from the computation of diluted earnings (loss) per share for the presented periods.


	Three Months Ended		Nine Months Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Class C common stock	119,970,814	—	123,031,001	142,333,213
Stock options, restricted stock units, ESPP shares(1)	8,761,006	2,305,379	13,414,756	12,135,183
Total	128,731,820	2,305,379	136,445,757	154,468,396

(1)Stock options, restricted stock units, and ESPP shares are weighted for the portion of the period for which they were outstanding.