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INCOME (LOSS) PER SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
INCOME (LOSS) PER SHARE | INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, RSUs, PSUs, ESPP shares, incentive shares, and convertible senior notes. If dilutive, those potentially dilutive securities are reflected in diluted net income (loss) per share using the treasury stock method, except for the convertible senior notes, which are subject to the if-converted method. The following table sets forth the computation of basic and diluted net income (loss) per share of Common Stock for the three and six months ended June 30, 2025 and 2024 (in thousands, except share amounts and per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic and diluted net income (loss) per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income (loss) - continuing operations | $ | 20,593 |  |  | $ | (9,412) |  |  | $ | 28,620 |  |  | $ | (20,918) |
Less: Net income (loss) attributable to noncontrolling interests | 256 |  |  | 623 |  |  | 637 |  |  | 1,388 |
Net income (loss) attributable to common stockholders - continuing operations | 20,337 |  |  | (10,035) |  |  | 27,983 |  |  | (22,306) |
Net income (loss) attributable to common stockholders - discontinued operations | — |  |  | — |  |  | (471) |  |  | — |
Basic net income (loss) attributable to common stockholders | $ | 20,337 |  |  | $ | (10,035) |  |  | $ | 27,512 |  |  | $ | (22,306) |
Diluted net income (loss) attributable to common stockholders - continuing operations | $ | 20,337 |  |  | $ | (10,035) |  |  | $ | 27,983 |  |  | $ | (22,306) |
Plus: Interest expense from assumed conversion of convertible senior notes | 2,779 |  |  | — |  |  | 367 |  |  | — |
Net income (loss) attributable to common stockholders plus assumed conversions - continuing operations | $ | 23,116 |  |  | $ | (10,035) |  |  | $ | 28,350 |  |  | $ | (22,306) |
Denominator |  |  |  |  |  |  |
Shares used in computation of basic net income (loss) per share | 40,034,041 |  |  | 39,430,656 |  |  | 39,922,318 |  |  | 38,570,401 |
Weighted-average effect of diluted securities |  |  |  |  |  |  |
Stock options | 2,094,112 |  |  | — |  |  | 1,844,547 |  |  | — |
RSUs | 417,920 |  |  | — |  |  | 366,045 |  |  | — |
PSUs | 863,728 |  |  | — |  |  | 431,864 |  |  | — |
ESPP Shares | 6,353 |  |  | — |  |  | 3,752 |  |  | — |
Convertible senior notes due 2026 | 788,903 |  |  | — |  |  | 788,903 |  |  | — |
Convertible senior notes due 2027 | 6,575,268 |  |  | — |  |  | — |  |  | — |
Shares used in computation of diluted net income (loss) per share | 50,780,325 |  |  | 39,430,656 |  |  | 43,357,429 |  |  | 38,570,401 |
Basic net income (loss) per share: |  |  |  |  |  |  |
Continuing operations | $ | 0.51 |  |  | $ | (0.25) |  |  | $ | 0.70 |  |  | $ | (0.58) |
Discontinued operations | — |  |  | — |  |  | (0.01) |  |  | — |
Basic net income (loss) per share | $ | 0.51 |  |  | $ | (0.25) |  |  | $ | 0.69 |  |  | $ | (0.58) |
Diluted net income (loss) per share: |  |  |  |  |  |  |
Continuing operations | $ | 0.46 |  |  | $ | (0.25) |  |  | $ | 0.65 |  |  | $ | (0.58) |
Discontinued Operations | — |  |  | — |  |  | (0.01) |  |  | — |
Diluted net income (loss) per share | $ | 0.46 |  |  | $ | (0.25) |  |  | $ | 0.64 |  |  | $ | (0.58) |
The following weighted-average potentially dilutive instruments are not included in the diluted net income (loss) per share calculations above because they would have had an antidilutive effect on the net income (loss) per share from continuing operations:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capped call transactions (1) | 788,903 |  |  | 3,376,400 |  |  | 788,903 |  |  | 3,376,400 |
Convertible Senior notes due 2026 (2) | — |  |  | 3,376,400 |  |  | — |  |  | 3,376,400 |
Stock options | — |  |  | 3,062,500 |  |  | — |  |  | 3,062,500 |
Convertible Senior notes due 2027 (2) | — |  |  | — |  |  | 6,575,268 |  |  | — |
RSUs | 5,072 |  |  | 906,954 |  |  | 6,908 |  |  | 834,961 |
PSUs | — |  |  | 139,242 |  |  | — |  |  | 280,807 |
ESPP | — |  |  | 10,731 |  |  | — |  |  | 10,731 |
Total | 793,975 |  |  | 10,872,227 |  |  | 7,371,079 |  |  | 10,941,799 |
(1)The capped call transactions are expected to reduce potential dilution to our Common Stock upon conversion of the 2026 Notes outstanding principal. Upon conversion of both the capped call transactions and then-outstanding 2026 Notes, there will be minimized economic dilution from the 2026 Notes, as exercise of the capped call transactions reduces dilution from the 2026 Notes that would have otherwise occurred when the price of our Common Stock exceeds the conversion price. (2)We apply the if-converted method in computing the effect of our convertible senior notes on diluted net income (loss) per share, whereby the numerator of our diluted net income (loss) per share computations is adjusted for interest expense, net of tax, and the denominator is adjusted for the number of shares into which the convertible senior notes could be converted. The effect is only included in the calculation of income (loss) per share for those instruments for which it would reduce income (loss) per share. See Note 6, Financing Arrangements, for additional information. As of June 30, 2025, there were up to 1,853,066 shares of Common Stock issuable upon vesting of outstanding 2024 Executive PSUs, 1,647,841 shares of Common Stock issuable upon vesting of outstanding 2025 PSUs and 954,000 shar es issuable upon vesting of outstanding Major Rocket incentive shares that were excluded from the table above as neither the applicable market and performance conditions nor the specified merchant revenue-related profit thresholds were satisfied as of the end of the period. Refer to Note 8, Stockholders' Equity (Deficit) and Compensation Arrangements for more information.

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