XML 30 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Following the IPO, the Company has two series of common stock, Class A common stock and Class B common stock. The rights of the holders of the Company’s Class A common stock and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, basic and diluted net income (loss) per share are the same for Class A common stock and Class B common stock.
Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Numerator:
Net income (loss)$17,239 $8,413 $(7,430)$19,471 
Denominator:
Weighted average shares of common stock outstanding, basic30,663,2638,960,31121,909,9498,887,966
Plus: dilutive effect of stock options2,685,989624,259—495,474
Plus: dilutive effect of RSUs218,237———
Plus: dilutive effect of redeemable convertible preferred stock—17,245,954—17,245,954
Weighted average common shares outstanding, diluted33,567,48926,830,52421,909,94926,629,394
Net income (loss) per share, basic$0.56 $0.94 $(0.34)$2.19 
Net income (loss) per share, diluted$0.51 $0.31 $(0.34)$0.73 
As the Company incurred a net loss during the nine months ended September 30, 2024, basic net loss per share is equivalent to diluted net loss per share as the inclusion of all potentially dilutive securities outstanding would have been antidilutive.
The following potentially dilutive common shares, presented based on amounts outstanding, were excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Stock options— 3,191,922 3,688,752 3,791,773 
RSUs699,644 — 1,148,327 — 
ESPP56,353 — 56,353 — 
Unvested shares of restricted stock purchase37,192 139,398 37,192 164,949 
Common stock warrant4,121,034 3,851,194 4,121,034 3,847,502 
Total shares excluded from diluted net income (loss) per share4,914,223 7,182,514 9,051,658 7,804,224 
Potentially dilutive common shares with respect to the convertible notes are not presented in the table above. The shares are excluded as of September 30, 2023 because no conditions required for conversion had occurred, and as of September 30, 2024 because the shares are included in the
calculation of basic net income (loss) per share because the convertible notes converted into shares of the Company’s Class A common stock as part of the IPO.