Definitive Healthcare Corp. Earnings Per Share Disclosure
Basic net loss per share of Class A common stock is computed by dividing net loss attributable to Definitive Healthcare Corp. by the weighted-average number of shares of Class A common stock outstanding during the period, excluding unvested equity awards and subsidiary member units not exchanged. Diluted earnings per share of Class A common stock is calculated by dividing net income attributable to Definitive Healthcare Corp., adjusted for the assumed exchange of all potentially dilutive securities by the weighted-average number of shares of Class A common stock outstanding.
The following table sets forth reconciliation of the numerators and denominators used to compute basic and diluted net loss per share of Class A common stock for the years ended December 31, 2025, 2024, and 2023.
|
|
Year Ended |
|
|||||||||
(in thousands) |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(199,297 |
) |
|
$ |
(591,446 |
) |
|
$ |
(289,627 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(60,365 |
) |
|
|
(178,322 |
) |
|
|
(87,239 |
) |
Net loss attributable to Definitive Healthcare Corp. |
|
$ |
(138,932 |
) |
|
$ |
(413,124 |
) |
|
$ |
(202,388 |
) |
The following table sets forth the computation of basic and diluted net loss per share of Class A common stock:
|
|
Year Ended |
|
|||||||||
(in thousands, except number of shares and per share amounts) |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|||
Basic net loss per share attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Allocation of net loss attributable to Definitive Healthcare Corp. |
|
$ |
(138,932 |
) |
|
$ |
(413,124 |
) |
|
$ |
(202,388 |
) |
Weighted average number of shares of Class A outstanding |
|
|
106,650,845 |
|
|
|
116,640,183 |
|
|
|
112,764,537 |
|
Net loss per share, basic and diluted |
|
$ |
(1.30 |
) |
|
$ |
(3.54 |
) |
|
$ |
(1.79 |
) |
Shares of the Company’s Class B common stock do not participate in the earnings or losses of Definitive Healthcare Corp. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented.
The following table presents potentially dilutive securities which were excluded from the computation of diluted net loss per share for the periods presented because their effects on net loss per share would have been anti-dilutive:
|
|
Year Ended |
|
|||||||||
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|||
LLC Units (vested and unvested) |
|
|
38,339,076 |
|
|
|
39,439,198 |
|
|
|
39,762,700 |
|
Restricted stock units |
|
|
12,222,650 |
|
|
|
9,105,791 |
|
|
|
6,828,490 |
|
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.