Net Income (Loss) Per Common Share

12 Months Ended

Jun. 28, 2024

The following table presents the computation of basic and diluted income (loss) per common share:



	2024		2023		2022
	(in millions, except per share data)
Net income (loss)	$	(798)	$	(1,684)	$	1,546
Less: cumulative dividends allocated to preferred shareholders	54		24		—

Net income (loss) attributable to common shareholders	$	(852)	$	(1,708)	$	1,546
Weighted average shares outstanding:
Basic	326		318		312
Employee stock options, RSUs, PSUs and ESPP	—		—		4
Diluted	326		318		316
Net income (loss) per common share:
Basic	$	(2.61)	$	(5.37)	$	4.96
Diluted	$	(2.61)	$	(5.37)	$	4.89
Anti-dilutive potential common shares excluded	22		14		3

Basic income (loss) per share attributable to common shareholders is computed using (i) net income (loss) less (ii) dividends paid to holders of Preferred Shares less (iii) net income (loss) attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income (loss) per share attributable to common shareholders is computed as (i) basic net income (loss) attributable to common shareholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the convertible notes and the Preferred Shares. The treasury stock method is used to determine the dilutive impact of unvested equity awards.

For 2024 and 2023, the Company recorded a net loss and all shares subject to outstanding equity awards were excluded from the calculation of diluted shares for the period because their impact would have been anti-dilutive. For 2022, the Company excluded common shares subject to certain outstanding equity awards from the calculation of diluted shares because their impact would have been anti-dilutive based on the Company’s average stock price during those periods.