Net Income (Loss) Per Share

12 Months Ended

Jun. 30, 2024

17. Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock used in the basic net income (loss) per share calculation plus the dilutive effect of any shares subject to repurchase, options and unvested RSUs.

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):


	Year Ended
	June 30, 2024			June 30, 2023		June 30, 2022
Net income (loss)	$	(85,964	)	$	78,074	$	44,271
Weighted-average shares used in per share calculation – basic		129,288			129,473		129,437
Options to purchase common stock		—			708		567
Restricted stock units		—			3,468		3,490
Weighted-average shares used in per share calculation – diluted		129,288			133,649		133,494

Net income (loss) per share – basic and diluted
Net income (loss) per share – basic	$	(0.66	)	$	0.60	$	0.34
Net income (loss) per share – diluted	$	(0.66	)	$	0.58	$	0.33

Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the ESPP.

The following securities were excluded from the computation of net income (loss) per diluted share of common stock for the periods presented as their effect would have been anti-dilutive (in thousands):


			Year Ended
	June 30, 2024		June 30, 2023		June 30, 2022
Options to purchase common stock		1,126		—		—
Restricted stock units		5,946		153		99
Employee Stock Purchase Plan shares		193		181		400
Total shares excluded		7,265		334		499