Earnings Per Share

9 Months Ended

Mar. 30, 2024

Note 3. Earnings Per Share

The following table sets forth the computation of basic and diluted net loss per share (in millions, except per share data):


	Three Months Ended				Nine Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Numerator:
Net loss - basic and diluted	$	(127.0)	$	(39.3)	$	(294.0)	$	(71.4)

Denominator:
Weighted average common shares outstanding - basic and diluted	67.5		68.6		67.1		68.3





Net loss per share:
Basic	$	(1.88)	$	(0.57)	$	(4.38)	$	(1.05)
Diluted	$	(1.88)	$	(0.57)	$	(4.38)	$	(1.05)

Shares from stock-based benefit plans and shares issuable assuming conversion of our convertible notes are anti-dilutive for the three and nine months ended March 30, 2024 and April 1, 2023, respectively, and are therefore excluded from the calculation of diluted net loss per share as the Company had a net loss for both periods.

Anti-dilutive shares excluded from the calculation of diluted net loss per share for the three months ended March 30, 2024 include 30.3 million shares related to convertible notes, 3.9 million shares issuable under restricted stock units (“RSUs”) and performance stock units (“PSUs”), 0.2 million shares issuable under the Employee Stock Purchase Plan (the “2015 Purchase Plan”), and 1.1 million shares outstanding related to stock options. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the nine months ended March 30, 2024 include 30.9 million shares related to convertible notes, 4.3 million shares issuable under RSUs and PSUs, 0.2 million shares issuable under the 2015 Purchase Plan, and 1.1 million shares outstanding related to stock options. Refer to “Note 13. Equity.”

Anti-dilutive shares excluded from the calculation of diluted net loss per share for the three months ended April 1, 2023 include 24.5 million shares related to convertible notes, 3.5 million shares issuable under RSUs and PSUs, and 0.1 million shares issuable under the 2015 Purchase Plan. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the nine months ended April 1, 2023 include 24.5 million shares related to convertible notes, 3.8 million shares issuable under RSUs and PSUs, and 0.1 million shares issuable under the 2015 Purchase Plan.

Potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method.