Earnings Per Share

12 Months Ended

Jun. 29, 2024

Note 3. Earnings Per Share

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


	Years Ended
	June 29, 2024		July 1, 2023		July 2, 2022
Numerator:
Net income (loss) - basic and diluted	$	(546.5)	$	(131.6)	$	198.9

Denominator:
Weighted average common shares outstanding - basic	67.3		68.3		71.2
Effect of dilutive securities from stock-based benefit plans	—		—		0.6
Shares issuable assuming conversion of the convertible notes	—		—		2.4
Weighted average common shares outstanding - diluted	67.3		68.3		74.2

Net income (loss) per share:
Basic	$	(8.12)	$	(1.93)	$	2.79
Diluted	$	(8.12)	$	(1.93)	$	2.68

Shares from stock-based benefit plans and shares issuable assuming conversion of our convertible notes are anti-dilutive for the year ended June 29, 2024 and July 1, 2023, therefore excluded from the calculation of diluted net loss per share, as the Company had net loss for these periods.

Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the year ended June 29, 2024 include 29.6 million shares related to the convertible notes, 4.1 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. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for July 1, 2023 include 24.8 million shares related to the convertible notes, 3.2 million shares issuable under RSUs and PSUs and 0.2 million shares issuable under the 2015 Purchase Plan. Anti-dilutive shares excluded from the calculation of diluted net income per share for the year ended July 2, 2022 was 0.1 million. Refer to “Note 14. Equity”.

As a result of our adoption of ASU 2020-06 in the first quarter of fiscal 2023, potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method. For periods prior to the adoption of ASU 2020-06, which include fiscal year 2022, our potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the treasury stock method.