Earnings Per Share

6 Months Ended

Dec. 27, 2025

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):


	Three Months Ended				Six Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024
Numerator:
Net income (loss) - basic and diluted	$	78.2	$	(60.9)	$	82.4	$	(143.3)

Denominator:
Weighted average common shares outstanding - basic	71.1		68.9		70.7		68.6
Effect of dilutive securities from ESPP	0.1		—		0.1		—
Effect of dilutive securities from stock options	0.3		—		0.4		—
Effect of dilutive securities from RSUs and PSUs	2.5		—		2.1		—
Shares issuable assuming conversion of the convertible notes	13.8		—		9.8		—
Weighted average common shares outstanding - diluted	87.8		68.9		83.1		68.6

Net income (loss) per share:
Basic	$	1.10	$	(0.88)	$	1.17	$	(2.09)
Diluted	$	0.89	$	(0.88)	$	0.99	$	(2.09)

Potentially dilutive common shares result from the assumed exercise of outstanding stock options, assumed vesting of equity awards, and assumed issuance of stock under the ESPP, all using the treasury stock method.

Potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method. Under each series of Notes, we are required to satisfy our conversion obligation with respect to converted Notes by paying cash equal to the principal amount of such converted Notes and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, with respect to any conversion value in excess thereof. Refer to “Note 9. Debt” for more details.

Our outstanding capped call options are anti-dilutive under GAAP as they are specifically designed to mitigate the dilutive impact of the 2032 Notes, such that no dilution will occur until the capped call price is exceeded. Refer to “Note 9. Debt” for more details. There were no other material anti-dilutive shares excluded from the calculation of diluted net income per share during the three and six months ended December 27, 2025.

Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the three months ended December 28, 2024 include 4.4 million shares issuable under restricted stock units (“RSUs”) and performance stock units (“PSUs”), 0.1 million shares issuable under the Employee Stock Purchase Plan (the “ESPP”), and 0.8 million shares outstanding related to stock options. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the six months ended December 28, 2024 include 0.5 million shares related to convertible notes, 4.6 million shares issuable under RSUs and PSUs, 0.1 million shares issuable under the ESPP, and 0.9 million shares outstanding related to stock options. Refer to “Note 13. Equity.”