Net Income Per Share

9 Months Ended

Mar. 31, 2023

Basic income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted net income per share based on the treasury stock method.

Prior to the Transaction, the Industrial Software Business did not have any shares of common stock outstanding. Accordingly, net loss per share for the three and nine months ended March 31, 2022 has been calculated using weighted average shares outstanding (basic and diluted) based on the number of shares of common stock issued to Emerson on the closing date of the Transaction.

The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the three and nine months ended March 31, 2023 and 2022 are as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
(Dollars and Shares in Thousands, Except per Share Data)	2023		2022		2023		2022

Net (loss)	$	(57,635)	$	(3,280)	$	(135,076)	$	(15,242)

Basic weighted average shares outstanding	64,796		36,308		64,622		36,308

Dilutive weighted average shares outstanding	64,796		36,308		64,622		36,308

(Loss) per share
Basic	$	(0.89)	$	(0.09)	$	(2.09)	$	(0.42)
Dilutive	$	(0.89)	$	(0.09)	$	(2.09)	$	(0.42)

For the three and nine months ended March 31, 2023 and 2022, certain employee equity awards were anti-dilutive based on the treasury stock method. The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of March 31, 2023 and 2022:


	Three Months Ended March 31,		Nine Months Ended March 31,
	2023	2022	2023	2022
	(Shares in Thousands)
Employee equity awards	1,441	—	1,367	—