Earnings Per Share

9 Months Ended

Apr. 01, 2023

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				Nine Months Ended
	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Numerator:


Net (loss) income	$	(15.4)	$	19.2	$	25.6	$	(1.0)
Denominator:
Weighted-average shares outstanding:

Basic	224.1		229.2		225.5		232.1
Shares issuable assuming conversion of convertible notes (1)	—		4.9		0.4		—
Effect of dilutive securities from stock-based compensation plans	—		2.7		1.7		—
Diluted	224.1		236.8		227.6		232.1

Net (loss) income per share:


Basic	$	(0.07)	$	0.08	$	0.11	$	—


Diluted	$	(0.07)	$	0.08	$	0.11	$	—

(1) Represents the dilutive impact for the Company’s 1.75% Senior Convertible Notes due 2023 (2023 Notes), the 1.00% Senior Convertible Notes due 2024 (2024 Notes) and the 1.625% Senior Convertible Notes due 2026 (2026 Notes). As of April 1, 2023, the if-converted value is less than the outstanding principal of the 2023, 2024 and 2026 Notes, respectively. Refer to “Note 11. Debt” for more details.

The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net income per share because their effect would have been anti-dilutive (in millions):




	Three Months Ended		Nine Months Ended
	April 1, 2023	April 2, 2022	April 1, 2023	April 2, 2022
Restricted stock units (1)	4.3	0.3	3.6	0.6

Shares issuable from Senior Convertible Notes (2)	—	—	—	5.9
Total potentially dilutive securities	4.3	0.3	3.6	6.5

(1) Represents the number of RSUs that are excluded from the computation of diluted earnings per share as their inclusion would have been anti-dilutive.

(2) As the Company incurred a loss from continuing operations in the period, potential securities from Senior Convertible Notes have been excluded from the dilutive net loss per share computations as their effects were deemed anti-dilutive.