Earnings Per Share

9 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The following table sets forth the computation of basic and diluted net (loss) income 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) income	$	(24.6)	$	(15.4)	$	(4.1)	$	25.6
Denominator:
Weighted-average shares outstanding:
Basic	223.0		224.1		222.5		225.5
Shares issuable assuming conversion of convertible notes (1)	—		—		—		0.4
Effect of dilutive securities from stock-based compensation plans	—		—		—		1.7
Diluted	223.0		224.1		222.5		227.6
Net (loss) income per share:
Basic	$	(0.11)	$	(0.07)	$	(0.02)	$	0.11
Diluted	$	(0.11)	$	(0.07)	$	(0.02)	$	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 March 30, 2024, the if-converted value is less than the outstanding principal of the 2026 Notes and are therefore anti-dilutive. 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 (loss) income per share because their effect would have been anti-dilutive (in millions):

	Three Months Ended		Nine Months Ended
	March 30, 2024	April 1, 2023	March 30, 2024	April 1, 2023
Restricted stock units	8.4	4.3	4.9	3.6