Net Income (Loss) Per Common Share

12 Months Ended

Jul. 01, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

The following table presents the computation of basic and diluted income (loss) per common share:

	2022		2021		2020
	(in millions, except per share data)
Net income (loss)	$	1,500	$	821	$	(250)
Weighted average shares outstanding:
Basic	312		305		298
Employee stock options, RSUs, PSUs and ESPP	4		4		—
Diluted	316		309		298
Income (loss) per common share
Basic	$	4.81	$	2.69	$	(0.84)
Diluted	$	4.75	$	2.66	$	(0.84)
Anti-dilutive potential common shares excluded	3		5		15

The Company computes basic income (loss) per common share using Net income (loss) and the Weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed using Net income (loss) and the Weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include dilutive outstanding employee stock options, RSUs and PSUs, and rights to purchase shares of common stock under the Company’s ESPP. For 2022, the Company excluded common shares subject to outstanding equity awards from the calculation of diluted shares because their impact would have been anti-dilutive based on the Company’s average stock price during the period. For 2020, the Company recorded net loss, and all shares subject to outstanding equity awards have been excluded for those periods because including them would be anti-dilutive.