Earnings Per Share (Tables)

3 Months Ended

Oct. 01, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net (Loss) Income 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
	October 1, 2022		October 2, 2021
Numerator:
Net income (loss)	$	32.6	$	(54.8)
Denominator:
Weighted-average shares outstanding:
Basic	226.3		231.1
Shares issuable assuming conversion of convertible notes (1)	1.4		—
Effect of dilutive securities from stock-based compensation plans	2.7		—
Diluted	230.4		231.1
Net income (loss) per share:
Basic	$	0.14	$	(0.24)
Diluted	$	0.14	$	(0.24)

(1)    Represents the dilutive impact for the Company’s 1.75% Senior Convertible Notes due 2023 (2023 Notes) and the 1.00% Senior Convertible Notes due 2024 (2024 Notes). As of October 1, 2022, the if-converted value in excess of outstanding principal of the 2023 and 2024 Notes was $1.6 million and $17.7 million, respectively. Refer to “Note 11. Debt” for more details.

Schedule of Weighted Average Potentially Dilutive Securities Excluded from the Computation Because Their Effect Would Have Been Anti-dilutive

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
	October 1, 2022	October 2, 2021
		(1)
Restricted stock units (2)	1.4	6.1
Stock options and Employee Stock Purchase Plan	—	1.5
Shares issuable from Senior Convertible Notes	—	8.3
Total potentially dilutive securities	1.4	15.9

(1)     As the Company incurred a loss from continuing operations in the period, potential securities from employee stock options, Employee Stock Purchase Plan (ESPP), restricted stock units (RSUs), performance stock units (PSUs) and Senior Convertible Notes have been excluded from the dilutive net loss per share computations as their effects were deemed anti-dilutive.

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