We calculate basic earnings (loss) per common share pursuant to the two-class method as a result of the issuance of the Series A Convertible Preferred Stock (the “Preferred Stock”) in March 2026. The Preferred Stock is entitled to receive dividends on an as-converted basis in the same manner as holders of common stock and is therefore considered a participating security. Accordingly, the Company applies the two-class method in computing basic earnings per share. Under the two-class method, net income is allocated to common stockholders and participating securities based on their respective rights to receive dividends as if all earnings for the period had been distributed. As the Preferred Stock participates on an as-converted basis, earnings are allocated pro rata based on the total number of common shares outstanding and the as-converted shares of Preferred Stock.

Diluted earnings (loss) per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income and assumes conversion of all potential shares including the participating securities. For diluted earnings per share, the Company applies the if-converted method, under which the Preferred Stock is assumed to have been converted into common stock at the date of issuance, and the related shares are included in diluted weighted-average shares outstanding. Refer to Note 13. Equity for more details.


	Three Months Ended				Nine Months Ended
	March 28, 2026		March 29, 2025		March 28, 2026		March 29, 2025
Basic income (loss) per common share:
Net income	$	144.2	$	(44.1)	$	226.6	$	(187.4)
Income allocated to Series A Convertible Preferred Stock	(1.7)		—		(0.9)		—
Net income available to common shareholders	$	142.5	$	(44.1)	$	225.7	$	(187.4)

Weighted average basic shares outstanding	71.5		69.3		71.0		68.8

Basic income (loss) per common share	$	1.99	$	(0.64)	$	3.18	$	(2.72)

Diluted income (loss) per common share:

Numerator:
Net income (loss)	$	144.2	$	(44.1)	$	226.6	$	(187.4)

Denominator:
Weighted average common shares outstanding - basic	71.5		69.3		71.0		68.8
Effect of dilutive securities from Series A Convertible Preferred Stock	0.9		—		0.3		—
Effect of dilutive securities from ESPP	—		—		0.1		—
Effect of dilutive securities from stock options	0.3		—		0.3		—
Effect of dilutive securities from RSUs and PSUs	2.7		—		2.3		—
Shares issuable assuming conversion of the convertible notes	20.8		—		13.4		—
Weighted average common shares outstanding - diluted	96.2		69.3		87.4		68.8

Diluted income (loss) per common share	$	1.50	$	(0.64)	$	2.59	$	(2.72)

Potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method. Under each series of Notes, we are required to satisfy our conversion obligation with respect to converted Notes by paying cash equal to the principal amount of such converted Notes and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, with respect to any conversion value in excess thereof. Refer to “Note 9. Debt” for more details.

Our outstanding capped call options are anti-dilutive under GAAP as they are specifically designed to mitigate the dilutive impact of the 2032 Notes, such that no dilution will occur until the capped call price is exceeded. Refer to “Note 9. Debt” for more details. There were no other material anti-dilutive shares excluded from the calculation of diluted net income per share during the three and nine months ended March 28, 2026.

Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the three months ended March 29, 2025 include 4.2 million shares issuable under restricted stock units (“RSUs”) and performance stock units (“PSUs”), 0.1 million shares issuable under the Employee Stock Purchase Plan (the “ESPP”), and 0.8 million shares outstanding related to stock options. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the nine months ended March 29, 2025 include 0.6 million shares related to convertible notes, 4.5 million shares issuable under RSUs and PSUs, 0.1 million shares issuable under the ESPP, and 0.9 million shares outstanding related to stock options. In addition, the calculation of diluted net loss per share excludes the impact of our convertible notes under the if-converted method as we recognized net loss during the three and nine months ended March 29, 2025.