Basic net income (loss) per ordinary share is based on the weighted-average number of ordinary shares outstanding. Diluted net income (loss) per ordinary share is based on the weighted-average number of ordinary shares outstanding and potentially dilutive ordinary shares outstanding.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:


Net income (loss)	$	192.8	$	(718.5)	$	485.9	$	(811.0)



Denominator:
Weighted-average ordinary shares used in per share calculations - basic	63.2		61.2		62.5		61.1
Dilutive effect of the Exchangeable Senior Notes	3.5		—		2.5		—
Dilutive effect of employee equity incentive and purchase plans	2.7		—		2.8		—
Weighted-average ordinary shares used in per share calculations - diluted	69.4		61.2		67.8		61.1

Net income (loss) per ordinary share:



Basic	$	3.05	$	(11.74)	$	7.77	$	(13.28)



Diluted	$	2.78	$	(11.74)	$	7.17	$	(13.28)

Potentially dilutive ordinary shares from our employee equity incentive and purchase plans are determined by applying the treasury stock method to the assumed vesting of outstanding RSUs and PRSUs, the assumed exercise of share options and the assumed issuance of ordinary shares under our ESPP.

On June 15, 2026, the maturity date of the 2026 Notes, we repaid $1.0 billion aggregate principal amount in cash and issued 1,890,193 ordinary shares representing the conversion premium. For the period the 2026 Notes were outstanding, the dilutive effect of the 2026 Notes was included in the calculation of diluted net income per share for the three and six months ended June 30, 2026, when the average market price of our ordinary shares in that period exceeded the conversion price, of approximately $155.81 per ordinary share. The average market price of our ordinary shares for the three and six months ended June 30, 2025, did not exceed the conversion price of the 2026 Notes.

For the 2030 Notes, we are required to settle the principal amount in cash and have the option to settle the conversion feature for the amount above the conversion price, or the conversion spread, in cash, ordinary shares or a combination of cash and ordinary shares. The conversion spread will have a dilutive impact on diluted net income per ordinary share when the average market price of our ordinary shares for a given period exceeds the conversion price, of approximately $153.05 per ordinary share, of the 2030 Notes. The average market price of our ordinary shares for the three and six months ended June 30, 2025, did not exceed the conversion price of the 2030 Notes.

The following table represents the weighted-average ordinary shares that were excluded from the calculation of diluted net income (loss) per ordinary share for the periods presented because including them would have an anti-dilutive effect (in millions):