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Net Income (Loss) Per Common Share | 12 Months Ended
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Jun. 30, 2023
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:
|  |  |  |  | 2023 |  | 2022 |  | 2021
|  |  |  |  | (in millions, except per share data)
Net income (loss) |  |  |  |  | $ | (1,706) |  |  | $ | 1,500 |  |  | $ | 821 |
Less: cumulative dividends allocated to preferred shareholders |  |  |  |  | 24 |  |  | — |  |  | — |
Net income (loss) attributable to common shareholders |  |  |  |  | $ | (1,730) |  |  | $ | 1,500 |  |  | $ | 821 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | 318 |  |  | 312 |  |  | 305 |
Employee stock options, RSUs, PSUs and ESPP |  |  |  |  | — |  |  | 4 |  |  | 4 |
Diluted |  |  |  |  | 318 |  |  | 316 |  |  | 309 |
Income (loss) per common share: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | (5.44) |  |  | $ | 4.81 |  |  | $ | 2.69 |
Diluted |  |  |  |  | $ | (5.44) |  |  | $ | 4.75 |  |  | $ | 2.66 |
Anti-dilutive potential common shares excluded |  |  |  |  | 14 |  |  | 3 |  |  | 5 |
Basic income (loss) per share attributable to common shareholders is computed using (i) net income (loss) less (ii) dividends paid to holders of Preferred Shares less (iii) net income (loss) attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income (loss) per share attributable to common shareholders is computed as (i) basic net income (loss) attributable to common shareholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The “if-converted” method is used to determine the dilutive impact for the shares issuable in connection with the 1.50% convertible notes due 2024 and the convertible preferred stock, and the treasury stock method is used to determine the dilutive impact of outstanding employee stock options, RSUs, PSUs, and rights to purchase shares of common stock under the ESPP. For 2023, the Company recorded a net loss and all shares subject to outstanding equity awards were excluded from the calculation of diluted shares for the period because their impact would have been anti-dilutive. For 2022 and 2021, the Company excluded common shares subject to certain 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 those periods.

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