Net Income (Loss) Per Common Share (Tables)

3 Months Ended

Sep. 27, 2024

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended
	September 27, 2024		September 29, 2023
	(in millions, except per share data)
Net income (loss)	$	493	$	(685)
Less: dividends allocated to preferred shareholders	4		15
Less: income attributable to participating securities(1)	8		—


Net income (loss) attributable to common stockholders	$	481	$	(700)
Weighted average shares outstanding:
Basic	344		323
RSUs, PSUs, ESPP, and the convertible notes	13		—
Diluted	357		323
Net income (loss) per common share
Basic	$	1.40	$	(2.17)
Diluted	$	1.35	$	(2.17)
Anti-dilutive potential common shares excluded	—		15

(1) Preferred stock represents participating securities because they participate in any dividends on shares of common stock on a pari passu, pro rata basis. Preferred stock does not participate in undistributed net losses.