Earnings (Loss) Per Share

12 Months Ended

Jun. 30, 2026

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the treasury stock method for stock-based awards, and the if-converted method for convertible senior notes. Under the treasury stock method, the denominator is adjusted to include, when dilutive, incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock units and awards, and performance stock units. Under the if-converted method, the numerator is adjusted to add back interest expense on the convertible senior notes, net of tax, and the denominator is adjusted to include incremental shares issuable upon conversion of the convertible senior notes, when the effect of applying this method is dilutive. Basic and diluted earnings (loss) per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.

The computation of basic and diluted earnings (loss) per share is as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions, except share and per share amounts)
Basic earnings (loss) per share:
Numerator:
Net income (loss)	$	63.2	$	(118.9)	$	(551.9)
Denominator:
Weighted-average common shares outstanding, basic	424,726,220		390,037,997		365,546,334
Earnings (loss) per share, basic	$	0.15	$	(0.30)	$	(1.51)

Diluted earnings (loss) per share:
Numerator:
Net income (loss)	$	63.2	$	(118.9)	$	(551.9)

Net income (loss) attributable to common stockholders, diluted	$	63.2	$	(118.9)	$	(551.9)
Denominator:
Weighted-average common shares outstanding, basic	424,726,220		390,037,997		365,546,334
Weighted-average effect of dilutive securities:



Stock-based awards	11,492,423		—		—

Weighted average common shares outstanding, diluted	436,218,643		390,037,997		365,546,334
Earnings (loss) per share, diluted	$	0.14	$	(0.30)	$	(1.51)

As of June 30, 2026, June 30, 2025, and June 30, 2024, 39,217,172, 81,664,586, and 89,951,736 potentially dilutive stock-based awards, respectively, calculated as the total outstanding shares as of those period ends, were excluded from the computation of diluted earnings (loss) per share. Additionally, 76,452,600, 77,284,420, and 77,284,420 of potentially dilutive shares related to convertible senior notes, calculated under the if-converted method, were excluded from the computation of diluted loss per share as of June 30, 2026, June 30, 2025, and June 30, 2024, respectively. These amounts were excluded as they would have been anti-dilutive.

Capped Calls

For the fiscal year ended June 30, 2024, the denominator for basic and diluted loss per share does not include any effect from the Capped Call Transactions the Company entered into concurrently with the issuance of the 2026 Notes as this effect would be anti-dilutive. During the fiscal year ended June 30, 2024, the Capped Call Transactions were terminated. Refer to Note 11, Debt for additional information.