Earnings (Loss) Per Share

9 Months Ended

Mar. 31, 2026

10. Earnings (Loss) Per Share

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 service-based and performance-based restricted 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:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
	(in millions, except share and per share amounts)
Basic earnings (loss) per share:
Numerator:
Net income (loss)	$	26.4	$	(47.7)	$	1.6	$	(140.5)
Denominator:
Weighted-average common shares outstanding, basic	428,911,447		394,010,264		421,053,209		385,954,344
Earnings (loss) per share, basic	$	0.06	$	(0.12)	$	—	$	(0.36)

Diluted earnings (loss) per share:
Numerator:
Net income (loss)	$	26.4	$	(47.7)	$	1.6	$	(140.5)
Add: Interest expense on convertible senior notes, net of tax	3.8		—		—		—
Net income (loss) attributable to common stockholders, diluted	$	30.2	$	(47.7)	$	1.6	$	(140.5)
Denominator:
Weighted-average common shares outstanding, basic	428,911,447		394,010,264		421,053,209		385,954,344
Weighted-average effect of dilutive securities:




Stock-based awards	6,897,149		—		12,254,389		—
Convertible senior notes	76,452,600		—		—		—
Weighted average common shares outstanding, diluted	512,261,196		394,010,264		433,307,598		385,954,344
Earnings (loss) per share, diluted	$	0.06	$	(0.12)	$	—	$	(0.36)

As of March 31, 2026 and 2025, 46.6 million and 95.5 million potentially dilutive stock-based awards, calculated as the total outstanding shares as of those period ends, were excluded from the computation of diluted earnings (loss) per share. No shares issuable upon conversion of the convertible senior notes were excluded from the computation of diluted earnings per share as of March 31, 2026. Additionally, 77.3 million 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 March 31, 2025. This amount was excluded as it would have been anti-dilutive