XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 27, 2020
Cash flows from operating activities      
Net income $ 257.5 $ 79.6 $ 118.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Share-based compensation costs 100.8 66.1 49.3
Depreciation and amortization 24.0 21.6 26.7
Acquired intangibles amortization 123.5 110.1 51.4
Gain on sale of audio technology assets 0.0 (34.2) 0.0
Gain on sale of assets 0.0 0.0 (105.1)
Gain on sale of property and equipment and sale and leaseback transaction (5.4) 0.0 (1.2)
Loss on redemption of convertible notes 8.1 0.3 0.0
Deferred taxes (29.7) (5.2) 2.7
Amortization of convertible debt discount and issuance costs 1.6 19.2 18.3
Amortization of debt issuance costs 1.8 0.6 0.6
Amortization of cost of development services 10.0 9.2 0.0
Acquired in-process research and development 0.0 0.0 2.4
Equity investment (gain) loss (1.6) 9.1 2.0
Other (1.3) 0.0 3.7
Foreign currency remeasurement (gain) loss (7.6) (2.8) 0.4
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net (81.1) (25.9) 31.0
Inventories (65.1) 53.1 43.0
Prepaid expenses and other current assets 6.9 (9.4) (2.9)
Other assets 25.8 0.0 3.9
Accounts payable 23.2 32.2 (36.2)
Accrued compensation 5.3 14.9 29.1
Income taxes payable 48.6 (2.1) 13.8
Other accrued liabilities 17.4 (17.2) (29.9)
Net cash provided by operating activities 462.7 319.2 221.8
Cash flows from investing activities      
Proceeds from sale of assets 55.9 0.0 138.7
Purchase of in-process research and development 0.0 0.0 (2.5)
Acquisition of businesses, net of cash and cash equivalents acquired (501.1) (626.5) 0.0
Advance payment on intangible assets (30.0) 0.0 0.0
Proceeds from sale of audio technology assets 0.0 34.2 0.0
Proceeds from sales of investments 24.4 95.8 0.0
Purchase of short-term securities (5.8) 0.0 0.0
Purchases of property and equipment (31.1) (21.1) (16.3)
Proceeds from sale of equity method investment 5.0 0.0 0.0
Cost method investment 0.0 (5.0) 0.0
Net cash provided by (used in) investing activities (482.7) (522.6) 119.9
Cash flows from financing activities      
Proceeds from issuance of debt 600.0 400.0 0.0
Proceeds from borrowings under line-of-credit 0.0 0.0 100.0
Payment on line of credit borrowings (3.0) (100.0) 0.0
Purchases of treasury stock   0.0 (30.2)
Refundable deposit paid to vendor (16.6) 0.0 0.0
Return of deposit received from vendor 2.8 0.0 0.0
Proceeds from issuance of shares 15.2 27.8 34.5
Payment of debt issuance costs (11.2) (6.1) (0.7)
Payment for redemption of convertible notes (505.6) (19.4) 0.0
Payroll taxes for deferred stock and market stock units (67.3) (28.2) (9.7)
Net cash provided by financing activities 14.3 274.1 93.9
Effect of exchange rate changes on cash and cash equivalents (6.6) 2.2 0.0
Net increase in cash and cash equivalents (12.3) 72.9 435.6
Cash and cash equivalents at beginning of year 836.3 763.4 327.8
Cash and cash equivalents at end of year 824.0 836.3 763.4
Supplemental disclosures of cash flow information      
Cash paid for interest 25.0 9.6 3.7
Cash paid for taxes 42.0 39.7 18.9
Cash refund on taxes 3.7 0.3 1.3
Non-cash investing and financing activities:      
Unpaid property, plant and equipment $ 3.6 $ 0.8 $ 1.2