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Segment and Other Information
 12 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment and Other Information Segment and Other Information
Segment reporting
We operate in one segment — the development, marketing and sale of semiconductor products used in electronic devices and products. This determination is based on the management approach, which designates internal information regularly available to the chief operating decision maker (“CODM”) for making decisions and assessing performance as the source of determination of our reportable segment. Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis for the purpose of making operating decisions and assessing financial performance.
The CODM uses consolidated net income, as reported in our consolidated statements of operations, as the measure of profit or loss to allocate resources and assess performance. Financial forecasts and budget-to-actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures, are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the tables below when deciding whether to reinvest profits or pursue strategic mergers and acquisitions.
The measure of segment assets is reported on the consolidated balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the accompanying consolidated balance sheets.
The following table presents the calculation of segment net income as follows:
202520242023
Revenue $1,074.3 $959.4 $1,355.1 
Adjusted cost of revenue (1)498.1 451.1 540.2 
Adjusted operating expenses (2)398.7 380.2 396.0 
Stock-based compensation 112.8 118.9 122.6 
Intangible asset amortization 114.2 81.6 130.4 
Interest and other expense, net10.2 20.4 25.7 
Income tax expense (benefit)(65.7)(250.2)52.4 
Other segment expenses (3)53.8 31.8 14.2 
Segment net income (loss) $(47.8)$125.6 $73.6 
Consolidated net income (loss)$(47.8)$125.6 $73.6 
(1) Adjusted cost of revenue is cost of revenue adjusted for intangible asset amortization and stock-based compensation as follows:
202520242023
Cost of revenue $593.9 $519.6 $639.2 
Less:
Intangible asset amortization97.5 64.3 95.0 
Stock-based compensation(1.7)4.2 4.0 
Adjusted cost of revenue $498.1 $451.1 $540.2 
(2) Adjusted operating expenses is operating expenses comprised of research and development and general and administrative expenses adjusted for stock-based compensation, intangible asset amortization, restructuring and impairment related charges as follows:
202520242023
Operating expenses$574.5 $541.4 $561.6 
Less:
Stock-based compensation114.5 114.7 118.6 
Intangible asset amortization16.7 17.3 35.4 
Impairment charges13.8 16.0 — 
Restructuring costs 16.9 10.5 — 
Other13.9 2.7 11.6 
Adjusted operating expenses$398.7 $380.2 $396.0 
(3) Other segment expenses primarily include impairment charges, legal and vendor related charges and settlements, amortization of debt issuance costs and loss on early extinguishment of debt.
Other Geographical information
Long-lived assets by geographic area were as follows:
20252024
North America$559.5 $523.1 
EMEA453.6 499.3 
Asia Pacific238.7 204.7 
$1,251.8 $1,227.1