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Segment and Other Information
 3 Months Ended
Sep. 27, 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:
Three Months Ended
September
20252024
Revenue$292.5 $257.7 
Adjusted cost of revenue (1)137.0 118.7 
Adjusted operating expenses (2)104.0 95.9 
Stock-based compensation36.7 27.2 
Intangible asset amortization35.2 24.6 
Interest and other (income) expense, net(1.2)5.3 
Income tax benefit(2.1)(11.2)
Other segment expenses (3)3.5 20.3 
Segment net loss$(20.6)$(23.1)
Consolidated net loss$(20.6)$(23.1)
(1) Adjusted cost of revenue is cost of revenue adjusted for intangible asset amortization and stock-based compensation as follows:
Three Months Ended
September
20252024
Cost of revenue$167.9 $136.8 
Less:
Intangible asset amortization30.5 20.8 
Stock-based compensation0.4 (2.7)
Adjusted cost of revenue$137.0 $118.7 
(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:
Three Months Ended
September
20252024
Operating expenses$147.8 $149.3 
Less:
Stock-based compensation36.3 29.9 
Intangible asset amortization4.7 3.8 
Restructuring costs2.5 14.2 
Other0.3 5.5 
Adjusted operating expenses$104.0 $95.9 
(3) Other segment expenses primarily include restructuring charges, legal and vendor related charges and settlements, acquisition and integration related costs and amortization of debt issuance costs.