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Stockholders' Equity
 12 Months Ended
Jul. 02, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 15. Stockholders' Equity
Repurchase of Common Stock
In September 2019, the Board of Directors authorized a stock repurchase plan (“2019 Repurchase Plan”) of up to $200 million of the Company’s common stock through open market or private transactions before September 30, 2021. On August 18, 2021, the Board of Directors approved to extend the 2019 Repurchase Plan until September 30, 2022. Under the 2019 Repurchase Plan, the Company may repurchase its common stock from time to time at the discretion of the Company’s management.
During fiscal 2022, the Company repurchased 3.1 million shares of its common stock for $45.5 million under the 2019 Repurchase plan. As of July 2, 2022, the Company had approximately $67.3 million remaining under the program.
In September 2021, the Board of Directors authorized a new stock repurchase plan (“2021 Repurchase Plan”) of up to $190 million. The 2021 Repurchase plan is separate from the 2019 Repurchase Plan noted above and was solely used for the repurchase of the Company’s common stock issued in connection with the exchange transaction with certain holders of its Senior Convertible Notes (refer to Senior Convertible Notes Settlement section of “Note 11. Debt” for more details).
During fiscal 2022, the Company repurchased 11.7 million shares of its common stock for $190 million under the 2021 Repurchase plan. As of July 2, 2022, there is no remaining authorization under this plan.
The following table summarizes share repurchase activity related to the Company’s stock repurchase program (in millions, except average price per share amounts):
Years Ended
July 2, 2022July 3, 2021June 27, 2020
Total number of shares repurchased14.8 3.0 3.7 
Average price per share$15.91 $14.21 $11.99 
Total purchase price$235.5 $42.6 $44.4 
Remaining authorization at end of period$67.3 $112.9 $155.6 
The total purchase price of these repurchases was reflected as a decrease to common stock based on the stated par value per share with the remainder charged to accumulated deficit. All common shares repurchased during fiscal 2022, 2021 and 2020 have been canceled and retired.
Preferred Stock
The Company’s Board of Directors has authority to issue up to 1,000,000 shares of undesignated preferred stock and to determine the powers, preferences and rights and the qualifications, limitations or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock and to fix the number of shares constituting any series and the designation of such series, without the consent of the Company’s stockholders. The preferred stock could be issued with voting, liquidation, dividend and other rights superior to those of the holders of common stock. Subsequent issuance of any preferred stock by the Company’s Board of Directors, under some circumstances, could have the effect of delaying, deferring or preventing a change in control.