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Operating Segments and Geographic Information (Tables) | 3 Months Ended
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Oct. 01, 2022
Segment Reporting [Abstract] |
Schedule of Information on Reportable Segments | The following tables present information on the Company’s reportable segments for the three months ended October 1, 2022 and October 2, 2021 (in millions):
| Three Months Ended October 1, 2022
| Network and Service Enablement |  |  |  |  |  |  |  |  |  |
| Network Enablement |  | Service Enablement |  | Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Other Items (1) |  | Consolidated GAAP Measures
Product revenue | $ | 165.9 |  |  | $ | 10.6 |  |  | $ | 176.5 |  |  | $ | 91.2 |  |  |  |  | $ | — |  |  | $ | 267.7 |
Service revenue | 29.0 |  |  | 13.4 |  |  | 42.4 |  |  | 0.1 |  |  |  |  | — |  |  | 42.5 |
Net revenue | $ | 194.9 |  |  | $ | 24.0 |  |  | $ | 218.9 |  |  | $ | 91.3 |  |  |  |  | $ | — |  |  | $ | 310.2 |
Gross profit | $ | 125.6 |  |  | $ | 16.0 |  |  | $ | 141.6 |  |  | $ | 51.8 |  |  |  |  | $ | (8.6) |  |  | $ | 184.8 |
Gross margin | 64.4 | % |  | 66.7 | % |  | 64.7 | % |  | 56.7 | % |  |  |  |  |  | 59.6 | %
Operating income |  |  |  |  | $ | 28.8 |  |  | $ | 38.6 |  |  |  |  | $ | (17.6) |  |  | $ | 49.8 |
Operating margin |  |  |  |  | 13.2 | % |  | 42.3 | % |  |  |  |  |  | 16.1 | %
| Three Months Ended October 2, 2021
| Network and Service Enablement |  |  |  |  |  |  |  |  |  |
| Network Enablement |  | Service Enablement |  | Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Other Items (1) |  | Consolidated GAAP Measures
Product revenue | $ | 179.6 |  |  | $ | 10.9 |  |  | $ | 190.5 |  |  | $ | 98.6 |  |  |  |  | $ | — |  |  | $ | 289.1 |
Service revenue | 25.3 |  |  | 12.1 |  |  | 37.4 |  |  | 0.3 |  |  |  |  | — |  |  | 37.7 |
Net revenue | $ | 204.9 |  |  | $ | 23.0 |  |  | $ | 227.9 |  |  | $ | 98.9 |  |  |  |  | $ | — |  |  | $ | 326.8 |
Gross profit | $ | 132.7 |  |  | $ | 14.7 |  |  | $ | 147.4 |  |  | $ | 57.1 |  |  |  |  | $ | (9.5) |  |  | $ | 195.0 |
Gross margin | 64.8 | % |  | 63.9 | % |  | 64.7 | % |  | 57.7 | % |  |  |  |  |  | 59.7 | %
Operating income |  |  |  |  | $ | 30.7 |  |  | $ | 43.6 |  |  |  |  | $ | (27.4) |  |  | $ | 46.9 |
Operating margin |  |  |  |  | 13.5 | % |  | 44.1 | % |  |  |  |  |  | 14.4 | %
| Three Months Ended
| October 1, 2022 |  | October 2, 2021
Corporate reconciling items impacting gross profit: |  |  |
Total segment gross profit | $ | 193.4 |  |  | $ | 204.5 |
Stock-based compensation | (1.2) |  |  | (1.6) |
Amortization of intangibles | (7.1) |  |  | (7.9) |
Other (charges) benefits unrelated to core operating performance (1) | (0.3) |  |  | — |
GAAP gross profit | $ | 184.8 |  |  | $ | 195.0 |
Corporate reconciling items impacting operating income: |  |  |
Total segment operating income | $ | 67.4 |  |  | $ | 74.3 |
Stock-based compensation | (13.0) |  |  | (13.6) |
Amortization of intangibles | (9.3) |  |  | (10.6) |
Change in fair value of contingent liability | (0.5) |  |  | (0.3) |
Other benefits (charges) unrelated to core operating performance (1) | 5.2 |  |  | (2.9) |
GAAP operating income from continuing operations | $ | 49.8 |  |  | $ | 46.9 |
(1) During the three months ended October 1, 2022 and October 2, 2021, other (charges) benefits unrelated to core operating performance primarily consisted of certain acquisition and integration related charges, transformational initiatives such as site consolidations, reorganization, and loss on disposal of long-lived assets.
Schedule of Revenue by Geographic Regions | The following table presents net revenue by the three geographic regions in which the Company operates and net revenue from countries that exceeded 10% of the Company’s total net revenue for the three months ended October 1, 2022 and October 2, 2021 (in millions):
| Three Months Ended
| October 1, 2022 |  | October 2, 2021
| Product Revenue |  | Service Revenue |  | Total |  | Product Revenue |  | Service Revenue |  | Total
Americas: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 81.0 |  |  | $ | 15.6 |  |  | $ | 96.6 |  |  | $ | 79.9 |  |  | $ | 13.4 |  |  | $ | 93.3 |
Other Americas | 23.1 |  |  | 3.3 |  |  | 26.4 |  |  | 25.0 |  |  | 3.2 |  |  | 28.2 |
Total Americas | $ | 104.1 |  |  | $ | 18.9 |  |  | $ | 123.0 |  |  | $ | 104.9 |  |  | $ | 16.6 |  |  | $ | 121.5 |
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |
Greater China | $ | 63.5 |  |  | $ | 2.1 |  |  | $ | 65.6 |  |  | $ | 69.8 |  |  | $ | 2.8 |  |  | $ | 72.6 |
Other Asia-Pacific | 40.0 |  |  | 6.0 |  |  | 46.0 |  |  | 49.5 |  |  | 4.2 |  |  | 53.7 |
Total Asia-Pacific | $ | 103.5 |  |  | $ | 8.1 |  |  | $ | 111.6 |  |  | $ | 119.3 |  |  | $ | 7.0 |  |  | $ | 126.3 |
EMEA: |  |  |  |  |  |  |  |  |  |  |
Switzerland | $ | 17.4 |  |  | $ | 0.1 |  |  | $ | 17.5 |  |  | $ | 13.1 |  |  | $ | 0.1 |  |  | $ | 13.2 |
Other EMEA | 42.7 |  |  | 15.4 |  |  | 58.1 |  |  | 51.8 |  |  | 14.0 |  |  | 65.8 |
Total EMEA | $ | 60.1 |  |  | $ | 15.5 |  |  | $ | 75.6 |  |  | $ | 64.9 |  |  | $ | 14.1 |  |  | $ | 79.0 |
Total net revenue | $ | 267.7 |  |  | $ | 42.5 |  |  | $ | 310.2 |  |  | $ | 289.1 |  |  | $ | 37.7 |  |  | $ | 326.8 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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