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Operating Segments and Geographic Information (Tables)

12 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Schedule of Information on Reportable Segments

Information on the Company’s reportable segments is as follows (in millions):

			Year Ended June 29, 2024
			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			$	499.1					$	37.3					$	536.4					$	298.4											$	—					$	834.8
Service revenue			116.6						49.0						165.6						—												—						165.6
Net revenue			$	615.7					$	86.3					$	702.0					$	298.4											$	—					$	1,000.4
Gross profit			$	382.3					$	57.3					$	439.6					$	154.9											$	(18.6)					$	575.9
Gross margin			62.1		%				66.4		%				62.6		%				51.9		%																57.6		%
Operating income															$	8.0					$	107.0											$	(94.2)					$	20.8
Operating margin															1.1		%				35.9		%																2.1		%
			Year Ended July 1, 2023
			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			$	588.1					$	43.2					$	631.3					$	304.8											$	—					$	936.1
Service revenue			119.1						50.8						169.9						0.1												—						170.0
Net revenue			$	707.2					$	94.0					$	801.2					$	304.9											$	—					$	1,106.1
Gross profit			$	447.6					$	62.6					$	510.2					$	158.6											$	(30.0)					$	638.8
Gross margin			63.3		%				66.6		%				63.7		%				52.0		%																57.8		%
Operating income															$	61.2					$	111.3											$	(90.1)					$	82.4
Operating margin															7.6		%				36.5		%																7.4		%
			Year Ended July 2, 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			$	745.1					$	47.6					$	792.7					$	342.8											$	—					$	1,135.5
Service revenue			110.6						45.8						156.4						0.5												—						156.9
Net revenue			$	855.7					$	93.4					$	949.1					$	343.3											$	—					$	1,292.4
Gross profit			$	550.8					$	64.3					$	615.1					$	193.6											$	(35.2)					$	773.5
Gross margin			64.4		%				68.8		%				64.8		%				56.4		%																59.8		%
Operating income															$	147.8					$	139.0											$	(101.8)					$	185.0
Operating margin															15.6		%				40.5		%																14.3		%

(1) See below tables for details of reconciling items impacting gross profit and operating income.

			Years Ended
			June 29, 2024						July 1, 2023						July 2, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit			$	594.5					$	668.8					$	808.7
Stock-based compensation			(4.9)						(4.8)						(5.2)
Amortization of intangibles			(13.8)						(24.6)						(30.0)
Other benefits (charges) unrelated to core operating performance(1)			0.1						(0.6)						—
Total reconciling items			(18.6)						(30.0)						(35.2)
GAAP gross profit			$	575.9					$	638.8					$	773.5
Corporate reconciling items impacting operating income:
Total segment operating income			$	115.0					$	172.5					$	286.8
Stock-based compensation			(49.4)						(51.2)						(52.3)
Amortization of intangibles			(20.1)						(33.3)						(39.7)
Change in fair value of contingent liability			9.5						4.6						(0.3)
Other (charges) benefits unrelated to core operating performance(1)			(20.6)						1.9						(9.6)
Restructuring and related (charges) benefits			(13.6)						(12.1)						0.1
Total reconciling items			(94.2)						(90.1)						(101.8)
GAAP operating income			$	20.8					$	82.4					$	185.0

(1) For the year ended June 29, 2024, Other charges (benefits) unrelated to core operating performance consisted of $18.1 million of certain acquisition and integration related charges and $2.5 million of net losses primarily related to long-lived assets. For the year ended July 1, 2023, Other charges (benefits) unrelated to core operating performance consisted of a $6.7 million gain on litigation settlement, offset by $2.5 million of certain acquisition and integration related charges and $2.3 million of net losses primarily related to long-lived assets. For the year ended July 2, 2022, Other charges (benefits) unrelated to core operating performance consisted of $5.1 million of certain acquisition and integration related charges and $4.5 million of net losses primarily related to long-lived assets.

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 years ended June 29, 2024, July 1, 2023 and July 2, 2022 (in millions):

			Years Ended
			June 29, 2024																		July 1, 2023																		July 2, 2022
			Product Revenue						Service Revenue						Total						Product Revenue						Service Revenue						Total						Product Revenue						Service Revenue						Total
Americas:
United States			$	265.0					$	60.4					$	325.4					$	303.5					$	59.4					$	362.9					$	332.5					$	56.4					$	388.9
Other Americas			50.3						15.0						65.3						60.3						14.9						75.2						82.2						14.6						96.8
Total Americas			$	315.3					$	75.4					$	390.7					$	363.8					$	74.3					$	438.1					$	414.7					$	71.0					$	485.7
Asia-Pacific:
Greater China			$	188.1					$	5.9					$	194.0					$	203.5					$	7.4					$	210.9					$	247.5					$	8.9					$	256.4
Other Asia			126.5						26.0						152.5						140.2						26.4						166.6						185.2						20.1						205.3
Total Asia-Pacific			$	314.6					$	31.9					$	346.5					$	343.7					$	33.8					$	377.5					$	432.7					$	29.0					$	461.7
EMEA:			$	204.9					$	58.3					$	263.2					$	228.6					$	61.9					$	290.5					$	288.1					$	56.9					$	345.0
Total net revenue			$	834.8					$	165.6					$	1,000.4					$	936.1					$	170.0					$	1,106.1					$	1,135.5					$	156.9					$	1,292.4

One customer of the Company generated $154.1 million, $157.7 million and $178.4 million of net revenue, which represented more than 10% of total net revenue, during fiscal 2024, 2023 and 2022, respectively.

Property, plant and equipment, net was identified based on the operations in the corresponding geographic areas (in millions):

			Years Ended
			June 29, 2024						July 1, 2023
United States			$	165.0					$	166.9
Other Americas			1.1						1.3
China			24.1						33.6
Other Asia-Pacific			5.1						4.0
United Kingdom			20.3						24.6
Other EMEA			12.6						12.6
Total property, plant and equipment, net			$	228.2					$	243.0

X

- 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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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