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Operating Segments and Geographic Information (Tables)

6 Months Ended

Dec. 30, 2023

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 December 30, 2023 and December 31, 2022 (in millions):

			Three Months Ended December 30, 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			$	125.2					$	10.8					$	136.0					$	74.9											$	—					$	210.9
Service revenue			30.3						13.3						43.6						—												—						43.6
Net revenue			$	155.5					$	24.1					$	179.6					$	74.9											$	—					$	254.5
Gross profit			$	97.2					$	16.6					$	113.8					$	39.0											$	(4.8)					$	148.0
Gross margin			62.5		%				68.9		%				63.4		%				52.1		%																58.2		%
Operating income															$	6.4					$	27.3											$	(11.3)					$	22.4
Operating margin															3.6		%				36.4		%																8.8		%

			Three Months Ended December 31, 2022
			Network and Service Enablement
			Network Enablement (2)						Service Enablement (2)						Network and Service Enablement						Optical Security and Performance Products												Other Items (1)						Consolidated GAAP Measures
Product revenue (2)			$	152.6					$	11.5					$	164.1					$	77.4											$	—					$	241.5
Service revenue (2)			30.7						12.3						43.0						—												—						43.0
Net revenue			$	183.3					$	23.8					$	207.1					$	77.4											$	—					$	284.5
Gross profit			$	118.1					$	15.3					$	133.4					$	40.5											$	(6.9)					$	167.0
Gross margin			64.4		%				64.3		%				64.4		%				52.3		%																58.7		%
Operating income															$	18.5					$	27.5											$	(23.1)					$	22.9
Operating margin															8.9		%				35.5		%																8.0		%

(1)Other items include charges (benefits) unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.

(2)Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast to reflect the impact to net revenue, gross profit and gross margin.

			Three Months Ended
			December 30, 2023						December 31, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit			$	152.8					$	173.9
Stock-based compensation			(1.2)						(1.2)
Amortization of intangibles			(3.4)						(5.7)
Other charges unrelated to core operating performance (1)			(0.2)						—
GAAP gross profit			$	148.0					$	167.0
Corporate reconciling items impacting operating income:
Total segment operating income			$	33.7					$	46.0
Stock-based compensation			(12.5)						(13.0)
Amortization of intangibles			(4.8)						(7.9)
Change in fair value of contingent liability			7.0						(1.3)
Other charges unrelated to core operating performance (1)			(1.1)						(0.9)
Restructuring and related benefits			0.1						—
GAAP operating income from continuing operations			$	22.4					$	22.9

(1)    During the three months ended December 30, 2023 and December 31, 2022, other charges unrelated to core operating performance primarily consisting of certain acquisition and integration related charges, accretion of debt discount and loss on disposal of long-lived assets.

			Six Months Ended December 30, 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			$	245.6					$	18.5					$	264.1					$	152.4											$	—					$	416.5
Service revenue			59.9						26.0						85.9						—												—						85.9
Net revenue			$	305.5					$	44.5					$	350.0					$	152.4											$	—					$	502.4
Gross profit			$	191.8					$	30.3					$	222.1					$	79.7											$	(9.4)					$	292.4
Gross margin			62.8		%				68.1		%				63.5		%				52.3		%																58.2		%
Operating income															$	7.9					$	56.6											$	(26.1)					$	38.4
Operating margin															2.3		%				37.1		%																7.6		%

			Six Months Ended December 31, 2022
			Network and Service Enablement
			Network Enablement (2)						Service Enablement (2)						Network and Service Enablement						Optical Security and Performance Products												Other Items (1)						Consolidated GAAP Measures
Product revenue (2)			$	318.9					$	21.7					$	340.6					$	168.6											$	—					$	509.2
Service revenue (2)			60.9						24.5						85.4						0.1												—						85.5
Net revenue			$	379.8					$	46.2					$	426.0					$	168.7											$	—					$	594.7
Gross profit			$	244.9					$	30.1					$	275.0					$	92.3											$	(15.5)					$	351.8
Gross margin			64.5		%				65.2		%				64.6		%				54.7		%																59.2		%
Operating income															$	47.3					$	66.1											$	(40.7)					$	72.7
Operating margin															11.1		%				39.2		%																12.2		%

(1)Other items include charges (benefits) unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.

(2)Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast to reflect the impact to net revenue, gross profit and gross margin.

			Six Months Ended
			December 30, 2023						December 31, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit			$	301.8					$	367.3
Stock-based compensation			(2.4)						(2.4)
Amortization of intangibles			(6.9)						(12.8)
Other charges unrelated to core operating performance (1)			(0.1)						(0.3)
GAAP gross profit			$	292.4					$	351.8
Corporate reconciling items impacting operating income:
Total segment operating income			$	64.5					$	113.4
Stock-based compensation			(23.7)						(26.0)
Amortization of intangibles			(10.4)						(17.2)
Change in fair value of contingent liability			8.4						(1.8)
Other (charges) benefits unrelated to core operating performance (1)			(1.3)						4.3
Restructuring and related benefits			0.9						—
GAAP operating income from continuing operations			$	38.4					$	72.7

(1)    During the six months ended December 30, 2023 and December 31, 2022, other (charges) benefits unrelated to core operating performance primarily consisting of certain acquisition and integration related charges, legal settlement, accretion of debt discount and losses on disposal of 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 three and six months ended December 30, 2023 and December 31, 2022 (in millions):

			Three Months Ended
			December 30, 2023																		December 31, 2022
			Product Revenue						Service Revenue						Total						Product Revenue						Service Revenue						Total
Americas:
United States			$	68.6					$	16.1					$	84.7					$	77.5					$	15.0					$	92.5
Other Americas			14.6						3.8						18.4						10.3						3.5						13.8
Total Americas			$	83.2					$	19.9					$	103.1					$	87.8					$	18.5					$	106.3
Asia-Pacific:
Greater China			$	45.9					$	1.5					$	47.4					$	58.9					$	1.8					$	60.7
Other Asia-Pacific			24.9						7.2						32.1						36.7						7.7						44.4
Total Asia-Pacific			$	70.8					$	8.7					$	79.5					$	95.6					$	9.5					$	105.1
EMEA:			$	56.9					$	15.0					$	71.9					$	58.1					$	15.0					$	73.1
Total net revenue			$	210.9					$	43.6					$	254.5					$	241.5					$	43.0					$	284.5

			Six Months Ended
			December 30, 2023																		December 31, 2022
			Product Revenue						Service Revenue						Total						Product Revenue						Service Revenue						Total
Americas:
United States			$	136.2					$	31.3					$	167.5					$	158.5					$	30.6					$	189.1
Other Americas			28.3						7.8						36.1						33.4						6.8						40.2
Total Americas			$	164.5					$	39.1					$	203.6					$	191.9					$	37.4					$	229.3
Asia-Pacific:
Greater China			$	95.3					$	3.2					$	98.5					$	122.4					$	3.9					$	126.3
Other Asia			53.2						13.7						66.9						76.7						13.7						90.4
Total Asia-Pacific			$	148.5					$	16.9					$	165.4					$	199.1					$	17.6					$	216.7
EMEA:			$	103.5					$	29.9					$	133.4					$	118.2					$	30.5					$	148.7
Total net revenue			$	416.5					$	85.9					$	502.4					$	509.2					$	85.5					$	594.7

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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.

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