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v3.25.2

Operating Segments and Geographic Information (Tables) | 12 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
Schedule of Information on Reportable Segments | Information on the Company’s reportable segments is as follows (in millions):
| Year Ended June 28, 2025 |
| Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Total |
Product revenue | $ | 604.3 |  |  | $ | 307.7 |  |  |  |  | $ | 912.0 |  |
Service revenue | 172.3 |  |  | — |  |  |  |  | 172.3 |  |
Net revenue | 776.6 |  |  | 307.7 |  |  |  |  | 1,084.3 |  |
Cost of revenues | 288.7 |  |  | 144.2 |  |  |  |  |  |
Research and development | 179.3 |  |  | 17.3 |  |  |  |  |  |
Selling, general and administrative | 165.7 |  |  | 23.8 |  |  |  |  |  |
Other segment items(1) | 101.3 |  |  | 10.1 |  |  |  |  |  |
Total operating expense | 446.3 |  |  | 51.2 |  |  |  |  |  |
Segment operating income | $ | 41.6 |  |  | $ | 112.3 |  |  |  |  | $ | 153.9 |  |
Segment operating margin | 5.4 | % |  | 36.5 | % |  |  |  |  |
Unallocated other expenses |  |  |  |  |  |  | (96.4) |  |
Interest and other income, net |  |  |  |  |  |  | 11.1 |  |
Interest expense |  |  |  |  |  |  | (30.0) |  |
Income before income taxes and equity investment earnings |  |  |  |  |  |  | $ | 38.6 |  |
Inventories, net | $ | 74.4 |  |  | $ | 43.5 |  |  |  |  | $ | 117.9 |  |
Assets not allocated to segments |  |  |  |  |  |  | 1,875.9 |  |
Total assets |  |  |  |  |  |  | $ | 1,993.8 |  |
| Year Ended June 29, 2024
| Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Total
Product revenue | $ | 536.4 |  |  | $ | 298.4 |  |  |  |  | $ | 834.8 |
Service revenue | 165.6 |  |  | — |  |  |  |  | 165.6 |
Net revenue | 702.0 |  |  | 298.4 |  |  |  |  | 1,000.4 |
Cost of revenues | 262.4 |  |  | 143.5 |  |  |  |  |
Research and development | 173.5 |  |  | 16.5 |  |  |  |  |
Selling, general and administrative | 160.7 |  |  | 23.2 |  |  |  |  |
Other segment items(1) | 97.4 |  |  | 8.2 |  |  |  |  |
Total operating expense | 431.6 |  |  | 47.9 |  |  |  |  |
Segment operating income | $ | 8.0 |  |  | $ | 107.0 |  |  |  |  | $ | 115.0 |
Segment operating margin | 1.1 | % |  | 35.9 | % |  |  |  |
Unallocated other expenses |  |  |  |  |  |  | (94.2) |
Interest and other income, net |  |  |  |  |  |  | 21.7 |
Interest expense |  |  |  |  |  |  | (30.9) |
Income before income taxes and equity investment earnings |  |  |  |  |  |  | $ | 11.6 |
Inventories, net | $ | 53.1 |  |  | $ | 43.4 |  |  |  |  | $ | 96.5 |
Assets not allocated to segments |  |  |  |  |  |  | 1,639.8 |
Total assets |  |  |  |  |  |  | $ | 1,736.3 |
| Year Ended July 1, 2023
| Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Total
Product revenue | $ | 631.3 |  |  | $ | 304.8 |  |  |  |  | $ | 936.1 |
Service revenue | 169.9 |  |  | 0.1 |  |  |  |  | 170.0 |
Net revenue | 801.2 |  |  | 304.9 |  |  |  |  | 1,106.1 |
Cost of revenues | 291.0 |  |  | 146.3 |  |  |  |  |
Research and development | 178.6 |  |  | 15.0 |  |  |  |  |
Selling, general and administrative | 167.8 |  |  | 24.1 |  |  |  |  |
Other segment items(1) | 102.6 |  |  | 8.2 |  |  |  |  |
Total operating expense | 449.0 |  |  | 47.3 |  |  |  |  |
Segment operating income | $ | 61.2 |  |  | $ | 111.3 |  |  |  |  | $ | 172.5 |
Segment operating margin | 7.6 | % |  | 36.5 | % |  |  |  |
Unallocated other expenses |  |  |  |  |  |  | (90.1) |
Loss on convertible note modification |  |  |  |  |  |  | (2.2) |
Interest and other income, net |  |  |  |  |  |  | 7.6 |
Interest expense |  |  |  |  |  |  | (27.1) |
Income before income taxes and equity investment earnings |  |  |  |  |  |  | $ | 60.7 |
Inventories, net | $ | 67.9 |  |  | $ | 48.2 |  |  |  |  | $ | 116.1 |
Assets not allocated to segments |  |  |  |  |  |  | 1,734.4 |
Total assets |  |  |  |  |  |  | $ | 1,850.5 |
(1)Other segment items represents allocation of corporate level operating expenses. he 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 28, 2025, June 29, 2024 and July 1, 2023 (in millions):
| Years Ended
| June 28, 2025 |  | June 29, 2024 |  | July 1, 2023
| Product Revenue |  | Service Revenue |  | Total |  | Product Revenue |  | Service Revenue |  | Total |  | Product Revenue |  | Service Revenue |  | Total
Americas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 296.7 |  |  | $ | 59.3 |  |  | $ | 356.0 |  |  | $ | 265.0 |  |  | $ | 60.4 |  |  | $ | 325.4 |  |  | $ | 303.5 |  |  | $ | 59.4 |  |  | $ | 362.9 |
Other Americas | 51.2 |  |  | 18.0 |  |  | 69.2 |  |  | 50.3 |  |  | 15.0 |  |  | 65.3 |  |  | 60.3 |  |  | 14.9 |  |  | 75.2 |
Total Americas | $ | 347.9 |  |  | $ | 77.3 |  |  | $ | 425.2 |  |  | $ | 315.3 |  |  | $ | 75.4 |  |  | $ | 390.7 |  |  | $ | 363.8 |  |  | $ | 74.3 |  |  | $ | 438.1 |
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater China | $ | 209.1 |  |  | $ | 6.0 |  |  | $ | 215.1 |  |  | $ | 188.1 |  |  | $ | 5.9 |  |  | $ | 194.0 |  |  | $ | 203.5 |  |  | $ | 7.4 |  |  | $ | 210.9 |
Other Asia-Pacific | 136.0 |  |  | 28.5 |  |  | 164.5 |  |  | 126.5 |  |  | 26.0 |  |  | 152.5 |  |  | 140.2 |  |  | 26.4 |  |  | 166.6 |
Total Asia-Pacific | $ | 345.1 |  |  | $ | 34.5 |  |  | $ | 379.6 |  |  | $ | 314.6 |  |  | $ | 31.9 |  |  | $ | 346.5 |  |  | $ | 343.7 |  |  | $ | 33.8 |  |  | $ | 377.5 |
EMEA: | $ | 219.0 |  |  | $ | 60.5 |  |  | $ | 279.5 |  |  | $ | 204.9 |  |  | $ | 58.3 |  |  | $ | 263.2 |  |  | $ | 228.6 |  |  | $ | 61.9 |  |  | $ | 290.5 |
Total net revenue | $ | 912.0 |  |  | $ | 172.3 |  |  | $ | 1,084.3 |  |  | $ | 834.8 |  |  | $ | 165.6 |  |  | $ | 1,000.4 |  |  | $ | 936.1 |  |  | $ | 170.0 |  |  | $ | 1,106.1 |
One customer of the Company in the OSP segment generated $166.7 million, $154.1 million and $157.7 million of net revenue, which represented more than 10% of total net revenue, during fiscal 2025, 2024 and 2023, respectively. Property, plant and equipment, net and Operating ROU assets, net were identified based on the operations in the corresponding geographic areas (in millions):
| June 28, 2025 |  | June 29, 2024
United States | $ | 181.2 |  |  | $ | 178.8 |
Other Americas | 2.6 |  |  | 3.4 |
Greater China | 23.6 |  |  | 28.8 |
Other Asia-Pacific | 8.9 |  |  | 8.6 |
United Kingdom | 23.3 |  |  | 20.8 |
Other EMEA | 26.4 |  |  | 23.6 |
Total property, plant and equipment, net and Operating ROU assets, net | $ | 266.0 |  |  | $ | 264.0 |

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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 -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 -Paragraph 22 -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 + Details
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