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Operating Segments and Geographic Information (Tables)

12 Months Ended

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

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
-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

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- References

No definition available.

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