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v3.25.1

Operating Segments and Geographic Information (Tables) | 9 Months Ended
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Mar. 29, 2025
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 March 29, 2025 and March 30, 2024 (in millions):
| Three Months Ended March 29, 2025
| 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 | $ | 156.0 |  |  | $ | 8.9 |  |  | $ | 164.9 |  |  | $ | 76.6 |  |  |  |  | $ | — |  |  | $ | 241.5 |
Service revenue | 32.0 |  |  | 11.3 |  |  | 43.3 |  |  | — |  |  |  |  | — |  |  | 43.3 |
Net revenue | $ | 188.0 |  |  | $ | 20.2 |  |  | $ | 208.2 |  |  | $ | 76.6 |  |  |  |  | $ | — |  |  | $ | 284.8 |
Gross profit | $ | 119.2 |  |  | $ | 12.1 |  |  | $ | 131.3 |  |  | $ | 39.5 |  |  |  |  | $ | (10.1) |  |  | $ | 160.7 |
Gross margin | 63.4 | % |  | 59.9 | % |  | 63.1 | % |  | 51.6 | % |  |  |  |  |  | 56.4 | %
Operating income |  |  |  |  | $ | 21.7 |  |  | $ | 26.0 |  |  |  |  | $ | (39.2) |  |  | $ | 8.5 |
Operating margin |  |  |  |  | 10.4 | % |  | 33.9 | % |  |  |  |  |  | 3.0 | %
| Three Months Ended March 30, 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 | $ | 124.0 |  |  | $ | 7.1 |  |  | $ | 131.1 |  |  | $ | 76.2 |  |  |  |  | $ | — |  |  | $ | 207.3 |
Service revenue | 27.7 |  |  | 11.0 |  |  | 38.7 |  |  | — |  |  |  |  | — |  |  | 38.7 |
Net revenue | $ | 151.7 |  |  | $ | 18.1 |  |  | $ | 169.8 |  |  | $ | 76.2 |  |  |  |  | $ | — |  |  | $ | 246.0 |
Gross profit | $ | 93.3 |  |  | $ | 11.0 |  |  | $ | 104.3 |  |  | $ | 38.2 |  |  |  |  | $ | (4.6) |  |  | $ | 137.9 |
Gross margin | 61.5 | % |  | 60.8 | % |  | 61.4 | % |  | 50.1 | % |  |  |  |  |  | 56.1 | %
Operating (loss) income |  |  |  |  | $ | (3.1) |  |  | $ | 26.1 |  |  |  |  | $ | (34.9) |  |  | $ | (11.9) |
Operating margin |  |  |  |  | (1.8) | % |  | 34.3 | % |  |  |  |  |  | (4.8) | %
(1)See below table for details of reconciling items impacting gross profit and operating income.
| Three Months Ended
| March 29, 2025 |  | March 30, 2024
Corporate reconciling items impacting gross profit: |  |  |
Total segment gross profit | $ | 170.8 |  |  | $ | 142.5 |
Stock-based compensation | (2.0) |  |  | (1.2) |
Amortization of intangibles | (6.1) |  |  | (3.5) |
Amortization of inventory step up | (1.7) |  |  | — |
Other (charges) benefits unrelated to core operating performance (1) | (0.3) |  |  | 0.1 |
Total reconciling items | (10.1) |  |  | (4.6) |
GAAP gross profit | $ | 160.7 |  |  | $ | 137.9 |
Corporate reconciling items impacting operating income (loss): |  |  |
Total segment operating income | $ | 47.7 |  |  | $ | 23.0 |
Stock-based compensation | (14.1) |  |  | (12.8) |
Amortization of intangibles | (7.3) |  |  | (5.0) |
Change in fair value of contingent liability | (2.5) |  |  | (0.6) |
Acquisition and integration related charges | (13.3) |  |  | (16.0) |
Amortization of inventory step up | (1.7) |  |  | — |
Other charges unrelated to core operating performance (1) | (0.6) |  |  | (0.4) |
Restructuring and related benefits (charges) | 0.3 |  |  | (0.1) |
Total reconciling items | (39.2) |  |  | (34.9) |
GAAP operating income (loss) from continuing operations | $ | 8.5 |  |  | $ | (11.9) |
(1)Other items include charges unrelated to core operating performance primarily consisting of transformational initiatives such as site consolidations, intangible impairment and gain or loss on disposal of long-lived assets. The following tables present information on the Company’s reportable segments for the nine months ended March 29, 2025 and March 30, 2024 (in millions):
| Nine Months Ended March 29, 2025
| 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 | $ | 415.5 |  |  | $ | 22.9 |  |  | $ | 438.4 |  |  | $ | 226.3 |  |  |  |  | $ | — |  |  | $ | 664.7 |
Service revenue | 93.1 |  |  | 36.0 |  |  | 129.1 |  |  | — |  |  |  |  | — |  |  | 129.1 |
Net revenue | $ | 508.6 |  |  | $ | 58.9 |  |  | $ | 567.5 |  |  | $ | 226.3 |  |  |  |  | $ | — |  |  | $ | 793.8 |
Gross profit | $ | 320.9 |  |  | $ | 37.0 |  |  | $ | 357.9 |  |  | $ | 119.0 |  |  |  |  | $ | (19.3) |  |  | $ | 457.6 |
Gross margin | 63.1 | % |  | 62.8 | % |  | 63.1 | % |  | 52.6 | % |  |  |  |  |  | 57.6 | %
Operating income |  |  |  |  | $ | 31.8 |  |  | $ | 80.2 |  |  |  |  | $ | (69.8) |  |  | $ | 42.2 |
Operating margin |  |  |  |  | 5.6 | % |  | 35.4 | % |  |  |  |  |  | 5.3 | %
| Nine Months Ended March 30, 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 | $ | 369.6 |  |  | $ | 25.6 |  |  | $ | 395.2 |  |  | $ | 228.6 |  |  |  |  | $ | — |  |  | $ | 623.8 |
Service revenue | 87.6 |  |  | 37.0 |  |  | 124.6 |  |  | — |  |  |  |  | — |  |  | 124.6 |
Net revenue | $ | 457.2 |  |  | $ | 62.6 |  |  | $ | 519.8 |  |  | $ | 228.6 |  |  |  |  | $ | — |  |  | $ | 748.4 |
Gross profit | $ | 285.1 |  |  | $ | 41.3 |  |  | $ | 326.4 |  |  | $ | 117.9 |  |  |  |  | $ | (14.0) |  |  | $ | 430.3 |
Gross margin | 62.4 | % |  | 66.0 | % |  | 62.8 | % |  | 51.6 | % |  |  |  |  |  | 57.5 | %
Operating income |  |  |  |  | $ | 4.8 |  |  | $ | 82.7 |  |  |  |  | $ | (61.0) |  |  | $ | 26.5 |
Operating margin |  |  |  |  | 0.9 | % |  | 36.2 | % |  |  |  |  |  | 3.5 | %
(1)See below table for details of reconciling items impacting gross profit and operating income.
| Nine Months Ended
| March 29, 2025 |  | March 30, 2024
Corporate reconciling items impacting gross profit: |  |  |
Total segment gross profit | $ | 476.9 |  |  | $ | 444.3 |
Stock-based compensation | (4.5) |  |  | (3.7) |
Amortization of intangibles | (12.7) |  |  | (10.4) |
Amortization of inventory step up | (1.7) |  |  | — |
Other (charges) benefits unrelated to core operating performance (1) | (0.4) |  |  | 0.1 |
Total reconciling items | (19.3) |  |  | (14.0) |
GAAP gross profit | $ | 457.6 |  |  | $ | 430.3 |
Corporate reconciling items impacting operating income: |  |  |
Total segment operating income | $ | 112.0 |  |  | $ | 87.5 |
Stock-based compensation | (40.5) |  |  | (36.6) |
Amortization of intangibles | (16.0) |  |  | (15.4) |
Change in fair value of contingent liability | 4.9 |  |  | 7.8 |
Acquisition and integration related charges | (16.7) |  |  | (16.6) |
Other charges unrelated to core operating performance (1)(2) | (0.2) |  |  | (1.0) |
Amortization of inventory step up | (1.7) |  |  | — |
Litigation settlement | 1.3 |  |  | — |
Restructuring and related (charges) benefits | (0.9) |  |  | 0.8 |
Total reconciling items | (69.8) |  |  | (61.0) |
GAAP operating income from continuing operations | $ | 42.2 |  |  | $ | 26.5 |
(1)Other items include (charges) benefits unrelated to core operating performance primarily consisting of transformational initiatives such as site consolidations, intangible impairment and gain or loss on disposal of long-lived assets. (2)Included in the nine months ended March 29, 2025 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $1.1 million. 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 nine months ended March 29, 2025 and March 30, 2024 (in millions):
| Three Months Ended
| March 29, 2025 |  | March 30, 2024
| Product Revenue |  | Service Revenue |  | Total |  | Product Revenue |  | Service Revenue |  | Total
Americas: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 75.2 |  |  | $ | 14.7 |  |  | $ | 89.9 |  |  | $ | 62.3 |  |  | $ | 14.0 |  |  | $ | 76.3 |
Other Americas | 12.3 |  |  | 5.9 |  |  | 18.2 |  |  | 8.8 |  |  | 3.2 |  |  | 12.0 |
Total Americas | $ | 87.5 |  |  | $ | 20.6 |  |  | $ | 108.1 |  |  | $ | 71.1 |  |  | $ | 17.2 |  |  | $ | 88.3 |
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |
Greater China | $ | 50.8 |  |  | $ | 1.1 |  |  | $ | 51.9 |  |  | $ | 45.7 |  |  | $ | 1.3 |  |  | $ | 47.0 |
Other Asia-Pacific | 41.8 |  |  | 7.0 |  |  | 48.8 |  |  | 36.5 |  |  | 6.2 |  |  | 42.7 |
Total Asia-Pacific | $ | 92.6 |  |  | $ | 8.1 |  |  | $ | 100.7 |  |  | $ | 82.2 |  |  | $ | 7.5 |  |  | $ | 89.7 |
EMEA: | $ | 61.4 |  |  | $ | 14.6 |  |  | $ | 76.0 |  |  | $ | 54.0 |  |  | $ | 14.0 |  |  | $ | 68.0 |
Total net revenue | $ | 241.5 |  |  | $ | 43.3 |  |  | $ | 284.8 |  |  | $ | 207.3 |  |  | $ | 38.7 |  |  | $ | 246.0 |
| Nine Months Ended
| March 29, 2025 |  | March 30, 2024
| Product Revenue |  | Service Revenue |  | Total |  | Product Revenue |  | Service Revenue |  | Total
Americas: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 217.2 |  |  | $ | 44.2 |  |  | $ | 261.4 |  |  | $ | 198.5 |  |  | $ | 45.3 |  |  | $ | 243.8 |
Other Americas | 37.7 |  |  | 13.8 |  |  | 51.5 |  |  | 37.1 |  |  | 11.0 |  |  | 48.1 |
Total Americas | $ | 254.9 |  |  | $ | 58.0 |  |  | $ | 312.9 |  |  | $ | 235.6 |  |  | $ | 56.3 |  |  | $ | 291.9 |
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |
Greater China | $ | 151.1 |  |  | $ | 5.0 |  |  | $ | 156.1 |  |  | $ | 141.0 |  |  | $ | 4.5 |  |  | $ | 145.5 |
Other Asia-Pacific | 102.8 |  |  | 21.3 |  |  | 124.1 |  |  | 89.7 |  |  | 19.9 |  |  | 109.6 |
Total Asia-Pacific | $ | 253.9 |  |  | $ | 26.3 |  |  | $ | 280.2 |  |  | $ | 230.7 |  |  | $ | 24.4 |  |  | $ | 255.1 |
EMEA: | $ | 155.9 |  |  | $ | 44.8 |  |  | $ | 200.7 |  |  | $ | 157.5 |  |  | $ | 43.9 |  |  | $ | 201.4 |
Total net revenue | $ | 664.7 |  |  | $ | 129.1 |  |  | $ | 793.8 |  |  | $ | 623.8 |  |  | $ | 124.6 |  |  | $ | 748.4 |

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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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