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Balance Sheet and Other Details

9 Months Ended

Mar. 29, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Note 6. Balance Sheet and Other Details

Contract Balances

Gross receivables include both billed and unbilled receivables (including Contract assets). As of March 29, 2025, and June 29, 2024, the Company had total unbilled receivables of $20.3 million and $16.3 million, respectively.

The Company also has short-term and long-term deferred revenues related to undelivered product and professional services, consisting of installations and consulting engagements, which are recognized as the Company's performance obligations under the contract are completed and accepted by the customer.

The following table presents the activity related to deferred revenue (in millions):


	March 29, 2025
	Three Months Ended		Nine Months Ended
Deferred revenue:
Balance at beginning of period	$	83.7	$	91.4
Revenue deferrals for new contracts (1)	31.9		82.0
Revenue recognized during the period (2)	(24.5)		(82.3)
Balance at end of period	$	91.1	$	91.1

(1)Included in these amounts is the impact from foreign currency exchange rate fluctuations.

(2)Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the current period deferrals.

Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, adjustments for revenue that have not materialized, and currency fluctuations.

The value of the transaction price allocated to remaining performance obligations as of March 29, 2025, was $315.0 million. The Company expects to recognize approximately 88% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter.

Accounts receivable allowances - Credit losses

The following table presents the activities and balances for allowance for credit losses (in millions):


	June 29, 2024		Acquisitions (1)		Charged to Costs and Expenses		Deductions (2)		March 29, 2025
Allowance for credit losses	$	1.6	$	0.6	$	0.7	$	(0.8)	$	2.1

(1)Refer to “Note 5. Acquisitions” of the Notes to Consolidated Financial Statements for detail of acquisition.

(2)Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.

Inventories, net

The following table presents the components of inventories, net (in millions):


	March 29, 2025		June 29, 2024
Finished goods	$	54.7	$	44.6
Work in process	19.3		15.4
Raw materials	42.2		36.5
Inventories, net	$	116.2	$	96.5

Prepayments and other current assets

The following table presents the components of prepayments and other current assets (in millions):


	March 29, 2025		June 29, 2024
Refundable income taxes	$	25.8	$	28.5
Prepayments	17.4		18.5
Fair value of forward contracts	6.8		1.7
Advances to contract manufacturers	4.9		5.7
Transaction tax receivables	0.4		3.3
Asset held for sale	—		2.5
Other current assets	10.9		10.5
Prepayments and other current assets	$	66.2	$	70.7

Other non-current assets

The following table presents the components of other non-current assets (in millions):


	March 29, 2025		June 29, 2024
Operating right-of-use (ROU) assets	$	34.6	$	35.8
Long-term restricted cash	5.1		5.5
Long-term investment (Note 7)	3.0		—
Deferred contract cost	3.0		2.5
Deposits	2.5		2.4
Debt issuance cost - Revolving Credit Facility	1.4		1.9
Other non-current assets	11.2		9.9
Other non-current assets	$	60.8	$	58.0

Other current liabilities

The following table presents the components of other current liabilities (in millions):


	March 29, 2025		June 29, 2024



Fair value of contingent consideration	$	30.9	$	—
Operating lease liabilities	9.9		9.8
Interest payable	7.9		5.1
Fair value of forward contracts	6.4		1.5
Income tax payable	5.7		5.3
Warranty accrual	5.2		3.4
Transaction tax payable	5.0		4.0

Restructuring accrual	4.5		14.1
Acquisition related holdback and related accruals	4.0		—

Other current liabilities	7.4		14.3
Other current liabilities	$	86.9	$	57.5

Other non-current liabilities

The following table presents components of other non-current liabilities (in millions):


	March 29, 2025		June 29, 2024
Fair value of contingent consideration	$	89.9	$	9.5
Pension and post-employment benefits	51.4		51.2
Long-term deferred revenue	26.6		25.7
Operating lease liabilities	24.9		25.7
Uncertain tax position	19.1		17.0
Financing obligation	15.6		15.7
Acquisition related holdback	15.0		—
Deferred tax liability	8.3		11.7
Asset retirement obligations	3.5		3.0
Warranty accrual	1.7		4.0
Restructuring accrual	—		0.8
Other non-current liabilities	7.6		7.3
Other non-current liabilities	$	263.6	$	171.6