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Operating Segments and Geographic Information (Tables)

9 Months Ended

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

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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