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Operating Segments and Geographic Information (Tables) | 3 Months Ended
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Sep. 27, 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 September 27, 2025 and September 28, 2024 (in millions):
|  | Three Months Ended September 27, 2025
|  | Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Total
Product revenue |  | $ | 174.3 |  |  | $ | 83.1 |  |  |  |  | $ | 257.4 |
Service revenue |  | 41.7 |  |  | — |  |  |  |  | 41.7 |
Net revenue |  | 216.0 |  |  | $ | 83.1 |  |  |  |  | $ | 299.1 |
Cost of revenues |  | 79.9 |  |  | 39.6 |  |  |  |  |
Research and development |  | 48.9 |  |  | 3.9 |  |  |  |  |
Selling, general and administrative |  | 43.5 |  |  | 6.2 |  |  |  |  |
Other segment items(1) |  | 27.4 |  |  | 2.6 |  |  |  |  |
Total operating expense |  | 119.8 |  |  | 12.7 |  |  |  |  |
Segment operating income |  | $ | 16.3 |  |  | $ | 30.8 |  |  |  |  | $ | 47.1 |
Segment operating margin |  | 7.5 | % |  | 37.1 | % |  |  |  |
Unallocated other expenses |  |  |  |  |  |  |  | (39.5) |
Loss on convertible note extinguishment |  |  |  |  |  |  |  | (3.8) |
Interest and other income, net |  |  |  |  |  |  |  | 1.3 |
Interest expense |  |  |  |  |  |  |  | (7.4) |
Loss before income taxes and equity investment losses |  |  |  |  |  |  |  | $ | (2.3) |
Inventories, net |  | $ | 82.0 |  |  | $ | 42.5 |  |  |  |  | $ | 124.5 |
Assets not allocated to segments |  |  |  |  |  |  |  | 1,957.6 |
Total assets |  |  |  |  |  |  |  | $ | 2,082.1 |
|  | Three Months Ended September 28, 2024
|  | Network and Service Enablement |  | Optical Security and Performance Products |  |  |  | Total
Product revenue |  | $ | 118.7 |  |  | $ | 78.8 |  |  |  |  | $ | 197.5 |
Service revenue |  | 40.7 |  |  | — |  |  |  |  | 40.7 |
Net revenue |  | $ | 159.4 |  |  | $ | 78.8 |  |  |  |  | $ | 238.2 |
Cost of revenues |  | 62.3 |  |  | 35.2 |  |  |  |  |
Research and development |  | 42.1 |  |  | 4.7 |  |  |  |  |
Selling, general and administrative |  | 37.4 |  |  | 5.6 |  |  |  |  |
Other segment items(1) |  | 24.9 |  |  | 2.1 |  |  |  |  |
Total operating expense |  | 104.4 |  |  | 12.4 |  |  |  |  |
Segment operating (loss) income |  | $ | (7.3) |  |  | $ | 31.2 |  |  |  |  | $ | 23.9 |
Segment operating margin |  | (4.6) | % |  | 39.6 | % |  |  |  |
Unallocated other expenses |  |  |  |  |  |  |  | (12.4) |
Interest and other income, net |  |  |  |  |  |  |  | 3.2 |
Interest expense |  |  |  |  |  |  |  | (7.5) |
Income before income taxes and equity investment losses |  |  |  |  |  |  |  | $ | 7.2 |
Inventories, net |  | $ | 49.2 |  |  | $ | 44.0 |  |  |  |  | $ | 93.2 |
Assets not allocated to segments |  |  |  |  |  |  |  | 1,644.4 |
Total assets |  |  |  |  |  |  |  | $ | 1,737.6 |
(1)Other segment items represents allocation of corporate level operating expenses. 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 months ended September 27, 2025 and September 28, 2024 (in millions):
| Three Months Ended
| September 27, 2025 |  | September 28, 2024
| Product Revenue |  | Service Revenue |  | Total |  | Product Revenue |  | Service Revenue |  | Total
Americas: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 91.9 |  |  | $ | 14.8 |  |  | $ | 106.7 |  |  | $ | 58.4 |  |  | $ | 14.6 |  |  | $ | 73.0 |
Other Americas | 18.1 |  |  | 4.0 |  |  | 22.1 |  |  | 11.7 |  |  | 4.0 |  |  | 15.7 |
Total Americas | $ | 110.0 |  |  | $ | 18.8 |  |  | $ | 128.8 |  |  | $ | 70.1 |  |  | $ | 18.6 |  |  | $ | 88.7 |
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |
Greater China | $ | 55.6 |  |  | $ | 0.9 |  |  | $ | 56.5 |  |  | $ | 52.6 |  |  | $ | 1.2 |  |  | $ | 53.8 |
Other Asia-Pacific | 30.2 |  |  | 5.4 |  |  | 35.6 |  |  | 26.2 |  |  | 5.9 |  |  | 32.1 |
Total Asia-Pacific | $ | 85.8 |  |  | $ | 6.3 |  |  | $ | 92.1 |  |  | $ | 78.8 |  |  | $ | 7.1 |  |  | $ | 85.9 |
EMEA: | $ | 61.6 |  |  | $ | 16.6 |  |  | $ | 78.2 |  |  | $ | 48.6 |  |  | $ | 15.0 |  |  | $ | 63.6 |
Total net revenue | $ | 257.4 |  |  | $ | 41.7 |  |  | $ | 299.1 |  |  | $ | 197.5 |  |  | $ | 40.7 |  |  | $ | 238.2 |

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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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