v3.25.4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 28, 2025
Sep. 29, 2025
Dec. 29, 2024
Operating activities:      
Net (loss) income $ (150.6) $ 420.2 $ (654.4)
Adjustments to reconcile net loss to cash used in operating activities from continuing operations:      
Non-cash reorganization items 0.0 (625.6) 0.0
Depreciation and amortization 37.4 69.3 137.8
Gain on sale of property (2.4) (5.7) (0.8)
Gain on RTP Fab Transfer 0.0 (25.4) 0.0
Amortization and write-off of deferred financing costs 5.5 0.0 20.0
Stock-based compensation 7.6 13.6 43.9
Loss (gain) on equity investment 0.0 10.9 (15.7)
Inventory write-off 22.8 29.0 0.0
Loss on disposal or impairment of property and equipment 1.1 0.2 127.2
Amortization of premium on investments, net (0.5) (1.2) (6.2)
Changes in fair value of liability classified derivative contracts (59.1) 0.0 0.0
Paid-in-kind interest on long-term debt 10.8 0.0 5.9
Deferred income taxes 1.0 1.0 0.0
Changes in operating assets and liabilities:      
Accounts receivable, net 47.3 23.2 (6.5)
Inventories 44.2 0.7 (35.3)
Prepaid expenses and other assets 26.0 42.2 5.4
Accounts payable (34.1) 28.2 (3.0)
Accrued salaries and wages and other liabilities (3.6) (25.8) 74.8
Contract liabilities and distributor-related reserves 4.0 22.8 (20.2)
Cash used in operating activities (42.6) (22.4) (327.1)
Investing activities:      
Purchases of property and equipment (30.0) (104.0) (838.8)
Purchases of patent and licensing rights (0.6) (1.4) (2.4)
Proceeds from sale of property and equipment 26.1 13.9 1.0
Proceeds from sale of MACOM Shares 0.0 92.7 0.0
Purchases of short-term investments (17.8) (83.4) (172.4)
Proceeds from maturities of short-term investments 109.6 151.8 515.4
Proceeds from sale of short-term investments 0.0 67.2 32.0
Reimbursement of capital expenditures from incentives and investment credits 700.3 0.1 42.0
Cash provided by (used in) investing activities 787.6 136.9 (423.2)
Financing activities:      
Proceeds from Existing Senior Secured Notes 0.0 0.0 240.0
Proceeds from issuance of 2L Convertible Notes through the rights offering 0.0 275.0 0.0
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest) 0.0 (308.5) 0.0
Payments of deferred financing costs (4.5) (3.5) (26.1)
Payment of Contingent Cash 0.0 (10.0) 0.0
Proceeds from issuance of Old Common Stock 0.0 0.0 100.0
Adequate protection payments on Existing Senior Secured Notes 0.0 (38.4) 0.0
Tax withholding on vested equity awards 0.0 (0.6) (3.7)
Payments on long-term debt borrowings, including finance lease obligations (192.5) 0.0 (0.2)
Incentive-related escrow refunds 0.0 0.0 10.0
Payment of Existing Senior Secured Notes commitment fees 0.0 (15.5) 0.0
Payment of unused capacity fee on pre-emergence debt 0.0 0.0 (1.5)
Cash (used in) provided by financing activities (197.0) (101.5) 318.5
Effects of foreign exchange changes on cash and cash equivalents (0.2) 0.8 (0.1)
Net change in cash, cash equivalents and restricted cash 547.8 13.8 (431.9)
Cash, cash equivalents and restricted cash, beginning of period 481.0 467.2 1,045.9
Cash, cash equivalents and restricted cash, end of period 1,028.8 481.0 614.0
Supplemental cash flow information      
Accrued property and equipment $ (3.4) $ (82.4) $ (111.4)