VIAVI SOLUTIONS INC., 10-Q filed on 2/2/2024
Quarterly Report
v3.24.0.1
Cover - shares
 6 Months Ended
Dec. 30, 2023
Jan. 27, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 30, 2023  
Document Transition Report false  
Entity File Number 000-22874  
Entity Registrant Name Viavi Solutions Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-2579683  
Entity Address, Address Line One 1445 South Spectrum Blvd, Suite 102  
Entity Address, City or Town Chandler  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85286  
City Area Code 408  
Local Phone Number 404-3600  
Title of 12(b) Security Common Stock, par value of $0.001 per share  
Trading Symbol VIAV  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   222,565,774
Entity Central Index Key 0000912093  
Amendment Flag false  
Current Fiscal Year End Date --06-29  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Revenues:        
Total net revenue $ 254.5 $ 284.5 $ 502.4 $ 594.7
Cost of revenues:        
Amortization of acquired technologies 3.4 5.7 6.9 12.8
Total cost of revenues 106.5 117.5 210.0 242.9
Gross profit 148.0 167.0 292.4 351.8
Operating expenses:        
Research and development 49.5 51.9 99.4 104.5
Selling, general and administrative 74.8 90.0 152.0 170.2
Amortization of other intangibles 1.4 2.2 3.5 4.4
Restructuring and related benefits (0.1) 0.0 (0.9) 0.0
Total operating expenses 125.6 144.1 254.0 279.1
Income from operations 22.4 22.9 38.4 72.7
Interest and other income, net 3.8 2.2 14.0 3.3
Interest expense (7.9) (6.2) (15.7) (12.3)
Income before income taxes 18.3 18.9 36.7 63.7
Provision for income taxes 7.6 10.5 16.2 22.7
Net income $ 10.7 $ 8.4 $ 20.5 $ 41.0
Net income per share:        
Basic (in dollars per share) $ 0.05 $ 0.04 $ 0.09 $ 0.18
Diluted (in dollars per share) $ 0.05 $ 0.04 $ 0.09 $ 0.18
Shares used in per share calculations:        
Basic (in shares) 222.5 225.9 222.2 226.1
Diluted (in shares) 223.5 227.1 223.9 228.8
Product revenue        
Revenues:        
Total net revenue $ 210.9 $ 241.5 $ 416.5 $ 509.2
Cost of revenues:        
Cost of revenue 83.2 92.5 161.4 191.4
Service revenue        
Revenues:        
Total net revenue 43.6 43.0 85.9 85.5
Cost of revenues:        
Cost of revenue $ 19.9 $ 19.3 $ 41.7 $ 38.7
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 10.7 $ 8.4 $ 20.5 $ 41.0
Other comprehensive income (loss):        
Net change in cumulative translation adjustment, net of tax 29.7 43.3 9.3 0.7
Amortization of net actuarial gains and other pension adjustments 0.0 0.0 (0.1) (0.3)
Net change in accumulated other comprehensive loss 29.7 43.3 9.2 0.4
Comprehensive income $ 40.4 $ 51.7 $ 29.7 $ 41.4
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Current assets:    
Cash and cash equivalents $ 543.7 $ 506.5
Short-term investments 25.0 14.6
Restricted cash 3.1 4.5
Accounts receivable, net 208.9 231.2
Inventories, net 115.1 116.1
Prepayments and other current assets 69.5 72.1
Total current assets 965.3 945.0
Property, plant and equipment, net 236.5 243.0
Goodwill, net 455.2 455.2
Intangibles, net 48.2 58.6
Deferred income taxes 90.4 87.0
Other non-current assets 60.6 61.7
Total assets 1,856.2 1,850.5
Current liabilities:    
Accounts payable 43.8 47.2
Accrued payroll and related expenses 46.6 50.5
Deferred revenue 60.8 78.6
Accrued expenses 21.9 21.2
Short-term debt 96.3 96.2
Other current liabilities 42.7 49.8
Total current liabilities 312.1 343.5
Long-term debt 632.8 629.5
Other non-current liabilities 183.3 186.7
Stockholders’ equity:    
Preferred stock, $0.001 par value; 1 million shares authorized, no shares issued or outstanding at December 30, 2023 and July 1, 2023 0.0 0.0
Common stock, $0.001 par value; 1 billion shares authorized; 223 million shares at December 30, 2023 and 222 million shares at July 1, 2023, issued and outstanding 0.2 0.2
Additional paid-in capital 70,444.8 70,427.3
Accumulated deficit (69,590.2) (69,600.7)
Accumulated other comprehensive loss (126.8) (136.0)
Total stockholders’ equity 728.0 690.8
Total liabilities and stockholders’ equity $ 1,856.2 $ 1,850.5
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 30, 2023
Jul. 01, 2023
Stockholders’ equity:    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 223,000,000 222,000,000
Common stock, shares outstanding (in shares) 223,000,000 222,000,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 20.5 $ 41.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 19.5 17.1
Amortization of acquired technologies and other intangibles 10.4 17.2
Stock-based compensation 23.7 26.0
Amortization of debt issuance costs 3.8 1.2
Net change in fair value of contingent liabilities (8.4) 1.8
Deferred taxes, net 3.1 3.3
Restructuring (0.9) 0.0
Gain on legal settlement 0.0 (6.7)
Other 2.3 2.9
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 22.8 42.2
Inventories (0.7) (14.4)
Other current and non-currents assets 1.3 12.0
Accounts payable (2.4) (6.9)
Income taxes payable (0.3) (9.0)
Deferred revenue, current and non-current (17.5) (8.3)
Accrued payroll and related expenses (4.4) (21.6)
Accrued expenses and other current and non-current liabilities (2.1) (25.0)
Net cash provided by operating activities 70.7 72.8
INVESTING ACTIVITIES:    
Purchases of short-term investments (115.0) 0.0
Maturities of short-term investments 105.3 0.0
Capital expenditures (12.5) (32.9)
Proceeds from the sale of assets 1.9 2.4
Acquisitions, net of cash hold back 0.0 (64.4)
Purchase price adjustment related to business acquisition 0.0 (1.0)
Net cash used in investing activities (20.3) (95.9)
FINANCING ACTIVITIES:    
Repurchase and retirement of common stock (10.0) (43.9)
Withholding tax payment on vesting of restricted stock and performance based-awards (9.3) (11.2)
Payment of financing obligations (0.1) (0.1)
Proceeds from employee stock purchase plan 3.0 3.7
Payment of acquisition related obligations (1.0) (0.7)
Payment of acquisition related contingent consideration (0.9) (0.5)
Net cash used in financing activities (18.3) (52.7)
Effect of exchange rates on cash, cash equivalents and restricted cash 4.9 (0.1)
Net increase (decrease) in cash, cash equivalents and restricted cash 37.0 (75.9)
Cash, cash equivalents and restricted cash at the beginning of the period [1] 515.6 572.8
Cash, cash equivalents and restricted cash at the end of the period [2] $ 552.6 $ 496.9
[1] These amounts include both current and non-current balances of restricted cash totaling $9.1 million and $12.9 million as of July 1, 2023 and July 2, 2022, respectively.
[2] These amounts include both current and non-current balances of restricted cash totaling $8.9 million and $12.8 million as of December 30, 2023 and December 31, 2022, respectively.
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Dec. 31, 2022
Jul. 02, 2022
Statement of Cash Flows [Abstract]        
Restricted cash $ 8.9 $ 9.1 $ 12.8 $ 12.9
v3.24.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Balance at the beginning of the period (in shares) at Jul. 02, 2022   226.4      
Balance at the beginning of the period at Jul. 02, 2022 $ 671.7 $ 0.2 $ 70,370.2 $ (69,542.3) $ (156.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 41.0     41.0  
Other comprehensive income 0.4       0.4
Shares issued under employee stock plans, net of tax (in shares)   1.9      
Shares issued under employee stock plans, net of tax (7.5)   (7.5)    
Stock-based compensation 26.1   26.1    
Repurchase of common stock (in shares)   (3.5)      
Repurchase of common stock (43.9)     (43.9)  
Balance at the end of the period (in shares) at Dec. 31, 2022   224.8      
Balance at the end of the period at Dec. 31, 2022 687.8 $ 0.2 70,388.8 (69,545.2) (156.0)
Balance at the beginning of the period (in shares) at Oct. 01, 2022   226.8      
Balance at the beginning of the period at Oct. 01, 2022 648.4 $ 0.2 70,375.9 (69,528.4) (199.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 8.4     8.4  
Other comprehensive income 43.3       43.3
Shares issued under employee stock plans, net of tax (in shares)   0.2      
Shares issued under employee stock plans, net of tax (0.2)   (0.2)    
Stock-based compensation 13.1   13.1    
Repurchase of common stock (in shares)   (2.2)      
Repurchase of common stock (25.2)     (25.2)  
Balance at the end of the period (in shares) at Dec. 31, 2022   224.8      
Balance at the end of the period at Dec. 31, 2022 687.8 $ 0.2 70,388.8 (69,545.2) (156.0)
Balance at the beginning of the period (in shares) at Jul. 01, 2023   221.5      
Balance at the beginning of the period at Jul. 01, 2023 690.8 $ 0.2 70,427.3 (69,600.7) (136.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 20.5     20.5  
Other comprehensive income 9.2       9.2
Shares issued under employee stock plans, net of tax (in shares)   2.1      
Shares issued under employee stock plans, net of tax (6.3)   (6.3)    
Stock-based compensation 23.8   23.8    
Repurchase of common stock (in shares)   (1.0)      
Repurchase of common stock (10.0)     (10.0)  
Balance at the end of the period (in shares) at Dec. 30, 2023   222.6      
Balance at the end of the period at Dec. 30, 2023 728.0 $ 0.2 70,444.8 (69,590.2) (126.8)
Balance at the beginning of the period (in shares) at Sep. 30, 2023   222.4      
Balance at the beginning of the period at Sep. 30, 2023 675.2 $ 0.2 70,432.4 (69,600.9) (156.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 10.7     10.7  
Other comprehensive income 29.7       29.7
Shares issued under employee stock plans, net of tax (in shares)   0.2      
Shares issued under employee stock plans, net of tax (0.2)   (0.2)    
Stock-based compensation 12.6   12.6    
Balance at the end of the period (in shares) at Dec. 30, 2023   222.6      
Balance at the end of the period at Dec. 30, 2023 $ 728.0 $ 0.2 $ 70,444.8 $ (69,590.2) $ (126.8)
v3.24.0.1
Basis of Presentation
 6 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Note 1. Basis of Presentation
The financial information for Viavi Solutions Inc. (VIAVI, also referred to as the Company, we, our and us) for the three and six months ended December 30, 2023 and December 31, 2022 is unaudited, and includes all normal and recurring adjustments the Company’s management considers necessary for a fair statement of the financial information set forth herein. The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual Consolidated Financial Statements. For further information, please refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K, for the year ended July 1, 2023.
There have been no material changes to the Company’s accounting policies during the three and six months ended December 30, 2023 as compared to the significant accounting policies presented in “Note 1. Basis of Presentation” of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report for the year ended July 1, 2023 on Form 10-K, filed with the SEC on August 17, 2023.
The Consolidated Balance Sheet as of July 1, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three and six months ended December 30, 2023 and December 31, 2022 may not be indicative of results for the fiscal year ending June 29, 2024 or any future periods.
Fiscal Years
The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s fiscal 2024 is a 52-week year ending on June 29, 2024. The Company’s fiscal 2023 was a 52-week year ending on July 1, 2023.
Principles of Consolidation
The Consolidated Financial Statements include the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated.
Reclassification of Prior Period Balances
Certain reclassifications of prior period balances have been made to conform to current presentation. Refer to “Note 9. Goodwill” and “Note 19. Operating Segments and Geographic Information” for further information.
Use of Estimates
The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more readily available information.
v3.24.0.1
Recently Issued Accounting Pronouncements
 6 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements
Note 2. Recently Issued Accounting Pronouncements
Accounting Standards Issued But Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments clarify or improve disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, equity, and derivatives. The amendments will align the requirements in the FASB Accounting Standards Codification (ASC) with the SEC’s regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280), to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The amendments in this update will require public entities to disclose significant segment expenses that are regularly provided to the Company’s Chief Executive Officer, as the Company’s Chief Operating Decision Maker (CODM) and included within segment profit and loss. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and will be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact of adopting this new accounting guidance on its Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early and retrospective adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Consolidated Financial Statements.

We reviewed all other accounting pronouncements issued during the six months ended December 30, 2023 and concluded that they were not applicable to the Company.
v3.24.0.1
Earnings Per Share
 6 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share
Note 3. Earnings Per Share
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share data):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Numerator:  
Net income$10.7 $8.4 $20.5 $41.0 
Denominator:
Weighted-average shares outstanding:
Basic 222.5 225.9 222.2 226.1 
Shares issuable assuming conversion of convertible notes (1)
— — — 0.7 
Effect of dilutive securities from stock-based compensation plans1.0 1.2 1.7 2.0 
Diluted223.5 227.1 223.9 228.8 
Net income per share:
Basic$0.05 $0.04 $0.09 $0.18 
Diluted$0.05 $0.04 $0.09 $0.18 
(1)Represents the dilutive impact for the Company’s 1.75% Senior Convertible Notes due 2023 (2023 Notes), the 1.00% Senior Convertible Notes due 2024 (2024 Notes) and the 1.625% Senior Convertible Notes due 2026 (2026 Notes). As of December 30, 2023, the if-converted value is less than the outstanding principal of the 2024 and 2026 Notes, respectively, and are therefore anti-dilutive. Refer to “Note 11. Debt” for more details.
The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net income per share because their effect would have been anti-dilutive (in millions):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Restricted stock units5.6 5.0 3.1 3.2 
v3.24.0.1
Accumulated Other Comprehensive Loss
 6 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Loss
Note 4. Accumulated Other Comprehensive Loss
The Company’s accumulated other comprehensive loss consists of the accumulated net unrealized gains or losses on available-for-sale investments, foreign currency translation adjustments and change in unrealized components of defined benefit obligations.
For the six months ended December 30, 2023, the changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):
Unrealized losses on available-for sale investmentsForeign 
currency translation adjustments, net of tax
Change in unrealized components of defined benefit obligations (1)
Total
Beginning balance as of July 1, 2023$(5.3)$(125.4)$(5.3)$(136.0)
Other comprehensive income before reclassification— 9.3 — 9.3 
Amounts reclassified out of accumulated other comprehensive loss— — (0.1)(0.1)
Net current-period other comprehensive income (loss)— 9.3 (0.1)9.2 
Ending balance as of December 30, 2023$(5.3)$(116.1)$(5.4)$(126.8)
(1)The amount reclassified out of accumulated other comprehensive loss represents the amortization of actuarial gains included as a component of Cost of revenues, Research and development (R&D) and Selling, general and administrative (SG&A) in the Consolidated Statements of Operations, net of reclassification adjustments, for the six months ended December 30, 2023. There was no tax impact for the six months ended December 30, 2023. Refer to “Note 17. Employee Pension and Other Benefit Plans” for more details on the computation of net periodic cost for pension plans.
v3.24.0.1
Acquisitions
 6 Months Ended
Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions
Note 5. Acquisitions
On October 5, 2022, the Company acquired all of the equity of Jackson Labs Technologies, LLC (Jackson Labs), a privately held company which specializes in Position, Navigation and Timing (PNT) solutions for critical infrastructure serving both military and civilian applications. The acquisition enables the Company to broaden its solutions offering into the rapidly developing PNT landscape.
The total purchase consideration included approximately $49.9 million paid in cash at closing and additional contingent consideration of up to $117.0 million for which future cash payments are dependent on the achievement of certain operational and revenue targets over the course of a three-year period beginning in January 2023. The cash consideration paid at closing included escrow payments of $5.0 million for indemnity holdback and $2.0 million subject to final cash and net working capital adjustments. The acquisition has been accounted for in accordance with the authoritative guidance on business combinations; therefore, the tangible and intangible assets acquired and liabilities assumed were recorded at fair value on the acquisition date. In connection with this acquisition, the Company recorded approximately $48.3 million of goodwill and $30.6 million of developed technology and other intangibles. The acquired developed technology and other intangible assets are being amortized over their estimated useful lives ranging from one to six years.
Goodwill represents the excess of the preliminary estimated purchase consideration over the preliminary estimates of the fair value of the net tangible and intangible assets acquired and has been allocated to the Network Enablement segment. Goodwill is primarily attributable to expected synergies in the acquired technologies that may be leveraged by the Company in future PNT offerings. The goodwill was deductible for U.S. income tax purposes.
The Company has included the financial results of Jackson Labs in its Consolidated Financial Statements from the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the Consolidated Statements of Operations.
Other Acquisitions:

On March 29, 2023, April 21, 2023 and June 8, 2023, the Company completed acquisitions accounted for as asset purchases consisting of an aggregate cash paid at closing of $2.9 million and $0.2 million of indemnity holdback. In connection with these acquisitions, the Company recorded developed technology intangibles of $2.5 million which are being amortized over their estimated useful life of five years.

On July 18, 2022, the Company completed an acquisition accounted for as a business combination consisting of cash paid at closing of $17.5 million and $2.0 million of indemnity holdback. In connection with this acquisition, the Company recorded approximately $11.2 million of goodwill, $5.1 million of developed technology and $1.8 million of deferred tax liability. The acquired developed technology asset is being amortized over its estimated useful life of four years.

Acquisition-related Contingent Consideration

The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisitions for the three and six months ended December 30, 2023 and December 31, 2022 (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Beginning period balance$18.3 $2.9 $19.7 $2.5 
  Additions to Contingent Consideration— 29.4 — 29.4 
  Payments of Contingent Consideration (0.7)(0.5)(0.7)(0.5)
Fair value adjustment of earn-out liabilities(7.0)1.3 (8.4)1.8 
Currency translation adjustment— 0.1 — — 
Ending period balance $10.6 $33.2 $10.6 $33.2 
v3.24.0.1
Balance Sheet and Other Details
 6 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet and Other Details
Note 6. Balance Sheet and Other Details
Contract Balances
Gross receivables include both billed and unbilled receivables (including Contract assets). As of December 30, 2023, and July 1, 2023, the Company had total unbilled receivables of $13.6 million and $13.7 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 tables summarize the activity related to deferred revenue (in millions):
December 30, 2023
Three Months EndedSix Months Ended
Deferred revenue:
Balance at beginning of period$90.5 $102.0 
Revenue deferrals for new contracts (1)
24.7 44.9 
Revenue recognized during the period (2)
(30.5)(62.2)
Balance at end of period $84.7 $84.7 
(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 adjustments for currency.
The value of the transaction price allocated to remaining performance obligations as of December 30, 2023, was $248.4 million. The Company expects to recognize approximately 89% 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):
July 1, 2023Charged to Costs and Expenses
Deductions (1)
December 30, 2023
Allowance for credit losses$1.0 $0.8 $(0.2)$1.6 
(1)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):
December 30, 2023July 1, 2023
Finished goods$53.4 $49.0 
Work in process16.6 17.7 
Raw materials45.1 49.4 
Inventories, net$115.1 $116.1 
Prepayments and other current assets
The following table presents the components of prepayments and other current assets (in millions):
December 30, 2023July 1, 2023
Refundable income taxes$28.3 $27.6 
Prepayments14.0 16.5 
Advances to contract manufacturers8.2 9.8 
Fair value of forward contracts5.4 3.5 
Transaction tax receivables3.7 5.1 
Asset held for sale2.5 2.5 
Other current assets7.4 7.1 
Prepayments and other current assets$69.5 $72.1 
Other non-current assets
The following table presents the components of other non-current assets (in millions):
December 30, 2023July 1, 2023
Operating ROU assets (Note 12)$37.5 $40.4 
Long-term restricted cash5.8 4.6 
Deposits2.6 2.3 
Deferred contract cost2.5 2.9 
Debt issuance cost - Revolving Credit Facility2.3 2.8 
Other non-current assets9.9 8.7 
Other non-current assets$60.6 $61.7 
Other current liabilities
The following table presents the components of other current liabilities (in millions):
December 30, 2023July 1, 2023
Operating lease liabilities (Note 12)$10.0 $10.1 
Interest payable5.4 5.5 
Income tax payable4.5 4.4 
Warranty accrual4.0 4.2 
Acquisition related holdback and related accruals3.0 4.1 
Transaction tax payable2.6 4.3 
Fair value of forward contracts2.0 2.4 
Restructuring accrual (Note 13)1.2 5.8 
Fair value of contingent consideration (Note 5)— 1.1 
Other10.0 7.9 
Other current liabilities$42.7 $49.8 
Other non-current liabilities
The following table presents components of other non-current liabilities (in millions):
December 30, 2023July 1, 2023
Pension and post-employment benefits$54.9 $53.2 
Operating lease liabilities (Note 12)27.0 29.4 
Long-term deferred revenue23.9 23.4 
Deferred tax liability19.1 13.9 
Uncertain tax position15.9 15.8 
Financing obligation15.8 15.8 
Fair value of contingent consideration (Note 5)10.6 18.6 
Warranty accrual4.5 4.8 
Asset retirement obligations3.9 3.8 
Other7.7 8.0 
Other non-current liabilities$183.3 $186.7 
v3.24.0.1
Investments and Forward Contracts
 6 Months Ended
Dec. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments and Forward Contracts
Note 7. Investments and Forward Contracts
Short-Term Investments
As of December 30, 2023, the Company’s short-term investments of $25.0 million were comprised of a 30-day term deposit of $23.3 million and trading securities related to the deferred compensation plan of $1.7 million, of which $1.5 million was invested in equity securities, $0.1 million was invested in debt securities and $0.1 million was invested in money market instruments.
As of July 1, 2023, the Company’s short-term investments of $14.6 million were comprised of a 30-day term deposit of $13.1 million and trading securities related to the deferred compensation plan of $1.5 million, of which $1.2 million was invested in equity securities, $0.1 million was invested in debt securities and $0.2 million was invested in money market instruments.
Trading securities are reported at fair value, with the unrealized gains or losses resulting from changes in fair value recognized in the Consolidated Statements of Operations as a component of Interest and other income, net.
Non-Designated Foreign Currency Forward Contracts
The Company has foreign subsidiaries that operate and sell the Company’s products in various markets around the world. As a result, the Company is exposed to foreign exchange risks. The Company utilizes foreign exchange forward contracts to manage foreign currency risk associated with foreign currency denominated monetary assets and liabilities, primarily certain short-term intercompany receivables and payables, and to reduce the volatility of earnings and cash flows related to foreign-currency transactions. The Company does not use these foreign currency forward contracts for trading purposes.
As of December 30, 2023, the Company had forward contracts that were effectively closed but not settled with the counterparties as of the balance sheet date. Therefore, the fair value of these contracts of $5.4 million and $2.0 million is reflected as Prepayments and other current assets and Other current liabilities on the Consolidated Balance Sheets, respectively. As of July 1, 2023, the fair value of these contracts of $3.5 million and $2.4 million is reflected as Prepayments and other current assets and Other current liabilities on the Consolidated Balance Sheets, respectively.
The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near quarter end; therefore, the fair value of the contracts is not significant. As of December 30, 2023 and July 1, 2023, the notional amounts of the forward contracts that the Company held to purchase foreign currencies were $96.4 million and $87.5 million, respectively, and the notional amounts of forward contracts that the Company held to sell foreign currencies were $82.4 million and $19.3 million, respectively.
The change in the fair value of these foreign currency forward contracts is recorded as gain or loss in the Consolidated Statements of Operations as a component of Interest and other income, net. The cash flows related to the settlement of foreign currency forward contracts are classified as operating activities. The foreign exchange forward contracts incurred a gain of $3.4 million and loss of $0.1 million for the three and six months ended December 30, 2023, respectively, and a gain of $6.0 million and loss of $0.7 million for the three and six months ended December 31, 2022, respectively.
v3.24.0.1
Fair Value Measurements
 6 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 8. Fair Value Measurements
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. There is an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. Observable inputs are inputs which market participants would use in valuing an asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs which reflect the assumptions market participants would use in valuing an asset or liability.
The three levels of inputs that may be used to measure fair value are as follows:
•Level 1: includes financial instruments for which quoted market prices for identical instruments are available in active markets. Level 1 assets of the Company include money market funds, U.S. Treasury securities and marketable equity securities as they are traded with sufficient volume and frequency of transactions.
•Level 2: includes financial instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 2 instruments of the Company include asset-backed securities, foreign currency forward contracts and debt. To estimate their fair value, the Company utilizes pricing models based on market data. The significant inputs for the valuation model usually include benchmark yields, reported trades, broker and dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, and industry and economic events.
•Level 3: includes financial instruments for which fair value is derived from valuation-based inputs, that are unobservable and significant to the overall fair value measurement. As of December 30, 2023 and July 1, 2023, the Company did not hold any Level 3 investment securities. The Company’s Level 3 liabilities consist of contingent purchase consideration liabilities related to business acquisitions. The fair value of such earn-out liabilities are generally determined using a Monte Carlo Simulation that includes significant unobservable inputs such as the risk-adjusted discount rate, gross profit volatility, and projected financial forecast of acquired business over the earn-out period. The fair value of certain earn-out liabilities is derived using the estimated probability of success of achieving the earn-out milestones discounted to present value. The fair value of contingent consideration liabilities is remeasured at each reporting period at the estimated fair value based on the inputs on the date of remeasurement, with the change in fair value recognized in the Selling, general and administrative (SG&A) expense of the Consolidated Statements of Operations.
Fair Value Measurements
The Company’s assets and liabilities measured at fair value for the periods presented are as follows (in millions):
December 30, 2023July 1, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:      
Debt available-for-sale securities:
Asset-backed securities(1)
$0.3 $— $0.3 $— $0.3 $— $0.3 $— 
Total debt available-for-sale securities0.3 — 0.3 — 0.3 — 0.3 — 
Money market funds(2)
377.7 377.7 — — 344.8 344.8 — — 
Trading securities(3)
1.7 1.7 — — 1.5 1.5 — — 
Foreign currency forward contracts(4)
5.4 — 5.4 — 3.5 — 3.5 — 
Total assets $385.1 $379.4 $5.7 $— $350.1 $346.3 $3.8 $— 
Liabilities:
Foreign currency forward contracts(5)
$2.0 $— $2.0 $— $2.4 $— $2.4 $— 
Contingent consideration (6)
10.6 — — 10.6 19.7 — — 19.7 
Total liabilities$12.6 $— $2.0 $10.6 $22.1 $— $2.4 $19.7 
(1)Included in Other non-current assets on the Consolidated Balance Sheets.
(2)Includes, as of December 30, 2023, $370.6 million in Cash and cash equivalents, $3.0 million in Restricted cash and $4.1 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 1, 2023, $336.5 million in Cash and cash equivalents, $4.3 million in Restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets.
(3)Included in Short-term investments on the Consolidated Balance Sheets.
(4)Included in Other current assets on the Consolidated Balance Sheets.
(5)Included in Other current liabilities on the Consolidated Balance Sheets.
(6)As of December 30, 2023, included in Other non-current liabilities on the Consolidated Balance Sheets. As of July 1, 2023, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.

Other Fair Value Measures
Fair Value of Debt: If measured at fair value on the Consolidated Balance Sheets, the Company’s 3.75% Senior Notes (2029 Notes), 1.625% Senior Convertible Notes (2026 Notes) and 1.00% Senior Convertible Notes (2024 Notes) would be classified in Level 2 of the fair value hierarchy as they are not actively traded in the markets. The Company’s debt measured at fair value for the periods presented are as follows (in millions):
December 30, 2023July 1, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Debt:
3.75% Senior Notes
$351.5 $— $351.5 $— $341.8 $— $341.8 $— 
1.625% Senior Convertible Notes
249.7 — 249.7 — 262.7 — 262.7 — 
1.00% Senior Convertible Notes
95.4 — 95.4 — 95.6 — 95.6 — 
   Total $696.6 $— $696.6 $— $700.1 $— $700.1 $— 
See “Note 11. Debt”, for further discussion of the Company’s debt.
v3.24.0.1
Goodwill
 6 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
Note 9. Goodwill
The following table presents changes in goodwill allocated to the Company’s reportable segments (in millions):
Network Enablement (1)
Service Enablement (1)
Optical Security
and Performance
Products
Total
Balance as of July 1, 2023$399.2 $13.8 $42.2 $455.2 
Currency translation1.0 — — 1.0 
Other adjustment (2)
— (1.0)— (1.0)
Balance as of December 30, 2023$400.2 $12.8 $42.2 $455.2 
(1)Balance as of July 1, 2023 adjusted to reflect a reclass of $1.2 million from Service Enablement to Network Enablement due to a product line movement (see Note 19. “Operating Segments and Geographic Information” for further details).
(2)Adjustment related to Goodwill acquired as part of a prior acquisition.

The Company tests goodwill for impairment at the reporting unit level annually during the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that the asset may be impaired. In the fourth quarter of fiscal 2023, the Company performed a quantitative assessment of goodwill impairment and concluded the fair value of each of the Company’s reporting units was at least two times the carrying value, and therefore no impairment was identified.
There were no events or changes in circumstances which triggered an impairment review during the three and six months ended December 30, 2023.
v3.24.0.1
Acquired Developed Technology and Other Intangibles
 6 Months Ended
Dec. 30, 2023
Acquired Developed Technology and Other Intangibles  
Acquired Developed Technology and Other Intangibles
Note 10. Acquired Developed Technology and Other Intangibles
The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles (in millions):
As of December 30, 2023Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology $438.9 $(397.5)$41.4 
Customer relationships195.5 (189.0)6.5 
Other (1)
39.8 (39.5)0.3 
Total intangibles$674.2 $(626.0)$48.2 
As of July 1, 2023Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$438.5 $(390.2)$48.3 
Customer relationships195.2 (185.9)9.3 
Other (1)
39.8 (38.8)1.0 
Total intangibles$673.5 $(614.9)$58.6 
(1)Other intangibles consist of customer backlog, patents, proprietary know-how and trade secrets, trademarks and trade names.
The following table presents the amortization recorded relating to acquired developed technology, customer relationships and other intangibles (in millions):    
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Cost of revenues$3.4 $5.7 $6.9 $12.8 
Operating expenses1.4 2.2 3.5 4.4 
Total amortization of intangible assets$4.8 $7.9 $10.4 $17.2 
Based on the carrying amount of acquired developed technology, customer relationships and other intangibles as of December 30, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):
Fiscal Years
Remainder of 2024$9.6 
202515.9 
202611.4 
20277.6 
20283.0 
Thereafter0.7 
Total amortization$48.2 
The acquired developed technology, customer relationships and other intangible balances are adjusted quarterly to record the effect of currency translation adjustments.
v3.24.0.1
Debt
 6 Months Ended
Dec. 30, 2023
Debt Disclosure [Abstract]  
Debt
Note 11. Debt
As of December 30, 2023 and July 1, 2023, the Company’s debt on the Consolidated Balance Sheets represented the carrying amount of the Senior Convertible and Senior Notes, net of unamortized debt discount and issuance costs.
The following table presents the carrying amounts of the Company’s debt (in millions):
December 30, 2023July 1, 2023
Principal amount of 1.00% Senior Convertible Notes
$96.4 $96.4 
Unamortized 1.00% Senior Convertible Notes debt issuance cost
(0.1)(0.2)
Short-term debt$96.3 $96.2 
Principal amount of 3.75% Senior Notes
$400.0 $400.0 
Unamortized 3.75% Senior Notes debt issuance cost
(5.0)(5.5)
Principal amount of 1.625% Senior Convertible Notes
250.0 250.0 
Unamortized 1.625% Senior Convertible Notes debt discount
(10.5)(12.9)
Unamortized 1.625% Senior Convertible Notes debt issuance cost
(1.7)(2.1)
Long-term debt$632.8 $629.5 
The Company was in compliance with all debt covenants as of December 30, 2023 and July 1, 2023.
1.625% Senior Convertible Notes (2026 Notes)
On March 6, 2023, the Company issued $250.0 million aggregate principal amount of 1.625% Senior Convertible Notes due 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company issued $132.0 million aggregate principal amount of the 2026 Notes to certain holders of the 1.00% Senior Convertible Notes due 2024 (2024 Notes) in exchange for $127.5 million principal amount of the 2024 Notes (the Exchange Transaction) and issued and sold $118.0 million aggregate principal amount of the 2026 Notes in a private placement to accredited institutional buyers (the Subscription Transactions).
The Exchange Transaction was accounted for as a modification. The $127.5 million principal of the 2024 Notes was reduced by $10.1 million, with offsetting increase to additional paid-in capital, to account for the increase in the fair value of the embedded conversion option in the modification. The increase in principal and coupon interest, along with the increased option value, totaled $14.6 million and is a direct reduction from the carrying amount of the debt on the Consolidated Balance Sheets. This amount will be accreted as an adjustment to interest expense on a straight-line basis and will accrete up to the full face value of the 2026 Notes at maturity.
The proceeds of the Subscription Transactions amounted to $113.8 million after issuance costs of $4.2 million. The exchange resulted in $2.2 million of the issuance costs to be recorded as Loss on convertible note modification in the Consolidated Statements of Operations. The remaining issuance costs of $2.0 million as well as $0.3 million of unamortized costs carried over from the 2024 Notes at the exchange date were capitalized and will be amortized to interest expense using the straight-line method until maturity.
The 2026 Notes are an unsecured obligation of the Company and bear annual interest of 1.625%, payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2023. The 2026 Notes mature on March 15, 2026 unless earlier converted, redeemed or repurchased. As of December 30, 2023, the expected remaining term of the 2026 Notes is 2.2 years.
3.75% Senior Notes (2029 Notes)
On September 29, 2021, the Company issued $400.0 million aggregate principal amount of 3.75% Senior Notes due 2029 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Proceeds of the 2029 Notes amounted to $393.0 million after issuance costs of $7.0 million. The debt issuance costs were capitalized and will be amortized to interest expense using the straight-line method until maturity. The 2029 Notes are an unsecured obligation of the Company and bear annual interest of 3.75%, payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2022. The 2029 Notes mature on October 1, 2029 unless earlier redeemed or repurchased. As of December 30, 2023, the expected remaining term of the 2029 Notes is 5.8 years.
1.75% Senior Convertible Notes (2023 Notes)
On May 29, 2018, the Company issued $225.0 million aggregate principal amount of 1.75% Senior Convertible Notes due 2023 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company issued $155.5 million aggregate principal of the 2023 Notes to certain holders of the 2033 Notes in exchange for $151.5 million principal of the 2033 Notes and issued and sold $69.5 million aggregate principal amount of the 2023 Notes in a private placement to accredited institutional buyers (the Private Placement).
In connection with the issuance of the 2023 Notes, the Company incurred $2.2 million of issuance costs. The debt issuance costs were capitalized and amortized to interest expense using the straight-line method from issuance date through maturity on June 1, 2023.
See Senior Convertible Notes Settlement section below for details of the 2023 Notes exchange transactions during fiscal 2022. On June 1, 2023, the remaining 2023 Notes were retired upon maturity.
1.00% Senior Convertible Notes (2024 Notes)
On March 3, 2017, the Company issued $400.0 million aggregate principal amount of 1.00% Senior Convertible Notes due 2024 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. On March 22, 2017, the Company issued an additional $60.0 million upon exercise of the over-allotment option of the initial purchasers. The total proceeds from the 2024 Notes amounted to $451.1 million after issuance costs of $8.9 million. The debt issuance costs were capitalized and will be amortized to interest expense using the straight-line method until maturity.
The 2024 Notes are an unsecured obligation of the Company and bear interest at an annual rate of 1.00% payable in cash semi-annually in arrears on March 1 and September 1 of each year. As of December 30, 2023, the expected remaining term of the 2024 Notes is 0.2 years. The 2024 Notes mature on March 1, 2024 unless earlier converted or repurchased. See Senior Convertible Notes Settlement section below.
During the periods from, and including December 1, 2023 until the close of business on the business day immediately preceding March 1, 2024, holders may convert the 2024 Notes at any time regardless of the foregoing circumstances. The Company has received trivial requests for conversion.
Senior Convertible Notes Settlement
On September 2, 2021, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $93.8 million principal amount of the 2023 Notes and $181.2 million principal amount of the 2024 Notes in exchange for an aggregate of 10.6 million shares of its common stock, par value $0.001 per share, and $196.5 million in cash. The Company recorded a loss of $85.9 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations.
On November 17, 2021 and November 22, 2021, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $20.6 million principal amount of the 2023 Notes and $25.0 million principal amount of the 2024 Notes in exchange for $59.0 million in cash. The Company recorded a loss of $6.4 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations.
On March 2, 2022, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $23.2 million principal amount of the 2023 Notes and $26.8 million principal amount of the 2024 Notes in exchange for $64.7 million in cash. The Company recorded a loss of $6.4 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations.
On June 3, 2022, the Company entered into separate privately-negotiated agreements with certain holders of its 2023 and 2024 Notes. The Company settled $19.3 million principal amount of the 2023 Notes and $3.1 million principal amount of the 2024 Notes in exchange for $27.1 million in cash. The Company recorded a loss of $3.1 million in connection with the settlement transactions which is presented as Loss on convertible note settlement in the Consolidated Statements of Operations.
Senior Secured Asset-Based Revolving Credit Facility
On December 30, 2021, we entered into a credit agreement (the Credit Agreement) with Wells Fargo Bank, National Association (Wells Fargo) as administrative agent, and other lender related parties. The Credit Agreement provides for a senior secured asset-based revolving credit facility in a maximum aggregate amount of $300 million, which matures on December 30, 2026. The Credit Agreement also provides that, under certain circumstances, the Company may increase the aggregate amount of revolving commitments thereunder by an aggregate amount of up to $100 million so long as certain conditions are met. The proceeds from the credit facility established under the Credit Agreement will be used for working capital and other general corporate purposes. The obligations under the Credit Agreement are secured by substantially all of the assets of the Company and those of its subsidiaries that are borrowers and guarantors under the Credit Agreement.
Amounts outstanding under the Credit Agreement accrue interest as follows: (i) if the amounts outstanding are denominated in US Dollars, at a per annum rate equal to either, at the Company’s election, Term Secured Overnight Financing Rate (SOFR) plus a margin of 1.35% to 1.85% per annum, or a specified base rate plus a margin of 0.25% to 0.75%, in each case, depending on the average excess availability under the facility, (ii) if the amounts outstanding are denominated in Sterling, at a per annum rate equal to the Sterling Overnight Interbank Average Rate (SONIA) plus a margin of 1.2825% to 1.7825%, depending on the average excess availability under the facility, (iii) if the amounts outstanding are denominated in Euros, at a per annum rate equal to the Euro Interbank Offered Rate plus a margin of 1.25% to 1.75%, depending on the average excess availability under the facility, or (iv) if the amounts outstanding are denominated in Canadian Dollars, at a per annum rate equal to either, at the Company’s election, the Canadian Dollar Offered Rate plus a margin of 1.25% to 1.75%, or a specified base rate plus a margin of 0.25% to 0.75%, in each case, depending on the average excess availability under the facility.

The covenants of the Credit Agreement include customary restrictive covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant liens and make certain acquisitions, investments, asset dispositions and restricted payments. In addition, the Credit Agreement contains certain financial covenants that require the Company to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 if excess availability under the facility is less than the greater of 10% of the lesser of maximum revolver amount and borrowing base and $20 million.
As of December 30, 2023, we had no borrowings under this facility and our available borrowing capacity was approximately $159.0 million, net of outstanding standby letters of credit of $4.1 million.
Revolving Credit Facility
On May 5, 2020, the Company entered into a credit agreement with Wells Fargo as administrative agent, and other lender related parties. The Company borrowed $150 million and repaid $150 million under this Credit Agreement during the first quarter of fiscal 2022. In connection with the entry into the Senior Secured Asset-Based Revolving Credit Facility noted above, the Company terminated this facility.
Interest Expense
The following table presents the interest expense for contractual interest, amortization of debt issuance costs, accretion of debt discount and other (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Interest expense-contractual interest$5.0 $4.6 $10.0 $9.2 
Amortization of debt issuance cost0.6 0.6 1.3 1.2 
Accretion of debt discount1.2 — 2.4 — 
Other1.0 1.0 2.0 1.9 
  Total interest expense$7.8 $6.2 $15.7 $12.3 
v3.24.0.1
Leases
 6 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Leases
Note 12. Leases
The Company is a lessee in several operating leases, primarily real estate facilities for office space. The Company's lease arrangements are comprised of operating leases with various expiration dates through March 31, 2042. The Company's leases do not contain any material residual value guarantees.
Lease expense and cash flow information are as follows (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Operating lease costs (1)
$3.3 $3.2 $6.6 $6.5 
Cash paid for amounts included in the measurement of operating lease liabilities3.2 3.6 7.8 8.2 
Operating ROU assets obtained in exchange for operating lease obligations1.5 2.3 2.6 3.0 
(1)Total variable lease costs were immaterial during the six months ended December 30, 2023 and December 31, 2022. The total operating costs were included in Cost of revenues, R&D, and SG&A in the Consolidated Statements of Operations.
Balance sheet information related to our operating leases is as follows (in millions):
December 30, 2023July 1, 2023
Operating ROU assets (Other non-current assets)$37.5 $40.4 
Other current liabilities$10.0 $10.1 
Other non-current liabilities27.0 29.4 
Total operating lease liabilities$37.0 $39.5 
Weighted-average remaining lease term6.5 years6.8 years
Weighted-average discount rate4.8 %4.8 %
Future minimum operating lease payments as of December 30, 2023 are as follows (in millions):
Operating Leases
Remainder of 2024$4.9 
Fiscal 202510.3 
Fiscal 20267.9 
Fiscal 20276.0 
Fiscal 20284.1 
Thereafter9.9 
Total lease payments43.1 
Less: Interest(6.1)
Present value of lease liabilities$37.0 
v3.24.0.1
Restructuring and Related Charges
 6 Months Ended
Dec. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges
Note 13. Restructuring and Related Charges
The Company’s restructuring events are primarily intended to reduce costs, consolidate operations, integrate various acquisitions, streamline product manufacturing and address market conditions. Restructuring charges primarily include severance, benefits and outplacement costs to eliminate a specified number of positions. The timing of associated cash payments is dependent upon the jurisdiction of the affected employees and can extend over multiple periods.
Fiscal 2023 Plan
During the second quarter of fiscal 2023, Management approved a restructuring and workforce reduction plan (the Fiscal 2023 Plan) to better align the Company’s workforce with current business needs and strategic growth opportunities. The Company expects approximately 5% of its global workforce to be affected.
The first phase of the Fiscal 2023 Plan impacted our Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP) segments and Corporate (Corp) functions and was substantially complete as of December 30, 2023. The second phase of the Fiscal 2023 Plan is primarily focused on reducing costs in our Service Enablement (SE) segment and the Company anticipates this phase to be substantially complete by the end of fiscal 2024.
A summary of the activity in the restructuring accrual is outlined below (in millions):
Balance as of
 July 1, 2023		Restructuring and related (benefits) chargesCash SettlementsBalance as of December 30, 2023
Fiscal 2023 Plan
NSE/Corp$3.5 $(0.8)$(2.5)$0.2 
OSP0.6 0.1 (0.6)0.1 
Fiscal 2023 Plan Phase I4.1 (0.7)(3.1)0.3 
NSE/Corp1.7 (0.2)(0.6)0.9 
Fiscal 2023 Plan Phase II1.7 (0.2)(0.6)0.9 
Total (1)
$5.8 $(0.9)$(3.7)$1.2 
(1)Included in Other current liabilities on the Consolidated Balance Sheets as of December 30, 2023 and July 1, 2023.
v3.24.0.1
Income Taxes
 6 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
Note 14. Income Taxes
The Company recorded an income tax provision of $7.6 million and $16.2 million for the three and six months ended December 30, 2023, respectively. The Company recorded an income tax provision of $10.5 million and $22.7 million for the three and six months ended December 31, 2022, respectively.
The income tax provision for the three and six months ended December 30, 2023 and December 31, 2022 primarily relates to income tax in certain foreign and state jurisdictions based on the Company’s forecasted pre-tax income or loss.
The income tax provision recorded differs from the expected tax provision that would be calculated by applying the federal statutory rate to the Company’s income from continuing operations before taxes primarily due to the changes in valuation allowance for deferred tax assets attributable to the Company’s domestic and foreign income from continuing operations.
As of December 30, 2023 and July 1, 2023, the Company’s unrecognized tax benefits totaled $50.8 million and $51.1 million, respectively, and are included in deferred taxes and other non-current tax liabilities, net. The Company had $3.3 million accrued for the payment of interest and penalties as of December 30, 2023. The timing and resolution of income tax examinations is uncertain, and the amounts ultimately paid, if any, upon resolution of issues raised by the taxing authorities may differ from the amounts accrued for each year. Although the Company does not expect that our balance of gross unrecognized tax benefits will change materially in the next 12 months, given the uncertainty in the development of ongoing income tax examinations, the Company is unable to estimate the full range of possible adjustments to this balance.
v3.24.0.1
Stockholders' Equity
 6 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Stockholders' Equity
Note 15. Stockholders' Equity
Repurchase of Common Stock
In September 2022 the Board of Directors authorized a stock repurchase plan (2022 Repurchase Plan) of up to $300 million effective October 1, 2022 which will remain in effect until the amount authorized has been fully repurchased or until suspension or termination of the program. Under the 2022 Repurchase Plan, the Company is authorized to repurchase shares through a variety of methods, including open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans. The timing of repurchases under the plan will depend upon business and financial market conditions. During the six months ended December 30, 2023, the Company repurchased 1.0 million shares of its common stock for $10.0 million under the 2022 Repurchase Plan. As of December 30, 2023, the Company had remaining authorization of $224.8 million for future share repurchases under the 2022 Repurchase Plan.
v3.24.0.1
Stock-Based Compensation
 6 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
Note 16. Stock-Based Compensation
The Company's stock-based compensation includes a combination of time-based restricted stock awards and performance-based awards. Restricted stock awards are granted without an exercise price and are converted to shares immediately upon vesting. When converted into shares upon vesting, shares equivalent in value to the minimum withholding taxes liability on the vested shares are withheld by the Company for the payment of such taxes.
The Company generally estimates the fair value of stock-based awards based on the closing market price of the Company’s common stock on the grant date. In the case of performance-based awards that include a market condition, the Company will estimate the fair value of the award using a combination of the closing market price of the Company’s common stock on the grant date and the Monte Carlo simulation model. For performance-based awards, shares attained over target upon vesting are reflected as awards granted during the period.
Time-based restricted stock awards granted to eligible employees will generally vest in annual installments over a period of three to four years subject to the employees’ continuing service to the Company and do not have an expiration date. The Company's performance-based awards may include performance conditions, market conditions, time-based service conditions or a combination thereof and are generally expected to vest in annual installments over a period of three to four years. In addition, the actual number of shares awarded upon vesting of performance-based grants may vary from the target shares depending upon the achievement of the relevant performance or market-based conditions.
During the six months ended December 30, 2023 and December 31, 2022, the Company granted 3.5 million and 2.6 million time-based restricted stock awards, respectively. The aggregate grant-date fair value of time-based restricted stock awards granted during the six months ended December 30, 2023 and December 31, 2022 were estimated to be $34.8 million and $36.7 million, respectively.
During the six months ended December 30, 2023 and December 31, 2022, the Company granted 1.2 million and 0.7 million performance-based awards, respectively. There were no performance-based shares attained over target during the six months ended December 30, 2023. There were 0.1 million performance-based shares attained over target during the six months ended December 31, 2022. The aggregate grant-date fair value of performance-based awards granted during the six months ended December 30, 2023 and December 31, 2022 were estimated to be $13.4 million and $11.5 million, respectively.
As of December 30, 2023, $80.0 million of unrecognized stock-based compensation costs remain to be amortized.
The impact on the Company’s results of operations of recording stock-based compensation by function for the three and six months ended December 30, 2023 and December 31, 2022, is as follows (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Cost of revenues$1.2 $1.2 $2.4 $2.4 
Research and development2.3 2.0 4.4 4.3 
Selling, general and administrative9.0 9.8 16.9 19.3 
Total stock-based compensation expense$12.5 $13.0 $23.7 $26.0 
Approximately $1.3 million and $1.2 million of stock-based compensation was capitalized to inventory as of December 30, 2023 and December 31, 2022, respectively.
v3.24.0.1
Employee Pension and Other Benefit Plans
 6 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Employee Pension and Other Benefit Plans
Note 17. Employee Pension and Other Benefit Plans
The Company sponsors significant qualified and non-qualified pension plans for certain past and present employees in the United Kingdom (U.K.) and Germany. The Company also is responsible for the non-pension post-retirement benefit obligation assumed from a past acquisition.
Most of the plans have been closed to new participants and no additional service costs are being accrued, except for certain plans in Germany assumed in connection with an acquisition in fiscal 2010. Benefits are generally based upon years of service and compensation or stated amounts for each year of service.
As of December 30, 2023, the U.K. plan was fully funded while the other plans were unfunded. The Company’s policy for funded plans is to make contributions equal to or greater than the requirements prescribed by law or regulation. For unfunded plans, the Company pays the post-retirement benefits when due. During the six months ended December 30, 2023, the Company contributed $0.6 million to the U.K. plan and $1.9 million to the other plans. The funded plan assets consist primarily of managed investments.
The following table presents the components of net periodic cost for the pension and benefits plans (in millions):
 Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Interest cost$0.8 $0.7 $1.7 $1.4 
Expected return on plan assets(0.5)(0.4)(1.0)(0.8)
Amortization of net actuarial gains— — (0.1)— 
Net periodic benefit cost$0.3 $0.3 $0.6 $0.6 
Both the calculation of the projected benefit obligation and net periodic cost are based upon actuarial valuations. These valuations use participant-specific information such as salary, age, years of service, and assumptions about interest rates, compensation increases and other factors. At a minimum, the Company evaluates these assumptions annually and makes changes as necessary.
Based on actuarial assumptions, the Company expects to incur cash outlays of approximately $8.7 million related to its defined benefit pension plans during fiscal 2024 to make current benefit payments and fund future obligations. As of December 30, 2023, approximately $2.5 million had been incurred. These payments have been estimated based on the same assumptions used to measure the Company’s projected benefit obligation at July 1, 2023.
v3.24.0.1
Commitments and Contingencies
 6 Months Ended
Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 18. Commitments and Contingencies
Legal Proceedings
Tel-Instruments Electronics Corp. Settlement
In July 2023, the Court of Appeals in the State of Kansas affirmed a lower court decision in a case filed by Aeroflex Wichita, (“Aeroflex”, a VIAVI subsidiary), against Tel-Instrument Electronics Corp. (TIC) and two of its employees with total damages of $7.3 million owed to VIAVI. The lower court case, filed by Aeroflex prior to the acquisition by VIAVI and affirmed by the Kansas Court of Appeals, awarded damages caused by tortious interference and improper use and disclosure of Aeroflex’s confidential and proprietary business information used by the defendants to win a competitive U.S. Army contract.
TIC did not file a petition to appeal the decision and acknowledged its obligation to pay damages in full. VIAVI subsequently then received total payments of $7.3 million from TIC and the two former employees and recorded a gain to Interest and other income, net in the Consolidated Statements of Operations for the three months ended September 30, 2023.
U.K. Pension Settlement
In June 2016, the Company received a court decision regarding the validity of an amendment to a pension deed of trust related to one of its foreign subsidiaries which the Company contends contained an error requiring the Company to increase the pension plan’s benefit. The Company had subsequently further amended the deed to rectify the error. The court ruled that the amendment increasing the pension plan benefit was valid until the subsequent amendment. The Company estimated the liability to range from (amounts represented as £ denote GBP) £5.7 million to £8.4 million. The Company determined the likelihood of loss to be probable and accrued £5.7 million as of July 2, 2016 in accordance with authoritative guidance on contingencies.
The Company pursued an appeal of the court decision. In March 2018, the appellate court affirmed the decision of the lower court. The Company pursued a motion for summary judgement on the deed of rectification claim and continued to pursue a claim against the U.K. law firm responsible for the error. As of July 2, 2022, the related accrued pension liability of £5.4 million or $6.5 million was included in pension and post-employment benefits within Other non-current liabilities on the Consolidated Balance Sheets.
In September 2022, the Company received a favorable court decision which removed completely and definitively the obligation to fund the increased pension benefit with retrospective effect to 1999. As a result of the judgment, and in accordance with authoritative guidance on contingencies, the Company reversed the liability and recorded a gain (reduction to SG&A expense in the Consolidated Statements of Operations) of £5.7 million or $6.7 million during the three months ended October 1, 2022.
The Company is subject to a variety of claims and suits that arise from time to time in the ordinary course of its business. While management currently believes that resolving claims against the Company, individually or in aggregate, will not have a material adverse impact on its financial position, results of operations or statement of cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. Were an unfavorable final outcome to occur, there exists the possibility of a material adverse impact on the Company’s financial position, results of operations or cash flows for the period in which the effect becomes reasonably estimable.
Guarantees
Outstanding Letters of Credit, Performance Bonds and Other Claims
As of December 30, 2023, the Company had standby letters of credit of $7.1 million and performance bonds and other claims of $1.8 million collateralized by restricted cash.
Product Warranties
The following table presents the changes in the Company’s warranty reserve during the three and six months ended December 30, 2023 and December 31, 2022 (in millions):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Balance as of beginning of period$8.8 $9.5 $9.0 $10.6 
Provision for warranty0.3 0.4 0.7 1.0 
Utilization of reserve(0.7)(0.7)(1.5)(1.2)
Adjustments to pre-existing warranties (includes changes in estimates)0.1 0.2 0.3 (1.0)
Balance as of end of period$8.5 $9.4 $8.5 $9.4 
v3.24.0.1
Operating Segments and Geographic Information
 6 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
Operating Segments and Geographic Information
Note 19. Operating Segments and Geographic Information
The Company evaluates its reportable segments in accordance with the authoritative guidance on segment reporting. The Company’s CODM uses operating segment financial information to evaluate segment performance and to allocate resources.
The Company’s reportable segments are:
(i) Network Enablement (NE):
NE provides an integrated portfolio of testing solutions that access the network to perform build-out and maintenance tasks. These solutions include instruments, software and services to design, build, turn-up, certify, troubleshoot and optimize networks. The Company also offers a range of product support and professional services such as repair, calibration, software support and technical assistance for its products. NE’s avionics products provide test and measuring solutions for aviation, aerospace, government, defense, communications and public safety.
(ii) Service Enablement (SE):
SE provides embedded systems and enterprise performance management solutions that give global communications service providers, enterprises and cloud operators visibility into network, service and application data. These solutions—including instruments, microprobes and software—monitor, collect and analyze network data to reveal the actual customer experience and to identify opportunities for new revenue streams and network optimization.
(iii) Optical Security and Performance Products (OSP):
OSP leverages its core optical coating technologies and volume manufacturing capability to design, manufacture, and sell technologies for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets.
Segment Reporting
The CODM manages the Company in two broad business categories: NSE and OSP. The CODM evaluates segment performance of the NSE business based on the combined segments (NE and SE) gross and operating margins. Operating expenses associated with the NSE business are not allocated to the individual segments within NSE, as they are managed centrally at the business unit level. The CODM evaluates segment performance of the OSP business based on segment operating margin. The Company allocates corporate-level operating expenses to its segment results, except for certain non-core operating and non-operating activities as discussed below.
The Company does not allocate stock-based compensation, acquisition-related charges, amortization of intangibles, restructuring, impairment of goodwill, non-operating income and expenses, changes in fair value of contingent consideration liabilities, or other charges unrelated to core operating performance to its segments because management does not include this information in its measurement of the performance of the operating segments. These items are presented as “Other Items” in the table below. Additionally, the Company does not specifically identify and allocate all assets by operating segment.
The following tables present information on the Company’s reportable segments for the three months ended December 30, 2023 and December 31, 2022 (in millions):
Three Months Ended December 30, 2023
Network and Service Enablement
 Network EnablementService EnablementNetwork and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue$125.2 $10.8 $136.0 $74.9 $— $210.9 
Service revenue30.3 13.3 43.6 — — 43.6 
Net revenue$155.5 $24.1 $179.6 $74.9 $— $254.5 
Gross profit$97.2 $16.6 $113.8 $39.0 $(4.8)$148.0 
Gross margin62.5 %68.9 %63.4 %52.1 %58.2 %
Operating income$6.4 $27.3 $(11.3)$22.4 
Operating margin3.6 %36.4 %8.8 %
Three Months Ended December 31, 2022
Network and Service Enablement
 
Network Enablement (2)
Service Enablement (2)
Network and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue (2)
$152.6 $11.5 $164.1 $77.4 $— $241.5 
Service revenue (2)
30.7 12.3 43.0 — — 43.0 
Net revenue$183.3 $23.8 $207.1 $77.4 $— $284.5 
Gross profit$118.1 $15.3 $133.4 $40.5 $(6.9)$167.0 
Gross margin64.4 %64.3 %64.4 %52.3 %58.7 %
Operating income $18.5 $27.5 $(23.1)$22.9 
Operating margin8.9 %35.5 %8.0 %
(1)Other items include charges (benefits) unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.
(2)Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast to reflect the impact to net revenue, gross profit and gross margin.
Three Months Ended
 December 30, 2023December 31, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit$152.8 $173.9 
Stock-based compensation(1.2)(1.2)
Amortization of intangibles(3.4)(5.7)
Other charges unrelated to core operating performance (1)
(0.2)— 
GAAP gross profit$148.0 $167.0 
Corporate reconciling items impacting operating income:
Total segment operating income$33.7 $46.0 
Stock-based compensation(12.5)(13.0)
Amortization of intangibles(4.8)(7.9)
Change in fair value of contingent liability7.0 (1.3)
Other charges unrelated to core operating performance (1)
(1.1)(0.9)
Restructuring and related benefits0.1 — 
GAAP operating income from continuing operations$22.4 $22.9 
(1)    During the three months ended December 30, 2023 and December 31, 2022, other charges unrelated to core operating performance primarily consisting of certain acquisition and integration related charges, accretion of debt discount and loss on disposal of long-lived assets.
Six Months Ended December 30, 2023
Network and Service Enablement
 Network EnablementService EnablementNetwork and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue$245.6 $18.5 $264.1 $152.4 $— $416.5 
Service revenue59.9 26.0 85.9 — — 85.9 
Net revenue$305.5 $44.5 $350.0 $152.4 $— $502.4 
Gross profit$191.8 $30.3 $222.1 $79.7 $(9.4)$292.4 
Gross margin62.8 %68.1 %63.5 %52.3 %58.2 %
Operating income$7.9 $56.6 $(26.1)$38.4 
Operating margin2.3 %37.1 %7.6 %
Six Months Ended December 31, 2022
Network and Service Enablement
 
Network Enablement (2)
Service Enablement (2)
Network and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue (2)
$318.9 $21.7 $340.6 $168.6 $— $509.2 
Service revenue (2)
60.9 24.5 85.4 0.1 — 85.5 
Net revenue$379.8 $46.2 $426.0 $168.7 $— $594.7 
Gross profit$244.9 $30.1 $275.0 $92.3 $(15.5)$351.8 
Gross margin64.5 %65.2 %64.6 %54.7 %59.2 %
Operating income $47.3 $66.1 $(40.7)$72.7 
Operating margin11.1 %39.2 %12.2 %
(1)Other items include charges (benefits) unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.
(2)Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast to reflect the impact to net revenue, gross profit and gross margin.
Six Months Ended
 December 30, 2023December 31, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit$301.8 $367.3 
Stock-based compensation(2.4)(2.4)
Amortization of intangibles(6.9)(12.8)
Other charges unrelated to core operating performance (1)
(0.1)(0.3)
GAAP gross profit$292.4 $351.8 
Corporate reconciling items impacting operating income:
Total segment operating income$64.5 $113.4 
Stock-based compensation(23.7)(26.0)
Amortization of intangibles(10.4)(17.2)
Change in fair value of contingent liability8.4 (1.8)
Other (charges) benefits unrelated to core operating performance (1)
(1.3)4.3 
Restructuring and related benefits0.9 — 
GAAP operating income from continuing operations$38.4 $72.7 
(1)    During the six months ended December 30, 2023 and December 31, 2022, other (charges) benefits unrelated to core operating performance primarily consisting of certain acquisition and integration related charges, legal settlement, accretion of debt discount and losses on disposal of long-lived assets.
The Company operates primarily in three geographic regions: Americas, Asia-Pacific, and Europe, Middle East and Africa (EMEA). Net revenue is assigned to the geographic region and country where the Company’s product is initially shipped. For example, certain customers may request shipment of the Company’s product to a contract manufacturer in one country, which may differ from the location of their end customers. 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 six months ended December 30, 2023 and December 31, 2022 (in millions):
 Three Months Ended
 December 30, 2023December 31, 2022
Product RevenueService RevenueTotalProduct RevenueService RevenueTotal
Americas:
United States$68.6 $16.1 $84.7 $77.5 $15.0 $92.5 
Other Americas14.6 3.8 18.4 10.3 3.5 13.8 
Total Americas$83.2 $19.9 $103.1 $87.8 $18.5 $106.3 
Asia-Pacific:
Greater China$45.9 $1.5 $47.4 $58.9 $1.8 $60.7 
Other Asia-Pacific24.9 7.2 32.1 36.7 7.7 44.4 
Total Asia-Pacific$70.8 $8.7 $79.5 $95.6 $9.5 $105.1 
EMEA:$56.9 $15.0 $71.9 $58.1 $15.0 $73.1 
Total net revenue$210.9 $43.6 $254.5 $241.5 $43.0 $284.5 
 Six Months Ended
 December 30, 2023December 31, 2022
Product RevenueService RevenueTotalProduct RevenueService RevenueTotal
Americas:
United States$136.2 $31.3 $167.5 $158.5 $30.6 $189.1 
Other Americas28.3 7.8 36.1 33.4 6.8 40.2 
Total Americas$164.5 $39.1 $203.6 $191.9 $37.4 $229.3 
Asia-Pacific:
Greater China$95.3 $3.2 $98.5 $122.4 $3.9 $126.3 
Other Asia53.2 13.7 66.9 76.7 13.7 90.4 
Total Asia-Pacific$148.5 $16.9 $165.4 $199.1 $17.6 $216.7 
EMEA:$103.5 $29.9 $133.4 $118.2 $30.5 $148.7 
Total net revenue$416.5 $85.9 $502.4 $509.2 $85.5 $594.7 
v3.24.0.1
Subsequent Events
 6 Months Ended
Dec. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events
Note 20. Subsequent Events
On January 11, 2024, VIAVI announced that the U.S. National Telecommunications and Information Administration has awarded the Company a grant from the Public Wireless Supply Chain Innovation Fund. The grant is expected to provide approximately $21.7 million in funding over a three-year period to be used by the Company to create an advanced test lab to enable and accelerate the development of Open Radio Access Network technology and components.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ 10.7 $ 8.4 $ 20.5 $ 41.0
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Basis of Presentation (Policies)
 6 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fiscal Years
Fiscal Years
The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s fiscal 2024 is a 52-week year ending on June 29, 2024. The Company’s fiscal 2023 was a 52-week year ending on July 1, 2023.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated.
Reclassification of Prior Period Balances
Reclassification of Prior Period Balances
Certain reclassifications of prior period balances have been made to conform to current presentation. Refer to “Note 9. Goodwill” and “Note 19. Operating Segments and Geographic Information” for further information.
Use of Estimates
Use of Estimates
The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more readily available information.
Accounting Standards Issued But Not Yet Adopted
Accounting Standards Issued But Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments clarify or improve disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, equity, and derivatives. The amendments will align the requirements in the FASB Accounting Standards Codification (ASC) with the SEC’s regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280), to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The amendments in this update will require public entities to disclose significant segment expenses that are regularly provided to the Company’s Chief Executive Officer, as the Company’s Chief Operating Decision Maker (CODM) and included within segment profit and loss. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and will be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact of adopting this new accounting guidance on its Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early and retrospective adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Consolidated Financial Statements.

We reviewed all other accounting pronouncements issued during the six months ended December 30, 2023 and concluded that they were not applicable to the Company.
v3.24.0.1
Earnings Per Share (Tables)
 6 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share data):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Numerator:  
Net income$10.7 $8.4 $20.5 $41.0 
Denominator:
Weighted-average shares outstanding:
Basic 222.5 225.9 222.2 226.1 
Shares issuable assuming conversion of convertible notes (1)
— — — 0.7 
Effect of dilutive securities from stock-based compensation plans1.0 1.2 1.7 2.0 
Diluted223.5 227.1 223.9 228.8 
Net income per share:
Basic$0.05 $0.04 $0.09 $0.18 
Diluted$0.05 $0.04 $0.09 $0.18 
(1)Represents the dilutive impact for the Company’s 1.75% Senior Convertible Notes due 2023 (2023 Notes), the 1.00% Senior Convertible Notes due 2024 (2024 Notes) and the 1.625% Senior Convertible Notes due 2026 (2026 Notes). As of December 30, 2023, the if-converted value is less than the outstanding principal of the 2024 and 2026 Notes, respectively, and are therefore anti-dilutive. Refer to “Note 11. Debt” for more details.
Schedule of Weighted Average Potentially Dilutive Securities Excluded from the Computation Because Their Effect Would Have Been Anti-dilutive
The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net income per share because their effect would have been anti-dilutive (in millions):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Restricted stock units5.6 5.0 3.1 3.2 
v3.24.0.1
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss
For the six months ended December 30, 2023, the changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):
Unrealized losses on available-for sale investmentsForeign 
currency translation adjustments, net of tax
Change in unrealized components of defined benefit obligations (1)
Total
Beginning balance as of July 1, 2023$(5.3)$(125.4)$(5.3)$(136.0)
Other comprehensive income before reclassification— 9.3 — 9.3 
Amounts reclassified out of accumulated other comprehensive loss— — (0.1)(0.1)
Net current-period other comprehensive income (loss)— 9.3 (0.1)9.2 
Ending balance as of December 30, 2023$(5.3)$(116.1)$(5.4)$(126.8)
(1)The amount reclassified out of accumulated other comprehensive loss represents the amortization of actuarial gains included as a component of Cost of revenues, Research and development (R&D) and Selling, general and administrative (SG&A) in the Consolidated Statements of Operations, net of reclassification adjustments, for the six months ended December 30, 2023. There was no tax impact for the six months ended December 30, 2023. Refer to “Note 17. Employee Pension and Other Benefit Plans” for more details on the computation of net periodic cost for pension plans.
v3.24.0.1
Acquisitions (Tables)
 6 Months Ended
Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Changes in Fair Value of Level 3 Liabilities
The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisitions for the three and six months ended December 30, 2023 and December 31, 2022 (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Beginning period balance$18.3 $2.9 $19.7 $2.5 
  Additions to Contingent Consideration— 29.4 — 29.4 
  Payments of Contingent Consideration (0.7)(0.5)(0.7)(0.5)
Fair value adjustment of earn-out liabilities(7.0)1.3 (8.4)1.8 
Currency translation adjustment— 0.1 — — 
Ending period balance $10.6 $33.2 $10.6 $33.2 
v3.24.0.1
Balance Sheet and Other Details (Tables)
 6 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Activity Related to Deferred Revenue and Financed Unearned Services Revenue
The following tables summarize the activity related to deferred revenue (in millions):
December 30, 2023
Three Months EndedSix Months Ended
Deferred revenue:
Balance at beginning of period$90.5 $102.0 
Revenue deferrals for new contracts (1)
24.7 44.9 
Revenue recognized during the period (2)
(30.5)(62.2)
Balance at end of period $84.7 $84.7 
(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.
Schedule of Components of Accounts Receivable Allowance
The following table presents the activities and balances for allowance for credit losses (in millions):
July 1, 2023Charged to Costs and Expenses
Deductions (1)
December 30, 2023
Allowance for credit losses$1.0 $0.8 $(0.2)$1.6 
(1)Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.
Schedule of Components of Inventories
The following table presents the components of inventories, net (in millions):
December 30, 2023July 1, 2023
Finished goods$53.4 $49.0 
Work in process16.6 17.7 
Raw materials45.1 49.4 
Inventories, net$115.1 $116.1 
Schedule of Components of Prepayments and Other Current Assets
The following table presents the components of prepayments and other current assets (in millions):
December 30, 2023July 1, 2023
Refundable income taxes$28.3 $27.6 
Prepayments14.0 16.5 
Advances to contract manufacturers8.2 9.8 
Fair value of forward contracts5.4 3.5 
Transaction tax receivables3.7 5.1 
Asset held for sale2.5 2.5 
Other current assets7.4 7.1 
Prepayments and other current assets$69.5 $72.1 
Schedule of Components of Other Non-current Assets
The following table presents the components of other non-current assets (in millions):
December 30, 2023July 1, 2023
Operating ROU assets (Note 12)$37.5 $40.4 
Long-term restricted cash5.8 4.6 
Deposits2.6 2.3 
Deferred contract cost2.5 2.9 
Debt issuance cost - Revolving Credit Facility2.3 2.8 
Other non-current assets9.9 8.7 
Other non-current assets$60.6 $61.7 
Schedule of Components of Other Current Liabilities
The following table presents the components of other current liabilities (in millions):
December 30, 2023July 1, 2023
Operating lease liabilities (Note 12)$10.0 $10.1 
Interest payable5.4 5.5 
Income tax payable4.5 4.4 
Warranty accrual4.0 4.2 
Acquisition related holdback and related accruals3.0 4.1 
Transaction tax payable2.6 4.3 
Fair value of forward contracts2.0 2.4 
Restructuring accrual (Note 13)1.2 5.8 
Fair value of contingent consideration (Note 5)— 1.1 
Other10.0 7.9 
Other current liabilities$42.7 $49.8 
Schedule of Components of Other Non-current Liabilities
The following table presents components of other non-current liabilities (in millions):
December 30, 2023July 1, 2023
Pension and post-employment benefits$54.9 $53.2 
Operating lease liabilities (Note 12)27.0 29.4 
Long-term deferred revenue23.9 23.4 
Deferred tax liability19.1 13.9 
Uncertain tax position15.9 15.8 
Financing obligation15.8 15.8 
Fair value of contingent consideration (Note 5)10.6 18.6 
Warranty accrual4.5 4.8 
Asset retirement obligations3.9 3.8 
Other7.7 8.0 
Other non-current liabilities$183.3 $186.7 
v3.24.0.1
Fair Value Measurements (Tables)
 6 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The Company’s assets and liabilities measured at fair value for the periods presented are as follows (in millions):
December 30, 2023July 1, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:      
Debt available-for-sale securities:
Asset-backed securities(1)
$0.3 $— $0.3 $— $0.3 $— $0.3 $— 
Total debt available-for-sale securities0.3 — 0.3 — 0.3 — 0.3 — 
Money market funds(2)
377.7 377.7 — — 344.8 344.8 — — 
Trading securities(3)
1.7 1.7 — — 1.5 1.5 — — 
Foreign currency forward contracts(4)
5.4 — 5.4 — 3.5 — 3.5 — 
Total assets $385.1 $379.4 $5.7 $— $350.1 $346.3 $3.8 $— 
Liabilities:
Foreign currency forward contracts(5)
$2.0 $— $2.0 $— $2.4 $— $2.4 $— 
Contingent consideration (6)
10.6 — — 10.6 19.7 — — 19.7 
Total liabilities$12.6 $— $2.0 $10.6 $22.1 $— $2.4 $19.7 
(1)Included in Other non-current assets on the Consolidated Balance Sheets.
(2)Includes, as of December 30, 2023, $370.6 million in Cash and cash equivalents, $3.0 million in Restricted cash and $4.1 million in Other non-current assets on the Consolidated Balance Sheets. Includes, as of July 1, 2023, $336.5 million in Cash and cash equivalents, $4.3 million in Restricted cash and $4.0 million in Other non-current assets on the Consolidated Balance Sheets.
(3)Included in Short-term investments on the Consolidated Balance Sheets.
(4)Included in Other current assets on the Consolidated Balance Sheets.
(5)Included in Other current liabilities on the Consolidated Balance Sheets.
(6)As of December 30, 2023, included in Other non-current liabilities on the Consolidated Balance Sheets. As of July 1, 2023, includes certain amounts in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Schedule of Long-term Debt Instruments The Company’s debt measured at fair value for the periods presented are as follows (in millions):
December 30, 2023July 1, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Debt:
3.75% Senior Notes
$351.5 $— $351.5 $— $341.8 $— $341.8 $— 
1.625% Senior Convertible Notes
249.7 — 249.7 — 262.7 — 262.7 — 
1.00% Senior Convertible Notes
95.4 — 95.4 — 95.6 — 95.6 — 
   Total $696.6 $— $696.6 $— $700.1 $— $700.1 $— 
v3.24.0.1
Goodwill (Tables)
 6 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
The following table presents changes in goodwill allocated to the Company’s reportable segments (in millions):
Network Enablement (1)
Service Enablement (1)
Optical Security
and Performance
Products
Total
Balance as of July 1, 2023$399.2 $13.8 $42.2 $455.2 
Currency translation1.0 — — 1.0 
Other adjustment (2)
— (1.0)— (1.0)
Balance as of December 30, 2023$400.2 $12.8 $42.2 $455.2 
(1)Balance as of July 1, 2023 adjusted to reflect a reclass of $1.2 million from Service Enablement to Network Enablement due to a product line movement (see Note 19. “Operating Segments and Geographic Information” for further details).
(2)Adjustment related to Goodwill acquired as part of a prior acquisition.
v3.24.0.1
Acquired Developed Technology and Other Intangibles (Tables)
 6 Months Ended
Dec. 30, 2023
Acquired Developed Technology and Other Intangibles  
Schedule of Acquired Developed Technology and Other Intangibles
The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles (in millions):
As of December 30, 2023Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology $438.9 $(397.5)$41.4 
Customer relationships195.5 (189.0)6.5 
Other (1)
39.8 (39.5)0.3 
Total intangibles$674.2 $(626.0)$48.2 
As of July 1, 2023Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$438.5 $(390.2)$48.3 
Customer relationships195.2 (185.9)9.3 
Other (1)
39.8 (38.8)1.0 
Total intangibles$673.5 $(614.9)$58.6 
(1)Other intangibles consist of customer backlog, patents, proprietary know-how and trade secrets, trademarks and trade names.
Finite-lived Intangible Assets Amortization Expense
The following table presents the amortization recorded relating to acquired developed technology, customer relationships and other intangibles (in millions):    
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Cost of revenues$3.4 $5.7 $6.9 $12.8 
Operating expenses1.4 2.2 3.5 4.4 
Total amortization of intangible assets$4.8 $7.9 $10.4 $17.2 
Schedule of Estimated Future Amortization
Based on the carrying amount of acquired developed technology, customer relationships and other intangibles as of December 30, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):
Fiscal Years
Remainder of 2024$9.6 
202515.9 
202611.4 
20277.6 
20283.0 
Thereafter0.7 
Total amortization$48.2 
v3.24.0.1
Debt (Tables)
 6 Months Ended
Dec. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Carrying Amounts of the Liability and Equity Components of Convertible Debt
The following table presents the carrying amounts of the Company’s debt (in millions):
December 30, 2023July 1, 2023
Principal amount of 1.00% Senior Convertible Notes
$96.4 $96.4 
Unamortized 1.00% Senior Convertible Notes debt issuance cost
(0.1)(0.2)
Short-term debt$96.3 $96.2 
Principal amount of 3.75% Senior Notes
$400.0 $400.0 
Unamortized 3.75% Senior Notes debt issuance cost
(5.0)(5.5)
Principal amount of 1.625% Senior Convertible Notes
250.0 250.0 
Unamortized 1.625% Senior Convertible Notes debt discount
(10.5)(12.9)
Unamortized 1.625% Senior Convertible Notes debt issuance cost
(1.7)(2.1)
Long-term debt$632.8 $629.5 
Summary of Effective Interest Rate and the Interest Expense for the Contractual Interest and the Accretion of Debt Discount
The following table presents the interest expense for contractual interest, amortization of debt issuance costs, accretion of debt discount and other (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Interest expense-contractual interest$5.0 $4.6 $10.0 $9.2 
Amortization of debt issuance cost0.6 0.6 1.3 1.2 
Accretion of debt discount1.2 — 2.4 — 
Other1.0 1.0 2.0 1.9 
  Total interest expense$7.8 $6.2 $15.7 $12.3 
v3.24.0.1
Leases (Tables)
 6 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Schedule of Operating Leases
Lease expense and cash flow information are as follows (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Operating lease costs (1)
$3.3 $3.2 $6.6 $6.5 
Cash paid for amounts included in the measurement of operating lease liabilities3.2 3.6 7.8 8.2 
Operating ROU assets obtained in exchange for operating lease obligations1.5 2.3 2.6 3.0 
(1)Total variable lease costs were immaterial during the six months ended December 30, 2023 and December 31, 2022. The total operating costs were included in Cost of revenues, R&D, and SG&A in the Consolidated Statements of Operations.
Schedule of Balance Sheet Information Related to Operating Leases
Balance sheet information related to our operating leases is as follows (in millions):
December 30, 2023July 1, 2023
Operating ROU assets (Other non-current assets)$37.5 $40.4 
Other current liabilities$10.0 $10.1 
Other non-current liabilities27.0 29.4 
Total operating lease liabilities$37.0 $39.5 
Weighted-average remaining lease term6.5 years6.8 years
Weighted-average discount rate4.8 %4.8 %
Schedule of Minimum Operating Lease Payments
Future minimum operating lease payments as of December 30, 2023 are as follows (in millions):
Operating Leases
Remainder of 2024$4.9 
Fiscal 202510.3 
Fiscal 20267.9 
Fiscal 20276.0 
Fiscal 20284.1 
Thereafter9.9 
Total lease payments43.1 
Less: Interest(6.1)
Present value of lease liabilities$37.0 
v3.24.0.1
Restructuring and Related Charges (Tables)
 6 Months Ended
Dec. 30, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Plans A summary of the activity in the restructuring accrual is outlined below (in millions):
Balance as of
 July 1, 2023		Restructuring and related (benefits) chargesCash SettlementsBalance as of December 30, 2023
Fiscal 2023 Plan
NSE/Corp$3.5 $(0.8)$(2.5)$0.2 
OSP0.6 0.1 (0.6)0.1 
Fiscal 2023 Plan Phase I4.1 (0.7)(3.1)0.3 
NSE/Corp1.7 (0.2)(0.6)0.9 
Fiscal 2023 Plan Phase II1.7 (0.2)(0.6)0.9 
Total (1)
$5.8 $(0.9)$(3.7)$1.2 
(1)Included in Other current liabilities on the Consolidated Balance Sheets as of December 30, 2023 and July 1, 2023.
v3.24.0.1
Stock-Based Compensation (Tables)
 6 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of the Impact On the Entity's Results of Operations of Recording Stock-Based Compensation by Function
The impact on the Company’s results of operations of recording stock-based compensation by function for the three and six months ended December 30, 2023 and December 31, 2022, is as follows (in millions):
Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Cost of revenues$1.2 $1.2 $2.4 $2.4 
Research and development2.3 2.0 4.4 4.3 
Selling, general and administrative9.0 9.8 16.9 19.3 
Total stock-based compensation expense$12.5 $13.0 $23.7 $26.0 
v3.24.0.1
Employee Pension and Other Benefit Plans (Tables)
 6 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Cost for the Pension and Benefits Plans
The following table presents the components of net periodic cost for the pension and benefits plans (in millions):
 Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Interest cost$0.8 $0.7 $1.7 $1.4 
Expected return on plan assets(0.5)(0.4)(1.0)(0.8)
Amortization of net actuarial gains— — (0.1)— 
Net periodic benefit cost$0.3 $0.3 $0.6 $0.6 
v3.24.0.1
Commitments and Contingencies (Tables)
 6 Months Ended
Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes in the Entity's Warranty Reserve
The following table presents the changes in the Company’s warranty reserve during the three and six months ended December 30, 2023 and December 31, 2022 (in millions):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Balance as of beginning of period$8.8 $9.5 $9.0 $10.6 
Provision for warranty0.3 0.4 0.7 1.0 
Utilization of reserve(0.7)(0.7)(1.5)(1.2)
Adjustments to pre-existing warranties (includes changes in estimates)0.1 0.2 0.3 (1.0)
Balance as of end of period$8.5 $9.4 $8.5 $9.4 
v3.24.0.1
Operating Segments and Geographic Information (Tables)
 6 Months Ended
Dec. 30, 2023
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 December 30, 2023 and December 31, 2022 (in millions):
Three Months Ended December 30, 2023
Network and Service Enablement
 Network EnablementService EnablementNetwork and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue$125.2 $10.8 $136.0 $74.9 $— $210.9 
Service revenue30.3 13.3 43.6 — — 43.6 
Net revenue$155.5 $24.1 $179.6 $74.9 $— $254.5 
Gross profit$97.2 $16.6 $113.8 $39.0 $(4.8)$148.0 
Gross margin62.5 %68.9 %63.4 %52.1 %58.2 %
Operating income$6.4 $27.3 $(11.3)$22.4 
Operating margin3.6 %36.4 %8.8 %
Three Months Ended December 31, 2022
Network and Service Enablement
 
Network Enablement (2)
Service Enablement (2)
Network and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue (2)
$152.6 $11.5 $164.1 $77.4 $— $241.5 
Service revenue (2)
30.7 12.3 43.0 — — 43.0 
Net revenue$183.3 $23.8 $207.1 $77.4 $— $284.5 
Gross profit$118.1 $15.3 $133.4 $40.5 $(6.9)$167.0 
Gross margin64.4 %64.3 %64.4 %52.3 %58.7 %
Operating income $18.5 $27.5 $(23.1)$22.9 
Operating margin8.9 %35.5 %8.0 %
(1)Other items include charges (benefits) unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.
(2)Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast to reflect the impact to net revenue, gross profit and gross margin.
Three Months Ended
 December 30, 2023December 31, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit$152.8 $173.9 
Stock-based compensation(1.2)(1.2)
Amortization of intangibles(3.4)(5.7)
Other charges unrelated to core operating performance (1)
(0.2)— 
GAAP gross profit$148.0 $167.0 
Corporate reconciling items impacting operating income:
Total segment operating income$33.7 $46.0 
Stock-based compensation(12.5)(13.0)
Amortization of intangibles(4.8)(7.9)
Change in fair value of contingent liability7.0 (1.3)
Other charges unrelated to core operating performance (1)
(1.1)(0.9)
Restructuring and related benefits0.1 — 
GAAP operating income from continuing operations$22.4 $22.9 
(1)    During the three months ended December 30, 2023 and December 31, 2022, other charges unrelated to core operating performance primarily consisting of certain acquisition and integration related charges, accretion of debt discount and loss on disposal of long-lived assets.
Six Months Ended December 30, 2023
Network and Service Enablement
 Network EnablementService EnablementNetwork and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue$245.6 $18.5 $264.1 $152.4 $— $416.5 
Service revenue59.9 26.0 85.9 — — 85.9 
Net revenue$305.5 $44.5 $350.0 $152.4 $— $502.4 
Gross profit$191.8 $30.3 $222.1 $79.7 $(9.4)$292.4 
Gross margin62.8 %68.1 %63.5 %52.3 %58.2 %
Operating income$7.9 $56.6 $(26.1)$38.4 
Operating margin2.3 %37.1 %7.6 %
Six Months Ended December 31, 2022
Network and Service Enablement
 
Network Enablement (2)
Service Enablement (2)
Network and Service EnablementOptical Security and Performance Products
Other Items (1)
Consolidated GAAP Measures
Product revenue (2)
$318.9 $21.7 $340.6 $168.6 $— $509.2 
Service revenue (2)
60.9 24.5 85.4 0.1 — 85.5 
Net revenue$379.8 $46.2 $426.0 $168.7 $— $594.7 
Gross profit$244.9 $30.1 $275.0 $92.3 $(15.5)$351.8 
Gross margin64.5 %65.2 %64.6 %54.7 %59.2 %
Operating income $47.3 $66.1 $(40.7)$72.7 
Operating margin11.1 %39.2 %12.2 %
(1)Other items include charges (benefits) unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.
(2)Effective for the first quarter of fiscal 2024, management of certain products moved from the SE segment to the NE segment to better align with operational and go-to-market strategies. As a result, prior period balances have been recast to reflect the impact to net revenue, gross profit and gross margin.
Six Months Ended
 December 30, 2023December 31, 2022
Corporate reconciling items impacting gross profit:
Total segment gross profit$301.8 $367.3 
Stock-based compensation(2.4)(2.4)
Amortization of intangibles(6.9)(12.8)
Other charges unrelated to core operating performance (1)
(0.1)(0.3)
GAAP gross profit$292.4 $351.8 
Corporate reconciling items impacting operating income:
Total segment operating income$64.5 $113.4 
Stock-based compensation(23.7)(26.0)
Amortization of intangibles(10.4)(17.2)
Change in fair value of contingent liability8.4 (1.8)
Other (charges) benefits unrelated to core operating performance (1)
(1.3)4.3 
Restructuring and related benefits0.9 — 
GAAP operating income from continuing operations$38.4 $72.7 
(1)    During the six months ended December 30, 2023 and December 31, 2022, other (charges) benefits unrelated to core operating performance primarily consisting of certain acquisition and integration related charges, legal settlement, accretion of debt discount and losses on disposal of long-lived assets.
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 six months ended December 30, 2023 and December 31, 2022 (in millions):
 Three Months Ended
 December 30, 2023December 31, 2022
Product RevenueService RevenueTotalProduct RevenueService RevenueTotal
Americas:
United States$68.6 $16.1 $84.7 $77.5 $15.0 $92.5 
Other Americas14.6 3.8 18.4 10.3 3.5 13.8 
Total Americas$83.2 $19.9 $103.1 $87.8 $18.5 $106.3 
Asia-Pacific:
Greater China$45.9 $1.5 $47.4 $58.9 $1.8 $60.7 
Other Asia-Pacific24.9 7.2 32.1 36.7 7.7 44.4 
Total Asia-Pacific$70.8 $8.7 $79.5 $95.6 $9.5 $105.1 
EMEA:$56.9 $15.0 $71.9 $58.1 $15.0 $73.1 
Total net revenue$210.9 $43.6 $254.5 $241.5 $43.0 $284.5 
 Six Months Ended
 December 30, 2023December 31, 2022
Product RevenueService RevenueTotalProduct RevenueService RevenueTotal
Americas:
United States$136.2 $31.3 $167.5 $158.5 $30.6 $189.1 
Other Americas28.3 7.8 36.1 33.4 6.8 40.2 
Total Americas$164.5 $39.1 $203.6 $191.9 $37.4 $229.3 
Asia-Pacific:
Greater China$95.3 $3.2 $98.5 $122.4 $3.9 $126.3 
Other Asia53.2 13.7 66.9 76.7 13.7 90.4 
Total Asia-Pacific$148.5 $16.9 $165.4 $199.1 $17.6 $216.7 
EMEA:$103.5 $29.9 $133.4 $118.2 $30.5 $148.7 
Total net revenue$416.5 $85.9 $502.4 $509.2 $85.5 $594.7 
v3.24.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Mar. 06, 2023
May 29, 2018
Mar. 03, 2017
Numerator:              
Net income $ 10.7 $ 8.4 $ 20.5 $ 41.0      
Weighted-average shares outstanding:              
Basic (in shares) 222.5 225.9 222.2 226.1      
Shares issuable assuming conversion of convertible notes (in shares) 0.0 0.0 0.0 0.7      
Effect of dilutive securities from stock-based benefit plans (in shares) 1.0 1.2 1.7 2.0      
Diluted (in shares) 223.5 227.1 223.9 228.8      
Net income per share:              
Basic (in dollars per share) $ 0.05 $ 0.04 $ 0.09 $ 0.18      
Dilutive (in dollars per share) $ 0.05 $ 0.04 $ 0.09 $ 0.18      
RSUs              
Net income per share:              
Total potentially dilutive securities (in shares) 5.6 5.0 3.1 3.2      
Convertible Notes | 2023 Notes              
Net income per share:              
Stated interest rate 1.75%   1.75%     1.75%  
Convertible Notes | 2024 Notes              
Net income per share:              
Stated interest rate 1.00%   1.00%       1.00%
Convertible Notes | 2026 Notes              
Net income per share:              
Stated interest rate 1.625%   1.625%   1.625%    
v3.24.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Changes in accumulated other comprehensive income (loss) by component        
Balance at the beginning of the period $ 675,200,000 $ 648,400,000 $ 690,800,000 $ 671,700,000
Other comprehensive income before reclassification     9,300,000  
Amounts reclassified out of accumulated other comprehensive loss     (100,000)  
Net change in accumulated other comprehensive loss 29,700,000 43,300,000 9,200,000 400,000
Balance at the end of the period 728,000,000.0 687,800,000 728,000,000.0 687,800,000
Tax impact of amortization of actuarial gains (losses)     0  
Total        
Changes in accumulated other comprehensive income (loss) by component        
Balance at the beginning of the period (156,500,000) (199,300,000) (136,000,000.0) (156,400,000)
Net change in accumulated other comprehensive loss 29,700,000 43,300,000 9,200,000 400,000
Balance at the end of the period (126,800,000) $ (156,000,000.0) (126,800,000) $ (156,000,000.0)
Unrealized losses on available-for sale investments        
Changes in accumulated other comprehensive income (loss) by component        
Balance at the beginning of the period     (5,300,000)  
Other comprehensive income before reclassification     0  
Amounts reclassified out of accumulated other comprehensive loss     0  
Net change in accumulated other comprehensive loss     0  
Balance at the end of the period (5,300,000)   (5,300,000)  
Foreign  currency translation adjustments, net of tax        
Changes in accumulated other comprehensive income (loss) by component        
Balance at the beginning of the period     (125,400,000)  
Other comprehensive income before reclassification     9,300,000  
Amounts reclassified out of accumulated other comprehensive loss     0  
Net change in accumulated other comprehensive loss     9,300,000  
Balance at the end of the period (116,100,000)   (116,100,000)  
Change in unrealized components of defined benefit obligations        
Changes in accumulated other comprehensive income (loss) by component        
Balance at the beginning of the period     (5,300,000)  
Other comprehensive income before reclassification     0  
Amounts reclassified out of accumulated other comprehensive loss     (100,000)  
Net change in accumulated other comprehensive loss     (100,000)  
Balance at the end of the period $ (5,400,000)   $ (5,400,000)  
v3.24.0.1
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 2 Months Ended
Oct. 05, 2022
Jul. 18, 2022
Jun. 08, 2023
Dec. 30, 2023
Jul. 01, 2023
Business Acquisition [Line Items]          
Fair value of contingent consideration       $ 10.6 $ 19.7
Goodwill, net       $ 455.2 $ 455.2
Series of Individually Immaterial Asset Acquisitions          
Business Acquisition [Line Items]          
Cash paid for asset purchases     $ 2.9    
Indemnity holdback     0.2    
Developed Technology | Series of Individually Immaterial Asset Acquisitions          
Business Acquisition [Line Items]          
Intangible assets acquired     $ 2.5    
Estimated useful life     5 years    
Jackson Labs Technologies, Inc.          
Business Acquisition [Line Items]          
Total purchase consideration $ 49.9        
Fair value of contingent consideration $ 117.0        
Target period 3 years        
Consideration, liabilities incurred $ 5.0        
Cash consideration subject to cash and net working capital adjustments 2.0        
Goodwill, net 48.3        
Jackson Labs Technologies, Inc. | Developed Technology and Other Intangibles          
Business Acquisition [Line Items]          
Intangible assets acquired $ 30.6        
Jackson Labs Technologies, Inc. | Developed Technology and Other Intangibles | Minimum          
Business Acquisition [Line Items]          
Estimated useful life 1 year        
Jackson Labs Technologies, Inc. | Developed Technology and Other Intangibles | Maximum          
Business Acquisition [Line Items]          
Estimated useful life 6 years        
Other          
Business Acquisition [Line Items]          
Consideration, liabilities incurred   $ 2.0      
Goodwill, net   11.2      
Cash consideration   17.5      
Deferred tax liability   1.8      
Other | Developed Technology          
Business Acquisition [Line Items]          
Intangible assets acquired   $ 5.1      
Estimated useful life   4 years      
v3.24.0.1
Acquisitions - Contingent Consideration Rollforward (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Payments of Contingent Consideration     $ (0.9) $ (0.5)
Fair value adjustment of earn-out liabilities     8.4 (1.8)
Contingent Consideration        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning period balance $ 18.3 $ 2.9 19.7 2.5
Additions to Contingent Consideration 0.0 29.4 0.0 29.4
Payments of Contingent Consideration (0.7) (0.5) (0.7) (0.5)
Fair value adjustment of earn-out liabilities (7.0) 1.3 (8.4) 1.8
Currency translation adjustment 0.0 0.1 0.0 0.0
Ending period balance $ 10.6 $ 33.2 $ 10.6 $ 33.2
v3.24.0.1
Balance Sheet and Other Details - Narrative (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Unbilled receivables $ 13.6 $ 13.7
Remaining performance obligation $ 248.4  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-31    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, percentage 89.00%  
Remaining performance obligation, period 12 months  
v3.24.0.1
Balance Sheet and Other Details - Contract Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 30, 2023
Deferred revenue:    
Balance at beginning of period $ 90.5 $ 102.0
Revenue deferrals for new contracts 24.7 44.9
Revenue recognized during the period (30.5) (62.2)
Balance at end of period $ 84.7 $ 84.7
v3.24.0.1
Balance Sheet and Other Details - Accounts Receivable Reserves and Allowances (Details)
$ in Millions
 6 Months Ended
Dec. 30, 2023
USD ($)
Components of accounts receivable reserves and allowances  
Beginning balance $ 1.0
Charged to Costs and Expenses 0.8
Deductions (0.2)
Ending balance $ 1.6
v3.24.0.1
Balance Sheet and Other Details - Inventories (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Inventories, net    
Finished goods $ 53.4 $ 49.0
Work in process 16.6 17.7
Raw materials 45.1 49.4
Inventories, net $ 115.1 $ 116.1
v3.24.0.1
Balance Sheet and Other Details - Prepayments and Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Prepayments and other current assets    
Refundable income taxes $ 28.3 $ 27.6
Prepayments 14.0 16.5
Advances to contract manufacturers 8.2 9.8
Fair value of forward contracts 5.4 3.5
Transaction tax receivables 3.7 5.1
Asset held for sale 2.5 2.5
Other current assets 7.4 7.1
Prepayments and other current assets $ 69.5 $ 72.1
v3.24.0.1
Balance Sheet and Other Details - Other Non-Current Assets (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Operating ROU assets $ 37.5 $ 40.4
Long-term restricted cash 5.8 4.6
Deposits 2.6 2.3
Deferred contract cost 2.5 2.9
Debt issuance cost - Revolving Credit Facility 2.3 2.8
Other non-current assets 9.9 8.7
Other non-current assets $ 60.6 $ 61.7
v3.24.0.1
Balance Sheet and Other Details - Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Other current liabilities    
Operating lease liabilities $ 10.0 $ 10.1
Interest payable 5.4 5.5
Income tax payable 4.5 4.4
Warranty accrual 4.0 4.2
Acquisition related holdback and related accruals 3.0 4.1
Transaction tax payable 2.6 4.3
Fair value of forward contracts 2.0 2.4
Restructuring accrual 1.2 5.8
Fair value of contingent consideration 0.0 1.1
Other 10.0 7.9
Other current liabilities $ 42.7 $ 49.8
v3.24.0.1
Balance Sheet and Other Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Other non-current liabilities    
Pension and post-employment benefits $ 54.9 $ 53.2
Operating lease liabilities 27.0 29.4
Long-term deferred revenue 23.9 23.4
Deferred tax liability 19.1 13.9
Uncertain tax position 15.9 15.8
Financing obligation 15.8 15.8
Fair value of contingent consideration 10.6 18.6
Warranty accrual 4.5 4.8
Asset retirement obligations 3.9 3.8
Other 7.7 8.0
Other non-current liabilities $ 183.3 $ 186.7
v3.24.0.1
Investments and Forward Contracts - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Jul. 01, 2023
Summary of Investment Holdings [Line Items]          
Short-term investments $ 25.0   $ 25.0   $ 14.6
Deposit asset term 30 days   30 days   30 days
Deposits assets $ 23.3   $ 23.3   $ 13.1
Trading securities 1.7   1.7   1.5
Equity securities 1.5   1.5   1.2
Debt securities 0.1   0.1   0.1
Market securities 0.1   0.1   0.2
Total assets 385.1   385.1   350.1
Total liabilities 12.6   $ 12.6   22.1
Not designated | Foreign exchange forward contracts          
Summary of Investment Holdings [Line Items]          
Derivative, term of contract     120 days    
Gain (loss) on derivatives 3.4 $ 6.0 $ (0.1) $ (0.7)  
Not designated | Foreign exchange forward contracts | Held to purchase          
Summary of Investment Holdings [Line Items]          
Notional amount of forward contracts 96.4   96.4   87.5
Not designated | Foreign exchange forward contracts | Held to sell          
Summary of Investment Holdings [Line Items]          
Notional amount of forward contracts 82.4   82.4   19.3
Prepayments and other current assets          
Summary of Investment Holdings [Line Items]          
Total assets 5.4   5.4   3.5
Other current liabilities          
Summary of Investment Holdings [Line Items]          
Total liabilities $ 2.0   $ 2.0   $ 2.4
v3.24.0.1
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Assets:    
Debt available-for-sale securities $ 0.3 $ 0.3
Money market funds 377.7 344.8
Trading securities 1.7 1.5
Foreign currency forward contracts 5.4 3.5
Total assets 385.1 350.1
Liabilities:    
Foreign currency forward contracts 2.0 2.4
Contingent consideration 10.6 19.7
Total liabilities 12.6 22.1
Cash and cash equivalents    
Assets:    
Total assets 370.6 336.5
Restricted cash    
Assets:    
Total assets 3.0 4.3
Other non-current assets    
Assets:    
Total assets 4.1 4.0
Asset-backed securities    
Assets:    
Debt available-for-sale securities 0.3 0.3
Level 1    
Assets:    
Debt available-for-sale securities 0.0 0.0
Money market funds 377.7 344.8
Trading securities 1.7 1.5
Foreign currency forward contracts 0.0 0.0
Total assets 379.4 346.3
Liabilities:    
Foreign currency forward contracts 0.0 0.0
Contingent consideration 0.0 0.0
Total liabilities 0.0 0.0
Level 1 | Asset-backed securities    
Assets:    
Debt available-for-sale securities 0.0 0.0
Level 2    
Assets:    
Debt available-for-sale securities 0.3 0.3
Money market funds 0.0 0.0
Trading securities 0.0 0.0
Foreign currency forward contracts 5.4 3.5
Total assets 5.7 3.8
Liabilities:    
Foreign currency forward contracts 2.0 2.4
Contingent consideration 0.0 0.0
Total liabilities 2.0 2.4
Level 2 | Asset-backed securities    
Assets:    
Debt available-for-sale securities 0.3 0.3
Level 3    
Assets:    
Debt available-for-sale securities 0.0 0.0
Money market funds 0.0 0.0
Trading securities 0.0 0.0
Foreign currency forward contracts 0.0 0.0
Total assets 0.0 0.0
Liabilities:    
Foreign currency forward contracts 0.0 0.0
Contingent consideration 10.6 19.7
Total liabilities 10.6 19.7
Level 3 | Asset-backed securities    
Assets:    
Debt available-for-sale securities $ 0.0 $ 0.0
v3.24.0.1
Fair Value Measurements - Narrative (Details) - Convertible Notes
Dec. 30, 2023
Mar. 06, 2023
Mar. 03, 2017
3.75% Senior Convertible Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate 3.75%    
1.625% Senior Convertible Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate 1.625% 1.625%  
1.00% Senior Convertible Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate 1.00%   1.00%
v3.24.0.1
Fair Value Measurements - Fair Value of Debt (Details) - Convertible Notes - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Mar. 06, 2023
Mar. 03, 2017
Debt details        
Long-term Debt $ 696.6 $ 700.1    
3.75% Senior Convertible Notes        
Debt details        
Stated interest rate 3.75%      
Long-term Debt $ 351.5 341.8    
1.625% Senior Convertible Notes        
Debt details        
Stated interest rate 1.625%   1.625%  
Long-term Debt $ 249.7 262.7    
1.00% Senior Convertible Notes        
Debt details        
Stated interest rate 1.00%     1.00%
Long-term Debt $ 95.4 95.6    
Level 1        
Debt details        
Long-term Debt 0.0 0.0    
Level 1 | 3.75% Senior Convertible Notes        
Debt details        
Long-term Debt 0.0 0.0    
Level 1 | 1.625% Senior Convertible Notes        
Debt details        
Long-term Debt 0.0 0.0    
Level 1 | 1.00% Senior Convertible Notes        
Debt details        
Long-term Debt 0.0 0.0    
Level 2        
Debt details        
Long-term Debt 696.6 700.1    
Level 2 | 3.75% Senior Convertible Notes        
Debt details        
Long-term Debt 351.5 341.8    
Level 2 | 1.625% Senior Convertible Notes        
Debt details        
Long-term Debt 249.7 262.7    
Level 2 | 1.00% Senior Convertible Notes        
Debt details        
Long-term Debt 95.4 95.6    
Level 3        
Debt details        
Long-term Debt 0.0 0.0    
Level 3 | 3.75% Senior Convertible Notes        
Debt details        
Long-term Debt 0.0 0.0    
Level 3 | 1.625% Senior Convertible Notes        
Debt details        
Long-term Debt 0.0 0.0    
Level 3 | 1.00% Senior Convertible Notes        
Debt details        
Long-term Debt $ 0.0 $ 0.0    
v3.24.0.1
Goodwill (Details)
$ in Millions
 6 Months Ended
Dec. 30, 2023
USD ($)
Changes in goodwill  
Balance at the beginning of the period $ 455.2
Currency translation and other adjustments 1.0
Other adjustments (1.0)
Balance at the end of the period 455.2
Network Enablement  
Changes in goodwill  
Balance at the beginning of the period 399.2
Currency translation and other adjustments 1.0
Other adjustments 0.0
Balance at the end of the period 400.2
Network Enablement | Scenario, Adjustment  
Changes in goodwill  
Balance at the beginning of the period 1.2
Service Enablement  
Changes in goodwill  
Balance at the beginning of the period 13.8
Currency translation and other adjustments 0.0
Other adjustments (1.0)
Balance at the end of the period 12.8
Service Enablement | Scenario, Adjustment  
Changes in goodwill  
Balance at the beginning of the period (1.2)
Optical Security and Performance Products  
Changes in goodwill  
Balance at the beginning of the period 42.2
Currency translation and other adjustments 0.0
Other adjustments 0.0
Balance at the end of the period $ 42.2
v3.24.0.1
Acquired Developed Technology and Other Intangibles - Summary of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 674.2 $ 673.5
Accumulated Amortization (626.0) (614.9)
Total amortization 48.2 58.6
Acquired developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 438.9 438.5
Accumulated Amortization (397.5) (390.2)
Total amortization 41.4 48.3
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 195.5 195.2
Accumulated Amortization (189.0) (185.9)
Total amortization 6.5 9.3
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 39.8 39.8
Accumulated Amortization (39.5) (38.8)
Total amortization $ 0.3 $ 1.0
v3.24.0.1
Acquired Developed Technology and Other Intangibles - Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Cost of revenues $ 3.4 $ 5.7 $ 6.9 $ 12.8
Operating expenses 1.4 2.2 3.5 4.4
Total amortization of intangible assets $ 4.8 $ 7.9 $ 10.4 $ 17.2
v3.24.0.1
Acquired Developed Technology and Other Intangibles - Estimated Future Amortization (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Acquired Developed Technology and Other Intangibles [Abstract]    
Remainder of 2024 $ 9.6  
2025 15.9  
2026 11.4  
2027 7.6  
2028 3.0  
Thereafter 0.7  
Total amortization $ 48.2 $ 58.6
v3.24.0.1
Debt - Carrying Amounts of the Liability and Equity Components (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Mar. 06, 2023
Sep. 29, 2021
Mar. 03, 2017
Carrying amounts of the liability and equity components:          
Short-term debt $ 96.3 $ 96.2      
Unamortized notes debt issuance cost (2.3) (2.8)      
Long-term debt $ 632.8 629.5      
Convertible Notes | 1.00% Senior Convertible Notes          
Carrying amounts of the liability and equity components:          
Stated interest rate 1.00%       1.00%
Principal amount of notes $ 96.4 96.4      
Unamortized debt issuance costs $ (0.1) (0.2)      
Convertible Notes | 3.75% Senior Convertible Notes          
Carrying amounts of the liability and equity components:          
Stated interest rate 3.75%        
Convertible Notes | 1.625% Senior Convertible Notes          
Carrying amounts of the liability and equity components:          
Stated interest rate 1.625%   1.625%    
Principal amount of notes $ 250.0 250.0      
Unamortized debt discount (10.5) (12.9)      
Unamortized notes debt issuance cost $ (1.7) (2.1)      
Senior Notes | 3.75% Senior Convertible Notes          
Carrying amounts of the liability and equity components:          
Stated interest rate 3.75%     3.75%  
Principal amount of notes $ 400.0 400.0      
Unamortized notes debt issuance cost $ (5.0) $ (5.5)      
v3.24.0.1
Debt - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 06, 2023
Jun. 03, 2022
Mar. 02, 2022
Dec. 30, 2021
Nov. 22, 2021
Nov. 22, 2021
Nov. 17, 2021
Sep. 29, 2021
Sep. 02, 2021
May 29, 2018
Mar. 22, 2017
Oct. 02, 2021
Dec. 30, 2023
Jul. 01, 2023
Mar. 03, 2017
Debt details                              
Loss on convertible note settlement   $ 3,100,000 $ 6,400,000   $ 6,400,000       $ 85,900,000            
Debt conversion, shares issued                 10.6            
Common stock, par value (in dollars per share)                 $ 0.001       $ 0.001 $ 0.001  
Repayments of senior debt     64,700,000   $ 59,000,000       $ 196,500,000            
Line of Credit | Revolving Credit Facility | Wells Fargo                              
Debt details                              
Proceeds from credit facility                       $ 150,000,000      
Repayment of credit facility                       $ 150,000,000      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility                              
Debt details                              
Maximum borrowing capacity       $ 300,000,000                      
Potential increase to maximum borrowing capacity       $ 100,000,000                      
Fixed charge coverage ratio       1.00                      
Credit facility, excess availability rate       10.00%                      
Credit facility, borrowing base       $ 20,000,000                      
Available borrowing capacity                         $ 159,000,000    
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)                              
Debt details                              
Basis spread on variable rate       1.35%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Base Rate                              
Debt details                              
Basis spread on variable rate       0.25%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Base Rate | Canadian dollars                              
Debt details                              
Basis spread on variable rate       0.25%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Sterling Overnight Interbank Average Rate (SONIA)                              
Debt details                              
Basis spread on variable rate       1.2825%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Euro Interbank Offered Rate                              
Debt details                              
Basis spread on variable rate       1.25%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Canadian Dollar Offered Rate                              
Debt details                              
Basis spread on variable rate       1.25%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)                              
Debt details                              
Basis spread on variable rate       1.85%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Base Rate                              
Debt details                              
Basis spread on variable rate       0.75%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Base Rate | Canadian dollars                              
Debt details                              
Basis spread on variable rate       0.75%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Sterling Overnight Interbank Average Rate (SONIA)                              
Debt details                              
Basis spread on variable rate       1.7825%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Euro Interbank Offered Rate                              
Debt details                              
Basis spread on variable rate       1.75%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Canadian Dollar Offered Rate                              
Debt details                              
Basis spread on variable rate       1.75%                      
Line of Credit | Senior Secured Asset-based Revolving Credit Facility | Letter of Credit                              
Debt details                              
Outstanding debt                         $ 4,100,000    
1.625% Senior Convertible Notes                              
Debt details                              
Loss on convertible note settlement $ 14,600,000                            
1.625% Senior Convertible Notes | Convertible Notes                              
Debt details                              
Stated interest rate 1.625%                       1.625%    
Aggregate principal amount of convertible debt $ 250,000,000                            
Proceeds from debt before debt issuance costs 118,000,000                            
Proceeds from convertible debt 113,800,000                            
Payment of debt issuance costs 4,200,000                            
Loss on convertible note modification 2,200,000                            
Debt issuance costs, net 2,000,000                            
Expected remaining term                         2 years 2 months 12 days    
1.625% Senior Convertible Notes | Convertible Notes | Exchange Transaction                              
Debt details                              
Debt issued 132,000,000                            
Repayments of debt 127,500,000                            
Convertible note settlement 10,100,000                            
3.75% Senior Convertible Notes | Convertible Notes                              
Debt details                              
Stated interest rate                         3.75%    
3.75% Senior Convertible Notes | Senior Notes                              
Debt details                              
Stated interest rate               3.75%         3.75%    
Aggregate principal amount of convertible debt               $ 400,000,000              
Payment of debt issuance costs               7,000,000              
Expected remaining term                         5 years 9 months 18 days    
Proceeds from issuance of debt               $ 393,000,000              
1.75% Senior Convertible Notes | Convertible Notes                              
Debt details                              
Stated interest rate                   1.75%     1.75%    
Aggregate principal amount of convertible debt                   $ 225,000,000          
Debt issued   19,300,000 23,200,000       $ 20,600,000   93,800,000            
Proceeds from convertible debt                   69,500,000          
Issuance costs                   2,200,000          
1.75% Senior Convertible Notes | Convertible Notes | Exchange Transaction                              
Debt details                              
Debt issued                   155,500,000          
Repayments of debt                   $ 151,500,000          
1.00% Senior Convertible Notes | Convertible Notes                              
Debt details                              
Stated interest rate                         1.00%   1.00%
Aggregate principal amount of convertible debt                     $ 60,000,000       $ 400,000,000
Debt issued   3,100,000 $ 26,800,000     $ 25,000,000     $ 181,200,000            
Payment of debt issuance costs                     8,900,000        
Issuance costs $ 300,000                            
Expected remaining term                         2 months 12 days    
Proceeds from debt, net of issuance costs                     $ 451,100,000        
Repayments of senior debt   $ 27,100,000                          
v3.24.0.1
Debt - Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]        
Interest expense-contractual interest $ 5.0 $ 4.6 $ 10.0 $ 9.2
Amortization of debt issuance cost 0.6 0.6 1.3 1.2
Accretion of debt discount 1.2 0.0 2.4 0.0
Other 1.0 1.0 2.0 1.9
Total interest expense $ 7.8 $ 6.2 $ 15.7 $ 12.3
v3.24.0.1
Leases - Lease Expense and Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Leases [Abstract]        
Operating lease cost $ 3.3 $ 3.2 $ 6.6 $ 6.5
Cash paid for amounts included in the measurement of operating lease liabilities 3.2 3.6 7.8 8.2
Operating ROU assets obtained in exchange for operating lease obligations $ 1.5 $ 2.3 $ 2.6 $ 3.0
v3.24.0.1
Leases - Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating ROU assets (Other non-current assets) $ 37.5 $ 40.4  
Other current liabilities 10.0 10.1  
Other non-current liabilities 27.0 29.4  
Total operating lease liabilities $ 37.0 $ 39.5  
Weighted-average remaining lease term 6 years 6 months 6 years 9 months 18 days  
Weighted-average discount rate 4.80% 4.80%  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets   Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities   Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities   Other non-current liabilities
v3.24.0.1
Leases - Future Minimum Operating Lease Payments (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jul. 01, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
Remainder of 2024 $ 4.9  
Fiscal 2025 10.3  
Fiscal 2026 7.9  
Fiscal 2027 6.0  
Fiscal 2028 4.1  
Thereafter 9.9  
Total lease payments 43.1  
Less: Interest (6.1)  
Present value of lease liabilities $ 37.0 $ 39.5
v3.24.0.1
Restructuring and Related Charges - Restructuring Plan Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 21 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Jun. 29, 2024
Restructuring Reserve [Roll Forward]          
Restructuring and related (benefits) charges $ (0.1) $ 0.0 $ (0.9) $ 0.0  
Forecast          
Restructuring and Related Charges          
Workforce reduction percentage         5.00%
Fiscal 2023 Plan          
Restructuring Reserve [Roll Forward]          
Beginning of period balance     5.8    
Restructuring and related (benefits) charges     (0.9)    
Cash Settlements     (3.7)    
End of period balance 1.2   1.2    
Fiscal 2023 Plan Phase I          
Restructuring Reserve [Roll Forward]          
Beginning of period balance     4.1    
Restructuring and related (benefits) charges     (0.7)    
Cash Settlements     (3.1)    
End of period balance 0.3   0.3    
Fiscal 2023 Plan Phase II          
Restructuring Reserve [Roll Forward]          
Beginning of period balance     1.7    
Restructuring and related (benefits) charges     (0.2)    
Cash Settlements     (0.6)    
End of period balance 0.9   0.9    
Network and Service Enablement | Fiscal 2023 Plan Phase I          
Restructuring Reserve [Roll Forward]          
Beginning of period balance     3.5    
Restructuring and related (benefits) charges     (0.8)    
Cash Settlements     (2.5)    
End of period balance 0.2   0.2    
Network and Service Enablement | Fiscal 2023 Plan Phase II          
Restructuring Reserve [Roll Forward]          
Beginning of period balance     1.7    
Restructuring and related (benefits) charges     (0.2)    
Cash Settlements     (0.6)    
End of period balance 0.9   0.9    
Optical Security and Performance Products | Fiscal 2023 Plan Phase I          
Restructuring Reserve [Roll Forward]          
Beginning of period balance     0.6    
Restructuring and related (benefits) charges     0.1    
Cash Settlements     (0.6)    
End of period balance $ 0.1   $ 0.1    
v3.24.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Jul. 01, 2023
Income Tax Disclosure [Abstract]          
Income tax expense $ 7.6 $ 10.5 $ 16.2 $ 22.7  
Unrecognized tax benefits 50.8   50.8   $ 51.1
Interest and penalties accrued $ 3.3   $ 3.3    
v3.24.0.1
Stockholders' Equity (Details) - USD ($)
shares in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Class of Stock [Line Items]        
Repurchase of common stock $ 25,200,000 $ 10,000,000.0 $ 43,900,000  
Common Stock | 2022 Repurchase Plan        
Class of Stock [Line Items]        
Authorized amount under stock repurchase program       $ 300,000,000
Repurchase of common stock (in shares)   1.0    
Repurchase of common stock   $ 10,000,000    
Remaining authorization for future share repurchases   $ 224,800,000    
v3.24.0.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Stock-Based Compensation    
Stock-based compensation capitalized to inventory $ 1.3 $ 1.2
RSUs    
Stock-Based Compensation    
Grants in period (in shares) 3.5 2.6
Aggregate grant-date fair value $ 34.8 $ 36.7
RSUs | Minimum    
Stock-Based Compensation    
Vesting period 3 years  
RSUs | Maximum    
Stock-Based Compensation    
Vesting period 4 years  
Restricted Stock Units with Market and Performance Conditions    
Stock-Based Compensation    
Grants in period (in shares) 1.2 0.7
Aggregate grant-date fair value $ 13.4 $ 11.5
Restricted Stock Units with Performance Conditions Over Target    
Stock-Based Compensation    
Grants in period (in shares) 0.0 0.1
Full Value Awards - Total    
Stock-Based Compensation    
Unrecognized stock-based compensation $ 80.0  
v3.24.0.1
Stock-Based Compensation - Compensation by Function (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 12.5 $ 13.0 $ 23.7 $ 26.0
Cost of revenues        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 1.2 1.2 2.4 2.4
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 2.3 2.0 4.4 4.3
Selling, general and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 9.0 $ 9.8 $ 16.9 $ 19.3
v3.24.0.1
Employee Pension and Other Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Employee Defined Benefit Plans        
Employer contributions     $ 2.5  
Components of the net periodic cost for the pension and benefits plans        
Interest cost $ 0.8 $ 0.7 1.7 $ 1.4
Expected return on plan assets (0.5) (0.4) (1.0) (0.8)
Amortization of net actuarial gains 0.0 0.0 (0.1) 0.0
Net periodic benefit cost 0.3 $ 0.3 0.6 $ 0.6
Cash outlays expected during current fiscal year $ 8.7   8.7  
U.K. Plan        
Employee Defined Benefit Plans        
Employer contributions     0.6  
Other Plans        
Employee Defined Benefit Plans        
Employer contributions     $ 1.9  
v3.24.0.1
Commitments and Contingencies (Details)
£ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2023
USD ($)
Dec. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 01, 2022
USD ($)
Oct. 01, 2022
GBP (£)
Dec. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jul. 02, 2022
USD ($)
Jul. 02, 2022
GBP (£)
Jul. 02, 2016
GBP (£)
Jun. 30, 2016
GBP (£)
Loss Contingencies [Line Items]                      
Gain on legal settlement           $ 0.0 $ 6.7        
Standby letters of credit   $ 7.1       7.1          
Changes in warranty reserve                      
Balance as of beginning of period   8.8 $ 9.5 $ 10.6   9.0 10.6        
Provision for warranty   0.3 0.4     0.7 1.0        
Utilization of reserve   (0.7) (0.7)     (1.5) (1.2)        
Adjustments to pre-existing warranties (includes changes in estimates)   0.1 0.2     0.3 (1.0)        
Balance as of the end of period   8.5 $ 9.4 9.5   8.5 $ 9.4        
Performance bond                      
Loss Contingencies [Line Items]                      
Guarantee liabilities   $ 1.8       $ 1.8          
Judicial ruling | Tel-Instruments Electronics Corp. Settlement                      
Loss Contingencies [Line Items]                      
Gain on legal settlement $ 7.3                    
Judicial ruling | U.K. Pension Settlement                      
Loss Contingencies [Line Items]                      
Loss contingency accrual               $ 6.5 £ 5.4    
Reverse of loss contingency accrual       $ 6.7 £ 5.7            
Minimum | Judicial ruling | U.K. Pension Settlement                      
Loss Contingencies [Line Items]                      
Estimated liability (in pounds) | £                     £ 5.7
Loss contingency accrual | £                   £ 5.7  
Maximum | Judicial ruling | U.K. Pension Settlement                      
Loss Contingencies [Line Items]                      
Estimated liability (in pounds) | £                     £ 8.4
v3.24.0.1
Operating Segments and Geographic Information - Information on Reportable Segments (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 30, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Information on reportable segments        
Number of broad business categories (in segment) | segment     2  
Total net revenue $ 254.5 $ 284.5 $ 502.4 $ 594.7
Gross profit $ 148.0 $ 167.0 $ 292.4 $ 351.8
Gross margin (as a percent) 58.20% 58.70% 58.20% 59.20%
Operating income $ 22.4 $ 22.9 $ 38.4 $ 72.7
Operating margin (as a percent) 8.80% 8.00% 7.60% 12.20%
Segment Measures        
Information on reportable segments        
Gross profit $ 152.8 $ 173.9 $ 301.8 $ 367.3
Operating income 33.7 46.0 64.5 113.4
Other Items        
Information on reportable segments        
Total net revenue 0.0 0.0 0.0 0.0
Gross profit (4.8) (6.9) (9.4) (15.5)
Operating income (11.3) (23.1) (26.1) (40.7)
Network and Service Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 179.6 207.1 350.0 426.0
Gross profit $ 113.8 $ 133.4 $ 222.1 $ 275.0
Gross margin (as a percent) 63.40% 64.40% 63.50% 64.60%
Operating income $ 6.4 $ 18.5 $ 7.9 $ 47.3
Operating margin (as a percent) 3.60% 8.90% 2.30% 11.10%
Network and Service Enablement | Network Enablement | Segment Measures        
Information on reportable segments        
Total net revenue $ 155.5 $ 183.3 $ 305.5 $ 379.8
Gross profit $ 97.2 $ 118.1 $ 191.8 $ 244.9
Gross margin (as a percent) 62.50% 64.40% 62.80% 64.50%
Network and Service Enablement | Service Enablement | Segment Measures        
Information on reportable segments        
Total net revenue $ 24.1 $ 23.8 $ 44.5 $ 46.2
Gross profit $ 16.6 $ 15.3 $ 30.3 $ 30.1
Gross margin (as a percent) 68.90% 64.30% 68.10% 65.20%
Optical Security and Performance Products | Segment Measures        
Information on reportable segments        
Total net revenue $ 74.9 $ 77.4 $ 152.4 $ 168.7
Gross profit $ 39.0 $ 40.5 $ 79.7 $ 92.3
Gross margin (as a percent) 52.10% 52.30% 52.30% 54.70%
Operating income $ 27.3 $ 27.5 $ 56.6 $ 66.1
Operating margin (as a percent) 36.40% 35.50% 37.10% 39.20%
Product revenue        
Information on reportable segments        
Total net revenue $ 210.9 $ 241.5 $ 416.5 $ 509.2
Product revenue | Other Items        
Information on reportable segments        
Total net revenue 0.0 0.0 0.0 0.0
Product revenue | Network and Service Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 136.0 164.1 264.1 340.6
Product revenue | Network and Service Enablement | Network Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 125.2 152.6 245.6 318.9
Product revenue | Network and Service Enablement | Service Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 10.8 11.5 18.5 21.7
Product revenue | Optical Security and Performance Products | Segment Measures        
Information on reportable segments        
Total net revenue 74.9 77.4 152.4 168.6
Service revenue        
Information on reportable segments        
Total net revenue 43.6 43.0 85.9 85.5
Service revenue | Other Items        
Information on reportable segments        
Total net revenue 0.0 0.0 0.0 0.0
Service revenue | Network and Service Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 43.6 43.0 85.9 85.4
Service revenue | Network and Service Enablement | Network Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 30.3 30.7 59.9 60.9
Service revenue | Network and Service Enablement | Service Enablement | Segment Measures        
Information on reportable segments        
Total net revenue 13.3 12.3 26.0 24.5
Service revenue | Optical Security and Performance Products | Segment Measures        
Information on reportable segments        
Total net revenue $ 0.0 $ 0.0 $ 0.0 $ 0.1
v3.24.0.1
Operating Segments and Geographic Information - Segment Reconciling Items (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Dec. 31, 2022
Information on reportable segments        
Gross profit $ 148.0 $ 167.0 $ 292.4 $ 351.8
Income from operations 22.4 22.9 38.4 72.7
Stock-based compensation (12.5) (13.0) (23.7) (26.0)
Amortization of intangibles (1.4) (2.2) (3.5) (4.4)
Change in fair value of contingent liability     8.4 (1.8)
Restructuring and related benefits 0.1 0.0 0.9 0.0
Segment Measures        
Information on reportable segments        
Gross profit 152.8 173.9 301.8 367.3
Income from operations 33.7 46.0 64.5 113.4
Other Items        
Information on reportable segments        
Gross profit (4.8) (6.9) (9.4) (15.5)
Income from operations (11.3) (23.1) (26.1) (40.7)
Gross Profit | Other Items        
Information on reportable segments        
Stock-based compensation (1.2) (1.2) (2.4) (2.4)
Amortization of intangibles (3.4) (5.7) (6.9) (12.8)
Other charges unrelated to core operating performance (0.2) 0.0 (0.1) (0.3)
Operating Income (Loss) | Other Items        
Information on reportable segments        
Stock-based compensation (12.5) (13.0) (23.7) (26.0)
Amortization of intangibles (4.8) (7.9) (10.4) (17.2)
Change in fair value of contingent liability 7.0 (1.3) 8.4 (1.8)
Other charges unrelated to core operating performance (1.1) (0.9) (1.3) 4.3
Restructuring and related benefits $ 0.1 $ 0.0 $ 0.9 $ 0.0
v3.24.0.1
Operating Segments and Geographic Information - Revenue by Geographic Area (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 30, 2023
USD ($)
region
Dec. 31, 2022
USD ($)
Dec. 30, 2023
USD ($)
region
Dec. 31, 2022
USD ($)
Information on reportable segments        
Number of geographic regions | region 3   3  
Total net revenue $ 254.5 $ 284.5 $ 502.4 $ 594.7
Product Revenue        
Information on reportable segments        
Total net revenue 210.9 241.5 416.5 509.2
Service Revenue        
Information on reportable segments        
Total net revenue 43.6 43.0 85.9 85.5
Total Americas        
Information on reportable segments        
Total net revenue 103.1 106.3 203.6 229.3
Total Americas | Product Revenue        
Information on reportable segments        
Total net revenue 83.2 87.8 164.5 191.9
Total Americas | Service Revenue        
Information on reportable segments        
Total net revenue 19.9 18.5 39.1 37.4
United States        
Information on reportable segments        
Total net revenue 84.7 92.5 167.5 189.1
United States | Product Revenue        
Information on reportable segments        
Total net revenue 68.6 77.5 136.2 158.5
United States | Service Revenue        
Information on reportable segments        
Total net revenue 16.1 15.0 31.3 30.6
Other Americas        
Information on reportable segments        
Total net revenue 18.4 13.8 36.1 40.2
Other Americas | Product Revenue        
Information on reportable segments        
Total net revenue 14.6 10.3 28.3 33.4
Other Americas | Service Revenue        
Information on reportable segments        
Total net revenue 3.8 3.5 7.8 6.8
Total Asia-Pacific        
Information on reportable segments        
Total net revenue 79.5 105.1 165.4 216.7
Total Asia-Pacific | Product Revenue        
Information on reportable segments        
Total net revenue 70.8 95.6 148.5 199.1
Total Asia-Pacific | Service Revenue        
Information on reportable segments        
Total net revenue 8.7 9.5 16.9 17.6
Greater China        
Information on reportable segments        
Total net revenue 47.4 60.7 98.5 126.3
Greater China | Product Revenue        
Information on reportable segments        
Total net revenue 45.9 58.9 95.3 122.4
Greater China | Service Revenue        
Information on reportable segments        
Total net revenue 1.5 1.8 3.2 3.9
Other Asia-Pacific        
Information on reportable segments        
Total net revenue 32.1 44.4 66.9 90.4
Other Asia-Pacific | Product Revenue        
Information on reportable segments        
Total net revenue 24.9 36.7 53.2 76.7
Other Asia-Pacific | Service Revenue        
Information on reportable segments        
Total net revenue 7.2 7.7 13.7 13.7
EMEA:        
Information on reportable segments        
Total net revenue 71.9 73.1 133.4 148.7
EMEA: | Product Revenue        
Information on reportable segments        
Total net revenue 56.9 58.1 103.5 118.2
EMEA: | Service Revenue        
Information on reportable segments        
Total net revenue $ 15.0 $ 15.0 $ 29.9 $ 30.5
v3.24.0.1
Subsequent Events (Details) - Subsequent Event
$ in Millions
Jan. 11, 2024
USD ($)
Subsequent Event [Line Items]  
Grant award $ 21.7
Grant award period 3 years