Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 24, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 24, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SYNA | |
Entity Registrant Name | SYNAPTICS INCORPORATED | |
Entity Central Index Key | 0000817720 | |
Current Fiscal Year End Date | --12-25 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 39,870,971 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-49602 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0118518 | |
Entity Address, Address Line One | 1109 McKay Drive | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95131 | |
City Area Code | 408 | |
Local Phone Number | 904-1100 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 867.8 | $ 824 |
Short-term investments | 44 | 52 |
Accounts receivable, net of allowances of $6.2 and $6.0 at September 2022 and June 2022, respectively | 284.1 | 322.1 |
Inventories, net | 179.4 | 169.7 |
Prepaid expenses and other current assets | 36.5 | 35.6 |
Total current assets | 1,411.8 | 1,403.4 |
Property and equipment at cost, net of accumulated depreciation of $127.7 and $122.8 at September 2022 and June 2022, respectively | 63.4 | 62.9 |
Goodwill | 806.6 | 806.6 |
Acquired intangibles, net | 357 | 390 |
Right-of-use assets | 58 | 61.2 |
Non-current other assets | 128 | 134 |
Total assets | 2,824.8 | 2,858.1 |
Current Liabilities: | ||
Accounts payable | 125 | 141.8 |
Accrued compensation | 51.9 | 90.6 |
Income taxes payable | 54.2 | 79.7 |
Other accrued liabilities | 128.2 | 145.3 |
Current portion of long-term debt | 6 | 6 |
Total current liabilities | 365.3 | 463.4 |
Long-term debt | 974.8 | 975.7 |
Other long-term liabilities | 159.6 | 152.6 |
Total liabilities | 1,499.7 | 1,591.7 |
Stockholders' Equity: | ||
$0.001 par value; 120,000,000 shares authorized, 68,229,513 and 67,745,800 shares issued, and 39,985,261 and 39,621,179 shares outstanding, at September 2022 and June 2022, respectively | 0.1 | 0.1 |
Additional paid-in capital | 931.7 | 924.1 |
Treasury stock: 28,244,252 and 28,124,621 common shares at September 2022 and June 2022, respectively, at cost | (707.9) | (694.5) |
Accumulated other comprehensive income | (1.9) | (1.8) |
Retained earnings | 1,103.1 | 1,038.5 |
Total stockholders' equity | 1,325.1 | 1,266.4 |
Liabilities and stockholders' equity | $ 2,824.8 | $ 2,858.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 6.2 | $ 6 |
Property and equipment, accumulated depreciation | $ 127.7 | $ 122.8 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 68,229,513 | 67,745,800 |
Common stock, shares outstanding | 39,985,261 | 39,621,179 |
Common treasury shares | 28,244,252 | 28,124,621 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Income Statement [Abstract] | ||
Net revenue | $ 448.1 | $ 372.7 |
Cost of revenue | 192.4 | 174.6 |
Gross margin | 255.7 | 198.1 |
Operating expenses: | ||
Research and development | 89.5 | 86.1 |
Selling, general, and administrative | 44.7 | 41.6 |
Acquired intangibles amortization | 9.5 | 8.4 |
Restructuring costs | 0 | 1.4 |
Total operating expenses | 143.7 | 137.5 |
Operating income | 112 | 60.6 |
Interest and other expense, net | (8.3) | (5.9) |
Loss on redemption of convertible notes | 0 | (8.1) |
Income before provision for income taxes and equity investment loss | 103.7 | 46.6 |
Provision for income taxes | 39.1 | 5.9 |
Equity investment loss | 0 | 0.5 |
Net income | $ 64.6 | $ 40.2 |
Net income per share: | ||
Basic | $ 1.62 | $ 1.07 |
Diluted | $ 1.59 | $ 0.99 |
Shares used in computing net income: | ||
Basic | 39.8 | 37.5 |
Shares, diluted | 40.7 | 40.6 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
Balance, value at Jun. 26, 2021 | $ 967.2 | $ 0.1 | $ 1,391.5 | $ (1,205.4) | $ 781 | |
Balance, shares at Jun. 26, 2021 | 66,963,006 | |||||
Net income | 40.2 | 40.2 | ||||
Total comprehensive income | 40.2 | |||||
Issuance of common stock for share- based award compensation plans | 7.8 | 7.8 | ||||
Issuance of common stock for share-based award compensation plans, shares | 384,866 | |||||
Payroll taxes for deferred stock units | (27.7) | (27.7) | ||||
Common stock repurchased | 0 | |||||
Redemption of Convertible Debt | (7.3) | (518.2) | 510.9 | |||
Share-based compensation | 21.2 | 21.2 | ||||
Balance, value at Sep. 25, 2021 | 1,001.4 | $ 0.1 | 874.6 | (694.5) | 821.2 | |
Balance, shares at Sep. 25, 2021 | 67,347,872 | |||||
Balance, value at Jun. 25, 2022 | 1,266.4 | $ 0.1 | 924.1 | (694.5) | $ (1.8) | 1,038.5 |
Balance, shares at Jun. 25, 2022 | 67,745,800 | |||||
Net income | 64.6 | 64.6 | ||||
Other comprehensive income | (0.1) | (0.1) | ||||
Total comprehensive income | 64.5 | |||||
Issuance of common stock for share- based award compensation plans | 8.5 | 8.5 | ||||
Issuance of common stock for share-based award compensation plans, shares | 483,713 | |||||
Payroll taxes for deferred stock units | (31.4) | (31.4) | ||||
Common stock repurchased | (13.4) | (13.4) | ||||
Share-based compensation | 30.5 | 30.5 | ||||
Balance, value at Sep. 24, 2022 | $ 1,325.1 | $ 0.1 | $ 931.7 | $ (707.9) | $ (1.9) | $ 1,103.1 |
Balance, shares at Sep. 24, 2022 | 68,229,513 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Cash flows from operating activities | ||
Net income | $ 64.6 | $ 40.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation costs | 30.5 | 21.2 |
Depreciation and amortization | 6.2 | 5.2 |
Acquired intangibles amortization | 33 | 25.2 |
Loss on redemption of convertible notes | 0 | (8.1) |
Deferred taxes | 5.9 | (1.4) |
Amortization of right-of-use assets | 2.7 | 2.4 |
Amortization of debt discount and issuance costs | 0.7 | 1.8 |
Amortization of cost of development services | 2.5 | 2.5 |
Provision for inventory excess and obsolescence | 0 | (4.5) |
Other | 0.5 | 0 |
Equity investment loss | 0 | 0.5 |
Foreign currency remeasurement loss | (1.3) | 0 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable, net | 37.7 | (41.4) |
Inventories | (9.7) | (2.2) |
Prepaid expenses and other current assets | (3.2) | (5) |
Other assets | 3.1 | (9.8) |
Accounts payable | (17.6) | 10.7 |
Accrued compensation | (38.2) | (12.3) |
Income taxes payable | (18.9) | (6.9) |
Other accrued liabilities | (20) | 24 |
Net cash provided by operating activities | 78.5 | 58.3 |
Cash flows from investing activities | ||
Proceeds from maturities of investments | 7.7 | 0 |
Receipt of liquidation payment on equity investment | 0.8 | 0 |
Purchases of property and equipment | (6.2) | (4.7) |
Net cash provided by (used in) investing activities | 2.3 | (4.7) |
Cash flows from financing activities | ||
Payment for redemption of convertible notes | 0 | (505.6) |
Proceeds from issuance of shares | 8.5 | 7.8 |
Payroll taxes for deferred stock and market stock units | (31.4) | (27.7) |
Repurchases of common stock | (13.4) | 0 |
Repayment of debt | (1.5) | 0 |
Refundable deposit paid to vendor | 0 | (16.6) |
Return of deposit received from vendor | 2.8 | 0 |
Net cash used in financing activities | (35) | (542.1) |
Effect of exchange rate changes on cash and cash equivalents | (2) | (0.5) |
Net increase/(decrease) in cash and cash equivalents | 43.8 | (489) |
Cash and cash equivalents at beginning of period | 824 | 836.3 |
Cash and cash equivalents at end of period | 867.8 | 347.3 |
Supplemental disclosures of cash flow information | ||
Cash paid for taxes, net of refunds | 48.8 | 16.7 |
Cash paid for interest | 6.8 | 0.2 |
Supplemental disclosures of non-cash transactions | ||
Purchases of property and equipment in current liabilities | $ 4.4 | $ 3.4 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC, and United States generally accepted accounting principles, or U.S. GAAP. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the financial statements include all adjustments, which are of a normal and recurring nature and necessary for the fair presentation of the results of the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future period. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended June 25, 2022. The condensed consolidated financial statements include our financial statements and those of our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. Certain reclassifications have been made to the amounts for prior years in order to conform to the current year’s presentation Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. Our fiscal 2023 and 2022 are 52-week periods ending June 24, 2023 and June 25, 2022, respectively. The fiscal periods presented in this report are 13-week periods ended September 24, 2022, and September 25, 2021, respectively. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, including our expectations regarding the potential impacts on our business of the pandemic related to the novel coronavirus, or COVID-19, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of purchase. As of September 2022 and June 2022, our cash and cash equivalents had a carrying value of $ 867.8 million and $ 824.0 million, respectively. Short-Term Investments We classify our investments in debt securities as available-for-sale and record these investments at fair value. Investments with an original maturity of three months or less at the date of purchase are considered cash equivalents, while all other investments are classified as short-term based on management’s intent and ability to use the funds in current operations. Unrealized gains and losses are reported as a component of other comprehensive income (loss). Realized gains and losses are determined based on the specific identification method, and are reflected as other income (expense), net in our Condensed Consolidated Statements of Operations. As of September 2022 and June 2022, the total unrealized loss reported within accumulated other comprehensive loss was $ 1.9 million and $ 1.8 million, respectively. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to: the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in value. For our debt instruments, we also evaluate whether we have the intent to sell the security, or it is more likely than not that we will be required to sell the security before recovery of its cost basis. Foreign Currency Transactions and Foreign Exchange Contracts The U.S. dollar is our functional and reporting currency. We remeasure our monetary assets and liabilities not denominated in the functional currency into U.S. dollar equivalents at the rate of exchange in effect on the balance sheet date. We measure and record non-monetary balance sheet accounts at the historical rate in effect at the date of transaction. We remeasure foreign currency expenses at the weighted average exchange rate in the month that the transaction occurred. Our foreign currency transactions and remeasurement gains and losses are included in selling, general, and administrative expenses in the condensed consolidated statements of operations and resulted in immaterial amounts in each of the three months ended September 2022 and September 2021. Leases We determine if a contract is a lease, or contains a lease, at the inception of the contract and reassess that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use, or ROU, assets are included in non-current other assets on our condensed consolidated balance sheet. Operating lease liabilities are separated into a current portion, included within accrued liabilities on our condensed consolidated balance sheet, and a non-current portion, included within other long-term liabilities on our condensed consolidated balance sheet. We do not have any finance lease ROU assets or liabilities. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We do not obtain and control the right to use the identified asset until the lease commencement date. Our lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the interest rate implicit in the lease is not readily determinable, we generally use our incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. We factor in publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. Our ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability. The term of our leases equals the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that we are reasonably certain to exercise. We establish the term of each lease at lease commencement and reassess that term in subsequent periods when one of the triggering events outlined in Accounting Standards Codification Topic 842 occurs. Operating lease cost for lease payments is recognized on a straight-line basis over the lease term. Our lease contracts often include lease and non-lease components. For our leases, we have elected the practical expedient offered by the standard to not separate lease from non-lease components and account for them as a single lease component. We have elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition We account for revenue using Accounting Standards Codification Topic 606, or ASC 606, Revenue from Contracts with Customers. Our revenue is primarily generated from the sale of application specific integrated circuit chips, or ASIC chips, either directly to a customer or to a distributor. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. All of our revenue, except an inconsequential amount, is recognized at a point in time, either on shipment or delivery of the product, depending on customer terms and conditions. We generally warrant our products for a period of 12 months from the date of sale and estimate probable product warranty costs at the time we recognize revenue as the warranty is considered an assurance warranty and not a performance obligation. Non-product revenue is recognized over the same period of time such performance obligations are satisfied. We then select an appropriate method for measuring satisfaction of the performance obligations. Revenue from sales to distributors is recognized upon shipment of the product to the distributors (sell-in basis). Master sales agreements are in place with certain customers, and these agreements typically contain terms and conditions with respect to payment, delivery, warranty and supply. In the absence of a master sales agreement, we consider a customer's purchase order or our standard terms and conditions to be the contract with the customer. Our pricing terms are negotiated independently, on a stand-alone basis. In determining the transaction price, we evaluate whether the price is subject to refund or adjustment to determine the net consideration which we expect to receive for the sale of such products. In limited situations, we make sales to certain customers under arrangements where we grant stock rotation rights, price protection and price allowances; variable consideration associated with these rights is expected to be inconsequential. These adjustments and incentives are accounted for as variable consideration, classified as other current liabilities under the revenue standard, and are shown as customer obligations in Note 9 Balance Sheet Components, Other Accrued Liabilities and Other Long-Term Liabilities. We estimate the amount of variable consideration for such arrangements based on the expected value to be provided to customers, and we do not believe that there will be significant changes to our estimates of variable consideration. When incentives, stock rotation rights, price protection, volume discounts, or price allowances are applicable, they are estimated and recorded in the period the related revenue is recognized. Stock rotation reserves are based on historical return rates applied to distributor inventory subject to stock rotation rights and recorded as a reduction to revenue with a corresponding reduction to cost of goods sold for the estimated cost of inventory that is expected to be returned and recorded as prepaid expenses and other current assets. In limited circumstances, we enter into volume-based tiered pricing arrangements and we estimate total unit volumes under such arrangements to determine the expected transaction price for the units expected to be transferred. Such arrangements are accounted for as contract liabilities within other accrued liabilities. Sales returns liabilities are recorded as refund liabilities within other accrued liabilities. Our accounts receivable balance is from contracts with customers and represents our unconditional right to receive consideration from customers. Payments are generally due within three months of completion of the performance obligation and subsequent invoicing and therefore, do not include significant financing components. To date, there have been no material bad debt charges recorded on accounts receivable. There were $ 1.4 million in contract assets recorded on our condensed consolidated balance sheets as of September 2022 and $ 1.2 million as of June 2022. Contract assets are presented as part of prepaid expenses and other current assets. Contract liabilities and refund liabilities were $ 29.9 million and $ 43.1 million, respectively, as of September 2022 and $ 27.3 million and $ 61.3 million, respectively, as of June 2022. Both contract liabilities and refund liabilities are presented as customer obligations in Note 9 Balance Sheet Components. During the three months ended September 2022 and September 2021, we recognized $ 1.8 million and $ 2.9 million, respectively, in revenue related to contract liabilities, which was outstanding as of the beginning of each such fiscal year. We invoice customers for each delivery upon shipment and recognize revenue in accordance with delivery terms. As of September 2022, we did no t have any remaining unsatisfied performance obligations with an original duration greater than one year. Accordingly, under the optional exception provided by ASC 606, we do not disclose revenues allocated to future performance obligations of partially completed contracts. We account for shipping and handling costs as fulfillment costs before the customer obtains control of the goods and include these costs in cost of revenue. We account for collection of all taxes on a net basis. We incur commission expense that is incremental to obtaining contracts with customers. Sales commissions (which are recorded as a selling, general and administrative expense in the condensed consolidated statements of income) are expensed when the product is shipped because such commissions are owed after shipment. Revenue from contracts with customers disaggregated by geographic area based on customer location and product category is presented in Note 14 Segment, Customers, and Geographical Information. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Sep. 24, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 3. Net Income Per Share The computation of basic and diluted net income per share was as follows (in millions, except per share data): Three Months Ended September 2022 2021 Numerator: Net income $ 64.6 $ 40.2 Denominator: Shares, basic 39.8 37.5 Effect of dilutive share-based awards and convertible notes 0.9 3.1 Shares, diluted 40.7 40.6 Net income per share: Basic $ 1.62 $ 1.07 Diluted $ 1.59 $ 0.99 Our basic net income per share amounts for each period presented have been computed using the weighted average number of shares of common stock, $ 0.001 par value, or the common stock, outstanding over the period measured. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We use the "treasury stock" method to determine the dilutive effect of our stock options, restricted stock units, or RSUs, market stock units, or MSUs, performance stock units, or PSUs, and our convertible notes, which were settled in August 2021. Dilutive net income per share amounts do not include the potential weighted average effect of 452,859 and 1,010 shares of common stock related to certain share-based awards that were outstanding during the three months ended September 2022 and September 2021, respectively. These share-based awards were not included in the computation of diluted net income per share because their effect would have been antidilutive. |
Inventories
Inventories | 3 Months Ended |
Sep. 24, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consisted of the following (in millions): September June 2022 2022 Raw materials and work-in-progress $ 94.6 $ 92.2 Finished goods 84.8 77.5 $ 179.4 $ 169.7 We record a write-down, if necessary, to reduce the carrying value of inventory to its net realizable value. The effect of these write-downs is to establish a new cost basis in the related inventory, which we do not subsequently write up. We also record a liability and charge to cost of revenue for estimated losses on inventory we are obligated to purchase from our contract manufacturers when such losses become probable from customer delays, order cancellations, or other factors. The following factors influence our estimates: changes to or cancellations of customer orders, unexpected or sudden decline in demand, rapid product improvements, technological advances, and termination or changes by our original equipment manufacturers, or OEM, customers of any product offerings incorporating our product solutions. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 3 Months Ended |
Sep. 24, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash, Cash Equivalents, and Short-Term Investments [Text Block] | 5. Cash, Cash Equivalents and Short-Term Investments The following table summarizes our cash, cash equivalents and short-term investments by category at September 2022 and June 2022 (in millions): September 2022 Amortized Cost Gross unrealized gain (loss) Fair Value Cash $ 418.8 $ - $ 418.8 Cash equivalents: Money market funds 390.9 - 390.9 Certificates of deposit 38.1 - 38.1 U.S. Treasury securities 20.0 20.0 Total cash and cash equivalents $ 867.8 $ - $ 867.8 Short-term investments: Certificates of deposit $ 2.0 $ - $ 2.0 Corporate debt securities 38.2 ( 2.0 ) 36.2 Municipal bonds 5.9 ( 0.1 ) 5.8 Total short-term investments $ 46.1 $ ( 2.1 ) $ 44.0 June 2022 Amortized Cost Gross unrealized gain (loss) Fair Value Cash $ 811.9 $ - $ 811.9 Cash equivalents: Money market funds 12.1 - 12.1 Total cash and cash equivalents $ 824.0 $ - $ 824.0 Short-term investments: Certificates of deposit $ 2.4 $ - $ 2.4 Corporate debt securities 43.7 ( 1.9 ) 41.8 Municipal bonds 7.9 ( 0.1 ) 7.8 Total short-term investments $ 54.0 $ ( 2.0 ) $ 52.0 The following table classifies our short-term investments by contractual maturities (in millions): September 2022 June 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 18.0 $ 17.5 $ 21.0 $ 20.4 Due between 1 year to 5 years 28.1 26.5 33.0 31.6 $ 46.1 $ 44.0 $ 54.0 $ 52.0 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 24, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. Fair Value Measurements We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: • Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments. • Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements. Our Level 1 financial instruments are traded in active markets, and the fair value is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. At September 2022 and June 2022, financial assets measured at fair value on a recurring basis are summarized below (in millions): September 2022 Level 1 Level 2 Level 3 Total (1) Assets: Cash equivalents: Money market funds $ 390.9 $ - $ - $ 390.9 U.S. Treasury Securities 20.0 - - 20.0 Certificates of deposit - 38.1 - 38.1 Short-term investments: Certificates of deposit - 2.0 - 2.0 Corporate debt securities - 36.2 - 36.2 Municipal bonds - 5.8 - 5.8 Total assets $ 410.9 $ 82.1 $ - $ 493.0 (1) Excludes $ 418.8 million in cash held in our bank accounts as of September 2022 . June 2022 Level 1 Level 2 Level 3 Total (1) Assets: Cash equivalents: Money market funds $ 12.1 $ - $ - $ 12.1 Short-term investments: Certificates of deposit - 2.4 - 2.4 Corporate debt securities - 41.8 - 41.8 Municipal bonds - 7.8 - 7.8 Total assets $ 12.1 $ 52.0 $ - $ 64.1 (1) Excludes $ 811.9 million in cash held in our bank accounts as of June 2022. Financial Instruments Not Recorded at Fair Value on a Recurring Basis We report our financial instruments at fair value with the exception of the Senior Notes and Term Loan Facility. See Note 11 Debt. The estimated fair value of the Senior Notes and Term Loan Facility was determined based on the trading price of the Senior Notes and Term Loan Facility as of the last day of trading for the period. We consider the fair value of the Senior Notes and Term Loan Facility to be a Level 2 measurement as they are not actively traded in markets. The carrying amounts and estimated fair values of the Senior Notes and Term Loan Facility are as follows for the periods presented (in millions): September 2022 June 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes due 2029 $ 395.1 $ 329.9 $ 395.0 $ 326.9 Term Loan Facility due 2028 585.7 582.0 586.7 $ 575.0 $ 980.8 $ 911.9 $ 981.7 $ 901.9 |
Acquired Intangibles and Goodwi
Acquired Intangibles and Goodwill | 3 Months Ended |
Sep. 24, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangibles and Goodwill | 7. Acquired Intangibles and Goodwill Acquired Intangibles The following table summarizes the life, the gross carrying value and the related accumulated amortization of our acquired intangible assets (in millions): September 2022 June 2022 Weighted Average Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Audio and video technology 5.6 $ 231.9 $ ( 119.8 ) $ 112.1 $ 232.1 $ ( 109.3 ) $ 122.8 Customer relationships 4.1 155.4 ( 93.3 ) 62.1 170.5 ( 99.7 ) 70.8 Wireless connectivity technology 5.7 128.0 ( 39.4 ) 88.6 128.0 ( 33.8 ) 94.2 Video interface technology 3.0 82.0 ( 59.2 ) 22.8 82.0 ( 52.4 ) 29.6 Licensed technology and other 4.5 9.9 ( 8.1 ) 1.8 9.9 ( 7.5 ) 2.4 Patents 8.0 4.4 ( 3.8 ) 0.6 4.4 ( 3.7 ) 0.7 Tradename 4.4 5.8 ( 3.8 ) 2.0 5.8 ( 3.3 ) 2.5 In process research and development Not applicable 67.0 — 67.0 67.0 — 67.0 Acquired intangibles totals 4.9 $ 684.4 $ ( 327.4 ) $ 357.0 $ 699.7 $ ( 309.7 ) $ 390.0 The total amortization expense for the acquired intangible assets was $ 33.0 million and $ 25.2 million for the three months ended September 2022 and September 2021, respectively. During the three months ended September 2022, and September 2021, $ 23.5 million and $ 16.9 million, respectively, of amortization expense was included in our condensed consolidated statements of income in cost of revenue; the remainder was included under operating expenses in acquired intangibles amortization. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired. There were no changes in our goodwill balance for the three months ended September 2022. |
Leases
Leases | 3 Months Ended |
Sep. 24, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases Our leases mainly include our worldwide office and research and development facilities which are all classified as operating leases. Certain leases include renewal options that are under our discretion. The leases expire at various dates through fiscal year 2034 , some of which include options to extend the lease for up to seven years . For the three months ended September 2022 and September 2021, we recorded approximately $ 3.3 million and $ 2.8 million, respectively, of operating leases expense. Our short-term leases are immaterial. As of September 2022 and June 2022, the components of leases are as follows (in millions): September June 2022 2022 Operating lease right-of-use assets $ 58.0 $ 61.2 Operating lease liabilities $ 7.4 $ 7.6 Operating lease liabilities, long-term 48.7 51.5 Total operating lease liabilities $ 56.1 $ 59.1 Supplemental cash flow information related to leases, including from acquisitions, is as follows (in millions): Three Months Ended September 2022 2021 Cash paid for operating leases included in operating cash flows $ 2.7 $ 3.0 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets 1.4 6.6 As of September 2022, the weighted average remaining lease term is 7.9 years, and the weighted average discount rate is 4.4 % . Future minimum lease payments for the operating lease liabilities are as follows (in millions): Operating Lease Fiscal Year Payments Remainder of 2023 $ 3.9 2024 10.3 2025 9.0 2026 8.8 2027 8.1 Thereafter 28.1 Total future minimum operating lease payments 68.2 Less: interest ( 12.1 ) Total lease liabilities $ 56.1 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Sep. 24, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities and Other Long-Term Liabilities | 9. Balance Sheet Components Other accrued liabilities consisted of the following (in millions): September June 2022 2022 Customer obligations $ 73.0 $ 88.6 Inventory obligations 12.2 14.1 Operating lease liabilities 7.4 7.6 Other 35.6 35.0 $ 128.2 $ 145.3 Other long-term liabilities consisted of the following (in millions): September June 2022 2022 Operating lease liabilities, long-term $ 48.7 $ 51.5 Deferred tax liability 57.6 52.6 Income taxes payable, long-term 34.4 29.1 Other 18.9 19.4 $ 159.6 $ 152.6 |
Indemnifications and Contingenc
Indemnifications and Contingencies | 3 Months Ended |
Sep. 24, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Indemnifications and Contingencies | 10. Indemnifications and Contingencies Indemnifications In connection with certain agreements, we are obligated to indemnify the counterparty against third party claims alleging infringement of certain intellectual property rights by us. We have also entered into indemnification agreements with our officers and directors. Maximum potential future payments under these agreements cannot be estimated because these agreements generally do not have a maximum stated liability. However, historical costs related to these indemnification provisions have not been significant. We have not recorded any liability in our condensed consolidated financial statements for such indemnification obligations. Contingencies We have in the past, and may in the future, receive notices from third parties that claim our products infringe their intellectual property rights. We cannot be certain that our technologies and products do not and will not infringe issued patents or other proprietary rights of third parties. Any infringement claims, with or without merit, could result in significant litigation costs and diversion of management and financial resources, including the payment of damages, which could have a material adverse effect on our business, financial condition, and results of operations. |
Debt
Debt | 3 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt Senior Notes On March 11, 2021, we completed an offering of $ 400.0 million aggregate principal amount of 4.0% senior notes due 2029, or the Senior Notes, in a private offering. The Senior Notes were issued pursuant to an indenture, dated as of March 11, 2021, or the Indenture, by and among our company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee. The Indenture provides that the Senior Notes will bear interest at a rate of 4.0 % per annum, payable in cash semi-annually in arrears on December 15 and June 15 of each year, commencing on June 15, 2021. The Senior Notes will mature on June 15, 2029 and are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our current and future domestic restricted subsidiaries that guarantee our obligations under our senior secured credit facilities. Prior to June 15, 2024, we may redeem the Senior Notes, in whole or in part, at a redemption price of 100 % of the principal amount thereof, plus a make-whole premium set forth in the Indenture, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. On or after June 15, 2024, we may redeem some or all of the Senior Notes at the redemption prices specified below, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date: Year Price 2024 102 % 2025 101 % 2026 and thereafter 100 % In addition, at any time prior to June 15, 2024 , we may redeem up to 40% of the aggregate principal amount of the Senior Notes at a redemption price equal to 104 % of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the applicable redemption date with the net cash proceeds from one or more equity offerings by us. The Senior Notes are the general unsecured obligations of our company. The Senior Note guarantees are the senior unsecured obligations of each guarantor. Under certain circumstances, the guarantors may be released from their Senior Note guarantees without consent of the holders of Senior Notes. Under the terms of the Indenture, the Senior Notes rank equally in right of payment with all of our and the guarantors’ existing and future senior indebtedness, and rank contractually senior in right of payment to our and the guarantors’ future indebtedness and other obligations that are, by their terms, expressly subordinated in right of payment to the Senior Notes. The Senior Notes are effectively subordinated to our and the guarantors’ existing and future secured indebtedness, including secured indebtedness under our senior secured credit facilities, to the extent of the value of the assets securing such indebtedness. The Senior Notes and guarantees are structurally subordinated to all existing and future indebtedness and liabilities (including trade payables) of our subsidiaries that do not guarantee the Senior Notes. The Indenture contains covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our Restricted Subsidiaries (as defined in the Indenture) to (i) incur additional indebtedness and guarantee indebtedness; (ii) pay dividends or make other distributions or repurchase or redeem our company’s or any parent’s capital stock; (iii) prepay, redeem or repurchase certain indebtedness; (iv) issue certain preferred stock or similar equity securities; (v) make loans and investments; (vi) dispose of assets; (vii) incur liens; (viii) enter into transactions with affiliates; (ix) enter into agreements restricting its subsidiaries’ ability to pay dividends; and (x) consolidate, merge or sell all or substantially all of its assets. The Indenture contains customary events of default including, without limitation, failure to make required payments, failure to comply with certain agreements or covenants, cross-acceleration to certain other indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture will allow either the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding Senior Notes to accelerate, or in certain cases, will automatically cause the acceleration of, the maturity of the principal, and accrued and unpaid interest, if any, on all outstanding Notes. Debt issuance costs relating to the Senior Notes of $ 5.7 million, netted against the debt amount on the condensed consolidated balance sheet, are amortized as interest expense over 99 months. The total interest expense recorded on the Senior Notes during the three months ended September 2022 and September 2021was $ 4.1 million in each period. Revolving Credit Facility On March 11, 2021, we entered into a Second Amended and Restated Credit Agreement, with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, or the Credit Agreement, to, among other changes, extend the maturity date of our senior secured revolving credit facility, to five years from the closing date of the amendment, increase the facility size from $ 200.0 million to $ 250.0 million, and replace the requirement to maintain a total debt to Consolidated EBITDA (as defined in the Credit Agreement) ratio of not more than 4.75 to 1.00 with a requirement to maintain a net total debt to Consolidated EBITDA ratio of not more than 3.75 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 4.25 to 1.00, and thereafter 3.75 to 1.00, provided further, that such deemed increase pursuant to the foregoing shall not apply to more than two material acquisitions consummated during the term of the Credit Agreement. The Credit Agreement provides for a revolving credit facility in a principal amount of up to $ 250 million, which includes a $ 20 million sublimit for letters of credit and a $ 25 million sublimit for swingline loans. Under the terms of the Credit Agreement, we may, subject to the satisfaction of certain conditions, request increases in the revolving credit facility commitments in an aggregate principal amount of up to $ 150 million to the extent existing or new lenders agree to provide such increased or additional commitments, as applicable. Future proceeds under the revolving credit facility are available for working capital and general corporate purposes. In March 2021 we used a portion of the proceeds from the Senior Notes described above to repay the $ 100.0 million outstanding borrowings on this revolving credit facility. As of September 2022, there was no balance outstanding under the revolving credit facility. Borrowings under the revolving credit facility are required to be repaid in full by March 11, 2026 . Debt issuance costs relating to the revolving credit facility of $ 1.6 million, included in non-current other assets on our consolidated balance sheet, are being amortized over 60 months . Our obligations under the Credit Agreement are guaranteed by the material domestic subsidiaries of our company, subject to certain exceptions, who collectively with our company are referred to as the Credit Parties. The obligations of the Credit Parties under the Credit Agreement and the other loan documents delivered in connection therewith are secured by a first priority security interest in substantially all of the existing and future personal property of the Credit Parties, including, without limitation, 65 % of the voting capital stock and 100 % of the non-voting capital stock of certain of the Credit Parties’ direct foreign subsidiaries, subject to certain exceptions. The revolving credit facility bears interest at our election of a Base Rate plus an Applicable Margin or LIBOR plus an Applicable Margin. Swingline loans bear interest at a Base Rate plus an Applicable Margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or LIBOR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 0.25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for LIBOR loans. We are required to pay a commitment fee on any unused commitments under the Credit Agreement which is determined on a leverage-based sliding scale ranging from 0.175 % to 0.25 % per annum. Interest and fees are payable on a quarterly basis. The LIBOR index is expected to be discontinued at the end of June 2023. Under our credit facility, when the LIBOR index is discontinued, we will switch to a comparable or successor rate as selected by us and the administrative agent, which may include the Secured Overnight Financing Rate, or SOFR. Under the Credit Agreement, there are various restrictive covenants, including two financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, a restriction that permits accounts receivable financings provided that the aggregate unpaid amount of permitted accounts receivable financings are no more than the greater of $ 100 million and 50% of the amount of all accounts receivable of the Company and specified subsidiaries and other specific items. The leverage ratio is the ratio of net debt as of the measurement date to Consolidated EBITDA, for the four consecutive quarters ending with the quarter of measurement. The current leverage ratio shall not exceed 3.75 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 4.25 to 1.00, and thereafter 3.75 to 1.0. The interest coverage ratio is Consolidated EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. The interest coverage ratio must not be less than 3.50 to 1.0 during the term of the Credit Agreement. As of September 2022, we remain in compliance with the restrictive covenants. Term Loan Facility On December 2, 2021, we entered into that certain First Amendment and Lender Joinder Agreement to the Credit Agreement, to, among other things, establish a new $ 600.0 million incremental term loan facility, or the Term Loan Facility. The Term Loan Facility was advanced by certain existing and new lenders under the Credit Agreement to finance the DSPG acquisition. The Term Loan Facility matures on December 2, 2028 . Principal on the Term Loan Facility is payable in equal quarterly installments on the last day of each March, June, September and December of each year, beginning December 31, 2021, at a rate of 1.00 % per annum. Borrowings under the Term Loan Facility will accrue interest at the London Interbank Offered Rate, or LIBOR, plus 2.25 % or at the base rate plus 1.50 %, subject to a 25 basis point step-down based on total gross leverage, and subject to a LIBOR floor of 50 basis points. The base rate is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the Wells Fargo Bank, National Association prime rate and (iii) the one-month LIBOR plus 1.00%. The Term Loan Facility contains customary representations and warranties, affirmative and negative covenants and events of default, in each case consistent with the Credit Agreement. The Term Loan Facility does not contain any financial covenant. The Term Loan Facility is subject to a 1.00% prepayment premium in the event all or any portion of the Term Loan Facility is prepaid within the first 6 months in connection with a repricing transaction only. The Term Loan Facility is subject to customary mandatory prepayments, including, commencing with the fiscal year ending June 30, 2023, an excess cash flow sweep, subject to customary step-downs and thresholds. Debt issuance costs relating to the Term Loan Facility of $ 11.2 million, netted against the debt amount on the condensed consolidated balance sheet, are amortized as interest expense over 96 months. The total interest expense recorded on the Term Loan Facility during the three months ended September 2022 was $ 6.9 million. Convertible Debt On June 1, 2021, pursuant to the Indenture, dated as of June 26, 2017 between us and Wells Fargo Bank, National Association, as trustee, or the Convertible Notes Indenture, we provided an irrevocable notice of redemption, for all $ 525,000,000 aggregate principal amount of our outstanding 0.50% convertible senior notes due in 2022, or the Convertible Notes. The Convertible Notes were redeemable at a cash redemption price of 100.0 % of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date of August 4, 2021. Holders of the Convertible Notes had the right to convert the Convertible Notes called for redemption no later than August 3, 2021, or the Conversion Deadline. The conversion rate was equal to 13.7267 shares per $ 1,000 principal amount of the Convertible Notes, which was the initial conversion rate of 13.6947 shares per $1,000 principal amount of the Convertible Notes plus a number of additional shares equal to 0.0320 shares per $1,000 principal amount of the Convertible Notes. We elected to settle any conversions by Combination Settlement (as defined in the Convertible Notes Indenture) with a Specified Dollar Amount (as defined in the Convertible Notes Indenture) per $1,000 principal amount of Convertible Notes equal to $1,000, plus a number of shares of our common stock, to be determined pursuant to the Convertible Notes Indenture, together with additional cash, if applicable, in lieu of delivering any fractional shares of common stock. As a result of this election, on August 4, 2021, we settled or redeemed the remaining outstanding Convertible Notes for $ 505.6 million in cash representing the principal amount outstanding and delivered approximately 3.5 million shares in common stock from our treasury stock for additional amounts, resulting in a loss of approximately $ 8.1 million which is included in Interest and other expense, net on our condensed consolidated statements of income included elsewhere in this report. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Sep. 24, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 12. Share-Based Compensation Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of income were as follows (in millions): Three Months Ended September 2022 2021 Cost of revenue $ 1.1 $ 1.0 Research and development 14.0 20.8 Selling, general, and administrative 17.5 13.8 Total $ 32.6 $ 35.6 Income tax benefit on share-based compensation $ ( 3.8 ) $ ( 5.3 ) Included in the preceding table is share-based compensation for our cash-settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) (in millions): Three Months Ended September 2022 2021 Cost of revenue $ — $ — Research and development 1.5 11.8 Selling, general, and administrative 0.6 2.6 Total $ 2.1 $ 14.4 Historically, we have issued new shares in connection with our equity-settled share-based compensation plans, however, treasury shares are also available for issuance. Any additional shares repurchased under our common stock repurchase program will be available for issuance under our share-based compensation plans. Share-Based Compensation Plans On October 29, 2019, our stockholders approved: (i) our 2019 Equity and Incentive Compensation Plan, or the 2019 Incentive Plan, to replace our Amended and Restated 2010 Incentive Compensation Plan, or the 2010 Incentive Plan, and (ii) our 2019 Employee Stock Purchase Plan, or the 2019 ESPP, to replace our Amended and Restated 2010 Employee Stock Purchase Plan. As of October 29, 2019, no new awards may be granted under the 2010 Incentive Plan or the Amended and Restated 2010 Employee Stock Purchase Plan. Awards outstanding at October 29, 2019 under our prior share-based compensation plans were not impacted by the approval of the 2019 Incentive Plan and continue to remain outstanding and vest by their terms under the applicable share-based compensation plan. Shares underlying certain share-based awards forfeited under the 2010 Incentive Plan subsequent to the approval of the 2019 Incentive Plan automatically transfer to and become available for award issuance from the 2019 Incentive Plan. The 2019 Incentive Plan authorizes our Board of Directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, RSUs, cash incentive awards, performance shares, PSUs, and other stock-based awards. The 2019 Incentive Plan has been amended and restated, and t he cumulative number of shares approved by stockholders is 5,288,000 as of October 25, 2022. The 2019 ESPP authorizes the Company to provide eligible employees with an opportunity to acquire an equity interest in the Company through the purchase of stock at a discount, with an initial authorization of 1,500,000 shares. Effective August 19, 2019, we adopted the 2019 Inducement Equity Plan, and 650,000 shares of our common stock were reserved for issuance under the 2019 Inducement Equity Plan, subject to adjustment for stock dividends, stock splits, or other changes in our common stock or capital structure. The 2019 Inducement Equity Plan was intended to comply with Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, which provide an exception to the Nasdaq Stock Market Listing Rules on the shareholder approval requirement for the issuance of securities with regards to grants to employees of the Company or its subsidiaries as an inducement material to such individuals entering into employment with the Company or its subsidiaries. An individual was eligible to receive an award under the 2019 Inducement Equity Plan only if he or she was not previously an employee or director of our Company (or is returning to work after a bona-fide period of non-employment), and an award under the 2019 Inducement Equity Plan is a material inducement for him or her to accept employment with our Company. N o new awards may be granted under the 2019 Inducement Equity Plan. Stock Options Stock option activity was as follows: Stock Weighted Aggregate Option Average Intrinsic Awards Exercise Value Outstanding Price (in millions) Balance as of June 2022 31,185 $ 61.50 Exercised ( 3,808 ) 88.53 Balance as of September 2022 27,377 57.75 $ 1.2 The aggregate intrinsic value was determined using the closing price of our common stock on September 23, 2022 of $ 100.95 . Restricted Stock Units Our 2019 Incentive Plan provides for the grant of RSUs to our employees, consultants, and directors with initial grants occurring in 2019, and previously our 2019 Inducement Equity Plan and our 2010 Incentive Plan provided for the grant of deferred stock units, or DSUs, to our employees, consultants, and directors with initial grants occurring in 2006. An RSU and a DSU are each a promise to deliver shares of our common stock at a future date in accordance with the terms of the grant agreement and the words can be used interchangeably. Accordingly, any reference to RSU is intended to signify both an RSU and a DSU. RSUs granted generally vest ratably over three to four years from the vesting commencement date. RSU activity was as follows: Aggregate RSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 2022 1,220,573 Granted 627,743 Delivered ( 369,306 ) Forfeited ( 24,178 ) Balance as of September 2022 1,454,832 $ 146.9 The aggregate intrinsic value was determined using the closing price of our common stock on September 23, 2022 of $ 100.95 . On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the RSU award. Of the shares delivered, 106,071 shares valued at $ 13.8 million were withheld to meet statutory tax withholding requirements. Market Stock Units Our 2019 Incentive Plan, and previously our 2019 Inducement Equity Plan provide for the grant of MSU awards to our employees, consultants, and directors. An MSU is a promise to deliver shares of our common stock at a future date based on the achievement of market-based performance requirements in accordance with the terms of the MSU grant agreement. We have granted MSU awards to our executive officers and other management members under our 2010 Incentive Plan, our 2019 Incentive Plan and our 2019 Inducement Equity Plan, which are designed to vest in three or four tranches with the target quantity for each tranche equal to one-third or one-fourth of the total MSU grant. The first tranche vests based on a one-year performance period; the second tranche vests based on a two-year performance period; the third tranche vests based on a three-year performance period; and the fourth tranche (in the case of four-year vesting) vests based on a four-year performance period. For MSU awards granted in fiscal 2023, performance is measured based on our achievement of a specified level of total stockholder return, or TSR, relative to the TSRs of each company in the Russell 2000 Index. The potential payout ranges from 0 % to 300 % of the target grant quantity based on our TSR performance relative to the TSRs of each company in the Russell 2000 Index. No payout will occur if our TSR performance falls below the 25th percentile of the TSRs of each company in the Russell 2000 Index, and a 300 % payout will occur if our TSR performance exceeds the 80th percentile of the TSRs of each company in the Russell 2000 Index. Performance payouts between the 25th and 80th percentiles will be determined on a linear basis with performance at the 50th percentile equal to 100 % of target. For MSU awards granted in fiscal 2023, the first tranche and the second tranche can payout up to 300 %, and the payout for the third tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the three-year performance period, less shares issued for the first tranche and the second tranche. For MSU awards granted in fiscal 2022 and 2021, performance is measured based on our achievement of a specified level of total stockholder return, or TSR, relative to the TSRs of each company in the Russell 2000 Index. The potential payout ranges from 0 % to 200 % of the target grant quantity based on our TSR performance relative to the TSRs of each company in the Russell 2000 Index. No payout will occur if our TSR performance falls below the 25th percentile of the TSRs of each company in the Russell 2000 Index, and a 200 % payout will occur if our TSR performance exceeds the 75th percentile of the TSRs of each company in the Russell 2000 Index. Performance payouts between the 25th and 75th percentiles will be determined on a linear basis with performance at the 50th percentile equal to 100 % of target. For MSU awards granted in fiscal 2022 and 2021, the first tranche and the second tranche can payout up to 200 %, and the payout for the third tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the three-year performance period, less shares issued for the first tranche and the second tranche. For outstanding MSU awards granted prior to fiscal 2021, performance is measured based on our achievement of a specified level of TSR relative to the TSR of the S&P Semiconductor Select Industry Index, or SPSISC Index. The potential payout ranges from 0 % to 200 % of the target grant quantity and is adjusted on a two-to-one ratio based on our TSR performance relative to SPSISC Index TSR. For MSU awards granted prior to fiscal 2021 and vesting over three years, the payout for the first tranche and the second tranche will not exceed 100 % and the payout for the third tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the three-year performance period, less shares issued for the first tranche and the second tranche. For MSUs vesting over four years, the payout for the first tranche, the second tranche and the third tranche will not exceed 100 % and the payout for the fourth tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the four-year performance period, less shares issued for the first tranche, the second tranche and the third tranche. Delivery of shares earned, if any, will take place on the dates provided in the applicable MSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable performance period. On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the MSU award. MSU activity was as follows: Aggregate MSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 2022 251,974 Granted 145,526 Delivered ( 144,831 ) Balance as of September 2022 252,669 $ 25.5 The aggregate intrinsic value was determined using the closing price of our common stock on September 2022 of $ 100.95 . On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the MSU award. Of the shares delivered, 75,831 shares valued at $ 10.3 million were withheld to meet statutory tax withholding requirements. We value MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three- or four-year performance and service period on a ratable basis by tranche. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $ 38.7 million as of September 2022, which will be recognized over a weighted average period of approximately 1.2 years. Performance Stock Units Our 2019 Incentive Plan, our 2010 Incentive Plan and our 2019 Inducement Equity Plan provide for the grant of PSU awards to our employees, consultants, and directors. A PSU is a promise to deliver shares of our common stock at a future date based on the achievement of performance-based requirements in accordance with the terms of the PSU grant agreement. We have granted PSU awards to our executive officers and other key management team members under our 2010 Incentive Plan, our 2019 Incentive Plan and our 2019 Inducement Equity Plan, which, generally, are designed to vest in three tranches with the target quantity for each tranche equal to one-third of the total PSU award. Generally, PSU awards have a specific one-year performance period and vesting occurs over three service periods with the final service period ending approximately three years from the grant date. Performance is measured based on the achievement of a specified level of performance relative to predefined performance criteria (for PSU awards granted in fiscal 2023 and prior to fiscal 2022 the performance criteria is based on non-GAAP earnings per share, for PSU awards granted in fiscal 2021 the performance criteria is based on a combination of our design win revenue, non-GAAP gross margin percentage and non-GAAP operating expenses). For our fiscal 2023 PSU awards, the potential payout ranges from 0 % to 200 % of the target grant quantity and is adjusted on a linear basis with a payout triggering if our measurement results equals greater than 65 % of the target with a maximum payout achieved at 135 % of target. Delivery of shares earned, if any, will take place on the dates provided in the applicable PSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable service period. On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the PSU award. PSU activity was as follows: Aggregate PSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 2022 257,903 Awarded 192,964 Released ( 112,070 ) Forfeited ( 3,904 ) Balance as of September 2022 334,893 $ 33.8 The aggregate intrinsic value was determined using the closing price of our common stock on September 23, 2022 of $ 100.95 . On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the recipient after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the PSU award. Of the shares delivered, 52,678 shares valued at $ 7.3 million were withheld to meet statutory tax withholding requirements. We value PSUs using the aggregate intrinsic value on the date of grant adjusted for estimated performance achievement during the performance period and amortize the compensation expense over the three-year service period on a ratable basis . The unrecognized share-based compensation cost of our outstanding PSUs was approximately $ 30.0 million as of September 2022, which will be recognized over a weighted average period of approximately 1.1 years. Phantom Stock Units The 2019 Incentive Plan authorizes the grant of phantom stock units to non-employee directors, officers and employees. We initially granted phantom stock units to certain non-officer employees in October 2019 and there have been no subsequent phantom stock unit grants. Phantom stock units are cash-settled and entitle the recipient to receive a cash payment equal to the value of a single share for each unit based on the average closing share price of our stock over the thirty calendar days prior to the vesting date. Grants of phantom stock units vest over three years , with an annual vesting date of October 31 each year subsequent to the grant date, with the final vesting occurring on October 31, 2022. We recognize compensation expense for phantom stock units on a straight-line basis for each tranche of each award based on the average closing price of our common stock over the thirty calendar days ended prior to each balance sheet date. The outstanding phantom stock units had a fair value of $ 112.12 per unit at September 2022 and our accrued liability for such units was $ 17.5 million. Phantom stock activity was as follows: Phantom Stock Units Outstanding Balance as of June 2022 176,097 Paid - Forfeited ( 2,178 ) Balance as of September 2022 173,919 Employee Stock Purchase Plan Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the three months ended September 2022 were as follows (in millions, except for shares purchased and weighted average price): Shares purchased 88,210 Weighted average purchase price $ 92.52 Cash received $ 9.6 Aggregate intrinsic value $ 1.4 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 24, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes We account for income taxes under the asset and liability method. The provision for income taxes recorded in interim periods is based on our estimate of the annual effective tax rate applied to year-to-date income before provision for income taxes, adjusted for discrete items required to be recognized in the period in which they are incurred. In each quarter, we update our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter. Our quarterly tax provision and our quarterly estimate of the annual effective tax rate can be subject to volatility due to several factors, including our ability to accurately forecast annual income before provision for income taxes in each of the tax jurisdictions in which we operate. The provision for income taxes of $ 39.1 million and $ 5.9 million for the three months ended September 2022 and September 2021, respectively, represented estimated federal, foreign, and state income taxes. The effective tax rate for the three months ended September 2022 diverged from the combined U.S. federal and state statutory tax rate primarily due to the impact of tax law changes becoming effective in our fiscal 2023, including non-creditable foreign withholding taxes resulting from the final foreign tax credit regulations published in January 2022 and the research and development capitalization rules increasing our global intangible low-taxed income, or GILTI, resulting from the U.S. Tax Cuts and Jobs Act of 2017, and non-deductible officer compensation, partially offset by the benefit of foreign income taxed at lower rates, and research credits. The effective tax rate for the three months ended September 2021, diverged from the combined U.S. federal and state statutory tax rate, primarily due to foreign income taxed at lower rates, the benefit of research credits and foreign tax credits, partially offset by foreign withholding taxes, non-deductible officer compensation, non-deductible stock-based compensation, and GILTI. The total liability for gross unrecognized tax benefits related to uncertain tax positions increased $ 8.4 million during the three months ended September 2022, to $ 38.2 million, and was included in other long-term liabilities on our condensed consolidated balance sheets. If recognized, the total gross unrecognized tax benefits would reduce the effective tax rate on income from continuing operations. Accrued interest and penalties related to unrecognized tax benefits as of September 2022 were $ 2.6 million; this balance increased by $ 0.1 million compared to June 2022. We classify interest and penalties as components of income tax expense. Any prospective adjustments to our unrecognized tax benefits will be recorded as an increase or decrease to income tax expense and cause a corresponding change to our effective tax rate. Accordingly, our effective tax rate could fluctuate materially from period to period. Our major tax jurisdictions are the United States, Hong Kong SAR, Israel, Japan and the United Kingdom. From fiscal 2016 onward, we remain subject to examination by one or more of these jurisdictions. |
Segment, Customers, and Geograp
Segment, Customers, and Geographic Information | 3 Months Ended |
Sep. 24, 2022 | |
Segment Reporting [Abstract] | |
Segment, Customers, and Geographic Information | 14. Segment, Customers, and Geographic Information We operate in one segment: the development, marketing, and sale of semiconductor products used in electronic devices and products. We generate our revenue from three broad product categories: the IoT product market, the personal computing, or PC, product market, and the Mobile product market. We sell our products to OEMs and to contract manufacturers that provide manufacturing services to OEMs. Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in millions): Three Months Ended September 2022 2021 China $ 114.5 $ 135.1 Taiwan 180.7 119.6 Japan 106.3 91.6 Other 36.6 16.4 South Korea 5.6 8.2 United States 4.4 1.8 $ 448.1 $ 372.7 Net revenue from our customers for each product category was as follows (in millions): Three Months Ended September 2022 2021 IoT product applications $ 342.7 $ 205.7 PC product applications 65.2 88.6 Mobile product applications 40.2 78.4 $ 448.1 $ 372.7 Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: Three Months Ended September 2022 2021 Customer A 13 % 12 % Customer B * 11 % ____________________ * Less than 10 % We extend credit based on evaluation of a customer’s financial condition, and we generally do not require collateral. Major customer accounts receivable as a percentage of total accounts receivable were as follows: September June 2022 2022 Customer A 18 % 17 % Customer B 13 % 15 % |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Sep. 24, 2022 | |
Equity [Abstract] | |
Comprehensive Income | 15. Comprehensive Income Our comprehensive income generally consists of unrealized gains or losses on our available-for-sale securities. We recognize foreign currency remeasurement adjustments and foreign currency transaction gains and losses in our condensed consolidated statements of income as the U.S. dollar is the functional currency of our foreign entities. |
Restructuring Activities
Restructuring Activities | 3 Months Ended |
Sep. 24, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring Activities During fiscal 2022, we initiated various strategic restructuring actions primarily intended to reduce costs, gain synergies from our recent acquisitions and align our business in response to market conditions. The restructuring costs related to these activities were recorded to the restructuring costs line item within our condensed consolidated statements of income. As of September 2022, all of the restructuring actions initiated during fiscal 2022 are complete. The following table summarizes the restructuring activity and related charges during the periods presented (in millions): Three Months Ended September 2022 September 2021 Balance, beginning of period $ 1.4 $ 0.2 Charges - 1.4 Payments ( 1.2 ) ( 0.4 ) Balance, end of period $ 0.2 $ 1.2 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, including our expectations regarding the potential impacts on our business of the pandemic related to the novel coronavirus, or COVID-19, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of purchase. As of September 2022 and June 2022, our cash and cash equivalents had a carrying value of $ 867.8 million and $ 824.0 million, respectively. |
Short-Term Investments | Short-Term Investments We classify our investments in debt securities as available-for-sale and record these investments at fair value. Investments with an original maturity of three months or less at the date of purchase are considered cash equivalents, while all other investments are classified as short-term based on management’s intent and ability to use the funds in current operations. Unrealized gains and losses are reported as a component of other comprehensive income (loss). Realized gains and losses are determined based on the specific identification method, and are reflected as other income (expense), net in our Condensed Consolidated Statements of Operations. As of September 2022 and June 2022, the total unrealized loss reported within accumulated other comprehensive loss was $ 1.9 million and $ 1.8 million, respectively. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to: the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in value. For our debt instruments, we also evaluate whether we have the intent to sell the security, or it is more likely than not that we will be required to sell the security before recovery of its cost basis. |
Foreign Currency Transactions and Foreign Exchange Contracts | Foreign Currency Transactions and Foreign Exchange Contracts The U.S. dollar is our functional and reporting currency. We remeasure our monetary assets and liabilities not denominated in the functional currency into U.S. dollar equivalents at the rate of exchange in effect on the balance sheet date. We measure and record non-monetary balance sheet accounts at the historical rate in effect at the date of transaction. We remeasure foreign currency expenses at the weighted average exchange rate in the month that the transaction occurred. Our foreign currency transactions and remeasurement gains and losses are included in selling, general, and administrative expenses in the condensed consolidated statements of operations and resulted in immaterial amounts in each of the three months ended September 2022 and September 2021. |
Leases | Leases We determine if a contract is a lease, or contains a lease, at the inception of the contract and reassess that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use, or ROU, assets are included in non-current other assets on our condensed consolidated balance sheet. Operating lease liabilities are separated into a current portion, included within accrued liabilities on our condensed consolidated balance sheet, and a non-current portion, included within other long-term liabilities on our condensed consolidated balance sheet. We do not have any finance lease ROU assets or liabilities. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We do not obtain and control the right to use the identified asset until the lease commencement date. Our lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the interest rate implicit in the lease is not readily determinable, we generally use our incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. We factor in publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. Our ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability. The term of our leases equals the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that we are reasonably certain to exercise. We establish the term of each lease at lease commencement and reassess that term in subsequent periods when one of the triggering events outlined in Accounting Standards Codification Topic 842 occurs. Operating lease cost for lease payments is recognized on a straight-line basis over the lease term. Our lease contracts often include lease and non-lease components. For our leases, we have elected the practical expedient offered by the standard to not separate lease from non-lease components and account for them as a single lease component. We have elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The computation of basic and diluted net income per share was as follows (in millions, except per share data): Three Months Ended September 2022 2021 Numerator: Net income $ 64.6 $ 40.2 Denominator: Shares, basic 39.8 37.5 Effect of dilutive share-based awards and convertible notes 0.9 3.1 Shares, diluted 40.7 40.6 Net income per share: Basic $ 1.62 $ 1.07 Diluted $ 1.59 $ 0.99 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consisted of the following (in millions): September June 2022 2022 Raw materials and work-in-progress $ 94.6 $ 92.2 Finished goods 84.8 77.5 $ 179.4 $ 169.7 |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Schedule of cash, cash equivalents and short-term investments | The following table summarizes our cash, cash equivalents and short-term investments by category at September 2022 and June 2022 (in millions): September 2022 Amortized Cost Gross unrealized gain (loss) Fair Value Cash $ 418.8 $ - $ 418.8 Cash equivalents: Money market funds 390.9 - 390.9 Certificates of deposit 38.1 - 38.1 U.S. Treasury securities 20.0 20.0 Total cash and cash equivalents $ 867.8 $ - $ 867.8 Short-term investments: Certificates of deposit $ 2.0 $ - $ 2.0 Corporate debt securities 38.2 ( 2.0 ) 36.2 Municipal bonds 5.9 ( 0.1 ) 5.8 Total short-term investments $ 46.1 $ ( 2.1 ) $ 44.0 June 2022 Amortized Cost Gross unrealized gain (loss) Fair Value Cash $ 811.9 $ - $ 811.9 Cash equivalents: Money market funds 12.1 - 12.1 Total cash and cash equivalents $ 824.0 $ - $ 824.0 Short-term investments: Certificates of deposit $ 2.4 $ - $ 2.4 Corporate debt securities 43.7 ( 1.9 ) 41.8 Municipal bonds 7.9 ( 0.1 ) 7.8 Total short-term investments $ 54.0 $ ( 2.0 ) $ 52.0 |
Schedule of classified by contractual maturity date | The following table classifies our short-term investments by contractual maturities (in millions): September 2022 June 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 18.0 $ 17.5 $ 21.0 $ 20.4 Due between 1 year to 5 years 28.1 26.5 33.0 31.6 $ 46.1 $ 44.0 $ 54.0 $ 52.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value on a recurring basis | At September 2022 and June 2022, financial assets measured at fair value on a recurring basis are summarized below (in millions): September 2022 Level 1 Level 2 Level 3 Total (1) Assets: Cash equivalents: Money market funds $ 390.9 $ - $ - $ 390.9 U.S. Treasury Securities 20.0 - - 20.0 Certificates of deposit - 38.1 - 38.1 Short-term investments: Certificates of deposit - 2.0 - 2.0 Corporate debt securities - 36.2 - 36.2 Municipal bonds - 5.8 - 5.8 Total assets $ 410.9 $ 82.1 $ - $ 493.0 (1) Excludes $ 418.8 million in cash held in our bank accounts as of September 2022 . June 2022 Level 1 Level 2 Level 3 Total (1) Assets: Cash equivalents: Money market funds $ 12.1 $ - $ - $ 12.1 Short-term investments: Certificates of deposit - 2.4 - 2.4 Corporate debt securities - 41.8 - 41.8 Municipal bonds - 7.8 - 7.8 Total assets $ 12.1 $ 52.0 $ - $ 64.1 (1) Excludes $ 811.9 million in cash held in our bank accounts as of June 2022. |
Schedule of carrying amounts and estimated fair values of the Senior Notes and Term Debt | The carrying amounts and estimated fair values of the Senior Notes and Term Loan Facility are as follows for the periods presented (in millions): September 2022 June 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes due 2029 $ 395.1 $ 329.9 $ 395.0 $ 326.9 Term Loan Facility due 2028 585.7 582.0 586.7 $ 575.0 $ 980.8 $ 911.9 $ 981.7 $ 901.9 |
Acquired Intangibles and Good_2
Acquired Intangibles and Goodwill (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization | The following table summarizes the life, the gross carrying value and the related accumulated amortization of our acquired intangible assets (in millions): September 2022 June 2022 Weighted Average Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Audio and video technology 5.6 $ 231.9 $ ( 119.8 ) $ 112.1 $ 232.1 $ ( 109.3 ) $ 122.8 Customer relationships 4.1 155.4 ( 93.3 ) 62.1 170.5 ( 99.7 ) 70.8 Wireless connectivity technology 5.7 128.0 ( 39.4 ) 88.6 128.0 ( 33.8 ) 94.2 Video interface technology 3.0 82.0 ( 59.2 ) 22.8 82.0 ( 52.4 ) 29.6 Licensed technology and other 4.5 9.9 ( 8.1 ) 1.8 9.9 ( 7.5 ) 2.4 Patents 8.0 4.4 ( 3.8 ) 0.6 4.4 ( 3.7 ) 0.7 Tradename 4.4 5.8 ( 3.8 ) 2.0 5.8 ( 3.3 ) 2.5 In process research and development Not applicable 67.0 — 67.0 67.0 — 67.0 Acquired intangibles totals 4.9 $ 684.4 $ ( 327.4 ) $ 357.0 $ 699.7 $ ( 309.7 ) $ 390.0 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Leases [Abstract] | |
Schedule of Components of Leases | As of September 2022 and June 2022, the components of leases are as follows (in millions): September June 2022 2022 Operating lease right-of-use assets $ 58.0 $ 61.2 Operating lease liabilities $ 7.4 $ 7.6 Operating lease liabilities, long-term 48.7 51.5 Total operating lease liabilities $ 56.1 $ 59.1 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases, including from acquisitions, is as follows (in millions): Three Months Ended September 2022 2021 Cash paid for operating leases included in operating cash flows $ 2.7 $ 3.0 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets 1.4 6.6 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments for the operating lease liabilities are as follows (in millions): Operating Lease Fiscal Year Payments Remainder of 2023 $ 3.9 2024 10.3 2025 9.0 2026 8.8 2027 8.1 Thereafter 28.1 Total future minimum operating lease payments 68.2 Less: interest ( 12.1 ) Total lease liabilities $ 56.1 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consisted of the following (in millions): September June 2022 2022 Customer obligations $ 73.0 $ 88.6 Inventory obligations 12.2 14.1 Operating lease liabilities 7.4 7.6 Other 35.6 35.0 $ 128.2 $ 145.3 |
Other Long-Term Liabilities | Other long-term liabilities consisted of the following (in millions): September June 2022 2022 Operating lease liabilities, long-term $ 48.7 $ 51.5 Deferred tax liability 57.6 52.6 Income taxes payable, long-term 34.4 29.1 Other 18.9 19.4 $ 159.6 $ 152.6 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Schedule Of Redemption Prices And Unpaid Interest | we may redeem some or all of the Senior Notes at the redemption prices specified below, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date: Year Price 2024 102 % 2025 101 % 2026 and thereafter 100 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations | Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of income were as follows (in millions): Three Months Ended September 2022 2021 Cost of revenue $ 1.1 $ 1.0 Research and development 14.0 20.8 Selling, general, and administrative 17.5 13.8 Total $ 32.6 $ 35.6 Income tax benefit on share-based compensation $ ( 3.8 ) $ ( 5.3 ) |
Schedule of Stock Option Activity | Stock option activity was as follows: Stock Weighted Aggregate Option Average Intrinsic Awards Exercise Value Outstanding Price (in millions) Balance as of June 2022 31,185 $ 61.50 Exercised ( 3,808 ) 88.53 Balance as of September 2022 27,377 57.75 $ 1.2 |
Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP | Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the three months ended September 2022 were as follows (in millions, except for shares purchased and weighted average price): Shares purchased 88,210 Weighted average purchase price $ 92.52 Cash received $ 9.6 Aggregate intrinsic value $ 1.4 |
Phantom Stock Unit [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations | Included in the preceding table is share-based compensation for our cash-settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) (in millions): Three Months Ended September 2022 2021 Cost of revenue $ — $ — Research and development 1.5 11.8 Selling, general, and administrative 0.6 2.6 Total $ 2.1 $ 14.4 |
Schedule of Stock Units Activity | Phantom stock activity was as follows: Phantom Stock Units Outstanding Balance as of June 2022 176,097 Paid - Forfeited ( 2,178 ) Balance as of September 2022 173,919 |
Restricted stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Units Activity | RSU activity was as follows: Aggregate RSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 2022 1,220,573 Granted 627,743 Delivered ( 369,306 ) Forfeited ( 24,178 ) Balance as of September 2022 1,454,832 $ 146.9 |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Units Activity | MSU activity was as follows: Aggregate MSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 2022 251,974 Granted 145,526 Delivered ( 144,831 ) Balance as of September 2022 252,669 $ 25.5 |
Performance stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Units Activity | PSU activity was as follows: Aggregate PSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 2022 257,903 Awarded 192,964 Released ( 112,070 ) Forfeited ( 3,904 ) Balance as of September 2022 334,893 $ 33.8 |
Segment, Customers, and Geogr_2
Segment, Customers, and Geographic Information (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Segment Reporting Information [Line Items] | |
Net Revenue within Geographic Areas Based on Customers' Locations | Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in millions): Three Months Ended September 2022 2021 China $ 114.5 $ 135.1 Taiwan 180.7 119.6 Japan 106.3 91.6 Other 36.6 16.4 South Korea 5.6 8.2 United States 4.4 1.8 $ 448.1 $ 372.7 |
Net Revenue from Customers | Net revenue from our customers for each product category was as follows (in millions): Three Months Ended September 2022 2021 IoT product applications $ 342.7 $ 205.7 PC product applications 65.2 88.6 Mobile product applications 40.2 78.4 $ 448.1 $ 372.7 |
Sales Revenue, Net [Member] | |
Segment Reporting Information [Line Items] | |
Major Customers as Percentage of Net Revenue | Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: Three Months Ended September 2022 2021 Customer A 13 % 12 % Customer B * 11 % ____________________ * Less than 10 % |
Accounts Receivable [Member] | |
Segment Reporting Information [Line Items] | |
Major Customers as Percentage of Net Revenue | Major customer accounts receivable as a percentage of total accounts receivable were as follows: September June 2022 2022 Customer A 18 % 17 % Customer B 13 % 15 % |
Restructuring Activities (Table
Restructuring Activities (Tables) | 3 Months Ended |
Sep. 24, 2022 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Liability Activities | The following table summarizes the restructuring activity and related charges during the periods presented (in millions): Three Months Ended September 2022 September 2021 Balance, beginning of period $ 1.4 $ 0.2 Charges - 1.4 Payments ( 1.2 ) ( 0.4 ) Balance, end of period $ 0.2 $ 1.2 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 24, 2022 | Jun. 25, 2022 | |
Basis Of Presentation [Line Items] | ||
Cash equivalents deposit | $ 867.8 | $ 824 |
Unrealized Gain Loss On Investments | $ 1.9 | $ 1.8 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Jun. 25, 2022 | |
Revenue Recognition, Milestone Method [Line Items] | |||
Account receivable bad debt | $ 0 | ||
Contract asset | 1,400,000 | $ 1,200,000 | |
Contract liability | 29,900,000 | 27,300,000 | |
Refund liability | 43,100,000 | $ 61,300,000 | |
Revenue recognized related to contract liabilities | $ 1,800,000 | $ 2,900,000 | |
Description of payment terms in contract with customer | Payments are generally due within three months of completion of the performance obligation and subsequent invoicing and therefore, do not include significant financing components. | ||
Maximum | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Revenue, performance obligation, payment terms | 3 months | ||
Accounting Standards Update 2014-09 [Member] | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Remaining unsatisfied performance obligation | $ 0 |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Numerator: | ||
Net income | $ 64.6 | $ 40.2 |
Denominator: | ||
Shares, basic | 39.8 | 37.5 |
Effect of dilutive share-based awards and convertible notes | 0.9 | 3,100,000 |
Shares, diluted | 40.7 | 40.6 |
Net income per share: | ||
Basic | $ 1.62 | $ 1.07 |
Diluted | $ 1.59 | $ 0.99 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Jun. 25, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Share-Based Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common shares that were not included in computation of diluted net income (loss) per share | 452,859 | 1,010 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of financial assets measured at fair value on a recurring basis (Detail) - Estimate of Fair Value Measurement [Member] - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Total assets at fair value | $ 493 | [1] | $ 64.1 | [2] | |
Municipal bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 5.8 | [1] | 7.8 | [2] | |
Corporate debt securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 36.2 | [1] | 41.8 | [2] | |
Money Market Funds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 390.9 | [1] | 12.1 | [2] | |
U.S. Treasury Securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | [1] | 20 | |||
Certificates of deposit [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | [1] | 38.1 | |||
Short-term investments | 2 | [1] | 2.4 | [2] | |
Level 1 Member | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Total assets at fair value | 410.9 | 12.1 | |||
Level 1 Member | Municipal bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 0 | 0 | |||
Level 1 Member | Corporate debt securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 0 | 0 | |||
Level 1 Member | Money Market Funds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 390.9 | 12.1 | |||
Level 1 Member | U.S. Treasury Securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 20 | ||||
Level 1 Member | Certificates of deposit [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 0 | ||||
Short-term investments | 0 | 0 | |||
Level 2 Member | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Total assets at fair value | 82.1 | 52 | |||
Level 2 Member | Municipal bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 5.8 | 7.8 | |||
Level 2 Member | Corporate debt securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 36.2 | 41.8 | |||
Level 2 Member | Money Market Funds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 0 | 0 | |||
Level 2 Member | U.S. Treasury Securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 0 | ||||
Level 2 Member | Certificates of deposit [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 38.1 | ||||
Short-term investments | 2 | 2.4 | |||
Level 3 Member | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Total assets at fair value | 0 | 0 | |||
Level 3 Member | Municipal bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 0 | 0 | |||
Level 3 Member | Corporate debt securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term investments | 0 | 0 | |||
Level 3 Member | Money Market Funds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 0 | 0 | |||
Level 3 Member | U.S. Treasury Securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 0 | ||||
Level 3 Member | Certificates of deposit [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash equivalents | 0 | ||||
Short-term investments | $ 0 | $ 0 | |||
[1] Excludes $ 418.8 million in cash held in our bank accounts as of September 2022 Excludes $ 811.9 million in cash held in our bank accounts as of June 2022. |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of financial assets measured at fair value on a recurring basis (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Fair Value Disclosures [Abstract] | ||
Cash held in bank | $ 418.8 | $ 811.9 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of carrying amounts and estimated fair values of the Senior Notes (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 24, 2022 | Jun. 25, 2022 | Dec. 02, 2021 | |
Debt Instrument [Line Items] | |||
Carrying Amount | $ 600 | ||
Estimated Fair Value | $ 44 | $ 52 | |
Level 2 Member | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 980.8 | 981.7 | |
Estimated Fair Value | 911.9 | 901.9 | |
Senior Notes [Member] | Level 2 Member | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 395.1 | 395 | |
Estimated Fair Value | $ 329.9 | $ 326.9 | |
Debt due date | 2029 | 2029 | |
Term Loan [Member] | Level 2 Member | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 585.7 | $ 586.7 | |
Estimated Fair Value | $ 582 | $ 575 | |
Debt due date | 2028 | 2028 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-progress | $ 94.6 | $ 92.2 |
Finished goods | 84.8 | 77.5 |
Total Inventories | $ 179.4 | $ 169.7 |
Cash, Cash Equivalents and Sh_3
Cash, Cash Equivalents and Short-Term Investments - Schedule of cash, cash equivalents and short-term investments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 24, 2022 | Jun. 25, 2022 | |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 46.1 | $ 54 |
Unrealized Gain (Loss) on Investments | 1.9 | 1.8 |
Corporate Debt Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 38.2 | 43.7 |
Unrealized Gain (Loss) on Investments | (2) | (1.9) |
Assets, Fair Value Adjustment | 36.2 | 41.8 |
Cash [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 418.8 | 811.9 |
Unrealized Gain (Loss) on Investments | ||
Assets, Fair Value Adjustment | 418.8 | 811.9 |
Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 390.9 | 12.1 |
Unrealized Gain (Loss) on Investments | ||
Assets, Fair Value Adjustment | 390.9 | 12.1 |
Certificates of Deposit [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 38.1 | 2.4 |
Unrealized Gain (Loss) on Investments | ||
Assets, Fair Value Adjustment | 38.1 | 2.4 |
Certificate of Deposit [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 2 | |
US Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 20 | |
Assets, Fair Value Adjustment | 20 | |
Municipal Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 5.9 | 7.9 |
Unrealized Gain (Loss) on Investments | (0.1) | (0.1) |
Assets, Fair Value Adjustment | 5.8 | 7.8 |
Cash and Cash Equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 867.8 | 824 |
Unrealized Gain (Loss) on Investments | ||
Assets, Fair Value Adjustment | 867.8 | 824 |
Short-Term Investments [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Unrealized Gain (Loss) on Investments | (2.1) | (2) |
Assets, Fair Value Adjustment | 44 | $ 52 |
Short-Term Investments [Member] | Certificates of Deposit [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Unrealized Gain (Loss) on Investments | ||
Assets, Fair Value Adjustment | $ 2 |
Cash, Cash Equivalents and Sh_4
Cash, Cash Equivalents and Short-Term Investments - Schedule of classified by contractual maturity date (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 46.1 | $ 54 |
Fair Value | 44 | 52 |
Due Within One Year [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 18 | 21 |
Fair Value | 17.5 | 20.4 |
Due Between One Year to Five Years [Member | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 28.1 | 33 |
Fair Value | $ 26.5 | $ 31.6 |
Acquired Intangibles and Good_3
Acquired Intangibles and Goodwill - Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Jun. 25, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 684.4 | $ 699.7 |
Accumulated Amortization | (327.4) | (309.7) |
Net Carrying Value | $ 357 | 390 |
Weighted Average Life in Years | 4 years 10 months 24 days | |
Audio and Video Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 112.1 | 122.8 |
Accumulated Amortization | (119.8) | (109.3) |
Net Carrying Value | $ 231.9 | 232.1 |
Weighted Average Life in Years | 5 years 7 months 6 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 62.1 | 70.8 |
Accumulated Amortization | (93.3) | (99.7) |
Net Carrying Value | $ 155.4 | 170.5 |
Weighted Average Life in Years | 4 years 1 month 6 days | |
Wireless and Connectivity Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 88.6 | 94.2 |
Accumulated Amortization | (39.4) | (33.8) |
Net Carrying Value | $ 128 | 128 |
Weighted Average Life in Years | 5 years 8 months 12 days | |
Video Interface Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 22.8 | 29.6 |
Accumulated Amortization | (59.2) | (52.4) |
Net Carrying Value | $ 82 | 82 |
Weighted Average Life in Years | 3 years | |
Licensed Technology and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1.8 | 2.4 |
Accumulated Amortization | (8.1) | (7.5) |
Net Carrying Value | $ 9.9 | 9.9 |
Weighted Average Life in Years | 4 years 6 months | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 0.6 | 0.7 |
Accumulated Amortization | (3.8) | (3.7) |
Net Carrying Value | $ 4.4 | 4.4 |
Weighted Average Life in Years | 8 years | |
Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 2 | 2.5 |
Accumulated Amortization | (3.8) | (3.3) |
Net Carrying Value | $ 5.8 | 5.8 |
Weighted Average Life in Years | 4 years 4 months 24 days | |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 67 | 67 |
Net Carrying Value | $ 67 | $ 67 |
Acquired Intangibles and Good_4
Acquired Intangibles and Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles amortization | $ 33 | $ 25.2 |
Cost of Revenue [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles amortization | $ 23.5 | $ 16.9 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Lessee Lease Description [Line Items] | ||
Lease Option to Extend | The leases expire at various dates through fiscal year 2034, some of which include options to extend the lease for up to seven years. | |
Lease Expiration Year. | 2034 | |
Lessee, Operating Lease, Existence of Option to Extend | true | |
Operating Leases, Expense | $ 3.3 | $ 2.8 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 10 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Duration of Extending leases | 7 years |
Leases - Schedule of Components
Leases - Schedule of Components of Leases and Lease Costs (Detail) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 58 | $ 61.2 |
Operating lease liabilities | 7.4 | 7.6 |
Operating lease liabilities, long-term | $ 48.7 | $ 51.5 |
Operating Lease, Liability | Total lease liabilities | Total lease liabilities |
Total lease liabilities | $ 56.1 | $ 59.1 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 2.7 | $ 3 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets | $ 1.4 | $ 6.6 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Detail) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 3.9 | |
2024 | 10.3 | |
2025 | 9 | |
2026 | 8.8 | |
2027 | 8.1 | |
Thereafter | 28.1 | |
Total future minimum operating lease payments | 68.2 | |
Less: interest | $ (12.1) | |
Operating Lease, Liability | Total lease liabilities | Total lease liabilities |
Total lease liabilities | $ 56.1 | $ 59.1 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Payables and Accruals [Abstract] | ||
Customer obligations | $ 73 | $ 88.6 |
Inventory obligations | 12.2 | 14.1 |
Operating lease liabilities | 7.4 | 7.6 |
Other | 35.6 | 35 |
Other accrued liabilities | $ 128.2 | $ 145.3 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Long-Term Liabilities (Detail) - USD ($) $ in Millions | Sep. 24, 2022 | Jun. 25, 2022 |
Payables and Accruals [Abstract] | ||
Operating lease liabilities, long-term | $ 48.7 | $ 51.5 |
Deferred tax liability | 57.6 | 52.6 |
Income taxes payable, long-term | 34.4 | 29.1 |
Other | 18.9 | 19.4 |
Other long-term liabilities | $ 159.6 | $ 152.6 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||||
Dec. 02, 2028 | Jun. 01, 2021 | Sep. 24, 2022 | Jun. 25, 2022 | Dec. 02, 2021 | Mar. 31, 2021 | Mar. 11, 2021 | |
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 600,000,000 | ||||||
Debt instrument interest rate, stated percentage | 1% | ||||||
Redemption of Principal amount percentage | 100% | ||||||
Debt issuance costs | $ 5,700,000 | $ 11,200,000 | |||||
Interest Expense Long Term Debt | 4,100,000 | ||||||
Interest Expense | $ 6,900,000 | ||||||
Debt instrument maturity date | Dec. 02, 2028 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Debt instrument aggregate principal amount | $ 600,000,000 | ||||||
Common stock shares issued related to convertible notes | 68,229,513 | 67,745,800 | |||||
Percentage of voting capital stock | 65% | ||||||
Percentage of non-voting capital stock | 100% | ||||||
LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate, stated percentage | 2.25% | ||||||
Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate, stated percentage | 1.50% | ||||||
4.0% Senior Notes Due 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 400,000,000 | ||||||
Debt instrument interest rate, stated percentage | 4% | ||||||
Repayment date, description | Prior to June 15, 2024, we may redeem the Senior Notes, in whole or in part, at a redemption price of 100% of the principal amount thereof, plus a make-whole premium set forth in the Indenture, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. | ||||||
Redemption of debt in cash, percentage | 104% | ||||||
Maturity period | Jun. 15, 2024 | ||||||
Debt instrument aggregate principal amount | $ 400,000,000 | ||||||
0.50% Convertible Senior Notes due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Conversion of notes in multiples of principal amounts | $ 1,000,000,000 | ||||||
Debt instrument convertible number of shares per thousand of principal amount of notes | 13.6947 | ||||||
Initial conversion price per share of common stock | $ 0.0320 | ||||||
Convertible debt principal amount in multiples | $ 1,000,000,000 | ||||||
Debt instrument convertible number of shares per thousand of principal amount of notes, current | 13.7267 | ||||||
Debt Instrument Convertible Number Of Shares Per Thousand Of Principal Amount Of Notes | 13.6947 | ||||||
0.50% Convertible Senior Notes due 2022 [Member] | Convertible Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument periodic payment principal | $ 505,600,000 | ||||||
Common stock shares issued related to convertible notes | 3,500,000 | ||||||
Lose on issuance of common stock from treasury stock | $ 8,100,000 | ||||||
0.50% Convertible Senior Notes due 2022 [Member] | Purchase Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage Of Principal Amount Of Notes Equal To Repurchase Price | 100% | ||||||
0.50% Convertible Senior Notes due 2022 [Member] | Purchase Agreement [Member] | Convertible Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 525,000,000 | ||||||
Debt instrument aggregate principal amount | $ 525,000,000 | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity period | Mar. 11, 2026 | ||||||
Debt amortization period | 60 months | ||||||
Maximum leverage ratio permitted | 3.75% | ||||||
Covenant description | Under the Credit Agreement, there are various restrictive covenants, including two financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, a restriction that permits accounts receivable financings provided that the aggregate unpaid amount of permitted accounts receivable financings are no more than the greater of $100 million and 50% of the amount of all accounts receivable of the Company and specified subsidiaries and other specific items. The leverage ratio is the ratio of net debt as of the measurement date to Consolidated EBITDA, for the four consecutive quarters ending with the quarter of measurement. The current leverage ratio shall not exceed 3.75 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 4.25 to 1.00, and thereafter 3.75 to 1.0. The interest coverage ratio is Consolidated EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. The interest coverage ratio must not be less than 3.50 to 1.0 during the term of the Credit Agreement. As of September 2022, we remain in compliance with the restrictive covenants. | ||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||
Line of credit facility allowable requests for additional borrowing | 150,000,000 | ||||||
Outstanding principal amount | $ 0 | $ 100,000,000 | |||||
Repayment date, description | the revolving credit facility are required to be repaid in full by March 11, 2026. Debt issuance costs relating to the revolving credit facility of $1.6 million, included in non-current other assets on our consolidated balance sheet, are being amortized over 60 months. | ||||||
Debt issuance cost | $ 1,600,000 | ||||||
Description of base rate | The revolving credit facility bears interest at our election of a Base Rate plus an Applicable Margin or LIBOR plus an Applicable Margin. Swingline loans bear interest at a Base Rate plus an Applicable Margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or LIBOR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 0.25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for LIBOR loans. | ||||||
Revolving credit facility description | The LIBOR index is expected to be discontinued at the end of June 2023. | ||||||
Maximum accounts receivable financings per quarter | $ 100,000,000 | ||||||
Minimum interest coverage ratio | 3.50% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Wells Fargo Securities, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Covenant description | we entered into a Second Amended and Restated Credit Agreement, with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, or the Credit Agreement, to, among other changes, extend the maturity date of our senior secured revolving credit facility, to five years from the closing date of the amendment, increase the facility size from $200.0 million to $250.0 million, and replace the requirement to maintain a total debt to Consolidated EBITDA (as defined in the Credit Agreement) ratio of not more than 4.75 to 1.00 with a requirement to maintain a net total debt to Consolidated EBITDA ratio of not more than 3.75 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 4.25 to 1.00, and thereafter 3.75 to 1.00, provided further, that such deemed increase pursuant to the foregoing shall not apply to more than two material acquisitions consummated during the term of the Credit Agreement. | ||||||
Prior leverage ratio permitted | 4.75% | ||||||
Current leverage ratio permitted | 3.75% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Federal Funds Rates [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 50% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 100% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage of unused portion | 0.175% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Wells Fargo Securities, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 200,000,000 | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 100% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage of unused portion | 0.25% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum | Wells Fargo Securities, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 175% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 100% | ||||||
Amended and Restated Credit Agreement [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 20,000,000 | ||||||
Amended and Restated Credit Agreement [Member] | Bridge Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 25,000,000 | ||||||
Amended and Restated Credit Agreement [Member] | For The First Four Fiscal Quarters Ending After Date of Material Acquisition [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum leverage ratio permitted | 4.25% | ||||||
Amended and Restated Credit Agreement [Member] | For The First Four Fiscal Quarters Ending After Date of Material Acquisition [Member] | Revolving Credit Facility [Member] | Wells Fargo Securities, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum leverage ratio permitted | 4.25% | ||||||
Minimum leverage ratio permitted | 3.75% | ||||||
Amended and Restated Credit Agreement [Member] | Thereafter [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum leverage ratio permitted | 3.75% |
Debt - Schedule Of Redemption P
Debt - Schedule Of Redemption Prices And Unpaid Interest (Detail) | 3 Months Ended |
Sep. 24, 2022 | |
2024 [Member] | |
Debt Instrument [Line Items] | |
Price | 102% |
2025 [Member] | |
Debt Instrument [Line Items] | |
Price | 101% |
2026 An Thereafter[Member] | |
Debt Instrument [Line Items] | |
Price | 100% |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | $ 32.6 | $ 35.6 |
Income tax benefit on share-based compensation | (3.8) | (5.3) |
Phantom Stock Unit [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 2.1 | 14.4 |
Cost of Revenue [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 1.1 | 1 |
Cost of Revenue [Member] | Phantom Stock Unit [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 0 | 0 |
Research and Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 14 | 20.8 |
Research and Development [Member] | Phantom Stock Unit [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 1.5 | 11.8 |
Selling, General, and Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | 17.5 | 13.8 |
Selling, General, and Administrative [Member] | Phantom Stock Unit [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total | $ 0.6 | $ 2.6 |
Share-Based Compensation - New
Share-Based Compensation - New Stock-Based Compensation Plans - Additional Information (Detail) - shares | 3 Months Ended | ||
Sep. 24, 2022 | Oct. 25, 2022 | Aug. 19, 2019 | |
Subsequent Event [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares approved by stockholders | 5,288,000 | ||
Employee Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized to purchase | 1,500,000 | ||
2019 Inducement Equity Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 650,000 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Option Activity (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Sep. 24, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Awards Outstanding, Balance as of June 2022 | shares | 31,185 |
Stock Option Awards Outstanding, Exercised | shares | (3,808) |
Stock Option Awards Outstanding, Balance as of December 2021 | shares | 27,377 |
Weighted Average Exercise Price, Balance as of June 2022 | $ / shares | $ 61.50 |
Weighted Average Exercise Price, Exercised | $ / shares | 88.53 |
Weighted Average Exercise Price, Balance as of September 2022 | $ / shares | $ 57.75 |
Aggregate Intrinsic Value, Balance as of September 2022 | $ | $ 1.2 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options - Additional Information (Detail) | Sep. 23, 2022 $ / shares |
Stock option outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 100.95 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Stock Units Activity (Detail) $ in Millions | 3 Months Ended |
Sep. 24, 2022 USD ($) shares | |
Restricted stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 2022 | 1,220,573 |
Stock Unit Awards, Granted | 627,743 |
Stock Unit Awards, Delivered/Released | (369,306) |
Stock Unit Awards, Forfeited | (24,178) |
Stock Unit Awards Outstanding, Balance as of September 2022 | 1,454,832 |
Aggregate Intrinsic Value, Balance as of September 2022 | $ | $ 146.9 |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 2022 | 251,974 |
Stock Unit Awards, Granted | 145,526 |
Stock Unit Awards, Delivered/Released | (144,831) |
Stock Unit Awards Outstanding, Balance as of September 2022 | 252,669 |
Aggregate Intrinsic Value, Balance as of September 2022 | $ | $ 25.5 |
Performance stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 2022 | 257,903 |
Stock Unit Awards, Granted | 192,964 |
Stock Unit Awards, Delivered/Released | (112,070) |
Stock Unit Awards, Forfeited | (3,904) |
Stock Unit Awards Outstanding, Balance as of September 2022 | 334,893 |
Aggregate Intrinsic Value, Balance as of September 2022 | $ | $ 33.8 |
Phantom Stock Unit [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 2022 | 176,097 |
Stock Unit Awards, Forfeited | (2,178) |
Stock Unit Awards Outstanding, Balance as of September 2022 | 173,919 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted stock units outstanding [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 23, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 100.95 | |
Shares withheld to meet statutory minimum tax withholding requirements | 106,071 | |
Shares valued withheld to meet statutory minimum tax withholding requirements | $ 13.8 |
Share-Based Compensation - Mark
Share-Based Compensation - Market Stock Units - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Sep. 24, 2022 USD ($) $ / shares shares | |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 0% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 200% |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ / shares | $ 100.95 |
Shares withheld to meet statutory minimum tax withholding requirements | shares | 75,831 |
Shares valued withheld to meet statutory minimum tax withholding requirements | $ 10.3 |
Unrecognized share-based compensation cost | $ 38.7 |
Unrecognized share-based compensation, period for recognition | 1 year 2 months 12 days |
Market stock units outstanding [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 0% |
Market stock units outstanding [Member] | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 200% |
Market stock units outstanding [Member] | Share-based Compensation Award, First Tranche [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period of the underlying awards | 1 year |
Market stock units outstanding [Member] | Share-based Compensation Award, Second Tranche [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period of the underlying awards | 2 years |
Percentage Of Potential Payout | 200% |
Market stock units outstanding [Member] | Share-based Compensation Award, Second Tranche [Member] | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 300% |
Market stock units outstanding [Member] | Share-based Compensation Award, Second Tranche [Member] | Maximum | Three-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 100% |
Market stock units outstanding [Member] | Share-based Compensation Award, Third Tranche [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period of the underlying awards | 3 years |
Market stock units outstanding [Member] | Share-based Compensation Award, Third Tranche [Member] | Maximum | Four-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 100% |
Market stock units outstanding [Member] | Share-based Compensation Award, Fourth Tranche [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period of the underlying awards | 4 years |
Market stock units outstanding [Member] | TSR Percentile Below 25 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 0% |
Market stock units outstanding [Member] | TSR Percentile Below 25 [Member] | Three-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 0% |
Market stock units outstanding [Member] | TSR Percentile Below 25 [Member] | Minimum [Member] | Three-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 0% |
Market stock units outstanding [Member] | TSR Percentile Below 25 [Member] | Maximum | Three-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 300% |
Market stock units outstanding [Member] | TSR Percentile Above 75 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 200% |
Market stock units outstanding [Member] | TSR Percentile Above 75 [Member] | Three-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 300% |
Market stock units outstanding [Member] | TSR Percentile 50 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 100% |
Market stock units outstanding [Member] | TSR Percentile 50 [Member] | Three-Year Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 100% |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Stock Units - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 23, 2022 | |
Performance stock units outstanding [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 100.95 | |
Requisite service period | 3 years | |
Shares withheld to meet statutory minimum tax withholding requirements | 52,678 | |
Shares valued withheld to meet statutory minimum tax withholding requirements | $ 7.3 | |
Unrecognized share-based compensation cost | $ 30 | |
Unrecognized share-based compensation, period for recognition | 1 year 1 month 6 days | |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 0% | |
Minimum [Member] | Performance stock units outstanding [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 0% | |
Threshold percentage of earnings per share to trigger pay out | 65% | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 200% | |
Maximum | Performance stock units outstanding [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 200% | |
Threshold percentage of earnings per share to trigger pay out | 135% |
Share-Based Compensation - Phan
Share-Based Compensation - Phantom Stock Units - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Jun. 25, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of outstanding stock units | $ 57.75 | $ 61.50 |
Phantom Stock Unit [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 3 years | |
Fair value of outstanding stock units | $ 112.12 | |
Accrued liability for outstanding stock units | $ 17.5 |
Share-Based Compensation - Sh_2
Share-Based Compensation - Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Sep. 24, 2022 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate intrinsic value | $ 1.2 |
Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares purchased | shares | 88,210 |
Weighted average purchase price | $ / shares | $ 92.52 |
Cash received | $ 9.6 |
Aggregate intrinsic value | $ 1.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Income Tax Disclosure [Line Items] | ||
Benefit for income taxes | $ 39.1 | $ 5.9 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 8.4 | |
Gross unrecognized tax benefits | 38.2 | |
Interest and penalties accrued related to unrecognized tax benefits | 2.6 | |
Increase (decrease) in interest and penalties accrued related to unrecognized tax benefits | $ 0.1 |
Segment, Customers, and Geogr_3
Segment, Customers, and Geographic Information - Additional Information (Detail) | 3 Months Ended |
Sep. 24, 2022 Segment Product | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Segment | 1 |
Number of product | Product | 3 |
Segment, Customers, and Geogr_4
Segment, Customers, and Geographic Information - Net Revenue within Geographic Areas Based on Customers' Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | $ 448.1 | $ 372.7 |
China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | 114.5 | 135.1 |
Taiwan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | 180.7 | 119.6 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | 106.3 | 91.6 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | 36.6 | 16.4 |
South Korea [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | 5.6 | 8.2 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenue | $ 4.4 | $ 1.8 |
Segment, Customers, and Geogr_5
Segment, Customers, and Geographic Information - Net Revenue from Customers (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Revenue from External Customer [Line Items] | ||
Net revenue | $ 448.1 | $ 372.7 |
Mobile Product Applications [Member] | ||
Revenue from External Customer [Line Items] | ||
Net revenue | 40.2 | 78.4 |
PC Product Applications [Member] | ||
Revenue from External Customer [Line Items] | ||
Net revenue | 65.2 | 88.6 |
Internet of Things Product Applications [Member] | ||
Revenue from External Customer [Line Items] | ||
Net revenue | $ 342.7 | $ 205.7 |
Segment, Customers, and Geogr_6
Segment, Customers, and Geographic Information - Major Customers as Percentage of Net Revenue (Detail) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 13% | 12% |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 11% |
Segment, Customers, and Geogr_7
Segment, Customers, and Geographic Information - Major Customers as Percentage of Net Revenue (Parenthetical) (Detail) | 3 Months Ended |
Sep. 24, 2022 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Maximum | |
Revenue, Major Customer [Line Items] | |
Concentration Risk, Percentage | 10% |
Segment, Customers, and Geogr_8
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 18% | 17% |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 13% | 15% |
Restructuring Activities - Rest
Restructuring Activities - Restructuring Liability Activities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Beginning Balance | $ 1.4 | $ 0.2 |
Restructuring costs | 0 | 1.4 |
Cash payments | (1.2) | (0.4) |
Ending Balance | $ 0.2 | $ 1.2 |