Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Aug. 16, 2024 | Dec. 29, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 29, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SYNAPTICS INCORPORATED | ||
Trading Symbol | SYNA | ||
Entity Central Index Key | 0000817720 | ||
Current Fiscal Year End Date | --06-26 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 000-49602 | ||
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 | ||
Entity Common Stock, Shares Outstanding | 39,582,719 | ||
Entity Public Float | $ 3,315,423,762 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $.001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2024 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K. Except with respect to information specifically incorporated by reference in this Form 10-K, the proxy statement is not deemed to be filed as part of this Form 10-K. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Santa Clara, California | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 876.9 | $ 924.7 |
Short-term investments | 0 | 9.6 |
Accounts receivable, net | 142.4 | 163.9 |
Inventories, net | 114 | 137.2 |
Prepaid expenses and other current assets | 29 | 36.6 |
Total current assets | 1,162.3 | 1,272 |
Property and equipment, net | 75.5 | 66.4 |
Goodwill | 816.4 | 816.4 |
Acquired intangibles, net | 288.4 | 298.5 |
Right-of-use assets | 46.8 | 49 |
Deferred tax assets | 345.6 | 68 |
Non-current other assets | 90 | 41.1 |
Total assets | 2,825 | 2,611.4 |
Current Liabilities: | ||
Accounts payable | 87.5 | 45.8 |
Accrued compensation | 27.4 | 45.9 |
Income taxes payable | 42.2 | 54 |
Operating lease liabilities | 11.5 | 9 |
Other accrued liabilities | 102.6 | 99.4 |
Current portion of long-term debt | 6 | 6 |
Total current liabilities | 277.2 | 260.1 |
Long-term debt | 966.9 | 972 |
Operating lease liabilities, non-current | 37.9 | 42.4 |
Other long-term liabilities | 76.2 | 93.5 |
Total liabilities | 1,358.2 | 1,368 |
Stockholders' Equity: | ||
Preferred stock: $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock: $0.001 par value; 120,000,000 shares authorized, 69,683,991 and 68,687,511 shares issued, 39,567,552 and 38,571,072 shares outstanding, at June 2024 and 2023, respectively | 0.1 | 0.1 |
Additional paid-in capital | 1,107 | 1,009.2 |
Treasury stock: 30,116,439 common shares at June 2024 and June 2023, at cost | (878) | (878) |
Retained earnings | 1,237.7 | 1,112.1 |
Total stockholders' equity | $ 1,466.8 | $ 1,243.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 29, 2024 | Jun. 24, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 69,683,991 | 68,687,511 |
Common stock, shares outstanding | 39,567,552 | 38,571,072 |
Common treasury shares | 30,116,439 | 30,116,439 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Income Statement [Abstract] | |||
Net revenue | $ 959.4 | $ 1,355.1 | $ 1,739.7 |
Cost of revenue | 519.6 | 639.2 | 796.6 |
Gross margin | 439.8 | 715.9 | 943.1 |
Operating expenses: | |||
Research and development | 336.3 | 351.2 | 367.3 |
Selling, general, and administrative | 161.3 | 175 | 168.4 |
Acquired intangibles amortization | 17.3 | 35.4 | 38.7 |
Intangible asset impairment charge | 16 | 0 | 0 |
Restructuring costs | 10.5 | 0 | 18.3 |
Total operating expenses | 541.4 | 561.6 | 592.7 |
Operating (loss)/income | (101.6) | 154.3 | 350.4 |
Interest and other income | 42.3 | 27.2 | 3 |
Interest expense | (65.3) | (55.5) | (30.2) |
Loss on redemption of convertible notes | 0 | 0 | (8.1) |
Gain from sale and leaseback transaction | 0 | 0 | 5.4 |
(Loss)/income before provision for income taxes | (124.6) | 126 | 320.5 |
(Benefit)/provision for income taxes | (250.2) | 52.4 | 64.6 |
Equity investment gain | 0 | 0 | 1.6 |
Net income | $ 125.6 | $ 73.6 | $ 257.5 |
Net income per share: | |||
Basic | $ 3.2 | $ 1.86 | $ 6.6 |
Diluted | $ 3.16 | $ 1.83 | $ 6.33 |
Shares used in computing net income: | |||
Basic | 39.2 | 39.6 | 39 |
Diluted | 39.7 | 40.2 | 40.7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 125.6 | $ 73.6 | $ 257.5 |
Other comprehensive income, net of tax | |||
Unrealized gain/(loss) on available-for-sale-securities | 0.2 | 0.6 | (1.8) |
Reclassification adjustments for losses included in net income | (0.2) | 1.2 | 0 |
Other comprehensive income/(loss) | 0 | 1.8 | (1.8) |
Comprehensive income | $ 125.6 | $ 75.4 | $ 255.7 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - 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 (Loss) | 257.5 | 257.5 | ||||
Other comprehensive income/Loss | (1.8) | $ (1.8) | ||||
Issuance of common stock for share-based award compensation plans | 15.2 | 15.2 | ||||
Issuance of common stock for share-based award compensation plans, shares | 782,794 | |||||
Payroll taxes related to net share settlement of share-based awards | (67.3) | (67.3) | ||||
Treasury stock issued for redemption of convertible notes | (6.9) | (517.8) | 510.9 | |||
Share-based compensation attributable to acquisition | 1.7 | 1.7 | ||||
Share-based compensation | 100.8 | 100.8 | ||||
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 (Loss) | 73.6 | 73.6 | ||||
Other comprehensive income/Loss | 1.8 | $ 1.8 | ||||
Issuance of common stock for share-based award compensation plans | 17.6 | 17.6 | ||||
Issuance of common stock for share-based award compensation plans, shares | 941,711 | |||||
Payroll taxes related to net share settlement of share-based awards, Shares | 0 | |||||
Payroll taxes related to net share settlement of share-based awards | (54.5) | (54.5) | ||||
Common stock repurchased | (183.5) | (183.5) | ||||
Share-based compensation | 122 | 122 | ||||
Balance, value at Jun. 24, 2023 | 1,243.4 | $ 0.1 | 1,009.2 | (878) | 1,112.1 | |
Balance, shares at Jun. 24, 2023 | 68,687,511 | |||||
Net Income (Loss) | 125.6 | 125.6 | ||||
Issuance of common stock for share-based award compensation plans | 15.9 | 15.9 | ||||
Issuance of common stock for share-based award compensation plans, shares | 996,480 | |||||
Payroll taxes related to net share settlement of share-based awards | (36.9) | (36.9) | ||||
Share-based compensation | 118.8 | 118.8 | ||||
Balance, value at Jun. 29, 2024 | $ 1,466.8 | $ 0.1 | $ 1,107 | $ (878) | $ 1,237.7 | |
Balance, shares at Jun. 29, 2024 | 69,683,991 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Cash flows from operating activities | |||
Net income | $ 125.6 | $ 73.6 | $ 257.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation costs | 118.8 | 122 | 100.8 |
Depreciation and amortization | 27.6 | 27.4 | 24 |
Acquired intangibles amortization | 81.6 | 130.4 | 123.5 |
Deferred taxes | (288.8) | (25.9) | (29.7) |
Intangible asset impairment charge | 16 | 0 | 0 |
Other | 25 | 27.4 | 5.5 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | 22.4 | 161.3 | (81.1) |
Inventories, net | 6.5 | 24.6 | (54.2) |
Prepaid expenses and other current assets | 7.2 | (6.1) | 6.9 |
Other assets | (21.5) | 9.4 | 15 |
Accounts payable | 38.9 | (95.6) | 23.2 |
Accrued compensation | (18.1) | (45.4) | 5.3 |
Income taxes payable | (19.1) | (15.6) | 48.6 |
Other accrued liabilities | 13.8 | (56) | 17.4 |
Net cash provided by operating activities | 135.9 | 331.5 | 462.7 |
Cash flows from investing activities | |||
Proceeds from sale of assets | 0 | 55.9 | |
Acquisition of business, net of cash and cash equivalents acquired | 0 | (15.5) | (501.1) |
Advance payment on intangible assets | (120.3) | 0 | (30) |
Proceeds from maturity of investments | 26.5 | 21.4 | 0 |
Proceeds from sales of investments | 0 | 22.2 | 24.4 |
Purchases of short-term investments | (16.6) | 0 | (5.8) |
Purchases of property and equipment | (33.8) | (34.2) | (31.1) |
Purchase of intangible assets | (13.5) | 0 | |
Proceeds from sale of equity method investment | 0 | 0 | 5 |
Other | 0 | 0.1 | 0 |
Net cash used in investing activities | (157.7) | (6) | (482.7) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 0 | 0 | 600 |
Payment of debt issuance costs | 0 | 0 | (11.2) |
Proceeds from issuance of shares | 15.9 | 17.6 | 15.2 |
Payroll taxes related to net share settlement of share-based awards | (36.9) | (54.5) | (67.3) |
Repurchases of common stock | 0 | (183.5) | 0 |
Repayment of debt | (7.5) | (6) | (3) |
Payment for redemption of convertible notes | 0 | 0 | (505.6) |
Refundable deposit paid to vendor | 0 | 0 | (16.6) |
Other | 3.4 | 5.1 | 2.8 |
Net cash (used in)/provided by financing activities | (25.1) | (221.3) | 14.3 |
Effect of exchange rate changes on cash and cash equivalents | (0.9) | (3.5) | (6.6) |
Net (decrease)/increase in cash and cash equivalents | (47.8) | 100.7 | (12.3) |
Cash and cash equivalents, beginning of period | 924.7 | 824 | 836.3 |
Cash and cash equivalents, end of period | 876.9 | 924.7 | 824 |
Supplemental disclosures of cash flow information | |||
Cash paid for taxes, net of refunds | 55.2 | 91.4 | 38.3 |
Cash paid for interest | 63.4 | 51.9 | 25 |
Supplemental disclosures of non-cash transactions | |||
Purchases of property and equipment in current liabilities | 4.3 | 2.2 | 3.6 |
Receipt of intangible assets from advance payments | $ 74 | $ 30 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 125.6 | $ 73.6 | $ 257.5 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 29, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 29, 2024 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization We are a leading worldwide developer and fabless supplier of premium mixed signal semiconductor solutions that enable people to engage with connected devices and data, engineering exceptional experiences throughout the home, at work, in the car and on the go. We provide our customers with sensing, processing, and connecting solutions, which represent the three foundational elements of the Internet of Things, or IoT. We supply connectivity, sensors, and AI-enhanced processor solutions to original equipment manufacturers, or OEMs, that design IoT products and devices for automobiles, enterprise workspace devices, virtual reality, smartphones, tablets, and notebook computers. Basis of Presentation and Principles of Consolidation Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. Our fiscal 2024 is a 53-week period ending June 29, 2024, and our fiscal 2023 and 2022 were 52-week periods ending on June 24, 2023 and June 25, 2022, respectively. For simplicity, the accompanying consolidated financial statements have been shown as ending on calendar quarter end dates as of and for all periods presented, unless otherwise indicated. The consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and 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. 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, 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, 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 and Investments Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of purchase. Our cash equivalents as of the end of fiscal 2024 and 2023 consisted of bank deposits and money market funds with a fair value of $ 876.9 million and $ 924.7 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 interest and other expense, net, in our Consolidated Statements of Operations. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Some of the factors we consider include, but are not limited to, the following: 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. Fair Value Measurements We apply fair value accounting for all financial assets and liabilities that are required to be recognized or disclosed at fair value in the Consolidated Financial Statements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, we consider the principal or most advantageous market in which we would transact, and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The carrying amounts reported in the consolidated financial statements approximate the fair value for cash, accounts receivable, accounts payable and accrued liabilities due to their short-term nature. Intangible assets, property and equipment, and goodwill are measured at fair value on a non-recurring basis if impairment is indicated. The interest rate on our term loan is variable, which is subject to change from time-to-time to reflect a market interest rate. See Note 6. Fair Value Measurements for additional information. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, investments, and accounts receivable. Our investment policy, which is predicated on capital preservation and liquidity, limits investments to U.S. government treasuries and agency issues, taxable securities, and municipal issued securities with a minimum rating of investment grade by the rating agencies. We sell our products to contract manufacturers that provide manufacturing services for OEMs, to some OEMs directly, and to distributors. We extend credit based on an evaluation of a customer’s financial condition, and we generally do not require collateral. The following customers accounted for more than 10% of our accounts receivable balance as of the end of fiscal 2024 and 2023: 2024 2023 Customer A * 10 % Customer B 12 % 20 % Customer C 12 % * Customer D 18 % * Other Concentrations Our products include certain components that are currently single sourced. We believe other vendors would be able to provide similar components, however, the qualification of such vendors may require additional lead time. In order to mitigate any potential adverse impact from a supply disruption, we strive to maintain an adequate supply of critical single-sourced components. Revenue Recognition Our revenue is primarily generated from the sale of 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. 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. Rights to our intellectual property, or IP, are either sold or licensed to customers. Revenue recognition from the licensing of our IP is dependent on the nature and terms of each agreement. We recognize revenue from the licensing of our IP upon delivery of the IP if there are no substantive future obligations to perform under the arrangement. Sales-based or usage-based royalties from the license of IP are recognized at the later of the period the sale or usage occurs, or the satisfaction of the performance obligation to which some or all of the sales-based or usage-based royalties have been allocated. 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 other accrued liabilities on our consolidated balance sheets. 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 arrangement 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. There was $ 1.2 million of contract assets (i.e., unbilled accounts receivable, deferred commissions) recorded on the consolidated balance sheets as of June 2024, and $ 1.3 million as of June 2023. Contract assets are presented as part of prepaid expenses and other current assets. Contract liabilities and refund liabilities were $ 14.7 million and $ 43.5 million, respectively, as of June 2024, and $ 18.7 million and $ 39.8 million, respectively, as of June 2023. Both contract liabilities and refund liabilities are presented as part of customer obligations in other accrued liabilities on our consolidated balance sheets. During fiscal 2024 and 2023, we recognized $ 4.9 million and $ 21.9 million, respectively, in revenue related to contract liabilities 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 June 2024 , 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 the ASC, we do not disclose revenues allocated to future performance obligations of partially completed contracts. We have elected to account for shipping and handling costs as fulfillment costs before the customer obtains control of the goods. We continue to classify shipping and handling costs as a cost of revenue. We have elected to continue to 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 in the selling, general and administrative expense line item in the consolidated statements of operations) are expensed when the product is shipped because such commissions are incurred after the product has been shipped. Revenue from contracts with customers disaggregated by geographic area based on customer location and groups of similar products is presented in Note 15 Segment, Customers, and Geographical Information. Advertising Costs Advertising costs, if any, are expensed when incurred. Allowance for Credit Losses We maintain allowances for expected credit losses resulting from the inability of customers to meet their financial obligations. On an ongoing basis, we evaluate the collectability of accounts receivable based on a combination of factors. In circumstances in which we are aware of a specific customer’s potential inability to meet its financial obligation, we record a specific reserve of the credit loss against amounts due. In addition, we make judgments and estimates on the collectability of accounts receivable based on our historical bad debt experience, customers’ creditworthiness, current economic trends, recent changes in customers’ payment trends, and deterioration in customers’ operating results or financial position. If circumstances change adversely, additional credit loss allowances may be required. At June 2024 and June 2023, the allowance for credit losses on our trade receivables was $ 4.2 million and $ 5.0 million, respectively. Cost of Revenue Our cost of revenue includes the cost of products shipped to our customers, which primarily includes the cost of products built to our specifications by our contract manufacturers, the cost of silicon wafers supplied by independent semiconductor wafer manufacturers, and the related assembly, package, and test costs of our products. Also included in our cost of revenue are personnel and related costs, including share-based compensation for quality assurance and manufacturing support personnel; logistics costs; depreciation of equipment supporting manufacturing; acquired intangibles amortization; inventory fair value adjustments associated with acquired businesses; inventory write-downs and losses on purchase obligations; and warranty costs. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value as of the end of fiscal 2024 and 2023, and consisted of the following (in millions): 2024 2023 Raw materials and work-in-progress $ 69.5 $ 70.5 Finished goods 44.5 66.7 $ 114.0 $ 137.2 Inventories are recorded at standard cost, which approximates actual cost computed on a first-in, first-out basis. 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 OEM customers of any product offerings incorporating our product solutions. Property and Equipment We state property and equipment at cost less accumulated depreciation and amortization. We compute depreciation using the straight-line method over the estimated useful lives of the assets. We amortize leasehold improvements over the shorter of the lease term or the estimated useful life of the asset. Foreign Currency The U.S. dollar is our functional and reporting currency. We remeasure our monetary assets and liabilities not denominated in our 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. These foreign currency transactions and remeasurement gains and losses, resulted in a net gain of $ 0.7 million in fiscal 2024, a net loss of $ 2.3 million in fiscal 2023 and a net gain of $ 5.6 million in fiscal 2022 . Gains and losses resulting from foreign currency transactions are included in selling, general, and administrative expenses in the consolidated statements of operations. Goodwill Goodwill represents the excess of the purchase price of an acquired business over the identifiable assets acquired and liabilities assumed. We test for impairment of goodwill on an annual basis in the fourth quarter and at any other time when events occur, or circumstances indicate that the carrying amount of goodwill may not be recoverable. We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The qualitative factors we assess include long-term prospects of our performance, share price trends and market capitalization, and Company specific events. Unanticipated events and circumstances may occur that affect the accuracy of our assumptions, estimates and judgments. If we determine that as a result of the qualitative assessment that it is more likely than not (i.e., greater than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, then the quantitative test is required. Otherwise, no further testing is required. The quantitative goodwill impairment test requires us to estimate the fair value of our reporting units. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is potentially impaired and we record an impairment loss equal to the excess of the carrying value of the reporting unit over its fair value, not to exceed the carrying amount of goodwill. The fair value of each of our goodwill reporting units is generally estimated using discounted cash flow methodologies. We performed the qualitative and quantitative goodwill impairment test in fiscal 2024 and 2023, respectively. Based on the impairment analysis performed in the fourth quarter of each year presented, no goodwill impairment was recognized. Intangible Assets Intangible assets consist primarily of intangible assets purchased through acquisitions. Finite-lived intangible assets are amortized for financial reporting purposes using the straight-line method over the estimated useful lives of the assets ranging from 1 to 6 years. Indefinite-lived intangible assets are not amortized but tested annually for impairment in the fourth quarter, or when events or changes in circumstances indicate that indefinite-lived intangible assets might be impaired. Impairment of Long-Lived Assets We evaluate long-lived assets, such as property and equipment and intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We measure recoverability of assets to be held and used by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. We review the carrying value of indefinite-lived intangible assets for impairment at least annually during the last quarter of our fiscal year, or more frequently if we believe indicators of impairment exist. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, we recognize an impairment charge in an amount by which the carrying amount of the asset exceeds the fair value of the asset. During fiscal 2024, we recorded a $ 16.0 million impairment charge on an indefinite-lived intangible asset. Leases We determine if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease expense for these leases is recognized on a straight-line basis over the lease term. 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. Other Accrued Liabilities and Other Long-Term Liabilities As of the end of fiscal 2024 and 2023, other accrued liabilities consisted of the following (in millions): 2024 2023 Customer obligations $ 58.2 $ 58.5 Inventory obligations 5.6 7.0 Other 38.8 33.9 $ 102.6 $ 99.4 As of the end of fiscal 2024 and 2023, other long-term accrued liabilities consisted of the following (in millions): 2024 2023 Deferred tax liabilities $ 27.9 $ 39.1 Income taxes payable, long-term 27.8 38.1 Other 20.5 16.3 $ 76.2 $ 93.5 Share-Based Compensation We charge the estimated fair value less actual forfeitures to earnings on a straight-line basis over the vesting period of the entire underlying award, which is generally three or four years for our restricted stock units, or RSU, awards, three years for our market stock units, or MSU, awards, three years for our performance stock units, or PSU, awards, and up to one year for shares purchased under our 2019 employee stock purchase plan. We estimate the fair value of market-based MSUs at the date of grant using a Monte Carlo simulation model and amortize those fair values over the requisite service period, which is generally three years . The Monte Carlo simulation model that we use to estimate the fair value of market-based MSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied. Provided that the requisite service is rendered, the total fair value of the market-based MSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria. We value PSUs using the aggregate intrinsic value on the grant date and amortize the compensation expense over the three-year service period on a ratable basis, dependent upon the probability of meeting the performance measures. 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. As our phantom stock is a cash-settled award, it is recorded as a liability and remeasured each reporting period. Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of a change in tax rates in income on deferred tax assets and liabilities in the period that includes the enactment date. We establish valuation allowances when necessary to reduce deferred tax assets to the amounts that are more likely than not to be realized. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement with a taxing authority. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of highly complex tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our consolidated financial position, results of operations, and cash flows. We believe we have adequately provided for reasonably foreseeable outcomes in connection with the resolution of income tax uncertainties. However, our results have in the past, and could in the future, include favorable and unfavorable adjustments to our estimated tax liabilities in the period a determination of such estimated tax liability is made or resolved, upon the filing of an amended return, upon a change in facts, circumstances, or interpretation, or upon the expiration of a statute of limitation. Accordingly, our effective tax rate could fluctuate materially from period to period. Product Warranty We generally provide warranties to cover defects in workmanship, materials and manufacturing for a period of twelve months to meet the stated functionality as agreed to in each sales arrangement. Products are tested against specified functionality requirements prior to delivery, but we nevertheless from time-to-time experience claims under our warranty guarantees. These standard warranties are assurance type warranties and do not offer any services in addition to the assurance that the product will continue working as specified. Therefore, warranties are not considered separate performance obligations in the arrangement. We accrue for estimated warranty costs under those guarantees based upon historical experience, and for specific items, at the time their existence is known, and the amounts are determinable. Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations. We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from customer relationships and acquired developed technology and discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ materially from estimates. Other estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed. Any change in facts and circumstances that existed as of the acquisition date and impacts our preliminary estimates is recorded to goodwill if identified within the measurement period. Any adjustments subsequent to the measurement period or our final determination of fair value of assets and liabilities, will be charged to earnings. Research and Development Research and development costs are expensed as incurred. Accounting Pronouncements Issued But Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending June 2025 and our interim periods within the fiscal year ending June 2026. We are currently assessing the impact of this guidance on our disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending June 2026. We are currently assessing the impact of this guidance on our disclosures. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Jun. 29, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 2. Net Income Per Share The computation of basic and diluted net income per share for fiscal 2024, 2023, and 2022 was as follows (in millions, except per share amounts): 2024 2023 2022 Numerator: Net income $ 125.6 $ 73.6 $ 257.5 Denominator: Shares, basic 39.2 39.6 39.0 Effect of dilutive share-based awards and convertible notes 0.5 0.6 1.7 Shares, diluted 39.7 40.2 40.7 Net income per share: Basic $ 3.20 $ 1.86 $ 6.60 Diluted $ 3.16 $ 1.83 $ 6.33 Diluted net income per share does not include the effect of potential common shares related to certain share-based awards for fiscal 2024, 2023, and 2022 as follows (in millions): 2024 2023 2022 Share-based awards 0.2 0.7 0.1 These share-based awards were not included in the computation of diluted net income per share because the proceeds received, if any, from such share-based awards combined with the average unamortized compensation costs, were greater than the average market price of our common stock, and therefore, their effect would have been antidilutive. Our basic net income per share amounts for each period presented have been computed using the weighted average number of shares of common stock outstanding. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We used the “treasury stock” method to determine the dilutive effect of outstanding share-based awards and convertible notes. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Property and equipment as of the end of fiscal 2024 and 2023 consisted of the following (in millions): Life 2024 2023 Computer equipment 3 - 5 years $ 16.2 $ 20.1 Manufacturing equipment 1 - 5 years 104.9 105.9 Furniture, fixtures, and leasehold improvements 3 - 12 years 45.0 43.4 Capitalized software 3 - 7 years 21.2 22.5 Construction in progress Up to 5 years 20.0 7.0 207.3 198.9 Accumulated depreciation and amortization ( 131.8 ) ( 132.5 ) Property and equipment, net $ 75.5 $ 66.4 Our construction in progress primarily includes machinery and equipment that we expect to place in service in the next 12 months. |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 29, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions Asset Acquisition During the first quarter of fiscal 2024, we entered into an amendment to our wireless license agreement with Avago Tech nologies (“Broadcom”), to license four developed technology products and to extend the exclusivity period of certain developed technologies that were previously licensed from Broadcom in July 2020 for an aggregate consideration of $ 130.0 million. As of June 2024, we have obtained control of three of the four technology products and the three-year extension period to exclusively license previously acquired developed technology intangible assets. Accordingly, the relative fair value of $ 87.5 million for those technology products is presented as acquired intangible assets in our consolidated balance sheets. The fair value of the remaining technology product of $ 42.5 million for which we have not yet obtained control is an advance payment on intangible assets and is presented within other long-term assets in our consolidated balance sheets. During the third quarter of fiscal 2023, we completed the acquisition of certain developed technology intangible assets from Broadcom for an aggregate consideration of $ 30.0 million, which was paid in cash in the previous fiscal year. This transaction did not meet the definition of a business combination as substantially all of the fair value of the gross assets acquired was concentrated in the finite-lived developed technology intangible asset. As a result, this transaction was accounted for as an asset acquisition and the total purchase consideration was allocated to intangible assets, amortized over an estimated useful life of six years. Emza Visual Sense, Ltd. On October 25, 2022 , we acquired all of the outstanding shares of Emza Visual Sense, Ltd. , or Emza, a developer of ultra-low-power artificial intelligence visual sensing solutions , for total purchase consideration of $ 15.8 million. The purchase price was attributed to $ 0.3 million cash acquired, $ 8.0 million of intangible assets, $ 9.8 million of goodwill and $ 2.3 million net liabilities assumed. Goodwill recognized from the acquisition of Emza is not deductible for income tax purposes. Pro forma results of operations for this acquisition have not been presented because they are not material to our consolidated results of operations, either individually or in the aggregate. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 12 Months Ended |
Jun. 29, 2024 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments | 5. Cash, Cash Equivalents and Short-Term Investments The following table summarizes our cash, cash equivalents and short-term investments by category as of June 2024 and June 2023 (in millions): We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. June 2024 June 2023 Amortized Cost Gross unrealized loss Fair Value Amortized Cost Gross unrealized loss Fair Value Cash $ 238.4 $ — $ 238.4 $ 853.9 $ — $ 853.9 Cash equivalents: Money market funds 600.4 — 600.4 54.4 — 54.4 Treasury bills — — — 16.4 — 16.4 Certificates of deposit 38.1 — 38.1 — — — Total cash and cash equivalents $ 876.9 $ — $ 876.9 $ 924.7 $ — $ 924.7 Short-term investments: Certificates of deposit $ — $ — $ — $ 0.2 $ — $ 0.2 Corporate debt securities — — — 6.5 ( 0.2 ) 6.3 Municipal bonds — — — 3.1 — 3.1 Total short-term investments $ — $ — $ — $ 9.8 $ ( 0.2 ) $ 9.6 The following table classifies our short-term investments by contractual maturities ( in millions ): June 2024 June 2023 Amortized cost Fair value Amortized cost Fair value Due within 1 year $ — $ — $ 9.8 $ 9.6 Due between 1 and 5 years — — — — $ — $ — $ 9.8 $ 9.6 All available-for-sale securities have been classified as current, based on management's intent and ability to use the funds in current operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 the end of June 2024 and 2023, financial assets measured at fair value on a recurring basis are summarized below (in millions): June 2024 June 2023 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 600.4 $ — $ 600.4 $ 54.4 $ — $ 54.4 Treasury bills — — — 16.4 — 16.4 Certificates of deposit — 38.1 38.1 — — — Short-term investments: Certificates of deposit — — — — 0.2 0.2 Corporate debt securities — — — — 6.3 6.3 Municipal bonds — — — — 3.1 3.1 Total assets $ 600.4 $ 38.1 $ 638.5 $ 70.8 $ 9.6 $ 80.4 The above table excludes $ 238.4 million and $ 853.9 million of cash held in our bank accounts at the end of June 2024 and 2023, respectively. We did not have any financial instruments measured at fair value on a recurring basis within Level 3 fair value during fiscal 2024 and 2023 and there were no transfers in or out of our Level 1 or 2 assets during the same periods. 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 Debt and Term Loan, see Note 8. Debt. The estimated fair value of the notes was determined based on the trading price of the notes as of the last day of trading for the period. We consider the fair value of the notes 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 Debt are as follows for the periods presented (in millions): June 2024 June 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes due 2029 $ 396.3 $ 359.6 $ 395.6 $ 337.2 Term Loan Facility due 2028 576.6 577.0 582.4 575.3 $ 972.9 $ 936.6 $ 978.0 $ 912.5 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Jun. 29, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | 7. Goodwill and Acquired Intangible Assets The following table presents our goodwill balance as of June 2024 and June 2023 (in millions): 2024 2023 Beginning balance $ 816.4 $ 806.6 Acquisition activity — 9.8 Ending balance $ 816.4 $ 816.4 The following table summarizes the life, the gross carrying value of our acquired intangible assets, and the related accumulated amortization as of the end of fiscal 2024 and 2023 (in millions): 2024 2023 Weighted Average Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Audio and video technology 5.6 $ 231.9 $ ( 175.5 ) $ 56.4 $ 231.9 $ ( 150.7 ) $ 81.2 Customer relationships 4.1 158.2 ( 134.1 ) 24.1 158.2 ( 117.8 ) 40.4 Wireless connectivity technology 5.5 245.5 ( 90.1 ) 155.4 158.0 ( 58.0 ) 100.0 Video interface technology 3.4 133.0 ( 85.2 ) 47.8 82.0 ( 79.7 ) 2.3 Human presence detection technology 5.0 5.2 ( 1.7 ) 3.5 5.2 ( 0.7 ) 4.5 Licensed technology and other 4.4 10.7 ( 9.6 ) 1.1 10.8 ( 8.9 ) 1.9 Patents 8.0 4.4 ( 4.4 ) — 4.4 ( 4.3 ) 0.1 Tradename 4.4 5.8 ( 5.7 ) 0.1 5.8 ( 4.7 ) 1.1 In process research and development Not applicable — — — 67.0 — 67.0 Acquired intangibles totals 4.9 $ 794.7 $ ( 506.3 ) $ 288.4 $ 723.3 $ ( 424.8 ) $ 298.5 During fiscal 2024, we retired $ 4.4 million of fully amortized patents that reached the end or their useful life. During fiscal 2023, we retired $ 20.4 million of fully amortized display driver technology. Amortization expense is calculated using the straight-line method over the estimated useful lives of the acquired intangibles. The total amortization expense for the acquired intangible assets was $ 81.6 million in fiscal 2024, $ 130.4 million in fiscal 2023, and $ 123.5 million in fiscal 2022. This amortization expense was included in our consolidated statements of operations as acquired intangibles amortization and cost of revenue. The following table presents expected annual aggregate amortization expense in future fiscal years (in millions): 2025 $ 97.9 2026 84.8 2027 50.0 2028 33.9 2029 15.5 Thereafter 6.3 Future amortization $ 288.4 Impairment of indefinite-lived intangible asset During fiscal 2024, we recorded an indefinite-lived intangible asset impairment charge of $ 16.0 million on our in-process research and development, or IPR&D, from our December 2021 acquisition of DSPG. We recorded the impairment charge as an operating expense in our consolidated statement of operations. We recorded the impairment charge due to a lack of commitment from certain key customers, no anticipated customer migration to the IPR&D technologies acquired from DSPG, and no further development or investment planned for this project. |
Debt
Debt | 12 Months Ended |
Jun. 29, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Senior Debt 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. 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 % 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 consolidated balance sheet, are amortized as interest expense using the effective interest method through the maturity date. The total interest expense and amortization of the debt issuance costs recorded on the Senior Notes during the fiscal year ended June 2024 and 2023 was $ 16.7 million and $ 16.6 million, respectively. Revolving Credit Facility On March 16, 2023, we entered into a Second Amendment, or the Second Amendment, and on July 28, 2023, we entered into a Third Amendment, or the Third Amendment, to our Second Amended and Restated Credit Agreement, as amended, the Credit Agreement, with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, dated March 11, 2021. The Second Amendment replaces the LIBOR-based interest rate applicable to borrowings under the Credit Agreement with a SOFR-based interest rate, and the Third Amendment provides that the consolidated interest coverage ratio financial covenant only applies if, as of the last day of any fiscal quarter, our aggregate cash and cash equivalents balance is less than $ 450 million. 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. As of June 2024 , 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 Amended 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 Credit Agreement bears interest, at our election, of a Base Rate plus an Applicable Margin or Adjusted Term SOFR, as defined in the Second Amendment, 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 Adjusted Term SOFR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for Adjusted Term SOFR 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. 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, which after the Third Amendment, only applies if our cash and cash equivalents balance is less than $ 450 million as of the last day of any fiscal quarter. 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. If our quarter-end cash and cash equivalents balance is less than $ 450.0 million, the interest coverage ratio must not be less than 3.50 to 1.0 as of the date of determination. As of the end of the quarter, 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 accrue interest at the SOFR, plus 2.25 %, or at the Base Rate plus 1.25 %, subject to a 25 basis point step-down based on total gross leverage, and subject to an Adjusted Term SOFR floor of 50 basis points. The base rate is the highest of (i) the Federal Funds Rate plus 0.50 %, (ii) the Prime Rate and (iii) the one-month Adjusted Term SOFR 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 covenants. 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 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 consolidated balance sheet, are amortized as interest expense through the maturity date. The total interest expense and amortization of the debt issuance costs recorded on the Term Loan Facility during fiscal 2024 and 2023 was $ 47.8 million and $ 37.9 million, respectively. The following table presents the future principal payments related to our Senior Notes and Term Loan Facility in future fiscal years (in millions): Senior Notes Term Loan Facility Total 2025 $ — $ 6.0 $ 6.0 2026 — 6.0 6.0 2027 — 6.0 6.0 2028 — 6.0 6.0 2029 400.0 559.5 959.5 $ 400.0 $ 583.5 $ 983.5 As of the end of fiscal 2024 and 2023, our total debt is presented in our consolidated balance sheet as follows (in millions): 2024 2023 Total debt Issuance costs Total debt, net of issuance costs Total debt Issuance costs Total debt, net of issuance costs Current portion of long-term debt $ 6.0 $ — $ 6.0 $ 6.0 $ — $ 6.0 Long-term debt 977.5 ( 10.6 ) 966.9 985.0 ( 13.0 ) 972.0 $ 983.5 ( 10.6 ) $ 972.9 $ 991.0 ( 13.0 ) $ 978.0 Convertible Debt On June 1, 2021, pursuant to the Indenture, dated as of June 26, 2017 between us and Wells Fargo Bank, National Asso ciation, 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 consolidated statements of operations included elsewhere in this report. |
Leases
Leases | 12 Months Ended |
Jun. 29, 2024 | |
Leases Commitments And Contingencies [Abstract] | |
Leases | 9. Leases Our leases primarily include our headquarters office and 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 2034 , some of which include options to extend the lease for up to seven years . During fiscal 2024 and 2023, we recorded approximately $ 11.8 million and $ 12.0 million of operating leases expense, respectively. Our short-term leases are immaterial and we do not have finance leases. As of the end of fiscal 2024 and 2023, the components of leases are as follows (in millions): June June 2024 2023 Operating lease right-of-use assets $ 46.8 $ 49.0 Operating lease liabilities $ 11.5 $ 9.0 Operating lease liabilities, long-term 37.9 42.4 Total operating lease liabilities $ 49.4 $ 51.4 Supplemental cash flow information related to leases is as follows (in millions): 2024 2023 Cash paid for operating leases included in operating cash flows $ 11.2 $ 10.6 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 7.4 $ 7.3 As of the end of fiscal 2024, the weighted average remaining lease term was 6.49 years, and the weighted average discount rate was 5.34 % . Future minimum lease payments for the operating lease liabilities are as follows (in millions): Operating Lease Fiscal Year Payments 2025 $ 13.3 2026 10.5 2027 7.9 2028 6.2 2029 5.3 Thereafter 15.0 Total future minimum operating lease payments 58.2 Less: interest ( 8.8 ) Total lease liabilities $ 49.4 Sale and Leaseback Transaction On February 8, 2022, we executed a sale and leaseback transaction of our properties located at 1109-1251 McKay Drive and 1140-1150 Ringwood Court, San Jose, California, for a purchase price, net of closing and other expenses payable by us, of $ 55.9 million. Concurrent with the sale, we entered into a lease agreement with the buyer to lease back the land and properties located at 1109 and 1151 McKay Drive, San Jose, California, for an initial term of 12 years and a renewal option for an additional seven years . The transaction qualified for sale and leaseback and operating lease accounting classification, and we recorded a gain of $ 5.4 million which is recorded in the gain on sale and leaseback transaction line in the consolidated statements of operations. |
Indemnifications and Contingenc
Indemnifications and Contingencies | 12 Months Ended |
Jun. 29, 2024 | |
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 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. Legal Proceedings From time to time, we are subject to various claims and legal proceedings, either asserted or unasserted, that arise in the ordinary course of business. While we currently believe that resolving claims against us, individually or in the aggregate, will not have a material adverse impact on our business, financial condition, or results of operations, these matters are subject to inherent uncertainties and our view of these matters may change in the future. We accrue for loss contingencies when it is both probable that we will incur the loss and we can reasonably estimate the amount of the loss or range of loss. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 29, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Preferred Stock We are authorized, subject to limitations imposed by Delaware law, to issue up to a total of 10,000,000 shares of preferred stock in one or more series without stockholder approval. Our Board of Directors has the power to establish, from time-to-time, the number of shares to be included in each series and to fix the rights, preferences, and privileges of the shares of each wholly unissued series and any of its qualifications, limitations, or restrictions. Our Board of Directors can also increase or decrease the number of shares of a series, but not below the number of shares of that series then outstanding, without any further vote or action by the stockholders. Our Board of Directors may authorize the issuance of preferred stock with voting or conversion rights that could harm the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in control of our company and might harm the market price of our common stock and the voting power and other rights of the holders of our common stock. As of the end of fiscal 2024 , there were no shares of preferred stock outstanding. Shares Reserved for Future Issuance Shares of common stock reserved for future issuance as of the end of fiscal 2024 were as follows: Restricted stock units outstanding 1,620,006 Market stock units outstanding 200,513 Performance stock units outstanding 265,362 Awards available for grant under all share-based 3,488,141 Reserved for future issuance 5,574,022 Treasury Stock Our cumulative authorization of repurchases under our common stock repurchase program as of the end of fiscal 2024 was $ 2.3 billion expiring July 2025 . The program authorizes us to repurchase our common stock in the open market or in privately negotiated transactions depending upon market conditions and other factors. The number of shares repurchased and the timing of repurchases is based on the level of our cash balances, general business and market conditions, and other factors, including alternative investment opportunities. Common stock repurchased under this program is held as treasury stock. As of the end of fiscal 2024, we had $ 893.9 million of common stock remaining to be repurchased under our common stock repurchase program. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 12. Share-Based Compensation The purpose of our various share-based compensation plans is to attract, motivate, retain, and reward high-quality employees, directors, and consultants by enabling such persons to acquire or increase their proprietary interest in our common stock in order to strengthen the mutuality of interests between such persons and our stockholders and to provide such persons with annual and long-term performance incentives to focus their best efforts on the creation of stockholder value. Consequently, we determine whether to grant share-based compensatory awards subsequent to the initial award for our employees and consultants primarily on individual performance. 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, or our 2010 ESPP. Upon approval of the 2019 Incentive Plan, new awards are no longer issued under the 2010 Incentive Plan. Awards outstanding as of 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 units, cash incentive awards, performance shares, performance stock units, and other stock-based awards. The cumulative number of shares approved under the 2019 Incentive Plan was 6,188,000 . The 2019 ESPP authorizes us to provide eligible employees with an opportunity to acquire an equity interest in our 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. 650,000 shares of our common stock have been 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 is 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. As a result of approval by our stockholders of our amended and restated 2019 Incentive Plan on October 27, 2020, no new awards will be granted under the 2019 Inducement Equity Plan. Share-based compensation awards available for grant or issuance have been adjusted for outstanding awards for which the performance period is complete. Awards available for grant or issuance for each plan, as of the beginning of the fiscal year, including changes in the balance of awards available for grant for fiscal 2024, were as follows: Awards 2019 2019 Available 2019 Employee Employee Under All Incentive Inducement Stock DSPG Share-Based Compensation Equity Purchase Replacement Award Award Plans Plan Plan Plan Plan Balance at June 2023 3,994,824 3,096,788 — 898,036 — Additional shares authorized 900,000 900,000 — — — Restricted stock units granted ( 1,380,507 ) ( 1,380,507 ) — — — Market stock units granted ( 170,790 ) ( 170,790 ) — — — Performance stock units granted ( 255,175 ) ( 255,175 ) — — — Performance stock units performance adjustment 178,307 178,307 — — — Market stock units performance adjustment ( 67,743 ) 50,354 ( 118,097 ) — — Purchases under employee stock purchase plan ( 211,425 ) — — ( 211,425 ) — Forfeited 383,694 382,553 — — 1,141 Plan shares no longer available for new grants 116,956 — 118,097 — ( 1,141 ) Balance at June 2024 3,488,141 2,801,530 — 686,611 — Share-based compensation and the related tax benefit for our stock-based awards and our cash settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) recognized in our consolidated statements of income for fiscal 2024, 2023, and 2022 were as follows (in millions): 2024 2023 2022 Stock-based awards Phantom Stock Units Stock-based awards Phantom Stock Units Stock-based awards Phantom Stock Units Cost of revenue $ 4.1 $ — $ 4.0 $ — $ 4.0 $ 0.2 Research and development 61.0 — 52.4 0.3 42.5 27.2 Selling, general, and administrative 53.7 — 65.6 0.3 54.3 4.7 Total $ 118.8 $ — $ 122.0 $ 0.6 $ 100.8 $ 32.1 Income tax benefit on share-based compensation $ 8.6 $ 13.2 $ 23.1 We recognize a tax benefit upon expensing certain share-based awards associated with our share-based compensation plans, including RSUs, market stock units, or MSUs, PSUs, and phantom stock units. We do not recognize a tax benefit upon expensing all or a portion of share-based awards granted to certain executive officers and certain foreign-based employees. We compare the actual tax benefit associated with the tax deduction from share-based award activity to the hypothetical tax benefit based on the grant date fair values of the corresponding share-based awards. Tax benefit associated with excess tax deduction creditable to our income tax provision is recognized when incurred. Tax deficiency associated with a tax deduction shortfall is debited to our income tax provision when incurred. Historically, we have issued new shares in connection with our 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. Stock Options Our share-based compensation plans with outstanding stock option awards include our 2010 Incentive Plan. Under our 2010 Incentive Plan, we were able to grant incentive stock options or nonqualified stock options to purchase shares of our common stock at not less than 100 % of the fair market value, or FMV, on the date of grant. We ceased granting stock options in fiscal 2018. Options granted under our 2010 Incentive Plan generally vested three to four years from the vesting commencement date and expired seven years after the date of grant if not exercised. Certain stock option activity for fiscal 2024 and balances as of the end of fiscal 2024 were as follows: Stock Weighted Option Average Intrinsic Awards Exercise Value Outstanding Price (In millions) Balance as of June 2023 3,083 $ 52.53 Exercised ( 3,083 ) $ 52.53 Expired — Balance as of June 2024 — — Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2024, 2023, and 2022 were as follows (in millions): 2024 2023 2022 Cash received $ 0.3 $ 3.3 $ 5.3 Aggregate intrinsic value $ 0.1 $ 1.6 $ 3.6 There was no unrecognized share-based compensation costs for stock options granted under our various plans. Restricted Stock Units Our 2019 Incentive Plan provides for the grant of RSUs to our employees, consultants, and directors, 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. 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. We began granting DSUs in January 2006 and RSUs in 2019. The use of RSUs will cover the meaning of both RSUs and DSUs. RSUs granted generally vest ratably over three to four years from the vesting commencement date. Delivery of shares under the plans take place on the quarterly vesting dates. At the delivery date, we withhold shares to cover applicable statutory tax withholding for grantees subject to withholding and deliver a net quantity of shares to the grantee after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the RSU award. RSU activity, including RSUs granted, delivered, and forfeited in fiscal 2024, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2024 were as follows: RSU Average Awards Grant Date Outstanding Fair Value Balance as of June 2023 1,304,926 $ 126.5 Granted 1,380,507 $ 89.6 Vested ( 819,381 ) $ 118.2 Forfeited ( 246,046 ) $ 113.1 Balance as of June 2024 1,620,006 $ 101.4 At the end of fiscal 2024, the aggregate intrinsic value of RSUs expected to vest was $ 141.6 million and the number of RSU awards expected to vest is 1.6 million shares. Our closing stock price of $ 88.20 on the last day of trading in fiscal 2024 was used to calculate the intrinsic value for the RSUs. The unrecognized share-based compensation cost for RSUs granted under our 2019 Incentive Plan, our 2019 Inducement Equity Plan and our 2010 Incentive Plan was approximately $ 128.8 million as of the end of fiscal 2024, which will be recognized over a weighted average period of approximately 2.03 years. 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 and 2024, 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. 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, but not less than the third tranche target quantity multiplied by the final payout factor. For MSU awards granted in fiscal 2022, 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. 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, but not less than the third tranche target quantity multiplied by the final payout factor. 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, including MSUs granted, delivered, and forfeited in fiscal 2024, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2024 were as follows: Weighted Average MSU Awards Grant Date Outstanding Fair Value Balance at June 2023 227,321 $ 235.7 Granted 170,790 $ 135.6 Performance adjustment 141,716 $ — Vested ( 223,984 ) $ 74.9 Forfeited ( 115,330 ) $ 253.4 Balance at June 2024 200,513 $ 249.2 As a result of Synaptics achieving the 21 st percentile relative to the remaining constituents in the Russell 2000 Index, we delivered 0 % of the targeted shares underlying tranche one the fiscal 2023 MSU grants. As a result of Synaptics achieving the 80 th percentile relative to the remaining constituents in the Russell 2000 Index, we delivered 200 % of the targeted shares underlying tranche two of the fiscal 2022 MSU grants. As a result of Synaptics achieving the 50 th percentile relative to the remaining constituents in the Russell 2000 Index, we delivered 99 % of the targeted shares underlying tranche three of the fiscal 2021 MSU grants. At the end of fiscal 2024, the aggregate intrinsic value of MSUs expected to vest was $ 17.5 million and the number of MSU awards expected to vest is 0.2 million shares. Our closing stock price of $ 88.20 on the last day of trading in fiscal 2024 was used to calculate the intrinsic value for the MSUs. The fair value of each MSU granted from our plans for fiscal 2024, 2023, and 2022 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions: 2024 2023 2022 Expected volatility of company 52.61 % 55.22 % 52.61 % Expected volatility of Index 11.5 %- 762.5 % 17.9 % - 320.7 % 17.4 % - 581.6 % Correlation coefficient 0.69 0.61 0.53 Expected life in years 2.87 2.87 2.87 Risk-free interest rate 4.65 % 3.24 % 0.40 % Fair value per award $ 159.79 - $ 268.61 $ 218.15 - $ 438.24 $ 284.43 - $ 342.89 We amortize the compensation expense over the three- or four-year performance and service period on a ratable basis. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $ 19.6 million as of the end of fiscal 2024, which will be recognized over a weighted average period of approximately 0.94 years. Performance Stock Units Our 2019 Incentive Plan and our 2010 Incentive 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 2024 and 2023, the performance criteria was based on non-GAAP earnings per share, for PSU awards granted in fiscal 2021 the performance criteria was based on a combination of our design win revenue, non-GAAP gross margin percentage and non-GAAP operating expenses). For our fiscal 2024 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 are 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, including PSUs granted, delivered, and forfeited in fiscal 2024, and the balance and aggregate intrinsic value of PSUs as of the end of fiscal 2024 were as follows: Weighted Average PSU Awards Grant Date Outstanding Fair Value Balance at June 2023 253,359 $ 125.4 Granted 255,175 $ 94.3 Performance adjustment 52,638 $ — Vested ( 141,297 ) $ 106.5 Forfeited ( 154,513 ) $ 125.6 Balance at June 2024 265,362 $ 99.3 We value PSUs using the aggregate intrinsic value on the grant date and amortize the compensation expense over the three-year service period on a ratable basis, dependent upon the probability of meeting the performance measures. The PSU awards outstanding balance at June 2024 is based on the target grant quantity and does not include any performance adjustment of shares for completed performance periods. At the end of fiscal 2024, the aggregate intrinsic value of PSUs expected to vest was $ 23.2 million and the number of PSU awards expected to vest is 0.3 million shares. Our closing stock price of $ 88.20 on the last day of trading in fiscal 2024 was used to calculate the intrinsic value for the PSUs. The unrecognized share-based compensation cost of our outstanding PSUs was approximately $ 0.8 million as of June 2024, which will be recognized over a weighted average period of approximately 0.83 years. Phantom Stock Units The 2019 Incentive Plan authorized the grant of phantom stock units to non-employee directors, officers and emp loyees. We initially granted phantom stock units in October 2019. Phantom stock units were cash-settled and entitled 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 vested over three years , with an annual vesting date of October 31 each year subsequent to the grant date. The final vesting occurred in the second quarter of fiscal 2023, and no phantom stock units remain outstanding under this plan. Employee Stock Purchase Plan Our 2019 ESPP allows employees to designate up to 15 % of their base compensation, subject to legal restrictions and limitations, to purchase shares of common stock at 85 % of the lesser of the FMV at the beginning of the offering period or the exercise date. Under the 2019 ESPP, the offering period extends for up to one year and includes two exercise dates occurring at six-month intervals. Under the terms of our 2019 ESPP, if the FMV at an exercise date is less than the FMV at the beginning of the offering period, the current offering period will terminate and a new offering period will commence. Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases in fiscal 2024, 2023, and 2022 were as follows (in millions, except shares purchased and weighted average purchase price): 2024 2023 2022 Shares purchased 211,425 172,044 138,502 Weighted average purchase price $ 74.22 $ 91.88 $ 97.90 Cash received $ 15.7 $ 15.8 $ 13.6 Aggregate intrinsic value $ 4.1 $ 2.8 $ 12.5 The fair value of each award granted under our 2019 ESPP for fiscal 2024, 2023, and 2022 was based on the Black-Scholes option pricing model. The fair value per award for fiscal 2024, 2023 and 2022 was $ 34.54 , $ 40.70 , and $ 38.93 , respectively. Unrecognized share-based compensation costs for awards granted under our 2019 ESPP at the end of fiscal 2024 were approximately $ 5.7 million that will be amortized over the next 8 months . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 29, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 13. Employee Benefit Plans 401(k) Plan We have a 401(k) Retirement Savings Plan for full-time employees in the U.S. Under the plan, eligible employees may contribute a portion of their net compensation up to the annual limit of $ 23,000 or $ 30,500 for employees who are 50 years or older. In fiscal 2024 , we provided matching funds of 25 % of our employees’ contributions, excluding catch-up contributions. The employer matching funds vest immediately. We made matching contributions of $ 1.9 million in fiscal 2024 and 2023 and $ 1.7 million in fiscal 2022 . |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes (Loss)/Income before provision for income taxes for fiscal 2024, 2023, and 2022 consisted of the following (in millions): 2024 2023 2022 United States $ ( 80.5 ) $ ( 69.5 ) $ ( 44.8 ) Foreign ( 44.1 ) 195.5 365.3 (Loss)/Income before provision for income taxes $ ( 124.6 ) $ 126.0 $ 320.5 For fiscal 2023, $ 48.7 million of foreign income before provision for income taxes has been reclassified in the preceding table from the United States to foreign to correct for an immaterial error in the prior year presentation . This reclassification had no impact to our consolidated financial statements or our previously reported net income per share for any prior quarterly or annual period, or the current annual period. The (benefit)/provision for income taxes for fiscal 2024, 2023, and 2022 consisted of the following (in millions): 2024 2023 2022 Current tax (benefit)/expense Federal $ ( 17.4 ) $ 15.8 $ ( 0.6 ) State — 0.1 — Foreign 56.0 62.4 94.9 38.6 78.3 94.3 Deferred tax (benefit)/expense Federal ( 280.8 ) ( 12.7 ) ( 21.8 ) State — — — Foreign ( 8.0 ) ( 13.2 ) ( 7.9 ) ( 288.8 ) ( 25.9 ) ( 29.7 ) (Benefit)/provision for income taxes $ ( 250.2 ) $ 52.4 $ 64.6 The provision for income taxes differs from the federal statutory rate for fiscal 2024, 2023, and 2022 as follows (in millions): 2024 2023 2022 (Benefit)/provision at U.S. federal statutory tax rate $ ( 26.2 ) $ 26.4 $ 67.3 Non-deductible share-based compensation 7.6 6.6 7.9 Shortfall/(windfall) related to share-based compensation 3.5 ( 1.3 ) ( 18.1 ) Non-deductible officer compensation 4.8 6.4 6.5 Business credits ( 5.2 ) ( 5.2 ) ( 10.0 ) Foreign tax differential 45.2 ( 0.5 ) 6.4 U.S. inclusion of foreign income ( 0.3 ) 21.0 3.6 Deferred taxes on unremitted foreign earnings — 0.3 0.7 U.S. provision to return adjustment (1) ( 18.1 ) 0.4 ( 3.2 ) Deferred tax benefit from domestication (2) ( 262.8 ) — — Other differences 1.3 ( 1.7 ) 3.5 (Benefit)/provision for income taxes $ ( 250.2 ) $ 52.4 $ 64.6 (1) U.S. provision to return adjustment in fiscal 2024 was primarily driven by approximately $ 11.3 million tax benefit from foreign tax credit relief under U.S. Treasury Notice 2023-55 issued in July 2023, together with a tax benefit of approximately $ 6.3 million recognized as part of a multiyear research and development tax credit study completed in fiscal 2024. (2) On June 29, 2024, we completed an intra-group transfer that involved the domestication of certain foreign subsidiaries and the migration of certain foreign intellectual property to the United States. See further discussion below. Significant components of our deferred tax assets (liabilities) as of the end of fiscal 2024 and 2023 consisted of the following (in millions): 2024 2023 Deferred tax assets: Capital loss carryforward $ 34.1 $ 34.1 Inventory write downs 1.6 1.9 Intangibles and capitalized research and development costs 273.1 41.5 Share-based compensation 9.4 10.3 Nondeductible interest 23.7 4.9 Lease liabilities 10.2 10.1 Business credit carryforward 95.6 45.1 Net operating loss carryforward 11.4 10.8 Other accruals 5.8 5.1 464.9 163.8 Valuation allowance ( 92.4 ) ( 78.4 ) 372.5 85.4 Deferred tax liabilities: Property and equipment — ( 1.3 ) Right-of-use assets ( 9.5 ) ( 9.5 ) Unremitted foreign earnings ( 14.3 ) ( 14.3 ) Acquisition intangibles ( 31.0 ) ( 31.4 ) ( 54.8 ) ( 56.5 ) Net deferred tax assets $ 317.7 $ 28.9 Realization of deferred tax assets depends on our generating sufficient U.S. and certain foreign taxable income in future years to obtain a benefit from the utilization of those deferred tax assets on our tax returns. Accordingly, the amount of deferred tax assets considered realizable may increase or decrease when we reevaluate the underlying basis for our estimates of future U.S. and foreign taxable income. As of June 29, 2024, we simplified our corporate entity structure via an intra-group transfer that included the domestication of certain foreign subsidiaries and the onshoring of certain intellectual property. As a result of the domestication, a deferred tax benefit of $ 263.0 million was recognized primarily driven by recording certain deferred tax assets, net of deferred tax liabilities based on the U.S. tax rate in the fourth quarter of fiscal 2024. The associated deferred tax assets resulting from the domestication are expected to be realizable based on the assessment of currently available evidence. As of the end of fiscal 2024, a valuation allowance of $ 92.4 million was maintained to reduce certain state and foreign related deferred tax assets to levels we believe are more likely than not to be realized through future taxable income. The net change in the valuation allowance during fiscal 2024 was an increase of $ 14.0 million, primarily due to an increase of unrealized deferred tax assets associated with state tax credits. We consider most of the earnings of our foreign subsidiaries as not indefinitely reinvested overseas and have made appropriate provisions for income or withholding taxes, that may result from a future repatriation of those earnings. As a result, $ 14.3 million of our deferred tax liability is associated with unremitted foreign earnings, which if remitted would not result in a further provision for income taxes. We continue to indefinitely reinvest $ 200 million on certain accumulated earnings and outside basis differences primarily related to our DSPG acquisition. If the undistributed earnings and other outside basis differences were recognized in a taxable transaction, the associated foreign tax credits would be expected to reduce the U.S. income tax liability associated with the foreign distribution or the otherwise taxable transaction. As of our fiscal 2024 , assuming full utilization of the associated foreign tax credits, the potential net deferred tax liability associated with these undistributed earnings and outside basis differences would be approximately $ 46 million. As of the end of fiscal 2024 , we had federal, California, and foreign net operating loss carryforwards of approximately $ 20.1 million, $ 26.5 million, and $ 49.4 million, respectively. The federal and California net operating loss will begin to expire in fiscal 2037 and 2027 , respectively if not utilized. Most of our foreign net operating loss carryforwards have no expiration date. Under current tax law, net operating loss and tax credit carryforwards available to offset future income or income taxes if not utilized. Under current tax law, net operating loss and tax credit carryforwards available to offset future income or income taxes may be limited by statute or upon the occurrence of certain events, including significant changes in ownership. We had $ 30.2 million and $ 69.0 million of federal and state research tax credit carryforwards, respectively, as of the end of fisc al 2024. The federal research tax credit carryforward will begin to expire in fiscal 2029 and the state research tax credit can be carried forward indefinitely. The total liability for gross unrecognized tax benefits related to uncertain tax positions, included in other liabilities in our consolidated balance sheets, increased by $ 2.8 million from $ 43.7 million in fiscal 2023 to $ 46.5 million in fiscal 2024. Of this amount, $ 36.6 million will reduce the effective tax rate on income from operations, if recognized. A reconciliation of the beginning and ending balance of gross unrecognized tax benefits for fiscal 2024, 2023, and 2022 consisted of the following (in millions): 2024 2023 2022 Beginning balance $ 43.7 $ 29.8 $ 22.6 Increase in unrecognized tax benefits related to current year tax positions 10.4 13.7 7.1 (Decrease)/increase in unrecognized tax benefits related to prior year tax positions ( 5.3 ) 2.5 5.5 Decrease due to effective settlement with tax authorities — ( 1.1 ) — Remeasurement of unrecognized tax benefits ( 1.0 ) ( 0.3 ) ( 0.5 ) Decrease due to statute expiration ( 1.3 ) ( 0.9 ) ( 4.9 ) Ending Balance $ 46.5 $ 43.7 $ 29.8 Accrued interest and penalties increased by $ 0.6 million in fiscal 2024 as compared to fiscal 2023 and increased by $ 0.5 million in fiscal 2023 as compared to fiscal 2022 . Accrued interest and penalties were $ 3.6 million and $ 3.0 million as of the end of fiscal 2024 and 2023, respectively. Our policy is to classify interest and penalties as components of income tax expense. It is reasonably possible that the amount of liability for unrecognized tax benefits may change within the next 12 months; an estimate of the range of possible changes could result in a decrease of $ 2.9 million to an increase of $ 5.1 million. 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 U.S., Hong Kong SAR, Japan, Israel and the U.K. From fiscal 2017 onward, we remain subject to examination by one or more of these jurisdictions. |
Segment, Customers, and Geograp
Segment, Customers, and Geographic Information | 12 Months Ended |
Jun. 29, 2024 | |
Segment Reporting [Abstract] | |
Segment, Customers, and Geographic Information | 15. Segment, Customers, and Geographic Information We operate in one segment: the development, marketing, and sale of semiconductor products used in electronic devices and products. In previous reporting periods, we categorized revenues from three product categories: the IoT product market, the personal computing, or PC, product market, and the Mobile product market. Effective in the first quarter of fiscal 2024, we categorize our revenues in the following product categories: Core IoT, Enterprise and Automotive, and Mobile product applications. A summary of our products and how they are categorized under our new product categories is as follows: • Core IoT: Wireless and Processor Solutions • Enterprise and Automotive: PC Touch Pad, PC Fingerprint, Video Interface Solutions, Enterprise Audio Solutions, Fax and Printer Solutions, Automotive Solutions • Mobile: Touch and Display Solutions for Mobile phone applications Revenues for the fiscal 2023 and 2022 from our previous product categories have been reclassified in order to conform to the current period presentation as follows (in millions): June 2023 Core IoT Enterprise and Automotive Mobile Total IoT product applications $ 946.3 $ 309.9 $ 636.4 $ — $ 946.3 PC product applications 217.3 — 217.3 — 217.3 Mobile product applications 191.5 — — 191.5 191.5 $ 1,355.1 $ 309.9 $ 853.7 $ 191.5 $ 1,355.1 June 2022 Core IoT Enterprise and Automotive Mobile Total IoT product applications $ 1,100.9 $ 466.7 $ 634.2 $ — $ 1,100.9 PC product applications 343.0 — 343.0 — 343.0 Mobile product applications 295.8 — — 295.8 295.8 $ 1,739.7 $ 466.7 $ 977.2 $ 295.8 $ 1,739.7 Net revenue from our customers for each product category was as follows (in millions): 2024 2023 2022 Enterprise and Automotive product applications $ 570.0 $ 853.7 $ 977.2 Core IoT product applications 177.6 309.9 466.7 Mobile product applications 211.8 191.5 295.8 $ 959.4 $ 1,355.1 $ 1,739.7 Net revenue within geographic areas based on our customers’ locations for fiscal 2024, 2023, and 2022, consisted of the following (in millions): 2024 2023 2022 China $ 435.0 $ 485.0 $ 609.1 Taiwan 201.3 367.4 539.4 Japan 192.3 337.7 453.1 South Korea 59.9 35.0 39.1 Other 36.0 62.6 72.1 Vietnam 13.6 61.5 11.8 United States 21.3 5.9 15.1 $ 959.4 $ 1,355.1 $ 1,739.7 Long-lived assets within geographic areas as of the end of fiscal 2024 and 2023 consisted of the following (in millions): 2024 2023 North America $ 523.1 $ 119.1 EMEA 499.3 866.4 Asia Pacific 204.7 195.8 $ 1,227.1 $ 1,181.3 During fiscal 2024, as a result of the intra-group transfer that domesticated certain subsidiaries, in the above table, we reclassified $ 350.7 million of goodwill and intangible assets from EMEA to the United States. Major customers’ revenue as a percentage of total net revenue for fiscal 2024, 2023, and 2022 were as follows: 2024 2023 2022 Customer A * 10 % 12 % Customer B * * 13 % Customer C 12 % * * * Less than 10 % |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Jun. 29, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | 16. Restructuring Activities We have 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 following table summarizes the restructuring activity and related charges during the periods presented (in millions): Years Ended 2024 2023 2022 Balance, beginning of period $ — $ 1.4 $ 0.2 Charges 10.5 — 18.3 Payments ( 9.1 ) ( 1.4 ) ( 17.1 ) Balance, end of period $ 1.4 $ — $ 1.4 During fiscal 2024 , we recorded restructuring and related charges of $ 10.5 million in our consolidated statements of operations. The charges were for activities intended to further improve efficiencies in our operational activities, decrease costs and increase profitability. The restructuring plan was initiated during the first and fourth quarters of fiscal 2024 to streamline the company and optimize resources. Restructuring charges are mainly comprised of severance and other one-time termination benefits. We expect these restructuring actions to be substantially completed by the end of fiscal 2025. During fiscal 2023 , no restructuring charges were recorded. During fiscal 2022 , we recorded restructuring and related charges of $ 18.3 million in our consolidated statements of operations. The charges were for activities intended to further improve efficiencies in our operational activities and gain synergies from the DSPG acquisition. These activities from the restructuring actions taken during fiscal 2022 are complete as of the end of fiscal 2022. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 29, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Subsequent to our fiscal 2024, we initiated a restructuring action to reduce our cost structure, improve operational efficiencies, and optimize resources, including freeing up resources for deployment into strategic product development opportunities. This restructuring action will mainly be comprised of severance and other one-time termination benefits. We expect to record restructuring charges from this restructuring action of approximately $ 14.0 million to $ 16.0 million in fiscal 2025. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 29, 2024 | |
Accounting Policies [Abstract] | |
Organization | Organization We are a leading worldwide developer and fabless supplier of premium mixed signal semiconductor solutions that enable people to engage with connected devices and data, engineering exceptional experiences throughout the home, at work, in the car and on the go. We provide our customers with sensing, processing, and connecting solutions, which represent the three foundational elements of the Internet of Things, or IoT. We supply connectivity, sensors, and AI-enhanced processor solutions to original equipment manufacturers, or OEMs, that design IoT products and devices for automobiles, enterprise workspace devices, virtual reality, smartphones, tablets, and notebook computers. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. Our fiscal 2024 is a 53-week period ending June 29, 2024, and our fiscal 2023 and 2022 were 52-week periods ending on June 24, 2023 and June 25, 2022, respectively. For simplicity, the accompanying consolidated financial statements have been shown as ending on calendar quarter end dates as of and for all periods presented, unless otherwise indicated. The consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and 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. |
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, 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, 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 and Investments | Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of purchase. Our cash equivalents as of the end of fiscal 2024 and 2023 consisted of bank deposits and money market funds with a fair value of $ 876.9 million and $ 924.7 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 interest and other expense, net, in our Consolidated Statements of Operations. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Some of the factors we consider include, but are not limited to, the following: 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. |
Fair Value Measurements | Fair Value Measurements We apply fair value accounting for all financial assets and liabilities that are required to be recognized or disclosed at fair value in the Consolidated Financial Statements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, we consider the principal or most advantageous market in which we would transact, and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The carrying amounts reported in the consolidated financial statements approximate the fair value for cash, accounts receivable, accounts payable and accrued liabilities due to their short-term nature. Intangible assets, property and equipment, and goodwill are measured at fair value on a non-recurring basis if impairment is indicated. The interest rate on our term loan is variable, which is subject to change from time-to-time to reflect a market interest rate. See Note 6. Fair Value Measurements for additional information. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, investments, and accounts receivable. Our investment policy, which is predicated on capital preservation and liquidity, limits investments to U.S. government treasuries and agency issues, taxable securities, and municipal issued securities with a minimum rating of investment grade by the rating agencies. We sell our products to contract manufacturers that provide manufacturing services for OEMs, to some OEMs directly, and to distributors. We extend credit based on an evaluation of a customer’s financial condition, and we generally do not require collateral. The following customers accounted for more than 10% of our accounts receivable balance as of the end of fiscal 2024 and 2023: 2024 2023 Customer A * 10 % Customer B 12 % 20 % Customer C 12 % * Customer D 18 % * |
Other Concentrations | Other Concentrations Our products include certain components that are currently single sourced. We believe other vendors would be able to provide similar components, however, the qualification of such vendors may require additional lead time. In order to mitigate any potential adverse impact from a supply disruption, we strive to maintain an adequate supply of critical single-sourced components. |
Revenue Recognition | Revenue Recognition Our revenue is primarily generated from the sale of 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. 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. Rights to our intellectual property, or IP, are either sold or licensed to customers. Revenue recognition from the licensing of our IP is dependent on the nature and terms of each agreement. We recognize revenue from the licensing of our IP upon delivery of the IP if there are no substantive future obligations to perform under the arrangement. Sales-based or usage-based royalties from the license of IP are recognized at the later of the period the sale or usage occurs, or the satisfaction of the performance obligation to which some or all of the sales-based or usage-based royalties have been allocated. 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 other accrued liabilities on our consolidated balance sheets. 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 arrangement 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. There was $ 1.2 million of contract assets (i.e., unbilled accounts receivable, deferred commissions) recorded on the consolidated balance sheets as of June 2024, and $ 1.3 million as of June 2023. Contract assets are presented as part of prepaid expenses and other current assets. Contract liabilities and refund liabilities were $ 14.7 million and $ 43.5 million, respectively, as of June 2024, and $ 18.7 million and $ 39.8 million, respectively, as of June 2023. Both contract liabilities and refund liabilities are presented as part of customer obligations in other accrued liabilities on our consolidated balance sheets. During fiscal 2024 and 2023, we recognized $ 4.9 million and $ 21.9 million, respectively, in revenue related to contract liabilities 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 June 2024 , 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 the ASC, we do not disclose revenues allocated to future performance obligations of partially completed contracts. We have elected to account for shipping and handling costs as fulfillment costs before the customer obtains control of the goods. We continue to classify shipping and handling costs as a cost of revenue. We have elected to continue to 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 in the selling, general and administrative expense line item in the consolidated statements of operations) are expensed when the product is shipped because such commissions are incurred after the product has been shipped. Revenue from contracts with customers disaggregated by geographic area based on customer location and groups of similar products is presented in Note 15 Segment, Customers, and Geographical Information. |
Advertising Costs | Advertising Costs Advertising costs, if any, are expensed when incurred. |
Allowance for Credit Losses | Allowance for Credit Losses We maintain allowances for expected credit losses resulting from the inability of customers to meet their financial obligations. On an ongoing basis, we evaluate the collectability of accounts receivable based on a combination of factors. In circumstances in which we are aware of a specific customer’s potential inability to meet its financial obligation, we record a specific reserve of the credit loss against amounts due. In addition, we make judgments and estimates on the collectability of accounts receivable based on our historical bad debt experience, customers’ creditworthiness, current economic trends, recent changes in customers’ payment trends, and deterioration in customers’ operating results or financial position. If circumstances change adversely, additional credit loss allowances may be required. At June 2024 and June 2023, the allowance for credit losses on our trade receivables was $ 4.2 million and $ 5.0 million, respectively. |
Cost of Revenue | Cost of Revenue Our cost of revenue includes the cost of products shipped to our customers, which primarily includes the cost of products built to our specifications by our contract manufacturers, the cost of silicon wafers supplied by independent semiconductor wafer manufacturers, and the related assembly, package, and test costs of our products. Also included in our cost of revenue are personnel and related costs, including share-based compensation for quality assurance and manufacturing support personnel; logistics costs; depreciation of equipment supporting manufacturing; acquired intangibles amortization; inventory fair value adjustments associated with acquired businesses; inventory write-downs and losses on purchase obligations; and warranty costs. |
Inventories | Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value as of the end of fiscal 2024 and 2023, and consisted of the following (in millions): 2024 2023 Raw materials and work-in-progress $ 69.5 $ 70.5 Finished goods 44.5 66.7 $ 114.0 $ 137.2 Inventories are recorded at standard cost, which approximates actual cost computed on a first-in, first-out basis. 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 OEM customers of any product offerings incorporating our product solutions. |
Property and Equipment | Property and Equipment We state property and equipment at cost less accumulated depreciation and amortization. We compute depreciation using the straight-line method over the estimated useful lives of the assets. We amortize leasehold improvements over the shorter of the lease term or the estimated useful life of the asset. |
Foreign Currency | Foreign Currency The U.S. dollar is our functional and reporting currency. We remeasure our monetary assets and liabilities not denominated in our 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. These foreign currency transactions and remeasurement gains and losses, resulted in a net gain of $ 0.7 million in fiscal 2024, a net loss of $ 2.3 million in fiscal 2023 and a net gain of $ 5.6 million in fiscal 2022 . Gains and losses resulting from foreign currency transactions are included in selling, general, and administrative expenses in the consolidated statements of operations. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired business over the identifiable assets acquired and liabilities assumed. We test for impairment of goodwill on an annual basis in the fourth quarter and at any other time when events occur, or circumstances indicate that the carrying amount of goodwill may not be recoverable. We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The qualitative factors we assess include long-term prospects of our performance, share price trends and market capitalization, and Company specific events. Unanticipated events and circumstances may occur that affect the accuracy of our assumptions, estimates and judgments. If we determine that as a result of the qualitative assessment that it is more likely than not (i.e., greater than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, then the quantitative test is required. Otherwise, no further testing is required. The quantitative goodwill impairment test requires us to estimate the fair value of our reporting units. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is potentially impaired and we record an impairment loss equal to the excess of the carrying value of the reporting unit over its fair value, not to exceed the carrying amount of goodwill. The fair value of each of our goodwill reporting units is generally estimated using discounted cash flow methodologies. We performed the qualitative and quantitative goodwill impairment test in fiscal 2024 and 2023, respectively. Based on the impairment analysis performed in the fourth quarter of each year presented, no goodwill impairment was recognized. |
Intangible Assets | Intangible Assets Intangible assets consist primarily of intangible assets purchased through acquisitions. Finite-lived intangible assets are amortized for financial reporting purposes using the straight-line method over the estimated useful lives of the assets ranging from 1 to 6 years. Indefinite-lived intangible assets are not amortized but tested annually for impairment in the fourth quarter, or when events or changes in circumstances indicate that indefinite-lived intangible assets might be impaired. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate long-lived assets, such as property and equipment and intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We measure recoverability of assets to be held and used by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. We review the carrying value of indefinite-lived intangible assets for impairment at least annually during the last quarter of our fiscal year, or more frequently if we believe indicators of impairment exist. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, we recognize an impairment charge in an amount by which the carrying amount of the asset exceeds the fair value of the asset. During fiscal 2024, we recorded a $ 16.0 million impairment charge on an indefinite-lived intangible asset. |
Leases | Leases We determine if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease expense for these leases is recognized on a straight-line basis over the lease term. 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. |
Other Accrued Liabilities and Other Long Term Liabilities | Other Accrued Liabilities and Other Long-Term Liabilities As of the end of fiscal 2024 and 2023, other accrued liabilities consisted of the following (in millions): 2024 2023 Customer obligations $ 58.2 $ 58.5 Inventory obligations 5.6 7.0 Other 38.8 33.9 $ 102.6 $ 99.4 As of the end of fiscal 2024 and 2023, other long-term accrued liabilities consisted of the following (in millions): 2024 2023 Deferred tax liabilities $ 27.9 $ 39.1 Income taxes payable, long-term 27.8 38.1 Other 20.5 16.3 $ 76.2 $ 93.5 |
Share-Based Compensation | Share-Based Compensation We charge the estimated fair value less actual forfeitures to earnings on a straight-line basis over the vesting period of the entire underlying award, which is generally three or four years for our restricted stock units, or RSU, awards, three years for our market stock units, or MSU, awards, three years for our performance stock units, or PSU, awards, and up to one year for shares purchased under our 2019 employee stock purchase plan. We estimate the fair value of market-based MSUs at the date of grant using a Monte Carlo simulation model and amortize those fair values over the requisite service period, which is generally three years . The Monte Carlo simulation model that we use to estimate the fair value of market-based MSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied. Provided that the requisite service is rendered, the total fair value of the market-based MSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria. We value PSUs using the aggregate intrinsic value on the grant date and amortize the compensation expense over the three-year service period on a ratable basis, dependent upon the probability of meeting the performance measures. 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. As our phantom stock is a cash-settled award, it is recorded as a liability and remeasured each reporting period. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of a change in tax rates in income on deferred tax assets and liabilities in the period that includes the enactment date. We establish valuation allowances when necessary to reduce deferred tax assets to the amounts that are more likely than not to be realized. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement with a taxing authority. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of highly complex tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our consolidated financial position, results of operations, and cash flows. We believe we have adequately provided for reasonably foreseeable outcomes in connection with the resolution of income tax uncertainties. However, our results have in the past, and could in the future, include favorable and unfavorable adjustments to our estimated tax liabilities in the period a determination of such estimated tax liability is made or resolved, upon the filing of an amended return, upon a change in facts, circumstances, or interpretation, or upon the expiration of a statute of limitation. Accordingly, our effective tax rate could fluctuate materially from period to period. |
Product Warranty | Product Warranty We generally provide warranties to cover defects in workmanship, materials and manufacturing for a period of twelve months to meet the stated functionality as agreed to in each sales arrangement. Products are tested against specified functionality requirements prior to delivery, but we nevertheless from time-to-time experience claims under our warranty guarantees. These standard warranties are assurance type warranties and do not offer any services in addition to the assurance that the product will continue working as specified. Therefore, warranties are not considered separate performance obligations in the arrangement. We accrue for estimated warranty costs under those guarantees based upon historical experience, and for specific items, at the time their existence is known, and the amounts are determinable. |
Acquisitions | Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations. We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from customer relationships and acquired developed technology and discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ materially from estimates. Other estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed. Any change in facts and circumstances that existed as of the acquisition date and impacts our preliminary estimates is recorded to goodwill if identified within the measurement period. Any adjustments subsequent to the measurement period or our final determination of fair value of assets and liabilities, will be charged to earnings. |
Research and Development | Research and Development Research and development costs are expensed as incurred. |
Accounting Pronouncement Issued But Not Yet Adopted | Accounting Pronouncements Issued But Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending June 2025 and our interim periods within the fiscal year ending June 2026. We are currently assessing the impact of this guidance on our disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending June 2026. We are currently assessing the impact of this guidance on our disclosures. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Accounting Policies [Abstract] | |
Accounts Receivable Balance Percentage of Different Customers | The following customers accounted for more than 10% of our accounts receivable balance as of the end of fiscal 2024 and 2023: 2024 2023 Customer A * 10 % Customer B 12 % 20 % Customer C 12 % * Customer D 18 % * |
Inventories | Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value as of the end of fiscal 2024 and 2023, and consisted of the following (in millions): 2024 2023 Raw materials and work-in-progress $ 69.5 $ 70.5 Finished goods 44.5 66.7 $ 114.0 $ 137.2 |
Schedule of Changes in Goodwill | The following table presents our goodwill balance as of June 2024 and June 2023 (in millions): 2024 2023 Beginning balance $ 816.4 $ 806.6 Acquisition activity — 9.8 Ending balance $ 816.4 $ 816.4 |
Other Accrued Liabilities | As of the end of fiscal 2024 and 2023, other accrued liabilities consisted of the following (in millions): 2024 2023 Customer obligations $ 58.2 $ 58.5 Inventory obligations 5.6 7.0 Other 38.8 33.9 $ 102.6 $ 99.4 |
Other Long-Term Accrued Liabilities | As of the end of fiscal 2024 and 2023, other long-term accrued liabilities consisted of the following (in millions): 2024 2023 Deferred tax liabilities $ 27.9 $ 39.1 Income taxes payable, long-term 27.8 38.1 Other 20.5 16.3 $ 76.2 $ 93.5 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The computation of basic and diluted net income per share for fiscal 2024, 2023, and 2022 was as follows (in millions, except per share amounts): 2024 2023 2022 Numerator: Net income $ 125.6 $ 73.6 $ 257.5 Denominator: Shares, basic 39.2 39.6 39.0 Effect of dilutive share-based awards and convertible notes 0.5 0.6 1.7 Shares, diluted 39.7 40.2 40.7 Net income per share: Basic $ 3.20 $ 1.86 $ 6.60 Diluted $ 3.16 $ 1.83 $ 6.33 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Diluted net income per share does not include the effect of potential common shares related to certain share-based awards for fiscal 2024, 2023, and 2022 as follows (in millions): 2024 2023 2022 Share-based awards 0.2 0.7 0.1 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment as of the end of fiscal 2024 and 2023 consisted of the following (in millions): Life 2024 2023 Computer equipment 3 - 5 years $ 16.2 $ 20.1 Manufacturing equipment 1 - 5 years 104.9 105.9 Furniture, fixtures, and leasehold improvements 3 - 12 years 45.0 43.4 Capitalized software 3 - 7 years 21.2 22.5 Construction in progress Up to 5 years 20.0 7.0 207.3 198.9 Accumulated depreciation and amortization ( 131.8 ) ( 132.5 ) Property and equipment, net $ 75.5 $ 66.4 |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
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 as of June 2024 and June 2023 (in millions): We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. June 2024 June 2023 Amortized Cost Gross unrealized loss Fair Value Amortized Cost Gross unrealized loss Fair Value Cash $ 238.4 $ — $ 238.4 $ 853.9 $ — $ 853.9 Cash equivalents: Money market funds 600.4 — 600.4 54.4 — 54.4 Treasury bills — — — 16.4 — 16.4 Certificates of deposit 38.1 — 38.1 — — — Total cash and cash equivalents $ 876.9 $ — $ 876.9 $ 924.7 $ — $ 924.7 Short-term investments: Certificates of deposit $ — $ — $ — $ 0.2 $ — $ 0.2 Corporate debt securities — — — 6.5 ( 0.2 ) 6.3 Municipal bonds — — — 3.1 — 3.1 Total short-term investments $ — $ — $ — $ 9.8 $ ( 0.2 ) $ 9.6 |
Schedule of classified by contractual maturity date | The following table classifies our short-term investments by contractual maturities ( in millions ): June 2024 June 2023 Amortized cost Fair value Amortized cost Fair value Due within 1 year $ — $ — $ 9.8 $ 9.6 Due between 1 and 5 years — — — — $ — $ — $ 9.8 $ 9.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | At the end of June 2024 and 2023, financial assets measured at fair value on a recurring basis are summarized below (in millions): June 2024 June 2023 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 600.4 $ — $ 600.4 $ 54.4 $ — $ 54.4 Treasury bills — — — 16.4 — 16.4 Certificates of deposit — 38.1 38.1 — — — Short-term investments: Certificates of deposit — — — — 0.2 0.2 Corporate debt securities — — — — 6.3 6.3 Municipal bonds — — — — 3.1 3.1 Total assets $ 600.4 $ 38.1 $ 638.5 $ 70.8 $ 9.6 $ 80.4 |
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 Debt are as follows for the periods presented (in millions): June 2024 June 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes due 2029 $ 396.3 $ 359.6 $ 395.6 $ 337.2 Term Loan Facility due 2028 576.6 577.0 582.4 575.3 $ 972.9 $ 936.6 $ 978.0 $ 912.5 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents our goodwill balance as of June 2024 and June 2023 (in millions): 2024 2023 Beginning balance $ 816.4 $ 806.6 Acquisition activity — 9.8 Ending balance $ 816.4 $ 816.4 |
Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization | The following table summarizes the life, the gross carrying value of our acquired intangible assets, and the related accumulated amortization as of the end of fiscal 2024 and 2023 (in millions): 2024 2023 Weighted Average Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Audio and video technology 5.6 $ 231.9 $ ( 175.5 ) $ 56.4 $ 231.9 $ ( 150.7 ) $ 81.2 Customer relationships 4.1 158.2 ( 134.1 ) 24.1 158.2 ( 117.8 ) 40.4 Wireless connectivity technology 5.5 245.5 ( 90.1 ) 155.4 158.0 ( 58.0 ) 100.0 Video interface technology 3.4 133.0 ( 85.2 ) 47.8 82.0 ( 79.7 ) 2.3 Human presence detection technology 5.0 5.2 ( 1.7 ) 3.5 5.2 ( 0.7 ) 4.5 Licensed technology and other 4.4 10.7 ( 9.6 ) 1.1 10.8 ( 8.9 ) 1.9 Patents 8.0 4.4 ( 4.4 ) — 4.4 ( 4.3 ) 0.1 Tradename 4.4 5.8 ( 5.7 ) 0.1 5.8 ( 4.7 ) 1.1 In process research and development Not applicable — — — 67.0 — 67.0 Acquired intangibles totals 4.9 $ 794.7 $ ( 506.3 ) $ 288.4 $ 723.3 $ ( 424.8 ) $ 298.5 |
Schedule of Expected Annual Aggregate Amortization Expense | The following table presents expected annual aggregate amortization expense in future fiscal years (in millions): 2025 $ 97.9 2026 84.8 2027 50.0 2028 33.9 2029 15.5 Thereafter 6.3 Future amortization $ 288.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
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 % |
Schedule of Future Principal Payments Related To Our Senior Notes and Term Loan Facility | The following table presents the future principal payments related to our Senior Notes and Term Loan Facility in future fiscal years (in millions): Senior Notes Term Loan Facility Total 2025 $ — $ 6.0 $ 6.0 2026 — 6.0 6.0 2027 — 6.0 6.0 2028 — 6.0 6.0 2029 400.0 559.5 959.5 $ 400.0 $ 583.5 $ 983.5 |
Schedule Of Total Debt Presented In Balance Sheet | As of the end of fiscal 2024 and 2023, our total debt is presented in our consolidated balance sheet as follows (in millions): 2024 2023 Total debt Issuance costs Total debt, net of issuance costs Total debt Issuance costs Total debt, net of issuance costs Current portion of long-term debt $ 6.0 $ — $ 6.0 $ 6.0 $ — $ 6.0 Long-term debt 977.5 ( 10.6 ) 966.9 985.0 ( 13.0 ) 972.0 $ 983.5 ( 10.6 ) $ 972.9 $ 991.0 ( 13.0 ) $ 978.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Leases Commitments And Contingencies [Abstract] | |
Schedule of Components of Leases | As of the end of fiscal 2024 and 2023, the components of leases are as follows (in millions): June June 2024 2023 Operating lease right-of-use assets $ 46.8 $ 49.0 Operating lease liabilities $ 11.5 $ 9.0 Operating lease liabilities, long-term 37.9 42.4 Total operating lease liabilities $ 49.4 $ 51.4 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in millions): 2024 2023 Cash paid for operating leases included in operating cash flows $ 11.2 $ 10.6 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 7.4 $ 7.3 |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments for the operating lease liabilities are as follows (in millions): Operating Lease Fiscal Year Payments 2025 $ 13.3 2026 10.5 2027 7.9 2028 6.2 2029 5.3 Thereafter 15.0 Total future minimum operating lease payments 58.2 Less: interest ( 8.8 ) Total lease liabilities $ 49.4 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Equity [Abstract] | |
Shares Reserved for Future Issuance | Shares of common stock reserved for future issuance as of the end of fiscal 2024 were as follows: Restricted stock units outstanding 1,620,006 Market stock units outstanding 200,513 Performance stock units outstanding 265,362 Awards available for grant under all share-based 3,488,141 Reserved for future issuance 5,574,022 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-Based Compensation Awards Available for Grant or Issuance | Share-based compensation awards available for grant or issuance have been adjusted for outstanding awards for which the performance period is complete. Awards available for grant or issuance for each plan, as of the beginning of the fiscal year, including changes in the balance of awards available for grant for fiscal 2024, were as follows: Awards 2019 2019 Available 2019 Employee Employee Under All Incentive Inducement Stock DSPG Share-Based Compensation Equity Purchase Replacement Award Award Plans Plan Plan Plan Plan Balance at June 2023 3,994,824 3,096,788 — 898,036 — Additional shares authorized 900,000 900,000 — — — Restricted stock units granted ( 1,380,507 ) ( 1,380,507 ) — — — Market stock units granted ( 170,790 ) ( 170,790 ) — — — Performance stock units granted ( 255,175 ) ( 255,175 ) — — — Performance stock units performance adjustment 178,307 178,307 — — — Market stock units performance adjustment ( 67,743 ) 50,354 ( 118,097 ) — — Purchases under employee stock purchase plan ( 211,425 ) — — ( 211,425 ) — Forfeited 383,694 382,553 — — 1,141 Plan shares no longer available for new grants 116,956 — 118,097 — ( 1,141 ) Balance at June 2024 3,488,141 2,801,530 — 686,611 — |
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 for our stock-based awards and our cash settled phantom stock units, which we granted in October 2019 (see Phantom Stock Units below) recognized in our consolidated statements of income for fiscal 2024, 2023, and 2022 were as follows (in millions): 2024 2023 2022 Stock-based awards Phantom Stock Units Stock-based awards Phantom Stock Units Stock-based awards Phantom Stock Units Cost of revenue $ 4.1 $ — $ 4.0 $ — $ 4.0 $ 0.2 Research and development 61.0 — 52.4 0.3 42.5 27.2 Selling, general, and administrative 53.7 — 65.6 0.3 54.3 4.7 Total $ 118.8 $ — $ 122.0 $ 0.6 $ 100.8 $ 32.1 Income tax benefit on share-based compensation $ 8.6 $ 13.2 $ 23.1 |
Schedule of Stock Option Activity | Certain stock option activity for fiscal 2024 and balances as of the end of fiscal 2024 were as follows: Stock Weighted Option Average Intrinsic Awards Exercise Value Outstanding Price (In millions) Balance as of June 2023 3,083 $ 52.53 Exercised ( 3,083 ) $ 52.53 Expired — Balance as of June 2024 — — |
Cash Received and Aggregate Intrinsic Value of Stock Options Exercised | Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2024, 2023, and 2022 were as follows (in millions): 2024 2023 2022 Cash received $ 0.3 $ 3.3 $ 5.3 Aggregate intrinsic value $ 0.1 $ 1.6 $ 3.6 |
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 in fiscal 2024, 2023, and 2022 were as follows (in millions, except shares purchased and weighted average purchase price): 2024 2023 2022 Shares purchased 211,425 172,044 138,502 Weighted average purchase price $ 74.22 $ 91.88 $ 97.90 Cash received $ 15.7 $ 15.8 $ 13.6 Aggregate intrinsic value $ 4.1 $ 2.8 $ 12.5 |
Deferred stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Units Activity | RSU activity, including RSUs granted, delivered, and forfeited in fiscal 2024, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2024 were as follows: RSU Average Awards Grant Date Outstanding Fair Value Balance as of June 2023 1,304,926 $ 126.5 Granted 1,380,507 $ 89.6 Vested ( 819,381 ) $ 118.2 Forfeited ( 246,046 ) $ 113.1 Balance as of June 2024 1,620,006 $ 101.4 |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Units Activity | MSU activity, including MSUs granted, delivered, and forfeited in fiscal 2024, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2024 were as follows: Weighted Average MSU Awards Grant Date Outstanding Fair Value Balance at June 2023 227,321 $ 235.7 Granted 170,790 $ 135.6 Performance adjustment 141,716 $ — Vested ( 223,984 ) $ 74.9 Forfeited ( 115,330 ) $ 253.4 Balance at June 2024 200,513 $ 249.2 |
Fair Value of Each Award Granted | The fair value of each MSU granted from our plans for fiscal 2024, 2023, and 2022 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions: 2024 2023 2022 Expected volatility of company 52.61 % 55.22 % 52.61 % Expected volatility of Index 11.5 %- 762.5 % 17.9 % - 320.7 % 17.4 % - 581.6 % Correlation coefficient 0.69 0.61 0.53 Expected life in years 2.87 2.87 2.87 Risk-free interest rate 4.65 % 3.24 % 0.40 % Fair value per award $ 159.79 - $ 268.61 $ 218.15 - $ 438.24 $ 284.43 - $ 342.89 |
Performance stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Units Activity | PSU activity, including PSUs granted, delivered, and forfeited in fiscal 2024, and the balance and aggregate intrinsic value of PSUs as of the end of fiscal 2024 were as follows: Weighted Average PSU Awards Grant Date Outstanding Fair Value Balance at June 2023 253,359 $ 125.4 Granted 255,175 $ 94.3 Performance adjustment 52,638 $ — Vested ( 141,297 ) $ 106.5 Forfeited ( 154,513 ) $ 125.6 Balance at June 2024 265,362 $ 99.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Tabular Disclosure of Income (Loss) Before Income Tax Between Domestic and Foreign Jurisdictions | (Loss)/Income before provision for income taxes for fiscal 2024, 2023, and 2022 consisted of the following (in millions): 2024 2023 2022 United States $ ( 80.5 ) $ ( 69.5 ) $ ( 44.8 ) Foreign ( 44.1 ) 195.5 365.3 (Loss)/Income before provision for income taxes $ ( 124.6 ) $ 126.0 $ 320.5 |
Provision for Income Taxes | The (benefit)/provision for income taxes for fiscal 2024, 2023, and 2022 consisted of the following (in millions): 2024 2023 2022 Current tax (benefit)/expense Federal $ ( 17.4 ) $ 15.8 $ ( 0.6 ) State — 0.1 — Foreign 56.0 62.4 94.9 38.6 78.3 94.3 Deferred tax (benefit)/expense Federal ( 280.8 ) ( 12.7 ) ( 21.8 ) State — — — Foreign ( 8.0 ) ( 13.2 ) ( 7.9 ) ( 288.8 ) ( 25.9 ) ( 29.7 ) (Benefit)/provision for income taxes $ ( 250.2 ) $ 52.4 $ 64.6 |
Provision for Income Taxes Differs from Federal Statutory Rate | The provision for income taxes differs from the federal statutory rate for fiscal 2024, 2023, and 2022 as follows (in millions): 2024 2023 2022 (Benefit)/provision at U.S. federal statutory tax rate $ ( 26.2 ) $ 26.4 $ 67.3 Non-deductible share-based compensation 7.6 6.6 7.9 Shortfall/(windfall) related to share-based compensation 3.5 ( 1.3 ) ( 18.1 ) Non-deductible officer compensation 4.8 6.4 6.5 Business credits ( 5.2 ) ( 5.2 ) ( 10.0 ) Foreign tax differential 45.2 ( 0.5 ) 6.4 U.S. inclusion of foreign income ( 0.3 ) 21.0 3.6 Deferred taxes on unremitted foreign earnings — 0.3 0.7 U.S. provision to return adjustment (1) ( 18.1 ) 0.4 ( 3.2 ) Deferred tax benefit from domestication (2) ( 262.8 ) — — Other differences 1.3 ( 1.7 ) 3.5 (Benefit)/provision for income taxes $ ( 250.2 ) $ 52.4 $ 64.6 (1) U.S. provision to return adjustment in fiscal 2024 was primarily driven by approximately $ 11.3 million tax benefit from foreign tax credit relief under U.S. Treasury Notice 2023-55 issued in July 2023, together with a tax benefit of approximately $ 6.3 million recognized as part of a multiyear research and development tax credit study completed in fiscal 2024. (2) On June 29, 2024, we completed an intra-group transfer that involved the domestication of certain foreign subsidiaries and the migration of certain foreign intellectual property to the United States. See further discussion below. |
Significant Components of Deferred Tax Assets (Liabilities) | Significant components of our deferred tax assets (liabilities) as of the end of fiscal 2024 and 2023 consisted of the following (in millions): 2024 2023 Deferred tax assets: Capital loss carryforward $ 34.1 $ 34.1 Inventory write downs 1.6 1.9 Intangibles and capitalized research and development costs 273.1 41.5 Share-based compensation 9.4 10.3 Nondeductible interest 23.7 4.9 Lease liabilities 10.2 10.1 Business credit carryforward 95.6 45.1 Net operating loss carryforward 11.4 10.8 Other accruals 5.8 5.1 464.9 163.8 Valuation allowance ( 92.4 ) ( 78.4 ) 372.5 85.4 Deferred tax liabilities: Property and equipment — ( 1.3 ) Right-of-use assets ( 9.5 ) ( 9.5 ) Unremitted foreign earnings ( 14.3 ) ( 14.3 ) Acquisition intangibles ( 31.0 ) ( 31.4 ) ( 54.8 ) ( 56.5 ) Net deferred tax assets $ 317.7 $ 28.9 |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of gross unrecognized tax benefits for fiscal 2024, 2023, and 2022 consisted of the following (in millions): 2024 2023 2022 Beginning balance $ 43.7 $ 29.8 $ 22.6 Increase in unrecognized tax benefits related to current year tax positions 10.4 13.7 7.1 (Decrease)/increase in unrecognized tax benefits related to prior year tax positions ( 5.3 ) 2.5 5.5 Decrease due to effective settlement with tax authorities — ( 1.1 ) — Remeasurement of unrecognized tax benefits ( 1.0 ) ( 0.3 ) ( 0.5 ) Decrease due to statute expiration ( 1.3 ) ( 0.9 ) ( 4.9 ) Ending Balance $ 46.5 $ 43.7 $ 29.8 |
Segment, Customers, and Geogr_2
Segment, Customers, and Geographic Information (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Schedule of Net Revenue from External Customers | Revenues for the fiscal 2023 and 2022 from our previous product categories have been reclassified in order to conform to the current period presentation as follows (in millions): June 2023 Core IoT Enterprise and Automotive Mobile Total IoT product applications $ 946.3 $ 309.9 $ 636.4 $ — $ 946.3 PC product applications 217.3 — 217.3 — 217.3 Mobile product applications 191.5 — — 191.5 191.5 $ 1,355.1 $ 309.9 $ 853.7 $ 191.5 $ 1,355.1 June 2022 Core IoT Enterprise and Automotive Mobile Total IoT product applications $ 1,100.9 $ 466.7 $ 634.2 $ — $ 1,100.9 PC product applications 343.0 — 343.0 — 343.0 Mobile product applications 295.8 — — 295.8 295.8 $ 1,739.7 $ 466.7 $ 977.2 $ 295.8 $ 1,739.7 |
Schedule of Net Revenue from Customers for each Product Category | Net revenue from our customers for each product category was as follows (in millions): 2024 2023 2022 Enterprise and Automotive product applications $ 570.0 $ 853.7 $ 977.2 Core IoT product applications 177.6 309.9 466.7 Mobile product applications 211.8 191.5 295.8 $ 959.4 $ 1,355.1 $ 1,739.7 |
Net Revenue within Geographic Areas Based on Customers' Locations | Net revenue within geographic areas based on our customers’ locations for fiscal 2024, 2023, and 2022, consisted of the following (in millions): 2024 2023 2022 China $ 435.0 $ 485.0 $ 609.1 Taiwan 201.3 367.4 539.4 Japan 192.3 337.7 453.1 South Korea 59.9 35.0 39.1 Other 36.0 62.6 72.1 Vietnam 13.6 61.5 11.8 United States 21.3 5.9 15.1 $ 959.4 $ 1,355.1 $ 1,739.7 |
Sales Revenue, Net [Member] | |
Long-Lived Assets within Geographic Areas | Long-lived assets within geographic areas as of the end of fiscal 2024 and 2023 consisted of the following (in millions): 2024 2023 North America $ 523.1 $ 119.1 EMEA 499.3 866.4 Asia Pacific 204.7 195.8 $ 1,227.1 $ 1,181.3 |
Major Customers' Revenue as a Percentage of Total Net Revenue | Major customers’ revenue as a percentage of total net revenue for fiscal 2024, 2023, and 2022 were as follows: 2024 2023 2022 Customer A * 10 % 12 % Customer B * * 13 % Customer C 12 % * * * Less than 10 % |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Jun. 29, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability Activities | The following table summarizes the restructuring activity and related charges during the periods presented (in millions): Years Ended 2024 2023 2022 Balance, beginning of period $ — $ 1.4 $ 0.2 Charges 10.5 — 18.3 Payments ( 9.1 ) ( 1.4 ) ( 17.1 ) Balance, end of period $ 1.4 $ — $ 1.4 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Jun. 29, 2024 USD ($) Segment | Jun. 24, 2023 USD ($) | Jun. 25, 2022 USD ($) | Dec. 02, 2021 USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 876.9 | $ 924.7 | ||
Debt instrument aggregate principal amounts | $ 600 | |||
Senior notes | 0 | 9.6 | ||
Account receivable bad debt | 4.2 | 5 | ||
Contract asset | 1.2 | 1.3 | ||
Contract liability | 14.7 | 18.7 | ||
Refund liability | 43.5 | 39.8 | ||
Revenue recognized related to contract liabilities | $ 4.9 | 21.9 | ||
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. | |||
Remaining unsatisfied performance obligation | $ 0 | |||
Net gain (loss) on foreign currency transactions | $ (0.7) | $ (2.3) | $ (5.6) | |
Number of operating segments | Segment | 1 | |||
Performance stock units outstanding [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Earlier Options vesting period | 3 years | |||
Requisite service period | 3 years | |||
Market stock units outstanding [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Earlier Options vesting period | 3 years | |||
Requisite service period | 3 years | |||
Thin Touch Developed Technology [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Impairment of acquired intangibles | $ 16 | |||
Maximum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Revenue, performance obligation, payment terms | 3 months | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||
Maximum [Member] | Restricted stock units outstanding [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Earlier Options vesting period | 4 years | |||
Maximum [Member] | Employee stock purchase plan [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Earlier Options vesting period | 1 year | |||
Minimum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Schedule Of Accounts Receivable Balance Percentage of Different Customers (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10% | |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 12% | 20% |
Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 12% | |
Customer D [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 18% |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Schedule Of Inventories (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-progress | $ 69.5 | $ 70.5 |
Finished goods | 44.5 | 66.7 |
Total Inventories | $ 114 | $ 137.2 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 816.4 | $ 806.6 |
Acquisition activity | 0 | 9.8 |
Ending balance | $ 816.4 | $ 816.4 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies - Schedule Of Other Non-Current Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 25, 2022 | Jun. 24, 2023 | |
Inventory [Line Items] | |||
Payments to Acquire Intangible Assets | $ 13.5 | $ 0 | |
Other Assets, Noncurrent, Total | $ 90 | $ 41.1 |
Organization and Summary of S_9
Organization and Summary of Significant Accounting Policies - Schedule Of Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Payables and Accruals [Abstract] | ||
Customer obligations | $ 58.2 | $ 58.5 |
Inventory obligations | 5.6 | 7 |
Other | 38.8 | 33.9 |
Other accrued liabilities | $ 102.6 | $ 99.4 |
Organization and Summary of _10
Organization and Summary of Significant Accounting Policies - Schedule Of Other Long Term Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Payables and Accruals [Abstract] | ||
Deferred tax liabilities | $ 27.9 | $ 39.1 |
Income taxes payable, long-term | 27.8 | 38.1 |
Other | 20.5 | 16.3 |
Other accrued liabilities | $ 76.2 | $ 93.5 |
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 | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Numerator: | |||
Net Income (Loss) | $ 125.6 | $ 73.6 | $ 257.5 |
Denominator: | |||
Shares, basic | 39.2 | 39.6 | 39 |
Effect of dilutive share-based awards and convertible notes | 0.5 | 0.6 | 1.7 |
Shares, diluted | 39.7 | 40.2 | 40.7 |
Net income per share: | |||
Basic | $ 3.2 | $ 1.86 | $ 6.6 |
Diluted | $ 3.16 | $ 1.83 | $ 6.33 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Share-Based Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS | 0.2 | 0.7 | 0.1 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 207.3 | $ 198.9 |
Accumulated depreciation and amortization | (131.8) | (132.5) |
Property and equipment, net | 75.5 | 66.4 |
Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 16.2 | 20.1 |
Computer Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Manufacturing Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 104.9 | 105.9 |
Manufacturing Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 1 year | |
Manufacturing Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Furniture, Fixtures and Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 45 | 43.4 |
Furniture, Fixtures and Leasehold Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Furniture, Fixtures and Leasehold Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 12 years | |
Capitalized Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 21.2 | 22.5 |
Capitalized Software [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Capitalized Software [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 7 years | |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 20 | $ 7 |
Construction in Progress [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 12 Months Ended |
Jun. 29, 2024 | |
Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Construction in progress | 12 months |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Oct. 25, 2022 | Sep. 30, 2023 | Mar. 25, 2023 | Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | Jun. 25, 2023 | Dec. 02, 2021 | |
Business Acquisition [Line Items] | ||||||||
Net revenue | $ 959.4 | $ 1,355.1 | $ 1,739.7 | |||||
Goodwill | 816.4 | 816.4 | $ 806.6 | $ 816.4 | ||||
Debt instrument aggregate principal amounts | $ 600 | |||||||
Debt finance cost | 972.9 | 978 | $ 11.2 | |||||
Long-term debt | 983.5 | $ 991 | ||||||
Term Loan [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Long-term debt | 583.5 | |||||||
Broadcom Wireless Connectivity [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of other acquired net tangible assets | 87.5 | |||||||
Assets acquisition, aggregate consideration | $ 130 | $ 30 | ||||||
Other Long-Term Assets [Member] | Broadcom Wireless Connectivity [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of other acquired net tangible assets | $ 42.5 | |||||||
Emza [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition closing effective date | Oct. 25, 2022 | |||||||
Name of acquired entity | Emza Visual Sense, Ltd. | |||||||
Description of acquired entity | a developer of ultra-low-power artificial intelligence visual sensing solutions | |||||||
Business combination consideration transferred | $ 15.8 | |||||||
Cash acquired | 0.3 | |||||||
Intangible assets acquired | 8 | |||||||
Goodwill | 9.8 | |||||||
Net assets acquired | $ 2.3 |
Acquisitions - Summary of Estim
Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 25, 2023 | Jun. 24, 2023 | Jun. 25, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 816.4 | $ 816.4 | $ 816.4 | $ 806.6 |
Acquisitions - Summary of the f
Acquisitions - Summary of the final amounts of the fair values recognized (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 25, 2023 | Jun. 24, 2023 | Jun. 25, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 816.4 | $ 816.4 | $ 816.4 | $ 806.6 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Estimate of Intangible Assets (Detail) | 12 Months Ended |
Jun. 29, 2024 | |
Business Acquisition [Line Items] | |
Estimated Weighted Average Useful Lives in Years | 4 years 10 months 24 days |
Trade Names [Member] | |
Business Acquisition [Line Items] | |
Estimated Weighted Average Useful Lives in Years | 4 years 4 months 24 days |
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 | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 0 | $ 9.8 |
Cash and Cash Equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 876.9 | 924.7 |
Gross unrealized loss | 0 | 0 |
Fair Value | 876.9 | 924.7 |
Short-Term Investments [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 9.8 |
Gross unrealized loss | 0 | (0.2) |
Fair Value | 0 | 9.6 |
Corporate Debt Securities [Member] | Short-Term Investments [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 6.5 |
Gross unrealized loss | 0 | (0.2) |
Fair Value | 0 | 6.3 |
Municipal Bonds [Member] | Short-Term Investments [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 3.1 |
Gross unrealized loss | 0 | 0 |
Fair Value | 0 | 3.1 |
Money Market Funds [Member] | Cash and Cash Equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 600.4 | 54.4 |
Gross unrealized loss | 0 | 0 |
Fair Value | 600.4 | 54.4 |
Cash [Member] | Cash and Cash Equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 238.4 | 853.9 |
Gross unrealized loss | 0 | 0 |
Fair Value | 238.4 | 853.9 |
Treasury bills [Member] | Cash and Cash Equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 16.4 |
Gross unrealized loss | 0 | 0 |
Fair Value | 0 | 16.4 |
Certificates of Deposit [Member] | Cash and Cash Equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 38.1 | 0 |
Gross unrealized loss | 0 | 0 |
Fair Value | 38.1 | 0 |
Certificates of Deposit [Member] | Short-Term Investments [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 0.2 |
Gross unrealized loss | 0 | 0 |
Fair Value | $ 0 | $ 0.2 |
Cash, Cash Equivalents and Sh_4
Cash, Cash Equivalents and Short-Term Investments - Schedule of classified by contractual maturity date (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 0 | $ 9.8 |
Debt Instrument, Fair Value Disclosure | 0 | 9.6 |
Due within 1 year | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 9.8 |
Debt Instrument, Fair Value Disclosure | 0 | 9.6 |
Due between 1 year to 5 years | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 0 | 0 |
Debt Instrument, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of financial assets measured at fair value on a recurring basis (Details) - Estimate Of Fair Value Fair Value Disclosure Member - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | $ 638.5 | $ 80.4 |
Corporate Debt Securities Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 6.3 |
Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 3.1 |
Money Market Funds Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 600.4 | 54.4 |
Certificates of Deposit Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 38.1 | 0 |
Short-term investments | 0 | 0.2 |
Treasury bills [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 16.4 |
Level 1 Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 600.4 | 70.8 |
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 | Municipal Bonds [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 | 600.4 | 54.4 |
Level 1 Member | Certificates of Deposit Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Level 1 Member | Treasury bills [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 16.4 |
Level 2 Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 38.1 | 9.6 |
Level 2 Member | Corporate Debt Securities Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 6.3 |
Level 2 Member | Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 3.1 |
Level 2 Member | Money Market Funds Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 Member | Certificates of Deposit Member | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 38.1 | 0 |
Short-term investments | 0 | 0.2 |
Level 2 Member | Treasury bills [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 29, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cash held in bank | $ 238.4 | $ 853.9 | |
Level 1, 2 or 3 Member | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset transfer | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of carrying amounts and estimated fair values of the Senior Notes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Dec. 02, 2021 | |
Debt Instrument [Line Items] | |||
Carrying Amount | $ 600 | ||
Estimated Fair Value | $ 0 | $ 9.6 | |
Level 2 Member | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 972.9 | 978 | |
Estimated Fair Value | 936.6 | 912.5 | |
Senior Notes [Member] | Level 2 Member | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 396.3 | 395.6 | |
Estimated Fair Value | $ 359.6 | $ 337.2 | |
Debt due date | 2029 | 2029 | |
Term Loan [Member] | Level 2 Member | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 576.6 | $ 582.4 | |
Estimated Fair Value | $ 577 | $ 575.3 | |
Debt due date | 2028 | 2028 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 816.4 | $ 806.6 |
Acquisition activity | 0 | 9.8 |
Ending balance | $ 816.4 | $ 816.4 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets - Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 4 years 10 months 24 days | |
Gross Carrying Value | $ 794.7 | $ 723.3 |
Accumulated Amortization | (506.3) | (424.8) |
Future amortization | $ 288.4 | 298.5 |
Audio and Video Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 5 years 7 months 6 days | |
Gross Carrying Value | $ 231.9 | 231.9 |
Accumulated Amortization | (175.5) | (150.7) |
Future amortization | $ 56.4 | 81.2 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 4 years 1 month 6 days | |
Gross Carrying Value | $ 158.2 | 158.2 |
Accumulated Amortization | (134.1) | (117.8) |
Future amortization | $ 24.1 | 40.4 |
Wireless and Connectivity Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 5 years 6 months | |
Gross Carrying Value | $ 245.5 | 158 |
Accumulated Amortization | (90.1) | (58) |
Future amortization | $ 155.4 | 100 |
Video Interface Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 3 years 4 months 24 days | |
Gross Carrying Value | $ 133 | 82 |
Accumulated Amortization | (85.2) | (79.7) |
Future amortization | $ 47.8 | 2.3 |
Human Presence Detection Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 5 years | |
Gross Carrying Value | $ 5.2 | 5.2 |
Accumulated Amortization | (1.7) | (0.7) |
Future amortization | $ 3.5 | 4.5 |
Licensed Technology and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 4 years 4 months 24 days | |
Gross Carrying Value | $ 10.7 | 10.8 |
Accumulated Amortization | (9.6) | (8.9) |
Future amortization | $ 1.1 | 1.9 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 8 years | |
Gross Carrying Value | $ 4.4 | 4.4 |
Accumulated Amortization | (4.4) | (4.3) |
Future amortization | $ 0 | 0.1 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life in Years | 4 years 4 months 24 days | |
Gross Carrying Value | $ 5.8 | 5.8 |
Accumulated Amortization | (5.7) | (4.7) |
Future amortization | 0.1 | 1.1 |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 0 | 67 |
Accumulated Amortization | 0 | 0 |
Future amortization | $ 0 | $ 67 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset impairment charges | $ 16 | ||
Cost of Sales [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangibles amortization | 81.6 | $ 130.4 | $ 123.5 |
Display Driver Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fully amortized intangible asset retired | $ 4.4 | $ 20.4 |
Goodwill and Acquired Intangi_6
Goodwill and Acquired Intangible Assets - Schedule of Expected Annual Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2025 | $ 97.9 | |
2026 | 84.8 | |
2027 | 50 | |
2028 | 33.9 | |
2029 | 15.5 | |
Thereafter | 6.3 | |
Future amortization | $ 288.4 | $ 298.5 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||
Dec. 02, 2021 | Jun. 01, 2021 | Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | Mar. 16, 2023 | Mar. 11, 2021 | |
Debt Instrument [Line Items] | |||||||
Debt instrument aggregate principal amounts | $ 600,000,000 | ||||||
Debt instrument interest rate | 1% | ||||||
Debt issuance costs | $ 11,200,000 | $ 972,900,000 | $ 978,000,000 | ||||
Interest Expense Long Term Debt | 16,700,000 | 16,600,000 | |||||
Debt instrument maturity date | Dec. 02, 2028 | ||||||
Interest expense | $ 65,300,000 | $ 55,500,000 | $ 30,200,000 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Common stock, shares issued | 69,683,991 | 68,687,511 | |||||
Cash and cash equivalents | $ 876,900,000 | $ 924,700,000 | |||||
Payment of debt issuance costs | $ 0 | 0 | $ 11,200,000 | ||||
Percentage of voting capital stock | 65% | ||||||
Percentage of Non-Voting capital stock | 100% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 25% | ||||||
Basis spread on variable rate | 25% | ||||||
London Interbank Offered Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 2.25% | ||||||
Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 1.25% | ||||||
Term Loan debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense | $ 47,800,000 | $ 37,900,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | 50% | |||||
Basis spread on variable rate | 1% | 50% | |||||
Term Loan debt [Member] | Federal Funds Rates [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Basis spread on variable rate | 0.50% | ||||||
4.0% Senior Notes Due 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument aggregate principal amounts | $ 400,000,000 | ||||||
Debt instrument interest rate | 4% | ||||||
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, current | 13.7267 | ||||||
Debt Instrument Convertible Number Of Shares Per Thousand Of Principal Amount Of Notes | 13.6947 | ||||||
Initial conversion price per share of common stock | $ 0.032 | ||||||
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 | 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 | |||||||
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 | Convertible Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument aggregate principal amounts | $ 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 | ||||||
Cash and cash equivalents | $ 450,000,000 | ||||||
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, which after the Third Amendment, only applies if our cash and cash equivalents balance is less than $450 million as of the last day of any fiscal quarter. 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. If our quarter-end cash and cash equivalents balance is less than $450.0 million, the interest coverage ratio must not be less than 3.50 to 1.0 as of the date of determination. As of the end of the quarter, we remain in compliance with the restrictive covenants. | ||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 250,000,000 | ||||||
Line of credit facility allowable requests for additional borrowing | 150,000,000 | ||||||
Outstanding principal amount | $ 0 | ||||||
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. | ||||||
Payment of debt issuance costs | $ 1,600,000 | ||||||
Description of base rate | The Credit Agreement bears interest, at our election, of a Base Rate plus an Applicable Margin or Adjusted Term SOFR, as defined in the Second Amendment, 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 Adjusted Term SOFR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for Adjusted Term SOFR loans. | ||||||
Minimum interest coverage ratio | 3.50% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Federal Funds Rates [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 50% | ||||||
Basis spread on variable rate | 50% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 100% | ||||||
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] | London Interbank Offered Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 100% | ||||||
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] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 25% | ||||||
Basis spread on variable rate | 25% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage of unused portion | 0.25% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 175% | ||||||
Basis spread on variable rate | 175% | ||||||
Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 100% | ||||||
Basis spread on variable rate | 100% | ||||||
Amended and Restated Credit Agreement [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 20,000,000 | ||||||
Amended and Restated Credit Agreement [Member] | Bridge Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line Of Credit Facility 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] | Thereafter [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum leverage ratio permitted | 3.75% | ||||||
Amended and Restated Credit Agreement [Member] | Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Cash and cash equivalents | $ 450,000,000 | ||||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 5,700,000 |
Debt - Schedule Of Redemption P
Debt - Schedule Of Redemption Prices And Unpaid Interest (Detail) | 12 Months Ended |
Jun. 29, 2024 | |
2024 [Member] | |
Debt Instrument [Line Items] | |
Price | 102% |
2025 [Member] | |
Debt Instrument [Line Items] | |
Price | 101% |
2026 and thereafter [Member] | |
Debt Instrument [Line Items] | |
Price | 100% |
Debt - Schedule of Future Princ
Debt - Schedule of Future Principal Payments Related To Our Senior Notes and Term Loan Facility (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Debt Instrument [Line Items] | ||
2026 | $ 6 | |
2027 | 6 | |
2028 | 6 | |
2029 | 959.5 | |
Total | 983.5 | $ 991 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
2026 | 6 | |
2027 | 6 | |
2028 | 6 | |
2029 | 559.5 | |
Total | 583.5 | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 | 400 | |
Total | $ 400 |
Debt - Schedule Of Total Debt P
Debt - Schedule Of Total Debt Presented In Balance Sheet (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 | Dec. 02, 2021 |
Debt Instrument [Line Items] | |||
Total debt | $ 983.5 | $ 991 | |
Issuance costs | (10.6) | (13) | |
Total debt, net of issuance costs | 972.9 | 978 | $ 11.2 |
Long-term debt | |||
Debt Instrument [Line Items] | |||
Total debt | 977.5 | 985 | |
Issuance costs | (10.6) | (13) | |
Total debt, net of issuance costs | 966.9 | 972 | |
Current portion of long-term debt | |||
Debt Instrument [Line Items] | |||
Total debt | 6 | 6 | |
Issuance costs | 0 | 0 | |
Total debt, net of issuance costs | $ 6 | $ 6 |
Leases, Commitments and Conting
Leases, Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 08, 2022 | Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Commitments Contingencies And Litigation [Line Items] | ||||
Lease Option to Extend | The leases expire at various dates through fiscal 2034, some of which include options to extend the lease for up to seven years. | |||
Lease Expiration Year | 2034 | |||
Gain from sale and leaseback transaction | $ 0 | $ 0 | $ 5.4 | |
Operating Leases, Expense | $ 11.8 | $ 12 | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 5 months 26 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.34% | |||
South Bay Development [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Sale Leaseback Transactions Other Payments Required | $ 55.9 | |||
Sale Leaseback Transaction, Lease Terms | for an initial term of 12 years and a renewal option for an additional seven years | |||
Maximum [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Lessee Operating Lease Renewal Term | 7 years |
Leases - Schedule of Components
Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Leases Commitments And Contingencies [Abstract] | ||
Operating lease right-of-use assets | $ 46.8 | $ 49 |
Operating lease liabilities | 11.5 | 9 |
Operating lease liabilities, long-term | $ 37.9 | $ 42.4 |
Operating Lease, Liability | Total operating lease liabilities | Total operating lease liabilities |
Total operating lease liabilities | $ 49.4 | $ 51.4 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Leases Commitments And Contingencies [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 11.2 | $ 10.6 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets | $ 7.4 | $ 7.3 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Leases Commitments And Contingencies [Abstract] | ||
2026 | $ 10.5 | |
2027 | 7.9 | |
2028 | 6.2 | |
2029 | 5.3 | |
Thereafter | 15 | |
Total future minimum operating lease payments | 58.2 | |
Less: interest | $ (8.8) | |
Operating Lease, Liability | Total Lease liabilities | Total Lease liabilities |
Total Lease liabilities | $ 49.4 | $ 51.4 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Stock repurchase program authorized amount | $ 2,300 | |
Common stock repurchase program expiry date | Jul. 31, 2025 | |
Stock repurchase program remaining authorized amount | $ 893.9 |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Reserved for Future Issuance (Detail) | Jun. 29, 2024 shares |
Class Of Stock [Line Items] | |
Awards available for grant under all share-based compensation plans | 3,488,141 |
Reserved for future issuance | 5,574,022 |
Restricted stock units outstanding [Member] | |
Class Of Stock [Line Items] | |
Awards available for grant under all share-based compensation plans | 1,620,006 |
Market stock units outstanding [Member] | |
Class Of Stock [Line Items] | |
Awards available for grant under all share-based compensation plans | 200,513 |
Performance stock units outstanding [Member] | |
Class Of Stock [Line Items] | |
Awards available for grant under all share-based compensation plans | 265,362 |
Share-Based Compensation - New
Share-Based Compensation - New Share-Based Compensation Plans - Additional Information (Detail) - shares | Oct. 27, 2020 | Oct. 29, 2019 | Jun. 29, 2024 | Aug. 19, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 5,574,022 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | 0 | |||
2019 Inducement Equity Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares approved by stockholders | 6,188,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 650,000 | |||
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 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Awards Available for Grant or Issuance (Detail) | 12 Months Ended |
Jun. 29, 2024 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance ending | 3,488,141 |
Share-Based Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance beginning | 3,994,824 |
Additional shares authorized | 900,000 |
Restricted stock units granted | (1,380,507) |
Market stock units granted | (170,790) |
Performance stock units granted | (255,175) |
Performance stock units performance adjustment | 178,307 |
Market stock units performance adjustment | (67,743) |
Purchases under employee stock purchase plan | (211,425) |
Forfeited | 383,694 |
Plan shares no longer available for new grants | 116,956 |
Balance ending | 3,488,141 |
2019 Employee Inducement Equity Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance beginning | 0 |
Additional shares authorized | 0 |
Restricted stock units granted | 0 |
Market stock units granted | 0 |
Performance stock units granted | 0 |
Performance stock units performance adjustment | 0 |
Market stock units performance adjustment | (118,097) |
Purchases under employee stock purchase plan | 0 |
Forfeited | 0 |
Plan shares no longer available for new grants | 118,097 |
Balance ending | 0 |
2019 Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance beginning | 898,036 |
Additional shares authorized | 0 |
Restricted stock units granted | 0 |
Market stock units granted | 0 |
Performance stock units granted | 0 |
Performance stock units performance adjustment | 0 |
Market stock units performance adjustment | 0 |
Purchases under employee stock purchase plan | (211,425) |
Forfeited | 0 |
Plan shares no longer available for new grants | 0 |
Balance ending | 686,611 |
DSPG Replacement Award Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance beginning | 0 |
Additional shares authorized | 0 |
Restricted stock units granted | 0 |
Market stock units granted | 0 |
Performance stock units granted | 0 |
Performance stock units performance adjustment | 0 |
Market stock units performance adjustment | 0 |
Purchases under employee stock purchase plan | 0 |
Forfeited | 1,141 |
Plan shares no longer available for new grants | (1,141) |
Balance ending | 0 |
2019 [Member] | Incentive Compensation Plans [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance beginning | 3,096,788 |
Additional shares authorized | 900,000 |
Restricted stock units granted | (1,380,507) |
Market stock units granted | (170,790) |
Performance stock units granted | (255,175) |
Performance stock units performance adjustment | 178,307 |
Market stock units performance adjustment | 50,354 |
Purchases under employee stock purchase plan | 0 |
Forfeited | 382,553 |
Plan shares no longer available for new grants | 0 |
Balance ending | 2,801,530 |
Share-Based Compensation - Sh_2
Share-Based Compensation - Share-Based Compensation, Cash-Based Awards and Related Tax Benefit Recognized in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Stock-based awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | $ 118.8 | $ 122 | $ 100.8 |
Income tax benefit on share-based compensation | 8.6 | 13.2 | 23.1 |
Phantom Stock Unit [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 0 | 0.6 | 32.1 |
Cost of Revenue [Member] | Stock-based awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 4.1 | 4 | 4 |
Cost of Revenue [Member] | Phantom Stock Unit [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 0 | 0 | 0.2 |
Research and Development [Member] | Stock-based awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 61 | 52.4 | 42.5 |
Research and Development [Member] | Phantom Stock Unit [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 0 | 0.3 | 27.2 |
Selling, General, and Administrative [Member] | Stock-based awards [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | 53.7 | 65.6 | 54.3 |
Selling, General, and Administrative [Member] | Phantom Stock Unit [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total | $ 0 | $ 0.3 | $ 4.7 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Oct. 27, 2020 | Jun. 29, 2024 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | 0 | |
Unrecognized share-based compensation costs for stock options granted | $ 5,700,000 | |
Employee Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of fair market value for which exercise price is designated on incentive and nonqualified stock option grants | 100% | |
Options granted under the 2010 Incentive Plan | vested three to four years from the vesting commencement date and expired seven years after the date of grant if not exercised. | |
Employee Stock Option | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized share-based compensation costs for stock options granted | $ 0 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Stock Option Activity (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Jun. 29, 2024 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Awards Outstanding, Balance at June 2023 | 3,083 |
Stock Option Awards Outstanding, Exercised | (3,083) |
Stock Option Awards Outstanding, Expired | 0 |
Stock Option Awards Outstanding, Balance at June 2024 | 0 |
Weighted Average Exercise Price, Balance at June 2023 | $ / shares | $ 52.53 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 52.53 |
Aggregate intrinsic value | $ | $ 0 |
Share-Based Compensation - Cash
Share-Based Compensation - Cash Received and Aggregate Intrinsic Value of Stock Options Exercised (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Cash received | $ 0.3 | $ 3.3 | $ 5.3 |
Aggregate intrinsic value | $ 0.1 | $ 1.6 | $ 3.6 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units [Member] $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Jun. 29, 2024 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs granted under the 2010 Incentive Plan | vest ratably over three to four years from the vesting commencement date. |
Shares withheld to meet statutory minimum tax withholding requirements | shares | 1.6 |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ / shares | $ 88.2 |
Share Based Compensation Arrangement Expected To Vest Exercisable AggregateIntrinsic Value | $ 141.6 |
Unrecognized share-based compensation cost for RSUs granted | $ 128.8 |
Unrecognized share-based compensation, period for recognition | 2 years 10 days |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Units Activity (Detail) | 12 Months Ended |
Jun. 29, 2024 $ / shares shares | |
Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance at June 2023 | shares | 1,304,926 |
Stock Unit Awards, Granted | shares | 1,380,507 |
Stock Unit Awards, Vested | shares | (819,381) |
Stock Unit Awards, Forfeited | shares | (246,046) |
Stock Unit Awards Outstanding, Balance at June 2024 | shares | 1,620,006 |
Weighted Average Grant Date Fair Value, Balance at June 2023 | $ / shares | $ 126.5 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 89.6 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 118.2 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 113.1 |
Weighted Average Grant Date Fair Value, Balance at June 2024 | $ / shares | $ 101.4 |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance at June 2023 | shares | 227,321 |
Stock Unit Awards, Granted | shares | 170,790 |
Stock Unit Awards, Performance adjustment | shares | 141,716 |
Stock Unit Awards, Vested | shares | (223,984) |
Stock Unit Awards, Forfeited | shares | (115,330) |
Stock Unit Awards Outstanding, Balance at June 2024 | shares | 200,513 |
Weighted Average Grant Date Fair Value, Balance at June 2023 | $ / shares | $ 235.7 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 135.6 |
Weighted Average Grant Date Fair Value, Performance adjustment | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 74.9 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 253.4 |
Weighted Average Grant Date Fair Value, Balance at June 2024 | $ / shares | $ 249.2 |
Performance stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance at June 2023 | shares | 253,359 |
Stock Unit Awards, Granted | shares | 255,175 |
Stock Unit Awards, Performance adjustment | shares | 52,638 |
Stock Unit Awards, Vested | shares | (141,297) |
Stock Unit Awards, Forfeited | shares | (154,513) |
Stock Unit Awards Outstanding, Balance at June 2024 | shares | 265,362 |
Weighted Average Grant Date Fair Value, Balance at June 2023 | $ / shares | $ 125.4 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 94.3 |
Weighted Average Grant Date Fair Value, Performance adjustment | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 106.5 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 125.6 |
Weighted Average Grant Date Fair Value, Balance at June 2024 | $ / shares | $ 99.3 |
Share-Based Compensation - Mark
Share-Based Compensation - Market Stock Units - Additional Information (Detail) - Market stock units outstanding [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Jun. 29, 2024 | Jun. 25, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 3 years | |
Earlier Options vesting period | 3 years | |
Shares withheld to meet statutory minimum tax withholding requirements | 17.5 | |
Shares valued withheld to meet statutory minimum tax withholding requirements | $ 0.2 | |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 88.2 | |
Unrecognized share-based compensation cost | $ 19.6 | |
Unrecognized share-based compensation, period for recognition | 11 months 8 days | |
Fiscal 2021 MSU Grants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of targeted shares, MSU grants | 99% | |
TSR percentile relative to Russell two thousand index | 50 | |
Fiscal 2022 MSU Grants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of targeted shares, MSU grants | 200% | |
TSR percentile relative to Russell two thousand index | 80 | |
Fiscal 2023 MSU Grants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of targeted shares, MSU grants | 0% | |
TSR percentile relative to Russell two thousand index | 21 | |
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 | |
Earlier Options vesting period | 1 year | |
Share-based Compensation Award, First Tranche [Member] | Three-Year Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 3 years | |
Earlier Options vesting period | 3 years | |
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 | |
Earlier Options vesting period | 2 years | |
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 | |
Earlier Options vesting period | 3 years | |
Share-based Compensation Award, Third Tranche [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 300% | 200% |
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 | |
Earlier Options vesting period | 4 years | |
TSR Percentile Below 25 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 0% | |
TSR Percentile Above 80 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 300% | |
TSR Percentile Above 75 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 200% | |
TSR Percentile 50 [Member] | Fiscal 2021 MSU Grants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 100% | 100% |
TSR [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 0% | 0% |
TSR [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage Of Potential Payout | 300% | 200% |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Each Award Granted Under Stock Option Plans (Detail) - $ / shares | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 52.61% | 55.22% | 52.61% |
SOX Index [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 11.50% | 17.90% | 17.40% |
SOX Index [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 762.50% | 320.70% | 581.60% |
Market stock units outstanding [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Correlation coefficient | 0.69% | 0.61% | 0.53% |
Expected life in years | 2 years 10 months 13 days | 2 years 10 months 13 days | 2 years 10 months 13 days |
Risk-free interest rate | 4.65% | 3.24% | 0.40% |
Market stock units outstanding [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value per award | $ 159.79 | $ 218.15 | $ 284.43 |
Market stock units outstanding [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value per award | $ 268.61 | $ 438.24 | $ 342.89 |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Stock Units - Additional Information (Detail) - Performance stock units outstanding [Member] $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Jun. 29, 2024 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period of the underlying awards | 3 years |
Shares withheld to meet statutory minimum tax withholding requirements | shares | 23.2 |
Shares valued withheld to meet statutory minimum tax withholding requirements | $ 0.3 |
Share Based Compensation Arrangement By Share Based Payment Award Intrinsic Value Closing Price | $ / shares | $ 88.2 |
Requisite service period | 3 years |
Unrecognized share-based compensation cost | $ 0.8 |
Unrecognized share-based compensation, period for recognition | 9 months 29 days |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 0% |
Threshold percentage of earnings per share to trigger pay out | 65% |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage Of Potential Payout | 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) - $ / shares | 12 Months Ended | |
Jun. 29, 2024 | Jun. 24, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of outstanding stock units | $ 52.53 | |
Phantom Stock Unit [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 3 years |
Share-Based Compensation - Empl
Share-Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation costs for stock options granted | $ 5.7 | ||
Period over which share-based compensation is amortized duration | 8 months | ||
2019 Employee Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock purchases under Employee Stock Purchase Plan as a percentage of employee compensation, maximum, subject to legal restrictions and limitations | 15% | ||
Employee common stock purchases through payroll deductions under Employee Stock Purchase Plan, price as a percentage of fair market value | 85% | ||
Offering period extends under Employee Stock Purchase Plan | up to one year | ||
Fair value of each award granted | $ 34.54 | $ 40.7 | $ 38.93 |
2019 Employee Inducement Equity Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Earlier Options vesting period | 1 year |
Share-Based Compensation - Sh_3
Share-Based Compensation - Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate intrinsic value | $ 0 | ||
Employee Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares purchased | 211,425 | 172,044 | 138,502 |
Weighted average purchase price | $ 74.22 | $ 91.88 | $ 97.9 |
Cash received | $ 15.7 | $ 15.8 | $ 13.6 |
Aggregate intrinsic value | $ 4.1 | $ 2.8 | $ 12.5 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Retirement Benefits [Abstract] | |||
Annual limit of employees contribution to defined contribution plan | $ 23,000 | ||
Annual limit of contribution for 50 years or older employees | $ 30,500 | ||
Percentage of maximum employer matching contribution to defined contribution plans | 25% | ||
Contributions by employer matching contributions | $ 1.9 | $ 1.9 | $ 1.7 |
Income Taxes - Tabular Disclosu
Income Taxes - Tabular Disclosure of Income (Loss) Before Income Tax Between Domestic and Foreign Jurisdictions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | |||
(Loss)/Income before provision for income taxes | $ (124.6) | $ 126 | $ 320.5 |
United States [Member] | |||
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | |||
(Loss)/Income before provision for income taxes | (80.5) | (69.5) | (44.8) |
Foreign [Member] | |||
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | |||
(Loss)/Income before provision for income taxes | $ (44.1) | $ 195.5 | $ 365.3 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Current tax (benefit)/expense | |||
Federal | $ (17.4) | $ 15.8 | $ (0.6) |
State | 0 | 0.1 | 0 |
Foreign | 56 | 62.4 | 94.9 |
Current Income Tax Expense, Total | 38.6 | 78.3 | 94.3 |
Deferred tax (benefit)/expense | |||
Federal | (280.8) | (12.7) | (21.8) |
State | 0 | 0 | 0 |
Foreign | (8) | (13.2) | (7.9) |
Deferred Income Tax Expense/(Benefit), Total | (288.8) | (25.9) | (29.7) |
(Benefit)/provision for income taxes | $ (250.2) | $ 52.4 | $ 64.6 |
Income Taxes - Provision for _2
Income Taxes - Provision for Income Taxes Differs from Federal Statutory Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | ||
Income Tax Disclosure [Abstract] | ||||
(Benefit)/provision at U.S. federal statutory tax rate | $ (26.2) | $ 26.4 | $ 67.3 | |
Non-deductible share-based compensation | 7.6 | 6.6 | 7.9 | |
Shortfall/(windfall) related to share-based compensation | 3.5 | (1.3) | (18.1) | |
Non-deductible officer compensation | 4.8 | 6.4 | 6.5 | |
Business credits | (5.2) | (5.2) | (10) | |
Foreign tax differential | 45.2 | (0.5) | 6.4 | |
U.S. inclusion of foreign income | (0.3) | 21 | 3.6 | |
Deferred taxes on unremitted foreign earnings | 0 | 0.3 | 0.7 | |
U.S. provision to return adjustment | [1] | (18.1) | 0.4 | (3.2) |
Deferred tax benefit from domestication | [2] | (262.8) | 0 | 0 |
Other differences | 1.3 | (1.7) | 3.5 | |
(Benefit)/provision for income taxes | $ (250.2) | $ 52.4 | $ 64.6 | |
[1] U.S. provision to return adjustment in fiscal 2024 was primarily driven by approximately $ 11.3 million tax benefit from foreign tax credit relief under U.S. Treasury Notice 2023-55 issued in July 2023, together with a tax benefit of approximately $ 6.3 million recognized as part of a multiyear research and development tax credit study completed in fiscal 2024. On June 29, 2024, we completed an intra-group transfer that involved the domestication of certain foreign subsidiaries and the migration of certain foreign intellectual property to the United States. See further discussion below. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | Jun. 26, 2021 | ||
Income Tax Disclosure [Line Items] | |||||
Net deferred tax assets | $ 317.7 | $ 28.9 | |||
Valuation allowance | 92.4 | 78.4 | |||
Foreign income before provision for income taxes | 48.7 | ||||
(Benefit)/provision for income taxes | (250.2) | 52.4 | $ 64.6 | ||
Accumulated foreign earnings | 200 | ||||
Deferred tax benefit | [1] | (262.8) | 0 | 0 | |
Gross unrecognized tax benefits | 46.5 | 43.7 | $ 29.8 | $ 22.6 | |
Gross unrecognized tax benefits increased during the year | 2.8 | ||||
Unrecognized tax benefit, reduction of effective tax rate if recognized | 36.6 | ||||
Increase (decrease) in interest and penalties accrued related to unrecognized tax benefits | 0.6 | 0.5 | |||
Interest and penalties accrued related to unrecognized tax benefits | 3.6 | 3 | |||
Estimated decrease in unrecognized tax benefit in next 12 months | 2.9 | ||||
Estimated increase in unrecognized tax benefit in next 12 months | 5.1 | ||||
Undistributed earnings | 46 | ||||
Capital loss carryforward | 34.1 | 34.1 | |||
Deferred tax liability unremitted foreign earnings | 14.3 | 14.3 | |||
Deferred Tax Asset [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Valuation allowance | 92.4 | ||||
Net increase in valuation allowance | 14 | ||||
Deferred tax benefit | 263 | ||||
Federal [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforwards | $ 20.1 | ||||
Net operating loss, beginning of expiration period | 2037 | ||||
Tax credit carryforward, amount | $ 30.2 | ||||
CALIFORNIA | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforwards | $ 26.5 | ||||
Net operating loss, beginning of expiration period | 2027 | ||||
State and Local Jurisdiction [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax credit carryforward, amount | $ 69 | ||||
Foreign [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforwards | 49.4 | ||||
U.S. Treasury Notice [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
(Benefit)/provision for income taxes | $ 11.3 | $ 6.3 | |||
[1] On June 29, 2024, we completed an intra-group transfer that involved the domestication of certain foreign subsidiaries and the migration of certain foreign intellectual property to the United States. See further discussion below. |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Deferred tax assets: | ||
Capital loss carryforward | $ 34.1 | $ 34.1 |
Inventory write downs | 1.6 | 1.9 |
Intangibles and capitalized research and development costs | 273.1 | 41.5 |
Share-based compensation | 9.4 | 10.3 |
Nondeductible interest | 23.7 | 4.9 |
Lease liabilities | 10.2 | 10.1 |
Business credit carryforward | 95.6 | 45.1 |
Net operating loss carryforward | 11.4 | 10.8 |
Other accruals | 5.8 | 5.1 |
Deferred Tax Assets, Gross | 464.9 | 163.8 |
Valuation allowance | (92.4) | (78.4) |
Deferred Tax Assets, Net | 372.5 | 85.4 |
Deferred tax liabilities: | ||
Property and equipment | 0 | (1.3) |
Right-of-use assets | (9.5) | (9.5) |
Unremitted foreign earnings | (14.3) | (14.3) |
Acquisition intangibles | (31) | (31.4) |
Deferred tax liabilities, Total | (54.8) | (56.5) |
Net deferred tax assets | $ 317.7 | $ 28.9 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 43.7 | $ 29.8 | $ 22.6 |
Increase in unrecognized tax benefits related to current year tax positions | 10.4 | 13.7 | 7.1 |
(Decrease)/Increase in unrecognized tax benefits related to prior year tax positions | (5.3) | 2.5 | 5.5 |
Decrease due to effective settlement with tax authorities | 0 | (1.1) | 0 |
Remeasurement of unrecognized tax benefits | (1) | (0.3) | (0.5) |
Decrease due to statute expiration | (1.3) | (0.9) | (4.9) |
Ending Balance | $ 46.5 | $ 43.7 | $ 29.8 |
Segment, Customers, and Geogr_3
Segment, Customers, and Geographic Information - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Jun. 29, 2024 USD ($) Segment | Jun. 25, 2023 USD ($) | Jun. 24, 2023 USD ($) | Jun. 25, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
Long-lived assets | $ 1,227.1 | $ 1,181.3 | ||
Goodwill | 816.4 | $ 816.4 | $ 816.4 | $ 806.6 |
Reclassification Adjustment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | $ 350.7 |
Segment, Customers, and Geogr_4
Segment, Customers, and Geographic Information - Schedule of Net Revenue from External Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Revenue from External Customer [Line Items] | |||
Net revenue | $ 959.4 | $ 1,355.1 | $ 1,739.7 |
Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 309.9 | 466.7 | |
Enterprise and Auto [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 853.7 | 977.2 | |
Mobile [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 191.5 | 295.8 | |
IoT Product Applications [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 946.3 | 1,100.9 | |
IoT Product Applications [Member] | Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 177.6 | 309.9 | 466.7 |
IoT Product Applications [Member] | Enterprise and Auto [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 636.4 | 634.2 | |
IoT Product Applications [Member] | Mobile [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 0 | 0 | |
PC Product Applications [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 217.3 | 343 | |
PC Product Applications [Member] | Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 0 | 0 | |
PC Product Applications [Member] | Enterprise and Auto [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 217.3 | 343 | |
PC Product Applications [Member] | Mobile [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 0 | 0 | |
Mobile Product Applications [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | $ 211.8 | 191.5 | 295.8 |
Mobile Product Applications [Member] | Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 0 | 0 | |
Mobile Product Applications [Member] | Enterprise and Auto [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 0 | 0 | |
Mobile Product Applications [Member] | Mobile [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | $ 191.5 | $ 295.8 |
Segment, Customers, and Geogr_5
Segment, Customers, and Geographic Information - Schedule of Net Revenue from Customers for each Product Category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Revenue from External Customer [Line Items] | |||
Net revenue | $ 959.4 | $ 1,355.1 | $ 1,739.7 |
Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 309.9 | 466.7 | |
Enterprise And Automotive Product Applications [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 570 | 853.7 | 977.2 |
IoT Product Applications [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 946.3 | 1,100.9 | |
IoT Product Applications [Member] | Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | 177.6 | 309.9 | 466.7 |
Mobile Product Applications [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | $ 211.8 | 191.5 | 295.8 |
Mobile Product Applications [Member] | Core IoT [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenue | $ 0 | $ 0 |
Segment, Customers, and Geogr_6
Segment, Customers, and Geographic Information - Net Revenue within Geographic Areas Based on Customers' Locations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 959.4 | $ 1,355.1 | $ 1,739.7 |
China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 435 | 485 | 609.1 |
Taiwan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 201.3 | 367.4 | 539.4 |
Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 192.3 | 337.7 | 453.1 |
Vietnam [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 13.6 | 61.5 | 11.8 |
South Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 59.9 | 35 | 39.1 |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 36 | 62.6 | 72.1 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 21.3 | $ 5.9 | $ 15.1 |
Segment, Customers, and Geogr_7
Segment, Customers, and Geographic Information - Long-Lived Assets within Geographic Areas (Detail) - USD ($) $ in Millions | Jun. 29, 2024 | Jun. 24, 2023 |
Long Lived Assets By Geographical Areas [Line Items] | ||
Long-lived assets | $ 1,227.1 | $ 1,181.3 |
United States [Member] | ||
Long Lived Assets By Geographical Areas [Line Items] | ||
Long-lived assets | 523.1 | 119.1 |
Asia Pacific [Member] | ||
Long Lived Assets By Geographical Areas [Line Items] | ||
Long-lived assets | 204.7 | 195.8 |
EMEA [Member] | ||
Long Lived Assets By Geographical Areas [Line Items] | ||
Long-lived assets | $ 499.3 | $ 866.4 |
Segment, Customers, and Geogr_8
Segment, Customers, and Geographic Information - Major Customers' Revenue as a Percentage of Total Net Revenue (Detail) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Customer A [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10% | 12% | |
Customer B [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 13% | ||
Customer C [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 12% |
Segment, Customers, and Geogr_9
Segment, Customers, and Geographic Information - Major Customers' Revenue as a Percentage of Total Net Revenue (Parenthetical) (Detail) | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Maximum [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10% | 10% | 10% |
Restructuring Activities (Addit
Restructuring Activities (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring charges | $ 10.5 | $ 0 | $ 18.3 |
Restructuring Activities - Rest
Restructuring Activities - Restructuring Liability Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Restructuring Cost And Reserve [Line Items] | |||
Beginning Balance | $ 0 | $ 1.4 | $ 0.2 |
Restructuring charges | 10.5 | 0 | 18.3 |
Payments | (9.1) | (1.4) | (17.1) |
Ending Balance | $ 1.4 | $ 0 | $ 1.4 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 29, 2024 | Jun. 24, 2023 | Jun. 25, 2022 | |
Subsequent Event [Line Items] | ||||
Restructuring charges | $ 10.5 | $ 0 | $ 18.3 | |
Subsequent Event [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Record Restructuring Charges | $ 16 | |||
Subsequent Event [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Record Restructuring Charges | $ 14 |