0001628280-24-046335 | 10-Q | XBRL Viewer

Goodwill and Acquired Intangibles, Net

3 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. For the three months ended September 2024 and June 2024, the carrying value of goodwill was $816.4 million.

Acquired Intangibles, Net

The following table summarizes the net carrying amounts excluding fully amortized intangible assets (in millions, except for weighted-average life in years):


		September 2024						June 2024
	Weighted Average Life in Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Audio and video technology	5.6	$	231.9	$	(181.3)	$	50.6	$	231.9	$	(175.5)	$	56.4
Customer relationships	4.1	158.2		(137.8)		20.4		158.2		(134.1)		24.1
Wireless connectivity technology	5.5	245.5		(101.6)		143.9		245.5		(90.1)		155.4
Video interface technology	3.4	133.0		(88.4)		44.6		133.0		(85.2)		47.8
Other	5.1	26.1		(21.9)		4.2		26.1		(21.4)		4.7
Acquired intangibles totals	4.9	$	794.7	$	(530.9)	$	263.8	$	794.7	$	(506.3)	$	288.4

Certain intangible assets from June 2024 have been reclassified to conform to the current period presentation and are presented in the Other line item in the table above.

The total amortization expense for the acquired intangible assets was $24.6 million and $23.3 million for the three months ended September 2024 and September 2023, respectively.

During the three months ended September 2024 and September 2023, $20.8 million and $17.8 million, respectively, of amortization expense was included in our condensed consolidated statements of operations in cost of revenue; the remainder was included in acquired intangibles amortization.

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of September 2024 (in millions):


Fiscal Year
Remainder of 2025	$	73.3
2026	84.8
2027	50.0
2028	33.9
2029	15.5
Thereafter	6.3
Future amortization	$	263.8

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (23.1)	$ (55.6)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Balance Sheet Components - Schedule of Other Non Current Assets (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Payables and Accruals [Abstract]
Prepayment of intangible assets	$ 42.5	$ 42.5
Right-of-use assets	47.2	46.8
Other	43.5	47.5
Non-current other assets	$ 133.2	$ 136.8

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Oct. 29, 2024	Sep. 28, 2024	Sep. 27, 2024	Aug. 19, 2019
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of stock option outstanding (in dollars per share)			$ 78.48
Unrecognized share-based compensation cost		$ 180,700
Unrecognized share-based compensation cost, period for recognition		2 years 4 months 2 days
Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted generally vest period		3 years
Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted generally vest period		4 years
Market Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of stock option outstanding (in dollars per share)			78.48
Unrecognized share-based compensation cost		$ 26,700
Unrecognized share-based compensation cost, period for recognition		1 year 9 months 10 days
Requisite service period		3 years
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of stock option outstanding (in dollars per share)			$ 78.48
Unrecognized share-based compensation cost		$ 19,300
Unrecognized share-based compensation cost, period for recognition		1 year 3 months 18 days
Requisite service period		3 years
Employee Stock Purchase Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares approved by stockholders (in shares)	7,588,000
Number of shares authorized to purchase (in shares)	1,500,000
2019 Inducement Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				650,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings
Beginning balance (in shares) at Jun. 24, 2023		68,687,511
Beginning balance at Jun. 24, 2023	$ 1,243.4	$ 0.1	$ 1,009.2	$ (878.0)	$ 0.0	$ 1,112.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(55.6)					(55.6)
Other comprehensive income	0.1				0.1
Issuance of common stock for share-based award compensation plans (in shares)		612,283
Issuance of common stock for share-based award compensation plans	8.5		8.5
Payroll taxes related to net share settlement of share-based awards	(25.3)		(25.3)
Share-based compensation	33.2		33.2
Ending balance (in shares) at Sep. 30, 2023		69,299,794
Ending balance at Sep. 30, 2023	1,204.3	$ 0.1	1,025.6	(878.0)	$ 0.1	1,056.5
Beginning balance (in shares) at Jun. 29, 2024		69,683,991
Beginning balance at Jun. 29, 2024	1,466.8	$ 0.1	1,107.0	(878.0)		1,237.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23.1)					(23.1)
Issuance of common stock for share-based award compensation plans (in shares)		481,580
Issuance of common stock for share-based award compensation plans	7.7		7.7
Payroll taxes related to net share settlement of share-based awards	(11.3)		(11.3)
Share-based compensation	27.2
Ending balance (in shares) at Sep. 28, 2024		70,165,571
Ending balance at Sep. 28, 2024	$ 1,467.3	$ 0.1	$ 1,130.6	$ (878.0)		$ 1,214.6

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. The provision for income taxes recorded in interim periods is based on our estimate of the annual effective tax rate applied to year-to-date income before provision for income taxes, adjusted for discrete items required to be recognized in the period in which they are incurred. In each quarter, we update our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter. Our quarterly tax provision and our quarterly estimate of the annual effective tax rate can be subject to volatility due to several factors, including our ability to accurately forecast annual income before provision for income taxes in each of the tax jurisdictions in which we operate. The income tax (benefit)/provision of $(11.2) million and $15.0 million for the three months ended September 2024 and September 2023, respectively, represented estimated federal, foreign, and state income taxes. The effective tax rate for the three months ended September 2024 diverged from the combined U.S. federal and state statutory tax rate primarily due to a one-time deferred tax benefit of $7.7 million on inventory reserves transferred from foreign subsidiaries to the United States, foreign income taxed at lower rates, and research credits. This was partially offset by non-deductible officer compensation and non-deductible share-based compensation. The effective tax rate for the three months ended September 2023 diverged from the combined U.S. federal and state statutory tax rate primarily due to non-creditable foreign withholding taxes resulting from the final foreign tax credit regulations published in January 2022 and the research and development capitalization rules increasing our global intangible low-taxed income, or GILTI, resulting from the U.S. Tax Cuts and Jobs Act of 2017, foreign income taxed at higher rates and non-deductible officer compensation. This was partially offset by research credits and a one-time benefit from prior year creditable foreign withholding taxes resulting from U.S. Treasury Notice 2023-55, which was issued in July 2023 and provided us a one-year delay of the effective date of U.S. final foreign tax credit regulations published in January 2022. The total liability for gross unrecognized tax benefits related to uncertain tax positions decreased $1.9 million during the three months ended September 2024, to $44.6 million, and was included in other long-term liabilities on our condensed consolidated balance sheets. If recognized, the total gross unrecognized tax benefits would reduce the effective tax rate on income from continuing operations. Accrued interest and penalties related to unrecognized tax benefits as of September 2024 were $3.8 million; this balance increased by $0.2 million compared to June 2024. We classify interest and penalties as components of income tax expense. Any prospective adjustments to our unrecognized tax benefits will be recorded as an increase or decrease to income tax expense and cause a corresponding change to our effective tax rate. Accordingly, our effective tax rate could fluctuate materially from period to period. Our major tax jurisdictions are the United States, Hong Kong SAR, Japan, Israel and the United Kingdom. From fiscal 2017 onward, we remain subject to examination by one or more of these jurisdictions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Balance Sheet Components - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Payables and Accruals [Abstract]
Customer obligations	$ 54.0	$ 58.2
Inventory obligations	7.4	5.6
Operating lease liabilities	11.1	11.5
Income taxes payable	17.3	42.2
Other	46.6	38.8
Other accrued liabilities	$ 136.4	$ 156.3

Debt (Tables)

3 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Redemption Prices and Unpaid Interest

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	%

Segment, Customers, and Geographic Information - Major Customers as Percentage of Net Revenue (Details) - Customer Concentration Risk - Sales Revenue, Net	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Customer A
Revenue, Major Customer [Line Items]
Major customers as a percentage	13.00%
Customer B
Revenue, Major Customer [Line Items]
Major customers as a percentage	12.00%	18.00%
Customer C
Revenue, Major Customer [Line Items]
Major customers as a percentage		11.00%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Benefit for income taxes	$ (11,200)	$ 15,000
deferred tax benefit	7,700
Unrecognized tax benefits, period increase (decrease)	1,900
Gross unrecognized tax benefits	44,600
Interest and penalties accrued related to unrecognized tax benefits	3,800
Increase (decrease) in interest and penalties accrued related to unrecognized tax benefits	$ 200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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+ Details

Indemnifications and Contingencies	3 Months Ended
Indemnifications and Contingencies	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Indemnifications and Contingencies	Indemnifications and Contingencies Indemnifications We have entered into indemnification agreements with our officers and directors. In addition, 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. Maximum potential future payments under these agreements cannot be estimated because these agreements generally do not have a maximum stated liability. Historical costs related to these indemnification provisions have not been significant. However, we will accrue for any losses related to these indemnification agreements 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. During the three months ended September 2024, we recorded an estimated liability of $2.2 million related to our proportionate share of an indemnity obligation to defend a counterparty against a third party claim alleging infringement of certain intellectual property rights. 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.

Prepayment of Intangible Assets - Narrative (Details) - Broadcom Wireless Connectivity $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 24, 2023 USD ($)	Sep. 28, 2024 productCategory
Business Acquisition [Line Items]
Aggregate consideration \| $		$ 130.0
Number of obtained technology products \| productCategory			3
Number of technology products \| productCategory			4
Extension period for license products (in year)			3 years
Fair Value of Assets Acquired \| $	$ 42.5

Segment, Customers, and Geographic Information - Narrative (Details)	3 Months Ended
	Sep. 28, 2024 productCategory Segment
Segment Reporting [Abstract]
Number of operating segments \| Segment	1
Number of product categories \| productCategory	3

Fair Value Measurements

3 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:

•Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets.

•Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments.

•Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements.

Our Level 1 financial instruments are traded in active markets, and the fair value is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.

At September 2024 and June 2024, financial assets measured at fair value on a recurring basis are summarized below (in millions):


	September 2024						June 2024
	Level 1		Level 2		Total (1)		Level 1		Level 2		Total (1)
Assets:
Cash equivalents:
Money market funds	$	265.7	$	—	$	265.7	$	600.4	$	—	$	600.4
Certificates of deposit	—		33.0		33.0		—		38.1		38.1
Total assets	$	265.7	$	33.0	$	298.7	$	600.4	$	38.1	$	638.5

(1)Excludes $554.9 million and $238.4 million in cash held in our bank accounts as of September 2024 and June 2024, respectively. We did not have any financial assets requiring Level 3 measurement in the periods presented.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

We report our financial instruments at fair value with the exception of the Senior Notes and Term Loan Facility, as defined in Note 12. Debt. The estimated fair value of the Senior Notes and Term Loan Facility was determined based on the trading price of the Senior Notes and Term Loan Facility as of the last day of trading for the periods presented. We use Level 2 measurement criteria to determine the fair value of our Senior Notes and Term Loan Facility as they are not actively traded in markets.

The carrying amounts and estimated fair values of the Senior Notes and Term Loan Facility are as follows for the periods presented (in millions):


	September 2024				June 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes due 2029	$	396.4	$	375.6	$	396.3	$	359.6
Term Loan Facility due 2028	575.5		575.1		576.6		577.0
	$	971.9	$	950.7	$	972.9	$	936.6

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Balance Sheet Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Payables and Accruals [Abstract]
Accounts receivable	$ 140.0	$ 146.6
Less: Allowance for credit losses	(4.2)	(4.2)
Accounts receivable, after allowance for credit loss	$ 135.8	$ 142.4

Fair Value Measurements (Tables)

3 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

At September 2024 and June 2024, financial assets measured at fair value on a recurring basis are summarized below (in millions):


	September 2024						June 2024
	Level 1		Level 2		Total (1)		Level 1		Level 2		Total (1)
Assets:
Cash equivalents:
Money market funds	$	265.7	$	—	$	265.7	$	600.4	$	—	$	600.4
Certificates of deposit	—		33.0		33.0		—		38.1		38.1
Total assets	$	265.7	$	33.0	$	298.7	$	600.4	$	38.1	$	638.5

Schedule of Carrying Amounts and Estimated Fair Values of the Senior Notes and Term Debt

The carrying amounts and estimated fair values of the Senior Notes and Term Loan Facility are as follows for the periods presented (in millions):


	September 2024				June 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes due 2029	$	396.4	$	375.6	$	396.3	$	359.6
Term Loan Facility due 2028	575.5		575.1		576.6		577.0
	$	971.9	$	950.7	$	972.9	$	936.6

Net Loss Per Share (Tables)

3 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

The computation of basic and diluted net loss per share was as follows (in millions, except per share data):


	Three Months Ended
	September
	2024		2023
Numerator:
Net loss	$	(23.1)	$	(55.6)
Denominator:
Shares, basic	39.8		38.8
Effect of dilutive share-based awards	—		—
Shares, diluted	39.8		38.8
Net loss per share:
Basic	$	(0.58)	$	(1.43)
Diluted	$	(0.58)	$	(1.43)

Revenue Recognition	3 Months Ended
Revenue Recognition	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition 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. Most 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. 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. Our accounts receivable balance is from contracts with customers and represents our unconditional right to receive consideration from customers. To date, there have been no material credit loss charges recorded on accounts receivable. As of September 2024 and June 2024, contract assets recorded on our condensed consolidated balance sheets were $1.5 million and $1.2 million, respectively. Contract assets are presented as part of prepaid expenses and other current assets. Contract liabilities and refund liabilities were $4.4 million and $49.6 million, respectively, as of September 2024, and $14.7 million and $43.5 million, respectively, as of June 2024. Both contract liabilities and refund liabilities are presented as customer obligations in Note 10. Balance Sheet Components. During the three months ended September 2024 and September 2023, we recognized $12.6 million and $2.4 million, respectively, in revenue related to contract liabilities, which was outstanding as of the beginning of each fiscal quarter. Revenue from contracts with customers disaggregated by geographic area based on customer location and product category is presented in Note 15. Segment, Customers, and Geographical Information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash held in bank	$ 554.9	$ 238.4
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	298.7	638.5
Money market funds \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	265.7	600.4
Certificates of deposit \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	33.0	38.1
Level 1 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	265.7	600.4
Level 1 \| Money market funds \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	265.7	600.4
Level 1 \| Certificates of deposit \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	0.0	0.0
Level 2 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	33.0	38.1
Level 2 \| Money market funds \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	0.0	0.0
Level 2 \| Certificates of deposit \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	$ 33.0	$ 38.1

Share-Based Compensation - Schedule of Share-Based Compensation Recognized in our Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 27.2	$ 33.2
Cost of revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	(2.7)	1.1
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	14.5	15.2
Selling, general, and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 15.4	$ 16.9

Share-Based Compensation (Tables)

3 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Recognized in our Condensed Consolidated Statements of Operations

Share-based compensation recognized in our condensed consolidated statements of operations were as follows (in millions):


	Three Months Ended
	September
	2024		2023
Cost of revenue	$	(2.7)	$	1.1
Research and development	14.5		15.2
Selling, general, and administrative	15.4		16.9
Total	$	27.2	$	33.2

Schedule of Stock Units Activity

RSU activity was as follows:


	RSU Awards Outstanding	Aggregate Intrinsic Value (in millions)
Balance as of June 2024	1,620,006
Granted	1,118,536
Vested	(436,766)
Forfeited	(117,592)
Balance as of September 2024	2,184,184	$	171.8

MSU activity was as follows:


	MSU Awards Outstanding	Aggregate Intrinsic Value (in millions)
Balance as of June 2024	200,513
Granted	120,765
Delivered	(55,603)
Forfeited	(37,473)
Balance as of September 2024	228,202	$	18.0

PSU activity was as follows:


	PSU Awards Outstanding	Aggregate Intrinsic Value (in millions)
Balance as of June 2024	265,362
Granted	201,675
Delivered	(14,452)
Forfeited	(87,208)
Balance as of September 2024	365,377	$	28.7

Schedule of Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP

Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the three months ended September 2024, were as follows (in millions, except for shares purchased and weighted average price):


Shares purchased	122,080
Weighted average purchase price	$	63.4
Cash received	$	7.7
Aggregate intrinsic value	$	1.4

Inventories - Inventories (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Inventory Disclosure [Abstract]
Raw materials and work-in-progress	$ 68.6	$ 69.5
Finished goods	51.0	44.5
Total Inventories	$ 119.6	$ 114.0

Inventories (Tables)

3 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consisted of the following (in millions):


	September		June
	2024		2024
Raw materials and work-in-progress	$	68.6	$	69.5
Finished goods	51.0		44.5
	$	119.6	$	114.0

Inventories

3 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consisted of the following (in millions):


	September		June
	2024		2024
Raw materials and work-in-progress	$	68.6	$	69.5
Finished goods	51.0		44.5
	$	119.6	$	114.0

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 such a write-down is to establish a new cost basis in the related inventory, which we do not subsequently write up. We also record a liability and charge to cost of revenue for estimated losses on inventory we are obligated to purchase from our contract manufacturers when such losses become probable from customer delays, order cancellations, or other factors. The following factors influence our estimates: changes to or cancellations of customer orders, unexpected or sudden decline in demand, rapid product improvements, technological advances, and termination or changes by our original equipment manufacturers, or OEM, customers of any product offerings incorporating our product solutions.

Goodwill and Acquired Intangibles, Net (Tables)

3 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Net Carrying Amounts Excluding Fully Amortized Intangible Assets

The following table summarizes the net carrying amounts excluding fully amortized intangible assets (in millions, except for weighted-average life in years):


		September 2024						June 2024
	Weighted Average Life in Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Audio and video technology	5.6	$	231.9	$	(181.3)	$	50.6	$	231.9	$	(175.5)	$	56.4
Customer relationships	4.1	158.2		(137.8)		20.4		158.2		(134.1)		24.1
Wireless connectivity technology	5.5	245.5		(101.6)		143.9		245.5		(90.1)		155.4
Video interface technology	3.4	133.0		(88.4)		44.6		133.0		(85.2)		47.8
Other	5.1	26.1		(21.9)		4.2		26.1		(21.4)		4.7
Acquired intangibles totals	4.9	$	794.7	$	(530.9)	$	263.8	$	794.7	$	(506.3)	$	288.4

Schedule of Expected Annual Aggregate Amortization Expense

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of September 2024 (in millions):


Fiscal Year
Remainder of 2025	$	73.3
2026	84.8
2027	50.0
2028	33.9
2029	15.5
Thereafter	6.3
Future amortization	$	263.8

Goodwill and Acquired Intangibles, Net - Schedule of Expected Annual Aggregate Amortization Expense (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 73.3
2026	84.8
2027	50.0
2028	33.9
2029	15.5
Thereafter	6.3
Finite-Lived Intangible Assets, Net, Total	$ 263.8	$ 288.4

Debt - Schedule of Redemption Prices and Unpaid Interest (Details)	3 Months Ended
	Sep. 28, 2024
2024
Debt Instrument [Line Items]
Price (in percent)	102.00%
2025
Debt Instrument [Line Items]
Price (in percent)	101.00%
2026 and thereafter
Debt Instrument [Line Items]
Price (in percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment, Customers, and Geographic Information

3 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Segment, Customers, and Geographic Information

We operate in one segment: the development, marketing, and sale of semiconductor products used in electronic devices and products. We generate our revenue from three broad product categories: Core IoT, Enterprise and Automotive, and Mobile product applications. A summary of our products and how they are categorized 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, and Automotive Solutions

•Mobile: Touch and Display Solutions for Mobile phone applications

Net revenue from our customers for each product category was as follows (in millions):


	Three Months Ended
	September
	2024		2023
Enterprise and Automotive product applications	$	147.6	$	154.8
Core IoT product applications	59.6		38.5
Mobile product applications	50.5		44.4
	$	257.7	$	237.7

Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in millions):


	Three Months Ended
	September
	2024		2023
China/Hong Kong	$	127.7	$	106.6
Taiwan	64.1		36.9
Japan	38.2		52.6
Other	10.6		14.1
South Korea	15.2		11.7
United States	1.9		15.8
	$	257.7	$	237.7

Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows:


	Three Months Ended
	September
	2024	2023
Customer A	13%	*
Customer B	12%	18%
Customer C	*	11%

____________________

* Less than 10%

We extend credit based on evaluation of a customer’s financial condition, and we generally do not require collateral. Major customer accounts receivable as a percentage of total accounts receivable were as follows:


	September	June
	2024	2024
Customer A	20%	12%
Customer B	16%	12%
Customer C	15%	18%

____________________

* Less than 10%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2024	Jun. 29, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	70,165,571	69,683,991
Common stock, shares outstanding (in shares)	40,049,132	39,567,552
Common treasury shares (in shares)	30,116,439	30,116,439

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for operating leases included in operating cash flows	$ 4.2	$ 2.3
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$ 3.5	$ 1.2

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenue	$ 257,700	$ 237,700
Cost of revenue	136,800	130,600
Gross margin	120,900	107,100
Operating expenses:
Research and development	81,300	86,500
Selling, general, and administrative	50,000	42,300
Acquired intangibles amortization	3,800	5,500
Restructuring costs	14,200	8,000
Total operating expenses	149,300	142,300
Operating loss	(28,400)	(35,200)
Interest Expense, Nonoperating	(5,900)	(5,400)
Loss before (benefit)/provision for income taxes	(34,300)	(40,600)
(Benefit)/provision for income taxes	(11,200)	15,000
Net loss	$ (23,100)	$ (55,600)
Net loss per share:
Basic (in dollars per share)	$ (0.58)	$ (1.43)
Diluted (in dollars per share)	$ (0.58)	$ (1.43)
Shares used in computing net loss:
Basic (in shares)	39.8	38.8
Diluted (in shares)	39.8	38.8

Goodwill and Acquired Intangibles, Net - Summary of Net Carrying Amounts Excluding Fully Amortized Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Jun. 29, 2024
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life in Years	4 years 10 months 24 days
Gross Carrying Value	$ 794.7	$ 794.7
Accumulated Amortization	(530.9)	(506.3)
Finite-Lived Intangible Assets, Net, Total	$ 263.8	288.4
Audio and video technology
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	(181.3)	(175.5)
Finite-Lived Intangible Assets, Net, Total	$ 50.6	56.4
Customer relationships
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	(137.8)	(134.1)
Finite-Lived Intangible Assets, Net, Total	$ 20.4	24.1
Wireless connectivity technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life in Years	5 years 6 months
Gross Carrying Value	$ 245.5	245.5
Accumulated Amortization	(101.6)	(90.1)
Finite-Lived Intangible Assets, Net, Total	$ 143.9	155.4
Video interface technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life in Years	3 years 4 months 24 days
Gross Carrying Value	$ 133.0	133.0
Accumulated Amortization	(88.4)	(85.2)
Finite-Lived Intangible Assets, Net, Total	$ 44.6	47.8
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life in Years	5 years 1 month 6 days
Gross Carrying Value	$ 26.1	26.1
Accumulated Amortization	(21.9)	(21.4)
Finite-Lived Intangible Assets, Net, Total	$ 4.2	$ 4.7

Leases (Tables)

3 Months Ended

Sep. 28, 2024

Leases [Abstract]

Schedule of Components of Leases

As of September 2024 and June 2024, the components of leases are as follows (in millions):


	September		June
	2024		2024
Operating lease right-of-use assets	$	47.2	$	46.8
Operating lease liabilities	$	11.1	$	11.5
Operating lease liabilities, long-term	38.6		37.9
Total operating lease liabilities	$	49.7	$	49.4

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases, including from acquisitions, is as follows (in millions):


	Three Months Ended
	September
	2024		2023
Cash paid for operating leases included in operating cash flows	$	4.2	$	2.3
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	3.5	$	1.2

Schedule of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments for the operating lease liabilities are as follows (in millions):


Fiscal Year	Operating Lease Payments
Remainder of 2025	$	10.0
2026	11.4
2027	8.7
2028	7.1
2029	6.1
Thereafter	15.0
Total future minimum operating lease payments	58.3
Less: interest	(8.6)
Total lease liabilities	$	49.7

Share-Based Compensation - Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP (Details) - Employee Stock Purchase Plan $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 28, 2024 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares purchased (in shares) \| shares	122,080
Weighted average purchase price (in dollars per share) \| $ / shares	$ 63.4
Cash received	$ 7.7
Aggregate intrinsic value	$ 1.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring Activities (Tables)

3 Months Ended

Sep. 28, 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):


	Three months ended
	September 2024
	2024		2023
Balance, beginning of period	$	1.4	$	—
Charges	14.2		8.0
Payments	(10.6)		(6.0)
Balance, end of period	$	5.0	$	2.0

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Restructuring Cost And Reserve [Line Items]
Incurred restructuring charges	$ 16.0
Restructuring costs	14.2	$ 8.0
Incurred restructuring charges	0.5
Q1 2025 Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Restructuring costs	$ 13.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Schedule of Components of Leases and Lease Costs (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Leases [Abstract]
Operating lease right-of-use assets	$ 47.2	$ 46.8
Operating lease liabilities	11.1	11.5
Operating lease liabilities, long-term	38.6	37.9
Total operating lease liabilities	$ 49.7	$ 49.4
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total operating lease liabilities	Total operating lease liabilities

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 28, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	000-49602
Entity Registrant Name	SYNAPTICS INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0118518
Entity Address, Address Line One	1109 McKay Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	904-1100
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	SYNA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,058,435
Entity Central Index Key	0000817720
Current Fiscal Year End Date	--06-28
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

Share-Based Compensation

3 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

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. Awards outstanding at October 29, 2019 under our prior share-based compensation plans were not impacted by the approval of the 2019 Incentive Plan and continue to remain outstanding and vest by their terms under the applicable share-based compensation plan. Shares underlying certain share-based awards forfeited under the 2010 Incentive Plan subsequent to the approval of the 2019 Incentive Plan automatically transfer to and become available for award issuance from the 2019 Incentive Plan.

The 2019 Incentive Plan authorizes our Board of Directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, RSUs, cash incentive awards, performance shares, PSUs, and other stock-based awards. The 2019 Incentive Plan has been amended and restated, and the cumulative number of shares approved by stockholders is 7,588,000 as of October 29, 2024. The 2019 ESPP authorizes the Company to provide eligible employees with an opportunity to acquire an equity interest in the Company through the purchase of stock at a discount, with an initial authorization of 1,500,000 shares.

Effective August 19, 2019, we adopted the 2019 Inducement Equity Plan, and 650,000 shares of our common stock were reserved for issuance under the 2019 Inducement Equity Plan, subject to adjustment for stock dividends, stock splits, or other changes in our common stock or capital structure. The 2019 Inducement Equity Plan was intended to comply with Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, which provide an exception to the Nasdaq Stock Market Listing Rules on the shareholder approval requirement for the issuance of securities with regards to grants to employees of the Company or its subsidiaries as an inducement material to such individuals entering into employment with the Company or its subsidiaries. An individual was eligible to receive an award under the 2019 Inducement Equity Plan only if he or she was not previously an employee or director of our Company (or is returning to work after a bona-fide period of non-employment), and an award under the 2019 Inducement Equity Plan is a material inducement for him or her to accept employment with our Company. No new awards may be granted under the 2019 Inducement Equity Plan.

Share-Based Compensation

Share-based compensation recognized in our condensed consolidated statements of operations were as follows (in millions):


	Three Months Ended
	September
	2024		2023
Cost of revenue	$	(2.7)	$	1.1
Research and development	14.5		15.2
Selling, general, and administrative	15.4		16.9
Total	$	27.2	$	33.2

Historically, we have issued new shares in connection with our equity-settled share-based compensation plans, however, treasury shares are also available for issuance. Any additional shares repurchased under our common stock repurchase program will be available for issuance under our share-based compensation plans.

Share-Based Compensation Plan Activity

Restricted Stock Units

RSUs granted generally vest ratably over three to four years from the vesting commencement date. RSU activity was as follows:


	RSU Awards Outstanding	Aggregate Intrinsic Value (in millions)
Balance as of June 2024	1,620,006
Granted	1,118,536
Vested	(436,766)
Forfeited	(117,592)
Balance as of September 2024	2,184,184	$	171.8

The aggregate intrinsic value was determined using the closing price of our common stock on September 27, 2024, of $78.48.

The unrecognized share-based compensation cost of our outstanding RSUs was approximately $180.7 million as of September 2024, which will be recognized over a weighted average period of approximately 2.34 years.

Market Stock Units

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.

MSU activity was as follows:


	MSU Awards Outstanding	Aggregate Intrinsic Value (in millions)
Balance as of June 2024	200,513
Granted	120,765
Delivered	(55,603)
Forfeited	(37,473)
Balance as of September 2024	228,202	$	18.0

The aggregate intrinsic value was determined using the closing price of our common stock on September 27, 2024, of $78.48.

We value MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three-year performance and service period on a ratable basis by tranche. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $26.7 million as of September 2024, which will be recognized over a weighted average period of approximately 1.78 years .

Performance Stock Units

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.

PSU activity was as follows:


	PSU Awards Outstanding	Aggregate Intrinsic Value (in millions)
Balance as of June 2024	265,362
Granted	201,675
Delivered	(14,452)
Forfeited	(87,208)
Balance as of September 2024	365,377	$	28.7

The aggregate intrinsic value was determined using the closing price of our common stock on September 27, 2024, of $78.48

We value PSUs using the aggregate intrinsic value on the date of grant adjusted for estimated performance achievement during the performance period and amortize the compensation expense over the three-year service period on a ratable basis. The amount of stock-based compensation expense recognized in any period related to PSUs can vary based on the achievement or anticipated achievement of the performance conditions. If the performance conditions are not met, or not expected to be met, no compensation cost would be recognized on the underlying PSUs, and any previously recognized compensation expense related to those PSUs would be reversed. The unrecognized share-based compensation cost of our outstanding PSUs was approximately $19.3 million as of September 2024, which will be recognized over a weighted average period of approximately 1.30 years.

Employee Stock Purchase Plan


Shares purchased	122,080
Weighted average purchase price	$	63.4
Cash received	$	7.7
Aggregate intrinsic value	$	1.4

Restructuring Activities - Restructuring Liability Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 1.4	$ 0.0
Charges	14.2	8.0
Payments	(10.6)	(6.0)
Balance, end of period	$ 5.0	$ 2.0

Leases

3 Months Ended

Sep. 28, 2024

Leases [Abstract]

Leases

Our leases primarily include our worldwide office and research and development facilities which are all classified as operating leases. Certain leases include renewal options at 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. For the three months ended September

2024 and September 2023, we recorded operating lease expense of approximately $3.2 million and $2.9 million, respectively. Our short-term leases are immaterial and we do not have finance leases.

As of September 2024 and June 2024, the components of leases are as follows (in millions):


	September		June
	2024		2024
Operating lease right-of-use assets	$	47.2	$	46.8
Operating lease liabilities	$	11.1	$	11.5
Operating lease liabilities, long-term	38.6		37.9
Total operating lease liabilities	$	49.7	$	49.4

Supplemental cash flow information related to leases, including from acquisitions, is as follows (in millions):


	Three Months Ended
	September
	2024		2023
Cash paid for operating leases included in operating cash flows	$	4.2	$	2.3
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	3.5	$	1.2

As of September 2024, the weighted average remaining lease term is 6.33 years, and the weighted average discount rate is 5.34%.

Future minimum lease payments for the operating lease liabilities are as follows (in millions):


Fiscal Year	Operating Lease Payments
Remainder of 2025	$	10.0
2026	11.4
2027	8.7
2028	7.1
2029	6.1
Thereafter	15.0
Total future minimum operating lease payments	58.3
Less: interest	(8.6)
Total lease liabilities	$	49.7

Restructuring Activities

3 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

In the first quarter of fiscal 2025, we initiated restructuring actions primarily intended to focus on key growth initiatives, reduce costs and align our business in response to market conditions. As a result of this restructuring, we expect to incur approximately $16.0 million in restructuring charges and expect to complete the restructuring by the end of fiscal 2025. The restructuring costs related to these activities of approximately $13.7 million are recorded in the restructuring costs line item within our condensed consolidated statements of operations.

In the first and fourth quarter of fiscal 2024, we initiated restructuring actions to further improve efficiencies in our operational activities, decrease costs and increase profitability. We completed the restructuring action from the first quarter of fiscal 2024 prior to the end of our fiscal year 2024. We completed the restructuring action initiated in the fourth quarter of fiscal 2024 during the three months ended September 2024 and we incurred restructuring charges therefrom of approximately $0.5 million. The restructuring costs related to these activities were recorded to the restructuring costs line item within our condensed consolidated statements of operations.

The following table summarizes the restructuring activity and related charges during the periods presented (in millions):


	Three months ended
	September 2024
	2024		2023
Balance, beginning of period	$	1.4	$	—
Charges	14.2		8.0
Payments	(10.6)		(6.0)
Balance, end of period	$	5.0	$	2.0

During the three months ended September 2024, the restructuring and related charges of $14.2 million was primarily attributable to severance and employee-related benefits.

Balance Sheet Components - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Payables and Accruals [Abstract]
Operating lease liabilities	$ 38.6	$ 37.9
Deferred tax liabilities	25.7	27.9
Income taxes payable	25.0	27.8
Other	14.8	20.5
Other long-term liabilities	$ 104.1	$ 114.1

Segment, Customers, and Geographic Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Net revenue	$ 257.7	$ 237.7
Enterprise and Automotive product applications
Revenue from External Customer [Line Items]
Net revenue	147.6	154.8
Core IoT product applications \| Core Io T
Revenue from External Customer [Line Items]
Net revenue	59.6	38.5
Mobile product applications
Revenue from External Customer [Line Items]
Net revenue	$ 50.5	$ 44.4

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (23.1)	$ (55.6)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Share-based compensation costs	27.2	33.2
Depreciation and amortization	7.2	7.2
Acquired intangibles amortization	24.6	23.3
Deferred taxes	(15.0)	(1.1)
Other	3.5	12.6
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	6.6	53.6
Inventories, net	(4.6)	(6.8)
Prepaid expenses and other current assets	(1.9)	(4.8)
Other assets	3.4	0.9
Accounts payable	(6.3)	16.7
Accrued compensation	0.7	(22.0)
Other accrued liabilities	(33.7)	(11.8)
Net cash (used in) provided by operating activities	(11.4)	45.4
Cash flows from investing activities
Proceeds from maturity of investments	0.0	3.2
Purchases of short-term investments	0.0	(16.6)
Purchases of property and equipment	(9.1)	(6.7)
Purchase of intangible assets	0.0	(13.5)
Advance payment on intangible assets	0.0	(116.5)
Net cash used in investing activities	(9.1)	(150.1)
Cash flows from financing activities
Proceeds from issuance of shares	7.7	8.5
Payroll taxes related to net share settlement of share-based awards	(11.3)	(25.3)
Repayment of debt	(1.5)	(3.0)
Other	1.6	1.7
Net cash used in financing activities	(3.5)	(18.1)
Effect of exchange rate changes on cash and cash equivalents	0.7	(0.6)
Net decrease in cash and cash equivalents	(23.3)	(123.4)
Cash and cash equivalents, beginning of period	876.9	924.7
Cash and cash equivalents, end of period	$ 853.6	$ 801.3

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023
Lessee Lease Description [Line Items]
Operating leases, expense	$ 3.2	$ 2.9
Weighted average remaining lease term (in year)	6 years 3 months 29 days
Weighted average discount rate, percent	5.34%
Maximum
Lessee Lease Description [Line Items]
Duration of extending leases (in year)	7 years

Indemnifications and Contingencies (Details) $ in Millions	3 Months Ended
Indemnifications and Contingencies (Details) $ in Millions	Sep. 28, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual, payments	$ 2.2

Fair Value Measurements - Schedule of Carrying Amounts and Estimated Fair Values of the Senior Notes and Term Debt (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024	Dec. 02, 2021
Debt Instrument [Line Items]
Carrying Amount			$ 600.0
Level 2
Debt Instrument [Line Items]
Carrying Amount	$ 971.9	$ 972.9
Estimated Fair Value	950.7	936.6
Senior Notes due 2029 \| Level 2
Debt Instrument [Line Items]
Carrying Amount	396.4	396.3
Estimated Fair Value	375.6	359.6
Term Loan Facility due 2028 \| Level 2
Debt Instrument [Line Items]
Carrying Amount	575.5	576.6
Estimated Fair Value	$ 575.1	$ 577.0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment, Customers, and Geographic Information (Tables)

3 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Schedule of Net Revenue from Customers for each Product Category

Net revenue from our customers for each product category was as follows (in millions):


	Three Months Ended
	September
	2024		2023
Enterprise and Automotive product applications	$	147.6	$	154.8
Core IoT product applications	59.6		38.5
Mobile product applications	50.5		44.4
	$	257.7	$	237.7

Schedule of Net Revenue within Geographic Areas Based on Customers' Locations

Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in millions):


	Three Months Ended
	September
	2024		2023
China/Hong Kong	$	127.7	$	106.6
Taiwan	64.1		36.9
Japan	38.2		52.6
Other	10.6		14.1
South Korea	15.2		11.7
United States	1.9		15.8
	$	257.7	$	237.7

Schedule of Major Customers as Percentage of Net Revenue

Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows:


	Three Months Ended
	September
	2024	2023
Customer A	13%	*
Customer B	12%	18%
Customer C	*	11%

____________________

* Less than 10%


	September	June
	2024	2024
Customer A	20%	12%
Customer B	16%	12%
Customer C	15%	18%

____________________

* Less than 10%

Balance Sheet Components (Tables)

3 Months Ended

Sep. 28, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net, consisted of the following (in millions):


	September		June
	2024		2024
Accounts receivable	$	140.0	$	146.6
Less: Allowance for credit losses	(4.2)		(4.2)
	$	135.8	$	142.4

Schedule of Other Non-current Assets

Other non-current assets consisted of the following (in millions):


	September		June
	2024		2024
Prepayment of intangible assets	$	42.5	$	42.5
Right-of-use assets	47.2		46.8
Other	43.5		47.5
	$	133.2	$	136.8

Schedule of Other Accrued Liabilities

Other accrued liabilities consisted of the following (in millions):


	September		June
	2024		2024
Customer obligations	$	54.0	$	58.2
Inventory obligations	7.4		5.6
Operating lease liabilities	11.1		11.5
Income taxes payable	17.3		42.2
Other	46.6		38.8
	$	136.4	$	156.3

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in millions):


	September		June
	2024		2024
Operating lease liabilities	$	38.6	$	37.9
Deferred tax liabilities	25.7		27.9
Income taxes payable	25.0		27.8
Other	14.8		20.5
	$	104.1	$	114.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Current Assets:
Cash and cash equivalents	$ 853.6	$ 876.9
Accounts receivable, net	135.8	142.4
Inventories, net	119.6	114.0
Prepaid expenses and other current assets	30.9	29.0
Total current assets	1,139.9	1,162.3
Property and equipment, net	79.5	75.5
Goodwill	816.4	816.4
Acquired intangibles, net	263.8	288.4
Deferred tax asset	358.4	345.6
Non-current other assets	133.2	136.8
Total assets	2,791.2	2,825.0
Current Liabilities:
Accounts payable	83.3	87.5
Accrued compensation	28.2	27.4
Other accrued liabilities	136.4	156.3
Current portion of long-term debt	6.0	6.0
Total current liabilities	253.9	277.2
Long-term debt	965.9	966.9
Other long-term liabilities	104.1	114.1
Total liabilities	1,323.9	1,358.2
Stockholders' Equity:
$0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0.0	0.0
$0.001 par value; 120,000,000 shares authorized, 70,165,571 and 69,683,991 shares issued, 40,049,132 and 39,567,552 shares outstanding, at September 2024 and June 2024, respectively	0.1	0.1
Additional paid-in capital	1,130.6	1,107.0
Treasury stock: 30,116,439 common shares at September 2024 and June 2024, at cost	(878.0)	(878.0)
Retained earnings	1,214.6	1,237.7
Total stockholders' equity	1,467.3	1,466.8
Total liabilities and stockholders' equity	$ 2,791.2	$ 2,825.0

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 28, 2024	Jun. 29, 2024
Cash
Cash ,Cash Equivalents & Short Term Investments
Amortized Cost	$ 554.9	$ 238.4
Gross unrealized loss	0.0	0.0
Fair Value	554.9	238.4
Money market funds
Cash ,Cash Equivalents & Short Term Investments
Amortized Cost	265.7	600.4
Gross unrealized loss	0.0	0.0
Fair Value	265.7	600.4
Certificates of deposit
Cash ,Cash Equivalents & Short Term Investments
Amortized Cost	33.0	38.1
Gross unrealized loss	0.0	0.0
Fair Value	33.0	38.1
Cash and Cash Equivalents
Cash ,Cash Equivalents & Short Term Investments
Amortized Cost	853.6	876.9
Gross unrealized loss	0.0	0.0
Fair Value	$ 853.6	$ 876.9

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Account receivable bad debt	$ 0.0
Contract asset	1.5		$ 1.2
Contract liability	4.4		14.7
Refund liability	49.6		$ 43.5
Revenue recognized related to contract liabilities	$ 12.6	$ 2.4

Segment, Customers, and Geographic Information - Net Revenue within Geographic Areas Based on Customers' Locations (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 257.7	$ 237.7
China/Hong Kong
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	127.7	106.6
Taiwan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	64.1	36.9
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	38.2	52.6
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	10.6	14.1
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	15.2	11.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 1.9	$ 15.8

- Definition

+ References

+ Details

Goodwill and Acquired Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 816.4		$ 816.4
Acquired intangibles amortization	24.6	$ 23.3
Cost of revenue
Finite-Lived Intangible Assets [Line Items]
Acquired intangibles amortization	$ 20.8	$ 17.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Cash and Cash Equivalents

3 Months Ended

Sep. 28, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash and Cash Equivalents

The following table summarizes our cash and cash equivalents by category at September 2024 and June 2024 (in millions):


	September 2024						June 2024
	Amortized Cost		Gross unrealized loss		Fair Value		Amortized Cost		Gross unrealized loss		Fair Value
Cash	$	554.9	$	—	$	554.9	$	238.4	$	—	$	238.4
Cash equivalents:
Money market funds	265.7		—		265.7		600.4		—		600.4
Certificates of deposit	33.0		—		33.0		38.1		—		38.1
Total cash and cash equivalents	$	853.6	$	—	$	853.6	$	876.9	$	—	$	876.9

Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Leases [Abstract]
Remainder of 2025	$ 10.0
2026	11.4
2027	8.7
2028	7.1
2029	6.1
Thereafter	15.0
Total future minimum operating lease payments	58.3
Less: interest	(8.6)
Total operating lease liabilities	$ 49.7	$ 49.4
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total operating lease liabilities	Total operating lease liabilities

Debt - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Dec. 02, 2021	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024	Mar. 16, 2023	Mar. 11, 2021
Debt Instrument [Line Items]
Debt instrument aggregate principal amount	$ 600.0
Debt instrument interest rate, stated percentage	1.00%
Debt issuance costs	$ 11.2	$ 5.7
Interest expense long-term debt		4.1	$ 4.1
Cash and cash equivalents		$ 853.6		$ 876.9
Percentage of voting capital stock		65.00%
Percentage of non-voting capital stock		100.00%
Basis spread on variable rate		25.00%
Interest expense		$ 11.7	$ 11.8
London Interbank Offered Rate
Debt Instrument [Line Items]
Debt instrument interest rate, stated percentage	2.25%
Base Rate
Debt Instrument [Line Items]
Debt instrument interest rate, stated percentage	1.25%
Term Loan debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	50.00%
Prepayment premium, percentage		1.00%
Prepayment period		6 months
Term Loan debt \| Federal Funds Rates
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
4.0% Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument aggregate principal amount						$ 400.0
Debt instrument interest rate, stated percentage		4.00%
4.0% Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate, stated percentage						4.00%
Senior Notes due 2029
Debt Instrument [Line Items]
Aggregate principal for accelerated maturity, percentage		25.00%
Amended and Restated Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Cash and cash equivalents		$ 450.0
Line of credit, maximum borrowing capacity		250.0
Line of credit facility allowable requests for additional borrowing		150.0
Outstanding principal amount		0.0
Debt issuance cost		$ 1.6
Debt amortization period		60 months
Minimum interest coverage ratio		3.50%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Debt Covenant, Period One
Debt Instrument [Line Items]
Maximum leverage ratio permitted		3.75%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Debt Covenant, Period Two
Debt Instrument [Line Items]
Maximum leverage ratio permitted		4.25%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Debt Covenant, Period Three
Debt Instrument [Line Items]
Maximum leverage ratio permitted		3.75%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Wells Fargo Securities, LLC
Debt Instrument [Line Items]
Cash and cash equivalents					$ 450.0
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Federal Funds Rates
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage of unused portion		0.175%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Minimum \| London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		25.00%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage of unused portion		0.25%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Maximum \| London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate		175.00%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
Amended and Restated Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 20.0
Amended and Restated Credit Agreement \| Bridge Loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 25.0

Basis of Presentation and Principles of Consolidation (Policies)	3 Months Ended
	Sep. 28, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates including, but not limited to, those estimates related to revenue recognition, allowance for credit losses, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred tax assets and the associated valuation allowance, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, current period developments, 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.
Accounting Pronouncement Recently Issued	Accounting Pronouncements Recently Issued 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 Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (23.1)	$ (55.6)
Denominator:
Shares, basic (in shares)	39.8	38.8
Effect of dilutive share-based awards (in shares)	0.0	0.0
Diluted (in shares)	39.8	38.8
Net loss per share:
Basic (in dollars per share)	$ (0.58)	$ (1.43)
Diluted (in dollars per share)	$ (0.58)	$ (1.43)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share - Additional Information (Details) - $ / shares	Sep. 28, 2024	Jun. 29, 2024
Earnings Per Share [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Basis of Presentation and Principles of Consolidation	3 Months Ended
Basis of Presentation and Principles of Consolidation	Sep. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC, and United States generally accepted accounting principles, or U.S. GAAP. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the financial statements include all adjustments, which are of a normal and recurring nature and necessary for the fair presentation of the results of the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future period. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended June 29, 2024. The condensed consolidated financial statements include our financial statements and those of our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. Certain reclassifications have been made to the amounts for prior years in order to conform to the current year’s presentation. Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. Our fiscal 2025 is a 52-week period ending June 28, 2025, and our fiscal 2024 was a 53-week period ending on June 29, 2024. The fiscal periods presented in this report are 13-week and 14-week periods for the three months ended September 28, 2024 and September 30, 2023, respectively. For simplicity, the accompanying condensed consolidated financial statements have been shown as ending on calendar quarter end dates as of and for all periods presented, unless otherwise indicated. 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, but not limited to, those estimates related to revenue recognition, allowance for credit losses, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred tax assets and the associated valuation allowance, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, current period developments, 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. Accounting Pronouncements Recently Issued 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.

Share-Based Compensation - Schedule of Stock Units Activity (Details) $ in Millions	3 Months Ended
	Sep. 28, 2024 USD ($) shares
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock Unit Awards Outstanding, Balance as of June 2024 (in shares)	1,620,006
Stock Unit Awards, Granted (in shares)	1,118,536
Stock Unit Awards, Vested (in shares)	(436,766)
Stock Unit Awards, Forfeited (in shares)	(117,592)
Stock Unit Awards Outstanding, Balance as of September 2024 (in shares)	2,184,184
Aggregate Intrinsic Value, Balance as of September 2024 \| $	$ 171.8
Market Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock Unit Awards Outstanding, Balance as of June 2024 (in shares)	200,513
Stock Unit Awards, Granted (in shares)	120,765
Stock Unit Awards, Vested (in shares)	(55,603)
Stock Unit Awards, Forfeited (in shares)	(37,473)
Stock Unit Awards Outstanding, Balance as of September 2024 (in shares)	228,202
Aggregate Intrinsic Value, Balance as of September 2024 \| $	$ 18.0
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock Unit Awards Outstanding, Balance as of June 2024 (in shares)	265,362
Stock Unit Awards, Granted (in shares)	201,675
Stock Unit Awards, Vested (in shares)	(14,452)
Stock Unit Awards, Forfeited (in shares)	(87,208)
Stock Unit Awards Outstanding, Balance as of September 2024 (in shares)	365,377
Aggregate Intrinsic Value, Balance as of September 2024 \| $	$ 28.7

Segment, Customers, and Geographic Information - Major Customer as Percentage of Accounts Receivable (Details) - Accounts Receivable - Credit Concentration Risk	3 Months Ended	12 Months Ended
	Sep. 28, 2024	Jun. 29, 2024
Customer A
Revenue, Major Customer [Line Items]
Major customers as a percentage	20.00%	12.00%
Customer B
Revenue, Major Customer [Line Items]
Major customers as a percentage	16.00%	12.00%
Customer C
Revenue, Major Customer [Line Items]
Major customers as a percentage	15.00%	18.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 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

Debt

3 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Debt

Senior Notes

On March 11, 2021, we completed an offering of $400.0 million aggregate principal amount of 4.0% senior notes due 2029, or the Senior Notes, in a private offering. The Senior Notes were issued pursuant to an indenture, dated as of March 11, 2021, or the Indenture, by and among our company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee.

The Indenture provides that the Senior Notes will bear interest at a rate of 4.0% per annum, payable in cash semi-annually in arrears on December 15 and June 15 of each year, commencing on June 15, 2021. The Senior Notes will mature on June 15, 2029 and are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our current and future domestic restricted subsidiaries that guarantee our obligations under our senior secured credit facilities.

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 condensed 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 Senior Notes during the three months ended September 2024 and September 2023 was $4.1 million in each period.

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, or 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 September 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 September 2024, 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 condensed 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 was $11.7 million and $11.8 million during the three months ended September 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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Cash and Cash Equivalents (Tables)

3 Months Ended

Sep. 28, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash and Cash Equivalents

The following table summarizes our cash and cash equivalents by category at September 2024 and June 2024 (in millions):


	September 2024						June 2024
	Amortized Cost		Gross unrealized loss		Fair Value		Amortized Cost		Gross unrealized loss		Fair Value
Cash	$	554.9	$	—	$	554.9	$	238.4	$	—	$	238.4
Cash equivalents:
Money market funds	265.7		—		265.7		600.4		—		600.4
Certificates of deposit	33.0		—		33.0		38.1		—		38.1
Total cash and cash equivalents	$	853.6	$	—	$	853.6	$	876.9	$	—	$	876.9

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (23.1)	$ (55.6)
Unrealized income on available-for-sale-securities	0.0	0.1
Comprehensive loss	$ (23.1)	$ (55.5)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss Per Share

3 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The computation of basic and diluted net loss per share was as follows (in millions, except per share data):


	Three Months Ended
	September
	2024		2023
Numerator:
Net loss	$	(23.1)	$	(55.6)
Denominator:
Shares, basic	39.8		38.8
Effect of dilutive share-based awards	—		—
Shares, diluted	39.8		38.8
Net loss per share:
Basic	$	(0.58)	$	(1.43)
Diluted	$	(0.58)	$	(1.43)

Our basic net loss per share amounts for each period presented have been computed using the weighted average number of shares of common stock, $0.001 par value, or the common stock, outstanding over the period measured. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We use the "treasury stock" method to determine the dilutive effect of our stock options, restricted stock units, or RSUs, market stock units, or MSUs, and performance stock units, or PSUs. Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net loss per share.

Balance Sheet Components

3 Months Ended

Sep. 28, 2024

Payables and Accruals [Abstract]

Balance Sheet Components

Accounts receivable, net, consisted of the following (in millions):


	September		June
	2024		2024
Accounts receivable	$	140.0	$	146.6
Less: Allowance for credit losses	(4.2)		(4.2)
	$	135.8	$	142.4

Other non-current assets consisted of the following (in millions):


	September		June
	2024		2024
Prepayment of intangible assets	$	42.5	$	42.5
Right-of-use assets	47.2		46.8
Other	43.5		47.5
	$	133.2	$	136.8

Other accrued liabilities consisted of the following (in millions):


	September		June
	2024		2024
Customer obligations	$	54.0	$	58.2
Inventory obligations	7.4		5.6
Operating lease liabilities	11.1		11.5
Income taxes payable	17.3		42.2
Other	46.6		38.8
	$	136.4	$	156.3

Other long-term liabilities consisted of the following (in millions):


	September		June
	2024		2024
Operating lease liabilities	$	38.6	$	37.9
Deferred tax liabilities	25.7		27.9
Income taxes payable	25.0		27.8
Other	14.8		20.5
	$	104.1	$	114.1

Prepayment of Intangible Assets	3 Months Ended
Prepayment of Intangible Assets	Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Prepayment of Intangible Assets	Prepayment of Intangible AssetsDuring the first quarter of fiscal 2024, we paid an aggregate consideration of $130.0 million to Avago Technologies ("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. As of September 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. 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.