v3.26.1
Restructuring Activities
 12 Months Ended
Jun. 27, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Activities Restructuring Activities
We continuously evaluate our operations to reduce costs and increase profitability, increase operational efficiencies and gain synergies from previous acquisitions and align our business in response to market conditions.
A summary of restructuring costs as presented in our consolidated statements of operations was as follows:
202620252024
Employee severance and related costs$2.5 $15.5 $10.5 
Other charges (1)0.8 1.4 — 
$3.3 $16.9 $10.5 
(1) Other charges include non-cash lease termination costs and write-off of property and equipment.
The following table presents the beginning and ending restructuring liability balances for each restructuring action:
Fiscal 2024
Restructuring		Fiscal 2025
Restructuring		Fiscal 2026
Restructuring		Total
Balance, June 2024$1.4 $— $— $1.4 
Charges (1)0.5 15.0 — 15.5 
Payments(1.9)(15.0)— (16.9)
Balance, June 2025— — — — 
Charges (1)— — 2.5 2.5 
Payments— — (2.5)(2.5)
Balance, June 2026$— $— $— $— 
(1) Restructuring activities in the table above include only those charges that resulted in, or will result in, cash payments. As a result, the table above excludes non-cash lease termination costs and write-off of property and equipment.
Fiscal 2026 Restructuring Plan
A restructuring plan was initiated during the first and fourth quarters of fiscal 2026 (“Fiscal 2026 Restructuring Plan”) to streamline and optimize resources and to reduce operating costs. Restructuring charges under this plan were mainly comprised of severance and one-time termination benefits.
Fiscal 2025 Restructuring Plan
A restructuring plan was initiated during the first quarter of fiscal 2025 (“Fiscal 2025 Restructuring Plan”) primarily intended to focus on key growth initiatives, reduce costs and align our business in response to market conditions. Restructuring charges were mainly comprised of severance and one-time termination benefits and lease termination costs.
Fiscal 2024 Restructuring Plan
A restructuring plan was initiated during the first and fourth quarter of fiscal 2024 (“Fiscal 2024 Restructuring Plan”) intended to further improve efficiencies in our operational activities, decrease costs and increase profitability.
Segment and Other Information Segment and Other Information
Segment reporting
We operate in one segment — the development, marketing and sale of semiconductor products used in electronic devices and products. This determination is based on the management approach, which designates internal information regularly available to the chief operating decision maker (“CODM”) for making decisions and assessing performance as the source of determination of our reportable segment. Our CODM, the company’s Chief Executive Officer, reviews financial information presented on a consolidated basis for the purpose of making operating decisions and assessing financial performance.
Our CODM uses consolidated net income, as reported in our consolidated statements of operations, as the measure of profit or loss to allocate resources and assess performance. Financial forecasts and budget-to-actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures, are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the tables below when deciding whether to reinvest profits or pursue strategic mergers and acquisitions.
The measure of segment assets is reported on the consolidated balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the accompanying consolidated balance sheets.
The following table presents the calculation of segment net income as follows:
202620252024
Revenue $1,197.2 $1,074.3 $959.4 
Adjusted cost of revenue (1)553.9 498.1 451.1 
Adjusted operating expenses (2)420.5 398.7 380.2 
Share-based compensation costs149.3 112.8 118.9 
Acquired intangibles amortization 119.0 114.2 81.6 
Interest and other expense, net6.6 10.2 20.4 
Provision (benefit) for income taxes 411.4 (65.7)(250.2)
Other segment expenses (3)27.3 53.8 31.8 
Segment net (loss) income$(490.8)$(47.8)$125.6 
Consolidated net (loss) income $(490.8)$(47.8)$125.6 
(1) Adjusted cost of revenue is cost of revenue adjusted for intangible asset amortization and share-based compensation as follows:
202620252024
Cost of revenue $661.8 $593.9 $519.6 
Less:
Acquired intangibles amortization106.7 97.5 64.3 
Share-based compensation costs1.2 (1.7)4.2 
Adjusted cost of revenue $553.9 $498.1 $451.1 
(2) Adjusted operating expenses include operating expenses comprised of research and development and selling, general and administrative expenses adjusted for share-based compensation, intangible asset amortization, restructuring and impairment related charges as follows:
202620252024
Operating expenses$602.5 $574.5 $541.4 
Less:
Share-based compensation costs148.1 114.5 114.7 
Acquired intangibles amortization12.3 16.7 17.3 
Intangible asset impairment charge6.8 13.8 16.0 
Restructuring costs 3.3 16.9 10.5 
Other11.5 13.9 2.7 
Adjusted operating expenses$420.5 $398.7 $380.2 
(3) Other segment expenses primarily include impairment charges, legal and vendor related charges and settlements, amortization of debt issuance costs and loss on early extinguishment of debt.
Other Geographical information
Long-lived assets by geographic area were as follows:
20262025
North America$534.0 $559.5 
EMEA405.5 453.6 
Asia Pacific244.6 238.7 
$1,184.1 $1,251.8 
Long-lived assets are comprised of property and equipment, goodwill, acquired intangible assets, and operating lease right-of-use assets.