v3.26.1
Operating Segments and Geographic Information (Tables)
 12 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments
Information on the Company’s reportable segments is as follows (in millions):
Year Ended June 27, 2026
Network and
Service
Enablement		Optical Security and Performance ProductsTotal
Product revenue$989.2 $335.4 $1,324.6 
Service revenue193.7 — 193.7 
Net revenue1,182.9 335.4 1,518.3 
Cost of revenues420.9 160.2 
Research and development231.1 13.5 
Selling, general and administrative219.5 25.8 
Other segment items(1)
121.4 13.0 
Total operating expense572.0 52.3 
Segment operating income$190.0 $122.9 $312.9 
Segment operating margin16.1 %36.6 %
Unallocated other expenses(207.8)
Loss on debt extinguishment(56.7)
Interest and other income, net15.3 
Interest expense(47.4)
Income before income taxes and equity investment earnings$16.3 
Inventories, net$113.7 $41.6 $155.3 
Prepayments and other current assets(2)
22.0 — 22.0 
Assets not allocated to segments2,528.3 
Total assets$2,705.6 
(1)Other segment items represents allocation of corporate level operating expenses.
(2)The amount presented represents the prepayments and other current assets attributed to NSE that are reviewed by the CODM. Other NSE related prepayments and current assets are not included as they are not part of the CODM’s measure of segment assets.
Year Ended June 28, 2025
Network and
Service
Enablement		Optical Security and Performance ProductsTotal
Product revenue$604.3 $307.7 $912.0 
Service revenue172.3 — 172.3 
Net revenue776.6 307.7 1,084.3 
Cost of revenues288.6 144.1 
Research and development179.0 17.2 
Selling, general and administrative165.3 23.7 
Other segment items(1)
101.1 10.1 
Total operating expense445.4 51.0 
Segment operating income$42.6 $112.6 $155.2 
Segment operating margin5.5 %36.6 %
Unallocated other expenses(97.7)
Interest and other income, net11.1 
Interest expense(30.0)
Income before income taxes and equity investment earnings$38.6 
Inventories, net$74.4 $43.5 $117.9 
Prepayments and other current assets(2)
5.8 — 5.8 
Assets not allocated to segments1,870.1 
Total assets$1,993.8 
(1)Other segment items represents allocation of corporate level operating expenses.
(2)The amount presented represents the prepayments and other current assets attributed to NSE that are reviewed by the CODM. Other NSE related prepayments and current assets are not included as they are not part of the CODM’s measure of segment assets.
Year Ended June 29, 2024
Network and
Service
Enablement		Optical Security and Performance ProductsTotal
Product revenue$536.4 $298.4 $834.8 
Service revenue165.6 — 165.6 
Net revenue702.0 298.4 1,000.4 
Cost of revenues262.3 143.4 
Research and development173.4 16.4 
Selling, general and administrative160.5 23.1 
Other segment items(1)
97.1 8.2 
Total operating expense431.0 47.7 
Segment operating income$8.7 $107.3 $116.0 
Segment operating margin1.2 %36.0 %
Unallocated other expenses(95.2)
Interest and other income, net21.7 
Interest expense(30.9)
Income before income taxes and equity investment earnings$11.6 
Inventories, net$53.1 $43.4 $96.5 
Prepayments and other current assets(2)
5.6 — 5.6 
Assets not allocated to segments1,634.2 
Total assets$1,736.3 
(1)Other segment items represents allocation of corporate level operating expenses.
(2)The amount presented represents the prepayments and other current assets attributed to NSE that are reviewed by the CODM. Other NSE related prepayments and current assets are not included as they are not part of the CODM’s measure of segment assets.
he following table presents net revenue by the three geographic regions in which the Company operates and net revenue from countries that exceeded 10% of the Company’s total net revenue for the years ended June 27, 2026, June 28, 2025 and June 29, 2024 (in millions):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Product RevenueService RevenueTotalProduct RevenueService RevenueTotalProduct RevenueService RevenueTotal
Americas:
United States$503.8 $74.1 $577.9 $296.7 $59.3 $356.0 $265.0 $60.4 $325.4 
Other Americas87.8 17.3 105.1 51.2 18.0 69.2 50.3 15.0 65.3 
Total Americas$591.6 $91.4 $683.0 $347.9 $77.3 $425.2 $315.3 $75.4 $390.7 
Asia-Pacific:
Greater China$250.4 $8.4 $258.8 $209.1 $6.0 $215.1 $188.1 $5.9 $194.0 
Other Asia-Pacific182.1 29.0 211.1 136.0 28.5 164.5 126.5 26.0 152.5 
Total Asia-Pacific$432.5 $37.4 $469.9 $345.1 $34.5 $379.6 $314.6 $31.9 $346.5 
EMEA:$300.5 $64.9 $365.4 $219.0 $60.5 $279.5 $204.9 $58.3 $263.2 
Total net revenue$1,324.6 $193.7 $1,518.3 $912.0 $172.3 $1,084.3 $834.8 $165.6 $1,000.4 
One customer of the Company in the OSP segment generated $174.7 million, $166.7 million and $154.1 million of net revenue, which represented more than 10% of total net revenue, during fiscal 2026, 2025 and 2024, respectively.
Property, plant and equipment, net and Operating ROU assets, net were identified based on the operations in the corresponding geographic areas (in millions):
June 27, 2026June 28, 2025
United States$174.0 $181.2 
Other Americas2.3 2.6 
Greater China36.6 23.6 
Other Asia-Pacific9.6 8.9 
United Kingdom17.3 23.3 
Other EMEA27.3 26.4 
Total property, plant and equipment, net and Operating ROU assets, net$267.1 $266.0