v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 29, 2024
OPERATING ACTIVITIES:      
Net (loss) income $ (6,935.1) $ 25.9 $ (546.5)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation expense 128.8 104.3 110.6
Stock-based compensation 170.2 177.2 128.8
Bad debt expense 0.1 3.4 0.0
Changes in income tax valuation allowance (236.3) (153.1) 150.1
Amortization and write-off of acquired intangible assets 138.2 152.4 179.7
Write-off of right-of-use assets 0.0 7.8 0.0
Write-down and loss on sales and dispositions of property, plant and equipment 21.7 5.2 2.6
Loss on debt extinguishment 7,756.6 0.0 0.0
Amortization of debt issuance costs 3.8 3.0 14.6
Amortization of inventory fair value adjustment in connection with acquisition 0.0 0.0 8.3
Inducement expense on partial repurchase of 2026 Notes 5.9 0.0 0.0
Gain on sale of facility 0.0 (34.9) 0.0
Other non-cash income, net (10.5) (3.5) (12.2)
Changes in operating assets and liabilities:      
Accounts receivable (270.4) (58.7) 72.3
Inventories (228.4) (71.3) 73.8
Operating lease right-of-use assets, net (1.3) 5.1 3.4
Prepayments and other current and non-currents assets (96.2) (35.1) 30.6
Income taxes, net (47.9) (65.1) (72.4)
Accounts payable 221.6 69.2 (89.7)
Accrued payroll and related expenses 88.4 22.0 (8.9)
Operating lease liabilities (1.2) (5.7) (4.3)
Accrued expenses and other current and non-current liabilities 43.4 (21.8) (16.1)
Net cash provided by operating activities 751.4 126.3 24.7
INVESTING ACTIVITIES:      
Payments for acquisition of property, plant and equipment (451.3) (231.0) (133.0)
Acquisition of businesses, net of cash acquired (38.0) 0.0 (700.9)
Payment for acquisition of intangible assets 0.0 0.0 (4.0)
Purchases of short-term investments (603.4) (365.9) (278.7)
Proceeds from maturities and sales of short-term investments 264.8 464.7 1,001.5
Proceeds from sale of facility, net of cash and selling costs 0.0 47.8 0.0
Proceeds from the sales of property and equipment 42.4 0.3 0.8
Net cash used in investing activities (785.5) (84.1) (114.3)
FINANCING ACTIVITIES:      
Proceeds from the issuance of Series A Convertible Preferred Stock 1,999.7 0.0 0.0
Proceeds from the issuance of 2029 Notes, net of issuance costs 1,254.7 0.0 0.0
Proceeds from term loans 47.9 76.5 0.0
Proceeds from employee stock plans 17.1 16.1 14.4
Payment for partial repurchase of 2026 Notes (843.1) 0.0 0.0
Cash paid for conversions of convertible notes (520.0) 0.0 0.0
Payment, repurchase and conversion of 2024 Notes 0.0 0.0 (323.1)
Payment for 2032 capped call options (102.0) 0.0 0.0
Principal payments on term loans (14.0) (8.1) 0.0
Payment of withholding taxes related to net share settlement of restricted stock units (281.0) (41.7) (24.0)
Payment of acquisition related holdback 0.0 (1.0) 0.0
Payment for financing costs related to revolving credit facility (2.4) 0.0 0.0
Net cash provided by (used in) financing activities 1,556.9 41.8 (332.7)
Increase (decrease) in cash and cash equivalents 1,522.8 84.0 (422.3)
Cash and cash equivalents at beginning of period 520.7 436.7 859.0
Cash and cash equivalents at end of period 2,043.5 520.7 436.7
Supplemental disclosure of cash flow information:      
Cash paid for taxes, net 46.7 20.6 61.2
Cash paid for interest 15.7 19.1 19.7
Supplemental disclosure of non-cash transactions:      
Right-of-use assets obtained in exchange for new operating lease liabilities 12.0 6.4 16.0
Net transfer of assets from property, plant, and equipment to assets-held-for-sale 4.2 0.0 0.0
Holdback receivable from sale of property, plant, and equipment 3.0 0.0 0.0
Share-based purchase price consideration in connection with the Cloud Light acquisition 0.0 0.0 23.5
Aggregate principal amount of the convertible notes settled through issuance of common stock (equitization) 1,124.9 0.0 0.0
Property, Plant and Equipment      
Supplemental disclosure of non-cash transactions:      
Unpaid property, plant and equipment in accounts payable and accrued expenses 181.4 43.4 11.8
Finite-Lived Intangible Assets      
Supplemental disclosure of non-cash transactions:      
Unpaid property, plant and equipment in accounts payable and accrued expenses $ 0.0 $ 0.0 $ 1.0