v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Jun. 30, 2024
Operating activities:        
Net (loss) income $ 420.2 $ (415.8) $ (1,609.2) $ (864.2)
Net loss from discontinued operations 0.0 0.0 0.0 (290.6)
Net (loss) income from continuing operations 420.2 (415.8) (1,609.2) (573.6)
Adjustments to reconcile net (loss) income to cash used in operating activities from continuing operations:        
Non-cash reorganization items (625.6) 0.0 0.0 0.0
Depreciation and amortization 69.3 100.0 252.1 181.0
Amortization and write-off of deferred financing costs 0.0 16.4 103.6 28.4
Gain on sale of property (5.7) (5.4) (20.0) 0.0
Gain on RTP Fab Transfer (25.4) 0.0 0.0 0.0
Goodwill impairment 0.0 0.0 359.2 0.0
Stock-based compensation 13.6 27.1 73.3 84.9
Loss (gain) on equity investment 10.9 0.0 (22.6) (18.5)
Inventory write-off 29.0 34.0 6.8 13.9
Loss on disposal or impairment of property and equipment 0.2 3.1 171.7 1.2
Impairment of right-of-use assets 0.0 0.0 4.8 0.0
Loss on debt extinguishment 0.0 3.3 0.0 0.0
Gain on contingent cash 0.0 (10.0) 0.0 0.0
Amortization of premium on investments, net (1.2) (2.4) (9.1) (27.5)
Change in fair value of liability classified derivative contracts 0.0 (87.8) 0.0 0.0
Paid-in-kind interest on long-term debt 0.0 27.8 83.2 0.0
Deferred income taxes 1.0 0.6 (10.3) 0.2
Changes in operating assets and liabilities:        
Accounts receivable, net 23.2 57.4 (31.4) 7.4
Inventories 0.7 118.8 (5.5) (166.2)
Prepaid expenses and other assets 42.2 41.7 (47.1) (124.7)
Accounts payable 28.2 (50.0) (48.7) (45.8)
Accrued salaries, wages and other liabilities (25.8) (16.6) 60.0 (50.2)
Contract liabilities and distributor-related reserves 22.8 (23.0) (22.5) 18.2
Net cash used in operating activities of continuing operations (22.4) (180.8) (711.7) (671.3)
Net cash used in operating activities of discontinued operations 0.0 0.0 0.0 (54.3)
Cash used in operating activities (22.4) (180.8) (711.7) (725.6)
Investing activities:        
Purchases of property and equipment (104.0) (72.9) (1,271.4) (2,274.0)
Purchases of patent and licensing rights (1.4) (3.6) (5.3) (5.9)
Proceeds from sale of property and equipment 13.9 29.4 85.9 0.4
Proceeds from sale of MACOM Shares 92.7 0.0 0.0 0.0
Purchases of short-term investments (83.4) (492.3) (390.9) (1,601.1)
Proceeds from maturities of short-term investments 151.8 307.5 986.7 1,448.4
Proceeds from sale of short-term investments 67.2 29.4 86.5 237.9
Reimbursement of capital expenditures from incentives and investment credits 0.1 733.2 240.4 178.5
Proceeds from sale of business 0.0 0.0 0.0 75.6
Net cash provided by (used in) investing activities of continuing operations 136.9 530.7 (268.1) (1,940.2)
Net cash used in investing activities of discontinued operations 0.0 0.0 0.0 (3.1)
Cash provided by (used in) investing activities 136.9 530.7 (268.1) (1,943.3)
Financing activities:        
Proceeds from Existing Senior Secured Notes 0.0 0.0 240.0 2,000.0
Proceeds from issuance of New Common Stock and Pre-Funded Warrants 0.0 96.9 0.0 0.0
Payments on Existing Senior Secured Notes (308.5) 0.0 0.0 0.0
Payments of deferred financing costs (3.5) (18.6) (47.9) (46.0)
Payments of equity issuance costs 0.0 (3.5) 0.0 0.0
Payment of Contingent Cash (10.0) 0.0 0.0 0.0
Proceeds from contingent consideration 0.0 10.0 0.0 0.0
Proceeds from issuance of Old Common Stock 0.0 0.0 203.9 23.4
Adequate protection payments on Existing Senior Secured Notes (38.4) 0.0 0.0 0.0
Tax withholding on vested equity awards (0.6) (1.2) (3.9) (18.0)
Payments on long-term debt borrowings, including finance lease obligations 0.0 (716.6) (0.5) (0.4)
Incentive-related escrow refunds 0.0 0.0 10.0 0.0
Payment of Existing Senior Secured Notes commitment fees (15.5) 0.0 0.0 0.0
Payment of unused capacity fee on pre-emergence debt 0.0 0.0 (1.5) (1.0)
Cash (used in) provided by financing activities (101.5) (254.0) 400.1 1,958.0
Effects of foreign exchange changes on cash and cash equivalents 0.8 (0.6) 1.0 (0.2)
Net change in cash, cash equivalents and restricted cash 13.8 95.3 (578.7) (711.1)
Cash, cash equivalents and restricted cash, beginning of period 467.2 481.0 1,045.9 1,757.0
Cash, cash equivalents and restricted cash, end of period 481.0 576.3 467.2 1,045.9
2L Convertible Notes        
Financing activities:        
Proceeds from issuance of convertible notes 275.0 0.0 0.0 0.0
1.5 Convertible Notes        
Financing activities:        
Proceeds from issuance of convertible notes $ 0.0 $ 379.0 $ 0.0 $ 0.0