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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Apr. 01, 2023
Oct. 01, 2022
Apr. 02, 2022
Oct. 02, 2021
Apr. 01, 2023
Apr. 02, 2022
Jul. 02, 2022
OPERATING ACTIVITIES:              
Net income (loss) $ (39.3) $ (0.4) $ 26.0 $ 81.5 $ (71.4) $ 164.2  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation expense 27.7   20.2   78.6 61.2  
Stock-based compensation         116.3 75.4  
Write-off of in-process research and development intangible assets         11.5 0.0  
Amortization of acquired intangibles 30.0   21.4   98.3 64.3  
(Gain) loss on sales and dispositions of property, plant and equipment         7.5 (4.3)  
Amortization of debt discount and debt issuance costs         17.9 48.6  
Amortization of inventory fair value adjustment in connection with acquisition         17.8 0.0  
Other non-cash items         (1.4) 9.5  
Changes in operating assets and liabilities:              
Accounts receivable         51.0 (29.4)  
Inventories         (80.6) (26.5)  
Operating lease right-of-use assets, net         11.3 (6.9)  
Prepayments and other current and non-currents assets         (8.6) (8.2)  
Income taxes, net         (52.1) (20.2)  
Accounts payable         (44.3) 14.3  
Accrued payroll and related expenses         (34.6) (6.8)  
Operating lease liabilities         (10.8) 5.4  
Accrued expenses and other current and non-current liabilities         24.2 4.4  
Net cash provided by operating activities         130.6 345.0  
INVESTING ACTIVITIES:              
Payments for acquisition of property, plant and equipment         (92.2) (62.6)  
Acquisition of businesses, net of cash acquired         (861.6) 0.0  
Purchases of short-term investments         (720.8) (946.8)  
Proceeds from maturities and sales of short-term investments         871.4 664.0  
Term loan funding provided to NeoPhotonics         0.0 (30.0)  
Proceeds from the sales of property, plant and equipment         0.1 6.4  
Net cash used in investing activities         (803.1) (369.0)  
FINANCING ACTIVITIES:              
Repurchase of common stock         (35.8) (448.6)  
Proceeds from the issuance of 0.50% Convertible Notes due 2028, net of issuance costs         0.0 854.8  
Payment of withholding taxes related to net share settlement of restricted stock units         (33.4) (32.8)  
Proceeds from employee stock plans         6.6 6.6  
Repayment of term loan         (5.9) 0.0  
Net cash provided by (used in) financing activities         (68.5) 380.0  
Increase (decrease) in cash and cash equivalents         (741.0) 356.0  
Cash and cash equivalents at beginning of period   $ 1,290.2   $ 774.3 1,290.2 774.3 $ 774.3
Cash and cash equivalents at end of period $ 549.2   $ 1,130.3   549.2 1,130.3 $ 1,290.2
Supplemental disclosure of cash flow information:              
Cash paid for taxes         66.4 53.8  
Cash paid for interest         6.0 3.8  
Supplemental disclosure of non-cash transactions:              
Unpaid property, plant and equipment in accounts payable and accrued expenses         10.2 6.2  
Repurchase of common stock pending settlement         0.0 2.1  
Settlement of loan to NeoPhotonics         50.0 0.0  
Issuance costs in current liabilities         0.0 0.7  
Right-of-use assets obtained in exchange for new operating lease liabilities         $ 19.4 $ 13.7