Stockholders' Equity

9 Months Ended

Apr. 02, 2022

Equity [Abstract]

Stockholders' Equity

Note 15. Stockholders' Equity

Repurchase of Common Stock

In September 2021 the Board of Directors authorized a new stock repurchase plan (“2021 Repurchase Plan”) of up to $190 million. The 2021 Repurchase plan is separate from the 2019 Repurchase Plan noted below and is anticipated to result in the repurchase of the Company’s common stock issued in connection with the exchange transaction with certain holders of its Senior Convertible Notes (refer to “Note 11. Debt” for more details).

During the three months ended April 2, 2022, the Company repurchased 4.2 million shares of its common stock for $70.6 million under the 2021 Repurchase Plan. During the nine months ended April 2, 2022, the Company repurchased 11.7 million shares of its common stock for $190.0 million under the 2021 Repurchase Plan. As of April 2, 2022, there is no remaining authorization under this plan.

In September 2019, the Board of Directors authorized a stock repurchase program (“2019 Repurchase Plan”) of up to $200 million of the Company’s common stock through open market or private transactions before September 30, 2021. On August 18, 2021, the Board of Directors approved to extend the 2019 Repurchase Plan until September 30, 2022. Under the 2019 Repurchase Plan, the Company may repurchase its common stock from time to time at the discretion of the Company’s management.

During the three months ended April 2, 2022 the Company repurchased 0.5 million shares of its common stock for $8.1 million under the 2019 Repurchase Plan. During the nine months ended April 2, 2022, the Company repurchased 1.0 million shares of its common stock for $16.6 million under the 2019 Repurchase Plan. As of April 2, 2022, the Company had remaining authorization of $96.4 million for future share repurchases under the 2019 Repurchase Plan.

Under the 2019 Repurchase Plan the number of shares to be repurchased and the timing of such repurchases will be based on several factors, including business and financial market conditions.