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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Jun. 27, 2020
OPERATING ACTIVITIES:      
Net income $ 15.5 $ 67.5 $ 49.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 35.7 35.8 40.0
Amortization of acquired technologies and other intangibles 39.7 66.5 67.8
Stock-based compensation 52.3 48.3 44.6
Amortization of debt issuance costs and accretion of debt discount 2.8 2.3 1.9
Net change in fair value of contingent liabilities 0.0 (5.3) (31.5)
Loss on disposal of long-lived assets 2.3 0.1 0.1
Loss on convertible note settlement 101.8 0.0 0.0
Deferred taxes, net (10.5) 0.6 12.2
Other 2.0 2.8 5.7
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (18.3) (15.0) (5.1)
Inventories (27.7) (14.3) 3.7
Other current and non-currents assets (11.3) 14.9 10.6
Accounts payable (5.6) 7.0 (9.2)
Income taxes payable (18.2) 18.1 0.0
Deferred revenue, current and non-current 13.2 12.3 5.9
Accrued payroll and related expenses 3.0 23.1 (7.0)
Accrued expenses and other current and non-current liabilities 1.4 (21.4) (53.1)
Net cash provided by operating activities 178.1 243.3 135.6
INVESTING ACTIVITIES:      
Acquisition of businesses, net of cash acquired (8.3) (0.7) (2.5)
Capital expenditures (72.5) (52.1) (31.9)
Proceeds from the sale of assets 9.8 4.1 4.6
Net cash used in investing activities (71.0) (48.7) (29.8)
FINANCING ACTIVITIES:      
Proceeds from issuance of senior notes 400.0 0.0 0.0
Payment of debt issuance costs (10.5) (0.1) (1.6)
Repurchase and retirement of common stock (235.9) (42.2) (44.4)
Payment of financing obligations (0.1) (1.2) (2.7)
Proceeds from exercise of employee stock options and employee stock purchase plan 7.8 6.6 5.5
Withholding tax payment on vesting of restricted stock awards (14.1) (17.9) (21.0)
Proceeds from revolving credit facility 150.0 0.0 0.0
Repayment of revolving credit facility (150.0) 0.0 0.0
Payment of acquisition related holdback (1.1) 0.0 (6.8)
Payment of acquired debt (0.8) (2.8) 0.0
Payment of acquisition related contingent consideration (4.1) (1.2) (0.7)
Net cash used in financing activities (210.4) (58.8) (71.7)
Effect of exchange rates on cash, cash equivalents and restricted cash (32.3) 25.2 (17.1)
Net (decrease) increase in cash, cash equivalents and restricted cash (135.6) 161.0 17.0
Cash, cash equivalents and restricted cash at beginning of period [2] 708.4 [1] 547.4 [1] 530.4
Cash, cash equivalents and restricted cash at end of period [1] 572.8 708.4 [2] 547.4 [2]
Supplemental disclosure of cash flow information      
Cash paid for interest 17.9 12.3 11.3
Cash paid for income taxes 78.7 43.8 50.6
Note Holders      
FINANCING ACTIVITIES:      
Cash paid in convertible note settlement (347.3) 0.0 0.0
Third Parties      
FINANCING ACTIVITIES:      
Cash paid in convertible note settlement $ (4.3) $ 0.0 $ 0.0
[1] (2) These amounts include both current and non-current balances of restricted cash totaling $12.9 million, $10.6 million and $8.4 million as of July 2, 2022, July 3, 2021 and June 27, 2020, respectively.
[2] (1) These amounts include both current and non-current balances of restricted cash totaling $10.6 million, $8.4 million and $8.9 million as of July 3, 2021, June 27, 2020, and June 29, 2019, respectively.