Acquisitions (Tables)

9 Months Ended

Apr. 01, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Allocation of Purchase Price

The following table presents the preliminary allocation of the purchase price (in millions):

	Amount
Cash and cash equivalents	$	1.1
Accounts receivable, net	2.3
Inventory, net	3.2
Goodwill (1)	48.3
Identified intangible assets acquired	30.6
Other non-current assets	0.1
Accounts payable	(0.6)
Accrued expenses	(3.4)
Deferred revenue	(2.1)
Other current liabilities	(0.5)
Total purchase consideration	$	79.0

(1) Goodwill at acquisition date of $48.8 million reduced by measurement period adjustment of $0.5 million.

Schedule of Identifiable Intangible Assets Acquired and Estimated Useful Lives

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in millions, except useful life):

	Estimated Useful Life	Amount
Developed technology	6 years	$	25.0
Customer relationship	3 years	2.7
Tradename	2 years	0.5
Backlog	1 year	2.4
Total identifiable assets acquired		$	30.6

Schedule of Changes in Fair Value of Level 3 Liabilities

The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisitions for the three and nine months ended April 1, 2023 and April 2, 2022 (in millions):

	Three Months Ended				Nine Months Ended
	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Beginning period balance	$	33.2	$	3.1	$	2.5	$	4.0
Additions to Contingent Consideration	—		—		29.4		—
Payments of Contingent Consideration	(6.6)		(3.2)		(7.1)		(4.4)
Fair value adjustment of earn-out liabilities	(1.9)		—		(0.2)		0.3
Currency translation adjustment	(0.1)		0.1		—		0.1
Ending period balance	$	24.6	$	—	$	24.6	$	—