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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jul. 02, 2022
OPERATING ACTIVITIES:      
Net (loss) income $ (25.8) $ 25.5 $ 15.5
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation expense 38.6 36.2 35.7
Amortization of acquired technologies and other intangibles 20.1 33.3 39.7
Stock-based compensation 49.4 51.2 52.3
Amortization of debt issuance costs and accretion of debt discount 7.5 4.2 2.8
Net change in fair value of contingent liabilities (9.5) (4.6) 0.0
Loss on convertible note debt modification and settlement 0.0 2.2 101.8
Deferred taxes, net 0.3 4.8 (10.5)
Restructuring 13.6 12.1 0.0
Gain on legal settlement 0.0 (6.7) 0.0
Other 5.5 5.6 4.3
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 13.9 37.4 (18.3)
Inventories 10.5 (10.7) (27.7)
Other current and non-currents assets (2.1) 10.3 (11.3)
Accounts payable 3.2 (9.4) (5.6)
Income taxes payable 1.6 (2.0) (18.2)
Deferred revenue, current and non-current (8.8) (2.1) 13.2
Accrued payroll and related expenses (4.6) (25.8) 3.0
Accrued expenses and other current and non-current liabilities 3.0 (47.4) 1.4
Net cash provided by operating activities 116.4 114.1 178.1
INVESTING ACTIVITIES:      
Purchases of short-term investments (225.1) (13.1) 0.0
Maturities of short-term investments 219.6 0.0 0.0
Acquisitions, net of cash acquired and other 0.0 (67.3) (8.3)
Purchase price adjustment related to business acquisition 0.0 (0.7) 0.0
Capital expenditures (19.5) (51.1) (72.5)
Proceeds from the sale of assets 3.4 5.1 9.8
Net cash used in investing activities (21.6) (127.1) (71.0)
FINANCING ACTIVITIES:      
Proceeds from issuance of debt 0.0 118.0 400.0
Payment of debt issuance costs 0.0 (4.2) (10.5)
Repurchase and retirement of common stock (20.0) (83.9) (235.9)
Payment of financing obligations (0.2) (0.1) (0.1)
Retirement of convertible notes upon maturity (96.4) (68.1) 0.0
Cash paid in convertible note settlement 0.0 0.0 (351.6)
Proceeds from exercise of employee stock options and employee stock purchase plan 6.3 7.9 7.8
Withholding tax payment on vesting of restricted stock awards (11.1) (11.8) (14.1)
Proceeds from revolving credit facility 0.0 0.0 150.0
Repayment of revolving credit facility 0.0 0.0 (150.0)
Payment of acquisition related contingent consideration and obligations (4.3) (7.8) (6.0)
Net cash used in financing activities (125.7) (50.0) (210.4)
Effect of exchange rates on cash, cash equivalents and restricted cash (2.9) 5.8 (32.3)
Net decrease in cash, cash equivalents and restricted cash (33.8) (57.2) (135.6)
Cash, cash equivalents and restricted cash at beginning of period [2] 515.6 [1] 572.8 [1] 708.4
Cash, cash equivalents and restricted cash at end of period [1] 481.8 515.6 [2] 572.8 [2]
Supplemental disclosure of cash flow information      
Cash paid for interest 23.9 22.0 17.9
Cash paid for income taxes, net of refunds $ 30.9 $ 47.5 $ 77.1
[1] These amounts include both current and non-current balances of restricted cash totaling $10.5 million, $9.1 million and $12.9 million as of June 29, 2024, July 1, 2023 and July 2, 2022, respectively.
[2] These amounts include both current and non-current balances of restricted cash totaling $9.1 million, $12.9 million and $10.6 million as of July 1, 2023, July 2, 2022, and July 3, 2021, respectively.