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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jul. 01, 2023
Jul. 02, 2022
Jul. 03, 2021
OPERATING ACTIVITIES:      
Net income $ 25.5 $ 15.5 $ 67.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 36.2 35.7 35.8
Amortization of acquired technologies and other intangibles 33.3 39.7 66.5
Stock-based compensation 51.2 52.3 48.3
Amortization of debt issuance costs and accretion of debt discount 4.2 2.8 2.3
Net change in fair value of contingent liabilities (4.6) 0.0 (5.3)
Loss on disposal of long-lived assets 0.9 2.3 0.1
Loss on convertible note debt modification and settlement 2.2 101.8 0.0
Deferred taxes, net 4.8 (10.5) 0.6
Restructuring 12.1 0.0 0.0
Gain on legal settlement (6.7) 0.0 0.0
Other 4.7 2.0 2.8
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 37.4 (18.3) (15.0)
Inventories (10.7) (27.7) (14.3)
Other current and non-currents assets 10.3 (11.3) 14.9
Accounts payable (9.4) (5.6) 7.0
Income taxes payable (2.0) (18.2) 18.1
Deferred revenue, current and non-current (2.1) 13.2 12.3
Accrued payroll and related expenses (25.8) 3.0 23.1
Accrued expenses and other current and non-current liabilities (47.4) 1.4 (21.4)
Net cash provided by operating activities 114.1 178.1 243.3
INVESTING ACTIVITIES:      
Purchases of short-term investments (13.1) 0.0 0.0
Acquisition of businesses, net of cash acquired (67.3) (8.3) (0.7)
Purchase price adjustment related to business acquisition (0.7) 0.0 0.0
Capital expenditures (51.1) (72.5) (52.1)
Proceeds from the sale of assets 5.1 9.8 4.1
Net cash used in investing activities (127.1) (71.0) (48.7)
FINANCING ACTIVITIES:      
Proceeds from issuance of senior notes 118.0 400.0 0.0
Payment of debt issuance costs (4.2) (10.5) (0.1)
Repurchase and retirement of common stock (83.9) (235.9) (42.2)
Payment of financing obligations (0.1) (0.1) (1.2)
Retirement of convertible notes upon maturity (68.1) 0.0 0.0
Cash paid in convertible note settlement 0.0 (351.6) 0.0
Proceeds from exercise of employee stock options and employee stock purchase plan 7.9 7.8 6.6
Withholding tax payment on vesting of restricted stock awards (11.8) (14.1) (17.9)
Proceeds from revolving credit facility 0.0 150.0 0.0
Repayment of revolving credit facility 0.0 (150.0) 0.0
Payment of acquisition related contingent consideration and obligations (7.8) (6.0) (4.0)
Net cash used in financing activities (50.0) (210.4) (58.8)
Effect of exchange rates on cash, cash equivalents and restricted cash 5.8 (32.3) 25.2
Net (decrease) increase in cash, cash equivalents and restricted cash (57.2) (135.6) 161.0
Cash, cash equivalents and restricted cash at beginning of period [2] 572.8 [1] 708.4 [1] 547.4
Cash, cash equivalents and restricted cash at end of period [1] 515.6 572.8 [2] 708.4 [2]
Supplemental disclosure of cash flow information      
Cash paid for interest 22.0 17.9 12.3
Cash paid for income taxes, net of refunds $ 47.5 $ 77.1 $ 36.7
[1] (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.
[2] (1) 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.