0001049521-24-000029 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies

12 Months Ended

Jun. 28, 2024

Summary of Significant Accounting Policies

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

BASIS OF PRESENTATION

All references to fiscal 2024 are to the 52-week period from July 1, 2023 to June 28, 2024. All references to fiscal 2023 are to the 52-week period from July 2, 2022 to June 30, 2023. All references to fiscal 2022 are to the 52-week period from July 3, 2021 to July 1, 2022.

USE OF ESTIMATES

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

BUSINESS COMBINATIONS

The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations, (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, even if less than one hundred percent ownership is acquired, and in establishing the acquisition date fair value as of the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations. Other estimates include:

•estimated step-ups for fixed assets and inventory;

•estimated fair values of intangible assets; and

•estimated income tax assets and liabilities assumed from the acquiree.

While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the purchase price allocation period, which is generally one year from the business acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined.

LEASES

The Company measures its lease obligations in accordance with ASC 842, Leases, (“ASC 842”), which requires lessees to recognize a right-of-use (“ROU”) asset and lease liability for most lease arrangements.

The Company has arrangements involving the lease of facilities, machinery and equipment. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset.

The Company recognizes ROU assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires lessees to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company's lease arrangements do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and current economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it is reasonably certain to extend the term of the lease.

The Company has lease arrangements with both lease and non-lease components. Consideration is allocated to lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities. In the Company's adoption of ASC 842, leases with an initial term of 12 months or less will not result in recognition of a ROU asset and a lease liability and will be expensed as incurred over the lease term. Leases of this nature were immaterial to the Company’s consolidated financial statements.

The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be a leasehold improvement that will be owned by the lessee and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses.

Finance leases are not material to the Company's consolidated financial statements and the Company is not a lessor in any material lease arrangements. There are no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees in the Company's lease arrangements. Operating leases are included in Operating lease right-of-use assets, net, Accrued expenses, and Operating lease liabilities in the Company's Consolidated Balance Sheets. The standard had no impact on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income or Consolidated Statements of Cash Flows. See Note I to the consolidated financial statements for more information regarding our obligations under leases.

REVENUE RECOGNITION

The Company recognizes revenue in accordance with the five step model set forth by ASC 606, Revenue from Contracts with Customers, (“ASC 606”), which involves identification of the contract(s), identification of performance obligations in the contract, determination of the transaction price, allocation of the transaction price to the previously identified performance obligations, and revenue recognition as the performance obligations are satisfied.

During step one of the five step model, the Company considers whether contracts should be combined or segmented, and based on this assessment, the Company combines closely related contracts when all the applicable criteria are met. The combination of two or more contracts requires judgment in determining whether the intent of entering into the contracts was effectively to enter into a single contract, which should be combined to reflect an overall profit rate. Similarly, the Company may separate an arrangement, which may consist of a single contract or group of contracts, with varying rates of profitability, only if the applicable criteria are met. Judgment also is involved in determining whether a single contract or group of contracts may be segmented based on how the arrangement and the related performance criteria were negotiated. The conclusion to combine a group of contracts or segment a contract could change the amount of revenue and gross profit recorded in a given period.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. Certain contracts with customers require the Company to perform tests of its products prior to shipment to ensure their performance complies with the Company’s published product specifications and, on occasion, with additional customer-requested specifications. In these cases, the Company conducts such tests and, if they are completed successfully, includes a written confirmation with each order shipped. As a result, at the time of each product shipment, the Company

believes that no further customer testing requirements exist and that there is no uncertainty of acceptance by its customer. The Company's contracts with customers generally do not include a right of return relative to delivered products. In certain cases, contracts are modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are accounted for as part of the existing contract. Certain contracts with customers have options for the customer to acquire additional goods or services. In most cases the pricing of these options are reflective of the standalone selling price of the good or service. These options do not provide the customer with a material right and are accounted for only when the customer exercises the option to purchase the additional goods or services. If the option on the customer contract was not indicative of the standalone selling price of the good or service, the material right would be accounted for as a separate performance obligation.

The Company is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Revenues are derived from the sales of products that are grouped into one of the following three categories: (i) components; (ii) modules and sub-assemblies; and (iii) integrated solutions. The Company also generates revenues from the performance of services, including systems engineering support, consulting, maintenance and other support, testing and installation. Each promised good or service within a contract is accounted for separately under the guidance of ASC 606 if they are distinct. Promised goods or services not meeting the criteria for being a distinct performance obligation are bundled into a single performance obligation with other goods or services that together meet the criteria for being distinct. The appropriate allocation of the transaction price and recognition of revenue is then determined for the bundled performance obligation.

Once the Company identifies the performance obligations, the Company then determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. Variable consideration typically arises due to volume discounts, or other provisions that can either decrease or increase the transaction price. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the method the Company expects to better predict the amount of consideration to which it will be entitled. The determination of the estimates for variable consideration require judgment, and are based on past history with similar contracts and anticipated performance. Further, variable consideration is only included in the determination of the transaction price if it is probable that a significant reversal in the amount of revenue recognized will not occur. There are no constraints on the variable consideration recorded.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the standalone selling price of each distinct good or service in the contract. Standalone selling prices of the Company’s goods and services are generally not directly observable. Accordingly, the primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company estimates the expected costs of satisfying a performance obligation and then adds an appropriate margin for that distinct good or service. The objective of the expected cost plus a margin approach is to determine the price at which the Company would transact if the product or service were sold by the Company on a standalone basis. The Company's determination of the expected cost plus a margin approach involves the consideration of several factors based on the specific facts and circumstances of each contract. Specifically, the Company considers the cost to produce the deliverable, the anticipated margin on that deliverable, the selling price and profit margin for similar parts, the Company’s ongoing pricing strategy and policies, often based on the price list established and updated by management on a regular basis, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold.

The Company analyzes the standalone selling prices used in its allocation of transaction price on contracts at least annually. Standalone selling prices will be analyzed on a more frequent basis if a significant change in the Company’s business necessitates a more frequent analysis or if the Company experiences significant variances in its selling prices.

Revenue recognized at a point in time generally relates to contracts that include a combination of components, modules and sub-assemblies, integrated subsystems and related system integration or other services. Contracts with distinct performance obligations recognized at a point in time, with or without an allocation of the transaction price, totaled 45%, 44% and 45% of revenues in the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022, respectively. Revenue is recognized at a point in time for these products and services (versus over time recognition) due to the following: (i) customers are only able to consume the benefits provided by the Company upon completion of the product or service; (ii) customers do not control the product or service prior to completion; and (iii) the Company does not have an enforceable right to payment at all times for performance completed to date. Accordingly, there is little judgment in determining when control of the good or service transfers to the customer, and revenue is generally recognized upon transfer of control (for goods) or completion (for services).

The Company engages in contracts for development, production and service activities and recognizes revenue for performance obligations over time. These over time contracts involve the design, development, manufacture, or modification of complex modules and sub-assemblies or integrated subsystems and related services. Revenue is recognized over time, due to the fact that: (i) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or

enhanced; and (ii) the Company’s performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The Company considers the nature of these contracts and the types of products and services provided when determining the proper accounting for a particular contract. These contracts include both fixed-price and cost reimbursable contracts. The Company’s cost reimbursable contracts typically include cost-plus fixed fee and time and material (“T&M”) contracts.

For over time contracts, the Company typically leverages the input method, using a cost-to-cost measure of progress. The Company believes that this method represents the most faithful depiction of the Company’s performance because it directly measures value transferred to the customer. Contract estimates and estimates of any variable consideration are based on various assumptions to project the outcome of future events that may span several years. These assumptions include: the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed; the cost and availability of materials; the availability of subcontractor services and materials; and the availability and timing of funding from the customer. The Company bears the risk of changes in estimates to complete on a fixed-price contract which may cause profit levels to vary from period to period. For cost reimbursable contracts, the Company is reimbursed periodically for allowable costs and is paid a portion of the fee based on contract progress. In the limited instances where the Company enters into T&M contracts, revenue recognized reflects the number of direct labor hours expended in the performance of a contract multiplied by the contract billing rate, as well as reimbursement of other direct billable costs. For T&M contracts, the Company recognizes revenue in the amount for which the Company has a right to invoice the customer based on the control transferred to the customer. For over time contracts, the Company recognizes anticipated contract losses as soon as they become known and estimable.

Accounting for contracts recognized over time requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed and the impact of contract amendments which may result in cumulative adjustments. The Company’s estimates are based upon the professional knowledge and experience of its engineers, program managers and other personnel, who review each over time contract monthly to assess the contract’s schedule, performance, technical matters and estimated cost at completion. Changes in estimates are applied retrospectively and when adjustments in estimated contract costs are identified, such revisions may result in current period adjustments to earnings applicable to performance in prior periods. The aggregate effects of these favorable and unfavorable changes across the Company’s portfolio of programs can have a significant effect upon its reported Loss from operations, Net loss and Diluted net loss per share in each of the reporting periods. The net impact of changes in estimates had the following impact on the Company’s operating results:


	For the Fiscal Years Ended
(In thousands, except per share data)	June 28, 2024		June 30, 2023		July 1, 2022
Loss from operations	$	(73,245)	$	(56,266)	$	(14,069)
Net loss (1)	$	(53,469)	$	(41,074)	$	(10,270)
Diluted net loss per share	$	(0.93)	$	(0.73)	$	(0.18)
Diluted Shares	57,738		56,554		55,901
(1) Federal and state statutory rate of 27%

Total revenue recognized under over time contracts over time was 55%, 56% and 55% of revenues in the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022, respectively.

The Company generally does not provide its customers with rights of product return other than those related to assurance warranty provisions that permit repair or replacement of defective goods over a period of 12 to 36 months. The Company accrues for anticipated warranty costs upon product shipment. The Company does not consider activities related to such assurance warranties, if any, to be a separate performance obligation. The Company does offer separately priced extended warranties which generally range from 12 to 36 months that are treated as separate performance obligations. The transaction price allocated to extended warranties is recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract.

On over time contracts, the portion of the payments retained by the customer is not considered a significant financing component because most contracts have a duration of less than one year and payment is received as progress is made. Many of the Company's over time contracts have milestone payments, which align the payment schedule with the progress towards completion on the performance obligation. On some contracts, the Company may be entitled to receive an advance payment, which is not considered a significant financing component because it is used to facilitate inventory demands at the onset of a contract and to safeguard the Company from the failure of the other party to abide by some or all of their obligations under the contract.

All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes).

COSTS TO OBTAIN AND FULFILL A CONTRACT

The Company expenses sales commissions as incurred for contracts where the amortization period would have been one year or less. The Company had $837 and $1,328 of deferred sales commissions for contracts where the amortization period is greater than one year as of June 28, 2024 and June 30, 2023, respectively.

The Company has elected to treat shipping and handling activities performed after the customer has obtained control of the related goods as a fulfillment cost. Such costs are accrued for in conjunction with the recording of revenue for the goods and are classified as cost of revenues.

CONTRACT BALANCES

Contract balances result from the timing of revenue recognized, billings and cash collections, and the generation of contract assets and liabilities. Contract assets represent revenue recognized in excess of amounts invoiced to the customer and the right to payment is not subject to the passage of time. Contract assets are presented as unbilled receivables and costs in excess of billings, net of allowance for credit losses on the Company’s Consolidated Balance Sheets. Contract liabilities consist of deferred product revenue, billings in excess of revenues, deferred service revenue, and customer advances. Deferred product revenue represents amounts that have been invoiced to customers, but are not yet recognizable as revenue because the Company has not satisfied its performance obligations under the contract. Billings in excess of revenues represents milestone billing contracts where the billings of the contract exceed recognized revenues. Deferred service revenue primarily represents amounts invoiced to customers for annual maintenance contracts or extended warranty contracts, which are recognized over time in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Customer advances represent deposits received from customers on an order. Contract liabilities are included in deferred revenue and the long-term portion of deferred revenue is included within other non-current liabilities on the Company’s Consolidated Balance Sheets. Contract balances are reported in a net position on a contract-by-contract basis.

The contract asset balances were $304,029 and $382,558 as of June 28, 2024 and June 30, 2023, respectively. The contract asset balance decreased due to $524,655 of billings, offset by revenue recognized under over time contracts of $462,143 during the fiscal year ended June 28, 2024. During the fiscal year ended June 28, 2024, the Company's contract assets were impacted by changes in estimates for contracts recognized over time and $16,017 write-offs and reserves as a result of ongoing negotiations of settlement terms with its customers. The contract liability balances were $74,367 and $57,142 as of June 28, 2024 and June 30, 2023, respectively. The contract liability increased due to a higher volume of advanced milestone billing events as well as timing of revenue recognized across multiple programs.

Revenue recognized during fiscal 2024 that was included in the contract liability balance at June 30, 2023 was $43,790.

REMAINING PERFORMANCE OBLIGATIONS

The Company includes in its computation of remaining performance obligations customer orders for which it has accepted executed sales orders. The definition of remaining performance obligations excludes those contracts that provide the customer with the right to cancel or terminate the order with no substantial penalty, even if the Company’s historical experience indicates the likelihood of cancellation or termination is remote. As of June 28, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $768,442. The Company expects to recognize approximately 55% of its remaining performance obligations as revenue in the next 12 months and the balance thereafter.

CASH AND CASH EQUIVALENTS

Cash equivalents, consisting of highly liquid money market funds and U.S. government and U.S. government agency issues with original maturities of 90 days or less at the date of purchase, are carried at fair market value which approximates cost.

ACCOUNTS RECEIVABLE

Accounts receivable, net, represents amounts that have been billed and are currently due from customers. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended as necessary. The allowance is based upon an assessment of the customer's credit worthiness, reasonable forecasts about the future, history with the customer, recovery of balances from contract settlements, and the age of the receivable balance. The Company typically invoices a customer upon shipment of the product (or completion of a service) for contracts where revenue is recognized at a point in time. For contracts where revenue is recognized over time, the invoicing events are typically based on specified performance obligation deliverables or milestone events, or quantifiable measures of performance.

ACCOUNTS RECEIVABLES FACTORING

On September 27, 2022, the Company executed an uncommitted receivables purchase agreement (“RPA”), pursuant to which the Company may offer to sell certain customer receivables, subject to the terms and conditions of the RPA. The RPA is an uncommitted arrangement such that the Company is not obligated to sell any receivables and the party has no obligation to purchase any receivables from the Company. Pursuant to the RPA, the party may purchase certain of the Company's customer receivables at a discounted rate, subject to a limit that as of any date, the total amount of purchased receivables held by the party, less the amount of all collections received on such receivables, may not exceed $20,000. The RPA has an indefinite term and the agreement remains in effect until it is terminated by either party. Factoring under the RPA Agreement is treated as a true sale of accounts receivable by the Company. The Company has continued involvement in servicing accounts receivable under the RPA, but no retained interests related to the factored accounts receivable. On March 14, 2023, the Company amended the RPA to increase the capacity from $20,000 to $30,600. On June 21, 2023, the Company further amended the RPA to increase the capacity from $30,600 to $60,000.

Proceeds for amounts factored by the Company are recorded as an increase to cash and a reduction to accounts receivable outstanding in the Consolidated Balance Sheets. Cash Flows attributable to factoring are reflected as cash flows from operating activities in the Company's Consolidated Statements of Cash Flows. Factoring fees are included as selling, general and administrative expenses in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company had $33,777 and $30,488 factored accounts receivables as of June 28, 2024 and June 30, 2023, respectively. The Company incurred factoring fees of approximately $1,947 and $562 for fiscal years 2024 and 2023, respectively.

See Note R "Subsequent Events" to the consolidated financial statements for discussion of the Company's termination of its uncommitted RPA and entrance into a committed receivables purchase and service agreement ("RPSA") a new party.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company measures at fair value certain financial assets and liabilities, including cash equivalents, restricted cash, interest rate derivatives, and contingent consideration. ASC 820, Fair Value Measurement and Disclosures, specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:

Level 1—Quoted prices for identical instruments in active markets;

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

CONCENTRATION OF CREDIT RISK

Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents, accounts receivable, unbilled receivables and costs in excess of billings. The Company places its cash and cash equivalents with financial institutions of high credit quality. As of June 28, 2024 and June 30, 2023, the Company had $180,521 and $71,563, respectively, of cash and cash equivalents on deposit or invested with its financial and lending institutions.

The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. As of June 28, 2024, five customers accounted for 51% of the Company's accounts receivable, unbilled receivables and costs in excess of billings. As of June 30, 2023, five customers accounted for 48% of the Company’s accounts receivable, unbilled receivables and costs in excess of billings.

The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be fully collected. The allowance is based on the assessment of the following factors: customer creditworthiness; historical payment experience; age of outstanding receivables; and any applicable collateral.

INVENTORY

Inventory is stated at the lower of cost (first-in, first-out) or net realizable value, and consists of materials, labor and overhead. On a quarterly basis, the Company evaluates inventory for net realizable value. Once an item is written down, the value becomes the new inventory cost basis. The Company reduces the value of inventory for excess and obsolete inventory, consisting of on-hand and non-cancelable on-order inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, product mix and possible alternative uses.

SEGMENT INFORMATION

The Company uses the management approach for segment disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of its reportable segments. The Company manages its business on the basis of one reportable segment, as a leading technology company serving the aerospace and defense industry.

GOODWILL AND INTANGIBLE ASSETS

Goodwill is the amount by which the purchase price of a business acquisition exceeded the fair values of the net identifiable assets on the date of purchase (see Note F). In accordance with the requirements of Intangibles-Goodwill and Other (“ASC 350”) Goodwill is not amortized. Goodwill is assessed for impairment at least annually, on a reporting unit basis, or when events and circumstances ("triggering event") occur indicating that the recorded goodwill may be impaired. Potential triggering events include macroeconomic conditions, industry and market considerations, financial performance and expectations of projected financial performance and cash flows, and changes in the Company's stock price in relation to the carrying value of its reporting units, among other relevant factors. Adverse changes to these events and circumstances could require the Company to perform an interim impairment test.

Intangible assets result from the Company’s various business acquisitions (see Note G) and certain licensed technologies, and consist of identifiable intangible assets, including completed technology, licensing agreements, patents, customer relationships, trademarks, backlog and non-compete agreements. Intangible assets are reported at cost, net of accumulated amortization and are either amortized on a straight-line basis over their estimated useful lives of up to 12.5 years or over the period the economic benefits of the intangible asset are consumed.

LONG-LIVED ASSETS

Long-lived assets primarily include property and equipment, intangible assets and ROU assets. The Company regularly evaluates its long-lived assets for events and circumstances that indicate a potential impairment in accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”). The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows of the asset as compared to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.

Property and equipment are the long-lived, physical assets of the Company acquired for use in the Company’s normal business operations and are not intended for resale by the Company. These assets are recorded at cost. Renewals and betterments that increase the useful lives of the assets are capitalized. Repair and maintenance expenditures that increase the efficiency of the assets are expensed as incurred. Equipment under capital lease is recorded at the present value of the minimum lease payments required during the lease period. Depreciation is based on the estimated useful lives of the assets using the straight-line method (see Note E).

As assets are retired or sold, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations.

Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the related assets, which are generally three years. For software developed for internal use, all external direct costs for material and services and certain payroll and related fringe benefit costs are capitalized in accordance with ASC 350. During fiscal 2024, 2023 and 2022, the Company capitalized $2,086, $3,931 and $3,000 of software development costs, respectively.

INCOME TAXES

The Company accounts for income taxes under ASC 740, Income Taxes (“ASC 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates for the year in which the differences are expected to reverse. The Company records a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

ASC 740 requires a two-step approach to recognizing and measuring uncertain tax positions. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

PRODUCT WARRANTY ACCRUAL

The Company’s product sales generally include a 12 to 36 month standard hardware warranty. At time of product shipment, the Company accrues for the estimated cost to repair or replace potentially defective products. Estimated warranty costs are based upon prior actual warranty costs for substantially similar transactions and any specifically identified warranty requirements. Product warranty accrual is included as part of accrued expenses in the accompanying Consolidated Balance Sheets. The following table presents the changes in the Company's product warranty accrual.


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Beginning balance	$	1,282	$	1,857	$	3,283





Accruals for warranties issued during the period	6,270		1,146		359


Settlements made during the period	(1,831)		(1,721)		(1,785)
Ending balance	$	5,721	$	1,282	$	1,857

RESEARCH AND DEVELOPMENT COSTS

Research and development costs are expensed as incurred. Research and development costs are primarily made up of labor charges and prototype material and development expenses.

STOCK-BASED COMPENSATION

Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. Stock-based compensation expense for the Company’s performance-based restricted stock awards is amortized over the requisite service period using graded vesting. The Company’s other restricted stock awards recognize expense over the requisite service period on a straight-line basis.

RETIREMENT OF COMMON STOCK

Stock that is repurchased or received in connection with the vesting of restricted stock is retired immediately upon the Company’s repurchase. The Company accounts for this under the cost method and upon retirement the excess amount over par value is charged against additional paid-in capital.

NET (LOSS) EARNINGS PER SHARE

Basic net (loss) earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net earnings per share computation includes the effect of shares which would be issuable upon the exercise of outstanding stock options and the vesting of restricted stock, reduced by the number of shares which are assumed to be purchased by the Company under the treasury stock method. For all periods presented, net (loss) income is the control number for determining whether securities are dilutive or not.

Basic and diluted weighted average shares outstanding were as follows:


	Fiscal 2024	Fiscal 2023	Fiscal 2022
Basic weighted-average shares outstanding	57,738	56,554	55,527
Effect of dilutive equity instruments	—	—	374
Diluted weighted-average shares outstanding	57,738	56,554	55,901

Equity instruments to purchase 2,501, 1,852 and 39 shares of common stock were not included in the calculation of diluted net earnings per share for the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022, respectively, because the equity instruments were anti-dilutive.

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Accumulated other comprehensive (loss) income (“AOCI”) includes changes in fair value of derivative instruments, foreign currency translation adjustments and pension benefit plan adjustments. The components of AOCI included the change in fair value of derivative instruments, net of tax adjustments and totaled $(833) and $5,856 for the fiscal years ended June 28, 2024 and June 30, 2023, respectively. There was no change in fair value of derivative instruments, net of tax adjustments for the fiscal year ended July 1, 2022. Also included are $380, $300 and $1,131 of foreign currency translation adjustments for the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022, respectively, and pension benefit plan adjustments totaled $(1,383), $142 and $4,739 for the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022, respectively.

A summary of the change in component of Accumulated other comprehensive (loss) income, net of tax is provided below:


	Foreign currency translation adjustments, net of tax		Pension benefit plan, net of tax		Change in fair of derivative instruments, net of tax		Accumulated Other Comprehensive (Loss) Income


Balance at July 2, 2021	$	(80)	$	(259)	$	—	$	(339)
Other comprehensive income, net of tax	1,131		4,739		—		5,870
Balance at July 1, 2022	1,051		4,480		—		5,531
Other comprehensive income, net of tax	300		142		5,856		6,298
Balance at June 30, 2023	1,351		4,622		5,856		11,829
Other comprehensive (loss) income, net of tax	380		(1,383)		(833)		(1,836)
Balance at June 28, 2024	$	1,731	$	3,239	$	5,023	$	9,993

FOREIGN CURRENCY

Local currencies are the functional currency for the Company’s subsidiaries in Switzerland, the United Kingdom, France, Spain and Canada. The accounts of foreign subsidiaries are translated using exchange rates in effect at period-end for assets and liabilities and at average exchange rates during the period for results of operations. The related translation adjustments are reported in accumulated other comprehensive income in shareholders’ equity. Gains (losses) resulting from non-U.S. currency transactions are included in Other income (expense), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income and were immaterial for all periods presented.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU address improvements to reportable segment disclosure requirements, specifically requiring disclosure of significant segment expenses. The amendment also extends certain annual disclosures to interim periods, and clarifies that single reportable segment entities must apply ASC 280 in its entirety, inclusive of this update. This ASU is effective for fiscal years beginning after December 15, 2023, as well as all interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, including adoption in an interim period. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Improvement to Income Tax Disclosures, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU enact new income tax disclosure requirements in addition to modifying existing requirements. The amendment requires entities to categorize and provide greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718), an amendment of the FASB Accounting Standards Codification. The amendments in this ASU address improvements to clarify the accounting treatment of profits interest awards. The amendments provide illustrative examples for entities to evaluate whether profits interest awards should be accounted for are share based compensation (Topic 718) or as cash bonus or profit-sharing arrangement (Topic 710). This ASU is effective for fiscal years beginning after December 15, 2023, as well as all interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, including adoption in an interim period. The Company does not believe this standard will have an impact on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU are related to the removal of various references to FASB Concept Statements from the codification to make clear distinctions between authoritative and non-authoritative literature in the codification. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not believe this standard will have an impact on its consolidated financial statements and related disclosures.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Effective July 1, 2023, the company adopted ASU No. 2021-08, Business Combinations (ASC 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, an amendment of the FASB Accounting Standards Codification. The amendments in this ASU address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This adoption did not have an impact to the Company's consolidated financial statements or related disclosures.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies LEGAL CLAIMS The Company is subject to litigation, claims, investigations and audits arising from time to time in the ordinary course of business. Although legal proceedings are inherently unpredictable, the Company believes that it has valid defenses with respect to any matters currently pending against the Company and intends to defend itself vigorously. The outcome of these matters, individually and in the aggregate, is not expected to have a material impact on the Company's cash flows, results of operations, or financial position. On December 7, 2021, counsel for National Technical Systems, Inc. (“NTS”) sent the Company an environmental demand letter pursuant to Massachusetts General Laws Chapter 21E, Section 4A, and CERCLA 42 U.S.C. Section 9601, related to a site that NTS formerly owned at 533 Main Street, Acton, Massachusetts. NTS received a Notice of Responsibility from the Massachusetts Department of Environmental Protection (“MassDEP”) alleging trichloroethene, freon and 1,4-dioxane contamination in the groundwater emanating from NTS’s former site. NTS alleges in its demand letter that the operations of a predecessor company to Mercury that was acquired in the Company's acquisition of the Microsemi Carve-Out Business that once owned and operated a facility at 531 Main Street, Acton, Massachusetts contributed to the groundwater contamination. NTS is seeking payment from the Company of NTS’s costs for any required environmental remediation. In April 2022, the Company engaged in a meet and confer session with NTS pursuant to Massachusetts General Laws Chapter 21E, Section 4A to discuss the status of the environmental review performed by NTS and its licensed site professional. The Company subsequently delivered a letter to NTS outlining the deficiencies in their claim and reiterated that the Company is not obligated to tender a substantive response to their demand without first having received the responsive information requested in connection with the meet and confer session. In April 2024, counsel for NTS sent additional communications on their demand that the Company participate in their environmental monitoring and remediation planning, and in May 2024, the Company responded with a rebuttal of the allegations. The Company believes the NTS claims are without merit and intends to defend itself vigorously. In addition, in November 2021, the Company responded to a request for information from MassDEP regarding the detection of PFAS (per- and polyfluoroakyl substances) in the Acton, Massachusetts Water District’s Conant public water supply wells near the former facility at 531 Main Street, Acton, Massachusetts at a level above the standard that MassDEP published for PFAS in October 2020. The Company has not been contacted by MassDEP since the response was provided in November 2021. It is too early to determine what responsibility, if any, the Company may have for these environmental matters. On June 19, 2023, the Board of Directors received notice of the Company's former CEO’s resignation from his positions of President and Chief Executive Officer. The Board accepted his resignation effective June 24, 2023. In his notice, the former CEO claimed he was entitled to certain benefits, including equity vesting, severance, and other benefits, under his change in control severance agreement (the “CIC Agreement”) because he had resigned with good reason during a potential change in control period. The Company disputes these claims and maintains that he resigned without good reason. On September 19, 2023, the former CEO filed for binding arbitration under the employment rules of the American Arbitration Association (“AAA”). An arbitrator was appointed on November 29, 2023, and the arbitration trial has been scheduled for mid-December 2024. On March 25, 2024, the arbitrator denied Mr. Aslett’s motion for compensation during the dispute and payment of his legal fees, preserving those matters for the arbitration trial. The Company intends to contest vigorously the claims under the CIC Agreement and believes that the Company has strong arguments that the former CEO’s claims lack merit. If the arbitrator rules in the Company's favor, the Company may still need to pay the former CEO’s reasonable legal fees, interest, and compensation during the dispute. If instead the arbitrator rules for the former CEO, the Company could be liable for up to approximately $14,100, based on the closing price of the Company's common stock on June 26, 2023, for accelerated equity vesting, severance, and other benefits under the CIC Agreement, plus interest, legal fees and expenses and compensation during dispute, which could include Mr. Aslett's base salary and other amounts based on the compensation, benefit and insurance plans in which he participated. The Company categorically denies any wrongdoing or liability under the CIC Agreement, but the outcome of potential arbitration is inherently uncertain. Accordingly, it is reasonably possible that the Company will incur a liability in this matter, and the Company estimates the potential range of exposure from $0 to $14,100, plus costs and attorneys’ fees and compensation to the former CEO during the dispute. On December 13, 2023, a securities class action complaint was filed against the Company, Mark Aslett, and Michael Ruppert in the U.S. District Court for the District of Massachusetts. The complaint asserted Section 10(b) and 20(a) securities fraud claims on behalf of a purported class of purchasers and sellers of the Company's stock from December 7, 2020, through June 23, 2023. The complaint alleged that the Company's public disclosures in SEC filings and on earnings calls were false and/or misleading. On February 27, 2024, the Court entered an order appointing Carpenters Pension Trust Fund for Northern California as lead plaintiff. On April 18, 2024, the lead plaintiff filed an amended complaint including William Ballhaus and David Farnsworth as additional defendants and amended the class period to February 3, 2021 through February 6, 2024. The Company filed a motion to dismiss on May 24, 2024, and after the plaintiffs’ filed their opposition motion and the Company filed its reply to their opposition, a hearing on the motion was conducted by the Court on July 24, 2024. On July 24, 2024, the Court dismissed the case without prejudice and permitted the plaintiffs 30 days to file an amended complaint. Subject to the terms of the Company's by-laws and applicable Massachusetts law, Mr. Aslett, the former Chief Executive Officer, Mr. Ruppert, the former Chief Financial Officer, Mr. Ballhaus, the current Chief Executive Officer, and Mr. Farnsworth, the current Chief Financial officer, are indemnified by the Company for this matter. The Company believes the claims in the complaint are without merit and intends to defend itself vigorously. It is too early to determine what responsibility, if any, the Company will have for this matter. On January 31, 2024, a former employee at the Company's Torrance, California location, filed a wage and hour class action lawsuit in California state court in Los Angeles County, along with a companion Private Attorneys General Act (“PAGA”) lawsuit, to act in a representative capacity for other Mercury Mission Systems, LLC employees in California, alleging a range of violations of California wage and hour regulations. The Company believes the claims in the complaints are without merit and intends to defend itself vigorously. It is too early to determine what responsibility, if any, the Company will have for this matter. INDEMNIFICATION OBLIGATIONS The Company's standard product sales and license agreements entered into in the ordinary course of business typically contain an indemnification provision pursuant to which the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with any patent, copyright or other intellectual property infringement claim by any third party with respect to the Company's products. Such provisions generally survive termination or expiration of the agreements. The potential amount of future payments the Company could be required to make under these indemnification provisions is, in some instances, unlimited. PURCHASE COMMITMENTS As of June 28, 2024, the Company has entered into non-cancelable purchase commitments for certain inventory components and services used in its normal operations. The purchase commitments covered by these agreements are for less than one year and aggregate to $122,195. OTHER The Company may elect from time to time to purchase and subsequently retire shares of common stock in order to settle an individual employees’ tax liability associated with vesting of a restricted stock award or exercise of stock options. These transactions are treated as a use of cash in financing activities in the Company's Statements of Cash Flows.

Goodwill - Additional Information (Details)	Jun. 28, 2024	Mar. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value, percentage	5.00%	2.50%

Summary of Significant Accounting Policies - Schedule of Revenue Recognition (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Significant Accounting Policies [Line Items]
Loss from operations	$ (73,245)	$ (56,266)	$ (14,069)
Net loss	$ (147,754)	$ (21,685)	$ 31,610
Diluted (in shares)	57,738	56,554	55,901
Contracts Accounted for under Percentage of Completion
Significant Accounting Policies [Line Items]
Net loss	$ (53,469)	$ (41,074)	$ (10,270)
Diluted net loss per share (usd per share)	$ (0.93)	$ (0.73)	$ (0.18)

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

+ Details

Audit Information	12 Months Ended
Audit Information	Jun. 28, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Boston, MA
Auditor Firm ID	185

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Prior service costs, amortization period (in years)	9 years
Funded status of plan	$ 5,005	$ 4,151
Company contributions	988	1,158
Expected company contributions, next fiscal year	927
Fair value of plan assets	16,873	20,559	$ 20,849
Capitalized stock-based 401(k) matching compensation expense	2,901
Employer contributions	15,853	$ 15,665	$ 7,603
Deferred Compensation Plan Assets	88
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent	$ 88
Minimum
Defined Benefit Plan Disclosure [Line Items]
Employee Contribution of eligible compensation	3.00%	3.00%	3.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Employee Contribution of eligible compensation	6.00%	6.00%	6.00%

Operating Segment, Geographic Information and Significant Customers - Additional Information (Details)	12 Months Ended
	Jun. 28, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Restructuring - Additional Information (Details) $ in Thousands	12 Months Ended
	Jun. 28, 2024 USD ($) position	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 17, 2024 position	Jan. 12, 2024 position	Aug. 09, 2023 position
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 26,170	$ 6,981	$ 27,445
Restructuring and other charges	$ 26,170	3,880
Number Of Positions Eliminated \| position	350			100	100	150
Workforce Reduction - August 2023
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 9,548
Workforce Reduction - January 2024
Restructuring Cost and Reserve [Line Items]
Severance costs	9,841
Workforce Reduction - June 2024
Restructuring Cost and Reserve [Line Items]
Severance costs	6,781
Employee Severance \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring, settlement and impairment provisions		3,415
Facilities and Other Restructuring \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		1,804
Lease Asset Impairment \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		1,339
Facilities & Other
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 0	465
Facilities & Other \| Organization Redesign Program
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ 1,762

Employee Benefit Plans

12 Months Ended

Jun. 28, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Pension Plan

The Company maintains a pension plan (the “Plan”) for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under ASC 715, Compensation—Retirement Benefits (“ASC 715”), since participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.

The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan.

In fiscal 2021, the independent pension fund changed the conversion rate for accumulated retirement savings leading to a Plan amendment. The Company’s results contain the effects of this change in conversion rates by the independent pension fund as prior service costs. These prior service costs are amortized from AOCI to net periodic benefit costs over approximately nine years.

At June 28, 2024, the accumulated benefit obligation of the Plan equals the fair value of the Plan's assets. The Plan's funded status at June 28, 2024 and June 30, 2023 was a net liability of $5,005 and $4,151, respectively, which is recorded in other non-current liabilities on the Consolidated Balance Sheets. The Company recognized net periodic benefit costs of $471 and $440 associated with the Plan and a net (loss) gain of $(1,383) and $142 in AOCI during the fiscal years ended June 28, 2024 and June 30, 2023, respectively. Total employer contributions to the Plan were $988 during the year ended June 28, 2024, and the Company's total expected employer contributions to the Plan during fiscal 2025 are $927.

The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company.


Fiscal Year	Total
2025	$	788
2026	935
2027	969
2028	1,312
2029	1,463
Thereafter (next 5 years)	6,314
Total	$	11,781

The following table outlines the components of net periodic benefit cost of the Plan for the fiscal years ended June 28, 2024 and June 30, 2023:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Service cost	$	965	$	1,068
Interest cost	481		463
Expected return on assets	(400)		(379)
Amortization of prior service cost	(203)		(203)
Amortization net of loss	(18)		—
Settlement loss recognized	(354)		(509)
Net periodic benefit cost	$	471	$	440

The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the fiscal years ended June 28, 2024 and June 30, 2023:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Discount rate	1.30	%	1.95	%
Expected rate of return on Plan assets	1.30	%	1.95	%
Expected inflation	1.20	%	1.00	%
Rate of compensation increases	2.50	%	1.50	%

The calculation of the projected benefit obligation (“PBO”) utilized BVG 2020 Generational data for assumptions related to the mortality rates, disability rates, turnover rates, and early retirement ages.

The PBO represents the present value of Plan benefits earned through the end of the year, with an allowance for future salary and pension increases as well as turnover rates. The following table presents the change in projected benefit obligation for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Projected benefit obligation, beginning	$	24,710	$	25,509
Service cost	965		1,068
Interest cost	481		463

Employee contributions	1,235		1,439
Actuarial (loss) gain	629		(516)
Benefits paid	(881)		(246)
Settlements	(5,239)		(4,770)
Plan amendment	20		—
Foreign exchange (gain) loss	(42)		1,763
Projected benefit obligation at end of year	$	21,878	$	24,710

The following table presents the change in Plan assets for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Fair value of Plan assets, beginning	$	20,559	$	20,849
Actual return on Plan assets	246		700
Company contributions	988		1,158

Employee contributions	1,235		1,439
Benefits paid	(881)		(246)
Settlements	(5,239)		(4,770)
Foreign exchange (loss) gain	(35)		1,429
Fair value of Plan assets at end of year	$	16,873	$	20,559

The following table presents the Company's reconciliation of funded status for the period presented:


	As of
	June 28, 2024		June 30, 2023
Projected benefit obligation at end of year	$	21,878	$	24,710
Fair value of plan assets at end of year	16,873		20,559
Funded status	$	(5,005)	$	(4,151)

The fair value of Plan assets was $16,873 at June 28, 2024. The Plan is denominated in a foreign currency, the Swiss Franc, which can have an impact on the fair value of Plan assets. The Plan was not subject to material fluctuations during the years ended June 28, 2024 or June 30, 2023. The Plan’s assets are administered by an independent pension fund foundation (the “foundation”). As of June 28, 2024, the foundation has invested the assets of the Plan in various investments vehicles, including cash, real estate, equity securities, and bonds. The investments are measured at fair value using a mix of Level 1, Level 2 and Level 3 inputs.

401(k) Plan

The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. Effective in the first quarter of fiscal 2023, the Company increased the rate of its matching contributions from 3% to 6% of participants' eligible annual compensation and changed the form of these contributions from cash to Company stock. The Company may also make optional contributions to the plan for any plan year at its discretion. The Company had $2,901 of capitalized stock-based 401(k) matching compensation expense on the Consolidated Balance Sheet at June 28, 2024. Stock-based 401(k) matching compensation cost is measured based on the value of the matching amount and is recognized as expense as incurred. Expense recognized by the Company for matching contributions related to the 401(k) plan was $15,853, $15,665, and $7,603 during the fiscal years ended June 28, 2024, June 30, 2023, and July 1, 2022, respectively.

Deferred Compensation Plan

The Company implemented a nonqualified deferred compensation plan as of January 1, 2024, under which eligible employees may defer up to 50% of their base salaries and up to 100% of their annual incentive bonuses. The Company may also make employer contributions to participant accounts in its sole discretion, and for calendar year 2024, will match participants’ deferrals under the plan of up to 6% of their eligible annual compensation in the form of deferred stock units (or at the Company’s election, a cash deferral credited to participants’ account balances). The Company’s matching obligation for 2024 is subject to the satisfaction of a financial performance condition for the 2024 calendar year. Participant deferrals under the plan are held in a Rabbi trust and are subject to the claims of the Company’s creditors. Assets held by the rabbi trust are classified as trading securities and are recorded at fair value, with changes in value recorded as adjustments to other income. All deferrals or employer contributions under the plan, and all earnings thereon, are fully vested as and when made or credited to plan participants.

As of June 28, 2024, the Company held assets under the rabbi trust of $88, was subject to liabilities for amounts payable under the plan to participants (including accrued employer matching contributions not yet credited to plan participants) of $88. Assets related to this plan are included in Other assets, and liabilities related to this plan are included in Other long-term liabilities in the Consolidated Balance Sheets. During the fiscal year ended June 28, 2024, the Company recognized an immaterial value of compensation expense as a result of changes in the value of notional investments selected by plan participants for the investment of their plan account balances, with the same amount being recorded as other income attributable to changes in the market value of the assets held by the Rabbi trust. The nonqualified deferred compensation plan was not in place as of June 30, 2023.

Employee Benefit Plans - 401(k) Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Defined Contribution Plan Disclosure [Line Items]
Employer contributions	$ 15,853	$ 15,665	$ 7,603
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employee Contribution of eligible compensation	6.00%	6.00%	6.00%

Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations (Details)	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Tax (benefit) provision at federal statutory rates	(21.00%)	(21.00%)	21.00%
State income tax, net of federal tax benefit	(5.90%)	(5.40%)	8.10%
Research and development tax credits	(3.70%)	(15.10%)	(39.50%)
Provision to return	(0.10%)	(0.70%)	10.30%
Excess tax provision related to stock compensation	1.40%	2.60%	5.30%
Foreign income tax rate differential	0.20%	0.20%	2.30%
Non-deductible compensation	0.90%	1.00%	20.90%
Acquisition costs	0.00%	0.00%	1.20%
Reserves for unrecognized income tax benefits	0.20%	(6.90%)	5.40%
Valuation allowance	0.70%	3.80%	4.30%
Foreign derived intangible income	0.00%	(1.40%)	(1.60%)
Other	0.00%	1.30%	1.00%
Effective income tax rate from continuing operation	(27.30%)	(41.60%)	38.70%

Fair Value of Financial Instruments

12 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following table summarizes the Companies' financial instruments measured at fair value on a recurring basis as of June 28, 2024:


	Fair Value Measurements
	June 28, 2024		Level 1		Level 2		Level 3
Liabilities:



Interest rate swap	$	2,436	$	—	$	2,436	$	—

Total	$	2,436	$	—	$	2,436	$	—

The carrying values of cash and cash equivalents, including money market funds, restricted cash, accounts receivable and payable, contract assets and liabilities and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The Company determined the carrying value of long-term debt approximated fair value due to variable interest rates charged on the borrowings, which reprice frequently. During the first quarter ended September 29, 2023, the Company entered into an interest rate hedging agreement (the “September 2023 Swap”).

The fair value of the September 2023 Swap is estimated using a discounted cash flow analysis based on the contractual terms of the derivative, leveraging observable inputs other than quoted prices, such as interest rates. As of June 28, 2024, the fair value of the September 2023 Swap was a liability of $2,436 and is included within Other non-current liabilities in the Company's Consolidated Balance Sheets.

The following table summarizes the Company's' financial instruments measured at fair value on a recurring basis as of June 30, 2023


	Fair Value Measurements
	June 30, 2023		Level 1		Level 2		Level 3
Assets:
Interest rate swap	$	3,523	$	—	$	3,523	$	—
Total assets measured at fair value	$	3,523	$	—	$	3,523	$	—

The fair value of interest rate hedging agreement entered on September 29, 2022 ("the Swap") is estimated using a discounted cash flow analysis based on the contractual terms of the derivative, leveraging observable inputs other than quoted prices, such as interest rates. As of June 30, 2023, the fair value of the Swap was an asset of $3,523 and was included within Other non-current assets in the Company's Consolidated Balance Sheets. The Company terminated the Swap during the first quarter ended September 29, 2023.

Refer to Note Q for further information regarding the September 2023 Swap and the termination of the Swap.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Operating Segment, Geographic Information and Significant Customers

12 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Operating Segment, Geographic Information and Significant Customers

Operating segments are defined as components of an enterprise evaluated regularly by the Company's chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company evaluated its internal organization under FASB ASC 280, Segment Reporting ("ASC 280") to determine whether there has been a change to its conclusion of a single operating and reportable segment. The Company concluded there has been no changes given the CODM continues to evaluate and manage the Company on the basis of one operating and reportable segment. The Company utilized the management approach for determining its operating segment in accordance with ASC 280.

The geographic distribution of the Company’s revenues as determined by order origination based on the country in which the Company's legal subsidiary is domiciled is summarized as follows:


	U.S.		Europe		Asia Pacific		Eliminations		Total
YEAR ENDED JUNE 28, 2024
Net revenues to unaffiliated customers	$	785,881	$	49,375	$	19	$	—	$	835,275
Inter-geographic revenues	6,777		1,369		—		(8,146)		—
Net revenues	$	792,658	$	50,744	$	19	$	(8,146)	$	835,275
Identifiable long-lived assets (1)	$	107,655	$	2,698	$	—	$	—	$	110,353
YEAR ENDED JUNE 30, 2023
Net revenues to unaffiliated customers	$	927,003	$	46,857	$	22	$	—	$	973,882
Inter-geographic revenues	2,764		447		—		(3,211)		—
Net revenues	$	929,767	$	47,304	$	22	$	(3,211)	$	973,882
Identifiable long-lived assets (1)	$	116,381	$	3,173	$	—	$	—	$	119,554
YEAR ENDED JULY 1, 2022
Net revenues to unaffiliated customers	$	945,600	$	41,390	$	1,207	$	—	$	988,197
Inter-geographic revenues	2,578		2,408		—		(4,986)		—
Net revenues	$	948,178	$	43,798	$	1,207	$	(4,986)	$	988,197
Identifiable long-lived assets (1)	$	122,712	$	4,476	$	3	$	—	$	127,191

(1) Identifiable long-lived assets exclude ROU assets, goodwill and intangible assets.

In recent years, the Company completed a series of acquisitions that changed its technological capabilities, applications and end markets. As these acquisitions and changes occurred, the Company's proportion of revenue derived from the sale of components in different technological areas, and modules, sub-assemblies and integrated subsystems which combine technologies into more complex diverse products has shifted. The following tables present revenue consistent with the Company's strategy of expanding its technological capabilities and program content. As additional information related to the Company’s products by end user, application, product grouping and/or platform is attained, the categorization of these products can vary over time. When this occurs, the Company reclassifies revenue by end user, application, product grouping and/or platform for prior periods. Such reclassifications typically do not materially change the underlying trends of results within each revenue category.

The following table presents the Company's net revenue by end market for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Domestic (1)	$	704,132	$	865,216	$	861,125
International/Foreign Military Sales (2)	131,143		108,666		127,072
Total Net Revenue	$	835,275	$	973,882	$	988,197

(1) Domestic revenues consist of sales where the end user is within the U.S., as well as sales to prime defense contractor customers where the ultimate end user location is not defined.

(2) International/Foreign Military Sales consist of sales to U.S. prime defense contractor customers where the end user is outside the U.S., foreign military sales through the U.S. government, and direct sales to non-U.S. based customers intended for end use outside of the U.S.

The following table presents the Company's net revenue by end application for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Radar (1)	$	110,371	$	229,467	$	251,126
Electronic Warfare (2)	120,685		144,554		157,676
Other Sensor and Effector (3)	129,034		112,659		104,114
Total Sensor and Effector	360,090		486,680		512,916
C4I (4)	388,533		414,143		399,816
Other (5)	86,652		73,059		75,465
Total Net Revenues	$	835,275	$	973,882	$	988,197

(1) Radar includes end-use applications where radio frequency signals are utilized to detect, track and identify objects.

(2) Electronic Warfare includes end-use applications comprising the offensive and defensive use of the electromagnetic spectrum.

(3) Other Sensor and Effector products include all Sensor and Effector end markets other than Radar and Electronic Warfare.

(4) C4I includes rugged secure rackmount servers that are designed to drive the most powerful military processing applications.

(5) Other products include all component and other sales where the end use is not specified.

The following table presents the Company's net revenue by product grouping for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Components (1)	$	192,758	$	197,180	$	167,333
Modules and Sub-assemblies (2)	181,881		200,281		167,242
Integrated Solutions (3)	460,636		576,421		653,622
Total Net Revenues	$	835,275	$	973,882	$	988,197

(1) Components represent the basic building blocks of an electronic system. They generally perform a single function such as switching, storing or converting electronic signals. Some examples include power amplifiers and limiters, switches, oscillators, filters, equalizers, digital and analog converters, chips, MMICs (monolithic microwave integrated circuits) and memory and storage devices.

(2) Modules and sub-assemblies combine multiple components to serve a range of complex functions, including processing, networking and graphics display. Typically delivered as computer boards or other packaging, modules and sub-assemblies are usually designed using open standards to provide interoperability when integrated in a subsystem. Examples of modules and sub-assemblies include embedded processing boards, switched fabrics and boards for high-speed input/output, digital receivers, graphics and video, along with multi-chip modules. Additional examples include integrated radio frequency and microwave multi-function assemblies and radio frequency tuners and transceivers.

(3) Integrated solutions bring components, modules and/or sub-assemblies into one system, enabled with software. Subsystems are typically, but not always, integrated within an open standards-based chassis and often feature interconnect technologies to enable communication between disparate systems. Spares and replacement modules and sub-assemblies are provided for use with subsystems sold by the Company. The Company’s subsystems are deployed in sensor processing, aviation and mission computing and C4I applications.

The following table presents the Company's net revenue by platform for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 2, 2021
Airborne (1)	$	445,330	$	506,264	$	506,549
Land (2)	107,249		157,505		158,782
Naval (3)	100,984		136,954		155,588
Other (4)	181,712		173,159		167,278
Total Net Revenues	$	835,275	$	973,882	$	988,197

(1) Airborne platform includes products that relate to personnel, equipment or pieces of equipment designed for airborne applications.

(2) Land platform includes products that relate to fixed or mobile equipment, or pieces of equipment for personnel, weapon systems, vehicles and support elements operating on land.

(3) Naval platform includes products that relate to personnel, equipment or pieces of equipment designed for naval operations.

(4) All platforms other than Airborne, Land or Naval.

Customers comprising 10% or more of the Company’s revenues for the periods shown below are as follows:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
L3Harris	12	%	*		*
Lockheed Martin Corporation	11	%	13	%	10	%
RTX Corporation	10	%	14	%	14	%
Northrop Grumman	*		11	%	*
U.S. Navy	*		*		14	%
	33	%	38	%	38	%

* Indicates that the amount is less than 10% of the Company's revenue for the respective period.

While the Company typically has customers from which it derives 10% or more of its revenue, the sales to each of these customers are spread across multiple programs and platforms. There were no programs comprising 10% or more of the Company's revenues for the years ended June 28, 2024, June 30, 2023 and July 1, 2022.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Components of Income Before Income Taxes and Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Income before income taxes:
United States	$ (183,263)	$ (42,864)	$ 24,286
Foreign	(6,012)	(5,678)	(5,891)
(Loss) income before income taxes	(189,275)	(48,542)	18,395
Federal:
Current	(19,791)	33,898	3,857
Deferred	(21,274)	(54,010)	(230)
Federal Income Tax Expense (Benefit), Continuing Operations, Total	(41,065)	(20,112)	3,627
State:
Current	(3,016)	10,054	3,626
Deferred	(7,937)	(10,200)	(2,721)
State and Local Income Tax Expense (Benefit), Continuing Operations, Total	(10,953)	(146)	905
Foreign:
Current	95	104	2,535
Deferred	288	(53)	53
Foreign, Income Tax expense benefit	383	51	2,588
Income tax expense (benefit)	$ (51,635)	$ (20,207)	$ 7,120

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Cash flows from operating activities:
Net (loss) income	$ (137,640)	$ (28,335)	$ 11,275
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense	88,030	97,329	93,417
Stock-based compensation expense	25,669	27,753	38,293
Stock-based matching contributions on defined contribution plan	15,853	15,665	0
Benefit for deferred income taxes	(31,511)	(59,647)	(2,419)
Cash settlement for termination of interest rate swap	7,403		0
Provisions for bad debt	15,301	400	106
Other non-cash items	452	(1,146)	(603)
Changes in operating assets and liabilities:
Accounts receivable, unbilled receivables, and costs in excess of billings	76,458	(58,718)	(146,477)
Inventory	130	(64,061)	(40,902)
Prepaid income taxes	0	7,433	(4,977)
Prepaid expenses and other current assets	(1,693)	2,942	(4,396)
Other non-current assets	148	3,769	6,117
Accounts payable, accrued expenses and accrued compensation	741	(16,732)	58,395
Deferred revenues and customer advances	17,307	40,701	(18,998)
Income taxes payable	(11,217)	9,907	1,009
Other non-current liabilities	(5,049)	(4,509)	(8,709)
Net cash provided by (used in) operating activities	60,382	(21,254)	(18,869)
Cash flows from investing activities:
Purchases of property and equipment	(34,291)	(38,796)	(27,656)
Other investing activities	0	235	(3,200)
Acquisition of businesses, net of cash acquired	0	0	243,464
Net cash used in investing activities	(34,291)	(38,561)	(274,320)
Cash flows from financing activities:
Proceeds from employee stock plans	4,642	5,492	5,371
Payments for retirement of common stock	(31)	(63)	(8,206)
Payments under credit facilities	(25,000)	(80,000)	0
Borrowings under credit facilities	105,000	140,000	251,500
Payments of deferred financing and offering costs	(1,931)	0	(2,911)
Net cash provided by financing activities	82,680	65,429	245,754
Effect of exchange rate changes on cash and cash equivalents	187	295	(750)
Net increase (decrease) in cash and cash equivalents	108,958	5,909	(48,185)
Cash and cash equivalents at beginning of year	71,563	65,654	113,839
Cash and cash equivalents at end of year	180,521	71,563	65,654
Cash paid (received) during the period for:
Interest	37,423	27,288	5,492
Income taxes (refunded) paid, net	(9,315)	24,243	14,121
Non-cash investing activity: Purchases of property and equipment incurred but not yet paid	$ 4,051	$ 6,475	$ 6,919

Fair Value of Financial Instruments (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	$ 2,436
Derivative asset, fair value		$ 3,523
Interest Rate Swap \| Swap Agreement
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	2,436
Derivative asset, fair value		3,523
Level 1
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	0
Level 1 \| Interest Rate Swap
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	0
Level 2
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	2,436
Derivative asset, fair value		3,523
Level 2 \| Interest Rate Swap
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	2,436
Derivative asset, fair value		$ 3,523
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	0
Level 3 \| Interest Rate Swap
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, fair value	$ 0

Property and Equipment

12 Months Ended

Jun. 28, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	Estimated Useful Lives (Years)	As of
		June 28, 2024		June 30, 2023
Computer equipment and software	3-4	$	138,366	$	125,297
Furniture and fixtures	5	21,694		20,729
Leasehold improvements	lesser of estimated useful life or lease term	72,420		70,305
Machinery and equipment	5-10	150,991		136,504

		383,471		352,835
Less: accumulated depreciation		(273,118)		(233,281)
Property and equipment, net		$	110,353	$	119,554

The $9,201 decrease in Property and equipment, net was primarily due to depreciation expense and was partially offset by current year additions. During fiscal 2024 and 2023, the Company retired $1,308 and $1,056, respectively, of computer equipment and software, furniture and fixtures, leasehold improvements, and machinery and equipment that were no longer in use by the Company.

Depreciation expense related to property and equipment for the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022 was $40,369, $43,777 and $33,150, respectively.

Employee Benefit Plans - Schedule of Related Actuarial Assumptions (Details)	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Discount rate	1.30%	1.95%
Expected rate of return on Plan assets	1.30%	1.95%
Expected inflation	1.20%	1.00%
Rate of compensation increases	2.50%	1.50%

Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 42,836
2026	38,199
2027	35,093
2028	31,169
2029	27,874
Thereafter	73,949
Total future amortization expense	249,120
Estimated salvage value of identified intangible assets	1,392
Net Carrying Amount	$ 250,512	$ 298,051

Summary of Significant Accounting Policies - Income Taxes (Details)	Jun. 28, 2024
Accounting Policies [Abstract]
Minimum likelihood of tax benefits being recognized upon ultimate settlement	50.00%

Restructuring - Expenses by Business Segment for Restructuring Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring liability at beginning of period	$ 1,529	$ 4,722
Restructuring charges	26,170	3,880
Cash paid	(18,941)	(7,052)
Reversals		21
Restructuring liability at end period	8,758	1,529
Severance & Related
Restructuring Reserve [Roll Forward]
Restructuring liability at beginning of period	1,529	4,722
Restructuring charges	26,170	3,415
Cash paid	(18,941)	(6,608)
Reversals
Restructuring liability at end period	8,758	1,529
Facilities & Other
Restructuring Reserve [Roll Forward]
Restructuring liability at beginning of period	0	0
Restructuring charges	0	465
Cash paid	0	(444)
Reversals		21
Restructuring liability at end period	$ 0	$ 0

Intangible Assets

12 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life
June 28, 2024
Customer relationships	$	342,610	$	(155,903)	$	186,707	12.2 years
Licensing agreements and patents	4,162		(2,254)		1,908		5.0 years
Completed technologies	122,680		(62,975)		59,705		9.4 years

Other	3,238		(1,046)		2,192		5.0 years
	$	472,690	$	(222,178)	$	250,512
June 30, 2023
Customer relationships	$	349,120	$	(130,756)	$	218,364	12.1 years
Licensing agreements and patents	4,162		(1,423)		2,739		5.0 years
Completed technologies	134,983		(60,680)		74,303		8.0 years
Backlog	410		(325)		85		2.0 years
Other	3,236		(676)		2,560		5.0 years
	$	491,911	$	(193,860)	$	298,051

Estimated future amortization expense for intangible assets remaining at June 28, 2024 is as follows:


Fiscal Year	Totals
2025	$	42,836
2026	38,199
2027	35,093
2028	31,169
2029	27,874
Thereafter	73,949
Total future amortization expense	$	249,120
Estimated salvage value of identified intangible assets	1,392
Net carrying amount	$	250,512

The Company reviews net intangible assets with finite lives for impairment when an event occurs indicating the potential for impairment. Based on the Company’s last assessment, the Company believes that the carrying values of net intangible assets were recoverable as of June 28, 2024. However, if business conditions deteriorate, the Company may be required to record impairment losses, and or increase the amortization of intangibles in the future. Any impairment charges that the Company may record in the future could be material to the results of operations and financial condition.

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 28, 2024	Jul. 31, 2024	Dec. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-41194
Entity Registrant Name	MERCURY SYSTEMS, INC
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2741391
Entity Address, Address Line One	50 Minuteman Road
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	256-1300
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	MRCY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding		59,406,416
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. Exhibit Index on Page 8
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001049521
Current Fiscal Year End Date	--06-28

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Jun. 28, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accounting Policies - Net Earnings Per Share Additional Information (Details) - shares shares in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Accounting Policies [Abstract]
Common stock excluded from diluted earning per share (in shares)	2,501	1,852	39

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Tax Credit Carryforward [Line Items]
Interest expense carryforward	$ 19,518
Federal and state net operating loss carryforward	2,357	$ 774
Unrecognized Tax Benefits	7,713	$ 5,165	$ 9,112
Domestic Tax Authority \| Research and development credit carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	3,887
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Federal and state net operating loss carryforward	33,802
State and Local Jurisdiction \| Research and development credit carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	13,734
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Federal and state net operating loss carryforward	25,742
Federal, State, and Local Jurisdiction \| Research and development credit carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 17,385

Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Net revenues	$ 835,275	$ 973,882	$ 988,197
Cost of revenues	639,374	657,154	593,241
Gross margin	195,901	316,728	394,956
Operating expenses:
Selling, general and administrative	166,786	160,637	157,044
Research and development	101,328	108,799	107,169
Amortization of intangible assets	47,661	53,552	60,267
Restructuring and other charges	26,170	6,981	27,445
Acquisition costs and other related expenses	1,710	8,444	11,421
Total operating expenses	343,655	338,413	363,346
(Loss) income from operations	(147,754)	(21,685)	31,610
Interest income	1,199	1,053	143
Interest expense	(35,015)	(25,159)	(5,806)
Other expense, net	(7,705)	(2,751)	(7,552)
(Loss) income before income taxes	(189,275)	(48,542)	18,395
Income tax (benefit) provision	(51,635)	(20,207)	7,120
Net (loss) income	$ (137,640)	$ (28,335)	$ 11,275
Basic net (loss) earnings per share (in dollars per share)	$ (2.38)	$ (0.50)	$ 0.20
Diluted net (loss) earnings per share (in dollars per share)	$ (2.38)	$ (0.50)	$ 0.20
Weighted-average shares outstanding:
Basic (in shares)	57,738	56,554	55,527
Diluted (in shares)	57,738	56,554	55,901
Comprehensive (loss) income:
Net (loss) income	$ (137,640)	$ (28,335)	$ 11,275
Change in fair value of derivative instruments, net of tax	(833)	5,856	0
Foreign currency translation adjustments, net of tax	380	300	1,131
Pension benefit plan, net of tax	(1,383)	142	4,739
Total other comprehensive (loss) income, net of tax	(1,836)	6,298	5,870
Total comprehensive (loss) income	$ (139,476)	$ (22,037)	$ 17,145

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Leases [Abstract]
Operating lease expense	$ 13,775	$ 13,763	$ 14,332

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt	12 Months Ended
Debt	Jun. 28, 2024
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Facilities On February 28, 2022, the Company amended the Revolver to increase and extend the borrowing capacity to a $1,100,000, 5-year revolving credit line, with the maturity extended to February 28, 2027. As of June 28, 2024, the Company's outstanding balance of unamortized deferred financing costs was $4,051, which is being amortized to Other (expense) income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income over the term of the Revolver and includes the costs incurred in conjunction with the November 2023 amendment to the Revolver. On November 7, 2023, due to the uncertainty surrounding a government shutdown or prolonged continuing resolution and the potential impact on the second quarter and fiscal 2024 results, the Company proactively executed Amendment No. 5 to the Revolver, as amended to date, with a syndicate of commercial banks and Bank of America, N.A acting as the administrative agent allowing for a temporary increase in the Consolidated Total Net Leverage Ratio covenant requirement from 4.50 to 5.25 for the second quarter ended December 29, 2023. In conjunction with Amendment No. 5 to the Revolver, the Company incurred $1,931 of new deferred financing costs that will be amortized over the remaining term of the Revolver. Refer to exhibit 10.7.5 included herein. See Note R "Subsequent Events" to the consolidated financial statements for discussion of the Company's Amendment No. 6 to the Revolver. Maturity The Revolver has a 5-year maturity and will mature on February 28, 2027. Interest Rates and Fees Borrowings under the Revolver bear interest, at the Company’s option, at floating rates tied to Secured Overnight Financing Rate ("SOFR") or the prime rate plus an applicable percentage in the case of dollar denominated loans or, in the case of certain other currencies, such alternative floating rates as agreed. The interest rate applicable to outstanding loans has initially been set at SOFR plus 1.25% and in future fiscal quarters will be established pursuant to a pricing grid based on the Company’s total net leverage ratio. In addition to interest on the aggregate outstanding principal amounts of any borrowings, the Company will also pay a quarterly commitment fee on the unutilized commitments under the Revolver, which fee has initially been set at 0.20% per annum and in future fiscal quarters will be established pursuant to a pricing grid based on the Company’s total net leverage ratio. The Company will also pay customary letter of credit and agency fees. Covenants and Events of Default The Revolver provides for customary negative covenants, including, among other things and subject to certain significant exceptions, restrictions on the incurrence of debt or guarantees, the creation of liens, the making of certain investments, loans and acquisitions, mergers and dissolutions, the sale of assets including capital stock of subsidiaries, the payment of dividends, the repayment or amending of junior debt, altering the business conducted, engaging in transactions with affiliates and entering into agreements limiting subsidiary dividends and distributions. The Revolver also requires the Company to comply with certain financial covenants, including a quarterly minimum consolidated cash interest charge ratio test and a quarterly maximum consolidated total net leverage ratio test. The Revolver also provides for customary representations and warranties, affirmative covenants and events of default (including, among others, the failure to make required payments of principal and interest, certain insolvency events and an event of default upon a change of control). If an event of default occurs, the lenders under the Revolver will be entitled to take various actions, including the termination of unutilized commitments, the acceleration of amounts outstanding under the Revolver and all actions permitted to be taken by a secured creditor. Guarantees and Security The Company’s obligations under the Revolver are guaranteed by certain of the Company’s material domestic wholly-owned restricted subsidiaries (the “Guarantors”). The obligations of both the Company and the Guarantors are secured by a perfected security interest in substantially all of the assets of the Company and the Guarantors, in each case, now owned or later acquired, including a pledge of all of the capital stock of substantially all of the Company’s domestic wholly-owned restricted subsidiaries and 65% of the capital stock of certain of its foreign restricted subsidiaries, subject in each case to the exclusion of certain assets and additional exceptions. As of June 28, 2024, the Company was in compliance with all covenants and conditions under the Revolver and there were outstanding borrowings of $591,500 against the Revolver as compared to $511,500 for the fiscal year ended June 30, 2023, resulting in interest expense of $35,015 and $25,159 for fiscal years ended June 28, 2024 and June 30, 2023, respectively. The current borrowing capacity as defined under the Revolver as of June 28, 2024 is approximately $986,000, of which we had outstanding borrowings against of $591,500. There were outstanding letters of credit of $753 as of June 28, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Inventory (Tables)

12 Months Ended

Jun. 28, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory was comprised of the following:


	As of
	June 28, 2024		June 30, 2023
Raw materials	$	200,501	$	229,984
Work in process	118,060		81,930
Finished goods	16,739		25,302
Total	$	335,300	$	337,216

Operating Segment, Geographic Information and Significant Customers - Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	$ 835,275	$ 973,882	$ 988,197
Inter-geographic revenues	0	0	0
Net revenues	835,275	973,882	988,197
Identifiable long-lived assets	110,353	119,554	127,191
US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	704,132	865,216	861,125
Reportable Geographical Components \| US
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	785,881	927,003	945,600
Inter-geographic revenues	6,777	2,764	2,578
Net revenues	792,658	929,767	948,178
Identifiable long-lived assets	107,655	116,381	122,712
Reportable Geographical Components \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	49,375	46,857	41,390
Inter-geographic revenues	1,369	447	2,408
Net revenues	50,744	47,304	43,798
Identifiable long-lived assets	2,698	3,173	4,476
Reportable Geographical Components \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	19	22	1,207
Inter-geographic revenues	0	0	0
Net revenues	19	22	1,207
Identifiable long-lived assets	0	0	3
Geography Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues to unaffiliated customers	0	0	0
Inter-geographic revenues	(8,146)	(3,211)	(4,986)
Net revenues	(8,146)	(3,211)	(4,986)
Identifiable long-lived assets	$ 0	$ 0	$ 0

Operating Segment, Geographic Information and Significant Customers - Customers Comprising Ten Percent or More of Revenues (Details) - Customer Concentration Risk - Revenues	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
L3Harris
Revenue, Major Customer [Line Items]
Concentration risk, percent	12.00%
Lockheed Martin Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percent	11.00%	13.00%	10.00%
RTX Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percent	10.00%	14.00%	14.00%
Northrop Grumman
Revenue, Major Customer [Line Items]
Concentration risk, percent		11.00%
U.S. Navy
Revenue, Major Customer [Line Items]
Concentration risk, percent			14.00%
Five Major Customers, Cumulative
Revenue, Major Customer [Line Items]
Concentration risk, percent	33.00%	38.00%	38.00%

Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Deferred tax assets:
Inventory valuation and receivable allowances	$ 23,799	$ 18,095
Accruals	10,852	6,762
Stock compensation	6,700	5,149
Federal and state research and development tax credit carryforwards	17,762	14,287
Research and development expenditures	68,728	63,114
Deferred Tax Asset, Interest Carryforward	5,289	0
Federal and state net operating loss carryforward	2,357	774
Foreign net operating loss carryforward	4,004	3,166
Operating lease liabilities	20,107	19,968
Other	1,339	2,325
Deferred tax asset	160,937	133,640
Valuation allowance	(17,575)	(14,785)
Total deferred tax assets	143,362	118,855
Deferred tax liabilities:
Property and equipment	(13,647)	(15,798)
Intangible assets	(50,935)	(54,550)
Operating lease right-of-use assets, net	(16,493)	(17,077)
Other	(3,675)	(4,331)
Total deferred tax liabilities	(84,750)	(91,756)
Net deferred tax assets (liabilities)	$ 58,612	$ 27,099

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Principles Of Consolidation

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

BASIS OF PRESENTATION

Use Of Estimates

USE OF ESTIMATES

Business Combinations

BUSINESS COMBINATIONS

•estimated step-ups for fixed assets and inventory;

•estimated fair values of intangible assets; and

•estimated income tax assets and liabilities assumed from the acquiree.

Lessee, Leases

LEASES

Revenue Recognition

REVENUE RECOGNITION


	For the Fiscal Years Ended
(In thousands, except per share data)	June 28, 2024		June 30, 2023		July 1, 2022
Loss from operations	$	(73,245)	$	(56,266)	$	(14,069)
Net loss (1)	$	(53,469)	$	(41,074)	$	(10,270)
Diluted net loss per share	$	(0.93)	$	(0.73)	$	(0.18)
Diluted Shares	57,738		56,554		55,901
(1) Federal and state statutory rate of 27%

Total revenue recognized under over time contracts over time was 55%, 56% and 55% of revenues in the fiscal years ended June 28, 2024, June 30, 2023 and July 1, 2022, respectively.

All revenues are reported net of government assessed taxes (e.g., sales taxes or value-added taxes).

Contract Balances

CONTRACT BALANCES

Cash And Cash Equivalents

CASH AND CASH EQUIVALENTS

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLES FACTORING

Fair Value Of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Level 1—Quoted prices for identical instruments in active markets;

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Concentration Of Credit Risk

CONCENTRATION OF CREDIT RISK

Inventory

INVENTORY

Segment Information

SEGMENT INFORMATION

Goodwill And Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Long-Lived Assets

LONG-LIVED ASSETS

Property And Equipment

As assets are retired or sold, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations.

Income Taxes

INCOME TAXES

Product Warranty Accrual

PRODUCT WARRANTY ACCRUAL

Research And Development Costs

RESEARCH AND DEVELOPMENT COSTS

Research and development costs are expensed as incurred. Research and development costs are primarily made up of labor charges and prototype material and development expenses.

Stock-Based Compensation

STOCK-BASED COMPENSATION

Retirement Of Common Stock

RETIREMENT OF COMMON STOCK

Net Earnings Per Share

NET (LOSS) EARNINGS PER SHARE

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Foreign Currency

FOREIGN CURRENCY

Recently Issued And Adopted Accounting Pronouncements

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Pension and Other Postretirement Plans

Operating Segment, Geographic Information and Significant Customers - Net Revenue by End Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 835,275	$ 973,882	$ 988,197
Domestic
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	704,132	865,216	861,125
International/Foreign Military Sales
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 131,143	$ 108,666	$ 127,072

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 28, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Nonvested Restricted Stock


	Non-Vested Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value




















Outstanding at July 1, 2022	2,305	$	57.47
Granted	298	51.90
Vested	(738)	60.89
Forfeited	(526)	55.66
Outstanding at June 30, 2023	1,339	$	54.45
Granted	1,334	36.38
Vested	(476)	56.04
Forfeited	(671)	47.14
Outstanding at June 28, 2024	1,526	$	41.35

Stock Based Compensation Expenses

The following table presents share-based compensation expenses from continuing operations included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Cost of revenues	$	2,919	$	2,926	$	2,161
Selling, general and administrative	16,936		18,335		30,116
Research and development	5,814		6,492		6,016
Stock-based compensation expense before tax	25,669		27,753		38,293
Income taxes	(6,931)		(7,216)		(10,339)
Stock-based compensation expense, net of income taxes	$	18,738	$	20,537	$	27,954

Summary of Stock Option Plans

The following table summarizes activity of the Company's stock option plans since July 1, 2022:


	Options Outstanding
	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value as of 6/28/2024





Granted	934	$	12.71	$	45.00
Exercised	—			$	—
Cancelled	—			$	—
Outstanding at June 28, 2024	934	$	12.71	$	45.00	3.69 years	$	—
Exercisable at June 28, 2024	—	$	—	$	—	—	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The Company calculated the fair values of the options grants using the following weighted-average assumptions:


	Fiscal Year Ended
	June 28, 2024
Expected volatility	45		%
Expected term	4 years
Risk-free interest rate	4.44		%
Expected dividend yield	—		%
Weighted-average grant date fair value per share	$	12.71

Operating Segment, Geographic Information and Significant Customers - Net Revenue by End Application (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Revenue from External Customer [Line Items]
Net revenues	$ 835,275	$ 973,882	$ 988,197
Radar End User Applications
Revenue from External Customer [Line Items]
Net revenues	110,371	229,467	251,126
Electronic Warfare End User Applications
Revenue from External Customer [Line Items]
Net revenues	120,685	144,554	157,676
Other Sensor And Effector Applications [Member]
Revenue from External Customer [Line Items]
Net revenues	129,034	112,659	104,114
Total Sensor And Effector Applications [Member]
Revenue from External Customer [Line Items]
Net revenues	360,090	486,680	512,916
C4I Applications [Member]
Revenue from External Customer [Line Items]
Net revenues	388,533	414,143	399,816
Other End User Applications
Revenue from External Customer [Line Items]
Net revenues	$ 86,652	$ 73,059	$ 75,465

- Definition

+ References

+ Details

Description of Business (Details)	Jun. 28, 2024 program country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of deployed programs	300
Number of operating countries \| country	35
Number of company locations	20

Intangible Assets (Tables)

12 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Intangible Assets

Intangible assets consisted of the following:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life
June 28, 2024
Customer relationships	$	342,610	$	(155,903)	$	186,707	12.2 years
Licensing agreements and patents	4,162		(2,254)		1,908		5.0 years
Completed technologies	122,680		(62,975)		59,705		9.4 years

Other	3,238		(1,046)		2,192		5.0 years
	$	472,690	$	(222,178)	$	250,512
June 30, 2023
Customer relationships	$	349,120	$	(130,756)	$	218,364	12.1 years
Licensing agreements and patents	4,162		(1,423)		2,739		5.0 years
Completed technologies	134,983		(60,680)		74,303		8.0 years
Backlog	410		(325)		85		2.0 years
Other	3,236		(676)		2,560		5.0 years
	$	491,911	$	(193,860)	$	298,051

Estimated Future Amortization Expense for Acquired Intangible Assets

Estimated future amortization expense for intangible assets remaining at June 28, 2024 is as follows:


Fiscal Year	Totals
2025	$	42,836
2026	38,199
2027	35,093
2028	31,169
2029	27,874
Thereafter	73,949
Total future amortization expense	$	249,120
Estimated salvage value of identified intangible assets	1,392
Net carrying amount	$	250,512

Income Taxes - Summary of Reserves for Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning of period	$ 5,165	$ 9,112
Increases for tax positions taken related to a prior period	3,371	0
Increases for tax positions taken during the current period	3,083	1,260
Decreases for tax positions taken by an acquired company	0	(2,679)
Decreases for tax positions taken related to a prior period	(2,971)	(191)
Decreases for settlements of previously recognized positions	0	(93)
Decreases as a result of a lapse of the applicable statute of limitations	(935)	(2,244)
Unrecognized tax benefits, end of period	7,713	5,165
Unrecognized tax benefits that would impact effective tax rate	5,543
Interest and penalties accrued	1,374	583
interest and penalties recognized	$ 791	$ 96

Leases

12 Months Ended

Jun. 28, 2024

Leases [Abstract]

Leases

The Company enters into lease arrangements to facilitate its operations, including manufacturing, storage, as well as engineering, sales, marketing and administration resources. The Company measures its lease obligations in accordance with ASC 842, which requires lessees to record a ROU asset and lease liability for most lease arrangements. Finance leases are not material to the Company's consolidated financial statements and therefore are excluded from the following disclosures.

SUPPLEMENTAL BALANCE SHEET INFORMATION

Supplemental operating lease balance sheet information is summarized as follows:


	As of		As of
	June 28, 2024		June 30, 2023
Operating lease right-of-use assets, net	$	60,860	$	63,015

Accrued expenses(1)	$	11,614	$	10,434
Operating lease liabilities	62,584		66,797
Total operating lease liabilities	$	74,198	$	77,231

(1) The short term portion of the Operating lease liabilities is included within Accrued expenses on the Consolidated Balance Sheet.

OTHER SUPPLEMENTAL INFORMATION

Other supplemental operating lease information is summarized as follows:


	For the Fiscal Year Ended			For the Fiscal Year Ended
	June 28, 2024			June 30, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,343		$	10,756
Right-of-use assets obtained in exchange for new lease liabilities	$	7,249		$	10,627
Weighted average remaining lease term	6.4 years			7.0 years
Weighted average discount rate	5.50		%	5.17		%

MATURITIES OF LEASE COMMITMENTS

Maturities of operating lease commitments as of June 28, 2024 were as follows:


Fiscal Year	Totals
2025	$	15,286
2026	13,524
2027	13,992
2028	12,579
2029	10,903
Thereafter	22,906
Total lease payments	89,190
Less: imputed interest	(14,992)

Present value of operating lease liabilities	$	74,198

During fiscal 2024, 2023 and 2022 the Company recognized operating lease expense of $13,775, $13,763, and $14,332, respectively. There were no material restrictions, covenants, sale and leaseback transactions, variable lease payments or residual value guarantees imposed by the Company's leases at June 28, 2024.

Inventory (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 200,501	$ 229,984
Work in process	118,060	81,930
Finished goods	16,739	25,302
Total	$ 335,300	$ 337,216

Derivatives	12 Months Ended
Derivatives	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company utilizes interest rate derivatives to mitigate interest rate exposure with respect to its financing arrangements. On September 7, 2022, the Company entered into an interest rate Swap (the “initial Swap”) with JP Morgan Chase Bank, N.A. (“JPMorgan”) for a notional amount of 300,000 in order to fix the interest rate associated with a portion of the total $511,500 existing borrowings on the Revolver. The initial Swap agreement was designated and qualified for hedge accounting treatment as a cash flow hedge. The initial Swap matured on February 28, 2027, coterminous with the maturity of the Revolver. The initial Swap established a fixed interest rate on the first 300,000 of the Company's outstanding borrowings against the Revolver obligation at 3.25%. On September 29, 2022, the Company terminated the initial Swap. At the time of termination, the fair value of the Swap was an asset of $5,995. The Company received the cash settlement of $5,995 and these proceeds are classified within Operating Activities of the Consolidated Statements of Cash Flows for the year ended June 30, 2023. Following the termination of the initial Swap, the Company entered into the Swap agreement with JPMorgan on September 29, 2022. The Swap fixes $300,000 of total $511,500 existing borrowings on the Revolver at the time of the Swap. The Swap agreement was designated and qualified for hedge accounting treatment as a cash flow hedge. The Swap was scheduled to mature on February 28, 2027, coterminous with the maturity of the Revolver. The Swap established a fixed interest rate on the first $300,000 of 3.79%. On September 28, 2023, the Company terminated the Swap. At the time of termination, the fair value of the Swap was an asset of $7,403. The Company received the cash settlement of $7,403 and these proceeds are classified within Operating Activities of the Consolidated Statements of Cash Flows for the year ended June 30, 2024. Following the termination of the Swap, the Company entered into the September 2023 Swap agreement on September 28, 2023 with JPMorgan for a notional amount of $300,000 in order to fix the interest rate associated with a portion of the total $576,500 existing borrowings on Company's Revolver at the time of the Swap at 4.66%. The September 2023 Swap agreement was designated and qualified for hedge accounting treatment as a cash flow hedge. The September 2023 Swap matures on February 28, 2027, coterminous with the maturity of the Revolver. As of June 28, 2024, the fair value of the September 2023 Swap was a liability of $2,436 and is included within Other non-current liabilities in the Company's Consolidated Balance Sheets. During fiscal year 2024, the Company amortized $2,982 of the gains associated with the interest swaps terminated on September 29, 2022 and September 28, 2023, which is included within Accumulated other comprehensive income. The market risk associated with the Company’s derivative instrument is the result of interest rate movements that are expected to offset the market risk of the underlying arrangement. The counterparty to the Swap is JPMorgan. Based on the credit ratings of the Company’s counterparty as of June 28, 2024, nonperformance is not perceived to be a material risk. Furthermore, none of the Company’s derivatives are subject to collateral or other security arrangements and none contain provisions that are dependent on the Company’s credit ratings from any credit rating agency. While the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the amount of the Company’s exposure to credit risk. The amounts potentially subject to credit risk (arising from the possible inability of the counterparty to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparty obligations under the contracts exceed the obligations of the Company to the counterparty. As a result of the above considerations, the Company does not consider the risk of counterparty default to be significant.

Stock Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Apr. 26, 2024 shares	Oct. 25, 2023 shares	Aug. 15, 2023 USD ($) tranche $ / shares	Oct. 28, 2020 shares	Jun. 28, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jul. 01, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted stock \| $					$ 9,244
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized \| $					$ 456	$ 1,215
Share-Based Compensation Arrangement, By Share-Based Payment Award, Exercise Price, Percentage Of Fair Value Threshold					10000.00%
Expected dividend yield					0.00%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plan (in shares)					167,000	145,000	115,000
Stock Option Plan Twenty Eighteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)					7,862,000
Shares available for future grant (in shares)					4,820,000
Number of additional shares authorized (in shares)		3,450,000		3,000,000
Stock Option Plan Twenty Eighteen \| New Hire Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Number Of Tranches \| tranche			4
Stock Option Plan Twenty Eighteen \| New Hire Option \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount \| $			$ 233,500
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit \| $ / shares			$ 42.00
Stock Option Plan Twenty Eighteen \| New Hire Option \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount \| $			$ 233,500
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit \| $ / shares			$ 43.00
Stock Option Plan Twenty Eighteen \| New Hire Option \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount \| $			$ 233,500
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit \| $ / shares			$ 46.00
Stock Option Plan Twenty Eighteen \| New Hire Option \| Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount \| $			$ 233,500
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit \| $ / shares			$ 49.00
Stock Option Plan Twenty Zero Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)					948,000
Number of additional shares authorized (in shares)				2,000,000
Stock Option Plan Twenty Zero Five \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Contractual Life					7 years
1997 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under stock incentive plan (in shares)					2,300,000
Number of additional shares authorized (in shares)	1,000			500,000
Purchase price as a percentage of the lesser of the market value of such shares at either the beginning or the end of each nine-month offering period					85.00%
Offering period					6 months
Percentage of employee compensation that may be uses to purchase common stock through payroll deductions, maximum					10.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock awards vested \| $					$ 15,994	$ 25,587	$ 25,533
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period					0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares					0
Outstanding at end of period					3 years 8 months 8 days

Summary of Significant Accounting Policies - Restricted Cash (Details) $ in Thousands	Jul. 02, 2021 USD ($)
Accounting Policies [Abstract]
Restricted cash	$ 0

Debt (Details) $ in Thousands		12 Months Ended
Debt (Details) $ in Thousands	Feb. 28, 2022 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Dec. 29, 2023 USD ($)	Nov. 06, 2023	Sep. 29, 2023 USD ($)	Sep. 29, 2022 USD ($)
Line of Credit Facility [Line Items]
Collateral capital stock	65.00%
Long-term debt		$ 591,500	$ 511,500				$ 576,500	$ 511,500
Interest expense		35,015	$ 25,159	$ 5,806
Letters of credit outstanding		$ 753
Revolver \| Measurement Input, Leverage Ratio
Line of Credit Facility [Line Items]
Debt Instrument, Measurement Input		5.25				4.50
Revolver
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,100	$ 900
Debt instrument borrowing term	5 years
Long-term debt		591,500
Current borrowing capacity		$ 986,000
Revolver \| Revolver
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Revolver
Line of Credit Facility [Line Items]
Debt issuance costs		$ 4,051
Credit Agreement \| Revolver
Line of Credit Facility [Line Items]
Commitment fee percentage		0.20%
Term Loan
Line of Credit Facility [Line Items]
Debt Issuance Costs, Gross, Current					$ 1,931

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 28, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from the date of the Consolidated Balance Sheet through the date the consolidated financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Property and equipment, gross	$ 383,471	$ 352,835
Less: accumulated depreciation and amortization	(273,118)	(233,281)
Property and equipment, net	110,353	119,554
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 138,366	125,297
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	4 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Property and equipment, gross	$ 21,694	20,729
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	72,420	70,305
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 150,991	$ 136,504
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Weighted Average Grant Date Fair Value
Ending Balance (in dollars per share)	$ 12.71
Restricted Stock
Number of Shares
Beginning Balance (in shares)	1,339	2,305
Granted (in shares)	1,334	298
Vested (in shares)	(476)	(738)
Forfeited (in shares)	(671)	(526)
Ending Balance (in shares)	1,526	1,339
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 54.45	$ 57.47
Granted (in dollars per share)	36.38	51.90
Vested (in dollars per share)	56.04	60.89
Forfeited (in dollars per share)	47.14	55.66
Ending Balance (in dollars per share)	$ 41.35	$ 54.45

Operating Segment, Geographic Information and Significant Customers (Tables)

12 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Geographic Distribution of Revenues and Long Lived Assets from Continuing Operations

The geographic distribution of the Company’s revenues as determined by order origination based on the country in which the Company's legal subsidiary is domiciled is summarized as follows:


	U.S.		Europe		Asia Pacific		Eliminations		Total
YEAR ENDED JUNE 28, 2024
Net revenues to unaffiliated customers	$	785,881	$	49,375	$	19	$	—	$	835,275
Inter-geographic revenues	6,777		1,369		—		(8,146)		—
Net revenues	$	792,658	$	50,744	$	19	$	(8,146)	$	835,275
Identifiable long-lived assets (1)	$	107,655	$	2,698	$	—	$	—	$	110,353
YEAR ENDED JUNE 30, 2023
Net revenues to unaffiliated customers	$	927,003	$	46,857	$	22	$	—	$	973,882
Inter-geographic revenues	2,764		447		—		(3,211)		—
Net revenues	$	929,767	$	47,304	$	22	$	(3,211)	$	973,882
Identifiable long-lived assets (1)	$	116,381	$	3,173	$	—	$	—	$	119,554
YEAR ENDED JULY 1, 2022
Net revenues to unaffiliated customers	$	945,600	$	41,390	$	1,207	$	—	$	988,197
Inter-geographic revenues	2,578		2,408		—		(4,986)		—
Net revenues	$	948,178	$	43,798	$	1,207	$	(4,986)	$	988,197
Identifiable long-lived assets (1)	$	122,712	$	4,476	$	3	$	—	$	127,191

(1) Identifiable long-lived assets exclude ROU assets, goodwill and intangible assets.

Revenue from External Customers by Geographic Areas

The following table presents the Company's net revenue by end market for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Domestic (1)	$	704,132	$	865,216	$	861,125
International/Foreign Military Sales (2)	131,143		108,666		127,072
Total Net Revenue	$	835,275	$	973,882	$	988,197

(1) Domestic revenues consist of sales where the end user is within the U.S., as well as sales to prime defense contractor customers where the ultimate end user location is not defined.

Revenue from External Customers by Products and Services

The following table presents the Company's net revenue by end application for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Radar (1)	$	110,371	$	229,467	$	251,126
Electronic Warfare (2)	120,685		144,554		157,676
Other Sensor and Effector (3)	129,034		112,659		104,114
Total Sensor and Effector	360,090		486,680		512,916
C4I (4)	388,533		414,143		399,816
Other (5)	86,652		73,059		75,465
Total Net Revenues	$	835,275	$	973,882	$	988,197

(1) Radar includes end-use applications where radio frequency signals are utilized to detect, track and identify objects.

(2) Electronic Warfare includes end-use applications comprising the offensive and defensive use of the electromagnetic spectrum.

(3) Other Sensor and Effector products include all Sensor and Effector end markets other than Radar and Electronic Warfare.

(4) C4I includes rugged secure rackmount servers that are designed to drive the most powerful military processing applications.

(5) Other products include all component and other sales where the end use is not specified.

The following table presents the Company's net revenue by product grouping for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
Components (1)	$	192,758	$	197,180	$	167,333
Modules and Sub-assemblies (2)	181,881		200,281		167,242
Integrated Solutions (3)	460,636		576,421		653,622
Total Net Revenues	$	835,275	$	973,882	$	988,197

The following table presents the Company's net revenue by platform for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 2, 2021
Airborne (1)	$	445,330	$	506,264	$	506,549
Land (2)	107,249		157,505		158,782
Naval (3)	100,984		136,954		155,588
Other (4)	181,712		173,159		167,278
Total Net Revenues	$	835,275	$	973,882	$	988,197

(1) Airborne platform includes products that relate to personnel, equipment or pieces of equipment designed for airborne applications.

(2) Land platform includes products that relate to fixed or mobile equipment, or pieces of equipment for personnel, weapon systems, vehicles and support elements operating on land.

(3) Naval platform includes products that relate to personnel, equipment or pieces of equipment designed for naval operations.

(4) All platforms other than Airborne, Land or Naval.

Customers Comprising Ten Percent or more Revenues

Customers comprising 10% or more of the Company’s revenues for the periods shown below are as follows:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023		July 1, 2022
L3Harris	12	%	*		*
Lockheed Martin Corporation	11	%	13	%	10	%
RTX Corporation	10	%	14	%	14	%
Northrop Grumman	*		11	%	*
U.S. Navy	*		*		14	%
	33	%	38	%	38	%

* Indicates that the amount is less than 10% of the Company's revenue for the respective period.

Goodwill	12 Months Ended
Goodwill	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill In accordance with FASB ASC 350, Intangibles-Goodwill and Other (“ASC 350”), the Company determines its reporting units based upon whether discrete financial information is available, if management regularly reviews the operating results of the component, the nature of the products offered to customers and the market characteristics of each reporting unit. A reporting unit is considered to be an operating segment or one level below an operating segment also known as a component. Component level financial information is reviewed by management across two reporting units: Mission Systems and Microelectronics. Accordingly, these were determined to be the Company's reporting units which is consistent with the prior period. There were no adjustments to the carrying value of Goodwill during fiscal 2024. The Company performed its annual goodwill impairment test in the fourth quarter of fiscal 2024. In making this assessment, management relies on a number of factors including expected future operating results, business plans, economic projections, anticipated future cash flows, business trends, and changes in the Company's market capitalization. The Company determined the fair values of the reporting units by using a discounted cash flow ("DCF") approach. Under the DCF approach, the Company estimated the future cash flows, as well as selected a risk-adjusted Weighted Average Cost of Capital ("WACC") of 9.0% and 8.5% for Microelectronics and Missions Systems, respectively, to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considered historical results adjusted to reflect current and anticipated future operating conditions. The Company estimated cash flows for the reporting units over a discrete period and a terminal period (considering expected long-term growth rates and trends). The Company then used the market approach to corroborate the results of the DCF approach. Under the market approach, the Company used revenue and earnings multiples based on comparable industry multiples to estimate the fair value of the reporting units. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the amount by which the carrying value exceeds the fair value is recognized as an impairment loss. Based on the quantitative evaluation, the Company determined that the Mission Systems reporting unit had an estimated fair value in excess of their carrying value of 5.0% and the Microelectronics reporting unit had an estimated fair value that substantially exceeded its carrying value. The Company concluded that its goodwill was not impaired. In order to evaluate the sensitivity of the estimated fair value for Mission Systems, the Company assessed an increase of 1.0% in the WACC under the DCF approach would have a material impact to the Mission Systems reporting unit's fair value determination. If there are adverse trends in the Mission Systems reporting unit's expected future operating results, business plans, economic projections, anticipated future cash flows, business trends, and Company's market capitalization, then it could result in the carrying value of the Mission Systems reporting unit exceeding its estimated fair value and impairment charges. The Company also assesses potential triggering events during interim reporting periods. During the third quarter ended March 29, 2024, the Company assessed events and circumstances to consider its reporting units for a potential triggering event, including: macroeconomic conditions, industry and market considerations, financial performance and expectations of projected financial performance and cash flows, changes in the Company's stock price in relation to the carrying value of its reporting units, among other relevant factors. As a result of the sustained decline in the Company's stock and overall market capitalization during the third quarter ended March 29, 2024, along with other qualitative considerations the Company concluded that there was a triggering event for its Mission Systems reporting unit that would require an interim impairment test. As of March 29, 2024, the Company completed a quantitative goodwill impairment analysis related to its Mission Systems reporting unit by comparing the fair value of the reporting unit with its carrying amount. Under the DCF approach, the Company estimated the future cash flows, as well as selected a risk-adjusted WACC of 8.5% to measure the present value of the anticipated cash flows. The Company then used the market approach to corroborate the results of the DCF approach. Under the market approach, the Company used revenue and earnings multiples based on comparable industry multiples to estimate the fair value of the reporting unit. Based on the interim quantitative evaluation, the Company determined that the Mission Systems reporting unit had an estimated fair value in excess of their carrying value of 2.5%. The Company concluded that the Mission Systems reporting unit's goodwill was not impaired. In order to evaluate the sensitivity of the estimated fair value for Mission Systems, the Company assessed an increase of 1.0% in the WACC under the DCF approach would have a material impact to the Mission Systems reporting unit's fair value determination. If there are adverse trends in the Mission Systems reporting unit's expected future operating results, business plans, economic projections, anticipated future cash flows, business trends, and Company's market capitalization, then it could result in the carrying value of the Mission Systems reporting unit exceeding its estimated fair value and impairment charges. The Company is required to perform the next annual goodwill impairment analysis during the fourth quarter of fiscal year 2025. Adverse changes to the underlying information assumptions used in its assessment of potential triggering events could require the Company to perform an interim impairment test. If assumed revenue growth rate and cash flow projections are not achieved in future periods or the Company’s common stock price significantly declines from current levels, among other factors, its Mission Systems and Microelectronics reporting units could be at risk of failing the quantitative assessment and goodwill assigned to the respective reporting units could be impaired. Any impairment charges that the Company may record in the future could be material to its results of operations and financial condition.

Employee Benefit Plans (Tables)

12 Months Ended

Jun. 28, 2024

Retirement Benefits [Abstract]

Schedule of Expected Benefit Payments

The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company.


Fiscal Year	Total
2025	$	788
2026	935
2027	969
2028	1,312
2029	1,463
Thereafter (next 5 years)	6,314
Total	$	11,781

Schedule of Net Benefit Costs

The following table outlines the components of net periodic benefit cost of the Plan for the fiscal years ended June 28, 2024 and June 30, 2023:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Service cost	$	965	$	1,068
Interest cost	481		463
Expected return on assets	(400)		(379)
Amortization of prior service cost	(203)		(203)
Amortization net of loss	(18)		—
Settlement loss recognized	(354)		(509)
Net periodic benefit cost	$	471	$	440

Schedule of Assumptions Used

The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the fiscal years ended June 28, 2024 and June 30, 2023:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Discount rate	1.30	%	1.95	%
Expected rate of return on Plan assets	1.30	%	1.95	%
Expected inflation	1.20	%	1.00	%
Rate of compensation increases	2.50	%	1.50	%

Schedule of Changes in Projected Benefit Obligations

The following table presents the change in projected benefit obligation for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Projected benefit obligation, beginning	$	24,710	$	25,509
Service cost	965		1,068
Interest cost	481		463

Employee contributions	1,235		1,439
Actuarial (loss) gain	629		(516)
Benefits paid	(881)		(246)
Settlements	(5,239)		(4,770)
Plan amendment	20		—
Foreign exchange (gain) loss	(42)		1,763
Projected benefit obligation at end of year	$	21,878	$	24,710

Schedule of Changes in Fair Value of Plan Assets

The following table presents the change in Plan assets for the periods presented:


	Fiscal Years Ended
	June 28, 2024		June 30, 2023
Fair value of Plan assets, beginning	$	20,559	$	20,849
Actual return on Plan assets	246		700
Company contributions	988		1,158

Employee contributions	1,235		1,439
Benefits paid	(881)		(246)
Settlements	(5,239)		(4,770)
Foreign exchange (loss) gain	(35)		1,429
Fair value of Plan assets at end of year	$	16,873	$	20,559

Schedule of Net Funded Status

The following table presents the Company's reconciliation of funded status for the period presented:


	As of
	June 28, 2024		June 30, 2023
Projected benefit obligation at end of year	$	21,878	$	24,710
Fair value of plan assets at end of year	16,873		20,559
Funded status	$	(5,005)	$	(4,151)

Operating Segment, Geographic Information and Significant Customers - Net Revenue by Product Grouping (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Revenue from External Customer [Line Items]
Net revenues	$ 835,275	$ 973,882	$ 988,197
Components
Revenue from External Customer [Line Items]
Net revenues	192,758	197,180	167,333
Modules and Sub-assemblies
Revenue from External Customer [Line Items]
Net revenues	181,881	200,281	167,242
Integrated Subsystems
Revenue from External Customer [Line Items]
Net revenues	$ 460,636	$ 576,421	$ 653,622

- Definition

+ References

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jul. 26, 2023
Long-term Purchase Commitment [Line Items]
Loss Contingency, Estimate of Possible Loss		$ 14,100
Minimum
Long-term Purchase Commitment [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued		0
Maximum
Long-term Purchase Commitment [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued		$ 14,100
Non-cancelable purchase commitments
Long-term Purchase Commitment [Line Items]
Purchase commitments for less than one year	$ 122,195

Income Taxes (Tables)

12 Months Ended

Jun. 28, 2024

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes and Income Tax Expense (Benefit)

The components of (loss) income before income taxes and income tax (benefit) provision were as follows:


	Fiscal Years
	2024		2023		2022
(Loss) income before income taxes:
United States	$	(183,263)	$	(42,864)	$	24,286
Foreign	(6,012)		(5,678)		(5,891)
	$	(189,275)	$	(48,542)	$	18,395
Tax (benefit) provision:
Federal:
Current	$	(19,791)	$	33,898	$	3,857
Deferred	(21,274)		(54,010)		(230)
	(41,065)		(20,112)		3,627
State:
Current	(3,016)		10,054		3,626
Deferred	(7,937)		(10,200)		(2,721)
	(10,953)		(146)		905
Foreign:
Current	95		104		2,535
Deferred	288		(53)		53
	383		51		2,588
	$	(51,635)	$	(20,207)	$	7,120

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations

The following is the reconciliation between the federal statutory income tax rate and the Company’s effective income tax rate:


	Fiscal Years
	2024		2023		2022
Tax (benefit) provision at federal statutory rates	(21.0)	%	(21.0)	%	21.0	%
State income tax, net of federal tax benefit	(5.9)		(5.4)		8.1
Research and development tax credits	(3.7)		(15.1)		(39.5)
Provision to return	(0.1)		(0.7)		10.3
Excess tax provision related to stock compensation	1.4		2.6		5.3
Foreign income tax rate differential	0.2		0.2		2.3
Non-deductible compensation	0.9		1.0		20.9




Acquisition costs	—		—		1.2
Reserves for unrecognized income tax benefits	0.2		(6.9)		5.4

Valuation allowance	0.7		3.8		4.3

Foreign derived intangible income	—		(1.4)		(1.6)

Other	—		1.3		1.0
	(27.3)	%	(41.6)	%	38.7	%

Components of Net Deferred Tax Assets (Liabilities)

The components of the Company’s net deferred tax assets (liabilities) were as follows:


	As of
	June 28, 2024		June 30, 2023
Deferred tax assets:
Inventory valuation and receivable allowances	$	23,799	$	18,095
Accruals	10,852		6,762
Stock compensation	6,700		5,149
Federal and state research and development tax credit carryforwards	17,762		14,287


Research and development expenditures	68,728		63,114

Interest expense carryforward	5,289		—
Federal and state net operating loss carryforward	2,357		774
Foreign net operating loss carryforward	4,004		3,166
Operating lease liabilities	20,107		19,968


Other	1,339		2,325
	160,937		133,640
Valuation allowance	(17,575)		(14,785)
Total deferred tax assets	143,362		118,855
Deferred tax liabilities:

Property and equipment	(13,647)		(15,798)
Intangible assets	(50,935)		(54,550)
Operating lease right-of-use assets, net	(16,493)		(17,077)

Other	(3,675)		(4,331)
Total deferred tax liabilities	(84,750)		(91,756)
Net deferred tax assets	$	58,612	$	27,099

Summary of Reserves for Unrecognized Income Tax Benefits

The changes in the Company’s income tax reserves for gross unrecognized income tax benefits, including interest and penalties, are summarized as follows:


	Fiscal Years
	2024		2023
Unrecognized tax benefits, beginning of period	$	5,165	$	9,112
Increases for tax positions taken related to a prior period	3,371		—
Increases for tax positions taken during the current period	3,083		1,260
Decreases for tax positions taken by an acquired company	—		(2,679)
Decreases for tax positions taken related to a prior period	(2,971)		(191)

Decreases for settlements of previously recognized positions	—		(93)
Decreases as a result of a lapse of the applicable statute of limitations	(935)		(2,244)


Unrecognized tax benefits, end of period	$	7,713	$	5,165

Derivatives (Details) - USD ($) $ in Thousands		12 Months Ended
Derivatives (Details) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 28, 2024	Jul. 01, 2022	Sep. 29, 2023	Sep. 28, 2023	Jun. 30, 2023	Sep. 28, 2022	Sep. 07, 2022
Derivative [Line Items]
Derivative, notional amount	$ 300,000
Long-term debt	$ 511,500	$ 591,500		$ 576,500		$ 511,500
Derivative, fixed interest rate	3.79%							3.25%
Cash settlement for termination of interest rate swap	$ (5,995)	(7,403)	$ 0
Unrealized gains on derivatives		2,982
Revolver
Derivative [Line Items]
Long-term debt		$ 591,500
Line of Credit Facility, Remaining Borrowing Capacity	$ 511,500
Swap Agreement
Derivative [Line Items]
Derivative, notional amount					$ 300,000
Derivative, fixed interest rate					4.66%
Swap
Derivative [Line Items]
Derivative asset							$ 7,403

Operating Segment, Geographic Information and Significant Customers - Net Revenue by Platform (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Revenue from External Customer [Line Items]
Net revenues	$ 835,275	$ 973,882	$ 988,197
Airborne
Revenue from External Customer [Line Items]
Net revenues	445,330	506,264	506,549
Land
Revenue from External Customer [Line Items]
Net revenues	107,249	157,505	158,782
Naval
Revenue from External Customer [Line Items]
Net revenues	100,984	136,954	155,588
Other
Revenue from External Customer [Line Items]
Net revenues	$ 181,712	$ 173,159	$ 167,278

- Definition

+ References

+ Details

Summary of Significant Accounting Policies - Intangible Assets (Detail)	12 Months Ended
	Jun. 28, 2024
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, estimated useful lives	12 years 6 months

Shareholders' Equity (Details) - $ / shares	Jun. 24, 2022	Jun. 28, 2024	Jun. 30, 2023	Dec. 27, 2021
Class of Stock [Line Items]
Preferred stock shares authorized to issue (in shares)		1,000,000	1,000,000
Preferred stock shares par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Minimum
Class of Stock [Line Items]
Beneficial ownership threshold for exercise	7.50%
Beneficial ownership threshold for exercise, passive investor	10.00%
Maximum
Class of Stock [Line Items]
Beneficial ownership threshold for exercise	10.00%
Beneficial ownership threshold for exercise, passive investor	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(d))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 180,521	$ 71,563
Accounts receivable, net of allowance for credit losses of $2,020 and $1,335 at June 28, 2024 and June 30, 2023, respectively	111,441	124,729
Unbilled receivables and costs in excess of billings, net of allowance for credit losses of $6,340 and $0 at June 28, 2024 and June 30, 2023, respectively	304,029	382,558
Inventory	335,300	337,216
Prepaid expenses and other current assets	22,493	20,952
Total current assets	953,784	937,018
Property and equipment, net	110,353	119,554
Goodwill	938,093	938,093
Intangible assets, net	250,512	298,051
Operating lease right-of-use assets, net	60,860	63,015
Deferred tax assets	58,612	27,099
Other non-current assets	6,691	8,537
Total assets	2,378,905	2,391,367
Current liabilities:
Accounts payable	81,068	103,986
Accrued expenses	42,926	28,423
Accrued compensation	36,398	30,419
Income taxes payable	109	13,874
Deferred revenues and customer advances	73,915	56,562
Total current liabilities	234,416	233,264
Income taxes payable	7,713	5,166
Long-term debt	591,500	511,500
Operating lease liabilities	62,584	66,797
Other non-current liabilities	9,917	7,955
Total liabilities	906,130	824,682
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 85,000,000 shares authorized; 58,093,528 and 56,961,665 shares issued and outstanding at June 28, 2024 and June 30, 2023, respectively	581	570
Additional paid-in capital	1,242,402	1,196,847
Retained earnings	219,799	357,439
Accumulated other comprehensive income	9,993	11,829
Total shareholders’ equity	1,472,775	1,566,685
Total liabilities and shareholders’ equity	$ 2,378,905	$ 2,391,367

Stock-Based Compensation - Schedule of Option Activity (Details) $ / shares in Units, shares in Thousands	12 Months Ended
	Jun. 28, 2024 USD ($) $ / shares shares
Weighted Average Grant Date Fair Value
Ending Balance (in dollars per share)	$ 12.71
Stock Options
Number of Shares
Granted (in shares) \| shares	934
Exercised (in shares) \| shares	0
Cancelled (in shares) \| shares	0
Outstanding at end of period \| shares	934
Exercisable (in shares) \| shares	0
Weighted Average Grant Date Fair Value
Granted (in usd per share)	$ 12.71
Ending Balance (in dollars per share)	12.71
Exercisable (in usd per share)	0
Weighted Average Exercise Price (in dollars per share)
Granted (in usd per share)	45.00
Exercised	0
Cancelled (usd per share)	0
Outstanding at end of period	45.00
Exercisable (in usd per share)	$ 0
Outstanding at end of period	3 years 8 months 8 days
Outstanding at end of period \| $	$ 0
Unrecognized compensation, period of recognition	2 years 8 months 8 days

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning Balance (in shares) at Jul. 02, 2021		55,241,000
Beginning Balance at Jul. 02, 2021	$ 1,484,146	$ 552	$ 1,109,434	$ 374,499	$ (339)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock incentive plans (in shares)		477,000
Issuance of common stock under employee stock incentive plans	0	$ 4	(4)
Issuance of common stock under employee stock purchase plan (in shares)		115,000
Issuance of common stock under employee stock purchase plan	5,371	$ 1	5,370
Retirement of common shares (in shares)		(153,000)
Retirement of common stock	(8,206)		(8,206)
Stock-based compensation	38,729		38,729
Net (loss) income	11,275			11,275
Other comprehensive income (loss)	5,870				5,870
Ending Balance (in shares) at Jul. 01, 2022		55,680,000
Ending Balance at Jul. 01, 2022	1,537,185	$ 557	1,145,323	385,774	5,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock incentive plans (in shares)		738,000
Issuance of common stock under employee stock incentive plans	0	$ 7	(7)
Issuance of common stock under employee stock purchase plan (in shares)		145,000
Issuance of common stock under employee stock purchase plan	5,492	$ 2	5,490
Issuance of common stock under defined contribution plan (in shares)		400,000
Issuance of common stock under defined contribution plan	18,370	$ 4	18,366
Retirement of common shares (in shares)		(1,000)
Retirement of common stock	(63)		(63)
Stock-based compensation	27,738		27,738
Net (loss) income	(28,335)			(28,335)
Other comprehensive income (loss)	$ 6,298				6,298
Ending Balance (in shares) at Jun. 30, 2023	56,961,665	56,962,000
Ending Balance at Jun. 30, 2023	$ 1,566,685	$ 570	1,196,847	357,439	11,829
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock incentive plans (in shares)		476,000
Issuance of common stock under employee stock incentive plans	0	$ 5	(5)
Issuance of common stock under employee stock purchase plan (in shares)		167,000
Issuance of common stock under employee stock purchase plan	4,642	$ 2	4,640
Issuance of common stock under defined contribution plan (in shares)		490,000
Issuance of common stock under defined contribution plan	16,049	$ 5	16,044
Retirement of common shares (in shares)		(1,000)
Retirement of common stock	(31)	$ (1)	(30)
Stock-based compensation	24,906		24,906
Net (loss) income	(137,640)			(137,640)
Other comprehensive income (loss)	$ (1,836)				(1,836)
Ending Balance (in shares) at Jun. 28, 2024	58,093,528	58,094,000
Ending Balance at Jun. 28, 2024	$ 1,472,775	$ 581	$ 1,242,402	$ 219,799	$ 9,993

Inventory

12 Months Ended

Jun. 28, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory was comprised of the following:


	As of
	June 28, 2024		June 30, 2023
Raw materials	$	200,501	$	229,984
Work in process	118,060		81,930
Finished goods	16,739		25,302
Total	$	335,300	$	337,216

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (137,640)	$ (28,335)	$ 11,275

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Restructuring (Tables)

12 Months Ended

Jun. 28, 2024

Restructuring and Related Activities [Abstract]

Expenses by Business Segment for Restructuring Plans

The following table presents the detail of charges included in the Company’s liability for restructuring and other charges:


	Severance & Related		Facilities & Other		Total





Restructuring liability at July 1, 2022	$	4,722	$	—	$	4,722
Restructuring charges	3,415		465		3,880

Cash paid	(6,608)		(444)		(7,052)

Reversals (*)			(21)		(21)
Restructuring liability at June 30, 2023	1,529		—		1,529
Restructuring charges	26,170		—		26,170
Cash paid	(18,941)		—		(18,941)


Restructuring liability at June 28, 2024	$	8,758	$	—	$	8,758

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details)	12 Months Ended
	Jun. 28, 2024
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Maturity of cash and cash equivalents	90 days

Restructuring

12 Months Ended

Jun. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring

During fiscal 2024, the Company initiated several immediate cost savings measures that simplify the Company’s organizational structure, facilitate clearer accountability, and align to the Company’s priorities, including: (i) embedding the 1MPACT value creation initiatives and execution into the Company’s operations; (ii) streamlining organizational structure and removing areas of redundancy between corporate and divisional organizations; and (iii) reducing selling, general, and administrative headcount and rebalancing discretionary and third party spending to better align with the Company’s priority areas. On July 20, 2023, the Company executed the plan to embed the 1MPACT value creation initiatives into operations. On August 9, 2023, the Company approved and initiated a workforce reduction that, together with the 1MPACT related action, eliminated approximately 150 positions resulting in $9,548 of severance costs during fiscal 2024. On January 12, 2024, the Company approved and initiated workforce reductions that eliminated approximately 100 positions resulting in an additional $9,841 of severance costs during fiscal 2024. On June 17, 2024, the Company approved and initiated workforce reductions that eliminated an additional 100 positions, resulting in an additional $6,781 of severance costs in fiscal 2024. The workforce reductions that eliminated approximately 350 positions in fiscal 2024 were across manufacturing, SG&A and R&D based on ongoing talent and workforce optimization efforts.

The Company incurs restructuring and other charges in connection with management's decision to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and product lines. The Company's adjustments reflected in restructuring and other charges are typically related to organizational redesign programs or discrete post-acquisition integration activities initiated as part of discrete post acquisition integration activities.

During fiscal 2023, the Company incurred $6,981 of restructuring and other charges. Restructuring and other charges primarily related to $3,415 of severance costs, 1MPACT related costs consisting of $1,804 for facility optimization efforts, including $1,339 related to lease asset impairment, and $1,762 of third party consulting costs.

All of the restructuring and other charges are classified as Operating expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income and any remaining severance obligations are expected to be paid within the next twelve months. The remaining restructuring liability is classified as Accrued expenses in the Consolidated Balance Sheets.

The following table presents the detail of charges included in the Company’s liability for restructuring and other charges:


	Severance & Related		Facilities & Other		Total





Restructuring liability at July 1, 2022	$	4,722	$	—	$	4,722
Restructuring charges	3,415		465		3,880

Cash paid	(6,608)		(444)		(7,052)

Reversals (*)			(21)		(21)
Restructuring liability at June 30, 2023	1,529		—		1,529
Restructuring charges	26,170		—		26,170
Cash paid	(18,941)		—		(18,941)


Restructuring liability at June 28, 2024	$	8,758	$	—	$	8,758

Stock-Based Compensation - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	$ 25,669	$ 27,753	$ 38,293
Income taxes	(6,931)	(7,216)	(10,339)
Stock-based compensation expense, net of income taxes	$ 18,738	20,537	27,954
1997 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of employee compensation that may be uses to purchase common stock through payroll deductions, maximum	10.00%
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	$ 2,919	2,926	2,161
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	16,936	18,335	30,116
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	$ 5,814	$ 6,492	$ 6,016

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Property, Plant and Equipment [Line Items]
Increase in property and equipment	$ 9,201
Depreciation and amortization expense related to property and equipment	40,369	$ 43,777	$ 33,150
Computer equipment and software
Property, Plant and Equipment [Line Items]
Retirement of asset	$ 1,308	$ 1,056

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Jun. 28, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity PREFERRED STOCK The Company is authorized to issue 1,000 shares of preferred stock with a par value of $0.01 per share. SHELF REGISTRATION STATEMENT On October 4, 2023, the Company filed a shelf registration statement on Form S-3ASR with the SEC. The shelf registration statement, which was effective upon filing with the SEC, registered each of the following securities: debt securities; preferred stock; common stock; warrants; and units. The Company has an unlimited amount available under the shelf registration statement. STOCKHOLDER RIGHTS PLAN On December 27, 2021, the Company's Board of Directors authorized and declared a dividend of one preferred share purchase right (a “Right”), payable on January 10, 2022, for each outstanding share of common stock par value $0.01 per share to the stockholders of record on that date. Each Right entitled the registered holder to purchase from the Company a unit of Series A Junior Preferred Stock, par value $0.01 per share, of the Company at a designated price per unit, subject to adjustment. The Rights initially trade with, and are inseparable from, the shares of common stock. On June 24, 2022, the Company amended the Rights Agreement, dated as of December 27, 2021, to increase the ownership threshold for a person to be an “Acquiring Person” (as defined in the Rights Agreement) from 7.5% of common stock to 10% of common stock (10% of common stock to 20% of common stock in the case of a passive institutional investor). Additional details about the Rights Agreement are contained in the Current Reports on Form 8-K filed by the Company with the SEC on December 29, 2021 and June 24, 2022. On October 26, 2022 the Stockholder Rights Plan and the Rights thereunder expired.

- Definition

The entire disclosure for equity.

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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies - Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Accounting Policies [Abstract]
Basic weighted-average shares outstanding	57,738	56,554	55,527
Effect of dilutive equity instruments	0	0	374
Diluted weighted-average shares outstanding	57,738	56,554	55,901

Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 965	$ 1,068
Interest cost	481	463
Expected return on assets	$ (400)	$ (379)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Amortization of prior service cost	$ (203)	$ (203)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Amortization net of loss	$ 18	$ 0
Settlement loss recognized	$ 354	$ 509
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Net periodic benefit cost	$ 471	$ 440

Property and Equipment (Tables)

12 Months Ended

Jun. 28, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	Estimated Useful Lives (Years)	As of
		June 28, 2024		June 30, 2023
Computer equipment and software	3-4	$	138,366	$	125,297
Furniture and fixtures	5	21,694		20,729
Leasehold improvements	lesser of estimated useful life or lease term	72,420		70,305
Machinery and equipment	5-10	150,991		136,504

		383,471		352,835
Less: accumulated depreciation		(273,118)		(233,281)
Property and equipment, net		$	110,353	$	119,554

Summary of Significant Accounting Policies - Accounts Receivable Factoring (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 21, 2023	Mar. 14, 2023	Sep. 27, 2022
Accounting Policies [Abstract]
Limit on purchased receivables			$ 60	$ 30,600	$ 20
Factored amount	$ 33,777	$ 30,488
Factoring fees	$ 1,947	$ 562

Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements
	June 30, 2023		Level 1		Level 2		Level 3
Assets:
Interest rate swap	$	3,523	$	—	$	3,523	$	—
Total assets measured at fair value	$	3,523	$	—	$	3,523	$	—

Description of Business	12 Months Ended
Description of Business	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Mercury Systems, Inc. (the Company) is a technology company that delivers mission-critical processing power to the edge - where signals and data are collected - to solve the most pressing aerospace and defense challenges. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries. The Company is headquartered in Andover, Massachusetts, and has over 20 locations worldwide. The Mercury Processing Platform is the unique advantage the Company provides to its customers. It comprises the innovative technologies the Company has developed and acquired for more than 40 years that brings integrated, mission-critical processing capabilities to the edge. The Company's processing platform spans the full breadth of signal processing—from RF front end to the human-machine interface—to rapidly convert meaningful data, gathered in the most remote and hostile environments, into critical decisions. It allows the Company to offer standard products and custom solutions from silicon to system scale, including components, modules, subsystems, and systems, and it embodies the customer-centric approach the Company takes to delivering capabilities that are mission-ready, trusted and secure, software-defined, and open and modular.

Leases (Tables)

12 Months Ended

Jun. 28, 2024

Leases [Abstract]

Summary of Supplemental Balance Sheet Information

Supplemental operating lease balance sheet information is summarized as follows:


	As of		As of
	June 28, 2024		June 30, 2023
Operating lease right-of-use assets, net	$	60,860	$	63,015

Accrued expenses(1)	$	11,614	$	10,434
Operating lease liabilities	62,584		66,797
Total operating lease liabilities	$	74,198	$	77,231

(1) The short term portion of the Operating lease liabilities is included within Accrued expenses on the Consolidated Balance Sheet.

Other supplemental operating lease information is summarized as follows:


	For the Fiscal Year Ended			For the Fiscal Year Ended
	June 28, 2024			June 30, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,343		$	10,756
Right-of-use assets obtained in exchange for new lease liabilities	$	7,249		$	10,627
Weighted average remaining lease term	6.4 years			7.0 years
Weighted average discount rate	5.50		%	5.17		%

Schedule of Operating Lease Maturity

Maturities of operating lease commitments as of June 28, 2024 were as follows:


Fiscal Year	Totals
2025	$	15,286
2026	13,524
2027	13,992
2028	12,579
2029	10,903
Thereafter	22,906
Total lease payments	89,190
Less: imputed interest	(14,992)

Present value of operating lease liabilities	$	74,198

Employee Benefit Plans - Reconciliation of Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Retirement Benefits [Abstract]
Discount rate	1.30%	1.95%
Projected benefit obligation at end of year	$ 21,878	$ 24,710	$ 25,509
Fair value of plan assets at end of year	16,873	20,559	20,849
Funded status	$ (5,005)	$ (4,151)
Rate of compensation increases	2.50%	1.50%
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 1,383	$ (142)	$ (4,739)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Income Taxes

12 Months Ended

Jun. 28, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of (loss) income before income taxes and income tax (benefit) provision were as follows:


	Fiscal Years
	2024		2023		2022
(Loss) income before income taxes:
United States	$	(183,263)	$	(42,864)	$	24,286
Foreign	(6,012)		(5,678)		(5,891)
	$	(189,275)	$	(48,542)	$	18,395
Tax (benefit) provision:
Federal:
Current	$	(19,791)	$	33,898	$	3,857
Deferred	(21,274)		(54,010)		(230)
	(41,065)		(20,112)		3,627
State:
Current	(3,016)		10,054		3,626
Deferred	(7,937)		(10,200)		(2,721)
	(10,953)		(146)		905
Foreign:
Current	95		104		2,535
Deferred	288		(53)		53
	383		51		2,588
	$	(51,635)	$	(20,207)	$	7,120

The following is the reconciliation between the federal statutory income tax rate and the Company’s effective income tax rate:


	Fiscal Years
	2024		2023		2022
Tax (benefit) provision at federal statutory rates	(21.0)	%	(21.0)	%	21.0	%
State income tax, net of federal tax benefit	(5.9)		(5.4)		8.1
Research and development tax credits	(3.7)		(15.1)		(39.5)
Provision to return	(0.1)		(0.7)		10.3
Excess tax provision related to stock compensation	1.4		2.6		5.3
Foreign income tax rate differential	0.2		0.2		2.3
Non-deductible compensation	0.9		1.0		20.9




Acquisition costs	—		—		1.2
Reserves for unrecognized income tax benefits	0.2		(6.9)		5.4

Valuation allowance	0.7		3.8		4.3

Foreign derived intangible income	—		(1.4)		(1.6)

Other	—		1.3		1.0
	(27.3)	%	(41.6)	%	38.7	%

The effective tax rate for fiscal 2024 differed from the Federal statutory rate primarily due to Federal and state research and development tax credits and state taxes, partially offset by tax provisions related to stock compensation.

The effective tax rate for fiscal 2023 differed from the Federal statutory rate primarily due to Federal and state research and development tax credits, releases to reserves for unrecognized income tax benefits and state taxes, partially offset by valuation allowances recorded and tax provisions related to stock compensation.

The effective tax rate for fiscal 2022 differed from the Federal statutory rate primarily due to additional tax provisions for non-deductible compensation, provision to return adjustments, state taxes and excess tax provisions related to stock compensation, partially offset by research and development tax credits.

The components of the Company’s net deferred tax assets (liabilities) were as follows:


	As of
	June 28, 2024		June 30, 2023
Deferred tax assets:
Inventory valuation and receivable allowances	$	23,799	$	18,095
Accruals	10,852		6,762
Stock compensation	6,700		5,149
Federal and state research and development tax credit carryforwards	17,762		14,287


Research and development expenditures	68,728		63,114

Interest expense carryforward	5,289		—
Federal and state net operating loss carryforward	2,357		774
Foreign net operating loss carryforward	4,004		3,166
Operating lease liabilities	20,107		19,968


Other	1,339		2,325
	160,937		133,640
Valuation allowance	(17,575)		(14,785)
Total deferred tax assets	143,362		118,855
Deferred tax liabilities:

Property and equipment	(13,647)		(15,798)
Intangible assets	(50,935)		(54,550)
Operating lease right-of-use assets, net	(16,493)		(17,077)

Other	(3,675)		(4,331)
Total deferred tax liabilities	(84,750)		(91,756)
Net deferred tax assets	$	58,612	$	27,099

At June 28, 2024, the Company has gross state research and development tax credit carryforwards of $17,385, $13,734 net of federal benefit, of which a portion will expire each fiscal year through fiscal year 2039. The Company maintains a valuation allowance on the majority of the Company’s state research and development tax credit carryforwards. The Company has gross federal research and development tax credit carryforwards of $3,887, of which a portion will expire starting in fiscal year 2040.

At June 28, 2024, the Company has gross interest expense carryforwards of $19,518, which have an indefinite life, gross state net operating loss carryforwards of $33,802, which will expire starting in fiscal year 2040 and gross foreign net operating loss carryforwards of $25,742 which will expire starting in fiscal year 2028. The Company maintains a valuation allowance on the majority of the foreign net operating loss carryforward.

Based on forecasted taxable income and the scheduled reversal of the remaining deferred tax assets, the Company believes it is more likely than not that all other deferred tax assets will be realized.

The Company is subject to taxation in the U.S. (Federal and state) and various foreign jurisdictions that it operates in. The Company has established income tax reserves for potential additional income taxes based upon management’s assessment, including recognition and measurement. All income tax reserves are analyzed quarterly, and adjustments are made as events occur and warrant modification.

The changes in the Company’s income tax reserves for gross unrecognized income tax benefits, including interest and penalties, are summarized as follows:


	Fiscal Years
	2024		2023
Unrecognized tax benefits, beginning of period	$	5,165	$	9,112
Increases for tax positions taken related to a prior period	3,371		—
Increases for tax positions taken during the current period	3,083		1,260
Decreases for tax positions taken by an acquired company	—		(2,679)
Decreases for tax positions taken related to a prior period	(2,971)		(191)

Decreases for settlements of previously recognized positions	—		(93)
Decreases as a result of a lapse of the applicable statute of limitations	(935)		(2,244)


Unrecognized tax benefits, end of period	$	7,713	$	5,165

The Company has $7,713 of unrecognized tax benefits as of June 28, 2024. If released, $5,543 of these unrecognized income tax benefits would reduce the Company's income tax provision.

The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes. The total amount of interest and penalties accrued was $1,374 and $583 as of June 28, 2024 and June 30, 2023, respectively, and the amount of interest and penalties accrued and recognized was $791 and $96 during June 28, 2024 and June 30, 2023, respectively.

The Company’s major tax jurisdiction is the U.S. (Federal and state) and the open tax years are fiscal 2018 through 2024.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Year one	$ 15,286
Year two	13,524
Year three	13,992
Year four	12,579
Year five	10,903
Thereafter	22,906
Total lease payments	89,190
Less: imputed interest	(14,992)
Present value of operating lease liabilities	$ 74,198	$ 77,231

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	12 Months Ended
	Jun. 28, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Expected volatility	45.00%
Expected term	4 years
Risk-free interest rate	4.44%
Expected dividend yield	0.00%
Weighted average grant date fair value per share (in usd per share)	$ 12.71

Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 472,690	$ 491,911
Accumulated Amortization	(222,178)	(193,860)
Net Carrying Amount	250,512	298,051
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	342,610	349,120
Accumulated Amortization	(155,903)	(130,756)
Net Carrying Amount	$ 186,707	$ 218,364
Weighted Average Useful Life	12 years 2 months 12 days	12 years 1 month 6 days
Licensing agreements and patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,162	$ 4,162
Accumulated Amortization	(2,254)	(1,423)
Net Carrying Amount	$ 1,908	$ 2,739
Weighted Average Useful Life	5 years	5 years
Completed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 122,680	$ 134,983
Accumulated Amortization	(62,975)	(60,680)
Net Carrying Amount	$ 59,705	$ 74,303
Weighted Average Useful Life	9 years 4 months 24 days	8 years
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 410
Accumulated Amortization		(325)
Net Carrying Amount		$ 85
Weighted Average Useful Life		2 years
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,238	$ 3,236
Accumulated Amortization	(1,046)	(676)
Net Carrying Amount	$ 2,192	$ 2,560
Weighted Average Useful Life	5 years	5 years

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Accounting Policies [Abstract]
Property and equipment, estimated useful lives	3 years
Capitalized software development cost	$ 2,086	$ 3,931	$ 3,000

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Deferred Revenue Arrangement [Line Items]
Percentage of revenue recognized	55.00%
Deferred sales commission, amortization period greater than one year	$ 837	$ 1,328
Contract with customer, liability	74,367	57,142
Contract with customer, liability, revenue recognized		43,790
Revenue, remaining performance obligation, amount	768,442
Contract asset balances	304,029	$ 382,558
Gross Billing, Agent Transaction	524,655
Revenue, Performance Obligation Satisfied over Time	462,143
Contract with Customer, Asset, Allowance for Credit Loss, Writeoff	$ 16,017
Contract Accounting
Deferred Revenue Arrangement [Line Items]
Percentage of revenue recognized	45.00%	44.00%	45.00%
Transferred over Time
Deferred Revenue Arrangement [Line Items]
Percentage of revenue recognized	55.00%	56.00%	55.00%
Minimum
Deferred Revenue Arrangement [Line Items]
Product warranty period	12 months
Extended product warranty, period	12 months
Maximum
Deferred Revenue Arrangement [Line Items]
Product warranty period	36 months
Extended product warranty, period	36 months

Employee Benefit Plans - Schedule of Projected Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning	$ 24,710	$ 25,509
Service cost	965	1,068
Interest cost	$ 481	$ 463
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Employee contributions	$ 1,235	$ 1,439
Actuarial (loss) gain	629	(516)
Benefits paid	(881)	(246)
Settlements	(5,239)	(4,770)
Foreign exchange (gain) loss	(42)	1,763
Projected benefit obligation at end of year	21,878	24,710
Plan amendment	$ 20	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Schedule of Product Warranty Liability

The following table presents the changes in the Company's product warranty accrual.


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Beginning balance	$	1,282	$	1,857	$	3,283





Accruals for warranties issued during the period	6,270		1,146		359


Settlements made during the period	(1,831)		(1,721)		(1,785)
Ending balance	$	5,721	$	1,282	$	1,857

Basic and Diluted Weighted Average Shares Outstanding

Basic and diluted weighted average shares outstanding were as follows:


	Fiscal 2024	Fiscal 2023	Fiscal 2022
Basic weighted-average shares outstanding	57,738	56,554	55,527
Effect of dilutive equity instruments	—	—	374
Diluted weighted-average shares outstanding	57,738	56,554	55,901

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the change in component of Accumulated other comprehensive (loss) income, net of tax is provided below:


	Foreign currency translation adjustments, net of tax		Pension benefit plan, net of tax		Change in fair of derivative instruments, net of tax		Accumulated Other Comprehensive (Loss) Income


Balance at July 2, 2021	$	(80)	$	(259)	$	—	$	(339)
Other comprehensive income, net of tax	1,131		4,739		—		5,870
Balance at July 1, 2022	1,051		4,480		—		5,531
Other comprehensive income, net of tax	300		142		5,856		6,298
Balance at June 30, 2023	1,351		4,622		5,856		11,829
Other comprehensive (loss) income, net of tax	380		(1,383)		(833)		(1,836)
Balance at June 28, 2024	$	1,731	$	3,239	$	5,023	$	9,993

Employee Benefit Plans - Schedule of Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of Plan assets, beginning	$ 20,559	$ 20,849
Actual return on Plan assets	246	700
Company contributions	988	1,158
Employee contributions	1,235	1,439
Benefits paid	(881)	(246)
Settlements	(5,239)	(4,770)
Foreign exchange (loss) gain	(35)	1,429
Fair value of Plan assets at end of year	$ 16,873	$ 20,559

- Definition

+ References + Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 2,020	$ 1,335
Unbilled receivables	$ 6,340	$ 0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	85,000,000
Common stock, shares issued (in shares)	58,093,528	56,961,665
Common stock, shares outstanding (in shares)	58,093,528	56,961,665

Summary of Significant Accounting Policies - Concentration of Risk (Details) $ in Thousands	12 Months Ended
	Jun. 28, 2024 USD ($) customer	Jun. 30, 2023 USD ($) customer
Concentration Risk [Line Items]
Cash and cash equivalent \| $	$ 180,521	$ 71,563
Customer Concentration Risk \| Accounts Receivable \| Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, number \| customer	5	5
Concentration risk, percent	51.00%	48.00%

Leases - Summary of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease right-of-use assets, net	$ 60,860	$ 63,015
Accrued expenses	$ 11,614	$ 10,434
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses	Accrued expenses
Operating lease liabilities	$ 62,584	$ 66,797
Total operating lease liabilities	74,198	77,231
Cash paid for amounts included in the measurement of operating lease liabilities	10,343	10,756
Right-of-use assets obtained in exchange for new lease liabilities	$ 7,249	$ 10,627
Weighted average remaining lease term	6 years 4 months 24 days	7 years
Weighted average discount rate	5.50%	5.17%

Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,566,685	$ 1,537,185	$ 1,484,146
Other comprehensive income (loss)	(1,836)	6,298	5,870
Ending Balance	1,472,775	1,566,685	1,537,185
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	11,829	5,531	(339)
Other comprehensive income (loss)	(1,836)	6,298	5,870
Ending Balance	9,993	11,829	5,531
Accumulated Foreign Currency Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,351	1,051	(80)
Other comprehensive income (loss)	380	300	1,131
Ending Balance	1,731	1,351	1,051
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	4,622	4,480	(259)
Other comprehensive income (loss)	(1,383)	142	4,739
Ending Balance	3,239	4,622	4,480
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	5,856	0	0
Other comprehensive income (loss)	(833)	5,856	0
Ending Balance	$ 5,023	$ 5,856	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies - Changes in Product Warranty Accrual (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	$ 1,282	$ 1,857	$ 3,283
Accruals for warranties issued during the period	6,270	1,146	359
Settlements made during the period	(1,831)	(1,721)	(1,785)
Ending balance	$ 5,721	$ 1,282	$ 1,857
Minimum
Product Warranty Liability [Line Items]
Product warranty term	12 months
Maximum
Product Warranty Liability [Line Items]
Product warranty term	36 months

Employee Benefit Plans - Schedule of Expected Future Pension Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 471	$ 440
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2025	788
2026	935
2027	969
2028	1,312
2029	1,463
Thereafter (next 5 years)	6,314
Total	$ 11,781