- Net revenue of $366.5 million
- GAAP gross margin of 16.2%; Non-GAAP gross margin of 32.6%
- GAAP operating loss of 31.3%; Non-GAAP operating margin of
4.1%
- GAAP diluted net loss per share of $1.88; Non-GAAP diluted net
income per share of $0.29
Lumentum Holdings Inc. (“Lumentum” or the “Company”) today
reported results for its fiscal third quarter ended March 30,
2024.
“Lumentum is well-positioned to capitalize on surging cloud data
center demand driven by the exponentially increasing requirements
of artificial intelligence,” said Alan Lowe, President and CEO. “We
are making significant strides in developing new products and
customer programs, and expanding production capacity to capitalize
on exciting opportunities that we expect will meaningfully increase
calendar 2025 revenue and beyond.”
“Our third-quarter revenue and EPS exceeded guidance midpoints,
with data center revenues achieving a record quarter. The next few
quarters’ revenue will continue to be burdened by telecom customer
inventory challenges as telco spending has slowed but we are highly
confident in our market position and the future recovery and growth
in our telecom business,” concluded Mr. Lowe.
Fiscal Third Quarter Highlights:
Net revenue for the fiscal third quarter of 2024 was $366.5
million, with GAAP net loss of $127.0 million, or $1.88 per diluted
share. Net revenue for the fiscal second quarter of 2024 was $366.8
million, with GAAP net loss of $99.1 million, or $1.47 per diluted
share. Net revenue for the fiscal third quarter of 2023 was $383.4
million, with GAAP net loss of $39.3 million, or $0.57 per diluted
share.
Non-GAAP net income for the fiscal third quarter of 2024 was
$19.6 million, or $0.29 per diluted share. Non-GAAP net income for
fiscal second quarter of 2024 was $21.7 million, or $0.32 per
diluted share. Non-GAAP net income for the fiscal third quarter of
2023 was $51.8 million, or $0.75 per diluted share.
The Company held $870.9 million in total cash, cash equivalents,
and short-term investments at the end of the fiscal third quarter
of 2024, down $353.1 million from the end of the fiscal second
quarter of 2024. In March 2024, we paid the remaining $323.1
million principal amount of the convertible notes due in 2024 in
full upon maturity.
Financial Overview – Fiscal Third
Quarter Ended March 30, 2024
GAAP Results ($ in
millions)
Q3
Q2
Q3
Change
FY 2024
FY 2024
FY 2023
Q/Q
Y/Y
Net revenue
$
366.5
$
366.8
$
383.4
(0.1
)%
(4.4
)%
GAAP gross margin
16.2
%
17.4
%
29.2
%
(120) bps
(1,300) bps
GAAP operating loss
(31.3
)%
(28.7
)%
(13.4
)%
(260) bps
(1,790) bps
Non-GAAP Results ($ in
millions)
Q3
Q2
Q3
Change
FY 2024
FY 2024
FY 2023
Q/Q
Y/Y
Net revenue
$
366.5
$
366.8
$
383.4
(0.1
)%
(4.4
)%
Non-GAAP gross margin
32.6
%
32.6
%
40.8
%
— bps
(820) bps
Non-GAAP operating margin
4.1
%
3.5
%
13.4
%
60 bps
(930) bps
Net Revenue by Segment ($ in
millions)
Q3
% of
Q2
Q3
Change
FY 2024
Net Revenue
FY 2024
FY 2023 (1)
Q/Q
Y/Y
Cloud & Networking
$
313.8
85.6
%
$
286.7
$
293.0
9.5
%
7.1
%
Industrial Tech
52.7
14.4
%
80.1
90.4
(34.2
)%
(41.7
)%
Total
$
366.5
100.0
%
$
366.8
$
383.4
(0.1
)%
(4.4
)%
(1) Prior period amounts have been recast
to conform to the new segment structure effective the fiscal first
quarter of 2024.
The tables above provide comparisons of quarterly results to
prior periods, including sequential quarterly and year-over-year
changes. A reconciliation between GAAP and non-GAAP measures is
contained in this release under the section titled “Use of Non-GAAP
Financial Measures.”
Business Outlook
Lumentum expects the following for the fiscal fourth quarter
2024:
- Net revenue in the range of $290 million to $315 million
- Non-GAAP operating margin of (3.0%) to 1.0%
- Non-GAAP diluted earnings per share of ($0.05) to $0.10
These projections also exclude certain unusual expenses,
including factory under-absorption, due to factory consolidations
and transitions, restructuring, other synergy attainment and
integration activities, and inventory reduction activities, related
to prior acquisitions and the COVID-19 pandemic. These expenses are
related to one-time events, and we expect these will decline over
the coming quarters. These expenses for our third fiscal quarter
can be found in our GAAP to non-GAAP reconciliation tables.
We have not provided reconciliations from GAAP to non-GAAP
measures or the equivalent GAAP measure for non-GAAP measures in
our outlook, as they cannot be provided without unreasonable
effort. A large portion of non-GAAP adjustments, such as
restructuring charges, stock-based compensation, non-GAAP income
tax reconciling adjustments, acquisition related costs, and other
costs and contingencies unrelated to current and future operations
are by their nature highly volatile and we have low visibility as
to the range that may be incurred in the future.
Related Announcement and Conference Call
Lumentum will host a conference call today, May 6, 2024, at 2:00
pm PT / 5:00 pm ET to discuss its fiscal third quarter results. A
live webcast of the call will be available in the Investors section
of the Lumentum website at http://investor.lumentum.com. To listen
to the live conference call, dial (833) 470-1428 or (404) 975-4839
and reference the conference ID 840104. Supporting materials
outlining the Company’s latest financial results will be posted on
http://investor.lumentum.com under the “Events and Presentations”
section concurrently with this earnings press release. Lumentum has
used, and intends to continue to use, its Investor Relations
website as means of disclosing material nonpublic information and
for complying with its disclosure obligations under Regulation FD.
This press release is being furnished as an exhibit to a Current
Report on Form 8-K filed with the Securities and Exchange
Commission and will be available at http://www.sec.gov/.
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading designer and
manufacturer of innovative optical and photonic products enabling
optical networking and laser applications worldwide. Lumentum
optical components and subsystems are part of virtually every type
of telecom, enterprise, and data center network. Lumentum lasers
enable advanced manufacturing techniques and diverse applications
including next-generation imaging and sensing capabilities.
Lumentum is headquartered in San Jose, California with R&D,
manufacturing, and sales offices worldwide. For more information,
visit www.lumentum.com and follow Lumentum on LinkedIn, X (formerly
known as Twitter), Facebook, Instagram and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These include
statements regarding our belief and expectations with respect to
our markets, customers and industry, any anticipation or guidance
as to demand for our products and technology from our customers and
their end customers, including drivers of that demand and the
timing of the increased capex spending by the telecom industry and
the inventory correction cycle, statements regarding our product
roadmaps and investments, statements regarding future revenue and
revenue growth and trends in our markets, and our guidance with
respect to future net revenue, non-GAAP diluted earnings per share,
and non-GAAP operating margins, and related assumptions. These
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected. Among the factors that could cause actual results to
differ from those contemplated are: (a) uncertainty and volatility
in the global markets, including uncertainty and volatility in the
macroeconomic environment, volatility and uncertainty in banking
and financial services sectors, inflationary pressures, changes in
the political or economic environment, such as geopolitical
conflicts, war, trade and export restrictions and the imposition of
tariffs or other duties, and the effect of such market disruptions
on demand for our products, technology spending by our customers
and our ability to obtain components for our products; (b)
quarter-over-quarter product mix fluctuations, which can materially
impact profitability measures due to the broad gross margin ranges
across our portfolio; (c) decline of average selling prices across
our businesses or increase in costs, either of which will also
decrease our margins; (d) effects of seasonality; (e) the ability
of our suppliers and contract manufacturers to meet production,
quality, and delivery requirements for our forecasted demand; (f)
changes in customer demand, including due to changes in inventory
practices and end-customer demand; (g) our ability to attract and
retain new customers, particularly in the cloud photonics and
imaging and sensing markets; (h) the risk that our markets will not
grow or develop as expected or that our strategies and ability to
compete in those markets are not successful, (i) the risk that
Lumentum’s financing or operating strategies will not be
successful; (j) risks that the acquisition of Cloud Light disrupts
our current plans and operations; (k) failure to successfully
integrate Cloud Light into our business or that we will not achieve
the expected benefits, and (l) our failure to accurately identify
liabilities and risks in Cloud Light’s business. For more
information on these and other risks, please refer to the "Risk
Factors" section included in the Company’s Quarterly Report on Form
10-Q for the fiscal quarter ended December 30, 2023 filed with the
Securities and Exchange Commission and the Company’s Quarterly
Report on Form 10-Q for the fiscal quarter ended March 30, 2024 to
be filed with the Securities and Exchange Commission. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company assumes no obligation to
update such statements, except as required by applicable law.
The following financial tables are presented in accordance with
GAAP, unless otherwise specified.
LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions, except per share
data)
(unaudited)
Three Months Ended
Nine Months Ended
March 30, 2024
April 1, 2023
March 30, 2024
April 1, 2023
Net revenue
$
366.5
$
383.4
$
1,050.9
$
1,396.2
Cost of sales
284.7
252.7
788.9
850.4
Amortization of acquired developed
intangibles
22.3
18.7
61.8
66.4
Gross profit
59.5
112.0
200.2
479.4
Operating expenses:
Research and development
77.2
85.4
229.0
233.9
Selling, general and administrative
77.7
76.4
235.8
280.5
Restructuring and related charges
19.2
1.6
36.0
24.8
Total operating expenses
174.1
163.4
500.8
539.2
Loss from operations
(114.6
)
(51.4
)
(300.6
)
(59.8
)
Interest expense
(9.0
)
(8.7
)
(28.4
)
(26.1
)
Other income, net
16.2
11.4
50.8
28.9
Loss before income taxes
(107.4
)
(48.7
)
(278.2
)
(57.0
)
Income tax provision (benefit)
19.6
(9.4
)
15.8
14.4
Net loss
$
(127.0
)
$
(39.3
)
$
(294.0
)
$
(71.4
)
Net loss per share:
Basic
$
(1.88
)
$
(0.57
)
$
(4.38
)
$
(1.05
)
Diluted
$
(1.88
)
$
(0.57
)
$
(4.38
)
$
(1.05
)
Shares used to compute net loss per
share:
Basic
67.5
68.6
67.1
68.3
Diluted
67.5
68.6
67.1
68.3
LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions, except per share
data)
(unaudited)
March 30, 2024
July 1, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
425.0
$
859.0
Short-term investments
445.9
1,154.6
Accounts receivable, net
229.8
246.1
Inventories
420.7
408.6
Prepayments and other current assets
128.6
109.6
Total current assets
1,650.0
2,777.9
Property, plant and equipment, net
578.7
489.5
Operating lease right-of-use assets,
net
76.7
77.3
Goodwill
1,055.9
695.1
Other intangible assets, net
688.5
459.2
Deferred tax asset
139.2
116.3
Other non-current assets
15.5
16.8
Total assets
$
4,204.5
$
4,632.1
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
133.4
$
169.4
Accrued payroll and related expenses
40.4
39.4
Accrued expenses
61.7
51.2
Convertible notes, current
—
311.6
Operating lease liabilities, current
13.8
14.4
Other current liabilities
68.3
47.8
Total current liabilities
317.6
633.8
Convertible notes, non-current
2,502.4
2,500.0
Operating lease liabilities,
non-current
47.3
47.7
Deferred tax liability
61.7
3.4
Other non-current liabilities
98.8
91.4
Total liabilities
3,027.8
3,276.3
Stockholders’ equity:
Common stock, $0.001 par value, 990
authorized shares, 67.6 and 66.4 shares issued and outstanding as
of March 30, 2024 and July 1, 2023, respectively
0.1
0.1
Additional paid-in capital
1,802.4
1,692.2
Accumulated deficit
(634.6
)
(340.6
)
Accumulated other comprehensive income
8.8
4.1
Total stockholders’ equity
1,176.7
1,355.8
Total liabilities and stockholders’
equity
$
4,204.5
$
4,632.1
Use of Non-GAAP Financial Measures
In this press release, Lumentum provides investors with certain
non-GAAP financial measures: gross profit, gross margin, research
and development expense, selling, general and administrative
expense, operating margin, income from operations, interest and
other income (expense), net, income before income taxes, provision
for income taxes, net income (loss), and net income (loss) per
share on a non-GAAP basis, as well as the non-GAAP measures of
EBITDA and Adjusted EBITDA. Lumentum believes this non-GAAP
financial information provides additional insight into the
Company’s on-going business operations and results, as well as cash
generation, and has therefore chosen to provide this information to
investors for a more consistent basis of comparison and to help
them evaluate the results of the Company’s on-going operations and
enable more meaningful period to period comparisons. In addition,
the Company believes that providing certain of these measures
allows investors to better understand the Company’s operating
performance and cash flows and, importantly, to evaluate the
methodology and information used by management to monitor, manage,
evaluate and measure the Company’s business, results of operations,
and cash flows. However, these measures may be different from
non-GAAP measures used by other companies, limiting their
usefulness for comparison purposes. The non-GAAP financial measures
used in this press release should not be considered in isolation
from measures of financial performance prepared in accordance with
GAAP. Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In particular, many of the adjustments to our GAAP
financial measures reflect the exclusion of items that are
recurring and will be reflected in our financial results for the
foreseeable future. Further, these non-GAAP financial measures may
not be comparable to similarly titled measurements reported by
other companies.
Our non-GAAP measures used in this press release exclude (i)
stock-based compensation, (ii) acquisition related stock-based
compensation, (iii) acquisition related costs, (iv) amortization of
acquired intangibles, (v) amortization of acquired inventory fair
value adjustments, (vi) restructuring and related charges, (vii)
foreign exchange (gains) losses, net, (viii) non-cash interest
expense on convertible notes, (ix) gain on repurchase of
convertible notes, (x) non-recurring expenses related to litigation
matters, (xi) intangible assets write-off, (xii) integration
related costs, (xiii) abnormal excess capacity, (xiv) foreign
exchange gains and losses, (xv) non-GAAP income tax reconciling
adjustments, and (xvi) other (gains) charges related to
non-recurring activities.
We utilize a long-term projected non-GAAP tax rate to compute
our non-GAAP income tax provision. The long-term projected non-GAAP
tax rate is based on a multi-year projection of our estimated
annual GAAP income tax forecast, adjusted to account for the tax
effect of non-GAAP pretax adjustments as well as the effects of
significant non-recurring and period specific tax items. Our
non-GAAP tax provision for the fiscal third quarter of 2024 is
14.5%. The difference between our GAAP income tax provision and our
non-GAAP income tax provision is presented as non-GAAP income tax
reconciling adjustments.
A quantitative reconciliation between GAAP and non-GAAP
financial data with respect to historical periods is included in
the supplemental financial table attached to this press
release.
LUMENTUM HOLDINGS INC.
RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES
(in millions, except per share
data)
(unaudited)
Three Months Ended
Nine Months Ended
March 30, 2024
December 30, 2023
April 1, 2023
March 30, 2024
April 1, 2023
Gross profit on GAAP basis
$
59.5
$
64.0
$
112.0
$
200.2
$
479.4
Stock-based compensation
8.5
9.0
6.9
23.5
19.1
Amortization of acquired intangibles
22.3
21.5
18.7
61.8
66.4
Amortization of acquired inventory fair
value adjustments
4.9
3.4
3.6
8.3
17.8
Integration related costs
6.4
10.1
6.7
19.9
9.5
Abnormal excess capacity (1)
11.9
1.8
—
13.7
—
Other charges, net (2)
5.8
9.9
8.4
22.3
35.2
Gross profit on non-GAAP basis
$
119.3
$
119.7
$
156.3
$
349.7
$
627.4
Gross margin on non-GAAP basis
32.6
%
32.6
%
40.8
%
33.3
%
44.9
%
Research and development on GAAP
basis
$
77.2
$
78.3
$
85.4
$
229.0
233.9
Stock-based compensation
(9.8
)
(10.0
)
(11.0
)
(30.1
)
(31.2
)
Amortization of acquired intangibles
(0.4
)
(0.4
)
—
(1.1
)
—
Acquisition related costs
—
(0.1
)
—
(0.4
)
—
Integration related costs (reversal)
(0.4
)
0.6
(0.5
)
(0.7
)
(1.3
)
Write-off of in-process research and
development intangible assets
—
—
(11.5
)
—
(11.5
)
Other charges, net
(0.4
)
(0.1
)
(0.3
)
(1.2
)
(2.6
)
Research and development on non-GAAP
basis
$
66.2
$
68.3
$
62.1
$
195.5
$
187.3
Selling, general and administrative on
GAAP basis
$
77.7
$
85.1
$
76.4
$
235.8
$
280.5
Stock-based compensation
(13.3
)
(15.6
)
(15.2
)
(44.7
)
(54.1
)
Stock-based compensation - acquisition
related
—
—
—
—
(11.9
)
Amortization of acquired intangibles
(19.4
)
(15.7
)
(11.3
)
(45.8
)
(31.9
)
Acquisition related costs
(0.5
)
(8.9
)
—
(13.1
)
(16.2
)
Integration related costs
(3.4
)
(2.1
)
(3.4
)
(9.1
)
(8.4
)
Litigation matters
—
—
—
—
(7.8
)
Other charges, net (2)
(3.0
)
(4.4
)
(3.7
)
(7.5
)
(15.6
)
Selling, general and administrative on
non-GAAP basis
$
38.1
$
38.4
$
42.8
$
115.6
$
134.6
Loss from operations on GAAP
basis
$
(114.6
)
$
(105.2
)
$
(51.4
)
$
(300.6
)
$
(59.8
)
Stock-based compensation
31.6
34.6
33.1
98.3
104.4
Stock-based compensation - acquisition
related
—
—
—
—
11.9
Amortization of acquired intangibles
42.1
37.6
30.0
108.7
98.3
Amortization of acquired inventory fair
value adjustments
4.9
3.4
3.6
8.3
17.8
Acquisition related costs
0.5
9.0
—
13.5
16.2
Integration related costs
10.2
11.6
10.6
29.7
19.2
Abnormal excess capacity (1)
11.9
1.8
—
13.7
—
Restructuring and related charges
19.2
5.8
1.6
36.0
24.8
Write-off of in-process research and
development intangible assets
—
—
11.5
—
11.5
Litigation matters
—
—
—
—
7.8
Other charges, net (2)
9.2
14.4
12.4
31.0
53.4
Income from operations on non-GAAP
basis
$
15.0
$
13.0
$
51.4
$
38.6
$
305.5
Operating margin on non-GAAP basis
4.1
%
3.5
%
13.4
%
3.7
%
21.9
%
Interest and other income, net on GAAP
basis
$
7.2
$
3.7
$
2.7
$
22.4
$
2.8
Foreign exchange (gains) losses, net
(3.7
)
3.8
0.5
0.5
(4.4
)
Non-cash interest expense on convertible
notes and other income and expenses, net
4.5
4.8
6.0
14.2
17.9
Interest and other income, net on
non-GAAP basis
$
8.0
$
12.3
$
9.2
$
37.1
$
16.3
Loss before income taxes on GAAP
basis
$
(107.4
)
$
(101.5
)
$
(48.7
)
$
(278.2
)
$
(57.0
)
Stock-based compensation
31.6
34.6
33.1
98.3
104.4
Stock-based compensation - acquisition
related
—
—
—
—
11.9
Acquisition related costs
0.5
9.0
—
13.5
16.2
Integration related costs
10.2
11.6
10.6
29.7
19.2
Abnormal excess capacity (1)
11.9
1.8
—
13.7
—
Amortization of acquired intangibles
42.1
37.6
30.0
108.7
98.3
Amortization of acquired inventory fair
value adjustments
4.9
3.4
3.6
8.3
17.8
Restructuring and related charges
19.2
5.8
1.6
36.0
24.8
Litigation matters
—
—
—
—
7.8
Write-off of in-process research and
development intangible assets
—
—
11.5
—
11.5
Foreign exchange (gains) losses, net
(3.7
)
3.8
0.5
0.5
(4.4
)
Non-cash interest expense on convertible
notes and other income and expenses, net
4.5
4.8
6.0
14.2
17.9
Other charges, net (2)
9.2
14.4
12.4
31.0
53.4
Income before income taxes on non-GAAP
basis
$
23.0
$
25.3
$
60.6
$
75.7
$
321.8
Income tax provision (benefit) on GAAP
basis
$
19.6
$
(2.4
)
$
(9.4
)
$
15.8
$
14.4
Non-GAAP income tax reconciling
adjustments
(16.2
)
6.0
18.2
(4.8
)
32.3
Income tax provision on non-GAAP
basis
$
3.4
$
3.6
$
8.8
$
11.0
$
46.7
Net loss on GAAP basis
$
(127.0
)
$
(99.1
)
$
(39.3
)
$
(294.0
)
$
(71.4
)
Stock-based compensation
31.6
34.6
33.1
98.3
104.4
Stock-based compensation - acquisition
related
—
—
—
—
11.9
Acquisition related costs
0.5
9.0
—
13.5
16.2
Integration related costs
10.2
11.6
10.6
29.7
19.2
Abnormal excess capacity (1)
11.9
1.8
—
13.7
—
Amortization of acquired intangibles
42.1
37.6
30.0
108.7
98.3
Amortization of acquired inventory fair
value adjustments
4.9
3.4
3.6
8.3
17.8
Restructuring and related charges
19.2
5.8
1.6
36.0
24.8
Write-off of in-process research and
development intangible assets
—
—
11.5
—
11.5
Litigation matters
—
—
—
—
7.8
Foreign exchange (gains) losses, net
(3.7
)
3.8
0.5
0.5
(4.4
)
Non-cash interest expense on convertible
notes and other income and expenses, net
4.5
4.8
6.0
14.2
17.9
Non-GAAP income tax reconciling
adjustments
16.2
(6.0
)
(18.2
)
4.8
(32.3
)
Other charges, net (2)
9.2
14.4
12.4
31.0
53.4
Net income on non-GAAP basis
$
19.6
$
21.7
$
51.8
$
64.7
$
275.1
Net income per share on non-GAAP
basis
$
0.29
$
0.32
$
0.75
$
0.96
$
3.97
Shares used in per share calculation -
diluted on GAAP basis
67.5
67.2
68.6
67.1
68.3
Non-GAAP adjustment (3)
0.6
0.2
0.1
0.4
1.0
Shares used in per share calculation -
diluted on non-GAAP basis
68.1
67.4
68.7
67.5
69.3
(1) Abnormal excess capacity for the three
months ended March 30, 2024 represents excess capacity attributable
to a near-term reduction in our manufacturing production, primarily
driven by our non-recurring inventory reduction effort following
the disruptions in the supply chain due to the COVID-19 pandemic
and factory consolidation efforts.
(2) Other charges, net for the three
months ended March 30, 2024 primarily relate to $4.8 million of
non-recurring legal and tax related fees and $1.7 million of net
excess and obsolete inventory, offset by various miscellaneous
gains. The excess and obsolete inventory charges relate to charges
that are not attributable to our operating segments due to their
unusual nature, primarily those charges driven by U.S. trade
restrictions whereby we are no longer able to sell certain products
to one of our customers, as well as excess and obsolete inventory
due to factory consolidation efforts.
Other charges, net for the nine months
ended March 30, 2024 primarily relate to $10.9 million of net
excess and obsolete inventory, $10.2 million of non-recurring legal
and tax related fees, and $4.4 million of incremental costs of
sales related to components previously acquired from various
brokers to satisfy customer demand, offset by various miscellaneous
gains. The excess and obsolete inventory charges relate to charges
that are not attributable to our operating segments due to their
unusual nature, primarily those charges driven by U.S. trade
restrictions whereby we are no longer able to sell certain products
to one of our customers.
(3) Shares used for net income per share
on non-GAAP basis include incremental dilutive shares that would
occur upon conversion of our convertible notes assuming we settle
the face value of the notes in cash as the Company intends, and
shares related to restricted stock units (“RSUs”) and stock options
and shares issuable under our Employee Stock Purchase Plan that are
anti-dilutive on GAAP basis.
LUMENTUM HOLDINGS INC.
RECONCILIATION OF GAAP NET
INCOME TO ADJUSTED EBITDA
(in millions, except per share
data)
(unaudited)
Three Months Ended
Nine Months Ended
March 30, 2024
December 30, 2023
April 1, 2023
March 30, 2024
April 1, 2023
GAAP net loss
$
(127.0
)
$
(99.1
)
$
(39.3
)
$
(294.0
)
$
(71.4
)
Interest and other expense, net
(7.2
)
(3.7
)
(2.7
)
(22.4
)
(2.8
)
Income tax provision (benefit)
19.6
(2.4
)
(9.4
)
15.8
14.4
Depreciation
27.0
27.2
27.7
82.4
78.6
Amortization of acquired intangibles
42.1
37.6
30.0
108.7
98.3
EBITDA
(45.5
)
(40.4
)
6.3
(109.5
)
117.1
Amortization of inventory fair value
adjustments
4.9
3.4
3.6
8.3
17.8
Restructuring and related charges
19.2
5.8
1.6
36.0
24.8
Stock-based compensation
31.6
34.6
33.1
98.3
116.3
Acquisition related costs
0.5
9.0
—
13.5
16.2
Integration related costs
10.2
11.6
10.6
29.7
19.2
Write-off of in-process research and
development intangible assets
—
—
11.5
—
11.5
Abnormal excess capacity
11.9
1.8
—
13.7
—
Other charges (gains), net
8.2
13.2
10.3
24.6
49.4
Adjusted EBITDA
$
41.0
$
39.0
$
77.0
$
114.6
$
372.3
Category: Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240506375381/en/
Investors: Noël Bilodeau, 408-439-2140;
noel.bilodeau@lumentum.com Media: Kathy Ta, (408) 750-3853;
investor.relations@lumentum.com
Grafico Azioni Lumentum (NASDAQ:LITE)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Lumentum (NASDAQ:LITE)
Storico
Da Nov 2023 a Nov 2024
