- Net revenue of $366.8 million
- GAAP gross margin of 17.4%; Non-GAAP gross margin of 32.6%
- GAAP operating loss of 28.7%; Non-GAAP operating margin of
3.5%
- GAAP diluted net loss per share of $1.47; Non-GAAP diluted net
income per share of $0.32
Lumentum Holdings Inc. (“Lumentum” or the “Company”) today
reported results for its fiscal second quarter ended December 30,
2023.
“Lumentum stands at the leading edge of photonics innovation,
partnering with customers to enable the future of data centers and
the networks that connect them. Given the surging bandwidth demands
of AI data centers, and our strong traction on new transceiver
opportunities, we are strategically expanding our leading-edge
transceiver manufacturing capacity. As a key part of this
expansion, we are investing in state-of-the-art production lines at
our manufacturing facility in Thailand. This factory has proven
photonics manufacturing capabilities and has received numerous
customer accolades, giving us confidence in our ability to ramp
rapidly. We will be ramping capacity this summer and expect to lead
the first wave of 1.6T transceivers for multiple customers at this
site,” said Alan Lowe, President and CEO.
“Second quarter revenue and EPS results were above the midpoints
of our guidance. Based on sluggish carrier capex spending and our
latest customer discussions, we now expect customer inventory
digestion to extend through the balance of fiscal 2024.
Nevertheless, we are highly confident in our market position and
the ultimate recovery and growth in this business,” concluded Mr.
Lowe.
Fiscal Second Quarter Highlights:
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 first quarter of 2024 was $317.6
million, with GAAP net loss of $67.9 million, or $1.02 per diluted
share. Net revenue for the fiscal second quarter of 2023 was $506.0
million, with GAAP net loss of $31.7 million, or $0.46 per diluted
share.
Non-GAAP net income for the fiscal second quarter of 2024 was
$21.7 million, or $0.32 per diluted share. Non-GAAP net income for
fiscal first quarter of 2024 was $23.4 million, or $0.35 per
diluted share. Non-GAAP net income for the fiscal second quarter of
2023 was $104.1 million, or $1.52 per diluted share.
The Company held $1,224.0 million in total cash, cash
equivalents, and short-term investments at the end of the fiscal
second quarter of 2024, down $720.3 million from the end of the
fiscal first quarter of 2024. On November 7, 2023 (the “Closing
date”), we completed the acquisition of Cloud Light Technology
Limited (“Cloud Light”) for a total purchase price consideration of
$728.5 million, of which $705.0 million of cash consideration was
paid on the Closing date.
Financial Overview – Fiscal Second
Quarter Ended December 30, 2023
GAAP Results ($ in
millions)
Q2
Q1
Q2
Change
FY 2024
FY 2024
FY 2023
Q/Q
Y/Y
Net revenue
$
366.8
$
317.6
$
506.0
15.5
%
(27.5
)%
Gross margin
17.4
%
24.1
%
32.8
%
(670)bps
(1,540)bps
Operating loss
(28.7
)%
(25.4
)%
(4.3
)%
(330)bps
(2,440)bps
Non-GAAP Results ($ in
millions)
Q2
Q1
Q2
Change
FY 2024
FY 2024
FY 2023
Q/Q
Y/Y
Net revenue
$
366.8
$
317.6
$
506.0
15.5
%
(27.5
)%
Gross margin
32.6
%
34.9
%
44.9
%
(230)bps
(1,230)bps
Operating margin
3.5
%
3.3
%
23.1
%
20bps
(1,960)bps
Net Revenue by Segment ($ in
millions)
Q2
% of
Q1
Q2
Change
FY 2024
Net Revenue
FY 2024
FY 2023 (1)
Q/Q
Y/Y
Cloud & Networking
$
286.7
78.2
%
$
229.7
$
382.9
24.8
%
(25.1
)%
Industrial Tech
80.1
21.8
%
87.9
123.1
(8.9
)%
(34.9
)%
Total
$
366.8
100.0
%
$
317.6
$
506.0
15.5
%
(27.5
)%
(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 third quarter
2024:
- Net revenue in the range of $350 million to $380 million
- Non-GAAP operating margin of 2.0% to 5.0%
- Non-GAAP diluted earnings per share of $0.20 to $0.35
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, February 8, 2024, at
5:30 am PT / 8:30 am ET to discuss its fiscal second 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 255741. 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 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 imaging and sensing market; (h) the
risk that Lumentum’s financing or operating strategies will not be
successful; (i) risks that the acquisition of Cloud Light disrupts
our current plans and operations; (j) failure to successfully
integrate Cloud Light into our business and (k) 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
September 30, 2023 filed with the Securities and Exchange
Commission and the Company’s Quarterly Report on Form 10-Q for the
fiscal quarter ended December 30, 2023 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.
Category: Financial
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
Six Months Ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Net revenue
$
366.8
$
506.0
$
684.4
$
1,012.8
Cost of sales
281.3
315.1
504.2
597.7
Amortization of acquired developed
intangibles
21.5
24.7
39.5
47.7
Gross profit
64.0
166.2
140.7
367.4
Operating expenses:
Research and development
78.3
75.8
151.8
148.5
Selling, general and administrative
85.1
98.4
158.1
204.1
Restructuring and related charges
5.8
13.9
16.8
23.2
Total operating expenses
169.2
188.1
326.7
375.8
Loss from operations
(105.2
)
(21.9
)
(186.0
)
(8.4
)
Interest expense
(9.7
)
(8.9
)
(19.4
)
(17.4
)
Other income, net
13.4
3.7
34.6
17.5
Loss before income taxes
(101.5
)
(27.1
)
(170.8
)
(8.3
)
Income tax provision (benefit)
(2.4
)
4.6
(3.8
)
23.8
Net loss
$
(99.1
)
$
(31.7
)
$
(167.0
)
$
(32.1
)
Net loss per share:
Basic
$
(1.47
)
$
(0.46
)
$
(2.49
)
$
(0.47
)
Diluted
$
(1.47
)
$
(0.46
)
$
(2.49
)
$
(0.47
)
Shares used to compute net loss per
share:
Basic
67.2
68.3
67.0
68.2
Diluted
67.2
68.3
67.0
68.2
LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions, except per share
data)
(unaudited)
December 30, 2023
July 1, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
469.3
$
859.0
Short-term investments
754.7
1,154.6
Accounts receivable, net
248.3
246.1
Inventories
471.7
408.6
Prepayments and other current assets
118.1
109.6
Total current assets
2,062.1
2,777.9
Property, plant and equipment, net
582.3
489.5
Operating lease right-of-use assets,
net
81.3
77.3
Goodwill
1,054.6
695.1
Other intangible assets, net
730.6
459.2
Deferred tax asset
130.2
116.3
Other non-current assets
14.9
16.8
Total assets
$
4,656.0
$
4,632.1
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
163.0
$
169.4
Accrued payroll and related expenses
50.4
39.4
Accrued expenses
65.8
51.2
Convertible notes, current
319.7
311.6
Operating lease liabilities, current
14.5
14.4
Other current liabilities
45.0
47.8
Total current liabilities
658.4
633.8
Convertible notes, non-current
2,501.7
2,500.0
Operating lease liabilities,
non-current
52.9
47.7
Deferred tax liability
67.6
3.4
Other non-current liabilities
97.6
91.4
Total liabilities
3,378.2
3,276.3
Stockholders’ equity:
Common stock, $0.001 par value, 990
authorized shares, 67.4 and 66.4 shares issued and outstanding as
of December 30, 2023 and July 1, 2023, respectively
0.1
0.1
Additional paid-in capital
1,776.1
1,692.2
Accumulated deficit
(507.6
)
(340.6
)
Accumulated other comprehensive income
9.2
4.1
Total stockholders’ equity
1,277.8
1,355.8
Total liabilities and stockholders’
equity
$
4,656.0
$
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) non-GAAP income tax reconciling adjustments,
and (xiv) other (gains) charges related to non-recurring
activities.
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
Six Months Ended
December 30, 2023
September 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Gross profit on GAAP basis
$
64.0
$
76.7
$
166.2
$
140.7
$
367.4
Stock-based compensation
9.0
6.0
6.7
15.0
12.2
Amortization of acquired intangibles
21.5
18.0
24.8
39.5
47.7
Amortization of acquired inventory fair
value adjustments
3.4
—
9.6
3.4
14.2
Integration related costs
10.1
6.8
2.8
16.9
2.8
Abnormal excess capacity (1)
1.8
—
—
1.8
—
Other charges, net (2)
9.9
3.2
16.9
13.1
26.8
Gross profit on non-GAAP basis
$
119.7
$
110.7
$
227.0
$
230.4
$
471.1
Gross margin on non-GAAP basis
32.6
%
34.9
%
44.9
%
33.7
%
46.5
%
Research and development on GAAP
basis
$
78.3
$
73.5
$
75.8
$
151.8
148.5
Stock-based compensation
(10.0
)
(10.3
)
(10.6
)
(20.3
)
(20.2
)
Amortization of acquired intangibles
(0.4
)
(0.3
)
—
(0.7
)
—
Acquisition related costs
(0.1
)
(0.3
)
—
(0.4
)
—
Integration related costs (reversal)
0.6
(0.9
)
(0.8
)
(0.3
)
(0.8
)
Other charges, net
(0.1
)
(0.7
)
—
(0.8
)
(2.3
)
Research and development on non-GAAP
basis
$
68.3
$
61.0
$
64.4
$
129.3
$
125.2
Selling, general and administrative on
GAAP basis
$
85.1
$
73.0
$
98.4
$
158.1
$
204.1
Stock-based compensation
(15.6
)
(15.8
)
(19.3
)
(31.4
)
(38.9
)
Stock-based compensation - acquisition
related
—
—
—
—
(11.9
)
Amortization of acquired intangibles
(15.7
)
(10.7
)
(11.3
)
(26.4
)
(20.6
)
Acquisition related costs
(8.9
)
(3.7
)
—
(12.6
)
(16.2
)
Integration related costs
(2.1
)
(3.6
)
(4.4
)
(5.7
)
(5.0
)
Litigation matters
—
—
(7.8
)
—
(7.8
)
Other charges, net
(4.4
)
(0.1
)
(9.7
)
(4.5
)
(11.9
)
Selling, general and administrative on
non-GAAP basis
$
38.4
$
39.1
$
45.9
$
77.5
$
91.8
Loss from operations on GAAP
basis
$
(105.2
)
$
(80.8
)
$
(21.9
)
$
(186.0
)
$
(8.4
)
Stock-based compensation
34.6
32.1
36.6
66.7
71.3
Stock-based compensation - acquisition
related
—
—
—
—
11.9
Amortization of acquired intangibles
37.6
29.0
36.1
66.6
68.3
Amortization of acquired inventory fair
value adjustments
3.4
—
9.6
3.4
14.2
Acquisition related costs
9.0
4.0
—
13.0
16.2
Integration related costs
11.6
11.3
8.0
22.9
8.6
Abnormal excess capacity (1)
1.8
—
—
1.8
—
Restructuring and related charges
5.8
11.0
13.9
16.8
23.2
Intangible asset write-off
—
—
—
—
7.8
Litigation matters
—
—
7.8
—
—
Other charges, net (2)
14.4
4.0
26.6
18.4
41.0
Income from operations on non-GAAP
basis
$
13.0
$
10.6
$
116.7
$
23.6
$
254.1
Operating margin on non-GAAP basis
3.5
%
3.3
%
23.1
%
3.4
%
25.1
%
Interest and other income, net on GAAP
basis
$
3.7
$
11.5
$
(5.2
)
$
15.2
$
0.1
Foreign exchange (gains) losses, net
3.8
0.4
4.1
4.2
(4.9
)
Non-cash interest expense on convertible
notes and other income and expenses, net
4.8
4.9
6.2
9.7
11.9
Interest and other income, net on
non-GAAP basis
$
12.3
$
16.8
$
5.1
$
29.1
$
7.1
Loss before income taxes on GAAP
basis
$
(101.5
)
$
(69.3
)
$
(27.1
)
$
(170.8
)
$
(8.3
)
Stock-based compensation
34.6
32.1
36.6
66.7
71.3
Stock-based compensation - acquisition
related
—
—
—
—
11.9
Acquisition related costs
9.0
4.0
—
13.0
16.2
Integration related costs
11.6
11.3
8.0
22.9
8.6
Abnormal excess capacity (1)
1.8
—
—
1.80
—
Amortization of acquired intangibles
37.6
29.0
36.1
66.6
68.3
Amortization of acquired inventory fair
value adjustments
3.4
—
9.6
3.4
14.2
Restructuring and related charges
5.8
11.0
13.9
16.8
23.2
Litigation matters
—
—
7.8
—
7.8
Foreign exchange (gains) losses, net
3.8
0.4
4.1
4.2
(4.9
)
Non-cash interest expense on convertible
notes and other income and expenses, net
4.8
4.9
6.2
9.7
11.9
Other charges, net (2)
14.4
4.0
26.6
18.4
41.0
Income before income taxes on non-GAAP
basis
$
25.3
$
27.4
$
121.8
$
52.7
$
261.2
Income tax provision (benefit) on GAAP
basis
$
(2.4
)
$
(1.4
)
$
4.6
$
(3.8
)
$
23.8
Non-GAAP income tax reconciling
adjustments
6.0
5.4
13.1
11.4
14.1
Income tax provision on non-GAAP
basis
$
3.6
$
4.0
$
17.7
$
7.6
$
37.9
Net loss on GAAP basis
$
(99.1
)
$
(67.9
)
$
(31.7
)
$
(167.0
)
$
(32.1
)
Stock-based compensation
34.6
32.1
36.6
66.7
71.3
Stock-based compensation - acquisition
related
—
—
—
—
11.9
Acquisition related costs
9.0
4.0
—
13.0
16.2
Integration related costs
11.6
11.3
8.0
22.9
8.6
Abnormal excess capacity (1)
1.8
—
—
1.8
—
Amortization of acquired intangibles
37.6
29.0
36.1
66.6
68.3
Amortization of acquired inventory fair
value adjustments
3.4
—
9.6
3.4
14.2
Restructuring and related charges
5.8
11.0
13.9
16.8
23.2
Litigation matters
—
—
7.8
—
7.8
Foreign exchange (gains) losses, net
3.8
0.4
4.1
4.2
(4.9
)
Non-cash interest expense on convertible
notes and other income and expenses, net
4.8
4.9
6.2
9.7
11.9
Non-GAAP income tax reconciling
adjustments
(6.0
)
(5.4
)
(13.1
)
(11.4
)
(14.1
)
Other charges, net (2)
14.4
4.0
26.6
18.4
41.0
Net income on non-GAAP basis
$
21.7
$
23.4
$
104.1
$
45.1
$
223.3
Net income per share on non-GAAP
basis
$
0.32
$
0.35
$
1.52
$
0.67
$
3.20
Shares used in per share calculation -
diluted on GAAP basis
67.2
66.7
68.3
67.0
68.2
Non-GAAP adjustment (3)
0.2
0.3
0.3
0.3
1.5
Shares used in per share calculation -
diluted on non-GAAP basis
67.4
67.0
68.6
67.3
69.7
(1) Abnormal excess capacity for the three months ended December
30, 2023 represents excess capacity above our historical normalized
run rate due to a near-term reduction in manufacturing production.
(2) Other charges, net for the three months ended December
30, 2023 primarily relate to $9.5 million of net excess and
obsolete inventory, $4.6 million of non-recurring legal and tax
related fees, and $1.0 million of incremental costs of sales
related to components previously acquired from various brokers to
satisfy customer demand. The excess and obsolete inventory charges
excluded from non-GAAP results 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. Other charges, net for the six months ended
December 30, 2023 primarily relate to $9.2 million of net excess
and obsolete inventory, $5.4 million of non-recurring legal and tax
related fees, and $3.9 million of incremental costs of sales
related to components previously acquired from various brokers to
satisfy customer demand. The excess and obsolete inventory charges
excluded from non-GAAP results 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
Six Months Ended
December 30, 2023
September 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
GAAP net loss
$
(99.1
)
$
(67.9
)
$
(31.7
)
$
(167.0
)
$
(32.1
)
Interest and other expense, net
(3.7
)
(11.5
)
5.2
(15.2
)
(0.1
)
Income tax provision (benefit)
(2.4
)
(1.4
)
4.6
(3.8
)
23.8
Depreciation
27.2
28.2
26.4
55.4
50.9
Amortization of acquired intangibles
37.6
29.0
36.1
66.6
68.3
EBITDA
(40.4
)
(23.6
)
40.6
(64.0
)
110.8
Amortization of inventory fair value
adjustments
3.4
—
9.6
3.4
14.2
Restructuring and related charges
5.8
11.0
13.9
16.8
23.2
Stock-based compensation
34.6
32.1
36.6
66.7
83.2
Acquisition related costs
9.0
4.0
—
13.0
16.2
Integration related costs
11.6
11.3
8.0
22.9
8.6
Abnormal excess capacity
1.8
—
—
1.8
—
Other charges (gains), net
13.2
(0.2
)
24.7
13.0
39.1
Adjusted EBITDA
$
39.0
$
34.6
$
133.4
$
73.6
$
295.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208935461/en/
Investors: Kathy Ta, (408) 750-3853;
investor.relations@lumentum.com
Media: Caroline Pan, (650) 267-4180;
media@lumentum.com
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