Lumentum Holdings Inc. (“Lumentum” or the “Company”) today reported
results for its fiscal third quarter ended April 2, 2016.
Net revenue for the fiscal third quarter 2016 was $230.4
million, with GAAP net loss of $(7.6) million, or $(0.13) per
share. Net revenue for fiscal second quarter 2016 was $218.3
million, with GAAP net income of $2.8 million, or $0.05 per share.
Net revenue for the fiscal third quarter 2015 was $198.7 million,
with GAAP net income of $12.2 million, or $0.21 per share.
Non-GAAP net income for the fiscal third quarter 2016 was $19.7
million or $0.32 per share. Non-GAAP net income for fiscal second
quarter 2016 was $19.1 million, or $0.31 per share. Non-GAAP net
income for the fiscal third quarter 2015 was $6.2 million, or $0.11
per share. The Company held $157.2 million in total cash at the end
of the fiscal third quarter 2016, which decreased by $4.7 million
sequentially, and the Company remains debt-free.
“We again executed on our plan in the fiscal third quarter and
delivered record revenues that grew 16% over the same period last
year,” said Alan Lowe, president and CEO. “Datacom revenue grew 30%
sequentially, achieving record revenues, driven by a more than 140%
sequential increase in 100G related revenues. TrueFlexTM ROADM
revenue grew approximately 30% sequentially and more than tripled
from last year. Bookings were robust during the quarter, with a
book-to-bill ratio greater than one, as the North America metro
deployment is poised to ramp, hyperscale data centers ready
themselves for the shift to 100G, and China demand remains
strong.”
Financial Overview – Fiscal Third Quarter Ended
April 2, 2016
|
GAAP Results ($ in millions) |
|
Q3 |
|
Q2 |
|
Q3 |
|
Change |
|
FY 2016 |
|
FY 2016 |
|
FY2015 |
|
Q/Q |
|
Y/Y |
Net revenue |
$ |
230.4 |
|
|
$ |
218.3 |
|
|
$ |
198.7 |
|
|
5.5 |
% |
|
16.0 |
% |
Gross margin |
27.3 |
% |
|
31.2 |
% |
|
28.7 |
% |
|
(390 |
)bps |
|
(140 |
)bps |
Operating margin |
(1.0 |
)% |
|
2.8 |
% |
|
(5.4 |
)% |
|
(380 |
)bps |
|
440 |
bps |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results ($ in millions) |
|
Q3 |
|
Q2 |
|
Q3 |
|
Change |
|
FY 2016 |
|
FY 2016 |
|
FY2015 |
|
Q/Q |
|
Y/Y |
Net revenue |
$ |
230.4 |
|
|
$ |
218.3 |
|
|
$ |
198.7 |
|
|
5.5 |
% |
|
16.0 |
% |
Gross margin |
32.2 |
% |
|
32.7 |
% |
|
30.5 |
% |
|
(50 |
)bps |
|
170 |
bps |
Operating margin |
8.8 |
% |
|
9.0 |
% |
|
2.7 |
% |
|
(20 |
)bps |
|
610 |
bps |
|
Net Revenue by Segment |
|
Q3 |
|
% of |
|
Q2 |
|
Q3 |
|
Change |
|
FY 2016 |
|
Net Revenue |
|
FY 2016 |
|
FY 2015 |
|
Q/Q |
|
Y/Y |
Optical
Communications |
$ |
197.2 |
|
|
85.6 |
% |
|
$ |
185.8 |
|
|
$ |
167.2 |
|
|
6.1 |
% |
|
17.9 |
% |
Lasers |
33.2 |
|
|
14.4 |
% |
|
32.5 |
|
|
31.5 |
|
|
2.2 |
% |
|
5.4 |
% |
Total |
$ |
230.4 |
|
|
100.0 |
% |
|
$ |
218.3 |
|
|
$ |
198.7 |
|
|
5.5 |
% |
|
16.0 |
% |
|
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
For the fiscal fourth quarter 2016, the Company expects net
revenue to be in the range of $232 million to $242 million,
non-GAAP operating margin to be 8.5% to 10.0%, and non-GAAP
earnings per share to be $0.32 to $0.38 per share, based on
approximately 62 million shares on a fully diluted basis. These
estimates are based upon a thirteen week fiscal quarter compared
with fourteen weeks for the fiscal third quarter 2016.
Conference Call
Lumentum will host a conference call on May 4, 2016 at 1:30pm
PT/4:30pm ET. A live webcast of the call and the replay will be
available on the Lumentum website at http://investor.lumentum.com.
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. This press release is being furnished as a Current
Report on Form 8-K with the Securities and Exchange Commission and
will be available at http://www.sec.gov/.
About Lumentum
Lumentum (NASDAQ:LITE) is a market-leading manufacturer of
innovative optical and photonic products enabling optical
networking and commercial laser customers worldwide. Lumentum’s
optical components and subsystems are part of virtually every type
of telecom, enterprise, and data center network. Lumentum’s
commercial lasers enable advanced manufacturing techniques and
diverse applications including next-generation 3D sensing
capabilities. Lumentum is headquartered in Milpitas, California
with R&D, manufacturing, and sales offices worldwide. For
more information, visit https://www.lumentum.com/en.
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
statements include any anticipation or guidance as to future
financial performance, including future net revenue, earnings per
share, and operating margins, number of outstanding shares,
anticipated sales trends and demand for our products. 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) quarter-over-quarter
product mix fluctuations which can materially impact profitability
measures due to the broad gross margin ranges across our portfolio;
(b) continued decline of average selling prices across our
businesses; (c) effects of seasonality; (d) the ability
of our suppliers and contract manufacturers to meet production and
delivery requirements to our forecasted demand; (e) inherent
uncertainty related to global markets and the effect of such
markets on demand for our products; and (f) risks related to our
recent separation from Viavi Solutions (formerly JDS Uniphase)
including the ability to recognize anticipated cost savings,
Lumentum’s ability to function successfully as a stand-alone
entity, and potential business disruption caused by the separation.
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 second quarter ended December 26,
2015 filed with the Securities and Exchange Commission. The
forward-looking statements and preliminary financial results
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. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in millions, except per share data) |
(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
April 2, 2016 |
|
March 28, 2015 |
|
April 2, 2016 |
|
March 28, 2015 |
Net revenue |
$ |
230.4 |
|
|
$ |
198.7 |
|
|
$ |
661.3 |
|
|
$ |
628.2 |
|
Cost of sales |
165.9 |
|
|
139.7 |
|
|
458.4 |
|
|
428.2 |
|
Amortization of
acquired technologies |
1.7 |
|
|
1.9 |
|
|
5.1 |
|
|
5.7 |
|
Gross profit |
62.8 |
|
|
57.1 |
|
|
197.8 |
|
|
194.3 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
35.3 |
|
|
35.0 |
|
|
104.7 |
|
|
105.1 |
|
Selling, general and
administrative |
28.0 |
|
|
31.8 |
|
|
87.8 |
|
|
91.3 |
|
Restructuring and related
charges |
1.8 |
|
|
1.1 |
|
|
3.9 |
|
|
6.7 |
|
Total operating
expenses |
65.1 |
|
|
67.9 |
|
|
196.4 |
|
|
203.1 |
|
Income (loss) from
operations |
(2.3 |
) |
|
(10.8 |
) |
|
1.4 |
|
|
(8.8 |
) |
Unrealized loss on
derivative liability |
(4.8 |
) |
|
— |
|
|
(5.0 |
) |
|
— |
|
Interest and other
(expense) income, net |
(0.4 |
) |
|
(0.4 |
) |
|
(1.1 |
) |
|
(0.8 |
) |
Income (loss) before
income taxes |
(7.5 |
) |
|
(11.2 |
) |
|
(4.7 |
) |
|
(9.6 |
) |
Provision for (benefit
from) income taxes |
0.1 |
|
|
(23.4 |
) |
|
0.3 |
|
|
(22.0 |
) |
Net income (loss) |
(7.6 |
) |
|
12.2 |
|
|
(5.0 |
) |
|
12.4 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:(a) |
|
|
|
|
|
|
|
Basic |
$ |
(0.13 |
) |
|
$ |
0.21 |
|
|
$ |
(0.08 |
) |
|
$ |
0.21 |
|
Diluted |
$ |
(0.13 |
) |
|
$ |
0.21 |
|
|
$ |
(0.08 |
) |
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
Items reconciling net
income (loss) to net income (loss)available to common
shareholders: |
|
|
|
|
|
|
|
Cumulative dividends on Series A
preferred stock |
(0.3 |
) |
|
— |
|
|
(0.6 |
) |
|
— |
|
Adjustment for Series A preferred
stock redemption value |
— |
|
|
— |
|
|
(11.7 |
) |
|
— |
|
Net income (loss)
available to common shareholders |
$ |
(7.9 |
) |
|
$ |
12.2 |
|
|
$ |
(17.3 |
) |
|
$ |
12.4 |
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common shareholders pershare: |
|
|
|
|
|
|
|
Basic |
$ |
(0.13 |
) |
|
$ |
0.21 |
|
|
$ |
(0.29 |
) |
|
$ |
0.21 |
|
Diluted |
$ |
(0.13 |
) |
|
$ |
0.21 |
|
|
$ |
(0.29 |
) |
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
Shares used in per
share calculation:(a) |
|
|
|
|
|
|
|
Basic |
59.2 |
|
|
58.8 |
|
|
59.0 |
|
|
58.8 |
|
Diluted |
59.2 |
|
|
58.8 |
|
|
59.0 |
|
|
58.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) On August 1, 2015,
JDSU distributed 47.1 million shares, or 80.1% of the outstanding
shares of common stock ofLumentum to existing holders of JDSU
common stock. JDSU was renamed Viavi Solutions Inc. and at the time
of thedistribution, retained 11.7 million shares, or 19.9% of
Lumentum’s outstanding shares. Basic and diluted net income(loss)
per share for the three and nine months ended March 28, 2015
are calculated using the shares of Lumentumcommon stock outstanding
on August 1, 2015. |
LUMENTUM HOLDINGS INC. |
CONSOLIDATED BALANCE SHEETS |
(in millions, except share and per share data) |
(unaudited) |
|
|
April 2, 2016 |
|
June 27, 2015 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
157.2 |
|
|
$ |
14.5 |
|
Accounts receivable, net |
160.2 |
|
|
150.5 |
|
Inventories |
107.2 |
|
|
99.7 |
|
Prepayments and other current
assets |
58.7 |
|
|
46.1 |
|
Total current assets |
483.3 |
|
|
310.8 |
|
Property, plant and
equipment, net |
168.1 |
|
|
143.2 |
|
Goodwill and
intangibles, net |
21.9 |
|
|
27.4 |
|
Deferred income taxes,
net |
30.1 |
|
|
30.3 |
|
Other non-current
assets |
1.5 |
|
|
0.9 |
|
Total assets |
$ |
704.9 |
|
|
512.6 |
|
LIABILITIES,
MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
111.7 |
|
|
$ |
77.9 |
|
Accrued payroll and related
expenses |
27.3 |
|
|
17.7 |
|
Income taxes payable |
2.0 |
|
|
3.7 |
|
Accrued expenses |
18.2 |
|
|
11.5 |
|
Other current liabilities |
9.8 |
|
|
11.4 |
|
Total current liabilities |
169.0 |
|
|
122.2 |
|
Derivative
liability |
14.7 |
|
|
— |
|
Other non-current
liabilities |
8.7 |
|
|
9.8 |
|
Total liabilities |
192.4 |
|
|
132.0 |
|
Mezzanine equity: |
|
|
|
Non-controlling Interest Redeemable
convertible Series A preferred stock,$0.001 par value, 10,000,000
authorized shares; 35,805 shares issued andoutstanding as of April
2, 2016, and no shares issued and outstanding as of June27,
2015 |
35.8 |
|
|
— |
|
Total mezzanine equity |
35.8 |
|
|
— |
|
Stockholders’
equity: |
|
|
|
Viavi net investment |
— |
|
|
368.1 |
|
Common stock, $0.001 par value,
990,000,000 authorized shares, 59,244,599shares issued and
outstanding as of April 2, 2016, and no shares issued
andoutstanding as of June 27, 2015 |
0.1 |
|
|
— |
|
Additional paid-in capital |
461.1 |
|
|
— |
|
Retained earnings |
6.2 |
|
|
— |
|
Accumulated other comprehensive
income |
9.3 |
|
|
12.5 |
|
Total stockholders’ equity |
476.7 |
|
|
380.6 |
|
Total liabilities, mezzanine equity
and stockholders’ equity |
$ |
704.9 |
|
|
$ |
512.6 |
|
Use of Non-GAAP Financial
Measures
In this press release, Lumentum provides investors with gross
margin, operating margin, net income, and net income (loss) per
share on a non-GAAP basis. Lumentum believes this non-GAAP
financial information provides additional insight into the
Company's on-going performance 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. Specifically, the Company believes that providing this
information allows investors to better understand the Company’s
financial performance and, importantly, to evaluate the efficacy of
the methodology and information used by management to evaluate and
measure such operating performance. 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.
Non-GAAP gross margin, non-GAAP operating margin, non-GAAP net
income (loss), and non-GAAP net income (loss) per share, and
Adjusted EBITDA exclude (i) workforce related charges such as
severance, retention bonuses and employee relocation costs related
to formal restructuring plans, (ii) costs for facilities not
required for ongoing operations, and costs related to the
relocation of certain equipment from these facilities and/or
contract manufacturer facilities, (iii) stock-based compensation,
(iv) amortization of intangibles, and (v) other non-recurring
charges comprising mainly of one-time provision for excess and
obsolete inventory, acquisition, integration, litigation and other
costs and contingencies unrelated to current and future operations
including post-separation activities such as small site
consolidations, reorganizations, insourcing or outsourcing of
activities, severance related costs and transition related costs
for the separation from Viavi. Beginning in the third fiscal
quarter 2016, we began to exclude unrealized gain or loss on
derivative liability for the Series A Preferred Stock to Adjusted
EBITDA and prior periods have been adjusted. Management does not
believe that these items are reflective of the Company's underlying
operating performance. The presentation of these and other similar
items in Lumentum's non-GAAP financial results should not be
interpreted as implying that these items are non-recurring,
infrequent or unusual.
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.
The Company has not reconciled its projections of non-GAAP earnings
per share. As items that impact net loss are out of the
Company's control and/or cannot be reasonably predicted, Lumentum
has determined that a quantitative reconciliation of
forward-looking non-GAAP financial measures to their most directly
comparable GAAP financial measures cannot be provided without
unreasonable efforts.
LUMENTUM HOLDINGS INC. |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(in millions, except per share data) |
(unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
April 2, 2016 |
|
March 28, 2015 |
|
April 2, 2016 |
|
March 28, 2015 |
|
|
|
|
|
|
|
|
|
Gross profit on
GAAP basis |
|
$ |
62.8 |
|
|
$ |
57.1 |
|
|
$ |
197.8 |
|
|
$ |
194.3 |
|
Stock-based compensation |
|
2.2 |
|
|
1.3 |
|
|
4.9 |
|
|
3.9 |
|
Other charges related to
non-recurring activities (b) |
|
7.5 |
|
|
0.4 |
|
|
7.5 |
|
|
1.4 |
|
Amortization of acquired developed
technologies |
|
1.7 |
|
|
1.9 |
|
|
5.1 |
|
|
5.7 |
|
Gross profit on
non-GAAP basis |
|
$ |
74.2 |
|
|
$ |
60.7 |
|
|
$ |
215.3 |
|
|
$ |
205.3 |
|
|
|
|
|
|
|
|
|
|
Research and
development on GAAP basis |
|
$ |
35.3 |
|
|
$ |
35.0 |
|
|
$ |
104.7 |
|
|
$ |
105.1 |
|
Stock-based compensation |
|
(2.5 |
) |
|
(1.9 |
) |
|
(6.7 |
) |
|
(5.6 |
) |
Other charges related to
non-recurring activities |
|
— |
|
|
(0.2 |
) |
|
(0.6 |
) |
|
(0.2 |
) |
Research and
development on non-GAAP basis |
|
$ |
32.8 |
|
|
$ |
32.9 |
|
|
$ |
97.4 |
|
|
$ |
99.3 |
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative on GAAP basis |
|
$ |
28.0 |
|
|
$ |
31.8 |
|
|
$ |
87.8 |
|
|
$ |
91.3 |
|
Stock-based compensation |
|
(3.4 |
) |
|
(4.3 |
) |
|
(9.3 |
) |
|
(11.6 |
) |
Other charges related to
non-recurring activities |
|
(3.4 |
) |
|
(4.9 |
) |
|
(15.4 |
) |
|
(9.3 |
) |
Amortization of intangibles |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
Selling,
general and administrative on non-GAAP basis |
|
$ |
21.1 |
|
|
$ |
22.5 |
|
|
$ |
62.8 |
|
|
$ |
70.1 |
|
|
|
|
|
|
|
|
|
|
Restructuring
and related charges on GAAP basis |
|
$ |
1.8 |
|
|
$ |
1.1 |
|
|
$ |
3.9 |
|
|
$ |
6.7 |
|
Restructuring and related
charges |
|
(1.8 |
) |
|
(1.1 |
) |
|
(3.9 |
) |
|
(6.7 |
) |
Restructuring
and related charges on non-GAAP basis |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Income (loss)
from operations on GAAP basis |
|
$ |
(2.3 |
) |
|
$ |
(10.8 |
) |
|
$ |
1.4 |
|
|
$ |
(8.8 |
) |
Stock-based compensation |
|
8.1 |
|
|
7.5 |
|
|
20.9 |
|
|
21.1 |
|
Other charges related to
non-recurring activities |
|
10.9 |
|
|
5.5 |
|
|
23.5 |
|
|
10.9 |
|
Amortization of intangibles |
|
1.8 |
|
|
2.0 |
|
|
5.4 |
|
|
6.0 |
|
Restructuring and related
charges |
|
1.8 |
|
|
1.1 |
|
|
3.9 |
|
|
6.7 |
|
Income (loss)
from operations on non-GAAP basis |
|
$ |
20.3 |
|
|
$ |
5.3 |
|
|
$ |
55.1 |
|
|
$ |
35.9 |
|
|
|
|
|
|
|
|
|
|
Unrealized loss
on derivative liability on GAAP basis |
|
$ |
(4.8 |
) |
|
$ |
— |
|
|
$ |
(5.0 |
) |
|
$ |
— |
|
Unrealized loss on derivative
liability |
|
4.8 |
|
|
— |
|
|
5.0 |
|
|
— |
|
Unrealized loss
on derivative liability on non-GAAP basis |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes on GAAP basis |
|
$ |
(7.5 |
) |
|
$ |
(11.2 |
) |
|
$ |
(4.7 |
) |
|
$ |
(9.6 |
) |
Stock-based compensation |
|
8.1 |
|
|
7.5 |
|
|
20.9 |
|
|
21.1 |
|
Other charges related to
non-recurring activities |
|
10.9 |
|
|
5.5 |
|
|
23.5 |
|
|
10.9 |
|
Amortization of intangibles |
|
1.8 |
|
|
2.0 |
|
|
5.4 |
|
|
6.0 |
|
Restructuring and related
charges |
|
1.8 |
|
|
1.1 |
|
|
3.9 |
|
|
6.7 |
|
Unrealized loss on derivative
liability |
|
4.8 |
|
|
— |
|
|
5.0 |
|
|
— |
|
Income (loss)
before income taxes on non-GAAP basis |
|
$ |
19.9 |
|
|
$ |
4.9 |
|
|
$ |
54.0 |
|
|
$ |
35.1 |
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes on GAAP basis |
|
$ |
0.1 |
|
|
$ |
(23.4 |
) |
|
$ |
0.3 |
|
|
$ |
(22.0 |
) |
Non-cash income tax (benefit)
expense |
|
0.1 |
|
|
22.1 |
|
|
0.1 |
|
|
20.3 |
|
Provision
(benefit) for income taxes on non-GAAP basis |
|
$ |
0.2 |
|
|
$ |
(1.3 |
) |
|
$ |
0.4 |
|
|
$ |
(1.7 |
) |
|
|
|
|
|
|
|
|
|
Net income
(loss) on GAAP basis |
|
$ |
(7.6 |
) |
|
$ |
12.2 |
|
|
$ |
(5.0 |
) |
|
$ |
12.4 |
|
Stock-based compensation |
|
8.1 |
|
|
7.5 |
|
|
20.9 |
|
|
21.1 |
|
Other charges related to
non-recurring activities |
|
10.9 |
|
|
5.5 |
|
|
23.5 |
|
|
10.9 |
|
Amortization of intangibles |
|
1.8 |
|
|
2.0 |
|
|
5.4 |
|
|
6.0 |
|
Restructuring and related
charges |
|
1.8 |
|
|
1.1 |
|
|
3.9 |
|
|
6.7 |
|
Unrealized loss on derivative
liability |
|
4.8 |
|
|
— |
|
|
5.0 |
|
|
— |
|
Non-cash income tax (benefit)
expense |
|
(0.1 |
) |
|
(22.1 |
) |
|
(0.1 |
) |
|
(20.3 |
) |
Net income on
non-GAAP basis |
|
$ |
19.7 |
|
|
$ |
6.2 |
|
|
$ |
53.6 |
|
|
$ |
36.8 |
|
|
|
|
|
|
|
|
|
|
Net income per
share on non-GAAP basis |
|
$ |
0.32 |
|
|
$ |
0.11 |
|
|
$ |
0.88 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
Shares used in
per share calculation - diluted on GAAPbasis |
|
59.2 |
|
|
58.8 |
|
|
59.0 |
|
|
58.8 |
|
Non-GAAP adjustment (c) |
|
2.3 |
|
|
— |
|
|
1.9 |
|
|
— |
|
Shares used in
per share calculation - diluted on non-GAAP basis |
|
61.5 |
|
|
58.8 |
|
|
60.9 |
|
|
58.8 |
|
|
(b) Other
charges related to non-recurring activities for the three and nine
months ended April 2, 2016 include $7.2 millionof provision
for excess and obsolete inventory relating to certain 3D sensing
products. |
|
(c) This
adjustment represents weighted-average potentially dilutive
securities excluded from the computation of dilutednet loss per
share attributable to common stockholders on GAAP basis because the
effect would have been anti-dilutive. This adjustment amount is
added for the computation of diluted net income per share on
non-GAAP basis aswe had a net income on non-GAAP basis for the
three and nine months ended April 2, 2016. |
LUMENTUM HOLDINGS INC. |
RECONCILIATION OF GAAP NET INCOME (LOSS) TO
ADJUSTED EBITDA |
(in millions) |
(unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
April 2, 2016 |
|
March 28, 2015 |
|
April 2, 2016 |
|
March 28, 2015 |
GAAP net income
(loss) |
|
$ |
(7.6 |
) |
|
$ |
12.2 |
|
|
$ |
(5.0 |
) |
|
$ |
12.4 |
|
Interest and other (expense)
income, net |
|
0.4 |
|
|
0.4 |
|
|
1.1 |
|
|
0.8 |
|
Provision for income taxes |
|
0.1 |
|
|
(23.4 |
) |
|
0.3 |
|
|
(22.0 |
) |
Depreciation |
|
11.3 |
|
|
10.9 |
|
|
35.1 |
|
|
32.1 |
|
Amortization |
|
1.8 |
|
|
2.0 |
|
|
5.4 |
|
|
6.0 |
|
EBITDA |
|
6.0 |
|
|
2.1 |
|
|
36.9 |
|
|
29.3 |
|
Costs related to restructuring and
related charges |
|
1.8 |
|
|
1.1 |
|
|
3.9 |
|
|
6.7 |
|
Costs related to stock-based
compensation |
|
8.1 |
|
|
7.5 |
|
|
20.9 |
|
|
21.1 |
|
Costs related to other
non-recurring activities |
|
10.9 |
|
|
5.5 |
|
|
23.5 |
|
|
10.9 |
|
Unrealized loss on derivative
liability |
|
4.8 |
|
|
— |
|
|
5.0 |
|
|
— |
|
Adjusted EBITDA |
|
$ |
31.6 |
|
|
$ |
16.2 |
|
|
$ |
90.2 |
|
|
$ |
68.0 |
|
Contact Information
Investors: Chris Coldren, 408-404-0606; investor.relations@lumentum.com
Press: Greg Kaufman, 408-546-4235; media@lumentum.com
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