Fiscal Second Quarter Highlights
Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported
results for its fiscal second quarter ended December 31, 2016.
Net revenue for the fiscal second quarter of 2017 was $265.0
million, with GAAP net income of $11.8 million or $0.19 per diluted
share. Net revenue for the fiscal first quarter of 2017 was $258.1
million, with GAAP net loss of $(3.4) million, or $(0.06) per
diluted share. Net revenue for the fiscal second quarter of 2016
was $218.3 million, with GAAP net income of $2.8 million, or $0.05
per diluted share.
Non-GAAP net income for the fiscal second quarter of 2017 was
$35.9 million or $0.57 per diluted share. Non-GAAP net income for
the fiscal first quarter of 2017 was $30.7 million, or $0.49 per
diluted share. Non-GAAP net income for the fiscal second quarter of
2016 was $19.1 million, or $0.31 per diluted share. The Company
held $155.9 million in total cash at the end of the fiscal second
quarter 2017 and remains debt-free.
"We achieved record revenue of $265.0 million, growing 21% year
over year," said Alan Lowe, president and CEO. "Strong growth in
new product revenue, particularly 100G Datacom, which was up 124%
sequentially and more than 500% year over year, drove operating
margin to a new record high of 14.7%."
Financial Overview – Fiscal Second Quarter Ended
December 31, 2016 |
|
|
|
GAAP Results ($ in millions) |
|
|
Q2 |
|
Q1 |
|
Q2 |
|
Change |
|
|
FY 2017 |
|
FY 2017 |
|
FY 2016 |
|
Q/Q |
|
Y/Y |
Net revenue |
|
$ |
265.0 |
|
|
$ |
258.1 |
|
|
$ |
218.3 |
|
|
2.7 |
% |
|
21.4 |
% |
Gross margin |
|
32.8 |
% |
|
31.7 |
% |
|
31.2 |
% |
|
110 |
bps |
|
160 |
bps |
Operating margin |
|
5.0 |
% |
|
6.5 |
% |
|
2.8 |
% |
|
(150 |
)bps |
|
220 |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results ($ in millions) |
|
|
Q2 |
|
Q1 |
|
Q2 |
|
Change |
|
|
FY 2017 |
|
FY 2017 |
|
FY 2016 |
|
Q/Q |
|
Y/Y |
Net revenue |
|
$ |
265.0 |
|
|
$ |
258.1 |
|
|
$ |
218.3 |
|
|
2.7 |
% |
|
21.4 |
% |
Gross margin |
|
36.9 |
% |
|
34.2 |
% |
|
32.7 |
% |
|
270 |
bps |
|
420 |
bps |
Operating margin |
|
14.7 |
% |
|
12.7 |
% |
|
9.0 |
% |
|
200 |
bps |
|
570 |
bps |
|
|
Net Revenue by Segment ($ in
millions) |
|
|
Q2 |
|
% of |
|
Q1 |
|
Q2 |
|
Change |
|
|
FY 2017 |
|
Net Revenue |
|
FY 2017 |
|
FY 2016 |
|
Q/Q |
|
Y/Y |
Optical
Communications |
|
$ |
236.6 |
|
|
89.3 |
% |
|
$ |
218.3 |
|
|
$ |
185.8 |
|
|
8.4 |
% |
|
27.3 |
% |
Lasers |
|
28.4 |
|
|
10.7 |
% |
|
39.8 |
|
|
32.5 |
|
|
(28.6 |
)% |
|
(12.6 |
)% |
Total |
|
$ |
265.0 |
|
|
100.0 |
% |
|
$ |
258.1 |
|
|
$ |
218.3 |
|
|
2.7 |
% |
|
21.4 |
% |
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 third quarter of 2017, the Company expects net
revenue to be in the range of $250 million to $265 million,
non-GAAP operating margin to be 12.5% to 14.0%, and non-GAAP
diluted earnings per share to be $0.46 to $0.54 per share, based on
approximately 63.0 million shares outstanding on a fully diluted
basis.
We have not provided reconciliations from GAAP to non-GAAP
measures for our outlook. A large portion of non-GAAP adjustments,
such as derivative liability adjustments, restructuring,
stock-based compensation, litigation, 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. For example, the
unrealized gain or loss on the derivative liability for Series A
Preferred Stock in our fiscal second quarter of 2017 was a gain of
$4.8 million and is revalued based on the fair market value of our
common stock on the last day of each fiscal quarter, which is
difficult to predict and subject to change.
Conference Call
Lumentum will host a conference call on February 7, 2017 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 will be available on our website at
http://investor.lumentum.com under the "Events and
Presentations" section and is also 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 our expectations for our markets, including
demand for certain products and demand in certain markets, any
anticipation or guidance as to future financial performance,
including future net revenue, earnings per share, and operating
margins, the 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) trends in average
selling prices across our business; (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;
(f) various risks related to our business, including in relation to
competition, production and sales, and (g) risks related to our
separation from Viavi Solutions (formerly JDS Uniphase).
For more information on these and other risks, please refer to
the "Risk Factors" section included in the Company’s 10-Q filed on
October 27, 2016 with the Securities and Exchange Commission, and
the Company’s other filings 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 |
|
Six Months Ended |
|
|
December31, 2016 |
|
December26, 2015 |
|
December31, 2016 |
|
December26, 2015 |
Net revenue |
|
$ |
265.0 |
|
|
$ |
218.3 |
|
|
$ |
523.1 |
|
|
$ |
430.9 |
|
Cost of sales |
|
176.3 |
|
|
148.5 |
|
|
351.0 |
|
|
292.5 |
|
Amortization of
acquired technologies |
|
1.7 |
|
|
1.7 |
|
|
3.4 |
|
|
3.4 |
|
Gross profit |
|
87.0 |
|
|
68.1 |
|
|
168.7 |
|
|
135.0 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
38.7 |
|
|
35.0 |
|
|
75.6 |
|
|
69.4 |
|
Selling, general
and administrative |
|
31.0 |
|
|
25.8 |
|
|
56.1 |
|
|
59.8 |
|
Restructuring
and related charges |
|
4.0 |
|
|
1.1 |
|
|
6.9 |
|
|
2.1 |
|
Total operating
expenses |
|
73.7 |
|
|
61.9 |
|
|
138.6 |
|
|
131.3 |
|
Income from
operations |
|
13.3 |
|
|
6.2 |
|
|
30.1 |
|
|
3.7 |
|
Unrealized gain (loss)
on derivative liability |
|
4.8 |
|
|
(2.4 |
) |
|
(17.9 |
) |
|
(0.2 |
) |
Interest and other
income (expense), net |
|
(0.2 |
) |
|
(0.5 |
) |
|
— |
|
|
(0.7 |
) |
Income before income
taxes |
|
17.9 |
|
|
3.3 |
|
|
12.2 |
|
|
2.8 |
|
Provision for income
taxes |
|
6.1 |
|
|
0.5 |
|
|
3.8 |
|
|
0.2 |
|
Net income |
|
11.8 |
|
|
2.8 |
|
|
8.4 |
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.20 |
|
|
$ |
0.05 |
|
|
$ |
0.14 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.19 |
|
|
$ |
0.05 |
|
|
$ |
0.13 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
Items reconciling net
income to net income available to common stockholders: |
|
|
|
|
|
|
|
|
Dividends
on Series A preferred stock |
|
(0.2 |
) |
|
(0.2 |
) |
|
(0.4 |
) |
|
(0.3 |
) |
Adjustment for Series A preferred stock redemption value |
|
— |
|
|
(2.0 |
) |
|
— |
|
|
(11.7 |
) |
Net income available to
common stockholders |
|
$ |
11.6 |
|
|
$ |
0.6 |
|
|
$ |
8.0 |
|
|
$ |
(9.4 |
) |
|
|
|
|
|
|
|
|
|
Net income available to
common stockholders per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
|
$ |
0.01 |
|
|
$ |
0.13 |
|
|
$ |
(0.16 |
) |
Diluted |
|
$ |
0.19 |
|
|
$ |
0.01 |
|
|
$ |
0.13 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
Shares used in per
share calculation: |
|
|
|
|
|
|
|
|
Basic |
|
60.3 |
|
|
59.0 |
|
|
60.1 |
|
|
58.9 |
|
Diluted |
|
62.7 |
|
|
59.2 |
|
|
62.6 |
|
|
58.9 |
|
LUMENTUM HOLDINGS INC. |
CONSOLIDATED BALANCE SHEETS |
(in millions, except share and per share data) |
(unaudited) |
|
|
|
December 31, 2016 |
|
July 2, 2016 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
155.9 |
|
|
$ |
157.1 |
|
Accounts
receivable, net |
|
192.5 |
|
|
170.5 |
|
Inventories |
|
121.0 |
|
|
100.6 |
|
Prepayments and other current assets |
|
58.2 |
|
|
61.3 |
|
Total
current assets |
|
527.6 |
|
|
489.5 |
|
Property, plant and
equipment, net |
|
219.6 |
|
|
183.4 |
|
Goodwill and
intangibles, net |
|
16.0 |
|
|
19.9 |
|
Deferred income taxes,
net |
|
30.8 |
|
|
31.9 |
|
Other non-current
assets |
|
2.7 |
|
|
1.6 |
|
Total
assets |
|
$ |
796.7 |
|
|
$ |
726.3 |
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK,AND EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
127.8 |
|
|
$ |
118.3 |
|
Accrued
payroll and related expenses |
|
36.0 |
|
|
26.5 |
|
Income
taxes payable |
|
0.4 |
|
|
1.9 |
|
Accrued
expenses |
|
16.5 |
|
|
14.9 |
|
Other
current liabilities |
|
21.3 |
|
|
12.1 |
|
Total current liabilities |
|
202.0 |
|
|
173.7 |
|
Derivative
liability |
|
28.2 |
|
|
10.3 |
|
Other non-current
liabilities |
|
14.3 |
|
|
9.1 |
|
Total
liabilities |
|
244.5 |
|
|
193.1 |
|
|
|
|
|
|
Redeemable convertible
preferred stock: |
|
|
|
|
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 December 31, 2016 and as of July 2,
2016 |
|
35.8 |
|
|
35.8 |
|
Total
redeemable convertible preferred stock |
|
35.8 |
|
|
35.8 |
|
Stockholders’
equity: |
|
|
|
|
Common stock, $0.001
par value, 990,000,000 shares authorized, 60,580,652and 59,580,596
shares issued and outstanding as of December 31, 2016, and July2,
2016, respectively |
|
0.1 |
|
|
0.1 |
|
Additional paid-in capital |
|
483.3 |
|
|
467.7 |
|
Retained
earnings |
|
28.2 |
|
|
20.2 |
|
Accumulated other comprehensive income |
|
4.8 |
|
|
9.4 |
|
Total stockholders’ equity |
|
516.4 |
|
|
497.4 |
|
Total liabilities and stockholders' equity |
|
$ |
796.7 |
|
|
$ |
726.3 |
|
Use of Non-GAAP Financial Measures
In this press release, Lumentum provides investors with gross
margin, operating margin, net income, net income per share and
Adjusted EBITDA on a non-GAAP basis. Lumentum also supplementally
provides gross profit, income (loss) before income taxes and
certain expenses (collectively “non-GAAP expenses”) 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. Further, these non-GAAP financial measures may
not be comparable to similarly titled measurements reported by
other companies.
Non-GAAP gross margin, non-GAAP operating margin, non-GAAP net
income, and non-GAAP net income per share, Adjusted EBITDA,
non-GAAP gross profit, income (loss) before income taxes and
non-GAAP expenses 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, (v) amortization of acquired
developed technologies, (vi) non-cash interest expense, (vii)
unrealized loss on derivative liability, and (viii) warranty
charges related to our vendor quality issues with expected future
recoveries and (ix) other 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 from 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 |
|
Six Months Ended |
|
|
December 31,2016 |
|
December 26,2015 |
|
December 31,2016 |
|
December 26,2015 |
|
|
|
|
|
|
|
|
|
Gross profit on
GAAP basis |
|
$ |
87.0 |
|
|
$ |
68.1 |
|
|
$ |
168.7 |
|
|
$ |
135.0 |
|
Stock-based compensation |
|
2.1 |
|
|
1.5 |
|
|
4.1 |
|
|
2.7 |
|
Other
charges related to non-recurring activities |
|
7.1 |
|
|
— |
|
|
9.9 |
|
|
— |
|
Amortization of acquired developed technologies |
|
1.7 |
|
|
1.7 |
|
|
3.4 |
|
|
3.4 |
|
Gross profit on
non-GAAP basis |
|
$ |
97.9 |
|
|
$ |
71.3 |
|
|
$ |
186.1 |
|
|
$ |
141.1 |
|
|
|
|
|
|
|
|
|
|
Research and
development on GAAP basis |
|
$ |
38.7 |
|
|
$ |
35.0 |
|
|
$ |
75.6 |
|
|
$ |
69.4 |
|
Stock-based compensation |
|
(3.0 |
) |
|
(2.3 |
) |
|
(5.8 |
) |
|
(4.2 |
) |
Other
charges related to non-recurring activities |
|
(0.3 |
) |
|
— |
|
|
(0.6 |
) |
|
(0.6 |
) |
Research and
development on non-GAAP basis |
|
$ |
35.4 |
|
|
$ |
32.7 |
|
|
$ |
69.2 |
|
|
$ |
64.6 |
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative on GAAP basis |
|
$ |
31.0 |
|
|
$ |
25.8 |
|
|
$ |
56.1 |
|
|
$ |
59.8 |
|
Stock-based compensation |
|
(4.0 |
) |
|
(2.5 |
) |
|
(6.9 |
) |
|
(5.9 |
) |
Other
charges related to non-recurring activities |
|
(3.4 |
) |
|
(4.2 |
) |
|
(3.8 |
) |
|
(12.0 |
) |
Amortization of intangibles |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.2 |
) |
Selling,
general and administrative on non-GAAP basis |
|
$ |
23.5 |
|
|
$ |
19.0 |
|
|
$ |
45.2 |
|
|
$ |
41.7 |
|
|
|
|
|
|
|
|
|
|
Income from
operations on GAAP basis |
|
$ |
13.3 |
|
|
$ |
6.2 |
|
|
$ |
30.1 |
|
|
$ |
3.7 |
|
Stock-based compensation |
|
9.1 |
|
|
6.3 |
|
|
16.8 |
|
|
12.8 |
|
Other
charges related to non-recurring activities |
|
10.8 |
|
|
4.2 |
|
|
14.3 |
|
|
12.6 |
|
Amortization of intangibles |
|
1.8 |
|
|
1.8 |
|
|
3.6 |
|
|
3.6 |
|
Restructuring and related charges |
|
4.0 |
|
|
1.1 |
|
|
6.9 |
|
|
2.1 |
|
Income from
operations on non-GAAP basis |
|
$ |
39.0 |
|
|
$ |
19.6 |
|
|
$ |
71.7 |
|
|
$ |
34.8 |
|
|
|
|
|
|
|
|
|
|
Income before
income taxes on GAAP basis |
|
$ |
17.9 |
|
|
$ |
3.3 |
|
|
$ |
12.2 |
|
|
$ |
2.8 |
|
Stock-based compensation |
|
9.1 |
|
|
6.3 |
|
|
16.8 |
|
|
12.8 |
|
Other
charges related to non-recurring activities |
|
10.8 |
|
|
4.2 |
|
|
14.3 |
|
|
12.6 |
|
Amortization of intangibles |
|
1.8 |
|
|
1.8 |
|
|
3.6 |
|
|
3.6 |
|
Restructuring and related charges |
|
4.0 |
|
|
1.1 |
|
|
6.9 |
|
|
2.1 |
|
Other
income |
|
(0.2 |
) |
|
— |
|
|
(0.2 |
) |
|
— |
|
Unrealized (gain) loss on derivative liability |
|
(4.8 |
) |
|
2.4 |
|
|
17.9 |
|
|
0.2 |
|
Income before
income taxes on non-GAAP basis |
|
$ |
38.6 |
|
|
$ |
19.1 |
|
|
$ |
71.5 |
|
|
$ |
34.1 |
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes on GAAP basis |
|
$ |
6.1 |
|
|
$ |
0.5 |
|
|
$ |
3.8 |
|
|
$ |
0.2 |
|
Income
tax effect of non-GAAP exclusions |
|
(3.4 |
) |
|
(0.5 |
) |
|
1.1 |
|
|
— |
|
Provision for
income taxes on non-GAAP basis |
|
$ |
2.7 |
|
|
$ |
— |
|
|
$ |
4.9 |
|
|
$ |
0.2 |
|
|
|
|
|
|
|
|
|
|
Net income on
GAAP basis |
|
$ |
11.8 |
|
|
$ |
2.8 |
|
|
$ |
8.4 |
|
|
$ |
2.6 |
|
Stock-based compensation |
|
9.1 |
|
|
6.3 |
|
|
16.8 |
|
|
12.8 |
|
Other
charges related to non-recurring activities |
|
10.8 |
|
|
4.2 |
|
|
14.3 |
|
|
12.6 |
|
Amortization of intangibles |
|
1.8 |
|
|
1.8 |
|
|
3.6 |
|
|
3.6 |
|
Restructuring and related charges |
|
4.0 |
|
|
1.1 |
|
|
6.9 |
|
|
2.1 |
|
Other
income |
|
(0.2 |
) |
|
— |
|
|
(0.2 |
) |
|
— |
|
Unrealized (gain) loss on derivative liability |
|
(4.8 |
) |
|
2.4 |
|
|
17.9 |
|
|
0.2 |
|
Income
tax effect of non-GAAP exclusions |
|
3.4 |
|
|
0.5 |
|
|
(1.1 |
) |
|
— |
|
Net income on
non-GAAP basis |
|
$ |
35.9 |
|
|
$ |
19.1 |
|
|
$ |
66.6 |
|
|
$ |
33.9 |
|
|
|
|
|
|
|
|
|
|
Net income per
share on non-GAAP basis |
|
$ |
0.57 |
|
|
$ |
0.31 |
|
|
$ |
1.06 |
|
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
Shares used in
per share calculation - diluted on non-GAAP basis |
|
62.7 |
|
|
60.7 |
|
|
62.6 |
|
|
60.3 |
|
LUMENTUM HOLDINGS INC. |
RECONCILIATION OF GAAP NET INCOME (LOSS) TO
ADJUSTED EBITDA |
(in millions) |
(unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
December 31,2016 |
|
December 26,2015 |
|
December 31,2016 |
|
December 26,2015 |
GAAP net income |
|
$ |
11.8 |
|
|
$ |
2.8 |
|
|
$ |
8.4 |
|
|
$ |
2.6 |
|
Interest
and other expense (income), net |
|
0.2 |
|
|
0.5 |
|
|
— |
|
|
0.7 |
|
Provision
for income taxes |
|
6.1 |
|
|
0.5 |
|
|
3.8 |
|
|
0.2 |
|
Depreciation |
|
13.1 |
|
|
12.1 |
|
|
25.0 |
|
|
23.8 |
|
Amortization |
|
1.8 |
|
|
1.8 |
|
|
3.6 |
|
|
3.6 |
|
EBITDA |
|
33.0 |
|
|
17.7 |
|
|
40.8 |
|
|
30.9 |
|
Costs
related to restructuring and related charges |
|
4.0 |
|
|
1.1 |
|
|
6.9 |
|
|
2.1 |
|
Costs
related to stock-based compensation |
|
9.1 |
|
|
6.3 |
|
|
16.8 |
|
|
12.8 |
|
Costs
related to other non-recurring activities |
|
10.8 |
|
|
4.2 |
|
|
14.3 |
|
|
12.6 |
|
Unrealized
(gain) loss on derivative liability |
|
(4.8 |
) |
|
2.4 |
|
|
17.9 |
|
|
0.2 |
|
Adjusted EBITDA |
|
$ |
52.1 |
|
|
$ |
31.7 |
|
|
$ |
96.7 |
|
|
$ |
58.6 |
|
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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