Fiscal Third Quarter Results
Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported
results for its fiscal third quarter ended April 1, 2017.
Net revenue for the fiscal third quarter of 2017 was $255.8
million, with GAAP net loss of $(56.0) million or $(0.92) per
diluted share. 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 third quarter of 2016
was $230.4 million, with GAAP net loss of $(7.6) million, or
$(0.13) per diluted share.
Non-GAAP net income for the fiscal third quarter of 2017 was
$30.8 million or $0.49 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 third quarter of
2016 was $19.7 million, or $0.32 per diluted share. The Company
held $577.9 million in total cash and cash equivalents at the end
of the fiscal third quarter of 2017.
"During the third quarter we made solid progress on our
strategic goals in each of our markets," said Alan Lowe, president
and CEO. "Our revenue from 100G QSFP28 transceivers targeting
hyperscale datacenter applications picked up materially, we shipped
record levels of next generation TrueFlex® ROADMs, our commercial
lasers business returned to growth, and we made substantial
progress on 3D sensing for mobile devices applications."
"Late in the third quarter we saw demand from China slow
significantly, and this softness persisted through April. Despite
this near-term softness, we remain optimistic about our longer-term
outlook. Demand continues to grow for bandwidth across the world’s
datacenters and communications networks. Manufacturers are
increasingly adopting advanced laser-based techniques. And, leaders
in next generation consumer electronics, as well as the automotive
industry, are looking to 3D sensing to enable new applications,"
concluded Mr. Lowe.
Financial Overview – Fiscal Third Quarter Ended
April 1, 2017
|
GAAP Results ($ in millions) |
|
Q3 |
|
Q2 |
|
Q3 |
|
Change |
|
FY 2017 |
|
FY 2017 |
|
FY 2016 |
|
Q/Q |
|
Y/Y |
Net revenue |
$ |
255.8 |
|
|
$ |
265.0 |
|
|
$ |
230.4 |
|
|
(3.5 |
)% |
|
11.0 |
% |
Gross margin |
|
32.1 |
% |
|
|
32.8 |
% |
|
|
27.3 |
% |
|
(70)bps |
|
480bps |
Operating margin
|
|
5.3 |
% |
|
|
5.0 |
% |
|
|
(1.0 |
)% |
|
30bps |
|
630bps |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results ($ in millions) |
|
Q3 |
|
Q2 |
|
Q3 |
|
Change |
|
FY 2017 |
|
FY 2017 |
|
FY 2016 |
|
Q/Q |
|
Y/Y |
Net revenue |
$ |
255.8 |
|
|
$ |
265.0 |
|
|
$ |
230.4 |
|
|
(3.5 |
)% |
|
11.0 |
% |
Gross margin |
|
34.4 |
% |
|
|
36.9 |
% |
|
|
32.2 |
% |
|
(250)bps |
|
220bps |
Operating margin |
|
12.6 |
% |
|
|
14.7 |
% |
|
|
8.8 |
% |
|
(210)bps |
|
380bps |
|
Net Revenue by Segment ($ in
millions) |
|
Q3 |
|
% of |
|
Q2 |
|
Q3 |
|
Change |
|
FY 2017 |
|
Net Revenue |
|
FY 2017 |
|
FY 2016 |
|
Q/Q |
|
Y/Y |
Optical
Communications |
$ |
216.1 |
|
|
84.5 |
% |
|
$ |
236.6 |
|
|
$ |
197.2 |
|
|
(8.7 |
)% |
|
9.6 |
% |
Lasers |
39.7 |
|
|
15.5 |
% |
|
28.4 |
|
|
33.2 |
|
|
39.8 |
% |
|
19.6 |
% |
Total |
$ |
255.8 |
|
|
100.0 |
% |
|
$ |
265.0 |
|
|
$ |
230.4 |
|
|
(3.5 |
)% |
|
11.0 |
% |
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 of 2017, the Company expects net
revenue to be in the range of $220 million to $235 million,
non-GAAP operating margin to be 9.0% to 11.0%, and non-GAAP diluted
earnings per share to be $0.30 to $0.40 per share, based on
approximately 63.7 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 liabilities 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 liabilities for
Convertible Senior Notes (the “convertible notes”) issued in March
2017 and Series A Preferred Stock in our fiscal third quarter of
2017 was a loss of $56.6 million, as compared to a gain on the
derivative liability for Series A Preferred Stock of $4.8 million
in the fiscal second quarter of 2017. These liabilities are
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 May 4, 2017 at
5:30am PT/8:30am 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 "Financial News
Releases" 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). All
forward-looking statements involve risks and uncertainties that
could cause actual events and terms to differ materially from those
set forth herein, including those related to our business and
growth opportunities.
For more information on these and other risks, please refer to
the "Risk Factors" section included in the Company’s 10-Q for the
quarter ended April 1, 2017 filed 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 |
|
Nine Months Ended |
|
April 1, 2017 |
|
April 2, 2016 |
|
April 1, 2017 |
|
April 2, 2016 |
Net revenue |
$ |
255.8 |
|
|
$ |
230.4 |
|
|
$ |
778.9 |
|
|
$ |
661.3 |
|
Cost of sales |
172.0 |
|
|
165.9 |
|
|
523.0 |
|
|
458.4 |
|
Amortization of
acquired technologies |
1.7 |
|
|
1.7 |
|
|
5.1 |
|
|
5.1 |
|
Gross profit |
82.1 |
|
|
62.8 |
|
|
250.8 |
|
|
197.8 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research
and development |
37.3 |
|
|
35.3 |
|
|
112.9 |
|
|
104.7 |
|
Selling,
general and administrative |
28.1 |
|
|
28.0 |
|
|
84.2 |
|
|
87.8 |
|
Restructuring and related charges |
3.1 |
|
|
1.8 |
|
|
10.0 |
|
|
3.9 |
|
Total operating
expenses |
68.5 |
|
|
65.1 |
|
|
207.1 |
|
|
196.4 |
|
Income (loss) from
operations |
13.6 |
|
|
(2.3 |
) |
|
43.7 |
|
|
1.4 |
|
Unrealized loss on
derivative liabilities |
(56.6 |
) |
|
(4.8 |
) |
|
(74.5 |
) |
|
(5.0 |
) |
Interest and other
expenses, net |
(1.4 |
) |
|
(0.4 |
) |
|
(1.4 |
) |
|
(1.1 |
) |
Loss before income
taxes |
(44.4 |
) |
|
(7.5 |
) |
|
(32.2 |
) |
|
(4.7 |
) |
Provision for income
taxes |
11.6 |
|
|
0.1 |
|
|
15.4 |
|
|
0.3 |
|
Net loss |
(56.0 |
) |
|
(7.6 |
) |
|
(47.6 |
) |
|
(5.0 |
) |
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.92 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.79 |
) |
|
$ |
(0.08 |
) |
Diluted |
$ |
(0.92 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.79 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
Items reconciling net
loss to net loss available to common stockholders: |
|
|
|
|
|
|
|
Dividends
on Series A preferred stock |
(0.2 |
) |
|
(0.3 |
) |
|
(0.6 |
) |
|
(0.6 |
) |
Adjustment for Series A preferred stock redemption value |
— |
|
|
— |
|
|
— |
|
|
(11.7 |
) |
Net loss available to
common stockholders |
$ |
(56.2 |
) |
|
$ |
(7.9 |
) |
|
$ |
(48.2 |
) |
|
$ |
(17.3 |
) |
|
|
|
|
|
|
|
|
Net loss available to
common stockholders per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.92 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.80 |
) |
|
$ |
(0.29 |
) |
Diluted |
$ |
(0.92 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.80 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
Shares used in per
share calculation: |
|
|
|
|
|
|
|
Basic |
61.0 |
|
|
59.2 |
|
|
60.4 |
|
|
59.0 |
|
Diluted |
61.0 |
|
|
59.2 |
|
|
60.4 |
|
|
59.0 |
|
LUMENTUM HOLDINGS INC. |
CONSOLIDATED BALANCE SHEETS |
(in millions, except share and per share data) |
(unaudited) |
|
|
April 1, 2017 |
|
July 2, 2016 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
577.9 |
|
|
$ |
157.1 |
|
Accounts
receivable, net of allowance for doubtful accounts of $1.5 and $0.9
as of April 1, 2017 and July 2, 2016, respectively |
185.4 |
|
|
170.5 |
|
Inventories |
116.9 |
|
|
100.6 |
|
Prepayments and other current assets |
61.4 |
|
|
61.3 |
|
Total
current assets |
941.6 |
|
|
489.5 |
|
Property, plant and
equipment, net |
246.6 |
|
|
183.4 |
|
Goodwill and
intangibles, net |
22.3 |
|
|
19.9 |
|
Deferred income taxes,
net |
31.1 |
|
|
31.9 |
|
Other non-current
assets |
2.9 |
|
|
1.6 |
|
Total
assets |
$ |
1,244.5 |
|
|
$ |
726.3 |
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
118.4 |
|
|
$ |
118.3 |
|
Accrued
payroll and related expenses |
31.1 |
|
|
26.5 |
|
Income
taxes payable |
0.4 |
|
|
1.9 |
|
Accrued
expenses |
23.0 |
|
|
14.9 |
|
Other
current liabilities |
19.2 |
|
|
12.1 |
|
Total
current liabilities |
192.1 |
|
|
173.7 |
|
Convertible note |
313.4 |
|
|
— |
|
Derivative
liabilities |
214.7 |
|
|
10.3 |
|
Other non-current
liabilities |
19.9 |
|
|
9.1 |
|
Total
liabilities |
740.1 |
|
|
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 and
outstanding as of April 1, 2017, and 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, 61,105,106 and 59,580,596
shares issued and outstanding as of April 1, 2017, and July 2,
2016, respectively |
0.1 |
|
|
0.1 |
|
Additional paid-in capital |
489.8 |
|
|
467.7 |
|
Retained
earnings (deficit) |
(28.0 |
) |
|
20.2 |
|
Accumulated other comprehensive income |
6.7 |
|
|
9.4 |
|
Total
stockholders’ equity |
468.6 |
|
|
497.4 |
|
Total
liabilities and stockholders' equity |
$ |
1,244.5 |
|
|
$ |
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 provides
supplemental 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 liabilities, 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. In the
fiscal third quarter of 2017, we issued $450 million in aggregate
principal amount of convertible senior notes (the “convertible
notes”). As of the last day of the third quarter, the Company could
only satisfy its conversion obligations in cash. Accordingly,
the conversion option of the convertible notes is accounted for as
a derivative liability under GAAP and therefore, fluctuates with
the fair market value of our stock price as of the end of the
quarter. Subject to the satisfaction of certain conditions
set forth more fully in the indenture governing the convertible
notes, the Company will evaluate the conversion option and if the
Company meets the requirements to account for the conversion option
as equity, the conversion option will no longer be marked to
market, and will be reclassified to equity. 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 1, 2017 |
|
April 2, 2016 |
|
April 1, 2017 |
|
April 2, 2016 |
|
|
|
|
|
|
|
|
Gross profit on
GAAP basis |
$ |
82.1 |
|
|
$ |
62.8 |
|
|
$ |
250.8 |
|
|
$ |
197.8 |
|
Stock-based compensation |
1.9 |
|
|
2.2 |
|
|
6.0 |
|
|
4.9 |
|
Other
charges related to non-recurring activities |
2.2 |
|
|
7.5 |
|
|
12.1 |
|
|
7.5 |
|
Amortization of intangibles |
1.7 |
|
|
1.7 |
|
|
5.1 |
|
|
5.1 |
|
Gross profit on
non-GAAP basis |
$ |
87.9 |
|
|
$ |
74.2 |
|
|
$ |
274.0 |
|
|
$ |
215.3 |
|
|
|
|
|
|
|
|
|
Research and
development on GAAP basis |
$ |
37.3 |
|
|
$ |
35.3 |
|
|
$ |
112.9 |
|
|
$ |
104.7 |
|
Stock-based compensation |
(3.0 |
) |
|
(2.5 |
) |
|
(8.8 |
) |
|
(6.7 |
) |
Other
charges related to non-recurring activities |
(0.1 |
) |
|
— |
|
|
(0.7 |
) |
|
(0.6 |
) |
Research and
development on non-GAAP basis |
$ |
34.2 |
|
|
$ |
32.8 |
|
|
$ |
103.4 |
|
|
$ |
97.4 |
|
|
|
|
|
|
|
|
|
Selling,
general and administrative on GAAP basis |
$ |
28.1 |
|
|
$ |
28.0 |
|
|
$ |
84.2 |
|
|
$ |
87.8 |
|
Stock-based compensation |
(3.2 |
) |
|
(3.4 |
) |
|
(10.1 |
) |
|
(9.3 |
) |
Other
charges related to non-recurring activities |
(3.3 |
) |
|
(3.4 |
) |
|
(7.1 |
) |
|
(15.4 |
) |
Amortization of intangibles |
(0.1 |
) |
|
(0.1 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
Selling,
general and administrative on non-GAAP basis |
$ |
21.5 |
|
|
$ |
21.1 |
|
|
$ |
66.7 |
|
|
$ |
62.8 |
|
|
|
|
|
|
|
|
|
Income (loss)
from operations on GAAP basis |
$ |
13.6 |
|
|
$ |
(2.3 |
) |
|
$ |
43.7 |
|
|
$ |
1.4 |
|
Stock-based compensation |
8.1 |
|
|
8.1 |
|
|
24.9 |
|
|
20.9 |
|
Other
charges related to non-recurring activities |
5.6 |
|
|
10.9 |
|
|
19.9 |
|
|
23.5 |
|
Amortization of intangibles |
1.8 |
|
|
1.8 |
|
|
5.4 |
|
|
5.4 |
|
Restructuring and related charges |
3.1 |
|
|
1.8 |
|
|
10.0 |
|
|
3.9 |
|
Income from
operations on non-GAAP basis |
$ |
32.2 |
|
|
$ |
20.3 |
|
|
$ |
103.9 |
|
|
$ |
55.1 |
|
|
|
|
|
|
|
|
|
Loss before
income taxes on GAAP basis |
$ |
(44.4 |
) |
|
$ |
(7.5 |
) |
|
$ |
(32.2 |
) |
|
$ |
(4.7 |
) |
Stock-based compensation |
8.1 |
|
|
8.1 |
|
|
24.9 |
|
|
20.9 |
|
Other
charges related to non-recurring activities |
5.6 |
|
|
10.9 |
|
|
19.9 |
|
|
23.5 |
|
Amortization of intangibles |
1.8 |
|
|
1.8 |
|
|
5.4 |
|
|
5.4 |
|
Restructuring and related charges |
3.1 |
|
|
1.8 |
|
|
10.0 |
|
|
3.9 |
|
Non-cash
other income (expense) |
(0.1 |
) |
|
— |
|
|
(0.3 |
) |
|
— |
|
Effective
interest expense on Convertible note |
1.0 |
|
|
— |
|
|
1.0 |
|
|
— |
|
Unrealized loss on derivative liabilities |
56.6 |
|
|
4.8 |
|
|
74.5 |
|
|
5.0 |
|
Income before
income taxes on non-GAAP basis |
$ |
31.7 |
|
|
$ |
19.9 |
|
|
$ |
103.2 |
|
|
$ |
54.0 |
|
|
|
|
|
|
|
|
|
Provision for
income taxes on GAAP basis |
$ |
11.6 |
|
|
$ |
0.1 |
|
|
$ |
15.4 |
|
|
$ |
0.3 |
|
Impact of
non-GAAP income tax benefit (expense) |
(10.7 |
) |
|
0.1 |
|
|
(9.6 |
) |
|
0.1 |
|
Provision for
income taxes on non-GAAP basis |
$ |
0.9 |
|
|
$ |
0.2 |
|
|
$ |
5.8 |
|
|
$ |
0.4 |
|
|
|
|
|
|
|
|
|
Net loss on
GAAP basis |
$ |
(56.0 |
) |
|
$ |
(7.6 |
) |
|
$ |
(47.6 |
) |
|
$ |
(5.0 |
) |
Stock-based compensation |
8.1 |
|
|
8.1 |
|
|
24.9 |
|
|
20.9 |
|
Other
charges related to non-recurring activities |
5.6 |
|
|
10.9 |
|
|
19.9 |
|
|
23.5 |
|
Amortization of intangibles |
1.8 |
|
|
1.8 |
|
|
5.4 |
|
|
5.4 |
|
Restructuring and related charges |
3.1 |
|
|
1.8 |
|
|
10.0 |
|
|
3.9 |
|
Non-cash
other income (expense) |
(0.1 |
) |
|
— |
|
|
(0.3 |
) |
|
— |
|
Effective
interest expense on Convertible note |
1.0 |
|
|
— |
|
|
1.0 |
|
|
— |
|
Unrealized loss on derivative liabilities |
56.6 |
|
|
4.8 |
|
|
74.5 |
|
|
5.0 |
|
Impact of
non-GAAP income tax benefit (expense) |
10.7 |
|
|
(0.1 |
) |
|
9.6 |
|
|
(0.1 |
) |
Net income on
non-GAAP basis |
$ |
30.8 |
|
|
$ |
19.7 |
|
|
$ |
97.4 |
|
|
$ |
53.6 |
|
|
|
|
|
|
|
|
|
Net income per
share on non-GAAP basis |
$ |
0.49 |
|
|
$ |
0.32 |
|
|
$ |
1.55 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
Shares used in
per share calculation - diluted on GAAP basis |
61.0 |
|
|
59.2 |
|
|
60.4 |
|
|
59.0 |
|
Non-GAAP
adjustment (a) |
2.4 |
|
|
2.3 |
|
|
2.5 |
|
|
1.9 |
|
Shares used in
per share calculation - diluted on non-GAAP basis |
63.4 |
|
|
61.5 |
|
|
62.9 |
|
|
60.9 |
|
|
(a) This
adjustment represents weighted-average potentially dilutive
securities excluded from the computation of diluted net loss per
share attributable to common stockholders on GAAP basis because the
effect would have been antidilutive. This adjustment amount is
added for the computation of diluted net income per share on
non-GAAP basis as we had a net income on non-GAAP basis for all
periods presented. |
LUMENTUM HOLDINGS INC. |
RECONCILIATION OF GAAP NET INCOME (LOSS) TO
ADJUSTED EBITDA |
(in millions) |
(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1, 2017 |
|
April 2, 2016 |
|
April 1, 2017 |
|
April 2, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss |
$ |
(56.0 |
) |
|
$ |
(7.6 |
) |
|
$ |
(47.6 |
) |
|
$ |
(5.0 |
) |
Interest
and other expense (income), net |
1.4 |
|
|
|
0.4 |
|
|
|
1.4 |
|
|
|
1.1 |
|
Provision
for income taxes |
11.6 |
|
|
|
0.1 |
|
|
|
15.4 |
|
|
|
0.3 |
|
Depreciation |
14.1 |
|
|
|
11.3 |
|
|
|
39.1 |
|
|
|
35.1 |
|
Amortization |
1.8 |
|
|
|
1.8 |
|
|
|
5.4 |
|
|
|
5.4 |
|
EBITDA |
(27.1 |
) |
|
|
6.0 |
|
|
|
13.7 |
|
|
|
36.9 |
|
Restructuring and related charges |
3.1 |
|
|
|
1.8 |
|
|
|
10.0 |
|
|
|
3.9 |
|
Stock-based compensation |
8.1 |
|
|
|
8.1 |
|
|
|
24.9 |
|
|
|
20.9 |
|
Other
charges related to non-recurring activities |
5.6 |
|
|
|
10.9 |
|
|
|
19.9 |
|
|
|
23.5 |
|
Unrealized loss
on derivative liabilities |
56.6 |
|
|
|
4.8 |
|
|
|
74.5 |
|
|
|
5.0 |
|
Adjusted EBITDA |
$ |
46.3 |
|
|
|
$ |
31.6 |
|
|
|
$ |
143.0 |
|
|
|
$ |
90.2 |
|
Contact Information
Investors: Chris Coldren, 408-404-0606; investor.relations@lumentum.com
Press: Greg Kaufman, 408-546-4593; media@lumentum.com
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