SAN JOSE, Calif., Nov. 4, 2021 /PRNewswire/ -- Lumentum Holdings
Inc. ("Lumentum" or the "Company") today reported results for its
fiscal first quarter ended October 2, 2021.
"Driven by strong demand, first quarter financial results were
above our guidance ranges across all metrics," said Alan Lowe, President and CEO. "Our Industrial
and Consumer product lines and our Commercial Lasers segment
revenues were ahead of expectations which more than offset the
impact of semiconductor shortages in our Telecom and Datacom
product lines."
"Looking to the second quarter, demand continues to be strong,
particularly in Telecom and Datacom as well as Commercial Lasers,
where we expect revenue to grow sequentially. While we are
increasing our supply of semiconductors, we expect the gap between
demand and supply for our products in the second quarter will be
larger than it was in the first quarter, and we have incorporated
this in our guidance," added Mr. Lowe.
Fiscal First Quarter Highlights:
Net revenue for the fiscal first quarter of 2022 was
$448.4 million, with GAAP net income
of $81.5 million, or $1.08 per diluted share. Net revenue for the
fiscal fourth quarter of 2021 was $392.1
million, with GAAP net income of $21.5 million, or $0.28 per diluted share. Net revenue for the
fiscal first quarter of 2021 was $452.4
million, with GAAP net income of $67.1 million, or $0.86 per diluted share.
Non-GAAP net income for the fiscal first quarter of 2022 was
$135.1 million, or $1.79 per diluted share. Non-GAAP net income for
the fiscal fourth quarter of 2021 was $81.9
million, or $1.06 per diluted
share. Non-GAAP net income for the fiscal first quarter of 2021 was
$131.2 million, or $1.68 per diluted share.
The Company held $1,884.6 million
in total cash, cash equivalents, and short-term investments at the
end of the fiscal first quarter of 2022, down $61.4 million from the fiscal fourth quarter of
2021.
|
Financial Overview
– Fiscal First Quarter Ended October 2, 2021
|
|
|
GAAP Results ($ in
millions)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Change
|
|
FY
2022
|
|
FY
2021
|
|
FY
2021
|
|
Q/Q
|
|
Y/Y
|
Net
revenue
|
$448.4
|
|
$392.1
|
|
$452.4
|
|
14.4%
|
|
(0.9)%
|
Gross
margin
|
51.8%
|
|
41.5%
|
|
45.5%
|
|
1,030bps
|
|
630bps
|
Operating
margin
|
25.8%
|
|
11.7%
|
|
21.9%
|
|
1,410bps
|
|
390bps
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results
($ in millions)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Change
|
|
FY
2022
|
|
FY
2021
|
|
FY
2021
|
|
Q/Q
|
|
Y/Y
|
Net
revenue
|
$448.4
|
|
$392.1
|
|
$452.4
|
|
14.4%
|
|
(0.9)%
|
Gross
margin
|
55.0%
|
|
47.7%
|
|
52.0%
|
|
730bps
|
|
300bps
|
Operating
margin
|
35.4%
|
|
24.6%
|
|
33.7%
|
|
1,080bps
|
|
170bps
|
|
|
|
Net Revenue by
Segment ($ in millions)
|
|
Q1
|
|
%
of
|
|
Q4
|
|
Q1
|
|
Change
|
|
FY
2022
|
|
Net
Revenue
|
|
FY
2021
|
|
FY
2021
|
|
Q/Q
|
|
Y/Y
|
Optical
Communications
|
$
|
406.0
|
|
|
90.5
|
%
|
|
$
|
355.2
|
|
|
$
|
428.5
|
|
|
14.3
|
%
|
|
(5.3)
|
%
|
Lasers
|
42.4
|
|
|
9.5
|
%
|
|
36.9
|
|
|
23.9
|
|
|
14.9
|
%
|
|
77.4
|
%
|
Total
|
$
|
448.4
|
|
|
100.0
|
%
|
|
$
|
392.1
|
|
|
$
|
452.4
|
|
|
14.4
|
%
|
|
(0.9)
|
%
|
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 second
quarter 2022:
- Net revenue in the range of $435
million to $455
million
- Non-GAAP operating margin of 30.0% to 32.0%
- Non-GAAP diluted earnings per share of $1.47 to $1.64
We have not provided reconciliations from GAAP to non-GAAP
measures for our outlook. A large portion of non-GAAP adjustments,
such as restructuring charges, stock-based compensation, non-cash
income tax expense and credits, integration and acquisition related
costs, inventory write down due to plans to exit certain product
lines 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
In a separate news release today, the Company announced that it
had entered into a transaction to acquire NeoPhotonics Corporation
("NeoPhotonics"). Lumentum will host a conference call today,
November 4, 2021, at 5:30 am PT / 8:30 am
ET to discuss its fiscal first quarter results and the
announced transaction. A live webcast of the call and the
replay will be available in the Investors section of the Lumentum
website at http://investor.lumentum.com through November 11, 2021, at 8:59
pm PT / 11:59 pm ET. To listen
to the live conference call, dial (844) 200-6205 or (929) 526-1599
and reference the passcode 319529. To access the replay, dial (866)
813-9403 or (929) 458-6194 and reference the passcode 908228.
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 3D sensing
capabilities. Lumentum is headquartered in San Jose, California with R&D,
manufacturing, and sales offices worldwide. For more
information, visit www.lumentum.com.
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 expectations for our markets, any
anticipation or guidance as to demand for our products and
technology, and our guidance with respect to future net revenue,
earnings per share, and operating margins. 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) the COVID-19 pandemic and related impacts,
which may continue to adversely impact our business, financial
performance and results of operations; (b) quarter-over-quarter
product mix fluctuations which can materially impact profitability
measures due to the broad gross margin ranges across our portfolio;
(c) continued decline of average selling prices across our
businesses; (d) effects of seasonality; (e) the ability of our
suppliers and contract manufacturers to meet production and
delivery requirements for our forecasted demand; (f) inherent
uncertainty related to global markets, including the impact of the
COVID-19 pandemic, changes in the political or economic
environment, including trade and export restrictions and the
imposition of tariffs or other duties, and the effect of such
markets on demand for our products; (g) changes in customer demand;
(h) our ability to attract and retain new customers, particularly
in the 3D sensing market; (i) the risk that Lumentum's financing or
operating strategies will not be successful and (j) risks
associated with Lumentum's recently announced acquisition of
NeoPhotonics, including Lumentum's ability to achieve the benefits
of the transaction, risks related to the pendency of the
transaction and the risk that the transaction may not close
in a timely manner or at all. For more information on these and
other risks, please refer to the "Risk Factors" section included in
the Company's Annual Report on Form 10-K for the year ended July 3,
2021 as filed with the Securities and Exchange Commission ("SEC"),
and the Quarterly Report on Form 10-Q for the fiscal quarter ended
October 2, 2021 which will be 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.
Contact
Information
|
|
Investors:
|
Jim Fanucchi,
408-404-5400; investor.relations@lumentum.com
|
|
|
Media:
|
Sean Ogarrio,
408-546-5405; media@lumentum.com
|
|
|
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
|
|
October 2,
2021
|
|
September 26,
2020
|
Net
revenue
|
$
|
448.4
|
|
|
$
|
452.4
|
|
Cost of
sales
|
200.4
|
|
|
231.7
|
|
Amortization of
acquired developed intangibles
|
15.8
|
|
|
15.0
|
|
Gross
profit
|
232.2
|
|
|
205.7
|
|
Operating
expenses:
|
|
|
|
Research and development
|
54.1
|
|
|
50.4
|
|
Selling, general and administrative
|
63.3
|
|
|
56.3
|
|
Restructuring and related charges
|
(1.1)
|
|
|
—
|
|
Total operating
expenses
|
116.3
|
|
|
106.7
|
|
Income from
operations
|
115.9
|
|
|
99.0
|
|
Interest
expense
|
(16.9)
|
|
|
(16.0)
|
|
Other income,
net
|
0.6
|
|
|
0.6
|
|
Income before income
taxes
|
99.6
|
|
|
83.6
|
|
Provision for income
taxes
|
18.1
|
|
|
16.5
|
|
Net income
|
$
|
81.5
|
|
|
$
|
67.1
|
|
|
|
|
|
Net income per
share:
|
|
|
|
Basic
|
$
|
1.12
|
|
|
$
|
0.89
|
|
Diluted
|
$
|
1.08
|
|
|
$
|
0.86
|
|
|
|
|
|
Shares used to
compute net income per share:
|
|
|
|
Basic
|
72.7
|
|
|
75.3
|
|
Diluted
|
75.4
|
|
|
78.2
|
|
|
|
|
LUMENTUM HOLDINGS
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in millions,
except per share data)
|
(unaudited)
|
|
|
October 2,
2021
|
|
July 3,
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
611.0
|
|
|
$
|
774.3
|
|
Short-term
investments
|
1,273.6
|
|
|
1,171.7
|
|
Accounts receivable,
net
|
263.2
|
|
|
212.8
|
|
Inventories
|
207.0
|
|
|
196.4
|
|
Prepayments and other
current assets
|
68.2
|
|
|
81.6
|
|
Total current
assets
|
2,423.0
|
|
|
2,436.8
|
|
Property, plant and
equipment, net
|
353.2
|
|
|
361.1
|
|
Operating lease
right-of-use assets, net
|
75.2
|
|
|
67.4
|
|
Goodwill
|
368.9
|
|
|
368.9
|
|
Other intangible
assets, net
|
219.8
|
|
|
241.2
|
|
Deferred tax
asset
|
72.9
|
|
|
72.9
|
|
Other non-current
assets
|
6.0
|
|
|
3.3
|
|
Total
assets
|
$
|
3,519.0
|
|
|
$
|
3,551.6
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
101.6
|
|
|
$
|
116.9
|
|
Accrued payroll and
related expenses
|
42.9
|
|
|
54.3
|
|
Accrued
expenses
|
40.4
|
|
|
33.1
|
|
Convertible notes,
current
|
395.8
|
|
|
390.7
|
|
Operating lease
liabilities, current
|
11.7
|
|
|
11.8
|
|
Other current
liabilities
|
19.3
|
|
|
57.8
|
|
Total current
liabilities
|
611.7
|
|
|
664.6
|
|
Convertible notes,
non-current
|
800.0
|
|
|
789.8
|
|
Operating lease
liabilities, non-current
|
57.5
|
|
|
47.6
|
|
Deferred tax
liability
|
35.5
|
|
|
35.9
|
|
Other non-current
liabilities
|
42.9
|
|
|
40.9
|
|
Total
liabilities
|
1,547.6
|
|
|
1,578.8
|
|
Stockholders'
equity:
|
|
|
|
Common stock, $0.001
par value, 990 authorized shares, 72.3 and 73.0 shares issued and
outstanding as of October 2, 2021 and July 3, 2021,
respectively
|
0.1
|
|
|
0.1
|
|
Additional paid-in
capital
|
1,752.1
|
|
|
1,743.6
|
|
Retained
earnings
|
210.7
|
|
|
220.9
|
|
Accumulated other
comprehensive income
|
8.5
|
|
|
8.2
|
|
Total stockholders'
equity
|
1,971.4
|
|
|
1,972.8
|
|
Total liabilities and
stockholders' equity
|
$
|
3,519.0
|
|
|
$
|
3,551.6
|
|
Use of Non-GAAP Financial Measures
In this press release, Lumentum provides investors with 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, and net
income 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 cash flows and,
importantly, to evaluate the efficacy of the methodology and
information used by management to evaluate and measure such 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) gain on sale of product lines, (iii)
integration related costs, (iv) inventory and fixed asset write
down due to product line exists, (v) amortization of acquired
intangibles, (vi) restructuring and related charges, (vii) foreign
exchange (gains) losses, net, (viii) non-cash interest expense on
convertible notes, (ix) non-cash income tax impacts, and (x) 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
|
|
October 2,
2021
|
|
July 3,
2021
|
|
September 26,
2020
|
|
|
|
|
|
|
Gross profit on
GAAP basis
|
$
|
232.2
|
|
|
162.8
|
|
|
$
|
205.7
|
|
Stock-based
compensation
|
4.6
|
|
|
5.4
|
|
|
3.7
|
|
Inventory and fixed
asset write down due to product line exits
|
—
|
|
|
—
|
|
|
0.3
|
|
Amortization of
acquired intangibles
|
15.8
|
|
|
15.9
|
|
|
15.0
|
|
Other (gains) charges
(1)
|
(5.9)
|
|
|
3.1
|
|
|
10.5
|
|
Gross profit on
non-GAAP basis
|
$
|
246.7
|
|
|
$
|
187.2
|
|
|
$
|
235.2
|
|
Gross margin on
non-GAAP basis
|
55.0
|
%
|
|
47.7
|
%
|
|
52.0
|
%
|
|
|
|
|
|
|
Research and
development on GAAP basis
|
$
|
54.1
|
|
|
$
|
54.1
|
|
|
$
|
50.4
|
|
Stock-based
compensation
|
(5.0)
|
|
|
(4.7)
|
|
|
(4.4)
|
|
Other gains
(charges)
|
(0.1)
|
|
|
(0.3)
|
|
|
(0.1)
|
|
Research and
development on non-GAAP basis
|
$
|
49.0
|
|
|
$
|
49.1
|
|
|
$
|
45.9
|
|
|
|
|
|
|
|
Selling, general
and administrative on GAAP basis
|
$
|
63.3
|
|
|
$
|
58.3
|
|
|
$
|
56.3
|
|
Stock-based
compensation
|
(15.2)
|
|
|
(14.1)
|
|
|
(11.4)
|
|
Integration related
costs
|
—
|
|
|
—
|
|
|
(0.3)
|
|
Amortization of
acquired intangibles
|
(5.6)
|
|
|
(6.2)
|
|
|
(5.7)
|
|
Other gains (charges)
(2)
|
(3.7)
|
|
|
3.5
|
|
|
(2.1)
|
|
Selling, general
and administrative on non-GAAP basis
|
$
|
38.8
|
|
|
$
|
41.5
|
|
|
$
|
36.8
|
|
|
|
|
|
|
|
Income from
operations on GAAP basis
|
$
|
115.9
|
|
|
$
|
45.8
|
|
|
$
|
99.0
|
|
Stock-based
compensation
|
24.8
|
|
|
24.2
|
|
|
19.5
|
|
Inventory and fixed
asset write down due to product line exits
|
—
|
|
|
—
|
|
|
0.3
|
|
Integration related
costs
|
—
|
|
|
—
|
|
|
0.3
|
|
Amortization of
acquired intangibles
|
21.4
|
|
|
22.1
|
|
|
20.7
|
|
Restructuring and
related charges
|
(1.1)
|
|
|
4.6
|
|
|
—
|
|
Other (gains) charges
(1) (2)
|
(2.1)
|
|
|
(0.1)
|
|
|
12.7
|
|
Income from
operations on non-GAAP basis
|
$
|
158.9
|
|
|
$
|
96.6
|
|
|
$
|
152.5
|
|
Operating margin on
non-GAAP basis
|
35.4
|
%
|
|
24.6
|
%
|
|
33.7
|
%
|
|
|
|
|
|
|
Interest and other
expense, net on GAAP basis
|
$
|
(16.3)
|
|
|
$
|
(17.3)
|
|
|
$
|
(15.4)
|
|
Gain on sale of
product lines
|
—
|
|
|
(0.2)
|
|
|
(0.4)
|
|
Foreign exchange
losses, net
|
0.1
|
|
|
0.6
|
|
|
2.3
|
|
Non-cash interest
expense on convertible notes
|
15.3
|
|
|
16.2
|
|
|
14.4
|
|
Interest and other
income (expense), net on non-GAAP basis
|
$
|
(0.9)
|
|
|
$
|
(0.7)
|
|
|
$
|
0.9
|
|
|
|
|
|
|
|
Income before
income taxes on GAAP basis
|
$
|
99.6
|
|
|
$
|
28.5
|
|
|
$
|
83.6
|
|
Stock-based
compensation
|
24.8
|
|
|
24.2
|
|
|
19.5
|
|
Inventory and fixed
asset write down due to product line exits
|
—
|
|
|
—
|
|
|
0.3
|
|
Integration related
costs
|
—
|
|
|
—
|
|
|
0.3
|
|
Amortization of
acquired intangibles
|
21.4
|
|
|
22.1
|
|
|
20.7
|
|
Restructuring and
related charges
|
(1.1)
|
|
|
4.6
|
|
|
—
|
|
Gain on sale of
product lines
|
—
|
|
|
(0.2)
|
|
|
(0.4)
|
|
Foreign exchange
losses, net
|
0.1
|
|
|
0.6
|
|
|
2.3
|
|
Non-cash interest
expense on convertible notes
|
15.3
|
|
|
16.2
|
|
|
14.4
|
|
Other (gains) charges
(1) (2)
|
(2.1)
|
|
|
(0.1)
|
|
|
12.7
|
|
Income before
income taxes on non-GAAP basis
|
$
|
158.0
|
|
|
$
|
95.9
|
|
|
$
|
153.4
|
|
|
|
|
|
|
|
Provision for
income taxes on GAAP basis
|
$
|
18.1
|
|
|
$
|
7.0
|
|
|
$
|
16.5
|
|
Income tax adjustments
(3)
|
4.8
|
|
|
7.0
|
|
|
5.7
|
|
Provision for
income taxes on non-GAAP basis
|
$
|
22.9
|
|
|
$
|
14.0
|
|
|
$
|
22.2
|
|
|
|
|
|
|
|
Net income on GAAP
basis
|
$
|
81.5
|
|
|
$
|
21.5
|
|
|
$
|
67.1
|
|
Stock-based
compensation
|
24.8
|
|
|
24.2
|
|
|
19.5
|
|
Inventory and fixed
asset write down due to product line exits
|
—
|
|
|
—
|
|
|
0.3
|
|
Integration related
costs
|
—
|
|
|
—
|
|
|
0.3
|
|
Amortization of
acquired intangibles
|
21.4
|
|
|
22.1
|
|
|
20.7
|
|
Restructuring and
related charges
|
(1.1)
|
|
|
4.6
|
|
|
—
|
|
Gain on sale of
product lines
|
—
|
|
|
(0.2)
|
|
|
(0.4)
|
|
Foreign exchange
losses, net
|
0.1
|
|
|
0.6
|
|
|
2.3
|
|
Non-cash interest
expense on convertible notes
|
15.3
|
|
|
16.2
|
|
|
14.4
|
|
Income tax adjustments
(3)
|
(4.8)
|
|
|
(7.0)
|
|
|
(5.7)
|
|
Other (gains) charges
(1) (2)
|
(2.1)
|
|
|
(0.1)
|
|
|
12.7
|
|
Net income on
non-GAAP basis
|
$
|
135.1
|
|
|
$
|
81.9
|
|
|
$
|
131.2
|
|
|
|
|
|
|
|
Net income per
share on non-GAAP basis
|
$
|
1.79
|
|
|
$
|
1.06
|
|
|
$
|
1.68
|
|
|
|
|
|
|
|
Shares used in per
share calculation - diluted on non-GAAP basis
|
75.4
|
|
|
77.5
|
|
|
78.2
|
|
(1) Other (gains) charges excluded from gross
profit for the three months ended October 2,
2021 primarily relate to $5.9
million gains from equipment sale in connection with
transferring product lines to new production facilities.
(2) Other (gains) charges excluded from selling,
general and administrative expense for the three months ended
October 2, 2021 mainly include
$1.2 million of tax restructuring
project costs and $1.3 million of
exit, moving and other costs incurred in connection with
transferring product lines to new production facilities.
(3) Income tax adjustments have been revised for the
three months ended September 26,
2020. In order to give a more meaningful perspective of our
tax burden over a longer-term period, and in accordance with the
SEC Non-GAAP Financial Measures Compliance and
Disclosure Interpretations, beginning in
fiscal fourth quarter 2021, Lumentum
changed its method of calculating
its non-GAAP income tax provision. This change in
methodology does not affect the Company's non-GAAP operating
profit, annual cash tax payments, or cash flows, but results in
higher reported non-GAAP tax provisions.
|
LUMENTUM HOLDINGS
INC.
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
(in millions,
except per share data)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
October 2,
2021
|
|
July 3,
2021
|
|
September 26,
2020
|
GAAP Net
income
|
$
|
81.5
|
|
|
$
|
21.5
|
|
|
$
|
67.1
|
|
Interest and other
expense, net
|
16.3
|
|
|
17.3
|
|
|
15.4
|
|
Provision for income
taxes
|
18.1
|
|
|
7.0
|
|
|
16.5
|
|
Depreciation
|
20.4
|
|
|
21.0
|
|
|
23.8
|
|
Amortization of
acquired intangibles
|
21.4
|
|
|
22.1
|
|
|
20.7
|
|
EBITDA
|
157.7
|
|
|
88.9
|
|
|
143.5
|
|
Restructuring and
related charges
|
(1.1)
|
|
|
4.6
|
|
|
—
|
|
Stock-based
compensation
|
24.8
|
|
|
24.2
|
|
|
19.5
|
|
Inventory and fixed
asset write down due to product line exits
|
—
|
|
|
—
|
|
|
0.3
|
|
Integration related
costs
|
—
|
|
|
—
|
|
|
0.3
|
|
Other (gains)
charges
|
(1.9)
|
|
|
(0.2)
|
|
|
10.1
|
|
Adjusted
EBITDA
|
$
|
179.5
|
|
|
$
|
117.5
|
|
|
$
|
173.7
|
|
View original
content:https://www.prnewswire.com/news-releases/lumentum-announces-fiscal-first-quarter-2022-financial-results-301416062.html
SOURCE Lumentum