- Net revenue of $506.8
million
- GAAP gross margin of 39.7%; Non-GAAP gross margin of
48.2%
- GAAP operating margin of 2.7%; Non-GAAP operating margin of
27.1%
- GAAP diluted net loss per share of $0.01; Non-GAAP diluted net income per share of
$1.69
SAN
JOSE, Calif., Nov. 8, 2022 /PRNewswire/
-- Lumentum Holdings Inc. ("Lumentum" or the "Company") today
reported results for its fiscal first quarter ended October 1,
2022.
"Solid execution drove first quarter revenue above the midpoint
of our guidance, earnings per share to the high end of our range,
and operating margin above guidance," said Alan Lowe, President and CEO. "Demand is robust
from our Telecom and Industrial Lasers customers. Looking forward,
and consistent with industry trends, supply of specific IC
components has not materialized as quickly as expected, and we now
expect these shortages to continue into our fiscal 2024. Also, our
near-term Datacom and 3D sensing outlook is lower than our prior
projections."
Mr. Lowe added, "The closing of our two announced acquisitions
in the first quarter position us to accelerate long-term technology
trends in advanced networking hardware and adjacent markets, and
expand our share in the growing telecom infrastructure market.
Since closing these acquisitions, we have even higher confidence in
accomplishing our goals. We look forward to sharing more on our
progress in the coming quarters."
Fiscal First Quarter Highlights:
Net revenue for the fiscal first quarter of 2023 was
$506.8 million, with GAAP
net loss of $0.4 million, or
$0.01 loss per diluted share. Net
revenue for the fiscal fourth quarter of 2022 was $422.1 million, with GAAP net income of
$34.7 million, or $0.49 per diluted share. 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.
Non-GAAP net income for the fiscal first quarter of 2023 was
$119.2 million, or $1.69 per diluted share. Non-GAAP net income for
fiscal fourth quarter of 2022 was $105.0
million, or $1.47 per diluted
share. Non-GAAP net income for the fiscal first quarter of
2022 was $135.1 million, or
$1.79 per diluted share.
The Company held $1,624.9 million
in total cash, cash equivalents, and short-term investments at the
end of the fiscal first quarter of 2023, down $924.1 million from the end of the fiscal fourth
quarter of 2022. In August 2022, we
completed our merger with NeoPhotonics and the acquisition of IPG
Photonics' telecom transmission product lines for an aggregate
purchase price consideration of $990.3 million. Additionally, the Company
used $25.7 million of cash for
the repurchase of shares of its common stock. As of October 1, 2022, the Company has $384.5 million remaining under the
board-authorized share buyback program. Cash from operations for
the fiscal first quarter of 2023 was $20.8
million.
Financial Overview – Fiscal First Quarter Ended
October 1, 2022
|
GAAP Results ($ in
millions)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Change
|
|
FY
2023
|
|
FY
2022
|
|
FY
2022
|
|
Q/Q
|
|
Y/Y
|
Net revenue
|
$506.8
|
|
$422.1
|
|
$448.4
|
|
20.1 %
|
|
13.0 %
|
Gross margin
|
39.7 %
|
|
43.0 %
|
|
51.8 %
|
|
(330)bps
|
|
(1,210)bps
|
Operating
margin
|
2.7 %
|
|
13.1 %
|
|
25.8 %
|
|
(1,040)bps
|
|
(2,310)bps
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results ($
in millions)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Change
|
|
FY
2023
|
|
FY
2022
|
|
FY
2022
|
|
Q/Q
|
|
Y/Y
|
Net revenue
|
$506.8
|
|
$422.1
|
|
$448.4
|
|
20.1 %
|
|
13.0 %
|
Gross margin
|
48.2 %
|
|
50.4 %
|
|
55.0 %
|
|
(220)bps
|
|
(680)bps
|
Operating
margin
|
27.1 %
|
|
28.8 %
|
|
35.4 %
|
|
(170)bps
|
|
(830)bps
|
|
|
|
Net Revenue by
Segment ($ in millions)
|
|
Q1
|
|
% of
|
|
Q4
|
|
Q1
|
|
Change
|
|
FY
2023
|
|
Net
Revenue
|
|
FY
2022
|
|
FY
2022
|
|
Q/Q
|
|
Y/Y
|
Optical
Communications
|
$
453.4
|
|
89.5 %
|
|
$
370.9
|
|
$
406.0
|
|
22.2 %
|
|
11.7 %
|
Lasers
|
53.4
|
|
10.5 %
|
|
51.2
|
|
42.4
|
|
4.3 %
|
|
25.9 %
|
Total
|
$
506.8
|
|
100.0 %
|
|
$
422.1
|
|
$
448.4
|
|
20.1 %
|
|
13.0 %
|
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
Lumentum expects the following for the fiscal second
quarter 2023:
- Net revenue in the range of $490
million to $520
million
- Non-GAAP operating margin of 20% to 22%
- Non-GAAP diluted earnings per share of $1.20 to $1.45
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, income tax
expense and credits, 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, November 8, 2022, at 5:30 am PT / 8:30 am
ET to discuss its fiscal first quarter results. 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 15, 2022, at 9:00
pm PT / 12:00 am ET. To listen
to the live conference call, dial (844) 200-6205 or (929) 526-1599
and reference the passcode 214134. To access the replay, dial (866)
813-9403 or (929) 458-6194 and reference the passcode 019687.
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 and follow Lumentum on
LinkedIn, 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 expectations for our markets, customers
and industry, any anticipation or guidance as to demand for our
products and technology, statements regarding our expected market
share, our plans and expectations regarding our acquisition and
integration of NeoPhotonics, and our recent acquisition of IPG's
telecom transmission product lines, including the benefits for our
customers and our business, trends in component supply, our
expectations for revenue growth rates, and our guidance with
respect to future net revenue, earnings per share, and 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) 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)
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 and the effect of ongoing
supply chain constraints, particularly in semiconductors; (f)
inherent uncertainty related to global markets, including the
impact of the COVID-19 pandemic, uncertainty and volatility in the
macroeconomic environment, including inflationary pressures,
changes in the political or economic environment, including
geopolitical conflicts, war, 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; and (i) the risk that Lumentum's
financing or operating strategies will not be successful. For more
information on these risks, please refer to the "Risk Factors"
section included in the Company's Quarterly Report on Form 10-Q for
the quarter ended October 1, 2022 to be filed with the Securities
and Exchange Commission. In addition, the results contained
in this presentation are valid only as of today's date except where
otherwise noted. The forward-looking statements contained in this
presentation 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:
|
Kathy Ta, 408-750-3853;
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 1,
2022
|
|
October 2,
2021
|
Net revenue
|
$
506.8
|
|
$
448.4
|
Cost of
sales
|
282.6
|
|
200.4
|
Amortization of
acquired developed intangibles
|
23.0
|
|
15.8
|
Gross profit
|
201.2
|
|
232.2
|
Operating
expenses:
|
|
|
|
Research and development
|
72.7
|
|
54.1
|
Selling, general and administrative
|
105.7
|
|
63.3
|
Restructuring and related charges
|
9.3
|
|
(1.1)
|
Total operating
expenses
|
187.7
|
|
116.3
|
Income from
operations
|
13.5
|
|
115.9
|
Interest
expense
|
(8.5)
|
|
(16.9)
|
Other income
(expense), net
|
13.8
|
|
0.6
|
Income before income
taxes
|
18.8
|
|
99.6
|
Provision for income
taxes
|
19.2
|
|
18.1
|
Net income
(loss)
|
$
(0.4)
|
|
$
81.5
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
Basic
|
$
(0.01)
|
|
$
1.12
|
Diluted
|
$
(0.01)
|
|
$
1.08
|
|
|
|
|
Shares used to compute
net income (loss) per share:
|
|
|
|
Basic
|
68.1
|
|
72.7
|
Diluted
|
68.1
|
|
75.4
|
LUMENTUM HOLDINGS INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
October 1,
2022
|
|
July 2,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
605.3
|
|
$
1,290.2
|
Short-term
investments
|
1,019.6
|
|
1,258.8
|
Accounts receivable,
net
|
340.5
|
|
262.0
|
Inventories
|
366.2
|
|
250.1
|
Prepayments and other
current assets
|
106.8
|
|
78.1
|
Total current
assets
|
2,438.4
|
|
3,139.2
|
Property, plant and
equipment, net
|
478.0
|
|
360.5
|
Operating lease
right-of-use assets, net
|
89.4
|
|
73.6
|
Goodwill
|
693.7
|
|
368.9
|
Other intangible
assets, net
|
576.0
|
|
155.7
|
Deferred tax
asset
|
100.5
|
|
27.0
|
Other non-current
assets
|
11.4
|
|
37.3
|
Total
assets
|
$
4,387.4
|
|
$
4,162.2
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
205.7
|
|
$
156.7
|
Accrued payroll and
related expenses
|
62.2
|
|
54.6
|
Accrued
expenses
|
52.8
|
|
44.7
|
Short term
debt
|
420.2
|
|
409.9
|
Operating lease
liabilities, current
|
13.6
|
|
11.2
|
Other current
liabilities
|
48.3
|
|
39.4
|
Total current
liabilities
|
802.8
|
|
716.5
|
Long term
debt
|
1,899.5
|
|
1,466.1
|
Operating lease
liabilities, non-current
|
58.0
|
|
48.8
|
Deferred tax
liability
|
24.8
|
|
12.9
|
Other non-current
liabilities
|
75.9
|
|
42.9
|
Total
liabilities
|
2,861.0
|
|
2,287.2
|
Stockholders'
equity:
|
|
|
|
Common stock, $0.001
par value, 990 authorized shares, 68.2 and 68.0 shares issued and
outstanding as of October 1, 2022 and July 2, 2022,
respectively
|
0.1
|
|
0.1
|
Additional paid-in
capital
|
1,596.1
|
|
2,003.6
|
Accumulated
deficit
|
(69.6)
|
|
(129.1)
|
Accumulated other
comprehensive income (loss)
|
(0.2)
|
|
0.4
|
Total stockholders'
equity
|
1,526.4
|
|
1,875.0
|
Total liabilities and
stockholders' equity
|
$
4,387.4
|
|
$
4,162.2
|
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 ongoing 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 ongoing 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) acquisition related costs,
(iii) amortization of acquired intangibles, (iv) amortization of
acquired inventory fair value adjustments, (v) restructuring and
related charges, (vi) foreign exchange (gains) losses, net, (vii)
non-cash interest expense on convertible notes and other expenses,
(viii) income tax adjustments, and (ix) 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 1,
2022
|
|
July 2,
2022
|
|
October 2,
2021
|
|
|
|
|
|
|
Gross profit on GAAP
basis
|
$
201.2
|
|
$
181.7
|
|
$
232.2
|
Stock-based
compensation
|
5.5
|
|
5.6
|
|
4.6
|
Amortization of
acquired intangibles
|
22.9
|
|
15.6
|
|
15.8
|
Amortization of
acquired inventory fair value adjustments
|
4.6
|
|
—
|
|
—
|
Other (gains) charges
(1)
|
9.9
|
|
9.8
|
|
(5.9)
|
Gross profit on
non-GAAP basis
|
$
244.1
|
|
$
212.7
|
|
$ 246.7
|
Gross margin on
non-GAAP basis
|
48.2 %
|
|
50.4 %
|
|
55.0 %
|
|
|
|
|
|
|
Research and
development on GAAP basis
|
$
72.7
|
|
$
56.7
|
|
$
54.1
|
Stock-based
compensation
|
(9.6)
|
|
(6.3)
|
|
(5.0)
|
Other
(charges)
|
(2.3)
|
|
(0.3)
|
|
(0.1)
|
Research and
development on non-GAAP basis
|
$
60.8
|
|
$
50.1
|
|
$
49.0
|
|
|
|
|
|
|
Selling, general and
administrative on GAAP basis
|
$
105.7
|
|
$
69.6
|
|
$
63.3
|
Stock-based
compensation
|
(19.6)
|
|
(15.8)
|
|
(15.2)
|
Stock-based
compensation - acquisition related (2)
|
(11.9)
|
|
—
|
|
—
|
Acquisition related
costs (3)
|
(16.2)
|
|
—
|
|
—
|
Amortization of
acquired intangibles
|
(9.3)
|
|
(5.6)
|
|
(5.6)
|
Other
(charges)
|
(2.8)
|
|
(7.2)
|
|
(3.7)
|
Selling, general and
administrative on non-GAAP basis
|
$
45.9
|
|
$
41.0
|
|
$
38.8
|
|
|
|
|
|
|
Income from
operations on GAAP basis
|
$
13.5
|
|
$
55.4
|
|
$ 115.9
|
Stock-based
compensation
|
34.7
|
|
27.7
|
|
24.8
|
Stock-based
compensation - acquisition related (2)
|
11.9
|
|
—
|
|
—
|
Acquisition related
costs (3)
|
16.2
|
|
—
|
|
—
|
Amortization of
acquired intangibles
|
32.2
|
|
21.2
|
|
21.4
|
Amortization of
acquired inventory fair value adjustments
|
4.6
|
|
—
|
|
—
|
Restructuring and
related charges (4)
|
9.3
|
|
—
|
|
(1.1)
|
Other (gains)
charges
|
15.0
|
|
17.3
|
|
(2.1)
|
Income from
operations on non-GAAP basis
|
$
137.4
|
|
$
121.6
|
|
$
158.9
|
Operating margin on
non-GAAP basis
|
27.1 %
|
|
28.8 %
|
|
35.4 %
|
|
|
|
|
|
|
Interest and other
income (expense), net on GAAP basis
|
$
5.3
|
|
$
(18.3)
|
|
$
(16.3)
|
Foreign exchange
(gains) losses, net
|
(9.0)
|
|
(4.4)
|
|
0.1
|
Non-cash interest
expense on convertible notes and other expenses
|
5.7
|
|
23.9
|
|
15.3
|
Interest and other
income (expense), net on non-GAAP basis
|
$
2.0
|
|
$
1.2
|
|
$
(0.9)
|
|
|
|
|
|
|
Income before income
taxes on GAAP basis
|
$
18.8
|
|
$
37.1
|
|
$
99.6
|
Stock-based
compensation
|
34.7
|
|
27.7
|
|
24.8
|
Stock-based
compensation - acquisition related (2)
|
11.9
|
|
—
|
|
—
|
Acquisition related
costs (3)
|
16.2
|
|
—
|
|
—
|
Amortization of
acquired intangibles
|
32.2
|
|
21.2
|
|
21.4
|
Amortization of
acquired inventory fair value adjustments
|
4.6
|
|
—
|
|
—
|
Restructuring and
related charges (4)
|
9.3
|
|
—
|
|
(1.1)
|
Foreign exchange
(gains) losses, net
|
(9.0)
|
|
(4.4)
|
|
0.1
|
Non-cash interest
expense on convertible notes and other expenses
|
5.7
|
|
23.9
|
|
15.3
|
Other (gains)
charges
|
15.0
|
|
17.3
|
|
(2.1)
|
Income before income
taxes on non-GAAP basis
|
$
139.4
|
|
$
122.8
|
|
$
158.0
|
|
|
|
|
|
|
Provision for income
taxes on GAAP basis
|
$
19.2
|
|
$
2.4
|
|
$
18.1
|
Income tax
adjustments
|
1.0
|
|
15.4
|
|
4.8
|
Provision for income
taxes on non-GAAP basis
|
$
20.2
|
|
$
17.8
|
|
$
22.9
|
|
|
|
|
|
|
Net income (loss) on
GAAP basis
|
$
(0.4)
|
|
$
34.7
|
|
$
81.5
|
Stock-based
compensation
|
34.7
|
|
27.7
|
|
24.8
|
Stock-based
compensation - acquisition related (2)
|
11.9
|
|
—
|
|
—
|
Acquisition related
costs (3)
|
16.2
|
|
—
|
|
—
|
Amortization of
acquired intangibles
|
32.2
|
|
21.2
|
|
21.4
|
Amortization of
acquired inventory fair value adjustments
|
4.6
|
|
—
|
|
—
|
Restructuring and
related charges (4)
|
9.3
|
|
—
|
|
(1.1)
|
Foreign exchange
(gains) losses, net
|
(9.0)
|
|
(4.4)
|
|
0.1
|
Non-cash interest
expense on convertible notes and other expenses
|
5.7
|
|
23.9
|
|
15.3
|
Income tax
adjustments
|
(1.0)
|
|
(15.4)
|
|
(4.8)
|
Other (gains)
charges
|
15.0
|
|
17.3
|
|
(2.1)
|
Net income on
non-GAAP basis
|
$
119.2
|
|
$
105.0
|
|
$
135.1
|
|
|
|
|
|
|
Net income per share
on non-GAAP basis
|
$
1.69
|
|
$
1.47
|
|
$
1.79
|
|
|
|
|
|
|
Shares used in per
share calculation - diluted on GAAP basis
|
68.1
|
|
71.5
|
|
75.4
|
Non-GAAP adjustment
(5)
|
2.5
|
|
—
|
|
—
|
Shares used in per
share calculation - diluted on non-GAAP basis
|
70.6
|
|
71.5
|
|
75.4
|
(1)
Other charges excluded in deriving non-GAAP gross profit for the
three months ended October 1, 2022 primarily relate to
$7.3 million of incremental charges to acquire components from
various brokers to satisfy customer demand.
|
|
(2)
In connection with the NeoPhotonics merger, certain equity
awards for NeoPhotonics employees were accelerated. The total
stock-based compensation associated with the acceleration was
$11.9 million for the three months ended October 1, 2022, of
which $9.0 million was settled in cash.
|
|
(3) Acquisition related costs of
$16.2 million mainly includes professional, advisory and legal
service fees related to the merger with NeoPhotonics and the
acquisition of IPG Photonics' telecom transmission product lines
during the three months ended October 1, 2022.
|
|
(4)
The $9.3 million restructuring charges for the three months ended
October 1, 2022 is primarily attributable to severance and
employee related benefits related to the merger with
NeoPhotonics.
|
|
(5) Shares used for net income per
share on non-GAAP basis includes 2.5 million incremental shares,
which mainly relates to the dilution that would occur for our
convertible notes assuming we settle the face value of the notes in
cash as the company intends.
|
LUMENTUM HOLDINGS INC.
|
RECONCILIATION OF
GAAP NET INCOME TO ADJUSTED EBITDA
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
October 1,
2022
|
|
July 2,
2022
|
|
October 2,
2021
|
GAAP net income
(loss)
|
$
(0.4)
|
|
$
34.7
|
|
$
81.5
|
Interest and other
expense, net
|
(5.3)
|
|
18.3
|
|
16.3
|
Provision for income
taxes
|
19.2
|
|
2.4
|
|
18.1
|
Depreciation
|
24.5
|
|
20.4
|
|
20.4
|
Amortization of
acquired intangibles
|
32.2
|
|
21.2
|
|
21.4
|
EBITDA
|
70.2
|
|
97.0
|
|
157.7
|
Amortization of
inventory fair value adjustments
|
4.6
|
|
—
|
|
—
|
Restructuring and
related charges
|
9.3
|
|
—
|
|
(1.1)
|
Stock-based
compensation
|
46.6
|
|
27.7
|
|
24.8
|
Acquisition related
costs
|
16.2
|
|
—
|
|
—
|
Other (gains)
charges
|
15.0
|
|
17.3
|
|
(1.9)
|
Adjusted
EBITDA
|
$
161.9
|
|
$
142.0
|
|
$
179.5
|
|
|
|
|
|
|
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content:https://www.prnewswire.com/news-releases/lumentum-announces-fiscal-first-quarter-2023-financial-results-301671108.html
SOURCE Lumentum