Lumentum Holdings Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 FY2020 revenue was $449.9M, up 11% sequentially and 27% year-over-year.
  • Non-GAAP gross margin reached 45.8%, up 690 bps sequentially and 550 bps YoY—driven by Telecom/Datacom improvements, product mix, and Oclaro synergies.
  • Non-GAAP operating margin was 27.3%, up 830 bps sequentially and 340 bps YoY.
  • Non-GAAP EPS was $1.44 versus $0.86 a year prior.
  • Cash and short-term investments rose to $831M (up $62M sequentially). The company made a $150M voluntary loan repayment.

Business Segment Performance

Industrial & Consumer (Primarily 3D Sensing)

  • Revenue: $168M, up 92% sequentially and 26% YoY.
  • 3D sensing was the primary growth driver; multiple customer product launches with both front‑facing and world‑facing sensors.
  • Lumentum has shipped over 500M 3D sensing lasers to date.
  • Company anticipates a >20% sequential decline in Q2 due to earlier seasonal ramps versus last year.
  • Long‑term outlook strong with more devices expected to adopt advanced 3D capabilities in next 12 months.
  • Early progress in automotive LIDAR—meaningful revenue still several years away.

Telecom & Datacom (Combined Reporting Starting Q1)

  • Revenue: $248.1M, down 8% sequentially but up 40% YoY.

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Operator: Good day, everyone. And welcome to the Lumentum First Quarter Fiscal Year 2020 Financial Year Conference Call. As a reminder, today's call is being recorded for replay purposes through November 7, 2019. I would now like to turn the conference over to Mr. Jim Fanucchi of Darrow Associates. Mr. Fanucchi, please go ahead. Jim Fanucchi: Thank you, Adam. Welcome everyone to Lumentum's First Quarter Fiscal 2020 Earnings Call. This is Jim Fanucchi from Darrow Associates, assisting Lumentum with its investor relations. Joining the call today from the company's management team, we have Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer and Chris Coldren, Senior Vice President of Strategy and Corporate Development. Today's call will include will include forward-looking statements, including statements regarding the markets in which we operate, including potential market sizes; trends and expectations for products and technology, including product development and projected new product releases; purchasing trends and demand for our products; our expected financial performance, including our guidance, expenses and positions in the market, as well as statements regarding our recent acquisition of Oclaro. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. Lumentum encourages reviewing our most recent filings with the SEC, particularly the risk factors descri

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