Lumentum Holdings Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Lumentum delivered record non-GAAP gross margin, operating margin, and EPS in Q1 FY2021.
  • Gross margin topped 50% for the first time; operating margin exceeded 30%.
  • Revenue was $452.4 million, up 23% sequentially and 1% year-on-year.
  • Strong outperformance driven by 3D sensing demand, telecom transmission, and datacom chips.

Financial Highlights (Q1 FY2021)

  • Net Revenue: $452.4M (up 23% QoQ, up 1% YoY).
  • Non‑GAAP Gross Margin: 52% (up 480 bps QoQ, up 620 bps YoY).
  • Non‑GAAP Operating Margin: 33.7% (up 890 bps QoQ, up 640 bps YoY).
  • Non‑GAAP Net Income: $139.2M; EPS: $1.78.
  • Cash & Short-term Investments: $1.61B (up $57M QoQ).
  • Optical Communications Revenue: $428.5M (up 29.7% QoQ, up 3% YoY).
  • Lasers Revenue: $23.9M (down 37% QoQ, down 29% YoY).

Business Segment Commentary

Telecom & Datacom
  • Telecom/Datacom revenue grew 2% sequentially and 5% YoY; excluding divested low-margin lines, growth was 4% sequentially and 14% YoY.
  • Strong demand for coherent transmission modules (600G/800G) and modulators.
  • MxN contentionless ROADMs grew over 30% sequentially; overall ROADM revenue still down YoY.
  • Some telecom order push-outs due to COVID‑19 deployment delays and customer inventory reductions.

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Operator: Good day everyone, and welcome to the Lumentum First Quarter Fiscal Year 2021 Earnings Call. All participants will be in a listen-only mode. Please note, today’s event is being recorded. At this time, I would like to turn the conference call over to Jim Fanucchi, of Darrow Associates. Sir, please go ahead. Jim Fanucchi: Thank you, operator. Welcome to Lumentum's first quarter fiscal year 2021 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 forward-looking statements, including statements regarding the markets, in which we operate, and our position in such markets, the impact of COVID-19 and responsive actions thereto on our business and continuing uncertainty in this regard, trends and expectations for our products and technology, our markets, market opportunity and customers and our expected financial performance, including our guidance, as well as statements regarding our future revenues from Huawei, our financial model and our long-term margin targets. These statements are subject to risk and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings, in

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