Lumentum Holdings Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview (Q4 FY20)

  • Q4 revenue was $368.1 million, down 9% sequentially and down 9% year-over-year due to COVID‑19 disruptions and 3D sensing seasonality.
  • Non‑GAAP gross margin rose to 47.2%, up 170 bps sequentially and up 830 bps year-over-year, driven by acquisition synergies and strong product mix.
  • Non‑GAAP operating margin was 24.8% (down 20 bps sequentially, up 580 bps year-over-year).
  • Non‑GAAP EPS was $1.18 on 77.5 million diluted shares.
  • Optical Communications revenue was $330.3 million, down 8% sequentially and down 7% year-over-year, primarily due to COVID‑related supply limits.
  • Lasers revenue was $37.8 million, down 13% sequentially and down 21% year-over-year due to weakness in industrial laser demand.
  • Company exited Q4 having returned to pre‑pandemic manufacturing output levels.

Full Fiscal Year 2020 Highlights

  • Revenue was $1.68 billion, up 7% versus FY19 despite COVID‑19 impacts and product line exits.
  • Optical Communications segment revenue rose 11% year-over-year.
  • Laser segment revenue down 16% year-over-year due to weaker industrial markets.
  • Non‑GAAP gross margin expanded 700 bps to 46.5% (vs. FY19: 39.5%).
  • Non‑GAAP operating margin increased to 26.6%, up 610 bps year-over-year.
  • Non‑GAAP EPS was $5.42, up 27% year-over-year.

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Operator: Good day, and welcome to the Lumentum Fourth Quarter and Fiscal Year 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Jim Fanucchi, of Darrow Associates. Please go ahead. Jim Fanucchi: Thank you, operator. Welcome to Lumentum's fourth quarter and fiscal year 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 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 expected financial performance, including our guidance, as well as statements regarding our business initiatives and the achievement of synergies following our acquisition of Oclaro. 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, including the company's quarterly report on

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