Lumentum Holdings Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q4 revenue of $308.3M exceeded midpoint guidance; non-GAAP EPS of $0.06.
  • Record bookings for Datacom chips and growing customer momentum in cloud and AI markets.
  • Strong progress in high‑speed transceivers (800G, 1.6T) and 200G EML laser qualifications.
  • Capacity expansions underway for Indium Phosphide chips and Thailand-based transceiver production.
  • Company reiterates target of reaching $500M quarterly revenue by end of calendar 2025.

Financial Performance (Q4 FY24)

  • Revenue: $308.3M
    • Down 19% QoQ and down 11% YoY in Cloud & Networking segment.
    • Industrial Tech up 2% QoQ but down 36% YoY due to weak demand and customer inventory levels.
  • GAAP gross margin: 16.6%; GAAP operating loss: 43.3%; GAAP net loss per share: $3.72
    • Net loss driven by restructuring, intangible amortization, and a $139.8M deferred tax valuation allowance.
  • Non-GAAP gross margin: 32.2% (down sequentially and YoY due to lower utilization).
  • Non-GAAP operating loss: $0.8M; Adjusted EBITDA: $25.9M.
  • Non-GAAP operating expenses: $100M (down $4.3M QoQ, down $2.4M YoY).
  • Cash & short-term investments: $887M, up $16M due to improved working capital.

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Operator: Good day everyone and welcome to the Lumentum Holdings Fourth Quarter Fiscal Year 2024 Earnings Call. All participants will be in a listen only mode. Please also note today's event is being recorded for replay purposes. [Operator Instructions]. At this time, I'd like to turn the conference call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead. Kathy Ta: Thank you and welcome to Lumentum's fiscal fourth quarter and full year 2024 earnings call. This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Alan Lowe, President and Chief Executive Officer, Wajid Ali, Executive Vice President and Chief Financial Officer, and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer. Today's call will include forward-looking statements, including statements regarding our strategies, trends and expectations for our products and technologies, including demand, our customers, our end markets and market opportunities, our expectations and beliefs regarding recent acquisitions, including cloud light, macroeconomic trends and our expected financial and operating performance, including our guidance, as well as statements regarding our future revenues, financial model and margin targets. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We enco

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