Lumentum Holdings Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Lumentum delivered its strongest financial year ever, reporting record revenue, margins, and EPS for fiscal 2021 despite COVID-19 challenges.
  • Optical Communications growth offset a more than 25% decline in the Lasers segment caused by COVID-related demand weakness earlier in the year.
  • Q4 demonstrated strong demand across multiple product lines, though semiconductor shortages limited revenue upside.
  • Book-to-bill ratio of 1.2 indicates sustained demand heading into fiscal 2022.

Q4 FY21 Financial Highlights

  • Revenue: $392.1M, down 7% sequentially but up 7% year‑over‑year.
  • Non‑GAAP gross margin: 47.7%, down 220 bps QoQ due to mix and supply‑chain costs, up 50 bps YoY.
  • Non‑GAAP operating margin: 24.6%, down 330 bps QoQ and down 20 bps YoY.
  • Non‑GAAP EPS:
    • $1.15 under old tax method
    • $1.06 under new tax method
  • Cash flow from operations: $124.2M.
  • Share repurchases: 3.1M shares for $241M.

Full-Year FY21 Results

  • Total revenue: $1.74B, up 4% YoY (or up 8% excluding exited low‑margin product lines).
  • Non‑GAAP gross margin: 50.9%, up 440 bps YoY.
  • Non‑GAAP operating margin: 30.8%, up 420 bps YoY.
  • Non‑GAAP EPS:
    • $6.31 under old tax method

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Operator: Good day, everyone, and welcome to the Lumentum Holdings Fourth Quarter and Fiscal Year 2021 Earnings Call. All participants will be in a listen-only mode. Please also note today's event is being recorded for replay purposes through August 25, 2021. [Operator Instructions] At this time, I'd 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 fourth quarter and 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 impact of COVID-19 and the responsive actions 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 revenue, our financial model and our 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, includi

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