Lumentum Holdings Inc. Files 2024 10-K

TL;DR

Lumentum's 2024 10-K is in. Full financials and biz details out now.

AI Summary

Lumentum Holdings Inc. filed its 10-K for the fiscal year ending June 29, 2024, reporting on its financial performance and business operations. The company, headquartered in San Jose, CA, is a key player in the communications equipment sector. This filing provides a comprehensive overview of its fiscal year, including financial statements and risk factors.

Why It Matters

This 10-K filing provides investors and analysts with a detailed look into Lumentum's financial health, strategic direction, and potential risks for the fiscal year 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The company operates in a dynamic technology sector with significant competition and rapid innovation, posing inherent risks.

Key Players & Entities

• Lumentum Holdings Inc. (company) — Filer of the 10-K
• San Jose, CA (location) — Company headquarters
• 20240629 (date) — Fiscal year end date
• 20240821 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — registered Common Stock, par value of $0.001 per share LITE Nasdaq Global Select Mar
• $52.42 — tly completed second fiscal quarter) of $52.42 per share, as reported on the NASDAQ St

Filing Documents

• lite-20240629.htm (10-K) — 3215KB
• liteq424-ex191insidertradi.htm (EX-19.1) — 164KB
• liteq424-ex211.htm (EX-21.1) — 48KB
• liteq424-ex231.htm (EX-23.1) — 6KB
• liteq424-ex311.htm (EX-31.1) — 9KB
• liteq424-ex312.htm (EX-31.2) — 9KB
• liteq424-ex321.htm (EX-32.1) — 7KB
• liteq424-ex322.htm (EX-32.2) — 7KB
• image_0a.jpg (GRAPHIC) — 6KB
• image_1a.jpg (GRAPHIC) — 0KB
• image_4a.jpg (GRAPHIC) — 0KB
• image_5a.jpg (GRAPHIC) — 0KB
• lite-20240629_g1.jpg (GRAPHIC) — 108KB
• 0001628280-24-038024.txt ( ) — 19055KB
• lite-20240629.xsd (EX-101.SCH) — 97KB
• lite-20240629_cal.xml (EX-101.CAL) — 163KB
• lite-20240629_def.xml (EX-101.DEF) — 736KB
• lite-20240629_lab.xml (EX-101.LAB) — 1246KB
• lite-20240629_pre.xml (EX-101.PRE) — 1065KB
• lite-20240629_htm.xml (XML) — 3451KB

BUSINESS

BUSINESS 2 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 37 ITEM 1C. CYBERSECURITY 37 ITEM 2.

PROPERTIES

PROPERTIES 39 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 39 ITEM 4. MINE SAFETY DISCLOSURES 39 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. RESERVED 41 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 42 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 60 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 61 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 122 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 122 ITEM 9B. OTHER INFORMATION 124 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 124 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 125 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 125 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 125 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 125 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 125 PART IV ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 126 ITEM 16. FORM 10-K SUMMARY 129

SIGNATURES

SIGNATURES 130 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to, among other things, our markets and industry, products and strategy, the impact of export regulation changes, the expected benefits of our acquisitions, macroeconomic conditions, including supply chain conditions and inventory management by our customers, the effects of the COVID-19 pandemic, instability and uncertainty in the banking and financial services markets, and tightening credit markets on our business and results of operations, sales, gross margins, operating expenses, capital expenditures and requirements, liquidity, product development and research and development efforts, manufacturing plans, litigation, effective tax rates and tax reserves, our corporate and financial reporting structure, our plans for growth and innovation, our expectations regarding U.S.-China relations, market and regulatory conditions, trends and uncertainties in our business and financial results, and are often identified by the use of words such as, but not limited to, "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "seek," "should," "target," "will," "would," "contemplate," "believe," "predict," "potential" and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management, which are in turn based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Facto

BUSINESS

ITEM 1. BUSINESS General Overview Lumentum Holdings Inc. ("we," "us," "our", "Lumentum" or the "Company") is an industry-leading provider of optical and photonic products essential to a range of cloud, artificial intelligence and machine learning ("AI/ML"), telecommunications, consumer, and industrial end-market applications. We operate in two end-market focused reportable segments, Cloud & Networking and Industrial Tech. Our Cloud & Networking products include a comprehensive portfolio of optical and photonic components, modules, and subsystems supplied to cloud and communications network operators and network equipment manufacturers building cloud data center infrastructure, including products for AI/ML and data center interconnect ("DCI") applications, and communications service provider networks, including products for access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) network infrastructure. Our Cloud & Networking products also support network equipment manufacturers building enterprise network infrastructure. Demand for our Cloud & Networking products is driven by the rapid growth in cloud and network capacity required for expanding cloud computing and services, including for AI/ML, streaming video and video conferencing, gaming, wireless and mobile devices, and internet of things ("IoT"). Our Industrial Tech products include solid-state lasers, kilowatt-class fiber lasers, diode lasers, ultrafast lasers, and gas lasers, which address applications in numerous end-markets. In the industrial manufacturing end-market, our lasers are incorporated into our customers' manufacturing machine tools used for the precision processing of materials in a range of industries including semiconductor device and microelectronics fabrication, electric vehicle and battery production, metal cutting and welding, and advanced manufacturing. Our lasers also address certain semiconductor inspection and life-science applications. Ou

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View this 10-K filing on SEC EDGAR