← Filings of LITE
Tables in the 10-K of Lumentum Holdings Inc.
83 tables with numbers, filed Aug 31, 2021. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| TABLE OF CONTENTS | | | |
| Page | | |
| PART I | | | |
| ITEM 1. | BUSINESS | 2 |
| ITEM 1A. | RISK FACTORS | 13 |
| ITEM 1B. | UNRESOLVED STAFF COMMENTS | 32 |
| ITEM 2. | PROPERTIES | 33 |
| ITEM 3. | LEGAL PROCEEDINGS | 34 |
First 8 of 29 rows. The CSV has all of them.
Table 2 after “Our OpComms customers include Alphabet, Apple, Ciena, Cisco Systems (which acquired Acacia Communications on March 1, 2021, another customer”
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| Years Ended | | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | | |
| Apple | 30.2% | | 26.0% | | | 21.0% |
| Huawei | 10.8% | | 13.2% | | | 15.2% |
| Ciena | 10.1% | | * | | 13.7% | |
| *Represents less than 10% of total net revenue. | | | | | | |
| Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
| May 7, 2021 to May 29, 2021 | 2,104,427 | $76.01 | 2,104,427 | $540.0 |
| May 30, 2021 to July 3, 2021 | 992,000 | $81.72 | 992,000 | $459.0 |
Table 4 after “, except share and per share amounts) for the periods indicated. This data should be read in conjunction with the discussion in “Management’”
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| Years Ended | | | | | | | |
| July 3, 2021 (1) | June 27, 2020 (2) | | June 29, 2019 (3) | June 30, 2018 (4) | July 1, 2017 (5) | | |
| Consolidated Statements of Operations Data: | | | | | | | | |
| Net revenue | $1,742.8 | | $1,678.6 | | $1,565.3 | | $1,247.7 | $1,001.6 |
| Gross profit | 783.1 | | 650.2 | | 425.9 | | 432.1 | 318.1 |
| Income (loss) from operations | 527.0 | | 204.1 | | (21.6) | | 139.9 | 47.6 |
| Net income (loss) | 397.3 | | 135.5 | | (36.4) | | 248.1 | (102.5) |
| Cumulative dividends on Series A Preferred Stock | — | | — | | (0.3) | | (0.9) | (0.9) |
First 8 of 16 rows. The CSV has all of them.
Table 5 after “, except share and per share amounts) for the periods indicated. This data should be read in conjunction with the discussion in “Management’”
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| Balance as of | | | | | | | |
| July 3, 2021 (1) | June 27, 2020 (2) | | June 29, 2019 (3) | June 30, 2018 (4) | July 1, 2017 (5) | | |
| Consolidated Balance Sheet Data: | | | | | | | | |
| Cash and cash equivalents | $774.3 | | $298.0 | | $432.6 | | $397.3 | $272.9 |
| Short-term investments | 1,171.7 | | 1,255.8 | | 335.9 | | 314.2 | 282.4 |
| Total assets | 3,551.6 | | 3,292.6 | | 2,716.6 | | 1,581.5 | 1,232.9 |
| Convertible notes | 1,180.5 | | 1,120.3 | | 351.9 | | 334.2 | 317.5 |
| Term loan, non-current | — | | — | | 484.0 | | — | — |
First 8 of 12 rows. The CSV has all of them.
| Contract balances | Balance sheet location | July 3, 2021 | June 27, 2020 | Change | Percentage Change |
| Accounts receivable, net | Accounts receivable, net | $212.8 | $233.5 | $(20.7) | (8.9)% |
| Deferred revenue and customer deposits | Other current liabilities | $0.6 | $1.9 | $(1.3) | (68.4)% |
Table 7 after “The results of operations for the periods presented are not necessarily indicative of results to be expected for future periods. The followi”
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| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Segment net revenue: | | | | | |
| OpComms | 93.0% | | 90.3% | | 87.5% |
| Lasers | 7.0 | | 9.7 | | 12.5 |
| Net revenue | 100.0 | | 100.0 | | 100.0 |
| Cost of sales | 51.5 | | 58.1 | | 69.8 |
| Amortization of acquired developed intangibles | 3.5 | | 3.2 | | 3.0 |
First 8 of 23 rows. The CSV has all of them.
| 2021 | 2020 | | Change | Percentage Change | 2020 | | 2019 | Change | | Percentage Change | | | | |
| Segment net revenue: | | | | | | | | | | | | | | | |
| OpComms | $1,620.7 | | $1,515.1 | | $105.6 | | 7.0% | | $1,515.1 | | | $1,370.2 | $144.9 | | 10.6% |
| Lasers | 122.1 | | 163.5 | | (41.4) | | (25.3) | | 163.5 | | | 195.1 | (31.6) | | (16.2) |
| Net revenue | $1,742.8 | | $1,678.6 | | $64.2 | | 3.8% | | $1,678.6 | | | $1,565.3 | $113.3 | | 7.2% |
| Gross profit | $783.1 | | $650.2 | | $132.9 | | 20.4% | | $650.2 | | | $425.9 | $224.3 | | 52.7% |
| Gross margin | 44.9% | | 38.7% | | | | | 38.7% | | 27.2% | | | | | |
| Research and development | $214.5 | | $198.6 | | $15.9 | | 8.0% | | $198.6 | | | $184.6 | $14.0 | | 7.6% |
First 8 of 17 rows. The CSV has all of them.
Table 9 after “During our fiscal 2021, 2020 and 2019, net revenue generated from a single customer which represented 10% or greater of total net revenue is”
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| Years Ended | | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | | |
| Apple | 30.2% | | 26.0% | | | 21.0% |
| Huawei | 10.8% | | 13.2% | | | 15.2% |
| Ciena | 10.1% | | * | | 13.7% | |
| *Represents less than 10% of total net revenue. | | | | | | |
| Years Ended | | | | | | | | | | |
| | July 3, 2021 | June 27, 2020 | June 29, 2019 | | | | | | | |
| Net revenue: | | | | | | | | | | | |
| Americas: | | | | | | | | | | | |
| United States | | | | $133.4 | 7.7% | | $149.8 | 8.9% | | $100.9 | 6.4% |
| Mexico | | | | 134.8 | 7.7 | | 122.8 | 7.3 | | 214.9 | 13.7 |
| Other Americas | | | | 12.1 | 0.7 | | 5.5 | 0.3 | | 4.3 | 0.3 |
| Total Americas | | | | $280.3 | 16.1% | | $278.1 | 16.5% | | $320.1 | 20.4% |
First 8 of 17 rows. The CSV has all of them.
| Gross Profit | Gross Margin | | | | | | | | |
| Years Ended | Years Ended | | | | | | | | |
| 2021 | 2020 | | 2019 | 2021 | 2020 | | 2019 | | |
| OpComms | $830.2 | | $704.0 | | $534.1 | | 51.2% | | 46.5% | 39.0% |
| Lasers | 57.3 | | 76.2 | | 84.4 | | 46.9% | | 46.6% | 43.3% |
| Segment total | $887.5 | | $780.2 | | $618.5 | | 50.9% | | 46.5% | 39.5% |
| Unallocated corporate items: | | | | | | | | | | |
| Stock-based compensation | (19.2) | | (16.1) | | (15.1) | | | | | |
First 8 of 14 rows. The CSV has all of them.
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Interest expense | $(66.7) | | $(61.2) | | $(36.3) |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Foreign exchange losses, net | $(4.4) | | $(1.4) | | $(0.6) |
| Interest and investment income | 5.7 | | 15.8 | | 13.9 |
| Other income, net | 1.5 | | 17.0 | | 2.5 |
| Total other income (expense), net | $2.8 | | $31.4 | | $15.8 |
| Years Ended | | | | |
| (in millions) | July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Provision for income taxes | $65.8 | | $38.8 | | $3.1 |
| Payments due by period | | | | | | | |
| Total | Less than 1 year | | 1 - 3 years | 3 - 5 years | More than 5 years | | |
| Contractual Obligations | | | | | | | | |
| Asset retirement obligations | $4.7 | | $— | | $1.6 | | $1.7 | $1.4 |
| Operating lease liabilities, including imputed interest (1) | 67.4 | | 14.0 | | 21.7 | | 11.7 | 20.0 |
| Pension plan contributions (2) | 1.0 | | 1.0 | | — | | — | — |
| Purchase obligations (3) | 224.5 | | 211.0 | | 13.4 | | 0.1 | — |
| Convertible notes - principal (4) | 1,500.0 | | — | | 450.0 | | — | 1,050.0 |
First 8 of 10 rows. The CSV has all of them.
Table 16 after “(in millions, except per share data)”
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| Years Ended | | | | | |
| | July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Net revenue | | $1,742.8 | | $1,678.6 | | $1,565.3 |
| Cost of sales | | 898.0 | | 974.6 | | 1,092.9 |
| Amortization of acquired developed intangibles | | 61.7 | | 53.8 | | 46.5 |
| Gross profit | | 783.1 | | 650.2 | | 425.9 |
| Operating expenses: | | | | | | |
| Research and development | | 214.5 | | 198.6 | | 184.6 |
First 8 of 30 rows. The CSV has all of them.
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Net income (loss) | $397.3 | | $135.5 | | $(36.4) |
| Other comprehensive income, net of tax: | | | | | |
| Net change in cumulative translation adjustment | — | | — | | (0.6) |
| Net change in unrealized gain (loss) on available-for-sale securities | (2.5) | | 1.5 | | 2.5 |
| Net change in defined benefit obligations | 2.8 | | (0.7) | | (1.2) |
| Other comprehensive income, net of tax | 0.3 | | 0.8 | | 0.7 |
First 8 of 9 rows. The CSV has all of them.
Table 18 after “(in millions, except per share data)”
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| July 3, 2021 | June 27, 2020 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $774.3 | | $298.0 |
| Short-term investments | 1,171.7 | | 1,255.8 |
| Accounts receivable, net | 212.8 | | 233.5 |
| Inventories | 196.4 | | 188.9 |
| Prepayments and other current assets | 81.6 | | 73.8 |
First 8 of 38 rows. The CSV has all of them.
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| OPERATING ACTIVITIES: | | | | | |
| Net income (loss) | $397.3 | | $135.5 | | $(36.4) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | |
| Depreciation expense | 91.4 | | 113.3 | | 102.9 |
| Stock-based compensation | 92.9 | | 73.2 | | 60.7 |
| Loss on early extinguishment of debt | — | | 8.0 | | — |
First 8 of 48 rows. The CSV has all of them.
| Increase in cash and cash equivalents | 476.3 | (134.6) | 35.3 |
| Cash and cash equivalents at beginning of period | 298.0 | 432.6 | 397.3 |
| Cash and cash equivalents at end of period | $774.3 | $298.0 | $432.6 |
| Supplemental disclosure of cash flow information: | | | |
| Cash paid for taxes | $50.0 | $7.6 | $8.7 |
| Cash paid for interest | 6.4 | 13.4 | 15.1 |
| Supplemental disclosure of non-cash transactions: | | | |
| Unpaid property, plant and equipment in accounts payable and accrued expenses | $10.6 | $12.3 | $14.3 |
First 8 of 13 rows. The CSV has all of them.
| Non-Controlling Interest Redeemable Convertible Series A Preferred Stock | Common Stock | | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | | Total Stockholders’ Equity | | | |
| Shares | Amount | | Shares | Amount | | | | | | |
| Balance as of June 30, 2018 | — | | $35.8 | | 62.8 | | $0.1 | $753.2 | $166.4 | $6.4 | $926.1 |
| Net loss | — | | — | | — | | — | — | (36.4) | — | (36.4) |
| Other comprehensive income | — | | — | | — | | — | — | — | 0.7 | 0.7 |
| Declared dividend for preferred stock | — | | — | | — | | — | — | (0.3) | — | (0.3) |
| Issuance of shares pursuant to equity plans, net of tax withholdings | — | | — | | 1.1 | | — | (0.4) | — | — | (0.4) |
| Issuance of shares pursuant to merger agreement, net of tax withholdings | — | | — | | 11.0 | | — | 460.1 | — | — | 460.1 |
First 8 of 30 rows. The CSV has all of them.
| Contract balances | Balance sheet location | July 3, 2021 | June 27, 2020 | Change | Percentage Change |
| Accounts receivable, net | Accounts receivable, net | $212.8 | $233.5 | $(20.7) | (8.9)% |
| Deferred revenue and customer deposits | Other current liabilities | $0.6 | $1.9 | $(1.3) | (68.4)% |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Basic Earnings per Common Share | | | | | |
| Net income (loss) | $397.3 | | $135.5 | | $(36.4) |
| Less: Cumulative dividends on Series A Preferred Stock | — | | — | | (0.3) |
| Less: Earnings allocated to Series A Preferred Stock | — | | — | | (1.2) |
| Net income (loss) attributable to common stockholders - Basic | $397.3 | | $135.5 | | $(37.9) |
| Basic weighted average common shares outstanding | 75.4 | | 75.9 | | 70.7 |
First 8 of 18 rows. The CSV has all of them.
Table 24 after “The total fair value of consideration given in connection with the acquisition of Oclaro consisted of the following:”
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| Shares | Per Share | Total Consideration(in millions) | |
| Cash paid for outstanding Oclaro common stock | | | $964.8 | |
| Lumentum common shares issued to Oclaro stockholders | 10,941,436 | | $41.80 | 457.4 |
| Replacement equity awards for Oclaro equity awards | | | 2.7 | |
| Total consideration | | | $1,424.9 | |
| Final As Adjusted June 29, 2019 |
| Cash and cash equivalents | $345.0 |
| Accounts receivable, net | 68.0 |
| Inventories | 155.0 |
| Prepayments and other current assets | 33.7 |
| Property, plant and equipment, net | 134.7 |
| Intangibles | 444.0 |
| Deferred income tax asset | 42.6 |
First 8 of 17 rows. The CSV has all of them.
| Amortized Cost | Gross Unrealized Gains | | Gross Unrealized Losses | Fair Value | | |
| July 3, 2021: | | | | | | | |
| Cash | $128.3 | | $— | | $— | | $128.3 |
| Cash equivalents: | | | | | | | |
| Commercial paper | 7.5 | | — | | — | | 7.5 |
| Corporate debt securities | 7.0 | | | | | 7.0 | |
| Money market funds | 631.5 | | — | | — | | 631.5 |
| Total cash and cash equivalents | $774.3 | | $— | | $— | | $774.3 |
First 8 of 30 rows. The CSV has all of them.
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Foreign exchange losses, net | $(4.4) | | $(1.4) | | $(0.6) |
| Interest and investment income | 5.7 | | 15.8 | | 13.9 |
| Other income, net | 1.5 | | 17.0 | | 2.5 |
| Total other income (expense), net | $2.8 | | $31.4 | | $15.8 |
| Fair Value | Unrealized Losses | |
| July 3, 2021: | | | |
| U.S. Agency securities | $28.3 | | $— |
| Certificates of deposit | 6.0 | | |
| Commercial paper | 43.0 | | — |
| Corporate debt securities | 432.3 | | (0.4) |
| Municipal bonds | 1.0 | | — |
| U.S. government bonds | 106.9 | | — |
First 8 of 17 rows. The CSV has all of them.
| July 3, 2021 | June 27, 2020 | | | | |
| Amortized Cost | Fair Value | | Amortized Cost | Fair Value | |
| Due within 1 year | $587.0 | | $587.1 | | $1,237.4 | $1,239.9 |
| Due between 1 year to 5 years | 584.8 | | 584.6 | | 15.5 | 15.9 |
| $1,171.8 | | $1,171.7 | | $1,252.9 | $1,255.8 |
| Level 1 | Level 2 | | Level 3 | Total | |
| July 3, 2021 (1) | | | | | | |
| Assets: | | | | | | |
| Cash equivalents: | | | | | | |
| Commercial paper | $— | | $7.5 | | $— | $7.5 |
| Corporate debt securities | — | | 7.0 | | — | 7.0 |
| Money market funds | 631.5 | | — | | — | 631.5 |
| Short-term investments: | | | | | | |
First 8 of 15 rows. The CSV has all of them.
Table 31 after “million in cash held in our bank accounts as of July 3, 2021.”
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| Level 1 | Level 2 | | Level 3 | Total | |
| June 27, 2020: (1) | | | | | | |
| Assets: | | | | | | |
| Cash equivalents: | | | | | | |
| Money market funds | $159.6 | | $— | | $— | $159.6 |
| U.S. Treasury securities | 24.2 | | — | | — | 24.2 |
| Short-term investments: | | | | | | |
| Certificates of deposit | — | | 12.9 | | — | 12.9 |
First 8 of 14 rows. The CSV has all of them.
| July 3, 2021 | June 27, 2020 | | | | |
| Carrying Amount | Estimated Fair Value | | Carrying Amount | Estimated Fair Value | |
| 2026 Notes | $789.8 | | $1,146.1 | | $749.7 | $1,070.2 |
| 2024 Notes | 390.7 | | 669.3 | | 370.6 | 620.0 |
| $1,180.5 | | $1,815.4 | | $1,120.3 | $1,690.2 |
| July 3, 2021 | June 27, 2020 | |
| Raw materials and purchased parts | $64.4 | | $57.9 |
| Work in process | 79.0 | | 67.6 |
| Finished goods | 53.0 | | 63.4 |
| Inventories | $196.4 | | $188.9 |
| July 3, 2021 | June 27, 2020 | |
| Operating lease right-of-use assets | $87.3 | | $90.3 |
| Less: accumulated amortization | (19.9) | | (11.6) |
| Operating lease right-of-use assets, net | $67.4 | | $78.7 |
| July 3, 2021 | June 27, 2020 | |
| Land | $38.2 | | $44.1 |
| Buildings and improvement | 92.7 | | 114.8 |
| Machinery and equipment | 498.3 | | 487.0 |
| Computer equipment and software | 28.6 | | 27.5 |
| Furniture and fixtures | 8.8 | | 7.2 |
| Leasehold improvements | 33.9 | | 27.8 |
| Finance lease right-of-use assets | 28.1 | | 28.1 |
First 8 of 12 rows. The CSV has all of them.
| July 3, 2021 | June 27, 2020 | |
| Restructuring accrual and related charges (1) | $5.7 | | $5.2 |
| Warranty accrual (2) | 5.0 | | 5.0 |
| Deferred revenue and customer deposits | 0.6 | | 1.9 |
| Finance lease liabilities, current | — | | 0.6 |
| Income tax payable (3) | 43.5 | | 28.8 |
| Other current liabilities | 3.0 | | 2.8 |
| Other current liabilities | $57.8 | | $44.3 |
| July 3, 2021 | June 27, 2020 | |
| Asset retirement obligation | $4.7 | | $4.6 |
| Pension and related accrual (1) | 10.8 | | 11.8 |
| Unrecognized tax benefit | 23.0 | | 17.3 |
| Other non-current liabilities | 2.4 | | 2.3 |
| Other non-current liabilities | $40.9 | | $36.0 |
| July 3, 2021 | June 27, 2020 | |
| Finance lease cost: | | | |
| Amortization of right-of-use assets | $0.5 | | $16.3 |
| Interest | — | | 0.1 |
| Operating lease cost | 14.1 | | 15.5 |
| Short-term and variable lease cost | 4.3 | | 4.4 |
| Sublease income | (2.8) | | (2.6) |
| Total lease cost | $16.1 | | $33.7 |
First 8 of 14 rows. The CSV has all of them.
| Fiscal Years | Operating Leases (1) |
| 2022 | $14.0 |
| 2023 | 11.8 |
| 2024 | 9.9 |
| 2025 | 6.5 |
| 2026 | 5.2 |
| Thereafter | 20.0 |
| Total minimum lease payments | $67.4 |
First 8 of 10 rows. The CSV has all of them.
| | Optical Communications | Commercial Lasers | Total | |
| Balance as of July 3, 2021 and June 27, 2020 | $363.5 | | $5.4 | | $368.9 |
| July 3, 2021 | Gross Carrying Amounts | Accumulated Amortization | | Net Carrying Amounts | Weighted average remaining amortization period (years) | |
| Acquired developed technologies | $390.3 | | $(238.6) | | $151.7 | 3.0 |
| Customer relationships | 145.0 | | (55.5) | | 89.5 | 5.4 |
| Order backlog | 22.0 | | (22.0) | | — | — |
| Other intangibles | 2.7 | | (2.7) | | — | — |
| Total intangible assets | $560.0 | | $(318.8) | | $241.2 | |
| June 27, 2020 | Gross Carrying Amounts | Accumulated Amortization | | Net Carrying Amounts | Weighted average remaining amortization period (years) | |
| Acquired developed technologies | $371.5 | | $(176.9) | | $194.6 | 3.7 |
| Customer relationships | 149.3 | | (37.1) | | 112.2 | 6.5 |
| In-process research and development | 10.0 | | — | | 10.0 | n/a |
| Order backlog | 22.0 | | (22.0) | | — | — |
| Other intangibles | 2.7 | | (2.7) | | — | — |
| Total intangible assets | $555.5 | | $(238.7) | | $316.8 | |
| Years ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Cost of sales | $61.7 | | $53.8 | | $46.6 |
| Selling, general and administrative | 24.0 | | 24.8 | | 8.0 |
| Total amortization of intangibles | $85.7 | | $78.6 | | $54.6 |
| Fiscal Years | |
| 2022 | $85.4 |
| 2023 | 61.9 |
| 2024 | 40.5 |
| 2025 | 27.7 |
| 2026 | 18.1 |
| Thereafter | 7.6 |
| Total | $241.2 |
| Year Ended | |
| | June 29, 2019 |
| Balance as of beginning of period | | $52.4 |
| Unrealized gain on the Series A Preferred Stock derivative liability up through the conversion date | | (8.8) |
| Settlement of the derivative liability upon conversion of Series A Preferred Stock | | (43.6) |
| Balance as of end of period | | $— |
| Liability component: | July 3, 2021 | June 27, 2020 | | | | |
| 2024 Notes (1) | 2026 Notes | | 2024 Notes | 2026 Notes | |
| Principal | $450.0 | | $1,050.0 | | $450.0 | $1,050.0 |
| Unamortized debt discount and debt issuance costs | (59.3) | | (260.2) | | (79.4) | (300.3) |
| Net carrying amount of the liability component | $390.7 | | $789.8 | | $370.6 | $749.7 |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Contractual interest expense | $6.5 | | $3.9 | | $1.1 |
| Amortization of the debt discount and debt issuance costs | 60.2 | | 39.1 | | 17.7 |
| Total interest expense | $66.7 | | $43.0 | | $18.8 |
| Fiscal Years | 2024 Notes | 2026 Notes | | Total | |
| 2022 | $1.1 | | $5.3 | | $6.4 |
| 2023 | 1.1 | | 5.2 | | 6.3 |
| 2024 | 451.2 | | 5.3 | | 456.5 |
| 2025 | — | | 5.2 | | 5.2 |
| 2026 | — | | 5.3 | | 5.3 |
| Thereafter | — | | 1,052.6 | | 1,052.6 |
| Total convertible notes payments | $453.4 | | $1,078.9 | | $1,532.3 |
| Foreign currency translation adjustments, net of tax (1) | Defined benefit obligations, net of tax (2) | | Unrealized gain (loss) on available-for-sale securities, net of tax (3) | Total | |
| Ending balance as of June 30, 2018 | $10.3 | | $(2.3) | | $(1.6) | $6.4 |
| Other comprehensive income (loss) | (0.6) | | (1.2) | | 2.5 | 0.7 |
| Ending balance as of June 29, 2019 | 9.7 | | (3.5) | | 0.9 | 7.1 |
| Other comprehensive income (loss) | — | | (0.7) | | 1.5 | 0.8 |
| Ending balance as of June 27, 2020 | 9.7 | | (4.2) | | 2.4 | 7.9 |
| Other comprehensive income (loss) | — | | 2.8 | | (2.5) | 0.3 |
| Ending balance as of July 3, 2021 | $9.7 | | $(1.4) | | $(0.1) | $8.2 |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Balance as of beginning of period | $5.2 | | $14.6 | | $1.9 |
| Charges | 7.7 | | 8.0 | | 31.9 |
| Payments | (7.2) | | (17.4) | | (19.2) |
| Balance as of end of period | $5.7 | | $5.2 | | $14.6 |
| Years Ended | | | | | |
| | July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Impairment charges | | $— | | $4.3 | | $30.7 |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Cost of sales | $9.3 | | $16.1 | | $2.2 |
| Research and development | 0.3 | | 0.8 | | — |
| Selling, general and administrative (1) | (7.2) | | 0.6 | | — |
| $2.4 | | $17.5 | | $2.2 |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Domestic | $314.9 | | $(33.1) | | $(21.9) |
| Foreign | 148.2 | | 207.4 | | (11.4) |
| Income (loss) before income taxes | $463.1 | | $174.3 | | $(33.3) |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Federal: | | | | | |
| Current | $30.5 | | $2.9 | | $13.8 |
| Deferred | 9.2 | | 19.3 | | (0.1) |
| 39.7 | | 22.2 | | 13.7 |
| State: | | | | | |
| Current | 1.7 | | 0.1 | | 0.1 |
First 8 of 15 rows. The CSV has all of them.
Table 55 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Income tax (benefit) provision computed at federal statutory rate | $97.3 | | $36.6 | | $(7.0) |
| Foreign rate differential | (50.4) | | (24.6) | | (17.8) |
| Change in valuation allowance | 45.4 | | 13.4 | | 7.4 |
| Tax credits | (31.8) | | (10.2) | | (7.1) |
| Stock-based compensation | 5.6 | | 4.8 | | 5.9 |
| Subpart F and GILTI | 42.1 | | 22.9 | | 13.4 |
First 8 of 14 rows. The CSV has all of them.
| Years Ended | | |
| July 3, 2021 | June 27, 2020 | |
| Gross deferred tax assets: | | | |
| Intangibles | $92.0 | | $101.1 |
| Tax credit carryforwards | 75.3 | | 67.8 |
| Net operating loss carryforwards | 172.7 | | 129.8 |
| Inventories | 6.8 | | 7.4 |
| Accruals and reserves | 10.6 | | 13.1 |
First 8 of 24 rows. The CSV has all of them.
| Balance at June 29, 2019 | $58.0 |
| Decreases based on the tax positions related to the prior year | (8.2) |
| Decreases related to settlement with Tax Authorities | (2.0) |
| Additions based on tax positions related to current year | 7.7 |
| Balance at June 27, 2020 | $55.5 |
| Increases based on tax positions related to prior year | 6.8 |
| Decreases based on tax positions related to prior year | (1.6) |
| Decreases related to Statute of Limitations | (5.1) |
First 8 of 10 rows. The CSV has all of them.
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Cost of sales | $19.2 | | $16.1 | | $15.1 |
| Research and development | 19.5 | | 15.9 | | 13.8 |
| Selling, general and administrative | 54.2 | | 41.2 | | 41.8 |
| $92.9 | | $73.2 | | $70.7 |
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Income tax benefit associated with stock-based compensation | $14.6 | | $10.6 | | $8.9 |
| Restricted Stock Units | Restricted Stock Awards | Performance Stock Units | | | | | | | | |
| | Number of Shares | Weighted-Average Grant Date Fair Value per Share | | Number of Shares | Weighted-Average Grant Date Fair Value per Share | Number of Shares | | Weighted-Average Grant Date Fair Value per Share | | |
| Balance as of June 30, 2018 | | 1.7 | | $43.1 | | 0.1 | | $32.5 | | 0.1 | $52.0 |
| Assumed in Oclaro merger | | 1.0 | | 41.8 | | — | | — | | — | — |
| Granted | | 1.0 | | 60.3 | | — | | — | | 0.2 | 55.9 |
| Vested/Exercised | | (1.0) | | 41.5 | | (0.1) | | 32.5 | | (0.1) | 49.0 |
| Canceled | | (0.5) | | 50.2 | | — | | 32.8 | | — | 53.8 |
| Balance as of June 29, 2019 | | 2.2 | | $52.4 | | — | | $32.5 | | 0.2 | $56.0 |
First 8 of 16 rows. The CSV has all of them.
| Awards Available for Grant |
| Balance as of June 30, 2018 | 5.6 |
| Granted | (1.2) |
| Canceled | 0.3 |
| Balance as of June 29, 2019 | 4.7 |
| Granted | (1.3) |
| Canceled | 0.1 |
| Balance as of June 27, 2020 | 3.5 |
First 8 of 11 rows. The CSV has all of them.
Table 62 after “The assumptions used to estimate the fair value of the 2015 Purchase Plan shares during the periods presented were as follows:”
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| July 3, 2021 | June 27, 2020 | |
| Expected term (years) | 0.5 | 0.5 | |
| Expected volatility | 46.6% | | 56.0% |
| Risk-free interest rate | 0.07% | | 0.87% |
| Dividend yield | —% | | —% |
| July 3, 2021 | June 27, 2020 | |
| Change in projected benefit obligation: | | | |
| Benefit obligation at beginning of year | $20.9 | | $16.1 |
| Service cost | 2.0 | | 3.5 |
| Interest cost | 0.1 | | 0.2 |
| Plan participants’ contributions | 0.5 | | 0.5 |
| Actuarial (gains) losses | (1.2) | | 0.9 |
| Benefits paid | (1.7) | | (0.7) |
First 8 of 26 rows. The CSV has all of them.
| Years Ended | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Service cost | $2.0 | | $3.5 | | $1.2 |
| Interest cost | 0.1 | | 0.2 | | 0.1 |
| Amortization of prior service cost | (0.1) | | — | | — |
| Expected return on plan assets | (0.3) | | (0.3) | | (0.3) |
| Amortization of net loss | 0.3 | | 0.3 | | 0.1 |
| Settlement losses | 0.3 | | — | | — |
First 8 of 9 rows. The CSV has all of them.
Table 65 after “The following table summarizes the weighted-average assumptions used to determine net periodic cost and benefit obligation for our defined b”
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| Years Ended | | |
| July 3, 2021 | June 27, 2020 | |
| Assumptions used to determine net periodic cost: | | | |
| Discount rate | 0.6% | | 0.8% |
| Expected long-term return on plan assets | 2.7% | | 3.2% |
| Salary increase rate | 3.4% | | 4.1% |
| Assumptions used to determine benefit obligation at end of year: | | | |
| Discount rate | 0.7% | | 0.4% |
First 8 of 9 rows. The CSV has all of them.
| | | | Fair Value Measurement as of July 3, 2021 | | | | |
| Target Allocation | Total | Percentage of Plan Asset | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | |
| Assets: | | | | | | | | |
| Global equity | 31% | | $3.0 | | 30% | | $— | $3.0 |
| Fixed income | 31% | | 3.0 | | 29% | | — | 3.0 |
| Alternative investment | 15% | | 1.5 | | 18% | | — | 1.5 |
| Cash | 1% | | 0.1 | | 1% | | 0.1 | — |
| Other assets | 22% | | 2.2 | | 22% | | — | 2.2 |
First 8 of 9 rows. The CSV has all of them.
| | | | Fair Value Measurement as of June 27, 2020 | | | | |
| Target Allocation | Total | Percentage of Plan Asset | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | |
| Assets: | | | | | | | | |
| Global equity | 29% | | $2.6 | | 28% | | $— | $2.6 |
| Fixed income | 33% | | 3.0 | | 30% | | — | 3.0 |
| Alternative investment | 16% | | 1.5 | | 21% | | — | 1.5 |
| Cash | 2% | | 0.2 | | 1% | | 0.2 | — |
| Other assets | 20% | | 1.8 | | 20% | | — | 1.8 |
First 8 of 9 rows. The CSV has all of them.
| Fiscal Years | Total |
| 2022 | $1.0 |
| 2023 | 0.8 |
| 2024 | 0.7 |
| 2025 | 1.0 |
| 2026 | 0.8 |
| Next five years | 6.0 |
| Years Ended | | |
| July 3, 2021 | June 27, 2020 | |
| Balance as of beginning of period | $5.0 | | $7.5 |
| Provision for warranty | 7.1 | | 2.9 |
| Utilization of reserve | (7.1) | | (5.4) |
| Balance as of end of period | $5.0 | | $5.0 |
| Years Ended | | | | | |
| | July 3, 2021 | June 27, 2020 | | June 29, 2019 | |
| Net revenue: | | | | | | |
| OpComms | | $1,620.7 | | $1,515.1 | | $1,370.2 |
| Lasers | | 122.1 | | 163.5 | | 195.1 |
| Net revenue | | $1,742.8 | | $1,678.6 | | $1,565.3 |
| Gross profit: | | | | | | |
| OpComms | | $830.2 | | $704.0 | | $534.1 |
First 8 of 18 rows. The CSV has all of them.
| Years Ended | | | | | | | |
| July 3, 2021 | June 27, 2020 | June 29, 2019 | | | | | |
| OpComms: | | | | | | | | |
| Telecom and Datacom | $1,059.7 | 60.8% | | $1,021.8 | 60.9% | | $952.9 | 60.8% |
| Consumer and Industrial | 561.0 | 32.2% | | 493.3 | 29.4% | | 417.3 | 26.7% |
| Total OpComms | $1,620.7 | 93.0% | | $1,515.1 | 90.3% | | $1,370.2 | 87.5% |
| Lasers | 122.1 | 7.0% | | 163.5 | 9.7% | | 195.1 | 12.5% |
| Net Revenue | $1,742.8 | | $1,678.6 | | | $1,565.3 | | |
Table 72 after “(in millions, except percentage data):”
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| Years Ended | | | | | | | | | | |
| | July 3, 2021 | June 27, 2020 | June 29, 2019 | | | | | | | |
| Net revenue: | | | | | | | | | | | |
| Americas: | | | | | | | | | | | |
| United States | | | | $133.4 | 7.7% | | $149.8 | 8.9% | | $100.9 | 6.4% |
| Mexico | | | | 134.8 | 7.7 | | 122.8 | 7.3 | | 214.9 | 13.7 |
| Other Americas | | | | 12.1 | 0.7 | | 5.5 | 0.3 | | 4.3 | 0.3 |
| Total Americas | | | | $280.3 | 16.1% | | $278.1 | 16.5% | | $320.1 | 20.4% |
First 8 of 17 rows. The CSV has all of them.
Table 73 after “During the years ended July 3, 2021, June 27, 2020, and June 29, 2019, net revenue generated from a single customer which represented 10% or”
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| Years Ended | | | | | |
| July 3, 2021 | June 27, 2020 | | June 29, 2019 | | |
| Customer A | 30.2% | | 26.0% | | | 21.0% |
| Customer B | 10.8% | | 13.2% | | | 15.2% |
| Customer C | 10.1 | | * | | 13.7% | |
| *Represents less than 10% of total net revenue. | | | | | | |
| July 3, 2021 | June 27, 2020 | |
| Thailand | $103.9 | | $122.6 |
| United States | 116.7 | | 139.1 |
| China | 41.3 | | 43.2 |
| Japan | 36.4 | | 32.3 |
| Other countries | 62.8 | | 55.8 |
| Total long-lived assets | $361.1 | | $393.0 |
| July 3, 2021 | April 3, 2021 (1) | | December 26, 2020 | September 26, 2020 | June 27, 2020 | | March 28, 2020 | December 28, 2019 | September 28, 2019 | | | |
| Net revenue | $392.1 | | $419.5 | | $478.8 | | $452.4 | | $368.1 | | $402.8 | $457.8 | $449.9 |
| Cost of sales | 213.4 | | 218.7 | | 234.2 | | 231.7 | | 217.4 | | 231.2 | 256.3 | 269.7 |
| Amortization of acquired developed intangibles | 15.9 | | 15.8 | | 15.0 | | 15.0 | | 15.0 | | 13.9 | 12.4 | 12.5 |
| Gross profit | 162.8 | | 185.0 | | 229.6 | | 205.7 | | 135.7 | | 157.7 | 189.1 | 167.7 |
| Operating expenses: | | | | | | | | | | | | | |
| Research and development | 54.1 | | 57.2 | | 52.8 | | 50.4 | | 49.0 | | 48.7 | 51.0 | 49.9 |
| Selling, general and administrative | 58.3 | | 65.5 | | 61.3 | | 56.3 | | 54.8 | | 61.3 | 62.4 | 56.7 |
First 8 of 9 rows. The CSV has all of them.
Table 76 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| Merger termination fee and related costs, net | — | (207.5) | — | — | — | — | — | — |
| Impairment charges | — | — | — | — | 1.8 | 2.5 | — | — |
| Total operating expenses | 117.0 | (81.9) | 114.3 | 106.7 | 108.7 | 115.2 | 114.3 | 107.9 |
| Income from operations | 45.8 | 266.9 | 115.3 | 99.0 | 27.0 | 42.5 | 74.8 | 59.8 |
| Interest expense | (18.0) | (16.4) | (16.3) | (16.0) | (15.9) | (15.6) | (18.3) | (11.4) |
| Other income (expense), net | 0.7 | 2.4 | (0.9) | 0.6 | 3.5 | 21.7 | 1.2 | 5.0 |
| Income before income taxes | 28.5 | 252.9 | 98.1 | 83.6 | 14.6 | 48.6 | 57.7 | 53.4 |
| Provision for income taxes | 7.0 | 27.4 | 14.9 | 16.5 | 19.2 | 5.2 | 8.6 | 5.8 |
First 8 of 16 rows. The CSV has all of them.
Table 77 after “The financial statements filed as part of this report are listed in the “Index to Financial Statements” under Part II, Item 8 of this report”
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| Page |
| Report of Independent Registered Public Accounting Firm | 58 |
| Consolidated Statements of Operations—Years Ended July 3, 2021, June 27, 2020 and June 29, 2019 | 60 |
| Consolidated Statements of Comprehensive Income (Loss) —Years Ended July 3, 2021, June 27, 2020 and June 29, 2019 | 61 |
| Consolidated Balance Sheets—July 3, 2021 and June 27, 2020 | 62 |
| Consolidated Statements of Cash Flows—Years Ended July 3, 2021, June 27, 2020 and June 29, 2019 | 63 |
| Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity—Years Ended July 3, 2021, June 27, 2020 and June 29, 2019 | 65 |
| Notes to Consolidated Financial Statements | 66 |
Table 78 after “SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS”
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| (in millions) | | | | | | | |
| Balance at Beginning of Period | Assumed in Oclaro Acquisition | | Increase (decrease) in Consolidated Statements of Operations | Write Offs and Other Adjustments | | Balance at End of Period | |
| Allowance for credit losses: | | | | | | | | |
| Fiscal year ended July 3, 2021 | $1.8 | | $— | | $0.2 | $(1.6) | | $0.4 |
| Fiscal year ended June 27, 2020 | $4.5 | | $— | | $0.1 | $(2.8) | | $1.8 |
| Fiscal year ended June 29, 2019 | $2.6 | | $3.3 | | $(0.2) | $(1.2) | | $4.5 |
Table 79 after “SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS”
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| (in millions) | | | | | |
| Balance at Beginning of Period | Additions Charged to Costs/Expenses 1 | | Deductions Credited to Costs/Expenses 2 | Balance at End of Period | |
| Deferred tax valuation allowance: | | | | | | |
| Fiscal year ended July 3, 2021 | $200.8 | | $68.7 | | $— | $269.5 |
| Fiscal year ended June 27, 2020 3 | $190.3 | | $12.7 | | $(2.2) | $200.8 |
| Fiscal year ended June 29, 2019 3 | $99.4 | | $93.5 | | $(2.6) | $190.3 |
Table 80 after “The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Com”
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| | Incorporated by Reference | | | Filed |
| Exhibit No. | Exhibit Description | Form | Exhibit | Filing Date | Herewith |
| 2.1 | Contribution Agreement | 8-K | 2.1 | 8/6/2015 | |
| 2.1 | Agreement and Plan of Merger, dated as of March 11, 2018, by and among Lumentum Holdings Inc., Oclaro, Inc., Prota Merger Sub, Inc. and Prota Merger, LLC | 8-K | 2.1 | 3/12/2018 | |
| 2.2 | Agreement and Plan of Merger, dated as of January 18, 2021, by and among Lumentum Holdings Inc., Coherent, Inc., Cheetah Acquisition Sub, Inc. and Cheetah Acquisition Sub LLC. | 8-K | 2.1 | 1/19/2021 | |
| 2.3 | Amended and Restated Agreement and Plan of Merger, dated as of March 9, 2021, by and among Lumentum Holdings Inc., Coherent, Inc., Cheetah Acquisition Sub, Inc. and Cheetah Acquisition Sub LLC. | 8-K | 2.2 | 3/10/2021 | |
| 2.4 | Separation and Distribution Agreement | 8-K | 2.2 | 8/6/2015 | |
| 3.1 | Amended and Restated Certificate of Incorporation | 8-K | 3.1 | 8/6/2015 | |
First 8 of 9 rows. The CSV has all of them.
| 4.1 | Indenture, dated March 8, 2017, between Lumentum Holdings Inc. and U.S. Bank National Association | 8-K | 4.1 | 3/9/2017 | |
| 4.2 | Form of 0.250% Convertible Senior Notes due 2024 (included in Exhibit 4.2) | 8-K | 4.2 | 3/9/2017 | |
| 4.3 | Description of Capital Stock | 10-K | 4.4 | 8/27/2019 | |
| 4.4 | Indenture, dated December 12, 2019, between Lumentum Holdings Inc. and U.S. Bank National Association. | 8-K | 4.1 | 12/12/2019 | |
| 4.5 | Form of 0.50% Convertible Senior Note due 2026 (included in Exhibit 4.4). | 8-K | 4.2 | 12/12/2019 | |
| 10.1 | Tax Matters Agreement | 8-K | 10.1 | 8/6/2015 | |
| 10.2* | Employee Matters Agreement | 8-K | 10.2 | 8/6/2015 | |
| 10.3 | Intellectual Property Matters Agreement | 8-K | 10.3 | 8/6/2015 | |
First 8 of 24 rows. The CSV has all of them.
| 101 | The following financial information from Lumentum Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended July 3, 2021 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the fiscal years ended July 3, 2021, June 27, 2020 and June 29, 2019; (ii) Consolidated Statements of Comprehensive Income for the fiscal years ended July 3, 2021, June 27, 2020 and June 29, 2019; (iii) Consolidated Balance Sheets as of July 3, 2021 and June 27, 2020; (iv) Consolidated Statements of Cash Flows for the fiscal years ended July 3, 2021, June 27, 2020 and June 29, 2019; (v) Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity for the fiscal years ended July 3, 2021, June 27, 2020 and June 29, 2019; and (vi) Notes to the Consolidated Financial Statements | X |
| 104 | The cover page from Lumentum Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended July 3, 2021, formatted in Inline XBRL (included as Exhibit 101). | X |
| Signature | Title | Date |
| /s/ ALAN LOWE | President, Chief Executive Officer and Director (principal executive officer) | August 30, 2021 |
| Alan Lowe | | |
| /s/ WAJID ALI | Executive Vice President, Chief Financial Officer (principal financial officer) | August 30, 2021 |
| Wajid Ali | | |
| /s/ MATTHEW SEPE | Chief Accounting Officer (principal accounting officer) | August 30, 2021 |
| Matthew Sepe | | |
| /s/ HAROLD COVERT | Director | August 30, 2021 |
First 8 of 21 rows. The CSV has all of them.