← Filings of LITE
Tables in the 10-K of Lumentum Holdings Inc.
76 tables with numbers, filed Aug 24, 2022. 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 | 14 |
| ITEM 1B. | UNRESOLVED STAFF COMMENTS | 40 |
| ITEM 2. | PROPERTIES | 41 |
| ITEM 3. | LEGAL PROCEEDINGS | 41 |
First 8 of 29 rows. The CSV has all of them.
Table 2 after “Our OpComms customers include Accelink, Alphabet, Amazon, Apple, Ciena, Cisco Systems (including Acacia Communications, which was acquired b”
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| Years Ended | | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | | |
| Apple | 28.7% | | 30.2% | | | 26.0% |
| Ciena | 12.6% | | 10.1% | | | * |
| Huawei | * | 10.8% | | | 13.2% | |
| *Represents less than 10% of total net revenue. | | | | | | |
| Period | Total number of shares purchased (1) | Average price paid per share (2) | | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximation dollar value) of shares that may yet be purchased under the plans or programs | |
| April 3, 2022 to April 30, 2022 | — | | $— | | — | $513.5 |
| May 1, 2022 to May 28, 2022 | 304,000 | | $86.34 | | 304,000 | $487.2 |
| May 29, 2022 to July 2, 2022 | 961,200 | | $80.13 | | 961,200 | $410.2 |
| Total | 1,265,200 | | $81.62 | | 1,265,200 | $410.2 |
| Contract balances | Balance sheet location | July 2, 2022 | July 3, 2021 | | Change | Percentage Change | |
| Accounts receivable, net | Accounts receivable, net | $262.0 | | $212.8 | | $49.2 | 23.1% |
| Deferred revenue and customer deposits | Other current liabilities | $— | | $0.6 | | $(0.6) | (100.0)% |
Table 5 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 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Segment net revenue: | | | | | |
| OpComms | 88.7% | | 93.0% | | 90.3% |
| Lasers | 11.3 | | 7.0 | | 9.7 |
| Net revenue | 100.0 | | 100.0 | | 100.0 |
| Cost of sales | 50.3 | | 51.5 | | 58.1 |
| Amortization of acquired developed intangibles | 3.7 | | 3.5 | | 3.2 |
First 8 of 22 rows. The CSV has all of them.
| 2022 | 2021 | | Change | | Percentage Change | | 2021 | | 2020 | | Change | | Percentage Change | | | | | | |
| Segment net revenue: | | | | | | | | | | | | | | | | | | | | |
| OpComms | $1,518.5 | | $1,620.7 | | | $(102.2) | | | (6.3)% | | | $1,620.7 | | | $1,515.1 | | | $105.6 | | 7.0% |
| Lasers | 194.1 | | 122.1 | | | 72.0 | | | 59.0 | | | 122.1 | | | 163.5 | | | (41.4) | | (25.3) |
| Net revenue | $1,712.6 | | $1,742.8 | | | $(30.2) | | | (1.7)% | | | $1,742.8 | | | $1,678.6 | | | $64.2 | | 3.8% |
| Gross profit | $788.6 | $783.1 | | $5.5 | | | 0.7% | | | $783.1 | | $650.2 | | $132.9 | | | 20.4% | | | |
| Gross margin | 46.0% | | 44.9% | | | | | | | 44.9% | | | 38.7% | | | | | | | |
| Research and development | $220.7 | | $214.5 | | $6.2 | | 2.9% | | | $214.5 | | $198.6 | | $15.9 | | | 8.0% | | | |
First 8 of 17 rows. The CSV has all of them.
Table 7 after “During our fiscal 2022, 2021 and 2020, net revenue generated from a single customer which represented 10% or greater of total net revenue is”
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| Years Ended | | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | | |
| Apple | 28.7% | | 30.2% | | | 26.0% |
| Ciena | 12.6% | | 10.1% | | | * |
| Huawei | * | 10.8% | | | 13.2% | |
| *Represents less than 10% of total net revenue. | | | | | | |
| Years Ended | | | | | | | | | | |
| | July 2, 2022 | July 3, 2021 | June 27, 2020 | | | | | | | |
| Net revenue: | | | | | | | | | | | |
| Americas: | | | | | | | | | | | |
| United States | | | | $173.9 | 10.2% | | $133.4 | 7.7% | | $149.8 | 8.9% |
| Other Americas | | | | 173.0 | 10.1 | | 146.9 | 8.4 | | 128.3 | 7.6 |
| Total Americas | | | | $346.9 | 20.3% | | $280.3 | 16.1% | | $278.1 | 16.5% |
| Asia-Pacific: | | | | | | | | | | | |
First 8 of 15 rows. The CSV has all of them.
| Gross Profit | Gross Margin | | | | | | | | |
| Years Ended | Years Ended | | | | | | | | |
| 2022 | 2021 | | 2020 | 2022 | 2021 | | 2020 | | |
| OpComms | $780.9 | | $830.2 | | $704.0 | | 51.4% | | 51.2% | 46.5% |
| Lasers | 102.1 | | 57.3 | | 76.2 | | 52.6% | | 46.9% | 46.6% |
| Segment total | $883.0 | | $887.5 | | $780.2 | | 51.6% | | 50.9% | 46.5% |
| Unallocated corporate items: | | | | | | | | | | |
| Stock-based compensation | (20.8) | | (19.2) | | (16.1) | | | | | |
First 8 of 14 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Interest expense | $80.2 | | $66.7 | | $61.2 |
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Foreign exchange gains (losses), net | $6.1 | | $(4.4) | | $(1.4) |
| Interest and investment income | 6.1 | | 5.7 | | 15.8 |
| Other income (expense), net | (0.2) | | 1.5 | | 17.0 |
| Total other income (expense), net | $12.0 | | $2.8 | | $31.4 |
| Years Ended | | | | |
| (in millions) | July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Provision for income taxes | $36.2 | | $65.8 | | $38.8 |
| Payments due | | | | |
| Total | Less than 1 year | | More than 1 year | |
| Contractual Obligations | | | | | |
| Asset retirement obligations | $4.6 | | $0.5 | | $4.1 |
| Operating lease liabilities, including imputed interest (1) | 66.5 | | 12.9 | | 53.6 |
| Pension plan contributions (2) | 1.4 | | 1.4 | | — |
| Purchase obligations (3) | 403.7 | | 361.7 | | 42.0 |
| Convertible notes - principal (4) | 2,359.1 | | — | | 2,359.1 |
First 8 of 10 rows. The CSV has all of them.
Table 14 after “(in millions, except per share data)”
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| Years Ended | | | | | |
| | July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Net revenue | | $1,712.6 | | $1,742.8 | | $1,678.6 |
| Cost of sales | | 861.1 | | 898.0 | | 974.6 |
| Amortization of acquired developed intangibles | | 62.9 | | 61.7 | | 53.8 |
| Gross profit | | 788.6 | | 783.1 | | 650.2 |
| Operating expenses: | | | | | | |
| Research and development | | 220.7 | | 214.5 | | 198.6 |
First 8 of 25 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Net income | $198.9 | | $397.3 | | $135.5 |
| Other comprehensive income (loss), net of tax: | | | | | |
| Net change in unrealized gain (loss) on available-for-sale securities | (10.2) | | (2.5) | | 1.5 |
| Net change in defined benefit obligations | 2.4 | | 2.8 | | (0.7) |
| Other comprehensive income (loss), net of tax | (7.8) | | 0.3 | | 0.8 |
| Comprehensive income, net of tax | $191.1 | | $397.6 | | $136.3 |
Table 16 after “(in millions, except per share data)”
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| July 2, 2022 | July 3, 2021 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $1,290.2 | | $774.3 |
| Short-term investments | 1,258.8 | | 1,171.7 |
| Accounts receivable, net | 262.0 | | 212.8 |
| Inventories | 250.1 | | 196.4 |
| Prepayments and other current assets | 78.1 | | 81.6 |
First 8 of 38 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| OPERATING ACTIVITIES: | | | | | |
| Net income | $198.9 | | $397.3 | | $135.5 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation expense | 81.6 | | 91.4 | | 113.3 |
| Stock-based compensation | 103.1 | | 92.9 | | 73.2 |
| Loss on early extinguishment of debt | — | | — | | 8.0 |
First 8 of 48 rows. The CSV has all of them.
| Supplemental disclosure of cash flow information: | | | |
| Cash paid for taxes | $57.0 | $50.0 | $7.6 |
| Cash paid for interest | 7.5 | 6.4 | 13.4 |
| Supplemental disclosure of non-cash transactions: | | | |
| Unpaid property, plant and equipment in accounts payable and accrued expenses | $3.4 | $10.6 | $12.3 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 14.8 | 1.4 | 2.2 |
| Net transfer of assets from property plant and equipment to assets held-for-sale | — | — | 3.1 |
| Repurchase of common stock pending settlement | 10.1 | 5.0 | — |
| Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income | | | Total Stockholders’ Equity | | | | |
| | Shares | Amount | | | | | | | | | |
| Balance as of June 29, 2019 | | 76.7 | | $0.1 | | | $1,360.8 | | $129.1 | $7.1 | | $1,497.1 |
| Net income | | — | | — | | | — | | 135.5 | — | | 135.5 |
| Other comprehensive income | | — | | — | | | — | | — | 0.8 | | 0.8 |
| Issuance of shares in connection with vesting of restricted stock units and performance stock units | | 1.3 | | — | | | — | | — | — | | — |
| Withholding taxes related to net share settlement of restricted stock units | | (0.2) | | — | | | (14.0) | | — | — | | (14.0) |
| Exercise of stock options | | — | | — | | | 0.7 | | — | — | | 0.7 |
First 8 of 32 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Numerator: | | | | | |
| Net income - basic and diluted | $198.9 | | $397.3 | | $135.5 |
| Denominator: | | | | | |
| Weighted average common shares outstanding - basic | 71.2 | | 75.4 | | 75.9 |
| Effect of dilutive securities from 2015 Equity Incentive Plan | 0.6 | | 0.8 | | 0.8 |
| Shares issuable assuming conversion of the 2024 Notes | 2.4 | | 2.2 | | 0.9 |
First 8 of 12 rows. The CSV has all of them.
| Amortized Cost | Gross Unrealized Gains | | Gross Unrealized Losses | Fair Value | |
| July 2, 2022: | | | | | | |
| Cash | $235.9 | | $— | | $— | $235.9 |
| Cash equivalents: | | | | | | |
| Commercial paper | 23.6 | | — | | — | 23.6 |
| Money market funds | 1,000.2 | | — | | — | 1,000.2 |
| U.S. Agency securities | 8.0 | | — | | — | 8.0 |
| U.S. Treasury securities | 22.5 | | — | | — | 22.5 |
First 8 of 32 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Foreign exchange gains (losses), net | $6.1 | | $(4.4) | | $(1.4) |
| Interest and investment income | 6.1 | | 5.7 | | 15.8 |
| Other income (losses), net | (0.2) | | 1.5 | | 17.0 |
| Total other income (expense), net | $12.0 | | $2.8 | | $31.4 |
| Fair Value | Unrealized Losses | |
| July 2, 2022 | | | |
| U.S. Agency securities | $73.7 | | $(1.4) |
| Certificates of deposit | 16.2 | | — |
| Commercial paper | 130.7 | | (0.4) |
| Corporate debt securities | 473.2 | | (6.5) |
| Municipal bonds | 1.0 | | — |
| U.S. government bonds | 366.0 | | (4.2) |
First 8 of 17 rows. The CSV has all of them.
| July 2, 2022 | July 3, 2021 | | | | |
| Amortized Cost | Fair Value | | Amortized Cost | Fair Value | |
| Due within 1 year | $1,010.9 | | $1,002.2 | | $587.0 | $587.1 |
| Due between 1 year to 5 years | 261.0 | | 256.6 | | 584.8 | 584.6 |
| $1,271.9 | | $1,258.8 | | $1,171.8 | $1,171.7 |
| Level 1 | Level 2 | | Level 3 | Total | |
| July 2, 2022 (1) | | | | | | |
| Assets: | | | | | | |
| Cash equivalents: | | | | | | |
| Commercial paper | $— | | $23.6 | | $— | $23.6 |
| Money market funds | 1,000.2 | | — | | — | 1,000.2 |
| U.S. Agency securities | — | | 8.0 | | — | 8.0 |
| U.S. Treasury securities | 22.5 | | — | | — | 22.5 |
First 8 of 16 rows. The CSV has all of them.
Table 26 after “million in cash held in our bank accounts as of July 2, 2022.”
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| 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.
| July 2, 2022 | July 3, 2021 | | | | | |
| Carrying Amount | Estimated Fair Value | | Carrying Amount | Estimated Fair Value | | |
| 2024 Notes | $409.9 | | $614.2 | | $390.7 | | $669.3 |
| 2026 Notes | 831.4 | | 1,065.0 | | 789.8 | | 1,146.1 |
| 2028 Notes | 634.7 | | 735.7 | | N/A | N/A | |
| $1,876.0 | | $2,414.9 | | $1,180.5 | | $1,815.4 |
| July 2, 2022 | July 3, 2021 | |
| Raw materials and purchased parts | $98.9 | | $64.4 |
| Work in process | 92.2 | | 79.0 |
| Finished goods | 59.0 | | 53.0 |
| Inventories | $250.1 | | $196.4 |
| July 2, 2022 | July 3, 2021 | |
| Operating lease right-of-use assets | $102.1 | | $87.3 |
| Less: accumulated amortization | (28.5) | | (19.9) |
| Operating lease right-of-use assets, net | $73.6 | | $67.4 |
| July 2, 2022 | July 3, 2021 | |
| Land | $49.7 | | $38.2 |
| Buildings and improvement | 105.3 | | 92.7 |
| Machinery and equipment | 548.8 | | 498.3 |
| Computer equipment and software | 31.3 | | 28.6 |
| Furniture and fixtures | 8.9 | | 8.8 |
| Leasehold improvements | 35.7 | | 33.9 |
| Finance lease right-of-use assets | — | | 28.1 |
First 8 of 12 rows. The CSV has all of them.
| July 2, 2022 | July 3, 2021 | |
| Restructuring accrual and related charges (1) | $— | | $5.7 |
| Warranty accrual (2) | 10.0 | | 5.0 |
| Deferred revenue and customer deposits | — | | 0.6 |
| Income tax payable (3) | 26.0 | | 43.5 |
| Other current liabilities | 3.4 | | 3.0 |
| Other current liabilities | $39.4 | | $57.8 |
| July 2, 2022 | July 3, 2021 | |
| Asset retirement obligation | $4.6 | | $4.7 |
| Pension and related accrual (1) | 7.7 | | 10.8 |
| Unrecognized tax benefit | 30.5 | | 23.0 |
| Other non-current liabilities | 0.1 | | 2.4 |
| Other non-current liabilities | $42.9 | | $40.9 |
| July 2, 2022 | 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 | 13.0 | | 14.1 | | 15.5 |
| Short-term and variable lease cost | 2.0 | | 4.3 | | 4.4 |
| Sublease income | (3.0) | | (2.8) | | (2.6) |
| Total lease cost | $12.0 | | $16.1 | | $33.7 |
First 8 of 14 rows. The CSV has all of them.
| Fiscal Years | Operating Leases (1) |
| 2023 | $12.9 |
| 2024 | 12.5 |
| 2025 | 9.3 |
| 2026 | 7.9 |
| 2027 | 6.3 |
| Thereafter | 17.6 |
| Total minimum lease payments | $66.5 |
First 8 of 10 rows. The CSV has all of them.
| | Optical Communications | Commercial Lasers | Total | |
| Balance as of July 2, 2022 and July 3, 2021 | $363.5 | | $5.4 | | $368.9 |
| July 2, 2022 | Gross Carrying Amounts | Accumulated Amortization | | Net Carrying Amounts | Weighted average remaining amortization period (years) | |
| Acquired developed technologies | $390.3 | | $(303.6) | | $86.7 | 2.5 |
| Customer relationships | 145.0 | | (76.0) | | 69.0 | 4.4 |
| Total intangible assets | $535.3 | | $(379.6) | | $155.7 | |
| 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 | |
| Years ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Cost of sales | $62.9 | | $61.7 | | $53.8 |
| Selling, general and administrative | 22.6 | | 24.0 | | 24.8 |
| Total amortization of intangibles | $85.5 | | $85.7 | | $78.6 |
| Fiscal Years | |
| 2023 | $61.9 |
| 2024 | 40.5 |
| 2025 | 27.7 |
| 2026 | 18.1 |
| 2027 | 7.5 |
| Total | $155.7 |
| Liability component: | July 2, 2022 | July 3, 2021 | | | | | | |
| 2024 Notes (1) | 2026 Notes (2) | | 2028 Notes (3) | 2024 Notes (1) | 2026 Notes (2) | | |
| Principal | $448.1 | | $1,050.0 | | $861.0 | | $450.0 | $1,050.0 |
| Unamortized debt discount and debt issuance costs | (38.2) | | (218.6) | | (226.3) | | (59.3) | (260.2) |
| Net carrying amount of the liability component | $409.9 | | $831.4 | | $634.7 | | $390.7 | $789.8 |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Contractual interest expense | $7.8 | | $6.5 | | $3.9 |
| Amortization of the debt discount and debt issuance costs | 72.4 | | 60.2 | | 39.1 |
| Total interest expense | $80.2 | | $66.7 | | $43.0 |
| Fiscal Years | 2024 Notes | 2026 Notes | | 2028 Notes | Total | | |
| 2023 | $1.1 | | $5.3 | | $4.3 | | $10.7 |
| 2024 | 449.4 | | 5.3 | | 4.3 | 459.0 | |
| 2025 | — | | 5.3 | | 4.3 | 9.6 | |
| 2026 | — | | 5.3 | | 4.3 | 9.6 | |
| 2027 | — | | 1,052.4 | | 869.6 | 1,922.0 | |
| Total Notes payments | $450.5 | | $1,073.6 | | $886.8 | | $2,410.9 |
| 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 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 |
| Other comprehensive income (loss) | — | | 2.4 | | (10.2) | (7.8) |
| Ending balance as of July 2, 2022 | $9.7 | | $1.0 | | $(10.3) | $0.4 |
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Balance as of beginning of period | $5.7 | | $5.2 | | $14.6 |
| Charges (benefits) | (1.1) | | 7.7 | | 8.0 |
| Payments | (4.6) | | (7.2) | | (17.4) |
| Balance as of end of period | $— | | $5.7 | | $5.2 |
| Years Ended | | | | | |
| | July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Impairment charges | | $— | | $— | | $4.3 |
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Cost of sales (1) | $2.5 | | $9.3 | | $16.1 |
| Research and development | 0.4 | | 0.3 | | 0.8 |
| Selling, general and administrative (2) | 0.1 | | (7.2) | | 0.6 |
| $3.0 | | $2.4 | | $17.5 |
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Domestic | $77.5 | | $314.9 | | $(33.1) |
| Foreign | 157.6 | | 148.2 | | 207.4 |
| Income before income taxes | $235.1 | | $463.1 | | $174.3 |
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Federal: | | | | | |
| Current | $13.7 | | $30.5 | | $2.9 |
| Deferred | 1.0 | | 9.2 | | 19.3 |
| 14.7 | | 39.7 | | 22.2 |
| State: | | | | | |
| Current | (0.1) | | 1.7 | | 0.1 |
First 8 of 15 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Income tax provision computed at federal statutory rate | $49.4 | | $97.3 | | $36.6 |
| Foreign rate differential | (50.4) | | (50.4) | | (24.6) |
| Change in valuation allowance | 10.5 | | 45.4 | | 13.4 |
| Tax credits | (23.1) | | (31.8) | | (10.2) |
| Stock-based compensation | 9.6 | | 5.6 | | 4.8 |
| Subpart F and GILTI | 28.2 | | 42.1 | | 22.9 |
First 8 of 14 rows. The CSV has all of them.
| Years Ended | | |
| July 2, 2022 | July 3, 2021 | |
| Gross deferred tax assets: | | | |
| Intangibles | $81.2 | | $92.0 |
| Tax credit carryforwards | 75.3 | | 75.3 |
| Net operating loss carryforwards | 151.0 | | 172.7 |
| Inventories | 6.3 | | 6.8 |
| Accruals and reserves | 14.2 | | 10.6 |
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 16 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Cost of sales | $20.8 | | $19.2 | | $16.1 |
| Research and development | 22.1 | | 19.5 | | 15.9 |
| Selling, general and administrative | 60.2 | | 54.2 | | 41.2 |
| Total stock-based compensation | $103.1 | | $92.9 | | $73.2 |
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Income tax benefit associated with stock-based compensation | $12.5 | | $14.6 | | $10.6 |
| 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 29, 2019 | | 2.2 | | $52.4 | | — | | $32.5 | | 0.2 | $56.0 |
| Granted | | 1.1 | | 60.3 | | — | | — | | 0.2 | 61.9 |
| Vested/Exercised | | (1.2) | | 52.1 | | — | | 32.4 | | (0.1) | 54.7 |
| Canceled | | (0.2) | | 52.3 | | — | | — | | — | 57.3 |
| Balance as of June 27, 2020 | | 1.9 | | $56.6 | | — | | $— | | 0.3 | $60.6 |
| Granted | | 1.2 | | 86.6 | | — | | — | | 0.2 | 86.7 |
First 8 of 15 rows. The CSV has all of them.
| Awards Available for Grant |
| Balance as of June 29, 2019 | 4.7 |
| Granted | (1.3) |
| Canceled | 0.1 |
| Balance as of June 27, 2020 | 3.5 |
| Granted | (1.4) |
| Canceled | 0.2 |
| Balance as of July 3, 2021 | 2.3 |
First 8 of 12 rows. The CSV has all of them.
Table 56 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 2, 2022 | July 3, 2021 | |
| Expected term (years) | 0.5 | 0.5 | |
| Expected volatility | 45.4% | | 46.6% |
| Risk-free interest rate | 1.49% | | 0.07% |
| Dividend yield | —% | | —% |
| July 2, 2022 | July 3, 2021 | |
| Change in projected benefit obligation: | | | |
| Benefit obligation at beginning of year | $20.6 | | $20.9 |
| Service cost | 1.8 | | 2.0 |
| Interest cost | 0.1 | | 0.1 |
| Plan participants’ contributions | 0.5 | | 0.5 |
| Actuarial gains (1) | (3.9) | | (1.2) |
| Benefits paid | (0.2) | | (1.7) |
First 8 of 27 rows. The CSV has all of them.
| Years Ended | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Service cost | $1.8 | | $2.0 | | $3.5 |
| Interest cost | 0.1 | | 0.1 | | 0.2 |
| Amortization of prior service cost | (0.1) | | (0.1) | | — |
| Expected return on plan assets | (0.2) | | (0.3) | | (0.3) |
| Amortization of net loss | 0.2 | | 0.3 | | 0.3 |
| Settlement losses | — | | 0.3 | | — |
First 8 of 9 rows. The CSV has all of them.
Table 59 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 2, 2022 | July 3, 2021 | |
| Assumptions used to determine net periodic cost: | | | |
| Discount rate | 1.1% | | 0.6% |
| Expected long-term return on plan assets | 2.0% | | 2.7% |
| Salary increase rate | 3.7% | | 3.4% |
| Assumptions used to determine benefit obligation at end of year: | | | |
| Discount rate | 1.9% | | 0.7% |
First 8 of 9 rows. The CSV has all of them.
| | | | Fair Value Measurement as of July 2, 2022 | | | | |
| 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 | 33% | | $3.2 | | 33% | | $— | $3.2 |
| Fixed income | 32% | | 3.1 | | 30% | | — | 3.1 |
| Alternative investment | 12% | | 1.2 | | 13% | | — | 1.2 |
| Cash | 1% | | 0.1 | | 1% | | 0.1 | — |
| Other assets | 22% | | 2.2 | | 23% | | — | 2.2 |
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.
| Fiscal Years | Total |
| 2023 | $1.5 |
| 2024 | 0.8 |
| 2025 | 1.2 |
| 2026 | 1.0 |
| 2027 | 1.1 |
| Next five years | 8.8 |
| Total expected benefit payments | 14.4 |
| Years Ended | | |
| July 2, 2022 | July 3, 2021 | |
| Balance as of beginning of period | $5.0 | | $5.0 |
| Provision for warranty | 9.4 | | 7.1 |
| Utilization of reserve | (4.4) | | (7.1) |
| Balance as of end of period | $10.0 | | $5.0 |
| Years Ended | | | | | |
| | July 2, 2022 | July 3, 2021 | | June 27, 2020 | |
| Net revenue: | | | | | | |
| OpComms | | $1,518.5 | | $1,620.7 | | $1,515.1 |
| Lasers | | 194.1 | | 122.1 | | 163.5 |
| Net revenue | | $1,712.6 | | $1,742.8 | | $1,678.6 |
| Gross profit: | | | | | | |
| OpComms | | $780.9 | | $830.2 | | $704.0 |
First 8 of 18 rows. The CSV has all of them.
Table 65 after “(in millions, except percentage data):”
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| Years Ended | | | | | | | | | | |
| | July 2, 2022 | July 3, 2021 | June 27, 2020 | | | | | | | |
| Net revenue: | | | | | | | | | | | |
| Americas: | | | | | | | | | | | |
| United States | | | | $173.9 | 10.2% | | $133.4 | 7.7% | | $149.8 | 8.9% |
| Other Americas | | | | 173.0 | 10.1 | | 146.9 | 8.4 | | 128.3 | 7.6 |
| Total Americas | | | | $346.9 | 20.3% | | $280.3 | 16.1% | | $278.1 | 16.5% |
| Asia-Pacific: | | | | | | | | | | | |
First 8 of 15 rows. The CSV has all of them.
Table 66 after “During the years ended July 2, 2022, July 3, 2021, and June 27, 2020, net revenue generated from a single customer which represented 10% or ”
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| Years Ended | | | | | |
| July 2, 2022 | July 3, 2021 | | June 27, 2020 | | |
| Customer A | 28.7% | | 30.2% | | | 26.0% |
| Customer B | 12.6% | | 10.1% | | | * |
| Customer C | * | 10.8% | | | 13.2% | |
| *Represents less than 10% of total net revenue. | | | | | | |
| July 2, 2022 | July 3, 2021 | |
| United States | $107.8 | | $116.7 |
| Thailand | 107.6 | | 103.9 |
| Japan | 38.9 | | 36.4 |
| China | 32.7 | | 41.3 |
| Other countries | 73.5 | | 62.8 |
| Total long-lived assets | $360.5 | | $361.1 |
| Years Ended | | | | | | | |
| July 2, 2022 | July 3, 2021 | June 27, 2020 | | | | | |
| OpComms: | | | | | | | | |
| Telecom and Datacom | $1,008.7 | 58.9% | | $1,059.7 | 60.8% | | $1,021.8 | 60.9% |
| Consumer and Industrial | 509.8 | 29.8% | | 561.0 | 32.2% | | 493.3 | 29.4% |
| Total OpComms | $1,518.5 | 88.7% | | $1,620.7 | 93.0% | | $1,515.1 | 90.3% |
| Lasers | 194.1 | 11.3% | | 122.1 | 7.0% | | 163.5 | 9.7% |
| Net Revenue | $1,712.6 | | $1,742.8 | | | $1,678.6 | | |
| Contract balances | Balance sheet location | July 2, 2022 | July 3, 2021 | | Change | Percentage Change | |
| Accounts receivable, net | Accounts receivable, net | $262.0 | | $212.8 | | $49.2 | 23.1% |
| Deferred revenue and customer deposits | Other current liabilities | $— | | $0.6 | | $(0.6) | (100.0)% |
Table 70 after “The financial statements filed as part of this report are listed in the “Index to Financial Statements” under Part II, Item 7 of this report”
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| Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | 66 |
| Consolidated Statements of Operations—Years Ended July 2, 2022, July 3, 2021, and June 27, 2020 | 68 |
| Consolidated Statements of Comprehensive Income —Years Ended July 2, 2022, July 3, 2021 and June 27, 2020 | 69 |
| Consolidated Balance Sheets—July 2, 2022 and July 3, 2021 | 70 |
| Consolidated Statements of Cash Flows—Years Ended July 2, 2022, July 3, 2021, and June 27, 2020 | 71 |
| Consolidated Statements of Stockholders’ Equity—Years Ended July 2, 2022, July 3, 2021, and June 27, 2020 | 73 |
| Notes to Consolidated Financial Statements | 74 |
Table 71 after “SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS”
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| (in millions) | | | | | | |
| Balance at beginning of Period | 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 2, 2022 | $0.4 | | $(0.1) | | $(0.3) | | $— |
| 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 |
Table 72 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 2, 2022 | $269.5 | | $5.7 | | $(12.1) | $263.1 |
| 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 |
Table 73 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 | |
| 2.2 | 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 | |
| 3.2 | Amended and Restated Bylaws | 8-K | 3.2 | 8/6/2015 | |
| 4.1 | Indenture, dated March 8, 2017, between Lumentum Holdings Inc. and U.S. Bank Trust Company, 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 | |
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| 4.6 | Indenture dated March 8, 2022, between Lumentum Holdings Inc. and U.S. Bank Trust Company, National Association | 8-K | 4.1 | 3/8/2022 | |
| 4.7 | Form of 0.50% Convertible Senior Note due 2028 (included in Exhibit 4.6) | 8-K | 4.2 | 3/8/2022 | |
| 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 | |
| 10.4 | 2015 Equity Incentive Plan as amended | 8-K | 10.2 | 11/9/2016 | |
| 10.5 | 2015 Employee Stock Purchase Plan | S-8 | 99.2 | 7/29/2015 | |
| 10.6* | Executive Officer Performance-Based Incentive Plan | 8-K | 10.3 | 11/9/2016 | |
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| 101 | The following financial information from Lumentum Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended July 2, 2022 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the fiscal years ended July 2, 2022, July 3, 2021, and June 27, 2020; (ii) Consolidated Statements of Comprehensive Income for the fiscal years ended July 2, 2022, July 3, 2021, and June 27, 2020; (iii) Consolidated Balance Sheets as of July 2, 2022 and July 3, 2021; (iv) Consolidated Statements of Cash Flows for the fiscal years ended July 2, 2022, July 3, 2021, and June 27, 2020; (v) Consolidated Statements of Stockholders’ Equity for the fiscal years ended July 2, 2022, July 3, 2021, and June 27, 2020; 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 2, 2022, 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 24, 2022 |
| Alan Lowe | | |
| /s/ WAJID ALI | Executive Vice President, Chief Financial Officer (principal financial officer) | August 24, 2022 |
| Wajid Ali | | |
| /s/ MATTHEW SEPE | Chief Accounting Officer (principal accounting officer) | August 24, 2022 |
| Matthew Sepe | | |
| /s/ HAROLD COVERT | Director | August 24, 2022 |
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