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Tables in the 10-K of Lumentum Holdings Inc.
81 tables with numbers, filed Aug 23, 2023. 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 | 12 |
| ITEM 1B. | UNRESOLVED STAFF COMMENTS | 39 |
| ITEM 2. | PROPERTIES | 40 |
| ITEM 3. | LEGAL PROCEEDINGS | 40 |
First 8 of 29 rows. The CSV has all of them.
Table 2 after “During fiscal 2023, 2022, and 2021, net revenue generated from a single customer which represented 10% or more of our total net revenue of t”
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| Years Ended | | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | | |
| Apple | 12.1% | | 28.7% | | | 30.2% |
| Ciena | 15.3% | | 12.6% | | | 10.1% |
| Huawei | * | * | | 10.8% | | |
| Nokia | 10.5% | | * | | * | |
| *Represents less than 10% of total net revenue. | | | | | | |
| Period | Total number of shares purchased (1) (2) | Average price paid per share (3) | | Total number of shares purchased as part of publicly announced plans or programs (2) | Maximum number (or approximation dollar value) of shares that may yet be purchased under the plans or programs | |
| April 2, 2023 to April 29, 2023 | — | | $— | | — | $584.5 |
| April 30, 2023 to May 27, 2023 | 337,437 | | $43.99 | | 337,437 | $569.6 |
| May 28, 2023 to July 1, 2023 (2) | 2,336,485 | | $53.49 | | 2,336,485 | $569.6 |
| Total | 2,673,922 | | $52.29 | | 2,673,922 | $569.6 |
| Contract balances | Balance sheet location | July 1, 2023 | July 2, 2022 | | Change | Percentage Change | |
| Accounts receivable, net | Accounts receivable, net | $246.1 | | $262.0 | | $(15.9) | (6.1)% |
| Deferred revenue and customer deposits | Other current liabilities | $2.1 | | $— | | $2.1 | 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 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Segment net revenue: | | | | | |
| OpComms | 88.2% | | 88.7% | | 93.0% |
| Lasers | 11.8 | | 11.3 | | 7.0 |
| Net revenue | 100.0 | | 100.0 | | 100.0 |
| Cost of sales | 63.0 | | 50.3 | | 51.5 |
| Amortization of acquired developed intangibles | 4.8 | | 3.7 | | 3.5 |
First 8 of 21 rows. The CSV has all of them.
| 2023 | 2022 | | Change | Percentage Change | | 2022 | | 2021 | | Change | | Percentage Change | | | | | | |
| Segment net revenue: | | | | | | | | | | | | | | | | | | | |
| OpComms | $1,557.8 | | $1,518.5 | | $39.3 | | | 2.6% | | | $1,518.5 | | | $1,620.7 | | | $(102.2) | | (6.3)% |
| Lasers | 209.2 | | 194.1 | | 15.1 | | | 7.8 | | | 194.1 | | | 122.1 | | | 72.0 | | 59.0 |
| Net revenue | $1,767.0 | | $1,712.6 | | $54.4 | | | 3.2% | | | $1,712.6 | | | $1,742.8 | | | $(30.2) | | (1.7)% |
| Gross profit | $569.0 | $788.6 | | $(219.6) | | (27.8)% | | | $788.6 | | $783.1 | | $5.5 | | | 0.7% | | | |
| Gross margin | 32.2% | | 46.0% | | | | | | 46.0% | | | 44.9% | | | | | | | |
| Research and development | $307.8 | | $220.7 | | $87.1 | | 39.5% | | | $220.7 | | | $214.5 | | $6.2 | | | 2.9% | |
First 8 of 15 rows. The CSV has all of them.
Table 7 after “During our fiscal 2023, 2022 and 2021, net revenue generated from a single customer which represented 10% or greater of total net revenue is”
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| Years Ended | | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | | |
| Apple | 12.1% | | 28.7% | | | 30.2% |
| Ciena | 15.3% | | 12.6% | | | 10.1% |
| Huawei | * | * | | 10.8% | | |
| Nokia | 10.5% | | * | | * | |
| *Represents less than 10% of total net revenue. | | | | | | |
Table 8 after “(in millions, except percentage data):”
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| Years Ended | | | | | | | | | | |
| | July 1, 2023 | July 2, 2022 | July 3, 2021 | | | | | | | |
| Net revenue: | | | | | | | | | | | |
| Americas: | | | | | | | | | | | |
| United States | | | | $241.3 | 13.7% | | $173.9 | 10.2% | | $133.4 | 7.7% |
| Mexico | | | | 180.0 | 10.2 | | 160.9 | 9.4 | | 134.8 | 7.7 |
| Other Americas | | | | 9.3 | 0.5 | | 12.1 | 0.7 | | 12.1 | 0.7 |
| Total Americas | | | | $430.6 | 24.4% | | $346.9 | 20.3% | | $280.3 | 16.1% |
First 8 of 17 rows. The CSV has all of them.
| Gross Profit | Gross Margin | | | | | | | | |
| Years Ended | Years Ended | | | | | | | | |
| 2023 | 2022 | | 2021 | 2023 | 2022 | | 2021 | | |
| OpComms | $665.5 | | $780.9 | | $830.2 | | 42.7% | | 51.4% | 51.2% |
| Lasers | 98.0 | | 102.1 | | 57.3 | | 46.8% | | 52.6% | 46.9% |
| Segment total | $763.5 | | $883.0 | | $887.5 | | 43.2% | | 51.6% | 50.9% |
| Unallocated corporate items: | | | | | | | | | | |
| Stock-based compensation | (30.1) | | (20.8) | | (19.2) | | | | | |
First 8 of 15 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Interest expense | $35.5 | | $80.2 | | $66.7 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Foreign exchange gains (losses), net | $7.0 | | $6.1 | | $(4.4) |
| Interest and investment income | 40.8 | | 6.1 | | 5.7 |
| Other income (expense), net | 1.0 | | (0.2) | | 1.5 |
| Other income, net | $48.8 | | $12.0 | | $2.8 |
| Years Ended | | | | |
| (in millions) | July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Income tax provision | $29.2 | | $36.2 | | $65.8 |
| Payments due | | | | |
| Total | Less than 1 year | | More than 1 year | |
| Contractual Obligations | | | | | |
| Asset retirement obligations | $8.2 | | $— | | $8.2 |
| Operating lease liabilities, including imputed interest (1) | 67.8 | | 16.1 | | 51.7 |
| Pension plan contributions (2) | 2.2 | | 2.2 | | — |
| Purchase obligations (3) | 348.9 | | 308.5 | | 40.4 |
| Convertible notes - principal (4) | 2,837.8 | | 323.1 | | 2,514.7 |
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 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Net revenue | | $1,767.0 | | $1,712.6 | | $1,742.8 |
| Cost of sales | | 1,113.6 | | 861.1 | | 898.0 |
| Amortization of acquired developed intangibles | | 84.4 | | 62.9 | | 61.7 |
| Gross profit | | 569.0 | | 788.6 | | 783.1 |
| Operating expenses: | | | | | | |
| Research and development | | 307.8 | | 220.7 | | 214.5 |
First 8 of 24 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Net income (loss) | $(131.6) | | $198.9 | | $397.3 |
| Other comprehensive income (loss), net of tax: | | | | | |
| Net change in cumulative translation adjustment | 0.7 | | — | | — |
| Net change in unrealized gain (loss) on available-for-sale securities | 4.4 | | (10.2) | | (2.5) |
| Net change in defined benefit obligations | (1.4) | | 2.4 | | 2.8 |
| Other comprehensive income (loss), net of tax | 3.7 | | (7.8) | | 0.3 |
First 8 of 9 rows. The CSV has all of them.
Table 16 after “(in millions, except per share data)”
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| July 1, 2023 | July 2, 2022 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $859.0 | | $1,290.2 |
| Short-term investments | 1,154.6 | | 1,258.8 |
| Accounts receivable, net | 246.1 | | 262.0 |
| Inventories | 408.6 | | 250.1 |
| Prepayments and other current assets | 109.6 | | 78.1 |
First 8 of 38 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| OPERATING ACTIVITIES: | | | | | |
| Net income (loss) | $(131.6) | | $198.9 | | $397.3 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | |
| Depreciation expense | 106.6 | | 81.6 | | 91.4 |
| Stock-based compensation | 148.4 | | 103.1 | | 92.9 |
| Gain on sale of product lines | — | | — | | (0.5) |
First 8 of 48 rows. The CSV has all of them.
| Cash and cash equivalents at end of period | $859.0 | $1,290.2 | $774.3 |
| Supplemental disclosure of cash flow information: | | | |
| Cash paid for taxes, net | $67.3 | $57.0 | $50.0 |
| Cash paid for interest | 10.8 | 7.5 | 6.4 |
| Supplemental disclosure of non-cash transactions: | | | |
| Unpaid property, plant and equipment in accounts payable and accrued expenses | $9.8 | $3.4 | $10.6 |
| Settlement of loan to NeoPhotonics | 50.0 | — | — |
| 2029 Notes issuance costs in current liabilities | 0.8 | — | — |
First 8 of 10 rows. The CSV has all of them.
| Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income | | | Total Stockholders’ Equity | | | | |
| | Shares | Amount | | | | | | | | | |
| Balance as of June 27, 2020 | | 75.1 | | $0.1 | | | $1,676.6 | | $64.6 | $7.9 | | $1,749.2 |
| Net income | | — | | — | | | — | | 397.3 | — | | 397.3 |
| Other comprehensive income | | — | | — | | | — | | — | 0.3 | | 0.3 |
| 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 | | (0.5) | | | | (39.7) | | | | | (39.7) | |
| Exercise of stock options | | — | | — | | | 0.2 | | — | — | | 0.2 |
First 8 of 32 rows. The CSV has all of them.
| Short Term Debt - 2024 Notes | Long Term Debt - 2026 Notes | | Long Term Debt - 2028 Notes | Additional Paid-In Capital | Accumulated Deficit | | Deferred Tax Asset (Liability), net | | |
| Balances pre-adoption of ASC 2020-06 | $409.9 | | $831.4 | | $634.7 | | $2,003.6 | | $129.1 | $12.9 |
| Reclassify amounts from equity to debt | — | | 312.9 | | 229.3 | | (542.2) | | — | — |
| Adjustment for interest accretion | — | | (99.5) | | (9.7) | | — | | (109.2) | — |
| Tax effect | — | | — | | — | | 115.7 | | 23.6 | 92.1 |
| Balances upon adoption of ASC 2020-06 | $409.9 | | $1,044.8 | | $854.3 | | $1,577.1 | | $43.5 | $105.0 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Numerator: | | | | | |
| Net income (loss) - basic and diluted | $(131.6) | | $198.9 | | $397.3 |
| Denominator: | | | | | |
| Weighted average common shares outstanding - basic | 68.3 | | 71.2 | | 75.4 |
| Effect of dilutive securities from stock-based benefit plans | — | | 0.6 | | 0.8 |
| Shares issuable assuming conversion of the convertible notes | — | | 2.4 | | 2.2 |
First 8 of 12 rows. The CSV has all of them.
| Fair Value |
| Cash consideration for outstanding NeoPhotonics common stock (1) | $867.3 |
| Settlement of pre-existing relationship (loan to NeoPhotonics) (2) | 50.0 |
| Stock-based compensation (3) | 17.1 |
| Total purchase price consideration | $934.4 |
| Fair Value |
| Total purchase price consideration | $934.4 |
| Assets acquired | |
| Cash and cash equivalents | $92.9 |
| Accounts receivable, net | 66.8 |
| Inventories | 84.3 |
| Prepayments and other current assets | 24.2 |
| Property, plant and equipment, net | 106.1 |
First 8 of 24 rows. The CSV has all of them.
| Years Ended | | | |
| | July 1, 2023 | July 2, 2022 | |
| Net revenue | | $1,790.9 | | $2,061.2 |
| Net income (loss) | | (90.1) | | 77.2 |
| Amortized Cost | Gross Unrealized Gains | | Gross Unrealized Losses | Fair Value | |
| July 1, 2023: | | | | | | |
| Cash | $254.3 | | $— | | $— | $254.3 |
| Cash equivalents: | | | | | | |
| Money market funds | 276.1 | | — | | — | 276.1 |
| U.S. Agency securities | 4.0 | | — | | — | 4.0 |
| U.S. Treasury securities | 324.6 | | — | | — | 324.6 |
| Total cash and cash equivalents | $859.0 | | $— | | $— | $859.0 |
First 8 of 31 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Foreign exchange gains (losses), net | $7.0 | | $6.1 | | $(4.4) |
| Interest and investment income | 40.8 | | 6.1 | | 5.7 |
| Other income (losses), net | 1.0 | | (0.2) | | 1.5 |
| Other income, net | $48.8 | | $12.0 | | $2.8 |
| Continuous Loss Position For More Than 12 Months | Continuous Loss Position For Less Than 12 Months | | Gross Unrealized Losses | | | |
| Fair Value | Unrealized Losses | | Fair Value | Unrealized Losses | | |
| July 1, 2023 | | | | | | | |
| U.S. Agency securities | $39.6 | | $(0.4) | | $170.6 | $(1.3) | $(1.7) |
| Certificates of deposit | — | | — | | 7.7 | — | — |
| Commercial paper | — | | — | | 128.5 | (0.2) | (0.2) |
| Corporate debt securities | 93.6 | | (1.2) | | 358.9 | (2.7) | (3.9) |
| U.S. government bonds | 50.8 | | (0.6) | | 221.4 | (1.4) | (2.0) |
First 8 of 17 rows. The CSV has all of them.
| July 1, 2023 | July 2, 2022 | | | | |
| Amortized Cost | Fair Value | | Amortized Cost | Fair Value | |
| Due within 1 year | $762.9 | | $759.1 | | $1,010.9 | $1,002.2 |
| Due between 1 year to 5 years | 399.5 | | 395.5 | | 261.0 | 256.6 |
| $1,162.4 | | $1,154.6 | | $1,271.9 | $1,258.8 |
| Level 1 | Level 2 | | Level 3 | Total | |
| July 1, 2023 (1) | | | | | | |
| Assets: | | | | | | |
| Cash equivalents: | | | | | | |
| Money market funds | $276.1 | | $— | | $— | $276.1 |
| U.S. Agency securities | — | | 4.0 | | — | 4.0 |
| U.S. Treasury securities | 324.6 | | — | | — | 324.6 |
| Short-term investments: | | | | | | |
First 8 of 14 rows. The CSV has all of them.
Table 30 after “million in cash held in our bank accounts as of July 1, 2023.”
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| 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.
| July 1, 2023 | July 2, 2022 | | | | |
| Carrying Amount | Estimated Fair Value | | Carrying Amount | Estimated Fair Value | |
| 2029 Notes | $598.6 | | $625.2 | | $— | $— |
| 2028 Notes | 855.5 | | 677.8 | | 634.7 | 735.7 |
| 2026 Notes | 1,045.9 | | 933.2 | | 831.4 | 1,065.0 |
| 2024 Notes | 311.6 | | 345.2 | | 409.9 | 614.2 |
| $2,811.6 | | $2,581.4 | | $1,876.0 | $2,414.9 |
| July 1, 2023 | July 2, 2022 | |
| Raw materials and purchased parts | $170.5 | | $98.9 |
| Work in process | 103.2 | | 92.2 |
| Finished goods | 134.9 | | 59.0 |
| Inventories | $408.6 | | $250.1 |
| July 1, 2023 | July 2, 2022 | |
| Operating lease right-of-use assets | $116.5 | | $102.1 |
| Less: accumulated amortization | (39.2) | | (28.5) |
| Operating lease right-of-use assets, net | $77.3 | | $73.6 |
| July 1, 2023 | July 2, 2022 | |
| Land | $63.5 | | $49.7 |
| Buildings and improvement | 170.3 | | 105.3 |
| Machinery and equipment | 657.9 | | 548.8 |
| Computer equipment and software | 41.4 | | 31.3 |
| Furniture and fixtures | 10.2 | | 8.9 |
| Leasehold improvements | 49.6 | | 35.7 |
| Construction in progress | 69.2 | | 47.0 |
First 8 of 11 rows. The CSV has all of them.
| July 1, 2023 | July 2, 2022 | |
| Restructuring and related accrual (1) | $5.0 | | $— |
| Warranty reserve (2) | 6.8 | | 10.0 |
| Deferred revenue and customer deposits | 2.1 | | — |
| Income tax payable (3) | 28.0 | | 26.0 |
| Other current liabilities | 5.9 | | 3.4 |
| Other current liabilities | $47.8 | | $39.4 |
| July 1, 2023 | July 2, 2022 | |
| Asset retirement obligation | $8.2 | | $4.6 |
| Pension and related accrual (1) | 9.6 | | 7.2 |
| Unrecognized tax benefit | 64.4 | | 30.5 |
| Other non-current liabilities | 9.2 | | 0.6 |
| Other non-current liabilities | $91.4 | | $42.9 |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Finance lease cost | $— | | $— | | $0.5 |
| Operating lease cost | 14.4 | | 13.0 | | 14.1 |
| Short-term and variable lease cost | 2.7 | | 2.0 | | 4.3 |
| Sublease income | (2.6) | | (3.0) | | (2.8) |
| Total lease cost | $14.5 | | $12.0 | | $16.1 |
| Weighted average remaining lease term (in years): | | | | | |
| Operating leases | 5.8 | 6.9 | | 7.5 | |
First 8 of 12 rows. The CSV has all of them.
| Fiscal Years | Operating Leases (1) |
| 2024 | $16.1 |
| 2025 | 13.2 |
| 2026 | 11.6 |
| 2027 | 9.3 |
| 2028 | 5.4 |
| Thereafter | 12.2 |
| Total minimum lease payments | 67.8 |
First 8 of 10 rows. The CSV has all of them.
| Optical Communications | Commercial Lasers | | Total | |
| Balance as of July 2, 2022 | $363.5 | | $5.4 | | $368.9 |
| Acquisition of NeoPhotonics (1) | 315.3 | | — | | 315.3 |
| Acquisition of IPG telecom transmission product lines (2) | 10.9 | | — | | 10.9 |
| Balance as of July 1, 2023 | $689.7 | | $5.4 | | $695.1 |
| Fair value at the acquisition date | Weighted average amortization period (in years) | | | | |
| NeoPhotonics | IPG telecom transmission product lines | | Total acquired | | |
| Acquired developed technologies | $220.0 | | $8.6 | | $228.6 | 5.2 |
| Customer relationships | 144.5 | | 2.3 | | 146.8 | 5.9 |
| In-process research and development | 48.0 | | 29.1 | | 77.1 | n/a |
| Total intangible assets | $412.5 | | $40.0 | | $452.5 | |
| July 1, 2023 | Gross Carrying Amounts | Accumulated Amortization | | Net Carrying Amounts | Weighted average remaining amortization period (years) | |
| Acquired developed technologies | $630.9 | | $(385.5) | | $245.4 | 4.2 |
| Customer relationships | 289.7 | | (116.8) | | 172.9 | 3.7 |
| In-process research and development | 40.9 | | — | | 40.9 | n/a |
| Total intangible assets | $961.5 | | $(502.3) | | $459.2 | |
| 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 | |
| Years ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Cost of sales | $84.4 | | $62.9 | | $61.7 |
| Selling, general and administrative | 43.3 | | 22.6 | | 24.0 |
| Total amortization of intangibles | $127.7 | | $85.5 | | $85.7 |
| Fiscal Years | |
| 2024 | $110.8 |
| 2025 | 96.9 |
| 2026 | 87.2 |
| 2027 | 76.7 |
| 2028 | 37.3 |
| Thereafter | 9.4 |
| Total | $418.3 |
| July 1, 2023 | 2024 Notes (1) | 2026 Notes (2) | | 2028 Notes (3) | 2029 Notes (4) | Total | | |
| Principal | $323.1 | | $1,050.0 | | $861.0 | | $603.7 | $2,837.8 |
| Unamortized debt discount and debt issuance costs | (11.5) | | (4.1) | | (5.5) | | (5.1) | (26.2) |
| Net carrying amount of the liability component | $311.6 | | $1,045.9 | | $855.5 | | $598.6 | $2,811.6 |
| July 2, 2022 | 2024 Notes (1) | 2026 Notes (2) | | 2028 Notes (3) | Total | |
| Principal | $448.1 | | $1,050.0 | | $861.0 | $2,359.1 |
| Unamortized debt discount and debt issuance costs | (38.2) | | (218.6) | | (226.3) | (483.1) |
| Net carrying amount of the liability component | $409.9 | | $831.4 | | $634.7 | $1,876.0 |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Contractual interest expense | $11.2 | | $7.8 | | $6.5 |
| Amortization of the debt discount and debt issuance costs | 24.3 | | 72.4 | | 60.2 |
| Total interest expense | $35.5 | | $80.2 | | $66.7 |
| Fiscal Years | 2024 Notes | 2026 Notes | | 2028 Notes | 2029 Notes | Total | | | |
| 2024 | $324.3 | | $5.3 | | $4.3 | | $9.1 | | $343.0 |
| 2025 | — | | 5.3 | | 4.3 | 9.1 | | 18.7 | |
| 2026 | — | | 5.3 | | 4.3 | 9.1 | | 18.7 | |
| 2027 | — | | 1,052.5 | | 4.3 | 9.1 | | 1,065.9 | |
| 2028 | — | | — | | 865.3 | 9.1 | | 874.4 | |
| Thereafter | — | | — | | — | | 617.1 | | 617.1 |
| Total payments | $324.3 | | $1,068.4 | | $882.5 | | $662.6 | | $2,937.8 |
| 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 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 |
| Other comprehensive income (loss) | 0.7 | | (1.4) | | 4.4 | 3.7 |
| Ending balance as of July 1, 2023 | $10.4 | | $(0.4) | | $(5.9) | $4.1 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Balance as of beginning of period | $— | | $5.7 | | $5.2 |
| Charges (reversals), net | 28.1 | | (1.1) | | 7.7 |
| Payments | (23.1) | | (4.6) | | (7.2) |
| Balance as of end of period | $5.0 | | $— | | $5.7 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Cost of sales | $1.5 | | $2.5 | | $9.3 |
| Research and development | 0.5 | | 0.4 | | 0.3 |
| Selling, general and administrative | 6.6 | | 0.1 | | (7.2) |
| $8.6 | | $3.0 | | $2.4 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Domestic | $(44.3) | | $77.5 | | $314.9 |
| Foreign | (58.1) | | 157.6 | | 148.2 |
| Income before income taxes | $(102.4) | | $235.1 | | $463.1 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Federal: | | | | | |
| Current | $12.9 | | $13.7 | | $30.5 |
| Deferred | (22.5) | | 1.0 | | 9.2 |
| (9.6) | | 14.7 | | 39.7 |
| State: | | | | | |
| Current | 0.9 | | (0.1) | | 1.7 |
First 8 of 15 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Income tax provision computed at federal statutory rate | $(21.5) | | $49.4 | | $97.3 |
| Foreign rate differential | 33.6 | | (50.4) | | (50.4) |
| Change in valuation allowance | (4.8) | | 10.5 | | 45.4 |
| Tax credits | (46.5) | | (23.1) | | (31.8) |
| Stock-based compensation | 19.1 | | 9.6 | | 5.6 |
| Permanent items | 2.9 | | 0.6 | | 1.5 |
First 8 of 16 rows. The CSV has all of them.
| Years Ended | | |
| July 1, 2023 | July 2, 2022 | |
| Gross deferred tax assets: | | | |
| Intangibles | $11.5 | | $81.2 |
| Tax credit carryforwards | 84.3 | | 75.3 |
| Net operating loss carryforwards | 218.6 | | 151.0 |
| Inventories | 7.9 | | 6.3 |
| Accruals and reserves | 11.5 | | 14.2 |
First 8 of 24 rows. The CSV has all of them.
| Balance as of 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) |
| Additions based on tax positions related to current year | 6.5 |
| Balance as of July 3, 2021 | $62.1 |
| Increases based on tax positions related to prior year | 5.2 |
| Decreases based on tax positions related to prior year | (2.1) |
First 8 of 18 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Cost of sales | $30.1 | | $20.8 | | $19.2 |
| Research and development | 41.4 | | 22.1 | | 19.5 |
| Selling, general and administrative | 76.9 | | 60.2 | | 54.2 |
| Total stock-based compensation | $148.4 | | $103.1 | | $92.9 |
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Income tax benefit associated with stock-based compensation | $10.4 | | $12.5 | | $14.6 |
| Restricted Stock Units | | 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 | |
| Balance as of June 27, 2020 | | 1.9 | | $56.6 | | 0.3 | $60.6 |
| Granted | | 1.2 | | 86.6 | | 0.2 | 86.7 |
| Vested/Exercised | | (1.1) | | 56.5 | | (0.2) | 57.8 |
| Canceled | | (0.2) | | 67.1 | | — | 70.0 |
| Balance as of July 3, 2021 | | 1.8 | | $76.0 | | 0.3 | $75.7 |
| Granted | | 1.5 | | 87.8 | | 0.2 | 85.7 |
First 8 of 16 rows. The CSV has all of them.
| Awards Available for Grant |
| Balance as of June 27, 2020 | 3.5 |
| Granted | (1.4) |
| Canceled | 0.2 |
| Balance as of July 3, 2021 | 2.3 |
| Authorized | 3.0 |
| Granted | (1.7) |
| Canceled | 0.2 |
First 8 of 15 rows. The CSV has all of them.
Table 61 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 1, 2023 | July 2, 2022 | |
| Expected term (years) | 0.5 | 0.5 | |
| Expected volatility | 39.7% | | 45.4% |
| Risk-free interest rate | 4.85% | | 1.49% |
| Dividend yield | —% | | —% |
| July 1, 2023 | July 2, 2022 | |
| Change in projected benefit obligation: | | | |
| Benefit obligation at beginning of year | $17.5 | | $20.6 |
| Assumed pension liability in Japan in connection with NeoPhotonics acquisition | 2.2 | | — |
| Service cost | 1.7 | | 1.8 |
| Interest cost | 0.3 | | 0.1 |
| Plan participants’ contributions | 0.8 | | 0.5 |
| Actuarial losses (gains) (1) | 0.6 | | (3.9) |
First 8 of 27 rows. The CSV has all of them.
| Years Ended | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Service cost | $1.7 | | $1.8 | | $2.0 |
| Interest cost | 0.3 | | 0.1 | | 0.1 |
| Amortization of prior service cost | (0.1) | | (0.1) | | (0.1) |
| Expected return on plan assets | (0.3) | | (0.2) | | (0.3) |
| Amortization of net loss | — | | 0.2 | | 0.3 |
| Settlement losses | — | | — | | 0.3 |
First 8 of 9 rows. The CSV has all of them.
Table 64 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 1, 2023 | July 2, 2022 | |
| Assumptions used to determine net periodic cost: | | | |
| Discount rate | 2.3% | | 1.1% |
| Expected long-term return on plan assets | 2.5% | | 2.0% |
| Salary increase rate | 4.1% | | 3.7% |
| Assumptions used to determine benefit obligation at end of year: | | | |
| Discount rate | 1.8% | | 1.9% |
First 8 of 9 rows. The CSV has all of them.
| | | | Fair value measurement as of July 1, 2023 | | | | |
| 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% | | $4.4 | | 32% | | $— | $4.4 |
| Fixed income | 32% | | 4.0 | | 30% | | — | 4.0 |
| Alternative investment | 12% | | 1.7 | | 13% | | — | 1.7 |
| Cash | 1% | | 0.1 | | 1% | | 0.1 | — |
| Other assets | 22% | | 3.2 | | 24% | | — | 3.2 |
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.
| Fiscal Years | Total |
| 2024 | $2.2 |
| 2025 | 1.5 |
| 2026 | 1.3 |
| 2027 | 1.5 |
| 2028 | 2.0 |
| Next five years | 12.6 |
| Total expected benefit payments | $21.1 |
| Years Ended | | |
| July 1, 2023 | July 2, 2022 | |
| Balance as of beginning of period | $10.0 | | $5.0 |
| Warranties assumed in NeoPhotonics merger | 0.7 | | — |
| Provision for warranty | 7.1 | | 9.4 |
| Utilization of reserve | (11.0) | | (4.4) |
| Balance as of end of period | $6.8 | | $10.0 |
| Years Ended | | | | | |
| | July 1, 2023 | July 2, 2022 | | July 3, 2021 | |
| Net revenue: | | | | | | |
| OpComms | | $1,557.8 | | $1,518.5 | | $1,620.7 |
| Lasers | | 209.2 | | 194.1 | | 122.1 |
| Net revenue | | $1,767.0 | | $1,712.6 | | $1,742.8 |
| Gross profit: | | | | | | |
| OpComms | | $665.5 | | $780.9 | | $830.2 |
First 8 of 19 rows. The CSV has all of them.
Table 70 after “(in millions, except percentage data):”
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| Years Ended | | | | | | | | | | |
| | July 1, 2023 | July 2, 2022 | July 3, 2021 | | | | | | | |
| Net revenue: | | | | | | | | | | | |
| Americas: | | | | | | | | | | | |
| United States | | | | $241.3 | 13.7% | | $173.9 | 10.2% | | $133.4 | 7.7% |
| Mexico | | | | 180.0 | 10.2% | | 160.9 | 9.4 | | 134.8 | 7.7 |
| Other Americas | | | | 9.3 | 0.5 | | 12.1 | 0.7 | | 12.1 | 0.7 |
| Total Americas | | | | $430.6 | 24.4% | | $346.9 | 20.3% | | $280.3 | 16.1% |
First 8 of 17 rows. The CSV has all of them.
Table 71 after “During the years ended July 1, 2023, July 2, 2022, and July 3, 2021, net revenue generated from a single customer which represented 10% or g”
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| Years Ended | | | | | |
| July 1, 2023 | July 2, 2022 | | July 3, 2021 | | |
| Customer A | 12.1% | | 28.7% | | | 30.2% |
| Customer B | 15.3% | | 12.6% | | | 10.1% |
| Customer C | * | * | | 10.8% | | |
| Customer D | 10.5% | | * | | * | |
| *Represents less than 10% of total net revenue. | | | | | | |
| July 1, 2023 | July 2, 2022 | |
| United States | $134.7 | | $107.8 |
| Thailand | 132.0 | | 107.6 |
| Japan | 93.0 | | 38.9 |
| China | 42.1 | | 32.7 |
| Other countries | 87.7 | | 73.5 |
| Total long-lived assets | $489.5 | | $360.5 |
| Years Ended | | | | | | | |
| July 1, 2023 | July 2, 2022 | July 3, 2021 | | | | | |
| OpComms: | | | | | | | | |
| Telecom and Datacom | $1,324.5 | 75.0% | | $1,008.7 | 58.9% | | $1,059.7 | 60.8% |
| Consumer and Industrial | 233.3 | 13.2% | | 509.8 | 29.8% | | 561.0 | 32.2% |
| Total OpComms | $1,557.8 | 88.2% | | $1,518.5 | 88.7% | | $1,620.7 | 93.0% |
| Lasers | 209.2 | 11.8% | | 194.1 | 11.3% | | 122.1 | 7.0% |
| Net Revenue | $1,767.0 | | $1,712.6 | | | $1,742.8 | | |
| Contract balances | Balance sheet location | July 1, 2023 | July 2, 2022 | | Change | Percentage Change | |
| Accounts receivable, net | Accounts receivable, net | $246.1 | | $262.0 | | $(15.9) | (6.1)% |
| Deferred revenue and customer deposits | Other current liabilities | $2.1 | | $— | | $2.1 | 100.0% |
Table 75 after “The financial statements filed as part of this Annual Report are listed in the section titled “Financial Statements and Supplementary Data” ”
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| Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | 65 |
| Consolidated Statements of Operations—Years Ended July 1, 2023, July 2, 2022 and July 3, 2021 | 68 |
| Consolidated Statements of Comprehensive Income (Loss)—Years Ended July 1, 2023, July 2, 2022 and July 3, 2021 | 69 |
| Consolidated Balance Sheets—July 1, 2023 and July 2, 2022 | 70 |
| Consolidated Statements of Cash Flows—Years Ended July 1, 2023, July 2, 2022 and July 3, 2021 | 71 |
| Consolidated Statements of Stockholders’ Equity—Years Ended July 1, 2023, July 2, 2022 and July 3, 2021 | 73 |
| Notes to Consolidated Financial Statements | 74 |
Table 76 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 1, 2023 | $— | | $— | | $— | | $— |
| 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 |
Table 77 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 1, 2023 | $263.1 | | $42.7 | | $(2.4) | $303.4 |
| 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 |
Table 78 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 4.1) | 8-K | 4.2 | 3/9/2017 | |
First 8 of 13 rows. The CSV has all of them.
| 4.8 | Indenture, dated June 16, 2023, between Lumentum Holdings Inc. and U.S. Bank Trust Company, National Association. | 8-K | 4.1 | 6/16/2023 | |
| 4.9 | Form of 1.50% Convertible Senior Note due 2029 (included in Exhibit 4.8). | 8-K | 4.2 | 6/16/2023 | |
| 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 | |
First 8 of 22 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 1, 2023 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021; (ii) Consolidated Statements of Comprehensive Income for the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021; (iii) Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022; (iv) Consolidated Statements of Cash Flows for the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021; (v) Consolidated Statements of Stockholders’ Equity for the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021; 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 1, 2023, 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 23, 2023 |
| Alan Lowe | | |
| /s/ WAJID ALI | Executive Vice President, Chief Financial Officer (principal financial officer) | August 23, 2023 |
| Wajid Ali | | |
| /s/ MATTHEW SEPE | Chief Accounting Officer (principal accounting officer) | August 23, 2023 |
| Matthew Sepe | | |
| /s/ HAROLD COVERT | Director | August 23, 2023 |
First 8 of 23 rows. The CSV has all of them.