$LITE

Lumentum Holdings Inc.

CIK:0001633978|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
Income Statement [Abstract]
Net revenue	$ 3,014.0	$ 1,645.0	$ 1,359.2
Cost of sales	1,680.5	1,102.9	1,023.8
Amortization of acquired developed intangibles	77.6	82.2	83.9
Gross profit	1,255.9	459.9	251.5
Operating expenses:
Research and development	356.5	303.9	302.2
Selling, general and administrative	363.2	348.2	310.7
Restructuring and related charges	11.4	22.8	72.6
Gain on sale of facility	0.0	(34.9)	0.0
Total operating expenses	731.1	640.0	685.5
Income (loss) from operations	524.8	(180.1)	(434.0)
Loss on debt extinguishment	(7,756.6)	0.0	0.0
Escrow settlement	27.5	0.0	0.0
Interest expense	(21.8)	(22.2)	(33.8)
Other income, net	53.3	30.2	62.1
Total other (expense) income, net	(7,697.6)	8.0	28.3
Loss before income taxes	(7,172.8)	(172.1)	(405.7)
Income tax (benefit) provision	(237.7)	(198.0)	140.8
Net (loss) income	$ (6,935.1)	$ 25.9	$ (546.5)
Net (loss) income per share:
Basic (in dollars per share)	$ (92.96)	$ 0.38	$ (8.12)
Diluted (in dollars per share)	$ (92.96)	$ 0.37	$ (8.12)
Shares used to compute net (loss) income per share - common stock and preferred stock assuming conversion:
Basic (in shares)	74.6	69.0	67.3
Diluted (in shares)	74.6	69.6	67.3

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
OPERATING ACTIVITIES:
Net (loss) income	$ (6,935.1)	$ 25.9	$ (546.5)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense	128.8	104.3	110.6
Stock-based compensation	170.2	177.2	128.8
Bad debt expense	0.1	3.4	0.0
Changes in income tax valuation allowance	(236.3)	(153.1)	150.1
Amortization and write-off of acquired intangible assets	138.2	152.4	179.7
Write-off of right-of-use assets	0.0	7.8	0.0
Write-down and loss on sales and dispositions of property, plant and equipment	21.7	5.2	2.6
Loss on debt extinguishment	7,756.6	0.0	0.0
Amortization of debt issuance costs	3.8	3.0	14.6
Amortization of inventory fair value adjustment in connection with acquisition	0.0	0.0	8.3
Inducement expense on partial repurchase of 2026 Notes	5.9	0.0	0.0
Gain on sale of facility	0.0	(34.9)	0.0
Other non-cash income, net	(10.5)	(3.5)	(12.2)
Changes in operating assets and liabilities:
Accounts receivable	(270.4)	(58.7)	72.3
Inventories	(228.4)	(71.3)	73.8
Operating lease right-of-use assets, net	(1.3)	5.1	3.4
Prepayments and other current and non-currents assets	(96.2)	(35.1)	30.6
Income taxes, net	(47.9)	(65.1)	(72.4)
Accounts payable	221.6	69.2	(89.7)
Accrued payroll and related expenses	88.4	22.0	(8.9)
Operating lease liabilities	(1.2)	(5.7)	(4.3)
Accrued expenses and other current and non-current liabilities	43.4	(21.8)	(16.1)
Net cash provided by operating activities	751.4	126.3	24.7
INVESTING ACTIVITIES:
Payments for acquisition of property, plant and equipment	(451.3)	(231.0)	(133.0)
Acquisition of businesses, net of cash acquired	(38.0)	0.0	(700.9)
Payment for acquisition of intangible assets	0.0	0.0	(4.0)
Purchases of short-term investments	(603.4)	(365.9)	(278.7)
Proceeds from maturities and sales of short-term investments	264.8	464.7	1,001.5
Proceeds from sale of facility, net of cash and selling costs	0.0	47.8	0.0
Proceeds from the sales of property and equipment	42.4	0.3	0.8
Net cash used in investing activities	(785.5)	(84.1)	(114.3)
FINANCING ACTIVITIES:
Proceeds from the issuance of Series A Convertible Preferred Stock	1,999.7	0.0	0.0
Proceeds from the issuance of 2029 Notes, net of issuance costs	1,254.7	0.0	0.0
Proceeds from term loans	47.9	76.5	0.0
Proceeds from employee stock plans	17.1	16.1	14.4
Payment for partial repurchase of 2026 Notes	(843.1)	0.0	0.0
Cash paid for conversions of convertible notes	(520.0)	0.0	0.0
Payment, repurchase and conversion of 2024 Notes	0.0	0.0	(323.1)
Payment for 2032 capped call options	(102.0)	0.0	0.0
Principal payments on term loans	(14.0)	(8.1)	0.0
Payment of withholding taxes related to net share settlement of restricted stock units	(281.0)	(41.7)	(24.0)
Payment of acquisition related holdback	0.0	(1.0)	0.0
Payment for financing costs related to revolving credit facility	(2.4)	0.0	0.0
Net cash provided by (used in) financing activities	1,556.9	41.8	(332.7)
Increase (decrease) in cash and cash equivalents	1,522.8	84.0	(422.3)
Cash and cash equivalents at beginning of period	520.7	436.7	859.0
Cash and cash equivalents at end of period	2,043.5	520.7	436.7
Supplemental disclosure of cash flow information:
Cash paid for taxes, net	46.7	20.6	61.2
Cash paid for interest	15.7	19.1	19.7
Supplemental disclosure of non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	12.0	6.4	16.0
Net transfer of assets from property, plant, and equipment to assets-held-for-sale	4.2	0.0	0.0
Holdback receivable from sale of property, plant, and equipment	3.0	0.0	0.0
Share-based purchase price consideration in connection with the Cloud Light acquisition	0.0	0.0	23.5
Aggregate principal amount of the convertible notes settled through issuance of common stock (equitization)	1,124.9	0.0	0.0
Property, Plant and Equipment
Supplemental disclosure of non-cash transactions:
Unpaid property, plant and equipment in accounts payable and accrued expenses	181.4	43.4	11.8
Finite-Lived Intangible Assets
Supplemental disclosure of non-cash transactions:
Unpaid property, plant and equipment in accounts payable and accrued expenses	$ 0.0	$ 0.0	$ 1.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 27, 2026	Jun. 28, 2025
Current assets:
Cash and cash equivalents	$ 2,043.5	$ 520.7
Short-term investments	694.9	356.4
Accounts receivable, net	520.3	250.0
Inventories	691.6	470.1
Prepayments and other current assets	211.6	120.1
Total current assets	4,161.9	1,717.3
Property, plant and equipment, net	1,159.1	726.4
Operating lease right-of-use assets, net	29.2	27.9
Goodwill	1,069.3	1,060.9
Other intangible assets, net	326.9	465.1
Deferred tax asset	530.9	210.3
Other non-current assets	30.2	10.8
Total assets	7,307.5	4,218.7
Current liabilities:
Accounts payable	567.4	225.2
Accrued payroll and related expenses	146.3	57.9
Accrued expenses	64.9	34.6
Current portion of long-term debt	1,596.9	10.6
Operating lease liabilities, current	13.5	11.4
Other current liabilities	91.5	53.1
Total current liabilities	2,480.5	392.8
Long-term debt	40.5	2,562.6
Operating lease liabilities, non-current	20.3	23.6
Deferred tax liability	7.1	7.2
Other non-current liabilities	115.2	97.8
Total liabilities	2,663.6	3,084.0
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10 authorized shares, 2.9 shares and zero shares issued and outstanding as of June 27, 2026 and June 28, 2025, respectively	0.0	0.0
Common stock, $0.001 par value, 990 authorized shares; 88.6 and 69.8 shares issued and outstanding as of June 27, 2026 and June 28, 2025, respectively	0.1	0.1
Additional paid-in capital	12,430.1	1,986.8
Accumulated deficit	(7,796.3)	(861.2)
Accumulated other comprehensive income	10.0	9.0
Total stockholders’ equity	4,643.9	1,134.7
Total liabilities and stockholders’ equity	$ 7,307.5	$ 4,218.7