Press release
Lumentum Announces Fiscal First Quarter 2020 Results
SAN JOSE, Calif., Oct. 31, 2019 /PRNewswire/ -- Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported results for its fiscal first quarter of
About this update from Lumentum Holdings Inc.
[{"type":"text","content":"SAN JOSE, Calif., Oct. 31, 2019 /PRNewswire/ -- Lumentum Holdings Inc. (\"Lumentum\" or the \"Company\") today reported results for its fiscal first quarter of 2020 ended September 28, 2019. \nNet revenue for the fiscal first quarter of 2020 was $449.9 million, with GAAP net income of $47.6 million, or $0.61 per diluted share. Net revenue for the fiscal fourth quarter of 2019 was $404.6 million, with GAAP net loss to stockholders of $(25.8) million, or $(0.34) per diluted share. Net revenue for the fiscal first quarter of 2019 was $354.1 million, with GAAP net income attributable to common stockholders of $46.1 million, or $0.72 per diluted share.\nNon-GAAP net income for the fiscal first quarter of 2020 was $111.4 million, or $1.44 per diluted share. Non-GAAP net income for the fiscal fourth quarter of 2019 was $70.4 million, or $0.91 per diluted share. Non-GAAP net income for the fiscal first quarter of 2019 was $86.1 million, or $1.32 per diluted share.\nThe Company held $830.9 million in total cash and short-term investments at the end of the fiscal first quarter of 2020. Subsequent to the first quarter, on October 30, 2019, the Company made a $150 million voluntary principle pre-payment under its term loan facility.\n\"Our strong first quarter performance highlights our continued progress toward our long-term strategic and financial goals, with a revenue mix richer in newer and more innovative products, increased scale, and acquisition synergies all driving sequential and year on year improvements in gross and operating margins,\" said Alan Lowe, Lumentum President and CEO. \"In particular, improvements in telecom and datacom margins helped first quarter non-GAAP gross margin expand significantly year on year to more than 45% for the first time. As we look to our second quarter, we are seeing strengthening demand for key differentiated products in telecom, datacom, and commercial lasers.\" \nFinancial Overview – Fiscal First Quarter Ended September 28, 2019\n \nThe tables above provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled \"Use of Non-GAAP Financial Measures.\"\nEffective June 30, 2019, we adopted Topic 842, using the modified retrospective transit...