AI English summary of an SEC filing — figures as filed
Lumentum LITEThe company said net revenue for the three months ended March 30, 2024 decreased by $16.9 million (4.4%), and net revenue for the nine months decreased by $345.3 million (24.7%). It cited a $37.7 million decrease in Industrial Tech revenue and a $20.8 million increase in Cloud & Networking revenue over the 3-month period as contributing factors.
Key points
AI summaryThe company said net revenue for the three months ended March 30, 2024 decreased by $16.9 million (4.4%), and net revenue for the nine months decreased by $345.3 million (24.7%). It cited a $37.7 million decrease in Industrial Tech revenue and a $20.8 million increase in Cloud & Networking revenue over the 3-month period as contributing factors.
The company said its gross margin was 16.2% for the 3-month period, down from 29.2% a year earlier, and 19.1% for the 9-month period, down from 34.3%. It cited lower sales of telecom products and abnormal excess capacity as factors.
The company said it repaid in full the $323.1 million principal amount of its 2024 Notes that matured on March 15, 2024. As of March 30, 2024, cash and cash equivalents were $425.0 million, and short-term investments were $445.9 million.
Lumentum said it used $10.8 million of cash in operating activities, $86.8 million in investing activities, and $336.4 million in financing activities for the 9 months ended March 30, 2024. Investing activities included $700.9 million for the acquisition of Cloud Light, net of cash acquired.
Key figures
Quarter ended March 30, 2024
- Revenue
- $366M
- Operating income
- −$115M
- Net income
- −$127M
- EPS
- −$1.88
- Gross profit
- $60M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Net revenue Down in Quarter and 9-Month Period; Company Cites Factors
The company said net revenue for the three months ended March 30, 2024 decreased by $16.9 million (4.4%), and net revenue for the nine months decreased by $345.3 million (24.7%). It cited a $37.7 million decrease in Industrial Tech revenue and a $20.8 million increase in Cloud & Networking revenue over the 3-month period as contributing factors.
Source · Based on the MD&A text of the filing
Gross Margin Decline and Company Explanation
The company said its gross margin was 16.2% for the 3-month period, down from 29.2% a year earlier, and 19.1% for the 9-month period, down from 34.3%. It cited lower sales of telecom products and abnormal excess capacity as factors.
Source · Based on the MD&A text of the filing
2024 Notes Repaid; Cash and Short-Term Investments Balances
The company said it repaid in full the $323.1 million principal amount of its 2024 Notes that matured on March 15, 2024. As of March 30, 2024, cash and cash equivalents were $425.0 million, and short-term investments were $445.9 million.
Source · Based on the MD&A text of the filing
9-Month Operating, Investing and Financing Cash Flows
Lumentum said it used $10.8 million of cash in operating activities, $86.8 million in investing activities, and $336.4 million in financing activities for the 9 months ended March 30, 2024. Investing activities included $700.9 million for the acquisition of Cloud Light, net of cash acquired.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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