The company said fiscal 2024 net revenue fell $407.8 million (23.1%) from fiscal 2023, with Cloud & Networking down $237.6 million and Industrial Tech down $170.2 million.

1. 01

   The company said fiscal 2024 net revenue fell $407.8 million (23.1%) from fiscal 2023, with Cloud & Networking down $237.6 million and Industrial Tech down $170.2 million.

2. 02

   Lumentum said its fiscal 2024 gross margin fell to 18.5% from 32.2%. It cited lower revenue, which reduced gross margin by 12.9%, and a less profitable product mix from the Cloud Light acquisition, which reduced it by 1.1%.

3. 03

   The company recorded restructuring and related charges of $72.6 million in fiscal 2024. It said it recognized $35.8 million in fiscal Q4 related to discontinuing in-house development of coherent DSPs and RFICs.

4. 04

   The company said operating cash flow in fiscal 2024 was $24.7 million, and cash and cash equivalents fell from $859.0 million to $436.7 million. Investing activities included $700.9 million for the Cloud Light acquisition, net of cash acquired, and financing activities included $323.1 million for the repayment of the 2024 Notes.

Key figures

Fiscal year ended June 29, 2024

Revenue

$1.4B

Operating income

−$434M

Net income

−$546M

EPS

−$8.12

Gross profit

$252M

Operating cash flow

$25M

Analysis 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.

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.