Forward Looking Statements and Financial Presentation © 2022 Lumentum Operations LLC | LUMENTUM CONFIDENTIAL AND PROPRIETARY INFORMATION 2 Telecom & Datacom Datacom revenue declined Q/Q due to inventory digestion by cloud customers, as expected – Expect ~$60M gap between supply and demand in Q3 due to IC shortages, modestly improved from Q2 Industrial & Consumer Revenue down Q/Q, more than expected due to weaker demand from our largest 3DS customer – Ultrafast laser revenue more than doubled Y/Y due to expa ...

Q1 FY23 Results - Revenue reached $506.8 million[6,9,12,15], a 67% year-over-year increase[3] - GAAP gross margin was 39.7%[6], while non-GAAP gross margin was 48.2%[9] - GAAP operating expenses were $187.7 million[6], representing 37.0% of revenue[6] - Non-GAAP operating expenses were $107.6 million[9], representing 21.1% of revenue[9] - GAAP operating income was $13.5 million[6], a 2.7% of revenue[6] - Non-GAAP operating income was $137.6 million[9], a 27.1% of revenue[9] - Cash and short-term investments totaled $1,624.9 million[14] Segment Performance - Telecom revenue grew 79% year-over-year, contributing $136 million of incremental revenue[3] - Telecom growth excluding acquisitions was 38% year-over-year[3] - ROADM revenue increased 23% quarter-over-quarter and 34% year-over-year[3] Q2 FY23 Guidance - Revenue is projected to be between $490 million and $520 million[15] - Operating margin is expected to be between 20% and 22%[15] - IC shortages are expected to impact revenue by approximately $80 million[3,15]

Lumentum Holdings Inc. (NASDAQ:LITE) Q1 2023 Results Conference Call November 8, 2022 8:30 AM ET Company Participants Kathy Ta - VP, IR Alan Lowe - President and CEO Wajid Ali - CFO Chris Coldren - SVP and Chief Strategy and Corporate Development Officer Conference Call Participants Samik Chatterjee - JP Morgan Simon Leopold - Raymond James Meta Marshall - Morgan Stanley George Notter - Jefferies Vivek Arya - Bank of America Alex Henderson - Needham Tom O'Malley - Barclays Ananda Baruah - Loop Capital Micha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36861 Lumentum Holdings Inc. (Exact name of Registrant as specified in its charter) Delaware 47-3108385 (State or other jurisd ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 2, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36861 Lumentum Holdings Inc. (Exact name of Registrant as specified in its charter) Delaware 47-3108385 (I.R.S. Employe ...

Lumentum Holdings Inc. (NASDAQ:LITE) Q4 2022 Results Conference Call August 16, 2022 8:30 AM ET Company Participants Kathy Ta - VP, IR Alan Lowe - President and CEO Wajid Ali - EVP and CFO Chris Coldren - SVP, Chief Strategy and Corporate Development Officer Conference Call Participants Alex Henderson - Needham George Notter - Jefferies Simon Leopold - Raymond James Tom O’Malley - Barclays Meta Marshall - Morgan Stanley Christopher Rolland - Susquehanna Samik Chatterjee - JP Morgan Ananda Baruah - Loop Capi ...

Lumentum Holdings Inc. (NASDAQ:LITE) Q3 2022 Earnings Conference Call May 4, 2022 8:30 AM ET Company Participants Kathryn Ta - Vice President of Investor Relations Alan Lowe - President and Chief Executive Officer Wajid Ali - Executive Vice President and Chief Financial Officer Chris Coldren - Senior Vice President, Chief Strategy and Corporate Development Officer Conference Call Participants Simon Leopold - Raymond James & Associates Samik Chatterjee - JPMorgan Alex Henderson - Needham & Company George Not ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section details the company's unaudited financial performance, condition, and cash flows for the reported periods [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited financial statements, with nine-month net revenue of **$1,290.5 million** and net income of **$164.2 million** [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 FY22 net revenue decreased to **$395.4 million**, with net income at **$26.0 million**, impacted by a prior-year merger termination fee Consolidated Statements of Operations Highlights (in millions, except per share data) | Metric | Three Months Ended April 2, 2022 | Three Months Ended April 3, 2021 | Nine Months Ended April 2, 2022 | Nine Months Ended April 3, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net revenue** | $395.4 | $419.5 | $1,290.5 | $1,350.7 | | **Gross profit** | $167.2 | $185.0 | $606.9 | $620.3 | | **Income from operations** | $46.8 | $266.9 | $247.9 | $481.2 | | **Net income** | $26.0 | $225.5 | $164.2 | $375.8 | | **Diluted EPS** | $0.35 | $2.85 | $2.19 | $4.78 | - The significant decrease in income from operations and net income for both the three and nine-month periods compared to the prior year is primarily due to the absence of the **$207.5 million** net merger termination fee received in the quarter ended April 3, 2021[10](index=10&type=chunk)[41](index=41&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$4,133.5 million**, driven by cash and investments, while stockholders' equity slightly decreased Balance Sheet Summary (in millions) | Account | April 2, 2022 | July 3, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,130.3 | $774.3 | | Short-term investments | $1,433.8 | $1,171.7 | | Total current assets | $3,100.6 | $2,436.8 | | Total assets | $4,133.5 | $3,551.6 | | Convertible notes, non-current | $1,447.6 | $789.8 | | Total liabilities | $2,221.4 | $1,578.8 | | Total stockholders' equity | $1,912.1 | $1,972.8 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$345.0 million**, with financing activities providing **$380.0 million** from new notes and share repurchases Cash Flow Summary (in millions) | Activity | Nine Months Ended April 2, 2022 | Nine Months Ended April 3, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $345.0 | $614.5 | | Net cash used in investing activities | ($369.0) | ($196.3) | | Net cash provided by (used in) financing activities | $380.0 | ($28.5) | | **Increase in cash and cash equivalents** | **$356.0** | **$389.7** | - Financing activities in the nine months ended April 2, 2022, were significantly impacted by the net proceeds of **$854.8 million** from the issuance of 0.50% Convertible Notes due 2028, partially offset by **$448.6 million** used for common stock repurchase[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the pending NeoPhotonics acquisition, issuance of **$861.0 million** in convertible notes, and segment performance - On November 4, 2021, Lumentum announced a merger agreement to acquire NeoPhotonics Corporation for approximately **$918 million** in cash, expected to close in the second half of calendar year 2022[36](index=36&type=chunk)[38](index=38&type=chunk) - In March 2021, a prior merger agreement with Coherent, Inc. was terminated, resulting in Lumentum receiving a termination fee of **$217.6 million**, recorded as a net gain of **$207.5 million** in the prior fiscal year[40](index=40&type=chunk)[41](index=41&type=chunk) - The company's two reportable segments are Optical Communications (OpComms) and Commercial Lasers (Lasers), with OpComms serving Telecom, Datacom, Consumer, and Industrial markets, and Lasers serving applications like sheet metal processing and precision machining[146](index=146&type=chunk)[147](index=147&type=chunk)[149](index=149&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **5.7%** Q3 revenue decrease, segment performance, gross margin decline, the NeoPhotonics acquisition, and liquidity [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Q3 FY22 net revenue decreased **5.7%** to **$395.4 million**, driven by OpComms decline and Lasers growth, with gross margin falling to **42.3%** Net Revenue by Segment (in millions) | Segment | Three Months Ended April 2, 2022 | Three Months Ended April 3, 2021 | % Change | | :--- | :--- | :--- | :--- | | OpComms | $344.2 | $387.9 | (11.3)% | | Lasers | $51.2 | $31.6 | 62.0% | | **Total Net Revenue** | **$395.4** | **$419.5** | **(5.7)%** | - The decrease in OpComms revenue was primarily due to continued material and component shortages for Telecom products and a decrease in the average selling price for Industrial and Consumer chips due to a smaller design[196](index=196&type=chunk) - The increase in Lasers revenue was driven by a return in customer demand for kilowatt class fiber lasers following the recovery in industrial production from COVID-19 disruptions[197](index=197&type=chunk)[201](index=201&type=chunk) - Q3 FY22 gross margin decreased to **42.3%** from **44.1%** YoY, primarily due to a less profitable product mix, **$5.8 million** in charges to acquire components from brokers, and a temporary factory closure in China due to COVID-19 mandates[210](index=210&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and investments totaled **$2,564.1 million**, with liquidity supported by **$861.0 million** in new convertible notes and **$445.5 million** in share repurchases Cash and Investments (in millions) | Item | April 2, 2022 | July 3, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,130.3 | $774.3 | | Short-term investments | $1,433.8 | $1,171.7 | | **Total** | **$2,564.1** | **$1,946.0** | - In March 2022, the company issued **$861.0 million** of 0.50% Convertible Notes due 2028, receiving net proceeds of **$854.8 million**[78](index=78&type=chunk)[79](index=79&type=chunk)[251](index=251&type=chunk) - During the nine months ended April 2, 2022, the company repurchased a total of **4.7 million** shares for an aggregate price of **$445.5 million**, including **2.7 million** shares under the buyback program and **2.0 million** shares concurrent with the 2028 Notes offering[240](index=240&type=chunk)[242](index=242&type=chunk) - The company's 2024 Notes, with a carrying amount of **$406.1 million**, were reclassified to current liabilities as they became convertible at the option of the holders[237](index=237&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks including COVID-19 impacts, foreign exchange, equity price, and interest rate risks on its investment portfolio - Market risks related to the COVID-19 pandemic include potential bad debt expenses, inventory obsolescence from supply chain shortages, and impairment risk for long-term assets[254](index=254&type=chunk)[258](index=258&type=chunk) - The company has foreign currency exchange risk related to expenses denominated in currencies such as the Chinese Yuan, Canadian Dollar, Thai Baht, and Japanese Yen[257](index=257&type=chunk) - The fixed-income investment portfolio is subject to interest rate risk, where a hypothetical **1%** (100 basis points) change in interest rates would result in an approximate **$9.0 million** change in the portfolio's fair value[262](index=262&type=chunk) - Equity price risk exists due to the conversion options on the 2024, 2026, and 2028 Convertible Notes, as the value of shares distributed upon conversion fluctuates with the company's stock price[259](index=259&type=chunk)[260](index=260&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of April 2, 2022[265](index=265&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[266](index=266&type=chunk) [PART II - OTHER INFORMATION](index=56&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and required exhibits [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, but management does not anticipate a material adverse impact on financial results - Management does not currently believe that resolving outstanding legal claims will have a material adverse impact on the company's financial position or results of operations[270](index=270&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) Key risks include COVID-19 impacts, supply chain constraints, intense competition, customer concentration, Huawei restrictions, and NeoPhotonics acquisition challenges - The COVID-19 pandemic continues to negatively impact business through operational disruptions, supply chain delays, and limitations on manufacturing and R&D activities[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk) - The company is experiencing significant supply chain constraints, especially for semiconductor components, which has adversely affected availability, lead times, and costs, and has impacted the ability to meet customer demand[282](index=282&type=chunk) - A significant portion of sales comes from a limited number of customers, and this concentration, particularly in 3D sensing and commercial lasers, makes the company vulnerable to changes in their purchasing behavior[286](index=286&type=chunk) - U.S. Department of Commerce restrictions on Huawei have limited and will continue to limit business with this significant customer, potentially impacting financial results and leading to excess inventory charges[287](index=287&type=chunk)[288](index=288&type=chunk)[290](index=290&type=chunk) - The proposed acquisition of NeoPhotonics is subject to closing conditions, including regulatory approvals in China, and faces risks such as failure to complete the transaction, integration challenges, and incurring significant transaction-related costs[371](index=371&type=chunk)[373](index=373&type=chunk)[377](index=377&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **3.3 million** shares for **$97.74** average price in Q3 FY22, with **$513.5 million** remaining in the buyback program Issuer Purchases of Equity Securities (Q3 FY2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2 - Jan 29, 2022 | — | $— | | Jan 30 - Feb 26, 2022 | 1,032,469 | $96.38 | | Feb 27 - Apr 2, 2022 | 2,281,663 | $98.35 | | **Total** | **3,314,132** | **$97.74** | - On March 3, 2022, the board of directors increased the share buyback program authorization from **$700.0 million** to an aggregate of **$1.0 billion**, extending through May 2024[388](index=388&type=chunk) - As of April 2, 2022, approximately **$513.5 million** remained available for future repurchases under the authorized plan[388](index=388&type=chunk) [Item 6. Exhibits](index=85&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including convertible notes indenture, purchase agreement, and certifications

Q3 FY22 Conference Call May 4, 2022 Forward Looking Statements and Financial Presentation This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any anticipation or guidance as to future financial or operating performance, trends in our business, including our market position and trends in demand for our products and technology, supply and manufacturing trends inclu ...

Lumentum Holdings Inc. (NASDAQ:LITE) Q2 2022 Earnings Conference Call February 3, 2022 8:30 AM ET Company Participants Kathy Ta – Vice President-Investor Relations Alan Lowe – President and Chief Executive Officer Wajid Ali – Chief Financial Officer Chris Coldren – Senior Vice President, Chief Strategy and Corporate Development Officer Conference Call Participants Samik Chatterjee – JPMorgan Tom O’Malley – Barclays Alex Henderson – Needham Rod Hall – Goldman Sachs Simon Leopold – Raymond James George Notter ...