Lumentum(LITE) - 2024 Q4 - Annual Results

Financial Performance - Fiscal Q4 2024 net revenue was $308.3 million, a decrease of 15.9$1.36 billion, a decline of 23.1% from $1.77 billion in fiscal year 2023[6] - Net revenue for the three months ended June 29, 2024, was$308.3 million, a decrease of 16.8% compared to $370.8 million for the same period in 2023[13] - GAAP net loss for fiscal year 2024 was$546.5 million, or $8.12 per diluted share, compared to a loss of$131.6 million, or $1.93 per diluted share in fiscal year 2023[4] - The net loss for the three months ended June 29, 2024, was$252.5 million, compared to a net loss of $60.2 million for the same period in 2023, representing a significant increase in losses[13] Operating Expenses - Total operating expenses increased to$184.7 million for the three months ended June 29, 2024, compared to $145.5 million in the same period last year, reflecting a rise of 26.9$73.2 million for the three months ended June 29, 2024, compared to $73.9 million in the prior year[13] - Selling, general and administrative expenses on GAAP basis for the three months ended March 30, 2024, were$77.7 million, compared to $68.3 million for the same period last year, indicating an increase of approximately 13.7$302.2 million, slightly down from $307.8 million in the previous year[18] Cash and Liquidity - Cash from operations for fiscal year 2024 was$24.7 million, with total cash and equivalents at $887.0 million at the end of Q4 2024[4][3] - Cash and cash equivalents decreased to$436.7 million as of June 29, 2024, down from $859.0 million as of July 1, 2023[14] - Total assets decreased to$3,931.9 million as of June 29, 2024, compared to $4,632.1 million as of July 1, 2023[14] - Total liabilities were$2,974.6 million as of June 29, 2024, a decrease from $3,276.3 million as of July 1, 2023[14] Future Outlook - The company expects Q1 2025 net revenue in the range of$315 million to $335 million, with a non-GAAP operating margin of 0$4.0 million, or $0.06 per diluted share, down from$19.6 million, or $0.29 per diluted share in Q3 2024[3] - Non-GAAP gross profit for the twelve months ended June 29, 2024, was$448.9 million, compared to $763.5 million for the previous year, reflecting a decrease of approximately 41.3$(0.8) million, with an operating margin of (0.3)%[20] Charges and Adjustments - Restructuring and related charges amounted to $35.8 million, including a$29.1 million write-off of in-process research and development assets[22] - Non-GAAP income tax reconciling adjustments included $139.8 million of income tax expense due to recognizing a valuation allowance against U.S. federal and state deferred tax assets[22] - Other charges, net for the three months ended June 29, 2024, included a$3.4 million one-time charge due to contract termination with a vendor[20] - Abnormal excess capacity for the three months ended June 29, 2024 was reported at $7.0 million, primarily due to a reduction in manufacturing production[20] Stock-Based Compensation - Stock-based compensation for the twelve months ended June 29, 2024, was$128.8 million, compared to $136.5 million in the previous year, showing a decrease of approximately 5.4$30.5 million[20]