10-Q 1 lite-20220402.htm 10-Q lite-20220402
0001633978false7/22022Q30.00763190.01007110.0164965P1Y00016339782021-07-042022-04-0200016339782022-04-29xbrli:shares00016339782022-01-022022-04-02iso4217:USD00016339782020-12-272021-04-0300016339782020-06-282021-04-03iso4217:USDxbrli:shares00016339782022-04-0200016339782021-07-030001633978us-gaap:CommonStockMember2021-07-030001633978us-gaap:AdditionalPaidInCapitalMember2021-07-030001633978us-gaap:RetainedEarningsMember2021-07-030001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-030001633978us-gaap:RetainedEarningsMember2021-07-042021-10-0200016339782021-07-042021-10-020001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-042021-10-020001633978us-gaap:CommonStockMember2021-07-042021-10-020001633978us-gaap:AdditionalPaidInCapitalMember2021-07-042021-10-020001633978us-gaap:CommonStockMember2021-10-020001633978us-gaap:AdditionalPaidInCapitalMember2021-10-020001633978us-gaap:RetainedEarningsMember2021-10-020001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-0200016339782021-10-020001633978us-gaap:RetainedEarningsMember2021-10-032022-01-0100016339782021-10-032022-01-010001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-032022-01-010001633978us-gaap:CommonStockMember2021-10-032022-01-010001633978us-gaap:AdditionalPaidInCapitalMember2021-10-032022-01-010001633978us-gaap:CommonStockMember2022-01-010001633978us-gaap:AdditionalPaidInCapitalMember2022-01-010001633978us-gaap:RetainedEarningsMember2022-01-010001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-0100016339782022-01-010001633978us-gaap:RetainedEarningsMember2022-01-022022-04-020001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-022022-04-020001633978us-gaap:CommonStockMember2022-01-022022-04-020001633978us-gaap:AdditionalPaidInCapitalMember2022-01-022022-04-020001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2020-09-272020-12-260001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2022-04-020001633978us-gaap:CommonStockMember2022-04-020001633978us-gaap:AdditionalPaidInCapitalMember2022-04-020001633978us-gaap:RetainedEarningsMember2022-04-020001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-020001633978us-gaap:CommonStockMember2020-06-270001633978us-gaap:AdditionalPaidInCapitalMember2020-06-270001633978us-gaap:RetainedEarningsMember2020-06-270001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-2700016339782020-06-270001633978us-gaap:RetainedEarningsMember2020-06-282020-09-2600016339782020-06-282020-09-260001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-282020-09-260001633978us-gaap:CommonStockMember2020-06-282020-09-260001633978us-gaap:AdditionalPaidInCapitalMember2020-06-282020-09-260001633978us-gaap:CommonStockMember2020-09-260001633978us-gaap:AdditionalPaidInCapitalMember2020-09-260001633978us-gaap:RetainedEarningsMember2020-09-260001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-2600016339782020-09-260001633978us-gaap:RetainedEarningsMember2020-09-272020-12-2600016339782020-09-272020-12-260001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-272020-12-260001633978us-gaap:CommonStockMember2020-09-272020-12-260001633978us-gaap:AdditionalPaidInCapitalMember2020-09-272020-12-260001633978us-gaap:CommonStockMember2020-12-260001633978us-gaap:AdditionalPaidInCapitalMember2020-12-260001633978us-gaap:RetainedEarningsMember2020-12-260001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-2600016339782020-12-260001633978us-gaap:RetainedEarningsMember2020-12-272021-04-030001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-272021-04-030001633978us-gaap:CommonStockMember2020-12-272021-04-030001633978us-gaap:AdditionalPaidInCapitalMember2020-12-272021-04-030001633978us-gaap:CommonStockMember2021-04-030001633978us-gaap:AdditionalPaidInCapitalMember2021-04-030001633978us-gaap:RetainedEarningsMember2021-04-030001633978us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-0300016339782021-04-030001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2021-04-03xbrli:pure0001633978us-gaap:ScenarioPlanMemberlite:NeoPhotonicsCorporationMember2021-11-040001633978us-gaap:ScenarioPlanMemberlite:NeoPhotonicsCorporationMember2022-04-022022-04-020001633978us-gaap:ScenarioPlanMemberlite:NeoPhotonicsCorporationMemberlite:NeoPhotonicsCorporationMember2021-11-040001633978lite:NeoPhotonicsCorporationMember2022-01-140001633978lite:NeoPhotonicsCorporationMember2022-04-020001633978lite:CoherentAcquisitionMember2021-01-182021-01-1800016339782021-03-012021-03-310001633978lite:CoherentAcquisitionMember2021-07-042022-04-020001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2022-04-020001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2022-03-310001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2022-04-020001633978us-gaap:CommercialPaperMember2022-04-020001633978us-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:MoneyMarketFundsMember2022-04-020001633978us-gaap:USTreasurySecuritiesMember2022-04-020001633978us-gaap:CertificatesOfDepositMember2022-04-020001633978us-gaap:CommercialPaperMember2022-04-020001633978us-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:MunicipalBondsMember2022-04-020001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-04-020001633978us-gaap:USTreasurySecuritiesMember2022-04-020001633978us-gaap:CommercialPaperMember2021-07-030001633978us-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:MoneyMarketFundsMember2021-07-030001633978us-gaap:CertificatesOfDepositMember2021-07-030001633978us-gaap:CommercialPaperMember2021-07-030001633978us-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:MunicipalBondsMember2021-07-030001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2021-07-030001633978us-gaap:USTreasurySecuritiesMember2021-07-030001633978us-gaap:USGovernmentDebtSecuritiesMember2022-04-020001633978us-gaap:USGovernmentDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-04-020001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-04-020001633978us-gaap:FairValueMeasurementsRecurringMember2022-04-020001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-07-030001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-07-030001633978us-gaap:FairValueMeasurementsRecurringMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberlite:ConvertibleSeniorNotesDue2028Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberlite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberlite:ConvertibleSeniorNotesDue2028Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberlite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2022-04-020001633978us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2021-07-030001633978us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2021-07-030001633978us-gaap:LandMember2022-04-020001633978us-gaap:LandMember2021-07-030001633978us-gaap:BuildingAndBuildingImprovementsMember2022-04-020001633978us-gaap:BuildingAndBuildingImprovementsMember2021-07-030001633978us-gaap:MachineryAndEquipmentMember2022-04-020001633978us-gaap:MachineryAndEquipmentMember2021-07-030001633978us-gaap:TechnologyEquipmentMember2022-04-020001633978us-gaap:TechnologyEquipmentMember2021-07-030001633978us-gaap:FurnitureAndFixturesMember2022-04-020001633978us-gaap:FurnitureAndFixturesMember2021-07-030001633978us-gaap:LeaseholdImprovementsMember2022-04-020001633978us-gaap:LeaseholdImprovementsMember2021-07-030001633978lite:AssetsHeldUnderFinanceLeasesMember2022-04-020001633978lite:AssetsHeldUnderFinanceLeasesMember2021-07-030001633978us-gaap:ConstructionInProgressMember2022-04-020001633978us-gaap:ConstructionInProgressMember2021-07-030001633978lite:LandInThailandAndSloveniaMember2021-07-042022-04-020001633978country:JP2022-04-020001633978country:CH2022-04-020001633978country:TH2022-04-020001633978country:JP2021-07-030001633978country:CH2021-07-030001633978country:TH2021-07-030001633978srt:MinimumMember2022-04-02lite:renewal0001633978lite:UnitedKingdomUnitedStatesCanadaAndJapanMember2022-04-020001633978lite:OpticalCommunicationsSegmentMember2022-04-020001633978lite:OpticalCommunicationsSegmentMember2021-07-030001633978lite:LasersSegmentMember2022-04-020001633978lite:LasersSegmentMember2021-07-0300016339782020-06-282021-07-030001633978us-gaap:DevelopedTechnologyRightsMember2022-04-020001633978us-gaap:DevelopedTechnologyRightsMember2021-07-042022-04-020001633978us-gaap:CustomerRelationshipsMember2022-04-020001633978us-gaap:CustomerRelationshipsMember2021-07-042022-04-020001633978us-gaap:OrderOrProductionBacklogMember2022-04-020001633978us-gaap:OtherIntangibleAssetsMember2022-04-020001633978us-gaap:DevelopedTechnologyRightsMember2021-07-030001633978us-gaap:DevelopedTechnologyRightsMember2021-07-042021-10-020001633978us-gaap:CustomerRelationshipsMember2021-07-030001633978us-gaap:CustomerRelationshipsMember2021-07-042021-10-020001633978us-gaap:OrderOrProductionBacklogMember2021-07-030001633978us-gaap:OtherIntangibleAssetsMember2021-07-030001633978us-gaap:CostOfSalesMember2022-01-022022-04-020001633978us-gaap:CostOfSalesMember2020-12-272021-04-030001633978us-gaap:CostOfSalesMember2021-07-042022-04-020001633978us-gaap:CostOfSalesMember2020-06-282021-04-030001633978us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-022022-04-020001633978us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-12-272021-04-030001633978us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-042022-04-020001633978us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-06-282021-04-030001633978lite:FiniteLivedIntangibleAssetsExcludingInProcessResearchAndDevelopmentMember2022-04-020001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2022-03-012022-03-3100016339782022-03-012022-03-31lite:trading_day0001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2019-12-012019-12-310001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2022-03-310001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2021-07-042022-04-020001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2019-12-310001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2019-12-012019-12-310001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2017-03-310001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2021-07-042022-04-020001633978us-gaap:SubsequentEventMemberus-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2022-04-012022-05-040001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2021-07-030001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2026Member2021-07-030001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2021-07-042022-04-020001633978us-gaap:ConvertibleDebtMember2022-01-022022-04-020001633978us-gaap:ConvertibleDebtMember2020-12-272021-04-030001633978us-gaap:ConvertibleDebtMember2021-07-042022-04-020001633978us-gaap:ConvertibleDebtMember2020-06-282021-04-03utr:Rate0001633978us-gaap:ConvertibleDebtMemberlite:ConvertibleSeniorNotesDue2024Member2017-03-012017-03-310001633978us-gaap:AccumulatedTranslationAdjustmentMember2021-07-030001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-030001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-030001633978us-gaap:AccumulatedTranslationAdjustmentMember2021-07-042021-10-020001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-042021-10-020001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-042021-10-020001633978us-gaap:AccumulatedTranslationAdjustmentMember2021-10-020001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-020001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-020001633978us-gaap:AccumulatedTranslationAdjustmentMember2021-10-032022-01-010001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-032022-01-010001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-032022-01-010001633978us-gaap:AccumulatedTranslationAdjustmentMember2022-01-010001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-010001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-010001633978us-gaap:AccumulatedTranslationAdjustmentMember2022-01-022022-04-020001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-022022-04-020001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-022022-04-020001633978us-gaap:AccumulatedTranslationAdjustmentMember2022-04-020001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-020001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-020001633978us-gaap:AccumulatedTranslationAdjustmentMember2020-06-270001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-270001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-270001633978us-gaap:AccumulatedTranslationAdjustmentMember2020-06-282020-09-260001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-282020-09-260001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-282020-09-260001633978us-gaap:AccumulatedTranslationAdjustmentMember2020-09-260001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-260001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-260001633978us-gaap:AccumulatedTranslationAdjustmentMember2020-09-272020-12-260001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-272020-12-260001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-272020-12-260001633978us-gaap:AccumulatedTranslationAdjustmentMember2020-12-260001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-260001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-260001633978us-gaap:AccumulatedTranslationAdjustmentMember2020-12-272021-04-030001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-272021-04-030001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-272021-04-030001633978us-gaap:AccumulatedTranslationAdjustmentMember2021-04-030001633978us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-030001633978us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-030001633978lite:A2015EquityIncentivePlanMember2021-11-192021-11-190001633978lite:A2015EquityIncentivePlanMember2022-04-020001633978us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMemberlite:A2015EquityIncentivePlanMember2021-07-042022-04-020001633978srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberlite:A2015EquityIncentivePlanMember2021-07-042022-04-020001633978us-gaap:RestrictedStockUnitsRSUMemberlite:A2015EquityIncentivePlanMember2021-07-042022-04-020001633978us-gaap:RestrictedStockUnitsRSUMember2021-07-042022-04-020001633978us-gaap:PerformanceSharesMemberlite:A2015EquityIncentivePlanMember2021-07-042022-04-020001633978us-gaap:PerformanceSharesMember2021-07-042022-04-020001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2014-06-292015-06-270001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2015-06-270001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2022-04-020001633978us-gaap:ResearchAndDevelopmentExpenseMember2022-01-022022-04-020001633978us-gaap:ResearchAndDevelopmentExpenseMember2020-12-272021-04-030001633978us-gaap:ResearchAndDevelopmentExpenseMember2021-07-042022-04-020001633978us-gaap:ResearchAndDevelopmentExpenseMember2020-06-282021-04-030001633978us-gaap:PerformanceSharesMember2022-01-022022-04-020001633978us-gaap:PerformanceSharesMember2020-12-272021-04-030001633978us-gaap:PerformanceSharesMember2020-06-282021-04-030001633978us-gaap:RestrictedStockUnitsRSUMember2021-07-030001633978us-gaap:PerformanceSharesMember2021-07-030001633978us-gaap:RestrictedStockUnitsRSUMember2022-04-020001633978us-gaap:PerformanceSharesMember2022-04-020001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2022-01-022022-04-020001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2021-07-042022-04-020001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2020-12-272021-04-030001633978us-gaap:EmployeeStockMemberlite:A2015EmployeeStockPurchasePlanMember2020-06-282021-04-030001633978lite:A2015EmployeeStockPurchasePlanMember2021-07-042022-04-020001633978lite:A2015EmployeeStockPurchasePlanMember2020-06-282021-04-030001633978lite:ConvertibleSeniorNotesDue2028Memberus-gaap:ConvertibleDebtMember2022-01-022022-04-0200016339782021-05-0700016339782021-05-072021-05-0700016339782022-03-0300016339782021-05-072022-04-020001633978us-gaap:RetainedEarningsMember2021-05-072022-04-020001633978srt:MinimumMember2021-07-042022-04-020001633978srt:MaximumMember2021-07-042022-04-020001633978lite:OclaroInc.Member2021-07-042022-04-02lite:lawsuit0001633978lite:ClassActionLawsuitMemberlite:OclaroInc.Member2022-04-020001633978lite:OclaroInc.Member2022-04-020001633978lite:NonClassActionLawsuitMemberlite:OclaroInc.Member2022-04-02lite:segment0001633978lite:OpticalCommunicationsSegmentMemberus-gaap:OperatingSegmentsMember2022-01-022022-04-020001633978lite:OpticalCommunicationsSegmentMemberus-gaap:OperatingSegmentsMember2020-12-272021-04-030001633978lite:OpticalCommunicationsSegmentMemberus-gaap:OperatingSegmentsMember2021-07-042022-04-020001633978lite:OpticalCommunicationsSegmentMemberus-gaap:OperatingSegmentsMember2020-06-282021-04-030001633978lite:LasersSegmentMemberus-gaap:OperatingSegmentsMember2022-01-022022-04-020001633978lite:LasersSegmentMemberus-gaap:OperatingSegmentsMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMember2021-07-042022-04-020001633978lite:LasersSegmentMemberus-gaap:OperatingSegmentsMember2021-07-042022-04-020001633978lite:LasersSegmentMemberus-gaap:OperatingSegmentsMember2020-06-282021-04-030001633978us-gaap:OperatingSegmentsMember2022-01-022022-04-020001633978us-gaap:OperatingSegmentsMember2020-12-272021-04-030001633978us-gaap:OperatingSegmentsMember2021-07-042022-04-020001633978us-gaap:OperatingSegmentsMember2020-06-282021-04-030001633978us-gaap:CorporateNonSegmentMember2022-01-022022-04-020001633978us-gaap:CorporateNonSegmentMember2020-12-272021-04-030001633978us-gaap:CorporateNonSegmentMember2021-07-042022-04-020001633978us-gaap:CorporateNonSegmentMember2020-06-282021-04-030001633978us-gaap:CorporateNonSegmentMember2020-06-282021-07-030001633978us-gaap:CorporateNonSegmentMembercountry:TH2022-01-022022-04-020001633978us-gaap:CorporateNonSegmentMembercountry:TH2021-07-042022-04-020001633978lite:HuaweiMemberus-gaap:CorporateNonSegmentMember2022-01-022022-04-020001633978lite:HuaweiMemberus-gaap:CorporateNonSegmentMember2021-07-042022-04-02lite:region0001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:US2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:US2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:US2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:US2020-06-282021-04-030001633978country:MXus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978country:MXus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978country:MXus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978country:MXus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978us-gaap:SalesRevenueNetMemberlite:AmericasExcludingUnitedStatesAndMexicoMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMemberlite:AmericasExcludingUnitedStatesAndMexicoMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMemberlite:AmericasExcludingUnitedStatesAndMexicoMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMemberlite:AmericasExcludingUnitedStatesAndMexicoMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978us-gaap:SalesRevenueNetMembersrt:AmericasMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMembersrt:AmericasMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMembersrt:AmericasMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMembersrt:AmericasMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978country:HKus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978country:HKus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978country:HKus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978country:HKus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:PH2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:PH2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:PH2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:PH2020-06-282021-04-030001633978country:KRus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978country:KRus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978country:KRus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978country:KRus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:JP2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:JP2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:JP2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:JP2020-06-282021-04-030001633978us-gaap:SalesRevenueNetMemberlite:OtherAsiaPacificNotIndividuallyIdentifiedMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMemberlite:OtherAsiaPacificNotIndividuallyIdentifiedMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMemberlite:OtherAsiaPacificNotIndividuallyIdentifiedMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMemberlite:OtherAsiaPacificNotIndividuallyIdentifiedMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMember2022-01-022022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMember2020-12-272021-04-030001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMember2021-07-042022-04-020001633978us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMember2020-06-282021-04-030001633978us-gaap:EMEAMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2022-01-022022-04-020001633978us-gaap:EMEAMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-12-272021-04-030001633978us-gaap:EMEAMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-07-042022-04-020001633978us-gaap:EMEAMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-06-282021-04-030001633978us-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberlite:TwoCustomerMember2022-01-022022-04-020001633978us-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberlite:TwoCustomerMember2021-07-042022-04-020001633978us-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberlite:TwoCustomerMember2020-12-272021-04-030001633978lite:ThreeCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-06-282021-04-030001633978us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberlite:CustomerOneMember2021-07-042022-04-020001633978us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberlite:CustomerOneMember2021-07-042021-10-020001633978us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberlite:TwoCustomerMember2021-07-042021-10-020001633978country:US2022-04-020001633978country:US2021-07-030001633978country:TH2022-04-020001633978country:TH2021-07-030001633978country:CN2022-04-020001633978country:CN2021-07-030001633978country:JP2022-04-020001633978country:JP2021-07-030001633978lite:OtherCountriesNotSeparatelyDisclosedMember2022-04-020001633978lite:OtherCountriesNotSeparatelyDisclosedMember2021-07-030001633978us-gaap:CustomerConcentrationRiskMemberlite:InventoryPurchasesMemberlite:TwoVendorsMember2022-01-022022-04-020001633978us-gaap:CustomerConcentrationRiskMemberlite:InventoryPurchasesMemberlite:TwoVendorsMember2021-07-042022-04-020001633978us-gaap:CustomerConcentrationRiskMemberlite:InventoryPurchasesMemberlite:TwoVendorsMember2020-12-272021-04-030001633978us-gaap:CustomerConcentrationRiskMemberlite:InventoryPurchasesMemberlite:TwoVendorsMember2020-06-282021-04-030001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2022-01-022022-04-020001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2022-01-022022-04-020001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2020-12-272021-04-030001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2020-12-272021-04-030001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2021-07-042022-04-020001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2021-07-042022-04-020001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2020-06-282021-04-030001633978lite:TelecomMarketMemberus-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2020-06-282021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberlite:IndustrialAndConsumerMarketMember2022-01-022022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMemberlite:IndustrialAndConsumerMarketMember2022-01-022022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberlite:IndustrialAndConsumerMarketMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMemberlite:IndustrialAndConsumerMarketMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberlite:IndustrialAndConsumerMarketMember2021-07-042022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMemberlite:IndustrialAndConsumerMarketMember2021-07-042022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberlite:IndustrialAndConsumerMarketMember2020-06-282021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMemberlite:IndustrialAndConsumerMarketMember2020-06-282021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2022-01-022022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2022-01-022022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2021-07-042022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2021-07-042022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMember2020-06-282021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:OpticalCommunicationsSegmentMemberus-gaap:SalesRevenueNetMember2020-06-282021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMemberus-gaap:SalesRevenueNetMember2022-01-022022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMemberus-gaap:SalesRevenueNetMember2020-12-272021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMemberus-gaap:SalesRevenueNetMember2021-07-042022-04-020001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMember2020-06-282021-04-030001633978us-gaap:ProductConcentrationRiskMemberlite:LasersSegmentMemberus-gaap:SalesRevenueNetMember2020-06-282021-04-03


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 April 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
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
1001 Ridder Park Drive, San Jose, California 95131
(Address of principal executive offices including Zip code)
(408) 546-5483
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value of $0.001 per shareLITENasdaq Global Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x        No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated fileroNon-accelerated fileroSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x
As of April 29, 2022, the Registrant had 69.0 million shares of common stock outstanding.





TABLE OF CONTENTS
Page

1


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(Unaudited)
Three Months EndedNine Months Ended
 April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Net revenue$395.4 $419.5 $1,290.5 $1,350.7 
Cost of sales212.6 218.7 636.3 684.6 
Amortization of acquired developed intangibles 15.6 15.8 47.3 45.8 
Gross profit167.2 185.0 606.9 620.3 
Operating expenses:
    Research and development56.7 57.2 164.0 160.4 
    Selling, general and administrative63.8 65.5 196.1 183.1 
    Restructuring and related charges(0.1)2.9 (1.1)3.1 
    Merger termination fee and related costs, net (207.5) (207.5)
Total operating expenses120.4 (81.9)359.0 139.1 
Income from operations46.8 266.9 247.9 481.2 
Interest expense(19.7)(16.4)(53.7)(48.7)
Other income (expense), net2.2 2.4 3.8 2.1 
Income before income taxes29.3 252.9 198.0 434.6 
Provision for income taxes3.3 27.4 33.8 58.8 
Net income$26.0 $225.5 $164.2 $375.8 
Net income per share:
    Basic$0.37 $2.97 $2.28 $4.97 
    Diluted$0.35 $2.85 $2.19 $4.78 
Shares used to compute net income per share:
    Basic 71.0 75.8 72.0 75.6 
    Diluted74.5 79.2 75.1 78.6 
    

See accompanying Notes to Condensed Consolidated Financial Statements.
2

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)

 Three Months EndedNine Months Ended
 April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Net income$26.0 $225.5 $164.2 $375.8 
Other comprehensive loss, net of tax:
Net change in unrealized gain (loss) on available-for-sale securities(6.9)(0.3)(8.9)(2.2)
Net change in defined benefit obligations(0.5) (0.5) 
Other comprehensive loss, net of tax(7.4)(0.3)(9.4)(2.2)
Comprehensive income, net of tax$18.6 $225.2 $154.8 $373.6 

See accompanying Notes to Condensed Consolidated Financial Statements.

3

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)


April 2, 2022July 3, 2021
ASSETS  
Current assets: 
Cash and cash equivalents$1,130.3 $774.3 
Short-term investments1,433.8 1,171.7 
Accounts receivable, net 242.2 212.8 
Inventories224.0 196.4 
Prepayments and other current assets70.3 81.6 
Total current assets3,100.6 2,436.8 
Property, plant and equipment, net356.4 361.1 
Operating lease right-of-use assets, net74.3 67.4 
Goodwill368.9 368.9 
Other intangible assets, net176.9 241.2 
Deferred tax asset19.7 72.9 
Other non-current assets36.7 3.3 
Total assets$4,133.5 $3,551.6 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$126.8 $116.9 
Accrued payroll and related expenses47.5 54.3 
Accrued expenses36.7 33.1 
Convertible notes, current406.1 390.7 
Operating lease liabilities, current12.0 11.8 
Other current liabilities31.6 57.8 
Total current liabilities660.7 664.6 
Convertible notes, non-current1,447.6 789.8 
Operating lease liabilities, non-current52.8 47.6 
Deferred tax liability17.5 35.9 
Other non-current liabilities42.8 40.9 
Total liabilities2,221.4 1,578.8 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value, 990 authorized shares, 69.1 and 73.0 shares issued and outstanding as of April 2, 2022 and July 3, 2021, respectively
0.1 0.1 
Additional paid-in capital1,973.7 1,743.6 
Retained earnings (accumulated deficit)(60.5)220.9 
Accumulated other comprehensive income (loss)(1.2)8.2 
Total stockholders’ equity1,912.1 1,972.8 
Total liabilities and stockholders’ equity$4,133.5 $3,551.6 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

4

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions)
(Unaudited)

Common StockAdditional Paid-In CapitalRetained Earnings (Accumulated) DeficitAccumulated
Other Comprehensive Income (Loss)
Total Stockholders' Equity
SharesAmount
Balance as of July 3, 202173.0 $0.1 $1,743.6 $220.9 $8.2 $1,972.8 
Net income— — — 81.5 — 81.5 
Other comprehensive income— — — — 0.3 0.3 
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.6 — — — —  
Withholding taxes related to net share settlement of restricted stock units
(0.2)— (16.6)— — (16.6)
Repurchases of common stock(1.1)(91.7)(91.7)
Stock-based compensation— — 25.1 — — 25.1 
Balance as of October 2, 202172.3 $0.1 $1,752.1 $210.7 $8.5 $1,971.4 
Net income— — — 56.7 — 56.7 
Other comprehensive loss— — — — (2.3)(2.3)
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.2 — — — —  
Withholding taxes related to net share settlement of restricted stock units
(0.1)— (8.3)— — (8.3)
ESPP shares issued0.1 — 6.6 — — 6.6 
Repurchases of common stock(0.3)— — (29.9)— (29.9)
Stock-based compensation— — 27.7 — — 27.7 
Balance as of January 1, 202272.2 $0.1 $1,778.1 $237.5 $6.2 $2,021.9 
Net income— — — 26.0 — 26.0 
Other comprehensive income— — — — (7.4)(7.4)
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.3 — — — —  
Withholding taxes related to net share settlement of restricted stock units(0.1)— (7.9)— — (7.9)
Equity component of the 2028 Notes, net of tax of $49.5 million and issuance costs of $1.9 million
179.8 179.8 
Repurchases of common stock(3.3)(324.0)(324.0)
Stock-based compensation— — 23.7 — — 23.7 
Balance as of April 2, 202269.1$0.1 $1,973.7 $(60.5)$(1.2)$1,912.1 
5

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions)
(Unaudited)

Common StockAdditional Paid-In CapitalAccumulated
Other Comprehensive Income
Total Stockholders' Equity
SharesAmountRetained Earnings
Balance as of June 27, 202075.1 $0.1 $1,676.6 $64.6 $7.9 $1,749.2 
Net income— — — 67.1 — 67.1 
Other comprehensive loss— — — — (1.5)(1.5)
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.6 — — — —  
Withholding taxes related to net share settlement of restricted stock units
(0.2)— (19.1)— — (19.1)
Exercise of stock options— — 0.1 — — 0.1 
Stock-based compensation— — 20.3 — — 20.3 
Balance as of September 26, 202075.5 $0.1 $1,677.9 $131.7 $6.4 $1,816.1 
Net income— — — 83.2 — 83.2 
Other comprehensive loss— — — — (0.4)(0.4)
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.2 — — — —  
Withholding taxes related to net share settlement of restricted stock units(0.1)— (7.1)— — (7.1)
ESPP shares issued0.1 — 5.5 — — 5.5 
Stock-based compensation— — 24.6 — — 24.6 
Balance as of December 26, 202075.7 $0.1 $1,700.9 $214.9 $6.0 $1,921.9 
Net income— — — 225.5 — 225.5 
Other comprehensive loss— — — — (0.3)(0.3)
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.2 — — — —  
Withholding taxes related to net share settlement of restricted stock units(0.1)— (7.6)— — (7.6)
Exercise of stock options— — 0.1 — — 0.1 
Stock-based compensation— — 25.4 — — 25.4 
Balance as of April 3, 202175.8$0.1 $1,718.8 $440.4 $5.7 $2,165.0 

See accompanying Notes to Condensed Consolidated Financial Statements.

6

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended
April 2, 2022April 3, 2021
OPERATING ACTIVITIES:
Net income$164.2 $375.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense61.2 70.4 
Stock-based compensation 75.4 68.7 
Gain on sale of product lines (0.5)
Amortization of acquired intangibles64.3 63.6 
(Gain) loss on sales and dispositions of property, plant and equipment(4.3)5.4 
Amortization of debt discount and debt issuance costs48.6 43.9 
Other non-cash expense9.5 7.3 
Changes in operating assets and liabilities:
Accounts receivable(29.4)8.2 
Inventories(26.5)(20.2)
Operating lease right-of-use assets, net(6.9)8.4 
Prepayments and other current and non-currents assets(8.2)(5.6)
Income taxes, net(20.2)28.2 
Accounts payable14.3 (41.6)
Accrued payroll and related expenses(6.8)(7.5)
Operating lease liabilities5.4 (6.1)
Accrued expenses and other current and non-current liabilities4.4 16.1 
Net cash provided by operating activities345.0 614.5 
INVESTING ACTIVITIES:
Payments for acquisition of property, plant and equipment(62.6)(66.4)
Payment for asset acquisition (10.0)
Proceeds from sale of product lines 1.3 
Purchases of short-term investments(946.8)(1,515.7)
Proceeds from maturities and sales of short-term investments664.0 $— 1,394.5 
Term loan funding provided to NeoPhotonics(30.0) 
Proceeds from the sales of property, plant and equipment6.4  
Net cash used in investing activities(369.0)(196.3)
FINANCING ACTIVITIES:
Repurchase of common stock(448.6) 
Proceeds from the issuance of 0.50% Convertible Notes due 2028, net of issuance costs
854.8  
Payment of withholding taxes related to net share settlement of restricted stock units
(32.8)(33.8)
Proceeds from employee stock plans6.6 5.5 
Principal payments on finance leases (0.4)
Proceeds from the exercise of stock options 0.2 
Net cash provided by (used in) financing activities380.0 (28.5)
Increase in cash and cash equivalents356.0 389.7 
Cash and cash equivalents at beginning of period 774.3 298.0 
Cash and cash equivalents at end of period$1,130.3 $687.7 
Supplemental disclosure of cash flow information:
Cash paid for taxes$53.8 $30.9 
7

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Cash paid for interest 3.8 3.8 
Supplemental disclosure of non-cash transactions:
Unpaid property, plant and equipment in accounts payable and accrued expenses6.2 6.7 
Repurchase of common stock pending settlement2.1  
Issuance costs in current liabilities0.7  
Right-of-use assets obtained in exchange for new operating lease liabilities13.7 1.4 
See accompanying Notes to Condensed Consolidated Financial Statements.
8

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

Note 1. Description of Business and Summary of Significant Accounting Policies
Description of Business
Lumentum Holdings Inc. (“we,” “us,” “our”, “Lumentum” or the “Company”) is an industry-leading provider of optical and photonic products defined by revenue and market share addressing a range of end market applications including Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”) for manufacturing, inspection and life-science applications. We seek to use our core optical and photonic technology, and our volume manufacturing capability, to expand into attractive emerging markets that benefit from advantages that optical or photonics-based solutions provide, including 3D sensing for consumer electronics and diode light sources for a variety of consumer and industrial applications. The majority of our customers tend to be original equipment manufacturers (“OEMs”) that incorporate our products into their products which then address end-market applications. For example, we sell fiber optic components that network equipment manufacturers (“NEMs”) assemble into communications networking systems, which they sell to communications service providers, hyperscale cloud operators, and enterprises with their own networks. Similarly, many of our Lasers products customers incorporate our products into tools they produce, which are used for manufacturing processes by their customers. For 3D sensing, we sell diode lasers to manufacturers of consumer electronics products for mobile, personal computing, gaming, and other applications, including to the automotive industry, who then integrate our devices within their products, for eventual resale to consumers and also into other industrial applications.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact us in the future, actual results may be different from the estimates. Operating results for the quarter ended April 2, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending July 2, 2022. In the opinion of the Company’s management, the information presented herein reflects all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position, stockholders’ equity and cash flows.
Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are inventory valuation, revenue recognition, income taxes, long-lived asset valuation, goodwill and business combination.
We are now in the third year of the COVID-19 pandemic, and while the impact of the pandemic is lessening, new variants are causing continued concern. As these variants continue to emerge, efforts to mitigate or contain the impacts of the pandemic continue to evolve, and the duration and severity of the impact of the pandemic on our business and results of operations in future periods remain uncertain. The extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including but not limited to the duration and spread of the pandemic and its variants, duration of local, state and federal issued public health orders in each jurisdiction where we operate or in which our customers and suppliers operate, impact on our customers and our sales cycles, impact on our supply chain and manufacturing partners, impact on our employees and impact on regional and worldwide economies and financial markets in general, all of which are uncertain and cannot be predicted. We assessed the potential impact that this pandemic has on our estimates as of April 2, 2022 and determined that there were no material impacts. However, due to the global supply chain constraint, we have had to incur incremental supply and procurement costs in order to fulfill demand from our customers. These higher costs have increased our inventory balances as of April 2, 2022 and may decrease our gross margin in the near term.
We are also continuously monitoring developments in the ongoing conflict between Russia and Ukraine including the related export controls and resulting sanctions imposed on Russia by the U.S. and other countries. Additional factors such as increased inflation, escalating energy costs, constrained raw material availability, and thus increasing costs could impact the global economy. Although the global implications of the Russian/Ukraine conflict are difficult to predict at this time, we do not presently foresee direct material adverse effects upon our business.
9

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fiscal Years
We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30th. Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2022 is a 52-week year ending on July 2, 2022, with the quarter ended April 2, 2022 being a 13-week quarterly period. Our fiscal 2021 was a 53-week year that ended on July 3, 2021, with the quarter ended April 3, 2021 being a 14-week quarterly period.
Principles of Consolidation
These interim unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. 
Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassification of the prior period amounts did not impact previously reported condensed consolidated financial statements.
Accounting Policies
The condensed consolidated financial statements and accompanying related notes should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended July 3, 2021. There have been no significant changes to our accounting policies during the three and nine months ended April 2, 2022.
Business Combination
On November 4, 2021, Lumentum and NeoPhotonics Corporation (“NeoPhotonics”) announced a merger agreement (the “Merger Agreement”) pursuant to which Lumentum will acquire all outstanding shares of NeoPhotonics stock. Under the terms of the Merger Agreement, NeoPhotonics stockholders will receive $16.00 per share in cash for each NeoPhotonics share they own. As of April 2, 2022, the estimated total transaction consideration is expected to be approximately $918 million. The cash consideration will be funded from the combined company’s balance sheet.
The Merger Agreement contains certain termination rights for both Lumentum and NeoPhotonics and provides that upon termination of the Merger Agreement under specified circumstances (including termination by NeoPhotonics to accept a superior proposal), NeoPhotonics may be required to pay Lumentum a termination fee of $27.5 million. The Merger Agreement further provides that if the Merger Agreement is terminated for failure to obtain antitrust approval, Lumentum may be required to pay NeoPhotonics a termination fee of $55.1 million; and if Lumentum takes certain specified actions, (including entering into any definitive agreement for an acquisition by stock purchase, merger, consolidation, amalgamation, purchase of assets, license or otherwise of any ownership interest or assets of any Person) that cause a material delay in, or results in the failure of, the consummation of the Merger, Lumentum may be required to pay NeoPhotonics an additional termination fee of $36.7 million.
The Boards of Directors of Lumentum and NeoPhotonics have unanimously approved the transaction and the Merger Agreement. On January 21, 2022, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired with respect to the proposed acquisition. The transaction is subject to customary closing conditions, including the absence of certain legal impediments and receipt of any required antitrust and regulatory approvals. The transaction was approved by the NeoPhotonics stockholders on February 1, 2022. The transaction is not subject to any financing condition. We expect this transaction to be completed in the second half of calendar year 2022.
In connection with the Merger Agreement, on January 14, 2022, Lumentum and NeoPhotonics entered into a credit agreement where Lumentum agreed to make term loans (“loans”) to NeoPhotonics in an aggregate principal amount not to exceed $50.0 million to help fund capital expenditures and increased working capital associated with NeoPhotonics’ growth plans. During the three months ended April 2, 2022, the Company funded a $30.0 million loan request to NeoPhotonics, which bears interest at the Wall Street Journal “prime rate,” which was 3.5% as of April 2, 2022. The interest is payable monthly in arrears on the first day of each month. The loans will mature on January 14, 2024 unless earlier repaid or accelerated.
Termination of Coherent Merger Agreement
On January 18, 2021, Lumentum and Coherent, Inc. (“Coherent”) entered into a merger agreement, under which Lumentum would acquire all outstanding shares of Coherent common stock. As of the date of the merger agreement, the total transaction consideration was approximately $5.7 billion. In March 2021, Coherent terminated the merger agreement and paid
10

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Lumentum a termination fee of $217.6 million in accordance with the merger agreement. This gain was offset by $10.1 million of acquisition related expenses and the net amount is presented as “merger termination fee and related costs, net” in our condensed consolidated statements of operations for the three and nine months ended April 3, 2021.
Note 2. Recently Issued Accounting Pronouncements
Accounting Pronouncements Recently Adopted
In December 2019, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and which also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 was effective for us at the beginning of fiscal year 2022, including interim periods within that reporting period. We adopted ASU 2019-12 in our first quarter of fiscal year 2022 on a prospective basis with no material impact to our condensed consolidated financial statements.
Accounting Pronouncements Not Yet Effective
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. This ASU is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. ASU 2021-08 is effective for us in our first quarter of fiscal year 2024. The impact of the adoption of ASU 2021-08 will depend on the contract assets and liabilities acquired in a business combination after that date, unless early adopted.
In August 2020, FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible instruments by removing the separation models for (i) convertible debt with a cash conversion feature and (ii) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The new guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. ASU 2020-06 is effective for us in our first quarter of fiscal year 2023. We intend to adopt ASU 2020-06 on a modified retrospective basis. ASU 2020-06 will impact our accounting treatment for our convertible notes (as defined in Note 9). We currently separate our convertible notes into their liability and equity components. Following our adoption of ASU 2020-06, the previously bifurcated equity component may be recombined with the liability component, resulting in a single liability classified instrument. The carrying value of our convertible notes at transition will be determined by recalculating the basis of the convertible notes as if the convertible notes had not been bifurcated at issuance. Issuance costs related to the convertible notes that was initially allocated to the equity component will be reclassified from additional paid-in capital to the liability component, and the amortization of the debt issuance and debt discount will be recalculated through the transition date. The adoption of this guidance will result in a reduction in our additional paid-in capital, an increase in our convertible note liability balance, and a reduction to our accumulated deficit as of the transition date. In addition, we estimate that our diluted share count will increase and interest expense will decrease upon adoption of this standard.

11

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Note 3. Earnings Per Share
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share data):
 Three Months EndedNine Months Ended
 April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Numerator:   
Net income - basic and diluted$26.0 $225.5 $164.2 $375.8 
Denominator:
Weighted average common shares outstanding - basic71.0 75.8 72.0 75.6 
Effect of dilutive securities from stock-based benefit plans0.7 0.8 0.6 0.8 
Shares issuable assuming conversion of the 2024 Notes2.8 2.6 2.5 2.2 
Weighted average common shares outstanding - diluted74.5 79.2 75.1 78.6 
Net income per share:
Basic$0.37 $2.97 $2.28 $4.97 
Diluted$0.35 $2.85 $2.19 $4.78 
Potentially dilutive common shares result from the assumed exercise of outstanding stock options, assumed vesting of outstanding equity awards, assumed issuance of stock under the employee stock purchase plan, and assumed conversion of our outstanding convertible notes, all using the treasury stock method.
We have the ability and intent to settle the face value of our convertible notes in cash. Therefore, we use the treasury stock method for calculating the dilutive impact of the convertible notes. 
The 2026 Notes and the 2028 Notes will have no impact on diluted earnings per share until the average price of our common stock exceeds the conversion price of $99.29 and $131.03, respectively.
The potentially dilutive shares resulting from the 2024 Notes were included in the calculation of diluted income per share for the three and nine months ended April 2, 2022 and April 3, 2021, respectively, since the average price of our common stock exceeded the conversion price of $60.62 in all periods.
Anti-dilutive potential shares are excluded from the calculation of diluted earnings per share if their exercise price exceeded the average market price during the period or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. Anti-dilutive shares excluded from the calculation of diluted earnings per share were less than 0.1 million for each of the three and nine months ended April 2, 2022. Anti-dilutive shares excluded from the calculation of diluted earnings per share were less than 0.1 million and 0.5 million shares for the three and nine months ended April 3, 2021, respectively.
12

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Note 4. Cash, Cash Equivalents and Short-term Investments
The following table summarizes our cash, cash equivalents and short-term investments by category for the periods presented (in millions):
Amortized
Cost
 Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
April 2, 2022:
Cash$149.4 $— $— $149.4 
Cash equivalents:
Commercial paper291.9 — — 291.9 
Corporate debt securities10.2 — — 10.2 
Money market funds178.4 — — 178.4 
U.S. Treasury securities500.4 — — 500.4 
Total cash and cash equivalents$1,130.3 $— $— $1,130.3 
Short-term investments:
Certificates of deposit$11.3 $ $ $11.3 
Commercial paper99.4  (