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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 December 30, 2023
 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 February 1, 2024, the Registrant had 67.4 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 EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Net revenue$366.8 $506.0 $684.4 $1,012.8 
Cost of sales281.3 315.1 504.2 597.7 
Amortization of acquired developed intangibles 21.5 24.7 39.5 47.7 
Gross profit64.0 166.2 140.7 367.4 
Operating expenses:
    Research and development78.3 75.8 151.8 148.5 
    Selling, general and administrative85.1 98.4 158.1 204.1 
    Restructuring and related charges5.8 13.9 16.8 23.2 
Total operating expenses169.2 188.1 326.7 375.8 
Loss from operations(105.2)(21.9)(186.0)(8.4)
Interest expense(9.7)(8.9)(19.4)(17.4)
Other income, net13.4 3.7 34.6 17.5 
Loss before income taxes(101.5)(27.1)(170.8)(8.3)
Income tax provision (benefit)(2.4)4.6 (3.8)23.8 
Net loss$(99.1)$(31.7)$(167.0)$(32.1)
Net loss per share:
    Basic$(1.47)$(0.46)$(2.49)$(0.47)
    Diluted$(1.47)$(0.46)$(2.49)$(0.47)
Shares used to compute net loss per share:
    Basic 67.2 68.3 67.0 68.2 
    Diluted67.2 68.3 67.0 68.2 
    

See accompanying Notes to Condensed Consolidated Financial Statements.
2

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

 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Net loss$(99.1)$(31.7)$(167.0)$(32.1)
Other comprehensive income, net of tax:
Foreign currency translation adjustments0.2    
Net change in unrealized gain on available-for-sale securities3.8 3.6 5.1 3.0 
Other comprehensive income, net of tax4.0 3.6 5.1 3.0 
Comprehensive loss, net of tax$(95.1)$(28.1)$(161.9)$(29.1)

See accompanying Notes to Condensed Consolidated Financial Statements.

3

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


December 30, 2023July 1, 2023
ASSETS  
Current assets: 
Cash and cash equivalents$469.3 $859.0 
Short-term investments754.7 1,154.6 
Accounts receivable, net 248.3 246.1 
Inventories471.7 408.6 
Prepayments and other current assets118.1 109.6 
Total current assets2,062.1 2,777.9 
Property, plant and equipment, net582.3 489.5 
Operating lease right-of-use assets, net81.3 77.3 
Goodwill1,054.6 695.1 
Other intangible assets, net730.6 459.2 
Deferred tax asset130.2 116.3 
Other non-current assets14.9 16.8 
Total assets$4,656.0 $4,632.1 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$163.0 $169.4 
Accrued payroll and related expenses50.4 39.4 
Accrued expenses65.8 51.2 
Convertible notes, current319.7 311.6 
Operating lease liabilities, current14.5 14.4 
Other current liabilities45.0 47.8 
Total current liabilities658.4 633.8 
Convertible notes, non-current2,501.7 2,500.0 
Operating lease liabilities, non-current52.9 47.7 
Deferred tax liability67.6 3.4 
Other non-current liabilities97.6 91.4 
Total liabilities3,378.2 3,276.3 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value, 990 authorized shares, 67.4 and 66.4 shares issued and outstanding as of December 30, 2023 and July 1, 2023, respectively
0.1 0.1 
Additional paid-in capital1,776.1 1,692.2 
Accumulated deficit(507.6)(340.6)
Accumulated other comprehensive income9.2 4.1 
Total stockholders’ equity1,277.8 1,355.8 
Total liabilities and stockholders’ equity$4,656.0 $4,632.1 
 
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 CapitalAccumulated DeficitAccumulated
Other Comprehensive Income
Total Stockholders' Equity
SharesAmount
Balance as of July 1, 202366.4 $0.1 $1,692.2 $(340.6)$4.1 $1,355.8 
Net loss— — — (67.9)— (67.9)
Other comprehensive income— — — — 1.1 1.1 
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.8 — — — — — 
Withholding taxes related to net share settlement of restricted stock units
(0.2)— (12.9)— — (12.9)
Stock-based compensation— — 34.7 — — 34.7 
Balance as of September 30, 202367.0 $0.1 $1,714.0 $(408.5)$5.2 $1,310.8 
Net loss(99.1)(99.1)
Other comprehensive income— — — — 4.0 4.0 
Equity awards pursuant to merger agreement— — 23.5 — — 23.5 
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)— (3.2)— — (3.2)
ESPP shares issued0.2 — 7.3 — — 7.3 
Stock-based compensation— — 34.5 — — 34.5 
Balance as of December 30, 202367.4 $0.1 $1,776.1 $(507.6)$9.2 $1,277.8 

5

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

Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated
Other Comprehensive Income (Loss)
Total Stockholders' Equity
SharesAmount
Balance as of July 2, 202268.0 $0.1 $2,003.6 $(129.1)$0.4 $1,875.0 
Cumulative adjustment from adoption of ASU 2020-06— — (426.5)85.6 — (340.9)
Net loss— — — (0.4)— (0.4)
Other comprehensive loss— — — — (0.6)(0.6)
Issuance of shares in connection with vesting of restricted stock units and performance stock units0.7 — — — — — 
Withholding taxes related to net share settlement of restricted stock units
(0.2)— (22.4)— — (22.4)
Repurchases of common stock(0.3)— — (25.7)— (25.7)
Stock-based compensation— — 41.4 — — 41.4 
Balance as of October 1, 202268.2 $0.1 $1,596.1 $(69.6)$(0.2)$1,526.4 
Net loss— — — (31.7)— (31.7)
Other comprehensive loss— — — — 3.6 3.6 
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)— (4.3)— — (4.3)
ESPP shares issued0.1 — 5.7 — — 5.7 
Stock-based compensation— — 43.9 — — 43.9 
Balance as of December 31, 202268.4 $0.1 $1,641.4 $(101.3)$3.4 $1,543.6 

See accompanying Notes to Condensed Consolidated Financial Statements.



















6

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six Months Ended
December 30, 2023December 31, 2022
OPERATING ACTIVITIES:
Net loss$(167.0)$(32.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense55.4 50.9 
Stock-based compensation 66.7 83.2 
Amortization of acquired intangibles66.6 68.3 
Loss on sales and dispositions of property, plant and equipment1.4 7.2 
Amortization of debt discount and debt issuance costs9.7 11.9 
Amortization of inventory fair value adjustment in connection with acquisition3.4 14.2 
Other non-cash items(8.5)1.0 
Changes in operating assets and liabilities:
Accounts receivable18.7 (1.5)
Inventories7.5 (36.4)
Operating lease right-of-use assets, net(5.1)7.9 
Prepayments and other current and non-currents assets6.3 (13.9)
Income taxes, net(26.6)(14.8)
Accounts payable(51.1)(45.0)
Accrued payroll and related expenses5.1 (15.0)
Operating lease liabilities6.7 (7.3)
Accrued expenses and other current and non-current liabilities7.0 37.1 
Net cash provided by (used in) operating activities(3.8)115.7 
INVESTING ACTIVITIES:
Payments for acquisition of property, plant and equipment(88.8)(62.8)
Acquisition of businesses, net of cash acquired(700.9)(861.6)
Purchases of short-term investments(184.3)(327.8)
Proceeds from maturities and sales of short-term investments599.7 501.0 
Payments for acquisition of intangible assets(3.0) 
Proceeds from the sales of property, plant and equipment0.2 0.1 
Net cash used in investing activities(377.1)(751.1)
FINANCING ACTIVITIES:
Repurchase of common stock (35.8)
Payment of withholding taxes related to net share settlement of restricted stock units
(16.1)(26.7)
Proceeds from employee stock plans7.3 5.7 
Repayment of term loan (5.9)
Net cash used in financing activities(8.8)(62.7)
Decrease in cash and cash equivalents(389.7)(698.1)
Cash and cash equivalents at beginning of period 859.0 1,290.2 
Cash and cash equivalents at end of period$469.3 $592.1 
Supplemental disclosure of cash flow information:
Cash paid for taxes, net$22.2 $38.5 
Cash paid for interest 9.9 5.4 
Supplemental disclosure of non-cash investing and financing activities:
Unpaid property, plant and equipment in accounts payable and accrued expenses8.1 16.4 
Unpaid intangible assets in accrued expenses2.0  
Settlement of loan to NeoPhotonics 50.0 
7

LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Share-based purchase price consideration in connection with the Cloud Light acquisition23.5  
Right-of-use assets obtained in exchange for new operating lease liabilities16.0 19.4 
See accompanying Notes to Condensed Consolidated Financial Statements.
8

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(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 addressing a range of end-market applications for manufacturing, inspection, and life-science applications.
Our Cloud & Networking products include a wide range of components, modules and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul (city-to-city and worldwide) and submarine (undersea) applications. Our products also address enterprise, cloud and data center applications, including storage-access networks (“SANs”), local-area networks (“LANs”) and wide-area networks (“WANs”), as well as artificial intelligence and machine learning (“AI/ML”).
Our Industrial Tech products include diode laser products such as VCSELs and edge emitting lasers. In the consumer end-market, our laser light sources are integrated into 3D sensing cameras, which are used in applications in mobile devices, gaming, payment kiosks, computers, other consumer electronics devices, and automobiles. Applications include biometric identification, computational photography, virtual and augmented reality, and natural user interfaces, among others. In the industrial end-market, our diode lasers are used primarily as pump sources for pulsed and kilowatt class fiber lasers. Our products also include laser products used in a variety of OEM applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers, such as argon-ion and helium-neon lasers.
Basis of Presentation
We have prepared the accompanying condensed consolidated financial statements 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. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. 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, goodwill, and business combinations.
Prior to fiscal year 2024, we operated in two reportable segments consisting of Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”). During the fiscal first quarter of 2024, we changed our organizational structure to better align with trends in our markets and our customer and product mix. Our new operating segments are Cloud & Networking and Industrial Tech. The Cloud & Networking segment includes the Telecom and Datacom product lines that were previously part of the OpComms segment. The Industrial Tech segment includes the previous Lasers segment and the Industrial & Consumer product lines that were previously part of the OpComms segment. Comparative prior period segment information has been recast to conform to the new segment structure and measures. The changes in our operating segments had no impact on our previously reported consolidated results of operations, financial condition, or cash flows. Refer to “Note 15. Operating Segments and Geographic Information”.
Our business and operating results depend significantly on general market and economic conditions. The current global macroeconomic environment is volatile and continues to be adversely impacted by inflation, a dynamic supply chain and demand environment, and signs of a weaker macroeconomic environment impacting capital expenditures across our served markets. Additionally, instability in the global credit markets, capital expenditure reductions, unemployment and other labor issues, decline in stock markets, the instability in the geopolitical environment in many parts of the world, and the current global economic challenges continue to put pressure on our business and operating results.
We are continuously monitoring both the current developments in the ongoing war between Russia and Ukraine including the related additional export controls and resulting sanctions imposed on Russia and Belarus by the U.S. and other countries, and the war between Israel and Hamas. Additional factors, such as increased inflation, escalating energy costs, constrained raw material availability and the related cost increases, could continue to impact the global economy and our business. Although the global implications of the wars are difficult to predict at this time, we do not presently foresee direct material adverse effects on our business.
9

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Business Combinations
On November 7, 2023 (the “Closing date”), we completed the acquisition of Cloud Light Technology Limited (“Cloud Light”). Our condensed consolidated financial statements include the operating results of Cloud Light for the period from the Closing date of the acquisition through December 30, 2023. On August 3, 2022, we completed the acquisition of NeoPhotonics Corporation (“NeoPhotonics”). On August 15, 2022, we completed the acquisition of IPG Photonics’ telecom transmission product lines. We have applied the acquisition method of accounting to account for these transactions in accordance with ASC Topic 805, Business Combinations. Refer to “Note 4. Business Combinations” for further discussions of these transactions.
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 2024 is a 52-week year ending on June 29, 2024, with the quarter ended December 30, 2023 being a 13-week quarterly period. Our fiscal 2023 was a 52-week year that ended on July 1, 2023, with the quarter ended December 31, 2022 being a 13-week quarterly period.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of Lumentum Holdings Inc. and its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. 
Accounting Policies
The condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended July 1, 2023. There were no significant changes to our accounting policies during the six months ended December 30, 2023
Note 2. Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for us in fiscal 2026, with early adoption permitted. We are currently evaluating the impact of this ASU on our income tax disclosures within the consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt ASU 2023-07 in the fiscal first quarter of 2025. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
10

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 loss per share (in millions, except per share data):
 Three Months EndedSix Months Ended
 December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Numerator:  
Net loss - basic and diluted$(99.1)$(31.7)$(167.0)$(32.1)
Denominator:
Weighted average common shares outstanding - basic and diluted67.2 68.3 67.0 68.2 
Net loss per share:
Basic$(1.47)$(0.46)$(2.49)$(0.47)
Diluted$(1.47)$(0.46)$(2.49)$(0.47)
Shares from stock-based benefit plans and shares issuable assuming conversion of our convertible notes are anti-dilutive for the three and six months ended December 30, 2023 and December 31, 2022, respectively, and are therefore excluded from the calculation of diluted net loss per share as the Company had a net loss for both periods.
Anti-dilutive shares excluded from the calculation of diluted net loss per share for the three months ended December 30, 2023 include 31.2 million shares related to convertible notes, 4.4 million shares issuable under restricted stock units (“RSUs”) and performance stock units (“PSUs”), 0.2 million shares issuable under the Employee Stock Purchase Plan (the “2015 Purchase Plan”), and 1.1 million shares outstanding related to stock options. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the six months ended December 30, 2023 include 31.2 million shares related to convertible notes, 4.5 million shares issuable under RSUs and PSUs, 0.2 million shares issuable under the 2015 Purchase Plan, and 1.1 million shares outstanding related to stock options. Refer to “Note 13. Equity.”
Anti-dilutive shares excluded from the calculation of diluted net loss per share for the the three months ended December 31, 2022 include 24.5 million shares related to convertible notes, 3.8 million shares issuable under RSUs and PSUs, and 0.2 million shares issuable under the 2015 Purchase Plan. Average anti-dilutive shares excluded from the calculation of diluted net loss per share for the six months ended December 31, 2022 include 24.5 million shares related to convertible notes, 3.9 million shares issuable under RSUs and PSUs, and 0.1 million shares issuable under the 2015 Purchase Plan.
Potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method.
11

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Note 4. Business Combinations
Cloud Light Acquisition
On October 29, 2023, we entered into a definitive merger agreement (the “Merger Agreement”) with Cloud Light. On November 7, 2023 (the “Closing date”), we completed the acquisition of Cloud Light. Cloud Light designs, markets, and manufactures advanced optical modules for data center interconnect applications. The acquisition enables us to be well-positioned to serve the growing needs of cloud & networking customers, particularly those customers focused on optimizing their data center infrastructure for the demands of AI/ML.
We have applied the acquisition method of accounting in accordance with ASC 805 Business Combinations, with respect to the fair value of purchase price consideration and the identifiable assets and liabilities of Cloud Light, which have been measured at estimated fair value as of the Closing date. The following tables summarize the preliminary purchase price consideration (in millions):
Fair Value
Cash consideration (1)
$705.0 
Share-based consideration (2)
23.5 
Total purchase price consideration$728.5 
(1) Under the terms of the Merger Agreement, Cloud Light stockholders received $1.69 per share after adjusting for applicable withholding taxes, escrow fund and expense fund contributions, for each of the 409.4 million of shares outstanding at the Closing date. As a result, we transferred $691.7 million of cash consideration on the Closing date. Additionally, each of Cloud Light’s outstanding options was exchanged for a combination of up-front cash consideration and newly issued options (the “replacement options”). As a result, we transferred $13.3 million of cash consideration on the Closing date.
(2) The replacement options have a total fair value of $38.9 million as of the Closing date, of which $23.5 million attributed to pre-acquisition service is recorded as part of the purchase price consideration and the remaining $15.4 million is recorded as post-acquisition stock-based compensation expense over the vesting period of three years from the acquisition Closing date. In general, these options expire within 10 years from the acquisition Closing date. Refer to “Note 13. Equity”.
The cash consideration of $705.0 million, which was funded by the cash balances of Lumentum, includes $75.8 million of cash held in an escrow fund for a period of 12 months following the Closing date to support Cloud Light’s indemnification obligations under the Merger Agreement. The consideration is subject to customary adjustment for working capital.
We also incurred a total of $9.2 million of merger-related costs, representing professional and other direct acquisition costs, of which $2.4 million was incurred during the fiscal first quarter of 2024 and $6.8 million was incurred during the fiscal second quarter of 2024. Merger related costs are recorded as selling, general and administrative expense in the consolidated statement of operations when incurred.
We allocated the fair value of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date based on their estimated fair values. The excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill. Our preliminary allocation of the purchase price consideration to the assets acquired and liabilities assumed as of the Closing date is as follows (in millions):
12

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fair Value
Total purchase price consideration$728.5 
Assets acquired
Cash and cash equivalents4.1 
Short-term investments1.0 
Accounts receivable, net20.9 
Inventories71.5 
Prepayments and other current assets14.3 
Property, plant and equipment, net63.2 
Operating lease right-of-use assets, net3.7 
Other intangible assets, net (1) 333.0 
Other non-current assets0.3 
Total assets512.0 
Liabilities assumed
Accounts payable45.8 
Accrued payroll and related expenses5.9 
Accrued expenses9.8 
Operating lease liabilities, current1.8 
Other current liabilities8.0 
Operating lease liabilities, non-current1.9 
Deferred tax liability60.7 
Other non-current liabilities9.1 
Total liabilities143.0 
Goodwill$359.5 
(1) Other intangible assets include developed technology of $170.0 million, customer relationship of $130.0 million, in-process research and development (“IPR&D”) of $16.0 million, order backlog of $14.0 million, and trade name and trademarks of $3.0 million. Refer to “Note 8. Goodwill and Other Intangible Assets” for more information.
The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and subject to change. The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the working capital adjustments pursuant to the Merger Agreement, the fair value of inventories, property, plant and equipment, intangible assets, deferred tax assets and liabilities, and contingent liabilities, if any. Further adjustments may result before the end of the measurement period, which ends one year from the Closing date. During the measurement period, if new information is obtained about facts and circumstances that existed as of the Closing date that, if known, would have resulted in revised estimated values of assets acquired and liabilities assumed, we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be calculated as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings.
Goodwill from the Cloud Light acquisition has been assigned to the Cloud & Networking segment. The preliminary goodwill of $359.5 million arising from the acquisition is attributed to the expected revenue growth and synergies, including future cost efficiencies and other benefits that are expected to be generated by combining Lumentum and Cloud Light. None of the goodwill is expected to be deductible for local tax purposes. Refer to “Note 8. Goodwill and Other Intangible Assets.”
13

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
From the Closing date, Cloud Light contributed $59.5 million of our consolidated net revenue for the three months ended December 30, 2023. Due to the continued integration of the combined businesses, as well as our corporate structure and the allocation of selling, general and administrative costs, it is impracticable to determine Cloud Light’s contribution to our earnings.
Supplemental Pro Forma Information
The following supplemental pro forma information presents the combined results of operations for the three and six months ended December 30, 2023 and December 31, 2022, as if the acquisition was completed on July 3, 2022, the first day of the fiscal year 2023. The supplemental pro forma financial information presented below is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position.
The pro forma financial information includes adjustments for: (i) amortization expense that would have been recognized related to the acquired intangible assets, (ii) depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iii) amortization of inventory fair value adjustment, (iv) acquisition related costs, such as third party transaction costs and restructuring costs, (v) stock-based compensation expense and (vi) the estimated income tax effect on the pro forma adjustments.
The supplemental pro forma financial information for the periods presented is as follows (in millions):
 Three Months EndedSix Months Ended
December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Net revenue$386.5 $553.2 $773.1 $1,113.4 
Net loss$(96.3)$(39.9)$(159.9)$(61.7)
NeoPhotonics Acquisition
On November 3, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NeoPhotonics and Neptune Merger Sub, Inc. On August 3, 2022, we completed the acquisition of NeoPhotonics through the consummation of the merger and, accordingly, we acquired all of the issued and outstanding common stock of NeoPhotonics with a total purchase price consideration of $934.4 million, which was funded by the cash balances of the combined company. The addition of NeoPhotonics expands our opportunity in some of the fastest growing markets for optical components used in cloud and telecom network infrastructure.
We have applied the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations to account for this transaction and recorded a goodwill of $315.3 million arising from the acquisition, which has been assigned to the Cloud & Networking segment. NeoPhotonics contributed $104.6 million and $177.4 million of our consolidated net revenue for the three and six months ended December 31, 2022, respectively. Due to the integration of the combined businesses, as well as our corporate structure and the allocation of selling, general and administrative costs, it is impracticable to determine NeoPhotonics’ contribution to our earnings. As of December 30, 2023, the operation of NeoPhotonics has been fully integrated to the combined business.
We also recorded $28.7 million of merger-related costs, representing professional and other direct acquisition costs, of which $8.3 million was incurred in fiscal year 2022 and $20.4 million was incurred in fiscal year 2023, which was recorded as selling, general and administrative expense in the condensed consolidated statements of operations.
The following supplemental pro forma information presents the combined results of operations for the three and six months ended December 31, 2022, as if the acquisition was completed at the first day of fiscal 2022. The supplemental pro forma financial information is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma financial information includes adjustments for: (i) amortization expense that would have been recognized related to the acquired intangible assets, (ii) depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iii) amortization of inventory fair value adjustment, (iv) acquisition related costs, such as third party transaction costs and restructuring costs, (v) stock-based compensation expense and (vi) the estimated income tax effect on the pro forma adjustments.
14

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The supplemental pro forma financial information for the periods presented is as follows (in millions):
December 31, 2022
 Three Months EndedSix Months Ended
Net revenue$506.0 $1,036.7 
Net income (loss)(25.8)6.6 
Acquisition of IPG Photonics’ Telecom Transmission Product Lines
On August 15, 2022 (“IPG Closing date”), we completed a transaction to acquire IPG Photonics’ telecom transmission product lines (“IPG telecom transmission product lines”) that are used to develop and market products for use in telecommunications and datacenter infrastructure, including Digital Signal Processors (DSPs), ASICs and optical transceivers with a total purchase price of $55.9 million, which was paid in cash. This acquisition enables us to expand our business in the Cloud & Networking segment.
We have applied the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations to account for this transaction and recorded a goodwill of $10.9 million arising from the acquisition, which has been assigned to the Cloud & Networking segment. We recorded $2.0 million of merger-related costs, representing professional and other direct acquisition costs, of which $0.4 million was incurred in fiscal year 2022 and $1.6 million was incurred in fiscal year 2023, which was recorded as selling, general and administrative expense in the consolidated statements of operations.
The pro forma financial information from the acquisition of the IPG telecom transmission product lines, assuming the acquisition had occurred as of the first day of fiscal 2022, as well as revenue and earnings generated during fiscal 2023, were not material for disclosure purposes.
15

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Note 5. 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
December 30, 2023:
Cash$235.2 $— $— $235.2 
Cash equivalents:
Commercial paper5.1 — — 5.1 
Money market funds206.6 — — 206.6 
U.S. Treasury securities22.4 — — 22.4 
Total cash and cash equivalents$469.3 $— $— $469.3 
Short-term investments:
Certificates of deposit$13.8 $ $ $13.8 
Commercial paper43.8   43.8 
Corporate debt securities365.4 0.3 (0.8)364.9 
Municipal bonds4.6   4.6 
U.S. Agency securities143.5 0.1 (0.4)143.2 
U.S. Treasury securities184.9  (0.5)184.4 
Total short-term investments$756.0 $0.4 $(1.7)$754.7 
July 1, 2023:
Cash$254.3 $— $— $254.3 
Cash equivalents:
Money market funds276.1 — — 276.1 
U.S. Agency securities4.0 — — 4.0 
U.S. Treasury securities324.6 — — 324.6 
Total cash and cash equivalents$859.0 $— $— $859.0 
Short-term investments:
Certificates of deposit$16.5 $ $ $16.5 
Commercial paper132.9  (0.2)132.7 
Corporate debt securities472.7  (3.9)468.8 
U.S. Agency securities207.9  (1.7)206.2 
U.S. Treasury securities332.4  (2.0)330.4 
Total short-term investments$1,162.4 $ $(7.8)$1,154.6 
We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to, the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period sufficient to allow for any anticipated recovery in value. For the debt instruments we own, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis.
16

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During the three and six months ended December 30, 2023 and December 31, 2022, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale.
During the three and six months ended December 30, 2023, our other income, net was $13.4 million, and $34.6 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $17.1 million and $38.8 million, respectively.
During the three and six months ended December 31, 2022, our other income, net was $3.7 million and $17.5 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $7.7 million and $12.5 million, respectively.
As of December 30, 2023 and July 1, 2023, we recorded interest receivables of $7.2 million and $6.7 million, respectively, in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented, as there were no such losses.
The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for more than 12 months and less than 12 months as of the periods presented, respectively (in millions):
Continuous Loss Position for
 More Than 12 Months
Continuous Loss Position for
 Less Than 12 Months
Gross Unrealized Losses
Fair ValueUnrealized LossesFair ValueUnrealized Losses
December 30, 2023:
U.S. Agency securities$5.0 $ $113.5 $(0.4)$(0.4)
Certificates of deposit  4.0   
Commercial paper  25.0   
Corporate debt securities40.8 (0.1)231.3 (0.7)(0.8)
U.S. government bonds4.5  167.0 (0.5)(0.5)
Total $50.3 $(0.1)$540.8 $(1.6)$(1.7)
July 1, 2023:
U.S. Agency securities$39.6 $(0.4)$170.6 $(1.3)$(1.7)
Certificates of deposit  7.7   
Commercial paper  128.5 (0.2)(0.2)
Corporate debt securities93.6 (1.2)358.9 (2.7)(3.9)
U.S. government bonds50.8 (0.6)221.4 (1.4)(2.0)
Total$184.0 $(2.2)$887.1 $(5.6)$(7.8)
The following table classifies our short-term investments by remaining maturities (in millions): 
December 30, 2023July 1, 2023
Amortized CostFair ValueAmortized CostFair Value
Due in 1 year$534.2 $533.2 $762.9 $759.1 
Due in 1 year through 5 years221.8 221.5 399.5 395.5 
Total$756.0 $754.7 $1,162.4 $1,154.6 
All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.
17

LUMENTUM HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Note 6. Fair Value Measurements
We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:
Level 1:Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
Level 3:Inputs are unobservable inputs based on our assumptions.
The fair value of our Level 1 financial instruments, such as money market funds and U.S. Treasury securities, which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our pricing service against fair values obtained from another independent source.
Financial assets measured at fair value on a recurring basis are summarized below (in millions): 
Level 1 Level 2 Level 3Total
December 30, 2023: (1)
Assets:
Cash equivalents:
Commercial paper$ $5.1 $ $5.1 
Money market funds206.6   206.6 
U.S. Treasury securities22.4   22.4 
Short-term investments:
Certificates of deposit 13.8  13.8 
Commercial paper 43.8  43.8 
Corporate debt securities 364.9  364.9 
Municipal bonds 4.6  4.6 
U.S. Agency securities 143.2