Lumentum Holdings (LITE) FY2024 results: revenue $1.4 billion, down 23.1% on the year

Lumentum Holdings Inc. (LITE) reported revenue of $1.4 billion for fiscal 2024, the year ended 29 June 2024, down 23.1% on the year before. Net income was -$546 million, and diluted earnings per share $-8.12. The figures are the company's own, from the 10-K it filed with the SEC on 21 August 2024.

Revenue

$1.4 billion

-23.1% on the year

FY2017FY2024

Operating margin

-31.9%

-6.5% a year earlier

FY2017FY2024

Net income

-$546 million

FY2017FY2024

Diluted EPS

-$8.12

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,359	1,767	1,713	-23.1%
Cost of revenue	1,024	1,114	861	-8.1%
Gross profit	252	569	789	-55.8%
Gross margin	18.5%	32.2%	46.0%
Research and development	302	308	221	-1.8%
Selling, general and administrative	311	349	266	-10.9%
Operating income	-434	-116	303
Operating margin	-31.9%	-6.5%	17.7%
Interest expense	33.8	35.5	80.2	-4.8%
Income tax	141	29.2	36.2	+382.2%
Net income	-546	-132	199
Net margin	-40.2%	-7.4%	11.6%
Diluted EPS	-$8.12	-$1.93	$2.68

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	24.7	180	459	-86.3%
Capital expenditure	133	128	91.2	+3.5%
Free cash flow	-108	51.3	368
Free cash flow margin	-8.0%	2.9%	21.5%
Cash from investing	-114	-874	-226
Cash from financing	-333	263	283
Depreciation and amortisation	261	234	167	+11.5%
Share-based compensation	129	148	103	-13.2%
Buybacks	0.0	176	544
Diluted shares, weighted	67m	68m	74m	-1.5%
Shares outstanding at period end	68m	66m	68m	+2.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	957	1,356	1,875	-29.4%
Redeemable equity	0.0	0.0	n/a
Short-term borrowings	n/a	n/a	410
Debt	2,503	2,812	2,411	-11.0%
Operating lease liabilities	43.0	47.7	48.8	-9.9%
Other liabilities	428	417	n/a	+2.7%
Total liabilities and equity	3,932	4,632	4,162	-15.1%
Fixed assets	n/a	490	360
Goodwill	1,056	695	369	+51.9%
Intangible assets	618	459	156	+34.5%
Investments	450	1,155	1,259	-61.0%
Cash and equivalents	437	859	1,290	-49.2%
Inventory	398	409	250	-2.5%
Other assets	973	566	478	+71.9%
Total assets	3,932	4,632	4,162	-15.1%

10-K for the year ended 29 June 2024, filed 21 August 2024: the filing.