- Net revenue of $317.6 million
- GAAP gross margin of 24.1%; Non-GAAP gross margin of 34.9%
- GAAP operating loss of 25.4%; Non-GAAP operating margin of
3.3%
- GAAP diluted net loss per share of $1.02; Non-GAAP diluted net
income per share of $0.35
Lumentum Holdings Inc. (“Lumentum” or the “Company”) today
reported results for its fiscal first quarter ended September 30,
2023.
“We are thrilled to welcome the talented Cloud Light team to
Lumentum. In calendar 2024, we expect cloud applications will drive
over 30 percent of our Cloud & Networking revenue, both within
data centers and for data center interconnect. We anticipate
year-over-year Cloud & Networking growth in calendar 2024,
driven by accelerating AI compute requirements,” said Alan Lowe,
President and CEO.
“As we reported last week, first quarter revenue and EPS results
were above the midpoints of our guidance, and we are maintaining
tight cost controls. We are delivering as planned on our product
roadmaps and synergy attainment.”
Fiscal First Quarter Highlights:
Net revenue for the fiscal first quarter of 2024 was $317.6
million, with GAAP net loss of $67.9 million, or $1.02 per diluted
share. Net revenue for the fiscal fourth quarter of 2023 was $370.8
million, with GAAP net loss of $60.2 million, or $0.88 per diluted
share. Net revenue for the fiscal first quarter of 2023 was $506.8
million, with GAAP net loss of $0.4 million, or $0.01 per diluted
share.
Non-GAAP net income for the fiscal first quarter of 2024 was
$23.4 million, or $0.35 per diluted share. Non-GAAP net income for
the fiscal fourth quarter of 2023 was $40.2 million, or $0.59 per
diluted share. Non-GAAP net income for the fiscal first quarter of
2023 was $119.2 million, or $1.69 per diluted share.
The Company held $1,944.3 million in total cash, cash
equivalents, and short-term investments at the end of the fiscal
first quarter of 2024, down $69.3 million from the end of the
fiscal fourth quarter of 2023.
Prior to fiscal year 2024, we operated in two reportable
segments consisting of Optical Communications (“OpComms”) and
Commercial Lasers (“Lasers”). During the fiscal first quarter of
2024, we changed our organizational structure to better align with
trends in our markets and our customer and product mix. Our new
operating segments are Cloud & Networking and Industrial Tech.
The Cloud & Networking segment includes the Telecom and Datacom
product lines that were previously part of the OpComms segment. The
Industrial Tech segment includes the previous Lasers segment and
the Industrial & Consumer product lines that were previously
part of the OpComms segment. Comparative prior period segment
information has been recast to conform to the new segment structure
and measures. The changes in our operating segments had no impact
on our previously reported consolidated results of operations,
financial condition, or cash flows.
Financial Overview – Fiscal First
Quarter Ended September 30, 2023
GAAP Results ($ in
millions)
Q1
Q4
Q1
Change
FY 2024
FY 2023
FY 2023
Q/Q
Y/Y
Net revenue
$
317.6
$
370.8
$
506.8
(14.3
)%
(37.3
)%
Gross margin
24.1
%
24.2
%
39.7
%
(10) bps
(1,560) bps
Operating margin (loss)
(25.4
)%
(15.1
)%
2.7
%
(1,030) bps
(2,810) bps
Non-GAAP Results ($ in
millions)
Q1
Q4
Q1
Change
FY 2024
FY 2023
FY 2023
Q/Q
Y/Y
Net revenue
$
317.6
$
370.8
$
506.8
(14.3
)%
(37.3
)%
Gross margin
34.9
%
36.7
%
48.2
%
(180) bps
(1,330) bps
Operating margin
3.3
%
9.1
%
27.1
%
(580) bps
(2,380) bps
Net Revenue by Segment ($ in
millions)
Q1
% of
Q4
Q1
Change
FY 2024
Net Revenue
FY 2023 (1)
FY 2023 (1)
Q/Q
Y/Y
Cloud & Networking
$
229.7
72.3
%
$
286.5
$
360.1
(19.8
)%
(36.2
)%
Industrial Tech
87.9
27.7
%
84.3
146.7
4.3
%
(40.1
)%
Total
$
317.6
100.0
%
$
370.8
$
506.8
(14.3
)%
(37.3
)%
(1)
Prior period amounts have been
recast to conform to the new segment structure effective the fiscal
first quarter of 2024.
The tables above provide comparisons of quarterly results to
prior periods, including sequential quarterly and year-over-year
changes. A reconciliation between GAAP and non-GAAP measures is
contained in this release under the section titled “Use of Non-GAAP
Financial Measures.”
Business Outlook
Lumentum expects the following for the fiscal second quarter
2024:
- Net revenue in the range of $350 million to $380 million
- Non-GAAP operating margin of 2.0% to 4.0%
- Non-GAAP diluted earnings per share of $0.25 to $0.35
On November 7, 2023, we completed the acquisition of Cloud Light
Technology Limited (“Cloud Light”). The forecast above includes
projected financial results of Cloud Light after the acquisition
date. We have not provided reconciliations from GAAP to non-GAAP
measures or the equivalent GAAP measure for non-GAAP measures in
our outlook, as they cannot be provided without unreasonable
effort. A large portion of non-GAAP adjustments, such as
restructuring charges, stock-based compensation, non-GAAP income
tax reconciling adjustments, acquisition related costs, and other
costs and contingencies unrelated to current and future operations
are by their nature highly volatile and we have low visibility as
to the range that may be incurred in the future.
Related Announcement and Conference Call
Lumentum will host a conference call today, November 8, 2023, at
5:30 am PT / 8:30 am ET to discuss its fiscal first quarter
results. A live webcast of the call and the replay will be
available in the Investors section of the Lumentum website at
http://investor.lumentum.com through November 15, 2023, at 9:00 pm
PT / 12:00 am ET. To listen to the live conference call, dial (888)
575-5163 or (416) 764-8620 and reference the passcode 73024681. To
access the replay, dial (877) 674-7070 or (416) 764-8692 and
reference the passcode 024681 #. Supporting materials outlining the
Company’s latest financial results will be posted on
http://investor.lumentum.com under the “Events and Presentations”
section concurrently with this earnings press release. Lumentum has
used, and intends to continue to use, its Investor Relations
website as means of disclosing material nonpublic information and
for complying with its disclosure obligations under Regulation FD.
This press release is being furnished as an exhibit to a Current
Report on Form 8-K filed with the Securities and Exchange
Commission and will be available at http://www.sec.gov/.
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading designer and
manufacturer of innovative optical and photonic products enabling
optical networking and laser applications worldwide. Lumentum
optical components and subsystems are part of virtually every type
of telecom, enterprise, and data center network. Lumentum lasers
enable advanced manufacturing techniques and diverse applications
including next-generation imaging and sensing capabilities.
Lumentum is headquartered in San Jose, California with R&D,
manufacturing, and sales offices worldwide. For more information,
visit www.lumentum.com and follow Lumentum on LinkedIn, X (formerly
known as Twitter), Facebook, Instagram and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These include
statements regarding our belief and expectations with respect to
our markets, customers and industry, statements regarding our
acquisition of Cloud Light and the expected impact of the
acquisition on our business and financial results, any anticipation
or guidance as to demand for our products and technology from our
customers and their end customers, including drivers of that demand
and the timing of the inventory correction cycle, statements
regarding our product roadmaps and acquisition synergies and our
guidance with respect to future net revenue, non-GAAP diluted
earnings per share, and non-GAAP operating margins, and related
assumptions. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected. Among the factors that could cause actual
results to differ from those contemplated are: (a) uncertainty and
volatility in the global markets, including uncertainty and
volatility in the macroeconomic environment, volatility and
uncertainty in banking and financial services sectors, inflationary
pressures, changes in the political or economic environment, such
as geopolitical conflicts, war, trade and export restrictions and
the imposition of tariffs or other duties, and the effect of such
market disruptions on demand for our products and our ability to
obtain components for our products; (b) quarter-over-quarter
product mix fluctuations, which can materially impact profitability
measures due to the broad gross margin ranges across our portfolio;
(c) decline of average selling prices across our businesses or
increase in costs, either of which will also decrease our margins;
(d) effects of seasonality; (e) the ability of our suppliers and
contract manufacturers to meet production, quality, and delivery
requirements for our forecasted demand and the effect of ongoing
supply chain constraints, particularly in semiconductors; (f)
changes in customer demand, including due to changes in inventory
practices and end-customer demand; (g) our ability to attract and
retain new customers, particularly in the imaging and sensing
market; (h) the risk that Lumentum’s financing or operating
strategies will not be successful; (i) risks that the acquisition
of Cloud Light disrupts our current plans and operations; (j)
failure to successfully integrate Cloud Light into our business and
(k) our failure to accurately identify liabilities and risks in
Cloud Light’s business. For more information on these and other
risks, please refer to the "Risk Factors" section included in the
Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2023 to be filed with the Securities and
Exchange Commission. The forward-looking statements contained in
this press release are made as of the date hereof and the Company
assumes no obligation to update such statements, except as required
by applicable law.
Category: Financial
The following financial tables are presented in accordance with
GAAP, unless otherwise specified.
LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions, except per share
data)
(unaudited)
Three Months Ended
September 30, 2023
October 1, 2022
Net revenue
$
317.6
$
506.8
Cost of sales
222.9
282.6
Amortization of acquired developed
intangibles
18.0
23.0
Gross profit
76.7
201.2
Operating expenses:
Research and development
73.5
72.7
Selling, general and administrative
73.0
105.7
Restructuring and related charges
11.0
9.3
Total operating expenses
157.5
187.7
Income (loss) from operations
(80.8
)
13.5
Interest expense
(9.7
)
(8.5
)
Other income, net
21.2
13.8
Income (loss) before income taxes
(69.3
)
18.8
Income tax provision (benefit)
(1.4
)
19.2
Net loss
$
(67.9
)
$
(0.4
)
Net loss per share:
Basic
$
(1.02
)
$
(0.01
)
Diluted
$
(1.02
)
$
(0.01
)
Shares used to compute net loss per
share:
Basic
66.7
68.1
Diluted
66.7
68.1
LUMENTUM HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions, except per share
data)
(unaudited)
September 30, 2023
July 1, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
861.6
$
859.0
Short-term investments
1,082.7
1,154.6
Accounts receivable, net
220.0
246.1
Inventories
428.0
408.6
Prepayments and other current assets
99.4
109.6
Total current assets
2,691.7
2,777.9
Property, plant and equipment, net
511.6
489.5
Operating lease right-of-use assets,
net
68.8
77.3
Goodwill
695.1
695.1
Other intangible assets, net
435.2
459.2
Deferred tax asset
128.0
116.3
Other non-current assets
14.6
16.8
Total assets
$
4,545.0
$
4,632.1
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
134.6
$
169.4
Accrued payroll and related expenses
40.9
39.4
Accrued expenses
59.4
51.2
Convertible notes, current
315.7
311.6
Operating lease liabilities, current
11.8
14.4
Other current liabilities
31.3
47.8
Total current liabilities
593.7
633.8
Convertible notes, non-current
2,500.9
2,500.0
Operating lease liabilities,
non-current
41.2
47.7
Deferred tax liability
12.7
3.4
Other non-current liabilities
85.7
91.4
Total liabilities
3,234.2
3,276.3
Stockholders’ equity:
Common stock, $0.001 par value, 990
authorized shares, 67.0 and 66.4 shares issued and outstanding as
of September 30, 2023 and July 1, 2023, respectively
0.1
0.1
Additional paid-in capital
1,714.0
1,692.2
Accumulated deficit
(408.5
)
(340.6
)
Accumulated other comprehensive income
5.2
4.1
Total stockholders’ equity
1,310.8
1,355.8
Total liabilities and stockholders’
equity
$
4,545.0
$
4,632.1
Use of Non-GAAP Financial Measures
In this press release, Lumentum provides investors with certain
non-GAAP financial measures: gross profit, gross margin, research
and development expense, selling, general and administrative
expense, operating margin, income from operations, interest and
other income (expense), net, income before income taxes, provision
for income taxes, net income (loss), and net income (loss) per
share on a non-GAAP basis, as well as the non-GAAP measures of
EBITDA and Adjusted EBITDA. Lumentum believes this non-GAAP
financial information provides additional insight into the
Company’s on-going business operations and results, as well as cash
generation, and has therefore chosen to provide this information to
investors for a more consistent basis of comparison and to help
them evaluate the results of the Company’s on-going operations and
enable more meaningful period to period comparisons. In addition,
the Company believes that providing certain of these measures
allows investors to better understand the Company’s operating
performance and cash flows and, importantly, to evaluate the
methodology and information used by management to monitor, manage,
evaluate and measure the Company’s business, results of operations,
and cash flows. However, these measures may be different from
non-GAAP measures used by other companies, limiting their
usefulness for comparison purposes. The non-GAAP financial measures
used in this press release should not be considered in isolation
from measures of financial performance prepared in accordance with
GAAP. Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In particular, many of the adjustments to our GAAP
financial measures reflect the exclusion of items that are
recurring and will be reflected in our financial results for the
foreseeable future. Further, these non-GAAP financial measures may
not be comparable to similarly titled measurements reported by
other companies.
Our non-GAAP measures used in this press release exclude (i)
stock-based compensation, (ii) acquisition related stock-based
compensation, (iii) acquisition related costs, (iv) amortization of
acquired intangibles, (v) amortization of acquired inventory fair
value adjustments, (vi) restructuring and related charges, (vii)
foreign exchange (gains) losses, net, (viii) non-cash interest
expense on convertible notes, (ix) gain on repurchase of
convertible notes, (x) non-recurring expenses related to litigation
matters, (xi) intangible assets write-off, (xii) integration
related costs, (xiii) non-GAAP income tax reconciling adjustments,
and (xiv) other (gains) charges related to non-recurring
activities.
A quantitative reconciliation between GAAP and non-GAAP
financial data with respect to historical periods is included in
the supplemental financial table attached to this press
release.
LUMENTUM HOLDINGS INC.
RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES
(in millions, except per share
data)
(unaudited)
Three Months Ended
September 30, 2023
July 1, 2023
October 1, 2022
Gross profit on GAAP basis
$
76.7
$
89.6
$
201.2
Stock-based compensation
6.0
11.0
5.5
Amortization of acquired intangibles
18.0
18.0
22.9
Amortization of acquired inventory fair
value adjustments
—
—
4.6
Integration related costs
6.8
2.6
—
Intangible asset write-off
—
6.8
—
Other charges, net (1)
3.2
8.1
9.9
Gross profit on non-GAAP basis
$
110.7
$
136.1
$
244.1
Gross margin on non-GAAP basis
34.9
%
36.7
%
48.2
%
Research and development on GAAP
basis
$
73.5
$
73.9
$
72.7
Stock-based compensation
(10.3
)
(10.2
)
(9.6
)
Amortization of acquired intangibles
(0.3
)
—
—
Acquisition related costs
(0.3
)
—
—
Integration related costs
(0.9
)
(0.6
)
—
Intangible asset write-off
—
(1.4
)
—
Other charges, net
(0.7
)
—
(2.3
)
Research and development on non-GAAP
basis
$
61.0
$
61.7
$
60.8
Selling, general and administrative on
GAAP basis
$
73.0
$
68.3
$
105.7
Stock-based compensation
(15.8
)
(10.9
)
(19.6
)
Stock-based compensation - acquisition
related
—
—
(11.9
)
Amortization of acquired intangibles
(10.7
)
(11.4
)
(9.3
)
Acquisition related (costs) reversal
(3.7
)
4.7
(16.2
)
Integration related costs
(3.6
)
(6.2
)
(0.6
)
Intangible asset write-off
—
(1.6
)
—
Other charges, net
(0.1
)
(2.2
)
(2.2
)
Selling, general and administrative on
non-GAAP basis
$
39.1
$
40.7
$
45.9
Income (Loss) from operations on GAAP
basis
$
(80.8
)
$
(55.9
)
$
13.5
Stock-based compensation
32.1
32.1
34.7
Stock-based compensation - acquisition
related
—
—
11.9
Amortization of acquired intangibles
29.0
29.4
32.2
Amortization of acquired inventory fair
value adjustments
—
—
4.6
Acquisition related costs (reversal)
4.0
(4.7
)
16.2
Integration related costs
11.3
9.4
0.6
Restructuring and related charges (2)
11.0
3.3
9.3
Intangible asset write-off
—
9.8
—
Other charges, net (1)
4.0
10.3
14.4
Income from operations on non-GAAP
basis
$
10.6
$
33.7
$
137.4
Operating margin on non-GAAP basis
3.3
%
9.1
%
27.1
%
Interest and other income, net on GAAP
basis
$
11.5
$
10.5
$
5.3
Gain on repurchase of convertible
notes
—
(1.0
)
—
Foreign exchange (gains) losses, net
0.4
(2.6
)
(9.0
)
Non-cash interest expense on convertible
notes and other expenses
4.9
6.4
5.7
Interest and other income, net on
non-GAAP basis
$
16.8
$
13.3
$
2.0
Income (Loss) before income taxes on
GAAP basis
$
(69.3
)
$
(45.4
)
$
18.8
Stock-based compensation
32.1
32.1
34.7
Stock-based compensation - acquisition
related
—
—
11.9
Acquisition related costs (reversal)
4.0
(4.7
)
16.2
Integration related costs
11.3
9.4
0.6
Amortization of acquired intangibles
29.0
29.4
32.2
Amortization of acquired inventory fair
value adjustments
—
—
4.6
Restructuring and related charges (2)
11.0
3.3
9.3
Intangible asset write-off
—
9.8
—
Foreign exchange (gains) losses, net
0.4
(2.6
)
(9.0
)
Non-cash interest expense on convertible
notes and other expenses
4.9
6.4
5.7
Gain on repurchase of convertible
notes
—
(1.0
)
—
Other charges, net (1)
4.0
10.3
14.4
Income before income taxes on non-GAAP
basis
$
27.4
$
47.0
$
139.4
Income tax provision (benefit) on GAAP
basis
$
(1.4
)
$
14.8
$
19.2
Non-GAAP income tax reconciling
adjustments
5.4
(8.0
)
1.0
Income tax provision on non-GAAP
basis
$
4.0
$
6.8
$
20.2
Net loss on GAAP basis
$
(67.9
)
$
(60.2
)
$
(0.4
)
Stock-based compensation
32.1
32.1
34.7
Stock-based compensation - acquisition
related
—
—
11.9
Acquisition related costs (reversal)
4.0
(4.7
)
16.2
Integration related costs
11.3
9.4
0.6
Amortization of acquired intangibles
29.0
29.4
32.2
Amortization of acquired inventory fair
value adjustments
—
—
4.6
Restructuring and related charges (2)
11.0
3.3
9.3
Intangible asset write-off
—
9.8
—
Foreign exchange (gains) losses, net
0.4
(2.6
)
(9.0
)
Gain on repurchase of convertible
notes
—
(1.0
)
—
Non-cash interest expense on convertible
notes and other expenses
4.9
6.4
5.7
Non-GAAP income tax reconciling
adjustments
(5.4
)
8.0
(1.0
)
Other charges, net (1)
4.0
10.3
14.4
Net income on non-GAAP basis
$
23.4
$
40.2
$
119.2
Net income per share on non-GAAP
basis
$
0.35
$
0.59
$
1.69
Shares used in per share calculation -
diluted on GAAP basis
66.7
68.3
68.1
Non-GAAP adjustment (3)
0.3
0.3
2.5
Shares used in per share calculation -
diluted on non-GAAP basis
67.0
68.6
70.6
(1)
Other gains (charges) excluded in
deriving non-GAAP gross profit for the three months ended September
30, 2023 primarily relate to $2.9 million of incremental costs of
sales related to components acquired prior to fiscal 2024 from
various brokers to satisfy customer demand.
(2)
During the three months ended
September 30, 2023, we recorded restructuring and related charges
of $11.0 million in our condensed consolidated statements of
operations, which was primarily due to company-wide cost reduction
initiatives, as well as our integration efforts as a result of the
merger with NeoPhotonics.
(3)
Shares used for net income per
share on non-GAAP basis include incremental dilutive shares that
would occur upon conversion of our convertible notes assuming we
settle the face value of the notes in cash as the Company intends,
and shares related to restricted stock units (“RSUs”) and shares
issuable under our Employee Stock Purchase Plan that are
anti-dilutive on GAAP basis.
LUMENTUM HOLDINGS INC.
RECONCILIATION OF GAAP NET
INCOME TO ADJUSTED EBITDA
(in millions, except per share
data)
(unaudited)
Three Months Ended
September 30, 2023
July 1, 2023
October 1, 2022
GAAP net loss
$
(67.9
)
$
(60.2
)
$
(0.4
)
Interest and other expense, net
(11.5
)
(10.5
)
(5.3
)
Income tax provision (benefit)
(1.4
)
14.8
19.2
Depreciation
28.2
28.0
24.5
Amortization of acquired intangibles
29.0
29.4
32.2
EBITDA
(23.6
)
1.5
70.2
Amortization of inventory fair value
adjustments
—
—
4.6
Restructuring and related charges
11.0
3.3
9.3
Stock-based compensation
32.1
32.1
46.6
Acquisition related costs (reversal)
4.0
(4.7
)
16.2
Integration related costs
11.3
9.4
0.6
Intangible asset write-off
—
9.8
—
Other charges (gains), net
(0.2
)
8.0
14.4
Adjusted EBITDA
$
34.6
$
59.4
$
161.9
LUMENTUM HOLDINGS INC.
RECAST AND RECONCILIATION OF
HISTORICAL SEGMENT MEASURES
(in millions)
(unaudited)
Three Months Ended
Twelve Months Ended
July 1, 2023
April 1, 2023
December 31, 2022
October 1, 2022
July 1, 2023
Net revenue:
Cloud & Networking
$
286.5
$
293.0
$
382.9
$
360.1
$
1,322.5
Industrial Tech
84.3
90.4
123.1
146.7
444.5
Consolidated net revenue
$
370.8
$
383.4
$
506.0
$
506.8
$
1,767.0
Segment Profit:
Cloud & Networking
$
50.6
$
61.0
$
99.9
$
101.7
$
313.2
Industrial Tech
12.1
22.1
49.7
68.8
152.7
Total segment profit
62.7
83.1
149.6
170.5
465.9
Unallocated selling, general and
administrative (1)
(29.0
)
(31.7
)
(32.9
)
(33.1
)
(126.7
)
Consolidated income from operations on
non-GAAP basis
$
33.7
$
51.4
$
116.7
$
137.4
$
339.2
Consolidated income (loss) from
operations on GAAP basis
$
(55.9
)
$
(51.4
)
$
(21.9
)
$
13.5
$
(115.7
)
Stock-based compensation
32.1
33.1
36.6
34.7
136.5
Stock-based compensation-acquisition
related
—
—
—
11.9
11.9
Amortization of acquired intangibles
29.4
30.0
36.1
32.2
127.7
Amortization of acquired inventory fair
value adjustments
—
3.6
9.6
4.6
17.8
Acquisition related costs (reversal)
(4.7
)
—
—
16.2
11.5
Integration related costs
9.4
10.6
8.0
0.6
28.6
Restructuring and related charges
3.3
1.6
13.9
9.3
28.1
Litigation matters
—
—
7.8
—
7.8
Intangible asset write-off
9.8
11.5
—
—
21.3
Other charges, net
10.3
12.4
26.6
14.4
63.7
Consolidated income from operations on
non-GAAP basis
$
33.7
$
51.4
$
116.7
$
137.4
$
339.2
(1)
We do not allocate selling,
general and administrative expenses that are not directly
attributable to our operating segments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108093859/en/
Investors: Kathy Ta, (408) 750-3853;
investor.relations@lumentum.com Media: Caroline Pan, (650)
267-4180; media@lumentum.com
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