This table sets forth selected financial data of Lumentum (in millions, except share and per share amounts) for the periods indicated. This data should be read in conjunction with the discussion in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 of this Annual Report and our audited consolidated financial statements included in Item 8 of this Annual Report. The selected data in this section are not intended to replace the Consolidated Financial Statements included in this Annual Report.
Our historical consolidated financial statements include allocations of expenses arising from shared services and infrastructure provided by Viavi to us, including costs of information technology, human resources, accounting, legal, real estate and facilities, corporate marketing, insurance, treasury and other corporate and infrastructure services. There were no allocations of expenses from Viavi for the fiscal years ended June 30, 2018 or July 1, 2017. The financial information included here may not necessarily reflect our financial position and results of operations or what our financial position and results of operations would have been had we been an independent, publicly-traded company during the entirety of the periods presented or be indicative of our future performance as an independent company.
Years Ended
June 30, 2018
July 1, 2017 (4)
July 2, 2016
June 27, 2015 (1)
June 28, 2014 (2)
Consolidated Statements of Operations Data:
Net revenue
$
1,247.7
$
1,001.6
$
903.0
$
837.1
$
817.9
Gross profit
432.1
318.1
277.3
257.9
256.6
Income (loss) from operations
139.9
47.6
11.5
(23.4
)
8.7
Net (loss) income
248.1
(102.5
)
9.3
(3.4
)
10.7
Cumulative dividends on Series A Preferred Stock
(0.9
)
(0.9
)
(0.8
)
—
—
Accretion of Series A Preferred Stock
—
—
(11.7
)
—
—
Earnings allocated to Series A Preferred Stock
(5.7
)
—
—
—
—
Net income (loss) attributable to common stockholders
$
241.5
$
(103.4
)
$
(3.2
)
$
(3.4
)
$
10.7
Net income (loss) per share attributable to common stockholders(3):
Basic
$
3.88
$
(1.71
)
$
(0.05
)
$
(0.06
)
$
0.18
Diluted
$
3.82
$
(1.71
)
$
(0.05
)
$
(0.06
)
$
0.18
Shares used to compute net income (loss) per share attributable to common stockholders(3):
Basic
62.3
60.6
59.1
58.8
58.8
Diluted
63.3
60.6
59.1
58.8
58.8
Balance as of
June 30, 2018
July 1, 2017 (4)
July 2, 2016
June 27, 2015 (1)
June 28, 2014 (2)
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
397.3
$
272.9
$
157.1
$
14.5
$
19.9
Total assets
1,581.5
1,232.9
726.3
512.6
492.1
Convertible notes
334.2
317.5
—
—
—
Derivative liability
52.4
51.6
10.3
—
—
Other non-current liabilities
19.0
25.0
9.1
9.8
19.6
Total redeemable convertible preferred stock
35.8
35.8
35.8
—
—
Total stockholders’ equity
926.1
618.8
497.4
380.6
335.6
(1)
During the third quarter of fiscal 2015, we settled an audit in a non-U.S. jurisdiction which resulted in the recognition of a $21.8 million tax benefit. In addition, we recognized $14.1 million of additional deferred tax assets which were fully offset by a corresponding increase in the deferred tax valuation allowance.
(2)
During the third quarter of fiscal 2014, we acquired Time-Bandwidth in a transaction accounted for in accordance with the authoritative guidance on business combinations. The Consolidated Statement of Operations for fiscal 2014 included the results of operations from Time-Bandwidth subsequent to the date of acquisition, and the Consolidated Balance Sheets as of June 28, 2014 included Time-Bandwidth’s financial position.
(3)
On August 1, 2015, JDSU distributed 47.1 million shares, or 80.1% of the outstanding shares of Lumentum common stock to existing holders of JDSU common stock. JDSU was renamed Viavi and at the time of distribution, retained 11.7 million shares, or 19.9% of Lumentum’s outstanding shares. Basic and diluted net income (loss) per share for all periods through June 27, 2015 is calculated using the shares of Lumentum common stock outstanding on August 1, 2015. Refer to “Note 4. Earnings Per Share” in the Notes to Consolidated Financial Statements.
(4)
During the third quarter of fiscal 2017, we completed the acquisition of a privately held company in accordance with the authoritative guidance on business combinations. Results of operations and financial position of the business acquired have been included in our consolidated financial statements subsequent to the date of acquisition.
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