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美國
證券交易委員會
華盛頓特區20549
表格10-Q
 
(標記一個)
☒ 根據1934年證券交易所法第13或第15(d)條的季度報告。
截至2024年6月30日季度結束 2024年9月28日
 OR
☐ ​
到
天從發票日期計算，被視為商業合理。
委員會檔案編號 001-36861
lumentum holdings inc
（依照公司章程規定指定的登記證券名稱）
特拉華州 47-3108385
(依據所在地或其他管轄區)
的註冊地或組織地點)		 (國稅局雇主識別號碼)
識別號碼)
1001 Ridder Park Drive, 聖荷西, 加利福尼亞州 95131
(主要行政辦公室地址，包括郵政編碼)
(408) 546-5483
(註冊人電話號碼，包括區號)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
每股標的的普通股，每股面值為$0.001標的納斯達克全球貨幣選擇市場
請勾選表示：（1）申報人在過去12個月內已按照1934年證券交易法第13或15(d)條的規定提交了所有要求提交的報告（或者該申報人需要提交這些報告的較短期間內），以及（2）申報人在過去90天內已受制於此類報告要求。 是 x沒有o
標示√，表示在過去12個月內（或註冊人要求提出此類文件的較短期間內），根據《S-t法規》第405條的規定，是否每個互動數據文件都已經以電子方式提交。 是 x否o

請標示勾選方格，以指明申報人是否為大型加速發行人、加速發行人、非加速發行人、較小的報告公司或新興增長公司。請參閱《交易所法》第120億2條的“大型加速發行人”、“加速發行人”、“較小的報告公司”和“新興增長公司”的定義。
大型加速檔案x加速文件o非加速文件o較小的報告公司☐
新興成長公司☐
如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 o
請在核准印章處打勾，表明公司是否為外殼公司（根據《交易所法》第120億2條所定義）。是 ☐否 x
截至2024年10月31日，申報人持有 68.7百萬股普通股流通在外。




目 錄
頁面

1

第一部分 - 財務信息
項目1. 基本報表（未經查核）
lumentum holdings inc.
綜合營業損益匯縮陳述
（以百萬為單位，除每股數據外）
(未經核實的)
結束於三個月的期間
 2024年9月28日2023年9月30日
營業收入$336.9 $317.6 
銷貨成本236.5 222.9 
Amortization of acquired developed intangibles 22.5 18.0 
毛利潤77.9 76.7 
營業費用：
研究和開發74.3 73.5 
銷售、一般和行政76.3 73.0 
重組及相關費用9.7 11.0 
營業費用總計160.3 157.5 
營運虧損(82.4)(80.8)
利息費用(5.5)(9.7)
其他收益，淨額8.7 21.2 
收入稅前虧損(79.2)(69.3)
所得稅費用（利益）3.2 (1.4)
淨損失$(82.4)$(67.9)
每股淨損失：
基本$(1.21)$(1.02)
稀釋$(1.21)$(1.02)
用於計算每股淨虧損的股份：
基本 68.3 66.7 
稀釋68.3 66.7 
    

見附帶的基本報表附註。
2
目錄
lumentum holdings inc.
綜合損益簡明合併財務報表
(以百萬為單位)
(未經查核)

 三個月結束
 二零二四年九月二十八日二零二三年九月三十日
淨虧損$(82.4)$(67.9)
其他綜合收益（虧損）（除稅）：
外幣轉換調整— (0.2)
可供出售證券未實現收益淨變動2.3 1.3 
其他綜合收益（除稅）2.3 1.1 
全面虧損（扣除稅）$(80.1)$(66.8)

見附帶的基本報表附註。

3
目錄
lumentum holdings inc.
縮表合併資產負債表
(以百萬為單位，除了面值)
(未經核實的)


2024年9月28日2024年6月29日
資產  
流動資產: 
現金及現金等價物$489.2 $436.7 
短期投資426.9 450.3 
應收帳款淨額 198.5 194.7 
存貨403.3 398.4 
預付款和其他流動資產118.3 110.0 
全部流動資產1,636.2 1,590.1 
不動產、廠房及設備淨值638.4 572.5 
營運租賃權利資產，淨額35.7 72.8 
商譽1,060.9 1,055.8 
其他無形資產淨值573.9 617.5 
递延所得税資產12.5 10.7 
其他非流動資產12.0 12.5 
資產總額$3,969.6 $3,931.9 
負債及股東權益
流動負債：
應付賬款$163.1 $126.3 
應計的薪資及相關費用42.0 36.1 
應計費用39.7 52.4 
長期債務的當期償還10.8 — 
營運租賃負債，流動11.9 13.4 
其他流動負債37.6 41.1 
流動負債合計305.1 269.3 
長期負債2,569.2 2,503.2 
營運租賃負債，非流動29.8 43.0 
递延所得税负债53.4 55.7 
其他非流動負債116.2 103.4 
總負債3,073.7 2,974.6 
承諾與或然性 （14.注）
股東權益：
0.010.001 每股面額為 990 已授權股份， 68.6 和 67.9 股份分別於2024年9月28日及2024年6月29日發行並流通。
0.1 0.1 
資本公積額額外增資1,853.7 1,835.0 
累積虧損(969.5)(887.1)
其他綜合收益累計額11.6 9.3 
股東權益總額895.9 957.3 
負債和股東權益總額$3,969.6 $3,931.9 
 
見附帶的基本報表附註。

4
目錄
lumentum holdings inc.
簡明財務報表現金流量表
(以百萬為單位)
(未經查核)
結束於三個月的期間
2024年9月28日2023年9月30日
營運活動：
淨損失$(82.4)$(67.9)
調整淨損失為經營活動提供的淨現金流量：
折舊費用27.0 28.2 
股份報酬 35.6 32.1 
取得無形資產之攤銷及減損43.6 29.0 
出售及處置物業、廠房及設備虧損0.2 1.4 
債務折價及債券發行費之攤銷0.7 4.9 
租賃資產之減損5.3 — 
其他非現金項目(0.3)(5.7)
營運資產和負債的變化：
應收帳款(3.8)26.1 
存貨(6.5)(16.8)
營運租賃權利資產，淨額(0.2)3.7 
預付款項及其他流動資產和非流動資產(16.6)7.3 
所得稅淨額7.2 (19.9)
應付賬款32.6 (28.0)
應計的薪資及相關費用5.9 1.5 
營業租賃負債1.0 (4.0)
應計費用和其他流動及非流動負債(9.7)5.8 
營運活動之淨現金提供（使用）量39.6 (2.3)
投資活動：
購置不動產、廠房和設備支付款(74.1)(57.8)
購買短期投資(63.9)(149.1)
自到期及短期投資出售所得90.7 227.7 
用於取得無形資產的付款— (3.0)
處分的不動產、廠房及設備的收益0.2 — 
投資活動提供的淨現金流量（使用）(47.1)17.8 
籌資活動：
支付與限制股票單位的淨股份結算相關的預扣稅款
(16.0)(12.9)
長期貸款款項76.5 — 
股票期權行使所得0.9 — 
長期貸款的本金支付(0.4)— 
支付與收購相關的保留款(1.0)— 
籌資活動提供的淨現金60.0 (12.9)
現金及現金等價物減少52.5 2.6 
期初現金及現金等價物 436.7 859.0 
期末現金及現金等價物$489.2 $861.6 
現金流量資訊的補充披露：
支付的現金（退款）為稅款，淨額$(4.2)$18.5 
支付利息的現金 0.1 0.6 
補充揭露與非現金投資及融資活動有關之事項：
應付帳款及應計負債中的未支付不動產、廠房和設備15.9 4.2 
應付負債中的未付無形資產— 2.0 
以新的經營租賃負債交換取得之租賃資產3.7 — 
請參閱附註的基本財務報表。
5
目錄
路門圖控股有限公司
股東權益簡明合併財務報表
（單位百萬）
(未經審計)

普通股資本公積金累計赤字累積的
其他綜合收益 		股東權益總計
股份金額
截至2024年6月29日的餘額67.9$0.1 $1,835.0 $(887.1)$9.3 $957.3 
淨損失— — — (82.4)— (82.4)
其他綜合收益— — — — 2.3 2.3 
與限制性股票單位和績效股票單位歸屬有關的股票發行0.9 — — — — — 
與限制性股票單位的淨股份結算相關的代扣稅(0.3)— (16.0)— — (16.0)
行使股票期權0.1 — 0.9 — — 0.9 
基於股票的報酬— — 33.8 — — 33.8 
截至2024年9月28日的餘額68.6$0.1 $1,853.7 $(969.5)$11.6 $895.9 

普通股資本公積金累計赤字累積的
其他綜合收益		股東權益總計
股份金額
截至2023年7月1日的餘額66.4 $0.1 $1,692.2 $(340.6)$4.1 $1,355.8 
淨損失— — — (67.9)— (67.9)
其他綜合收益— — — — 1.1 1.1 
與限制性股票單位和績效股票單位歸屬相關的股票發行0.8 — — — — — 
與限制性股票單位的淨股份結算相關的代扣稅(0.2)— (12.9)— — (12.9)
基於股票的報酬— — 34.7 — — 34.7 
截至2023年9月30日的餘額67.0 $0.1 $1,714.0 $(408.5)$5.2 $1,310.8 

請參閱附註的基本財務報表。

6
目錄
路門圖控股有限公司
簡明合併財務報表附註
（未經審計）
注意事項 1. 業務描述和重要會計政策摘要
業務描述
Lumentum控股公司（「我們」，「我們」，「我們」，「Lumentum」或「公司」）是行業領先的光學和光子產品提供商，這些產品對一系列雲、人工智能和機器學習（「AI/ML」）、電信、消費和工業終端市場應用至關重要。我們分爲兩個主要關注終端市場的可報告業務板塊，雲和網絡以及工業科技。
我們的雲計算和網絡產品包括廣泛的光學和光子芯片、模塊和子系統組合，供應給雲數據中心運營商、人工智能/機器學習基礎設施提供商和網絡設備製造商客戶，他們正在構建雲數據中心和網絡基礎設施。我們的產品支持雲計算、人工智能/機器學習和數據中心互連（DCI）應用中的高容量光學數據鏈路，以及通信服務提供商網絡，包括在接入（本地）、城域（市內）、長途（城市間和全球）以及海底網絡基礎設施中。我們的雲計算和網絡產品還支持網絡設備製造商構建企業網絡基礎設施，包括儲存區域網絡（SANs）、局域網（LANs）和廣域網（WANs）。我們雲計算和網絡產品的需求受到雲計算和服務不斷增長所需的網絡容量的推動，包括用於人工智能/機器學習、流媒體視頻和視頻會議、無線和移動設備、以及物聯網（IoT）。
我們的工業技術產品包括短脈衝固態激光器、千瓦級光纖激光器、二極管激光器和燃料幣激光器，適用於衆多終端市場的應用。在消費端市場，我們的激光光源集成到客戶的3D感應攝像頭中，用於移動設備、支付亭和其他消費電子設備，以實現生物識別、計算攝影、虛擬和增強現實等應用。在汽車端市場，我們的激光器應用於客戶的激光雷達和其他光學傳感器設備中，這些設備越來越多地應用於高級駕駛員輔助系統（「ADAS」）和車內駕駛員及乘客監控系統。在工業製造端市場，我們的激光器應用於客戶的製造機牀，用於精密加工各種材料，包括半導體器件和微電子製造、電動汽車和電池生產、金屬切割和焊接，以及先進製造。我們的產品還可用於工業端市場的成像和傳感系統，用於過程反饋和控制、質量保證和減少廢料。我們的產品在工業端市場的採用，受客戶推動，以推進半導體和微電子行業發展規劃，以及行業4.0/5.0趨勢，包括增加製造精度和靈活性，減少廢料和環境影響。工業端市場對我們產品的需求，受終端客戶對製造能力的投資推動。我們的激光器還應用於特定半導體檢驗和生命科學應用。
報告範圍
我們根據美國通用會計準則（「GAAP」）編制了附註簡明綜合財務報表，該準則要求管理層進行影響簡明綜合財務報表和附註中金額的估計和假設。管理層根據歷史經驗和其他各種合理假設進行估計。儘管這些估計基於管理層對可能影響我們的當前事件和行動的最佳了解，但實際結果可能與估計有所不同。我們的中期運營結果並不一定代表未來任何其他中期或整個財政年度的預期結果。根據公司管理層的意見，此處呈現的信息反映了對我們的經營結果、財務狀況、股東權益和現金流進行公正呈現所需的所有正常和經常性調整。我們的關鍵會計政策是那些在財務報表中具有重大影響並涉及管理層困難、主觀或複雜判斷的政策，包括存貨估值、營業收入確認、所得稅、商譽和業務組合。
我們的業務和運營業績在很大程度上取決於一般市場和經濟條件。當前的全球宏觀經濟環境不穩定，繼續受通貨膨脹、動態的供應鏈和需求環境、對我們服務市場的資本支出影響較弱的宏觀經濟環境，以及全球信貸市場的不穩定、資本支出減少、失業和其他勞工問題、股市下跌、許多地區地緣政治環境的不穩定，以及當前全球經濟挑戰繼續對我們的業務和運營業績施加壓力。
7
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
我們持續監控俄烏戰爭及其相關出口管制、美國等國對俄羅斯和白俄羅斯實施的相關制裁，以及中東地區的衝突。其他因素，如通貨膨脹加劇、能源價格上漲及相關成本增加，可能繼續影響全球經濟和我們的業務。儘管目前難以預測這些戰爭對全球的影響，但我們目前並不預見對我們的業務造成直接實質性不利影響。
商業組合
2023年11月7日，我們完成了對Cloud Light Technology Limited（「Cloud Light」）的收購。我們已根據ASC主題805採用了會計收購方法來記錄這筆交易。 業務組合。 我們的簡明綜合財務報表包括從收購結束日期起收購實體的經營結果。有關該交易的進一步討論，請參閱「注4業務組合」部分。
財政年度
我們採用一個52-53周的財政年度，以最接近6月30日的週六結束。th每第五或第六個財政年度將有53周。53週年度的額外一週被添加到第三季度，使得該季度包括14周。我們的2025財政年度是一個52週年度，截止日期爲2025年6月28日，截至2024年9月28日的季度是一個13周的季度週期。我們的2024財政年度是一個52週年度，截止日期爲2024年6月29日，截至2023年9月30日的季度是一個13周的季度週期。
合併原則
簡明合併基本報表包括Lumentum Holdings Inc.及其全資子公司的賬目。所有公司間交易和餘額在合併中被消除。 
會計政策
應當結合我們截至2024年6月29日的基本報表及附註來閱讀簡明綜合基本報表和附註。在截至2024年9月28日的三個月內，我們的會計政策未發生重大變化。.
備註2. 最近頒佈的會計準則
2024年3月，財務會計準則委員會（「FASB」）發佈了會計準則更新（「ASU」）2024-02：法規改進-修訂以刪除與概念聲明有關的引用，其中包括刪除對各種FASB概念聲明的引用。ASU 2024-02適用於2024年12月15日後開始的財政年度，允許提前採納。我們預計這一ASU對我們的合併財務報表和披露不會產生重大影響。
2023年12月，FASB發佈了ASU 2023-09《所得稅（主題740）：所得稅披露的改進》，要求提供有關報告實體有效稅率調解的分項信息，以及有關所支付所得稅的信息。ASU 2023-09將於2024年12月15日後開始的財政年度生效，允許提前採納。我們目前正在評估這項ASU對我們基本報表中所得稅披露的影響。
2023年11月，FASB發佈了ASU 2023-07《分部報告（主題280）：報告部門披露的改進》，主要通過增加有關重要分部費用的披露來更新可報告分部的披露要求。ASU 2023-07並未改變上市公司如何確定其經營分部、整合這些經營分部或應用定量門檻來判斷其可報告分部。該更新將於2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內的中期時段生效，允許提前採納。修訂內容應在財務報表中呈現的所有之前時期進行追溯性應用。我們計劃在2025年財政第四季度採納ASU 2023-07。我們目前正在評估採納該ASU對我們的合併財務報表和披露的影響。
8
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
註釋3. 每股收益
下表列出了每股基本淨虧損和攤薄後淨虧損的計算方法（以百萬計，每股數據除外):
 三個月已結束
 2024年9月28日2023 年 9 月 30 日
分子：  
淨虧損——基本虧損和攤薄後虧損$(82.4)$(67.9)
分母：
加權平均已發行普通股——基本股和攤薄後普通股68.3 66.7 
每股淨虧損：
基本$(1.21)$(1.02)
稀釋$(1.21)$(1.02)
反稀釋股份不包括截至2024年9月28日結束的三個月的稀釋每股淨損失計算中 4.8 百萬股限制股票單位（「RSUs」）和績效股本單位（「PSUs」）下可發行的股份， 0.1 百萬股可發行股份員工股票購買計劃（「2015購買計劃」）下可發行的股份，以及 1.0 百萬股與期權相關的流通股份。 參考「附註13：股本。」
反稀釋股票排除了截至2023年9月30日三個月的稀釋每股淨虧損的計算 31.2百萬 與可轉換票據相關的股票 4.6在受限股票和績效股票計劃下可以發行的100萬股股票 0.2在2015年購買計劃下可以發行的100萬股股票
根據轉換後方法確定可通過轉換我們未償還的可轉換票據發行的潛在稀釋普通股數量。
注4.業務合併
雲輕收購
2023年10月29日，我們與Cloud Light簽訂了最終的合併協議（「合併協議」）。 2023年11月7日（「Cloud Light結束日期」），我們完成了對Cloud Light的收購。 Cloud Light設計、推廣和製造用於數據中心互連應用的先進光模塊。 此次收購使我們能夠爲雲端和網絡客戶的不斷增長需求提供優質服務，特別是那些專注於爲人工智能/機器學習的需求優化其數據中心基礎設施的客戶。
我們已根據ASC 805採用了會計收購方法。 商業組合就Cloud Light的購買價格考慮和可識別資產及負債而言，這些資產和負債已於Cloud Light截止日期估計公允價值進行了計量。 以下表格總結了購買價格考慮(百萬美元):
公正價值
現金的考慮的公允價值 (1)
$705.0 
基於股份的考量 (2)
23.5 
總購買價格考慮$728.5 
(1) 根據合併協議的條款，Cloud Light的股東獲得了 $1.69 調整每股適用的預扣稅、託管基金和支出基金繳款後的每股 409.4截至Cloud Light截止日期，已發行的百萬股股票。結果，我們轉移了 $691.7在Cloud Light截止日期的百萬現金對價.此外，Cloud Light的每份未償還期權都被交換爲預付現金對價和新發行的期權（「替代期權」）的組合。結果，我們轉移了 $13.3在Cloud Light截止日期的百萬現金對價.
9
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
(2) 替換期權的總公允價值爲$38.9百萬，其中有$23.5百萬計入收購價格考慮，並且剩餘的$15.4百萬計入收購後股票期權報酬費用，分攤至 三年 從Cloud Light Closing Date計算的歸屬期內結束。一般來說，這些期權將在 10 年內從Cloud Light Closing Date計算到期。請參閱「注13.資本」
現金作爲考慮金額爲$705.0百萬美元，資金來源於lumentum的現金餘額，包括$75.8百萬美元的現金存放在代表雲光公司在併購協議下的賠償責任和習慣性的營運資本調整的託管基金，自計量期滿後，任何未來調整將被計入我們的收益。截至本文件日期，尚未釋放任何託管基金金額。
We incurred a total of $9.6在2024財年，我們發生了數百萬美元的收購相關成本，其中$2.4在截至2023年9月30日的三個月內發生了數百萬美元，代表專業和其他直接收購成本，這些成本在發生時記錄爲銷售、總務和管理費用。
10
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
我們根據估計的公平價值，將購買價格對資產和負債進行了分配，截至Cloud Light收盤日。購買價格對淨資產的公允價值的超額部分被記錄爲商譽。 我們對截至Cloud Light收盤日期已取得的資產和承擔的負債的購買價格進行的最終分配如下（百萬美元):
公允價值
總購買價格對價$728.5 
收購的資產
現金和現金等價物4.1 
短期投資1.0 
應收賬款，淨額20.9 
庫存72.8 
預付款和其他流動資產14.2 
財產、廠房和設備，淨額62.5 
經營租賃使用權資產，淨額3.7 
其他無形資產，淨額 (1)
333.0 
其他非流動資產0.3 
總資產512.5 
承擔的負債
應付賬款45.5 
應計工資和相關費用5.6 
應計費用7.9 
經營租賃負債，當前1.8 
其他流動負債10.3 
經營租賃負債，非流動1.9 
遞延所得稅負債60.6 
其他非流動負債16.2 
負債總額149.8 
善意$365.8 
(1) 其他無形資產包括開發技術$170.0百萬，客戶關係$130.0百萬，未完成研究與發展（「IPR&D」）$16.0百萬，訂單積壓$14.0百萬，商號和商標$3.0百萬。更多信息請參閱「注8.商譽和其他無形資產」。
Cloud Light收購帶來的商譽已分配給雲與網絡部門。該收購產生的10美元的商譽歸因於預期的營業收入增長和協同效應，包括未來成本效益和通過合併lumentum和Cloud Light預期產生的其他益處。此商譽預計不會用於本地稅收目的。請參閱「注8.商譽和其他無形資產」。365.8 Cloud Light收購帶來的商譽已分配給雲與網絡部門。該收購產生的10美元的商譽歸因於預期的營業收入增長和協同效應，包括未來成本效益和通過合併lumentum和Cloud Light預期產生的其他益處。此商譽預計不會用於本地稅收目的。請參閱「注8.商譽和其他無形資產」。
Cloud Light爲截至2024年9月28日的三個月貢獻了$營業收入38.2由於不斷整合合併企業，以及我們的公司結構和分配銷售、一般和管理成本，確定Cloud Light對於截至2024年9月28日的三個月收入的貢獻是不切實際的。
11
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
補充申請信息
以下附加的財務數據彙總顯示了截至2024年9月28日和2023年9月30日的三個月的合併運營結果。 以下附加的財務數據彙總顯示了截至2024年9月28日和2023年9月30日的三個月的合併運營結果。假設收購已於2022年7月3日，即2023財年的第一天完成。以下附加的財務數據並不一定代表如果收購在指定日期完成時可能實現的財務狀況或運營結果。附加的財務數據也不反映可能實現的協同效應，亦不預示未來的運營結果或財務狀況。
未來財務信息包括以下調整：(i) 應計攤銷開支（主要涉及已收購無形資產）；(ii) 應計折舊開支（主要涉及已收購的房地產、廠房及設備）；(iii) 庫存公允值調整的攤銷；(iv) 收購相關成本，例如第三方交易成本和重組成本；(v) 股權補償費用；(vi) 對未來財務信息調整的估計所產生的所得稅影響。
所提供的補充的對照財務信息如下（百萬美元):
 三個月截至
2024年9月28日2023年9月30日
營業收入$336.9 $386.6 
淨損失$(78.9)$(63.6)

12
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
現金、現金等價物和開空期投資
以下表格總結了我們的現金、現金等價物和開空期投資按類別分期。百萬美元):
分期償還的
成本		 毛利
未實現的
收益		毛利
未實現的
損失		公允價值
2024年9月28日:
現金$284.9 $— $— $284.9 
現金等價物：
商業票據7.5 — — 7.5 
貨幣市場基金184.8 — — 184.8 
美國國債12.0 — — 12.0 
現金及現金等價物總額$489.2 $— $— $489.2 
短期投資：
定期存單$0.8 $— $— $0.8 
商業票據11.5 — — 11.5 
企業債券234.1 0.9 (0.1)234.9 
美國機構債券66.4 0.1 — 66.5 
美國國債113.3 — (0.1)113.2 
所有短期投資$426.1 $1.0 $(0.2)$426.9 
2024年6月29日：
現金$196.9 $— $— $196.9 
現金等價物：
商業票據15.9 — — 15.9 
貨幣市場基金223.9 — — 223.9 
現金及現金等價物總額$436.7 $— $— $436.7 
開空期投資:
定期存單$0.8 $— $— $0.8 
商業票據12.6 — — 12.6 
企業債券244.5 — (0.6)243.9 
美國機構債券81.2 — (0.3)80.9 
美國國債112.6 — (0.5)112.1 
所有短期投資$451.7 $— $(1.4)$450.3 
我們審查我們的投資組合，以確定和評估可能受損的投資因子。確定損失是否非暫時性的考慮因素包括但不限於安防-半導體公司的公允價值已低於成本的時間和程度，被投資者的財務狀況和短期前景，證券發行方的信用質量，恢復的可能性以及我們持有證券的意圖和能力足以允許任何預期的價值恢復所需的一段時間。對我們持有的債務工具，我們還評估我們是否有意賣出該證券，或者我們更可能被要求在恢復成本基礎之前賣出該證券。我們尚未將未實現損失記錄爲我們的短期投資收入，因爲我們並不打算出售這些投資，也沒有更有可能要求在恢復分攤成本基礎之前出售這些投資。
我們使用特定鑑別法來判斷將我們分類爲可供出售的短期投資出售所實現的任何已實現收益或損失。在截至2024年9月28日和2023年9月30日的三個月內，我們在以毛利水平出售我們分類爲可供出售的短期投資上，並未實現重大的收益或損失。
13
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
2024年9月28日至2023年9月30日期間，我們的其他收入淨額爲$8.71百萬美元和21.2百萬，其中包括現金等價物和短期投資的利息和投資收益$9.41百萬美元和21.7百萬，分別。
截至2024年9月28日和2024年6月29日，我們在精簡合併資產負債表中分別記錄了利息應收款$5.81百萬美元和5.8百萬，並未認可任何信貸損失準備金，因爲在呈報期內不存在此類損失。
下表總結了截至報告期，我們現金等價物和短期投資中，分別處於持續未實現虧損超過12個月和少於12個月的類別位置。 (百萬美元):
持續虧損職位
超過12個月
持續虧損職位
少於12個月
毛額未實現虧損
公正價值未實現虧損公正價值未實現虧損
2024年9月28日:
美國機構債券$44.6 $— $4.0 $— $— 
商業票據— — 7.5 — — 
企業債券67.1 (0.1)18.0 — (0.1)
美國政府債券68.4 (0.1)22.5 — (0.1)
總計 $180.1 $(0.2)$52.0 $— $(0.2)
2024年6月29日：
美國政府機構證券$62.3 $(0.3)$12.6 $— $(0.3)
商業票據— — 28.6 — — 
企業債券133.7 (0.5)90.6 (0.2)(0.7)
美國政府債券72.3 (0.4)39.7 (0.1)(0.5)
總計$268.3 $(1.2)$171.5 $(0.3)$(1.5)
以下表將我們的短期投資按剩餘到期日分類百萬美元): 
2024年9月28日2024年6月29日
攤銷成本公正價值攤銷成本公正價值
1年內到期$346.1 $346.3 $405.5 $404.1 
1年到5年到期80.0 80.6 46.2 46.2 
總計$426.1 $426.9 $451.7 $450.3 
所有可供出售的證券均已根據管理層的意圖和能力分類爲流動資金，用於目前的運營。
14
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
第6節. 公允價值計量
我們根據公允價值層次確定公允價值，這需要實體在衡量公允價值時最大程度地利用可觀察輸入，並最小化使用不可觀察輸入。公允價值被定義爲在計量日期的市場參與者之間進行有序交易時將收到的出售資產或支付的過戶負債價格。公允價值假設出售資產或過戶負債的交易發生在資產或負債的主要市場或最有利市場，並確定資產或負債的公允價值應基於市場參與者在定價資產或負債時使用的假設。在層次結構內對財務資產或負債的分類是基於對公允價值衡量具有重要意義的最低水平輸入。公允價值層次將輸入優先順序分爲三個可能用於衡量公允價值的級別：
一級：輸入是針對相同資產或負債在活躍市場上的未調整報價。
二級：輸入是針對類似資產和負債在活躍市場上的報價，或者是對該資產或負債的可觀察輸入，無論是直接還是間接通過市場協作，在財務工具的整個存續期間基本一致。
三級計量：輸入是基於我們假設的不可觀察輸入。
我們一級金融工具的公允價值，如貨幣市場所有基金類型和美國國債證券，這些交易於活躍市場中，其基於相同工具的報價市場價格。我們的二級固收證券的公允價值是從獨立定價服務獲取的，該服務可能使用相同或可比工具的報價市場價格或基於可觀察市場數據或由可觀察市場數據證實的輸入的模型驅動估值。我們持有的市場證券由託管人持有，託管人從第三方定價提供者獲取投資價格，該提供者利用各種資產價格模型中的標準輸入。我們的程序包括控件，以確保記錄適當的公允價值，包括將我們定價服務獲取的公允價值與來自另一個獨立來源獲取的公允價值進行比較。
以重複方式計量的公允價值金融資產如下總結：(百萬美元): 
一級 第二層次 三級總計
2024年9月28日： (1)
資產：
現金等價物：
商業票據$— $7.5 $— $7.5 
貨幣市場基金184.8 — — 184.8 
美國國債12.0 — — 12.0 
開空期投資:
定期存單— 0.8 — 0.8 
商業票據— 11.5 — 11.5 
企業債券— 234.9 — 234.9 
美國機構債券— 66.5 — 66.5 
美國國債113.2 — — 113.2 
資產總額$310.0 $321.2 $— $631.2 
(1) 不包括銀行帳戶中截至2024年9月28日持有的現金284.9 截至2024年9月28日，我們銀行帳戶中持有的現金數額爲百萬美元。
15
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
一級第二層次三級總計
2024年6月29日 (1)
資產：
現金等價物：
商業票據$— $15.9 $— $15.9 
貨幣市場基金223.9 — — 223.9 
開空期投資:
定期存單— 0.8 — 0.8 
商業票據— 12.6 — 12.6 
企業債券— 243.9 — 243.9 
美國機構債券— 80.9 — 80.9 
美國國債112.1 — — 112.1 
資產總額$336.0 $354.1 $— $690.1 
(1) 不包括 $196.9百萬 截至2024年6月29日，我們銀行帳戶中的現金除外。
未被確認爲重複長期計入公平價值的金融工具
我們以公允價值報告我們的金融工具，除了我們的可轉換票據，請參閱「注9.債務」部分。可轉換票據的預估公允價值是根據該期的最後交易日可轉換票據的交易價格確定的。我們認爲可轉換票據的公允價值屬於2級衡量因尚未在市場上進行活躍交易。
可轉換票據的賬面金額和估計公允價值如下所示，針對呈現的期間（百萬美元):
2024年9月28日2024 年 6 月 29 日
賬面金額估計公允價值賬面金額估計公允價值
2029 注意事項$599.6 $706.2 $599.4 $588.8 
2028 筆記856.9 748.9 856.6 680.2 
2026 年注意事項1,047.4 1,034.6 1,047.2 948.3 
$2,503.9 $2,489.7 $2,503.2 $2,217.3 
非退市公允價值計量的資產
我們定期審查我們的無形資產和其他長期資產是否存在減值情況，每當事件或情況的變化表明此類資產的賬面價值可能無法收回時。確定可收回性是基於資產使用和最終處置產生的可識別的估計未折現現金流的最低水平。如果無法收回，將根據資產賬面價值超過公允價值的部分計算減值損失。
管理層利用各種估值方法，包括收入法、市場法和成本法，來估計無形資產和其他長期資產的公允價值。在2024財年第四季度進行的年度減值測試中，我們得出結論認爲我們的無形資產和其他長期資產沒有減值。我們至少每年一次在每個財政年度的第四季度對我們的無形資產和其他長期資產進行減值審查，假設沒有任何減值的中期徵兆。在2024年9月28日結束的三個月內未出現任何減值跡象。
注意7. 資產負債表詳情
預期信貸損失準備金
除了我們爲不可收回的應收賬款提供的準備金外，我們並沒有爲信用損失提供任何額外的準備金。截至2024年9月28日和2024年6月29日，我們在交易應收賬款上的信用損失準備金爲$0.21百萬美元和0.2分別爲.
16
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
存貨
存貨的元件如下（百萬美元):
2024年9月28日2024年6月29日
原材料和採購零部件$206.0 $196.9 
在製品119.1 101.6 
成品78.2 99.9 
存貨
$403.3 $398.4 
關於Cloud Light收購，我們在Cloud Light成交日期記錄了$72.8 百萬美元的庫存。 截至 2024年6月29日，從Cloud Light收購的庫存的全部公允價值上調已攤銷，並在我們的壓縮合並利潤表中以銷售成本的形式確認。 $8.0百萬 2024年6月29日，從Cloud Light收購的庫存的全部公允價值上調已攤銷，並在我們的壓縮合並利潤表中以銷售成本的形式確認。
淨固定資產
固定資產元件的淨額如下所示（百萬美元):
2024年9月28日2024 年 6 月 29 日
土地$108.6 $75.2 
建築物和裝修258.8 215.1 
機械和設備778.9 772.1 
計算機設備和軟件44.9 44.9 
傢俱和固定裝置13.9 14.3 
租賃權改進44.8 47.5 
在建工程81.6 71.1 
1,331.5 1,240.2 
減去：累計折舊(693.1)(667.7)
財產、廠房和設備，淨額$638.4 $572.5 
關於Cloud Light收購，我們假定 $62.5百萬美元的運營租賃負債的當前部分，分別爲2023年9月30日和2022年12月31日。物業、廠房及設備淨額的Cloud Light收購截止日期的淨額。
我們正在進行的施工主要包括我們預計在接下來的12個月投入使用的機械和設備。
2024年7月，我們購買了位於日本相模原的晶圓製造設施的土地和建築物，總交易價格爲美元42.2百萬美元，包括美元1.3向第三方支付的資本化費用的百萬增量直接成本。我們還記錄了一美元16.3由於終止所購建築物的租約，所購建築物的賬面價值增加了100萬英鎊。購買資產的總賬面價值爲美元58.5購買之日爲百萬美元，其中 $33.4百萬美元分配給了這片土地，$25.1百萬美元到這座大樓。
在2023年8月，我們以總購買價爲$ 購買了之前在英國Caswell租賃的土地和建築物。23.3此外，我們還將支付給第三方的增量直接成本資本化$ 百萬。1.8我們還記錄了購買與已購建築物租賃終止相關的建築物減記$ 百萬。0.3購買資產的總賬面價值爲$ 百萬，其中$ 百萬分配給土地，$ 百萬分配給建築物。24.8購買日期的總賬面價值爲$ 百萬，其中$ 百萬分配給土地，$ 百萬分配給建築物。11.8購買日期的總資產賬面價值爲$ 百萬，其中$ 百萬分配給土地，$ 百萬分配給建築物。13.0購買日期的總資產賬面價值爲$ 百萬，其中$ 百萬分配給土地，$ 百萬分配給建築物。
截至2024年9月28日和2023年9月30日結束的三個月內，我們記錄了折舊費用爲$27.0500萬股，並且總成本（包括佣金和消費稅）分別爲$$28.2百萬分別爲。
17
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
經營租賃權使用資產
經營租賃使用權資產，淨額如下（百萬美元):
2024年9月28日2024年6月29日
經營租賃權使用資產$66.1 $112.3 
減:已累計攤銷(30.4)(39.5)
經營租賃使用權資產，淨值$35.7 $72.8 
關於整合我們網站的努力，我們記錄了各個網站的重組費用，並在2024年9月28日結束的三個月內減少了我們的營運租賃權益資產$5.3百萬。
關於Cloud Light收購，我們收購了$3.7百萬美元的租賃物權資產，用於用作我們製造和辦公場所的房地產物業。我們將這些租賃視爲經營租賃，並剩餘租賃期限在Cloud Light收購日期範圍內。 1.5至2.6 年。在Cloud Light收購日期。
2024年7月，我們購買了日本相模原的土地和建築，並終止了與相關設施的租賃合同，在購買的建築物價值上錄得了一筆100萬美元的增值。16.3由於取消了800萬美元的淨營運租用權資產、800萬美元的經營租賃負債（流動）、800萬美元的經營租賃負債（非流動），購買並增加了100萬美元的建築物的賬面價值。32.0由於取消了800萬美元的淨營運租用權資產，800萬美元的經營租賃負債（流動）及800萬美元的經營租賃負債（非流動），我們購買的建築物的賬面價值增加了100萬美元。1.6由於取消了800萬美元的淨營運租用權資產，800萬美元的經營租賃負債（流動）及800萬美元的經營租賃負債（非流動），我們購買的建築物的賬面價值增加了100萬美元。14.1由於取消了800萬美元的淨營運租用權資產，800萬美元的經營租賃負債（流動）及800萬美元的經營租賃負債（非流動），我們購買的建築物的賬面價值增加了100萬美元。
關於2023年8月在英國購買土地和建築，我們終止了相關設施的租賃，並記錄了一筆減記損失，金額爲$0.3 百萬美元，導致購買的建築減記4.8 百萬美元的淨經營租賃使用權資產減記，以及2.4 百萬美元的經營租賃負債，流動負債，以及2.7 百萬美元的經營租賃負債，非流動負債。
其他流動負債
其他流動負債的元件如下 （單位百萬）:
2024年9月28日2024年6月29日
重組應計和相關費用 (1)
$6.3 $11.1 
保修儲備 (2)
13.2 13.2 
已收入賬但尚未履行服務的營收和客戶存款0.6 0.6 
應交所得稅(3)
11.9 13.2 
其他流動負債 5.6 3.0 
其他流動負債
$37.6 $41.1 
(1) 請參考「附註11. 重組和相關費用。」
(2) 請參閱「注14. 承諾和事項。」
(3) 請參閱「注12.所得稅。」
其他非流動負債
其他非流動負債的元件如下：(百萬美元):
2024年9月28日2024年6月29日
資產養老責任$7.0 $7.5 
養老金及相關應計額 (1)
8.6 7.5 
未確認稅款利益94.4 83.0 
其他非流動負債6.2 5.4 
其他非流動負債$116.2 $103.4 
18
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
(1) 我們在日本、瑞士和泰國設有確定福利養老金計劃。截至2024年9月28日的養老金和相關應計額爲$8.6百萬，代表$9.5百萬非流動福利義務的一部分，抵消$0.9百萬瑞士養老金計劃的資金支持。截至2024年6月29日的養老金和相關應計額爲$7.5百萬，涉及$8.6百萬非流動福利義務的一部分，抵消$1.2百萬瑞士養老金計劃的資金支持。我們通常在財年第四季度重新評估與確定福利義務相關的公允價值假設，並根據需要進行任何更新。.
注意8：商譽和其他無形資產
商譽
2023年11月，我們完成了對Cloud Light的收購。我們確認了 萬的商譽。 $365.8 百萬，分配給了Cloud & Networking 板塊。
以下表格顯示截至2024年9月28日和2024年6月29日各報告段的商譽以百萬計):
雲計算和網絡工業技術總計
2024年6月29日的餘額$1,044.6 $11.2 $1,055.8 
收購雲燈 (1)
5.1 — 5.1 
2024年9月28日的餘額$1,049.7 $11.2 $1,060.9 
(1) 2024年9月28日結束的三個月內，我們調整了購買價格分配並記錄了一個 $5.1百萬 商譽增加。對期初資產負債表的主要調整與以前期間未知的所得稅責任有關。
商譽減值
我們在每個財政年度的第四季度審查商譽減值，或者在事件或情況表明可能發生減值損失時更頻繁地進行審查。在2024財政年度第四季度，我們完成了商譽的年度減值測試，結果顯示有 no 商譽減值。2023年和2022年七月未存在收入合同的改善成本。no 2024年9月28日結束的三個月內有商譽減值的跡象。
其他無形資產
我們的無形資產按照預計可用年限以直線法攤銷，除了某些客戶關係，這些客戶關係使用加速攤銷法攤銷，以更準確地反映我們預期獲得的經濟利益實現模式。已獲取的開發技術按照銷售成本和研發費用攤銷。已獲取的客戶關係按照聯合利潤表中的銷售、總務和管理費用攤銷。
在研發階段（"IPR＆D"），最初以公允價值作爲無限期可計量的無形資產資本化，並在之後進行減值評估。當IPR＆D項目完成時，IPR＆D將重新分類爲可攤銷的已購入無形資產，並根據資產的預計有用壽命進行攤銷。
在2024財年第四季度進行的年度減值測試中，我們得出結論稱我們的無形資產和其他長期資產在資產組水平上未受損。我們每年至少在每個財政年度的第四季度對我們的無形資產和其他長期資產進行減值評估，沒有任何中期減值的指標。在截至2024年9月28日的三個月內，資產組水平未出現減值指標。
19
目錄
LumenTum 控股有限公司
簡明合併財務報表附註（續）
（未經審計）
2023年11月，我們完成了對Cloud Light的收購。 收購的無形資產如下（收購日期爲，金額以百萬爲單位，攤銷期加權平均數除外):
收購日期的公允價值加權平均攤銷期限(年)
（年）
已獲取的成熟技術$170.0 7.0
客戶關係130.0 7.0
研發中的項目16.0 n/a
訂單積壓14.0 1.0
商標和商號3.0 1.2
無形資產總額$333.0 
參考「附註4 業務組合」以了解Cloud Light的收購情況。
以下表格顯示了截至所示期間的所有無形資產的詳細信息(單位：百萬，除加權平均剩餘攤銷期外):
2024年9月28日毛額持有金額累計攤銷淨資產金額加權平均剩餘攤銷期限（年）
已獲取的開發技術$818.2 $(496.4)$321.8 4.6
客戶關係419.8 (183.7)236.1 4.7
研發中的項目13.6 — 13.6 n/a
訂單積壓14.0 (12.4)1.6 0.1
商標和商號3.0 (2.2)0.8 0.3
無形資產總額$1,268.6 $(694.7)$573.9 
2024年6月29日毛額持有金額累計攤銷淨賬面金額加權平均剩餘攤銷期限（年）
已獲得的發展中技術$818.1 $(473.0)$345.1 4.8
客戶關係419.8 (169.4)250.4 4.9
研發中的項目15.5 — 15.5 n/a
訂單積壓14.0 (8.9)5.1 0.4
商標和商號3.0 (1.6)1.4 0.6
總無形資產 $1,270.4 $(652.9)$617.5 
下表顯示了各期攤銷的詳細情況(以百萬計):
三個月截至
2024年9月28日2023年9月30日
銷售成本$22.5 $18.0 
研發0.4 0.3 
銷售、一般及行政費用18.8 10.7 
無形資產的累計攤銷$41.7 $29.0 
20
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
根據2024年9月28日我們取得的除過程研發以外的無形資產賬面金額，並假設基礎資產不會發生未來減值，預計未來攤銷如下 （單位百萬）:
財政年度
2025 年的剩餘時間$107.6 
2026133.3 
2027121.0 
202881.5 
202951.8 
此後65.1 
未來攤銷總額$560.3 
注9 債務
可轉換票據
2029年債券
2023年6月16日，我們發行了總額美元603.7百萬的2029年到期可轉換優先票據（「2029票據」），通過《1933年證券法》第144A條規定的合格機構投資者進行定向增發。 1.502029票據由公司和美國銀行信託公司（作爲美國銀行國家協會的繼任者）作爲受託人（「2029信託」）之間的契約管理。 2029票據無擔保，不包含任何財務契約、對分紅、發行優先級債務或其他債務、或者我們發行或回購證券的限制。
2029年債券銷售的淨收益爲$599.4百萬美元，在扣除$4.3百萬美元的淨髮行成本後。此外，我們還支出了$0.8百萬美元的與此交易直接相關的專業費用。與2029年債券發行同時，我們使用了淨收益的$132.8百萬美元來回購2024年債券的$125.0百萬美元總本金的債券以及淨收益的$125.0百萬美元用於回購 我們的普通股在私下協商的交易中。我們打算將剩餘的淨收益用於一般公司用途，其中包括償還我們的債務，包括我們的現有可轉換債券，資本支出，營運資金和潛在收購。
2029年債券。 以每年%的利率計息，每年6月15日和12月15日付息一次。2029年到期，除非提前兌付、我們回購或根據其條款轉換。 1.50每年支付%，並且於每年6月15日和12月15日之後支付。2029年債券將於2029年12月15日到期，除非提前贖回、我們回購或根據其條款轉換。
初始轉換率爲每1000美元本金的2029年票據14.3808股普通股（相當於約每股$42.08）。轉換率將根據2029年債券中規定的特定事件進行調整，但不會因應計及未支付利息而進行調整。另外，在發生補償性重大變更或我們發行贖回通知的情況下，我們將根據特定情況，爲選擇在與該補償性重大變更或贖回通知相關的轉換2029年票據的持有人增加一定數量的額外股份。69.54 轉換率將根據2029年債券中規定的特定事件進行調整，但不會因應計及未支付利息而進行調整。另外，在發生補償性重大變更或我們發行贖回通知的情況下，在某些情況下我們將爲選擇在與該補償性重大變更或贖回通知相關的轉換2029年票據的持有人增加一定數量的額外股票。
在2029年9月15日之前的業務日結束時，2029年票據持有人只能在以下情況下轉換其2029年票據：
•2023年9月30日後開始的任何財季（僅在該財季），如果普通股最後報告的銷售價格至少爲 20 個交易日（不論連續與否）期間達到了交易日的 30 130%如果適用的轉換價格在每個適用的交易日上
• 期間內的淨銷賬（回收）比率相對於平均不良資產。五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 在任何連續的業務日期之後； 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 連續交易日期間（「2029測期」 ），2029年票面金額每交易日的交易價格都低於 $1,000 的主要金額 98我們普通股最後報告的銷售價格與適用轉股率的產品在每個交易日均低於%
21
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
•如果我們在2029年的任何時間之前，在贖回日期前的第二個工作日結束營業時間之前，要求贖回任何一張或全部2029年的票據；或者
•在2029年契約中指定的公司事件發生時。
自2029年9月15日或之後直至到期日前第二個交易日營業結束前，持有人可隨時將其2029票據轉換。根據我們在2024年9月25日做出的不可撤銷的結算方式選擇，轉換後，我們必須履行對這些轉換的2029票據的轉換義務，向轉換後的2029票據的本金金額和現金、普通股股份或現金和普通股股份的組合之中任選一種，對於超額部分的任何轉換價值。
我們可選擇於2026年6月22日或之後的任何時間，按照我們的選擇（受2029年契約規定的部分贖回限制），贖回所有或任何部分的2029年票據，如果我們的普通股的最後報價至少爲 1301020在任何{days}個連續的交易日期間內，此期間的每張債券的每1000美元的票面金額的「交易價格」低於以贖回日前一天爲基準的交易日的通知日期計算的每張債券的票面金額的百分之{principal amount}%。30 連續交易日區間（包括該區間最後一個交易日）結束於且包括提供贖回通知日之前一交易日，按照相等於贖回價格的比例贖回要贖回的2029年票據的本金金額的 100％，加上截至贖回日但不包括贖回日的應計未付利息。2029年票據不設沉沒基金。如果我們選擇贖回未贖回的所有2029年票據，贖回通知日時必須有至少$100.0百萬的2029年票據的總本金金額仍未贖回。在發生根本性變更（在2029年契約中定義），持有人可要求我們以相等於回購價格的現金收回他們的所有或部分2029年票據，再加上截至但不包括基本變更回購日的任何應計未付利息，比例爲 100％的2029年票據的本金金額要回購，再加上截至但不包括根本變更回購日的應計未付利息。
整個2029年的票據均記錄爲可轉換票據，在2024年9月28日的我們的合併資產負債表中爲非流動資產 2024年6月29日，按攤銷成本計量。
2028票據
2022年3月，我們通過定向增發向符合條件的機構投資者發行了$861.0百萬美元的2028年到期的可轉換高級債券（「2028債券」） 0.50根據1933年修正案下的規則144A，向合格的機構投資者進行了私人配售。2028年到期的債券受公司和美國銀行信託公司（作爲美國銀行全國協會的繼任者）作爲受託人管理（「2028信託」）。 2028年到期的債券無擔保，不包含任何財務契約、限制分紅、承擔優先債務或其他債務，也不包含我們發行或回購證券的條款。
2028年債券出售的淨收益爲 $854.8百萬美元，在扣除了6.2百萬 萬美元的發行成本後。此外，我們在此交易中產生了0.7百萬美金的專業費用。與發行2028年債券同時，我們使用了淨收益的200.0百萬美元來回購 我們的普通股份，進行了私下協商的交易。
2028年的債券 每年按照%的利率支付，半年一次，分別在每年6月15日和12月15日支付。 0.502028年的債券將於2028年6月15日到期，除非提前贖回、被我們回購，或按照其條款轉換。
初始轉換率爲7.6319股普通股對每$1,000的2028年票面金額（相當於每股初始轉換價格約爲$131.03 每股）。轉換率視特定事件發生而進行調整，但不會因應計及未支付利息而調整。此外，若發生全額補償基礎變更（根據2028年信託契約中的定義）或我們發行贖回通知，則在某些情況下，我們將增加轉換率，爲選擇在此類全額補償基礎變更或贖回通知中轉換2028年票據的持有人增加額外股份。
在2028年3月15日之前的業務日營業結束前，2028年票據持有人僅在以下情況下可以轉換其2028年票據：
•在任何財政季度期間（僅在此財政季度期間），如果公司普通股的最後報告銷售價格至少爲 20個交易日（無論是否連續）的交易期內 30 130適用轉股價格的％，或$170.34，每個適用交易日；
• 期間內的淨銷賬（回收）比率相對於平均不良資產。五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 在任何連續的業務日期之後； 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 連續交易日期間（「計量期」），短期說明2028票據每個交易日交易價格爲$1,000本金金額
22
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
測量期小於 98公司普通股最近報告的銷售價格與適用轉換率的乘積在每個交易日的產品的百分比;
•如果公司在2028年紅包日之前的任何時候召回全部或部分2028年債券; 或
•根據2028年債券契約中規定的特定公司事件發生時。
2028年3月15日或之後，直至在到期日之前立即前第二個交易日結束業務時間爲止，持有人可以隨時將其2028年債券轉換爲現金。根據我們於2024年9月25日做出的不可撤銷的結算方式選擇，在轉換時，我們將根據轉換價值的超額部分，通過支付等於轉換的2028年債券的本金的現金和現金、普通股或現金和普通股的組合，根據我們的選擇，滿足我們的轉換義務。
根據我們的選擇（受2028契約規定的部分贖回限制），我們可以在2025年6月20日後，贖回全部或部分2028年票據，使之兌現爲現金，如果其普通股最後報價至少爲 1301020在任何{days}個連續的交易日期間內，此期間的每張債券的每1000美元的票面金額的「交易價格」低於以贖回日前一天爲基準的交易日的通知日期計算的每張債券的票面金額的百分之{principal amount}%。30 在截至和包括公司發出贖回通知的日期之前（包括此期間的最後交易日），連續交易日結束，根據贖回價格相等贖回2028年票據本金金額的 100%，加上截至但不含贖回日的應計且未支付利息。2028年票據不設沉沒基金。如果我們選擇贖回未償還的部分2028年票據，截至贖回通知日期，至少應有總額爲$100.0百萬的2028年票據本金金額仍未兌現且不受到贖回。在發生基本變更（定義在2028契約中），持有人可以要求公司以現金按等於 100%的2028年票據本金金額及任何應計且未支付的利息，但不包括基本變更贖回日期，回購全部或部分他們的2028年票據。
我們最初將2028年票據的本金分爲負債和權益部分。2028年票據的負債部分最初價值爲美元629.8百萬美元，基於發行當日按不可轉換債務借款利率在適當可比市場上貼現的合同現金流，即 5.7%，與 權益成分代表美元收益的剩餘金額231.2百萬，這被記錄爲債務折扣。在2023財年第一季度通過亞利桑那州立大學2020-06之後，我們的 2028 年票據記作按攤銷成本計量的單一負債。 全部2028年票據均記錄爲可轉換票據，截至2024年9月28日，我們的合併資產負債表中非流動票據， 2024 年 6 月 29 日，按攤銷成本計量。
2026年票據
2019年12月，我們發行了$1,050.0 百萬美元的2026年到期的可轉換高級票據（以下簡稱「2026票據」），以定向增發方式向符合144A條款下證券法的合格機構買家發行。 0.50佔公司名下銀行信託公司（作爲U.S.銀行全國協會的繼任者，作爲受託人（並由2024年9月25日起草的首要補充契約，即「2026契約」修訂））所管理的2026票據的淨髮行款項約$196.0 百萬用於全額還清我們期限貸款授信額度下的所有未償付款項，並利用部分募集款項的淨額在定價同時私下議定交易購買我們約$200.0百萬 的普通股。2026票據未經擔保，不包含任何財務契約、對分紅派息、承擔優先債務或其他債務的限制，或我們發行或回購證券。
2026年的債券 每年按照%的利率支付，半年一次，分別在每年6月15日和12月15日支付。 0.50每年%的利率，半年付息一次，分別在每年的6月15日和12月15日到期。該2026年的債券將於2026年12月15日到期，除非提前贖回、由我們回購，或根據其條款轉換。
初始換股比率爲每1000美元2026年票據的10.0711股普通股（相當於約每股$xx）。換股比率將根據2026年託管協議中規定的某些事件進行調整，但不會因應計及未支付利息而進行調整。此外，一旦發生全額權益變動（如2026年託管協議中定義的）或我們發行贖回通知，我們將根據2026年託管協議中列明的額外股份數，在某些情況下增加換股比率，或者持有人選擇在與此類全額權益變動或贖回通知相關聯的情況下轉換2026年票據。99.29 初始換股比率爲每1000美元2026年票據的10.0711股普通股（相當於每股$ xx）。換股比率將根據2026年託管協議中規定的某些事件進行調整，但不會因應計及未支付利息而進行調整。此外，一旦發生全額權益變動（如2026年託管協議中定義的）或我們發行贖回通知，我們將根據2026年託管協議中列明的額外股份數，在某些情況下增加換股比率，或者持有人選擇在與此類全額權益變動或贖回通知相關聯的情況下轉換2026年票據。
23
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
2026年9月15日前一個營業日結束前，2026年債券持有人只能在以下情況下轉換他們的2026年債券：
•在任何財季期間（僅在該財季期間），如果普通股的最後報告銷售價格至少達到 20個交易日，無論是否連續30 130％的2026年票據轉換價格，或129.08 在每個適用的交易日爲$
• 期間內的淨銷賬（回收）比率相對於平均不良資產。五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 在任何連續的業務日期之後； 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 在2026年測量期的連續交易日中，每個交易日的2026票據1,000美元本金的交易價格均低於 98我們普通股最後報告的銷售價格與2026票據在每個交易日的適用轉換率的乘積的百分之
•如果在相關贖回日期前的第二個工作日結束之前，我們選擇看漲贖回2026年的任何或所有票據；或者
•在指定企業事件發生時。
從2026年9月15日或之後至到期日前即將到來的第二個交易日結束營業時間，持有人可以隨時轉換他們的2026年債券。 在我們於2024年9月25日簽署的第一次補充契約後，根據2026年契約，轉換後，我們有義務以現金或公司普通股或現金和公司普通股的組合來履行對於這些已轉換的2026年債券的轉換義務，我們可以根據我們的選擇，就超過其價值的任何轉換價值支付。.
我們可以選擇在2023年12月20日或之後的任意時間，按我們的選擇，贖回並兌現2026債券的全部或任何部分，如果其普通股的最後報價至少達到 130% 當2023年12月20日期間（包括該期間的最後交易日）的累計連續交易日結束時（包括最後交易日）其轉換價格至少爲 20在任何{days}個連續的交易日期間內，此期間的每張債券的每1000美元的票面金額的「交易價格」低於以贖回日前一天爲基準的交易日的通知日期計算的每張債券的票面金額的百分之{principal amount}%。30 我們爲贖回價格提供的通知日之前的最後一個交易日以及包括該天的交易日，按贖回價等於2026年債券應贖回的本金金額的 100到期未償付利息，但不含贖回日期。2026年債券沒有償還基金。發生基本變更事項（如2026年信託所述），持有人可要求我們按照本金金額的 100及到基本變更回購日之前尚未償付的任何應計利息，回購全部或部分2026債券，回購價格等於
我們最初將2026年票據的本金分爲負債和權益部分。2026年票據的負債部分最初價值爲美元734.8百萬美元，基於發行之日按適當的可比市場不可轉換債務借款利率貼現的合同現金流 5.8%，權益部分代表收益的剩餘金額315.2百萬，這被記錄爲債務折扣。在2023財年第一季度通過亞利桑那州立大學2020-06之後，我們的 2026 年票據記作按攤銷成本計量的單一負債。 2026年全部票據記錄爲可轉換票據，截至2024年9月28日，我們的合併資產負債表中非流動票據 2024 年 6 月 29 日，按攤銷成本計量。
2024 年注意事項
2017 年 3 月，我們發行了 $450.0 本金總額爲百萬美元 0.25根據《證券法》第144A條，向合格機構買傢俬募於2024年到期的可轉換優先票據（「2024年票據」）的百分比。2024年票據受作爲發行人的公司與作爲受託人的美國銀行信託公司全國協會（作爲美國銀行全國協會的權益繼任者）之間的契約（「2024年契約」）的約束。2024年票據是無抵押的，不包含任何財務契約、分紅限制、優先債務或其他債務的產生或我們發行或回購證券。
2024年的債券按年利率 0.252024年的債券按年利率計提，每年3月15日和9月15日付息，債券於2024年3月15日到期。
2024年債券的初始換股率爲16.4965股普通股，相當於每1000美元本金的2024年債券的初始換股價格約爲$60.62 每股。換股比率將根據特定事件的發生進行調整，但不會因應計未付利息而進行調整。此外，一旦發生權益保全基本變更（在2024年信託契約中定義），或者我們發佈贖回通知，根據某些情況，我們將需要增加換股比率一定數量的
24
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
股份是指選擇在此類賠償性根本性變更或贖回通知中轉換2024年票據的持有人。
2023年12月15日前的營業結束前，2024年債券持有人只能在以下情況下轉換他們的2024年債券：
•在任何財季期間（僅在該財季期間），如果我們的普通股最後報告的成交價格在至少連續的 20 個交易日（不論連續與否）期間達到了交易日的 30 個交易日中的最後一個交易日的報價大於或等於 130適用轉股價格的％，或$78.80 在每個適用的交易日；
• 期間內的淨銷賬（回收）比率相對於平均不良資產。五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 在任何連續的業務日期之後； 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 2024測量期間（「2024測量期間」）內的連續交易日，2024票據的每日交易價值每1,000美元本金都低於 98我們普通股最後報告的銷售價格與2024票據在每個交易日的適用轉換率的乘積的％，或
•在指定公司事件發生時。
自2023年12月15日或之後至2024年票據到期日前第二個交易日結束營業，持有人可隨時將其2024年票據轉換爲股票。此外，在發生補償性根本變化（如2024年信託契約中定義的）時，根據2024年信託契約，在某些情況下，我們被要求增加轉換率，增加根據該補償性根本變化選擇將2024年票據轉換的持有人的額外股份數。
我們無法在2024年到期前贖回2024年的票據，並且沒有爲2024年的票據提供沉沒基金。在發生基本變更（根據2024年信託契約定義的）的情況下，持有人可以要求我們以現金以相等於%的價格回購他們2024年的所有或一部分票據 100要回購的2020年的票面金額的%，再加上任何應計未付利息。
我們考慮了2024年票據中嵌入的其他特性，包括持有人的看跌特性，我們的看漲特性和整體特徵，並得出結論，它們不需要被分離出來並單獨從母債務工具覈算。
在稅務事項協議結算條件（「TMA結算條件」）之前，由於我們只能用現金結算2024年票面，我們確定轉換功能符合衍生工具責任的定義。我們根據衍生工具責任的公允價值將其與母債務工具分開。截至2017年3月8日發行日，衍生工具責任的公允價值爲$129.9百萬美元，是使用二項式估值方法計算的。2024年票據的剩餘本金金額$320.1百萬美元，在發行成本前被分配給債務組成部分。我們在發行2024年票據時發生了大約$7.7百萬美元的交易成本。這些成本被分配給債務組成部分，並作爲貼現債務承認。我們根據有效利息法方法將貼現債務（包括衍生工具責任的初始價值和交易成本）在2024年票據期間攤銷。2024年票據的有效利率爲 5.4年息爲%。
在2017財年，我們滿足了TMA解決條件。因此，轉換期權的價值不再按市價調整，而是被重新分類爲股東權益中的股東支付的資本，在我們的簡明綜合資產負債表中。發行時的轉換期權價值被視爲2024年票據債務組成部分的原始發行折扣來計算。債務組成部分在債務期限內逐漸增加到原始金額。採納ASU 2020-06並沒有改變2024年票據的呈現方式，因爲與2024年票據相關的轉換特權被歸類爲股東權益中。
2023年6月發行2029年期票證，我們使用了$132.8百萬美元來回購2024年債券的$125.0百萬美元的2024年期票證總本金金額，這部分被視爲清償債務。$13.5百萬美元的可擴大授信額度，作爲終期貸款借款132.8百萬美元的回購價格被分配給回購的2024年期票證的轉換特權，代表了回購當日轉換特權的公允價值，並被確認爲股東權益的減少。此外，自發行2024年期票證以來，我們總共轉換了約$百萬美元的本金金額的2024年期票證，其中少於$1.9百萬美元的本金金額在期間內被轉換了0.1的部分。 2024年9月28日結束的三個月。
2024年3月15日，2024年票據到期日，我們已全額償還剩餘的本金金額$323.1百萬美元。
25
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
在到期日之前，之前被分類爲股東權益內的轉換功能已完全攤銷。
可轉換票據 - 附加披露
2024年9月25日，盧麥特公司依據第一補充契約於2029年契約、2028年契約和2026年契約開展，我們不可撤銷地選擇以現金結算2029年票據、2028年票據和2026年票據的本金金額。超過本金的任何金額可以按公司的選擇以現金、股權或二者任意組合方式結算。
我們可轉換票據的組成部分如下，在所述期間百萬美元):
2024年9月28日
2026年筆記 (1)
2028年筆記 (2)
2029年債券 (3)
總計
負責人$1,050.0 $861.0 $603.7 $2,514.7 
未分攤的債務折扣和發行成本(2.6)(4.1)(4.1)(10.8)
負債組成部分的淨賬面金額$1,047.4 $856.9 $599.6 $2,503.9 
2024年6月29日
2026年筆記 (1)
2028票據 (2)
2029年債券 (3)
總計
負責人$1,050.0 $861.0 $603.7 $2,514.7 
未分攤的債務折扣和發行成本(2.8)(4.4)(4.3)(11.5)
負債部分的淨帶有金額$1,047.2 $856.6 $599.4 $2,503.2 
(1) 如果我們股票的收盤價格超過$129.08 $ 130%的未來財政季度的$99.29) 界於20 最近一個 30 交易日，我們的2026票據將在隨後的財政季度由持有人選擇進行轉換，債務將在我們的簡明綜合資產負債表中重新分類爲流動負債。
(2) 如果我們股票的收盤價超過$170.34 $ 130%的任何將來財政季度的$轉換價格131.03) 界於20 最近一個 30 個交易日，我們2028年票據將在隨後的財政季度恢復爲持有人的選擇，並且債務將在我們簡明的合併資產負債表中重新分類爲流動負債。
(3) 如果我們股票的收盤價格超過$90.40 $ 130%的轉換價$69.54）達20 最近一個 30 未來任何一個季度的交易日，2029年的票據將在隨後的財政季度由持有人選擇轉換，並且債務將被重新分類爲我們合併資產負債表中的流動負債。
以下表格詳細列出了相關轉換票據的利息支出信息，涉及所展示的期間 （單位百萬）:
三個月截至
2024年9月28日2023年9月30日
合同利息費用$4.7 $4.8 
債券折價及債券發行成本攤銷0.7 4.9 
總利息支出
$5.4 $9.7 
截至2024年9月28日，與我們可轉換票據相關的未來利息和本金支付如下 （單位百萬）:
財政年度2026 年注意事項2028 筆記2029 注意事項總計
2025$5.3 $4.3 $9.1 $18.7 
20265.3 4.3 9.1 18.7 
20271,052.5 4.3 9.1 1,065.9 
2028— 865.3 9.1 874.4 
2029— — 617.1 617.1 
付款總額$1,063.1 $878.2 $653.5 $2,594.8 

26
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
根據各自的合同到期日，在上表中反映了我們可轉換債券的本金餘額在付款期間。
期限貸款
三井住友銀行貸款
2024年8月9日，公司與三井住友銀行（SMBC）簽訂了一項貸款協議。SMBC貸款提供了總額爲 6.4億日幣（JPY）。該貸款要求每月償還本金約 53.3百萬日幣，自2024年8月31日起，總計約 3.1十億日幣，並根據固定年利率爲 0.88%，剩餘本金約 3.3十億日幣，到期日爲2029年7月31日。根據貸款協議，未經SMBC批准，公司不能提前償還未清償的貸款。如公司經SMBC批准提前償還未清償的貸款，則應根據貸款協議向SMBC支付結算款。該貸款由日本相模原的房地產擔保。
截至2024年9月28日，公司擁有$44.5 百萬的本金未償還部分，其中$4.5 百萬記錄爲流動負債，而$40.0 百萬記錄爲公司簡明合併資產負債表中的長期債務。
瑞穗貸款
2024年9月20日，公司與瑞穗銀行有限公司簽訂了貸款協議（「瑞穗定期貸款」），爲我們計劃的生產擴張提供資金。瑞穗定期貸款提供以下借款 4.5十億日元和 5 年 期限自 2024 年 9 月 20 日資助之日起。這筆貸款要求每季度還款約爲本金 225.0百萬日元從 2024 年 12 月 20 日開始，最後一筆款項將於 2029 年 9 月 20 日支付。瑞穗定期貸款的固定年利率爲 0.90%。定期貸款由NeoPhotonics Semiconics Semiconductor Gk擁有的房地產資產擔保。瑞穗定期貸款協議要求公司和某些國內子公司遵守與慣例事項有關的契約，包括在轉讓、設立擔保權益或處置抵押資產時獲得貸款人的事先批准；在業務轉讓、業務收購、公司重組或合併、公司分裂、股份交易或股份轉讓或資本結構變更時事先獲得貸款人的批准；在Lumentum Holdings Inc進行業務轉讓、業務收購、公司重組或變更時獲得貸款人的事先批准。變更其在Lumentum Japan, Inc.的間接所有權；如果Lumentum Japan, Inc.向其股東分配股息，則需事先獲得貸款機構的批准。
截至2024年9月28日，公司賬上有$31.6百萬元的本金未償還，其中短期部分爲$6.3百萬元被記爲流動負債，而長期部分$25.3百萬元被記爲公司的簡明合併資產負債表中的長期債務。
27
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
Note 10. 累計其他綜合收益（虧損）
我們的累計其他綜合收益（損失），扣除稅後淨額，包括累計的外幣翻譯調整的未實現利潤或損失，確定的福利義務和可供出售證券。
累計其他綜合收益（損失）淨額的變動如下所示，稅後，針對所提供的期間：百萬美元):
外幣翻譯調整，稅後淨額 (1)
確定福利義務，稅後淨額 (2)
可供出售證券未實現利潤（損失），稅後淨額 (3)
總計
2024年6月29日期初餘額$9.8 $0.7 $(1.2)$9.3 
其他全面收益（損失），淨額— — 2.3 2.3 
2024年9月28日期末餘額$9.8 $0.7 $1.1 $11.6 
外幣翻譯調整，稅後淨額 (1)
稅後確定利益責任淨額 (2)
可供出售證券未實現收益（損失）稅後淨額 (3)
總計
2023年7月1日初期餘額$10.4 $(0.4)$(5.9)$4.1 
其他全面收益（損失），淨額(0.2)— 1.3 1.1 
2023年9月30日期末餘額$10.2 $(0.4)$(4.6)$5.2 
(1) 在2019財年，我們將全球業務的功能貨幣確定爲美元。在2018年12月10日之前報告的翻譯調整仍然作爲累計其他全面收入（損失）的一部分出現在我們簡明綜合資產負債表中，直到全部或部分對子公司的投資出售或清算。在2023財年，我們收購了IPG電信傳輸產品線。作爲此收購的一部分收購的巴西實體的功能貨幣爲本地貨幣。
(2) 我們會在財政第四季度每年重新評估與我們確定的福利義務相關的假設，並根據需要進行任何更新。
(3) 截至2024年9月28日三個月結束時，我們可供出售證券的未實現損失已扣除稅款後展示。 無.
截至2023年9月30日止三個月，我們可供出售證券的未實現損失已扣除稅款後呈現爲淨額 $0.4股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：
注意 11. 重組及相關費用
我們已經啓動了各種戰略重組行動，主要是爲了降低成本， consol控制我們的業務， rational化我們產品的製造和調整我們的業務，以應對市場條件和我們的收購結果。
以下表格總結了按照提出的期間進行的重組和相關費用活動百萬美元):
三個月截至
2024年9月28日2023年9月30日
期初餘額$11.1 $5.0 
費用 9.7 11.0 
支付和其他調整(14.5)(6.7)
期末餘額$6.3 $9.3 
在2024年9月28日結束的三個月內，我們錄得了重組和相關費用，金額爲$9.7 百萬美元，其中包括$6.0百萬資產沖銷費用主要是由於整合努力以 consol i d at e 我們的站點，百萬與終止我們內部開發的一致性 DSP 和 RFIC 有關的費用，其餘的重組費用是由於全公司範圍的成本削減措施。3.0百萬相關費用，主要是由於整合努力以 consol i d at e 我們的站點，百萬與終止我們內部開發的一致性 DSP 和 RFIC 有關的費用，其餘的重組費用是由於全公司範圍的成本削減措施。
2023年9月30日結束的三個月內，我們錄得了重組及相關費用$11.0百萬美元。
28
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
精簡的綜合經營報告主要歸因於全公司範圍的成本削減舉措，以及由於與NeoPhotonics合併而進行的整合工作。
執行我們的重組活動的估計變更將反映在我們未來的經營業績中。
注12. 所得稅
我們通常根據我們年度有效稅率的估算，在考慮期間內出現的離散項目後進行中期稅款設定。然而，當無法做出可靠的估算時，適用的稅款或稅收可能被報告爲期間內的離散項目。 2024年9月28日止三個月，我們得出結論，使用切斷稅率方法比年度有效稅率方法更爲恰當，因爲估計的年度有效稅率由於對預計年度稅前收益的微小變化敏感而不可靠。因此，我們使用離散方法計算稅款，彷彿這三個月是年度。

我們記錄了一個稅務準備金 $3.2百萬 截至2024年9月28日三個月的稅務準備金。 我們2024年9月28日結束三個月的稅收準備金主要與不確定稅務立場利息相關的稅收支出有關，部分抵消了貨幣重新計量的稅收優惠。

我們爲截至2023年9月30日的三個月錄得了100萬美元的稅收益1.4 在截至2023年9月30日的三個月，我們的稅收預徵包括了100萬美元的離散稅收益，主要與往年不確定稅務問題變化的稅收益有關，部分抵消了與本季度實現的基於股票補償的短缺以及外國回報之間的稅前差異相關的稅收支出。1.8100萬美元，主要與往年不確定的稅務問題的稅收益以及在本季度股票補償股票獲得的稅前差異相關的稅收支出部分抵消了與與本季度實現的基於股票補償股票外國回報有關的稅前差異相關的稅收支出。
2024年9月28日結束的三個月內，我們估計的有效稅率與21%的美國法定稅率有所不同，主要是因爲來自外國稅率差異、不可抵扣的股票補償、不確定的稅務爭議和當年減值準備變動所產生的所得稅費用，部分抵消了來自各種所得稅抵免的所得稅收益。
我們定期評估我們在季度基礎上實現遞延稅資產的能力。如果遞延稅資產的某部分實現的可能性低於預計，我們將設立一項評估準備。截至2024年9月28日，我們對美國聯邦和州以及某些外國的遞延稅資產保持完全的評估準備。我們將繼續評估是否需要針對剩餘的遞延稅資產設立評估準備，並可能在未來大幅增加或減少我們的評估準備。
截至2024年9月28日，我們的未確認稅務優惠金額爲$94.4 百萬，如果確認，將影響有效稅率。我們將受到各種國內和外國稅務機構對所得稅申報的審查。稅務審查的解決和閉關時間極不可預測。儘管某些正在進行的稅務審查可能在接下來的12個月內結束，我們無法合理估計在接下來的12個月內可能解決或結束的稅務審查對稅費和淨利潤的影響。根據審計時間和不確定性，我們預計由於訴訟時效到期而導致認可的未確認稅務優惠金額，將會影響有效稅率，而這一影響將會減少 $3.7百萬 over the next 12 months.
29
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
第13條. 股本
盧芒鑑於股票報酬計劃的描述
股權激勵計劃
2023年11月17日，我們的股東批准了對修訂後的股權激勵計劃（「2015計劃」）的修正案，以增加額外發行普通股的股數。 3.0百萬股。
截至2024年9月28日，我們持有 5.8萬股受期權、限制性股票單位、限制性股票獎勵和績效股票單位約束的股份，並且根據2015年計劃已發行和流通。限制性股票單位、限制性股票獎勵和績效股票單位是基於績效、時間或二者兼而有之，並預計會在 公司使用資產和負債的會計方法來計算所得稅。根據這種方法，根據資產和負債的金融報表及稅基之間的暫時區別，使用實施稅率來決定遞延稅資產和遞延稅負債，該稅率適用於預期差異將反轉的年份。稅法的任何修改對遞延稅資產和負債的影響將於生效日期在財務報告期內確認在彙總的綜合收益報表上。內獲得。這些授予的公允價值基於授予日期我們普通股的收盤市場價格。期權行權價格等於授予日期基礎股票的公允價值。我們會在期權行權時發行新的普通股。期權通常有 三年。截至2024年9月28日， 2.1百萬 股普通股根據2015年計劃可供提供。
2023年11月28日，我們在Cloud Light收購中採納並承擔了Cloud Light股份期權計劃（「Cloud Light Scheme」），我們已總共預留了 1.5萬股普通股以供發行，其中 1.1萬份期權於收購日期授予。
股票期權
與收購Cloud Light有關， Cloud Light的每個未行使的期權按照一定比例被換成了一種具有等值價值的Lumentum普通股的現金和期權的組合（「替代期權」） 0.04375 根據併購協議的條款。在收購結束日期，這些替代期權包括 1.1 百萬份期權，加權平均授予日期公平價值爲$34.63。這些替代期權的總公允價值爲$38.9 百萬美元截至收購日，其中$23.5 百萬歸因於先前收購服務已記錄爲購買價格考慮部分，其餘$15.4將會在股權獲得後的分階段歸屬期內，作爲股權補償支出記錄下來 三年 自收購截止日期起，請參閱「附註4. 業務組合。」
我們利用Black-Scholes期權定價模型，在授予日期估計替換期權的公平價值。 用於估計替換期權公平價值的假設如下：
在收購日期
預期期限（年）3.0
預期波動率45.0 %
無風險利率5.0 %
股息率— %
受限股票單位
2015年計劃下的限制性股票單位（「RSUs」）是我們普通股的股票授予，其歸屬取決於必要的服務要求。一般來說，我們的RSUs可能會被沒收，並預計會在特定的服務期滿後歸屬。 公司使用資產和負債的會計方法來計算所得稅。根據這種方法，根據資產和負債的金融報表及稅基之間的暫時區別，使用實施稅率來決定遞延稅資產和遞延稅負債，該稅率適用於預期差異將反轉的年份。稅法的任何修改對遞延稅資產和負債的影響將於生效日期在財務報告期內確認在彙總的綜合收益報表上。對現有員工的年度授予RSUs通常按年份或年度與季度結合的方式來歸屬。 三年.
2024年9月28日結束的三個月內，我們的董事會批准了百萬RSU的授予。 1.5 ，主要在未來幾年內解鎖。 三年.
高性能庫存單位
2015年計劃下的績效股單位（「PSUs」）是我們普通股的授予，在實現某些績效和服務條件後解鎖。當我們認爲績效條件可能會實現時，我們開始確認補償費用。我們在每個報告期重新評估解鎖的可能性，並根據此可能性評估調整我們的補償成本。我們的PSUs在滿足績效和服務條件之前存在喪失風險，並通常在內解鎖。 三年.
30
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
在2024年9月28日結束的三個月裏，我們發放了 0.7 百萬PSUs，其總授予日期公允價值爲$39.8 百萬，作爲我們修訂後的年度激勵計劃的一部分。這些PSUs受績效目標和服務條件約束，在 一年 投資期之後將行權。我們還授予了 0.3 百萬PSUs，其總授予日期公允價值爲$19.1 百萬給某些高管和高級管理人員。這些PSUs將根據營業收入目標和一些非財務績效指標以及服務條件在 三年.
員工股票購買計劃
我們的2015年採購計劃爲合格員工提供通過定期工資扣除獲得公司所有權的機會，並提供 15％購買價格折扣，以及s a 6個月 向前看期間。2015年購買計劃結構化爲1986年內部稅收法第423節修訂後的合格僱員股票購買計劃。2015年購買計劃將在發行的全部股份售出之日終止。在2015年購買計劃授權的百萬股股份中， 3.0  百萬股仍可用於發行，截至2024年9月28日。 0.7
以股票爲基礎的補償
我們所呈現的期間按職能記錄股票補償對我們業績的影響如下 （單位百萬）:
三個月截至
2024年9月28日2023年9月30日
銷售成本$9.7 $6.0 
研發9.3 10.3 
銷售、一般及行政費用16.6 15.8 
股權報酬總額$35.6 $32.1 
截至2024年9月28日和2023年9月30日的三個月內，我們錄得了$7.31百萬美元和4.7百萬的與PSUs相關的股票補償，各自。與PSUs相關的股票補償費用金額在任何一個期間內可能根據績效條件的實現或預期實現而有所變化。如果績效條件未達成或預計無法達成，則不會承認基礎PSUs的任何補償成本，並且與這些PSUs相關的任何先前承認的補償費用將被取消。 。
我們在所列期間的精簡綜合利潤表中確認的與股權報酬相關的總所得稅優惠是如下所示 （單位百萬）:
三個月截至
2024年9月28日2023年9月30日
與股權激勵相關的所得稅優惠$1.4 $1.9 
截至2024年6月30日和2023年，有關公司的基本財務報表中，包含合同資產的約$百萬已轉至應收賬款淨額和約$百萬轉至預付費用和其他流動資產。12.7百萬 和美元14.4截至2024年9月28日和2024年6月29日，股票補償的1000萬美元被資本化爲存貨。
截至2024年9月28日，$177.6 百萬股權獎勵相關的股票補償成本尚待攤銷，預計將在估計的攤銷期內認可。 2.0年。
31
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
股票獎勵活動
以下表格總結了截至2024年9月28日結束的三個月內我們的獎勵活動（單位百萬）:
股票期權受限股票單位績效股票單元
普通股數量加權平均每股行權價普通股數量每股加權平均授予日公平價值普通股數量每股加權平均授予日公平價值
截至2024年6月29日的餘額1.1 $34.6 2.7 $62.5 0.9 $65.5 
已批准— — 1.5 56.3 1.0 56.4 
已獲得/行使(0.1)7.7 (0.8)65.1 (0.1)85.8 
取消— — (0.1)63.2 (0.3)61.7 
截至2024年9月28日的餘額1.0 $34.6 3.3 $58.9 1.5 $59.6 
以下是可申請授予的獎項摘要 （單位百萬）:
可供授予的獎勵
截至2024年6月29日的餘額4.3 
已授權— 
已批准(2.6)
取消0.4 
截至2024年9月28日的餘額2.1 
員工股票購買計劃活動
2015年購買計劃截至2024年9月28日的支出爲$1.2百萬。2015年購買計劃截至2023年9月30日的支出爲$1.2百萬。有關2015年購買計劃的支出按照相關訂閱期間的直線法記錄。
截至2024年9月28日和截至2023年9月30日的三個月內，有 no 通過2015年購股計劃向員工發行了股票。
回購和養老普通股
股票回購計劃
我們擁有Incom Co., LTD中的X％股份。由於我們擁有Incom Co.，LTD的控制權，我們已將其納入了我們未經審計的簡明合併財務報表中。 該公司未擁有的Incom Co.，LTD的股權被視爲非控制權益進行覈算。 我們將我們在一體化實體中不擁有的任何權益部分呈現爲非控股權益，並將其利益歸類爲資產負債表中總股東權益的組成部分，與總股東權益分開。 我們將歸屬於非控制權益的淨（損）收入計入我們的簡明合併損益表中的淨虧損。 股票回購計劃授權我們在2025年5月前利用總額高達$1.2億美元來購買我們自己的普通股。 在2024年6月30日結束的三個和六個月期間內 截至2024年9月28日和2023年9月30日的三個月內我們未識別任何重大的非暫時性減值損失。減值損失已包括在其他收入（費用）淨額中，在綜合利潤表中。請參閱註釋2，以了解其他收入（費用）淨額的詳細信息。 沒有 回購任何我們的普通股。自董事會最初批准股票回購計劃以來，我們已回購 7.7總共以每股$平均價格回購了百萬股81.66 每股的總購買價格爲$630.4百萬美元。我們將總計百萬美元的購買價格記錄爲財務報表中保留收益的減少，並立即註銷了所有回購股份。截至2024年9月28日，我們還剩下百萬美元的股票回購計劃款項。630.4百萬美元的購買價格記錄爲財務報表中保留收益的減少，並立即註銷了所有回購股份。截至2024年9月28日，我們億美元剩餘股票回購計劃款項。569.6剩餘股票回購計劃款項。
未來回購的價格、時間、數量和方式將根據市場條件的估值和其他因素確定，價格將被確定爲有吸引力並符合公司和股東最佳利益。股票回購計劃可能隨時暫停或終止。
附註14. 承諾和或可能負債
採購義務
我們的採購義務 $589.2百萬 a截至2024年9月28日，代表着法律約束力的承諾，用於購買庫存和滿足業務運作需求的其他承諾。儘管未完成的採購訂單被視爲可執行且具有法律約束力，但通常條款允許取消、重新安排和
32
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
在交付貨物或提供服務之前，根據我們業務的需要調整要求。一般預計應履行購買存貨和其他承諾的義務。 一年.
我們依賴有限數量的代工廠商、分包商和供應商提供原材料、包裝和標準元件。我們通常通過標準採購訂單或供應協議購買這些單一或有限來源的產品，且與這些供應商沒有重要的長期供貨協議。儘管我們努力保持這些產品足夠的安全庫存，並與供應商保持持續的通信，以防止供應中斷或停止，但我們的業務和運營結果可能會因供應停工或延遲、更昂貴或不太可靠產品的替換、收到次品零件或受污染材料、這些供應品價格上漲，或者我們無法因應競爭壓力從供應商那裏獲得降價而受到不利影響。 一年後將繼續自動延長 我們雖然努力通過保持這些產品足夠的安全庫存並與供應商保持持續的通信，以防止供應中斷或停止，但我們的業務和運營結果可能會因供應停工或延遲、更昂貴或不太可靠產品的替換、收到次品零件或受污染材料、這些供應品價格上漲，或者我們無法因應競爭壓力從供應商那裏獲得降價而受到不利影響。
產品保修
我們在確認營業收入時爲產品保修的預估成本提供準備金。對於大多數產品，我們通常提供十二個月的保修期。然而，在某些情況下，根據產品、產品元件或最終客戶使用我們產品的方式，我們的保修期可以有所不同，通常區間從 六個月 至 五年。我們根據已知產品故障率的歷史經驗、修復或更換有缺陷產品所使用的材料以及糾正產品故障而產生的服務交付成本，對我們的保修義務成本進行年度估算。此外，如果出現特定產品的意外技術問題，我們會不定期地進行特定保修準備金。我們評估我們記錄的保修責任的充分性，並根據需要調整金額。
以下表格顯示了我們保修準備金的變化，以及所述期間的變化。單位：百萬):
三個月截至
2024年9月28日2023年9月30日
期初餘額$13.2 $6.8 
收購Cloud Light時假定了保修責任0.8 — 
保修準備金 2.4 0.2 
淨利用儲備金(3.2)(1.5)
期末餘額$13.2 $5.5 
環保母基負債
我們的研發、製造業-半導體和分銷業務涉及有害物質的使用，並受國際、聯邦、州和地方法律的監管，這些法律涵蓋健康與安全和環境領域。我們對環境保護和職業健康與安全的保護應用嚴格標準，即使在美國境內外的場所也是如此，即使不受外國政府強加的監管。我們相信我們設施的財產和運營在所有重要方面都符合適用的環境法律和職業健康與安全法律。然而，環境責任的風險無法完全消除，且不能保證環保和健康與安全法律的適用不會要求我們承擔重大支出。我們還受到一系列國際、聯邦、州和地方法律的監管，涉及回收利用、產品包裝和產品內容要求。環保、產品內容/處理和回收法律逐漸變得更爲嚴格，可能導致我們未來承擔重大支出。
法律訴訟
我們會遭受各種訴訟要求，這些訴訟會不時出現在我們業務的日常經營中。儘管管理層目前相信，無論是單獨針對我們的訴訟還是合計來看，解決這些訴訟都不會對我們的財務狀況、經營業績或現金流量表產生重大不利影響，但這些事項存在固有的不確定性，管理層對這些事項的看法可能會在未來發生變化。當我們確定會遭受損失並且可以合理估計損失金額或損失區間時，我們會預提損失準備金。截至2024年6月29日，我們已就某些非常規訴訟事項的有待解決的和解設置了$7.8百萬美元，與2024年9月28日解決。
33
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
Oclaro兼併訴訟
關於我們2018年收購Oclaro的事宜， 七 股東們提起了訴訟，挑戰了擬議的合併（「合併」）。除了 之一 Oclaro的合併完成後，除了其中一起自願撤回。其餘的訴訟，SaiSravan b. Karri訴Oclaro，Inc.等，案號3:18-cv-03435-JD（「Karri訴訟」），在加利福尼亞北區聯邦地區法院提起，並被列爲一起集體訴訟。
Karri訴訟聲稱，Oclaro及其董事違反了1934年修正案的《證券交易法》第14(a)條和根據其發佈的第14a-9條規定，通過傳播不完整和誤導性的S-4表格，包括代理聲明/招股書。Karri訴訟進一步聲稱，Oclaro的董事違反了《交換法》第20(a)條，未能對違反《交換法》第14(a)條的人士行使適當控制。Karri訴訟中的原告要求賠償原告和任何類別（如果得到認證）的損害賠償以及訴訟費用，包括律師費。
此案件經過事實和專家調查，並最終達成了Karri訴訟的全員和解協議，規定支付 $15.3百萬 給予該類成員。2023年8月17日，法院初步批准了協議。2024年3月，法院最終批准了協議。
我們記錄了該訴訟獲批准的結算金額爲$15.3百萬美元，作爲2024年6月29日財務報表中應計費用的一部分，其中$7.5百萬美元代表保險賠款金額，已記錄爲預付款和其他流動資產。截至2024年9月28日，此訴訟事宜已得到解決。 截至2024年9月28日，此訴訟事宜已得到解決。
監管事宜
2024年8月，公司收到美國商務部工業和安全局（"BIS"）以及司法部（"DOJ"）的詢問，這是公司在2023年12月向BIS自願披露後，於2024年4月進行補充的。公司將繼續與這兩個機構就此事合作。目前公司無法預測這些事項的可能結果。
賠償責任
在正常業務過程中，我們簽訂了包含各種聲明和保證的協議，並提供一般性的賠償。根據這些協議的風險未知，因爲未來可能會有針對我們的索賠，我們可能會因此而在未來記錄費用作爲這些賠償義務的結果。截至2024年9月28日，我們沒有發生任何重大的賠償索賠，這些索賠可能或較有可能。
審計程序
我們正在接受各國家和外國稅務機構審計，涉及所得稅和間接稅事項。在某些情況下，我們已經爲可能需要調整的所得稅預計和間接稅應計提備。這些調整可能源於這些稅務機構的審計或司法程序的最終結果。我們認爲，這些審計、協議或司法程序的最終結果不會對我們的經營業績產生重大影響。如果出現跡象表明無需支付這些金額，那麼這些負債的撤銷將導致在我們判斷這些負債不再必要的期間確認收益。如果我們對聯邦、州和外國所得稅負債以及間接稅責任的估計低於最終評估，可能會導致進一步費用支出。
34
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
（未經審計）
附註15. 經營部門和地理信息
我們的首席執行官是我們的首席運營決策者（「CODM」）。CODM根據業務前景、競爭因素、業務部門淨營業收入和業務部門利潤來分配資源。CODM定期審查運營結果，以決定分配到各業務部門的資源，並評估它們的績效。
分部利潤包括由經營分部直接管理的營業費用，包括研發、直接銷售和營銷費用。分部利潤不包括基於股票的補償、收購或整合相關成本、收購相關無形資產的攤銷和減值、重組及相關費用以及某些其他費用。此外，我們不會分配公司營銷和戰略營銷費用以及一般和行政費用，因爲這些費用不是直接歸因於我們的經營分部。
我們並不通過運營板塊跟蹤所有的固定資產、廠房及設備。這些資產的地理位置識別如下所示。
雲計算與網絡
我們的雲計算和網絡產品包括廣泛的光學和光子芯片、元件、模塊和子系統組合，供應給製造雲數據中心的運營商-5g、人工智能/機器學習基礎設施提供商以及網絡設備製造客戶，這些客戶正在建設雲數據中心和網絡基礎設施。我們的產品可以實現雲、人工智能/機器學習和數據中心間連接的高容量光纖鏈路，以及通信服務提供商網絡中的產品，包括用於接入（本地）、城域（城市內）、長途（城市間和全球）和海底網絡基礎設施的產品。我們的雲計算和網絡產品還支持網絡設備製造商構建企業網絡基礎設施，包括存儲區域網絡（SAN）、局域網（LAN）和廣域網（WAN）。這些產品可以實現數據、視頻和音頻在高容量光纖電纜上傳輸和傳送。我們通過各種產品組合保持在這些快速增長的雲計算和網絡市場中領先地位，包括高速光學元件和收發器、可重構光纖加入/刪除多路複用器（「ROADMs」）、相干密集波長分割多路複用（「DWDM」）可插入式收發器以及可調諧小尺寸可插拔收發器。對我們的雲計算和網絡產品的需求受到雲計算和服務不斷增長所需的網絡容量的推動，包括人工智能/機器學習、流媒體視頻和視頻會議、無線和移動服務，以及物聯網。
工業科技
我們的工業技術產品包括短脈衝固體激光器、千瓦級光纖激光器、超快激光器、二極管激光器和燃料幣激光器，適用於衆多終端市場的應用。在消費類終端市場，我們的激光光源集成到客戶的3D感應攝像頭中，用於移動設備、支付機、以及其他消費電子設備，實現應用包括生物識別、計算攝影和虛擬現實和增強現實。在汽車類終端市場，我們的激光器用於客戶的激光雷達和其他光學傳感器設備，這些設備越來越多地用於高級駕駛輔助系統（ADAS）和車內駕駛員和乘員監控系統。在工業製造類終端市場，我們的激光器被整合到客戶的製造機牀中，用於各種行業的材料精密加工，包括半導體元件和微電子製造、電動車和電池生產、金屬切割和焊接，以及先進製造。我們的產品還可以在工業終端市場中用於成像和傳感系統，用於過程反饋和控制、質量保證和減少浪費。我們產品在工業終端市場的採用受到客戶推動半導體和微電子行業路線圖的需求以及行業4.0/5.0的趨勢，包括增加製造精度和靈活性以及減少浪費和環境影響。在工業終端市場需求的推動下，客戶的製造能力投資對我們產品的需求也在增長。我們的激光器還適用於某些半導體檢測和生命科學應用。
35
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
(未經審計)
可報告部門
股市 兩個 營運部門，雲服務和網絡部門以及工業技術也代表我們的 兩個 報告部門。 我們的CODm根據部門營業收入和部門利潤分配資源並評估部門績效。 下表總結了部門利潤以及所呈報期間與合併損益前所得稅的調整。單位：百萬):
截至三個月的數據
2024年9月28日2023年9月30日
淨營業收入：
雲服務與網絡$282.3 229.7 
工業科技54.6 87.9 
淨收入
$336.9 $317.6 
業績（虧損）分部：
雲計算與網絡$36.5 23.9 
工業科技2.2 15.3 
總業務利潤38.7 39.2 
未分配公司項目：
銷售管理費用 (1)
(28.7)(28.6)
基於股票的薪酬
(35.6)(32.1)
已取得無形資產的攤銷
(41.7)(29.0)
收購相關成本— (4.0)
與整合相關的成本
(3.4)(11.3)
重組及相關費用(9.7)(11.0)
無形資產減值(1.9)— 
其他收費，淨額(0.1)(4.0)
利息支出(5.5)(9.7)
其他收入，淨額(2)
8.7 21.2 
稅前損失$(79.2)$(69.3)
(1) 我們不分配與我們經營部門無直接聯繫的銷售、一般和管理費用。
(2) 截至2024年9月28日的三個月內，其他收入淨額包括利息和投資收益，金額爲$9.4百萬，抵消了匯率期貨和其他收益，淨額爲$0.7截至2021年3月27日，未償還本金總額爲$。
2023年9月30日結束的三個月中，其他收入淨額包括利息和投資收入，金額爲$21.7百萬美元，並抵消了0.5百萬美元的淨匯率期貨虧損。
36
目錄
LumenTum 控股有限公司
簡明合併財務報表附註（續）
（未經審計）
集中度
我們經營消費和調味品兩個業務板塊。消費板塊在全球範圍內生產、銷售和分銷香料、草藥、調味料混合物、調味品等美味佳餚。我們的消費板塊銷售規模包括零售渠道（如雜貨店、大型量販店、倉儲俱樂部、折扣店和藥店）和電子商務，使用「McCormick」品牌以及「French's」、 「Frank's RedHot」、「OLD BAY」、「Lawry's」、「Zatarain's」、「Simply Asia」、「Thai Kitchen」、「Ducros」、「Vahine」、「Cholula」、「Schwartz」、「Club House」、「Kamis」、「DaQiao」、「La Drogheria」、「Stubb's」和「Gourmet Garden」等世界各地品牌。我們的調味品解決方案板塊面向食品製造商和餐飲行業銷售，通過分銷商直接或間接銷售，我們在中國的業務除外，中國的餐飲銷售由我們的消費板塊管理並報告。個財政年度 地理區域：美洲、亞太地區和歐洲、中東、非洲(歐洲、中東、非洲)。淨營業收入分配到最初發貨產品的地理區域和國家。例如，某些客戶可能要求將我們的產品運送到一個國家的合同製造商，這與最終客戶的位置可能不同。
以下表格顯示我們經營地區的淨營業收入 三 我們所經營地區的淨營業收入以及通常代表我們總淨營業收入10%或更多的國家的淨營業收入 (以百萬爲單位，除了百分比數據):
 截至三個月的數據
 2024年9月28日2023年9月30日
數量總額的百分比金額總額的百分比
淨營業收入：
美洲：
美國
$65.4 19.4 %$41.1 12.9 %
墨西哥
33.9 10.0 23.7 7.5 
其他美洲
2.9 0.9 1.2 0.4 
美洲總計
$102.2 30.3 %$66.0 20.8 %
亞洲太平洋：
香港
$88.7 26.4 %$64.9 20.4 %
韓國
8.8 2.6 25.0 7.9 
日本16.9 5.0 25.4 8.0 
泰國52.5 15.6 64.2 20.2 
其他 亞太地區
37.2 11.0 39.5 12.4 
亞太總收入
$204.1 60.6 %$219.0 68.9 %
歐洲、中東、非洲$30.6 9.1 %$32.6 10.3 %
總淨營業收入$336.9 100.0 %$317.6 100.0 %
截至2024年9月28日的三個月內， 兩個 客戶分別佔總營業收入的 15%和 12%。截至2023年9月30日的三個月內， 個財政年度 客戶分別佔總營業收入的 15%, 13%和 10分別佔我們總淨營業收入的%，我們沒有其他客戶佔據我們總淨營業收入的10%或更多。
截至2024年9月28日， 兩個 個別客戶分別佔 11以及第二個客戶分別佔公司截至2023年9月30日的三個月和九個月的淨收入的百分之 112024年6月29日， 之一 個別客戶佔 13%的總應收賬款。我們沒有其他客戶佔總應收賬款的10%以上。
37
目錄
路門圖控股有限公司
繼續附表簡明合併基本報表注
(未經審計)
開多持有資產，即物業、廠房及設備，淨值，根據資產在相應地理區域的實際位置在指定期間確定。 (單位：百萬):
2024年9月28日2024 年 6 月 29 日
財產、廠房和設備，淨額
美國
$126.5 $131.0 
泰國
147.2 141.0 
日本129.8 75.7 
英國88.0 83.8 
中國90.3 85.7 
其他國家
56.6 55.3 
不動產、廠房和設備總額，淨額$638.4 $572.5 
我們從代工廠商那裏購買了我們庫存的一部分，這些代工廠商主要位於泰國、臺灣和馬來西亞。截至2024年9月28日的三個月，我們從單一代工廠商處的淨庫存採購佔總淨庫存採購的10%或以上，這些集中在 之一 代工廠商，佔 27總淨庫存採購的%。截至2023年9月30日的三個月，我們從單一代工廠商處的淨庫存採購佔總淨庫存採購的10%或以上，這些集中在 一個 代工廠商，佔 45總淨庫存採購的%。
第16條營業收入確認
訂閱和支持收入包括以下內容（以百萬美元爲單位）：
我們按業務部門和地理位置細分營業收入。我們不以產品類型、客戶、市場、合同、合同期限、控制轉移時機和銷售渠道等其他方式進行分解，因爲我們的CODm不使用這些信息來管理業務。
下表披露了我們歸屬於每個報告部門的總淨營業收入 兩個 可報告部門 (單位爲百萬美元，除百分比數據外):
 截至三個月的數據
 2024年9月28日2023年9月30日
數量總額的百分比金額總額的百分比
雲計算與網絡$282.3 83.8 %229.7 72.3 %
工業科技54.6 16.2 %87.9 27.7 %
淨收入$336.9 100.0 %$317.6 100.0 %
合同餘額
下表反映了所示期間的合同餘額變化數以百萬爲單位，除百分比外):
合同餘額資產負債表位置2024年9月28日2024 年 6 月 29 日改變百分比變化
應收賬款，淨額 應收賬款，淨額 $198.5 $194.7 $3.8 2.0 %
遞延收入和客戶存款
其他流動負債
$0.6 $0.6 $— — %
38

第2項 管理層對財務狀況和經營業績的討論
您應該閱讀這份季度報告10-Q表格（以下簡稱「本季度報告」），並結合其中包含的未經審計的精簡合併基本報表及相關附註。這份財務狀況和經營成果管理討論和分析包含前瞻性聲明。這些前瞻性聲明討論的事項可能受到風險、不確定性和其他因素的影響，這些因素可能會導致實際結果與前瞻性聲明中所作、所預測或所暗示的結果大不相同。請查看「風險因素」和「前瞻性聲明」以討論與這些聲明相關的不確定性、風險和假設。
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前瞻性聲明
本季度報告中包含根據1933年修正的證券法第27A條和1934年修正的證券交易法第21E條（「交易法」）進行的前瞻性陳述。 這些陳述涉及到我們的市場和行業、產品和策略、出口管制變化的影響、我們收購的預期收益，包括Cloud Light，以及與NeoPhotonics的持續整合，宏觀經濟狀況，包括供應鏈狀況和客戶庫存管理，COVID-19大流行的影響，銀行和金融服務市場的不穩定和不確定性，以及對我們的業務和經營成果、銷售額、毛利潤、營業費用、資本支出和需求、流動性、產品開發和研發工作、製造計劃、訴訟、有效稅率和稅金準備金、我們的公司和財務報告結構、增長和創新計劃、關於美中關係的期望，市場和監管條件，業務和財務成果中的趨勢和不確定性，通常通過使用諸如「預計」、「相信」、「能夠」、「繼續」、「可能」、「估計」、「期望」、「打算」、「可能」、「計劃」、「項目」、「尋求」、「應當」、「目標」、「將」、「將」、「考慮到」、「信任」、「預測」、「潛在」等詞語或旨在識別前瞻性聲明的變體來標識。 這些陳述基於我們管理層的信仰和假設，其又基於目前管理層當前可用的信息。 這樣的前瞻性聲明受到可能導致實際結果和某些事件的時間安排與此類前瞻性聲明未來結果實質性不同的風險、不確定性和其他重要因素的影響。 可能導致或有助於此類差異的因素包括但不限於本季度報告的部分II，第1A項目中所述的「風險因素」中討論的那些因素。 此外，這些前瞻性聲明僅適用於本報告的日期。 除非法律另有要求，否則我們不承擔更新任何前瞻性聲明以反映這些聲明日期之後事件或情況的義務。
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概述
我們是行業領先的光學和光子產品提供商，以營業收入和市場份額定義，對雲計算、人工智能和機器學習（「AI/ML」）、電信、消費和工業終端市場應用至關重要。
我們有兩個營運部門，雲計算和網絡以及工業科技。這兩個營運部門的確定主要基於首席營運決策者（「CODM」）對我們運營的看法和評估。經營業績定期由CODM審核，以決定分配給各個部門的資源，並評估其業績。其他因素，包括市場分割和客戶特定應用、營銷渠道、產品和半導體制造業的考量，都被視爲確定這些營運部門的形成。
我們相信Lumentum參與的全球市場基本上具有穩固的長期趨勢，這將增加對我們光子產品和技術的需求。我們認爲世界正越來越依賴通過光網絡和數據中心傳輸的日益增長的數據量。Lumentum的產品和技術使這些光網絡和數據中心能夠擴展到更高的容量。人工智能/機器學習的出現導致雲數據中心數據網絡需求急劇增長，並加速了對光元件和模塊的使用。我們預計，加速向數字化和虛擬方法轉變的工作和生活的許多方面將持續發展。虛擬會議、視頻通話以及工作和生活其他方面的混合實體和虛擬環境將繼續推動對帶寬增長的強烈需求，並提出我們的技術所應對的動態新挑戰。隨着製造商對更高精度、新材料以及工廠和能源效率的需求提高，全球製造工具供應商正在轉向基於激光的方法，包括Lumentum提供的激光類型。用於安防、工業和汽車應用的基於激光的3D傳感和激光雷達市場正在迅速發展。該技術使計算機視覺應用得以增強安全性、安全性和人們每天依賴的電子設備中的新功能。隨着時間推移，汽車和交付車輛中LiDAR和車載3D傳感的使用將顯著增加我們的長期市場機會。此外，我們預計3D啓用的機器視覺解決方案將在未來幾年在工業應用中大幅擴展。
爲了維持並增長我們在市場和技術領導地位，我們持續投資於新的、差異化的產品和技術以及客戶計劃，既能滿足近期和長期增長機會，又能通過收購實現增長，同時不斷改進和優化我們的運營。多年來，我們與市場領先客戶建立了密切關係。我們希望利用我們的核心光學和光子技術以及我們的成交量製造能力，拓展到能夠受益於光學或基於光子技術解決方案優勢的有吸引力的新興市場。
雲計算與網絡
我們的雲計算和網絡產品包括全面的光學和光子芯片、元件、模塊和子系統組件，供應給雲數據中心運營商、AI/ML基礎設施提供商和網絡設備製造商等客戶，這些客戶正在構建雲數據中心和網絡基礎設施。我們的產品能夠在雲計算、AI/ML和DCI應用、通信服務提供商網絡等領域實現高容量的光纖鏈接，包括用於接入（本地）、城域（市內）長距離傳輸（城市間和全球範圍）以及子海底光纖網絡基礎設施的產品。我們的雲計算和網絡產品還支持網絡設備製造商構建企業網絡基礎設施，包括SAN、LAN和WAN。我們的雲計算和網絡產品需求受到網絡容量不斷增長的驅動，這些容量是雲計算和服務，包括AI/ML、流媒體視頻和視頻會議、無線和移動服務以及物聯網所需的。
工業科技
我們的工業技術產品包括開空脈衝固態激光器、千瓦級光纖激光器、二極管激光器和燃料幣激光器，應用於衆多終端市場。在消費者終端市場，我們的激光光源集成在客戶的3D感應相機中，用於移動設備、支付亭和其他消費電子設備，實現生物識別、計算攝影和虛擬現實等應用。在汽車終端市場，我們的激光器用於客戶的激光雷達和其他光學傳感器設備，這些設備越來越多地應用於愛文思控股的高級駕駛輔助系統（「ADAS」）和車內司機及乘員監控系統。在工業製造終端市場，我們的激光器被應用於客戶的用於精密加工材料的製造機牀，涉及半導體元件和微電子製造、電動車和電池生產、金屬切割和焊接以及愛文思控股的先進製造等多個行業。我們的產品也可以用於工業終端市場中的成像和傳感系統，用於過程反饋與控制、質量保證和廢料處理。
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減少。在工業端市場中採用我們的產品是由客戶推動的，以推進半導體和微電子行業的發展路線圖，並受到行業4.0/5.0趨勢的影響，包括提高製造精度和靈活性、減少浪費和環保影響。我們產品在工業端市場的需求是由最終客戶對製造能力的投資推動的。我們的激光器還應用於某些半導體檢測和生命科學應用。
雲輕收購
2023 年 11 月 7 日（「Cloud Light 截止日期」），我們完成了對 Cloud Light 的收購。Cloud Light 爲數據中心互連應用設計、銷售和製造先進的光學模塊。此次收購使我們能夠充分滿足雲和網絡客戶不斷增長的需求，尤其是那些專注於優化數據中心基礎設施以滿足人工智能/機器學習需求的客戶。 在Cloud Light截止日期，我們向Cloud Light支付了總額7.05億美元的現金對價。此外，Cloud Light的每股未償還期權都被兌換成現金和期權的組合，以收購具有等值價值的Lumentum普通股（「替代期權」）。這些置換期權的總公允價值爲 of 截至Cloud Light截止日期爲3,890萬美元，其中歸因於收購前服務的2350萬美元記作收購價格對價的一部分，其餘1,540萬美元記作自Cloud Light截止日起三年的歸屬期內的收購後股票薪酬支出。我們產生了 總 在960萬美元的收購相關成本中， 代表專業和其他直接收購成本，在截至2024年6月29日的年度合併運營報表中記錄爲一般和管理費用。 請參閱 “註釋 4。簡明合併財務報表附註中的 「業務合併」。
我們定期評估戰略機會，並在適當時可能收購與我們產品互補的其他業務、產品或技術，或擴大我們產品的市場。我們相信，通過擴大我們的可尋址市場、客戶基礎和專業知識，豐富我們的產品組合，並通過收購和有機增長措施鞏固我們的核心業務，我們加強了業務模式。
供應鏈和庫存管理
全球物流和供應鏈問題在COVID-19大流行期間對我們和我們客戶的業務造成了消極影響，包括可用貨運能力的限制，以及曾經廣泛可得的原材料和成品元件供應的有限性。COVID-19也在半導體元件供應鏈中創造了動態，導致我們和我們客戶需要的產品所需元件類型短缺。儘管供應鏈約束在2023財年下半年開始有所改善，但我們在2024財年仍感受到了其持續影響，如下所述；如果這些約束或影響繼續發生，可能會影響我們向客戶提供產品的能力，降低我們的營業收入和利潤率。此外，如果我們的客戶無法獲得所需的半導體元件，他們對我們產品的需求將減少。由於全球供應鏈約束，我們不得不承擔額外的供應和採購成本，以提高我們滿足客戶需求的能力。
此外，針對零部件短缺的情況，我們部分客戶開始減少庫存，因爲供應條件改善。因此，最近一段時間客戶訂單量下降，某些客戶由於庫存管理的原因未按照我們最初預計的交貨。 隨着客戶減少庫存，我們的營業收入下降，利潤率受到影響，因爲我們無法完全收回成本，比如未利用的製造業-半導體產能。然而，在2025財年第一季度，我們最近已經看到網絡設備製造商庫存逐漸正常化的跡象。
有關供應鏈限制和客戶庫存管理相關風險的更多信息，請參閱本報告第二部分第1A項標題爲「風險因素」的章節。
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關鍵會計政策和估計
我們的簡明和綜合財務報表是根據美國通用會計準則（「GAAP」）制定的，這些原則在美國財務會計準則委員會的會計準則編碼（「ASC」）中規定。我們還考慮美國證券交易委員會（「SEC」）發佈的各種員工會計公告和其他適用指導。按照ASC規定的GAAP要求我們進行一定的估計、判斷和假設。我們認爲我們依賴的估計、判斷和假設是合理的，基於我們在做出這些估計、判斷和假設時可獲得的信息。這些估計、判斷和假設可能影響財務報表日期的資產和負債的報告金額，以及所呈現期間的收入和費用的報告金額。如果這些估計、判斷或假設與實際結果存在差異，我們的財務報表將受到影響。反映我們更重要的估計、判斷和假設的會計政策，我們認爲這些政策對於充分了解和評估我們報告的財務結果是最關鍵的，包括以下內容：
•庫存估值。
•收入確認
•所得稅
•商業組合
•商譽和無形資產-減值評估
關於財務狀況和經營業績的管理討論和分析包含在結束於我們財政年度的年度報告表10-K的第II部分，第7條款中 2024年6月29日提供了我們關鍵會計政策和估計的完整討論。在2024年9月28日結束的三個月內，這些政策沒有發生變化。
最近發佈的會計聲明
請參考基本報表附註中的「注2.最近發佈的會計準則」
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經營結果
所呈現期間的經營業績並不一定代表未來期間預期的業績。以下表格總結了選定的未經審計的簡明綜合經營報表項目佔淨營業收入的百分比：
截至三個月的數據
2024年9月28日2023年9月30日
分部淨營業收入:
雲計算與網絡83.8 %72.3 %
工業科技16.2 27.7 %
淨收入100.0 100.0 
銷售成本70.2 70.2 
獲得發展無形資產的攤銷 6.7 5.7 
Gross profit23.1 24.1 
營業費用：
研發22.1 23.1 
銷售、一般和管理費用22.6 23.0 
重組及相關費用2.9 3.5 
總營業費用47.6 49.6 
營運虧損(24.5)(25.4)
利息支出(1.6)(3.0)
其他收入，淨2.6 6.7 
稅前損失(23.5)(21.8)
所得稅準備金（效益）0.9 (0.4)
淨虧損(24.5)%(21.4)%
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2024年9月28日結束的三個月的財務數據
以下表格總結了所呈報期間選定的未經審計的簡明綜合經營報表項目(單位：百萬，百分比除外):
截至三個月的數據
2024年9月28日2023年9月30日Change百分比變化
分部淨營業收入:
雲計算與網絡$282.3 229.7 $52.6 22.9 %
工業科技54.6 87.9 (33.3)(37.9)%
淨收入$336.9 $317.6 $19.3 6.1 %
Gross profit$77.9 $76.7 $1.2 1.6 %
Gross margin23.1 %24.1 %
研發$74.3 $73.5 $0.8 1.1 %
營業收入的百分比22.1 %23.1 %
銷售、一般和管理費用$76.3 $73.0 $3.3 4.5 %
營業收入的百分比22.6 %23.0 %
重組及相關費用 $9.7 $11.0 $(1.3)(11.8)%
淨營業收入的百分比2.9 %3.5 %
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淨收入
截至2024年9月28日的三個月，淨營業收入比2023年9月30日的三個月增加了1930萬美元，增長了6.1%，主要受5260萬美元雲計算和網絡營業收入增加的推動，部分抵消了工業技術營業收入減少了3330萬美元。雲計算和網絡淨營業收入的增加主要是由於來自雲計算和人工智能/機器學習客戶的收入增加了7100萬美元，其中包括我們在2024財年第二季度收購的Cloud Light的收入。部分抵消的是由於美國的貿易限制導致向中國特定客戶的發貨減少。工業技術淨營業收入的減少主要是由於消費端市場競爭加劇，全球宏觀經濟因素年度下降，以及客戶繼續減少其在COVID-19大流行期間爲了供應安全而購買的高水平庫存。
截至2024年9月28日的三個月內，有兩家客戶分別佔我們總營業收入的15%和12%。截至2023年9月30日的三個月內，有三家客戶分別佔我們總淨營業收入的15％、13%和10%。沒有其他客戶佔我們總淨營業收入的10%或更多。
地域板塊營業收入
我們在三個地理區域進行業務運營: 美洲、亞太和歐洲、中東、非洲(EMEA)。淨營業收入歸屬於產品最初運輸到的地理區域和國家。例如，某些客戶可能請求將我們的產品運送到一家合同製造商的國家，這可能與最終用戶的所在地不同。
以下表格顯示了我們在三個地理區域經營的淨營業收入，以及通常佔我們總淨營業收入的10%或更多的國家的淨營業收入 (以百萬爲單位，除了百分比數據):
 三個月已結束
 2024年9月28日2023 年 9 月 30 日
金額佔總數的百分比金額佔總數的百分比
淨收入：
美洲：
美國
$65.4 19.4 %$41.1 12.9 %
墨西哥
33.9 10.0 23.7 7.5 
其他美洲
2.9 0.9 1.2 0.4 
美洲合計
$102.2 30.3 %$66.0 20.8 %
亞太地區：
香港
$88.7 26.4 %$64.9 20.4 %
大韓民國
8.8 2.6 25.0 7.9 
日本16.9 5.0 25.4 8.0 
泰國52.5 15.6 64.2 20.2 
其他亞太地區
37.2 11.0 39.5 12.4 
亞太地區道達爾
$204.1 60.6 %$219.0 68.9 %
EMEA$30.6 9.1 %$32.6 10.3 %
淨收入總額$336.9 100.0 %$317.6 100.0 %
截至2024年9月28日和2023年9月30日的三個月內，來自美國以外客戶的淨營業收入（基於客戶的發貨地點）分別佔淨營業收入的80.6%和87.1%。
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我們的淨營業收入主要以美元計價，包括上文提到的來自美國以外客戶的淨營業收入。我們預計來自美國以外客戶的收入將繼續成爲我們整體淨營業收入的重要組成部分，併成爲淨營業收入增長機會的增長重點。然而，美國及其他政府機構的監管和執法行動，以及稅收、貿易政策和關稅的變化，已經影響了或可能會繼續影響來自美國以外客戶的淨營業收入。
毛利率
2024年9月28日結束的三個月的毛利率從2023年9月30日結束的三個月的24.1%下降至23.1%。這1%的下降主要是由於產品組合利潤較低，影響毛利率2%，主要是由於受到人工智能和雲驅動的激光芯片和模塊銷量增加，這兩者的平均毛利率低於我們其他產品。這在很大程度上被營業收入的增加所抵消。毛利率受到約4%的負面影響，因爲由於生產水平較低，客戶繼續努力減少庫存水平但降低了工廠利用率，此外，由於Cloud Light收購，無形資產攤銷額增加了440萬美元。這部分被超額和過時庫存費用減少840萬美元和超額收購後整合和製造業整合等費用減少約550萬美元所部分抵消。
我們銷售產品的市場正在經歷產品、架構和業務模式轉變，客戶集中度高，競爭激烈，價格敏感，並且受到客戶季節性和購買模式變化的影響。我們預計這些因素將導致毛利率的波動，而且我們的毛利率可能受到這些因素造成的下行壓力的影響。
分部利潤（虧損）
以下表格總結了每個經營部門在所示期間的分段利潤（損失） 截至5月31日的六個月
三個月已結束
2024年9月28日2023 年 9 月 30 日
雲和網絡$36.5 23.9 
工業科技2.2 15.3 
雲和網絡部門的利潤在2024年9月28日結束的三個月內增加了1260萬美元，增長了52.7%，與2023年9月30日結束的三個月相比，主要是由於人工智能和雲需求推動的激光芯片和模塊銷量增加，部分抵消了來自電信產品銷量的下降。工業技術部門的利潤在2024年9月28日結束的三個月內減少了1310萬美元，下降了85.6%，與2023年9月30日結束的三個月相比，主要是由於收入減少，包括成像和傳感產品的銷量下降。
研究與開發（「研發」）
研發費用在2024年9月28日結束的三個月內增加了80萬美元，或1.1％，與2023年9月30日結束的三個月相比。這主要是由於研發目的的軟件和計算機用品支出增加了290萬美元，以及因NeoPhotonics收購的暫時凍結的研究和開發無形資產而產生的190萬美元的費用。後來，我們決定不再進行的項目。這些增加部分地被與重組行動導致的較低的與薪資相關的費用相抵消。
我們相信繼續投資研發對於實現我們的戰略目標至關重要。我們計劃繼續投資於研發和我們認爲將進一步在市場上區分我們的新產品。
銷售、總務和行政（"SG&A"）
SG&A費用在2024年9月28日結束的三個月內增長了330萬美元，或4.5％，與2023年9月30日結束的三個月相比。增長的原因是與Cloud Light收購相關的無形資產攤銷額增加了810萬美元，主要受最近的重組行動減少的與薪資相關的支出和300萬美元較低的外部顧問費用的影響，這是由於之前幾期的業務和系統整合工作已經完成。
我們不時會發生一些不屬於日常運營範圍的費用，如與併購有關的訴訟費用，這些費用通常會增加我們的銷售和行政支出，可能會影響我們的盈利預期
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任何特定時期。
重組和相關費用
我們已經啓動了各種戰略重組活動，主要旨在降低成本， consolide我們的業務， rationalize我們產品的製造， 並根據市場條件做出調整， 以及最近的收購結果。
在2024年9月28日結束的三個月內，我們記錄了重組及相關費用達970萬美元，其中包括600萬美元的資產沖銷，主要是由於整合工作以 consoli我們的網站，300萬美元與停止我們內部開發的連續DSP和RFIC有關，其餘的重組費用是由於 company-wide的成本削減舉措。
截至2023年9月30日的三個月內，我們記錄了重組及相關費用， $1100萬 在我們的經縮合並報表中，這主要是由於公司範圍內的成本削減舉措，以及我們因與NeoPhotonics合併而進行的整合工作。
利息費用
截至2024年9月28日和2023年9月30日的三個月，我們分別錄得550萬美元和970萬美元的利息費用。利息費用主要受到可轉換票據貼現和發行成本的攤銷的影響。截至2024年9月28日的三個月，利息費用的減少主要是由於我們於2024年3月到期的2024票據（如下所定義）的償還。
其他收入，淨額
其他收益的組成如下（單位：百萬):
截至三個月的數據
2024年9月28日2023年9月30日
匯率期貨和其他收益（損失），淨額$(0.7)$(0.5)
利息和投資收益，淨額9.4 21.7 
其他收入淨額$8.7 $21.2 
其他收入，在截至2024年9月28日的三個月內減少了 1250萬美元 與2023年9月30日結束的三個月相比，主要是由於短期投資餘額較低，我們使用現金購買Cloud Light以及在2024年3月還款2024年票據。
所得稅費用（收益）
下表總結了所列期間的所得稅準備（利益）。單位：百萬):
截至三個月的數據
2024年9月28日2023年9月30日
所得稅準備金（效益）$3.2 $(1.4)
我們記錄了2024年9月28日和2023年9月30日結束的三個月的320萬美元的稅項準備和140萬美元的稅收益。我們2024年9月28日結束的三個月的稅項準備主要與涉及對不確定稅項利息的稅費以及來自貨幣重新計量的稅收益有關。 我們2023年9月30日結束的三個月的稅項準備包括180萬美元的單獨稅收益，主要與往年不確定稅項變化的稅收益有關，部分抵消了與季度內股票補償不足以及外國回報產生的稅額與計提之間的差異相關的稅費。

2024年9月28日結束的三個月內，我們估計的有效稅率與21%的美國法定稅率有所不同，主要是因爲來自外國稅率差異、不可抵扣的股票補償、不確定的稅務爭議和當年減值準備變動所產生的所得稅費用，部分抵消了來自各種所得稅抵免的所得稅收益。

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我們定期評估我們按季度基礎實現遞延稅資產的能力，如果有更大可能性認爲某部分遞延稅資產無法實現，我們將建立估值準備金。截至2024年9月28日，我們對美國聯邦和州以及某些外國遞延稅資產保持全額估值準備金。我們將繼續評估對餘下遞延稅資產設立估值準備金的必要性，並且未來可能會顯著增加或減少我們的估值準備金。
我們的所得稅準備金可能會受到收入地理分佈變化、收購、遞延稅款資產實現性變化、未定稅務立場變化、所得稅稽覈結果、與稅務機關的和解、法定訴訟時效屆滿、稅務策劃策略的實施、稅務裁定、法院判決以及稅法和法規變化的影響。同時，也有可能出現重要的負面或正面證據，導致我們改變對是否需要對部分遞延稅款資產設定減值準備的結論，從而影響這種變化期間的所得稅準備金。
我們還評估我們開展業務的國際司法管轄區的法規和要求的變化。有關更多信息，請參閱第II部分項目1A「風險因素」。
財務狀況
流動性和資本資源
截至2024年9月28日和2024年6月29日，我們的現金及現金等價物爲 $48920萬 和$43670萬，分別爲止。截至2024年9月28日和2024年6月29日，我們的短期投資爲 $42690萬 和$45030萬，分別全部持有在美國。現金等價物和短期投資主要由貨幣市場基金、國債、機構債、高質量投資級固收證券、存款證和商業票據組成。我們的投資政策和策略提供了投資的多元化，重點是保護資本和支持我們的流動性需求。
連同2024年9月28日和2024年6月29日非美國實體持有的現金總額爲 39480萬美元和3.069億美元 分別主要由註冊於英國、英屬維爾京群島、日本、香港、中國、瑞士、開曼群島、泰國和巴西的實體持有。儘管目前在美國持有現金以及未來運營在美國產生的現金預計可以滿足我們的正常運營需求，但可能需要大量額外現金用於其他目的，例如支持我們的業務和增長的資本支出，包括增加內部製造能力相關成本、戰略交易和夥伴關係及未來收購的成本。壓力位在於美國持有現金，以及未來運營在美國產生的現金預計可以滿足我們的正常運營需求，但可能需要大量額外現金用於其他目的，例如支持我們的業務和增長的資本支出，包括增加內部半導體制造業能力的相關成本、戰略交易和夥伴關係及未來收購的成本。
我們的意圖是無限期重新投資於美國以外的所有基金類型。除了在開曼群島、英屬維京群島和香港持有的基金外，以及中國和日本的某些子公司，根據目前的計劃，我們並沒有顯示出有必要將它們匯回用於資助我們的國內業務。然而，如果在未來，我們在國內或特定地點遇到重大流動性需求，無法通過借款、股權發行或其他內部或外部來源滿足，或者從稅收角度來看將資金匯回的成本不重要，我們可能會判斷現金歸回是必要或可取的。資金歸回可能導致額外的重要稅收。這些因素可能導致我們的綜合稅率高於其他公司，或高於過去的稅率。此外，如果有必要，我們可能通過債務或股權來源尋求額外融資。在發行額外股份的情況下，可能會對現有股東造成稀釋。然而，這樣的融資可能不會以對我們有利的條件獲得，或根本可能不可用。
流動性和資本資源要求
我們相信截至2024年9月28日的現金及現金等價物以及來自經營活動的現金流量將足以滿足至少未來12個月的流動性和資本支出需求。
有許多因素可能會對我們的流動性狀況產生積極或消極影響，包括:
•全球貨幣條件影響我們產品和服務的需求，並影響我們供應商和客戶的財務穩定性，包括銀行和金融服務行業不確定性的影響。
•由於法規、關稅或其他貿易壁壘的變化，以及一般貿易關係的波動，導致我們產品需求的波動；
•應收賬款、庫存或其他經營資產和負債的變化，會影響我們的營運資本；
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•增加資本支出以支持我們的業務和增長，包括增加製造業-半導體產能；
•客戶傾向推遲付款或談判有利的付款條件來管理他們自己的流動性狀況;
•向我們的供應商支付的時間安排；
•固收和信貸市場的波動影響我們投資組合的流動性和估值；
•信用成本和可獲得性可能會影響我們、我們的客戶或與我們有業務往來的其他人的可融資性。
•匯率期貨市場的波動影響了我們的財務業績;
•可能的投資或收購互補業務、產品或技術，或其他戰略交易或合作伙伴關係；
•發行債務或股本證券，或其他融資交易，包括銀行債務;
•潛在的養老金責任資金的注入，可以是自願的，也可以是法律或監管要求的。
•收購或戰略交易，尤其是我們最近完成的Cloud Light收購；
•任何可轉換或贖回我們可轉換票據的現金結算；和
•普通股回購計劃下的常規股票回購。
合同義務
下表彙總了我們截至2024年9月28日的合同義務以及這些義務預計將對我們的流動性和現金流產生的影響（以百萬計):
到期支付
合計少於1年超過1年
合同義務
資產養老責任$7.0 $— $7.0 
經營租賃負債，包括假設利息 (1)
45.1 13.5 31.6 
養老金計劃繳款 (2)
1.6 1.6 — 
購買承諾(3)
589.2 542.9 46.3 
定期貸款-本金 (5)
76.1 10.8 65.3 
定期貸款-利息 (5)
2.2 0.6 1.6 
可轉換票據-本金 (4)
2,514.7 — 2,514.7 
可轉換票據-利息 (4)
80.1 18.7 61.4 
合計$3,316.0 $588.1 $2,727.9 
(1) 經營租賃負債金額 不包括任何次級租金收入金額，也不包括短期租賃支付或變量租金支付。截至2024年9月28日，我們預計將獲得約$2.9百萬美元的次級租金收入。約$2.9百萬美元在次級租賃期間
(2) 養老金計劃繳款金額表示計劃對我們的定義利益計劃的繳款。儘管未來需要額外的繳款，但這些繳款的金額和時間將受到精算假設、計劃資產的實際回報率、市場利率水平、立法變化以及計劃自願繳款金額的影響。任何未來財政年度及以後的繳款將取決於將來計劃資產的價值，因此是不確定的。因此，我們在上表中沒有包括超過一年的金額。
(3) 購買義務代表着法律上的承諾，用於購買庫存和其他在正常業務運作過程中爲滿足操作需求所做的承諾。請參閱《注14. 承諾和事項》中的基本報表附註。
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(4) 可轉換票據的金額包括我們的0.50%到期於2026年的可轉換高級票據（「2026年票據」）的本金和利息，我們的0.50%到期於2028年的可轉換高級票據（「2028年票據」）的本金和利息，以及我們的1.50%到期於2029年的可轉換高級票據（「2029年票據」）的本金和利息。2026年票據的到期日爲2026年12月15日，2028年票據的到期日爲2028年6月15日，2029年票據的到期日爲2029年12月15日。我們可轉換票據的本金餘額根據各自的合同到期日反映在上表中的付款期間中，假設沒有轉換。 在2024年3月15日，也就是2024年票據的到期日，我們全額償還了2024年票據的未償本金。 3.231億美元 2024年票據的本金金額全額償還。 參閱“注9 債務”在基本報表中的附註中。
(5) 與定期貸款相關的金額包括我們與固定年利率爲0.88%的三井住友銀行（SMBC）定期貸款的本金和利息，以及利率爲0.90%的瑞穗銀行有限公司（Mizuho）定期貸款。SMBC定期貸款要求每月償還本金，剩餘本金在2029年7月31日歸還，而瑞穗定期貸款要求每季度償還本金，最後還款日期爲2029年9月20日。
我們沒有任何根據SEC制定的規則定義而產生或有可能對我們的流動性或資本資源產生重大影響的任何離岸資產負債安排。
負債
截至2024年9月28日，我們2029年到期的票據淨承載金額爲 票據 5.996億美元 （2029年到期的本金餘額爲 60370萬美元 ），列示在非流動負債中。 如果我們股票的收盤價格在未來任何季度的最後30個交易日中有20個超過90.40美元（或69.54美元的換股價的130%），則2029年票據將在隨後的財務季度持有人選擇時可轉換，債務將在我們的合併資產負債表中重新分類爲流動負債。
截至2024年9月28日，我們的2028年票據的淨賬面金額 8.569 億美元 （本金總額爲 8.61 億美元 2028年到期的未償債務）在我們的簡明合併資產負債表中以非流動負債列報。 如果我們股票的收盤價超過170.34美元（或130％） 轉換價格爲 131.03 美元） 在未來任何一個財政季度的最後30個交易日中，有20個交易日中，我們的2028年票據將在下一個財季由持有人選擇進行兌換，債務將在我們的簡明合併資產負債表中重新歸類爲流動負債。
截至2024年9月28日，我們2026年債券的淨賬面價值爲 10.47億美元 （總額爲105000萬美元，2026年到期）列示爲非流動負債在我們的壓縮綜合資產負債表中。如果我們的股價收盤超過129.08美元（或99.29美元的轉換價格的130%） 在未來任何財政季度的最後30個交易日中有20個的情況下，我們的2026年債券將在隨後的財政季度內由持有人選擇轉換， 並且債務將被重新分類爲我們的壓縮綜合資產負債表中的流動負債。
2024年3月15日，我們的0.25%可轉換資本優先票據到期。我們在到期日全額償還了剩餘的本金323.1百萬美元。
截至2024年9月28日，公司在三井住友銀行貸款上的本金金額爲4450萬美元，其中450萬美元的短期部分記錄爲流動負債，而4000萬美元的長期部分記錄爲公司的簡明合併資產負債表中的長期債務。
截至2024年9月28日，公司在我們的瑞穗貸款中有3160萬美元的本金未償還，其中630萬美元的短期部分記錄爲流動負債，而2530萬美元的長期部分記錄爲公司的簡明合併資產負債表中的長期債務。
股票回購計劃
我們擁有Incom Co., LTD中的X％股份。由於我們擁有Incom Co.，LTD的控制權，我們已將其納入了我們未經審計的簡明合併財務報表中。 該公司未擁有的Incom Co.，LTD的股權被視爲非控制權益進行覈算。 我們將我們在一體化實體中不擁有的任何權益部分呈現爲非控股權益，並將其利益歸類爲資產負債表中總股東權益的組成部分，與總股東權益分開。 我們將歸屬於非控制權益的淨（損）收入計入我們的簡明合併損益表中的淨虧損。 股票回購計劃授權我們在2025年5月之前利用總額爲12億美元的資金購買我們自家的普通股。 在2024年6月30日結束的三個和六個月期間內 以下附加的財務數據彙總顯示了截至2024年9月28日和2023年9月30日的三個月的合併運營結果。，我們沒有回購任何普通股。自董事會最初批准股票回購計劃以來，我們共回購了770萬股，平均價格爲每股81.66美元，總購買價格爲6.304億美元。我們將6.304億美元的總購買價格記錄爲我們簡明綜合資產負債表中保留收益的減少。所有回購的股票都立即註銷。截至2024年9月28日，我們共
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尚餘569.6百萬美元用於股票回購計劃。
未來回購的價格、時間、數量和方式將根據市場條件的估值和其他因素確定，價格將被確定爲有吸引力並符合公司和股東最佳利益。股票回購計劃可能隨時暫停或終止。
未確認稅務費用
截至2024年9月28日和2024年6月29日，我們的其他非流動負債包括未確認的稅收優惠，用於不確定的稅收問題爲9440萬美元和第二插入8300萬美元，分別。 我們無法可靠地估計未來支付與不確定的稅收問題相關的時間。未來支付與不確定的稅收問題相關的時間。
現金流量
我們的現金及現金等價物餘額從2024年6月29日的43670萬美元增加了5250萬美元，至2024年9月28日的48920萬美元。2024年9月28日結束的三個月內，現金及現金等價物的增加原因是來自於6000萬元的籌資活動現金和3960萬元的經營活動現金，抵消了4710萬元的投資活動使用現金。
經營性現金流
截至2024年9月28日的三個月內，經營活動產生的現金流量爲3960萬元，反映了淨損失8240萬元，抵消了非現金項目11210萬元以及經營資產和負債的變動990萬元。經營資產和負債的變動主要受到應付賬款增加3260萬元的影響，主要是由於庫存採購和資本支出增加，並且所得稅負債增加720萬元，主要是由於2024年9月28日結束的三個月的所得稅計提，抵消了預付款和其他主要與最近資本支出和存貨採購相關的流動資產和非流動資產增加1660萬元，以及應收增值稅主要是由較高的最近資本支出和存貨採購所帶來，以及應計費用和其他流動資產和非流動負債減少970萬元，主要是由於支付Oclaro合併訴訟的淨結算金額。
在2023年9月30日結束的三個月中，經營活動使用的現金爲230萬美元，反映出6790萬美元的淨虧損和8090萬美元的非現金項目，對我們經營資產和負債的變化進行了2430萬美元的抵消。經營資產和負債的變化主要由於庫存增加了1680萬美元，主要是由於支持我們的製造業轉型和低於預期的出貨量而進行的採購增加；應付賬款減少了2800萬美元，主要是由於從合同製造商處減少了採購和支付的線性關係；所得稅減少了1990萬美元，主要是由於在日本的年度所得稅支付，抵消了應收賬款減少了2610萬美元，主要是由於營業收入的下降。
投資現金流量
2024年9月28日結束的三個月內，投資活動使用現金$4710萬美元，主要用於資本支出$7410萬美元，同時抵消了來自短期投資銷售或到期的淨收入$26.8百萬美元以及來自物業和設備銷售的收入$20萬美元。
2023年9月30日結束的三個月中，投資活動提供的現金爲1780萬美元，主要歸因於短期投資的淨銷售額或到期收益7860萬美元，部分抵消了5780萬美元的資本支出以及用於無形資產收購的300萬美元付款。
融資現金流
2024年9月28日結束的三個月內，來自籌資活動的現金爲6000萬美元，其中7650萬美元來自SMBC和瑞穗貸款，90萬美元來自行使期權，抵消了與限制性股票淨份額結算相關的稅款支付1600萬美元，以及1.0萬美元的無形資產收購留存款支付和0.4萬美元的貸款本金償還。
2023年9月30日結束的三個月內，金融活動中使用的現金爲1290萬美元，歸因於與受限股票淨份額結算相關的稅款支出1290萬美元。
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事項3.有關市場風險的定量和定性披露
匯率期貨風險
我們主要在亞洲、歐洲和北美開展業務並向客戶銷售產品。由於美元與外幣之間的匯率變化影響，我們分別在所得稅彙總財務報表中記錄了0.7百萬美元的淨外匯損失和0.5百萬美元的損失。 利潤表簡明合併報表 以下附加的財務數據彙總顯示了截至2024年9月28日和2023年9月30日的三個月的合併運營結果。.
儘管我們主要以美元出售商品，但我們面臨着與支出和營運資金以美元以外的貨幣計價有關的外幣兌換風險，主要是人民幣、加幣、泰銖、日幣、英鎊、瑞士法郎、歐元和巴西雷亞爾。此外，在2025財年第一季度，我們簽署了以日元計價的定期貸款協議。匯率的波動取決於許多我們無法準確預測的因素。如果我們外幣計價的貨幣資產和負債、銷售額或支出增加，與美元相比，我們業務中的貨幣兌換率波動可能對我們的運營業績造成更大影響。
根據《證券交易法》第13a-15條修正案的規定，在我們的管理監督和參與下，包括我們的首席執行官（「CEO」）和首席財務官（「CFO」），我們評估了截至2024年6月30日我們的披露控制和措施（如《證券交易法》第13a-15（e）條和15d-15（e）條所定義的）的設計和運轉的有效性，歸納整理、彙總和報告我們在交易所提交的或文件報告中要求披露的信息，以在指定的時間段內累積並與我們的管理層，包括CEO和CFO，適當通信，以便及時做出有關所需披露的決定。
我們面臨與可轉換票據中嵌入的轉股期權相關的股價風險。
我們分別在2017年3月發行了2024年到期的債券，在2019年12月發行了2026年到期的債券，在2022年3月發行了2028年到期的債券，在2023年6月發行了2029年到期的債券。截至2024年9月28日，2029年到期的債券、2028年到期的債券和2026年到期的債券的總本金分別爲6.037億美元、8.61億美元和10.5億美元，利率分別爲1.50%、0.50%和0.50%。由於可轉換債券的利息按固定利率計算，我們不會受到市場利率變化帶來的財務報表風險的影響。然而，當我們的股價波動時，分配給我們可轉換債券持有人的股票潛在價值會有所變化。2029年到期的債券、2028年到期的債券和2026年到期的債券將分別在2029年12月15日 、2028年6月15日 和2026年12月15日到期，除非我們更早回購或根據條款轉換，轉換價格爲 ，2029年到期的債券每股約69.54美元，2028年到期的債券每股131.03美元 ，2026年到期的債券每股99.29美元。
利率波動風險
截至2024年9月28日，我們持有現金、現金等價物和短期投資。f 9.161億美元。。現金等價物和短期投資主要包括貨幣市場基金、國債、機構債券、高品質投資級固定收益證券、存款證書和商業票據。 我們的投資政策和策略側重於資本保值並支持我們的流動性要求。我們不進行用於交易或投機目的的投資。截至2024年9月28日，我們投資組合的加權平均壽命約爲 。 五個月.
我們的固定收入投資組合會受到利率期貨波動的影響，這可能會影響我們的營運成果。根據我們截至2024年9月28日的投資組合餘額，假設利率上升或下降1%（100個點子）將導致我們投資組合公允價值減少或增加約220萬美元，而假設利率上升或下降0.50%（50個點子）將導致我們投資組合公允價值減少或增加約110萬美元。
銀行流動性風險
截至2024年9月28日，我們持有約2.849億美元的現金（不包括現金等價物），這些現金存放在國內和國際金融機構的運營帳戶中。 若基礎金融機構破產或無法滿足存款人的流動性要求，並且所在國家的政府無法支持這些金融機構，這些現金餘額可能會丟失或變得無法訪問。儘管如此，迄今爲止我們沒有遭受任何損失，可以完全訪問我們的運營帳戶。我們認爲，國內和國際金融機構的任何破產可能會影響我們短期內資助運營的能力。如果我們持有任何由破產或流動性不足的機構發行的債務工具，我們的投資組合價值也可能會受到影響。如果我們的供應鏈中的任何供應商或客戶受到流動性事件的影響，我們從銷售中收集現金或獲取原材料的能力可能會受到未必影響。
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第四條 控制和程序
(a) 披露控制和程序的評估
我們的管理層負責建立和維護足夠的內部財務報告控制。經我們的首席執行官和致富金融(臨時代碼)參與，管理層評估了截至2024年9月28日的我們的信息披露控制和程序的有效性。根據《交易所法》第13a-15條和第15d-15條規定，「信息披露控制和程序」是指公司旨在確保公司在根據交易所法提交的報告中所要披露的信息在SEC的規則和表格規定的時間內記錄、處理、彙總和報告的控制和其他程序。信息披露控制和程序包括但不限於，旨在確保公司在根據交易所法提交的報告中所要披露的信息被積累並傳達給公司管理層，包括適當時向公司的首席執行官和信安金融披露所需信息，以便及時做出有關所需披露的決定的控制和程序。管理層認識到，無論控制和程序設計得多麼完善和操作得如何，都只能提供實現其目標的合理保證，管理層必須應用其判斷力來評估可能控制和程序的成本效益關係。根據2024年9月28日我們信息披露控制和程序的評估，我們的首席執行官和首席財務官得出結論，我們的信息披露控制和程序在合理保證水平上是有效的。
(b) 財務報告內部控制的變化
在2024年9月28日結束的季度內，在《交易所法案規則13a-15(d)》或《15d-15(d)》要求的評估中未發現我們財務報告內部控制方面的任何變化，這些變化對我們的財務報告內部控制產生了實質性影響，或者有可能對其產生實質性影響。
(c) 控制措施有效性的內在限制
我們的管理層，包括CEO和CFO，承認我們的披露控制和程序或我們的財務報告內部控制無法預防或檢測所有可能出現的錯誤和欺詐。一個控制系統，無論設計和運行多好，都只能提供合理的，而不是絕對的，保證控制系統的目標將被實現。控制系統的設計必須反映資源約束的事實，並且必須相對地權衡控制的好處與成本。
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第二部分-其他信息

第1項法律訴訟

我們經常評估會影響先前預計負債金額的法律事務發展，並根據情況記錄調整。儘管管理層目前認爲，解決針對我們的索賠，無論單獨還是合計，不會對我們的財務狀況、經營業績或現金流產生重大不利影響，但這些事項存在固有不確定性，管理層對這些事項的看法可能會在未來發生變化。如果我們遭遇不利的最終結果，可能會對我們的財務狀況、經營業績或現金流產生重大不利影響，影響能夠合理估計的期間內。有關我們重大待決訴訟的描述，請參閱本表格10-Q第I部分第1項中包含的簡明綜合財務報表的「附註14. 承諾和或有事項」。
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項目 1A 風險因素
投資我們的普通股涉及高度風險。在決定投資我們的普通股之前，您應仔細考慮下文描述的風險和不確定性，以及本季度10-Q表格中的所有其他信息，包括標題爲「管理層對財務狀況和經營業績的討論與分析」的部分，以及我們的合併財務報表和相關附註。我們的業務、財務狀況、經營業績或前景也可能受到目前我們尚不知曉或當前認爲不重大的風險和不確定性的影響。如果任何風險實際發生，我們的業務、財務狀況、經營業績和前景可能受到不利影響。在這種情況下，我們的普通股市場價格可能下跌，您可能會損失部分或全部投資。
風險因素簡述
我們的業務操作受許多風險、因素和不確定性影響，包括那些我們無法控制的，可能導致我們的實際結果受損，包括以下風險：
與我們業務有關的風險
•經濟和市場條件不利；
•我們對有限數量的供應商和客戶的依賴；
•我們的客戶或經銷商取消訂單，減少訂單或延遲交付時間表；
•銀行機構的失敗和其他金融機構的流動性問題；
•我們的積壓訂單可能並不準確反映我們未來營業收入的水平和時間；
•我們的毛利和營運利潤可能會隨着時間而變化；
•與供應鏈限制相關的挑戰;
•科技的變化和激烈的競爭;
•我們向重要客戶銷售的能力，以及美國和中國之間的關稅和其他貿易限制；
•一場大規模健康危機的影響;
•我們的國際業務運營結構;
•我們房地產資產組合的波動性和維護；
•我們及時獲取所需元件以製造我們的產品的能力；
•我們生產產品的能力；
•我們在與大客戶談判中的槓桿作用；
•我們產品中存在設計和製造缺陷或質量問題；
•法律變化以及行政規章的採納和解釋，包括美國和國際海關和出口規定；
•我們的戰略交易和實施策略，包括最近完成的Cloud Light收購;
•重組及相關費用;
•我們產品的支出水平、需求和客戶要求的變化；
•稅法變化；
•外幣匯率的波動；
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•我們未來的資本需求；
•我們科技及第三方提供商的實際或被視爲的安防-半導體或隱私泄漏事件，以及技術上的缺陷、錯誤或漏洞;
•我們經營結果的不可預測性;
•我們保護產品和專有權利的能力；
•與我們的知識產權以及他人的知識產權相關的因素；
•訴訟風險，包括知識產權訴訟；
•我們對授權的第三方科技的依賴；以及
•我們有能力維持有效的披露控制系統和財務報告內部控制。
與人力資本有關的風險。
•我們僱用和保留關鍵人員的能力；
•移民政策對我們僱傭和留住員工能力的影響；以及
•與就業有關的爭議和索賠
與法律、監管和合規相關的風險
•我們獲取政府授權出口產品的能力；
•社會和環保母基責任法規、政策和條文的變化，以及客戶和投資者的需求
與我們的普通股相關的風險
•我們普通股交易價格的波動性;
•我們能夠償還目前和未來的債務能力；
•與我們的可轉債相關的稀釋問題;
•我們的意向是在可預見的未來不支付分紅派息；
•特定的德拉華州法律規定以及我們的公司章程和章程可能會使合併、要約收購或代理角逐變得困難；和
•我們章程中的專屬論壇規定
由於我們有很少的運營歷史來評估我們的公司，因此必須考慮早期階段公司經常遇到的問題、支出、困難、複雜性和延遲等問題。
我們的經營業績可能會受不利的宏觀經濟和市場環境變化以及不確定的地緣政治環境的影響。
我們的業務和運營業績在很大程度上取決於一般市場和經濟狀況。當前全球宏觀經濟環境波動不定，並繼續受通貨膨脹以及動態需求環境的嚴重不利影響。此外，全球信貸市場的不穩定、通貨膨脹不確定性影響、銀行不穩固、資本支出減少、失業、股市波動、許多地區地緣政治環境的不穩定性（包括由於正在進行的俄烏戰爭、中東持續衝突以及中國與臺灣關係而引起的影響），目前中國面臨的經濟挑戰，包括中國經濟困難的全球經濟影響，以及其他干擾因素可能繼續對全球經濟狀況施加壓力。此外，全球經濟條件存在一定程度的不確定性。因此，很難估計全球經濟整體增長或收縮水平，更難以估計我們服務市場中各部分、部門和地區的增長或收縮。我們所有預測的各個方面都取決於我們服務市場增長或收縮的估計。
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全球經濟發生不利變化和不確定性已經影響了我們客戶所在行業，並導致了對某些客戶產品的需求、消費或使用率下降，進而導致我們產品需求減少、營業收入波動、產品的價格競爭增加以及過多和過期庫存風險增加，同時還有較高的營業收入作爲開銷的百分比。此外，一些客戶在供應鏈緊張時積累了大量庫存，現在隨着供應約束的緩解，開始減少庫存，有些客戶還延遲了計劃的發貨。這些訂單的損失或延遲損害了我們的營業收入和盈利能力，未來的損失或延遲可能進一步損害我們的運營業績。全球金融市場面臨的經濟挑戰可能通過影響我們客戶的清償能力、關鍵供應商的清償能力或客戶獲得信貸資金購買我們產品的能力，進一步消極影響我們的運營。此外，供應鏈中斷已經導致並可能繼續導致成本增加，並損害並可能繼續損害我們滿足客戶需求的能力，進而對我們的營業收入和盈利能力產生不利影響。如果全球經濟和市場條件，或者關鍵市場的經濟狀況仍然不確定或進一步惡化，我們的增長前景可能受到消極影響，我們可能會在業務、營運結果和財務狀況上經歷重大和不利影響。
我們依賴於有限數量的供應商提供原材料、包裝和元件，這些供應商未能按照我們的要求提供貨物或延遲交付可能會對我們的業務和運營結果產生不利影響。
我們從有限數量的供應商那裏購買原材料、包裝和元件，這些供應商通常規模較小且專業化。此外，我們的一些供應商是我們特定材料、設備和元件的唯一來源。我們依賴供應商及時、持續地提供給我們的材料、包裝和元件的質量。我們與其中許多供應商沒有簽訂長期協議。我們無法保證從這些供應商那裏獲得供應，因此不能確保我們能夠以足夠數量、質量和合理條件獲得所需的設備或元件。我們的業務和運營結果已經，並可能繼續受到這種依賴性的不利影響。在所有情況下尋找替代來源來減輕任何唯一供應商故障會對我們業務造成不利影響的風險是不可行的。如果我們失去任何一個這些或其他關鍵來源，或者行業範圍內對我們產品使用的原材料需求增加，或者原材料停產，我們可能很難找到替代供應商或原材料，這種情況下我們的運營可能會受到不利影響。我們還受到市場上某些原材料價格上漲或波動的風險，這些原材料被用於我們的最終產品或供應商用於製造我們的最終產品。這些原材料的供應有時會受到限制，或者一般市場因素和條件過去曾影響並可能在未來影響這些商品的定價（諸如通貨膨脹或供應鏈約束）。
我們定期與我們的唯一供應商或有限數量的供應商面臨的特定問題包括收到次品零部件或受到污染材料、供應中斷或延遲、資源不足以滿足我們的需求、替換更昂貴或 less reliable材料、供應價格上漲以及無法因應競爭壓力向供應商獲得降價的能力。此外，新冠疫情和相關供應鏈中斷以及勞動力市場限制增加了唯一供應商或有限數量供應商可能無法履行義務的風險。在獲取用於開展業務的材料或服務方面遇到困難，或需要支付額外費用或更高價格，這已經對我們的營業收入和運營結果產生了不利影響，而進一步面臨挑戰或決定尋找替代供應商來確保供應以滿足需求將增加我們的成本並降低我們的盈利能力。
我們的財務業績可能會受到產品需求變化的不利影響，這種變化可能受到經濟衰退、利率期貨上升、滯脹和其他經濟條件的影響。
我們產品的客戶需求可能會受到美國或其他國家的經濟條件疲軟、通貨膨脹、滯漲、經濟衰退或低增長環境、高利率、信貸市場收緊、股票市場波動或其他負面經濟因素的影響。例如，在這些條件或對此類條件的預期下，我們的客戶可能會取消訂單、推遲購買決定或減少對我們服務的使用。此外，這些經濟條件可能導致庫存水平上升，並且如果我們需要減緩生產以降低庫存水平，則有可能會產生代工廠商的過剩產能費用。此外，在經濟衰退或衰退威脅的情況下，我們的代工廠商、供應商和其他第三方合作伙伴可能面臨自己的財務和經濟挑戰，因此他們可能要求價格優惠、延遲付款或破產，這可能會影響我們滿足客戶需求、收入回籠或損害我們的業務。同樣，金融和/或信貸市場的中斷可能會影響我們管理與我們恒常商業關係的能力。
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代工廠商、客戶、供應商和債權人，可能導致我們無法在需要時繼續獲得優先流動性來源，而我們的借貸成本可能會增加。因此，如果當前經濟狀況繼續惡化或經歷持續的疲軟或較慢增長期，我們的業務和財務業績可能會受到重大不利影響。
我們向重要客戶銷售產品的能力受到限制。
2020年8月，美國商務部工業與安全局（「BIS」）發佈了最終規定，進一步限制了華爲技術有限公司及其部分關聯公司（統稱「華爲」）對國內外特定美國技術、軟件和設備的獲取。最終規定阻止我們向根據美國出口管理條例（「EAR」）確定的華爲實體出售特定產品，除非獲得BIS頒發的許可證。此外，即使有些產品不受該規定影響，或者我們可以獲得出口許可證，由於最終規定，華爲可能無法從其他供應商採購產品，這可能影響到華爲對我們產品的需求。我們依賴於我們獲取美國及其他國外監管機構的出口許可證或使用出口許可要求的例外。不能保證我們將獲得這些許可證，未能取得這些許可證可能限制我們向華爲銷售產品的能力，對我們的業務、財務狀況和運營結果產生負面影響。

根據2023年進行的內部審查，我們確定我們的產品可能會"受EAR管制"，因此如果華爲（及/或其列出的附屬公司）是交易的一方，則受到出口、再出口和轉移的限制。因此，我們在2024年日曆年初停止了向華爲的所有產品裝運，華爲是我們在中國歷史上最大的網絡客戶。

我們已就某些產品運輸情況向工業安全局進行自願披露，這是在最終規則頒佈後發生的。2024年8月，我們收到了工業安全局的行政傳票，要求我們提供與我們與華爲的業務有關的記錄。我們還收到了美國司法部（「DOJ」）發出的相關傳票，要求提供與我們與華爲業務相關的信息。我們已經並將繼續與工業安全局和司法部合作，回應傳票和進行持續審查。任何未能或被指稱未能遵守出口管制法律和政策都可能產生負面後果，包括巨額法律費用、政府調查、罰款、禁止出口特權以及被取消參與美國政府合同的資格，其中任何一項都可能對我們的運營、聲譽和財務狀況產生重大不利影響。
根據目前的監管機制，我們與華爲的業務受到比過去更嚴格的限制，現在完全受限。例如，我們目前無法提供任何產品，可能受限或無法與華爲合作開發未來產品，而華爲仍然在實體清單上，這對我們來自華爲的營業收入產生了負面影響，同時也對我們的財務狀況和運營結果產生了負面影響。華爲可能會尋求從我們的競爭對手那裏獲得類似或替代產品，這些產品不受這些限制，或者他們會自行開發類似或替代產品。
我們不能確定美國政府可能針對華爲或中國或其他國家的其他實體採取哪些額外行動，包括對實體名單限制、出口管制、關稅或其他貿易限制的進一步更改。我們無法預測2019年5月及此後實施的限制措施的持續時間和範圍。美國政府還在2020年5月將我們的其他客戶，如烽火科技集團，列入了實體名單，並可能繼續這樣做，或以其他方式限制我們的產品運輸，這可能會損害我們的業務、財務狀況和經營業績。美國商務部一直在將其他中國科技公司列入實體名單，包括與超級計算和人工智能相關的公司，進一步擴大了受到貿易和出口限制的公司範圍。任何進一步的貿易限制，阻礙我們出口或銷售產品和服務的能力，可能會對我們的業務、經營業績、財務狀況和現金流產生重大不利影響。
我們還爲華爲定製產品，並因此無法將某些成品庫存銷售給其他客戶，或者可能無法利用這些製造能力爲其他客戶生產產品。此外，我們向華爲出售了各種非定製產品，其中華爲佔該相關產品需求的重要部分。由於無法向華爲銷售，我們對變爲多餘的共同元件進行了計提。對於爲其他客戶定製的產品，如果這些客戶被列入實體清單或出現其他限制我們向這些客戶銷售的情況，還可能產生額外費用。我們認爲這種貿易和出口不確定性已經引起並可能在未來引起延遲或取消，可能對我們的業務、財務狀況和運營結果造成不利影響。
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通貨膨脹和增加的借貸成本可能會影響我們的現金流和盈利能力。
通貨膨脹持續時間較長可能會繼續對我們的業務、運營結果、財務狀況和流動性產生不利影響，通過提高我們的整體成本結構，特別是如果我們無法實現對客戶收費價格的相應增加。 通貨膨脹已導致並可能繼續導致利率期貨和資本成本上升、供應短缺、勞動力成本增加以及其他類似影響。 由於通貨膨脹，我們面臨着由於某些元件、供應品和原材料市場價格上漲而面臨的風險，這些材料被納入我們的產品中，或者由我們的製造合作伙伴或供應商用於製造我們的產品。 這些元件、供應品和大宗商品不時會受到限制，或一般市場因素和條件會影響這些元件、供應品和原材料的定價（如通貨膨脹或供應鏈限制），未來的限制或市場條件影響定價可能會對我們的業務和運營結果產生不利影響。 此外，更高的利率期貨和信貸市場收緊可能會影響我們的客戶和合作夥伴，影響他們購買產品或及時支付的能力可能會受到不利影響。
市場和經濟條件不穩定，以及與金融機構相關的不良發展和流動性風險可能對我們的業務和財務狀況產生嚴重負面影響。
銀行存款或借貸承諾的准入受到干擾可能會對我們的流動性、業務和財務狀況產生重大不利影響。即使我們繼續努力通過與高度流動、資本充足的交易對手合作來減少交易對手風險，但我們將資金存入的任何銀行的倒閉都可能會減少我們用於運營的現金金額或延遲我們獲取這些資金的能力。這類失敗可能會增加金融市場流動性持續惡化的可能性。如果我們持有由任何破產或流動性不足的機構發行的債券，我們的投資組合價值也可能受到影響。如果我們的任何供應商或客戶受到流動性事件影響，我們獲取供應鏈原材料和銷售現金回籠的能力也可能受到不必要的影響。
我們的積壓訂單可能不是我們未來收入水平和時間的準確指標。
我們的積壓訂單可能不是未來經營業績的可靠指標。隨着客戶購買模式的正常化，訂單增長放緩，以及供應鏈控件的改善，我們預計我們的積壓訂單將減少到一個大致與歷史水平相符的水平。此外，全球宏觀經濟因素導致客戶行爲發生變化，這減少了需求，可能會繼續減少對某些產品和服務的需求。如果我們無法有效回應和管理這些供應挑戰和行爲變化的影響，或者一般宏觀經濟條件或我們所處行業的條件惡化，我們的業務、經營業績、財務狀況和現金流可能會受到不利影響。
我們預計我們的毛利率、營運利潤率和部門利潤會隨時間變化。
我們的毛利率、營業利潤率和業務利潤預計會有所波動，並且可能受到多種因素的不利影響，包括但不限於：
•我們產品需求量的增加或減少；
•changes in product mix;
•increased price competition in one or more of the markets in which we compete;
•modifications to our pricing strategy to gain or retain footprint in markets or with customers;
•currency fluctuations that impact our costs or the cost of our products to our customers;
•inflation;
•increases in material, labor, manufacturing, logistics, warranty costs, or inventory carrying costs;
•issues with manufacturing or component availability;
•issues relating to the distribution of our products, quality or efficiencies;
•increased costs due to changes in component pricing or charges incurred due to the inaccurately forecasting product demand or underutilization of manufacturing capacity;
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•warranty related issues;
•factors beyond our control such as natural disasters, climate change, acts of war or terrorism, and public health emergencies;
•changing market, economic, and political conditions, including the impact of tariffs and other trade restrictions, regulatory restrictions on imports or exports or efforts to withdraw from or materially modify international trade agreement, or
•our introduction of new products and enhancements, or entry into new markets with different pricing and cost structures.
We have also seen, and may continue to see, our gross margins negatively impacted by increases in component costs, logistics costs, elevated inventory balances, and pricing pressure. Failure to sustain or improve our gross margins reduces our profitability and may materially and adversely affect our business, financial condition and results of operations.
Challenges relating to supply chain constraints, including semiconductor components, could adversely impact our business, results of operations and financial condition.
Due to increased demand across a range of industries, our business and customers’ businesses have experienced and could experience supply constraints due to both constrained manufacturing capacity, as well as component parts shortages. These supply constraints have adversely affected and could further affect availability, lead-times and cost of components, and could increase the likelihood of unexpected cancellations or delays of previously committed supply of key components. These challenges have resulted in extended lead-times to our customers and have had a negative impact on our ability to recognize associated revenue and have resulted in and may continue to result in an increase in accelerated ordering for certain of our products. As a result of accelerated ordering, our customers have had inventory backlog that they are now managing down, resulting in reduced ordering as compared to recent levels. Ordering patterns may be difficult to predict and we have experienced and may continue to experience negative impacts to our revenue and profitability as well as our ability to achieve our forecasts.
We continue to work with our suppliers to ensure that we are able to continue manufacturing and distributing our products, and in the quantities requested by our customers. Any disruption in the supply of the raw materials, packaging or components used in the manufacture and delivery of our products could have a material adverse impact on our business, financial condition and results of operations. Limits on manufacturing availability or capacity or delays in production or delivery of components or raw materials could delay or inhibit our ability to obtain supply of components and produce finished goods inventory, and there can be no assurance that the supply chain impacts will not reoccur in the future. These supply chain constraints and their related challenges could result in shortages, increased material costs or use of cash, engineering design changes, and delays in new product introductions, each of which could adversely impact our business, results of operations and financial condition.
If we do not anticipate technological shifts, market needs and opportunities, we may not be able to complete effectively and our ability to generate revenues will suffer.
If we are unable to anticipate future technological shifts, market needs, requirements or opportunities, or fail to develop and introduce new products, product enhancements, or business strategies to meet those requirements or opportunities in a timely manner or at all, it could cause us to lose customers, substantially decrease or delay market acceptance and sales of our products and services, and significantly harm our business, financial condition, and results of operations. In addition, if we invest in developing products for a market that does not develop, it could significantly harm our business, financial condition, and results of operations. Even if we are able to anticipate, develop, and commercially introduce new products, enhancements or business strategies, any such products, enhancements or business strategies may not achieve market acceptance.
Changing technology and intense competition require us to continuously innovate while controlling product costs, and our failure to do so may result in decreased revenues and profitability.
The markets in which we operate are dynamic and complex, and our success depends upon our ability to deliver both our current product offerings and new products and technologies on time and at acceptable prices to our customers. The markets for our products are characterized by rapid technological change, frequent new product introductions and enhancements, substantial capital investment, changes in customer requirements, continued price pressures and a constantly
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evolving industry. Historically, these pricing pressures have led to a continued decline of average selling prices across our business and we expect that these historical trends will continue. The development of new, technologically advanced products is a complex and uncertain process requiring high levels of innovation and the accurate prediction of technology and market trends. The introduction of new products also often requires significant investment to ramp up production capacity, the benefit of which may not be realized if we are not successful in the production of such products or if customer demand does not develop as expected. Ramping of production capacity also entails risks of delays which can limit our ability to realize the full benefit of new product introductions. We cannot assure you that we will be able to identify, develop, manufacture, market or support new or enhanced products successfully, if at all, or on a timely basis. We also cannot assure you that potential markets for our new products will materialize on the timelines we anticipate, or at all, or that our technology will meet our customers’ specifications. Our future performance will depend on the successful development, introduction, deployment and market acceptance of new and enhanced features and products that meet our customers’ current and future needs. Future demand for our products is uncertain and will primarily depend on continued technological development and the introduction of new or enhanced products. If this does not continue, sales of our products may decline which could adversely impact our business, results of operations and financial condition.
The market for optical communications products in particular has matured over time and these products have increasingly become subject to commoditization. Both legacy competitors as well as new entrants, predominantly Asia-based competitors, have intensified market competition in recent years leading to pricing pressure. To preserve our revenues and product margin structures, we remain reliant on an integrated customer and market approach that anticipates end customer needs as requirements evolve. We also must continue to develop more advanced, differentiated products that command a premium with customers, while conversely continuing to focus on streamlining product costs for established legacy products. If we fail to continue to develop enhanced or new products that enable us to increase revenues while maintaining consistent margins, or over time are unable to adjust our cost structure to continue to competitively price more mature products, our financial condition and results of operations could be materially and adversely affected.
We rely on a limited number of customers for a significant portion of our sales; and the majority of our customers do not have contractual purchase commitments.
We have consistently relied on a small number of customers for a significant portion of our sales, and in certain of our markets, such as imaging and sensing and commercial lasers, this customer concentration is particularly acute. We expect that this customer concentration will continue in the future, and we expect that our financial performance in certain business lines and growth prospects will continue to depend in part on a small number of customers. Many of our customers purchase products under purchase orders or under contracts that do not contain volume or long-term purchase commitments. Therefore, these customers may alter their purchasing behavior with little or no notice to us for various reasons, including developing, or, in the case of our distributors, their customers developing, their own product solutions; choosing to purchase or distribute product from our competitors; incorrectly forecasting end market demand for their products; or experiencing a reduction in their market share in the markets for which they purchase our products. Additionally, increased inventory at our customers has impacted our revenue, as our customers have decided to lower their inventory levels and these impacts are expected to continue in the near term and in future periods. As a result, it is difficult to forecast our revenues and to determine the appropriate levels of inventory required to meet future demand. For example, we have from time-to-time experienced excess and obsolete charges due to customer transitions to the next generation of products. We may also experience increased inventory levels and increased carrying costs and risk of excess or obsolete inventory due to unanticipated reductions in purchases by our customers. In addition, customers provide us with their expected forecasts for our products several months in advance, but these customers may decrease, cancel or delay purchase orders already in place, including on short notice, or may experience financial difficulty which affects their ability to pay for products, particularly in light of the global macroeconomic uncertainty, and have done so from time-to-time, and the impact of any such actions may be intensified given our dependence on a limited number of large customers. We cannot accurately predict what or how many products our customers will need in the future. Anticipating demand is difficult because our customers face unpredictable demand for their own products and in recent periods have become increasingly focused on cash preservation and tighter inventory management.

In addition, changes in the business requirements, vendor selection, project prioritization, financial prospects, capital resources, and expenditures, or purchasing behavior (including product mix purchased or timing of purchases) of our key customers, or any real or perceived quality issues related to the products that we sell to such customers, have led to decreased sales to such customers or delays or cancellations of planned purchases of our products or services, which has unfavorably impacted our revenues and operating results, and may continue to impact our business and results of
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operations. We may also experience pricing pressure with certain of our customers that may adversely affect our revenue and margins, or, if the ongoing relationship no longer benefits us, we may decide to suspend or terminate our relationship with such customers. There are also continuing trade tensions, including an uncertain regulatory environment, in the U.S. and countries in Asia, and in particular, China, which have impacted and could continue to materially impact our sales to key customers in these regions. Further, we may be required to purchase raw materials, increase production capacity or make other changes to our business to accommodate certain large customers. If forecasted orders do not materialize, we may need to reduce investment in R&D activities, we may fail to optimize our manufacturing capacity and incur charges for such underutilization, we may incur liabilities with our suppliers for reimbursement of capital expenditures, or we may have excess inventory. In addition, if we incur expenses in response to forecasted demand and do not have a corresponding increase in revenue, our profitability may suffer. Any of these factors could adversely affect our business, financial condition and results of operations.
Intense competition in our markets may lead to an accelerated reduction in our prices, revenues, margins and market share.
The end markets for optical products have experienced significant industry consolidation during the past few years. We expect this trend to continue as companies attempt to strengthen or hold their market positions in an evolving industry and as companies are acquired or are unable to continue operations. As a result, the markets for optical subsystems, components and laser diodes are highly competitive and the intensity of such competition is increasing. Our current competitors include a number of domestic and international public and private companies, many of which may have substantially greater financial, technical, marketing and distribution resources and brand name recognition than we have. As we expand into new markets, we face competition not only from our existing competitors, but also from new competitors, including existing companies with strong technological and sales positions in those markets. We may not be able to compete successfully against either current or future competitors, particularly, in light of increasing consolidation. Our competitors may continue to enter markets or gain or retain market share through introduction of new or improved products or with aggressive low pricing strategies that may impact the efficacy of our approach. These competitors may be able to devote greater resources than we can to the development, promotion, sale and support of their products. Additionally, the merger or consolidation of significant competitors have resulted in, and will likely result in, competitors with greater resources, which may enable them to offer a different market approach, or a lower cost structure through economies of scale or other efficiencies that we may be unable to match and which may intensify competition in the various markets. Further, our competitors may seek to vertically integrate by buying suppliers that also supply products or components to us, which could enable them to further reduce prices, or could increase our costs. Our current or potential customers may also determine to develop and produce products for their own use which may be competitive to our products. Such vertical integration could reduce the market opportunity for our products. Increased competition could result in significant price erosion, reduced revenue, lower margins or loss of market share, any of which would significantly harm our business.
We are subject to risks arising from our international operations, which may adversely affect our business, financial condition, and results of operations.
We derive a majority of our revenue from our international operations, and we plan to continue expanding our business in international markets in the future. In addition, we have extensive international manufacturing capabilities through third-party contract manufacturers, as well as through our own international facilities, with employees engaged in R&D, administration, manufacturing, support and sales and marketing activities.
As a result of our international operations, in addition to similar risks we face in our U.S. operations, we are affected by economic, business, regulatory, social, and political conditions in foreign countries, including the following:
•adverse social, political and economic conditions, such as inflation, high interest rates and risk of global or regional recession;
•effects of adverse changes in currency rates;
•impacts related to business disruptions and restrictions related to pandemics and endemics, such as COVID-19, including supply chain disruptions and labor shortages and differential impacts in different regions and geographies;
•changes in general IT spending;
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•less effective protection of intellectual property;
•the imposition of government controls, inclusive of critical infrastructure protection;
•changes in or limitations imposed by trade protection laws or other regulatory orders or requirements in the United States or in other countries, including tariffs, sanctions, or other costs or requirements which may affect our ability to import or export our products from various countries or increase the cost to do so, including government action to restrict our ability to sell to foreign customers where sales of products may require export licenses (See Risk Factor entitled “Our ability to sell our products to a significant customer has been restricted”); the restrictions in China on the export of gallium and germanium; and increased tariffs on various products that have been proposed and implemented by the U.S. government and other non-U.S. governments;
•the imposition of sanctions on customers in China may cause those customers to seek domestic alternatives to our products, including developing alternatives internally, and our customers demand for our products could be impacted by their inability to obtain other materials subject to sanctions. For example, sanctions on sales to certain parties of U.S. semiconductors and semiconductor equipment has caused a delay in 5G deployment in China while the affected companies seek alternative solutions, which has reduced the demand for our products from some of our Chinese customers;
•varying and potentially conflicting laws and regulations;
•overlapping, differing or more burdensome tax structure and laws;
•markets for 5G infrastructure not developing in the manner or in the time periods we anticipate, including as a result of unfavorable developments with evolving laws and regulations worldwide;
•wage inflation or a tightening of the labor market;
•the impact of recessions and other economic conditions in economies outside the United States, including, for example, dips in the manufacturing Purchasing Managers Index as well as the Institute for Supply Management data in the Eurozone;
•tax and customs changes that adversely impact our global sourcing strategy, manufacturing practices, transfer-pricing, or competitiveness of our products for global sales;
•volatility in oil prices and increased costs, or limited supply of other natural resources;
•political developments, geopolitical unrest or other conflicts in foreign nations, including Brexit, the Russia-Ukraine war, the ongoing conflicts in the Middle East and political developments in Hong Kong and Taiwan and the potential impact such developments or further actions could have on our customers in the markets in which we operate; and
•the impact of the following on service provider and government spending patterns as well as our contract and internal manufacturing: political considerations, changes in or delays in government budgeting processes, unfavorable changes in tax treaties or laws, unfavorable events that affect foreign currencies on an absolute or relative basis, natural disasters, epidemic disease, labor unrest, earnings expatriation restrictions, misappropriation of intellectual property, military actions, acts of terrorism, political and social unrest and difficulties in staffing and managing international operations.
Additionally, our business is impacted by fluctuations in local economies and currencies. Global economic volatility has significantly impacted the foreign exchange markets, and the currencies of various countries in which we operate and have significant volume of local-currency denominated expenses have seen significant volatility. We expect such volatility to continue, which could negatively impact our results by making our non-U.S. operations more expensive when reported in U.S. dollars, primarily due to the costs of payroll.
Moreover, local laws and customs in many countries differ significantly from or conflict with those in the United States or other countries in which we operate. In many foreign countries, particularly in those with developing economies, it is common for others to engage in business practices that are prohibited by our internal policies and procedures or U.S. regulations applicable to us. There can be no assurance that our employees, contractors, channel partners and agents will not take actions in violation of our policies and procedures, which are designed to ensure compliance with U.S. and foreign
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laws and policies. Violations of laws or key control policies by our employees, contractors, channel partners, or agents could result in termination of our relationships with customers and suppliers, financial reporting problems, fines and/or penalties for us, or prohibition on the importation or exportation of our products, and could have a material adverse effect on our business, financial condition and results of operations.
Like most other multinational companies, we are also highly dependent upon the ability to ship products to customers and to receive shipments from our suppliers. In the event of a disruption in the worldwide or regional shipping infrastructure, our access to supplies and our ability to deliver products to customers would correspondingly be negatively impacted. As a result of shipping disruptions, we have experienced among other things, increased costs to ship products and delays in receiving components and any disruption in the future would likely materially and adversely affect our operating results and financial condition.
In addition to the above risks related to our international operations, we also face risks related to pandemics and epidemics. An outbreak of a contagious disease, and other adverse public health developments, particularly in Asia, could have a material and adverse effect on our business operations. The effects could include restrictions on our ability to travel to support our sites in Asia or our customers located there, disruptions in our ability to distribute products, and/or temporary closures of our facilities in Asia or the facilities of our suppliers or customers and their contract manufacturers.
In the past, these and similar risks have disrupted our operations and the operations of our suppliers, customers and contract manufacturers and increased our costs, and we expect that they may do so in the future. Any or all of these factors could have a material and adverse impact on our business, financial condition, and results of operations.
We are subject to the risks of owning real property.
Our buildings subject us to the risks of owning real property, which include, but are not limited to:
•adverse changes in the value of these properties due to economic conditions, the movement by many companies to a hybrid work environment, interest rate changes, changes in the neighborhood in which the property is located, or other factors;
•the possible need for structural improvements in order to comply with zoning, seismic and other legal or regulatory requirements;
•the potential disruption of our business and operations arising from or connected with a relocation due to moving or to renovating the facility;
•increased cash commitments for improvements to the buildings or the property, or both;
•increased operating expenses for the buildings or the property, or both; and
•the risk of financial loss in excess of amounts covered by insurance, or uninsured risks, such as the loss caused by damage to the buildings as a result of earthquakes, floods and/or other natural disasters.
The manufacturing of our products may be adversely affected if we are unable to manufacture certain products in our manufacturing facilities or if our contract manufacturers and suppliers fail to meet our production requirements.
We manufacture some of our finished good products as well as some of the components that we provide to our contract manufacturers in our China, Japan, Thailand, United Kingdom, and San Jose, California manufacturing facilities. For some of the components and finished good products, we are the sole manufacturer. Our manufacturing processes are highly complex, and issues are often difficult to detect and correct. From time-to-time, we have experienced problems achieving acceptable yields in our manufacturing facilities, resulting in delays in the availability of our products and inability to meet customer demand. In addition, if we experience problems with our manufacturing facilities or are unable to continue operations at any of these sites, including as a result of social, geopolitical, environmental or health factors, damage caused by natural disasters, or other problems or events beyond our control, including pandemics or widespread health epidemics, it would be costly and require a long period of time to move the manufacture of these components and finished good products to a different facility or contract manufacturer which could then result in interruptions in supply, and would likely materially impact our financial condition and results of operations. Our business and operations would be severely impacted if there were any future widespread health crisis or related restrictions imposed by governments or private industry in regions we operate.
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We also rely on several independent contract manufacturers to supply us with certain products. For many products, a particular contract manufacturer may be the sole source of the finished good products. We depend on these manufacturers to meet our production and capacity requirements and to provide quality products to our customers. There are a number of risks associated with our reliance on contract manufacturers including:
•reduced control over delivery schedules and planning;
•availability of manufacturing capability and capacity, particularly during periods of high demand;
•reliance on the quality assurance procedures of third parties;
•risks associated with data security breaches or cyber-attacks targeting our contract manufacturers, including manufacturing disruptions or unauthorized access to information; and
•potential misappropriation of our intellectual property.
Additionally, if operations at these contract manufacturers are adversely impacted, such as by natural disasters, or restrictions due to the impact of a widespread health crisis disruptions or any resulting economic impact to their business, this would likely materially impact our financial condition and results of operations. Our ability to control the quality of products produced by contract manufacturers has and may in the future be impaired by pandemics or widespread health epidemics disruptions, and quality issues might not be resolved in a timely manner. Additionally, if our contract manufacturers continue experiencing disruptions or discontinue operations, we may be required to identify and qualify alternative manufacturers, which is expensive and time consuming. If we are required to change or qualify a new contract manufacturer, this would likely cause business disruptions and adversely affect our results of operations and could harm our existing customer relationships.
Despite rigorous testing for quality, both by us and the contract manufacturers to whom we sell products, we may receive and ship defective products. We may incur significant costs to correct defective products which could result in the loss of future sales and revenue, indemnification costs or costs to replace or repair the defective products, litigation and damage to our reputation and customer relations. Defective products may also cause diversion of management attention from our business and product development efforts.
Our manufacturing operations and those of our contract manufacturers may be affected by natural disasters such as earthquakes, typhoons, tsunamis, fires and public health crises, including global pandemics, changes in legal requirements, labor strikes and other labor unrest and economic, political or other forces that are beyond our control. For example, in the past one of our former contract manufacturers experienced a labor strike which threatened the contract manufacturer’s ability to fulfill its product commitments to us and, in turn, our ability to fulfill our obligations to our customers. We are heavily dependent on a small number of manufacturing sites. Our business and operations would be severely impacted by any significant business disruptions for which we may not receive adequate recovery from insurance. There is also an increased focus on corporate social and environmental responsibility in our industry. As a result, a number of our customers may adopt policies that include social and environmental responsibility provisions that their suppliers should comply with. These provisions may be difficult and expensive to comply with, given the complexity of our supply chain. We may be unable to cause our suppliers or contract manufacturers to comply with these provisions which may adversely affect our relationships with customers.
In addition, for a variety of reasons, including changes in circumstances at our contract manufacturers, restrictions or inability to operate, or regarding our own business strategies, we may choose or be required to transfer the manufacturing of certain products to other manufacturing sites, including to our own manufacturing facilities. As a result of such transfers, our contract manufacturers may prioritize other customers or otherwise be unable or unwilling to meet our demand. There also may be delays with the transfer of manufacturing equipment and successfully setting up that equipment at the transfer sites and training new operators. If such transfers are unsuccessful or take a longer period of time than expected, it could result in interruptions in supply and supply chain and would likely impact our financial condition and results of operations.
Some of our purchase commitments with contract manufacturers are not cancellable which may impact our results of operations if customer forecasts driving these purchase commitments do not materialize and we are unable to sell the products to other customers. We may also incur charges if we do not utilize our allocated manufacturing capacity which would increase our costs and decrease our margins. Alternatively, our contract manufacturers may not be able to meet our demand which would inhibit our ability to meet our customers’ demands and maintain or grow our revenues. Furthermore,
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it could be costly and require a long period of time to move products from one contract manufacturer to another which could result in interruptions in supply and adversely impact our financial condition and results of operations.
Further, certain of our suppliers are located in China, which exposes us to risks associated with Chinese laws and regulations and U.S. laws, regulations and policies with respect to China, such as those related to import and export policies, tariffs, taxation and intellectual property. Chinese laws and regulations are subject to frequent change, and if our suppliers are unable to obtain or retain the requisite legal permits or otherwise to comply with Chinese legal requirements, we may be forced to obtain products from other manufacturers or to make other operational changes, including transferring our manufacturing to another manufacturer or to our own manufacturing facilities. In addition, many of our products are sourced from suppliers based outside of the United States, primarily in Asia. We may continue to face uncertainty with respect to our suppliers’ abilities to supply products due to supply chain and inventory impacts, tax and trade policies, tariffs and government regulations affecting trade between the United States and other countries. Major developments in tax policy or trade relations, such as the imposition of tariffs on imported products, for example, tariffs on the import of certain products manufactured in China, could increase our product and product-related costs or require us to seek alternative suppliers, either of which could result in decreased sales or increased product and product-related costs. Any such developments could have a material impact on our ability to meet our customers’ expectations and may materially impact our operating results and financial condition.
If our customers do not qualify our manufacturing lines or the manufacturing lines of our subcontractors for volume shipments, our operating results could suffer.
Certain of our customers do not purchase products, other than limited numbers of evaluation units, prior to qualification of the manufacturing line for volume production. Our existing manufacturing lines, as well as each new manufacturing line, must pass through varying levels of qualification with certain of our customers. Some of our customers require that our manufacturing lines pass their specific qualification standards and that we, and any subcontractors that we may use, be registered under international quality standards. We may encounter quality control issues as a result of setting up new manufacturing lines in our facilities, relocating our manufacturing lines or introducing new products to fill production. We may be unable to obtain, or we may experience delays in obtaining, customer qualification of our manufacturing lines. If we introduce new contract manufacturing partners and move any production lines from existing internal or external facilities, the new production lines will likely need to be re-qualified with our customers. Any delays or failure to obtain qualifications would harm our reputation, operating results, and customer relationships.
We contract with a number of large OEM and end-user service providers and product companies that have considerable bargaining power, which may require us to agree to terms and conditions that could have an adverse effect on our business or ability to recognize revenues.
Large OEM and end-user service providers and product companies comprise a significant portion of our customer base. These customers generally have greater purchasing power than smaller entities and, accordingly, often request and receive more favorable terms from suppliers, including us. As we seek to expand our sales to existing customers and acquire new customers, we may be required to agree to terms and conditions that are favorable to our customers and that may affect the timing of our ability to recognize revenue, increase our costs and have an adverse effect on our business, financial condition, and results of operations. Furthermore, large customers have increased buying power and ability to require onerous terms in our contracts with them, including pricing, warranties, and indemnification terms. If we are unable to satisfy the terms of these contracts, it could result in liabilities of a material nature, including litigation, damages, additional costs, loss of market share and loss of reputation. Additionally, the terms these large customers require, such as most-favored nation or exclusivity provisions, may impact our ability to do business with other customers and generate revenues from such customers.
Our products may contain defects that could cause us to incur significant costs, divert our attention from product development efforts and result in loss of customers.
Our products are complex, and defects and quality issues are found from time-to-time. Networking products in particular frequently contain undetected software or hardware defects when first introduced or as new versions are released. In addition, our products are often embedded in or deployed in conjunction with our customers’ products which incorporate a variety of components produced by third parties, which may contain defects. As a result, when problems occur, it may be difficult to identify the source of the problem. These problems may cause us to incur significant damages or warranty and repair costs, divert the attention of our engineering personnel from our product development efforts and manufacturing resources, and cause significant customer relation problems or loss of customers, or risk exposure to product liability suits,
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all of which would harm our business. Additionally, changes in our or our suppliers' manufacturing processes or the inadvertent use of defective materials by us or our suppliers could result in a material and adverse effect on our ability to achieve acceptable manufacturing yields and product reliability. To the extent that we do not achieve and maintain our projected yields or product reliability, our business, operating results, financial condition and customer relationships would be adversely affected.
Adverse changes in political, regulatory and economic policies, including the threat of increasing tariffs, particularly to goods traded between the United States and China, could materially and adversely affect our business and results of operations.
Regulatory activity, such as tariffs, export controls, and economic sanctions laws have in the past and may continue to materially limit our ability to make sales to customers in China, which has in the past and may continue to harm our results of operations and financial condition. Since the beginning of 2018, there has been rhetoric, in some cases coupled with legislative or executive action, from several U.S. and foreign leaders regarding instituting tariffs against foreign imports of certain materials. More specifically, since 2018, the United States and China applied or proposed to apply tariffs to certain of each other’s exports, and we expect these actions to continue for the foreseeable future. Adverse regulatory activity, such as export controls, economic sanctions and the institution of trade tariffs both globally and between the United States and China specifically carries the risk of negatively impacting overall economic conditions, which could have negative repercussions on our industry and our business. Moreover, to the extent the governments of China, the United States or other countries seek to promote use of domestically produced products or to reduce the dependence upon or use of products from another (sometimes referred to as “decoupling”), they may adopt or apply regulations or policies that have the effect of reducing business opportunities for us. Such actions may take the form of specific restrictions on particular customers, products, technology areas, or business combinations. For example, in the area of investments and mergers and acquisitions, the United States has recently announced new requirements for approval by the United States government of outbound investments; and the approval by China regulatory authorities is required for business combinations of companies that conduct business in China over specific thresholds, regardless of where those businesses are based. Restrictions may also be imposed based on whether the supplier is considered unreliable or a security risk. For example, the Chinese government adopted a law that would restrict purchases from suppliers deemed to be “unreliable suppliers”. In May 2023, the Cyberspace Administration of China banned the sale of Micron's products to certain entities in China and stated that such products pose significant security risks to China's critical information infrastructure supply chain and national security. Furthermore, imposition of tariffs or new or revised export, import or doing-business regulations, including trade sanctions, could cause a decrease in the demand for, or sales of our products to customers located in China or other customers selling to Chinese end users or increase the cost for our products, which would directly impact our business and results of operations.
We face a number of risks related to our strategic transactions.
We expect to continue to expand and diversify our operations with additional acquisitions and strategic transactions, such as our acquisitions of Cloud Light, NeoPhotonics and the IPG telecom transmission product lines, as well as acquisitions of complementary technologies, products, assets and businesses. We may be unable to identify or complete prospective acquisitions for many reasons, including competition from other potential acquirers, the effects of consolidation in our industries and potentially high valuations of acquisition candidates. Even if we do identify acquisitions or enter into agreements with respect to such acquisitions, we may not be able to complete the acquisition due to regulatory requirements or restrictions, competition, or other reasons, as occurred with the termination of our merger agreement with Coherent in March 2021. In addition, applicable antitrust laws and other regulations may limit our ability to acquire targets or force us to divest all or a portion of our business or an acquired business. If we are unable to identify suitable targets or complete acquisitions, our growth prospects may suffer, and we may not be able to realize sufficient scale and technological advantages to compete effectively in all markets.
In connection with acquisitions, risks to us and our business include:
•diversion of management’s attention from normal daily operations of the business;     
•unforeseen expenses, delays or conditions imposed upon the acquisition or transaction, including due to required regulatory approvals or consents, or fees that may be triggered upon a failure to consummate an acquisition or transaction for certain reasons;
•the inability to retain and obtain required regulatory approvals, licenses and permits;
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•loss of employees, customers, suppliers or partners due to uncertainty of a transaction; and
•failure to consummate an acquisition resulting in negative publicity and/or negative impression of us in the investment community that could impact on our stock price
We have also faced litigation in connection with acquisitions, some of which continues following the consummation of the acquisition. Such litigation may be costly and diverts management time and attention.
We have in the past, and may in the future, divest or reduce our investment in certain businesses or product lines from time-to-time. Such divestitures involve risks, such as difficulty separating portions from our other businesses, distracting employees, incurring potential loss of revenue, negatively impacting margins, and potentially disrupting customer relationships. We may also incur significant costs associated with exit or disposal activities, related impairment charges, or both.
If we are unable to successfully manage any of these risks in relation to any future acquisitions or divestitures, our business, financial condition and results of operations could be adversely impacted.
We may be unable to successfully implement our acquisitions strategy or integrate acquired companies and personnel with existing operations.
To the extent we are successful in making acquisitions, such as our acquisitions of Cloud Light, NeoPhotonics and the IPG telecom transmission product lines, we may be unsuccessful in implementing our acquisitions strategy, or integrating acquired companies, businesses or product lines and personnel with existing operations, the integration may be more difficult or more costly than anticipated, or the transaction may not further our business strategy as we expected or we may overpay for, or otherwise not realize the expected return on, our investment. Some of the challenges involved integrating businesses and acquisitions include:
•difficulty preserving relationships with customers, suppliers or partners;
•potential difficulties in completing projects associated with in-process R&D;
•unanticipated liabilities or our exposure for known contingencies and liabilities may exceed our estimates;
•insufficient net revenue or unexpected expenses that negatively impact our margins and profitability;
•unexpected losses of key employees of the acquired company, inability to attract, recruit, retain, and motivate current and prospective employees or inability to maintain our company culture;
•unexpected expenses for cost of litigation against us or our directors and officers, or against the acquired company;
•conforming the acquired company’s standards, processes, procedures and controls with our operations, including integrating Enterprise Resource Planning (“ERP”) systems and other key business applications;
•coordinating new product and process development;
•increasing complexity from combining operations, including administrative functions, finance and human resources;
•increasing the scope, geographic diversity and complexity of our operations;
•difficulties in integrating operations across different cultures and languages and to address the particular economic, currency, political, and regulatory risks associated with specific countries;
•difficulties in integrating acquired technology;
•difficulties in coordinating and integrating geographically separated personnel, organizations, systems and facilities;
•difficulty managing customer transitions or entering into new markets;
•difficulties in consolidating facilities and transferring processes and know-how;
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•diversion of management’s attention from other business concerns;
•temporary loss of productivity or operational efficiency;
•dilution of our current stockholders as a result of any issuance of equity securities as acquisition consideration;
•adverse tax or accounting impact;
•expenditure of cash that would otherwise be available to operate our business; and
•indebtedness on terms that are unfavorable to us, limit our operational flexibility or that we are unable to repay.
In addition, following an acquisition, we may have difficulty forecasting the financial results of the combined company and the market price of our common stock could be adversely affected if the effect of any acquisitions on our consolidated financial results is dilutive or is below the market's or financial analysts' expectations, or if there are unanticipated changes in the business or financial performance of the target company or the combined company. Any failure to successfully integrate acquired businesses may disrupt our business and adversely impact our business, financial condition and results of operations.
Changes in demand and customer requirements for our products may reduce manufacturing yields, which could negatively impact our profitability.
Manufacturing yields depend on a number of factors, including the volume of production due to customer demand and the nature and extent of changes in specifications required by customers for which we perform design-in work. Changes in manufacturing processes required as a result of changes in product specifications, changing customer needs, introduction of new product lines and changes in contract manufacturers may reduce manufacturing yields, resulting in low or negative margins on those products. Moreover, an increase in the rejection rate of products during the quality control process, before, during or after manufacturing, results in lower gross margins from lower yields and additional rework costs. Any reduction in our manufacturing yields will adversely affect our gross margins and could have a material impact on our operating results.
Restructuring activities could disrupt our business and affect our results of operations.
We have taken steps, including implementing reductions in force and internal reorganizations to reduce the cost of our operations, improve efficiencies, or realign our organization and staffing to better match our market opportunities and our technology development initiatives. We may take similar steps in the future as we seek to realize operating synergies, to achieve our target operating model and profitability objectives, or to reflect more closely changes in the strategic direction of our business or the evolution of our site strategy and workplace. These changes could be disruptive to our business, including our research and development efforts, and may result in the recording of special charges, including workforce reduction or restructuring costs. Substantial expense or charges resulting from restructuring activities could adversely affect our results of operations and use of cash in those periods in which we undertake such actions.
We may not be able to realize tax savings from our international structure, which could materially and adversely affect our operating results.
During fiscal 2023, the Company completed an international restructuring that included the intra-entity transfer of certain intellectual property and other assets used in the business among various subsidiaries. This structure may be challenged by tax authorities, and if such challenges are successful, the tax consequence we expect to realize could be adversely impacted. If substantial modifications to our international structure or the way we operate our business are made, such as if future acquisitions or divestitures occur, if changes in domestic and international tax laws negatively impact the structure, if we do not operate our business consistent with the structure and applicable tax provisions, if we fail to achieve our revenue and profit goals, or if the international structure or our application of arm’s-length principles to intercompany arrangements is successfully challenged by the U.S. or foreign tax authorities, our effective tax rate may increase, which could have a material adverse effect on our operating and financial results.
Changes in tax laws could have a material adverse effect on our business, cash flow, results of operations or financial conditions.
As a multinational corporation, we are subject to income taxes as well as non-income based taxes, in both the U.S. and various foreign jurisdictions. Significant uncertainties exist with respect to the amount of our tax liabilities, including those
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arising from potential changes in laws in the countries in which we do business and the possibility of adverse determinations with respect to the application of existing laws. Many judgments are required in determining our worldwide provision for income taxes and other tax liabilities, and we are under audit by various tax authorities, which often do not agree with positions taken by us on our tax returns. Any unfavorable resolution of these uncertainties may have a significant adverse impact on our tax rate.
Increasingly, countries around the world are actively considering or have enacted changes in relevant tax, accounting and other laws, regulations and interpretations. In August 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IRA”) and the CHIPS and Science Act of 2022. These laws introduce new tax provisions and provide for various incentives and tax credits. The IRA applies to tax years beginning after December 31, 2022 and introduces a 15% corporate alternative minimum tax and a 1% excise tax on certain stock repurchases made by publicly traded U.S. corporations. While we are not currently expecting a material impact to our provision for income taxes by the 15% corporate alternative minimum tax under the IRA, it could materially affect our financial results, including our earnings and cash flow, if we become subject to this tax in the future.
Many countries, and organizations such as the Organization for Economic Cooperation and Development (the “OECD”) have proposed implementing changes to existing tax laws, including a proposed global minimum tax of 15%, also known as Pillar Two, which was agreed to by more than 140 member jurisdictions in 2021 and adopted by European Union member states on December 12, 2022 to go into effect starting in 2024. Many countries have made changes to their tax laws to adopt certain parts of the OECD’s proposals. We do not believe Pillar Two has any material effect on us at this time and will continue to monitor legislative development relating to Pillar Two and OECD model rules. Any of these developments or changes in federal, state, or international tax laws or tax rulings could adversely affect our effective tax rate and our operating results. There can be no assurance that our effective tax rates, tax payments, or incentives will not be adversely affected by these or other developments or changes in law.

Other countries also continue to enact and consider enacting new laws, which could increase our tax obligations, cause us to change the way we do business or our operations or otherwise adversely affect us. The foregoing items could increase our future tax expense, could change our future intentions regarding reinvestment of foreign earnings, and could have a material adverse effect on our business, financial condition and results of operations.

Our subsidiary in Thailand has been granted certain tax holidays by the Thailand government. As we do not currently meet the tax holiday requirements, income earned in Thailand is subject to the regular statutory income tax rate.
We are also subject to the continuous examination of our income tax and other returns by the Internal Revenue Service and other tax authorities globally, and we have a number of such reviews underway at any time. It is possible that tax authorities may disagree with certain positions we have taken, and an adverse outcome of such a review or audit could have a negative effect on our financial position and operating results. There can be no assurance that the outcomes from such examinations, or changes in tax law or regulation impacting our effective tax rates, will not have an adverse effect on our business, financial condition and results of operations.
Our operating results may be subject to volatility due to fluctuations in foreign currency.
We are exposed to foreign exchange risks with regard to our international operations which may affect our operating results. Since we conduct business in currencies other than U.S. dollars but report our financial results in U.S. dollars, we face exposure to fluctuations in currency exchange rates. Due to these fluctuations, operating results may differ materially from expectations, and we may record significant gains or losses on the remeasurement of intercompany balances. Although we price our products primarily in U.S. dollars, a portion of our operating expenses are incurred in foreign currencies. For example, a portion of our expenses are denominated in the U.K. pound sterling, Chinese yuan and Thai baht. Fluctuations in the exchange rate between these currencies and other currencies in which we collect revenues and/or pay expenses could have a material effect on our future operating results. Recently, our exposure to foreign currencies has increased as our non-U.S. manufacturing footprint has expanded. We continue to look for opportunities to leverage the lower cost of non-U.S. manufacturing, including the United Kingdom, China, Thailand, and Japan. While these geographies are lower cost than the U.S. and such concentration will in general lower our total cost to manufacture, this increase in concentration in non-U.S. manufacturing will also increase the volatility of our results. If the value of the U.S. dollar depreciates relative to certain other foreign currencies, it would increase our costs including the cost of local operating expenses and procurement of materials or services that we purchase in foreign currencies, as expressed in U.S. dollars. Conversely, if the U.S. dollar strengthens relative to other currencies, such strengthening could raise the relative
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cost of our products to non-U.S. customers, especially as compared to foreign competitors, and could reduce demand. Global economic volatility has had a significant impact on the exchange markets, which heightened this risk, and we expect the higher level of volatility in foreign exchange markets will likely continue.
We may require additional capital to support business growth, and this capital might not be available on acceptable terms, if at all.
We intend to continue to make investments to support our business growth and may require additional funds to respond to business challenges, including supporting the development and introduction of new products, addressing new markets, engaging in strategic transactions and partnerships, improving or expanding our operating infrastructure or acquiring complementary businesses and technologies. Investments, partnerships and acquisitions involve risks and uncertainties which could materially and adversely affect our operating and financial results. In December 2019, we issued and sold a total of $1,050 million in aggregate principal amount of 2026 Notes. In March 2022, we issued and sold a total of $861 million aggregate principal amount of 2028 Notes. In June 2023, we issued and sold a total of $603.7 million aggregate principal amount of 2029 Notes. We may in the future engage in additional equity or debt financings to secure additional funds. If we raise additional funds through future issuances of equity, equity-linked or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common stock. Any debt financing we may secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. In addition, uncertainty in the macroeconomic environment, increasing interest rates and other factors have resulted in volatility in the capital markets and less favorable financing terms. We may not be able to obtain additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly impaired, and our business may be harmed.
If we fail to effectively manage our growth or, alternatively, our spending during downturns, our business could be disrupted, which could harm our operating results.
We expect to appropriately scale our business, internal systems and organization, and to continue to improve our operational, financial and management controls, reporting systems and procedures. Growth in sales, combined with the challenges of managing geographically dispersed operations, can place a significant strain on our management systems and resources, and our anticipated growth in future operations could continue to place such a strain. The failure to effectively manage our growth could disrupt our business and harm our operating results, and even if we are able to upgrade our systems and expand our staff, any such expansion will likely be expensive and complex. Our ability to successfully offer our products and implement our business plan in evolving markets requires an effective planning and management process. In economic downturns, we must effectively manage our spending and operations to ensure our competitive position during the downturn, as well as our future opportunities when the economy improves, remains intact. The failure to effectively manage our spending and operations could disrupt our business and harm our operating results.
A widespread health crisis could materially and adversely affect our business operations, financial performance, results of operations, financial position and the achievement of our strategic objectives.
The outbreak of a widespread health crisis, whether global in scope or localized in an area in which we, our customers or our suppliers do business, could have a material and adverse effect on our operations and the operations of our suppliers and customers. Potential impacts on our operations and financial performance include:
•significant reductions in demand for one or more of our products or a curtailment to one or more of our product lines caused by, among other things, any temporary inability of our customers to purchase and utilize our products due to shutdown orders or financial hardship;
•workforce constraints triggered by any applicable shutdown orders or stay-at-home policies;
•disruptions to our third-party contract manufacturing and raw materials supply arrangements caused by constraints over our suppliers’ workforce capacity, financial, or operational difficulties;
•disruption in our own ability to produce and ship products;
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•heightened risk and uncertainty regarding the loss or disruption of essential third-party service providers, including transportation services, contract manufacturing, marketing, and distribution services;
•requirements to comply with governmental and regulatory responses such as quarantines, import/export restrictions, price controls, or other governmental or regulatory actions, including closures or other restrictions that limit or close our operating and manufacturing facilities, restrict our workforce’s ability to travel or perform necessary business functions, or otherwise impact our suppliers or customers, which could adversely impact our operating results;
•general economic uncertainty in key global markets and financial market volatility; and
•increased operating expenses and potentially reduced efficiency of operations.
For example, the COVID-19 pandemic and related countermeasures impacted the global economy and caused macroeconomic uncertainty. Governmental authorities around the globe implemented, and may, in the event of a future widespread health crisis, implement numerous and evolving measures in response to public health concerns. The implementation of health and safety practices by us or our suppliers, distributors or customers could impact customer demand, supplier deliveries, our productivity, and costs, which could have a material and adverse impact on our business, financial condition and results of operations.
The ultimate impact of a widespread health crisis on our operations and financial performance depends on many factors that are not within our control, including, but not limited, to: governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic and actions taken in response on global and regional economies, travel, and economic activity; general economic uncertainty in key global markets and financial market volatility, including increasing levels of inflation in the United States; and global economic conditions and levels of economic growth. In addition, the global economic volatility has significantly impacted the foreign exchange markets, and the currencies of various countries in which we operate and in which we have significant volume of local-currency denominated expenses have seen significant volatility.
Any failure, disruption or security breach or incident of or impacting our information technology infrastructure or information management systems could have an adverse impact on our business and operations.
Our business depends significantly on effective and efficient information management systems, and the reliability and security of our information technology infrastructure are essential to the operation, health and expansion of our business. For example, the information gathered and processed by our information management systems assists us in managing our supply chain, financial reporting, monitoring customer accounts, and protecting our proprietary and confidential business information, plans, trade secrets, and intellectual property, among other things. In addition, these systems may contain personal data or other confidential or otherwise protected information about our employees, our customers’ employees, or other business partners. We must continue to expand and update this infrastructure in response to our changing requirements as well as evolving security standards and risks.
In some cases, we may rely upon third-party providers of hosting, support and other services to meet our information technology requirements. Any failure to manage, expand and update our information technology infrastructure, including our ERP system and other applications, any failure in the extension implementation or operation of this infrastructure, or any failure by our hosting and support partners or other third-party service providers in the performance of their services could materially harm our business. In addition, we have partnered with third parties to support our information technology systems and to help design, build, test, implement and maintain our information management systems. Our merger, acquisition and divestiture activity may also require transitions to or from, and the integration of, various information management systems within our overall enterprise architecture, including our ERP system and other applications. Those systems that we acquire or that are used by acquired entities or businesses may also pose security risks of which we are unaware or unable to mitigate, particularly during the transition of these systems.
Like other companies, we are subject to ongoing attempts by malicious actors, including through hacking, malware, ransomware, denial-of-service attacks, social engineering, exploitation of internet-connected devices, and other attacks, to obtain unauthorized access to, or acquisition or other processing of confidential or other information or otherwise affect service reliability and threaten the confidentiality, integrity and availability of our systems and information stored or otherwise processed on our systems. Cyber threats have increased in recent years, in part due to increased remote work and frequent attacks, including in the form of phishing emails, malware attachments and malicious websites. Additionally,
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geopolitical tensions and conflicts, such as the Russia-Ukraine war and ongoing conflicts in the Middle East, may increase our risks of cyber-attacks. Further, as AI capabilities improve and become increasingly commonplace, we may see cyber attacks leveraging AI technology. These attacks could be crafted with an AI tool to directly attack information systems with increased speed and/or efficiency compared to a human threat actor or create more effective phishing emails. In addition, a vulnerability could be introduced from the result of us and our third-party service providers incorporating output of an AI tool, such as AI generated source code, that includes a threat. While we work to safeguard our internal network systems and validate the security of our third-party service providers to mitigate these potential risks, including through information security policies and employee awareness and training, there is no assurance that such actions have been or will be sufficient to prevent cyber-attacks or security breaches or incidents. We have been in the past, and may be in the future, subject to social engineering and other cybersecurity attacks, and these attacks may become more prevalent with substantial portion of our workforce being distributed geographically, particularly given the increased remote access to our networks and systems as a result. Further, our third-party service providers may have been and may be in the future subject to such attacks or otherwise may suffer security breaches or incidents. In addition, actions by our employees, service providers, partners, contractors, or others, whether malicious or in error, could affect the security of our systems and information. Further, a breach or compromise of our information technology infrastructure or that of our third-party service providers could result in the misappropriation of intellectual property, business plans, trade secrets or other information. Additionally, while our security systems are designed to maintain the physical security of our facilities and information systems, accidental or willful security breaches or incidents or other unauthorized access by third parties to our facilities or our information systems could lead to unauthorized access to, or misappropriation, disclosure, or other processing of proprietary, confidential and other information. Moreover, new laws and regulations, such as the European Union’s General Data Protection Regulation, the California Consumer Privacy Act (“CCPA”), and China’s Personal Information Protection Law, add to the complexity of our compliance obligations and increases our compliance costs. Although we have established internal controls and procedures intended to comply with such laws and regulations, any actual or alleged failure to fully comply could result in significant penalties and other liabilities, harm to our reputation and market position, business and financial condition.
Despite our implementation of security measures, our systems and those of our third-party service providers are vulnerable to damage from these or other types of attacks, errors or acts of omissions. In addition, our systems may be impacted by natural disasters, terrorism or other similar disruptions. Any system failure, disruption, accident or security breach or incident affecting us or our third-party service providers could result in disruptions to our operations and loss or unavailability of, or unauthorized access or damage to, inappropriate access to, or use, disclosure or other processing of confidential information and other information maintained or otherwise processed by us on our behalf. Any actual or alleged disruption to, or security breach or incident affecting, our systems or those of our third-party partners could cause significant damage to our reputation, lead to theft or misappropriation of our intellectual property and trade secrets, result in claims, investigations, and other proceedings by or before regulators, and claims, demands and litigation, legal obligations or liability, affect our relationships with our customers, require us to bear significant remediation and other costs and ultimately harm our business, financial condition and operating results. In addition, we may be required to incur significant costs to protect against or mitigate damage caused by disruptions or security breaches or incidents. Our costs incurred in efforts to prevent, detect, alleviate or otherwise address cyber or other security problems, bugs, viruses, worms, malicious software programs and security vulnerabilities could be significant and such efforts may not be successful. All of these costs, expenses, liability and other matters may not be covered adequately by insurance and may result in an increase in our costs for insurance or insurance not being available to us on economically feasible terms, or at all. Insurers may also deny us coverage as to any future claim. Any of these results could harm our financial condition, business and reputation.
Our revenues, operating results, and cash flows may fluctuate from period to period due to a number of factors, which makes predicting financial results difficult.
Spending on optical communication and laser products is subject to cyclical and uneven fluctuations, which could cause our financial results to fluctuate unpredictably. It can be difficult to predict the degree to which end-customer demand and the seasonality and uneven sales patterns of our OEM partners or other customers will affect our business in the future, particularly as we or they release new or enhanced products. We are also subject to changes in buying patterns among our OEM partners and other customers, including unpredictable changes in their desired inventory levels. Further, if our revenue mix changes, it may also cause results to differ from historical seasonality. Accordingly, our quarterly and annual revenues, operating results, cash flows, and other financial and operating metrics have and may in the future vary significantly in the future. We attempt to identify changes in market conditions as soon as possible; however, the dynamics of the market in which we operate make prediction of and timely reaction to such events difficult. Due to these and other
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factors, the results of any prior periods should not be relied upon as an indication of future performance. Quarterly fluctuations from the above factors may cause our revenue, operating results, and cash flows to underperform in relation to our guidance, long-term financial targets or the expectations of financial analysts or investors, which may cause volatility or decreases in our stock price.
If we have insufficient proprietary rights or if we fail to protect our rights, our business would be materially harmed.
We seek to protect our products and product roadmaps in part by developing and/or securing proprietary rights relating to those products, including patents, trade secrets, know-how and continuing technological innovation. Protecting against the unauthorized use of our products, technology and other proprietary rights is difficult, time-consuming and expensive; therefore, the steps we take to protect our intellectual property may not adequately prevent misappropriation or ensure that others will not develop competitive technologies or products. Other companies may be investigating or developing technologies that are similar to our own. Additionally, there may be existing patents that we are unaware of, which could be pertinent to our business. It is not possible for us to know whether there are patent applications pending that our products might infringe upon since these applications are often not made publicly available until a patent is issued or published. It is possible that patents may not be issued from any of our pending applications or those we may file in the future and, if patents are issued, the claims allowed may not be sufficiently broad to deter or prohibit others from making, using or selling products that are similar to ours, or such patents could be invalidated or ruled unenforceable. We do not own patents in every country in which we sell or distribute our products, and thus others may be able to offer identical products in countries where we do not have intellectual property protections. In addition, the laws of some territories in which our products are or may be developed, manufactured or sold, including Europe, Asia-Pacific or Latin America, may not protect our products and intellectual property rights to the same extent as the laws of the United States. Any patents issued to us may be challenged, invalidated or circumvented. Additionally, we are currently a licensee for a number of third-party technologies including software and intellectual property rights from academic institutions, our competitors and others, and we are required to pay royalties to these licensors for the use thereof. In the future, if such licenses are unavailable or if we are unable to obtain such licenses on commercially reasonable terms, we may not be able to rely on such third-party technologies which could inhibit our development of new products, impede the sale of some of our current products, substantially increase the cost to provide these products to our customers, and could have a significant adverse impact on our operating results.
We also seek to protect our important trademarks by endeavoring to register them in certain countries. We have not registered our trademarks in every country in which we sell or distribute our products, and thus others may be able to use the same or confusingly similar marks in countries where we do not have trademark registrations. We have adopted Lumentum as a house trademark and trade name for our company and are in the process of establishing rights in this name and brand. We have also adopted the Lumentum logo as a house trademark for our company and are in the process of establishing rights in this brand. Trademarks associated with the Lumentum brand have been registered in the United States or other jurisdictions, however, the efforts we take to maintain registration and protect trademarks, including the Lumentum brand, may not be sufficient or effective. Although we have registered marks associated with the Lumentum brand, third parties may seek to oppose or otherwise challenge these registrations. There is the possibility that, despite efforts, the scope of the protection obtained for our trademarks, including the Lumentum brand, will be insufficient or that a registration may be deemed invalid or unenforceable in one or more jurisdictions throughout the world.
Further, a breach of our information technology infrastructure could result in the misappropriation of intellectual property, business plans or trade secrets. Any failure of our systems or those of our third-party service providers could result in unauthorized access or acquisition of such proprietary information, and any actual or perceived security breach could cause significant damage to our reputation and adversely impact our relationships with our customers.
Further, governments and courts are considering new issues in intellectual property law with respect to work created by artificial intelligence (“AI”) technology, which could result in different intellectual property rights in development processes, procedures and technologies we create with AI technology, which could have a material adverse effect on our business.
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Our products may be subject to claims that they infringe the intellectual property rights of others, the resolution of which may be time-consuming and expensive, as well as require a significant amount of resources to prosecute, defend, or make our products non-infringing.
Lawsuits and allegations of patent infringement and violation of other intellectual property rights occur regularly in our industry. We have in the past received, and anticipate that we will receive in the future, notices from third parties claiming that our products infringe upon their proprietary rights, with two distinct sources of such claims becoming increasingly prevalent. First, large technology companies, including some of our customers and competitors, are seeking to monetize their patent portfolios and have developed large internal organizations that may approach us with demands to enter into license agreements. Second, patent-holding companies that do not make or sell products (often referred to as “patent trolls”) may claim that our products infringe upon their proprietary rights. We respond to these claims in the course of our business operations. The litigation or settlement of these matters, regardless of the merit of the claims, could result in significant expense and divert the efforts of our technical and management personnel, regardless of whether or not we are successful. If we are unsuccessful, we could be required to expend significant resources to develop non-infringing technology or to obtain licenses to the technology that is the subject of the litigation. We may not be successful in such development, or such licenses may not be available on commercially reasonable terms, or at all. Without such a license, or if we are the subject of an exclusionary order, our ability to make our products could be limited and we could be enjoined from future sales of the infringing product or products, which could adversely affect our revenues and operating results. Additionally, we often indemnify our customers against claims of infringement related to our products and may incur significant expenses to defend against such claims. If we are unsuccessful defending against such claims, we may be required to indemnify our customers against any damages awarded.
We also face risks that third parties may assert trademark infringement claims against us in one or more jurisdictions throughout the world related to our brands and/or other trademarks and our exposure to these risks may increase as a result of acquisitions. The litigation or settlement of these matters, regardless of the merit of the claims, could result in significant expense and divert the efforts of our technical and management personnel, regardless of whether or not we are successful. If we are unsuccessful, trademark infringement claims against us could result in significant monetary liability or prevent us from selling some or all of our products or services under the challenged trademark. In addition, resolution of claims may require us to alter our products, labels or packaging, license rights from third parties, or cease using the challenged trademark altogether, which could adversely affect our revenues and operating results.
We face certain litigation risks that could harm our business.
We are now, and in the future, may become subject to various legal proceedings and claims that arise in or outside the ordinary course of business. The results of legal proceedings are difficult to predict. Moreover, many of the complaints filed against us may not specify the amount of damages that plaintiffs seek, and we therefore may be unable to estimate the possible range of damages that might be incurred should these lawsuits be resolved against us. While we may be unable to estimate the potential damages arising from such lawsuits, certain of them assert types of claims that, if resolved against us, could give rise to substantial damages or restrictions on or changes to our business. Thus, an unfavorable outcome or settlement of one or more of these lawsuits could have a material adverse effect on our financial condition, liquidity and results of operations. Even if these lawsuits are not resolved against us, the uncertainty and expense associated with unresolved lawsuits could seriously harm our business, financial condition and reputation. Litigation is generally costly, time-consuming and disruptive to normal business operations. The costs of defending these lawsuits have been significant in the past, will continue to be costly and may not be covered by our insurance policies. The defense of these lawsuits could also result in continued diversion of our management’s time and attention away from business operations, which could harm our business. For additional discussion regarding litigation, refer to “Part II, Item 1. Legal Proceedings,” and “Note 14. Commitments and Contingencies” to the consolidated financial statements.
Our products incorporate and rely upon licensed third-party technology, and if licenses of third-party technology do not continue to be available to us or are not available on terms acceptable to us, our revenues and ability to develop and introduce new products could be adversely affected.
We integrate licensed third-party technology into certain of our products. From time-to-time, we may be required to license additional technology from third parties to develop new products or product enhancements. Third-party licenses may not be available or continue to be available to us on commercially reasonable terms. The failure to comply with the terms of any license, including free open-source software, may result in our inability to continue to use such license. Our inability to maintain or re-license any third-party licenses required in our products or our inability to obtain third-party
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licenses necessary to develop new products and product enhancements, could potentially require us to develop substitute technology or obtain substitute technology of lower quality or performance standards or at a greater cost, any of which could delay or prevent product shipment and harm our business, financial condition, and results of operations.
If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
As a public company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act, and Nasdaq listing requirements. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, and to integrate our acquisitions into our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant time and operational resources, including accounting-related costs and significant management oversight.
Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation or improvement, could cause us to delay reporting of our financial results, be subject to one or more investigations or enforcement actions by state or federal regulatory agencies, stockholder lawsuits or other adverse actions requiring us to incur defense costs, pay fines, settlements or judgments. Any such failures could also cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our common stock and customer perception of our business may suffer. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the NASDAQ stock market.
Risks Related to Human Capital
Our ability to develop, market and sell products could be harmed if we are unable to retain or hire key personnel.
Our future success depends upon our ability to recruit and retain the services of executive, engineering, manufacturing, sales and marketing, and support personnel. The supply of highly qualified individuals, in particular engineers in very specialized technical areas, or salespeople specializing in the service provider, enterprise and commercial laser markets, is limited and competition for such individuals is intense. Competition is particularly intense in certain jurisdictions where we have research and development centers, including Silicon Valley, and for engineering talent generally. Also, the increase of remote work among employees in our industries has increased employee mobility and turnover, making it difficult for us to retain or hire employees. Further, to attract and retain top talent, we have offered, and we believe we will need to continue to offer, competitive compensation and benefits packages. Job candidates and existing employees often consider the value of the equity awards they receive in connection with their employment. If the perceived value of our equity awards declines, it may adversely affect our ability to attract and retain highly qualified employees. There can be no assurance that the programs, initiatives, rewards and recognition that are part of our people strategy will be successful in attracting and retaining the talent necessary to execute on our business plans. In addition, as a result of our past and any future acquisitions and related integration activities, our current and prospective employees may experience uncertainty about their futures that may impair our ability to retain, recruit, or motivate key management, engineering, technical and other personnel. None of our officers or key employees is bound by an employment agreement for any specific term. The loss of the services of any of our key employees, the inability to attract or retain personnel in the future, particularly during the integration of acquisitions, or delays in hiring required personnel and the complexity and time involved in replacing or training new employees, could delay the development and introduction of new products, and negatively impact our ability to market, sell, or support our products. Similarly, the failure to properly manage the necessary knowledge transfer required for employee transitions could impact our ability to maintain industry and innovation leadership. The loss of members of our management team or other key personnel could be disruptive to our business and, were it necessary, it could be difficult to replace such individuals. If we are unable to attract and retain qualified personnel, we may be unable to manage our business effectively, and our business, financial condition and results of operations may be harmed.
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Our ability to hire and retain employees may be negatively impacted by changes in immigration laws, regulations and procedures.
Foreign nationals who are not U.S. citizens or permanent residents constitute an important part of our U.S. workforce, particularly in the areas of engineering and product development. Our ability to hire and retain these workers and their ability to remain and work in the United States are impacted by laws and regulations, as well as by procedures and enforcement practices of various government agencies and global events that may interfere with our ability to hire or retain workers who require visas or entry permits. For example, numerous U.S. Embassies suspended or delayed the processing of new visa applications for a period of time during the pandemic due to COVID-19 related concerns impacting embassy operations and staffing. Additional changes in immigration laws, regulations or procedures in jurisdictions in which we hire workers may adversely affect our ability to hire or retain such workers, increase our operating expenses and negatively impact our ability to deliver our products and services.
Risks Related to Legal, Regulatory and Compliance
Our sales may decline if we are unable to obtain government authorization to export certain of our products, and we may be subject to legal and regulatory consequences if we do not comply with applicable export control laws and regulations.
Exports of certain of our products are subject to export controls imposed by the U.S. government and administered by the U.S. Departments of State and Commerce. In certain instances, these regulations may require pre-shipment authorization from the administering department. For products subject to the EAR administered by the BIS, the requirement for a license is dependent on the type and end use of the product, the final destination, the identity of the end user and whether a license exception might apply. Virtually all exports of products subject to the International Traffic in Arms Regulations (“ITAR”) administered by the Department of State’s Directorate of Defense Trade Controls, require a license. Certain of our fiber optics products are subject to EAR and ITAR. Products and the associated technical data developed and manufactured in our foreign locations are subject to export controls of the applicable foreign nation. There is no assurance that we will be issued these licenses or be granted exceptions, and failure to obtain such licenses or exceptions could limit our ability to sell our products into certain countries and negatively impact our business, financial condition and/or operating results.
The requirement to obtain a license could put us at a competitive disadvantage by restricting our ability to sell products to customers in certain countries or by giving rise to delays or expenses related to obtaining a license. Given the current global political climate, obtaining export licenses can be difficult and time-consuming. Failure to obtain export licenses for these shipments could significantly reduce our revenue and materially adversely affect our business, financial condition, relationships with our customers and results of operations. Compliance with U.S. government regulations also subjects us to additional fees and costs. The absence of comparable restrictions on competitors in other countries may adversely affect our competitive position.
Further, there is increased attention from the government and the media regarding potential threats to U.S. national security and foreign policy relating to certain foreign entities, particularly Chinese entities, and the imposition of enhanced restrictions or sanctions regarding the export of our products or on specific foreign entities that would restrict their ability to do business with U.S. companies may materially adversely affect our business. For example, on May 16, 2019, Huawei was added to the Entity List of the Bureau of Industry and Security of the U.S. Department of Commerce, additional regulatory restrictions were imposed in May and August 2020 and in October 2022 to the Foreign-Produced Direct Product Rule, which impose limitations on the supply of certain U.S. items and product support to Huawei, and FiberHome Technologies was added to the Entity List on May 22, 2020. These actions have resulted in escalating tensions between the U.S. and China and create the possibility that the Chinese government may take additional steps to retaliate against U.S. companies or industries. We are currently unable to supply any products to Huawei and we cannot predict whether we will again be able to sell to Huawei. Further, we cannot predict what additional actions the U.S. government may take with respect to Huawei beyond what is described above or to other of our customers, including modifications to or interpretations of Entity List restrictions, export restrictions, tariffs, or other trade limitations or barriers.
Our association with customers that are or become subject to U.S. regulatory scrutiny or export restrictions could negatively impact our business. Governmental actions such as these could subject us to actual or perceived reputational harm among current or prospective investors, suppliers or customers, customers of our customers, other parties doing business with us, or the general public. Any such reputational harm could result in the loss of investors, suppliers or customers, which could harm our business, financial condition, operating results or prospects. Our failure or perceived
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failure to comply with any of the foregoing legal and regulatory requirements, or other actual or asserted obligations relating to export controls has in the past and could in the future result in increased costs for our products, damage to our reputation, government inquiries, subpoenas, investigations. If we fail to comply with any of these export regulations, we could be subject to civil, criminal, monetary and non-monetary penalties and costly consent decrees, which would lead to disruptions to our business, restrictions on our ability to export products and technology, and adversely affect our business and results of operation.
In addition, certain of our significant customers and suppliers have products that are subject to U.S. export controls, and therefore these customers and suppliers may also be subject to legal and regulatory consequences if they do not comply with applicable export control laws and regulations. Such regulatory consequences could disrupt our ability to obtain components from our suppliers, or to sell our products to major customers, which could significantly increase our costs, reduce our revenue and materially adversely affect our business, financial condition and results of operations.
Social and environmental responsibility regulations, policies and provisions, as well as customer and investor demands, may make our supply chain more complex and may adversely affect our relationships with customers and investors.
There is an increasing focus on environmental, social, and governance (“ESG”) matters both in the United States and globally. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions or requirements that their suppliers should comply with, or they may seek to include such provisions or requirements in their procurement terms and conditions. An increasing number of investors are also requiring companies to disclose corporate social and environmental policies, practices and metrics. These legal and regulatory requirements, as well as investor expectations, on corporate environmental and social responsibility practices and disclosure, are subject to change, can be unpredictable, and may be difficult and expensive for us to comply with, given the complexity of our supply chain. If we are unable to comply with, or are unable to cause our suppliers or contract manufacturers to comply with such policies or provisions, or meet the requirements of our customers and investors, a customer may stop purchasing products from us or an investor may sell their shares, and may take legal action against us, which could harm our reputation, revenue and results of operations. We expect increased worldwide regulatory activity relating to climate change in the future. Future compliance with these laws and regulations, as well as meeting related customer and investor expectations, may adversely affect our business and results of operations.
Our reputation and/or business could be negatively impacted by ESG matters and/or our reporting of such matters.
We communicate certain ESG-related initiatives, goals, and/or commitments regarding environmental matters, diversity, responsible sourcing and social investments, and other matters, in our annual Corporate Social Responsibility Report, on our website, in certain filings with the SEC, and elsewhere. These initiatives, goals, or commitments could be difficult to achieve and costly to implement. In addition, we could be criticized for the timing, scope or nature of these initiatives, goals, or commitments, for any revisions to them, or for our disclosures related to such matters, or for our policies and practices related to these matters. Our actual or perceived failure to achieve our ESG-related initiatives, goals, or commitments could negatively impact our reputation or otherwise materially harm our business.
We may be adversely affected by climate change regulations.
In many of the countries in which we operate, government bodies are increasingly enacting legislation and regulations in response to potential impacts of climate change. These laws and regulations are mandatory in some cases, and have the potential to impact our operations directly or indirectly as a result of required compliance by our customers or supply chain. Inconsistency of regulations may also affect the costs of compliance with such laws and regulations. Assessments of the potential impact of future climate change legislation, regulation, and international treaties and accords are uncertain, given the wide scope of potential regulatory change in countries in which we operate.
We may incur increased capital expenditures resulting from required compliance with revised or new legislation or regulations, added costs to purchase raw materials, lower profits from sales of our products, increased insurance premiums and deductibles, changes in competitive position relative to industry peers, changes to profit or loss arising from increased or decreased demand for goods produced by us, or changes in costs of goods sold, which would have an adverse effect on our business, financial condition and results of operations.
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We are subject to laws and regulations worldwide including with respect to environmental matters, securities laws, privacy and data protection, compliance with which could increase our expenses and harm our operating results.
Our operations and our products are subject to various federal, state and foreign laws and regulations, including those governing pollution and protection of human health and the environment in the jurisdictions in which we operate or sell our products. These laws and regulations govern, among other things, wastewater discharges and the handling and disposal of hazardous materials in our products. Our failure to comply with current and future environmental or health or safety requirements could cause us to incur substantial costs, including significant capital expenditures, to comply with such environmental laws and regulations and to clean up contaminated properties that we own or operate. Such clean-up or compliance obligations could result in disruptions to our operations. Additionally, if we are found to be in violation of these laws, we could be subject to governmental fines or civil liability for damages resulting from such violations. These costs could have a material adverse impact on our financial condition or operating results.
From time-to-time new regulations are enacted, and it is difficult to anticipate how such regulations will be implemented and enforced. We continue to evaluate the necessary steps for compliance with regulations as they are enacted. These regulations include, for example, the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”), the Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment Directive (“RoHS”) and the Waste Electrical and Electronic Equipment Directive (“WEEE”) enacted in the European Union which regulate the use of certain hazardous substances in, and require the collection, reuse and recycling of waste from, certain products we manufacture. These regulations and similar legislation may require us to re-design our products to ensure compliance with the applicable standards, for example by requiring the use of different types of materials, which could have an adverse impact on the performance of our products, add greater testing lead-times for product introductions or other similar effects. We believe we comply with all such legislation where our products are sold, and we continuously monitor these laws and the regulations being adopted under them to determine our responsibilities.
In addition, pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC has promulgated rules requiring disclosure regarding the use of certain “conflict minerals” that are mined from the Democratic Republic of Congo and adjoining countries and procedures regarding a manufacturer’s efforts to prevent the sourcing of such minerals. We may face challenges with government regulators and our customers and suppliers if we are unable to sufficiently make any required determination that the metals used in our products are conflict free. Complying with these disclosure requirements involves substantial diligence efforts to determine the source of any conflict minerals used in our products and may require third-party auditing of our diligence process. These efforts may demand internal resources that would otherwise be directed towards operations activities.
Since our supply chain is complex, we may face reputational challenges if we are unable to sufficiently verify the origins of all minerals used in our products. Additionally, if we are unable to satisfy those customers who require that all of the components of our products are determined to be conflict free, they may choose a competitor’s products which could materially impact our financial condition and operating results.
We are also subject to laws and regulations to our collection and other processing of personal data of our employees, customers and others. These laws and regulations are subject to frequent modifications and updates and require ongoing supervision. For example, the European Union adopted a General Data Protection Regulation (“GDPR”) that became effective in May 2018, and has established new, and in some cases more stringent, requirements for data protection in Europe, and which provides for substantial penalties for noncompliance. Brazil passed the General Data Protection Law that became effective in August 2020 to regulate processing of personal data of individuals, which also provides for substantial penalties for noncompliance. Additionally, California has the CCPA, which went into effect on January 1, 2020. In November 2020, California passed the California Privacy Rights Act (“CPRA”), which went into effect on January 1, 2023. The CPRA amends and augments the CCPA, including by expanding individuals’ rights and the obligations of businesses that handle personal data. Similar legislation has been proposed or adopted in several other states. Aspects of the CCPA, CPRA and these other laws and regulations, as well as their enforcement, remain unclear. The U.S. federal government also is contemplating federal privacy legislation. The effects and impact of these or other laws and regulations relating to privacy and data protection are potentially significant and may require us to modify our data processing practices and policies and to incur substantial costs and expenses in efforts to comply. Laws and regulations relating to privacy and data protection continue to evolve in various jurisdictions, with existing laws and regulations subject to new and differing interpretations and new laws and regulations being proposed and adopted. It is possible that our practices may be deemed not to comply with those privacy and data protection legal requirements that apply to us now or in the future.
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Further, the United Kingdom has implemented legislation similar to the GDPR, including the UK Data Protection Act and legislation referred to as the UK GDPR, which provides for substantial penalties, similar to the GDPR. Aspects of United Kingdom data protection law remains unclear following the United Kingdom’s exit from the European Union, including with respect to data transfers between the United Kingdom and other jurisdictions. We cannot fully predict how the Data Protection Act, the UK GDPR, and other United Kingdom data protection laws or regulations may develop in the medium to longer term nor the effects of divergent laws and guidance regarding data transfers. We may find it necessary to make further changes to our handling of personal data of residents of the European Economic Area, Switzerland and the United Kingdom, each of which may require us to incur significant costs and expenses.
New technology trends, such as AI, require us to keep pace with evolving regulations and industry standards. In the United States, the European Union, and China there are various current and proposed regulatory frameworks relating to the use of AI in products and services. We expect that the legal and regulatory environment relating to emerging technologies such as AI will continue to develop and could increase the cost of doing business, and create compliance risks and potential liability, all which may have a material adverse effect on our financial condition and results of operations.
Our failure or perceived failure to comply with any of the foregoing legal and regulatory requirements, or other actual or asserted obligations relating to privacy, data protection or information security could result in increased costs for our products, monetary penalties, damage to our reputation, government inquiries, subpoenas, investigations and other legal proceedings, legal claims, demands and litigation and other obligations and liabilities. Furthermore, the legal and regulatory requirements that are applicable to our business are subject to change from time-to-time, which increases our monitoring and compliance costs and the risk that we may fall out of compliance. Additionally, we may be required to ensure that our suppliers comply with applicable laws and regulations. If we or our suppliers fail to comply with such laws or regulations, we could face sanctions for such noncompliance, and our customers may refuse to purchase our products, which would have a material adverse effect on our business, financial condition and results of operations.
Risks Related to Our Common Stock
Our stock price may be volatile and may decline regardless of our operating performance.
Our common stock is listed on the Nasdaq Global Select Market (“NASDAQ”) under the symbol “LITE”. The market price of our common stock has fluctuated in the past and may fluctuate significantly due to a number of factors, some of which may be beyond our control and may often be unrelated or disproportionate to our operating performance. These include:
•general economic and market conditions and other external factors;
•changes in global economic conditions, including those resulting from trade tensions, rising inflation, and fluctuations in foreign currency exchange and interest rates;
•speculation in the press or investment community about our strategic position;
•actual or anticipated fluctuations in our quarterly or annual operating results;
•changes in earnings estimates by securities analysts or our ability to meet those estimates;
•the operating and stock price performance of other comparable companies;
•a shift in our investor base;
•the financial performance of other companies in our industry, and of our customers;
•general market, economic and political conditions, including market conditions in the semiconductor industry;
•pandemics and similar major health concerns, including the effects of the COVID-19 pandemic;
•success or failure of our business strategy;
•credit market fluctuations which could negatively impact our ability to obtain financing as needed;
•changes in governmental regulation including taxation and tariff policies;
•changes in global political tensions that may affect business with our customers;
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•announcements by us, competitors, customers, or our contract manufacturers of significant acquisitions or dispositions, strategic alliances or overall movement toward industry consolidations among our customers and competitors;
•investor perception of us and our industry;
•changes in recommendations by securities analysts;
•changes in accounting standards, policies, guidance, interpretations or principles;
•differences, whether actual or perceived, between our corporate social responsibility and ESG practices and disclosure and investor expectations;
•litigation or disputes in which we may become involved;
•overall market fluctuations;
•issuances of our shares upon conversion of some or all of the convertible notes;
•sales of our shares by our officers, directors, or significant stockholders; and
•the timing and amount of share repurchases, if any.
In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many technology companies. Stock prices of many technology companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and adversely affect our business, results of operations, financial condition and cash flows.
Servicing our existing and future indebtedness, including the 2026 Notes, 2028 Notes and 2029 Notes (collectively referred to as the “convertible notes”) may require a significant amount of cash, and we may not have sufficient cash flow or the ability to raise the funds necessary to satisfy our obligations under the convertible notes and our current and future indebtedness may limit our operating flexibility or otherwise affect our business.
Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness under the convertible notes, or to make cash payments in connection with any conversion of the convertible notes or upon any fundamental change if holders of the applicable series of the convertible notes require us to repurchase their convertible notes for cash, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. Our business may not generate cash flow from operations in the future sufficient to service our indebtedness and make necessary capital expenditures. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring indebtedness or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations. In addition, our existing and future indebtedness could have important consequences to our stockholders and significant effects on our business. For example, it could:
•make it more difficult for us to satisfy our debt obligations under the convertible notes;
•increase our vulnerability to general adverse economic and industry conditions;
•require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital and other general corporate purposes;
•limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
•restrict us from exploiting business opportunities;
•place us at a competitive disadvantage compared to our competitors that have less indebtedness; and
•limit our availability to borrow additional funds for working capital, capital expenditures, acquisitions, debt
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service requirements, execution of our business strategy or other general purposes.
Transactions relating to our convertible notes may dilute the ownership interest of existing stockholders or may otherwise depress the price of our common stock.
Following our entry into the First Supplemental Indenture, dated as of September 25, 2024, to the 2026 Indenture and our irrevocable settlement method elections made on September 25, 2024 with respect to the 2028 Notes and 2029 Notes, if the convertible notes are converted by holders, we are required to satisfy our conversion obligation with respect to the convertible notes by delivering cash equal to the principal amount of such converted convertible notes and cash, shares of common stock, or a combination of cash and shares of common stock, at our election, with respect to any conversion value in excess thereof. If we elect to deliver common stock upon conversion of the convertible notes, it would dilute the ownership interests of existing stockholders. Any sales in the public market of the common stock issuable upon such conversion could adversely affect prevailing market prices of our common stock. In addition, certain holders of the convertible notes may engage in short selling to hedge their position in the convertible notes. Anticipated future conversions of the convertible notes into shares of our common stock could depress the price of our common stock.
We do not expect to pay dividends on our common stock.
We do not currently expect to pay dividends on our common stock. The payment of any dividends to our stockholders in the future, and the timing and amount thereof, if any, is within the discretion of our board of directors. Our board of directors’ decisions regarding the payment of dividends will depend on many factors, such as our financial condition, earnings, capital requirements, potential debt service obligations or restrictive covenants, industry practice, legal requirements, regulatory constraints and other factors that our board of directors deems relevant. As a result, the success of an investment in our common stock will depend entirely upon future appreciation in its value. There is no guarantee that our common stock will maintain its value or appreciate in value.
In addition, because we are a holding company with no material direct operations, we are dependent on loans, dividends and other payments from our operating subsidiaries to generate the funds necessary to pay dividends on our common stock. However, our operating subsidiaries’ ability to make such distributions will be subject to their operating results, cash requirements and financial condition and the applicable provisions of Delaware law that may limit the amount of funds available for distribution. Our ability to pay cash dividends may also be subject to covenants and financial ratios related to existing or future indebtedness, and other agreements with third parties.
Certain provisions in our charter and Delaware corporate law could hinder a takeover attempt.
We are subject to the provisions of Section 203 of the Delaware General Corporate Law which prohibits us, under some circumstances, from engaging in business combinations with some stockholders for a specified period of time without the approval of the holders of substantially all of our outstanding voting stock. Such provisions could delay or impede the removal of incumbent directors and could make more difficult a merger, tender offer or proxy contest involving us, even if such events could be beneficial, in the short-term, to the interests of our stockholders. In addition, such provisions could limit the price that some investors might be willing to pay in the future for shares of our common stock. Our certificate of incorporation and bylaws contain provisions providing for the limitations of liability and indemnification of our directors and officers, allowing vacancies on our board of directors to be filled by the vote of a majority of the remaining directors, granting our board of directors the authority to establish additional series of preferred stock and to designate the rights, preferences and privileges of such shares (commonly known as “blank check preferred”) and providing that our stockholders can take action only at a duly called annual or special meeting of stockholders, which may only be called by the chairman of the board of directors, the chief executive officer or the board of directors. These provisions may also have the effect of deterring hostile takeovers or delaying changes in control or changes in our management.
Our bylaws designate Delaware courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could discourage lawsuits against us or our directors and officers.
Our bylaws provide that, unless we consent in writing to an alternative forum, the state or federal courts of Delaware are the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting breach of fiduciary duty, or other wrongdoing, by our directors, officers or other employees to us or our stockholders; any action asserting a claim against Lumentum pursuant to the Delaware General Corporation Law or our certificate of incorporation or bylaws; any action asserting a claim against Lumentum governed by the internal affairs doctrine; or any action to
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interpret, apply, enforce or determine the validity of our certificate of incorporation or bylaws. This exclusive forum provision may limit the ability of our stockholders to bring a claim in a different judicial forum that such stockholders find favorable for disputes with us or our directors or officers, which may discourage such lawsuits against us or our directors and officers.
Alternatively, if a court outside of Delaware were to find this exclusive forum provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings described above, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition or results of operations.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
We did not have any repurchases of shares of our common stock during the three months ended September 28, 2024, as shown in the table below. (in millions, except share and per share amounts):
Period
Total Number of Shares Purchased (1)
Average Price Paid per Share (2)
Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number (or Approximation Dollar Value) of Shares That May Yet Be Purchased under the Plans or Programs
June 30, 2024 to July 27, 2024— $— — $569.6 
July 28, 2024 to August 24, 2024— $— — $569.6 
August 25, 2024 to September 28, 2024— $— — $569.6 
Total — $— — $569.6 
(1) On May 7, 2021, we announced that our board of directors approved the 2021 share buyback program, which authorizes us to use up to $700.0 million to purchase our own shares of common stock. On March 3, 2022, our board of directors approved an increase in our share buyback program, which authorizes us to use up to an aggregate amount of $1.0 billion (an increase from $700.0 million) to purchase our own shares of common stock through May 2024. On April 5, 2023, our board of directors approved a further increase in our share buyback program, which authorizes us to utilize up to an aggregate amount of $1.2 billion (an increase from $1.0 billion) to purchase our own shares of common stock through May 2025, but may be suspended or terminated at any time.
(2) Average price paid per share includes costs associated with the repurchases.

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ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
During our last fiscal quarter, the following directors and officers, as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.
On August 22, 2024, Julie Johnson, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 2,058 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 22, 2025, or earlier if all transactions under the trading arrangement are completed.
On August 26, 2024, Vince Retort, our President, Industrial Tech and Chief Business Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 152,147 shares of our common stock. The actual number of shares sold under the trading arrangement will depend on achievement of performance targets applicable to the performance stock units (“PSUs”) subject to the trading arrangement and be net of shares withheld for taxes upon vesting and settlement of the PSUs subject to the trading arrangement. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 29, 2025, or earlier if all transactions under the trading arrangement are completed.
On August 30, 2024, Wajid Ali, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 67,118 shares of our common stock. The actual number of shares sold under the trading arrangement will depend on achievement of performance targets applicable to the PSUs subject to the trading arrangement and be net of shares withheld for taxes upon vesting and settlement of the PSUs subject to the trading arrangement. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 26, 2025, or earlier if all transactions under the trading arrangement are completed.
On May 20, 2024, Penny Herscher, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate up to 2,167 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until May 20, 2025, or earlier if all transactions under the trading arrangement are completed.
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ITEM 6. EXHIBITS
The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Commission.
 Exhibit Incorporated by 
Reference		Filed
No.Exhibit DescriptionFormFile No.ExhibitFiling DateHerewith
4.1X
31.1  X
31.2   X
32.1†    X
32.2†    X
101The following financial information from Lumentum Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2024 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Operations for the three months ended September 28, 2024 and September 30, 2023; (ii) Condensed Consolidated Statements of Comprehensive Loss for the three months ended September 28, 2024 and September 30, 2023; (iii) Condensed Consolidated Balance Sheets as of September 28, 2024 and June 29, 2024; (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended September 28, 2024 and September 30, 2023; (v) Condensed Consolidated Statements of Cash Flows for the three months ended September 28, 2024 and September 30, 2023, and (vi) Notes to the Consolidated Financial Statements.   X
104Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101).   X
† The certifications furnished in Exhibits 32.1 and 32.2 that accompany this report are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this report, irrespective of any general incorporation language contained in such filing.
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SIGNATURES
 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LUMENTUM HOLDINGS INC.
Date:November 7, 2024By: /s/ Wajid Ali
By: Wajid Ali
 Executive Vice President, Chief Financial Officer

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