Lumentum Holdings Inc. (NASDAQ:LITE) Q4 2018 Earnings Conference Call - Final Transcript
Aug 08, 2018 • 08:30 am ET
Good morning. My name is Marcella and I will be your conference operator today. At this time I would like to welcome everyone to the Q4 and Full Fiscal Year 2018 Lumentum Earnings Conference Call. (Operator Instructions) Thank you.
Chris Coldren, Interim CFO, you may began your conference.
Thank you, Marcella. Welcome to Lumentum's fourth quarter 2018 earnings call. This is Chris Coldren, Interim CFO and SVP of Strategy and Corporate Development. Joining me on today's call is Alan Lowe, President and CEO. (Forward-Looking Cautionary Statements)
Before turning the call over to Alan, we had some additional comments relating to the pending acquisition on Oclaro. First, today's call is not an offering of securities. The information discussed today is qualified in its entirety by the S-4 proxy statement prospectus and filed with the SEC in connection with the proposed transaction. We encourage security holders to read the joint proxy statement prospectus and other documents filed with the SEC carefully as they contain important information about the pending transaction.
Further, on the pending Oclaro transaction, we previously mentioned that we have received HSR approval. The merger is subject to certain other closing conditions including antitrust regulatory approval in China. We entered Phase 1 of this approval process in Mid-July. Additionally, Oclaro stock holders approved the transaction at their meeting in July. We continue to work with Oclaro on completing this pending transaction.
During the Q&A session, please keep in mind that the focus of this call is our earnings report and guidance and we will not be sharing incremental information relating to the status of out pending acquisition of Oclaro beyond our prepared remarks.
Now, I would like to turn the call over to Alan for his comments on fourth quarter and full year business highlights.
Thank you, Chris, good morning everyone. Last week was Lumentum's third anniversary of being a standalone public company. Today, I'm very excited to be here for a third year in a row discussing new record revenues and profitability.
Record revenues in TrueFlex ROADMs, commercial lasers, and industrial diode laser drove strong fourth quarter results. These capped off a fiscal 2018 that saw a net revenue growth of 25% to $1.25 billion and non-GAAP earnings more than doubled over fiscal 2017. Our fiscal 2018 results underscore that our strategy of investing in differentiated products, addressing multiple growing end markets, critically dependent on photonics is succeeding.
The global markets in which Lumentum participates have fundamentally robust, long-term trend that increase the need for our photonics products and technologies. The world is becoming more reliant on ever increasing amounts of data flowing through optical networks and data centers. New networks and data centers need to be built to satisfy this insatiable demand for data. Globally, regardless of who is supplying the optical networking equipment or who is deploying the network, the products and technology, Lumentum supplies are essential.
Higher level of precision, new materials and factory and energy efficiency are all increasingly important to manufacturers around the world. To