Lumentum Holdings Inc. (NASDAQ:LITE) Q4 2020 Earnings Conference Call - Final Transcript

Aug 11, 2020 • 08:30 am ET

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Lumentum Holdings Inc. (NASDAQ:LITE) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Lumentum Fourth Quarter and Fiscal Year 2020 Earnings Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Jim Fanucchi, of Darrow Associates. Please go ahead.

Executive
Jim Fanucchi

Thank you, operator. Welcome to Lumentum's Fourth Quarter and Fiscal Year 2020 Earnings Call. This is Jim Fanucchi from Darrow Associates, assisting Lumentum with its Investor Relations. Joining the call today from the Company's management team, we have Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President of Strategy and Corporate Development.

Today's call will include forward-looking statements, including statements regarding the markets, in which we operate and our position in such markets; the impact of COVID-19 and responsive actions thereto on our business and continuing uncertainty in this regard; trends and expectations for our products and technology; our expected financial performance, including our guidance, as well as statements regarding our business initiatives and the achievement of synergies following our acquisition of Oclaro.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings, including the company's quarterly report on Form 10-Q for the fiscal quarter ended March 28, 2020, and in Lumentum's 10-K for fiscal year 2020 ended June 27, 2020, which the company expects to file within 60 days of the fiscal year-end.

The forward-looking statements provided during this call are based on Lumentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update these statements, except as required by applicable law.

Please also note, unless otherwise stated, all results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP.

Lumentum's press release with the fourth quarter and full year fiscal 2020 results is available on its website at www.lumentum.com, under the Investors section and includes additional details about our non-GAAP financial measures and the reconciliation between our historical GAAP and non-GAAP results.

Now, I will turn the call over to Alan for his comments.

Executive
Alan Lowe

Thank you, Jim. Good morning, everyone. The fourth quarter capped off another record fiscal year. Earlier this month, we celebrated our fifth anniversary of being a stand-alone public company. And wow, what a five years it's been. We have accomplished a lot.

Execution of our strategy has positioned us as a clear technology and market leader and enabled us to strongly grow revenue, margins and earnings per share every year since we became a stand-alone public company. This was accomplished despite the significant impact of product line exits and divestitures and more recently, COVID-19 and geopolitical headwinds.

From fiscal year '15 through fiscal year '20, our earnings per share grew at a compound annual growth rate of 47%. This includes additional shares related to M&A consideration and convertible debt. Over this period, our gross