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美国
证券交易委员会
华盛顿特区20549
表格10-Q
 
(标记一个)
☒ 根据1934年证券交易所法第13或第15(d)条的季度报告。
截至2024年6月30日季度结束 2024年9月28日
 OR
☐ ​
到
天从发票日期计算，被视为商业合理。
委员会档案编号 001-36861
鲁门通控股股份有限公司
（注册人的确切姓名，如其章程中指明）
特拉华州 47-3108385
(依据所在地或其他管辖区)
的注册地或组织地点)		 (国税局雇主识别号码)
识别号码)
1001 Ridder Park Drive, 圣荷西, 加利福尼亚州 95131
(主要行政办公室地址，包括邮政编码)
(408) 546-5483
(注册人电话号码，包括区号)
根据法案第12(b)条规定注册的证券：
每种类别的名称交易标的（s）每个注册交易所的名称
每股标的的普通股，每股面值为$0.001标的纳斯达克全球货币选择市场
请勾选表示：（1）申报人在过去12个月内已按照1934年证券交易法第13或15(d)条的规定提交了所有要求提交的报告（或者该申报人需要提交这些报告的较短期间内），以及（2）申报人在过去90天内已受制于此类报告要求。 是 x没有o
标示√，表示在过去12个月内（或注册人要求提出此类文件的较短期间内），根据《S-t法规》第405条的规定，是否每个互动数据文件都已经以电子方式提交。 是 x否o

请标示勾选方格，以指明申报人是否为大型加速发行人、加速发行人、非加速发行人、较小的报告公司或新兴增长公司。请参阅《交易所法》第120亿2条的“大型加速发行人”、“加速发行人”、“较小的报告公司”和“新兴增长公司”的定义。
大型加速档案x加速文件o非加速文件o较小的报告公司☐
新兴成长公司☐
如果一家新兴成长型公司，请用勾选标记表示该申报人已选择不使用根据证交所法案13(a)条款提供的任何新的或修订过的财务会计准则的延长过渡期。 o
请在核准印章处打勾，表明公司是否为外壳公司（根据《交易所法》第120亿2条所定义）。是 ☐否 x
截至2024年10月31日，申报人持有 68.7百万股普通股流通在外。




目 录
页面

1

第一部分 - 财务信息
项目1. 基本报表（未经查核）
lumentum holdings inc.
综合营业损益汇缩陈述
（以百万为单位，除每股数据外）
(未经核实的)
结束于三个月的期间
 2024年9月28日2023年9月30日
营业收入$336.9 $317.6 
销货成本236.5 222.9 
Amortization of acquired developed intangibles 22.5 18.0 
毛利润77.9 76.7 
营业费用：
研究和开发74.3 73.5 
销售、一般和行政76.3 73.0 
重组及相关费用9.7 11.0 
营业费用总计160.3 157.5 
营运亏损(82.4)(80.8)
利息费用(5.5)(9.7)
其他收益，净额8.7 21.2 
收入税前亏损(79.2)(69.3)
所得税费用（利益）3.2 (1.4)
净损失$(82.4)$(67.9)
每股净损失：
基本$(1.21)$(1.02)
稀释$(1.21)$(1.02)
用于计算每股净亏损的股份：
基本 68.3 66.7 
稀释68.3 66.7 
    

见附带的基本报表附注。
2
目录
lumentum holdings inc.
综合损益简明合并财务报表
(以百万为单位)
(未经查核)

 三个月结束
 二零二四年九月二十八日二零二三年九月三十日
净亏损$(82.4)$(67.9)
其他综合收益（亏损）（除税）：
外币转换调整— (0.2)
可供出售证券未实现收益净变动2.3 1.3 
其他综合收益（除税）2.3 1.1 
全面亏损（扣除税）$(80.1)$(66.8)

见附带的基本报表附注。

3
目录
lumentum holdings inc.
缩表合并资产负债表
(以百万为单位，除了面值)
(未经核实的)


2024年9月28日2024年6月29日
资产  
流动资产: 
现金及现金等价物$489.2 $436.7 
短期投资426.9 450.3 
应收帐款净额 198.5 194.7 
存货403.3 398.4 
预付款和其他流动资产118.3 110.0 
全部流动资产1,636.2 1,590.1 
不动产、厂房及设备净值638.4 572.5 
营运租赁权利资产，净额35.7 72.8 
商誉1,060.9 1,055.8 
其他无形资产净值573.9 617.5 
递延所得税资产12.5 10.7 
其他非流动资产12.0 12.5 
资产总额$3,969.6 $3,931.9 
负债及股东权益
流动负债：
应付账款$163.1 $126.3 
应计的薪资及相关费用42.0 36.1 
应计费用39.7 52.4 
长期债务的当期偿还10.8 — 
营运租赁负债，流动11.9 13.4 
其他流动负债37.6 41.1 
流动负债合计305.1 269.3 
长期负债2,569.2 2,503.2 
营运租赁负债，非流动29.8 43.0 
递延所得税负债53.4 55.7 
其他非流动负债116.2 103.4 
总负债3,073.7 2,974.6 
承诺与或然性 （14.注）
股东权益：
0.010.001 每股面额为 990 已授权股份， 68.6 和 67.9 股份分别于2024年9月28日及2024年6月29日发行并流通。
0.1 0.1 
资本公积额额外增资1,853.7 1,835.0 
累积亏损(969.5)(887.1)
其他综合收益累计额11.6 9.3 
股东权益总额895.9 957.3 
负债和股东权益总额$3,969.6 $3,931.9 
 
请参阅简明综合财务报表附注。

4
目录
lumentum holdings inc.
简明财务报表现金流量表
(以百万为单位)
(未经查核)
结束于三个月的期间
2024年9月28日2023年9月30日
营运活动：
净损失$(82.4)$(67.9)
调整净损失为经营活动提供的净现金流量：
折旧费用27.0 28.2 
股份报酬 35.6 32.1 
取得无形资产之摊销及减损43.6 29.0 
出售及处置物业、厂房及设备亏损0.2 1.4 
债务折价及债券发行费之摊销0.7 4.9 
租赁资产之减损5.3 — 
其他非现金项目(0.3)(5.7)
营运资产和负债的变化：
应收帐款(3.8)26.1 
存货(6.5)(16.8)
营运租赁权利资产，净额(0.2)3.7 
预付款项及其他流动资产和非流动资产(16.6)7.3 
所得税净额7.2 (19.9)
应付账款32.6 (28.0)
应计的薪资及相关费用5.9 1.5 
营业租赁负债1.0 (4.0)
应计费用和其他流动及非流动负债(9.7)5.8 
营运活动之净现金提供（使用）量39.6 (2.3)
投资活动：
购置不动产、厂房和设备支付款(74.1)(57.8)
购买短期投资(63.9)(149.1)
自到期及短期投资出售所得90.7 227.7 
用于取得无形资产的付款— (3.0)
处分的不动产、厂房及设备的收益0.2 — 
投资活动提供的净现金流量（使用）(47.1)17.8 
筹资活动：
支付与限制股票单位的净股份结算相关的预扣税款
(16.0)(12.9)
长期贷款款项76.5 — 
股票期权行使所得0.9 — 
长期贷款的本金支付(0.4)— 
支付与收购相关的保留款(1.0)— 
筹资活动提供的净现金60.0 (12.9)
现金及现金等价物减少52.5 2.6 
期初现金及现金等价物 436.7 859.0 
期末现金及现金等价物$489.2 $861.6 
现金流量资讯的补充披露：
支付的现金（退款）为税款，净额$(4.2)$18.5 
支付利息的现金 0.1 0.6 
补充揭露与非现金投资及融资活动有关之事项：
应付帐款及应计负债中的未支付不动产、厂房和设备15.9 4.2 
应付负债中的未付无形资产— 2.0 
以新的经营租赁负债交换取得之租赁资产3.7 — 
请参阅附注的基本财务报表。
5
目录
路门图控股有限公司
股东权益简明合并财务报表
（单位百万）
(未经审计)

普通股资本公积金累计赤字累积的
其他综合收益 		股东权益总计
股份金额
截至2024年6月29日的余额67.9$0.1 $1,835.0 $(887.1)$9.3 $957.3 
净损失— — — (82.4)— (82.4)
其他综合收益— — — — 2.3 2.3 
与限制性股票单位和绩效股票单位归属有关的股票发行0.9 — — — — — 
与限制性股票单位的净股份结算相关的代扣税(0.3)— (16.0)— — (16.0)
行使股票期权0.1 — 0.9 — — 0.9 
基于股票的报酬— — 33.8 — — 33.8 
截至2024年9月28日的余额68.6$0.1 $1,853.7 $(969.5)$11.6 $895.9 

普通股资本公积金累计赤字累积的
其他综合收益		股东权益总计
股份金额
截至2023年7月1日的余额66.4 $0.1 $1,692.2 $(340.6)$4.1 $1,355.8 
净损失— — — (67.9)— (67.9)
其他综合收益— — — — 1.1 1.1 
与限制性股票单位和绩效股票单位归属相关的股票发行0.8 — — — — — 
与限制性股票单位的净股份结算相关的代扣税(0.2)— (12.9)— — (12.9)
基于股票的报酬— — 34.7 — — 34.7 
截至2023年9月30日的余额67.0 $0.1 $1,714.0 $(408.5)$5.2 $1,310.8 

请参阅附注的基本财务报表。

6
目录
路门图控股有限公司
简明合并财务报表附注
（未经审计）
注意事项 1. 业务描述和重要会计政策摘要
业务描述
Lumentum控股公司（“我们”，“我们”，“我们”，“Lumentum”或“公司”）是行业领先的光学和光子产品提供商，这些产品对一系列云、人工智能和机器学习（“AI/ML”）、电信、消费和工业终端市场应用至关重要。我们分为两个主要关注终端市场的可报告业务板块，云和网络以及工业科技。
我们的云计算和网络产品包括广泛的光学和光子芯片、模块和子系统组合，供应给云数据中心运营商、人工智能/机器学习基础设施提供商和网络设备制造商客户，他们正在构建云数据中心和网络基础设施。我们的产品支持云计算、人工智能/机器学习和数据中心互连（DCI）应用中的高容量光学数据链路，以及通信服务提供商网络，包括在接入（本地）、城域（市内）、长途（城市间和全球）以及海底网络基础设施中。我们的云计算和网络产品还支持网络设备制造商构建企业网络基础设施，包括储存区域网络（SANs）、局域网（LANs）和广域网（WANs）。我们云计算和网络产品的需求受到云计算和服务不断增长所需的网络容量的推动，包括用于人工智能/机器学习、流媒体视频和视频会议、无线和移动设备、以及物联网（IoT）。
我们的工业技术产品包括短脉冲固态激光器、千瓦级光纤激光器、二极管激光器和燃料币激光器，适用于众多终端市场的应用。在消费端市场，我们的激光光源集成到客户的3D感应摄像头中，用于移动设备、支付亭和其他消费电子设备，以实现生物识别、计算摄影、虚拟和增强现实等应用。在汽车端市场，我们的激光器应用于客户的激光雷达和其他光学传感器设备中，这些设备越来越多地应用于高级驾驶员辅助系统（“ADAS”）和车内驾驶员及乘客监控系统。在工业制造端市场，我们的激光器应用于客户的制造机床，用于精密加工各种材料，包括半导体器件和微电子制造、电动汽车和电池生产、金属切割和焊接，以及先进制造。我们的产品还可用于工业端市场的成像和传感系统，用于过程反馈和控制、质量保证和减少废料。我们的产品在工业端市场的采用，受客户推动，以推进半导体和微电子行业发展规划，以及行业4.0/5.0趋势，包括增加制造精度和灵活性，减少废料和环境影响。工业端市场对我们产品的需求，受终端客户对制造能力的投资推动。我们的激光器还应用于特定半导体检验和生命科学应用。
报告范围
我们根据美国通用会计准则（“GAAP”）编制了附注简明综合财务报表，该准则要求管理层进行影响简明综合财务报表和附注中金额的估计和假设。管理层根据历史经验和其他各种合理假设进行估计。尽管这些估计基于管理层对可能影响我们的当前事件和行动的最佳了解，但实际结果可能与估计有所不同。我们的中期运营结果并不一定代表未来任何其他中期或整个财政年度的预期结果。根据公司管理层的意见，此处呈现的信息反映了对我们的经营结果、财务状况、股东权益和现金流进行公正呈现所需的所有正常和经常性调整。我们的关键会计政策是那些在财务报表中具有重大影响并涉及管理层困难、主观或复杂判断的政策，包括存货估值、营业收入确认、所得税、商誉和业务组合。
我们的业务和运营业绩在很大程度上取决于一般市场和经济条件。当前的全球宏观经济环境不稳定，继续受通货膨胀、动态的供应链和需求环境、对我们服务市场的资本支出影响较弱的宏观经济环境，以及全球信贷市场的不稳定、资本支出减少、失业和其他劳工问题、股市下跌、许多地区地缘政治环境的不稳定，以及当前全球经济挑战继续对我们的业务和运营业绩施加压力。
7
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
我们持续监控俄乌战争及其相关出口管制、美国等国对俄罗斯和白俄罗斯实施的相关制裁，以及中东地区的冲突。其他因素，如通货膨胀加剧、能源价格上涨及相关成本增加，可能继续影响全球经济和我们的业务。尽管目前难以预测这些战争对全球的影响，但我们目前并不预见对我们的业务造成直接实质性不利影响。
商业组合
2023年11月7日，我们完成了对Cloud Light Technology Limited（“Cloud Light”）的收购。我们已根据ASC主题805采用了会计收购方法来记录这笔交易。 业务组合。 我们的简明综合财务报表包括从收购结束日期起收购实体的经营结果。有关该交易的进一步讨论，请参阅“注4业务组合”部分。
财政年度
我们采用一个52-53周的财政年度，以最接近6月30日的周六结束。th每第五或第六个财政年度将有53周。53周年度的额外一周被添加到第三季度，使得该季度包括14周。我们的2025财政年度是一个52周年度，截止日期为2025年6月28日，截至2024年9月28日的季度是一个13周的季度周期。我们的2024财政年度是一个52周年度，截止日期为2024年6月29日，截至2023年9月30日的季度是一个13周的季度周期。
合并原则
简明合并基本报表包括Lumentum Holdings Inc.及其全资子公司的账目。所有公司间交易和余额在合并中被消除。 
会计政策
应当结合我们截至2024年6月29日的基本报表及附注来阅读简明综合基本报表和附注。在截至2024年9月28日的三个月内，我们的会计政策未发生重大变化。.
备注2. 最近颁布的会计准则
2024年3月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2024-02：法规改进-修订以删除与概念声明有关的引用，其中包括删除对各种FASB概念声明的引用。ASU 2024-02适用于2024年12月15日后开始的财政年度，允许提前采纳。我们预计这一ASU对我们的合并财务报表和披露不会产生重大影响。
2023年12月，FASB发布了ASU 2023-09《所得税（主题740）：所得税披露的改进》，要求提供有关报告实体有效税率调解的分项信息，以及有关所支付所得税的信息。ASU 2023-09将于2024年12月15日后开始的财政年度生效，允许提前采纳。我们目前正在评估这项ASU对我们基本报表中所得税披露的影响。
2023年11月，FASB发布了ASU 2023-07《分部报告（主题280）：报告部门披露的改进》，主要通过增加有关重要分部费用的披露来更新可报告分部的披露要求。ASU 2023-07并未改变上市公司如何确定其经营分部、整合这些经营分部或应用定量门槛来判断其可报告分部。该更新将于2023年12月15日后开始的财政年度和2024年12月15日后开始的财政年度内的中期时段生效，允许提前采纳。修订内容应在财务报表中呈现的所有之前时期进行追溯性应用。我们计划在2025年财政第四季度采纳ASU 2023-07。我们目前正在评估采纳该ASU对我们的合并财务报表和披露的影响。
8
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
注释3. 每股收益
下表列出了每股基本净亏损和摊薄后净亏损的计算方法（以百万计，每股数据除外):
 三个月已结束
 2024年9月28日2023 年 9 月 30 日
分子：  
净亏损——基本亏损和摊薄后亏损$(82.4)$(67.9)
分母：
加权平均已发行普通股——基本股和摊薄后普通股68.3 66.7 
每股净亏损：
基本$(1.21)$(1.02)
稀释$(1.21)$(1.02)
反稀释股份不包括截至2024年9月28日结束的三个月的稀释每股净损失计算中 4.8 百万股限制股票单位（“RSUs”）和绩效股本单位（“PSUs”）下可发行的股份， 0.1 百万股可发行股份员工股票购买计划（“2015购买计划”）下可发行的股份，以及 1.0 百万股与期权相关的流通股份。 参考“附注13：股本。”
反稀释股票排除了截至2023年9月30日三个月的稀释每股净亏损的计算 31.2百万 与可转换票据相关的股票 4.6在受限股票和绩效股票计划下可以发行的100万股股票 0.2在2015年购买计划下可以发行的100万股股票
根据转换后方法确定可通过转换我们未偿还的可转换票据发行的潜在稀释普通股数量。
注4.业务合并
云轻收购
2023年10月29日，我们与Cloud Light签订了最终的合并协议（“合并协议”）。 2023年11月7日（“Cloud Light结束日期”），我们完成了对Cloud Light的收购。 Cloud Light设计、推广和制造用于数据中心互连应用的先进光模块。 此次收购使我们能够为云端和网络客户的不断增长需求提供优质服务，特别是那些专注于为人工智能/机器学习的需求优化其数据中心基础设施的客户。
我们已根据ASC 805采用了会计收购方法。 商业组合就Cloud Light的购买价格考虑和可识别资产及负债而言，这些资产和负债已于Cloud Light截止日期估计公允价值进行了计量。 以下表格总结了购买价格考虑(百万美元):
公正价值
现金的考虑的公允价值 (1)
$705.0 
基于股份的考量 (2)
23.5 
总购买价格考虑$728.5 
(1) 根据合并协议的条款，Cloud Light的股东获得了 $1.69 调整每股适用的预扣税、托管基金和支出基金缴款后的每股 409.4截至Cloud Light截止日期，已发行的百万股股票。结果，我们转移了 $691.7在Cloud Light截止日期的百万现金对价.此外，Cloud Light的每份未偿还期权都被交换为预付现金对价和新发行的期权（“替代期权”）的组合。结果，我们转移了 $13.3在Cloud Light截止日期的百万现金对价.
9
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
(2) 替换期权的总公允价值为$38.9百万，其中有$23.5百万计入收购价格考虑，并且剩余的$15.4百万计入收购后股票期权报酬费用，分摊至 三年 从Cloud Light Closing Date计算的归属期内结束。一般来说，这些期权将在 10 年内从Cloud Light Closing Date计算到期。请参阅“注13.资本”
现金作为考虑金额为$705.0百万美元，资金来源于lumentum的现金余额，包括$75.8百万美元的现金存放在代表云光公司在并购协议下的赔偿责任和习惯性的营运资本调整的托管基金，自计量期满后，任何未来调整将被计入我们的收益。截至本文件日期，尚未释放任何托管基金金额。
We incurred a total of $9.6在2024财年，我们发生了数百万美元的收购相关成本，其中$2.4在截至2023年9月30日的三个月内发生了数百万美元，代表专业和其他直接收购成本，这些成本在发生时记录为销售、总务和管理费用。
10
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
我们根据估计的公平价值，将购买价格对资产和负债进行了分配，截至Cloud Light收盘日。购买价格对净资产的公允价值的超额部分被记录为商誉。 我们对截至Cloud Light收盘日期已取得的资产和承担的负债的购买价格进行的最终分配如下（百万美元):
公允价值
总购买价格对价$728.5 
收购的资产
现金和现金等价物4.1 
短期投资1.0 
应收账款，净额20.9 
库存72.8 
预付款和其他流动资产14.2 
财产、厂房和设备，净额62.5 
经营租赁使用权资产，净额3.7 
其他无形资产，净额 (1)
333.0 
其他非流动资产0.3 
总资产512.5 
承担的负债
应付账款45.5 
应计工资和相关费用5.6 
应计费用7.9 
经营租赁负债，当前1.8 
其他流动负债10.3 
经营租赁负债，非流动1.9 
递延所得税负债60.6 
其他非流动负债16.2 
负债总额149.8 
善意$365.8 
(1) 其他无形资产包括开发技术$170.0百万，客户关系$130.0百万，未完成研究与发展（“IPR&D”）$16.0百万，订单积压$14.0百万，商号和商标$3.0百万。更多信息请参阅“注8.商誉和其他无形资产”。
Cloud Light收购带来的商誉已分配给云与网络部门。该收购产生的10美元的商誉归因于预期的营业收入增长和协同效应，包括未来成本效益和通过合并lumentum和Cloud Light预期产生的其他益处。此商誉预计不会用于本地税收目的。请参阅“注8.商誉和其他无形资产”。365.8 Cloud Light收购带来的商誉已分配给云与网络部门。该收购产生的10美元的商誉归因于预期的营业收入增长和协同效应，包括未来成本效益和通过合并lumentum和Cloud Light预期产生的其他益处。此商誉预计不会用于本地税收目的。请参阅“注8.商誉和其他无形资产”。
Cloud Light为截至2024年9月28日的三个月贡献了$营业收入38.2由于不断整合合并企业，以及我们的公司结构和分配销售、一般和管理成本，确定Cloud Light对于截至2024年9月28日的三个月收入的贡献是不切实际的。
11
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
补充临时财务信息
以下附加的财务数据汇总显示了截至2024年9月28日和2023年9月30日的三个月的合并运营结果。 以下附加的财务数据汇总显示了截至2024年9月28日和2023年9月30日的三个月的合并运营结果。假设收购已于2022年7月3日，即2023财年的第一天完成。以下附加的财务数据并不一定代表如果收购在指定日期完成时可能实现的财务状况或运营结果。附加的财务数据也不反映可能实现的协同效应，亦不预示未来的运营结果或财务状况。
未来财务信息包括以下调整：(i) 应计摊销开支（主要涉及已收购无形资产）；(ii) 应计折旧开支（主要涉及已收购的房地产、厂房及设备）；(iii) 库存公允值调整的摊销；(iv) 收购相关成本，例如第三方交易成本和重组成本；(v) 股权补偿费用；(vi) 对未来财务信息调整的估计所产生的所得税影响。
所提供的补充的对照财务信息如下（百万美元):
 三个月截至
2024年9月28日2023年9月30日
营业收入$336.9 $386.6 
净损失$(78.9)$(63.6)

12
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
现金、现金等价物和开空期投资
以下表格总结了我们的现金、现金等价物和开空期投资按类别分期。百万美元):
分期偿还的
成本		 毛利
未实现的
收益		毛利
未实现的
损失		公允价值
2024年9月28日:
现金$284.9 $— $— $284.9 
现金等价物：
商业票据7.5 — — 7.5 
货币市场基金184.8 — — 184.8 
美国国债12.0 — — 12.0 
现金及现金等价物总额$489.2 $— $— $489.2 
短期投资：
定期存单$0.8 $— $— $0.8 
商业票据11.5 — — 11.5 
企业债券234.1 0.9 (0.1)234.9 
美国机构债券66.4 0.1 — 66.5 
美国国债113.3 — (0.1)113.2 
所有短期投资$426.1 $1.0 $(0.2)$426.9 
2024年6月29日：
现金$196.9 $— $— $196.9 
现金等价物：
商业票据15.9 — — 15.9 
货币市场基金223.9 — — 223.9 
现金及现金等价物总额$436.7 $— $— $436.7 
开空期投资:
定期存单$0.8 $— $— $0.8 
商业票据12.6 — — 12.6 
企业债券244.5 — (0.6)243.9 
美国机构债券81.2 — (0.3)80.9 
美国国债112.6 — (0.5)112.1 
所有短期投资$451.7 $— $(1.4)$450.3 
我们审查我们的投资组合，以确定和评估可能受损的投资因子。确定损失是否非暂时性的考虑因素包括但不限于安防-半导体公司的公允价值已低于成本的时间和程度，被投资者的财务状况和短期前景，证券发行方的信用质量，恢复的可能性以及我们持有证券的意图和能力足以允许任何预期的价值恢复所需的一段时间。对我们持有的债务工具，我们还评估我们是否有意卖出该证券，或者我们更可能被要求在恢复成本基础之前卖出该证券。我们尚未将未实现损失记录为我们的短期投资收入，因为我们并不打算出售这些投资，也没有更有可能要求在恢复分摊成本基础之前出售这些投资。
我们使用特定鉴别法来判断将我们分类为可供出售的短期投资出售所实现的任何已实现收益或损失。在截至2024年9月28日和2023年9月30日的三个月内，我们在以毛利水平出售我们分类为可供出售的短期投资上，并未实现重大的收益或损失。
13
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
2024年9月28日至2023年9月30日期间，我们的其他收入净额为$8.71百万美元和21.2百万，其中包括现金等价物和短期投资的利息和投资收益$9.41百万美元和21.7百万，分别。
截至2024年9月28日和2024年6月29日，我们在精简合并资产负债表中分别记录了利息应收款$5.81百万美元和5.8百万，并未认可任何信贷损失准备金，因为在呈报期内不存在此类损失。
下表总结了截至报告期，我们现金等价物和短期投资中，分别处于持续未实现亏损超过12个月和少于12个月的类别位置。 (百万美元):
持续亏损职位
超过12个月
持续亏损职位
少于12个月
毛额未实现亏损
公正价值未实现亏损公正价值未实现亏损
2024年9月28日:
美国机构债券$44.6 $— $4.0 $— $— 
商业票据— — 7.5 — — 
企业债券67.1 (0.1)18.0 — (0.1)
美国政府债券68.4 (0.1)22.5 — (0.1)
总计 $180.1 $(0.2)$52.0 $— $(0.2)
2024年6月29日：
美国政府机构证券$62.3 $(0.3)$12.6 $— $(0.3)
商业票据— — 28.6 — — 
企业债券133.7 (0.5)90.6 (0.2)(0.7)
美国政府债券72.3 (0.4)39.7 (0.1)(0.5)
总计$268.3 $(1.2)$171.5 $(0.3)$(1.5)
以下表将我们的短期投资按剩余到期日分类百万美元): 
2024年9月28日2024年6月29日
摊销成本公正价值摊销成本公正价值
1年内到期$346.1 $346.3 $405.5 $404.1 
1年到5年到期80.0 80.6 46.2 46.2 
总计$426.1 $426.9 $451.7 $450.3 
所有可供出售的证券均已根据管理层的意图和能力分类为流动资金，用于目前的运营。
14
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
第6节. 公允价值计量
我们根据公允价值层次确定公允价值，这需要实体在衡量公允价值时最大程度地利用可观察输入，并最小化使用不可观察输入。公允价值被定义为在计量日期的市场参与者之间进行有序交易时将收到的出售资产或支付的过户负债价格。公允价值假设出售资产或过户负债的交易发生在资产或负债的主要市场或最有利市场，并确定资产或负债的公允价值应基于市场参与者在定价资产或负债时使用的假设。在层次结构内对财务资产或负债的分类是基于对公允价值衡量具有重要意义的最低水平输入。公允价值层次将输入优先顺序分为三个可能用于衡量公允价值的级别：
一级：输入是针对相同资产或负债在活跃市场上的未调整报价。
二级：输入是针对类似资产和负债在活跃市场上的报价，或者是对该资产或负债的可观察输入，无论是直接还是间接通过市场协作，在财务工具的整个存续期间基本一致。
三级计量：输入是基于我们假设的不可观察输入。
我们一级金融工具的公允价值，如货币市场所有基金类型和美国国债证券，这些交易于活跃市场中，其基于相同工具的报价市场价格。我们的二级固收证券的公允价值是从独立定价服务获取的，该服务可能使用相同或可比工具的报价市场价格或基于可观察市场数据或由可观察市场数据证实的输入的模型驱动估值。我们持有的市场证券由托管人持有，托管人从第三方定价提供者获取投资价格，该提供者利用各种资产价格模型中的标准输入。我们的程序包括控件，以确保记录适当的公允价值，包括将我们定价服务获取的公允价值与来自另一个独立来源获取的公允价值进行比较。
以重复方式计量的公允价值金融资产如下总结：(百万美元): 
一级 第二层次 三级总计
2024年9月28日： (1)
资产：
现金等价物：
商业票据$— $7.5 $— $7.5 
货币市场基金184.8 — — 184.8 
美国国债12.0 — — 12.0 
开空期投资:
定期存单— 0.8 — 0.8 
商业票据— 11.5 — 11.5 
企业债券— 234.9 — 234.9 
美国机构债券— 66.5 — 66.5 
美国国债113.2 — — 113.2 
资产总额$310.0 $321.2 $— $631.2 
(1) 不包括银行账户中截至2024年9月28日持有的现金284.9 截至2024年9月28日，我们银行账户中持有的现金数额为百万美元。
15
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
一级第二层次三级总计
2024年6月29日 (1)
资产：
现金等价物：
商业票据$— $15.9 $— $15.9 
货币市场基金223.9 — — 223.9 
开空期投资:
定期存单— 0.8 — 0.8 
商业票据— 12.6 — 12.6 
企业债券— 243.9 — 243.9 
美国机构债券— 80.9 — 80.9 
美国国债112.1 — — 112.1 
资产总额$336.0 $354.1 $— $690.1 
(1) 不包括 $196.9百万 截至2024年6月29日，我们银行账户中的现金除外。
未被确认为重复长期计入公平价值的金融工具
我们以公允价值报告我们的金融工具，除了我们的可转换票据，请参阅“注9.债务”部分。可转换票据的预估公允价值是根据该期的最后交易日可转换票据的交易价格确定的。我们认为可转换票据的公允价值属于2级衡量因尚未在市场上进行活跃交易。
可转换票据的账面金额和估计公允价值如下所示，针对呈现的期间（百万美元):
2024年9月28日2024 年 6 月 29 日
账面金额估计公允价值账面金额估计公允价值
2029 注意事项$599.6 $706.2 $599.4 $588.8 
2028 笔记856.9 748.9 856.6 680.2 
2026 年注意事项1,047.4 1,034.6 1,047.2 948.3 
$2,503.9 $2,489.7 $2,503.2 $2,217.3 
非退市公允价值计量的资产
我们定期审查我们的无形资产和其他长期资产是否存在减值情况，每当事件或情况的变化表明此类资产的账面价值可能无法收回时。确定可收回性是基于资产使用和最终处置产生的可识别的估计未折现现金流的最低水平。如果无法收回，将根据资产账面价值超过公允价值的部分计算减值损失。
管理层利用各种估值方法，包括收入法、市场法和成本法，来估计无形资产和其他长期资产的公允价值。在2024财年第四季度进行的年度减值测试中，我们得出结论认为我们的无形资产和其他长期资产没有减值。我们至少每年一次在每个财政年度的第四季度对我们的无形资产和其他长期资产进行减值审查，假设没有任何减值的中期征兆。在2024年9月28日结束的三个月内未出现任何减值迹象。
注意7. 资产负债表详情
预期信贷损失准备金
除了我们为不可收回的应收账款提供的准备金外，我们并没有为信用损失提供任何额外的准备金。截至2024年9月28日和2024年6月29日，我们在交易应收账款上的信用损失准备金为$0.21百万美元和0.2分别为.
16
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
存货
存货的元件如下（百万美元):
2024年9月28日2024年6月29日
原材料和采购零部件$206.0 $196.9 
在制品119.1 101.6 
成品78.2 99.9 
存货
$403.3 $398.4 
关于Cloud Light收购，我们在Cloud Light成交日期记录了$72.8 百万美元的库存。 截至 2024年6月29日，从Cloud Light收购的库存的全部公允价值上调已摊销，并在我们的压缩合并利润表中以销售成本的形式确认。 $8.0百万 2024年6月29日，从Cloud Light收购的库存的全部公允价值上调已摊销，并在我们的压缩合并利润表中以销售成本的形式确认。
净固定资产
固定资产元件的净额如下所示（百万美元):
2024年9月28日2024 年 6 月 29 日
土地$108.6 $75.2 
建筑物和装修258.8 215.1 
机械和设备778.9 772.1 
计算机设备和软件44.9 44.9 
家具和固定装置13.9 14.3 
租赁权改进44.8 47.5 
在建工程81.6 71.1 
1,331.5 1,240.2 
减去：累计折旧(693.1)(667.7)
财产、厂房和设备，净额$638.4 $572.5 
关于Cloud Light收购，我们假定 $62.5百万美元的运营租赁负债的当前部分，分别为2023年9月30日和2022年12月31日。物业、厂房及设备净额的Cloud Light收购截止日期的净额。
我们正在进行的施工主要包括我们预计在接下来的12个月投入使用的机械和设备。
2024年7月，我们购买了位于日本相模原的晶圆制造设施的土地和建筑物，总交易价格为美元42.2百万美元，包括美元1.3向第三方支付的资本化费用的百万增量直接成本。我们还记录了一美元16.3由于终止所购建筑物的租约，所购建筑物的账面价值增加了100万英镑。购买资产的总账面价值为美元58.5购买之日为百万美元，其中 $33.4百万美元分配给了这片土地，$25.1百万美元到这座大楼。
在2023年8月，我们以总购买价为$ 购买了之前在英国Caswell租赁的土地和建筑物。23.3此外，我们还将支付给第三方的增量直接成本资本化$ 百万。1.8我们还记录了购买与已购建筑物租赁终止相关的建筑物减记$ 百万。0.3购买资产的总账面价值为$ 百万，其中$ 百万分配给土地，$ 百万分配给建筑物。24.8购买日期的总账面价值为$ 百万，其中$ 百万分配给土地，$ 百万分配给建筑物。11.8购买日期的总资产账面价值为$ 百万，其中$ 百万分配给土地，$ 百万分配给建筑物。13.0购买日期的总资产账面价值为$ 百万，其中$ 百万分配给土地，$ 百万分配给建筑物。
截至2024年9月28日和2023年9月30日结束的三个月内，我们记录了折旧费用为$27.0500万股，并且总成本（包括佣金和消费税）分别为$$28.2百万分别为。
17
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
经营租赁权使用资产
经营租赁使用权资产，净额如下（百万美元):
2024年9月28日2024年6月29日
经营租赁权使用资产$66.1 $112.3 
减:已累计摊销(30.4)(39.5)
经营租赁使用权资产，净值$35.7 $72.8 
关于整合我们网站的努力，我们记录了各个网站的重组费用，并在2024年9月28日结束的三个月内减少了我们的营运租赁权益资产$5.3百万。
关于Cloud Light收购，我们收购了$3.7百万美元的租赁物权资产，用于用作我们制造和办公场所的房地产物业。我们将这些租赁视为经营租赁，并剩余租赁期限在Cloud Light收购日期范围内。 1.5至2.6 年。在Cloud Light收购日期。
2024年7月，我们购买了日本相模原的土地和建筑，并终止了与相关设施的租赁合同，在购买的建筑物价值上录得了一笔100万美元的增值。16.3由于取消了800万美元的净营运租用权资产、800万美元的经营租赁负债（流动）、800万美元的经营租赁负债（非流动），购买并增加了100万美元的建筑物的账面价值。32.0由于取消了800万美元的净营运租用权资产，800万美元的经营租赁负债（流动）及800万美元的经营租赁负债（非流动），我们购买的建筑物的账面价值增加了100万美元。1.6由于取消了800万美元的净营运租用权资产，800万美元的经营租赁负债（流动）及800万美元的经营租赁负债（非流动），我们购买的建筑物的账面价值增加了100万美元。14.1由于取消了800万美元的净营运租用权资产，800万美元的经营租赁负债（流动）及800万美元的经营租赁负债（非流动），我们购买的建筑物的账面价值增加了100万美元。
关于2023年8月在英国购买土地和建筑，我们终止了相关设施的租赁，并记录了一笔减记损失，金额为$0.3 百万美元，导致购买的建筑减记4.8 百万美元的净经营租赁使用权资产减记，以及2.4 百万美元的经营租赁负债，流动负债，以及2.7 百万美元的经营租赁负债，非流动负债。
其他流动负债
其他流动负债的元件如下 （单位百万）:
2024年9月28日2024年6月29日
重组应计和相关费用 (1)
$6.3 $11.1 
保修储备 (2)
13.2 13.2 
已收入账但尚未履行服务的营收和客户存款0.6 0.6 
应交所得税(3)
11.9 13.2 
其他流动负债 5.6 3.0 
其他流动负债
$37.6 $41.1 
(1) 请参考“附注11. 重组和相关费用。”
(2) 请参阅“注14. 承诺和事项。”
(3) 请参阅“注12.所得税。”
其他非流动负债
其他非流动负债的元件如下：(百万美元):
2024年9月28日2024年6月29日
资产养老责任$7.0 $7.5 
养老金及相关应计额 (1)
8.6 7.5 
未确认税款利益94.4 83.0 
其他非流动负债6.2 5.4 
其他非流动负债$116.2 $103.4 
18
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
(1) 我们在日本、瑞士和泰国设有确定福利养老金计划。截至2024年9月28日的养老金和相关应计额为$8.6百万，代表$9.5百万非流动福利义务的一部分，抵消$0.9百万瑞士养老金计划的资金支持。截至2024年6月29日的养老金和相关应计额为$7.5百万，涉及$8.6百万非流动福利义务的一部分，抵消$1.2百万瑞士养老金计划的资金支持。我们通常在财年第四季度重新评估与确定福利义务相关的公允价值假设，并根据需要进行任何更新。.
注意8：商誉和其他无形资产
商誉
2023年11月，我们完成了对Cloud Light的收购。我们确认了 万的商誉。 $365.8 百万，分配给了Cloud & Networking 板块。
以下表格显示截至2024年9月28日和2024年6月29日各报告段的商誉以百万计):
云计算和网络工业技术总计
2024年6月29日的余额$1,044.6 $11.2 $1,055.8 
收购云灯 (1)
5.1 — 5.1 
2024年9月28日的余额$1,049.7 $11.2 $1,060.9 
(1) 2024年9月28日结束的三个月内，我们调整了购买价格分配并记录了一个 $5.1百万 商誉增加。对期初资产负债表的主要调整与以前期间未知的所得税责任有关。
商誉减值
我们在每个财政年度的第四季度审查商誉减值，或者在事件或情况表明可能发生减值损失时更频繁地进行审查。在2024财政年度第四季度，我们完成了商誉的年度减值测试，结果显示有 no 商誉减值。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日结束的三个月内有商誉减值的迹象。
其他无形资产
我们的无形资产按照预计可用年限以直线法摊销，除了某些客户关系，这些客户关系使用加速摊销法摊销，以更准确地反映我们预期获得的经济利益实现模式。已获取的开发技术按照销售成本和研发费用摊销。已获取的客户关系按照联合利润表中的销售、总务和管理费用摊销。
在研发阶段（"IPR＆D"），最初以公允价值作为无限期可计量的无形资产资本化，并在之后进行减值评估。当IPR＆D项目完成时，IPR＆D将重新分类为可摊销的已购入无形资产，并根据资产的预计有用寿命进行摊销。
在2024财年第四季度进行的年度减值测试中，我们得出结论称我们的无形资产和其他长期资产在资产组水平上未受损。我们每年至少在每个财政年度的第四季度对我们的无形资产和其他长期资产进行减值评估，没有任何中期减值的指标。在截至2024年9月28日的三个月内，资产组水平未出现减值指标。
19
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
2023年11月，我们完成了对Cloud Light的收购。 收购的无形资产如下（收购日期为，金额以百万为单位，摊销期加权平均数除外):
收购日期的公允价值加权平均摊销期限(年)
（年）
已获取的成熟技术$170.0 7.0
客户关系130.0 7.0
研发中的项目16.0 n/a
订单积压14.0 1.0
商标和商号3.0 1.2
无形资产总额$333.0 
参考“附注4 业务组合”以了解Cloud Light的收购情况。
以下表格显示了截至所示期间的所有无形资产的详细信息(单位：百万，除加权平均剩余摊销期外):
2024年9月28日毛额持有金额累计摊销净资产金额加权平均剩余摊销期限（年）
已获取的开发技术$818.2 $(496.4)$321.8 4.6
客户关系419.8 (183.7)236.1 4.7
研发中的项目13.6 — 13.6 n/a
订单积压14.0 (12.4)1.6 0.1
商标和商号3.0 (2.2)0.8 0.3
无形资产总额$1,268.6 $(694.7)$573.9 
2024年6月29日毛额持有金额累计摊销净账面金额加权平均剩余摊销期限（年）
已获得的发展中技术$818.1 $(473.0)$345.1 4.8
客户关系419.8 (169.4)250.4 4.9
研发中的项目15.5 — 15.5 n/a
订单积压14.0 (8.9)5.1 0.4
商标和商号3.0 (1.6)1.4 0.6
总无形资产 $1,270.4 $(652.9)$617.5 
下表显示了各期摊销的详细情况(以百万计):
三个月截至
2024年9月28日2023年9月30日
销售成本$22.5 $18.0 
研发0.4 0.3 
销售、一般及行政费用18.8 10.7 
无形资产的累计摊销$41.7 $29.0 
20
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
根据2024年9月28日我们取得的除过程研发以外的无形资产账面金额，并假设基础资产不会发生未来减值，预计未来摊销如下 （单位百万）:
财政年度
2025 年的剩余时间$107.6 
2026133.3 
2027121.0 
202881.5 
202951.8 
此后65.1 
未来摊销总额$560.3 
注9 债务
可转换债券
2029年债券
2023年6月16日，我们发行了总额美元603.7百万的2029年到期可转换优先票据（“2029票据”），通过《1933年证券法》第144A条规定的合格机构投资者进行定向增发。 1.502029票据由公司和美国银行信托公司（作为美国银行国家协会的继任者）作为受托人（“2029信托”）之间的契约管理。 2029票据无担保，不包含任何财务契约、对分红、发行优先级债务或其他债务、或者我们发行或回购证券的限制。
2029年债券销售的净收益为$599.4百万美元，在扣除$4.3百万美元的净发行成本后。此外，我们还支出了$0.8百万美元的与此交易直接相关的专业费用。与2029年债券发行同时，我们使用了净收益的$132.8百万美元来回购2024年债券的$125.0百万美元总本金的债券以及净收益的$125.0百万美元用于回购 我们的普通股在私下协商的交易中。我们打算将剩余的净收益用于一般公司用途，其中包括偿还我们的债务，包括我们的现有可转换债券，资本支出，营运资金和潜在收购。
2029年债券。 以每年%的利率计息，每年6月15日和12月15日付息一次。2029年到期，除非提前兑付、我们回购或根据其条款转换。 1.50每年支付%，并且于每年6月15日和12月15日之后支付。2029年债券将于2029年12月15日到期，除非提前赎回、我们回购或根据其条款转换。
初始转换率为每1000美元本金的2029年票据14.3808股普通股（相当于约每股$42.08）。转换率将根据2029年债券中规定的特定事件进行调整，但不会因应计及未支付利息而进行调整。另外，在发生补偿性重大变更或我们发行赎回通知的情况下，我们将根据特定情况，为选择在与该补偿性重大变更或赎回通知相关的转换2029年票据的持有人增加一定数量的额外股份。69.54 转换率将根据2029年债券中规定的特定事件进行调整，但不会因应计及未支付利息而进行调整。另外，在发生补偿性重大变更或我们发行赎回通知的情况下，在某些情况下我们将为选择在与该补偿性重大变更或赎回通知相关的转换2029年票据的持有人增加一定数量的额外股票。
在2029年9月15日之前的业务日结束时，2029年票据持有人只能在以下情况下转换其2029年票据：
•2023年9月30日后开始的任何财季（仅在该财季），如果普通股最后报告的销售价格至少为 20 个交易日（不论连续与否）期间达到了交易日的 30 130%如果适用的转换价格在每个适用的交易日上
• 期间内的净销账（回收）比率相对于平均不良资产。五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 在任何连续的业务日期之后； 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 连续交易日期间（“2029测期” ），2029年票面金额每交易日的交易价格都低于 $1,000 的主要金额 98我们普通股最后报告的销售价格与适用转股率的产品在每个交易日均低于%
21
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
•如果我们在2029年的任何时间之前，在赎回日期前的第二个工作日结束营业时间之前，要求赎回任何一张或全部2029年的票据；或者
•在2029年契约中指定的公司事件发生时。
自2029年9月15日或之后直至到期日前第二个交易日营业结束前，持有人可随时将其2029票据转换。根据我们在2024年9月25日做出的不可撤销的结算方式选择，转换后，我们必须履行对这些转换的2029票据的转换义务，向转换后的2029票据的本金金额和现金、普通股股份或现金和普通股股份的组合之中任选一种，对于超额部分的任何转换价值。
我们可选择于2026年6月22日或之后的任何时间，按照我们的选择（受2029年契约规定的部分赎回限制），赎回所有或任何部分的2029年票据，如果我们的普通股的最后报价至少为 1301020在任何{days}个连续的交易日期间内，此期间的每张债券的每1000美元的票面金额的“交易价格”低于以赎回日前一天为基准的交易日的通知日期计算的每张债券的票面金额的百分之{principal amount}%。30 连续交易日区间（包括该区间最后一个交易日）结束于且包括提供赎回通知日之前一交易日，按照相等于赎回价格的比例赎回要赎回的2029年票据的本金金额的 100％，加上截至赎回日但不包括赎回日的应计未付利息。2029年票据不设沉没基金。如果我们选择赎回未赎回的所有2029年票据，赎回通知日时必须有至少$100.0百万的2029年票据的总本金金额仍未赎回。在发生根本性变更（在2029年契约中定义），持有人可要求我们以相等于回购价格的现金收回他们的所有或部分2029年票据，再加上截至但不包括基本变更回购日的任何应计未付利息，比例为 100％的2029年票据的本金金额要回购，再加上截至但不包括根本变更回购日的应计未付利息。
整个2029年的票据均记录为可转换票据，在2024年9月28日的我们的合并资产负债表中为非流动资产 2024年6月29日，按摊销成本计量。
2028票据
2022年3月，我们通过定向增发向符合条件的机构投资者发行了$861.0百万美元的2028年到期的可转换高级债券（“2028债券”） 0.50根据1933年修正案下的规则144A，向合格的机构投资者进行了私人配售。2028年到期的债券受公司和美国银行信托公司（作为美国银行全国协会的继任者）作为受托人管理（“2028信托”）。 2028年到期的债券无担保，不包含任何财务契约、限制分红、承担优先债务或其他债务，也不包含我们发行或回购证券的条款。
2028年债券出售的净收益为 $854.8百万美元，在扣除了6.2百万 万美元的发行成本后。此外，我们在此交易中产生了0.7百万美金的专业费用。与发行2028年债券同时，我们使用了净收益的200.0百万美元来回购 我们的普通股份，进行了私下协商的交易。
2028年的债券 每年按照%的利率支付，半年一次，分别在每年6月15日和12月15日支付。 0.502028年的债券将于2028年6月15日到期，除非提前赎回、被我们回购，或按照其条款转换。
初始转换率为7.6319股普通股对每$1,000的2028年票面金额（相当于每股初始转换价格约为$131.03 每股）。转换率视特定事件发生而进行调整，但不会因应计及未支付利息而调整。此外，若发生全额补偿基础变更（根据2028年信托契约中的定义）或我们发行赎回通知，则在某些情况下，我们将增加转换率，为选择在此类全额补偿基础变更或赎回通知中转换2028年票据的持有人增加额外股份。
在2028年3月15日之前的业务日营业结束前，2028年票据持有人仅在以下情况下可以转换其2028年票据：
•在任何财政季度期间（仅在此财政季度期间），如果公司普通股的最后报告销售价格至少为 20个交易日（无论是否连续）的交易期内 30 130适用转股价格的％，或$170.34，每个适用交易日；
• 期间内的净销账（回收）比率相对于平均不良资产。五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 在任何连续的业务日期之后； 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 连续交易日期间（“计量期”），短期说明2028票据每个交易日交易价格为$1,000本金金额
22
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
测量期小于 98公司普通股最近报告的销售价格与适用转换率的乘积在每个交易日的产品的百分比;
•如果公司在2028年红包日之前的任何时候召回全部或部分2028年债券; 或
•根据2028年债券契约中规定的特定公司事件发生时。
2028年3月15日或之后，直至在到期日之前立即前第二个交易日结束业务时间为止，持有人可以随时将其2028年债券转换为现金。根据我们于2024年9月25日做出的不可撤销的结算方式选择，在转换时，我们将根据转换价值的超额部分，通过支付等于转换的2028年债券的本金的现金和现金、普通股或现金和普通股的组合，根据我们的选择，满足我们的转换义务。
根据我们的选择（受2028契约规定的部分赎回限制），我们可以在2025年6月20日后，赎回全部或部分2028年票据，使之兑现为现金，如果其普通股最后报价至少为 1301020在任何{days}个连续的交易日期间内，此期间的每张债券的每1000美元的票面金额的“交易价格”低于以赎回日前一天为基准的交易日的通知日期计算的每张债券的票面金额的百分之{principal amount}%。30 在截至和包括公司发出赎回通知的日期之前（包括此期间的最后交易日），连续交易日结束，根据赎回价格相等赎回2028年票据本金金额的 100%，加上截至但不含赎回日的应计且未支付利息。2028年票据不设沉没基金。如果我们选择赎回未偿还的部分2028年票据，截至赎回通知日期，至少应有总额为$100.0百万的2028年票据本金金额仍未兑现且不受到赎回。在发生基本变更（定义在2028契约中），持有人可以要求公司以现金按等于 100%的2028年票据本金金额及任何应计且未支付的利息，但不包括基本变更赎回日期，回购全部或部分他们的2028年票据。
我们最初将2028年票据的本金分为负债和权益部分。2028年票据的负债部分最初价值为美元629.8百万美元，基于发行当日按不可转换债务借款利率在适当可比市场上贴现的合同现金流，即 5.7%，与 权益成分代表美元收益的剩余金额231.2百万，这被记录为债务折扣。在2023财年第一季度通过亚利桑那州立大学2020-06之后，我们的 2028 年票据记作按摊销成本计量的单一负债。 全部2028年票据均记录为可转换票据，截至2024年9月28日，我们的合并资产负债表中非流动票据， 2024 年 6 月 29 日，按摊销成本计量。
2026年票据
2019年12月，我们发行了$1,050.0 百万美元的2026年到期的可转换高级票据（以下简称“2026票据”），以定向增发方式向符合144A条款下证券法的合格机构买家发行。 0.50占公司名下银行信托公司（作为U.S.银行全国协会的继任者，作为受托人（并由2024年9月25日起草的首要补充契约，即“2026契约”修订））所管理的2026票据的净发行款项约$196.0 百万用于全额还清我们期限贷款授信额度下的所有未偿付款项，并利用部分募集款项的净额在定价同时私下议定交易购买我们约$200.0百万 的普通股。2026票据未经担保，不包含任何财务契约、对分红派息、承担优先债务或其他债务的限制，或我们发行或回购证券。
2026年的债券 每年按照%的利率支付，半年一次，分别在每年6月15日和12月15日支付。 0.50每年%的利率，半年付息一次，分别在每年的6月15日和12月15日到期。该2026年的债券将于2026年12月15日到期，除非提前赎回、由我们回购，或根据其条款转换。
初始换股比率为每1000美元2026年票据的10.0711股普通股（相当于约每股$xx）。换股比率将根据2026年托管协议中规定的某些事件进行调整，但不会因应计及未支付利息而进行调整。此外，一旦发生全额权益变动（如2026年托管协议中定义的）或我们发行赎回通知，我们将根据2026年托管协议中列明的额外股份数，在某些情况下增加换股比率，或者持有人选择在与此类全额权益变动或赎回通知相关联的情况下转换2026年票据。99.29 初始换股比率为每1000美元2026年票据的10.0711股普通股（相当于每股$ xx）。换股比率将根据2026年托管协议中规定的某些事件进行调整，但不会因应计及未支付利息而进行调整。此外，一旦发生全额权益变动（如2026年托管协议中定义的）或我们发行赎回通知，我们将根据2026年托管协议中列明的额外股份数，在某些情况下增加换股比率，或者持有人选择在与此类全额权益变动或赎回通知相关联的情况下转换2026年票据。
23
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
2026年9月15日前一个营业日结束前，2026年债券持有人只能在以下情况下转换他们的2026年债券：
•在任何财季期间（仅在该财季期间），如果普通股的最后报告销售价格至少达到 20个交易日，无论是否连续30 130％的2026年票据转换价格，或129.08 在每个适用的交易日为$
• 期间内的净销账（回收）比率相对于平均不良资产。五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 在任何连续的业务日期之后； 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 在2026年测量期的连续交易日中，每个交易日的2026票据1,000美元本金的交易价格均低于 98我们普通股最后报告的销售价格与2026票据在每个交易日的适用转换率的乘积的百分之
•如果在相关赎回日期前的第二个工作日结束之前，我们选择看涨赎回2026年的任何或所有票据；或者
•在指定企业事件发生时。
从2026年9月15日或之后至到期日前即将到来的第二个交易日结束营业时间，持有人可以随时转换他们的2026年债券。 在我们于2024年9月25日签署的第一次补充契约后，根据2026年契约，转换后，我们有义务以现金或公司普通股或现金和公司普通股的组合来履行对于这些已转换的2026年债券的转换义务，我们可以根据我们的选择，就超过其价值的任何转换价值支付。.
我们可以选择在2023年12月20日或之后的任意时间，按我们的选择，赎回并兑现2026债券的全部或任何部分，如果其普通股的最后报价至少达到 130% 当2023年12月20日期间（包括该期间的最后交易日）的累计连续交易日结束时（包括最后交易日）其转换价格至少为 20在任何{days}个连续的交易日期间内，此期间的每张债券的每1000美元的票面金额的“交易价格”低于以赎回日前一天为基准的交易日的通知日期计算的每张债券的票面金额的百分之{principal amount}%。30 我们为赎回价格提供的通知日之前的最后一个交易日以及包括该天的交易日，按赎回价等于2026年债券应赎回的本金金额的 100到期未偿付利息，但不含赎回日期。2026年债券没有偿还基金。发生基本变更事项（如2026年信托所述），持有人可要求我们按照本金金额的 100及到基本变更回购日之前尚未偿付的任何应计利息，回购全部或部分2026债券，回购价格等于
我们最初将2026年票据的本金分为负债和权益部分。2026年票据的负债部分最初价值为美元734.8百万美元，基于发行之日按适当的可比市场不可转换债务借款利率贴现的合同现金流 5.8%，权益部分代表收益的剩余金额315.2百万，这被记录为债务折扣。在2023财年第一季度通过亚利桑那州立大学2020-06之后，我们的 2026 年票据记作按摊销成本计量的单一负债。 2026年全部票据记录为可转换票据，截至2024年9月28日，我们的合并资产负债表中非流动票据 2024 年 6 月 29 日，按摊销成本计量。
2024年票据
2017 年 3 月，我们发行了 $450.0 本金总额为百万美元 0.25根据《证券法》第144A条，向合格机构买家私募于2024年到期的可转换优先票据（“2024年票据”）的百分比。2024年票据受作为发行人的公司与作为受托人的美国银行信托公司全国协会（作为美国银行全国协会的权益继任者）之间的契约（“2024年契约”）的约束。2024年票据是无抵押的，不包含任何财务契约、分红限制、优先债务或其他债务的产生或我们发行或回购证券。
2024年的债券按年利率 0.252024年的债券按年利率计提，每年3月15日和9月15日付息，债券于2024年3月15日到期。
2024年债券的初始换股率为16.4965股普通股，相当于每1000美元本金的2024年债券的初始换股价格约为$60.62 每股。换股比率将根据特定事件的发生进行调整，但不会因应计未付利息而进行调整。此外，一旦发生权益保全基本变更（在2024年信托契约中定义），或者我们发布赎回通知，根据某些情况，我们将需要增加换股比率一定数量的
24
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
股份是指选择在此类赔偿性根本性变更或赎回通知中转换2024年票据的持有人。
2023年12月15日前的营业结束前，2024年债券持有人只能在以下情况下转换他们的2024年债券：
•在任何财季期间（仅在该财季期间），如果我们的普通股最后报告的成交价格在至少连续的 20 个交易日（不论连续与否）期间达到了交易日的 30 个交易日中的最后一个交易日的报价大于或等于 130适用转股价格的％，或$78.80 在每个适用的交易日；
• 期间内的净销账（回收）比率相对于平均不良资产。五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 在任何连续的业务日期之后； 五个营运部门：猎鹰创意集团、PDP、Sierra Parima、目的地运营和Falcon's Beyond Brands，所有这些板块均为可报告板块。公司的首席营运决策者是执行主席和首席执行官，他们评估财务信息以做出营运决策、评估财务表现和分配资源。营运板块基于产品线组织，对于我们的基于位置的娱乐板块，根据地理位置组织。营运板块的结果包括直接归属于板块的成本，包括项目成本、工资和与工资有关的开支以及与业务板块运营直接相关的间接费用。未分配的企业费用，包括高管、会计、财务、市场营销、人力资源、法律和信息技术支持服务、审计、税收企业法律开支的工资和相关福利，作为未分配的企业开销呈现，成为报告板块的总收入（亏损）和公司未经审计的汇总财务报表结果之间的调节项。 2024测量期间（“2024测量期间”）内的连续交易日，2024票据的每日交易价值每1,000美元本金都低于 98我们普通股最后报告的销售价格与2024票据在每个交易日的适用转换率的乘积的％，或
•在指定公司事件发生时。
自2023年12月15日或之后至2024年票据到期日前第二个交易日结束营业，持有人可随时将其2024年票据转换为股票。此外，在发生补偿性根本变化（如2024年信托契约中定义的）时，根据2024年信托契约，在某些情况下，我们被要求增加转换率，增加根据该补偿性根本变化选择将2024年票据转换的持有人的额外股份数。
我们无法在2024年到期前赎回2024年的票据，并且没有为2024年的票据提供沉没基金。在发生基本变更（根据2024年信托契约定义的）的情况下，持有人可以要求我们以现金以相等于%的价格回购他们2024年的所有或一部分票据 100要回购的2020年的票面金额的%，再加上任何应计未付利息。
我们考虑了2024年票据中嵌入的其他特性，包括持有人的看跌特性，我们的看涨特性和整体特征，并得出结论，它们不需要被分离出来并单独从母债务工具核算。
在税务事项协议结算条件（“TMA结算条件”）之前，由于我们只能用现金结算2024年票面，我们确定转换功能符合衍生工具责任的定义。我们根据衍生工具责任的公允价值将其与母债务工具分开。截至2017年3月8日发行日，衍生工具责任的公允价值为$129.9百万美元，是使用二项式估值方法计算的。2024年票据的剩余本金金额$320.1百万美元，在发行成本前被分配给债务组成部分。我们在发行2024年票据时发生了大约$7.7百万美元的交易成本。这些成本被分配给债务组成部分，并作为贴现债务承认。我们根据有效利息法方法将贴现债务（包括衍生工具责任的初始价值和交易成本）在2024年票据期间摊销。2024年票据的有效利率为 5.4年息为%。
在2017财年，我们满足了TMA解决条件。因此，转换期权的价值不再按市价调整，而是被重新分类为股东权益中的股东支付的资本，在我们的简明综合资产负债表中。发行时的转换期权价值被视为2024年票据债务组成部分的原始发行折扣来计算。债务组成部分在债务期限内逐渐增加到原始金额。采纳ASU 2020-06并没有改变2024年票据的呈现方式，因为与2024年票据相关的转换特权被归类为股东权益中。
2023年6月发行2029年期票证，我们使用了$132.8百万美元来回购2024年债券的$125.0百万美元的2024年期票证总本金金额，这部分被视为清偿债务。$13.5百万美元的可扩大授信额度，作为终期贷款借款132.8百万美元的回购价格被分配给回购的2024年期票证的转换特权，代表了回购当日转换特权的公允价值，并被确认为股东权益的减少。此外，自发行2024年期票证以来，我们总共转换了约$百万美元的本金金额的2024年期票证，其中少于$1.9百万美元的本金金额在期间内被转换了0.1的部分。 2024年9月28日结束的三个月。
2024年3月15日，2024年票据到期日，我们已全额偿还剩余的本金金额$323.1百万美元。
25
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
在到期日之前，之前被分类为股东权益内的转换功能已完全摊销。
可转换票据 - 附加披露
2024年9月25日，卢麦特公司依据第一补充契约于2029年契约、2028年契约和2026年契约开展，我们不可撤销地选择以现金结算2029年票据、2028年票据和2026年票据的本金金额。超过本金的任何金额可以按公司的选择以现金、股权或二者任意组合方式结算。
我们可转换票据的组成部分如下，在所述期间百万美元):
2024年9月28日
2026年笔记 (1)
2028年笔记 (2)
2029年债券 (3)
总计
负责人$1,050.0 $861.0 $603.7 $2,514.7 
未分摊的债务折扣和发行成本(2.6)(4.1)(4.1)(10.8)
负债组成部分的净账面金额$1,047.4 $856.9 $599.6 $2,503.9 
2024年6月29日
2026年笔记 (1)
2028票据 (2)
2029年债券 (3)
总计
负责人$1,050.0 $861.0 $603.7 $2,514.7 
未分摊的债务折扣和发行成本(2.8)(4.4)(4.3)(11.5)
负债部分的净带有金额$1,047.2 $856.6 $599.4 $2,503.2 
(1) 如果我们股票的收盘价格超过$129.08 $ 130%的未来财政季度的$99.29) 界于20 最近一个 30 交易日，我们的2026票据将在随后的财政季度由持有人选择进行转换，债务将在我们的简明综合资产负债表中重新分类为流动负债。
(2) 如果我们股票的收盘价超过$170.34 $ 130%的任何将来财政季度的$转换价格131.03) 界于20 最近一个 30 个交易日，我们2028年票据将在随后的财政季度恢复为持有人的选择，并且债务将在我们简明的合并资产负债表中重新分类为流动负债。
(3) 如果我们股票的收盘价格超过$90.40 $ 130%的转换价$69.54）达20 最近一个 30 未来任何一个季度的交易日，2029年的票据将在随后的财政季度由持有人选择转换，并且债务将被重新分类为我们合并资产负债表中的流动负债。
以下表格详细列出了相关转换票据的利息支出信息，涉及所展示的期间 （单位百万）:
三个月截至
2024年9月28日2023年9月30日
合同利息费用$4.7 $4.8 
债券折价及债券发行成本摊销0.7 4.9 
总利息支出
$5.4 $9.7 
截至2024年9月28日，与我们可转换票据相关的未来利息和本金支付如下 （单位百万）:
财政年度2026 年注意事项2028 笔记2029 注意事项总计
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 
付款总额$1,063.1 $878.2 $653.5 $2,594.8 

26
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
根据各自的合同到期日，在上表中反映了我们可转换债券的本金余额在付款期间。
期限贷款
三井住友银行贷款
2024年8月9日，公司与三井住友银行（SMBC）签订了一项贷款协议。SMBC贷款提供了总额为 6.4亿日币（JPY）。该贷款要求每月偿还本金约 53.3百万日币，自2024年8月31日起，总计约 3.1十亿日币，并根据固定年利率为 0.88%，剩余本金约 3.3十亿日币，到期日为2029年7月31日。根据贷款协议，未经SMBC批准，公司不能提前偿还未清偿的贷款。如公司经SMBC批准提前偿还未清偿的贷款，则应根据贷款协议向SMBC支付结算款。该贷款由日本相模原的房地产担保。
截至2024年9月28日，公司拥有$44.5 百万的本金未偿还部分，其中$4.5 百万记录为流动负债，而$40.0 百万记录为公司简明合并资产负债表中的长期债务。
瑞穗贷款
2024年9月20日，公司与瑞穗银行有限公司签订了贷款协议（“瑞穗定期贷款”），为我们计划的生产扩张提供资金。瑞穗定期贷款提供以下借款 4.5十亿日元和 5 年 期限自 2024 年 9 月 20 日资助之日起。这笔贷款要求每季度还款约为本金 225.0百万日元从 2024 年 12 月 20 日开始，最后一笔款项将于 2029 年 9 月 20 日支付。瑞穗定期贷款的固定年利率为 0.90%。定期贷款由NeoPhotonics Semiconics Semiconductor Gk拥有的房地产资产担保。瑞穗定期贷款协议要求公司和某些国内子公司遵守与惯例事项有关的契约，包括在转让、设立担保权益或处置抵押资产时获得贷款人的事先批准；在业务转让、业务收购、公司重组或合并、公司分裂、股份交易或股份转让或资本结构变更时事先获得贷款人的批准；在Lumentum Holdings Inc进行业务转让、业务收购、公司重组或变更时获得贷款人的事先批准。变更其在Lumentum Japan, Inc.的间接所有权；如果Lumentum Japan, Inc.向其股东分配股息，则需事先获得贷款机构的批准。
截至2024年9月28日，公司账上有$31.6百万元的本金未偿还，其中短期部分为$6.3百万元被记为流动负债，而长期部分$25.3百万元被记为公司的简明合并资产负债表中的长期债务。
27
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
Note 10. 累计其他综合收益（亏损）
我们的累计其他综合收益（损失），扣除税后净额，包括累计的外币翻译调整的未实现利润或损失，确定的福利义务和可供出售证券。
累计其他综合收益（损失）净额的变动如下所示，税后，针对所提供的期间：百万美元):
外币翻译调整，税后净额 (1)
确定福利义务，税后净额 (2)
可供出售证券未实现利润（损失），税后净额 (3)
总计
2024年6月29日期初余额$9.8 $0.7 $(1.2)$9.3 
其他全面收益（损失），净额— — 2.3 2.3 
2024年9月28日期末余额$9.8 $0.7 $1.1 $11.6 
外币翻译调整，税后净额 (1)
税后确定利益责任净额 (2)
可供出售证券未实现收益（损失）税后净额 (3)
总计
2023年7月1日初期余额$10.4 $(0.4)$(5.9)$4.1 
其他全面收益（损失），净额(0.2)— 1.3 1.1 
2023年9月30日期末余额$10.2 $(0.4)$(4.6)$5.2 
(1) 在2019财年，我们将全球业务的功能货币确定为美元。在2018年12月10日之前报告的翻译调整仍然作为累计其他全面收入（损失）的一部分出现在我们简明综合资产负债表中，直到全部或部分对子公司的投资出售或清算。在2023财年，我们收购了IPG电信传输产品线。作为此收购的一部分收购的巴西实体的功能货币为本地货币。
(2) 我们会在财政第四季度每年重新评估与我们确定的福利义务相关的假设，并根据需要进行任何更新。
(3) 截至2024年9月28日三个月结束时，我们可供出售证券的未实现损失已扣除税款后展示。 无.
截至2023年9月30日止三个月，我们可供出售证券的未实现损失已扣除税款后呈现为净额 $0.4股票回购活动以及因员工基于股票的补偿目的而重新发行国库股的情况如下：
注意 11. 重组及相关费用
我们已经启动了各种战略重组行动，主要是为了降低成本， consol控制我们的业务， rational化我们产品的制造和调整我们的业务，以应对市场条件和我们的收购结果。
以下表格总结了按照提出的期间进行的重组和相关费用活动百万美元):
三个月截至
2024年9月28日2023年9月30日
期初余额$11.1 $5.0 
费用 9.7 11.0 
支付和其他调整(14.5)(6.7)
期末余额$6.3 $9.3 
在2024年9月28日结束的三个月内，我们录得了重组和相关费用，金额为$9.7 百万美元，其中包括$6.0百万资产冲销费用主要是由于整合努力以 consol i d at e 我们的站点，百万与终止我们内部开发的一致性 DSP 和 RFIC 有关的费用，其余的重组费用是由于全公司范围的成本削减措施。3.0百万相关费用，主要是由于整合努力以 consol i d at e 我们的站点，百万与终止我们内部开发的一致性 DSP 和 RFIC 有关的费用，其余的重组费用是由于全公司范围的成本削减措施。
2023年9月30日结束的三个月内，我们录得了重组及相关费用$11.0百万美元。
28
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
精简的综合经营报告主要归因于全公司范围的成本削减举措，以及由于与NeoPhotonics合并而进行的整合工作。
执行我们的重组活动的估计变更将反映在我们未来的经营业绩中。
注12. 所得税
我们通常根据我们年度有效税率的估算，在考虑期间内出现的离散项目后进行中期税款设定。然而，当无法做出可靠的估算时，适用的税款或税收可能被报告为期间内的离散项目。 2024年9月28日止三个月，我们得出结论，使用切断税率方法比年度有效税率方法更为恰当，因为估计的年度有效税率由于对预计年度税前收益的微小变化敏感而不可靠。因此，我们使用离散方法计算税款，仿佛这三个月是年度。

我们记录了一个税务准备金 $3.2百万 截至2024年9月28日三个月的税务准备金。 我们2024年9月28日结束三个月的税收准备金主要与不确定税务立场利息相关的税收支出有关，部分抵消了货币重新计量的税收优惠。

我们为截至2023年9月30日的三个月录得了100万美元的税收益1.4 在截至2023年9月30日的三个月，我们的税收预征包括了100万美元的离散税收益，主要与往年不确定税务问题变化的税收益有关，部分抵消了与本季度实现的基于股票补偿的短缺以及外国回报之间的税前差异相关的税收支出。1.8100万美元，主要与往年不确定的税务问题的税收益以及在本季度股票补偿股票获得的税前差异相关的税收支出部分抵消了与与本季度实现的基于股票补偿股票外国回报有关的税前差异相关的税收支出。
2024年9月28日结束的三个月内，我们估计的有效税率与21%的美国法定税率有所不同，主要是因为来自外国税率差异、不可抵扣的股票补偿、不确定的税务争议和当年减值准备变动所产生的所得税费用，部分抵消了来自各种所得税抵免的所得税收益。
我们定期评估我们在季度基础上实现递延税资产的能力。如果递延税资产的某部分实现的可能性低于预计，我们将设立一项评估准备。截至2024年9月28日，我们对美国联邦和州以及某些外国的递延税资产保持完全的评估准备。我们将继续评估是否需要针对剩余的递延税资产设立评估准备，并可能在未来大幅增加或减少我们的评估准备。
截至2024年9月28日，我们的未确认税务优惠金额为$94.4 百万，如果确认，将影响有效税率。我们将受到各种国内和外国税务机构对所得税申报的审查。税务审查的解决和闭关时间极不可预测。尽管某些正在进行的税务审查可能在接下来的12个月内结束，我们无法合理估计在接下来的12个月内可能解决或结束的税务审查对税费和净利润的影响。根据审计时间和不确定性，我们预计由于诉讼时效到期而导致认可的未确认税务优惠金额，将会影响有效税率，而这一影响将会减少 $3.7百万 over the next 12 months.
29
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
第13条. 股本
卢芒鉴于股票报酬计划的描述
股权激励计划
2023年11月17日，我们的股东批准了对修订后的股权激励计划（“2015计划”）的修正案，以增加额外发行普通股的股数。 3.0百万股。
截至2024年9月28日，我们持有 5.8万股受期权、限制性股票单位、限制性股票奖励和绩效股票单位约束的股份，并且根据2015年计划已发行和流通。限制性股票单位、限制性股票奖励和绩效股票单位是基于绩效、时间或二者兼而有之，并预计会在 公司使用资产和负债的会计方法来计算所得税。根据这种方法，根据资产和负债的金融报表及税基之间的暂时区别，使用实施税率来决定递延税资产和递延税负债，该税率适用于预期差异将反转的年份。税法的任何修改对递延税资产和负债的影响将于生效日期在财务报告期内确认在汇总的综合收益报表上。内获得。这些授予的公允价值基于授予日期我们普通股的收盘市场价格。期权行权价格等于授予日期基础股票的公允价值。我们会在期权行权时发行新的普通股。期权通常有 三年。截至2024年9月28日， 2.1百万 股普通股根据2015年计划可供提供。
2023年11月28日，我们在Cloud Light收购中采纳并承担了Cloud Light股份期权计划（“Cloud Light Scheme”），我们已总共预留了 1.5万股普通股以供发行，其中 1.1万份期权于收购日期授予。
股票期权
与收购Cloud Light有关， Cloud Light的每个未行使的期权按照一定比例被换成了一种具有等值价值的Lumentum普通股的现金和期权的组合（“替代期权”） 0.04375 根据并购协议的条款。在收购结束日期，这些替代期权包括 1.1 百万份期权，加权平均授予日期公平价值为$34.63。这些替代期权的总公允价值为$38.9 百万美元截至收购日，其中$23.5 百万归因于先前收购服务已记录为购买价格考虑部分，其余$15.4将会在股权获得后的分阶段归属期内，作为股权补偿支出记录下来 三年 自收购截止日期起，请参阅“附注4. 业务组合。”
我们利用Black-Scholes期权定价模型，在授予日期估计替换期权的公平价值。 用于估计替换期权公平价值的假设如下：
在收购日期
预期期限（年）3.0
预期波动率45.0 %
无风险利率5.0 %
股息率— %
受限股票单位
2015年计划下的限制性股票单位（“RSUs”）是我们普通股的股票授予，其归属取决于必要的服务要求。一般来说，我们的RSUs可能会被没收，并预计会在特定的服务期满后归属。 公司使用资产和负债的会计方法来计算所得税。根据这种方法，根据资产和负债的金融报表及税基之间的暂时区别，使用实施税率来决定递延税资产和递延税负债，该税率适用于预期差异将反转的年份。税法的任何修改对递延税资产和负债的影响将于生效日期在财务报告期内确认在汇总的综合收益报表上。对现有员工的年度授予RSUs通常按年份或年度与季度结合的方式来归属。 三年.
2024年9月28日结束的三个月内，我们的董事会批准了百万RSU的授予。 1.5 ，主要在未来几年内解锁。 三年.
绩效股票单元
2015年计划下的绩效股单位（“PSUs”）是我们普通股的授予，在实现某些绩效和服务条件后解锁。当我们认为绩效条件可能会实现时，我们开始确认补偿费用。我们在每个报告期重新评估解锁的可能性，并根据此可能性评估调整我们的补偿成本。我们的PSUs在满足绩效和服务条件之前存在丧失风险，并通常在内解锁。 三年.
30
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
在2024年9月28日结束的三个月里，我们发放了 0.7 百万PSUs，其总授予日期公允价值为$39.8 百万，作为我们修订后的年度激励计划的一部分。这些PSUs受绩效目标和服务条件约束，在 一年 投资期之后将行权。我们还授予了 0.3 百万PSUs，其总授予日期公允价值为$19.1 百万给某些高管和高级管理人员。这些PSUs将根据营业收入目标和一些非财务绩效指标以及服务条件在 三年.
员工股票购买计划
我们的2015年采购计划为合格员工提供通过定期工资扣除获得公司所有权的机会，并提供 15％购买价格折扣，以及s a 6个月 向前看期间。2015年购买计划结构化为1986年内部税收法第423节修订后的合格雇员股票购买计划。2015年购买计划将在发行的全部股份售出之日终止。在2015年购买计划授权的百万股股份中， 3.0  百万股仍可用于发行，截至2024年9月28日。 0.7
以股票为基础的补偿
我们所呈现的期间按职能记录股票补偿对我们业绩的影响如下 （单位百万）:
三个月截至
2024年9月28日2023年9月30日
销售成本$9.7 $6.0 
研发9.3 10.3 
销售、一般及行政费用16.6 15.8 
股权报酬总额$35.6 $32.1 
截至2024年9月28日和2023年9月30日的三个月内，我们录得了$7.31百万美元和4.7百万的与PSUs相关的股票补偿，各自。与PSUs相关的股票补偿费用金额在任何一个期间内可能根据绩效条件的实现或预期实现而有所变化。如果绩效条件未达成或预计无法达成，则不会承认基础PSUs的任何补偿成本，并且与这些PSUs相关的任何先前承认的补偿费用将被取消。 。
我们在所列期间的精简综合利润表中确认的与股权报酬相关的总所得税优惠是如下所示 （单位百万）:
三个月截至
2024年9月28日2023年9月30日
与股权激励相关的所得税优惠$1.4 $1.9 
截至2024年6月30日和2023年，有关公司的基本财务报表中，包含合同资产的约$百万已转至应收账款净额和约$百万转至预付费用和其他流动资产。12.7百万 和美元14.4截至2024年9月28日和2024年6月29日，股票补偿的1000万美元被资本化为存货。
截至2024年9月28日，$177.6 百万股权奖励相关的股票补偿成本尚待摊销，预计将在估计的摊销期内认可。 2.0年。
31
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
股票奖励活动
以下表格总结了截至2024年9月28日结束的三个月内我们的奖励活动（单位百万）:
股票期权受限股票单位绩效股票单元
普通股数量加权平均每股行权价普通股数量每股加权平均授予日公平价值普通股数量每股加权平均授予日公平价值
截至2024年6月29日的余额1.1 $34.6 2.7 $62.5 0.9 $65.5 
已批准— — 1.5 56.3 1.0 56.4 
已获得/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日的余额1.0 $34.6 3.3 $58.9 1.5 $59.6 
以下是可申请授予的奖项摘要 （单位百万）:
可供授予的奖励
截至2024年6月29日的余额4.3 
已授权— 
已批准(2.6)
取消0.4 
截至2024年9月28日的余额2.1 
员工股票购买计划活动
2015年购买计划截至2024年9月28日的支出为$1.2百万。2015年购买计划截至2023年9月30日的支出为$1.2百万。有关2015年购买计划的支出按照相关订阅期间的直线法记录。
截至2024年9月28日和截至2023年9月30日的三个月内，有 no 通过2015年购股计划向员工发行了股票。
回购和养老普通股
股票回购计划
我们拥有Incom Co., LTD中的X％股份。由于我们拥有Incom Co.，LTD的控制权，我们已将其纳入了我们未经审计的简明合并财务报表中。 该公司未拥有的Incom Co.，LTD的股权被视为非控制权益进行核算。 我们将我们在一体化实体中不拥有的任何权益部分呈现为非控股权益，并将其利益归类为资产负债表中总股东权益的组成部分，与总股东权益分开。 我们将归属于非控制权益的净（损）收入计入我们的简明合并损益表中的净亏损。 股票回购计划授权我们在2025年5月前利用总额高达$1.2亿美元来购买我们自己的普通股。 在2024年6月30日结束的三个和六个月期间内 截至2024年9月28日和2023年9月30日的三个月内我们未识别任何重大的非暂时性减值损失。减值损失已包括在其他收入（费用）净额中，在综合利润表中。请参阅注释2，以了解其他收入（费用）净额的详细信息。 没有 回购任何我们的普通股。自董事会最初批准股票回购计划以来，我们已回购 7.7总共以每股$平均价格回购了百万股81.66 每股的总购买价格为$630.4百万美元。我们将总计百万美元的购买价格记录为财务报表中保留收益的减少，并立即注销了所有回购股份。截至2024年9月28日，我们还剩下百万美元的股票回购计划款项。630.4百万美元的购买价格记录为财务报表中保留收益的减少，并立即注销了所有回购股份。截至2024年9月28日，我们亿美元剩余股票回购计划款项。569.6剩余股票回购计划款项。
未来回购的价格、时间、数量和方式将根据市场条件的估值和其他因素确定，价格将被确定为有吸引力并符合公司和股东最佳利益。股票回购计划可能随时暂停或终止。
附注14. 承诺和或可能负债
采购义务
我们的采购义务 $589.2百万 a截至2024年9月28日，代表着法律约束力的承诺，用于购买库存和满足业务运作需求的其他承诺。尽管未完成的采购订单被视为可执行且具有法律约束力，但通常条款允许取消、重新安排和
32
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
在交付货物或提供服务之前，根据我们业务的需要调整要求。一般预计应履行购买存货和其他承诺的义务。 一年.
我们依赖有限数量的代工厂商、分包商和供应商提供原材料、包装和标准元件。我们通常通过标准采购订单或供应协议购买这些单一或有限来源的产品，且与这些供应商没有重要的长期供货协议。尽管我们努力保持这些产品足够的安全库存，并与供应商保持持续的通信，以防止供应中断或停止，但我们的业务和运营结果可能会因供应停工或延迟、更昂贵或不太可靠产品的替换、收到次品零件或受污染材料、这些供应品价格上涨，或者我们无法因应竞争压力从供应商那里获得降价而受到不利影响。 一年后将继续自动延长 我们虽然努力通过保持这些产品足够的安全库存并与供应商保持持续的通信，以防止供应中断或停止，但我们的业务和运营结果可能会因供应停工或延迟、更昂贵或不太可靠产品的替换、收到次品零件或受污染材料、这些供应品价格上涨，或者我们无法因应竞争压力从供应商那里获得降价而受到不利影响。
产品保修
我们在确认营业收入时为产品保修的预估成本提供准备金。对于大多数产品，我们通常提供十二个月的保修期。然而，在某些情况下，根据产品、产品元件或最终客户使用我们产品的方式，我们的保修期可以有所不同，通常区间从 六个月 至 五年。我们根据已知产品故障率的历史经验、修复或更换有缺陷产品所使用的材料以及纠正产品故障而产生的服务交付成本，对我们的保修义务成本进行年度估算。此外，如果出现特定产品的意外技术问题，我们会不定期地进行特定保修准备金。我们评估我们记录的保修责任的充分性，并根据需要调整金额。
以下表格显示了我们保修准备金的变化，以及所述期间的变化。单位：百万):
三个月截至
2024年9月28日2023年9月30日
期初余额$13.2 $6.8 
收购Cloud Light时假定了保修责任0.8 — 
保修准备金 2.4 0.2 
净利用储备金(3.2)(1.5)
期末余额$13.2 $5.5 
环保母基负债
我们的研发、制造业-半导体和分销业务涉及有害物质的使用，并受国际、联邦、州和地方法律的监管，这些法律涵盖健康与安全和环境领域。我们对环境保护和职业健康与安全的保护应用严格标准，即使在美国境内外的场所也是如此，即使不受外国政府强加的监管。我们相信我们设施的财产和运营在所有重要方面都符合适用的环境法律和职业健康与安全法律。然而，环境责任的风险无法完全消除，且不能保证环保和健康与安全法律的适用不会要求我们承担重大支出。我们还受到一系列国际、联邦、州和地方法律的监管，涉及回收利用、产品包装和产品内容要求。环保、产品内容/处理和回收法律逐渐变得更为严格，可能导致我们未来承担重大支出。
法律诉讼
我们会遭受各种诉讼要求，这些诉讼会不时出现在我们业务的日常经营中。尽管管理层目前相信，无论是单独针对我们的诉讼还是合计来看，解决这些诉讼都不会对我们的财务状况、经营业绩或现金流量表产生重大不利影响，但这些事项存在固有的不确定性，管理层对这些事项的看法可能会在未来发生变化。当我们确定会遭受损失并且可以合理估计损失金额或损失区间时，我们会预提损失准备金。截至2024年6月29日，我们已就某些非常规诉讼事项的有待解决的和解设置了$7.8百万美元，与2024年9月28日解决。
33
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
Oclaro兼并诉讼
关于我们2018年收购Oclaro的事宜， 七 股东们提起了诉讼，挑战了拟议的合并（“合并”）。除了 之一 Oclaro的合并完成后，除了其中一起自愿撤回。其余的诉讼，SaiSravan b. Karri诉Oclaro，Inc.等，案号3:18-cv-03435-JD（“Karri诉讼”），在加利福尼亚北区联邦地区法院提起，并被列为一起集体诉讼。
Karri诉讼声称，Oclaro及其董事违反了1934年修正案的《证券交易法》第14(a)条和根据其发布的第14a-9条规定，通过传播不完整和误导性的S-4表格，包括代理声明/招股书。Karri诉讼进一步声称，Oclaro的董事违反了《交换法》第20(a)条，未能对违反《交换法》第14(a)条的人士行使适当控制。Karri诉讼中的原告要求赔偿原告和任何类别（如果得到认证）的损害赔偿以及诉讼费用，包括律师费。
此案件经过事实和专家调查，并最终达成了Karri诉讼的全员和解协议，规定支付 $15.3百万 给予该类成员。2023年8月17日，法院初步批准了协议。2024年3月，法院最终批准了协议。
我们记录了该诉讼获批准的结算金额为$15.3百万美元，作为2024年6月29日财务报表中应计费用的一部分，其中$7.5百万美元代表保险赔款金额，已记录为预付款和其他流动资产。截至2024年9月28日，此诉讼事宜已得到解决。 截至2024年9月28日，此诉讼事宜已得到解决。
监管事宜
2024年8月，公司收到美国商务部工业和安全局（"BIS"）以及司法部（"DOJ"）的询问，这是公司在2023年12月向BIS自愿披露后，于2024年4月进行补充的。公司将继续与这两个机构就此事合作。目前公司无法预测这些事项的可能结果。
赔偿责任
在正常业务过程中，我们签订了包含各种声明和保证的协议，并提供一般性的赔偿。根据这些协议的风险未知，因为未来可能会有针对我们的索赔，我们可能会因此而在未来记录费用作为这些赔偿义务的结果。截至2024年9月28日，我们没有发生任何重大的赔偿索赔，这些索赔可能或较有可能。
审计程序
我们正在接受各国家和外国税务机构审计，涉及所得税和间接税事项。在某些情况下，我们已经为可能需要调整的所得税预计和间接税应计提备。这些调整可能源于这些税务机构的审计或司法程序的最终结果。我们认为，这些审计、协议或司法程序的最终结果不会对我们的经营业绩产生重大影响。如果出现迹象表明无需支付这些金额，那么这些负债的撤销将导致在我们判断这些负债不再必要的期间确认收益。如果我们对联邦、州和外国所得税负债以及间接税责任的估计低于最终评估，可能会导致进一步费用支出。
34
目录
路门图控股有限公司
继续附表简明合并基本报表注
（未经审计）
附注15. 经营部门和地理信息
我们的首席执行官是我们的首席运营决策者（“CODM”）。CODM根据业务前景、竞争因素、业务部门净营业收入和业务部门利润来分配资源。CODM定期审查运营结果，以决定分配到各业务部门的资源，并评估它们的绩效。
分部利润包括由经营分部直接管理的营业费用，包括研发、直接销售和营销费用。分部利润不包括基于股票的补偿、收购或整合相关成本、收购相关无形资产的摊销和减值、重组及相关费用以及某些其他费用。此外，我们不会分配公司营销和战略营销费用以及一般和行政费用，因为这些费用不是直接归因于我们的经营分部。
我们并不通过运营板块跟踪所有的固定资产、厂房及设备。这些资产的地理位置识别如下所示。
云计算与网络
我们的云计算和网络产品包括广泛的光学和光子芯片、元件、模块和子系统组合，供应给制造云数据中心的运营商-5g、人工智能/机器学习基础设施提供商以及网络设备制造客户，这些客户正在建设云数据中心和网络基础设施。我们的产品可以实现云、人工智能/机器学习和数据中心间连接的高容量光纤链路，以及通信服务提供商网络中的产品，包括用于接入（本地）、城域（城市内）、长途（城市间和全球）和海底网络基础设施的产品。我们的云计算和网络产品还支持网络设备制造商构建企业网络基础设施，包括存储区域网络（SAN）、局域网（LAN）和广域网（WAN）。这些产品可以实现数据、视频和音频在高容量光纤电缆上传输和传送。我们通过各种产品组合保持在这些快速增长的云计算和网络市场中领先地位，包括高速光学元件和收发器、可重构光纤加入/删除多路复用器（“ROADMs”）、相干密集波长分割多路复用（“DWDM”）可插入式收发器以及可调谐小尺寸可插拔收发器。对我们的云计算和网络产品的需求受到云计算和服务不断增长所需的网络容量的推动，包括人工智能/机器学习、流媒体视频和视频会议、无线和移动服务，以及物联网。
工业科技
我们的工业技术产品包括短脉冲固体激光器、千瓦级光纤激光器、超快激光器、二极管激光器和燃料币激光器，适用于众多终端市场的应用。在消费类终端市场，我们的激光光源集成到客户的3D感应摄像头中，用于移动设备、支付机、以及其他消费电子设备，实现应用包括生物识别、计算摄影和虚拟现实和增强现实。在汽车类终端市场，我们的激光器用于客户的激光雷达和其他光学传感器设备，这些设备越来越多地用于高级驾驶辅助系统（ADAS）和车内驾驶员和乘员监控系统。在工业制造类终端市场，我们的激光器被整合到客户的制造机床中，用于各种行业的材料精密加工，包括半导体元件和微电子制造、电动车和电池生产、金属切割和焊接，以及先进制造。我们的产品还可以在工业终端市场中用于成像和传感系统，用于过程反馈和控制、质量保证和减少浪费。我们产品在工业终端市场的采用受到客户推动半导体和微电子行业路线图的需求以及行业4.0/5.0的趋势，包括增加制造精度和灵活性以及减少浪费和环境影响。在工业终端市场需求的推动下，客户的制造能力投资对我们产品的需求也在增长。我们的激光器还适用于某些半导体检测和生命科学应用。
35
目录
路门图控股有限公司
继续附表简明合并基本报表注
(未经审计)
可报告部门
股市 两个 营运部门，云服务和网络部门以及工业技术也代表我们的 两个 报告部门。 我们的CODm根据部门营业收入和部门利润分配资源并评估部门绩效。 下表总结了部门利润以及所呈报期间与合并损益前所得税的调整。单位：百万):
截至三个月的数据
2024年9月28日2023年9月30日
净营业收入：
云服务与网络$282.3 229.7 
工业科技54.6 87.9 
净收入
$336.9 $317.6 
业绩（亏损）分部：
云计算与网络$36.5 23.9 
工业科技2.2 15.3 
总业务利润38.7 39.2 
未分配公司项目：
销售管理费用 (1)
(28.7)(28.6)
基于股票的薪酬
(35.6)(32.1)
已取得无形资产的摊销
(41.7)(29.0)
收购相关成本— (4.0)
与整合相关的成本
(3.4)(11.3)
重组及相关费用(9.7)(11.0)
无形资产减值(1.9)— 
其他收费，净额(0.1)(4.0)
利息支出(5.5)(9.7)
其他收入，净额(2)
8.7 21.2 
税前损失$(79.2)$(69.3)
(1) 我们不分配与我们经营部门无直接联系的销售、一般和管理费用。
(2) 截至2024年9月28日的三个月内，其他收入净额包括利息和投资收益，金额为$9.4百万，抵消了汇率期货和其他收益，净额为$0.7截至2021年3月27日，未偿还本金总额为$。
2023年9月30日结束的三个月中，其他收入净额包括利息和投资收入，金额为$21.7百万美元，并抵消了0.5百万美元的净汇率期货亏损。
36
目录
路门图控股有限公司
继续附表简明合并基本报表注
(未经审计)
集中度
我们经营消费和调味品两个业务板块。消费板块在全球范围内生产、销售和分销香料、草药、调味料混合物、调味品等美味佳肴。我们的消费板块销售规模包括零售渠道（如杂货店、大型量贩店、仓储俱乐部、折扣店和药店）和电子商务，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。我们的调味品解决方案板块面向食品制造商和餐饮行业销售，通过分销商直接或间接销售，我们在中国的业务除外，中国的餐饮销售由我们的消费板块管理并报告。个财政年度 地理区域：美洲、亚太地区和欧洲、中东、非洲(欧洲、中东、非洲)。净营业收入分配到最初发货产品的地理区域和国家。例如，某些客户可能要求将我们的产品运送到一个国家的合同制造商，这与最终客户的位置可能不同。
以下表格显示我们经营地区的净营业收入 三 我们所经营地区的净营业收入以及通常代表我们总净营业收入10%或更多的国家的净营业收入 (以百万为单位，除了百分比数据):
 截至三个月的数据
 2024年9月28日2023年9月30日
数量总额的百分比金额总额的百分比
净营业收入：
美洲：
美国
$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 
美洲总计
$102.2 30.3 %$66.0 20.8 %
亚洲太平洋：
香港
$88.7 26.4 %$64.9 20.4 %
韩国
8.8 2.6 25.0 7.9 
日本16.9 5.0 25.4 8.0 
泰国52.5 15.6 64.2 20.2 
其他 亚太地区
37.2 11.0 39.5 12.4 
亚太总收入
$204.1 60.6 %$219.0 68.9 %
欧洲、中东、非洲$30.6 9.1 %$32.6 10.3 %
总净营业收入$336.9 100.0 %$317.6 100.0 %
截至2024年9月28日的三个月内， 两个 客户分别占总营业收入的 15%和 12%。截至2023年9月30日的三个月内， 个财政年度 客户分别占总营业收入的 15%, 13%和 10分别占我们总净营业收入的%，我们没有其他客户占据我们总净营业收入的10%或更多。
截至2024年9月28日， 两个 个别客户分别占 11以及第二个客户分别占公司截至2023年9月30日的三个月和九个月的净收入的百分之 112024年6月29日， 之一 个别客户占 13%的总应收账款。我们没有其他客户占总应收账款的10%以上。
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目录
路门图控股有限公司
继续附表简明合并基本报表注
(未经审计)
开多持有资产，即物业、厂房及设备，净值，根据资产在相应地理区域的实际位置在指定期间确定。 (单位：百万):
2024年9月28日2024 年 6 月 29 日
财产、厂房和设备，净额
美国
$126.5 $131.0 
泰国
147.2 141.0 
日本129.8 75.7 
英国88.0 83.8 
中国90.3 85.7 
其他国家
56.6 55.3 
不动产、厂房和设备总额，净额$638.4 $572.5 
我们从代工厂商那里购买了我们库存的一部分，这些代工厂商主要位于泰国、台湾和马来西亚。截至2024年9月28日的三个月，我们从单一代工厂商处的净库存采购占总净库存采购的10%或以上，这些集中在 之一 代工厂商，占 27总净库存采购的%。截至2023年9月30日的三个月，我们从单一代工厂商处的净库存采购占总净库存采购的10%或以上，这些集中在 一个 代工厂商，占 45总净库存采购的%。
第16条营业收入确认
订阅和支持收入包括以下内容（以百万美元为单位）：
我们按业务部门和地理位置细分营业收入。我们不以产品类型、客户、市场、合同、合同期限、控制转移时机和销售渠道等其他方式进行分解，因为我们的CODm不使用这些信息来管理业务。
下表披露了我们归属于每个报告部门的总净营业收入 两个 可报告部门 (单位为百万美元，除百分比数据外):
 截至三个月的数据
 2024年9月28日2023年9月30日
数量总额的百分比金额总额的百分比
云计算与网络$282.3 83.8 %229.7 72.3 %
工业科技54.6 16.2 %87.9 27.7 %
净收入$336.9 100.0 %$317.6 100.0 %
合同余额
下表反映了所示期间的合同余额变化数以百万为单位，除百分比外):
合同余额资产负债表位置2024年9月28日2024 年 6 月 29 日改变百分比变化
应收账款，净额 应收账款，净额 $198.5 $194.7 $3.8 2.0 %
递延收入和客户存款
其他流动负债
$0.6 $0.6 $— — %
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第2项 管理层对财务状况和经营业绩的讨论
您应该阅读这份季度报告10-Q表格（以下简称“本季度报告”），并结合其中包含的未经审计的精简合并基本报表及相关附注。这份财务状况和经营成果管理讨论和分析包含前瞻性声明。这些前瞻性声明讨论的事项可能受到风险、不确定性和其他因素的影响，这些因素可能会导致实际结果与前瞻性声明中所作、所预测或所暗示的结果大不相同。请查看“风险因素”和“前瞻性声明”以讨论与这些声明相关的不确定性、风险和假设。
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前瞻性声明
本季度报告中包含根据1933年修正的证券法第27A条和1934年修正的证券交易法第21E条（“交易法”）进行的前瞻性陈述。 这些陈述涉及到我们的市场和行业、产品和策略、出口管制变化的影响、我们收购的预期收益，包括Cloud Light，以及与NeoPhotonics的持续整合，宏观经济状况，包括供应链状况和客户库存管理，COVID-19大流行的影响，银行和金融服务市场的不稳定和不确定性，以及对我们的业务和经营成果、销售额、毛利润、营业费用、资本支出和需求、流动性、产品开发和研发工作、制造计划、诉讼、有效税率和税金准备金、我们的公司和财务报告结构、增长和创新计划、关于美中关系的期望，市场和监管条件，业务和财务成果中的趋势和不确定性，通常通过使用诸如“预计”、“相信”、“能够”、“继续”、“可能”、“估计”、“期望”、“打算”、“可能”、“计划”、“项目”、“寻求”、“应当”、“目标”、“将”、“将”、“考虑到”、“信任”、“预测”、“潜在”等词语或旨在识别前瞻性声明的变体来标识。 这些陈述基于我们管理层的信仰和假设，其又基于目前管理层当前可用的信息。 这样的前瞻性声明受到可能导致实际结果和某些事件的时间安排与此类前瞻性声明未来结果实质性不同的风险、不确定性和其他重要因素的影响。 可能导致或有助于此类差异的因素包括但不限于本季度报告的部分II，第1A项目中所述的“风险因素”中讨论的那些因素。 此外，这些前瞻性声明仅适用于本报告的日期。 除非法律另有要求，否则我们不承担更新任何前瞻性声明以反映这些声明日期之后事件或情况的义务。
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概述
我们是行业领先的光学和光子产品提供商，以营业收入和市场份额定义，对云计算、人工智能和机器学习（“AI/ML”）、电信、消费和工业终端市场应用至关重要。
我们有两个营运部门，云计算和网络以及工业科技。这两个营运部门的确定主要基于首席营运决策者（“CODM”）对我们运营的看法和评估。经营业绩定期由CODM审核，以决定分配给各个部门的资源，并评估其业绩。其他因素，包括市场分割和客户特定应用、营销渠道、产品和半导体制造业的考量，都被视为确定这些营运部门的形成。
我们相信Lumentum参与的全球市场基本上具有稳固的长期趋势，这将增加对我们光子产品和技术的需求。我们认为世界正越来越依赖通过光网络和数据中心传输的日益增长的数据量。Lumentum的产品和技术使这些光网络和数据中心能够扩展到更高的容量。人工智能/机器学习的出现导致云数据中心数据网络需求急剧增长，并加速了对光元件和模块的使用。我们预计，加速向数字化和虚拟方法转变的工作和生活的许多方面将持续发展。虚拟会议、视频通话以及工作和生活其他方面的混合实体和虚拟环境将继续推动对带宽增长的强烈需求，并提出我们的技术所应对的动态新挑战。随着制造商对更高精度、新材料以及工厂和能源效率的需求提高，全球制造工具供应商正在转向基于激光的方法，包括Lumentum提供的激光类型。用于安防、工业和汽车应用的基于激光的3D传感和激光雷达市场正在迅速发展。该技术使计算机视觉应用得以增强安全性、安全性和人们每天依赖的电子设备中的新功能。随着时间推移，汽车和交付车辆中LiDAR和车载3D传感的使用将显著增加我们的长期市场机会。此外，我们预计3D启用的机器视觉解决方案将在未来几年在工业应用中大幅扩展。
为了维持并增长我们在市场和技术领导地位，我们持续投资于新的、差异化的产品和技术以及客户计划，既能满足近期和长期增长机会，又能通过收购实现增长，同时不断改进和优化我们的运营。多年来，我们与市场领先客户建立了密切关系。我们希望利用我们的核心光学和光子技术以及我们的成交量制造能力，拓展到能够受益于光学或基于光子技术解决方案优势的有吸引力的新兴市场。
云计算与网络
我们的云计算和网络产品包括全面的光学和光子芯片、元件、模块和子系统组件，供应给云数据中心运营商、AI/ML基础设施提供商和网络设备制造商等客户，这些客户正在构建云数据中心和网络基础设施。我们的产品能够在云计算、AI/ML和DCI应用、通信服务提供商网络等领域实现高容量的光纤链接，包括用于接入（本地）、城域（市内）长距离传输（城市间和全球范围）以及子海底光纤网络基础设施的产品。我们的云计算和网络产品还支持网络设备制造商构建企业网络基础设施，包括SAN、LAN和WAN。我们的云计算和网络产品需求受到网络容量不断增长的驱动，这些容量是云计算和服务，包括AI/ML、流媒体视频和视频会议、无线和移动服务以及物联网所需的。
工业科技
我们的工业技术产品包括开空脉冲固态激光器、千瓦级光纤激光器、二极管激光器和燃料币激光器，应用于众多终端市场。在消费者终端市场，我们的激光光源集成在客户的3D感应相机中，用于移动设备、支付亭和其他消费电子设备，实现生物识别、计算摄影和虚拟现实等应用。在汽车终端市场，我们的激光器用于客户的激光雷达和其他光学传感器设备，这些设备越来越多地应用于爱文思控股的高级驾驶辅助系统（“ADAS”）和车内司机及乘员监控系统。在工业制造终端市场，我们的激光器被应用于客户的用于精密加工材料的制造机床，涉及半导体元件和微电子制造、电动车和电池生产、金属切割和焊接以及爱文思控股的先进制造等多个行业。我们的产品也可以用于工业终端市场中的成像和传感系统，用于过程反馈与控制、质量保证和废料处理。
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减少。在工业端市场中采用我们的产品是由客户推动的，以推进半导体和微电子行业的发展路线图，并受到行业4.0/5.0趋势的影响，包括提高制造精度和灵活性、减少浪费和环保影响。我们产品在工业端市场的需求是由最终客户对制造能力的投资推动的。我们的激光器还应用于某些半导体检测和生命科学应用。
云轻收购
2023 年 11 月 7 日（“Cloud Light 截止日期”），我们完成了对 Cloud Light 的收购。Cloud Light 为数据中心互连应用设计、销售和制造先进的光学模块。此次收购使我们能够充分满足云和网络客户不断增长的需求，尤其是那些专注于优化数据中心基础设施以满足人工智能/机器学习需求的客户。 在Cloud Light截止日期，我们向Cloud Light支付了总额7.05亿美元的现金对价。此外，Cloud Light的每股未偿还期权都被兑换成现金和期权的组合，以收购具有等值价值的Lumentum普通股（“替代期权”）。这些置换期权的总公允价值为 of 截至Cloud Light截止日期为3,890万美元，其中归因于收购前服务的2350万美元记作收购价格对价的一部分，其余1,540万美元记作自Cloud Light截止日起三年的归属期内的收购后股票薪酬支出。我们产生了 总 在960万美元的收购相关成本中， 代表专业和其他直接收购成本，在截至2024年6月29日的年度合并运营报表中记录为一般和管理费用。 请参阅 “注释 4。简明合并财务报表附注中的 “业务合并”。
我们定期评估战略机会，并在适当时可能收购与我们产品互补的其他业务、产品或技术，或扩大我们产品的市场。我们相信，通过扩大我们的可寻址市场、客户基础和专业知识，丰富我们的产品组合，并通过收购和有机增长措施巩固我们的核心业务，我们加强了业务模式。
供应链和库存管理
全球物流和供应链问题在COVID-19大流行期间对我们和我们客户的业务造成了消极影响，包括可用货运能力的限制，以及曾经广泛可得的原材料和成品元件供应的有限性。COVID-19也在半导体元件供应链中创造了动态，导致我们和我们客户需要的产品所需元件类型短缺。尽管供应链约束在2023财年下半年开始有所改善，但我们在2024财年仍感受到了其持续影响，如下所述；如果这些约束或影响继续发生，可能会影响我们向客户提供产品的能力，降低我们的营业收入和利润率。此外，如果我们的客户无法获得所需的半导体元件，他们对我们产品的需求将减少。由于全球供应链约束，我们不得不承担额外的供应和采购成本，以提高我们满足客户需求的能力。
此外，针对零部件短缺的情况，我们部分客户开始减少库存，因为供应条件改善。因此，最近一段时间客户订单量下降，某些客户由于库存管理的原因未按照我们最初预计的交货。 随着客户减少库存，我们的营业收入下降，利润率受到影响，因为我们无法完全收回成本，比如未利用的制造业-半导体产能。然而，在2025财年第一季度，我们最近已经看到网络设备制造商库存逐渐正常化的迹象。
有关供应链限制和客户库存管理相关风险的更多信息，请参阅本报告第二部分第1A项标题为“风险因素”的章节。
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关键会计政策和估计
我们的简明和综合财务报表是根据美国通用会计准则（“GAAP”）制定的，这些原则在美国财务会计准则委员会的会计准则编码（“ASC”）中规定。我们还考虑美国证券交易委员会（“SEC”）发布的各种员工会计公告和其他适用指导。按照ASC规定的GAAP要求我们进行一定的估计、判断和假设。我们认为我们依赖的估计、判断和假设是合理的，基于我们在做出这些估计、判断和假设时可获得的信息。这些估计、判断和假设可能影响财务报表日期的资产和负债的报告金额，以及所呈现期间的收入和费用的报告金额。如果这些估计、判断或假设与实际结果存在差异，我们的财务报表将受到影响。反映我们更重要的估计、判断和假设的会计政策，我们认为这些政策对于充分了解和评估我们报告的财务结果是最关键的，包括以下内容：
•库存估值。
•收入确认
•所得税
•商业组合
•商誉和无形资产-减值评估
关于财务状况和经营业绩的管理讨论和分析包含在结束于我们财政年度的年度报告表10-K的第II部分，第7条款中 2024年6月29日提供了我们关键会计政策和估计的完整讨论。在2024年9月28日结束的三个月内，这些政策没有发生变化。
最近发布的会计声明
请参考基本报表附注中的“注2.最近发布的会计准则”
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经营结果
所呈现期间的经营业绩并不一定代表未来期间预期的业绩。以下表格总结了选定的未经审计的简明综合经营报表项目占净营业收入的百分比：
截至三个月的数据
2024年9月28日2023年9月30日
分部净营业收入:
云计算与网络83.8 %72.3 %
工业科技16.2 27.7 %
净收入100.0 100.0 
销售成本70.2 70.2 
获得发展无形资产的摊销 6.7 5.7 
Gross profit23.1 24.1 
营业费用：
研发22.1 23.1 
销售、一般和管理费用22.6 23.0 
重组及相关费用2.9 3.5 
总营业费用47.6 49.6 
营运亏损(24.5)(25.4)
利息支出(1.6)(3.0)
其他收入，净2.6 6.7 
税前损失(23.5)(21.8)
所得税准备金（效益）0.9 (0.4)
净亏损(24.5)%(21.4)%
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2024年9月28日结束的三个月的财务数据
以下表格总结了所呈报期间选定的未经审计的简明综合经营报表项目(单位：百万，百分比除外):
截至三个月的数据
2024年9月28日2023年9月30日Change百分比变化
分部净营业收入:
云计算与网络$282.3 229.7 $52.6 22.9 %
工业科技54.6 87.9 (33.3)(37.9)%
净收入$336.9 $317.6 $19.3 6.1 %
Gross profit$77.9 $76.7 $1.2 1.6 %
Gross margin23.1 %24.1 %
研发$74.3 $73.5 $0.8 1.1 %
营业收入的百分比22.1 %23.1 %
销售、一般和管理费用$76.3 $73.0 $3.3 4.5 %
营业收入的百分比22.6 %23.0 %
重组及相关费用 $9.7 $11.0 $(1.3)(11.8)%
净营业收入的百分比2.9 %3.5 %
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净收入
截至2024年9月28日的三个月，净营业收入比2023年9月30日的三个月增加了1930万美元，增长了6.1%，主要受5260万美元云计算和网络营业收入增加的推动，部分抵消了工业技术营业收入减少了3330万美元。云计算和网络净营业收入的增加主要是由于来自云计算和人工智能/机器学习客户的收入增加了7100万美元，其中包括我们在2024财年第二季度收购的Cloud Light的收入。部分抵消的是由于美国的贸易限制导致向中国特定客户的发货减少。工业技术净营业收入的减少主要是由于消费端市场竞争加剧，全球宏观经济因素年度下降，以及客户继续减少其在COVID-19大流行期间为了供应安全而购买的高水平库存。
截至2024年9月28日的三个月内，有两家客户分别占我们总营业收入的15%和12%。截至2023年9月30日的三个月内，有三家客户分别占我们总净营业收入的15％、13%和10%。没有其他客户占我们总净营业收入的10%或更多。
地域板块营业收入
我们在三个地理区域进行业务运营: 美洲、亚太和欧洲、中东、非洲(EMEA)。净营业收入归属于产品最初运输到的地理区域和国家。例如，某些客户可能请求将我们的产品运送到一家合同制造商的国家，这可能与最终用户的所在地不同。
以下表格显示了我们在三个地理区域经营的净营业收入，以及通常占我们总净营业收入的10%或更多的国家的净营业收入 (以百万为单位，除了百分比数据):
 三个月已结束
 2024年9月28日2023 年 9 月 30 日
金额占总数的百分比金额占总数的百分比
净收入：
美洲：
美国
$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 
美洲合计
$102.2 30.3 %$66.0 20.8 %
亚太地区：
香港
$88.7 26.4 %$64.9 20.4 %
大韩民国
8.8 2.6 25.0 7.9 
日本16.9 5.0 25.4 8.0 
泰国52.5 15.6 64.2 20.2 
其他亚太地区
37.2 11.0 39.5 12.4 
亚太地区道达尔
$204.1 60.6 %$219.0 68.9 %
EMEA$30.6 9.1 %$32.6 10.3 %
净收入总额$336.9 100.0 %$317.6 100.0 %
截至2024年9月28日和2023年9月30日的三个月内，来自美国以外客户的净营业收入（基于客户的发货地点）分别占净营业收入的80.6%和87.1%。
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我们的净营业收入主要以美元计价，包括上文提到的来自美国以外客户的净营业收入。我们预计来自美国以外客户的收入将继续成为我们整体净营业收入的重要组成部分，并成为净营业收入增长机会的增长重点。然而，美国及其他政府机构的监管和执法行动，以及税收、贸易政策和关税的变化，已经影响了或可能会继续影响来自美国以外客户的净营业收入。
毛利率
2024年9月28日结束的三个月的毛利率从2023年9月30日结束的三个月的24.1%下降至23.1%。这1%的下降主要是由于产品组合利润较低，影响毛利率2%，主要是由于受到人工智能和云驱动的激光芯片和模块销量增加，这两者的平均毛利率低于我们其他产品。这在很大程度上被营业收入的增加所抵消。毛利率受到约4%的负面影响，因为由于生产水平较低，客户继续努力减少库存水平但降低了工厂利用率，此外，由于Cloud Light收购，无形资产摊销额增加了440万美元。这部分被超额和过时库存费用减少840万美元和超额收购后整合和制造业整合等费用减少约550万美元所部分抵消。
我们销售产品的市场正在经历产品、架构和业务模式转变，客户集中度高，竞争激烈，价格敏感，并且受到客户季节性和购买模式变化的影响。我们预计这些因素将导致毛利率的波动，而且我们的毛利率可能受到这些因素造成的下行压力的影响。
分部利润（亏损）
以下表格总结了每个经营部门在所示期间的分段利润（损失） 截至5月31日的六个月
三个月已结束
2024年9月28日2023 年 9 月 30 日
云和网络$36.5 23.9 
工业科技2.2 15.3 
云和网络部门的利润在2024年9月28日结束的三个月内增加了1260万美元，增长了52.7%，与2023年9月30日结束的三个月相比，主要是由于人工智能和云需求推动的激光芯片和模块销量增加，部分抵消了来自电信产品销量的下降。工业技术部门的利润在2024年9月28日结束的三个月内减少了1310万美元，下降了85.6%，与2023年9月30日结束的三个月相比，主要是由于收入减少，包括成像和传感产品的销量下降。
研究与开发（“研发”）
研发费用在2024年9月28日结束的三个月内增加了80万美元，或1.1％，与2023年9月30日结束的三个月相比。这主要是由于研发目的的软件和计算机用品支出增加了290万美元，以及因NeoPhotonics收购的暂时冻结的研究和开发无形资产而产生的190万美元的费用。后来，我们决定不再进行的项目。这些增加部分地被与重组行动导致的较低的与薪资相关的费用相抵消。
我们相信继续投资研发对于实现我们的战略目标至关重要。我们计划继续投资于研发和我们认为将进一步在市场上区分我们的新产品。
销售、总务和行政（"SG&A"）
SG&A费用在2024年9月28日结束的三个月内增长了330万美元，或4.5％，与2023年9月30日结束的三个月相比。增长的原因是与Cloud Light收购相关的无形资产摊销额增加了810万美元，主要受最近的重组行动减少的与薪资相关的支出和300万美元较低的外部顾问费用的影响，这是由于之前几期的业务和系统整合工作已经完成。
我们不时会发生一些不属于日常运营范围的费用，如与并购有关的诉讼费用，这些费用通常会增加我们的销售和行政支出，可能会影响我们的盈利预期
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任何特定时期。
重组和相关费用
我们已经启动了各种战略重组活动，主要旨在降低成本， consolide我们的业务， rationalize我们产品的制造， 并根据市场条件做出调整， 以及最近的收购结果。
在2024年9月28日结束的三个月内，我们记录了重组及相关费用达970万美元，其中包括600万美元的资产冲销，主要是由于整合工作以 consoli我们的网站，300万美元与停止我们内部开发的连续DSP和RFIC有关，其余的重组费用是由于 company-wide的成本削减举措。
截至2023年9月30日的三个月内，我们记录了重组及相关费用， $1100万 在我们的经缩合并报表中，这主要是由于公司范围内的成本削减举措，以及我们因与NeoPhotonics合并而进行的整合工作。
利息费用
截至2024年9月28日和2023年9月30日的三个月，我们分别录得550万美元和970万美元的利息费用。利息费用主要受到可转换票据贴现和发行成本的摊销的影响。截至2024年9月28日的三个月，利息费用的减少主要是由于我们于2024年3月到期的2024票据（如下所定义）的偿还。
其他收入，净额
其他收益的组成如下（单位：百万):
截至三个月的数据
2024年9月28日2023年9月30日
汇率期货和其他收益（损失），净额$(0.7)$(0.5)
利息和投资收益，净额9.4 21.7 
其他收入净额$8.7 $21.2 
其他收入，在截至2024年9月28日的三个月内减少了 1250万美元 与2023年9月30日结束的三个月相比，主要是由于短期投资余额较低，我们使用现金购买Cloud Light以及在2024年3月还款2024年票据。
所得税费用（收益）
下表总结了所列期间的所得税准备（利益）。单位：百万):
截至三个月的数据
2024年9月28日2023年9月30日
所得税准备金（效益）$3.2 $(1.4)
我们记录了2024年9月28日和2023年9月30日结束的三个月的320万美元的税项准备和140万美元的税收益。我们2024年9月28日结束的三个月的税项准备主要与涉及对不确定税项利息的税费以及来自货币重新计量的税收益有关。 我们2023年9月30日结束的三个月的税项准备包括180万美元的单独税收益，主要与往年不确定税项变化的税收益有关，部分抵消了与季度内股票补偿不足以及外国回报产生的税额与计提之间的差异相关的税费。

2024年9月28日结束的三个月内，我们估计的有效税率与21%的美国法定税率有所不同，主要是因为来自外国税率差异、不可抵扣的股票补偿、不确定的税务争议和当年减值准备变动所产生的所得税费用，部分抵消了来自各种所得税抵免的所得税收益。

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我们定期评估我们按季度基础实现递延税资产的能力，如果有更大可能性认为某部分递延税资产无法实现，我们将建立估值准备金。截至2024年9月28日，我们对美国联邦和州以及某些外国递延税资产保持全额估值准备金。我们将继续评估对余下递延税资产设立估值准备金的必要性，并且未来可能会显著增加或减少我们的估值准备金。
我们的所得税准备金可能会受到收入地理分布变化、收购、递延税款资产实现性变化、未定税务立场变化、所得税稽核结果、与税务机关的和解、法定诉讼时效届满、税务策划策略的实施、税务裁定、法院判决以及税法和法规变化的影响。同时，也有可能出现重要的负面或正面证据，导致我们改变对是否需要对部分递延税款资产设定减值准备的结论，从而影响这种变化期间的所得税准备金。
我们还评估我们开展业务的国际司法管辖区的法规和要求的变化。有关更多信息，请参阅第II部分项目1A“风险因素”。
财务状况
流动性和资本资源
截至2024年9月28日和2024年6月29日，我们的现金及现金等价物为 $48920万 和$43670万，分别为止。截至2024年9月28日和2024年6月29日，我们的短期投资为 $42690万 和$45030万，分别全部持有在美国。现金等价物和短期投资主要由货币市场基金、国债、机构债、高质量投资级固收证券、存款证和商业票据组成。我们的投资政策和策略提供了投资的多元化，重点是保护资本和支持我们的流动性需求。
连同2024年9月28日和2024年6月29日非美国实体持有的现金总额为 39480万美元和3.069亿美元 分别主要由注册于英国、英属维尔京群岛、日本、香港、中国、瑞士、开曼群岛、泰国和巴西的实体持有。尽管目前在美国持有现金以及未来运营在美国产生的现金预计可以满足我们的正常运营需求，但可能需要大量额外现金用于其他目的，例如支持我们的业务和增长的资本支出，包括增加内部制造能力相关成本、战略交易和伙伴关系及未来收购的成本。压力位在于美国持有现金，以及未来运营在美国产生的现金预计可以满足我们的正常运营需求，但可能需要大量额外现金用于其他目的，例如支持我们的业务和增长的资本支出，包括增加内部半导体制造业能力的相关成本、战略交易和伙伴关系及未来收购的成本。
我们的意图是无限期重新投资于美国以外的所有基金类型。除了在开曼群岛、英属维京群岛和香港持有的基金外，以及中国和日本的某些子公司，根据目前的计划，我们并没有显示出有必要将它们汇回用于资助我们的国内业务。然而，如果在未来，我们在国内或特定地点遇到重大流动性需求，无法通过借款、股权发行或其他内部或外部来源满足，或者从税收角度来看将资金汇回的成本不重要，我们可能会判断现金归回是必要或可取的。资金归回可能导致额外的重要税收。这些因素可能导致我们的综合税率高于其他公司，或高于过去的税率。此外，如果有必要，我们可能通过债务或股权来源寻求额外融资。在发行额外股份的情况下，可能会对现有股东造成稀释。然而，这样的融资可能不会以对我们有利的条件获得，或根本可能不可用。
流动性和资本资源要求
我们相信截至2024年9月28日的现金及现金等价物以及来自经营活动的现金流量将足以满足至少未来12个月的流动性和资本支出需求。
有许多因素可能会对我们的流动性状况产生积极或消极影响，包括:
•全球货币条件影响我们产品和服务的需求，并影响我们供应商和客户的财务稳定性，包括银行和金融服务行业不确定性的影响。
•由于法规、关税或其他贸易壁垒的变化，以及一般贸易关系的波动，导致我们产品需求的波动；
•应收账款、库存或其他经营资产和负债的变化，会影响我们的营运资本；
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•增加资本支出以支持我们的业务和增长，包括增加制造业-半导体产能；
•客户倾向推迟付款或谈判有利的付款条件来管理他们自己的流动性状况;
•向我们的供应商支付的时间安排；
•固收和信贷市场的波动影响我们投资组合的流动性和估值；
•信用成本和可获得性可能会影响我们、我们的客户或与我们有业务往来的其他人的可融资性。
•汇率期货市场的波动影响了我们的财务业绩;
•可能的投资或收购互补业务、产品或技术，或其他战略交易或合作伙伴关系；
•发行债务或股本证券，或其他融资交易，包括银行债务;
•潜在的养老金责任资金的注入，可以是自愿的，也可以是法律或监管要求的。
•收购或战略交易，尤其是我们最近完成的Cloud Light收购；
•任何可转换或赎回我们可转换票据的现金结算；和
•普通股回购计划下的常规股票回购。
合同义务
下表汇总了我们截至2024年9月28日的合同义务以及这些义务预计将对我们的流动性和现金流产生的影响（以百万计):
到期支付
合计少于1年超过1年
合同义务
资产养老责任$7.0 $— $7.0 
经营租赁负债，包括假设利息 (1)
45.1 13.5 31.6 
养老金计划缴款 (2)
1.6 1.6 — 
购买承诺(3)
589.2 542.9 46.3 
定期贷款-本金 (5)
76.1 10.8 65.3 
定期贷款-利息 (5)
2.2 0.6 1.6 
可转换票据-本金 (4)
2,514.7 — 2,514.7 
可转换票据-利息 (4)
80.1 18.7 61.4 
合计$3,316.0 $588.1 $2,727.9 
(1) 经营租赁负债金额 不包括任何次级租金收入金额，也不包括短期租赁支付或变量租金支付。截至2024年9月28日，我们预计将获得约$2.9百万美元的次级租金收入。约$2.9百万美元在次级租赁期间
(2) 养老金计划缴款金额表示计划对我们的定义利益计划的缴款。尽管未来需要额外的缴款，但这些缴款的金额和时间将受到精算假设、计划资产的实际回报率、市场利率水平、立法变化以及计划自愿缴款金额的影响。任何未来财政年度及以后的缴款将取决于将来计划资产的价值，因此是不确定的。因此，我们在上表中没有包括超过一年的金额。
(3) 购买义务代表着法律上的承诺，用于购买库存和其他在正常业务运作过程中为满足操作需求所做的承诺。请参阅《注14. 承诺和事项》中的基本报表附注。
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(4) 可转换票据的金额包括我们的0.50%到期于2026年的可转换高级票据（“2026年票据”）的本金和利息，我们的0.50%到期于2028年的可转换高级票据（“2028年票据”）的本金和利息，以及我们的1.50%到期于2029年的可转换高级票据（“2029年票据”）的本金和利息。2026年票据的到期日为2026年12月15日，2028年票据的到期日为2028年6月15日，2029年票据的到期日为2029年12月15日。我们可转换票据的本金余额根据各自的合同到期日反映在上表中的付款期间中，假设没有转换。 在2024年3月15日，也就是2024年票据的到期日，我们全额偿还了2024年票据的未偿本金。 3.231亿美元 2024年票据的本金金额全额偿还。 参阅“注9 债务”在基本报表中的附注中。
(5) 与定期贷款相关的金额包括我们与固定年利率为0.88%的三井住友银行（SMBC）定期贷款的本金和利息，以及利率为0.90%的瑞穗银行有限公司（Mizuho）定期贷款。SMBC定期贷款要求每月偿还本金，剩余本金在2029年7月31日归还，而瑞穗定期贷款要求每季度偿还本金，最后还款日期为2029年9月20日。
我们没有任何根据SEC制定的规则定义而产生或有可能对我们的流动性或资本资源产生重大影响的任何离岸资产负债安排。
负债
截至2024年9月28日，我们2029年到期的票据净承载金额为 票据 5.996亿美元 （2029年到期的本金余额为 60370万美元 ），列示在非流动负债中。 如果我们股票的收盘价格在未来任何季度的最后30个交易日中有20个超过90.40美元（或69.54美元的换股价的130%），则2029年票据将在随后的财务季度持有人选择时可转换，债务将在我们的合并资产负债表中重新分类为流动负债。
截至2024年9月28日，我们的2028年票据的净账面金额 8.569 亿美元 （本金总额为 8.61 亿美元 2028年到期的未偿债务）在我们的简明合并资产负债表中以非流动负债列报。 如果我们股票的收盘价超过170.34美元（或130％） 转换价格为 131.03 美元） 在未来任何一个财政季度的最后30个交易日中，有20个交易日中，我们的2028年票据将在下一个财季由持有人选择进行兑换，债务将在我们的简明合并资产负债表中重新归类为流动负债。
截至2024年9月28日，我们2026年债券的净账面价值为 10.47亿美元 （总额为105000万美元，2026年到期）列示为非流动负债在我们的压缩综合资产负债表中。如果我们的股价收盘超过129.08美元（或99.29美元的转换价格的130%） 在未来任何财政季度的最后30个交易日中有20个的情况下，我们的2026年债券将在随后的财政季度内由持有人选择转换， 并且债务将被重新分类为我们的压缩综合资产负债表中的流动负债。
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323.1百万美元。
截至2024年9月28日，公司在三井住友银行贷款上的本金金额为4450万美元，其中450万美元的短期部分记录为流动负债，而4000万美元的长期部分记录为公司的简明合并资产负债表中的长期债务。
截至2024年9月28日，公司在我们的瑞穗贷款中有3160万美元的本金未偿还，其中630万美元的短期部分记录为流动负债，而2530万美元的长期部分记录为公司的简明合并资产负债表中的长期债务。
股票回购计划
我们拥有Incom Co., LTD中的X％股份。由于我们拥有Incom Co.，LTD的控制权，我们已将其纳入了我们未经审计的简明合并财务报表中。 该公司未拥有的Incom Co.，LTD的股权被视为非控制权益进行核算。 我们将我们在一体化实体中不拥有的任何权益部分呈现为非控股权益，并将其利益归类为资产负债表中总股东权益的组成部分，与总股东权益分开。 我们将归属于非控制权益的净（损）收入计入我们的简明合并损益表中的净亏损。 股票回购计划授权我们在2025年5月之前利用总额为12亿美元的资金购买我们自家的普通股。 在2024年6月30日结束的三个和六个月期间内 以下附加的财务数据汇总显示了截至2024年9月28日和2023年9月30日的三个月的合并运营结果。，我们没有回购任何普通股。自董事会最初批准股票回购计划以来，我们共回购了770万股，平均价格为每股81.66美元，总购买价格为6.304亿美元。我们将6.304亿美元的总购买价格记录为我们简明综合资产负债表中保留收益的减少。所有回购的股票都立即注销。截至2024年9月28日，我们共
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尚余569.6百万美元用于股票回购计划。
未来回购的价格、时间、数量和方式将根据市场条件的估值和其他因素确定，价格将被确定为有吸引力并符合公司和股东最佳利益。股票回购计划可能随时暂停或终止。
未确认税务费用
截至2024年9月28日和2024年6月29日，我们的其他非流动负债包括未确认的税收优惠，用于不确定的税收问题为9440万美元和第二插入8300万美元，分别。 我们无法可靠地估计未来支付与不确定的税收问题相关的时间。未来支付与不确定的税收问题相关的时间。
现金流量
我们的现金及现金等价物余额从2024年6月29日的43670万美元增加了5250万美元，至2024年9月28日的48920万美元。2024年9月28日结束的三个月内，现金及现金等价物的增加原因是来自于6000万元的筹资活动现金和3960万元的经营活动现金，抵消了4710万元的投资活动使用现金。
经营性现金流
截至2024年9月28日的三个月内，经营活动产生的现金流量为3960万元，反映了净损失8240万元，抵消了非现金项目11210万元以及经营资产和负债的变动990万元。经营资产和负债的变动主要受到应付账款增加3260万元的影响，主要是由于库存采购和资本支出增加，并且所得税负债增加720万元，主要是由于2024年9月28日结束的三个月的所得税计提，抵消了预付款和其他主要与最近资本支出和存货采购相关的流动资产和非流动资产增加1660万元，以及应收增值税主要是由较高的最近资本支出和存货采购所带来，以及应计费用和其他流动资产和非流动负债减少970万元，主要是由于支付Oclaro合并诉讼的净结算金额。
在2023年9月30日结束的三个月中，经营活动使用的现金为230万美元，反映出6790万美元的净亏损和8090万美元的非现金项目，对我们经营资产和负债的变化进行了2430万美元的抵消。经营资产和负债的变化主要由于库存增加了1680万美元，主要是由于支持我们的制造业转型和低于预期的出货量而进行的采购增加；应付账款减少了2800万美元，主要是由于从合同制造商处减少了采购和支付的线性关系；所得税减少了1990万美元，主要是由于在日本的年度所得税支付，抵消了应收账款减少了2610万美元，主要是由于营业收入的下降。
投资现金流量
2024年9月28日结束的三个月内，投资活动使用现金$4710万美元，主要用于资本支出$7410万美元，同时抵消了来自短期投资销售或到期的净收入$26.8百万美元以及来自物业和设备销售的收入$20万美元。
2023年9月30日结束的三个月中，投资活动提供的现金为1780万美元，主要归因于短期投资的净销售额或到期收益7860万美元，部分抵消了5780万美元的资本支出以及用于无形资产收购的300万美元付款。
融资现金流
2024年9月28日结束的三个月内，来自筹资活动的现金为6000万美元，其中7650万美元来自SMBC和瑞穗贷款，90万美元来自行使期权，抵消了与限制性股票净份额结算相关的税款支付1600万美元，以及1.0万美元的无形资产收购留存款支付和0.4万美元的贷款本金偿还。
2023年9月30日结束的三个月内，金融活动中使用的现金为1290万美元，归因于与受限股票净份额结算相关的税款支出1290万美元。
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事项3.有关市场风险的定量和定性披露
汇率期货风险
我们主要在亚洲、欧洲和北美开展业务并向客户销售产品。由于美元与外币之间的汇率变化影响，我们分别在所得税汇总财务报表中记录了0.7百万美元的净外汇损失和0.5百万美元的损失。 利润表简明合并报表 以下附加的财务数据汇总显示了截至2024年9月28日和2023年9月30日的三个月的合并运营结果。.
尽管我们主要以美元出售商品，但我们面临着与支出和营运资金以美元以外的货币计价有关的外币兑换风险，主要是人民币、加币、泰铢、日币、英镑、瑞士法郎、欧元和巴西雷亚尔。此外，在2025财年第一季度，我们签署了以日元计价的定期贷款协议。汇率的波动取决于许多我们无法准确预测的因素。如果我们外币计价的货币资产和负债、销售额或支出增加，与美元相比，我们业务中的货币兑换率波动可能对我们的运营业绩造成更大影响。
根据《证券交易法》第13a-15条修正案的规定，在我们的管理监督和参与下，包括我们的首席执行官（“CEO”）和首席财务官（“CFO”），我们评估了截至2024年6月30日我们的披露控制和措施（如《证券交易法》第13a-15（e）条和15d-15（e）条所定义的）的设计和运转的有效性，归纳整理、汇总和报告我们在交易所提交的或文件报告中要求披露的信息，以在指定的时间段内累积并与我们的管理层，包括CEO和CFO，适当通信，以便及时做出有关所需披露的决定。
我们面临与可转换票据中嵌入的转股期权相关的股价风险。
我们分别在2017年3月发行了2024年到期的债券，在2019年12月发行了2026年到期的债券，在2022年3月发行了2028年到期的债券，在2023年6月发行了2029年到期的债券。截至2024年9月28日，2029年到期的债券、2028年到期的债券和2026年到期的债券的总本金分别为6.037亿美元、8.61亿美元和10.5亿美元，利率分别为1.50%、0.50%和0.50%。由于可转换债券的利息按固定利率计算，我们不会受到市场利率变化带来的财务报表风险的影响。然而，当我们的股价波动时，分配给我们可转换债券持有人的股票潜在价值会有所变化。2029年到期的债券、2028年到期的债券和2026年到期的债券将分别在2029年12月15日 、2028年6月15日 和2026年12月15日到期，除非我们更早回购或根据条款转换，转换价格为 ，2029年到期的债券每股约69.54美元，2028年到期的债券每股131.03美元 ，2026年到期的债券每股99.29美元。
利率波动风险
截至2024年9月28日，我们持有现金、现金等价物和短期投资。f 9.161亿美元。。现金等价物和短期投资主要包括货币市场基金、国债、机构债券、高品质投资级固定收益证券、存款证书和商业票据。 我们的投资政策和策略侧重于资本保值并支持我们的流动性要求。我们不进行用于交易或投机目的的投资。截至2024年9月28日，我们投资组合的加权平均寿命约为 。 五个月.
我们的固定收入投资组合会受到利率期货波动的影响，这可能会影响我们的营运成果。根据我们截至2024年9月28日的投资组合余额，假设利率上升或下降1%（100个基点）将导致我们投资组合公允价值减少或增加约220万美元，而假设利率上升或下降0.50%（50个基点）将导致我们投资组合公允价值减少或增加约110万美元。
银行流动性风险
截至2024年9月28日，我们持有约2.849亿美元的现金（不包括现金等价物），这些现金存放在国内和国际金融机构的运营账户中。 若基础金融机构破产或无法满足存款人的流动性要求，并且所在国家的政府无法支持这些金融机构，这些现金余额可能会丢失或变得无法访问。尽管如此，迄今为止我们没有遭受任何损失，可以完全访问我们的运营账户。我们认为，国内和国际金融机构的任何破产可能会影响我们短期内资助运营的能力。如果我们持有任何由破产或流动性不足的机构发行的债务工具，我们的投资组合价值也可能会受到影响。如果我们的供应链中的任何供应商或客户受到流动性事件的影响，我们从销售中收集现金或获取原材料的能力可能会受到未必影响。
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第四条 控制和程序
(a) 披露控制和程序的评估
我们的管理层负责建立和维护足够的内部财务报告控制。经我们的首席执行官和致富金融(临时代码)参与，管理层评估了截至2024年9月28日的我们的信息披露控制和程序的有效性。根据《交易所法》第13a-15条和第15d-15条规定，“信息披露控制和程序”是指公司旨在确保公司在根据交易所法提交的报告中所要披露的信息在SEC的规则和表格规定的时间内记录、处理、汇总和报告的控制和其他程序。信息披露控制和程序包括但不限于，旨在确保公司在根据交易所法提交的报告中所要披露的信息被积累并传达给公司管理层，包括适当时向公司的首席执行官和信安金融披露所需信息，以便及时做出有关所需披露的决定的控制和程序。管理层认识到，无论控制和程序设计得多么完善和操作得如何，都只能提供实现其目标的合理保证，管理层必须应用其判断力来评估可能控制和程序的成本效益关系。根据2024年9月28日我们信息披露控制和程序的评估，我们的首席执行官和首席财务官得出结论，我们的信息披露控制和程序在合理保证水平上是有效的。
(b) 财务报告内部控制的变化
在2024年9月28日结束的季度内，在《交易所法案规则13a-15(d)》或《15d-15(d)》要求的评估中未发现我们财务报告内部控制方面的任何变化，这些变化对我们的财务报告内部控制产生了实质性影响，或者有可能对其产生实质性影响。
(c) 控制措施有效性的内在限制
我们的管理层，包括CEO和CFO，承认我们的披露控制和程序或我们的财务报告内部控制无法预防或检测所有可能出现的错误和欺诈。一个控制系统，无论设计和运行多好，都只能提供合理的，而不是绝对的，保证控制系统的目标将被实现。控制系统的设计必须反映资源约束的事实，并且必须相对地权衡控制的好处与成本。
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第二部分-其他信息

第1项法律诉讼

我们经常评估会影响先前预计负债金额的法律事务发展，并根据情况记录调整。尽管管理层目前认为，解决针对我们的索赔，无论单独还是合计，不会对我们的财务状况、经营业绩或现金流产生重大不利影响，但这些事项存在固有不确定性，管理层对这些事项的看法可能会在未来发生变化。如果我们遭遇不利的最终结果，可能会对我们的财务状况、经营业绩或现金流产生重大不利影响，影响能够合理估计的期间内。有关我们重大待决诉讼的描述，请参阅本表格10-Q第I部分第1项中包含的简明综合财务报表的“附注14. 承诺和或有事项”。
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项目 1A 风险因素
投资我们的普通股涉及高度风险。在决定投资我们的普通股之前，您应仔细考虑下文描述的风险和不确定性，以及本季度10-Q表格中的所有其他信息，包括标题为“管理层对财务状况和经营业绩的讨论与分析”的部分，以及我们的合并财务报表和相关附注。我们的业务、财务状况、经营业绩或前景也可能受到目前我们尚不知晓或当前认为不重大的风险和不确定性的影响。如果任何风险实际发生，我们的业务、财务状况、经营业绩和前景可能受到不利影响。在这种情况下，我们的普通股市场价格可能下跌，您可能会损失部分或全部投资。
风险因素简述
我们的业务操作受许多风险、因素和不确定性影响，包括那些我们无法控制的，可能导致我们的实际结果受损，包括以下风险：
与我们业务有关的风险
•经济和市场条件不利；
•我们对有限数量的供应商和客户的依赖；
•我们的客户或经销商取消订单，减少订单或延迟交付时间表；
•银行机构的失败和其他金融机构的流动性问题；
•我们的积压订单可能并不准确反映我们未来营业收入的水平和时间；
•我们的毛利和营运利润可能会随着时间而变化；
•与供应链限制相关的挑战;
•科技的变化和激烈的竞争;
•我们向重要客户销售的能力，以及美国和中国之间的关税和其他贸易限制；
•一场大规模健康危机的影响;
•我们的国际业务运营结构;
•我们房地产资产组合的波动性和维护；
•我们及时获取所需元件以制造我们的产品的能力；
•我们生产产品的能力；
•我们在与大客户谈判中的杠杆作用；
•我们产品中存在设计和制造缺陷或质量问题；
•法律变化以及行政规章的采纳和解释，包括美国和国际海关和出口规定；
•我们的战略交易和实施策略，包括最近完成的Cloud Light收购;
•重组及相关费用;
•我们产品的支出水平、需求和客户要求的变化；
•税法变化；
•外币汇率的波动；
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•我们未来的资本需求；
•我们科技及第三方提供商的实际或被视为的安防-半导体或隐私泄漏事件，以及技术上的缺陷、错误或漏洞;
•我们经营结果的不可预测性;
•我们保护产品和专有权利的能力；
•与我们的知识产权以及他人的知识产权相关的因素；
•诉讼风险，包括知识产权诉讼；
•我们对授权的第三方科技的依赖；以及
•我们有能力维持有效的披露控制系统和财务报告内部控制。
与人力资本有关的风险。
•我们雇用和保留关键人员的能力；
•移民政策对我们雇佣和留住员工能力的影响；以及
•与就业有关的争议和索赔
与法律、监管和合规相关的风险
•我们获取政府授权出口产品的能力；
•社会和环保母基责任法规、政策和条文的变化，以及客户和投资者的需求
与我们的普通股相关的风险
•我们普通股交易价格的波动性;
•我们能够偿还目前和未来的债务能力；
•与我们的可转债相关的稀释问题;
•我们的意向是在可预见的未来不支付分红派息；
•特定的德拉华州法律规定以及我们的公司章程和章程可能会使合并、要约收购或代理角逐变得困难；和
•我们章程中的专属论坛规定
由于我们有很少的运营历史来评估我们的公司，因此必须考虑早期阶段公司经常遇到的问题、支出、困难、复杂性和延迟等问题。
我们的经营业绩可能会受不利的宏观经济和市场环境变化以及不确定的地缘政治环境的影响。
我们的业务和运营业绩在很大程度上取决于一般市场和经济状况。当前全球宏观经济环境波动不定，并继续受通货膨胀以及动态需求环境的严重不利影响。此外，全球信贷市场的不稳定、通货膨胀不确定性影响、银行不稳固、资本支出减少、失业、股市波动、许多地区地缘政治环境的不稳定性（包括由于正在进行的俄乌战争、中东持续冲突以及中国与台湾关系而引起的影响），目前中国面临的经济挑战，包括中国经济困难的全球经济影响，以及其他干扰因素可能继续对全球经济状况施加压力。此外，全球经济条件存在一定程度的不确定性。因此，很难估计全球经济整体增长或收缩水平，更难以估计我们服务市场中各部分、部门和地区的增长或收缩。我们所有预测的各个方面都取决于我们服务市场增长或收缩的估计。
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全球经济发生不利变化和不确定性已经影响了我们客户所在行业，并导致了对某些客户产品的需求、消费或使用率下降，进而导致我们产品需求减少、营业收入波动、产品的价格竞争增加以及过多和过期库存风险增加，同时还有较高的营业收入作为开销的百分比。此外，一些客户在供应链紧张时积累了大量库存，现在随着供应约束的缓解，开始减少库存，有些客户还延迟了计划的发货。这些订单的损失或延迟损害了我们的营业收入和盈利能力，未来的损失或延迟可能进一步损害我们的运营业绩。全球金融市场面临的经济挑战可能通过影响我们客户的清偿能力、关键供应商的清偿能力或客户获得信贷资金购买我们产品的能力，进一步消极影响我们的运营。此外，供应链中断已经导致并可能继续导致成本增加，并损害并可能继续损害我们满足客户需求的能力，进而对我们的营业收入和盈利能力产生不利影响。如果全球经济和市场条件，或者关键市场的经济状况仍然不确定或进一步恶化，我们的增长前景可能受到消极影响，我们可能会在业务、营运结果和财务状况上经历重大和不利影响。
我们依赖于有限数量的供应商提供原材料、包装和元件，这些供应商未能按照我们的要求提供货物或延迟交付可能会对我们的业务和运营结果产生不利影响。
我们从有限数量的供应商那里购买原材料、包装和元件，这些供应商通常规模较小且专业化。此外，我们的一些供应商是我们特定材料、设备和元件的唯一来源。我们依赖供应商及时、持续地提供给我们的材料、包装和元件的质量。我们与其中许多供应商没有签订长期协议。我们无法保证从这些供应商那里获得供应，因此不能确保我们能够以足够数量、质量和合理条件获得所需的设备或元件。我们的业务和运营结果已经，并可能继续受到这种依赖性的不利影响。在所有情况下寻找替代来源来减轻任何唯一供应商故障会对我们业务造成不利影响的风险是不可行的。如果我们失去任何一个这些或其他关键来源，或者行业范围内对我们产品使用的原材料需求增加，或者原材料停产，我们可能很难找到替代供应商或原材料，这种情况下我们的运营可能会受到不利影响。我们还受到市场上某些原材料价格上涨或波动的风险，这些原材料被用于我们的最终产品或供应商用于制造我们的最终产品。这些原材料的供应有时会受到限制，或者一般市场因素和条件过去曾影响并可能在未来影响这些商品的定价（诸如通货膨胀或供应链约束）。
我们定期与我们的唯一供应商或有限数量的供应商面临的特定问题包括收到次品零部件或受到污染材料、供应中断或延迟、资源不足以满足我们的需求、替换更昂贵或 less reliable材料、供应价格上涨以及无法因应竞争压力向供应商获得降价的能力。此外，新冠疫情和相关供应链中断以及劳动力市场限制增加了唯一供应商或有限数量供应商可能无法履行义务的风险。在获取用于开展业务的材料或服务方面遇到困难，或需要支付额外费用或更高价格，这已经对我们的营业收入和运营结果产生了不利影响，而进一步面临挑战或决定寻找替代供应商来确保供应以满足需求将增加我们的成本并降低我们的盈利能力。
我们的财务业绩可能会受到产品需求变化的不利影响，这种变化可能受到经济衰退、利率期货上升、滞胀和其他经济条件的影响。
我们产品的客户需求可能会受到美国或其他国家的经济条件疲软、通货膨胀、滞涨、经济衰退或低增长环境、高利率、信贷市场收紧、股票市场波动或其他负面经济因素的影响。例如，在这些条件或对此类条件的预期下，我们的客户可能会取消订单、推迟购买决定或减少对我们服务的使用。此外，这些经济条件可能导致库存水平上升，并且如果我们需要减缓生产以降低库存水平，则有可能会产生代工厂商的过剩产能费用。此外，在经济衰退或衰退威胁的情况下，我们的代工厂商、供应商和其他第三方合作伙伴可能面临自己的财务和经济挑战，因此他们可能要求价格优惠、延迟付款或破产，这可能会影响我们满足客户需求、收入回笼或损害我们的业务。同样，金融和/或信贷市场的中断可能会影响我们管理与我们恒常商业关系的能力。
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代工厂商、客户、供应商和债权人，可能导致我们无法在需要时继续获得优先流动性来源，而我们的借贷成本可能会增加。因此，如果当前经济状况继续恶化或经历持续的疲软或较慢增长期，我们的业务和财务业绩可能会受到重大不利影响。
我们向重要客户销售产品的能力受到限制。
2020年8月，美国商务部工业与安全局（“BIS”）发布了最终规定，进一步限制了华为技术有限公司及其部分关联公司（统称“华为”）对国内外特定美国技术、软件和设备的获取。最终规定阻止我们向根据美国出口管理条例（“EAR”）确定的华为实体出售特定产品，除非获得BIS颁发的许可证。此外，即使有些产品不受该规定影响，或者我们可以获得出口许可证，由于最终规定，华为可能无法从其他供应商采购产品，这可能影响到华为对我们产品的需求。我们依赖于我们获取美国及其他国外监管机构的出口许可证或使用出口许可要求的例外。不能保证我们将获得这些许可证，未能取得这些许可证可能限制我们向华为销售产品的能力，对我们的业务、财务状况和运营结果产生负面影响。

根据2023年进行的内部审查，我们确定我们的产品可能会"受EAR管制"，因此如果华为（及/或其列出的附属公司）是交易的一方，则受到出口、再出口和转移的限制。因此，我们在2024年日历年初停止了向华为的所有产品装运，华为是我们在中国历史上最大的网络客户。

我们已就某些产品运输情况向工业安全局进行自愿披露，这是在最终规则颁布后发生的。2024年8月，我们收到了工业安全局的行政传票，要求我们提供与我们与华为的业务有关的记录。我们还收到了美国司法部（“DOJ”）发出的相关传票，要求提供与我们与华为业务相关的信息。我们已经并将继续与工业安全局和司法部合作，回应传票和进行持续审查。任何未能或被指称未能遵守出口管制法律和政策都可能产生负面后果，包括巨额法律费用、政府调查、罚款、禁止出口特权以及被取消参与美国政府合同的资格，其中任何一项都可能对我们的运营、声誉和财务状况产生重大不利影响。
根据目前的监管机制，我们与华为的业务受到比过去更严格的限制，现在完全受限。例如，我们目前无法提供任何产品，可能受限或无法与华为合作开发未来产品，而华为仍然在实体清单上，这对我们来自华为的营业收入产生了负面影响，同时也对我们的财务状况和运营结果产生了负面影响。华为可能会寻求从我们的竞争对手那里获得类似或替代产品，这些产品不受这些限制，或者他们会自行开发类似或替代产品。
我们不能确定美国政府可能针对华为或中国或其他国家的其他实体采取哪些额外行动，包括对实体名单限制、出口管制、关税或其他贸易限制的进一步更改。我们无法预测2019年5月及此后实施的限制措施的持续时间和范围。美国政府还在2020年5月将我们的其他客户，如烽火科技集团，列入了实体名单，并可能继续这样做，或以其他方式限制我们的产品运输，这可能会损害我们的业务、财务状况和经营业绩。美国商务部一直在将其他中国科技公司列入实体名单，包括与超级计算和人工智能相关的公司，进一步扩大了受到贸易和出口限制的公司范围。任何进一步的贸易限制，阻碍我们出口或销售产品和服务的能力，可能会对我们的业务、经营业绩、财务状况和现金流产生重大不利影响。
我们还为华为定制产品，并因此无法将某些成品库存销售给其他客户，或者可能无法利用这些制造能力为其他客户生产产品。此外，我们向华为出售了各种非定制产品，其中华为占该相关产品需求的重要部分。由于无法向华为销售，我们对变为多余的共同元件进行了计提。对于为其他客户定制的产品，如果这些客户被列入实体清单或出现其他限制我们向这些客户销售的情况，还可能产生额外费用。我们认为这种贸易和出口不确定性已经引起并可能在未来引起延迟或取消，可能对我们的业务、财务状况和运营结果造成不利影响。
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通货膨胀和增加的借贷成本可能会影响我们的现金流和盈利能力。
通货膨胀持续时间较长可能会继续对我们的业务、运营结果、财务状况和流动性产生不利影响，通过提高我们的整体成本结构，特别是如果我们无法实现对客户收费价格的相应增加。 通货膨胀已导致并可能继续导致利率期货和资本成本上升、供应短缺、劳动力成本增加以及其他类似影响。 由于通货膨胀，我们面临着由于某些元件、供应品和原材料市场价格上涨而面临的风险，这些材料被纳入我们的产品中，或者由我们的制造合作伙伴或供应商用于制造我们的产品。 这些元件、供应品和大宗商品不时会受到限制，或一般市场因素和条件会影响这些元件、供应品和原材料的定价（如通货膨胀或供应链限制），未来的限制或市场条件影响定价可能会对我们的业务和运营结果产生不利影响。 此外，更高的利率期货和信贷市场收紧可能会影响我们的客户和合作伙伴，影响他们购买产品或及时支付的能力可能会受到不利影响。
市场和经济条件不稳定，以及与金融机构相关的不良发展和流动性风险可能对我们的业务和财务状况产生严重负面影响。
银行存款或借贷承诺的准入受到干扰可能会对我们的流动性、业务和财务状况产生重大不利影响。即使我们继续努力通过与高度流动、资本充足的交易对手合作来减少交易对手风险，但我们将资金存入的任何银行的倒闭都可能会减少我们用于运营的现金金额或延迟我们获取这些资金的能力。这类失败可能会增加金融市场流动性持续恶化的可能性。如果我们持有由任何破产或流动性不足的机构发行的债券，我们的投资组合价值也可能受到影响。如果我们的任何供应商或客户受到流动性事件影响，我们获取供应链原材料和销售现金回笼的能力也可能受到不必要的影响。
我们的积压订单可能不是我们未来收入水平和时间的准确指标。
我们的积压订单可能不是未来经营业绩的可靠指标。随着客户购买模式的正常化，订单增长放缓，以及供应链控件的改善，我们预计我们的积压订单将减少到一个大致与历史水平相符的水平。此外，全球宏观经济因素导致客户行为发生变化，这减少了需求，可能会继续减少对某些产品和服务的需求。如果我们无法有效回应和管理这些供应挑战和行为变化的影响，或者一般宏观经济条件或我们所处行业的条件恶化，我们的业务、经营业绩、财务状况和现金流可能会受到不利影响。
我们预计我们的毛利率、营运利润率和部门利润会随时间变化。
我们的毛利率、营业利润率和业务利润预计会有所波动，并且可能受到多种因素的不利影响，包括但不限于：
•我们产品需求量的增加或减少；
•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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