$LITE
Lumentum Holdings Inc.

2016 Q2 Form 10-Q Financial Statement

#000162828016015527 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $230.4M $198.7M
YoY Change 10.29% -1.44%
Cost Of Revenue $167.6M $139.7M
YoY Change 16.88% 3.18%
Gross Profit $62.80M $57.10M
YoY Change -1.26% -10.78%
Gross Profit Margin 27.26% 28.74%
Selling, General & Admin $28.00M $31.80M
YoY Change -25.53% 20.0%
% of Gross Profit 44.59% 55.69%
Research & Development $35.30M $35.00M
YoY Change -1.12% 3.55%
% of Gross Profit 56.21% 61.3%
Depreciation & Amortization $13.10M $13.10M
YoY Change 1.55% 16.96%
% of Gross Profit 20.86% 22.94%
Operating Expenses $63.30M $67.90M
YoY Change -19.05% 12.6%
Operating Profit -$500.0K -$10.80M
YoY Change -96.58% -391.89%
Interest Expense -$5.200M $300.0K
YoY Change -200.0%
% of Operating Profit
Other Income/Expense, Net -$400.0K
YoY Change -136.36%
Pretax Income -$7.500M -$11.20M
YoY Change -49.66% -319.61%
Income Tax $100.0K -$23.40M
% Of Pretax Income
Net Earnings -$7.600M $12.20M
YoY Change -51.9% 154.17%
Net Earnings / Revenue -3.3% 6.14%
Basic Earnings Per Share $0.21
Diluted Earnings Per Share -$128.4K $0.21
COMMON SHARES
Basic Shares Outstanding 59.28M shares 58.80M shares
Diluted Shares Outstanding 58.80M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.2M $10.60M
YoY Change 984.14%
Cash & Equivalents $157.2M $10.60M
Short-Term Investments
Other Short-Term Assets $58.70M $42.80M
YoY Change 27.33%
Inventory $107.2M $97.00M
Prepaid Expenses $29.70M
Receivables $160.2M $155.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $483.3M $305.6M
YoY Change 55.5%
LONG-TERM ASSETS
Property, Plant & Equipment $168.1M $132.2M
YoY Change 17.39%
Goodwill $5.500M
YoY Change -1.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $28.80M
YoY Change 66.67%
Total Long-Term Assets $221.6M $190.1M
YoY Change 9.81%
TOTAL ASSETS
Total Short-Term Assets $483.3M $305.6M
Total Long-Term Assets $221.6M $190.1M
Total Assets $704.9M $495.7M
YoY Change 37.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.7M $74.00M
YoY Change 43.39%
Accrued Expenses $18.20M $26.60M
YoY Change 58.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $169.0M $106.6M
YoY Change 38.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.700M $6.200M
YoY Change -11.22%
Total Long-Term Liabilities $8.700M $6.200M
YoY Change -11.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.0M $106.6M
Total Long-Term Liabilities $8.700M $6.200M
Total Liabilities $192.4M $112.8M
YoY Change 45.76%
SHAREHOLDERS EQUITY
Retained Earnings $6.200M
YoY Change
Common Stock $100.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $476.7M $382.9M
YoY Change
Total Liabilities & Shareholders Equity $704.9M $495.7M
YoY Change 37.51%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income -$7.600M $12.20M
YoY Change -51.9% 154.17%
Depreciation, Depletion And Amortization $13.10M $13.10M
YoY Change 1.55% 16.96%
Cash From Operating Activities $20.50M -$20.10M
YoY Change 57.69% -166.34%
INVESTING ACTIVITIES
Capital Expenditures -$27.70M -$10.70M
YoY Change 50.54% -23.02%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$300.0K
YoY Change -100.0% -97.66%
Cash From Investing Activities -$27.70M -$11.00M
YoY Change 53.89% -58.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.300M 22.60M
YoY Change -85.39% -1983.33%
NET CHANGE
Cash From Operating Activities 20.50M -20.10M
Cash From Investing Activities -27.70M -11.00M
Cash From Financing Activities 1.300M 22.60M
Net Change In Cash -5.900M -8.500M
YoY Change -251.28% -454.17%
FREE CASH FLOW
Cash From Operating Activities $20.50M -$20.10M
Capital Expenditures -$27.70M -$10.70M
Free Cash Flow $48.20M -$9.400M
YoY Change 53.5% -121.27%

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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7900000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17300000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
67900000 USD
us-gaap Operating Expenses
OperatingExpenses
203100000 USD
us-gaap Operating Expenses
OperatingExpenses
65100000 USD
us-gaap Operating Expenses
OperatingExpenses
196400000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-8800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2300000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1400000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
26500000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2800000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3900000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5600000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6800000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
5700000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1700000 USD
CY2015Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
16200000 USD
CY2016Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
17500000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
900000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1500000 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3200000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-9200000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
3800000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3200000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-3200000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3200000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-9200000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3800000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3200000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
11400000 USD
CY2016Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9800000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9800000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
8700000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
200000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
0 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-400000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-800000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-400000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1100000 USD
CY2015Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
5400000 USD
CY2016Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
4200000 USD
CY2015Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2500000 USD
CY2016Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2300000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2300000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
0 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
300000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
200000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
63400000 USD
CY2015Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
2100000 USD
CY2016Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
2300000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
46100000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
58700000 USD
CY2015Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
20400000 USD
CY2016Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
29700000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
31800000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
132200000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1800000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2700000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2000000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1800000 USD
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2800000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3100000 USD
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1800000 USD
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2800000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1800000 USD
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
700000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2800000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
800000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2300000 USD
CY2015Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-300000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-400000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-1300000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-1200000 USD
CY2015Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
800000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2300000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
800000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2500000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
416200000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
490800000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
143200000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
168100000 USD
CY2016Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
164400000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
35000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
105100000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
35300000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
104700000 USD
CY2015Q2 us-gaap Restructuring Reserve
RestructuringReserve
4900000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
3800000 USD
CY2015Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3200000 USD
CY2016Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3800000 USD
CY2015Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1700000 USD
CY2016Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
0 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6200000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
198700000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
628200000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
230400000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
661300000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31800000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
91300000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
87800000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
14300000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
20500000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
380600000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
476700000 USD
CY2015Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
11700000 USD
CY2015Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
0 USD
CY2016Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
35800000 USD
CY2015Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
300000 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
600000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-4800000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-5000000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59000000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Note 2. Recently Issued Accounting Pronouncements</font><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;"> </font></div><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued guidance to clarify the two aspects of authoritative guidance related to the new revenue recognition guidance issued in May 2014: identifying performance obligations and the licensing implementation guidance. The effective date and transition requirements for the amendments in the guidance are the same as the effective date and transition requirements in the new revenue recognition guidance issued in May 2014. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued guidance related to Compensation - Stock Compensation (&#8220;Topic 718&#8221;). This guidance makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. It also clarifies the statement of cash flows presentation for certain components of share-based awards. The guidance is effective for us in the first quarter of fiscal 2017. Early adoption is permitted. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued guidance, requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The guidance is effective for us in the first quarter of fiscal 2019. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued guidance related to recognition and measurement of financial assets and financial liabilities. This guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial statements. The guidance is effective for us in the first quarter of fiscal 2019. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the FASB issued guidance related to balance sheet classification of deferred taxes. This guidance will require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for us in the first quarter of fiscal 2018. Earlier application is permitted as of the beginning of an interim or annual reporting period. We early adopted this guidance effective December 26, 2015 on a prospective basis. No prior periods were retrospectively adjusted. Refer to "</font><font style="font-family:inherit;font-size:10pt;">Note 11. Income Taxes</font><font style="font-family:inherit;font-size:10pt;">" for more information.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued guidance to change the subsequent measurement of inventory from lower of cost or market to lower of cost and net realizable value. The guidance is effective for us in the first quarter of fiscal 2018. Earlier application is permitted as of the beginning of an interim or annual reporting period. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued guidance to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using a net asset value per share practical expedient. The guidance is effective for us in the first quarter of fiscal 2017 and may apply to certain pension assets. The guidance will be applied retrospectively and earlier adoption is permitted. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued new authoritative guidance to provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity&#8217;s fiscal year-end and apply that practical expedient consistently from year to year. This guidance is effective for us in the first quarter of fiscal 2017. Prospective application is required, and early adoption is permitted. We are evaluating the impact of adopting this new accounting guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued new authoritative guidance related to revenue recognition. This guidance will replace current U.S.&#160;GAAP guidance on this topic and eliminate industry-specific guidance. The new revenue recognition guidance provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance allows for either full retrospective adoption or modified retrospective adoption. The FASB deferred the effective date for this guidance by one year to December 15, 2017 for annual reporting periods beginning after that. Earlier application of this guidance is permitted but not before the original date of December 15, 2016. We are evaluating the impact that this new accounting guidance will have on our consolidated financial statements and the related disclosures.</font></div></div>
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Fiscal Years</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We utilize a 52-53&#160;week fiscal year ending on the Saturday closest to June&#160;30th. Our </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">fiscal 2016</font><font style="font-family:inherit;font-size:10pt;"> is a 53-week year ending on </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">July&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> and our third quarter of fiscal 2016 included one additional week. Our </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">fiscal 2015</font><font style="font-family:inherit;font-size:10pt;"> ended on </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;27, 2015</font><font style="font-family:inherit;font-size:10pt;"> and was a 52-week year. </font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Correction of Immaterial Error</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">April&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;">, we identified an error relating to stock-based compensation expense for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">December&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;"> in which stock-based compensation expense of </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;">&#160;was excluded for a specific restricted stock grant. Additionally, we identified an error relating to the overstatement of sales and use tax accrual of </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively.&#160;During the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">December&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;">, we identified an error relating to the determination of the accretion amount of Series A preferred stock for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;"> in which the accretion of the discount related to issuance cost of </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;"> was excluded.&#160;As a result, our net loss attributable to common stockholders and basic and diluted net loss per share attributable to common stockholders included in our quarterly report on Form 10-Q ("Form 10-Q") for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;"> was understated by&#160;</font><font style="font-family:inherit;font-size:10pt;">$1.8 million</font><font style="font-family:inherit;font-size:10pt;">&#160;and&#160;</font><font style="font-family:inherit;font-size:10pt;">$0.03</font><font style="font-family:inherit;font-size:10pt;">&#160;per basic and diluted share, respectively.&#160;Our net income attributable to common stockholders and basic and diluted net income per share attributable to common stockholders included in Form 10-Q for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">December&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;"> was understated by&#160;</font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">&#160;and </font><font style="font-family:inherit;font-size:10pt;">$0.02</font><font style="font-family:inherit;font-size:10pt;">&#160;per basic and diluted share, respectively.&#160;The correction of the errors identified in the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">April&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> resulted in an overstatement of net loss per share attributable to common stockholders by&#160;</font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;">&#160;and&#160;</font><font style="font-family:inherit;font-size:10pt;">$0.01</font><font style="font-family:inherit;font-size:10pt;">&#160;per basic and diluted share. </font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We assessed the materiality of these errors and determined that the above errors were not material to our unaudited consolidated financial statements as of each of the periods mentioned above.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of our consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenue and expenses and the disclosure of commitments and contingencies during the reporting periods. We base estimates on historical experience and on various assumptions about the future believed to be reasonable based on available information. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more current information.</font></div></div>

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