2024 Q1 Form 10-Q Financial Statement

#000162828024003796 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $366.5M $366.8M
YoY Change -27.62%
Cost Of Revenue $307.0M $302.8M
YoY Change -0.92%
Gross Profit $59.50M $64.00M
YoY Change -68.19%
Gross Profit Margin 16.23% 17.45%
Selling, General & Admin $77.70M $85.10M
YoY Change -19.49%
% of Gross Profit 130.59% 132.97%
Research & Development $77.20M $78.30M
YoY Change 7.7%
% of Gross Profit 129.75% 122.34%
Depreciation & Amortization $27.00M $27.20M
YoY Change 11.02%
% of Gross Profit 45.38% 42.5%
Operating Expenses $174.1M $169.2M
YoY Change -9.86%
Operating Profit -$114.6M -$105.2M
YoY Change -879.26%
Interest Expense $9.000M $9.700M
YoY Change 14.12%
% of Operating Profit
Other Income/Expense, Net $16.20M $13.40M
YoY Change -2.9%
Pretax Income -$107.4M -$101.5M
YoY Change -639.89%
Income Tax $19.60M -$2.400M
% Of Pretax Income
Net Earnings -$127.0M -$99.10M
YoY Change 24675.0%
Net Earnings / Revenue -34.65% -27.02%
Basic Earnings Per Share -$1.88 -$1.47
Diluted Earnings Per Share -$1.88 -$1.47
COMMON SHARES
Basic Shares Outstanding 67.40M shares 67.00M shares
Diluted Shares Outstanding 67.50M shares 67.20M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $870.9M $1.224B
YoY Change -24.67%
Cash & Equivalents $425.0M $469.3M
Short-Term Investments $445.9M $754.7M
Other Short-Term Assets $128.6M $118.1M
YoY Change 10.58%
Inventory $420.7M $471.7M
Prepaid Expenses
Receivables $229.8M $248.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.650B $2.062B
YoY Change -15.43%
LONG-TERM ASSETS
Property, Plant & Equipment $578.7M $582.3M
YoY Change 21.82%
Goodwill $1.056B $1.055B
YoY Change 52.03%
Intangibles $688.5M $730.6M
YoY Change 26.84%
Long-Term Investments
YoY Change
Other Assets $15.50M $14.90M
YoY Change 30.7%
Total Long-Term Assets $2.555B $2.594B
YoY Change 33.09%
TOTAL ASSETS
Total Short-Term Assets $1.650B $2.062B
Total Long-Term Assets $2.555B $2.594B
Total Assets $4.205B $4.656B
YoY Change 6.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $133.4M $163.0M
YoY Change -20.76%
Accrued Expenses $61.70M $65.80M
YoY Change 24.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $319.7M
YoY Change -23.92%
Total Short-Term Liabilities $317.6M $658.4M
YoY Change -17.99%
LONG-TERM LIABILITIES
Long-Term Debt $2.502B $2.502B
YoY Change 31.7%
Other Long-Term Liabilities $98.80M $97.60M
YoY Change 28.59%
Total Long-Term Liabilities $98.80M $97.60M
YoY Change -95.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $317.6M $658.4M
Total Long-Term Liabilities $98.80M $97.60M
Total Liabilities $3.028B $3.378B
YoY Change 18.08%
SHAREHOLDERS EQUITY
Retained Earnings -$634.6M -$507.6M
YoY Change 629.31%
Common Stock $100.0K $100.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.177B $1.278B
YoY Change
Total Liabilities & Shareholders Equity $4.205B $4.656B
YoY Change 6.12%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$127.0M -$99.10M
YoY Change 24675.0%
Depreciation, Depletion And Amortization $27.00M $27.20M
YoY Change 11.02%
Cash From Operating Activities -$7.000M -$1.500M
YoY Change -107.21%
INVESTING ACTIVITIES
Capital Expenditures $20.60M $31.00M
YoY Change 35.37%
Acquisitions
YoY Change
Other Investing Activities $310.9M -$363.9M
YoY Change -41.65%
Cash From Investing Activities $290.3M -$394.9M
YoY Change -38.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -327.6M 4.100M
YoY Change -106.94%
NET CHANGE
Cash From Operating Activities -7.000M -1.500M
Cash From Investing Activities 290.3M -394.9M
Cash From Financing Activities -327.6M 4.100M
Net Change In Cash -44.30M -392.3M
YoY Change -42.72%
FREE CASH FLOW
Cash From Operating Activities -$7.000M -$1.500M
Capital Expenditures $20.60M $31.00M
Free Cash Flow -$27.60M -$32.50M
YoY Change 1447.62%

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lite Business Combination Share Based Compensation Consideration
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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<div style="text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Fiscal Years</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2024 is a 52-week year ending on June 29, 2024, with the quarter ended December 30, 2023 being a 13-week quarterly period. Our fiscal 2023 was a 52-week year that ended on July 1, 2023, with the quarter ended December 31, 2022 being a 13-week quarterly period.</span></div>
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EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
14200000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
100000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2700000 shares
lite Share Based Compensation Arrangement By Share Based Payment Award Number Of Authorized In Connection With Acquisition
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAuthorizedInConnectionWithAcquisition
1500000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1100000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3000000.0 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
2600000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
300000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3800000 shares
CY2023Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
423800000 usd
lite Supply Agreement Typical Duration
SupplyAgreementTypicalDuration
P1Y
lite Supply Agreement Typical Duration
SupplyAgreementTypicalDuration
P1Y
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5500000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10100000 usd
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6800000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10000000.0 usd
CY2023Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
800000 usd
CY2022Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2800000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1000000.0 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5000000.0 usd
CY2023Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1400000 usd
CY2022Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4500000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2900000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6600000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10100000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8400000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10100000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8400000 usd
CY2023Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
7800000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
13400000 usd
CY2022Q4 lite Excess And Obsolete Inventory
ExcessAndObsoleteInventory
5400000 usd
lite Excess And Obsolete Inventory
ExcessAndObsoleteInventory
5500000 usd
lite Geographic Regions Number
GeographicRegionsNumber
3 region
lite Geographic Regions Number
GeographicRegionsNumber
3 region
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366800000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
506000000.0 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
684400000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1012800000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
582300000 usd
CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
489500000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366800000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
506000000.0 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
684400000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1012800000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
248300000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
246100000 usd
lite Contract With Customer Asset Period Increase Decrease
ContractWithCustomerAssetPeriodIncreaseDecrease
2200000 usd
lite Contract With Customer Asset Period Increase Decrease Percent
ContractWithCustomerAssetPeriodIncreaseDecreasePercent
0.009
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
900000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2100000 usd
lite Contract With Customer Liability Period Increase Decrease
ContractWithCustomerLiabilityPeriodIncreaseDecrease
-1200000 usd
lite Contract With Customer Liability Period Increase Decrease Percent
ContractWithCustomerLiabilityPeriodIncreaseDecreasePercent
-0.571
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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0001628280-24-003796.txt Edgar Link pending
0001628280-24-003796-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lite-20231230.htm Edgar Link pending
lite-20231230.xsd Edgar Link pending
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