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LUMENTUM NEWS RELEASE Lumentum Announces Fiscal Third Quarter 2021 Financial Results 5/12/2021 - Net revenue of $ 419.5 million ; deferred $ 14.8 million due to delays of 5G deployments in China - GAAP gross margin of 44.1 % ; Non - GAAP gross margin of 49.9 % -GAAP operating margin of 63.6 % ; Non - GAAP operating margin of 27.9 % -GAAP diluted net income per share of $ 2.85 ; Non - GAAP diluted net income per share of $ 1.40 SAN JOSE , Calif . , May 12 , 2021 / PRNewswire / -- Lumentum Holdings Inc. ( " Lumentum " or the " Company " ) today reported results for its fiscal third quarter ended April 3 , 2021 , which was a 14 - week period . Net revenue for the fiscal third quarter of 2021 , which was reduced by $ 14.8 million that was deferred , was $ 419.5 million , with GAAP net income of $ 225.5 million , or $ 2.85 per diluted share . Net revenue for the fiscal second quarter of 2021 was $ 478.8 million , with GAAP net income of $ 83.2 million , or $ 1.06 per diluted share . Net revenue for the fiscal third quarter of 2020 was $ 402.8 million , with GAAP net income of $ 43.4 million , or $ 0.56 per diluted share . Non - GAAP net income for the fiscal third quarter of 2021 was $ 110.6 million , or $ 1.40 per diluted share . Non - GAAP net income for the fiscal second quarter of 2021 was $ 155.7 million , or $ 1.99 per diluted share . Non - GAAP net income for the fiscal third quarter of 2020 was $ 98.0 million , or $ 1.26 per diluted share . The Company held $ 2,054.6 million in total cash , cash equivalents , and short - term investments at the end of the fiscal third quarter of 2021 , up $ 354.3 million compared to the end of the fiscal second quarter of 2021 . " The strong year on year margin improvements in our third quarter results highlight a product portfolio increasingly rich in new and differentiated products that are aligned with multi - year favorable market trends and the impact of continuous improvement in our operations , " said Alan Lowe , President and CEO . " Out of an abundance of caution , we deferred $ 14.8 million of revenue due to delays in 5G deployments in China , which decreased our reported revenue accordingly . Despite the lower revenue , due to the strength of our financial model we achieved approximately 50 % non - GAAP gross margin , and strong non - GAAP operating margin and EPS , both of which were within our guidance ranges . Between our product and technology portfolio , our design - wins with market leading customers , and the positive changes in our business model and the industry over the past several years , I believe the future continues to be very bright at Lumentum . " " Based on confidence in our long - term outlook , and our cash balance having increased by more than $ 600 million over the past 12 months through strong cash generation , the Lumentum Board of Directors has approved a share buyback program of up to $ 700 million over the next two years , " said Wajid Ali , Executive Vice President and CFO . " Despite short - term headwinds in our industry , our guidance is consistent with our historical seasonality when normalizing for the revenue we deferred and the recent 14 - week quarter . " 1