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Viavi Solutions Inc. (VIAV) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, July 2, 2022

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VIAV Annual Reports

Viavi Solutions Inc.

CIK: 912093 Ticker: VIAV


Exhibit 99.1
VIAVI ANNOUNCES FOURTH QUARTER AND YEAR ENDED FISCAL 2022 RESULTS
Fourth Quarter
Net revenue of $335.3 million, up $24.4 million or 7.8% year-over-year
GAAP operating margin of 14.3%, up 380 bps year-over-year
Non-GAAP operating margin of 21.3%, up 50 bps year-over-year
GAAP EPS of $0.07, up $0.06 or 600.0% year-over-year
Non-GAAP EPS of $0.24, up $0.02 or 9.1% year-over-year

Fiscal 2022
Net revenue of $1,292.4 million, up $93.5 million or 7.8% year-over-year
GAAP operating margin of 14.3%, up 240 bps year-over-year
Non-GAAP operating margin of 22.2%, up 110 bps year-over-year
GAAP EPS of $0.07, down $0.22 or 75.9% year-over-year
Non-GAAP EPS of $0.95, up $0.12 or 14.5% year-over-year

Chandler, Arizona, August 11, 2022
— VIAVI (NASDAQ: VIAV) today reported results for its fourth fiscal quarter ended July 2, 2022.

Fourth quarter of fiscal 2022 net revenue was $335.3 million. GAAP net income was $16.5 million, or $0.07 per share. Non-GAAP net income was $55.8 million, or $0.24 per share.

Third quarter of fiscal 2022 net revenue was $315.5 million. GAAP net income was $19.2 million or $0.08 per share. Non-GAAP net income was $52.0 million, or $0.22 per share.

Fourth quarter of fiscal 2021 net revenue was $310.9 million. GAAP net income was $3.3 million, or $0.01 per share. Non-GAAP net income was $52.5 million, or $0.22 per share.

“I am pleased with VIAVI’s performance in the fiscal year 2022. We generated record revenue, close to $1.3 billion, and record operating profit, exceeding our strategic plan goals that we set out three years ago before the pandemic, global supply chain issues, and inflationary pressures,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.

Khaykin added, “I am also pleased with VIAVI’s performance and momentum during the fiscal Q4 2022, resulting in record revenue and record fourth quarter profitability driven by Fiber-to-the-Home deployment, 400GbE network and data center upgrades, and the investments in O-RAN network expansions.”

Financial Overview:

The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”
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The following information was filed by Viavi Solutions Inc. (VIAV) on Thursday, August 11, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Viavi Solutions Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquired Developed Technology And Other Intangibles
Acquired Developed Technology And Other Intangibles (Tables)
Acquired Developed Technology And Other Intangibles - Estimated Future Amortization (Details)
Acquired Developed Technology And Other Intangibles - Summary Of Intangible Assets (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Earn-Out Liabilities (Details)
Acquisitions - Narrative (Details)
Balance Sheet And Other Details
Balance Sheet And Other Details (Tables)
Balance Sheet And Other Details - Accounts Receivable Reserves And Allowances (Details)
Balance Sheet And Other Details - Contract Balances (Details)
Balance Sheet And Other Details - Interest And Other Income, Net (Details)
Balance Sheet And Other Details - Inventories (Details)
Balance Sheet And Other Details - Other Current Liabilities (Details)
Balance Sheet And Other Details - Other Non-Current Liabilities (Details)
Balance Sheet And Other Details - Prepayments And Other Current Assets (Details)
Balance Sheet And Other Details - Property, Plant And Equipment, Net (Details)
Balance Sheet And Other Details - Revenue Remaining Performance Obligation Narrative (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Additional Information (Details)
Basis Of Presentation - Asset Retirement Obligation (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Financing Obligations - Santa Rosa (Details)
Commitments And Contingencies - Future Minimum Annual Leaseback Payments (Details)
Commitments And Contingencies - Guarantees And Outstanding Letters Of Credit And Performance Bonds (Details)
Commitments And Contingencies - Legal Proceedings (Details)
Commitments And Contingencies - Product Warranties (Details)
Commitments And Contingencies - Purchase Obligations (Details)
Commitments And Contingencies - Royalty Payments (Details)
Debt
Debt (Tables)
Debt - 1.00% Senior Convertible Notes (2024 Notes) (Details)
Debt - 1.75% Convertible Senior Notes (2023 Notes) (Details)
Debt - 3.75% Senior Notes (2029 Notes) (Details)
Debt - Carrying Amounts Of The Liability And Equity Components (Details)
Debt - Interest Expense (Details)
Debt - Revolving Credit Facility (Details)
Debt - Senior Convertible Notes Settlement (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Computation Of Basic And Diluted Net Income Per Share (Details)
Earnings Per Share - Weighted-Average Potentially Dilutive Securities (Details)
Employee Pension And Other Benefit Plans
Employee Pension And Other Benefit Plans (Tables)
Employee Pension And Other Benefit Plans - Additional Information (Details)
Employee Pension And Other Benefit Plans - Amounts Recognized On Financial Statements (Details)
Employee Pension And Other Benefit Plans - Assets At Fair Value And Assets Allocations (Details)
Employee Pension And Other Benefit Plans - Changes In The Benefit Obligations And Plan Assets (Details)
Employee Pension And Other Benefit Plans - Future Benefit Payments (Details)
Employee Pension And Other Benefit Plans - Net Periodic Benefit Cost (Details)
Employee Pension And Other Benefit Plans - Weighted Average Assumptions (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Other Fair Value Measures (Details)
Fair Value Measurements - Schedule Of Fair Value Measurements (Details)
Goodwill
Goodwill (Tables)
Goodwill - Changes In Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Changes In Deferred Tax Valuation Allowance (Details)
Income Taxes - Components Of Net Deferred Taxes (Details)
Income Taxes - Income (Loss) Before Income Taxes (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Income Tax Rate Reconciliation (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Investments And Forward Contracts
Investments And Forward Contracts - Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Future Minimum Operating Lease Payments (Details)
Leases - Supplemental Balance Sheet (Details)
Operating Segments And Geographic Information
Operating Segments And Geographic Information (Tables)
Operating Segments And Geographic Information - Customer Concentration Risk (Details)
Operating Segments And Geographic Information - Net Revenue By Geographic Region (Details)
Operating Segments And Geographic Information - Property, Plant And Equipment By Geographic Region (Details)
Operating Segments And Geographic Information - Reconciliation To Gross Profit And Operating Income (Details)
Operating Segments And Geographic Information - Summary Of Reportable Segments (Details)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Tables)
Recently Issued Accounting Pronouncements - Expected Impact On Balance Sheet (Details)
Restructuring And Related Charges
Restructuring And Related Charges (Tables)
Restructuring And Related Charges - Additional Information (Details)
Restructuring And Related Charges - Summary Of Restructuring Plans (Details)
Selected Quarterly Financial Information (Unaudited)
Selected Quarterly Financial Information (Unaudited) (Details)
Selected Quarterly Financial Information (Unaudited) (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Full Value Awards Activity (Details)
Stock-Based Compensation - Range Of Exercise Prices (Details)
Stock-Based Compensation - Stock-Based Compensation By Function (Details)
Stock-Based Compensation - Valuation Assumptions (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Stockholders' Equity (Tables)
Subsequent Events
Subsequent Events (Details)
Ticker: VIAV
CIK: 912093
Form Type: 10-K Annual Report
Accession Number: 0000912093-22-000042
Submitted to the SEC: Fri Aug 19 2022 4:24:41 PM EST
Accepted by the SEC: Fri Aug 19 2022
Period: Saturday, July 2, 2022
Industry: Semiconductors And Related Devices

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