Exhibit 99.1
VIAVI ANNOUNCES SECOND QUARTER FISCAL 2017 RESULTS
Second Quarter
GAAP and Non-GAAP net revenue of $206.5 million, down $25.6 million or (11.0)% year-over-year
GAAP operating margin of 3.2%, down 80 bps year-over-year
Non-GAAP operating margin of 13.0%, relatively flat year-over-year
GAAP EPS from continuing operations of $0.21, up 0.20 or 2,000.0% year-over-year
Non-GAAP EPS from continuing operations of $0.10, down $0.01 or (9.1)% year-over-year

Milpitas, California, January 31, 2017 — Viavi (NASDAQ: VIAV) today reported results for its second fiscal quarter ended December 31, 2016. Amounts presented below are on a continuing operations basis unless otherwise noted.
 
GAAP net revenue was $206.5 million, with net income of $49.2 million, or $0.21 per share. Prior quarter GAAP net revenue was $210.8 million, with net income of $78.0 million or $0.33 per share. GAAP net revenue for the second quarter of fiscal 2016 was $232.1 million, with net income of $1.0 million, or $0.01 per share.
 
Non-GAAP net revenue was $206.5 million, with net income of $23.6 million, or $0.10 per share. Prior quarter non-GAAP net revenue was $210.8 million, with net income of $21.7 million, or $0.09 per share. Non-GAAP net revenue for the second quarter of fiscal 2016 was $232.1 million, with net income of $25.0 million, or $0.11 per share.
 
“We are pleased with our fiscal 2Q results as we exceeded our EPS guidance range and delivered non-GAAP EPS at $0.10,” said Oleg Khaykin, Viavi’s President and Chief Executive Officer. “This was driven by good execution in NSE and OSP as both business segments exceeded the high end of the non-GAAP operating margin guidance.”

Khaykin added, “We are executing to the plan laid out during our September 2016 Analyst Day. We are strengthening our NE core instruments business and scaling down to a more focused SE business. Our recently announced restructuring plan puts us on course to achieve our stated medium-term financial model. OSP revenue is expected to recover in second half fiscal 2017 with opportunities to leverage our optical coatings technologies into new markets in fiscal year 2018.”

Financial Overview:

The tables below (in millions, except percentage data) provide comparisons of quarterly result to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

Second Quarter Ended December 31, 2016
 
GAAP Results
 
Q2
 
Q1
 
Q2
 
Change
 
FY 2017
 
FY 2017
 
FY 2016
 
Q/Q
 
Y/Y
Net revenue
$
206.5

 
$
210.8

 
$
232.1

 
(2.0)%

 
(11.0)%

Gross margin
60.4
%
 
59.3
%
 
61.1
%
 
110 bps
 
(70) bps
Operating margin
3.2
%
 
4.8
%
 
4.0
%
 
(160) bps
 
(80) bps
 
Non-GAAP Results
 
Q2
 
Q1
 
Q2
 
Change
 
FY 2017
 
FY 2017
 
FY 2016
 
Q/Q
 
Y/Y
Net revenue
$
206.5

 
$
210.8

 
$
232.1

 
(2.0)%

 
(11.0)%

Adj. Gross margin
62.9
%
 
61.8
%
 
63.7
%
 
110 bps
 
(80) bps
Adj. Operating margin
13.0
%
 
13.0
%
 
13.1
%
 
0 bps
 
(10) bps

1

The following information was filed by Viavi Solutions Inc. (VIAV) on Tuesday, January 31, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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