Exhibit 99.1
VIAVI ANNOUNCES SECOND QUARTER FISCAL 2019 RESULTS
Second Quarter
Net revenue of $306.9 million, up $101.5 million or 49.4% year-over-year
GAAP operating margin of 10.7%, up 730 bps year-over-year
Non-GAAP operating margin of 20.8%, up 690 bps year-over-year
GAAP EPS from continuing operations of $0.07, up $0.07 year-over-year
Non-GAAP EPS from continuing operations of $0.22, up $0.12 or 120.0% year-over-year

San Jose, California, February 5, 2019 — VIAVI (NASDAQ: VIAV) today reported results for its second fiscal quarter ended December 29, 2018.  Amounts presented below are on a continuing operations basis unless otherwise noted.

Second quarter of fiscal 2019 net revenue was $306.9 million. GAAP net income was $15.4 million, or $0.07 per share. Non-GAAP net income was $50.9 million, or $0.22 per share.

First quarter of fiscal 2019 net revenue was $268.5 million. GAAP net loss was $(15.3) million or $(0.07) per share. Non-GAAP net income was $35.2 million, or $0.15 per share.

Second quarter of fiscal 2018 net revenue was $205.4 million. GAAP net loss was $(1.1) million, or $0.00 per share. Non-GAAP net income was $22.8 million, or $0.10 per share.
 
“VIAVI delivered its strongest financial performance quarter with record revenue, non-GAAP operating margin and non-GAAP EPS in fiscal Q2,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer. “Both NSE and OSP business segments exceeded our expectations, driven by strong year-end demand for our core product lines, a recovery in North American service provider spend and greater than expected demand in our key growth areas of 5G wireless and Fiber.”
 
Khaykin added, “Looking ahead, we expect to see a typical seasonal spend decline in fiscal Q3 from North American service providers and consumer electronics customers. Seasonality aside, we expect continued strong performance in our key growth areas of 5G Wireless, 3D Sensing and Fiber throughout the calendar year 2019.”

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 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 29, 2018
 
GAAP Results
 
Q2
 
Q1
 
Q2
 
Change
 
FY 2019
 
FY 2019
 
FY 2018
 
Q/Q
 
Y/Y
Net revenue
$
306.9

 
$
268.5

 
$
205.4

 
14.3
%
 
49.4
%
Gross margin
58.0
%
 
56.0
 %
 
58.1
%
 
200 bps
 
(10) bps
Operating margin
10.7
%
 
(0.4
)%
 
3.4
%
 
1,110 bps
 
730 bps
Income (loss) from operations
32.9

 
(1.2
)
 
6.9

 
2,841.7
%
 
376.8
%
Net income (loss) per share from continuing operations
0.07

 
(0.07
)
 
0.00

 
200.0
%
 
N.A.

 
Non-GAAP Results
 
Q2
 
Q1
 
Q2
 
Change
 
FY 2019
 
FY 2019
 
FY 2018
 
Q/Q
 
Y/Y
Non-GAAP gross margin
61.2
%
 
59.8
%
 
61.2
%
 
140 bps
 
0 bps
Non-GAAP operating margin
20.8
%
 
16.3
%
 
13.9
%
 
450 bps
 
690 bps
Non-GAAP income from operations
63.9

 
43.8

 
28.6

 
45.9
%
 
123.4
%
Non-GAAP net earnings per share from continuing operations
0.22

 
0.15

 
0.10

 
46.7
%
 
120.0
%

1

The following information was filed by Viavi Solutions Inc. (VIAV) on Tuesday, February 5, 2019 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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