Exhibit 99.1
VIAVI ANNOUNCES THIRD QUARTER FISCAL 2019 RESULTS
Third Quarter
Net revenue of $265.2 million, up $46.5 million or 21.3% year-over-year
GAAP operating margin of 3.0%, up 280 bps year-over-year
Non-GAAP operating margin of 14.7%, down 50 bps year-over-year
GAAP EPS from continuing operations of $(0.02), up $0.03 year-over-year
Non-GAAP EPS from continuing operations of $0.13, flat year-over-year

San Jose, California, May 2, 2019 — VIAVI (NASDAQ: VIAV) today reported results for its third fiscal quarter ended March 30, 2019.  Amounts presented below are on a continuing operations basis unless otherwise noted.

Third quarter of fiscal 2019 net revenue was $265.2 million. GAAP net loss was $(4.8) million, or $(0.02) per share. Non-GAAP net income was $30.0 million, or $0.13 per share.

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.

Third quarter of fiscal 2018 net revenue was $218.7 million. GAAP net loss was $(10.7) million, or $(0.05) per share. Non-GAAP net income was $29.2 million, or $0.13 per share.

“In a seasonally weak March quarter, both NSE and OSP business segments executed well and exceeded our expectations in revenue and non-GAAP operating profit,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer. 

Khaykin added, “Looking ahead into the rest of calendar 2019, we expect to see our typical seasonal demand profile re-enforced by the strength in consumer electronics benefiting OSP and continued strength in 5G Wireless and Fiber benefiting NSE.”

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.”
Third Quarter Ended March 30, 2019
 
GAAP Results
 
Q3
 
Q2
 
Q3
 
Change
 
FY 2019
 
FY 2019
 
FY 2018
 
Q/Q
 
Y/Y
Net revenue
$
265.2

 
$
306.9

 
$
218.7

 
(13.6
)%
 
21.3
%
Gross margin
57.9
%
 
58.0
%
 
56.4
%
 
(10) bps
 
150 bps
Operating margin
3.0
%
 
10.7
%
 
0.2
%
 
(770) bps
 
280 bps
Income from operations
7.9

 
32.9

 
0.4

 
(76.0
)%
 
1,875.0
%
Net (loss) income per share from continuing operations
(0.02
)
 
0.07

 
(0.05
)
 
(128.6
)%
 
60.0
%
 
Non-GAAP Results
 
Q3
 
Q2
 
Q3
 
Change
 
FY 2019
 
FY 2019
 
FY 2018
 
Q/Q
 
Y/Y
Non-GAAP gross margin
61.3
%
 
61.2
%
 
61.3
%
 
10 bps
 
0 bps
Non-GAAP operating margin
14.7
%
 
20.8
%
 
15.2
%
 
(610) bps
 
(50) bps
Non-GAAP income from operations
39.0

 
63.9

 
33.2

 
(39.0
)%
 
17.5
%
Non-GAAP net earnings per share from continuing operations
0.13

 
0.22

 
0.13

 
(40.9
)%
 
%

1

The following information was filed by Viavi Solutions Inc. (VIAV) on Thursday, May 2, 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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