Exhibit 99.1
VIAVI ANNOUNCES FIRST QUARTER FISCAL 2020 RESULTS
First Quarter
Net revenue of $299.8 million, up $31.3 million or 11.7% year-over-year
GAAP operating margin of 6.9%, up 730 bps year-over-year
Non-GAAP operating margin of 17.6%, up 130 bps year-over-year
GAAP EPS of $0.03, up $0.10 year-over-year
Non-GAAP EPS of $0.18, up $0.03 or 20.0% year-over-year

San Jose, California, October 30, 2019 — VIAVI (NASDAQ: VIAV) today reported results for its first fiscal quarter ended September 28, 2019.

First quarter of fiscal 2020 net revenue was $299.8 million. GAAP net income was $6.8 million, or $0.03 per share. Non-GAAP net income was $42.9 million, or $0.18 per share.

Fourth quarter of fiscal 2019 net revenue was $289.7 million. GAAP net income was $12.5 million or $0.05 per share. Non-GAAP net income was $40.1 million, or $0.17 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.

“VIAVI executed well in fiscal Q1 2020 with revenue, non-GAAP operating margin, and non-GAAP EPS exceeding the updated guidance from our September 2019 Analyst Day event,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.  “Both NSE and OSP business segments exceeded our expectations, driven by strong customer demand.”

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.”
First Quarter Ended September 28, 2019
 
GAAP Results
 
Q1
 
Q4
 
Q1
 
Change
 
FY 2020
 
FY 2019
 
FY 2019
 
Q/Q
 
Y/Y
Net revenue
$
299.8

 
$
289.7

 
$
268.5

 
3.5
 %
 
11.7
%
Gross margin
58.2
%
 
58.5
%
 
56.0
 %
 
(30) bps
 
220 bps
Operating margin
6.9
%
 
9.6
%
 
(0.4
)%
 
(270) bps
 
730 bps
Income (loss) from operations
20.7

 
27.8

 
(1.2
)
 
(25.5
)%
 
1,825.0
%
Net income (loss) per share
0.03

 
0.05

 
(0.07
)
 
(40.0
)%
 
142.9
%
 
Non-GAAP Results
 
Q1
 
Q4
 
Q1
 
Change
 
FY 2020
 
FY 2019
 
FY 2019
 
Q/Q
 
Y/Y
Non-GAAP gross margin
61.3
%
 
61.9
%
 
59.8
%
 
(60) bps
 
150 bps
Non-GAAP operating margin
17.6
%
 
17.6
%
 
16.3
%
 

 
130 bps
Non-GAAP income from operations
52.7

 
50.9

 
43.8

 
3.5
%
 
20.3
%
Non-GAAP net earnings per share
0.18

 
0.17

 
0.15

 
5.9
%
 
20.0
%

1

The following information was filed by Viavi Solutions Inc. (VIAV) on Wednesday, October 30, 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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