VIAVI ANNOUNCES THIRD QUARTER FISCAL 2020 RESULTS
Net revenue of $256.2 million, down $9.0 million or (3.4)% year-over-year
GAAP operating margin of 3.6%, up 60 bps year-over-year
Non-GAAP operating margin of 14.8%, up 10 bps year-over-year
GAAP EPS from continuing operations of $(0.14), down $0.12 or (600.0)% year-over-year
Non-GAAP EPS from continuing operations of $0.14, up $0.01 or 7.7% year-over-year
San Jose, California, May 6, 2020 — VIAVI (NASDAQ: VIAV) today reported results for its third fiscal quarter ended March 28, 2020. Amounts presented below are on a continuing operations basis unless otherwise noted.
Third quarter of fiscal 2020 net revenue was $256.2 million. GAAP net loss was $(32.8) million, or $(0.14) per share. Non-GAAP net income was $32.0 million, or $0.14 per share.
Second quarter of fiscal 2020 net revenue was $313.7 million. GAAP net income was $28.0 million or $0.12 per share. Non-GAAP net income was $55.6 million, or $0.23 per share.
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.
“Fiscal Q3 2020 revenue came in below our guidance range. The emerging COVID-19 pandemic was the principal driver behind the revenue shortfall. Despite that, through disciplined OPEX management, we managed to deliver the midpoint of our non-GAAP EPS guidance range, at 14 cents per share”, said Oleg Khaykin, VIAVI’s President and Chief Executive Officer. “The NSE business segment was most impacted by the COVID-19 headwinds, as our customers increasingly went into WFH and lockdown mode of operations and many purchase decisions were either pushed out or put on hold. The OSP business segment, on another hand, saw some late quarter customer order upsides and expedites, coming in above the revenue and non-GAAP operating margin guidance range.”
Khaykin added, “VIAVI has a strong balance sheet with more than $530M in cash and a $300M line of credit. Strong liquidity position combined with many counter-cyclical businesses in our portfolio sets us up well to manage the near-term macroeconomic uncertainty. We remain positive on our long-term growth drivers in 5G Wireless, Fiber and 3D Sensing.”
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.”