Exhibit 99.1
VIAVI ANNOUNCES FOURTH QUARTER AND YEAR END FISCAL 2020 RESULTS
Fourth Quarter
Net revenue of $266.6 million, down $23.1 million or 8.0% year-over-year
GAAP operating margin of 16.2%, up 660 bps year-over-year
Non-GAAP operating margin of 19.6%, up 200 bps year-over-year
GAAP EPS from continuing operations of $0.12, up $0.07 or 140.0% year-over-year
Non-GAAP EPS from continuing operations of $0.18, up $0.01 or 5.9% year-over-year
Fiscal 2020
Net revenue of $1,136.3 million, up $6.0 million or 0.5% year-over-year
GAAP operating margin of 10.4%, up 440 bps year-over-year
Non-GAAP operating margin of 18.6%, up 110 bps year-over-year
GAAP EPS from continuing operations of $0.12, up $0.09 or 300.0% year-over-year
Non-GAAP EPS from continuing operations of $0.73, up $0.05 or 7.4% year-over-year

San Jose, California, August 11, 2020 — VIAVI (NASDAQ: VIAV) today reported results for its fourth fiscal quarter ended June 27, 2020. Amounts presented below are on a continuing operations basis unless otherwise noted.

Fourth quarter of fiscal 2020 net revenue was $266.6 million. GAAP net income was $26.7 million, or $0.12 per share. Non-GAAP net income was $40.8 million, or $0.18 per share.

Third quarter of fiscal 2020 net revenue was $256.2 million. GAAP net loss was $32.8 million or $0.14 loss per share. Non-GAAP net income was $32.0 million, or $0.14 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.

“In fiscal fourth quarter our Wireless Lab equipment business delivered a record revenue quarter driven by 5G and we also saw overall NSE demand stabilizing,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.  “For the full fiscal year 2020, revenue and non-GAAP EPS grew despite the business impact from the COVID-19 pandemic in the second half.”

Khaykin added, “Although near-term macroeconomic uncertainty is expected, we remain positive on the secular demand drivers for increased network capacity that drive 5G Wireless and Fiber and the continued penetration and adoption of 3D Sensing technology in mobile applications.”

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.”

1

The following information was filed by Viavi Solutions Inc. (VIAV) on Tuesday, August 11, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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