Exhibit 99.1
VIAVI ANNOUNCES FOURTH QUARTER AND YEAR END FISCAL 2021 RESULTS
Fourth Quarter
Net revenue of $310.9 million, up $44.3 million or 16.6% year-over-year
GAAP operating margin of 10.5%, down 570 bps year-over-year
Non-GAAP operating margin of 20.8%, up 120 bps year-over-year
GAAP EPS of $(0.01), down $0.13 or 108.3% year-over-year
Non-GAAP EPS of $0.22, up $0.04 or 22.2% year-over-year
Fiscal 2021
Net revenue of $1,198.9 million, up $62.6 million or 5.5% year-over-year
GAAP operating margin of 11.9%, up 150 bps year-over-year
Non-GAAP operating margin of 21.1%, up 250 bps year-over-year
GAAP EPS of $0.20, up $0.08 or 66.7% year-over-year
Non-GAAP EPS from continuing operations of $0.83, up $0.10 or 13.7% year-over-year

Scottsdale, Arizona, August 12, 2021
— VIAVI (NASDAQ: VIAV) today reported results for its fourth fiscal quarter ended July 3, 2021. Amounts presented below are on a continuing operations basis unless otherwise noted.

Fourth quarter of fiscal 2021 net revenue was $310.9 million. GAAP net loss was $(1.9) million, or $(0.01) per share. Non-GAAP net income was $52.8 million, or $0.22 per share.

Third quarter of fiscal 2021 net revenue was $303.4 million. GAAP net income was $11.8 million or $0.05 per share. Non-GAAP net income was $42.3 million, or $0.18 per share.

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.

“VIAVI had a strong finish to fiscal year 2021 with a record $1.20 billion in revenue and non-GAAP EPS at $0.83. Fiscal Q4 posted record revenue and non-GAAP profitability for a June quarter as it exceeded the high end of the guidance range in revenue, non-GAAP operating margin and non-GAAP EPS,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer. “NSE’s 13.5% year-on-year growth and record revenue was driven by the continued market rebound and strong demand for Fiber and Wireless products. OSP revenue was in-line with our guidance, up 27.8% from a year ago levels reflecting continued strength in Anti-Counterfeiting.”

Khaykin added, “We expect fiscal year 2022 to be a strong year for VIAVI with 5G deployment and Fiber network upgrades driving NSE revenues and OSP benefiting from the continued strong demand for Anti-Counterfeiting and 3D Sensing products. Overall, we expect fiscal year 2022 to achieve higher levels of revenue and non-GAAP profitability.”

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 Thursday, August 12, 2021 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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