Exhibit 99.1
VIAVI ANNOUNCES FIRST QUARTER FISCAL 2018 RESULTS
First Quarter
GAAP and Non-GAAP net revenue of $195.2 million, down $15.6 million or (7.4)% year-over-year
GAAP operating margin of 5.1%, up 30 bps year-over-year
Non-GAAP operating margin of 15.1%, up 210 bps year-over-year
GAAP EPS of $(0.02), down $0.35 or (106.1)% year-over-year
Non-GAAP EPS of $0.11, up $0.02 or 22.2% year-over-year

San Jose, California, November 1, 2017 — Viavi (NASDAQ: VIAV) today reported results for its first fiscal quarter ended September 30, 2017. Amounts presented below are on a continuing operations basis unless otherwise noted.
 
GAAP net revenue was $195.2 million, with net loss of $(4.8) million, or $(0.02) per share. Prior quarter GAAP net revenue was $198.1 million, with net income of $12.1 million or $0.05 per share. GAAP net revenue for the first quarter of fiscal 2017 was $210.8 million, with net income of $78.0 million, or $0.33 per share.
 
Non-GAAP net revenue was $195.2 million, with net income of $25.3 million, or $0.11 per share. Prior quarter non-GAAP net revenue was $198.1 million, with net income of $26.9 million, or $0.12 per share. Non-GAAP net revenue for the first quarter of fiscal 2017 was $210.8 million, with net income of $21.7 million, or $0.09 per share.
 
“We delivered a solid fiscal Q1 as revenue, non-GAAP operating margin and non-GAAP EPS exceeded the high end of our guidance range,” said Oleg Khaykin, Viavi’s President and Chief Executive Officer. “The results were helped by better than expected NSE instruments demand. Along with strong results from OSP, Viavi delivered non-GAAP EPS at $0.11 and exceeded the $0.06 to $0.09 guidance range.”

Khaykin added, “Despite a strong fiscal Q1 performance, our guidance for fiscal Q2 is cautious due to weaker than expected OSP outlook. The 3D Sensing product ramp in fiscal Q2 is expected to be more than offset by lower demand in OSP’s core product lines. In addition, OSP margins are expected to see a further negative drag due to the production stoppage related to the Sonoma County wildfires. ”

Financial Overview:

The tables below (in millions, except percentage data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

First Quarter Ended September 30, 2017
 
GAAP Results
 
Q1
 
Q4
 
Q1
 
Change
 
FY 2018
 
FY 2017
 
FY 2017
 
Q/Q
 
Y/Y
Net revenue
$
195.2

 
$
198.1

 
$
210.8

 
(1.5
)%
 
(7.4
)%
Gross margin
59.5
%
 
60.2
%
 
59.3
%
 
(70) bps
 
20 bps
Operating margin
5.1
%
 
6.1
%
 
4.8
%
 
(100) bps
 
30 bps
Income from operations
10.0

 
12.0

 
10.1

 
(16.7
)%
 
(1.0
)%
Net (loss) income per share
(0.02
)
 
0.05

 
0.33

 
(140.0
)%
 
(106.1
)%
 
Non-GAAP Results
 
Q1
 
Q4
 
Q1
 
Change
 
FY 2018
 
FY 2017
 
FY 2017
 
Q/Q
 
Y/Y
Net revenue
$
195.2

 
$
198.1

 
$
210.8

 
(1.5
)%
 
(7.4
)%
Adj. gross margin
62.8
%
 
62.7
%
 
61.8
%
 
10 bps
 
100 bps
Adj. operating margin
15.1
%
 
15.0
%
 
13.0
%
 
10 bps
 
210 bps
Adj. income from operations
29.4

 
29.8

 
27.5

 
(1.3
)%
 
6.9
 %
Adj. net income per share
0.11

 
0.12

 
0.09

 
(8.3
)%
 
22.2
 %

1

The following information was filed by Viavi Solutions Inc. (VIAV) on Wednesday, November 1, 2017 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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