VIAVI Announces First Quarter Fiscal 2025 Results
VIAVI (VIAV) reported Q1 FY2025 results with net revenue of $238.2 million, down 3.9% year-over-year. The company posted a GAAP net loss of $1.8 million and non-GAAP net income of $12.4 million. Key metrics showed declining performance with GAAP operating margin at 4.8% (down 170 bps) and non-GAAP operating margin at 10.0% (down 240 bps). The company expects Q2 FY2025 revenue between $255-265 million with non-GAAP EPS of $0.09-0.11. While Network and Service Enablement segments showed weakness, the Optical Security segment grew 1.7% year-over-year.
VIAVI (VIAV) ha riportato i risultati del primo trimestre dell'anno fiscale 2025 con entrate nette di 238,2 milioni di dollari, in calo del 3,9% rispetto all'anno precedente. L'azienda ha registrato una perdita netta GAAP di 1,8 milioni di dollari e un reddito netto non-GAAP di 12,4 milioni di dollari. Le metriche chiave hanno mostrato un calo delle performance, con un margine operativo GAAP al 4,8% (in diminuzione di 170 punti base) e un margine operativo non-GAAP al 10,0% (in diminuzione di 240 punti base). L'azienda prevede ricavi per il secondo trimestre dell'anno fiscale 2025 compresi tra 255 e 265 milioni di dollari, con un utile per azione non-GAAP di 0,09-0,11 dollari. Mentre i segmenti Rete e Abilitazione dei Servizi hanno mostrato debolezza, il segmento Sicurezza Ottica è cresciuto dell'1,7% rispetto all'anno precedente.
VIAVI (VIAV) informó los resultados del primer trimestre del año fiscal 2025 con ingresos netos de 238,2 millones de dólares, una disminución del 3,9% interanual. La empresa reportó una pérdida neta GAAP de 1,8 millones de dólares y un ingreso neto no-GAAP de 12,4 millones de dólares. Los métricas clave mostraron un rendimiento decreciente, con un margen operativo GAAP del 4,8% (una disminución de 170 puntos básicos) y un margen operativo no-GAAP del 10,0% (una bajada de 240 puntos básicos). La empresa espera ingresos para el segundo trimestre del año fiscal 2025 entre 255 y 265 millones de dólares, con una ganancias por acción no-GAAP de 0,09-0,11 dólares. Mientras que los segmentos de Red y Habilitación de Servicios mostraron debilidad, el segmento de Seguridad Óptica creció un 1,7% interanual.
VIAVI (VIAV)는 2025 회계연도 1분기 실적을 보고하며 순수익 2억 3,820만 달러를 기록했으며, 이는 전년 대비 3.9% 감소한 수치입니다. 회사는 GAAP 기준 180만 달러의 순손실을 기록했으며, 비GAAP 기준 순이익은 1,240만 달러였습니다. 주요 지표들은 하락세를 보였으며, GAAP 운영 마진은 4.8% (170bps 감소), 비GAAP 운영 마진은 10.0% (240bps 감소)로 나타났습니다. 회사는 2025 회계연도 2분기 수익이 2억 5,500만 달러에서 2억 6,500만 달러 사이일 것으로 예상하며, 비GAAP 기준 주당순이익은 0.09-0.11 달러로 예상하고 있습니다. 네트워크 및 서비스 활성화 부문은 약세를 보였으나, 광학 보안 부문은 전년 대비 1.7% 성장했습니다.
VIAVI (VIAV) a annoncé les résultats du premier trimestre de l'exercice 2025, avec un revenu net de 238,2 millions de dollars, en baisse de 3,9% par rapport à l'année précédente. L'entreprise a affiché une perte nette GAAP de 1,8 million de dollars et un revenu net non-GAAP de 12,4 millions de dollars. Les indicateurs clés ont montré une baisse de performance, avec une marge opérationnelle GAAP à 4,8% (en baisse de 170 points de base) et une marge opérationnelle non-GAAP à 10,0% (en baisse de 240 points de base). L'entreprise prévoit des revenus pour le deuxième trimestre de l'exercice 2025 compris entre 255 et 265 millions de dollars, avec un bénéfice par action non-GAAP de 0,09-0,11 dollar. Alors que les segments Réseau et Activation des Services ont montré des signes de faiblesse, le segment Sécurité Optique a enregistré une croissance de 1,7% par rapport à l'année précédente.
VIAVI (VIAV) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 bekannt gegeben mit Nettoeinnahmen von 238,2 Millionen Dollar, was einem Rückgang von 3,9% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen GAAP-Nettoverlust von 1,8 Millionen Dollar und ein nicht-GAAP-Nettoeinkommen von 12,4 Millionen Dollar. Wichtige Kennzahlen zeigten eine rückläufige Leistung mit einer GAAP-Betriebsrendite von 4,8% (ein Rückgang um 170 Basispunkte) und einer nicht-GAAP-Betriebsrendite von 10,0% (ein Rückgang um 240 Basispunkte). Das Unternehmen erwartet für das zweite Quartal des Geschäftsjahres 2025 Erlöse zwischen 255 und 265 Millionen Dollar mit einem nicht-GAAP-EPS von 0,09-0,11 Dollar. Während die Segmente Netzwerk und Service-Aktivierung Schwächen zeigten, wuchs das Segment der optischen Sicherheit um 1,7% im Vergleich zum Vorjahr.
- Q2 FY2025 guidance projects revenue growth to $255-265 million
- Optical Security and Performance Products segment grew 1.7% YoY
- Strong cash position with $497.9 million in total cash and investments
- Positive operating cash flow of $13.5 million
- Net revenue declined 3.9% YoY to $238.2 million
- GAAP net loss of $1.8 million, down 118.4% YoY
- Non-GAAP net income decreased 36.4% YoY to $12.4 million
- Network Enablement revenue declined 5.6% YoY
- Service Enablement revenue dropped 12.7% YoY
- Operating margins declined both on GAAP and non-GAAP basis
Insights
VIAVI's Q1 FY25 results show concerning trends with
The shift to GAAP net loss of
The advanced fiber product momentum, particularly in 800G and 1.6Tb solutions, indicates VIAVI is well-positioned for the upcoming network infrastructure upgrade cycle. The anticipated NSE demand recovery in H2 FY25 aligns with broader industry trends as telecom operators prepare for next-generation network deployments.
Geographic revenue distribution shows balanced exposure with Americas at
First Quarter
- Net revenue of
, down$238.2 million or$9.7 million 3.9% year-over-year - GAAP operating margin of
4.8% , down 170 bps year-over-year - Non-GAAP operating margin of
10.0% , down 240 bps year-over-year - GAAP net loss of
, down$1.8 million or$11.6 million 118.4% year-over-year - Non-GAAP net income of
, down$12.4 million or$7.1 million 36.4% year-over-year - GAAP diluted loss per share of
, down$(0.01) or$0.05 125.0% year-over-year - Non-GAAP diluted earnings per share (EPS) of
, down$0.06 or$0.03 33.3% year-over-year
"VIAVI's Q1FY25 revenue came in slightly below the midpoint of our guidance, with weaker demand in NSE partially offset by stronger OSP performance. On a positive side, we are starting to see a pickup in the NSE order momentum with our advanced fiber products such as 800G and recently announced 1.6Tb, being particularly strong. This aligns with our expectations for the beginning of NSE demand recovery in second half of FY25," said Oleg Khaykin, VIAVI's President and Chief Executive Officer.
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, 2024
GAAP Results | |||||||||
Q1 | Q4 | Q1 | Change | ||||||
FY 2025 | FY 2024 | FY 2024 | Q/Q | Y/Y | |||||
Net revenue | $ 238.2 | $ 252.0 | $ 247.9 | (5.5) % | (3.9) % | ||||
Gross margin | 57.1 % | 57.8 % | 58.2 % | (70) bps | (110) bps | ||||
Operating margin | 4.8 % | (2.3) % | 6.5 % | 710 bps | (170) bps | ||||
Income (loss) from operations | $ 11.5 | $ (5.7) | $ 16.0 | 301.8 % | (28.1) % | ||||
Net (loss) income per share | (0.01) | (0.10) | 0.04 | 90.0 % | (125.0) % | ||||
Non-GAAP Results | |||||||||
Q1 | Q4 | Q1 | Change | ||||||
FY 2025 | FY 2024 | FY 2024 | Q/Q | Y/Y | |||||
Gross margin | 59.1 % | 59.6 % | 60.1 % | (50) bps | (100) bps | ||||
Operating margin | 10.0 % | 10.9 % | 12.4 % | (90) bps | (240) bps | ||||
Income from operations | $ 23.9 | $ 27.5 | $ 30.8 | (13.1) % | (22.4) % | ||||
Earnings per share | 0.06 | 0.08 | 0.09 | (25.0) % | (33.3) % | ||||
Net Revenue by Segment | |||||||||
Q1 | Q4 | Q1 | Change | ||||||
FY 2025 | FY 2024 | FY 2024 | Q/Q | Y/Y | |||||
Network Enablement | $ 141.6 | $ 158.5 | $ 150.0 | (10.7) % | (5.6) % | ||||
Service Enablement | 17.8 | 23.7 | 20.4 | (24.9) % | (12.7) % | ||||
Optical Security and Performance Products | 78.8 | 69.8 | 77.5 | 12.9 % | 1.7 % | ||||
Total | $ 238.2 | $ 252.0 | $ 247.9 | (5.5) % | (3.9) % |
Americas ,Asia-Pacific and EMEA customers represented37.2% ,36.1% and26.7% , respectively, of total net revenue for the quarter ended September 28, 2024.- As of September 28, 2024, the Company held
in total cash, short-term investments and short-term restricted cash.$497.9 million - As of September 28, 2024, the Company had
aggregate principal amount of$250 million 1.625% Senior Convertible Notes and aggregate principal amount of$400 million 3.75% Senior Notes with a total net carrying value of .$637.6 million - During the fiscal quarter ended September 28, 2024, the Company generated
of cash flows from operations.$13.5 million
Business Outlook for the Second Quarter of Fiscal 2025
For the second quarter of fiscal 2025 ending December 28, 2024, the Company expects net revenue to be between
With respect to our expectations above, the Company has not reconciled GAAP net loss per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the "Use of Non-GAAP (Adjusted) Financial Measures" section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.
Conference Call
The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on October 31, 2024 in a live webcast, which will also be archived for replay on the Company's website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company's latest financial results on https://investor.viavisolutions.com under the "Quarterly Results" section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.
About VIAVI Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.
Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company's ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (k) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (l) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in
Contact Information
Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com
Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED PRELIMINARY FINANCIAL DATA -
VIAVI SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) PRELIMINARY | |||
Three Months Ended | |||
September 28, | September 30, | ||
Net revenue | $ 238.2 | $ 247.9 | |
Cost of revenues | 98.8 | 100.0 | |
Amortization of acquired technologies | 3.3 | 3.5 | |
Gross profit | 136.1 | 144.4 | |
Operating expenses: | |||
Research and development | 49.4 | 49.9 | |
Selling, general and administrative | 74.1 | 77.2 | |
Amortization of other intangibles | 1.1 | 2.1 | |
Restructuring and related benefits | — | (0.8) | |
Total operating expenses | 124.6 | 128.4 | |
Income from operations | 11.5 | 16.0 | |
Interest and other income, net | 3.2 | 10.2 | |
Interest expense | (7.5) | (7.8) | |
Income before income taxes | 7.2 | 18.4 | |
Provision for income taxes | 9.0 | 8.6 | |
Net (loss) income | $ (1.8) | $ 9.8 | |
Net (loss) income per share: | |||
Basic | $ (0.01) | $ 0.04 | |
Diluted | $ (0.01) | $ 0.04 | |
Shares used in per share calculations: | |||
Basic | 222.0 | 222.0 | |
Diluted | 222.0 | 224.2 |
The preliminary financial statements are estimated based on our current information. |
VIAVI SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) PRELIMINARY | |||
September 28, 2024 | June 29, 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 467.9 | $ 471.3 | |
Short-term investments | 25.2 | 19.9 | |
Restricted cash | 4.8 | 5.0 | |
Accounts receivable, net | 203.1 | 213.1 | |
Inventories, net | 93.2 | 96.5 | |
Prepayments and other current assets | 69.8 | 70.7 | |
Total current assets | 864.0 | 876.5 | |
Property, plant and equipment, net | 230.5 | 228.2 | |
Goodwill, net | 461.2 | 452.9 | |
Intangibles, net | 34.0 | 38.2 | |
Deferred income taxes | 86.1 | 82.5 | |
Other non-current assets | 61.8 | 58.0 | |
Total assets | $ 1,737.6 | $ 1,736.3 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 47.4 | $ 50.4 | |
Accrued payroll and related expenses | 44.4 | 48.2 | |
Deferred revenue | 63.7 | 65.7 | |
Accrued expenses | 23.8 | 25.3 | |
Other current liabilities | 53.5 | 57.5 | |
Total current liabilities | 232.8 | 247.1 | |
Long-term debt | 637.6 | 636.0 | |
Other non-current liabilities | 165.1 | 171.6 | |
Total liabilities | 1,035.5 | 1,054.7 | |
Total stockholders' equity | 702.1 | 681.6 | |
Total liabilities and stockholders' equity | $ 1,737.6 | $ 1,736.3 |
The preliminary financial statements are estimated based on our current information. |
VIAVI SOLUTIONS INC. REPORTABLE SEGMENT INFORMATION (in millions, unaudited) PRELIMINARY | |||||||||||
Three Months Ended September 28, 2024 | |||||||||||
Network and Service Enablement | |||||||||||
Network | Service | Network and | Optical Security | Other Items (1) | Consolidated | ||||||
Net revenue | $ 141.6 | $ 17.8 | $ 159.4 | $ 78.8 | $ — | $ 238.2 | |||||
Gross profit | $ 86.3 | $ 10.8 | $ 97.1 | $ 43.6 | $ (4.6) | $ 136.1 | |||||
Gross margin | 60.9 % | 60.7 % | 60.9 % | 55.3 % | 57.1 % | ||||||
Operating (loss) income | $ (7.3) | $ 31.2 | $ (12.4) | $ 11.5 | |||||||
Operating margin | (4.6) % | 39.6 % | 4.8 % | ||||||||
Three Months Ended September 30, 2023 | |||||||||||
Network and Service Enablement | |||||||||||
Network | Service Enablement | Network and | Optical Security | Other Items (1) | Consolidated | ||||||
Net revenue | $ 150.0 | $ 20.4 | $ 170.4 | $ 77.5 | $ — | $ 247.9 | |||||
Gross profit | $ 94.6 | $ 13.7 | $ 108.3 | $ 40.7 | $ (4.6) | $ 144.4 | |||||
Gross margin | 63.1 % | 67.2 % | 63.6 % | 52.5 % | 58.2 % | ||||||
Operating income | $ 1.5 | $ 29.3 | $ (14.8) | $ 16.0 | |||||||
Operating margin | 0.9 % | 37.8 % | 6.5 % |
(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items. |
The preliminary financial schedules are estimated based on our current information. |
Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA financial measures as supplemental information regarding the Company's operational performance. The Company uses the measures disclosed in this release to evaluate the Company's historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company's core operating performance, which the Company believes represent its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition-related intangibles, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities and certain investing and acquisition related expenses and other activities that management believes are not reflective of such ordinary, ongoing and core operating activities.
The Company believes providing this additional information allows investors to see Company results through the eyes of management. The Company further believes that providing this information allows investors to better understand the Company's financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.
The non-GAAP adjustments described in this release are excluded by the Company from its GAAP financial measures because the Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance. The non-GAAP adjustments are outlined below.
Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company's GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) changes in fair value of contingent consideration liabilities and (vii) other charges unrelated to our core operating performance comprised mainly of acquisition related transaction costs, integration costs related to acquired entities, litigation and legal settlements and other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA.
Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.
Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as the utilization of net operating losses where valuation allowances were released, intra-period tax allocation benefit and the tax effect for amortization of non-tax deductible intangible assets, when calculating non-GAAP net income and non-GAAP EPS.
Interest, taxes, depreciation, amortization and other adjustments: The Company's EBITDA calculation primarily excludes interest income and other income (expense), interest expense, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company's adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation, such as stock-based compensation, restructuring, gain or loss on sale of available for-sale investments, changes in fair value of contingent consideration liabilities arising from prior acquisitions and other charges related to activities that are not part of its core operating performance described above. Management believes adjusted EBITDA is a helpful indicator of the Company's core operational cash flow.
Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in
VIAVI SOLUTIONS INC. RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS TO NON-GAAP MEASURES (in millions, except per share data) (unaudited) PRELIMINARY | |||||||
The following tables reconcile GAAP measures to non-GAAP measures: | |||||||
Three Months Ended | |||||||
September 28, 2024 | September 30, 2023 | ||||||
Gross | Gross | Gross | Gross | ||||
GAAP measures | $ 136.1 | 57.1 % | $ 144.4 | 58.2 % | |||
Stock-based compensation | 1.2 | 0.5 % | 1.2 | 0.5 % | |||
Other charges (benefits) unrelated to core operating performance | 0.1 | 0.1 % | (0.1) | — % | |||
Amortization of intangibles | 3.3 | 1.4 % | 3.5 | 1.4 % | |||
Total related to Cost of Revenue | 4.6 | 2.0 % | 4.6 | 1.9 % | |||
Non-GAAP measures | $ 140.7 | 59.1 % | $ 149.0 | 60.1 % | |||
Three Months Ended | |||||||
September 28, 2024 | September 30, 2023 | ||||||
Operating | Operating | Operating | Operating | ||||
GAAP measures | $ 11.5 | 4.8 % | $ 16.0 | 6.5 % | |||
Stock-based compensation | 12.7 | 5.3 % | 11.2 | 4.5 % | |||
Change in fair value of contingent liability | (3.5) | (1.5) % | (1.4) | (0.6) % | |||
Acquisition and integration related charges | 0.6 | 0.3 % | — | — % | |||
Other (benefits) charges unrelated to core operating performance (1) | (0.5) | (0.2) % | 0.2 | 0.1 % | |||
Amortization of intangibles | 4.4 | 1.8 % | 5.6 | 2.2 % | |||
Restructuring and related charges | — | — % | (0.8) | (0.3) % | |||
Litigation settlement | (1.3) | (0.5) % | — | — % | |||
Total related to Cost of Revenue and Operating Expenses | 12.4 | 5.2 % | 14.8 | 5.9 % | |||
Non-GAAP measures | 23.9 | 10.0 % | 30.8 | 12.4 % | |||
Three Months Ended | |||||||
September 28, 2024 | September 30, 2023 | ||||||
Net (Loss) | Diluted EPS | Net | Diluted EPS | ||||
GAAP measures | $ (1.8) | $ (0.01) | $ 9.8 | $ 0.04 | |||
Items reconciling GAAP Net (Loss) Income and EPS to Non-GAAP Net Income and EPS: | |||||||
Stock-based compensation | 12.7 | 0.06 | 11.2 | 0.05 | |||
Change in fair value of contingent liability | (3.5) | (0.01) | (1.4) | — | |||
Acquisition and integration related charges | 0.6 | — | — | — | |||
Other (benefits) charges unrelated to core operating performance (1) | (0.5) | — | 0.2 | — | |||
Amortization of intangibles | 4.4 | 0.02 | 5.6 | 0.02 | |||
Restructuring and related benefits | — | — | (0.8) | — | |||
Litigation settlement | (1.3) | (0.01) | (7.3) | (0.03) | |||
Non-cash interest expense and other expense | 1.1 | 0.01 | 1.2 | 0.01 | |||
Provision for income taxes | 0.7 | — | 1.0 | — | |||
Total related to Net (Loss) Income and EPS | 14.2 | 0.07 | 9.7 | 0.05 | |||
Non-GAAP measures | $ 12.4 | $ 0.06 | $ 19.5 | $ 0.09 | |||
Shares used in per share calculation for Non-GAAP EPS | 224.0 | 224.2 |
Note: Certain totals may not add due to rounding. |
(1) Included in the three months ended September 28, 2024 is a gain of |
The preliminary financial schedules are estimated based on our current information. |
VIAVI SOLUTIONS INC. RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA (in millions, unaudited) PRELIMINARY | |||
Three Months Ended | |||
September 28, | September 30, | ||
GAAP Net (Loss) Income | $ (1.8) | $ 9.8 | |
Interest and other income, net (1) | (3.2) | (10.2) | |
Interest expense | 7.5 | 7.8 | |
Provision for income taxes | 9.0 | 8.6 | |
Depreciation | 9.7 | 9.8 | |
Amortization | 4.4 | 5.6 | |
EBITDA | 25.6 | 31.4 | |
Restructuring and related benefits | — | (0.8) | |
Stock-based compensation | 12.7 | 11.2 | |
Change in fair value of contingent liability | (3.5) | (1.4) | |
Acquisition and integration related charges | 0.6 | — | |
Other (benefits) charges unrelated to core operating performance (2) | (1.9) | 0.1 | |
Adjusted EBITDA | $ 33.5 | $ 40.5 |
Note: Certain totals may not add due to rounding. |
(1) Includes favorable litigation settlement of |
(2) Included in the three months ended September 28, 2024 is a gain on litigation settlement of |
The preliminary financial schedules are estimated based on our current information. |
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SOURCE VIAVI Financials
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