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VIAVI Announces Third Quarter Fiscal 2021 Results

Third Quarter - Net revenue of $303.4 million, up $47.2 million or 18.4% year-over-year - GAAP operating margin of 11.8%, up 820 bps year-over-year - Non-GAAP operating margin of 20.2%, up 540 bps year-over-year - GAAP EPS of $0.05, up $0.19 or 135.7% year-over-year - Non-GAAP EPS of $0.18, up $0.04 or 28.6% year-over-year

May 4, 2021 4:01 PM EDT

SCOTTSDALE, Ariz., May 4, 2021 /PRNewswire/ -- VIAVI (NASDAQ: VIAV) today reported results for its third fiscal quarter ended April 3, 2021.

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.

Second quarter of fiscal 2021 net revenue was $299.9 million. GAAP net income was $21.9 million or $0.09 per share. Non-GAAP net income was $52.1 million, or $0.23 per share.

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.

"Fiscal Q3 2021 posted record revenue and non-GAAP profitability for a March quarter, typically a seasonally weak quarter period. VIAVI exceeded the high end of the guidance range with the revenue at $303.4 million and non-GAAP operating margin at 20.2%. Non-GAAP EPS at $0.18 reached the high end of the range," said Oleg Khaykin, VIAVI's President and Chief Executive Officer. "NSE revenue continued to see strong recovery momentum and exceeding our expectations, up 12.9% from a year ago levels led by strength in Fiber, Cable, and Wireless. OSP revenue came in-line with our guidance, up 33.2% year-on-year due to strong demand in both Anti-Counterfeiting and 3D Sensing."

Khaykin added, "For Q4, we expect NSE revenue to continue to strengthen, driven by strong demand for Field Instruments and Lab Equipment. OSP revenue is expected to be significantly up year-on-year, but sequentially down from a very strong fiscal Q3, driven by lower Anti-Counterfeiting and seasonally weaker 3D Sensing demand."

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."

Third Quarter Ended April 3, 2021

GAAP Results

Q3

Q2

Q3

Change

FY 2021

FY 2021

FY 2020

Q/Q

Y/Y

Net revenue

$

303.4

$

299.9

$

256.2

1.2

%

18.4

%

Gross margin

60.0

%

60.1

%

57.3

%

(10) bps

270 bps

Operating margin

11.8

%

14.1

%

3.6

%

(230) bps

820 bps

Income from operations

35.9

42.3

9.1

(15.1)

%

294.5

%

Net income per share

0.05

0.09

(0.14)

(44.4)

%

135.7

%

 

Non-GAAP Results

Q3

Q2

Q3

Change

FY 2021

FY 2021

FY 2020

Q/Q

Y/Y

Non-GAAP gross margin

63.1

%

63.1

%

61.2

%

— bps

190 bps

Non-GAAP operating margin

20.2

%

22.3

%

14.8

%

(210) bps

540 bps

Non-GAAP income from operations

61.4

66.8

38.0

(8.1)

%

61.6

%

Non-GAAP net earnings per share

0.18

0.23

0.14

(21.7)

%

28.6

%

 

Net Revenue by Segment

Q3

% of Net

Q2

Q3

Change

FY 2021

revenue

FY 2021

FY 2020

Q/Q

Y/Y

Network Enablement

$

190.9

62.9

%

$

180.9

$

163.9

5.5

%

16.5

%

Service Enablement

20.3

6.7

%

25.8

23.1

(21.3)

%

(12.1)

%

Optical Security and Performance Products

92.2

30.4

%

93.2

69.2

(1.1)

%

33.2

%

Total

$

303.4

100.0

%

$

299.9

$

256.2

1.2

%

18.4

%

 

  • Americas, Asia-Pacific and EMEA customers represented 33.6%, 33.7% and 32.7%, respectively, of total net revenue for the quarter ended April 3, 2021.
  • As of April 3, 2021, the Company held $678.1 million in total cash, short-term restricted cash and short-term investments.
  • As of April 3, 2021, the Company had $460.0 million aggregate principal amount of 1.00% Senior Convertible Notes and $225.0 million aggregate principal amount of 1.75% Senior Convertible Notes with a total net carrying value of $618.1 million classified as long-term debt.
  • During the fiscal quarter ended April 3, 2021, the Company generated $48.1 million of cash from operations.

Business Outlook for the Fourth Quarter of Fiscal 2021

For the fourth quarter of fiscal 2021 ending July 3, 2021, the Company expects net revenue to be between $290 million to $310 million and non-GAAP earnings per share to be between $0.18 and $0.20.

With respect to our expectations above, the Company has not reconciled non-GAAP net income per share to GAAP net income (loss) per share 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 May 4, 2021 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 communications service providers, enterprises, network equipment manufacturers, government and avionics. We help these customers harness the power of instruments, automation, intelligence and virtualization to Command the network. VIAVI is also a leader in light management solutions for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive and defense applications. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.

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. 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 customer base; (d) unforeseen changes in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms such as 5G or evolving technology such as 3D sensing and customer purchasing delays 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; (e) continued decline of average selling prices across our businesses; (f) notable seasonality and a significant level of in-quarter book-and-ship business; (g) various product and manufacturing transfers, site consolidations, product discontinuances and the restructuring and workforce reduction plans, including the plan announced during the first quarter of fiscal 2019 that may cause short-term disruptions; (h) challenges integrating the businesses  the Company has acquired and realizing all of the expected benefits and savings; (i) the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (j) potential disruptions or delays to our manufacturing and operations due to natural disasters such as the recent wildfires in Northern California and related blackouts and power outages in the region; (k) the uncertain and ongoing impact to our supply chain of tariffs, sanctions and other trade measures imposed by domestic and foreign governments and the possibility of escalation of "trade wars" and retaliatory measures between nations; (l) the impact of infectious disease outbreaks, epidemics, and pandemics including the ongoing effects of the COVID-19 global pandemic on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (m) inherent uncertainty related to global markets, including recessions and tightening liquidity and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on these risks, please refer to the "Risk Factors" section included in the Company's Annual Report on Form 10-K for the fiscal year ended June 27, 2020 filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements.

Contact Information

Investors: Bill Ong 408-404-4512 [email protected]

Press: Amit Malhotra 202-341-8624 [email protected]

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

Nine Months Ended

April 3, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Net revenue

$

303.4

$

256.2

$

888.0

$

869.7

Cost of revenues

113.1

101.4

331.6

334.2

Amortization of acquired technologies

8.3

8.0

24.9

24.8

Gross profit

182.0

146.8

531.5

510.7

Operating expenses:

Research and development

52.1

46.8

150.9

148.6

Selling, general and administrative

86.1

83.6

247.0

263.1

Amortization of other intangibles

8.3

8.9

24.9

26.4

Restructuring and related benefits

(0.4)

(1.6)

(0.8)

(2.2)

Total operating expenses

146.1

137.7

422.0

435.9

Income from operations

35.9

9.1

109.5

74.8

Interest and other income (expense), net

(0.9)

5.3

0.8

9.3

Interest expense

(9.0)

(8.4)

(27.0)

(25.1)

Income before taxes

26.0

6.0

83.3

59.0

Provision for income taxes

14.2

38.8

35.3

57.0

Net income (loss)

$

11.8

$

(32.8)

$

48.0

$

2.0

Net income (loss) per share:

Basic

$

0.05

$

(0.14)

$

0.21

$

0.01

Diluted

$

0.05

$

(0.14)

0.21

0.01

Shares used in per share calculations:

Basic

228.7

230.0

228.8

229.8

Diluted

240.2

230.0

233.8

236.3

The preliminary financial statements are estimated based on our current information.

 

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, unaudited)

PRELIMINARY

April 3, 2021

June 27, 2020

ASSETS

Current assets:

Cash and cash equivalents

$

672.2

$

539.0

Short-term investments

1.6

1.5

Restricted cash

4.3

3.5

Accounts receivable, net

262.7

235.5

Inventories, net

90.6

83.3

Prepayments and other current assets

48.6

50.8

Total current assets

1,080.0

913.6

Property, plant and equipment, net

180.0

172.5

Goodwill, net

396.4

381.4

Intangibles, net

104.6

148.1

Deferred income taxes

113.1

105.4

Other non-current assets

52.7

55.3

Total assets

$

1,926.8

$

1,776.3

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

54.8

$

53.0

Accrued payroll and related expenses

61.3

51.4

Deferred revenue

65.9

54.6

Accrued expenses

27.4

22.6

Current portion of long-term debt

2.8

Other current liabilities

63.7

48.4

Total current liabilities

273.1

232.8

Long-term debt

618.1

600.9

Other non-current liabilities

223.8

231.2

Total stockholders' equity

811.8

711.4

Total liabilities and stockholders' equity

$

1,926.8

$

1,776.3

The preliminary financial statements are estimated based on our current information.

 

VIAVI SOLUTIONS INC.

REPORTABLE SEGMENT INFORMATION

(in millions, unaudited)

PRELIMINARY

Three Months Ended April 3, 2021

Network and Service Enablement

Network Enablement

Service Enablement

Network and Service Enablement

Optical Security and Performance

Products

Other Items (1)

Consolidated GAAP Measures

Net revenue

$

190.9

$

20.3

$

211.2

$

92.2

$

$

303.4

Gross profit

123.1

12.4

135.5

55.9

(9.4)

182.0

Gross margin

64.5

%

61.1

%

64.2

%

60.6

%

60.0

%

Operating income

20.9

40.5

(25.5)

35.9

Operating margin

9.9

%

43.9

%

11.8

%

 

Three Months Ended March 28, 2020

Network and Service Enablement

Network Enablement

Service Enablement

Network and Service Enablement

Optical Security and Performance Products

Other Items (1)

Consolidated GAAP Measures

Net revenue

$

163.9

$

23.1

$

187.0

$

69.2

$

$

256.2

Gross profit

104.3

16.0

120.3

36.4

(9.9)

146.8

Gross margin

63.6

%

69.3

%

64.3

%

52.6

%

57.3

%

Operating income

13.8

24.2

(28.9)

9.1

Operating margin

7.4

%

35.0

%

3.6

%

 

Nine Months Ended April 3, 2021

Network and Service Enablement

Network Enablement

Service Enablement

Network and Service Enablement

Optical Security and Performance Products

Total Segment Measures

Other Items (1)

Consolidated GAAP Measures

Net revenue

$

533.9

$

67.5

$

601.4

$

286.6

$

888.0

$

$

888.0

Gross profit

339.9

44.3

384.2

175.3

559.5

(28.0)

531.5

Gross margin

63.7

%

65.6

%

63.9

%

61.2

%

63.0

%

59.9

%

Operating income

56.4

132.4

188.8

(79.3)

109.5

Operating margin

9.4

%

46.2

%

21.3

%

12.3

%

 

Nine Months Ended March 28, 2020

Network and Service Enablement

Network Enablement

Service Enablement

Network and Service Enablement

Optical Security and Performance Products

Total Segment Measures

Other Items (1)

Consolidated GAAP Measures

Net revenue

$

565.8

$

75.2

$

641.0

$

228.7

$

869.7

$

$

869.7

Gross profit

367.1

49.4

416.5

123.3

539.8

(29.1)

510.7

Gross margin

64.9

%

65.7

%

65.0

%

53.9

%

62.1

%

58.7

%

Operating income

73.6

85.0

158.6

(83.8)

74.8

Operating margin

11.5

%

37.2

%

18.2

%

8.6

%

(1) Other items include charges unrelated to core operating performance primarily consisting of stock-based compensation, amortization of acquisition-related intangibles, restructuring and related charges, changes in fair value of contingent consideration liabilities and other charges unrelated to core operating performance.

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 (loss), non-GAAP net income (loss) per share, 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 and inventory step-up, stock-based compensation, restructuring, separation costs, changes in fair value of contingent consideration liabilities and certain investing expenses and non-cash activities that management believes are not reflective of such ordinary, ongoing and customary course activities. Additionally, the Company excludes the results of discontinued operations in calculating non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA for all periods reported. The Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance.

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 non-GAAP financial measures. The non-GAAP adjustments, and the basis for excluding them, 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) workforce related charges such as severance, retention bonuses and employee relocation costs related to formal 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) changes in fair value of contingent consideration liabilities and (vi) other charges unrelated to our core operating performance comprising mainly of acquisition related transaction costs, amortization of  acquisition related inventory step-up, integration costs related to acquired entities, litigation 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 (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA. The Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance.

Amortization of intangibles: The Company includes amortization expense related to intangibles in its GAAP presentation of cost of revenues and operating expense. The Company excludes these significant non-cash items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA, because it believes doing so provides investors a clearer and more consistent view of the Company's core operating performance in terms of cost of revenues and operating expenses.

Non-cash interest expense and other expense: The Company incurred non-cash interest expense accretion of the debt discount on its convertible debt instruments. The Company eliminates this in calculating non-GAAP net income (loss), and non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA, because it believes that in so doing, it can provide investors a clearer and more consistent view of the Company's core operating performance.

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, in calculating non-GAAP net income (loss) and non-GAAP net income (loss) per share. The Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance.

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 and related charges (benefits), 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 the United States. The GAAP measure most directly comparable to non-GAAP net income (loss) is net income (loss). The GAAP measure most directly comparable to non-GAAP net income (loss) per share is net income (loss) per share. The Company believes these GAAP measures alone are not fully indicative of its core operating expenses and performance and that providing non-GAAP financial measures in conjunction with GAAP measures provides valuable supplemental information regarding the Company's overall performance.

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

Nine Months Ended

April 3, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Gross Profit

Gross Margin

Gross Profit

Gross Margin

Gross Profit

Gross Margin

Gross Profit

Gross Margin

GAAP measures

$

182.0

60.0

%

$

146.8

57.3

%

$

531.5

59.9

%

$

510.7

58.7

%

Stock-based compensation

1.2

0.4

%

1.2

0.5

%

3.6

0.4

%

3.2

0.4

%

Other charges unrelated to core operating performance (1)

(0.1)

%

0.7

0.3

%

(0.5)

(0.1)

%

1.1

0.1

%

Amortization of intangibles

8.3

2.7

%

8.0

3.1

%

24.9

2.8

%

24.8

2.9

%

Total related to Cost of Revenue

9.4

3.1

%

9.9

3.9

%

28.0

3.1

%

29.1

3.4

%

Non-GAAP measures

$

191.4

63.1

%

$

156.7

61.2

%

$

559.5

63.0

%

$

539.8

62.1

%

 

Three Months Ended

Nine Months Ended

April 3, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Operating Income

Operating Margin

Operating Income

Operating Margin

Operating Income

Operating Margin

Operating Income

Operating Margin

GAAP measures

$

35.9

11.8

%

$

9.1

3.6

%

$

109.5

12.3

%

$

74.8

8.6

%

Stock-based compensation

11.0

3.6

%

11.7

4.6

%

33.4

3.8

%

33.3

3.8

%

Change in fair value of contingent liability

(2.3)

(0.8)

%

%

(3.8)

(0.4)

%

(4.3)

(0.5)

%

Other charges unrelated to core operating performance (1)

0.6

0.2

%

1.9

0.7

%

0.7

0.1

%

5.8

0.7

%

Amortization of intangibles

16.6

5.5

%

16.9

6.5

%

49.8

5.6

%

51.2

5.9

%

Restructuring and related benefits

(0.4)

(0.1)

%

(1.6)

(0.6)

%

(0.8)

(0.1)

%

(2.2)

(0.3)

%

Total related to Cost of Revenue and Operating Expenses

25.5

8.4

%

28.9

11.2

%

79.3

9.0

%

83.8

9.6

%

Non-GAAP measures

$

61.4

20.2

%

$

38.0

14.8

%

$

188.8

21.3

%

$

158.6

18.2

%

 

Three Months Ended

Nine Months Ended

April 3, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Net Income

Diluted EPS

Net Income (Loss)

Diluted EPS

Net Income

Diluted

 EPS

Net Income

Diluted

 EPS

GAAP measures

$

11.8

$

0.05

$

(32.8)

$

(0.14)

$

48.0

$

0.21

$

2.0

$

0.01

Items reconciling GAAP net income and EPS to non-GAAP net income and EPS:

Stock-based compensation

11.0

0.05

11.7

0.05

33.4

0.14

33.3

0.14

Change in fair value of contingent liability

(2.3)

(0.01)

(3.8)

(0.02)

(4.3)

(0.02)

Other charges unrelated to core operating performance (1)

0.6

1.9

0.01

0.7

5.8

0.02

Amortization of intangibles

16.6

0.07

16.9

0.07

49.8

0.21

51.2

0.22

Restructuring and related charges (benefits)

(0.4)

(1.6)

(0.01)

(0.8)

(2.2)

(0.01)

Non-cash interest expense and other expense

5.6

0.02

5.1

0.02

16.4

0.07

15.5

0.07

Withholding income taxes

31.6

0.13

31.6

0.13

Benefit from income taxes

(0.6)

(0.9)

(1.0)

(2.4)

(0.01)

Total related to net income and EPS

30.5

0.13

64.7

0.28

94.7

0.40

128.5

0.54

Non-GAAP measures

$

42.3

$

0.18

$

31.9

$

0.14

$

142.7

$

0.61

$

130.5

$

0.55

Shares used in per share calculation for Non-GAAP EPS

240.2

234.1

233.8

236.3

Note: Certain totals may not add due to rounding

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

Nine Months Ended

April 3, 2021

March 28, 2020

April 3, 2021

March 28, 2020

GAAP net income (loss)

$

11.8

$

(32.8)

$

48.0

$

2.0

Interest and other income and (expense), net

0.9

(5.3)

(0.8)

(9.3)

Interest expense

9.0

8.4

27.0

25.1

Withholding income taxes

31.6

31.6

Provision for income taxes

14.2

7.2

35.3

25.4

Depreciation

9.2

10.3

26.8

30.0

Amortization

16.6

16.9

49.8

51.2

EBITDA

61.7

36.3

186.1

156.0

Costs related to restructuring and related benefits

(0.4)

(1.6)

(0.8)

(2.2)

Costs related to stock-based compensation

11.0

11.7

33.4

33.3

Change in fair value of contingent liability

(2.3)

(3.8)

(4.3)

Other charges unrelated to core operating performance (1)

0.6

1.9

0.7

5.8

Adjusted EBITDA

$

70.6

$

48.3

$

215.6

$

188.6

Note: Certain totals may not add due to rounding

(1) Other items include charges unrelated to core operating performance primarily consisted of acquisition and integration related charges, transformational initiatives such as site consolidations, and reorganization, loss on sale of investments and loss on disposal of long-lived assets.

The preliminary financial schedules are estimated based on our current information

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/viavi-announces-third-quarter-fiscal-2021-results-301283601.html

SOURCE VIAVI Financials



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