SAN JOSE, Calif. -- VIAVI (NASDAQ: VIAV) today reported results for its third fiscal quarter ended March 31, 2018.
Third quarter of fiscal 2018 net revenue was $219.4 million. GAAP net loss was $(8.7) million, or $(0.04) per share. NonGAAP
net income was $29.2 million, or $0.13 per share.
Second quarter of fiscal 2018 net revenue was $201.8 million. GAAP net loss was $(3.7) million or $(0.02) per share. NonGAAP
net income was $20.2 million, or $0.09 per share.
Third quarter of fiscal 2017 net revenue was $196.0 million. GAAP net income was $26.0 million, or $0.11 per share. NonGAAP
net income was $21.9 million, or $0.09 per share.
“VIAVI exceeded its Q3 non-GAAP operating margin and EPS guidance range, excluding the financial contribution from
the acquired business. Stronger performance by both the NSE and OSP business segments drove the results,” said Oleg
Khaykin, VIAVI’s President and Chief Executive Officer. “During the quarter, we completed the acquisition of the AvComm
and Wireless Test and Measurement businesses of Cobham. The acquisition is expected to be immediately accretive to nonGAAP
earnings in fiscal 4Q and we are excited about the growth opportunities in the emerging 5G wireless market and
AvComm’s military, public safety and avionics test markets.”
• Americas, Asia-Pacific and EMEA customers represented 44.2%, 29.2% and 26.6%, respectively, of total net revenue
for the quarter ended March 31, 2018.
• As of March 31, 2018, the Company held $738.0 million in total cash and investments.
• As of March 31, 2018, the Company had $888.5 million of total aggregate principal amount of senior convertible notes,
with net carrying value of $786.0 million. The Company had $428.5 million aggregate principal amount of 0.625%
Senior Convertible Notes (“0.625% Notes”), after repurchasing $22.5 million of principal amount during the fiscal
quarter ended March 31, 2018. The 0.625% Notes with net carrying value of $420.4 million as of March 31, 2018 was
classified as current portion of long-term debt. The Company also had $460.0 million aggregate principal amount of
1.00% Senior Convertible Notes with a net carrying value of $365.6 million classified as long-term debt, net of current
• During the fiscal quarter ended March 31, 2018, the Company generated $13.6 million of cash from operations.
Business Outlook for the Fourth Quarter of Fiscal 2018
For the fourth quarter of fiscal 2018 ending June 30, 2018, the Company expects net revenue to be between $243 million
to $267 million and non-GAAP earnings per share to be $0.08 to $0.12.
Khaykin added, “Q4 operating margins in OSP are expected to be significantly down, driven by short-term
underutilization of 3D Sensing manufacturing operation as our customers transition to the next year product cycle. The
operations are expected to rebound in the September quarter and we expect a very strong first half fiscal year 2019 3D Sensing
business. Together with continued recovery in Anti-Counterfeiting products demand, we expect OSP operating margins to
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