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OFFON

VIAVI SOLUTIONS INC.

(VIAV)
  Report
Delayed Quote. Delayed Nasdaq - 05/05 04:00:00 pm
15.78 USD   -1.31%
05/05VIAVI  : Q321 Transcript
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05/04VIAVI  : Q321 Earnings Supplementary Slides
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Viavi : Q321 Earnings Supplementary Slides

05/04/2021 | 05:31pm EDT

Fiscal 3Q 2021

Earnings Call

Supplementary

Slides

May 4, 2021

Cautionary Language Concerning Forward-Looking Statements

This presentation contains forward-looking statements under Section 27A of the Securities Act of 1934. Forward-looking statements are all statements we make other than those dealing specifically with historical matters. These forward-looking statements include, among other things, financial guidance. Please refer to the Company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K filed August 24, 2020 and our quarterly reports on Form 10-Q filed May 7, 2020, November 10, 2020, and February 9, 2021 for additional factors that could cause actual results to materially differ from current expectations. The forward-looking statements included in this presentation are valid only as of today's date except where otherwise noted. Viavi Solutions Inc. undertakes no obligation to update these statements.

This presentation and the Q&A that follows include non-GAAP financial measures which complement the Company's preliminary consolidated GAAP financial statements. These non-GAAP financial measures are not intended to supersede or replace the Company's preliminary GAAP financials. We provide a detailed reconciliation of preliminary GAAP results to the non-GAAP results in the Appendix to this presentation and in the "Preliminary Reconciliation of GAAP Measures to Non-GAAP Measures" schedule in our earnings release issued today. This earnings release is located in the Investor Relations section of our web site at https://investor.viavisolutions.com.

Note: Amounts presented in all slides are on a continuing operations basis unless otherwise noted.

Fiscal 3Q 2021 Financial Highlights

(Amounts reflect non-GAAP and in $millions, unless otherwise noted)

Result

Y/Y Performance

Revenue

$303.4

up

18.4%

(exceeded $290M +/- $10M guidance range)

Non-GAAP Gross Margin

63.1%

up

190 basis points

NE

64.5%

up

90 basis points

SE

61.1%

down

(820) basis points

OSP

60.6%

up

800 basis points

Non-GAAP Operating Margin

20.2%

up

540 basis points

(exceeded 18.0% +/- 0.5% guidance range)

NSE

9.9%

up

250 basis points

OSP

43.9%

up

890 basis points

Earnings Per Share

$0.18

up

28.6%

(high end of $0.17 +/- $0.01 guidance range)

GAAP Operating Cash Flow

$48.1

up

23.0%

All non-GAAP amounts are reconciled to the corresponding GAAP amounts in the Appendix beginning on slide 13.

Income Statement

(Amounts reflect non-GAAP and in $millions, except per share amounts)

F3Q 2021

F2Q 2021

F3Q 2020

QoQ

YoY

Revenue

$303.4

$299.9

$256.2

1.2 %

18.4 %

Non-GAAP Gross Margin

63.1%

63.1

%

61.2 %

- bps

190 bps

Non-GAAP Operating Expenses

$130.0

$122.5

$118.7

6.1 %

9.5 %

Non-GAAP Operating Profit

$61.4

$66.8

$38.0

(8.1)%

61.6 %

Non-GAAP Operating Margin

20.2 %

22.3

%

14.8 %

(210) bps

540 bps

Non-GAAP Net Income

$42.3

$52.1

$32.0

(18.8)%

32.2 %

Non-GAAP EPS

$0.18

$0.23

$0.14

($0.05)

$0.04

Revenue by Business Segment and Geographic Region

(Amounts in $millions)

F3Q 2021

F2Q 2021

F3Q 2020

QoQ

YoY

Segment Mix

NE

$190.9

62.9%

$180.9

60.3 %

$163.9

64.0 %

5.5%

16.5%

SE

$20.3

6.7%

$25.8

8.6

%

$23.1

9.0

%

(21.3%)

(12.1%)

OSP

$92.2

30.4%

$93.2

31.1

%

$69.2

27.0

%

(1.1%)

33.2%

Total

$303.4

100.0 %

$299.9

100.0 %

$256.2

100.0 %

1.2%

18.4%

Region Mix

Americas

$101.8

33.6

%

$108.4

36.2

%

$88.8

34.7

%

(6.1%)

14.6%

Asia-Pacific

$102.2

33.7

%

$96.4

32.1

%

$74.3

29.0

%

6.0%

37.6%

EMEA

$99.4

32.7

%

$95.1

31.7

%

$93.1

36.3

%

4.5%

6.8%

Total

$303.4

100.0%

$299.9

100.0 %

$256.2

100.0 %

1.2%

18.4%

Disclaimer

Viavi Solutions Inc. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 21:30:08 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 1 184 M - -
Net income 2021 70,6 M - -
Net cash 2021 77,5 M - -
P/E ratio 2021 52,6x
Yield 2021 -
Capitalization 3 609 M 3 609 M -
EV / Sales 2021 2,98x
EV / Sales 2022 2,70x
Nbr of Employees 3 600
Free-Float 99,0%
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 10
Average target price 19,67 $
Last Close Price 15,78 $
Spread / Highest target 45,8%
Spread / Average Target 24,6%
Spread / Lowest Target 1,39%
EPS Revisions
Managers and Directors
NameTitle
Oleg Khaykin President, Chief Executive Officer & Director
Hendrikus Petrus Cornelis Derksen Chief Financial Officer & Executive Vice President
Richard E. Belluzzo Chairman
Ralph Rondinone Senior Vice President-Global Operations & Services
Masood A. Jabbar Independent Director
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