VIAVI Releases Fourth Quarter Financial Reports for 2021
Friday, August 13, 2021 | Comments

VIAVI results for its fourth fiscal quarter ended July 3.

Fourth-quarter net revenue was $310.9 million, while generally accepted accounting principles (GAAP) net loss was $1.9 million, or $0.01 per share. Non-GAAP net income was $52.8 million, or $0.22 per share.

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. Fourth quarter net revenue for 2020 was $266.6 million. GAAP net income was $26.7 million, or $0.12 per share. Non-GAAP net income was $40.8 million, or $0.18 per share.

"VIAVI had a strong finish to fiscal year 2021 with a record $1.20 billion in revenue and non-GAAP EPS at $0.83,” said VIAVI President and CEO Oleg Khaykin. “Fiscal Q4 posted record revenue and non-GAAP profitability for a June quarter as it exceeded the high end of the guidance range in revenue, non-GAAP operating margin and non-GAAP EPS.”

Americas; Asia-Pacific; and Europe, Middle East and Africa (EMEA) customers represented 35.4%, 33.4% and 31.2%, respectively, of total net revenue for the quarter ended July 3. Americas, Asia-Pacific and EMEA customers represented 34.7%, 34.2% and 31.1%, respectively, of total net revenue for the year ended July 3, 2021. As of July 3, 2021, the company held $703.7 million in cash and cash equivalents, investments and short-term restricted cash.

As of July 3, the company had $460 million aggregate principal amount of 1% senior convertible notes and $225 million aggregate principal amount of 1.75% senior convertible notes with a total net carrying value of $624 million.

During the fiscal quarter ended July 3, the company generated $63 million of cash from operations. During the fiscal year ended July 3, the company generated $243.7 million of cash flows from operations.

On July 2, the company initiated a planned series of corporate actions pertaining to the company's management of its intellectual property assets. As part of the transaction the company incurred a one-time income tax expense charge of $19.1 million in the fourth quarter.

For the first quarter of fiscal year 2022 ending October 2, the company expects net revenue to be between $303 million to $317 million and non-GAAP earnings per share (EPS) to be between $0.20 and $0.22.

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