Viavi Solutions (VIAV) FY2014 results: revenue $927 million, down 44.7% on the year
Viavi Solutions Inc. (VIAV) reported revenue of $927 million for fiscal 2014, the year ended 28 June 2014, down 44.7% on the year before. Net income was -$18 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-K it filed with the SEC on 26 August 2014.
Revenue
$927 million
-44.7% on the year
FY2009FY2014
Operating margin
-6.0%
-1.5% a year earlier
FY2009FY2014
Net income
-$18 million
FY2009FY2014
Diluted EPS
-$0.08
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
927
1,677
1,662
-44.7%
Cost of revenue
916
919
898
-0.4%
Gross profit
528
695
706
-24.0%
Gross margin
56.9%
41.4%
42.4%
Research and development
162
258
244
-37.4%
Selling, general and administrative
385
429
427
-10.4%
Operating income
-55.6
-24.9
0.4
Operating margin
-6.0%
-1.5%
0.0%
Interest expense
29.4
17.9
27.3
+64.2%
Pre-tax income
-85.8
-46.9
-14.1
Income tax
-11.2
-104
12.0
Net income
-17.8
57.0
-55.6
Net margin
-1.9%
3.4%
-3.3%
Diluted EPS
-$0.08
$0.24
-$0.24
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
177
188
119
-6.0%
Capital expenditure
99.8
65.1
72.2
+53.3%
Free cash flow
76.8
123
46.9
-37.4%
Free cash flow margin
8.3%
7.3%
2.8%
Cash from investing
-652
-25.0
-106
Cash from financing
490
-284
-1.9
Depreciation and amortisation
88.0
81.1
92.0
+8.5%
Share-based compensation
64.1
56.5
49.1
+13.5%
Buybacks
155
n/a
n/a
Diluted shares, weighted
234m
239m
230m
-2.1%
Shares outstanding at period end
230m
237m
232m
-3.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,188
1,161
1,039
+2.3%
Short-term borrowings
0.0
n/a
n/a
Debt
536
0.0
293
Other liabilities
628
554
538
+13.4%
Total liabilities and equity
2,352
1,715
1,870
+37.1%
Fixed assets
289
247
253
+16.9%
Goodwill
261
115
68.7
+126.8%
Intangible assets
178
150
179
+18.8%
Investments
552
205
322
+169.1%
Cash and equivalents
297
281
401
+5.8%
Receivables
296
273
306
+8.4%
Inventory
153
146
174
+5.1%
Other assets
325
298
166
+9.1%
Total assets
2,352
1,715
1,870
+37.1%
10-K for the year ended 28 June 2014, filed 26 August 2014: the filing.