Viavi Solutions (VIAV) FY2020 results: revenue $1.1 billion, up 0.5% on the year
Viavi Solutions Inc. (VIAV) reported revenue of $1.1 billion for fiscal 2020, the year ended 27 June 2020, up 0.5% on the year before. Net income was $49 million, up 807.4%, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 24 August 2020.
Revenue
$1.1 billion
+0.5% on the year
FY2013FY2020
Operating margin
10.4%
6.0% a year earlier
FY2013FY2020
Net income
$49 million
+807.4% on the year
FY2013FY2020
Diluted EPS
$0.21
+950.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,136
1,130
876
+0.5%
Cost of revenue
471
479
387
-1.6%
Gross profit
665
651
488
+2.1%
Gross margin
58.5%
57.6%
55.8%
Research and development
194
187
133
+3.5%
Selling, general and administrative
315
344
324
-8.3%
Operating income
118
67.4
1.9
+75.2%
Operating margin
10.4%
6.0%
0.2%
Interest expense
13.4
34.3
47.3
-60.9%
Pre-tax income
114
39.3
-35.7
+190.8%
Income tax
65.3
31.5
12.9
+107.3%
Effective tax rate
57.1%
80.2%
n/a
Net income
49.0
5.4
-48.6
+807.4%
Net margin
4.3%
0.5%
-5.5%
Diluted EPS
$0.21
$0.02
-$0.20
+950.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
136
139
66.0
-2.3%
Capital expenditure
31.9
45.0
42.5
-29.1%
Free cash flow
104
93.8
23.5
+10.6%
Free cash flow margin
9.1%
8.3%
2.7%
Cash from investing
-29.8
80.6
-286
Cash from financing
-71.7
-300
-180
Depreciation and amortisation
75.1
77.8
56.7
-3.5%
Share-based compensation
44.6
38.2
30.5
+16.8%
Buybacks
44.4
11.2
40.8
+296.4%
Diluted shares, weighted
235m
231m
227m
+1.6%
Shares outstanding at period end
228m
229m
227m
-0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
633
627
735
+0.9%
Short-term borrowings
2.8
0.0
n/a
Debt
679
579
833
+17.3%
Operating lease liabilities
28.1
0.0
n/a
Other liabilities
433
609
459
-28.9%
Total liabilities and equity
1,776
1,815
2,027
-2.1%
Fixed assets
172
180
170
-4.1%
Goodwill
381
381
336
+0.1%
Intangible assets
148
212
235
-30.0%
Investments
1.5
1.5
169
0.0%
Trading assets
1.4
1.5
1.6
-6.7%
Cash and equivalents
539
522
611
+3.4%
Receivables
236
238
219
-0.9%
Inventory
83.3
103
92.3
-18.9%
Other assets
214
178
192
+20.3%
Total assets
1,776
1,815
2,027
-2.1%
10-K for the year ended 27 June 2020, filed 24 August 2020: the filing.