Viavi Solutions (VIAV) FY2021 results: revenue $1.2 billion, up 5.5% on the year
Viavi Solutions Inc. (VIAV) reported revenue of $1.2 billion for fiscal 2021, the year ended 3 July 2021, up 5.5% on the year before. Net income was $68 million, up 37.8%, and diluted earnings per share $0.29. The figures are the company's own, from the 10-K it filed with the SEC on 23 August 2021.
Revenue
$1.2 billion
+5.5% on the year
FY2014FY2021
Operating margin
11.9%
10.4% a year earlier
FY2014FY2021
Net income
$68 million
+37.8% on the year
FY2014FY2021
Diluted EPS
$0.29
+38.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,199
1,136
1,130
+5.5%
Cost of revenue
484
471
479
+2.9%
Gross profit
714
665
651
+7.4%
Gross margin
59.6%
58.5%
57.6%
Research and development
203
194
187
+4.9%
Selling, general and administrative
338
315
344
+7.1%
Operating income
142
118
67.4
+20.4%
Operating margin
11.9%
10.4%
6.0%
Interest expense
14.7
13.4
34.3
+9.7%
Pre-tax income
131
114
39.3
+14.4%
Income tax
63.3
65.3
31.5
-3.1%
Effective tax rate
48.4%
57.1%
80.2%
Net income
67.5
49.0
5.4
+37.8%
Net margin
5.6%
4.3%
0.5%
Diluted EPS
$0.29
$0.21
$0.02
+38.1%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
243
136
139
+79.4%
Capital expenditure
52.1
31.9
45.0
+63.3%
Free cash flow
191
104
93.8
+84.4%
Free cash flow margin
15.9%
9.1%
8.3%
Cash from investing
-48.7
-29.8
80.6
Cash from financing
-58.8
-71.7
-300
Depreciation and amortisation
69.1
75.1
77.8
-8.0%
Share-based compensation
48.3
44.6
38.2
+8.3%
Buybacks
42.2
44.4
11.2
-5.0%
Diluted shares, weighted
236m
235m
231m
+0.6%
Shares outstanding at period end
228m
228m
229m
0.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
764
633
627
+20.6%
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
n/a
2.8
0.0
Debt
681
679
579
+0.2%
Operating lease liabilities
30.8
28.1
0.0
+9.6%
Other liabilities
486
433
609
+12.2%
Total liabilities and equity
1,961
1,776
1,815
+10.4%
Fixed assets
196
172
180
+13.6%
Goodwill
396
381
381
+4.0%
Intangible assets
88.0
148
212
-40.6%
Investments
1.6
1.5
1.5
+6.7%
Trading assets
1.6
1.4
1.5
+14.3%
Cash and equivalents
698
539
522
+29.5%
Receivables
256
236
238
+8.9%
Inventory
94.9
83.3
103
+13.9%
Other assets
228
214
178
+7.0%
Total assets
1,961
1,776
1,815
+10.4%
10-K for the year ended 3 July 2021, filed 23 August 2021: the filing.