Viavi Solutions (VIAV) FY2022 results: revenue $1.3 billion, up 7.8% on the year

Viavi Solutions Inc. (VIAV) reported revenue of $1.3 billion for fiscal 2022, the year ended 2 July 2022, up 7.8% on the year before. Net income was $16 million, down 77.0%, and diluted earnings per share $0.07. The figures are the company's own, from the 10-K it filed with the SEC on 19 August 2022.

Revenue

$1.3 billion

+7.8% on the year

FY2015FY2022

Operating margin

14.3%

11.9% a year earlier

FY2015FY2022

Net income

$16 million

-77.0% on the year

FY2015FY2022

Diluted EPS

$0.07

-75.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,292	1,199	1,136	+7.8%
Cost of revenue	519	484	471	+7.1%
Gross profit	774	714	665	+8.3%
Gross margin	59.8%	59.6%	58.5%
Research and development	213	203	194	+5.0%
Selling, general and administrative	366	338	315	+8.4%
Operating income	185	142	118	+30.1%
Operating margin	14.3%	11.9%	10.4%
Interest expense	23.3	14.7	13.4	+58.5%
Pre-tax income	65.1	131	114	-50.2%
Income tax	49.6	63.3	65.3	-21.6%
Effective tax rate	76.2%	48.4%	57.1%
Net income	15.5	67.5	49.0	-77.0%
Net margin	1.2%	5.6%	4.3%
Diluted EPS	$0.07	$0.29	$0.21	-75.9%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	178	243	136	-26.8%
Capital expenditure	72.5	52.1	31.9	+39.2%
Free cash flow	106	191	104	-44.8%
Free cash flow margin	8.2%	15.9%	9.1%
Cash from investing	-71.0	-48.7	-29.8
Cash from financing	-210	-58.8	-71.7
Depreciation and amortisation	45.4	69.1	75.1	-34.3%
Share-based compensation	52.3	48.3	44.6	+8.3%
Buybacks	236	42.2	44.4	+459.0%
Diluted shares, weighted	238m	236m	235m	+0.8%
Shares outstanding at period end	226m	228m	228m	-0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	672	764	633	-12.1%
Redeemable equity	n/a	0.0	n/a
Short-term borrowings	n/a	n/a	2.8
Debt	685	681	679	+0.6%
Operating lease liabilities	33.5	30.8	28.1	+8.8%
Other liabilities	438	486	433	-9.9%
Total liabilities and equity	1,828	1,961	1,776	-6.8%
Fixed assets	229	196	172	+16.8%
Goodwill	388	396	381	-2.2%
Intangible assets	54.2	88.0	148	-38.4%
Investments	0.1	1.6	1.5	-93.8%
Trading assets	1.4	1.6	1.4	-12.5%
Cash and equivalents	560	698	539	-19.8%
Receivables	261	256	236	+1.7%
Inventory	110	94.9	83.3	+16.0%
Other assets	225	228	214	-1.6%
Total assets	1,828	1,961	1,776	-6.8%

10-K for the year ended 2 July 2022, filed 19 August 2022: the filing.