Viavi Solutions (VIAV) FY2023 results: revenue $1.1 billion, down 14.4% on the year

Viavi Solutions Inc. (VIAV) reported revenue of $1.1 billion for fiscal 2023, the year ended 1 July 2023, down 14.4% on the year before. Net income was $26 million, up 64.5%, and diluted earnings per share $0.11. The figures are the company's own, from the 10-K it filed with the SEC on 17 August 2023.

Revenue

$1.1 billion

-14.4% on the year

FY2016FY2023

Operating margin

7.4%

14.3% a year earlier

FY2016FY2023

Net income

$26 million

+64.5% on the year

FY2016FY2023

Diluted EPS

$0.11

+57.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,106	1,292	1,199	-14.4%
Cost of revenue	467	519	484	-9.9%
Gross profit	639	774	714	-17.4%
Gross margin	57.8%	59.8%	59.6%
Research and development	207	213	203	-3.0%
Selling, general and administrative	329	366	338	-10.1%
Operating income	82.4	185	142	-55.5%
Operating margin	7.4%	14.3%	11.9%
Interest expense	27.1	23.3	14.7	+16.3%
Pre-tax income	60.7	65.1	131	-6.8%
Income tax	35.2	49.6	63.3	-29.0%
Effective tax rate	58.0%	76.2%	48.4%
Net income	25.5	15.5	67.5	+64.5%
Net margin	2.3%	1.2%	5.6%
Diluted EPS	$0.11	$0.07	$0.29	+57.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	114	178	243	-35.9%
Capital expenditure	51.1	72.5	52.1	-29.5%
Free cash flow	63.0	106	191	-40.3%
Free cash flow margin	5.7%	8.2%	15.9%
Cash from investing	-127	-71.0	-48.7
Cash from financing	-50.0	-210	-58.8
Depreciation and amortisation	44.9	45.4	69.1	-1.1%
Share-based compensation	51.2	52.3	48.3	-2.1%
Buybacks	83.9	236	42.2	-64.4%
Diluted shares, weighted	227m	238m	236m	-4.9%
Shares outstanding at period end	222m	226m	228m	-1.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	691	672	764	+2.8%
Redeemable equity	n/a	n/a	0.0
Debt	726	685	681	+6.0%
Operating lease liabilities	29.4	33.5	30.8	-12.2%
Other liabilities	405	438	486	-7.6%
Total liabilities and equity	1,850	1,828	1,961	+1.2%
Fixed assets	243	229	196	+6.2%
Goodwill	455	388	396	+17.4%
Intangible assets	58.6	54.2	88.0	+8.1%
Investments	0.2	0.1	1.6	+100.0%
Trading assets	1.5	1.4	1.6	+7.1%
Cash and equivalents	506	560	698	-9.5%
Receivables	231	261	256	-11.4%
Inventory	116	110	94.9	+5.4%
Other assets	238	225	228	+6.0%
Total assets	1,850	1,828	1,961	+1.2%

10-K for the year ended 1 July 2023, filed 17 August 2023: the filing.