Viavi Solutions (VIAV) Q1 FY2024 earnings: revenue $248 million, down 20.1% on the year

Viavi Solutions Inc. (VIAV) reported revenue of $248 million for Q1 FY2024, the quarter ended 30 September 2023, down 20.1% on the same quarter a year earlier. Net income was $10 million, down 69.9% on the year, and diluted earnings per share $0.04. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$248 milliondown 20.1%

Net income$10 milliondown 69.9%

Diluted EPS$0.04

QuarterQ1 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Revenue	248	n/a	n/a	n/a
Cost of revenue	104	n/a	n/a	n/a
Gross profit	144	n/a	n/a	n/a
Gross margin	58.2%	n/a	n/a
Research and development	49.9	n/a	n/a	n/a
Selling, general and administrative	77.2	n/a	n/a	n/a
Operating income	16.0	n/a	n/a	n/a
Operating margin	6.5%	n/a	n/a
Interest expense	7.8	n/a	n/a	n/a
Pre-tax income	18.4	n/a	n/a	n/a
Income tax	8.6	n/a	n/a	n/a
Effective tax rate	46.7%	n/a	n/a
Net income	9.8	n/a	n/a	n/a
Net margin	4.0%	n/a	n/a
Diluted EPS	$0.04	n/a	n/a	n/a

$ 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 and capital returned

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	50.3	n/a	n/a	n/a
Capital expenditure	6.7	n/a	n/a	n/a
Free cash flow	43.6	n/a	n/a	n/a
Free cash flow margin	17.6%	n/a	n/a
Cash from investing	-12.6	n/a	n/a	n/a
Cash from financing	-16.1	n/a	n/a	n/a
Depreciation and amortisation	11.9	n/a	n/a	n/a
Share-based compensation	11.2	n/a	n/a	n/a
Buybacks	10.0	n/a	n/a	n/a
Diluted shares, weighted	224m	n/a	n/a	n/a
Shares outstanding at period end	222m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Shareholders' equity	675	n/a	n/a	n/a
Debt	631	n/a	n/a	n/a
Operating lease liabilities	27.6	n/a	n/a	n/a
Other liabilities	468	n/a	n/a	n/a
Total liabilities and equity	1,802	n/a	n/a	n/a
Fixed assets	239	n/a	n/a	n/a
Goodwill	450	n/a	n/a	n/a
Intangible assets	52.8	n/a	n/a	n/a
Investments	0.2	n/a	n/a	n/a
Trading assets	1.5	n/a	n/a	n/a
Cash and equivalents	521	n/a	n/a	n/a
Receivables	191	n/a	n/a	n/a
Inventory	114	n/a	n/a	n/a
Other assets	234	n/a	n/a	n/a
Total assets	1,802	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	248	254	246	252	238	271	285	290	299	369	407	443
Cost of revenue	104	106	108	106	102	110	124	127	130	159	173	181
Gross profit	144	148	138	146	136	161	161	164	169	211	234	262
Gross margin	58%	58%	56%	58%	57%	59%	56%	56%	57%	57%	58%	59%
R&D	49.9	49.5	50.0	52.5	49.4	52.1	50.0	57.2	56.0	65.9	71.0	69.8
SG&A	77.2	74.8	98.2	83.1	74.1	84.3	101	89.7	104	127	114	124
Operating income	16.0	22.4	-11.9	-5.7	11.5	22.2	8.5	15.3	7.6	11.4	24.8	61.3
Operating margin	6%	9%	-5%	-2%	5%	8%	3%	5%	3%	3%	6%	14%
Interest expense	7.8	7.9	7.7	7.5	7.5	7.5	7.5	7.5	7.4	15.3	14.3	10.4
Pre-tax income	18.4	18.3	-15.6	-9.5	7.2	18.6	3.2	9.6	-2.3	-38.7	13.8	43.5
Tax rate	47%	42%	n/a	n/a	125%	51%	-509%	23%	n/a	n/a	54%	26%
Net income	9.8	10.7	-24.6	-21.7	-1.8	9.1	19.5	8.0	-21.4	-48.1	6.4	32.7
Net margin	4%	4%	-10%	-9%	-1%	3%	7%	3%	-7%	-13%	2%	7%
Diluted EPS	$0.04	$0.05	-$0.11	-$0.10	-$0.01	$0.04	$0.09	$0.04	-$0.10	-$0.21	$0.03	$0.13
Operating cash flow	50.3	20.4	19.5	26.2	13.5	44.7	7.8	23.8	31.0	42.5	-26.3	66.7
Capital expenditure	6.7	5.8	3.2	3.8	7.3	8.2	6.8	5.5	8.5	5.6	5.9	11.1
Free cash flow	43.6	14.6	16.3	22.4	6.2	36.5	1.0	18.3	22.5	36.9	-32.2	55.6
Buybacks	10.0	0.0	0.0	10.0	16.4	0.0	0.0	0.0	30.0	0.0	0.0	0.0
Shares outstanding	222m	223m	223m	222m	222m	222m	223m	223m	223m	231m	234m	247m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0000912093-23-000059: the filing on EDGAR. All of Viavi Solutions Inc.'s filings: EDGAR company page.

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