Viavi Solutions (VIAV) Q4 FY2024 earnings: revenue $252 million, down 4.4% on the year

Viavi Solutions Inc. (VIAV) reported revenue of $252 million for Q4 FY2024, the quarter ended 29 June 2024, down 4.4% on the same quarter a year earlier. Net income was -$22 million, and diluted earnings per share $-0.10. The figures are the company's own, from the 10-K it filed with the SEC on 16 August 2024.

Revenue$252 milliondown 4.4%

Net income-$22 million

Diluted EPS$-0.10

QuarterQ4 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	252	246	n/a	n/a
Cost of revenue	106	108	n/a	n/a
Gross profit	146	138	n/a	n/a
Gross margin	57.8%	56.1%	n/a
Research and development	52.5	50.0	n/a	n/a
Selling, general and administrative	83.1	98.2	n/a	n/a
Operating income	-5.7	-11.9	n/a	n/a
Operating margin	-2.3%	-4.8%	n/a
Interest expense	7.5	7.7	n/a	n/a
Pre-tax income	-9.5	-15.6	n/a	n/a
Income tax	12.2	9.0	n/a	n/a
Net income	-21.7	-24.6	n/a	n/a
Net margin	-8.6%	-10.0%	n/a
Diluted EPS	-$0.10	-$0.11	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	26.2	19.5	n/a	n/a
Capital expenditure	3.8	3.2	n/a	n/a
Free cash flow	22.4	16.3	n/a	n/a
Free cash flow margin	8.9%	6.6%	n/a
Cash from investing	5.6	-6.9	n/a	n/a
Cash from financing	-10.4	-97.0	n/a	n/a
Depreciation and amortisation	10.8	11.1	n/a	n/a
Share-based compensation	12.9	12.8	n/a	n/a
Buybacks	10.0	0.0	n/a	n/a
Diluted shares, weighted	223m	223m	n/a	n/a
Shares outstanding at period end	222m	223m	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	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Shareholders' equity	682	705	n/a	n/a
Short-term borrowings	0.0	n/a	n/a	n/a
Debt	636	634	n/a	n/a
Operating lease liabilities	25.7	27.3	n/a	n/a
Other liabilities	393	377	n/a	n/a
Total liabilities and equity	1,736	1,744	n/a	n/a
Fixed assets	228	232	n/a	n/a
Goodwill	453	453	n/a	n/a
Intangible assets	38.2	43.0	n/a	n/a
Investments	19.9	28.4	n/a	n/a
Trading assets	1.5	1.4	n/a	n/a
Cash and equivalents	471	454	n/a	n/a
Receivables	213	212	n/a	n/a
Inventory	96.5	103	n/a	n/a
Other assets	215	216	n/a	n/a
Total assets	1,736	1,744	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-K for the period ended 29 June 2024, filed 16 August 2024, accession 0000912093-24-000063: the filing on EDGAR. All of Viavi Solutions Inc.'s filings: EDGAR company page.

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