Viavi Solutions (VIAV) FY2024 results: revenue $1.0 billion, down 9.6% on the year

Viavi Solutions Inc. (VIAV) reported revenue of $1.0 billion for fiscal 2024, the year ended 29 June 2024, down 9.6% on the year before. Net income was -$26 million, and diluted earnings per share $-0.12. The figures are the company's own, from the 10-K it filed with the SEC on 16 August 2024.

Revenue

$1.0 billion

-9.6% on the year

FY2017FY2024

Operating margin

2.1%

7.4% a year earlier

FY2017FY2024

Net income

-$26 million

FY2017FY2024

Diluted EPS

-$0.12

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,000	1,106	1,292	-9.6%
Cost of revenue	424	467	519	-9.2%
Gross profit	576	639	774	-9.8%
Gross margin	57.6%	57.8%	59.8%
Research and development	202	207	213	-2.4%
Selling, general and administrative	333	329	366	+1.4%
Operating income	20.8	82.4	185	-74.8%
Operating margin	2.1%	7.4%	14.3%
Interest expense	30.9	27.1	23.3	+14.0%
Pre-tax income	11.6	60.7	65.1	-80.9%
Income tax	37.4	35.2	49.6	+6.2%
Effective tax rate	322.4%	58.0%	76.2%
Net income	-25.8	25.5	15.5
Net margin	-2.6%	2.3%	1.2%
Diluted EPS	-$0.12	$0.11	$0.07

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	116	114	178	+2.0%
Capital expenditure	19.5	51.1	72.5	-61.8%
Free cash flow	96.9	63.0	106	+53.8%
Free cash flow margin	9.7%	5.7%	8.2%
Cash from investing	-21.6	-127	-71.0
Cash from financing	-126	-50.0	-210
Depreciation and amortisation	44.9	44.9	45.4	0.0%
Share-based compensation	49.4	51.2	52.3	-3.5%
Buybacks	20.0	83.9	236	-76.2%
Diluted shares, weighted	223m	227m	238m	-1.8%
Shares outstanding at period end	222m	222m	226m	0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	682	691	672	-1.3%
Short-term borrowings	0.0	n/a	n/a
Debt	636	726	685	-12.4%
Operating lease liabilities	25.7	29.4	33.5	-12.6%
Other liabilities	393	405	438	-2.9%
Total liabilities and equity	1,736	1,850	1,828	-6.2%
Fixed assets	228	243	229	-6.1%
Goodwill	453	455	388	-0.5%
Intangible assets	38.2	58.6	54.2	-34.8%
Investments	19.9	0.2	0.1	+9,850.0%
Trading assets	1.5	1.5	1.4	0.0%
Cash and equivalents	471	506	560	-6.9%
Receivables	213	231	261	-7.8%
Inventory	96.5	116	110	-16.9%
Other assets	215	238	225	-9.9%
Total assets	1,736	1,850	1,828	-6.2%

10-K for the year ended 29 June 2024, filed 16 August 2024: the filing.