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VIAVI Announces Fiscal Fourth Quarter and Year End 2015 Results

作成者:cyle.olson 作成日:8月 11, 2015 - 1:09午後

Spinoff Update

  1. JDS Uniphase Corporation (“JDSU”), successfully completed the spinoff of its communications and commercial optical products and WaveReady businesses, now Lumentum Holdings Inc. (“Lumentum”), on August 1, 2015
  2. Concurrent with the separation JDSU changed its name to VIAVI Solutions Inc. (“VIAVI”)

Fourth Quarter

  1. GAAP and Non-GAAP Net Revenue of $427.7 million
  2. GAAP Gross margin of 45.5%; Non-GAAP Gross margin of 47.8%
  3. GAAP EPS of $(0.16); Non-GAAP EPS of $0.13

Fiscal 2015

  1. GAAP and Non-GAAP Net Revenue of $1,709.1 million
  2. GAAP Gross margin of 45.6%; Non-GAAP Gross margin of 48.6%
  3. GAAP EPS of $(0.37); Non-GAAP EPS of $0.53

Milpitas, California, August 11, 2015 — VIAVI (NASDAQ: VIAV) today reported results for its fiscal fourth quarter and year ended June 27, 2015.

These results include the results of Lumentum, formerly VIAVI’s communications and commercial optical products business segment and WaveReady product lines. VIAVI completed the spinoff of Lumentum on August 1, 2015 by distributing approximately 80.1% of Lumentum’s common stock to VIAVI stockholders. VIAVI retained approximately 19.9%, or 11.7 million shares, of Lumentum’s common stock and intends to sell such stock no later than 3 years from the distribution. Beginning with the first quarter of fiscal 2016, Lumentum’s financial results will be separately reported by Lumentum.

GAAP net revenue for fiscal 2015 fourth quarter was $427.7 million, with net loss of $(37.3) million, or $(0.16) per share. Prior quarter GAAP net revenue was $410.7 million, with net loss of $(13.2) million, or $(0.06) per share. GAAP net revenue for fiscal 2014 fourth quarter was $448.6 million, with net loss of $(25.4) million, or $(0.11) per share.

Non-GAAP net revenue for fiscal 2015 fourth quarter was $427.7 million, with net income of $29.8 million, or $0.13 per share. Prior quarter non-GAAP net revenue was $410.7 million, with net income of $27.6 million, or $0.12 per share. Non-GAAP net revenue for fiscal 2014 fourth quarter was $448.6 million, with net income of $34.2 million, or $0.14 per share.

“We are pleased to have executed as planned our recently completed separation on August 1st, and to have completed our fiscal fourth quarter with revenue, operating margin and EPS all above our guidance midpoint,” said Rick Belluzzo, VIAVI’s Interim President and Chief Executive Officer. “While we face some near term challenges ahead in our Network and Service Enablement businesses, our integrated NE and SE solutions platform business strategy should allow us to benefit from positive industry macro trends as carriers continue to migrate to software-driven network solutions. I am particularly pleased with both the revenue and operating margin progression that OSP has delivered its positive outlook going into fiscal 2016.”

Belluzzo added, “VIAVI is about agility and increased focus on our business mission as we are focused on driving steady profitability improvement throughout fiscal 2016.”

GAAP net revenue for fiscal 2015 was $1,709.1 million, with net loss of $(85.3) million, or $(0.37) per share. GAAP net revenue for fiscal 2014 was $1,743.2 million, with net loss of $(17.8) million, or $(0.08) per share.

Non-GAAP net revenue for fiscal 2015 was $1,709.1 million, with net income of $126.6 million, or $0.53 per share. Non-GAAP net revenue for fiscal 2014 was $1,743.2 million, with net income of $133.1 million, or $0.56 per share.

Financial Overview:

The tables below (in millions, except percentage data) provide comparisons of quarterly and annual results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

Fourth Quarter Ended June 27, 2015

  GAAP Results
  Q4 Q3 Q4 Change
  FY 2015 FY 2015 FY 2014 Q/Q Y/Y
Net revenue $427.7 $410.7 $448.6 4.1% (4.7)%
Gross margin 45.5% 44.9% 46.7% 60 bps (120) bps
Operating margin (5.4)% (5.4)% (3.7)% — bps (170) bps
  Non-GAAP Results
  Q4 Q3 Q4 Change
  FY 2015 FY 2015 FY 2014 Q/Q Y/Y
Net revenue $427.7 $410.7 $448.6 4.1% (4.7)%
Adj. Gross margin 47.8% 48.3% 50.0% (50) bps (220) bps
Adj. Operating margin 8.2% 7.6% 8.7% 60 bps (50) bps
  Non-GAAP Net Revenue by Segment
  Q4 % of Net Q3 Q4 Change
  FY 2015 revenue FY 2015 FY 2014 Q/Q Y/Y
Network Enablement $137.6 32.2% $128.1 $165.5 7.4% (16.9)%
Service Enablement 36.1 8.4% 39.0 43.6 (7.4)% (17.2)%
   
Communications and Commercial Optical Products:  
  Optical Communications 173.5 40.6% 163.7 156.2 6.0% 11.1%
  Lasers 30.0 7.0% 31.5 40.7 (4.8)% (26.3)%
             
Communications and Commercial Optical Products 203.5 47.6% 195.2 196.9 4.3% 3.4%
Optical Security and Performance Products 50.5 11.8% 48.4 42.6 4.3% 18.5%
Total $427.7 100.0% $410.7 $448.6 4.1% (4.7)%

Fiscal Year Ended June 27, 2015

  GAAP Results
  FY 2015 FY 2014 Change Y/Y
Net revenue $1,709.1 $1,743.2 (2.0) %
Gross margin 45.6% 45.0% 60 bps
Operating margin (2.9)% (0.1)% (280) bps
  Non-GAAP Results
  FY 2015 FY 2014 Change Y/Y
Net revenue $1,709.1 $1,743.2 (2.0) %
Adj. Gross margin 48.6% 48.1% 50bps
Adj. Operating margin 8.7% 8.7%                          —bps
  Non- GAAP Net Revenue by Segment
  FY 2015 % ofNet Revenue FY 2014 ChangeY/Y
 
Network Enablement $532.2 31.1% $602.4 (11.7)%
Service Enablement 169.0 9.9% 145.9 15.8%
 
Communications and Commercial Optical Products:
  Optical Communications 671.4 39.3% 670.6 0.1%
  Lasers 143.7 8.4% 123.5 16.4%
         
Communications and Commercial Optical Products 815.1 47.7% 794.1 2.6%
Optical Security and Performance Products 192.8 11.3% 200.8 (4.0)%
Total $1,709.1 100.0% $1,743.2 (2.0)%

All numbers in this section are non-GAAP unless stated otherwise.

  1. Americas, Asia-Pacific and EMEA customers represented 48.0%, 32.8% and 19.2%, respectively, of total net revenue for the fourth quarter of fiscal 2015. Americas, Asia-Pacific and EMEA customers represented 46.3%, 31.8%, 21.9%, respectively, of total net revenue for fiscal 2015.
  1. The Company held $839.4 million in total cash and investments and generated $47.8 million and $82.3 million of cash from operations for the fiscal fourth quarter and year ended June 27, 2015, respectively.

Business Outlook

For the fiscal first quarter of 2016 ending October 3, 2015, the Company expects non-GAAP net revenue to be $212 million +/- $8 million and non-GAAP earnings per share to be $0.06 +/- $0.02.

Conference Call

The Company will discuss these results and other related matters at 1:15 p.m. Pacific Time on August 11, 2015 in a live webcast, which will also be archived for replay on the Company’s website at www.viavisolutions.com/investors.  The Company will post supporting slides outlining the Company’s latest financial results on www.viavisolutions.com/investors under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) software and hardware platforms and instruments deliver end-to-end visibility across physical, virtual and hybrid networks. Precise intelligence and actionable insight from across the network ecosystem optimizes the service experience for increased customer loyalty, greater profitability and quicker transitions to next-generation technologies. VIAVI is also a leader in anti-counterfeiting solutions for currency authentication and high-value optical components and instruments for diverse government and commercial applications. Learn more at www.viavisolutions.com and follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability, cash flow and other financial metrics, as well as the impact and duration of certain trends and market conditions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our customer base and customer purchasing delays as they assess or transition to new technologies and/or new architectures, which limit near-term demand visibility, and could negatively impact potential revenue; (d) continued decline of average selling prices across our businesses; (e) notable seasonality and a significant level of in-quarter book-and-ship business (f) various product and manufacturing transfers, site consolidations and product discontinuances that have caused and may cause short-term disruptions; (g) the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; and (h) inherent uncertainty related to global markets and the effect of such markets on demand for our products. Additionally, risks related to the recent separation include the ability to retain key employees, the ability to recognize anticipated cost savings, VIAVI’s ability to function successfully as a stand-alone entity, potential business disruption caused by the separation, customer retention and financing risks. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on these risks, please refer to the “Risk Factors” section included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2014 and the Company’s Quarterly Report on Form 10-Q for the fiscal third quarter ended May 5, 2015 filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements.

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