Viavi Announces Second Quarter Fiscal 2017 Results

MILPITAS, Calif., Jan. 31, 2017

Second Quarter

• GAAP and Non-GAAP net revenue of $206.5 million, down $25.6 million or (11.0)% year-over-year
• GAAP operating margin of 3.2%, down 80 bps year-over-year
• Non-GAAP operating margin of 13.0%, relatively flat year-over-year
• GAAP EPS from continuing operations of $0.21, up 0.20 or 2,000.0% year-over-year
• Non-GAAP EPS from continuing operations of $0.10, down $0.01 or (9.1)% year-over-year

Viavi (NASDAQ: VIAV) today reported results for its second fiscal quarter ended December 31, 2016. Amounts presented below are on a continuing operations basis unless otherwise noted.

GAAP net revenue was $206.5 million, with net income of $49.2 million, or $0.21 per share. Prior quarter GAAP net revenue was $210.8 million, with net income of $78.0 million or $0.33 per share. GAAP net revenue for the second quarter of fiscal 2016 was $232.1 million, with net income of $1.0 million, or $0.01 per share.

Non-GAAP net revenue was $206.5 million, with net income of $23.6 million, or $0.10 per share. Prior quarter non-GAAP net revenue was $210.8 million, with net income of $21.7 million, or $0.09 per share. Non-GAAP net revenue for the second quarter of fiscal 2016 was $232.1 million, with net income of $25.0 million, or $0.11 per share.

"We are pleased with our fiscal 2Q results as we exceeded our EPS guidance range and delivered non-GAAP EPS at $0.10," said Oleg Khaykin, Viavi's President and Chief Executive Officer. "This was driven by good execution in NSE and OSP as both business segments exceeded the high end of the non-GAAP operating margin guidance."