SCOTTSDALE, Ariz., Nov. 4, 2021 /PRNewswire/ --
- Net revenue of $326.8 million, up $42.1 million or 14.8% year-over-year
- GAAP operating margin of 14.4%, up 340 bps year-over-year
- Non-GAAP operating margin of 22.7%, up 140 bps year-over-year
- GAAP EPS of $(0.24), down $0.32 or (400.0)% year-over-year
- Non-GAAP EPS of $0.24, up $0.03 or 14.3% year-over-year
VIAVI (NASDAQ: VIAV) today reported results for its first fiscal quarter ended October 2, 2021.
First quarter of fiscal 2022 net revenue was $326.8 million. GAAP net loss was $(54.8) million, or $(0.24) per share. Non-GAAP net income was $58.2 million, or $0.24 per share.
Fourth quarter of fiscal 2021 net revenue was $310.9 million. GAAP net income was $3.3 million or $0.01 per share. Non-GAAP net income was $52.5 million, or $0.22 per share.
First quarter of fiscal 2021 net revenue was $284.7 million. GAAP net income was $19.7 million, or $0.08 per share. Non-GAAP net income was $48.3 million, or $0.21 per share.
"In Q1, VIAVI delivered strong results despite supply chain challenges, achieving record revenue and non-GAAP profitability. End market strength came from Fiber, Wireless and Cable products in NSE and robust demand for Anti-Counterfeiting and 3D Sensing products in OSP," said Oleg Khaykin, VIAVI's President and Chief Executive Officer. "As we look ahead, we expect the strong momentum in NSE to carry over into 2022."
Khaykin added, "In Q1, we also completed a $400 million high yield 2029 note offering at an attractive rate of 3.75% interest and retired about 40% of the convertible notes. This allows us to optimize our capital structure to provide financial flexibility to execute on our growth objectives namely, Wireless, Fiber, 3D Sensing and potential inorganic synergistic assets."
- Americas, Asia-Pacific and EMEA customers represented 37.2%, 38.6% and 24.2%, respectively, of total net revenue for the quarter ended October 2, 2021.
- As of October 2, 2021, the Company held $921.7 million in total cash, short-term restricted cash and short-term investments.
- As of October 2, 2021, the Company had $278.8 million aggregate principal amount of 1.00% Senior Convertible Notes, $131.2 million aggregate principal amount of 1.75% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $800.7 million classified as long-term debt.
- During the fiscal quarter ended October 2, 2021, the Company generated $53.4 million of cash from operations.
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