VIAVI Announces Third Quarter Fiscal 2025 Results

, /PRNewswire/ -- VIAVI (NASDAQ: VIAV) today reported results for its third quarter ended March 29, 2025 with the following highlights. Third Quarter Net revenue of $284.8 million, up $38.8 million or 15.8% year-over-year GAAP operating margin of 3.0%, up 780 bps year-over-year Non-GAAP operating margin of 16.7%, up 740 bps year-over-year GAAP net income of $19.5 million, up $44.1 million or 179.3% year-over-year Non-GAAP net income of $33.9 million, up $20.7 million or 156.8% year-over-year GAAP diluted earnings per share (EPS) of $0.09, up $0.20 or 181.8% year-over-year Non-GAAP diluted EPS of $0.15, up $0.09 or 150.0% year-over-year "VIAVI delivered strong results driven by strength in both NSE and OSP. To date, we have been successful in managing through the rapidly changing macro environment and remain optimistic regarding the continued recovery and growth in our end markets," said Oleg Khaykin, VIAVI's President and Chief Executive Officer. Financial Overview: The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled "Use of Non-GAAP (Adjusted) Financial Measures." Third Quarter Ended March 29, 2025 GAAP Results Q3 Q2 Q3 Change FY 2025 FY 2025 FY 2024 Q/Q Y/Y Net revenue $ 284.8 $ 270.8 $ 246.0 5.2 % 15.8 % Gross margin 56.4 % 59.4 % 56.1 % (300) bps 30 bps Operating margin 3.0 % 8.2 % (4.8) % (520) bps 780 bps Income (loss) from operations $ 8.5 $ 22.2 $ (11.9) (61.7) % 171.4 % Net income (loss) per share 0.09 0.04 (0.11) 125.0 % 181.8 % Non-GAAP Results Q3 Q2 Q3 Change FY 2025 FY 2025 FY 2024 Q/Q Y/Y Gross margin 60.0 % 61.1 % 57.9 % (110) bps 210 bps Operating margin 16.7 % 14.9 % 9.3 % 180 bps 740 bps Income from operations $ 47.7 $ 40.4 $ 23.0 18.1 % 107.4 % Earnings per share 0.15 0.13 0.06 15.4 % 150.0 % Net Revenue by Segment Q3 Q2 Q3 Change FY 2025 FY 2025 FY 2024 Q/Q Y/Y Network Enablement $ 188.0 $ 179.0 $ 151.7 5.0 % 23.9 % Service Enablement 20.2 20.9 18.1 (3.3) % 11.6 % Optical Security and Performance Products 76.6 70.9 76.2 8.0 % 0.5 % Total $ 284.8 $ 270.8 $ 246.0 5.2 % 15.8 % Americas, Asia-Pacific and EMEA customers represented 38.0%, 35.4% and 26.6%, respectively, of total net revenue for the quarter ended March 29, 2025. As of March 29, 2025, the Company held $400.2 million in total cash, short-term investments and short-term restricted cash. As of March 29, 2025, the Company had $250 million aggregate principal amount of 1.625% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $640.9 million. During the fiscal quarter ended March 29, 2025, the Company generated $7.8 million of cash flows from operations. Business Outlook for the Fourth Quarter of Fiscal 2025 For the fourth quarter of fiscal 2025 ending June 28, 2025, the Company expects net revenue to be between $278 million to $290 million and non-GAAP EPS to be between $0.10 to $0.13. With respect to our expectations above, the Company has not reconciled GAAP net income per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the "Use of Non-GAAP (Adjusted) Financial Measures" section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors. Conference Call The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on May 1, 2025 in a live webcast, which will also be archived for replay on the Company's website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company's latest financial results on https://investor.viavisolutions.com 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) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube. 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 expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. 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 industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (k) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (l) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (m) the uncertain and ongoing impact to our supply chain of geopolitical tensions, such as the ongoing conflict between Russia and Ukraine and the instability in the Middle East, evolving global trade and tariff negotiations and the uncertain tariff landscape, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of "trade wars," cyber-attacks, and retaliatory measures; (n) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (o) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. 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. We have not filed our Form 10-Q for the quarter ended March 29, 2025. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q. Contact Information Investors:Vibhuti Nayar408-404-6305[email protected] Press: Amit Malhotra202-341-8624[email protected] The following financial tables are presented in accordance with GAAP, unless otherwise specified. -SELECTED PRELIMINARY FINANCIAL DATA - VIAVI SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) PRELIMINARY Three Months Ended Nine Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 Net revenue $ 284.8 $ 246.0 $ 793.8 $ 748.4 Cost of revenues 118.0 104.6 323.5 307.7 Amortization of acquired technologies 6.1 3.5 12.7 10.4 Gross profit 160.7 137.9 457.6 430.3 Operating expenses: Research and development 50.0 50.0 151.5 149.4 Selling, general and administrative 101.3 98.2 259.7 250.2 Amortization of other intangibles 1.2 1.5 3.3 5.0 Restructuring and related (benefits) charges (0.3) 0.1 0.9 (0.8) Total operating expenses 152.2 149.8 415.4 403.8 Income (loss) from operations 8.5 (11.9) 42.2 26.5 Interest and other income, net 2.2 4.0 9.3 18.0 Interest expense (7.5) (7.7) (22.5) (23.4) Income (loss) before income taxes 3.2 (15.6) 29.0 21.1 (Benefit from) provision for income taxes (16.3) 9.0 2.2 25.2 Net income (loss) $ 19.5 $ (24.6) $ 26.8 $ (4.1) Net income (loss) per share: Basic $ 0.09 $ (0.11) $ 0.12 $ (0.02) Diluted $ 0.09 $ (0.11) $ 0.12 $ (0.02) Shares used in per share calculations: Basic 222.6 223.0 222.2 222.5 Diluted 226.9 223.0 225.2 222.5 The preliminary financial statements are estimated based on our current information. VIAVI SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) PRELIMINARY March 29, 2025 June 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 374.2 $ 471.3 Short-term investments 22.6 19.9 Restricted cash 3.4 5.0 Accounts receivable, net 252.8 213.1 Inventories, net 116.2 96.5 Prepayments and other current assets 66.2 70.7 Total current assets 835.4 876.5 Property, plant and equipment, net 228.1 228.2 Goodwill, net 585.4 452.9 Intangibles, net 139.7 38.2 Deferred income taxes 83.8 82.5 Other non-current assets 60.8 58.0 Total assets $ 1,933.2 $ 1,736.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 67.2 $ 50.4 Accrued payroll and related expenses 55.6 48.2 Deferred revenue 64.5 65.7 Accrued expenses 25.7 25.3 Short-term debt 244.8 — Other current liabilities 86.9 57.5 Total current liabilities 544.7 247.1 Long-term debt 396.1 636.0 Other non-current liabilities 263.6 171.6 Total liabilities 1,204.4 1,054.7 Total stockholders' equity 728.8 681.6 Total liabilities and stockholders' equity $ 1,933.2 $ 1,736.3 The preliminary financial statements are estimated based on our current information. VIAVI SOLUTIONS INC. REPORTABLE SEGMENT INFORMATION (in millions, unaudited) PRELIMINARY Three Months Ended March 29, 2025 Network and Service Enablement Network Enablement Service Enablement Network and Service Enablement Optical Security and Performance Products Other Items (1) Consolidated GAAP Measures Net revenue $ 188.0 $ 20.2 $ 208.2 $ 76.6 $ — $ 284.8 Gross profit $ 119.2 $ 12.1 $ 131.3 $ 39.5 $ (10.1) $ 160.7 Gross margin 63.4 % 59.9 % 63.1 % 51.6 % 56.4 % Operating income $ 21.7 $ 26.0 $ (39.2) $ 8.5 Operating margin 10.4 % 33.9 % 3.0 % Three Months Ended March 30, 2024 Network and Service Enablement NetworkEnablement Service Enablement Network and Service Enablement Optical Security and Performance Products Other Items (1) Consolidated GAAP Measures Net revenue $ 151.7 $ 18.1 $ 169.8 $ 76.2 $ — $ 246.0 Gross profit $ 93.3 $ 11.0 $ 104.3 $ 38.2 $ (4.6) $ 137.9 Gross margin 61.5 % 60.8 % 61.4 % 50.1 % 56.1 % Operating (loss) income $ (3.1) $ 26.1 $ (34.9) $ (11.9) Operating margin (1.8) % 34.3 % (4.8) % Nine Months Ended March 29, 2025 Network and Service Enablement Network Enablement Service Enablement Network and Service Enablement Optical Security and Performance Products Other Items (1) Consolidated GAAP Measures Net revenue $ 508.6 $ 58.9 $ 567.5 $ 226.3 $ — $ 793.8 Gross profit $ 320.9 $ 37.0 $ 357.9 $ 119.0 $ (19.3) $ 457.6 Gross margin 63.1 % 62.8 % 63.1 % 52.6 % 57.6 % Operating income $ 31.8 $ 80.2 $ (69.8) $ 42.2 Operating margin 5.6 % 35.4 % 5.3 % Nine Months Ended March 30, 2024 Network and Service Enablement Network Enablement Service Enablement Network and Service Enablement Optical Security and Performance Products Other Items (1) Consolidated GAAP Measures Net revenue $ 457.2 $ 62.6 $ 519.8 $ 228.6 $ — $ 748.4 Gross profit $ 285.1 $ 41.3 $ 326.4 $ 117.9 $ (14.0) $ 430.3 Gross margin 62.4 % 66.0 % 62.8 % 51.6 % 57.5 % Operating income $ 4.8 $ 82.7 $ (61.0) $ 26.5 Operating margin 0.9 % 36.2 % 3.5 % (1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items. The preliminary financial schedules are estimated based on our current information. Use of Non-GAAP (Adjusted) Financial Measures The Company provides non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP EPS financial measures as supplemental information regarding the Company's operational performance and believes providing this additional information allows investors to see Company results through the eyes of management, better understand its financial performance and evaluate the efficacy of the methodology used by management to measure such performance. The Company uses the measures disclosed in this Report to evaluate the Company's historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company's core operating performance, which the Company believes represents its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition related intangibles, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities and certain investing and acquisition related expenses and other activities that management believes are not reflective of such ordinary, ongoing and core operating activities. The non-GAAP adjustments described in this release are excluded by the Company from its GAAP financial measures because the Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance. The non-GAAP adjustments are outlined below. Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company's GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) amortization expense related to inventory step-up (vii) changes in fair value of contingent consideration liabilities, (viii) acquisition related transaction and integration costs related to acquired entities, (ix) litigation and legal settlements and (x) other charges unrelated to our core operating performance comprised mainly of other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA. Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS. Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as the utilization of net operating losses where valuation allowances were released, intra-period tax allocation benefit and the tax effect for amortization of non-tax deductible intangible assets, when calculating non-GAAP net income and non-GAAP EPS. Interest, taxes, depreciation, amortization and other adjustments: The Company's EBITDA calculation primarily excludes interest income and other income (expense), interest expense, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company's adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation, such as stock-based compensation, restructuring, gain or loss on sale of available for-sale investments, changes in fair value of contingent consideration liabilities arising from prior acquisitions and other charges related to activities that are not part of its core operating performance described above. Management believes adjusted EBITDA is a helpful indicator of the Company's core operational cash flow. Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is net income per share. The Company believes these GAAP measures alone are not fully indicative of its core operating expenses and performance and that providing non-GAAP financial measures in conjunction with GAAP measures provides valuable supplemental information regarding the Company's overall performance. VIAVI SOLUTIONS INC. RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS TO NON-GAAP MEASURES (in millions, except per share data) (unaudited) PRELIMINARY The following tables reconcile GAAP measures to non-GAAP measures: Three Months Ended Nine Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin GAAP measures $ 160.7 56.4 % $ 137.9 56.1 % $ 457.6 57.6 % $ 430.3 57.5 % Stock-based compensation 2.0 0.7 % 1.2 0.4 % 4.5 0.6 % 3.7 0.5 % Other charges (benefits) unrelated to core operating performance 0.3 0.1 % (0.1) — % 0.4 0.1 % (0.1) — % Amortization of inventory step-up 1.7 0.6 % — — % 1.7 0.2 % — — % Amortization of intangibles 6.1 2.2 % 3.5 1.4 % 12.7 1.6 % 10.4 1.4 % Total related to Cost of Revenues 10.1 3.6 % 4.6 1.8 % 19.3 2.5 % 14.0 1.9 % Non-GAAP measures $ 170.8 60.0 % $ 142.5 57.9 % $ 476.9 60.1 % $ 444.3 59.4 % Three Months Ended Nine Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 OperatingIncome OperatingMargin Operating (Loss) Income Operating Margin Operating Income Operating Margin OperatingIncome Operating Margin GAAP measures $ 8.5 3.0 % $ (11.9) (4.8) % $ 42.2 5.3 % $ 26.5 3.5 % Stock-based compensation 14.1 4.9 % 12.8 5.2 % 40.5 5.1 % 36.6 4.9 % Change in fair value of contingent liability 2.5 0.9 % 0.6 0.2 % (4.9) (0.6) % (7.8) (1.0) % Acquisition and integration related charges 13.3 4.7 % 16.0 6.5 % 16.7 2.1 % 16.6 2.2 % Other charges unrelated to core operating performance (1) 0.6 0.2 % 0.4 0.2 % 0.2 — % 1.0 0.1 % Amortization of inventory step-up 1.7 0.6 % — — % 1.7 0.2 % — — % Amortization of intangibles 7.3 2.5 % 5.0 2.0 % 16.0 2.0 % 15.4 2.1 % Restructuring and related (benefits) charges (0.3) (0.1) % 0.1 — % 0.9 0.1 % (0.8) (0.1) % Litigation settlement — — % — — % (1.3) (0.1) % — — % Total related to Cost of Revenues and Operating Expenses 39.2 13.7 % 34.9 14.1 % 69.8 8.8 % 61.0 8.2 % Non-GAAP measures $ 47.7 16.7 % $ 23.0 9.3 % $ 112.0 14.1 % $ 87.5 11.7 % Three Months Ended Nine Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 Net Income Diluted EPS Net (Loss) Income Diluted EPS Net Income Diluted EPS Net (Loss) Income Diluted EPS GAAP measures $ 19.5 $ 0.09 $ (24.6) $ (0.11) $ 26.8 $ 0.12 $ (4.1) $ (0.02) Items reconciling GAAP Net Income (Loss) and EPS to Non-GAAP Net Income and EPS: Stock-based compensation 14.1 0.06 12.8 0.06 40.5 0.18 36.6 0.16 Change in fair value of contingent liability 2.5 0.01 0.6 — (4.9) (0.02) (7.8) (0.03) Acquisition and integration related charges 13.3 0.06 16.0 0.07 16.7 0.08 16.6 0.07 Other charges unrelated to core operating performance (1) 0.6 — 0.4 — 0.2 — 1.0 0.01 Amortization of inventory step-up 1.7 0.01 — — 1.7 0.01 — — Amortization of intangibles 7.3 0.03 5.0 0.02 16.0 0.07 15.4 0.07 Restructuring and related (benefits) charges (0.3) — 0.1 — 0.9 — (0.8) (0.01) Litigation settlement — — 0.7 — (1.3) (0.01) (6.3) (0.03) Non-cash interest expense and other expense 1.3 0.01 1.3 0.01 3.5 0.02 3.7 0.02 (Benefit from) provision for income taxes (26.1) (0.12) 0.9 0.01 (24.4) (0.11) 2.1 0.01 Total related to Net Income and EPS 14.4 0.06 37.8 0.17 48.9 0.22 60.5 0.27 Non-GAAP measures $ 33.9 $ 0.15 $ 13.2 $ 0.06 $ 75.7 $ 0.34 $ 56.4 $ 0.25 Shares used in per share calculation for Non-GAAP EPS 226.9 224.6 225.2 224.1 Note: Certain totals may not add due to rounding. (1) Included in the nine months ended March 29, 2025 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $1.1 million. The preliminary financial schedules are estimated based on our current information. VIAVI SOLUTIONS INC. RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA (in millions, unaudited) PRELIMINARY Three Months Ended Nine Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 GAAP Net Income (Loss) $ 19.5 $ (24.6) $ 26.8 $ (4.1) Interest and other income, net (1) (2.2) (4.0) (9.3) (18.0) Interest expense 7.5 7.7 22.5 23.4 (Benefit from) provision for income taxes (16.3) 9.0 2.2 25.2 Depreciation 9.3 9.6 28.8 29.1 Amortization 7.3 5.0 16.0 15.4 EBITDA 25.1 2.7 87.0 71.0 Restructuring and related (benefits) charges (0.3) 0.1 0.9 (0.8) Stock-based compensation 14.1 12.8 40.5 36.6 Change in fair value of contingent liability 2.5 0.6 (4.9) (7.8) Acquisition and integration related charges 13.3 0.6 16.7 0.6 Other charges (benefits) unrelated to core operating performance (2) 0.6 15.8 (1.3) 16.5 Amortization of inventory step-up 1.7 — 1.7 — Adjusted EBITDA $ 57.0 $ 32.6 $ 140.6 $ 116.1 Note: Certain totals may not add due to rounding. (1) Includes favorable litigation settlement of $7.3 million recorded as a gain to Interest and other income, net in the Consolidated Statements of Operations for the nine months ended March 30, 2024. (2) Included in the nine months ended March 29, 2025 is a gain on litigation settlement of $1.3 million, a gain on the sale of assets previously classified as held for sale of $0.9 million and other charges unrelated to core operating performance of $0.9 million. The preliminary financial schedules are estimated based on our current information. SOURCE VIAVI Financials WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

VIAVI Announces Third Quarter Fiscal 2025 Results

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