第99.1展示文本
VIAVI宣布2025财年第一季度业绩
纳斯达克股市发布的消息显示，2024年10月31日，亚利桑那州钱德勒市。 - VIAVI（纳斯达克股票代码：VIAV）今日公布了截至2024年9月28日的第一季度业绩亮点。
第一季度
•23820万美元的净营业收入，下降970万美元 或同比下降3.9%
•年同比营业利润率为4.8%，下降了170个基点
•非通用会计原则下的营业利润率为10.0%，同比下降240个基点
•根据公认会计原则，净损失180万美元，同比下降1160万美元，下降了118.4%。
•非通用会计净利润1240万美元，下降710万美元或。36.4% 同比
•每股稀释后的GAAP亏损为$(0.01)，同比下降$0.05或125.0%
•非通用会计净每股收益（EPS）为0.06美元，同比下降0.03美元，下降33.3%
“爱文思控股2025财年第一季度营业收入略低于我们的指导中点，NSE订单需求疲软，部分偏弱，但OS完成强劲。积极的一面是，我们开始看到NSE订单势头增强，我们的800G和最近宣布的1.6Tb等先进光纤产品表现尤为强劲。这符合我们对2025财年下半年NSE需求复苏初期的预期，”爱文思控股总裁兼首席执行官Oleg Khaykin表示。
财务概览：
下面的表格（以百万为单位，除了百分比和每股数据之外）提供了季度结果与上一时期，包括按顺序季度和同比变化的比较。在本发布中，GAAP和非GAAP措施之间的完整调节包含在“使用非GAAP（调整后）财务指标”部分中。
2024年9月28日结束的第一季度
| GAAP成果 | |||||||||||||||||||||||||||||
| Q1 | Q4 | Q1 | 变更 | ||||||||||||||||||||||||||
| 2025财年 | 2024财年 | 2024财年 | 季环比 | 同比 | |||||||||||||||||||||||||
| 营业收入 | $ | 238.2 | $ | 252.0 | $ | 247.9 | (5.5) | % | (3.9) | % | |||||||||||||||||||
| 毛利率 | 57.1 | % | 57.8 | % | 58.2 | % | （70）个基点 | （110）个基点 | |||||||||||||||||||||
| 营业利润率 | 4.8 | % | (2.3) | % | 6.5 | % | 710个基点 | (170) 基点 | |||||||||||||||||||||
| 营业收支（亏损） | $ | 11.5 | $ | (5.7) | $ | 16.0 | 301.8 | % | (28.1) | % | |||||||||||||||||||
| 每股净(亏损)收益为 | (0.01) | (0.10) | 0.04 | 90.0 | % | (125.0) | % | ||||||||||||||||||||||
| 非GAAP成果 | |||||||||||||||||||||||||||||
| Q1 | Q4 | Q1 | 变更 | ||||||||||||||||||||||||||
| 2025财年 | 2024财年 | 2024财年 | 季环比 | 同比 | |||||||||||||||||||||||||
| 毛利率 | 59.1 | % | 59.6 | % | 60.1 | % | (50)个基点 | （100）个基点 | |||||||||||||||||||||
| 营业利润率 | 10.0 | % | 10.9 | % | 12.4 | % | （90）个基点 | (240) 基点 | |||||||||||||||||||||
| 营业利润 | $ | 23.9 | $ | 27.5 | $ | 30.8 | (13.1) | % | (22.4) | % | |||||||||||||||||||
| 每股收益 | 0.06 | 0.08 | 0.09 | (25.0) | % | (33.3) | % | ||||||||||||||||||||||
| 按细分市场划分的净收入 | |||||||||||||||||||||||||||||
| Q1 | Q4 | Q1 | 改变 | ||||||||||||||||||||||||||
| 2025 财年 | 2024 财年 | 2024 财年 | Q/Q | Y/Y | |||||||||||||||||||||||||
| 网络支持 | $ | 141.6 | $ | 158.5 | $ | 150.0 | (10.7) | % | (5.6) | % | |||||||||||||||||||
| 服务支持 | 17.8 | 23.7 | 20.4 | (24.9) | % | (12.7) | % | ||||||||||||||||||||||
| 光学安全和性能产品 | 78.8 | 69.8 | 77.5 | 12.9 | % | 1.7 | % | ||||||||||||||||||||||
| 总计 | $ | 238.2 | $ | 252.0 | $ | 247.9 | (5.5) | % | (3.9) | % | |||||||||||||||||||
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•美洲、亚太和欧洲、中东、非洲客户分别占2024年9月28日季度总净营业收入的37.2%、36.1%和26.7%。
•截至2024年9月28日，公司持有总现金、短期投资和短期限制性现金共49790万美元。
•截至2024年9月28日，公司持有25000万美元总本金价值的1.625%优先可转换票据和4亿美元总本金价值的3.75%优先票据，总净账面价值为6.376亿美元。
•截至2024年9月28日结束的财季，公司从营运活动中产生了1350万美元的现金流。
2025财年第二季度业务展望
公司预计截至2024年12月28日的2025财年第二季度净营业收入将在25500万元至26500万元之间，非通用会计净每股收益将在0.09至0.11之间。
关于以上预期，公司未在本新闻稿中将GAAP净亏损每股与非通用会计原则EPS调和，因为由于预测某些调和项目的时间和/或数量（包括与重组、收购、一体化和相关费用有关的某些费用）固有的困难而无法提供有意义或准确的估计，该信息不可作为不合理努力的结果。此外，该公司认为这样的调和将暗示可能令投资者困惑或误导的精度程度。
电话会议
公司将于2024年10月31日下午1:30（太平洋时间）在现场网络直播中讨论这些结果及其他相关事项，直播还将被存档以便在公司网站上回放。 https://investor.viavisolutions.com公司将在“季度业绩”板块与这份业绩新闻稿同时发布，公布补充幻灯片，概述公司最新的财务结果。 https://investor.viavisolutions.com 本业绩新闻稿作为8-k表格的一部分被提交给证券交易委员会，并可在交易所查阅。 www.sec.gov.
关于 via ouvi Solutions
VIAVI（纳斯达克：VIAV）是一家全球网络测试、监控和保障解决方案供应商，为电信、云计算、企业、急救、军事、航空航天和铁路提供服务。 VIAVI还是3D传感、防伪、消费电子、工业、汽车、政府和航空航天应用的光管理技术领域的领先者。
在 了解更多关于 VIAVI 的信息 www.viavisolutions.com。 在 VIAVI Perspectives、LinkedIn 和 YouTube 关注我们。
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前瞻性声明
本新闻稿包含根据1933年证券法第27A条和1934年证券交易法第21E条所做的前瞻性陈述。这些陈述包括对未来财务业绩的任何预期、前瞻或指导，包括未来营业收入、毛利率、营业费用、营业利润率、盈利目标、现金流量和其他财务指标，以及某些趋势和市场地位和条件的影响和持续时间，包括市场稳定和复苏情况。这些前瞻性陈述涉及风险和不确定性，可能导致实际结果与预期大不相同。特别地，由于以下原因，公司预测未来财务表现仍然困难：(a)许多产品线仍然存在持续的一般可见性局限；(b)各季度产品组合波动，由于我们投资组合涵盖广泛的毛利率范围，这可能会明显影响盈利能力指标；(c)我们行业和客户群的整合；(d)竞争压力；(e)对当前和新产品、技术、服务的需求出现意外变化或减速，新行业平台或3D感测等新技术的推出出现延迟或意外事件，以及客户因宏观经济情况评估或过渡到这些新技术和/或架构而出现购买延迟，所有这些都限制了近期需求可见度，并可能对潜在收入产生负面影响；(f)我们业务的平均销售价格持续下降；(g)显著的季节性和大量的季度订单和交付业务；(h)各种产品和制造转移、场地整合、产品停产和重组以及人员减少计划，包括与此类计划相关的预期节约成本；(i)业务战略的执行挑战；(j)挑战整合公司收购的业务并实现所有预期的效益和节省；(k)供应链和材料限制以及我们的供应商和代工厂商满足我们预测需求的生产和交付要求的能力；(l)由于我们所在地区的气候条件以及自然灾害（如亚利桑那州的野火、干旱及相关用水短缺，以及加利福尼亚北部的山火及相关断电和停电）导致的制造和运营中断或延迟；(m)军事冲突（例如俄罗斯与乌克兰之间的持续冲突和以色列与哈马斯之间的持续冲突，以及黎巴嫩和伊朗之间的冲突扩大，包括中国在内的国内外政府实施的关税、制裁和其他贸易措施，对外国政府采取的负面行动和升级紧张局势的可能性，以及“贸易战”的可能升级，网络攻击和报复措施）对我们的供应链产生的不确定性和持续影响；(n)传染病爆发、流行病和大流行病对我们的财务结果、收入、客户需求、业务运营和制造以及我们的客户、代工厂商和供应商的业务运营的影响；(o)全球市场的不确定性，包括通货膨胀压力、经济衰退、货币政策收紧和流动性，以及这些市场对我们产品需求的影响。这些前瞻性陈述涉及风险和不确定性，可能导致实际结果与预期大不相同。有关公司业务风险和不确定性的更多信息，请参阅公司提交给证券交易委员会的文件中的“管理讨论与财务状况和业绩结果分析”和“风险因素”部分，包括但不限于公司的第10-K表格年度报告和第10-Q季度报告。本新闻稿中包含的前瞻性陈述仅截至该日期发布，并且公司不承担更新此类陈述的义务。为此，我们尚未提交截至2024年9月28日的第三季度10-Q表格。因此，本收益发布中描述的所有财务结果应被视为初步的，可能会因在提交10-Q表格之前确定的任何必要调整或会计估计变更而发生变化。
Contact Information
Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com
Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED PRELIMINARY FINANCIAL DATA -
3
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
PRELIMINARY
| Three Months Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
| Net revenue | $ | 238.2 | $ | 247.9 | |||||||
| Cost of revenues | 98.8 | 100.0 | |||||||||
| Amortization of acquired technologies | 3.3 | 3.5 | |||||||||
| Gross profit | 136.1 | 144.4 | |||||||||
| Operating expenses: | |||||||||||
| Research and development | 49.4 | 49.9 | |||||||||
| Selling, general and administrative | 74.1 | 77.2 | |||||||||
| Amortization of other intangibles | 1.1 | 2.1 | |||||||||
| Restructuring and related benefits | — | (0.8) | |||||||||
| Total operating expenses | 124.6 | 128.4 | |||||||||
| Income from operations | 11.5 | 16.0 | |||||||||
| Interest and other income, net | 3.2 | 10.2 | |||||||||
| Interest expense | (7.5) | (7.8) | |||||||||
| Income before income taxes | 7.2 | 18.4 | |||||||||
| Provision for income taxes | 9.0 | 8.6 | |||||||||
| Net (loss) income | $ | (1.8) | $ | 9.8 | |||||||
| Net (loss) income per share: | |||||||||||
| Basic | $ | (0.01) | $ | 0.04 | |||||||
| Diluted | $ | (0.01) | $ | 0.04 | |||||||
| Shares used in per share calculations: | |||||||||||
| Basic | 222.0 | 222.0 | |||||||||
| Diluted | 222.0 | 224.2 | |||||||||
The preliminary financial statements are estimated based on our current information.
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VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
PRELIMINARY
| September 28, 2024 | June 29, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 467.9 | $ | 471.3 | |||||||
| Short-term investments | 25.2 | 19.9 | |||||||||
| Restricted cash | 4.8 | 5.0 | |||||||||
| Accounts receivable, net | 203.1 | 213.1 | |||||||||
| Inventories, net | 93.2 | 96.5 | |||||||||
| Prepayments and other current assets | 69.8 | 70.7 | |||||||||
| Total current assets | 864.0 | 876.5 | |||||||||
| Property, plant and equipment, net | 230.5 | 228.2 | |||||||||
| Goodwill, net | 461.2 | 452.9 | |||||||||
| Intangibles, net | 34.0 | 38.2 | |||||||||
| Deferred income taxes | 86.1 | 82.5 | |||||||||
| Other non-current assets | 61.8 | 58.0 | |||||||||
| Total assets | $ | 1,737.6 | $ | 1,736.3 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 47.4 | $ | 50.4 | |||||||
| Accrued payroll and related expenses | 44.4 | 48.2 | |||||||||
| Deferred revenue | 63.7 | 65.7 | |||||||||
| Accrued expenses | 23.8 | 25.3 | |||||||||
| Other current liabilities | 53.5 | 57.5 | |||||||||
| Total current liabilities | 232.8 | 247.1 | |||||||||
| Long-term debt | 637.6 | 636.0 | |||||||||
| Other non-current liabilities | 165.1 | 171.6 | |||||||||
| Total liabilities | 1,035.5 | 1,054.7 | |||||||||
| Total stockholders’ equity | 702.1 | 681.6 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,737.6 | $ | 1,736.3 | |||||||
The preliminary financial statements are estimated based on our current information.
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VIAVI SOLUTIONS INC.
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
PRELIMINARY
| Three Months Ended September 28, 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 | $ | 141.6 | $ | 17.8 | $ | 159.4 | $ | 78.8 | $ | — | $ | 238.2 | |||||||||||||||||||||||
| Gross profit | $ | 86.3 | $ | 10.8 | $ | 97.1 | $ | 43.6 | $ | (4.6) | $ | 136.1 | |||||||||||||||||||||||
| Gross margin | 60.9 | % | 60.7 | % | 60.9 | % | 55.3 | % | 57.1 | % | |||||||||||||||||||||||||
| Operating (loss) income | $ | (7.3) | $ | 31.2 | $ | (12.4) | $ | 11.5 | |||||||||||||||||||||||||||
| Operating margin | (4.6) | % | 39.6 | % | 4.8 | % | |||||||||||||||||||||||||||||
| Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
| 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 | $ | 150.0 | $ | 20.4 | $ | 170.4 | $ | 77.5 | $ | — | $ | 247.9 | |||||||||||||||||||||||
| Gross profit | $ | 94.6 | $ | 13.7 | $ | 108.3 | $ | 40.7 | $ | (4.6) | $ | 144.4 | |||||||||||||||||||||||
| Gross margin | 63.1 | % | 67.2 | % | 63.6 | % | 52.5 | % | 58.2 | % | |||||||||||||||||||||||||
| Operating income | $ | 1.5 | $ | 29.3 | $ | (14.8) | $ | 16.0 | |||||||||||||||||||||||||||
| Operating margin | 0.9 | % | 37.8 | % | 6.5 | % | |||||||||||||||||||||||||||||
(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.
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Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA financial measures as supplemental information regarding the Company’s operational performance. The Company uses the measures disclosed in this release 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 represent 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 Company believes providing this additional information allows investors to see Company results through the eyes of management. The Company further believes that providing this information allows investors to better understand the Company’s financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.
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) changes in fair value of contingent consideration liabilities and (vii) other charges unrelated to our core operating performance comprised mainly of acquisition related transaction costs, integration costs related to acquired entities, litigation and legal settlements and 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.
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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 | |||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| Gross Profit | Gross Margin | Gross Profit | Gross Margin | ||||||||||||||||||||
| GAAP measures | $ | 136.1 | 57.1 | % | $ | 144.4 | 58.2 | % | |||||||||||||||
| Stock-based compensation | 1.2 | 0.5 | % | 1.2 | 0.5 | % | |||||||||||||||||
| Other charges (benefits) unrelated to core operating performance | 0.1 | 0.1 | % | (0.1) | — | % | |||||||||||||||||
| Amortization of intangibles | 3.3 | 1.4 | % | 3.5 | 1.4 | % | |||||||||||||||||
| Total related to Cost of Revenue | 4.6 | 2.0 | % | 4.6 | 1.9 | % | |||||||||||||||||
| Non-GAAP measures | $ | 140.7 | 59.1 | % | $ | 149.0 | 60.1 | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| Operating Income | Operating Margin | Operating Income | Operating Margin | ||||||||||||||||||||
| GAAP measures | $ | 11.5 | 4.8 | % | $ | 16.0 | 6.5 | % | |||||||||||||||
| Stock-based compensation | 12.7 | 5.3 | % | 11.2 | 4.5 | % | |||||||||||||||||
| Change in fair value of contingent liability | (3.5) | (1.5) | % | (1.4) | (0.6) | % | |||||||||||||||||
| Acquisition and integration related charges | 0.6 | 0.3 | % | — | — | % | |||||||||||||||||
Other (benefits) charges unrelated to core operating performance (1) | (0.5) | (0.2) | % | 0.2 | 0.1 | % | |||||||||||||||||
| Amortization of intangibles | 4.4 | 1.8 | % | 5.6 | 2.2 | % | |||||||||||||||||
| Restructuring and related charges | — | — | % | (0.8) | (0.3) | % | |||||||||||||||||
| Litigation settlement | (1.3) | (0.5) | % | — | — | % | |||||||||||||||||
| Total related to Cost of Revenue and Operating Expenses | 12.4 | 5.2 | % | 14.8 | 5.9 | % | |||||||||||||||||
| Non-GAAP measures | 23.9 | 10.0 | % | 30.8 | 12.4 | % | |||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| Net (Loss) Income | Diluted EPS | Net Income | Diluted EPS | ||||||||||||||||||||
| GAAP measures | $ | (1.8) | $ | (0.01) | $ | 9.8 | $ | 0.04 | |||||||||||||||
| Items reconciling GAAP Net (Loss) Income and EPS to Non-GAAP Net Income and EPS: | |||||||||||||||||||||||
| Stock-based compensation | 12.7 | 0.06 | 11.2 | 0.05 | |||||||||||||||||||
| Change in fair value of contingent liability | (3.5) | (0.01) | (1.4) | — | |||||||||||||||||||
| Acquisition and integration related charges | 0.6 | — | — | — | |||||||||||||||||||
Other (benefits) charges unrelated to core operating performance (1) | (0.5) | — | 0.2 | — | |||||||||||||||||||
| Amortization of intangibles | 4.4 | 0.02 | 5.6 | 0.02 | |||||||||||||||||||
| Restructuring and related benefits | — | — | (0.8) | — | |||||||||||||||||||
| Litigation settlement | (1.3) | (0.01) | (7.3) | (0.03) | |||||||||||||||||||
| Non-cash interest expense and other expense | 1.1 | 0.01 | 1.2 | 0.01 | |||||||||||||||||||
| Provision for income taxes | 0.7 | — | 1.0 | — | |||||||||||||||||||
| Total related to Net (Loss) Income and EPS | 14.2 | 0.07 | 9.7 | 0.05 | |||||||||||||||||||
| Non-GAAP measures | $ | 12.4 | $ | 0.06 | $ | 19.5 | $ | 0.09 | |||||||||||||||
| Shares used in per share calculation for Non-GAAP EPS | 224.0 | 224.2 | |||||||||||||||||||||
Note: Certain totals may not add due to rounding.
(1) Included in the three months ended September 28, 2024 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 $0.4 million.
The preliminary financial schedules are estimated based on our current information.
8
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO ADJUSTED EBITDA
(in millions, unaudited)
PRELIMINARY
| Three Months Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
| GAAP Net (Loss) Income | $ | (1.8) | $ | 9.8 | |||||||
Interest and other income, net (1) | (3.2) | (10.2) | |||||||||
| Interest expense | 7.5 | 7.8 | |||||||||
| Provision for income taxes | 9.0 | 8.6 | |||||||||
| Depreciation | 9.7 | 9.8 | |||||||||
| Amortization | 4.4 | 5.6 | |||||||||
| EBITDA | 25.6 | 31.4 | |||||||||
| Restructuring and related benefits | — | (0.8) | |||||||||
| Stock-based compensation | 12.7 | 11.2 | |||||||||
| Change in fair value of contingent liability | (3.5) | (1.4) | |||||||||
| Acquisition and integration related charges | 0.6 | — | |||||||||
Other (benefits) charges unrelated to core operating performance (2) | (1.9) | 0.1 | |||||||||
| Adjusted EBITDA | $ | 33.5 | $ | 40.5 | |||||||
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 three months ended September 30, 2023.
(2) Included in the three months ended September 28, 2024 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 $0.3 million.
The preliminary financial schedules are estimated based on our current information.
9