Viavi Solutions Inc. · NASDAQ:VIAV
Viavi Solutions — Q3 2026 Earnings Presentation
20 slides from Viavi Solutions's earnings presentation, Apr 29, 2026
Slide 1: Fiscal Q3 2026 Earnings Call Supplementary Slides
Fiscal Q3 2026 Earnings Call Supplementary Slides April 29, 2026
Slide 2: Cautionary Language Concerning Forward-Looking Statements
Cautionary Language Concerning Forward-Looking Statements This presentation contains forward-looking statements under Section 27A of the Securities Act of 1934. Forward-looking statements are all statements we make other than those dealing specifically with historical matters. These forward-looking
Slide 3: Fiscal Q3 2026 Summary and Key Highlights
Fiscal Q3 2026 Summary and Key Highlights (Amounts in $millions, except per share amounts, and other than revenue reflect non-GAAP) KEY METRICS HIGHLIGHTS ■ Revenue, Non-GAAP Operating Margin and Non-GAAP Revenue EPS above the high end of the guidance range. $406.8M 42.8% Y/Y ■ Cash used for operati
Slide 4: Capital Allocation Activities
Capital Allocation Activities ■ 1.625% Convertible Notes due March 2026 ■ Paid $49.0M in cash for the remaining principal of the convertible notes due in March 2026. ■ Issued ~ 1.8 million shares for the conversion premium above par. ■ Term Loan B ■ Prepaid $150.0M of the $600.0M of our Term Loan B
Slide 5: Fiscal Q3 2026 NSE Highlights
Fiscal Q3 2026 NSE Highlights (Amounts in $millions and other than revenue reflect non-GAAP) NSE HIGHLIGHTS ■ Revenue at $321.5 million, above the high end of our Revenue guidance range of $304-$316 million, up 54.4% Y/Y $321.5M 54.4% Y/Y driven by: ■ Acquisition of Spirent product lines. ■ Strong d
Slide 6: Fiscal Q3 2026 OSP Highlights
Fiscal Q3 2026 OSP Highlights (Amounts in $millions and other than revenue reflect non-GAAP) OSP HIGHLIGHTS ■ Revenue at $85.3 million, above the guidance range Revenue of $82 to $84 million and increased 11.4% Y/Y, $85.3M 11.4% Y/Y primarily driven by strong demand for 3D Sensing and anti-counterfe
Slide 7: Fiscal Q4 2026 Business Outlook
Fiscal Q4 2026 Business Outlook SEGMENT BUSINESS OUTLOOK VIAVI $427 million to $437 million Revenue NSE $340 million to $348 million OSP $87 million to $89 million VIAVI 22.7%, plus or minus 50 bps Non-GAAP Operating Margin NSE 18.7%, plus or minus 50 bps OSP 38.4%, plus or minus 40 bps Non-GAAP EPS
Slide 8: Additional Financial Information
Additional Financial Information
Slide 9: Fiscal Q3 2026 Financial Highlights
Fiscal Q3 2026 Financial Highlights (Amounts in $millions, except per share amounts) FISCAL QUARTER Q3 2026 Q2 2026 Q3 2025 QOQ YOY GAAP Revenue NSE $321.5 $291.5 $208.2 10.3% 54.4% OSP $85.3 $77.8 $76.6 9.6% 11.4% Total $406.8 $369.3 $284.8 10.2% 42.8% Non-GAAP Gross Margin NSE 65.3% 64.7% 63.1% 60
Slide 10: Revenue by Business Segment and Geographic Region
Revenue by Business Segment and Geographic Region (Amounts in $millions) FISCAL QUARTER Q3 2026 Q2 2026 Q3 2025 QOQ YOY Segment Mix NSE $321.5 79.0% $291.5 78.9% $208.2 73.1% 10.3% 54.4% OSP $85.3 21.0% $77.8 21.1% $76.6 26.9% 9.6% 11.4% Total $406.8 100.0% $369.3 100.0% $284.8 100.0% 10.2% 42.8% Re
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights (Amounts in $millions) FISCAL QUARTER Q3 2026 Total Cash Balance (1) $508.0 Short-term Debt (Carrying Value) (2) $244.5 Long-term Debt (Carrying Value) (3) $836.3 GAAP Cash from Operations $(26.3) (1) Includes cash and cash-equivalents, short-term investments and short-term
Slide 12: Term Notes Summary
Term Notes Summary 2029 HIGH-YIELD 2031 SENIOR TERM LOAN B NOTES CONVERTIBLE NOTES Issue Size $400.0M $250.0M $600.0M Current Outstanding * $400.0M $250.0M $450.0M Coupon 3.75% 0.625% SOFR + 250 bps** Final Maturity 10/1/2029 3/1/2031 10/16/2032 Put Date N/A N/A N/A Call Date 10/1/2024 9/6/2028 N/A
Slide 13: Income Statement
Income Statement (Amounts in $millions, except per share amounts) FISCAL QUARTER Q3 2026 Q2 2026 Q3 2025 QOQ YOY GAAP Revenue $406.8 $369.3 $284.8 10.2% 42.8% Non-GAAP Gross Margin 62.2% 61.8% 60.0% 40 bps 220 bps Non-GAAP Operating Expenses $167.4 $156.7 $123.1 6.8% 36.0% Non-GAAP Operating Profit
Slide 14: GAAP Income Statement
GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q3 2026 Q2 2026 Q3 2025 QOQ YOY GAAP INCOME STATEMENT Net revenue $ 406.8 $ 369.3 $ 284.8 10.2 % 42.8 % Cost of revenues 159.7 146.2 118.0 9.2 % 35.3 % Amortization of acquired technologies 13.0 12.5 6.1 4.0 % 113.1 % T
Slide 15: Non-GAAP Income Statement
Non-GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q3 2026 Q2 2026 Q3 2025 QoQ YoY NON-GAAP INCOME STATEMENT Net revenue $ 406.8 $ 369.3 $ 284.8 10.2 % 42.8 % Cost of revenues 153.9 141.2 114.0 9.0 % 35.0 % Gross profit 252.9 228.1 170.8 10.9 % 48.1 % Operating expe
Slide 16: Appendix
Appendix Oe
Slide 17: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures (Amounts in $millions) UNAUDITED Q3 2026 Q2 2026 Q3 2025 QOQ YOY Gross Profit - GAAP to Non-GAAP Reconciliation GAAP segment gross profit $ 234.1 $ 210.6 $ 160.7 11.2 % 45.7 % Stock-based compensation 1.1 1.1 2.0 —% (45.0)% Amortization of intangi
Slide 18: Financial Information by Segment
Financial Information by Segment (Amounts in $millions and other than revenue reflect non-GAAP) UNAUDITED Q3 2026 Q2 2026 Q3 2025 QOQ YOY SEGMENT RESULTS ($ in millions) Net revenue: Network and Service Enablement 321.5 291.5 208.2 10.3 % 54.4 % Optical Securities and Performance Products 85.3 77.8
Slide 19: Condensed Balance Sheet
Condensed Balance Sheet (Amounts in $millions) UNAUDITED Q4 2025 Q3 2026 BALANCE SHEET (in millions) ASSETS Current assets: Cash and cash equivalents $ 423.6 $ 499.0 Short-term investments 1.7 1.8 Restricted cash 3.7 7.2 Accounts receivable, net 261.0 320.3 Inventories, net 117.9 147.9 Prepayments a
Slide 20: VIAVI Solutions
VIAN I VIAVI Solutions viavisolutions.com