Viavi Solutions Inc. · NASDAQ:VIAV
Viavi Solutions — Q3 2025 Earnings Presentation
20 slides from Viavi Solutions's earnings presentation, May 1, 2025
Slide 1: Fiscal Q3 2025 Earnings Call Supplementary Slides
Fiscal Q3 2025 Earnings Call Supplementary Slides May 1, 2025
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 2025 Summary and Key Highlights
Fiscal Q3 2025 Summary and Key Highlights (Amounts in $millions, except per share amounts, and other than revenue reflect non-GAAP) KEY METRICS HIGHLIGHTS ■ Revenue above midpoint of guidance range. Revenue $284.8M 15.8% Y/Y ■ Non-GAAP Operating Margin and Non-GAAP EPS came in significantly above hi
Slide 4: Fiscal Q3 2025 NSE Highlights
Fiscal Q3 2025 NSE Highlights (Amounts in $millions and other than revenue reflect non-GAAP) NSE NE SE Revenue Revenue Revenue $208.2M 22.6% Y/Y $188.0M 23.9% Y/Y $20.2M 11.6% Y/Y Gross Margin Gross Margin Gross Margin 63.1% 170 bps Y/Y 63.4% 190 bps Y/Y 59.9% (90) bps Y/Y Operating Margin 10.4% 122
Slide 5: Fiscal Q3 2025 OSP Highlights
Fiscal Q3 2025 OSP Highlights (Amounts in $millions and other than revenue reflect non-GAAP) OSP HIGHLIGHTS ■ Revenue at $76.6 million, slightly exceeded Revenue guidance range of $74-$76 million, an increase of $76.6M 0.5% Y/Y 0.5% Y/Y. ■ Gross Margin at 51.6%, increased 150 basis points Y/Y primar
Slide 6: Fiscal Q4 2025 Business Outlook
Fiscal Q4 2025 Business Outlook SEGMENT BUSINESS OUTLOOK VIAVI $278 million to $290 million Revenue NSE $208 million, plus or minus $5 million OSP $76 million, plus or minus $1 million VIAVI 13.5%, plus or minus 100 bps Non-GAAP Operating Margin NSE 5.0%, plus or minus 100 bps OSP 37.0%, plus or min
Slide 7: Fiscal Q4 2025 Events
Fiscal Q4 2025 Events DATE EVENT LOCATION June 3, 2025 Stifel 2025 Boston Cross Sector 1x1 Conference Boston VIAVI//Public © 2025 Viavi Solutions Inc. 6
Slide 8: Additional Financial Information
Additional Financial Information
Slide 9: Fiscal Q3 2025 Financial Highlights
Fiscal Q3 2025 Financial Highlights (Amounts in $millions, except per share amounts) FISCAL QUARTER Q3 2025 Q2 2025 Q3 2024 QOQ YOY GAAP Revenue NE $188.0 $179.0 $151.7 5.0% 23.9% SE $20.2 $20.9 $18.1 (3.3%) 11.6% OSP $76.6 $70.9 $76.2 8.0% 0.5% Total $284.8 $270.8 $246.0 5.2% 15.8% Non-GAAP Gross M
Slide 10: Revenue by Business Segment and Geographic Region
Revenue by Business Segment and Geographic Region (Amounts in $millions) FISCAL QUARTER Q3 2025 Q2 2025 Q3 2024 QOQ YOY Segment Mix NE $188.0 66.0% $179.0 66.1% $151.7 61.6% 5.0% 23.9% SE $20.2 7.1% $20.9 7.7% $18.1 7.4% (3.3%) 11.6% OSP $76.6 26.9% $70.9 26.2% $76.2 31.0% 8.0% 0.5% Total $284.8 100
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights (Amounts in $millions) FISCAL QUARTER Q3 2025 Total Cash Balance (1) $400.2 Short-term Debt (Carrying Value) (2) $244.8 Long-term Debt (Carrying Value) (3) $396.1 GAAP Cash from Operations $7.8 (1) Includes cash and cash-equivalents, short-term investments and short-term res
Slide 12: Term Notes Summary
Term Notes Summary (Amounts in $millions) 2026 CONVERTIBLE NOTES 2029 HIGH-YIELD NOTES Issue Size $250.0M $400.0M Current Outstanding * $250.0M $400.0M Coupon 1.625% 3.75% Final Maturity 3/15/2026 10/1/2029 Put Date N/A N/A Call Date 3/20/2025 10/1/2024 Call / Put Price (%) 100% N/A Conversion Price
Slide 13: Income Statement
Income Statement (Amounts in $millions, except per share amounts) FISCAL QUARTER Q3 2025 Q2 2025 Q3 2024 QOQ YOY GAAP Revenue $284.8 $270.8 $246.0 5.2% 15.8% Non-GAAP Gross Margin 60.0% 61.1% 57.9% (110) bps 210 bps Non-GAAP Operating Expenses $123.1 $125.0 $119.5 (1.5%) 3.0% Non-GAAP Operating Prof
Slide 14: GAAP Income Statement
GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q3 2025 Q2 2025 Q3 2024 QOQ YOY GAAP INCOME STATEMENT Net revenue $ 284.8 $ 270.8 $ 246.0 5.2 % 15.8 % Cost of revenues 118.0 106.7 104.6 10.6 % 12.8 % Amortization of acquired technologies 6.1 3.3 3.5 84.8 % 74.3 % Tot
Slide 15: Non-GAAP Income Statement
Non-GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q3 2025 Q2 2025 Q3 2024 QoQ YoY NON-GAAP INCOME STATEMENT Net revenue $ 284.8 $ 270.8 $ 246.0 5.2 % 15.8 % Cost of revenues 114.0 105.4 103.5 8.2 % 10.1 % Gross profit 170.8 165.4 142.5 3.3 % 19.9 % Operating expens
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 2025 Q2 2025 Q3 2024 QOQ YOY Gross Profit - GAAP to Non-GAAP Reconciliation GAAP segment gross profit $ 160.7 $ 160.8 $ 137.9 (0.1)% 16.5 % Stock-based compensation 2.0 1.3 1.2 53.8 % 66.7 % Amortization of inta
Slide 18: Financial Information by Segment
Financial Information by Segment (Amounts in $millions and other than revenue reflect non-GAAP) UNAUDITED Q3 2025 Q2 2025 Q3 2024 QOQ YOY SEGMENT RESULTS ($ in millions) Net revenue: Network Enablement $ 188.0 $ 179.0 $ 151.7 5.0 % 23.9 % Service Enablement 20.2 20.9 18.1 (3.3)% 11.6 % Network and S
Slide 19: Condensed Balance Sheet
Condensed Balance Sheet (Amounts in $millions) UNAUDITED Q4 2024 Q3 2025 BALANCE SHEET (in millions) ASSETS Current assets: Cash and cash equivalents $ 471.3 $ 374.2 Short-term investments 19.9 22.6 Restricted cash 5.0 3.4 Accounts receivable, net 213.1 252.8 Inventories, net 96.5 116.2 Prepayments
Slide 20: VIAVI Solutions
VIAN I VIAVI Solutions viavisolutions.com