VIAV - Earnings call transcript Q1 2021

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Viavi Solutions' First Quarter Fiscal Year 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Bill Ong, Head of Investor Relations. you. Thank sir. ahead go Please

Bill Ong

you, Tiffany. year Ong, first fiscal Viavi of Welcome Earnings Call. to XXXX Bill Relations. Solutions' My Investor quarter Thank name Head is

Viavi CEO; are Joining annual that results The today's review include and statements forward-looking in company's GAAP note note Oleg obligation and are and Please non-GAAP. undertakes these statements. provide limitations supplemental release. revenue unless discuss actual results the will that cause update Amar recent about on to and no estimations. and valid our we guidance performance. to their to Khaykin, this this results financials Viavi's slides today. website. me encourage which call call Maletira, you and to earnings release, also call during uncertainties President those financial our The tables on state includes including reconcile historical these statements from are usefulness are particularly expectations subject Please could filings, non-GAAP financial are differ earnings CFO. available current except preliminary risks plus We described most today's otherwise, we We and These the forward-looking report all in SEC factors of materially risk only as to statements, our filings.

I on over website. make we'll call by Finally, our Pacific now turn and this recording the recording available we evening call Amar. today's are X.XX PM like to Time the would to

Amar Maletira

$XXX a Viavi’s EPS in margin a grew OSP. ago X.X% a levels OSP both X% quarter revenue million at to above of positive $XXX.X at record $X.XX at pre-announced $XXX.X from margin and also year-on-year $X.XX basis declined was revenue $XXX was range $X.XX but and year $X.XX. $X.XX guidance points XX.X% to a $X.XX as Fiscal operating pre-announced of positive guidance our presents strength EPS NSE well our on is our year-on-year was initial and seasonal quarter Bill. to QX as $XXX million increase million basis, at a reflecting our first revenue. initial both million. at to by you, driven $X.XX in and of of stabilization expansion above results September million, results for Thank XXX sequentially, sequentially. million $XXX

events, modestly, by declined declines moving from results million, business margins SE NSE. revenue a segments gross NE X.X% declined million, due with XX.X% margin in $XXX.X from increased revenue pandemic-related primarily XX.X% Now ago, Within favorable at year-on-year. year gross levels. disciplined XX and expenses to NSE gross our SE reported a lower XX.X% NSE’s NSE from to commission, points XX.X% basis as reduction travel lower mix. et expenses X.X% product revenue, by programs, at increased expense points reflecting operating entertainment, XXX efficiency due year-on-year management, a variable due basis pandemic. at XXX at year-on-year. last Instruments. basis Field XX.X% to due and lower up revenue Within in the improved year decreased such NE basis primarily to starting points margins volume. due declined year’s to $XXX.X year-on-year cetera NSE QX ongoing at the NSE, at offset to ago, XX points operating margins

a to basis control. tight higher year expense higher XXX XX.X%, margins last year-on-year, revenue XD at was XX.X% and at year aerospace from OSP. $XXX.X because reflecting and up demand. and XX.X% points basis as result Gross at and manufacturing XXX points operating absorption. better defense to Anti-Counterfeiting Sensing million, as a last strong volume up record OSP record OSP gross margins solid revenues, of product well of as turning delivered Now had with quarter compared margins up

turning sheet. the Now balance to

total and investments million $XX.X was which an sequentially. of $XXX.X million, cash increase ending Our short-term balance was

Our flow basis year-to-date, was total of share. we million repurchased share. per fiscal Overall, $XX.X a $XX.XX quarter in $XXX per of repurchased buyback of million. cost average at $XX.XX XXXX record approximately at In authorized we an $XX.X for cost Viavi’s the stock have average share announced operating of on an September approximately XXXX cash $XX the million million basis

be repurchase. opportunistic We continue to in share our

our turning guidance. Now to

at $XXX second fiscal and to to XX%, be for plus approximately the million, XXXX operating expect to We minus of range million, to in EPS revenue be margin Viavi $XX between or $X.XX $X.XX. quarter XX%

with $XXX basis million operating expect minus plus margins million, approximately plus or revenue We minus XX% to at $X or XX NSE be points.

be We expect minus margins minus million, or at or XXX points. basis XX% million, $XX OSP operating plus approximately plus to $X revenue with

expense approximately to to tax XX% is expected XX%. Our be

is Viavi’s We XXX expect our other XXth. and my difficult privilege to net team. for shares. expense It and a of reflect more count It’s estimate be effective $X leadership approximately million five to a CFO and October We supporting the the to as Viavi income with approximately a expense share XX, announced was partnering at on Oleg It decision. pleasure than the million. been November resignation years. company serve real On

We Avent CFO. I my to Interim transition Global as still current successor will our and are Pam is serve a Controller, the of orderly company following my today. departure am CFO identified, committed an stronger a duties,

an I’ve period over with Viavi Additionally, call to Oleg. six the With will anticipated consulting I my a turn for into agreement months departure. entered that, of after

Oleg Khaykin

Thank you, Amar.

role. in you like take Viavi would to your and I for years the start, over great I thank this your new you past five to contribution to opportunity Before wish success

the June orders quarter, double-digit Instruments reflecting in the in challenging percentage saw segment was I to up am Now, record to QX The to started Despite activity. expect recover environment. NSE providers quarter all-time down and we Field environment year-on-year into and was sequentially, and resume service of demand quarterly back we in down early continue an be all-time we saw later operations recovery to the field early after weakness for in equipment. demand quarter signs results. business their Overall, the stabilize Field as we stronger it for be NE an stabilizing production Field for QX deliver continued to Instruments. pleased seasonal in revenue expect seasonally lab up and in and NSE Instruments modestly saw QX performance OSP revenue to demand and strength December profitability lab in equipment begin The significantly wireless and quarter. reflecting record strong the with our improve QX as and

second XG XXXX out as early revenue in Field network of uncertainty anticipate accelerates. of the macroeconomic in wireless Although and XXXX remains, to half and XG calendar to build calendar XG more the meaningful the recovery we lead fiber become

portfolio out to major XG streamline have As them carriers our Test significantly build we prepare their network to the out Field and qualification. automate RF help networks, and build expanded Instrumentation

Test open We and standards network and and to have also support O-RAN XG interoperability virtualization. introduced Test, Suite Lab the industry-leading

On acceleration wave the seeing datacenter network are traffic. fiber manufacturers side, and of we support adoption the GigE XXX next the equipment by of to network

expect O-RAN the next and GigE to NSE RF Field We XXX several drive Instruments years. growth over

Aerospace million to across its product OSP. Anti-Counterfeiting, by its first $XXX three strong plus all The driven Sensing Now quarter, groups, and OSP of and segment XD demand business saw Defense. turning

one XG of multiple and seasonal QX Today, pullback one multiple and We filter consists Three into XD one our modest line expect going in XD optical years OSP application. Anti-Counterfeiting. in to products strength with in sensing continue consisted product diffusers multiple Sensing our Sensing and ago, into customers, device filters of applications. product

XX% a to XX% XD XXXX Sensing we increase now As to year-on-year. result, expect revenue fiscal in

profitability. and turn continue Overall, of banknote Fiber In demand all Defense-related to will driven product We expect appreciation expected to secular next drivers express employees, remainder over remain strong continue remain and like team XG to demand strong I XD Aerospace Anti-Counterfeiting wish execution year. chain challenging call redesign. for the growth the our long-term conclusion, Bill. and in quarters several I these for to stimulus the fiscal our stay drive and to now our expect we times supply higher fiscal partners, intact product this Sensing and my planning to and is safe remain to Wireless, its I and the our healthy. robust would customers levels of to for by to and shareholders Viavi during revenue

Bill Ong

Thank you, Oleg.

This Conference session. on to Investor the Shareholders investor Annual following on Tiffany, XXXX and virtually. One-on-One Investor at everyone question MKM one XX limit question participating Midwest answer begin discussion will Meeting to quarter, Viavi and Growth events XXXX one November let’s Partners be November I ask December we the XX, follow-up. XXth. on Stifel Conference

Operator

John [Operator from comes Instructions] the Marchetti with first Your line question of Stifel.

is Your line open.

John Marchetti

you see your it am new very what and sure the will let me Thanks Amar, go. you to will of congratulate first although role on sad I be be to many people much

Amar Maletira

Thanks, John.

John Marchetti

Field to want am it’s comments on service in where around business. your a I providers some not the take I or your curious to improvements just themselves get Alright. And scenario to the on seeing this in start work? follow-up whether at started if field to some the to they get are out point new adapt upgrade have now their the or networks need environment really maybe to doing of that where

Oleg Khaykin

Sure.

that the trucks and however time performance before what’s on So, the need and procedures, you And back only amount things works they adopting to out what? forever saying, the develop, so this protocols right. to their all the were you summer put roll work remember, work going only figure in hit And much on. and suspend go know accumulated we they and I environment Things work they mean, to how of problems suspend say, everything can Then people doesn’t they how actually for your do. maintenance listen, one during hold starts hey, saw network it parameters, can COVID degrade. of would kind thing, with and their

So know, things and in we we work. do a – to was back are to company quarter It They saw we like, of move they – the hey, getting went fastest throughout big fleets adopting trucks. have the kind on, then things normalization. September And don’t actually companies of as big was saw you technicians company. the quarter not summer

be things come providers major America on retrofits to that pretty as get delayed. We And thing have hold say, continue all enter programs to forward and December the planned now network starting good. the whole and quarter, maintenance all back rather to service even fair we’ve upgrades be seeing to we these moving we North Europe mean, put I are and actually and in their to with

America, much North some American really was South big a weakness in by phenomena big the down compounded So, in slow but it’s not very difference.

So, kind what’s America providing up. in back coming of that is pick now, some really North to things life of

John Marchetti

it. Got

Amar Maletira

also I in Latin America. bit. would add saw some recovery we little a to But like

Oleg Khaykin

new work no getting is, It point. given surprisingly good a networks for But that Latin going America aggressive the are has America we one was Clearly, everybody from I actually acute state South as and as improve Thank actually year-over-year, the here Amar. and made - repairs home, very good it to in America with buying to equipment North really devaluation. it’s actually, of need serviceability. upgrades mean the seen very big and upgrading networks seeing, their

John Marchetti

gears from of lot And aspects Sensing see of by thought your been March for the better that? given business might into little those Thanks. get if I here, us your And a you in XD can business, that is sequentially of terms of I pushed bit? expect in push certainly the there? then, that are sort bit seem want how seasonality help just and I of a what to largest shift customer how about you inline maybe just There for XD December, the launch expecting has and quarter? the Oleg, a maybe some actually outs in little that maybe to slightly the a year talk And seasonality with given growth of in we some obviously sense a different Sensing things you moment or just Whether little out the bit. business this we delayed seasonality can had be

Oleg Khaykin

will provide Amar color. then, and start, I’ll more So,

okay? the biggest if cycle, look you is just for with us, September on Because, products in going our quarter literally what’s remember, the we ship the typically So, quarter time.

at time more see. the lead integrated put or we get between So, So, may that ship weeks, suppliers in don’t of optic our some and the they it’s okay? probably lag in filters, components a that we have they several and get phone, respect,

the quarter some or example, see demand ready you, door when bigger them right? see for of like in we September for get real-time in June terms really to quarter have of So, – actually we better the of representation may a out shipment. how of probably So,

quarter pulls and Then see that December a depending is up pick drop quarter models, uptick very we September then, to strong. a may still So, March strong quarter quarter. very back new again June and back but strong. bit, to September nature things or very quarter on of The the is some it’s starting the not, the then

we the half, of first at production is going Now, more and everything level not staging gets becoming are half now different second seeing and time. is launched what because, into now volatility models, products is the are quarter-to-quarter, more smaller there same of smaller,

actually the actually off that’s better android models come new six it So, to And drives even factory where ecosystem run pick for in leveling up, loading out of us. the lot month out good absorption for much to of a to helps smooth the which starts on us, level of and because they us a somewhat the better. cycle spring, extent,

I So, space. android Amar? is. that’s But today, player a is in it the still clearly, smaller think what much

Amar Maletira

Yes. to what Oleg said. add just just I can

all first recall think, we roughly year-on-year. that Sensing I the last earnings of in So, you will flattish if call, said XD quarter be

we of mid-teen XD to sort be Now growth. expect Sensing

between are XX% and We XX%.

So, than versus half we last so positive half fiscal incrementally year, what half half both point number going is is, as to fiscal a was growth first second year. first the growth in XXXX. be which the two entering Number second in XXXX year of the more but more this of fiscal that’s is one, thought

then and June a seasonality So, year. December, model half, we ready in in to and is in the slight the strong, then, further is a for point, same September decline the decline as half quite the Oleg’s still slight pickup March quarter first in the the remains stronger next first get quarter

when out. how see that’s in panning you the half is, But year-on-year. the you the is can first versus so compare this half So second coming growth it’s more

John Marchetti

very Thanks much.

Operator

from with comes the line Morgan. question JP Chatterjee Samik next Your of

is line Your open.

Samik Chatterjee

on thanks on the you NSE segment with Thank for and question. the just I you. Hi, that the guidance my follow-up taking start to want NSE gave.

of and the I seasonal through improvement implies through activity we improvement the think seasonal as activity in for we trajectory in intent you. from might catch-up in Thank we there, I get a we is, result kind give service three should the kind guidance year as what get kind about some in have be than Is quarters? that segment? expecting talked terms year, of the that quarter-on-quarter you to now some a rolling. follow-up. might to of the finally of trying year what And we the that go you better I of and better provider you XX% NSE see the trends remaining kind to than Is it should, go about am through as get have

Oleg Khaykin

NSE, low especially Well, is just the I a think, in fairly clearly, off America right. North coming point,

get back starting So, there normal is things stabilizing. to are to or –

going absorb of catch-up, to any at remember, believe can customers – is only there our Now, so really to any time. given don’t much be because I going don’t you are think I kind

skip there they the be not is quarter, there if is to a does significant going mean So, going catch-up. it

Instrumentation is of see some However, see in there, it that demand may which on with a customers greater quarter. see the March we several carryover for March fiber Field be expect and to some happening seasonally quarter, the build little do we will are to out there the

order not some back kind of So, some of back may that they I a now some to out budget is build quarter. major soften weak or flush. visibility the are quarter we into that to are at orders will in some are think, because work things in the orders is and expedited normal are but of also looking there seeing importantly, some for project. major a to getting placing yearend that customers kind But And they six much. – seeing March months three and more upgrade result returning that is seasonally we network And and getting is December the everybody

Amar Maletira

March. was down to it last the – the of typically, quarter. going additional in to quarter because in – What are December X% seasonality roughly December to that’s anywhere month March the seasonally about quarter, modeling And quarter XX% – from go March the looking is and between if forward quarter, to shutdown on actually going some you quarter, Yes. at we in quarter, the pandemic was big from a of the expect XXXX, X% just year’s the XX% compared revenue goes fiscal to to you down when had XX% decline it we add March of the NSE December which to color how NSE because and close the March we compare

to and forward is and any are So, modeling XXXX, additional a at although going the if the if should we’ll level definitely a as year normal it. at going there sort assuming spend, go maybe for progresses calendar of level back uptick lower lower Samik, capture seeing and we any seasonality we normal there start in is seasonality, But pickup. purposes,

Samik Chatterjee

Okay. to margin the on wanted And, just follow-up Amar, you with I front.

done are at hitting higher margin of because revenue. you should thinking of changed, long-term with cost think the targets, has kind be side? you already? dramatically predicated the the done on that end the of should more exceed terms kind the can Day, start issued the exceeding operating of had but level side be that kind back level the you to XXXX revenue the come of have level XX% why you or a the the when you’ve end, on obviously high improvements those thinking in that Investor of of you normal for margin they of high high issued landscape on to about you think, and cost I some if fiscal that of Are of kind you maybe So, XX% end you what since but targets improvement of

Amar Maletira

Yes.

execute to we think see, things operating continue think, showed you our run it that it. are the you on continue and funnel when shared that during about and The programs the a One, clearly efficiency backing that. compare what are I is this operational I So, that three to Analyst expenses you we Day. year-on-year basis, we with and you there is on

the to which One that in of There funnel Viavi to the and ERP are efficiency that. biggest benefit of see we system, new starting year are at item other within are the migrating on of was completed this we a running we beginning that programs funnel.

that and one a and will that So is process continuous is continue.

The second non-discretionary are the is, on the like travel entertainment. have things and expenses. some we planned is expenses definitely expenses and And expenses. from discretionary there expenses, planned third variable We definitely and of some because had on discretionary benefit

people so, happening. is a not are And in of lockdown. much travel There

the also bookings because year-on-year of there down, We And commissions a events physical event the on we saw also critical saw declined because happening. pandemic. down, no because sort some basis, come coming of are expenses

are operational the long-term part those variable revenue to we side, efficiency that’s bounce kicks drive go the of in expect the back continue the and the plan. operational on efficiency expenses So, and as to that we will

we execute saying range XX% am XX% So, back against. is the to coming Samik, that I to that to will continue the

the there us seeing coming already down. end of quarters is benefit are a range. the we of You variable But expenses again, got the into where few have also high

the operating So, you in model. the leverage will revenue a higher yes, when have comes in,

you see also would out benefit should of up. go also the expenses that. variable But the So, you see

to stick would the So say, I like I XX% to would XX%. to

a good that’s work to with. range I think

Samik Chatterjee

Okay. Thank Excellent. you.

Amar Maletira

very much. you Thank

Operator

comes line question next Hosseini the Mehdi Your of with SIG. from

open. is line Your

Mehdi Hosseini

taking follow-ups. questions. for Yes. Thanks Two my

the and many specifically has do products. to on specific complained Just customer Sensing, the XD you understand constraints actually may they actually how content and higher impacted back one could OEM of that phones And going supply build. some in that has have the key about I OSP

have challenging is, imagine is it is builds, a follow-up. And part total question I the of I mix forecasting? your So, which The my is, both? phone or the a is you most that to content the function what is

Oleg Khaykin

Sure.

not So, Viavi. I’ll I you, all, tell first mean, it’s of

never have never has shutdown chain our suffered. and supply our We customers

So, that’s not side. our an issue on

forecasting, get of we forecast. short position. means, good in we terms lead actually In which a are very real-time time, a we very See, have

meanwhile, forecast a product for a the your are a chain It time, supply is is changes right. late, example, to customer it’s So, volatile. to have supply through problem, when because the Because very have problem device, going if have a will the certain moving lower all long you you and chain. time, too and going there lead your the forecast

forecasted well lead that literally and to by of We deliver it that customers. respect, known times second don’t have long So, guess. we a our it within lot get to are weeks in the point

phones are to to get actually we is they that to ship. what something number close So them is going very the of

fact, from So we much believe in suffer don’t uncertainty. that

We our very of have high and degree visibility forecast. in a certainty

Mehdi Hosseini

In your forecast.

OEM forecast can able be So, to Your drive the catch-up to extent that the their manufacturing an and upside? that from allocation would is partner, always get more conservative.

Oleg Khaykin

worked mean, all I they They’ve forecast. then, usually all much shortfalls of how things to finalized. units have tell and by pretty or us out time, factored the already And us number units ship. they the by the the it’s give many the just Yes.

three that happen, really one, months two, of before never we date. may a or delivery the lot So the see volatility

Mehdi Hosseini

mix helpful. – XG am and into do looking sorry, the half with And between into and Okay. QX How year wireless my has do very you then, the It’s to fiber see mix follow-up December calendar evolving? the of second first XXXX. I looking

Oleg Khaykin

Well, in first which right. the lab production, and is see, mostly the XG wireless it’s – half,

when So, NANDS the new new get start year, major a all budgets. you calendar

right. quarter, orders say, would the I to quite and in you are a the March see So, going few June happening

And into budgets stuff to slows be down then remains. kind have it’s of September, pretty they usually the unless maybe And whatever leftover. maybe So is weaker that’s then, going strong. December

production the first to be and that the wireless Now, going strong to be and the given build more of there is should lab from also the we half. next out expect expect in we particularly amount XG accelerate NANDS year,

also just happening have where whole is, line those the cake. a and the kind thing now going it of we and released. other lot now ramping starts demand will verification be is that’s emergence up, on starts for as O-RAN, that the of field up products a And of you demand for the interoperability and Now, that product icing new

kind strong we are Europe feel, earlier, should is in really XG year be taking half and mentioned first pretty of, of Fiber, America. I quite at out seeing for the So, now aggressive we least. North of fiber place as build

So earlier, Sensing, fiber expect seasonally we to as is the year for be really I pretty XD calendar weaker strong. And us. of half said first

to the calendar Now, nowhere this ecosystem it’s android half XD area, gearing year when Sensing. some as as second in see We cameras. Sensing more with up but will starts be calendar comes that Sensing XD second And but year. going of extent pickup the for of the it main be demand on strong the half to may to world-facing XD

Amar Maletira

wireless It even XG production. resilient, during and we quite think situation, lab quite saw add, I to fab a this was just And fiber in resilient.

And so, to the half buildouts in on that fiber side, field pickup the first as will in that mentioned happen. Oleg the addition

the fiber We side. to strong production on also will believe that remain the continue and lab

Oleg Khaykin

for so, lot driving the fiber whole datacenter clearly, build good going a optic XXX backplane demand very of continuing point. GIG modules. That’s is out in I mean, is fiber through

of other between are seeing the may some means, given customers you some demand. That have greater the mix challenges of customers, with some Now change the Huawei.

the from us, another. for to shifts it one customer means So, demand just

Mehdi Hosseini

good with Amar, you. your And you. Thank endeavor. luck it. Got new Thank

Amar Maletira

very you Thanks, Mehdi. much. Thank

Operator

Your with Marshall comes next the of from question line Morgan Stanley. Meta

Your line open. is

Karan Juvekar

the Hi. Karan question. on is This Thank for you for Juvekar Meta.

or to sell So, has your dig renewal ability to how new different sell Thank COVID to to customers? just But course are we products want your understand customers NSE of most customers. that or normal you. impacted customers existing into

Oleg Khaykin

Sure.

presence telling and So, – scale favors is is all as with it incumbent but challenging I incumbent. as so as it is regions. incumbent really is I’ve environment the in been as the different this bad not as and only physical And everybody, this the – think,

every service we So, don’t a face-to-face though and even of working do lot respect, and in in regions practically that contacts, order. telecom the we are have the all support we have major

renewal life order, terms and we also, of support with lot supplemented qualified, provide the remember, been So, customers. support in the the also webinars But actually well. just they very and placing virtual of clearly, do don’t field we the in place for in continue for an people orders field our need a to what

very that’s going So well.

In terms new the have months new proposal the working of new of to in we business, way, eighteen six, we customers a now out. plans, are engaging with or normal their And found discuss twelve a stage.

to demonstrated all ways to get they the and following samples in manner are the We live the ship to into safe up customers the tested a demonstration remotely picked in labs up where get way or and cases. some

customers, significant our I staffed thinly are have some around and locally customers with or who major say, a have advantage think of world all I’d So, footprint we you we if you subscale. have the that are a the geographic versus

Karan Juvekar

the the in one just upside from OSP Got designs the the And I your in if approximate increase adjust have it. piece versus That there reprints way of business? Is from Thank volume you. quarter more on could new sense. stimulus? the to makes follow-up Thank a you. currency in

Amar Maletira

I listen, we think, the So, there break to performance. don’t drivers for out business strong for obvious three But Anti-Counterfeiting needless were that say reasons.

lockdown one of the stimulus a COVID is lot given printing is countries. we is of is for again, continues, of the not lockdown And that course and third they and of during in, the is, stock. of Number safety the if a there increasing are this replenishing mentioned the package So, two came creating we inventory, been because sort for redesign that were one printing.

said in calendar it the past. this with a redesign So, is came we in. We XXXX in end were expecting had and line of what

a performance led business. Anti-Counterfeiting so, three to in And those that factors strong were our

Oleg Khaykin

and the that, of our old replacing coming to reprinting they also redesign add newer to a ASP increasingly it and has using currency starts also that would in. have are I They the means, And advanced recalling more it. different start which some replace obviously pigments,

So, as is the coming and is it like because I multiple trying economies contributes. inject chunk going is restimulate physical there, cash having is it it of everybody ways across a the to kind all stimulus quarters physical there said, of is on restart in to it to looks in the necessary. what be their think Amar depends And the COVID-related heavily world, view slowdown. of of And

Amar Maletira

the So, at just before And comment is this is strong flattish. you business to is then made know XX been flattish. sort of that this we when plus that, and haven’t very diversified. and seen OSP NSE for look and add I’ve NSE have OSP earlier here strong, quarters, years, is five you When to we too this, is nicely

counterbalances here And are so, diversified the the businesses. it and businesses key execution have. the of both that very seeing potential that we earning trends well of we market discipline is company, two because The the given the this

has up also close from able our delivered million. quarters. you So, in on operations were a last in we EPS a very and motto EPS a to Even basis. to flow over that’s $XX of COVID are the XX strong – couple print cash to year-on-year situation, and drive profits the the growth up of been continuously what seeing And in

Karan Juvekar

you. Thank it. Got

Operator

to There questions turn in back queue. now I over are the Ong. conference will no further Bill

Bill Ong

Thank This call concludes you, Thank everyone. today. for Tiffany. our earnings you

Operator

you concludes call. Thank your for This participation. today's

You disconnect. may now

Viavi Solutions (VIAV) 5 Nov 202021 Q1 Earnings call transcript