Viavi Solutions Inc. has recently released its 10-K report, providing a detailed look into its performance and operations. The company, formerly known as JDS Uniphase Corporation, offers network test, monitoring, and assurance solutions for a wide range of customers across the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. Viavi operates through three segments: Network Enablement, Service Enablement, and Optical Security and Performance Products.
In the fiscal year ended June 29, 2024, Viavi faced a challenging business environment, particularly in North American service provider and enterprise customer markets. The company's financial results for the year included net revenue of $1.0 billion, down $105.7 million or 9.6% year-over-year. The GAAP operating margin was 2.1%, down 530 basis points year-over-year, while the non-GAAP operating margin was 11.5%, down 410 basis points year-over-year.
Viavi's GAAP diluted EPS was $(0.12), down $0.23 or 209.1% year-over-year, and the non-GAAP diluted EPS was $0.33, down $0.22 or 40.0% year-over-year. The company generated $116.4 million in operating cash flow and deployed $19.5 million or 1.9% of revenue towards capital expenditures. Viavi also retired the 2024 Senior Convertible Notes upon maturity and repurchased 2.3 million shares of its common stock for $20.0 million.
The company's financial report includes a reconciliation of GAAP financial measures to non-GAAP financial measures, which are provided to evaluate Viavi's core operational performance and to enable investors to better understand its financial performance. The report discusses the results of operations for the fiscal years ended June 29, 2024, and July 1, 2023, and also provides a segment net revenue breakdown for Network Enablement, Service Enablement, and Optical Security and Performance Products.
Viavi remains focused on executing its strategic priorities to drive revenue and earnings growth, capture market share, and optimize its capital structure. Looking ahead to fiscal 2025, the company expects the conservative spend environment to persist for the remainder of calendar 2024 and anticipates a gradual demand recovery in the first half of calendar 2025. Following these announcements, the company's shares moved 4.1%, and are now trading at a price of $8.1. For the full picture, make sure to review Viavi Solutions's 10-K report.
