Company Quick10K Filing
Viavi Solutions
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 232 $3,067
10-Q 2020-02-06 Quarter: 2019-12-28
10-Q 2019-11-05 Quarter: 2019-09-28
10-K 2019-08-27 Annual: 2019-06-29
10-Q 2019-05-08 Quarter: 2019-03-30
10-Q 2019-02-06 Quarter: 2018-12-29
10-Q 2018-11-07 Quarter: 2018-09-29
10-K 2018-08-28 Annual: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-30
10-Q 2017-11-08 Quarter: 2017-09-30
10-K 2017-08-29 Annual: 2017-07-01
10-Q 2017-05-09 Quarter: 2017-04-01
10-Q 2017-02-07 Quarter: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-10-01
10-K 2016-08-30 Annual: 2016-07-02
10-Q 2016-05-10 Quarter: 2016-04-02
10-Q 2016-02-09 Quarter: 2016-01-02
10-Q 2015-11-12 Quarter: 2015-10-03
10-K 2015-08-25 Annual: 2015-06-27
10-Q 2015-05-05 Quarter: 2015-03-28
10-Q 2015-02-05 Quarter: 2014-12-27
10-Q 2014-11-04 Quarter: 2014-09-27
10-K 2014-08-26 Annual: 2014-06-28
10-Q 2014-05-07 Quarter: 2014-03-29
10-Q 2014-02-06 Quarter: 2013-12-28
10-Q 2013-11-06 Quarter: 2013-09-28
10-K 2013-08-23 Annual: 2013-06-29
10-Q 2013-05-08 Quarter: 2013-03-30
10-Q 2013-02-06 Quarter: 2012-12-29
10-Q 2012-11-08 Quarter: 2012-09-29
10-K 2012-08-24 Annual: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-Q 2012-02-07 Quarter: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-10-01
10-K 2011-08-30 Annual: 2011-07-02
10-Q 2011-05-10 Quarter: 2011-04-02
10-Q 2011-02-08 Quarter: 2011-01-01
10-Q 2010-11-12 Quarter: 2010-10-02
10-K 2010-08-31 Annual: 2010-07-03
10-Q 2010-05-07 Quarter: 2010-04-03
10-Q 2010-02-05 Quarter: 2010-01-02
8-K 2020-02-04 Earnings, Exhibits
8-K 2019-11-22 Officers
8-K 2019-11-13 Shareholder Vote
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-09-12 Regulation FD, Exhibits
8-K 2019-08-15 Earnings, Exhibits
8-K 2019-05-22 Officers
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-11-14 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-04 Other Events, Exhibits
8-K 2018-08-14 Earnings, Exhibits
8-K 2018-07-25 Other Events, Exhibits
8-K 2018-07-18 Other Events, Exhibits
8-K 2018-06-19 Officers
8-K 2018-05-22 Other Events, Exhibits
8-K 2018-05-22 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2018-05-03 Earnings, Exhibits
8-K 2018-03-15 M&A, Regulation FD, Exhibits
8-K 2018-02-13 Officers, Regulation FD, Exhibits
8-K 2018-02-01 Enter Agreement, Regulation FD, Exhibits
8-K 2018-02-01 Earnings, Exhibits
VIAV 2019-12-28
Part I-Financial Information
Item 1. Financial Statements (Unaudited)
Note 1. Basis of Presentation
Note 2. Recently Issued Accounting Pronouncements
Note 3. Revenue
Note 4. Earnings per Share
Note 5. Accumulated Other Comprehensive Loss
Note 6. Acquisitions
Note 7. Balance Sheet and Other Details
Note 8. Investments, Forward Contracts and Fair Value Measurements
Note 9. Goodwill
Note 10. Acquired Developed Technology and Other Intangibles
Note 11. Debt
Note 12. Leases
Note 13. Restructuring and Related Charges
Note 14. Income Taxes
Note 15. Stockholders' Equity
Note 16. Stock-Based Compensation
Note 17. Employee Pension and Other Benefit Plans
Note 18. Commitments and Contingencies
Note 19. Operating Segments and Geographic Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risks
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 viavq2fy2010q4-ex101eq.htm
EX-31.1 viavq2fy2010-q1ex311.htm
EX-31.2 viavq2fy2010q2ex312.htm
EX-32.1 viavq2fy2010q3-ex321.htm
EX-32.2 viavq2fy2010q4-ex322.htm

Viavi Solutions Earnings 2019-12-28

VIAV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SMTC 3,315 1,056 602 372 44 109 3,231 62% 29.6 4%
CCMP 3,300 2,299 1,274 916 414 108 283 4,075 45% 14.4 5%
VIAV 3,067 1,815 1,089 1,130 651 5 141 2,536 58% 18.0 0%
SEDG 3,049 1,222 542 1,097 354 111 145 2,873 32% 19.8 9%
FNSR 2,740 2,395 781 1,248 353 -43 78 1,857 28% 23.9 -2%
CRUS 2,486 1,470 353 1,169 595 99 181 2,288 51% 12.6 7%
ENPH 2,458 482 364 405 132 11 35 2,355 33% 66.8 2%
IPHI 2,269 890 547 333 190 -88 41 2,627 57% 64.6 -10%
POWI 2,158 620 77 395 202 58 86 2,058 51% 23.9 9%
AMBA 2,137 490 62 212 126 -41 -28 1,914 59% -68.3 -8%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-Q
 
 

(Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 28, 2019
 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
 
 
 
to
 
 

Commission File Number 000-22874
Viavi Solutions Inc.
(Exact name of Registrant as specified in its charter)
 
Delaware
 
94-2579683
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)

6001 America Center Drive, San Jose, California 95002
(Address of principal executive offices including Zip code)

(408) 404-3600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of the exchange on which registered
Common Stock, par value of $0.001 per share
 
VIAV
 
The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer
Accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No

As of January 25, 2020, the Registrant had 230,252,773 shares of common stock outstanding.
 
 
 
 
 



Table of Contents

 
TABLE OF CONTENTS
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1

Table of Contents

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
VIAVI SOLUTIONS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Revenues:
 
 
 
 
 
 
 
Product revenue
$
281.9

 
$
272.8

 
$
546.7

 
$
513.9

Service revenue
31.8

 
34.1

 
66.8

 
61.5

Total net revenue
313.7

 
306.9

 
613.5

 
575.4

Cost of revenues:
 
 
 
 
 
 
 
Product cost of revenue
103.7

 
106.0

 
208.0

 
203.9

Service cost of revenue
12.1

 
14.4

 
24.8

 
25.2

Amortization of acquired technologies
8.4

 
8.5

 
16.8

 
17.9

Total cost of revenues
124.2

 
128.9

 
249.6

 
247.0

Gross profit
189.5

 
178.0

 
363.9

 
328.4

Operating expenses:
 
 
 
 
 
 
 
Research and development
50.3

 
45.9

 
101.8

 
88.5

Selling, general and administrative
86.3

 
88.5

 
179.5

 
172.9

Amortization of other intangibles
8.8

 
10.4

 
17.5

 
20.2

Restructuring and related (benefits) charges
(0.9
)
 
0.3

 
(0.6
)
 
15.1

Total operating expenses
144.5

 
145.1

 
298.2

 
296.7

Income from operations
45.0

 
32.9

 
65.7

 
31.7

Interest income and other income, net
1.3

 
1.5

 
4.0

 
3.2

Interest expense
(8.4
)
 
(8.1
)
 
(16.7
)
 
(18.2
)
Income before taxes
37.9

 
26.3

 
53.0

 
16.7

Provision for income taxes
9.9

 
10.9

 
18.2

 
16.6

Income from continuing operations
28.0

 
15.4

 
34.8

 
0.1

Loss from discontinued operations, net of taxes

 
(2.4
)
 

 
(2.4
)
Net income (loss)
$
28.0

 
$
13.0

 
$
34.8

 
$
(2.3
)
 
 
 
 
 
 
 
 
Income (loss) per share - basic:
 
 
 
 
 
 
 
Continuing operations
$
0.12

 
$
0.07

 
$
0.15

 
$
0.00

Discontinued operations

 
(0.01
)
 

 
(0.01
)
Net income (loss) per share - basic
$
0.12

 
$
0.06

 
$
0.15

 
$
(0.01
)
 
 
 
 
 
 
 
 
Income (loss) per share - diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.12

 
$
0.07

 
$
0.15

 
$
0.00

Discontinued operations

 
(0.01
)
 

 
(0.01
)
Net income (loss) per share - diluted
$
0.12

 
$
0.06

 
$
0.15

 
$
(0.01
)
 
 
 
 
 
 
 
 
Shares used in per-share calculations:
 
 
 
 
 
 
 
Basic
230.0

 
228.3

 
229.7

 
227.8

Diluted
238.3

 
230.4

 
237.4

 
230.5

The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.

2

Table of Contents

VIAVI SOLUTIONS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Net income (loss)
$
28.0

 
$
13.0

 
$
34.8

 
$
(2.3
)
Other comprehensive (loss) income:
 
 
 
 
 
 
 
Net change in cumulative translation adjustment, net of tax
28.0

 
(13.0
)
 
0.6

 
(26.1
)
Net change in available-for-sale investments, net of tax:
 
 
 
 
 
 
 
Unrealized holding gain arising during period

 

 

 
0.2

Plus: reclassification adjustments included in net loss

 
0.2

 

 
0.4

Net change in defined benefit obligation, net of tax:
 
 
 
 
 
 
 
Amortization of actuarial losses
0.8

 
0.4

 
1.5

 
1.0

Net change in accumulated other comprehensive income (loss)
28.8

 
(12.4
)
 
2.1

 
(24.5
)
Comprehensive income (loss)
$
56.8

 
$
0.6

 
$
36.9


$
(26.8
)

The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.


3

Table of Contents

VIAVI SOLUTIONS INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share and par value data)
(unaudited) 
 
December 28, 2019
 
June 29, 2019
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
551.8

 
$
521.5

Short-term investments
1.6

 
1.5

Restricted cash
3.5

 
3.5

Accounts receivable, net
251.5

 
237.7

Inventories, net
91.9

 
102.7

Prepayments and other current assets
54.5

 
49.9

Total current assets
954.8

 
916.8

Property, plant and equipment, net
173.5

 
179.9

Goodwill, net
384.5

 
381.1

Intangibles, net
179.3

 
211.6

Deferred income taxes
106.8

 
108.4

Other non-current assets
60.8

 
17.3

Total assets
$
1,859.7

 
$
1,815.1

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
48.9

 
$
63.4

Accrued payroll and related expenses
66.5

 
58.7

Deferred revenue
53.2

 
55.3

Accrued expenses
32.1

 
34.2

Other current liabilities
61.2

 
72.4

Total current liabilities
261.9

 
284.0

Long-term debt
589.8

 
578.8

Other non-current liabilities
243.7

 
226.5

Commitments and contingencies (Note 18)

 

Stockholders’ equity:
 
 
 
Common stock, $0.001 par value; 1 billion shares authorized; 230 million shares at December 28, 2019 and 229 million shares at June 29, 2019, issued and outstanding
0.2

 
0.2

Additional paid-in capital
70,254.0

 
70,244.7

Accumulated deficit
(69,357.4
)
 
(69,384.5
)
Accumulated other comprehensive loss
(132.5
)
 
(134.6
)
Total stockholders’ equity
764.3

 
725.8

Total liabilities and stockholders’ equity
$
1,859.7

 
$
1,815.1

The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.

4

Table of Contents

VIAVI SOLUTIONS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Six Months Ended
 
December 28, 2019
 
December 29, 2018
OPERATING ACTIVITIES:
 
 
 
Net income (loss)
$
34.8

 
$
(2.3
)
Adjustments to reconcile net loss to net cash provided by operating activities:

 

Depreciation expense
19.7

 
19.7

Amortization of acquired technologies and other intangibles
34.3

 
38.1

Stock-based compensation
21.6

 
17.7

Amortization of debt issuance costs and accretion of debt discount
11.0

 
12.1

Amortization of discount and premium on investments, net

 
(0.2
)
Net change in fair value of contingent liabilities
(4.3
)
 

Loss on disposal of long-lived assets

 
0.7

Other
2.4

 
1.6

Changes in operating assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable
(13.5
)
 
(33.5
)
Inventories
3.2

 
3.4

Other current and non-currents assets
(2.5
)
 
(0.7
)
Accounts payable
(14.2
)
 
(3.0
)
Income taxes payable
5.8

 
7.0

Deferred revenue, current and non-current
2.9

 
0.3

Deferred taxes, net
(2.8
)
 
(4.5
)
Accrued payroll and related expenses
8.2

 
9.5

Accrued expenses and other current and non-current liabilities
(37.3
)
 
3.2

Net cash provided by operating activities
$
69.3

 
$
69.1

 
 
 
 
INVESTING ACTIVITIES:
 
 
 
Maturities of available-for-sale investments
$

 
$
42.2

Sales of available-for-sale investments

 
97.0

Capital expenditures
(13.3
)
 
(24.2
)
Proceeds from the sale of assets
3.1

 
3.0

Acquisitions, net of cash acquired
(0.5
)
 
(28.1
)
Net cash (used in) provided by investing activities
$
(10.7
)
 
$
89.9

 
 
 
 
FINANCING ACTIVITIES:
 
 
 
Payment of debt issuance costs
$

 
$
(0.5
)
Repurchase and retirement of common stock
(10.7
)
 
(8.5
)
Withholding tax payment on vesting of restricted stock awards
(15.1
)
 
(9.8
)
Repurchase and redemption of convertible debt

 
(276.9
)
Payment of financing obligations
(1.8
)
 
(0.4
)
Proceeds from exercise of employee stock options and employee stock purchase plan
2.3

 
2.1

Net cash used in financing activities
(25.3
)
 
(294.0
)
 
 
 
 
Effect of exchange rates on cash, cash equivalents and restricted cash
(3.5
)
 
(11.2
)
Net increase (decrease) in cash, cash equivalents and restricted cash
29.8

 
(146.2
)
Cash, cash equivalents and restricted cash at the beginning of the period
530.4

 
624.3

Cash, cash equivalents and restricted cash at the end of the period
$
560.2

 
$
478.1

The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.

5

Table of Contents

VIAVI SOLUTIONS INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Three Months Ended December 28, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Loss
 
Total
Balance at September 28, 2019
 
230.4

 
$
0.2

 
$
70,245.4

 
$
(69,376.2
)
 
$
(161.3
)
 
$
708.1

Net income
 

 

 

 
28.0

 

 
28.0

Other comprehensive income
 

 

 

 

 
28.8

 
28.8

Shares issued under employee stock plans, net of tax
 
0.5

 

 
(2.9
)
 

 

 
(2.9
)
Stock-based compensation
 

 

 
11.5

 

 

 
11.5

Repurchase of common stock
 
(0.7
)
 

 

 
(9.2
)
 

 
(9.2
)
Balance at December 28, 2019
 
230.2

 
$
0.2

 
$
70,254.0

 
$
(69,357.4
)
 
$
(132.5
)
 
$
764.3

Three Months Ended December 29, 2018
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Loss
 
Total
Balance at September 29, 2018
 
228.2

 
$
0.2

 
$
70,218.6

 
$
(69,394.1
)
 
$
(115.1
)
 
$
709.6

Net income
 

 

 

 
13.0

 

 
13.0

Other comprehensive loss
 

 

 

 

 
(12.4
)
 
(12.4
)
Shares issued under employee stock plans, net of tax
 
0.7

 

 
(1.5
)
 

 

 
(1.5
)
Stock-based compensation
 

 

 
9.7

 

 

 
9.7

Repurchase of commons stock
 
(0.9
)
 

 

 
(8.5
)
 

 
(8.5
)
Other
 

 

 

 
0.1

 
0.1

 
0.2

Balance at December 29, 2018
 
228.0

 
$
0.2

 
$
70,226.8

 
$
(69,389.5
)
 
$
(127.4
)
 
$
710.1

Six Months Ended December 28, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Loss
 
Total
Balance at June 29, 2019
 
228.8

 
$
0.2

 
$
70,244.7

 
$
(69,384.5
)
 
$
(134.6
)
 
$
725.8

Cumulative adjustment for adoption of ASC 842
 

 

 

 
3.0

 

 
3.0

Net income
 

 

 

 
34.8

 

 
34.8

Other comprehensive income
 

 

 

 

 
2.1

 
2.1

Shares issued under employee stock plans, net of tax
 
2.2

 

 
(12.6
)
 

 

 
(12.6
)
Stock-based compensation
 

 

 
21.9

 

 

 
21.9

Repurchase of common stock
 
(0.8
)
 

 

 
(10.7
)
 

 
(10.7
)
Balance at December 28, 2019
 
230.2

 
$
0.2

 
$
70,254.0

 
$
(69,357.4
)
 
$
(132.5
)
 
$
764.3


6

Table of Contents



Six Months Ended December 29, 2018
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Loss
 
Total
Balance at June 30, 2018
 
226.7

 
$
0.2

 
$
70,216.2

 
$
(69,378.6
)
 
$
(102.9
)
 
$
734.9

Net loss
 

 

 

 
(2.3
)
 

 
(2.3
)
Other comprehensive loss
 

 

 

 

 
(24.5
)
 
(24.5
)
Shares issued under employee stock plans, net of tax
 
2.2

 

 
(7.3
)
 

 

 
(7.3
)
Stock-based compensation
 

 

 
17.9

 

 

 
17.9

Repurchase of common stock
 
(0.9
)
 

 

 
(8.5
)
 

 
(8.5
)
Other
 

 

 

 
(0.1
)
 

 
(0.1
)
Balance at December 29, 2018
 
228.0

 
$
0.2

 
$
70,226.8

 
$
(69,389.5
)
 
$
(127.4
)
 
$
710.1

The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.

7


VIAVI SOLUTIONS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Presentation
The financial information for Viavi Solutions Inc. (“VIAVI” also referred to as “the Company”) for the three and six months ended December 28, 2019 and December 29, 2018 is unaudited, and includes all normal and recurring adjustments Company management considers necessary for a fair statement of the financial information set forth herein. The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual consolidated financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 29, 2019.
Other than updates to the Company’s lease accounting policy under Accounting Standards Codification (“ASC”) 842 - Leases, as disclosed in “Note 2. Recently Issued Accounting Pronouncements” and “Note 12. Leases”, there have been no material changes to the Company’s accounting policies during the three and six months ended December 28, 2019, as compared to the significant accounting policies presented in “Note 1. Basis of Presentation” of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report for the year ended June 29, 2019 on Form 10-K filed with the SEC on August 27, 2019.
The balance sheet as of June 29, 2019 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three and six months ended December 28, 2019 and December 29, 2018 may not be indicative of results for the fiscal year ending June 27, 2020 or any future periods.
Fiscal Years
The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s fiscal 2020 is a 52-week year ending on June 27, 2020. The Company’s fiscal 2019 was a 52-week year ending on June 29, 2019.
Principles of Consolidation
The consolidated financial statements include the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated.
Use of Estimates
The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. The Company bases estimates on historical experience and assumptions about future periods that are believed to be reasonable based on available information. The Company’s reported financial positions or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect readily available current information.
Note 2. Recently Issued Accounting Pronouncements
Recent Accounting Pronouncements Adopted
In 2016, the Financial Accounting Standards Board (“FASB”) issued guidance on the financial reporting requirements for leasing arrangements, ASC 842 - Leases. ASC 842 requires lessees to recognize operating leases with a term greater than one year on their balance sheets as Right-of-Use (“ROU”) assets and corresponding lease liabilities, measured at the present value of the lease payments. In the first quarter of fiscal 2020 the Company adopted this standard using the modified retrospective approach. The Company elected to apply the optional transition approach of not adjusting comparative period financial statements for the adoption impact. The Company also elected the package of practical expedients to not reassess whether a contract contains a lease, lease classification and accounting for initial direct costs. Adoption of the leasing standard resulted in $35.5 million of ROU assets and $37.0 million of lease

8


VIAVI SOLUTIONS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

liabilities on June 30, 2019. In addition, the Company recorded an adjustment to accumulative deficit, net of taxes, of $3.0 million from the recognition of previously deferred profit under sale-leaseback arrangements and de-recognition of related real estate assets of $7.1 million and financing obligations of $10.1 million. The adoption of the new standard did not have a material impact on the Company’s Consolidated Statements of Operations and Statements of Cash Flows. For additional information refer to “Note 12. Leases.”
Recent Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued guidance which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The guidance is effective for the Company in the first quarter of fiscal year 2022 and early adoption is permitted. The Company is evaluating the effects that the adoption of this guidance will have on its consolidated financial statements.
In August 2018, the FASB issued guidance to amend the disclosure requirements related to defined benefit pension and other post-retirement plans. Some of the changes include adding a disclosure requirement for significant gains and losses related to changes in the benefit obligation for the period and removing the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year. This guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Consolidated Financial Statements.
In June 2016, the FASB issued guidance that changes the accounting for recognizing impairments of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. The guidance is effective for the Company in the first quarter of fiscal 2021 and earlier adoption is permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Consolidated Financial Statements.
Note 3. Revenue
The Company accounts for revenue in accordance with ASC 606, which was adopted in fiscal 2019 using the retrospective transition method. The Company’s revenue is derived from a diverse portfolio of network solutions and optical technology products and services, as follows:
Products: Network Enablement (“NE”) and Service Enablement (“SE”) products include instruments, microprobes and perpetual software licenses that support the development, production, maintenance and optimization of network systems. The Company’s Optical Security and Performance (“OSP”) products include proprietary pigments used for optical security and optical filters used in commercial and government 3D Sensing applications.
Services: The Company also offers a range of product support and professional services designed to comprehensively address customer requirements. These include repair, calibration, extended warranty, software support, technical assistance, training and consulting services. Implementation services provided in conjunction with hardware or software solution projects include sale of the products along with project management, set-up and installation.

9


VIAVI SOLUTIONS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Balance sheet and other details
Unbilled Receivables: The Company records a receivable when an unconditional right to consideration exists and transfer of control has occurred, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of customer invoicing. Payment terms vary based on product or service offerings and payment is generally required within 30 to 90 days from date of invoicing. Certain performance obligations may require payment before delivery of the service to the customer.
Contract Assets: A Contract Asset is recognized when a conditional right to consideration exists and transfer of control has occurred. Contract Assets include fixed fee professional services, where the transfer of services has occurred in advance of the Company's right to invoice. Contract Assets, included in accounts receivable, net, on the Consolidated Balance Sheets, are not material to the Consolidated Financial Statements. The prior year’s Consolidated Balance Sheets and Statements of Cash Flows have been updated to conform to the current period’s presentation. Contract asset balances will fluctuate based upon the timing of transfer of services, billings and customers’ acceptance of contractual milestones.
Gross receivables include both billed and Unbilled Receivables/Contract Assets. As of December 28, 2019 and June 29, 2019, the Company had total non-billed receivables (Unbilled Receivables/Contract Assets) of $5.4 million and $11.5 million, respectively.
Deferred Revenue: Deferred revenue consists of contract liabilities primarily related to support, solution deployment services, software maintenance, product, professional services, and training when the Company has a right to invoice or payments have been received and transfer of control has not occurred. Revenue is recognized on these items when the revenue recognition criteria are met, generally resulting in ratable recognition over the contract term. Contract liabilities are included in deferred revenue and non-current liabilities on the Consolidated Balance Sheets.
The Company also has short term and long term deferred revenues related to undelivered hardware and professional services, consisting of installations and consulting engagements, which are recognized as the Company's performance obligations under the contract are completed and accepted by the customer.
The following tables summarize the activity related to deferred revenue (in millions):
 
December 28, 2019
 
Three Months Ended
 
Six Months Ended
Deferred revenue:
 
 
 
Balance at beginning of period
$
64.4

 
$
68.5

Revenue deferrals for new contracts (1)
33.6

 
52.5

Revenue recognized during the period
(26.1
)
 
(49.1
)
Balance at end of period
$
71.9

 
$
71.9

 
 
 
 
Short-term deferred revenue
$
53.2

 
$
53.2

Long-term deferred revenue
$
18.7

 
$
18.7

(1)  Included in these amounts is the impact from foreign currency exchange rate fluctuations.

Remaining Performance Obligations: Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered or are incomplete, as of December 28, 2019. Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded. The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancelable contracts where there is no substantive termination penalty.
Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that has not materialized, and adjustments for currency.

10


VIAVI SOLUTIONS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The value of the transaction price allocated to remaining performance obligations as of December 28, 2019, was $238.1 million. The Company expects to recognize 89% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter.
Disaggregation of revenue
The Company's revenue is presented on a disaggregated basis on the Consolidated Statements of Operations and in “Note 19. Operating Segments and Geographic Information”. This information includes revenue from reportable segments and a break-out of products and services for which the nature and timing of the revenue as characterized above is generally at a point in time and over time, respectively.
Note 4. Earnings Per Share
The following table sets forth the computation of basic and diluted net loss per share (in millions, except per share data):
 
Three Months Ended
 
Six Months Ended
 
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Numerator:
 

 
 

 
 
 
 
Income from continuing operations
$
28.0

 
$
15.4

 
$
34.8

 
$
0.1

Loss from discontinued operations, net of taxes

 
(2.4
)
 

 
(2.4
)
Net income (loss)
$
28.0

 
$
13.0

 
$
34.8

 
$
(2.3
)
Denominator:
 
 
 
 
 
 
 
Weighted-average shares outstanding: