Viavi Solutions, Inc. (NASDAQ:VIAV) Q4 2023 Earnings Conference Call August 10, 2023 4:30 PM ET

Company Participants

Henk Derksen - EVP & CFO

Oleg Khaykin - President, CEO & Director

Conference Call Participants

Mehdi Hosseini - Susquehanna

Timothy Savageaux - Northland Capital Markets

Michael Genovese - Rosenblatt Securities

Alexander Henderson - Needham & Company

Meta Marshall - Morgan Stanley

Ruben Roy - Stifel, Nicolaus & Company

Operator

Hello, everyone. My name is David. Welcome to the Viavi Solutions Fourth Quarter and Full Fiscal Year 2023 Earnings Call. [Operator Instructions]. I'll now turn the conference over to Henk Derksen, Viavi Solutions CFO. Please begin.

Henk Derksen

Thank you, David, and welcome to Viavi Solutions Fourth Quarter Fiscal Year 2023 Earnings Call. My name is Henk Derksen, Viavi Solutions CFO. Also joining me on today's call is Oleg Khaykin, our President and CEO.

Please note that this call will include forward-looking statements about the company's financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations and estimations. We encourage you to review our most recent annual report and SEC filings, particularly the risk factors described in those filings. The forward-looking statements, including guidance we provide during this call, are valid only as of today. Viavi undertakes no obligation to update these statements.

Please also note that unless we state otherwise, all results except revenue are non-GAAP. We reconcile these non-GAAP results to our preliminary GAAP financials and discuss their usefulness and limitations in today's earnings release. The release plus our supplemental earnings slides, which include historical financial tables, are available on Viavi's website at www.investor.viavisolutions.com.

Finally, we are recording today's call and will make the recording available by 4:30 p.m. Pacific Time this evening on our website. Let's start with our quarterly financial results.

Fiscal Q4 revenue came in at $263.6 million, slightly ahead of the high end of our guidance range of $242 million to $262 million, up sequentially by 6.4% and down 21.4% on a year-over-year basis. Operating profit margin of 11.7%, near the high end of our guidance range of 10% to 12.4%, increased by 30 basis points from the prior quarter and decreased 9.6% from the prior year result of leverage on lower revenues. EPS at $0.10 ended above the high end of the guidance range of $0.07 to $0.09, up $0.02 sequentially and down $0.14 year-over-year. The current share count was 223.6 million during the quarter, down from 231.3 million shares in the prior year. Cash flow from operations was $23.5 million for the fourth quarter versus $73.6 million in the prior year period.