Viavi Solutions Inc. (NASDAQ:VIAV) Q3 2023 Results Conference Call May 2, 2023 4:30 PM ET

Company Participants

Sagar Hebbar - Head of Investor Relations

Henk Derksen - Chief Financial Officer

Oleg Khaykin - President & Chief Executive Officer

Conference Call Participants

Michael Genovese - Rosenblatt Securities

Tim Savageaux - Northland Securities

Meta Marshall - Morgan Stanley & Co. LLC

Operator

Hello. My name is John Louis. Welcome to the Viavi Solutions 3Q 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

I would now like to turn the conference over to Sagar Hebbar, Head of Investor Relations, Viavi Solutions. Please go ahead.

Sagar Hebbar

Thank you, John Louis. Welcome to Viavi Solutions’ third quarter fiscal year 2023 earnings call. My name is Sagar Hebbar, Head of Investor Relations with Viavi Solutions. Joining me on today's call are Oleg Khaykin, President and CEO, and Henk Derksen, CFO. Please note, 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.

I would now like to turn the call over to Henk.

Henk Derksen

Thank you, Sagar. Fiscal Q3 2023 was a challenging quarter. Also, the pullback and service providers demand earlier in the year. And with more muted revenue patterns for OSP, we are now experiencing weaker spending for lab products within our network enablement segment. As a result, fiscal Q3 revenue came in at $247.8 million, down 21.5% year-over-year. I'll be it at the high end of our recently updated guidance range of $246 million to $248 million.