Viavi Solutions, Inc. (NASDAQ:VIAV) Q1 2024 Earnings Call Transcript November 2, 2023 4:30 PM ET

Company Participants

Pam Avent - Viavi Solutions Interim CFO

Oleg Khaykin - President, CEO & Director

Conference Call Participants

Mehdi Hosseini - Susquehanna

Michael Genovese - Rosenblatt Securities

Timothy Savageaux - Northland Capital Markets

Alexander Henderson - Needham & Company

Operator

Hello, everyone. My name is Alexis. Welcome to the Viavi Solutions First Quarter Full Year 2024 Earnings Call. [Operator Instructions]. I will now turn the line over to Pam Avent, Viavi Solutions Interim CFO. Please go ahead.

Pam Avent

Thank you, Alexis. Welcome to Viavi Solutions' First Quarter fiscal year 2024 earnings call. My name is Pam Avent, Viavi Solutions Interim CFO. Also joining me on today's call is Oleg Khaykin, our President and CEO.

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 Solutions'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 Q1 revenue came in at $247.9 million, slightly below the midpoint of our guidance range $240 million to $260 million. Revenue was down sequentially 6% and down 20.1% on a year-over-year basis. Operating profit margin of 12.4% was slightly below our guidance range of 12.7% to 14.2%, up by 70 basis points from the prior quarter, and down 930 basis points from the prior year. EPS at $0.09 met the low end of our guidance range of $0.09 to $0.11, down $0.01 sequentially and down $0.14 year over year. The current fully diluted share count was 224.2 million shares during the quarter, down from 230.4 million shares in the prior year. Cash flow from operations for our first quarter was $50.3 million versus $26.6 million a year ago.