2023 Q3 Form 10-K Financial Statement

#000091209323000037 Filed on August 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023
Revenue $263.6M $1.106B
YoY Change -21.38% -14.42%
Cost Of Revenue $117.6M $467.3M
YoY Change -12.37% -9.94%
Gross Profit $146.0M $638.8M
YoY Change -27.4% -17.41%
Gross Profit Margin 55.39% 57.75%
Selling, General & Admin $78.50M $328.7M
YoY Change -18.82% -10.12%
% of Gross Profit 53.77% 51.46%
Research & Development $51.60M $206.9M
YoY Change -4.8% -2.95%
% of Gross Profit 35.34% 32.39%
Depreciation & Amortization $2.200M $8.700M
YoY Change -85.43% -75.63%
% of Gross Profit 1.51% 1.36%
Operating Expenses $132.3M $544.3M
YoY Change -13.59% -7.51%
Operating Profit $13.70M $94.50M
YoY Change -71.46% -48.92%
Interest Expense -$8.100M -$27.10M
YoY Change 30.65% -216.31%
% of Operating Profit -59.12% -28.68%
Other Income/Expense, Net $2.700M $5.400M
YoY Change 28.57% 3.85%
Pretax Income $6.400M $60.70M
YoY Change -84.31% -6.76%
Income Tax $6.500M $35.20M
% Of Pretax Income 101.56% 57.99%
Net Earnings -$100.0K $25.50M
YoY Change -100.61% 64.52%
Net Earnings / Revenue -0.04% 2.31%
Basic Earnings Per Share $0.00 $0.11
Diluted Earnings Per Share $0.00 $0.11
COMMON SHARES
Basic Shares Outstanding 222.2M shares 224.6M shares
Diluted Shares Outstanding 222.2M shares 226.6M shares

Balance Sheet

Concept 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $521.1M $521.1M
YoY Change -7.16% -7.16%
Cash & Equivalents $506.5M $506.5M
Short-Term Investments $14.60M $14.60M
Other Short-Term Assets $76.60M $76.60M
YoY Change 59.92% 59.92%
Inventory $116.1M $116.1M
Prepaid Expenses $16.50M
Receivables $231.2M $231.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $945.0M $945.0M
YoY Change -5.98% -5.98%
LONG-TERM ASSETS
Property, Plant & Equipment $243.0M $243.0M
YoY Change 6.16% -11.35%
Goodwill $455.2M
YoY Change 17.44%
Intangibles $58.60M
YoY Change 8.12%
Long-Term Investments
YoY Change
Other Assets $148.7M $148.7M
YoY Change 125.99% 39.1%
Total Long-Term Assets $905.5M $905.5M
YoY Change 10.05% 10.05%
TOTAL ASSETS
Total Short-Term Assets $945.0M $945.0M
Total Long-Term Assets $905.5M $905.5M
Total Assets $1.851B $1.851B
YoY Change 1.24% 1.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.20M $47.20M
YoY Change -19.04% -19.04%
Accrued Expenses $71.70M $71.70M
YoY Change 144.71% -45.39%
Deferred Revenue $78.60M
YoY Change -2.96%
Short-Term Debt $96.20M $0.00
YoY Change 40.64%
Long-Term Debt Due $96.20M $96.20M
YoY Change 40.64% 40.64%
Total Short-Term Liabilities $343.5M $343.5M
YoY Change -6.99% -6.99%
LONG-TERM LIABILITIES
Long-Term Debt $629.5M $629.5M
YoY Change -0.47% -0.47%
Other Long-Term Liabilities $186.7M $186.7M
YoY Change 9.57% 28.85%
Total Long-Term Liabilities $816.2M $816.2M
YoY Change 378.99% 4.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $343.5M $343.5M
Total Long-Term Liabilities $816.2M $816.2M
Total Liabilities $1.160B $1.160B
YoY Change 114.88% 0.3%
SHAREHOLDERS EQUITY
Retained Earnings -$69.60B
YoY Change 0.08%
Common Stock $70.43B
YoY Change 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $690.8M $690.8M
YoY Change
Total Liabilities & Shareholders Equity $1.851B $1.851B
YoY Change 1.24% 1.24%

Cashflow Statement

Concept 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$100.0K $25.50M
YoY Change -100.61% 64.52%
Depreciation, Depletion And Amortization $2.200M $8.700M
YoY Change -85.43% -75.63%
Cash From Operating Activities $23.50M $114.1M
YoY Change -68.07% -35.93%
INVESTING ACTIVITIES
Capital Expenditures $7.400M $51.10M
YoY Change -138.74% -29.52%
Acquisitions $0.00 $67.30M
YoY Change 710.84%
Other Investing Activities -$14.40M -$76.00M
YoY Change 1957.14% -5166.67%
Cash From Investing Activities -$21.80M -$127.1M
YoY Change 10.1% 79.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -79.30M -$50.00M
YoY Change 34.18% -76.24%
NET CHANGE
Cash From Operating Activities 23.50M $114.1M
Cash From Investing Activities -21.80M -$127.1M
Cash From Financing Activities -79.30M -$50.00M
Net Change In Cash -77.60M -$57.20M
YoY Change 1364.15% -57.82%
FREE CASH FLOW
Cash From Operating Activities $23.50M $114.1M
Capital Expenditures $7.400M $51.10M
Free Cash Flow $16.10M $63.00M
YoY Change -82.63% -40.34%

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CY2023 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
10100000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
690800000 usd
CY2023 us-gaap Fiscal Period
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fiscal Years</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s 2023 and 2022 fiscal years were 52-week years ending on July 1, 2023 and July 2, 2022, respectively. The Company’s 2021 fiscal year was a 53-week fiscal year ending on July 3, 2021 as the first quarter of fiscal year 2021 was a 14-week quarter compared to the standard 13-week quarters.</span></div>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of the Company’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect 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. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted 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 more readily available information.
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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4600000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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EarningsPerShareDiluted
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236300000 shares
CY2023 us-gaap Government Assistance Amount
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GovernmentAssistanceReceivableCurrent
14500000 usd
CY2023 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Foreign Currency Forward Contracts</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts its business and sells its products to customers primarily in North America, Europe, Asia and South America. In the normal course of business, the Company’s financial position is routinely subject to market risks associated with foreign currency rate fluctuations due to balance sheet positions in foreign currencies. The Company evaluates foreign exchange risks and utilizes foreign currency forward contracts to reduce such risks, hedging the gains or losses generated by the re-measurement of significant foreign currency-denominated monetary assets and liabilities. The fair value of these contracts is reflected as other current assets or liabilities and the change in fair value of these foreign currency forward contracts is recorded as gain or loss in the Consolidated Statements of Operations as a component of Interest and other income, net. The gain or loss from the change in fair value of these foreign currency forward contracts largely offsets the change in fair value of the foreign currency denominated monetary assets or liabilities, which is also recorded as a component of Interest and other income, net in the Consolidated Statements of Operations.</span></div>
CY2021 us-gaap Advertising Expense
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25500000 usd
CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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WeightedAverageNumberOfSharesOutstandingBasic
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CY2023 us-gaap Government Assistance Amount
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228700000 shares
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500000 usd
CY2023Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
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3800000 usd
CY2022Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
3700000 usd
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
4200000 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Incurred
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300000 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
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300000 usd
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000 usd
CY2023 us-gaap Asset Retirement Obligation Revision Of Estimate
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CY2023Q3 us-gaap Asset Retirement Obligation
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CY2021Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3700000 usd
CY2022 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
800000 usd
CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
400000 usd
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000 usd
CY2022 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
0 usd
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
4200000 usd
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CY2021Q3 us-gaap Long Term Debt
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224100000 usd
CY2021Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2021Q3 us-gaap Additional Paid In Capital
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CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2021 us-gaap Interest Expense
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14700000 usd
CY2021 us-gaap Net Income Loss
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67500000 usd
CY2023 viav Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Debt Securities Net Settlement Method
IncrementalCommonSharesAttributableToDilutiveEffectOfConversionOfDebtSecuritiesNetSettlementMethod
300000 shares
CY2022 viav Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Debt Securities Net Settlement Method
IncrementalCommonSharesAttributableToDilutiveEffectOfConversionOfDebtSecuritiesNetSettlementMethod
4800000 shares
CY2021 viav Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Debt Securities Net Settlement Method
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5000000.0 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1700000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2500000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2600000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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226600000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q3 us-gaap Contract With Customer Liability
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CY2023 viav Contract With Customer Liability Cumulative Catch Up Adjustment New Contracts
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CY2023 viav Contract With Customer Liability Revenue Recognized Including Opening Balance
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CY2023Q3 us-gaap Contract With Customer Liability
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23400000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
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256300000 usd
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2023 viav Allowance For Doubtful Accounts Receivable Currency Translation Adjustments And Write Offs Against Allowance
AllowanceForDoubtfulAccountsReceivableCurrencyTranslationAdjustmentsAndWriteOffsAgainstAllowance
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CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022 us-gaap Provision For Doubtful Accounts
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900000 usd
CY2022 viav Allowance For Doubtful Accounts Receivable Currency Translation Adjustments And Write Offs Against Allowance
AllowanceForDoubtfulAccountsReceivableCurrencyTranslationAdjustmentsAndWriteOffsAgainstAllowance
1500000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1400000 usd
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3000000.0 usd
CY2021 us-gaap Provision For Doubtful Accounts
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CY2021 viav Allowance For Doubtful Accounts Receivable Currency Translation Adjustments And Write Offs Against Allowance
AllowanceForDoubtfulAccountsReceivableCurrencyTranslationAdjustmentsAndWriteOffsAgainstAllowance
2100000 usd
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2000000.0 usd
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
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49000000.0 usd
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
41600000 usd
CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
17700000 usd
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
17700000 usd
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
49400000 usd
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
50800000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
116100000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
110100000 usd
CY2023Q3 us-gaap Income Taxes Receivable
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27600000 usd
CY2022Q3 us-gaap Income Taxes Receivable
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14500000 usd
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16500000 usd
CY2022Q3 us-gaap Prepaid Expense Current
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CY2023Q3 viav Advances To Contract Manufacturers
AdvancesToContractManufacturers
9800000 usd
CY2022Q3 viav Advances To Contract Manufacturers
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5100000 usd
CY2022Q3 us-gaap Value Added Tax Receivable Current
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CY2022Q3 us-gaap Derivative Assets Current
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386000000.0 usd
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363700000 usd
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CY2022Q3 us-gaap Property Plant And Equipment Net
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CY2022Q3 us-gaap Operating Lease Right Of Use Asset
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CY2022Q3 us-gaap Deferred Costs
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CY2022Q3 us-gaap Restructuring Reserve Current
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CY2022Q3 us-gaap Interest Payable Current
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CY2022Q3 viav Acquisition Related Holdback And Related Accruals Current
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CY2022Q3 us-gaap Derivative Liabilities Current
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CY2023 us-gaap Investment Income Interest
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CY2023Q3 us-gaap Goodwill
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