SAN JOSE, Calif., Feb. 15, 2018 /PRNewswire/ -- (NASDAQ:
VIAV) Viavi Solutions Inc. ("VIAVI") announced today that its Board of Directors has authorized the Company to increase its
common stock repurchase program from up to $150 million to up to $200
million through open market or private transactions. The $50 million increase in
authorized repurchases is in addition to the $150 million repurchase program announced by the
Company in September 2016, under which approximately $12.6 million is
the remaining balance. The Board also extended the period during which repurchases can be made until September 30, 2019.
VIAVI had $1.21 billion in total cash and investments as of December 30,
2017 and generated $34.9 million in operating cash flow during the first six months of
fiscal year 2018. The timing of repurchases and the number of shares repurchased will depend upon business and financial
market conditions.
"VIAVI has achieved eight consecutive quarters of positive operating cash flow since I've joined the company in February 2016 as we continuously improve net income profitability," stated Oleg
Khaykin, VIAVI's President and Chief Executive Officer. "We are committed to increasing shareholder value through
share repurchases as well as continuing investments in both organic growth and strategic corporate development opportunities
given our strong balance sheet and anticipated future cash flow generation."
About Viavi Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions to communications
service providers, enterprises and their ecosystems, supported by a worldwide channel community including VIAVI Velocity Solution
Partners. We deliver end-to-end visibility across physical, virtual and hybrid networks, enabling customers to optimize
connectivity, quality of experience and profitability. VIAVI is also a leader in high performance thin film optical coatings,
providing light management solutions to anti-counterfeiting, consumer electronics, automotive, defense and instrumentation
markets. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.
Forward-Looking Statements
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to statements
related to expectations for future cash flow generation, continued investment strategies and stock repurchase transactions,
including any intention to repurchase shares of our common stock from time to time under the stock repurchase program, as well as
the timing, nature and financial impact of any such transactions. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include,
among other things: (a) the economic performance of markets in which we participate and financial markets as a whole;
(b) the impact of global economic trends and industry-specific conditions on demand for our products (c) the market price of
our common stock; (d) difficulty in predicting our future cash needs; (e) the Company's discretion to purchase less
than or none of the shares of common stock as approved by the Board of Directors; (f) the nature of other investment
opportunities and other potential uses of cash available to us from time to time; (g) our current and future operating
performance and free cash flows; and (h) other factors discussed from time to time in reports filed by the Company with the
Securities and Exchange Commission. For more information on these and other risks affecting the Company's business, please
refer to the "Risk Factors" section included in the Company's Annual Report on Form 10-K for the fiscal year ended July 1,
2017 filed with the Securities and Exchange Commission on August 29, 2017.
The forward-looking statements contained in this press release are made as of the date hereof, and the Company assumes no
obligation to update such statements.
Investors Contact: Bill Ong, 408-404-4512; bill.ong@viavisolutions.com
Press Contact: Amit Malhotra,
202-341-8624; amit.malhotra@viavisolutions.com
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SOURCE VIAVI Financials