VIAVI Solutions Reports Exit/Disposal Costs
Ticker: VIAV · Form: 8-K · Filed: Jun 17, 2024 · CIK: 912093
| Field | Detail |
|---|---|
| Company | Viavi Solutions Inc. (VIAV) |
| Form Type | 8-K |
| Filed Date | Jun 17, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $15 million, $25 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, financial-reporting
TL;DR
VIAVI's selling off parts of the business, expect some costs.
AI Summary
VIAVI Solutions Inc. filed an 8-K on June 17, 2024, reporting on cost-associated exit or disposal activities as of June 13, 2024. The filing also includes financial statements and exhibits related to these activities. The company was formerly known as JDS Uniphase Corp /CA/ until July 13, 1999.
Why It Matters
This filing indicates VIAVI Solutions is undergoing restructuring or divesting certain assets, which could impact future financial performance and operational focus.
Risk Assessment
Risk Level: medium — Disposal activities can signal strategic shifts or financial pressures that may affect the company's future stability and profitability.
Key Players & Entities
- VIAVI SOLUTIONS INC. (company) — Registrant
- JDS UNIPHASE CORP /CA/ (company) — Former Company Name
- 0000912093-24-000046 (filing_id) — Accession Number
- June 13, 2024 (date) — Earliest event reported
- June 17, 2024 (date) — Filing Date
FAQ
What specific activities are associated with the exit or disposal mentioned in the filing?
The filing indicates cost-associated exit or disposal activities, but the specific details of these activities are not elaborated in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on June 13, 2024.
What is the filing date of this 8-K report?
This 8-K report was filed on June 17, 2024.
What was VIAVI Solutions Inc. formerly known as?
VIAVI Solutions Inc. was formerly known as JDS Uniphase Corp /CA/.
In which state was VIAVI Solutions Inc. incorporated?
VIAVI Solutions Inc. was incorporated in Delaware.
Filing Stats: 707 words · 3 min read · ~2 pages · Grade level 12.8 · Accepted 2024-06-17 16:02:26
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share VIAV The Nasdaq Stock Market
- $15 million — ation benefits charges of approximately $15 million in connection with the Plan. The Compan
- $25 million — tes the Plan to result in approximately $25 million in annualized cost savings and to be su
Filing Documents
- viav-20240613.htm (8-K) — 36KB
- 0000912093-24-000046.txt ( ) — 160KB
- viav-20240613.xsd (EX-101.SCH) — 2KB
- viav-20240613_lab.xml (EX-101.LAB) — 22KB
- viav-20240613_pre.xml (EX-101.PRE) — 13KB
- viav-20240613_htm.xml (XML) — 3KB
05. Costs Associated with Exit and Disposal Activities
Item 2.05. Costs Associated with Exit and Disposal Activities. As recently communicated, Viavi Solutions Inc.'s end markets spend environment continues to be challenging, particularly in the service providers and enterprise customer segments and we expect the conservative spend environment to persist for the remainder of calendar year 2024. In light of this, on June 13, 2024, the Company approved a restructuring and workforce reduction plan (the "FY2024 Plan") across various functions intended to improve operational efficiencies and better align the Company's workforce with current business needs. The Company expects approximately 6% of its global workforce to be affected and estimates it will incur severance and termination benefits charges of approximately $15 million in connection with the Plan. The Company anticipates the Plan to result in approximately $25 million in annualized cost savings and to be substantially completed within the next four fiscal quarters.
Forward-Looking Statements
Forward-Looking Statements Certain matters discussed in this Current Report on Form 8-K constitute 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 statements regarding the number of employees impacted by the restructuring plan, the estimated expenses the Company will recognize, the timing of these payments and expenses and the estimated annualized cost savings. These forward-looking statements are based on the Company's current assumptions, expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on other risk factors affecting the Company generally, 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, 2023 filed with the Securities and Exchange Commission. The forward-looking statements contained in this Current Report on Form 8-K are made as of the date thereof and the Company assumes no obligation to update such statements, except as required by law.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VIAVI SOLUTIONS INC. Date: June 17, 2024 By: /s/ ILAN DASKAL Name: ILAN DASKAL Title: Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer)