Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the Nasdaq Global Select Market under the symbol (VIAV). The closing price on July 25, 2020 was $13.34 .
As of July 25, 2020 , we had 2,906 holders of record of our common stock. We have not paid cash dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.
During fiscal 2020 , we repurchased and retired shares of our common stock pursuant to the stock repurchase program authorized by the Board of Directors. Refer to “ Note 15. Stockholders' Equity ” of Item 8 for more details.
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STOCK PERFORMANCE GRAPH
The information contained in the following graph shall not be deemed to be “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates it by reference in such filing.
The following graph and table set forth the total cumulative return, assuming reinvestment of dividends, on an investment of $100 in June 2015 and ending June 2020 in: (i) our Common Stock, (ii) the S&P 500 Index, (iii) the Nasdaq Stock Market (U.S.) Index, and (iv) the Nasdaq Telecommunications Index. The table below includes our stock performance prior to the separation of the Lumentum business as traded on the Nasdaq Global Select Market under the symbol “JDSU.” Historical stock price performance is not necessarily indicative of future stock price performance. For the purpose of this graph, the distribution of approximately 80.1% of the outstanding common stock of Lumentum to our stockholders, pursuant to which Lumentum became an independent company, is treated as a non-taxable cash dividend of $21.15 for every five shares of our common stock held, an amount equal to the closing price of Lumentum common stock on August 4, 2015 which was deemed reinvested in our common stock at the closing price on August 4, 2015.
*$100 invested on 6/30/15 in stock or index.
6/2015
6/2016
6/2017
6/2018
6/2019
6/2020
VIAVI
$
100.00
$
96.07
$
152.57
$
148.37
$
192.57
$
181.12
S&P 500
$
100.00
$
101.73
$
117.46
$
131.76
$
142.59
$
145.85
Nasdaq Composite
$
100.00
$
97.11
$
123.13
$
150.60
$
160.55
$
195.66
Nasdaq Telecommunications
$
100.00
$
98.99
$
112.65
$
133.23
$
156.83
$
159.55
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ITEM 6. SELECTED FINANCIAL DATA
This table sets forth selected financial data of VIAVI for the periods indicated. This data should be read in conjunction with and is qualified by reference to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K and our audited consolidated financial statements, including the notes thereto and the other financial information included in Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. The selected financial data presented in this section is not intended to replace the consolidated financial statements included in this report. Amounts provided below are ( in millions , except share and per share amounts )
Years Ended
June 27, 2020
June 29, 2019
June 30, 2018
July 1, 2017
July 2, 2016
(1) (2) (3)
(4) (9)
(5) (6)
(5) (7) (9)
(7) (8) (9)
Consolidated Statements of Operations Data:
Net revenue
$
1,136.3
$
1,130.3
$
875.7
$
805.0
$
906.3
Income (loss) from continuing operations, net of tax
28.7
7.8
(48.6
)
158.6
(50.4
)
Income (loss) from discontinued operations, net of tax
—
(2.4
)
—
1.6
(48.8
)
Net income (loss)
$
28.7
$
5.4
$
(48.6
)
$
160.2
$
(99.2
)
Net income (loss) per share from - basic:
Continuing operations
$
0.13
$
0.03
$
(0.21
)
$
0.69
$
(0.22
)
Discontinued operations
—
(0.01
)
—
0.01
(0.20
)
Net income (loss)
$
0.13
$
0.02
$
(0.21
)
$
0.70
$
(0.42
)
Net income (loss) per share from - diluted:
Continuing operations
$
0.12
$
0.03
$
(0.21
)
$
0.68
$
(0.22
)
Discontinued operations
—
(0.01
)
—
—
(0.20
)
Net income (loss)
$
0.12
$
0.02
$
(0.21
)
$
0.68
$
(0.42
)
Years Ended
June 27, 2020
June 29, 2019
June 30, 2018
July 1, 2017
July 2, 2016
(1) (2) (3)
(4)
(5) (6)
(5) (7)
(7) (8)
Consolidated Balance Sheets Data:
Cash and cash equivalents, short-term investments, and short-term restricted cash
$
544.0
$
526.5
$
788.0
$
1,447.8
$
979.8
Working capital
680.8
632.8
877.3
1,456.6
985.3
Total assets
1,776.3
1,815.1
2,026.8
2,113.1
1,678.1
Long-term obligations
832.1
805.3
738.7
1,095.8
762.4
Total stockholders’ equity
711.4
725.8
734.9
803.5
689.3
(1)
During the third quarter of fiscal 2020, the Company recorded a tax provision of $31.6 million for withholding taxes related to the planned repatriation of cash from a foreign subsidiary to US, of which $19.4 million was paid in fiscal 2020.
(2)
During fiscal 2020, the Company recorded a gain on change in fair value of RPC related earn-out liability of $29.5 million. Refer to “ Note 8. Fair Value Measurements ” for more information.
(3)
Reflects the impact of the adoption of the new lease accounting standard (ASC 842) in fiscal year 2020.
(4)
During the second quarter of fiscal 2019 we acquired RPC. During the fourth quarter of fiscal 2019 we acquired 3Z Telecom, Inc. Both transactions were accounted for as business combinations. The Consolidated Statement of Operations for fiscal 2019 includes the results of the acquired businesses subsequent to the respective acquisition dates. The Consolidated Balance Sheet as of June 29, 2019 includes the acquired businesses’ financial position. Refer to “ Note 5. Acquisitions ” for more information.
(5)
Fiscal 2018 and 2017 have been adjusted for our retrospective adoption of the new revenue recognition accounting standard (ASC 606).
(6)
During the first quarter of fiscal 2018 we acquired Trilithic Inc. During the third quarter of fiscal 2018 we acquired the AvComm and Wireless businesses of Cobham plc. Both transactions were accounted for as business combinations. The Consolidated Statement of Operations for fiscal 2018 and fiscal 2019 includes the results of the acquired businesses subsequent to the respective acquisition dates. The Consolidated Balance Sheet as of June 30, 2018 includes the acquired businesses’ financial position. Refer to “ Note 5. Acquisitions ” for more information.
(7)
During fiscal years ended 2017 and 2016 , we recorded $203.0 million and $71.5 million , respectively, gross realized gains on the sale of Lumentum common stock that was retained as part of the Separation.
(8)
During the fourth quarter of fiscal 2016 , we recorded a $91.4 million goodwill impairment charge related to the SE reporting unit in the Consolidated Statements of Operations.
(9)
During the first quarter of fiscal 2016 , we completed the separation of Lumentum. Operations of Lumentum have been presented as discontinued operations in all periods of our Consolidated Statements of Operations.
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