Viavi Solutions Inc.
−Removed: (VIAVI, also referred to as the Company, we, our, and us) is a global provider of network test, monitoring and assurance solutions for communications service providers (CSPs), enterprises, network equipment manufacturers (NEMs), original equipment manufacturers (OEMs), government and avionics.
−Removed: We help these customers harness the power of instruments, automation, intelligence and virtualization.
−Removed: VIAVI is also a leader in light management solutions for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets.
−Removed: To serve our markets, we operate in the following business segments:
+Added: (VIAVI, also referred to as the Company, we, our, and us) is a global provider of network test, monitoring, and assurance solutions for communications service providers (CSPs), hyperscalers, network equipment manufacturers (NEMs), original equipment manufacturers (OEMs), government and avionics.
+Added: We help customers harness the power of instruments, automation, intelligence and virtualization.
+Added: VIAVI is also a leader in light management technologies for 3D sensing, for the anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.
+Added: To serve our markets, we operate the following business segments:
• Network Enablement (NE);
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In support of our business segments, we are pursuing a corporate strategy that we believe will best position us for future opportunities as follows:
−Removed: • Market leadership in physical and virtualized test and measurement instruments and assurance systems with opportunity to grow market share;
+Added: • Market leadership in physical and virtualized test and measurement instruments and assurance systems with the opportunity to grow market share;
• Market leadership in anti-counterfeiting pigments, 3D sensing optical filters and other light management technologies;
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These factors are discussed under Item 1A “Risk Factors” of this Annual Report on Form 10-K.
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Business Segments
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Our solutions address lab and production environments, field deployment and service assurance for wireless and wireline networks, including computing and storage networks.
−Removed: Our test instrument portfolio is one of the largest in the industry, with hundreds of thousands of units in active use by major NEMs, operators and service providers worldwide.
+Added: Our test instrument portfolio is one of the largest in the industry, with hundreds of thousands of units in active use by major network equipment manufacturers (NEMs), operators and service providers worldwide.
Within the NE product portfolio, our wireless products consist of flexible application software and multi-function hardware that our customers can easily use as standalone test and measurement solutions or combine with industry-standard computers, networks and third-party devices to create measurement, automation and embedded systems.
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Our AvComm products are a global leader in test and measurement (T&M) instrumentation for communication and safety in the government, aerospace and military markets.
−Removed: AvComm solutions encompass a full spectrum of instrumentation from turnkey systems, stand-alone instruments or modular components that provide customers with highly reliable, customized, innovative and cost-effective testing tools.
+Added: AvComm solutions encompass a full spectrum of instrumentation, which include turnkey systems, stand-alone instruments and modular components that provide customers with highly reliable, customized, innovative and cost-effective testing tools and resilient Positioning, Navigation and Timing (PNT) solutions for critical infrastructure serving military and civilian applications.
Our NE segment provides solutions for CSPs, as well as NEMs and data center providers that deliver and/or operate broadband/IP networks (fixed and mobile) supporting voice, video and data services as well as a wide range of applications.
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AvComm products are positioned in all of the customers’ product life cycle phases from research & development (R&D), manufacturing, installation, deployment and field, to depot repair and maintenance of devices.
−Removed: NE customers include CSPs, NEMs, government organizations and large corporate customers, such as major telecom, mobility and cable operators, chip and infrastructure vendors, storage-device manufacturers, storage-network and switch vendors, radio and avionics commercial companies, OEMs, state and federal agencies, utilities, law enforcement, military contractors and the armed forces and deployed private enterprise customers.
+Added: NE customers include CSPs, NEMs, government organizations and large corporate customers, such as major telecom, mobility and cable operators, chip and infrastructure vendors, storage-device manufacturers, storage-network and switch vendors, radio and avionics commercial companies, original equipment manufacturers (OEMs), state and federal agencies, utilities, law enforcement, military contractors and the armed forces and deployed private enterprise customers.
Our customers include América Móvil, AT&T Inc., Lumen Technologies, Inc.
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While we face multiple competitors for each of our product families, we continue to have one of the broadest portfolios of wireline and wireless products available in the network enablement industry.
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Our NE solutions include instruments and software that support the development and production of network systems in the lab.
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SE provides embedded systems and enterprise performance management solutions that give global CSPs, enterprises and cloud operators visibility into network, service and application data.
−Removed: Our assurance solutions let carriers remotely monitor performance and quality of network, service and applications performance throughout the entire network.
+Added: Our assurance solutions let carriers remotely monitor the performance and quality of network, service and applications performance throughout the entire network.
This provides our customers with enhanced network management, control, and optimization that allow network operators to initiate service to new customers faster, decrease the need for technicians to make on-site service calls, help to make necessary repairs faster and, as a result, lower costs while providing higher quality and more reliable services.
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For further information related to our customers, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under Item 7 of this Annual Report on Form 10-K.
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SE segment competitors include NetScout Systems, Inc., Riverbed Technology, Inc.
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Our SE solutions are embedded network systems, including instruments, microprobes and software that collect and analyze network data to reveal the actual customer experience and identify opportunities for new revenue streams and network optimization.
−Removed: These solutions provide our customers enhanced network management, control, optimization and differentiation.
+Added: These solutions provide our customers enhanced network management, control, optimization and differentiation and a complete service assurance platform for mobile communications, providing operators with network performance, inventory, configuration and fault management solutions through artificial intelligence driven key performance indicator analysis.
Our customers are able to access and analyze the growing amount of network data from a single console, simplifying the process of deploying, provisioning and managing network equipment and services.
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The increase in demand for 5G services will be increasingly supported by automation and associated artificial intelligence and machine learning, which will further enable enterprise requirements for private 5G as well as numerous use cases such as remote working and energy efficiency.
−Removed: Such increases in demand of pervasive on-premise/off-premise services will further drive the need for cybersecurity.
+Added: Such increases in demand for pervasive on-premise/off-premise services will further drive the need for cybersecurity.
Further adoption of 5G will require optical fiber upgrades and buildouts driven by traditional CSPs as well as enterprise networks.
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Cable providers are investing in DOCSIS 3.1 to enhance existing cable networks while DSL copper lines are being upgraded to GFast.
−Removed: Many operators have decided to run existing legacy networks by deploying superior technologies or continue to run until they are no longer operable and then replace them with new optical fiber.
+Added: Many operators have decided to run existing legacy networks by deploying superior technologies or continuing to run such networks until they are no longer operable and then replacing them with new optical fiber.
For our avionics products, many governments across the globe are increasing their military and public safety budgets to upgrade communication infrastructure.
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The convergence of network technologies requires significant investments from both traditional carriers and cloud service providers.
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OSP customers include SICPA Holding SA Company (SICPA), STMicroelectronics Holding N.V., Lockheed Martin Corporation and Seiko Epson Corporation.
−Removed: We have a strategic alliance and rely exclusively on SICPA to market and sell our OVP and OVMP product lines for banknote anti-counterfeiting applications worldwide.
+Added: We have a strategic alliance with SICPA to market and sell our OVP and OVMP product lines for banknote anti-counterfeiting applications worldwide.
Sales of these products to SICPA generated approximately 10% of our net revenue from continuing operations during fiscal 2021, 2022 and 2023.
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and manufacturers of passive and other optical components such as II-VI Inc.
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Our OSP business provides innovative light management technologies for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets.
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Consumer Electronics and Industrial :
−Removed: Our OSP business manufactures and sells optical filters for 3D sensing products that separate out ambient light from incoming data to allow devices to be controlled by a person’s movements or gestures.
+Added: Our OSP business manufactures and sells optical filters for 3D sensing products that separate ambient light from incoming data to allow devices to be controlled by a person’s movements or gestures.
Our Engineered Diffusers shape light emitted for 3D sensing applications and also enhance eye safety.
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In addition to anti-counterfeiting and 3D sensing applications, OSP technologies enable optical solutions in industries we believe the applications of which will mature or there will be development of new applications for OSP technologies that will grow demand for our OSP products and solutions.
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Research and Development
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Our strength in the banknote anti-counterfeiting market is complemented by our advances in developing novel pigments for a variety of applications.
−Removed: Other areas for OSP include our efforts to leverage our optical coating technology expertise to develop applications for the government and defense markets as well as efforts related to new products for 3D sensing and smart phone sensors.
+Added: Other areas for OSP include our efforts to leverage our optical coating technology expertise to develop applications for the government and defense markets as well as efforts related to new products for 3D sensing and smartphone sensors.
OSP also develops, manufactures and sells a line of miniature hand-held spectrometers with applications in the agriculture, healthcare and defense markets.
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Restructuring and Related Charges” under Item 8 of this Annual Report on Form 10-K.
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Manufacturing
−Removed: As of July 2, 2022, we have significant manufacturing facilities for our NE, SE and OSP segments located in China, France, Germany, Mexico, United Kingdom and the United States.
+Added: As of July 1, 2023, we have significant manufacturing facilities for our NE, SE and OSP segments located in China, France, Germany, Mexico, the United Kingdom and the United States.
Our most significant contract manufacturing partners are located in China and Mexico.
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Telecom and cable spending budgets are typically set at the start of a new calendar year, thus with all else being equal, our third fiscal quarter is NSE’s weakest revenue quarter with spending release benefiting our fourth fiscal quarter.
−Removed: For our OSP business, given our exposure to the consumer market, namely our 3D sensing products into the smart phone market, OSP revenue is expected to be seasonally higher in the first and second fiscal quarter followed by seasonal demand declines in the third and fourth fiscal quarters.
+Added: For our OSP business, given our exposure to the consumer market, namely our 3D sensing products into the smartphone market, OSP revenue is expected to be seasonally higher in the first and second fiscal quarter followed by seasonal demand declines in the third and fourth fiscal quarters.
Human Capital Management
−Removed: The VIAVI culture is made up of the diverse contributions of our 3,600 employees worldwide (as of July 2, 2022) representing more than 30 self-identified nationalities working across 30 countries.
+Added: The VIAVI culture is made up of the diverse contributions of our approximately 3,600 employees worldwide (as of July 1, 2023) representing more than 30 self-identified nationalities working across 30 countries.
VIAVI is committed to promoting and maintaining a diverse and inclusive work environment and offering equal opportunities to everyone.
We seek to empower our employees to learn and develop their skills to accelerate their career and to attract best-in-class talent.
−Removed: The CEO and the SVP Human Resources are responsible for the development of our People Strategy and execute on this with the support of the Executive Management Team.
+Added: The CEO and the SVP of Human Resources are responsible for the development of our People Strategy and execute on this with the support of the Executive Management Team.
We regularly update and partner with the Compensation Committee of the Board of Directors on human capital matters.
+Added: Employee experience continues to be an important focus of our People Strategy, including implementing automation to increase efficiency in our business processes, manager and employee self-service for transactions and advanced reporting for organizational insight.
+Added: In addition, we launched a new learning management system to allow for micro-learning in the flow of work.
+Added: Our next phase will include improving our approach to measuring employee sentiment and drivers for engagement.
Business Values & Standards
−Removed: The VIAVI business values articulate the internal cultural identity for VIAVI employees and provide a shared understanding of expectations across the Company.
+Added: The VIAVI business values articulate the internal cultural identity of VIAVI employees and provide a shared understanding of expectations across the Company.
They represent the principles that will help guide us to achieve our objectives globally and the desired operating environment of the employees and management.
−Removed: VIAVI is committed to respecting human rights and acknowledges the fundamental principles contained in the Universal Declaration of Human Rights, the tenets of the United Nations Guiding Principles on Business and Human Rights, core International Labor Organization Conventions and the laws of countries in which we operate, to the extent they are applicable and important to our business.
+Added: VIAVI is committed to respecting human rights and acknowledges the fundamental principles contained in the Universal Declaration of Human Rights, the tenets of the United Nations Guiding Principles on Business and Human Rights, and core International Labor Organization Conventions to the extent they are applicable and important to our business.
We are a member of the Responsible Business Alliance, which further strengthens our efforts and commitment.
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We realize that being a responsible global citizen is important to the sustainability and commercial success of our business and encompasses more than just complying with local regulations.
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We believe the collective sum of our individual differences, life experiences, knowledge, innovation, business acumen, self-expression, and unique capabilities contributes to a culture that enhances our reputation and achievement.
−Removed: VIAVI has long been committed to ensuring that all individuals have an equal opportunity to enjoy a fair, safe and productive work environment – regardless of age, ancestry, race, color, mental or physical disability or medical condition, gender, gender identity, gender expression, genetic information, family or marital status, registered domestic partner status, medical condition, military and veteran status, race, religious creed, language, national origin, citizenship status, sex (including pregnancy, childbirth, breastfeeding and any related medical conditions), sexual orientation, socio-economic status, or any other protected category under applicable law.
−Removed: We embrace, encourage, and celebrate our employees’ differences and what makes them unique.
+Added: VIAVI has long been committed to ensuring that all individuals have an equal opportunity to enjoy a fair, safe and productive work environment – regardless of age, ancestry, race, color, mental or physical disability or medical condition, gender, gender identity, gender expression, genetic information, family or marital status, registered domestic partner status, military and veteran status, race, religious creed, language, national origin, citizenship status, sex (including pregnancy, childbirth, breastfeeding and any related medical conditions), sexual orientation, socio-economic status, or any other protected category under applicable law.
+Added: We seek to embrace, encourage, and celebrate our employees’ differences and what makes them unique.
Talent Development
−Removed: Our talent development programs promote the VIAVI Business Values through a passion for learning and performance.
−Removed: We are developing relevant and useful learning resources for our employees, managers, and leaders that invite a growth mindset and create an appetite for lifelong learning.
+Added: Our talent development offerings provide relevant and useful learning resources for our employees, managers, and leaders that invite a growth mindset and create an appetite for lifelong learning.
We seek to drive talent conversations at all levels, which is complemented by Everyday Development, our performance management check-in process.
−Removed: Check-ins ensure that teams are being coached and supported throughout the year with relevant and timely discussions on expectations, feedback, and development.
−Removed: Both managers and employees have a role to play to ensure that they are connected on the activities that drive our business forward.
+Added: Check-ins ensure that employees are being coached and supported throughout the year with relevant and timely discussions on expectations, feedback, and development.
+Added: Both managers and employees have a role to play to ensure that they are connected to the activities that drive our business forward.
Our employees can expect to engage regularly with their manager, and to have their support to accelerate their performance and development.
−Removed: We continue to deliver our global Leadership Development Program, with over 70% of our managers joining the Manager Development and Strategic Leadership Series in fiscal 2022.
−Removed: We intend for this to create alignment across the organization on the expectations of leaders, and how we can continue to develop leadership capabilities.
−Removed: Hybrid work continues to be an important topic as evidenced by organizations needing to be highly adaptive to continuous change.
−Removed: In fiscal 2022, we sponsored a virtual learning event for our manager community, Leading Hybrid Teams, which attracted 300 participants.
−Removed: In fiscal 2022, VIAVI also instituted the Dr.
−Removed: Angus Macleod Scholarship program at the University of Arizona Wyant College of Optical Sciences to honor a pioneer of optical science who mentored a generation of students to become foundational contributors to the field.
−Removed: It is our hope that this gift creates access for more talent to enter the optical space as a career, and to increase our local connection to the community.
−Removed: Our early-in-career developmental rotation program for engineers has completed its first year.
−Removed: The participants come from a diverse pool and complete rotations from their home country over the two year program while being supported by a mentor and their manager to coach them as they take on exciting new technical challenges.
−Removed: We believe their program experiences will unleash innovation and creativity while enabling our long-term talent pipeline.
−Removed: Technical talent thought leadership is an area we intend to focus on in the coming year, developing a program to support the leadership and innovation skills of key technical talent.
−Removed: We are encouraged that VIAVI employees exhibit commitment to their ongoing career development, with 60% of our LinkedIn learning users building learning habits and logging in monthly to leverage the over 20,000 courses in LinkedIn Learning.
−Removed: Our employees regularly participate in mandatory training courses covering data privacy, cyber-security, health and safety as well as the prevention of sexual harassment in the workplace.
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+Added: Our global Leadership Development Program has now reached over 70% of our leaders in fiscal 2023.
+Added: We introduced advanced leadership concepts this year, enabling our participants to connect globally and cross functionally while advancing their skills.
+Added: We continue to provide guidance and best practices in hybrid working for our employees and managers, which are supported by our Flexible Work policy.
+Added: The early-in-career rotation programs for engineers and sales talent continue.
+Added: Our diverse and global program participants are supported by a mentor and their manager to coach them as they take on exciting new technical challenges.
+Added: We believe their program experiences will unleash innovation and creativity for our organization while enabling our long-term talent pipeline.
+Added: Technical talent thought leadership is a continued focus at our annual Technology Council event for engineering talent.
+Added: We are encouraged that VIAVI employees exhibit commitment to their ongoing career development, with 70% of our individual contributors building the professional and technical skills they need to advance their careers.
+Added: Our employees regularly participate in mandatory training courses covering data privacy, cybersecurity, health and safety as well as the prevention of sexual harassment in the workplace, each achieving over 99% compliance by employees.
Talent Rewards
−Removed: Our compensation and benefit programs are designed to recognize our employees' individual performance and contributions to our business results, including competitive base salaries and variable pay for all employees, share-based equity award grants, health and welfare benefits, time-off, development programs and training, and opportunities to give back to our communities.
+Added: Our compensation and benefits programs are designed to recognize our employees' individual performance and contributions to our business results, including competitive base salaries and variable pay for all employees, share-based equity award grants, health and welfare benefits, time-off, development programs and training, and opportunities to give back to our communities.
We provide talent rewards that are competitive in the marketplace.
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VIAVI is committed to maintaining an inclusive, supportive, safe and healthy work environment where our employees can thrive.
−Removed: We strictly comply with all applicable health and safety regulations, offer robust training to our employees on health and safety matters, maintain controls and proper disposal of hazardous materials and track workplace incidents and injuries.
+Added: We demand strict compliance with all applicable health and safety regulations, offer robust training to our employees on health and safety matters, maintain controls and proper disposal of hazardous materials and track workplace incidents and injuries.
We maintain and regularly update emergency and disaster recovery plans.
−Removed: We continue to support the workforce through the ongoing COVID-19 pandemic, guided by our policies and local site leadership.
−Removed: Our global COVID-19 Committee at the executive level, regional and local Pandemic Response Teams, Return to Work guidelines and flexible workplace practices all enable us to help our employees and their families stay healthy and safely navigate the challenging and changing environment.
+Added: The success of our Safety program is demonstrated by our best-in-class Total Recordable Injury Rate (TRIR) of only 0.13 injuries per 100 full-time workers per year.
Environmental, Social and Governance Matters
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VIAVI continues to focus on energy efficiency, both in our products and business practices – which has resulted in a significant reduction of our carbon footprint over the years.
−Removed: We detail our approach to ESG, including the results of our ESG Priority Assessment in our ESG Report, which can be found at www.viavisolutions.com/esg .
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+Added: Our annual ESG report can be found at www.viavisolutions.com/esg .
Information Security
−Removed: Information security is the responsibility of our Information Security team, overseen by the Chief Information Security Officer.
−Removed: We leverage a combination of the National Institute of Standards and Technology Cybersecurity Framework, the International Organization for Standardization and the Center for Internet Security best practice standards to measure security posture, deliver risk management and provide effective security controls.
−Removed: Our information security program includes development, implementation, and improvement of policies and procedures to safeguard information and ensure availability of critical data and systems.
+Added: Information security is the responsibility of our Information Security team, overseen by our Chief Information Security Officer.
+Added: Our enterprise risk management program considers cybersecurity risks alongside other company risks, and our enterprise risk professionals consult with company subject matter experts to gather information necessary to identify cybersecurity risks, and evaluate their nature and severity, as well as identify mitigations and assess the impact of those mitigations on residual risk.
+Added: We leverage a combination of the National Institute of Standards and Technology Cybersecurity Framework, International Organization for Standardization and Center for Internet Security best practice standards to measure our security posture and manage risk.
+Added: Our information security practices include development, implementation, and improvement of policies and procedures to safeguard information and ensure availability of critical data and systems.
Our Information Security team conducts annual information security awareness training for employees involved in our systems and processes that handle customer data and audits of our systems and enhanced training for specialized personnel.
−Removed: Our information security program further includes review and assessment by external, independent third-parties, who assess, validate and report on our internal incident response preparedness, compliance with our information security program and other applicable security standards, and help identify areas for continued focus and improvement.
+Added: We also conduct semi-annual cyber awareness training and run tabletop exercises to simulate a response to a cybersecurity incident, and use the findings to improve our practices, procedures, and technologies.
+Added: Our Incident Response Plan coordinates the activities we take to prepare for, detect, respond to and recover from cybersecurity incidents, which include processes to triage, assess severity for, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage.
+Added: Our program further includes review and assessment by external, independent third-parties, who assess and report on our internal incident response preparedness and help identify areas for continued focus and improvement.
+Added: We also carry insurance that provides protection against the potential losses arising from a cybersecurity incident.
+Added: In the last fiscal three years, we have not experienced any material information security breach incidences and the expenses we have incurred from information security breach incidences were immaterial.
+Added: This includes penalties and settlements, of which there were none.
As set forth in its charter, our Audit Committee, comprised fully of independent directors, is responsible for oversight of risk, including cybersecurity and information security risk.
−Removed: Our Audit Committee has established a Cybersecurity Steering Committee consisting of two independent directors, our Chief Information Officer, our Chief Information Security Officer and other members of our management representing a variety of teams and functions including legal, finance, and internal audit.
−Removed: Each of the members of our Cybersecurity Steering Committee has work experience managing cybersecurity and information security risks, an understanding of the cybersecurity threat landscape and/or knowledge of emerging privacy risks.
−Removed: The purpose of the Cybersecurity Steering Committee is to ensure our compliance with reasonable and appropriate organizational, physical, administrative and technical measures designed to protect the integrity, security and operations of our information technology systems, transactions, and data owned by us, by providing guidance and oversight of our information technology and cybersecurity program.
−Removed: The Cybersecurity Steering Committee generally meets twice per fiscal quarter and generally delivers reports and updates to the Audit Committee at each scheduled Audit Committee meeting.
+Added: Our Audit Committee has established a Cybersecurity Steering Committee consisting of three independent directors, Laura Black (who serves as Chair of the Cybersecurity Steering Committee), Douglas Gilstrap and Joanne Solomon, as well as our Chief Information Officer, our Chief Information Security Officer and other members of our management representing a variety of teams and functions including legal, finance, and internal audit.
+Added: Members of our Cybersecurity Steering Committee have work experience managing cybersecurity and information security risks, an understanding of the cybersecurity threat landscape and/or knowledge of emerging privacy risks.
+Added: The purpose of the Cybersecurity Steering Committee is to oversee our compliance with reasonable and appropriate organizational, physical, administrative and technical measures designed to protect the integrity, security and operations of our information technology systems, transactions, and data owned by us, by providing guidance and oversight of our information technology and cybersecurity program.
+Added: The Cybersecurity Steering Committee generally meets on a quarterly basis and generally delivers reports and updates to the Audit Committee at each scheduled Audit Committee meeting.
The Audit Committee or, at the Audit Committee’s instruction, the Cybersecurity Steering Committee regularly briefs the full Board on these matters, and the Board receives regular updates on the status of the information security program, including but not limited to relevant cyber threats, roadmap and key initiative updates, and the identification and management of information security risks.
+Added: Our full Board reviews cybersecurity related opportunities as they relate to our business strategy, and cybersecurity-related matters are also factored into business continuity planning.
Where You Can Find More Information
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The information contained on any of the websites referenced in this Annual Report on Form 10-K are not part of or incorporated by reference into this or any other report we file with, or furnish to, the SEC.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.