1 unchanged sentence
We operate globally and sell our products in countries throughout the world.
−Removed: Recent escalation in regional conflicts, including the Russian invasion of Ukraine, resulting in ongoing and expanding economic sanctions, conflict in the Middle East, and the risk of increased tensions between the U.S.
+Added: Recent escalation in regional conflicts, including the current conflict between Russia and Ukraine, ongoing and expanding economic sanctions, political instability and economic uncertainty in the Middle East, and the risk of increased tensions between the U.S.
and China, could curtail or prohibit our ability to transfer certain technologies, to sell our products and solutions, or to continue to operate in certain locations.
1 unchanged sentence
Further, it is possible that the U.S.-Chinese geopolitical tensions could result in government measures that could adversely impact our business.
−Removed: In September 2023, a bill was introduced by the House Financial Services Committee that would authorize sanctions on certain Chinese entities in China’s defense and surveillance technology sectors.
−Removed: This could have an adverse impact on our revenues in this region.
Further, the U.S.
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International conflict has contributed to (i) increased pressure on the supply chain and could further result in increased energy costs, which could increase the cost of manufacturing, selling and delivering products and solutions (ii) inflation, which could result in increases in the cost of manufacturing products, reduced customer purchasing power, increased price pressure, and reduced or cancelled orders (iii) increased risk of cybersecurity attacks and (iv) general market instability, all of which could adversely impact our financial results.
−Removed: Federal Government shutdown commenced in October 2025, and it is unclear when funding will be resolved and the government re-opened.
−Removed: If the shutdown is prolonged, it could have a negative impact on our business, particularly in the aerospace and defense sectors.
Risks Related to Our Business Strategy and Industry
17 unchanged sentences
• Cyclical demand for our currency products;
−Removed: • Changing market and economic conditions, including impacts due to tariffs, economic sanctions and export restrictions, the ongoing conflict between Russia and Ukraine, conflict in the Middle East, tensions and trade sanctions between the U.S.
+Added: • Changing market and economic conditions, including impacts due to tariffs, economic sanctions and export restrictions, the ongoing conflict between Russia and Ukraine, political instability and economic uncertainty in the Middle East, tensions and trade sanctions between the U.S.
and China, supply chain constraints, pricing and inflationary pressures;
+Added: • A limited number of customers may account for a substantial portion of our revenue in any given period and our operating results may be adversely affected by the timing, size, and concentration of large customer orders, including orders from government entities;
+Added: • The impact of any prolonged government shutdown on our business, particularly in the aerospace and defense sectors, along with any governmental actions impacting the defense sector;
• Ability of our customers, partners, manufacturers and suppliers to purchase, market, sell, manufacture and/or supply our products and services, including as a result of disruptions arising from supply chain constraints;
71 unchanged sentences
VIAVI is subject to risks associated with its acquisitions, and any failure to realize anticipated benefits of such acquisitions.
−Removed: In January 2025, VIAVI completed the acquisition of Inertial Labs, Inc.
−Removed: (the Inertial Labs Acquisition).
−Removed: On October 16, 2025 VIAVI also completed its acquisition of Spirent Communications plc’s (Spirent) high-speed ethernet, network security and channel emulation testing business from Keysight Technologies, Inc., (the Spirent Acquisition).
−Removed: VIAVI may not be able to realize the anticipated benefits of the Inertial Labs Acquisition or the Spirent Acquisition, including synergies, value creation or other benefits of such acquisitions, fully or at all, or on the timeline VIAVI expects.
+Added: VIAVI may not be able to realize the benefits of any completed or contemplated acquisitions and strategic transactions, including synergies, value creation or other benefits of such acquisitions, fully or at all, or on the timeline VIAVI expects.
At times, the resources of VIAVI and the acquired businesses or the attention of certain members of their management may be focused on completion and integration of the acquisition and diverted from day-to-day business operations, which may disrupt ongoing business.
194 unchanged sentences
For example, in December 2021, we entered into a $300 million asset-based secured credit facility (Senior Secured Asset-Based Revolving Credit Facility), maturing in December 2026, which has certain limitations based on our borrowing base capacity.
−Removed: The Company reduced the commitment under the Senior Secured Asset-Based Revolving Credit Facility to $200 million to be in line with borrowing base capacity and extend the maturity to October 2030.
+Added: The Company reduced the commitment under the Senior Secured Asset-Based Revolving Credit Facility to $200 million to be in line with borrowing base capacity and extended the maturity to October 2030.
Our access to the financial markets and the pricing and terms we receive in the financial markets could be adversely impacted by various factors, including changes in financial markets and interest rates.
In addition, if we do access the capital or credit markets, agreements governing any borrowing arrangement could contain covenants restricting our operations.
−Removed: Our term notes increased our overall leverage and our convertible notes could dilute our existing stockholders and lower our reported earnings per share.
−Removed: The issuance of our 1.625% Senior Convertible Notes due 2026, our 3.75% Senior Notes due 2029 and our 0.625% Senior Convertible Notes due 2031 (together the “Notes”) substantially increased our principal payment obligations.
+Added: Despite our current level of indebtedness, we and our subsidiaries may still be able to incur substantially more debt.
+Added: We and our subsidiaries may be able to incur significant additional indebtedness in the future.
+Added: The indentures that govern the Notes and the agreements that govern our secured credit facility and term loans contain restrictions on the incurrence of additional indebtedness, which are subject to a number of qualifications and exceptions, and the additional indebtedness incurred in compliance with these restrictions could be substantial.
+Added: These restrictions also will not prevent us from incurring obligations that do not constitute indebtedness under the agreements governing our existing debt.
+Added: For example, in March 2025, we obtained commitments for a $425 million 7-year term loan facility in connection with our acquisition of Spirent’s HSE and CE business.
+Added: We subsequently marketed and upsized to a $600 million 7-year term loan facility and successfully allocated the loan to prospective lenders at an initial interest rate of SOFR+2.50% and an original issue price of 99.75%.
+Added: The incremental $175 million will be used for general corporate purposes.
+Added: On October 16, 2025, concurrent with the closing of the acquisition of the HSE and CE business, the Company executed the Term Loan Credit Agreement with Wells Fargo, as administrative agent, and other lenders.
+Added: The term loans, which mature on October 16, 2032, are secured by substantially all of the assets of the Company and those of its domestic subsidiaries.
+Added: Our term notes and term loans increased our overall leverage and our convertible notes could dilute our existing stockholders and lower our reported earnings per share.
+Added: The issuance of our 1.625% Senior Convertible Notes due 2026 (the “2026 Notes”), our 3.75% Senior Notes due 2029 and our 0.625% Senior Convertible Notes due 2031 (together the “Notes”) as well as our Term Loan Credit Agreement substantially increased our principal payment obligations.
The degree to which we are leveraged could materially and adversely affect our ability to successfully obtain financing for working capital, acquisitions or other purposes and could make us more vulnerable to industry downturns and competitive pressures.
In addition, the holders of the 2026 Notes and 2031 Notes are entitled to convert the Notes into shares of our common stock or a combination of cash and shares of common stock under certain circumstances which would dilute our existing stockholders and lower our reported per share earnings.
+Added: For example, on December 22, 2025 we exchanged $103.5 million aggregate principal amount of the 2026 Notes for an aggregate of 7.9 million shares which left approximately $49.0 million in aggregate principal amount of the 2026 Notes outstanding.
Our ability to make payments on our indebtedness when due, to make payments upon conversion with respect to our convertible senior notes or to refinance our indebtedness as we may need or desire, depends on our future performance and our ability to generate cash flow from operations, which is subject to economic, financial, competitive and other factors beyond our control.
8 unchanged sentences
• Making us more vulnerable if a general economic downturn occurs or if our business experiences difficulties;
−Removed: • Resulting in an event of default if we fail to satisfy our obligations under the Notes or our other debt or fail to comply with the financial and other restrictive covenants contained in the indentures governing the Notes, or any other debt instruments, which event of default could result in all of our debt becoming immediately due and payable and could permit certain of our lenders to foreclose on our assets securing such debt.
+Added: • Resulting in an event of default if we fail to satisfy our obligations under the Notes or our other debt or fail to comply with the financial and other restrictive covenants contained in the indentures governing the Notes, the Term Loan Credit Facility or any other debt instruments, which event of default, if not cured or waived, could result in all of our debt becoming immediately due and payable and could permit certain of our lenders to foreclose on our assets securing such debt.
+Added: This could have a material adverse effect on our business, operating results or financial condition.
We may not generate sufficient cash flow to meet our debt service and working capital requirements, which may expose us to the risk of default under our debt obligations.
5 unchanged sentences
Any insufficient cash flow may make it more difficult for us to obtain financing on terms that are acceptable to us, or at all.
−Removed: Despite our current level of indebtedness, we and our subsidiaries may still be able to incur substantially more debt.
−Removed: We and our subsidiaries may be able to incur significant additional indebtedness in the future.
−Removed: The indentures that govern the Notes and the agreement that governs our secured credit facility contain restrictions on the incurrence of additional indebtedness, which are subject to a number of qualifications and exceptions, and the additional indebtedness incurred in compliance with these restrictions could be substantial.
−Removed: These restrictions also will not prevent us from incurring obligations that do not constitute indebtedness under the agreements governing our existing debt.
−Removed: For example, in March 2025, we obtained commitments for a $425 million 7-year term loan facility the proceeds of which would be available, subject to customary conditions, in connection with our acquisition of Spirent’s high-speed ethernet, network security and channel emulation testing business from Keysight Technologies, Inc.
−Removed: We subsequently marketed and upsized to a $600 million 7-year term loan facility and successfully allocated the loan to prospective lenders at an initial interest rate of SOFR+2.50% and an original issue price of 99.75%.
−Removed: The incremental $175 million is intended for general corporate purposes.
−Removed: The terms of the indentures that govern the Notes and the agreement that governs our secured credit facility restrict our current and future operations.
−Removed: The indentures governing the Notes and the agreement governing the secured credit facility contain a number of restrictive covenants that impose significant operating and financial restrictions on us and may limit our ability to engage in acts that may be in our long-term best interest, including restrictions on our ability to:
+Added: The terms of the indentures that govern the Notes and the agreements that govern our secured credit facility and our term loan facility restrict our current and future operations.
+Added: The indentures governing the Notes and the agreements governing the secured credit facility and the term loan facility contain a number of restrictive covenants that impose significant operating and financial restrictions on us and may limit our ability to engage in acts that may be in our long-term best interest, including restrictions on our ability to:
• Incur or guarantee additional indebtedness;
44 unchanged sentences
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.