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What were the key takeaways from Viavi Solutions’s earnings call?

What is the revenue and EPS growth rate for Viavi Solutions year over year?

What were the key takeaways from Viavi Solutions's earnings call?

What factors drove the changes in Viavi Solutions's revenue and profit?

What is Viavi Solutions's gross profit margin?

What is the market's earnings forecast for Viavi Solutions next quarter?

- **Revenue Growth**: Q1 revenue $299.1M (+25.6% YoY), driven by NSE (35.5% YoY) and Spirent acquisition.
- **Margin Expansion**: Operating margin 15.7% (vs. 9.8% prior year), EPS $0.15 (+$0.09 YoY).
- **Strategic Shift**: NSE now 40% of revenue, data center 40%, reducing reliance on service providers.
- **Spirent Impact**: Adds $200M annual revenue, 0.08-0.10 EPS accretion by FY26.
- **Growth Drivers**: AI data centers, aerospace/defense, and professional-grade fiber operators.
- **Risk**: Wireless segment softness may persist.

**【Management Opening Remarks】**
- Vibhuti Nayar provided an overview of the call, emphasizing forward-looking statements and non-GAAP results (excluding revenue). She highlighted the availability of earnings slides and the recording.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q1 net revenue of $299.1M exceeded the high end of guidance ($290M-$298M), up 3% sequentially and 25.6% YoY.
- **Margins**: Operating margin of 15.7% (vs. 14.6%-15.4% guidance), up 130 bps QoQ and 570 bps YoY. EPS of $0.15 (vs. $0.13-$0.14 guidance), up $0.02 QoQ.
- **Segment Breakdown**: 
  - **NSE**: $216M revenue (up 35.5% YoY), driven by data center and aerospace/defense. Gross margin 63% (up 210 bps YoY). Operating margin 7.5% (vs. -4.6% prior year).
  - **OSP**: $83.1M revenue (up 5.5% YoY), gross margin 52.3% (down 300 bps YoY). Operating margin 37.1% (vs. 38.1%-38.5% guidance).
- **Cash Flow & Balance Sheet**: Cash of $549.1M (up from $429M). Refinanced $250M convertible notes, repurchased $30M in shares.
- **Q2 Guidance**: Revenue $360M-$370M, EPS $0.18-$0.20. NSE revenue $283M-$293M (incl. Spirent $45M-$55M). Operating margin 17.9% ±60 bps.

**【CEO Strategic Update】**
- **NSE Growth**: 35% YoY driven by data center (AI build-out, 800G/1.6T test equipment) and aerospace/defense. Acquired Spirent adds $200M annual revenue, strengthening data center ecosystem.
- **Market Momentum**: Continued demand for lab/production/test equipment. Aerospace/defense growth expected. Service provider segment stable but offset by wireless softness.
- **Future Outlook**: Q2 NSE growth driven by data center and Spirent. OSP expected to decline QoQ due to seasonal anti-counterfeiting/3D sensing.

**【Q&A Highlights】**
- **Revenue Mix**: NSE now 40% (vs. 30% prior), data center 40%, aerospace/defense 15%. Diversification reduces reliance on service providers.
- **Data Center Demand**: Strong field instrument sales to hyperscalers, production/test equipment for AI data centers. Spirent's AI-RAN testing adds $0.08 EPS accretion.
- **Margins & Integration**: NSE operating margin expected to expand with Spirent. OSP margin challenges due to product mix.
- **Wireless Recovery**: Potential catalyst for growth, but still lagging.
- **Aerospace/Defense**: Inertial navigation systems seeing broad adoption (drones, autonomous vehicles).


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