Business Description

Overview Viavi Solutions Inc. (VIAVI, also referred to as the Company, we, our and us) is a global leader in test and measurement and optical technologies. Our test and measurement, and resilient Position, Navigation and Timing (PNT) solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets. To serve our markets, we operate the following business segments: • Network and Service Enablement (NSE); and • Optical Security and Performance Products (OSP). Corporate Strategy Our objective is to accelerate profitable growth by leveraging VIAVI technologies and capabilities into attractive high-growth markets and applications. In support of our business segments, we are pursuing a corporate strategy that we believe will best position us for future opportunities as follows: • Defend and consolidate leadership in core business segments: – NSE: Evolution and integration of field test instruments and service assurance solutions; and – OSP: Continued innovation in anti-counterfeiting pigments and 3D sensing. • Invest in secular trends to drive growth and expand total addressable market (TAM): – Data Center Ecosystem: High performance communication and computing test solutions for advanced semis, optical modules, network equipment manufacturers (NEMs), hyperscalers, and enterprises; – Next-gen Wireless Networks: 5G+/6G networks, Open Radio Access Network (Open RAN), RAN optimization, private networks, security, and Intelligent Edge; and – Transform and extend Service Enablement: AIOps, automation, and security. • Extend VIAVI technologies and platforms into lucrative adjacent markets and applications: – Expand and grow mission-critical applications such as aerospace and defense, resilient PNT and network security; and – Leverage VIAVI innovation in optical coating technologies to address high-performance optical applications for aerospace, defense, industrial, and automotive markets. Our long-term capital allocation strategy, which supports our corporate strategy, is as follows: • Maintenance and run-rate investments to support operations; • Organic investments in initiatives to support revenue growth and productivity; • Execute on debt management strategy; • Return capital to shareholders through share buybacks; • Leverage our net operating loss carryforwards (NOLs); and • Inorganic investments synergistic to business segments. Although we are working to successfully implement our strategy, internal and/or external factors could impact our ability to meet any, or all, of our objectives. These factors are discussed under