Slides November 5, 2020 Cautionary Language Concerning - PowerPoint PPT Presentation

Fiscal 1Q 2021 Earnings Call Supplementary Slides November 5, 2020

Cautionary Language Concerning Forward-Looking Statements This presentation contains forward-looking statements under Section 27A of the Securities Act of 1934. Forward-looking statements are all statements we make other than those dealing specifically with historical matters. These forward-looking statements include, among other things, financial guidance. Please refer to the Company’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K filed August 24, 2020 and our quarterly reports on Form 10-Q filed November 5, 2019, February 6, 2020 and May 7, 2020 for additional factors that could cause actual results to materially differ from current expectations. The forward-looking statements included in this presentation are valid only as of today’s date except where otherwise noted. Viavi Solutions Inc. undertakes no obligation to update these statements. This presentation and the Q&A that follows include non-GAAP financial measures which complement the Company’s preliminary consolidated GAAP financial statements. These non-GAAP financial measures are not intended to supersede or replace the Company’s preliminary GAAP financials. We provide a detailed reconciliation of preliminary GAAP results to the non-GAAP results in the Appendix to this presentation and in the “Preliminary Reconciliation of GAAP Measures to Non-GAAP Measures” schedule in our earnings release issued today. This earnings release is located in the Investor Relations sectionof our web site at https://investor.viavisolutions.com. Note:Amounts presentedin all slides are on a continuingoperationsbasis unless otherwise noted.

Fiscal 1Q 2021 Financial Highlights (Amounts reflect non-GAAP and in $millions, unless otherwise noted) Result Y/Y Performance Revenue $284.7 down (5.0)% (exceeded $270M +/- $12M guidance range) 62.8% up 150 basis points Non-GAAP Gross Margin 63.8% down 60 basis points NE 66.8% up 650 basis points SE 60.3% up 620 basis points OSP Non-GAAP Operating Margin 21.3% up 370 basis points (exceeded 17.3% +/- 1% guidance range) 7.2% down (290) basis points NSE 46.7% up 870 basis points OSP Earnings Per Share $0.21 up 16.7% (exceeded $0.15 +/- $0.01 guidance range) $63.9 up GAAP Operating Cash Flow 104.2% All non-GAAP amounts are reconciled to the corresponding GAAP amounts in the Appendix beginning on slide 13.

Income Statement (Amounts reflect non-GAAP and in $millions, except per share amounts) F1Q 2021 F4Q 2020 F1Q 2020 QoQ YoY Revenue $284.7 $266.6 $299.8 6.8% (5.0)% Non-GAAP Gross Margin 62.8% 61.7% 61.3% 110 bps 150 bps Non-GAAP Operating Expenses $118.2 $112.1 $131.2 5.4% (9.9)% Non-GAAP Operating Profits $60.6 $52.3 $52.7 15.9% 15.0% Non-GAAP Operating Margin 21.3% 19.6% 17.6% 170 bps 370 bps Non-GAAP Net Income $48.3 $40.8 $42.9 18.4% 12.6% Non-GAAP EPS $0.21 $0.18 $0.18 $0.03 $0.03

Revenue by Business Segment and Geographic Region (Amounts in $millions) F1Q 2021 F4Q 2020 F1Q 2020 QoQ YoY Segment Mix $162.1 56.9% $180.9 67.9% $198.9 66.3% (10.4%) (18.5%) NE $21.4 7.5% $27.5 10.3% $20.9 7.0% (22.2%) 2.4% SE $101.2 35.6% $58.2 21.8% $80.0 26.7% 73.9% 26.5% OSP Total $284.7 100.0% $266.6 100.0% $299.8 100.0% 6.8% (5.0%) Region Mix $95.4 33.5% $103.5 38.8% $105.7 35.3% (7.8%) (9.7%) Americas $108.2 $73.7 27.7% $107.2 35.7% 46.8% 0.9% Asia-Pacific 38.0% $81.1 $89.4 33.5% $86.9 29.0% (9.3%) (6.7%) EMEA 28.5% Total $284.7 100.0% $266.6 100.0% $299.8 100.0% 6.8% (5.0%)

Business Segment Results (Amounts in $millions) F1Q 2021 F4Q 2020 F1Q 2020 QoQ YoY Revenue NE $162.1 $180.9 $198.9 (10.4%) (18.5%) SE $21.4 $27.5 $20.9 (22.2%) 2.4% OSP $101.2 $58.2 $80.0 73.9% 26.5% Total $284.7 $266.6 $299.8 6.8% (5.0%) Non-GAAP Gross Margin NE 63.8% 63.7% 64.4% 10 bps (60 bps) SE 66.8% 70.5% 60.3% (370 bps) 650 bps OSP 60.3% 51.0% 54.1% 930 bps 620 bps Total 62.8% 61.7% 61.3% 110 bps 150 bps Non-GAAP Operating Margin 7.2% 16.9% 10.1% (970 bps) (290 bps) NSE OSP 46.7% 29.4% 38.0% 1,730 bps 870 bps 21.3% 19.6% 17.6% 170 bps 370 bps Total All non-GAAP amounts are reconciled to the corresponding GAAP amounts in the Appendix beginning on slide 13.

Fiscal 1Q 2021 NSE Business Highlights (Amounts reflect non-GAAP and in $millions) ▪ NSE revenue at $183.5 million was above the midpoint of the guidance range ($170-$190 million); Operating margin at 7.2% was above the midpoint of guidance range (5.5%-7.5%) ▪ Non-GAAP Operating margin decreased 290 basis points Y/Y due to lower revenue NE Segment Highlights ▪ Revenue at $162.1 million down 18.5% Y/Y primarily due pandemic related declines in Field Instruments ▪ Non-GAAP Gross margin at 63.8% down 60 basis points Y/Y due to lower volumes SE Segment Highlights ▪ Revenue at $21.4 million increased 2.4% Y/Y due to increase in Assurance revenue ▪ Non-GAAP Gross margin at 66.8% increased 650 basis points Y/Y due to favorable product mix All non-GAAP amounts are reconciled to the corresponding GAAP amounts in the Appendix beginning on slide 13.

Fiscal 1Q 2021 OSP Business Highlights (Amounts reflect non-GAAP and in $millions) ▪ Revenue at $101.2 million exceeded the guidance range ($88-$92 million); operating margin at 46.7% exceeded the guidance range (38.0%-40.0%) ▪ Revenue increased 26.5% Y/Y driven by increase in 3D Sensing, Anti-Counterfeiting and Aerospace & Defense products ▪ Non-GAAP Gross margin at 60.3% increased 620 basis points due to higher volume and favorable manufacturing cost absorption ▪ Non-GAAP Operating margin increased 870 basis points Y/Y due to aforementioned higher gross margin and good cost control All non-GAAP amounts are reconciled to the corresponding GAAP amounts in the Appendix beginning on slide 13.

Balance Sheet Highlights (Amounts in $millions) F1Q 2021 Total Cash Balance (1) $595.5 Long-term Debt (Carrying Value) (2) $606.6 GAAP Cash from Operations $63.9 (1) Includes cash and cash-equivalents, short-term investments and restricted cash. (2) Carrying value equals outstanding principal amount less the unamortized debt discount and debt issuance cost. Face amount is $685.0 million.

Balance Sheet Highlights (Amounts in $millions) Terms Current Convertible Notes 2024 Notes 2023 Notes Issue Size $460.0M $225.0M Current Outstanding * $460.0M $225.0M Coupon 1.00% 1.75% Final Maturity 3/1/2024 6/1/2023 Put Date N/A N/A Call Date N/A 6/1/2021 Call / Put Price (%) 100% 100% Conversion Price $13.22 $13.94 Shares Underlying * 34.8M 16.1M Par in Cash; Balance in Par in Cash; Balance in Settlement stock & cash stock & cash * As of October 3, 2020

Fiscal 2Q 2021 Guidance (Amounts reflect non-GAAP) We expect second quarter revenue to be approximately $280 million to $300 million, non-GAAP operating margin to be 19.0% to 20.0% and non-GAAP EPS to be $0.18 to $0.20. ▪ Business segment revenue guidance: • For NSE, we expect revenue to be $197 million to $213 million • For OSP, we expect revenue to be $83 million to $87 million ▪ Business segment Non-GAAP operating margin guidance: • For NSE, we expect non-GAAP operating margin to be 10.0% to 12.0% • For OSP, we expect non-GAAP operating margin to be 39.5% to 40.5% ▪ Expect non-GAAP tax expenses to be approximately 18% to 20% ▪ Expect non-GAAP Other Income/Expense to be net expense of approximately $3.0 million ▪ Expect share count for EPS calculation to be approximately 233.0 million shares

Upcoming Investor Events Date Event Forum Nov. 11, 2020 Virtual Viavi Solutions Inc. 2020 Annual Shareholders Meeting Nov. 12, 2020 Stifel 2020 Midwest One-on-One Growth Investor Conference Virtual Dec. 15, 2020 MKM Partners Investor Conference Virtual

Appendix