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Viavi Solutions(VIAV) - 2026 Q1 - Quarterly Results
2025-10-29 20:17
Exhibit 99.1 VIAVI Announces First Quarter Fiscal 2026 Results Chandler, Arizona, October 29, 2025 — VIAVI (NASDAQ: VIAV) today reported results for its fiscal first quarter ended September 27, 2025 with the following highlights. "VIAVI's first quarter financial performance has exceeded our expectations. Strong demand from the data center ecosystem and aerospace & defense customers was the primary driver behind our strong performance. We expect the strong momentum in these end markets to continue through th ...
VIAVI Closes Acquisition of Spirent Communications plc's High-Speed Ethernet, Network Security and Channel Emulation Testing Business
Prnewswire· 2025-10-16 12:55
Core Insights - VIAVI Solutions Inc. has completed the acquisition of Spirent Communications plc's high-speed ethernet, network security, and channel emulation testing business for $425 million in cash [1][2] - The acquisition is expected to contribute approximately $180 million to VIAVI's Network Service Enablement revenue in the first year and be accretive to non-GAAP EPS within 12 months [2] Financial Details - The acquisition was financed through a senior secured term loan of $600 million from Wells Fargo Bank, maturing in seven years [3] - VIAVI plans to utilize its U.S. net operating losses to reduce the blended non-GAAP tax rate of the combined group [2] Strategic Implications - The acquisition enables VIAVI to enhance its product offerings in high-speed ethernet, network security, and channel emulation testing, providing a complementary and synergistic product portfolio across various verticals [7] - This strategic move positions VIAVI to better serve telecommunications, cloud, and enterprise markets [4]
VIAVI Announces Date for Fiscal First Quarter 2026 Financial Results
Prnewswire· 2025-10-15 22:10
Core Viewpoint - Viavi Solutions Inc. will announce its fiscal first quarter 2026 financial results on October 29, 2025, after market close [1]. Financial Results Announcement - The earnings call is scheduled for 1:30 p.m. PT / 4:30 p.m. ET, with a live webcast available on the VIAVI website [2]. - The quarterly earnings press release, supplementary slides, and historical financial tables will be posted under the "Quarterly Results" section [2]. - Participation via telephone is available with a toll-free dial-in number of 1 (800) 715-9871 and a toll dial-in number of 1 (646) 307-1963, using conference ID 3072689 [2]. - A replay of the call will be available from October 29, 2025, 4:30 p.m. PT to November 5, 2025, 8:59 p.m. PT [2]. Company Overview - Viavi Solutions is a global provider of network test, monitoring, and assurance solutions for various sectors including telecommunications, cloud, enterprises, military, and aerospace [1][2]. - The company is also a leader in light management technologies for applications in 3D sensing, anti-counterfeiting, consumer electronics, and automotive industries [2].
VIAVI Expands ONE LabPro® ONE-1600 1.6Tb Testing and Validation Platform
Prnewswire· 2025-09-25 10:30
Core Insights - VIAVI Solutions Inc. has launched the ONE-1600ER module, enhancing its ONE LabPro testing platform to support next-generation 1.6Tb optical components [1][3] - The new module is designed to meet the increasing demands driven by AI and machine learning in network infrastructure [2][4] Product Enhancements - The ONE-1600ER module extends the capabilities of the ONE LabPro platform with full Ethernet support based on the latest 802.3dj specification, including 1.6Tb and 8x200G testing [3][4] - It offers native support for Riding Heat Sink (RHS) OSFP 1600G modules and comprehensive RFC2544 for full performance testing [3][4] Industry Context - The deployment of 1.6Tb optical transceivers is becoming prevalent as infrastructure operators adapt to AI-driven demands [2][4] - VIAVI has been actively engaged in supporting the rollout of 1.6Tb and 200G SERDES technologies, being the first to market with a 1.6Tb solution [3] Upcoming Events - The ONE-1600 and MAP-300 platforms will be showcased at ECOC 2025 in Copenhagen from September 29 to October 1 [5] - VIAVI will also demonstrate seamless PCIe 6.0 interoperability over an optical link in collaboration with Alphawave Semi [6] Additional Features - The ONE-1600ER includes robust power and cooling management properties for next-generation 1.6Tb coherent modules [4] - Enhancements to the MAP-300 platform and inspection portfolios are aimed at addressing scaling challenges for manufacturers of transceivers and connectors [4][6]
Strategic Deals Bolster VIAVI’s (VIAV) Growth Outlook, Backed by Analyst Confidence
Yahoo Finance· 2025-09-19 18:49
Core Insights - VIAVI Solutions Inc. is recognized as a promising low-priced technology stock, focusing on enhancing its position in network performance and cybersecurity [1] - The company has partnered with CrowdStrike to integrate its Observer platform with Falcon Next-Gen SIEM, aiming to provide unified visibility for enterprises [2] Strategic Developments - VIAVI's growth outlook is supported by strategic mergers and acquisitions, including the acquisition of Spirent Communications' assets, which has led to an upgrade from Morgan Stanley [3] - The price target for VIAVI has been raised from $9.30 to $11, reflecting confidence in the company's growth potential [3] Market Positioning - The acquisition of Ethernet and network security business lines from Keysight Technologies is expected to enhance VIAVI's capabilities in channel emulation and technology testing [4] - Despite some risks, demand from sectors such as aerospace, defense, and data centers provides a counterbalance to potential challenges [4] Company Overview - VIAVI Solutions provides network test, monitoring, and assurance solutions across various sectors, including telecommunications, cloud, and military [5]
VIAVI Launches All-in-One Handheld Tools for Simplified Last-Mile Fiber Service Activation and Testing at Speeds Up to 10 Gbps
Prnewswire· 2025-09-17 10:30
Accessibility StatementSkip Navigation Single 'go-to' tools for fiber, Ethernet, WiFi 7 and DOCSIS testing to enable fast, reliable multi-gig activation and validation CHANDLER, Ariz., Sept. 17, 2025 /PRNewswire/ --Â VIAVI Solutions Inc. (VIAVI) (NASDAQ: VIAV) has expanded its family of rugged and reliable portable devices for last-mile fiber service turn-up and activation with two new all-in-one handheld testers for multi-gig power and service testing at data rates up to 10 Gbps. The new testers will be on ...
Viavi: Growth Is Back, Cash Flow Is Real, And Spirent Changes The Game
Seeking Alpha· 2025-09-12 22:42
Group 1 - Viavi has shown significant improvement, with a 27% rally in stock price over three months, indicating positive performance in Q4 [1] - The analysis emphasizes the importance of strong fundamentals and potential for growth in the tech, infrastructure, and internet services sectors [1] Group 2 - The article aims to provide thoughtful breakdowns and investment ideas, focusing on long-term returns rather than short-term market fluctuations [1]
VIAVI Announces New Integration with CrowdStrike Falcon® Next-Gen SIEM
Prnewswire· 2025-09-10 10:30
Core Insights - VIAVI Solutions Inc. has partnered with CrowdStrike to integrate its Observer network observability platform with CrowdStrike Falcon® Next-Gen SIEM, enhancing visibility across security and IT operations for joint customers [1][2] Group 1: Partnership Details - The partnership aims to accelerate the transition of organizations from siloed network and security operations to converged NetSecOps, with only 27% of organizations having completed this transition as per VIAVI's 2025/2026 State of the Network Study [2] - VIAVI's network performance intelligence combined with CrowdStrike's threat intelligence and AI-driven automation will provide customers with deeper insights into how security events impact critical business services [2][3] Group 2: Technical Insights - VIAVI's approach includes high-fidelity forensic data and long-term packet capture, offering a more accurate understanding of network events compared to metadata-based approaches [3] - CrowdStrike's Falcon Next-Gen SIEM integrates first-party data and native threat intelligence, enhancing detection and response capabilities while reducing costs [3] Group 3: Future Demonstrations - The integration of the Observer platform with Falcon Next-Gen SIEM will be showcased at CrowdStrike's flagship conference Fal.Con in the U.S. and Europe, along with other events throughout the year [3]
VIAVI Announces Private Convertible Exchange and Subscription Transactions of $250 Million Principal Amount of 0.625% Senior Convertible Notes Due 2031
Prnewswire· 2025-08-14 11:00
Core Viewpoint - Viavi Solutions Inc. has entered into agreements to issue $250 million of new senior convertible notes, replacing some of its existing notes and raising cash for debt repayment [1][3]. Group 1: Transaction Details - The company will issue approximately $100.9 million of new notes in exchange for about $97.5 million of its existing 1.625% Senior Convertible Notes due 2026, and will raise approximately $149.1 million in cash through subscription transactions [1][3]. - After the exchange, approximately $152.5 million of the 2026 Notes will remain outstanding with unchanged terms [1]. - The transactions are expected to close around August 20, 2025, subject to customary conditions [1]. Group 2: Financial Implications - The gross cash proceeds from the subscription transactions are estimated to be around $149.1 million, which will be used to repay a portion of the 2026 Notes due at maturity [3]. - The company plans to repurchase approximately $30 million of its common stock at a price of $11.03 per share, which is the last reported sale price on August 13, 2025 [4]. Group 3: New Notes Characteristics - The new notes will have a 0.625% annual interest rate, maturing on March 1, 2031, and will be convertible into cash or common stock under certain conditions [5]. - The initial conversion rate is set at 72.5295 shares per $1,000 principal amount, representing a conversion price of approximately $13.79 per share, which is a 25% premium over the common stock's closing price on August 13, 2025 [5]. - The company may redeem the new notes for cash starting September 6, 2028, under specific conditions [5]. Group 4: Investor Considerations - The new notes are offered only to institutional accredited investors and qualified institutional buyers, and have not been registered under the Securities Act [7]. - The placement agent for the transactions intends to purchase approximately $25 million of the company's common stock at a discount of about 5% to the last reported sale price [6].
Viavi Solutions(VIAV) - 2025 Q4 - Annual Report
2025-08-11 20:13
Part I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) Viavi Solutions Inc. provides network testing, monitoring, and optical technologies through its NSE and OSP segments, focusing on core leadership and growth - Effective March 30, 2025, the company realigned its reporting structure, combining NE and SE segments into a single **Network and Service Enablement (NSE) segment**[16](index=16&type=chunk) - The corporate strategy focuses on defending leadership in core segments, investing in secular growth trends like fiber and wireless, and extending technologies into adjacent markets such as aerospace and defense[18](index=18&type=chunk) - As of June 28, 2025, the company employed approximately **3,600 people** across 31 countries[68](index=68&type=chunk) [Business Segments](index=6&type=section&id=Business%20Segments) The company operates two segments: Network and Service Enablement (NSE) for network solutions and Optical Security and Performance Products (OSP) for optical technologies - The NSE segment provides solutions for lab, production, network management, and AIOps, serving major customers including AT&T, Cisco, and Verizon[21](index=21&type=chunk)[22](index=22&type=chunk)[27](index=27&type=chunk) - The OSP segment's technologies include **Optical Variable Pigment (OVP®)** for anti-counterfeiting on banknotes in over **100 countries** and optical filters for 3D sensing[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - A key strategic alliance for the OSP segment is with **SICPA Holding SA Company** for global marketing and sales of OVP and OVMP products for banknote anti-counterfeiting[40](index=40&type=chunk) [Research and Development](index=9&type=section&id=Research%20and%20Development) Viavi invests substantially in R&D for new products and technologies, securing a **$21.7 million** grant for ORAN testing - In fiscal 2024, the company received approval for a grant of approximately **$21.7 million** over three years from the Public Wireless Supply Chain Innovation Fund to support Open Radio Access Network (ORAN) automated testing[54](index=54&type=chunk) [Seasonality](index=10&type=section&id=Seasonality) The company's business experiences seasonality, with NSE revenue peaking in Q2/Q4 and OSP revenue highest in Q1/Q2 due to market cycles - NSE revenue is typically highest in **Q2 and Q4** and weakest in **Q3**, influenced by customer calendar year spending and budget cycles[66](index=66&type=chunk) - OSP revenue is seasonally higher in **Q1 and Q2** due to smartphone market exposure, with demand declining in Q3 and Q4[67](index=67&type=chunk) [Human Capital Management](index=11&type=section&id=Human%20Capital%20Management) Viavi manages human capital for **3,600 employees** across 31 countries, focusing on culture, talent, and rewards, with a best-in-class safety record - The company's safety program achieved a best-in-class **Total Recordable Injury Rate (TRIR) of 0.08 injuries per 100 full-time workers** per year[80](index=80&type=chunk) [Item 1A. Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including geopolitical, technological, customer concentration, operational, cybersecurity, regulatory, environmental, and financial leverage - Global risks, including geopolitical tensions in Ukraine, the Middle East, and U.S.-China relations, could cause market instability, supply chain pressure, and increased costs[83](index=83&type=chunk) - Reliance on a limited number of customers, including a strategic alliance with **SICPA** for OVP and OVMP products, creates vulnerability to order reductions or loss of key relationships[93](index=93&type=chunk)[94](index=94&type=chunk) - Risks associated with the **Inertial Labs acquisition** and proposed **Spirent acquisition** include failure to realize anticipated benefits and integration challenges[97](index=97&type=chunk)[98](index=98&type=chunk) - Outstanding debt, including **Senior Convertible Notes due 2026** and **Senior Notes due 2029**, increases leverage, potentially limiting operational flexibility and future financing access[128](index=128&type=chunk)[130](index=130&type=chunk) [Item 1B. Unresolved Staff Comments](index=28&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[146](index=146&type=chunk) [Item 1C. Cybersecurity](index=28&type=section&id=Item%201C.%20Cybersecurity) Viavi maintains a comprehensive cybersecurity risk management strategy, overseen by the Audit Committee, with no material security breaches in the last three fiscal years - The company's cybersecurity approach utilizes **NIST and ISO frameworks** and includes an Incident Response Plan[148](index=148&type=chunk)[149](index=149&type=chunk) - Cybersecurity oversight is delegated to the **Audit Committee**, which formed a Cybersecurity Steering Committee including independent directors and key management[153](index=153&type=chunk) - The company has not experienced any material information security breach incidents in the **last three fiscal years**, with immaterial related expenses[151](index=151&type=chunk) [Item 2. Properties](index=29&type=section&id=Item%202.%20Properties) This item is not applicable [Item 3. Legal Proceedings](index=29&type=section&id=Item%203.%20Legal%20Proceedings) Information on legal proceedings is incorporated by reference from Note 18, 'Commitments and Contingencies,' in the financial statements - Information for this section is located in **Note 18** of the financial statements[160](index=160&type=chunk) [Item 4. Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under VIAV, with **1,392 holders**, no cash dividends, and **$198.4 million** authorized for repurchases - The company has not paid cash dividends on its common stock and does not anticipate paying them in the foreseeable future[163](index=163&type=chunk) - No shares were repurchased in Q4 FY2025, leaving **$198.4 million** authorized under the September 2022 stock repurchase plan[164](index=164&type=chunk) [Item 6. [Reserved]](index=31&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2025, Viavi's net revenue grew **8.4% to $1.08 billion**, with improved operating margins and **$89.8 million** in operating cash flow, driven by strategic acquisitions Fiscal 2025 Financial Highlights (Year-over-Year) | Metric | Fiscal 2025 | Change vs. FY2024 | % Change | | :--- | :--- | :--- | :--- | | Net Revenue | $1.08 billion | +$83.9 million | +8.4% | | GAAP Operating Margin | 5.3% | +320 bps | N/A | | Non-GAAP Operating Margin | 14.2% | +270 bps | N/A | | GAAP Diluted EPS | $0.15 | +$0.27 | +225.0% | | Non-GAAP Diluted EPS | $0.47 | +$0.14 | +42.4% | - The company agreed to acquire **Spirent Communications plc's** high-speed ethernet, network security, and channel emulation testing businesses for **$425 million**, expected to close by September 2025[177](index=177&type=chunk) - In fiscal 2025, the company generated **$89.8 million** in operating cash flow, used **$121.7 million** for the **Inertial Labs acquisition**, and repurchased **$16.4 million** of common stock[182](index=182&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Fiscal 2025 net revenue increased **8.4% to $1,084.3 million**, driven by NSE growth, with gross margin slightly down and income from operations significantly up to **$57.5 million** Consolidated Statement of Operations Summary (FY2025 vs. FY2024) | Metric (in millions) | 2025 | 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Net Revenue** | **$1,084.3** | **$1,000.4** | **$83.9** | **8.4%** | | Gross Profit | $621.1 | $575.9 | $45.2 | 7.8% | | *Gross Margin* | *57.3%* | *57.6%* | *-0.3 p.p.* | *N/A* | | R&D Expense | $208.7 | $201.9 | $6.8 | 3.4% | | SG&A Expense | $349.4 | $333.3 | $16.1 | 4.8% | | Restructuring Charges | $0.7 | $13.6 | ($12.9) | (94.9)% | | **Income from Operations** | **$57.5** | **$20.8** | **$36.7** | **176.4%** | - Net revenue growth was primarily driven by the data center ecosystem and aerospace and defense products, including a **$25.2 million contribution** from the **Inertial Labs acquisition**, partially offset by declines in wireless and cable spending[199](index=199&type=chunk) [Operating Segment Information](index=42&type=section&id=Operating%20Segment%20Information) In fiscal 2025, NSE revenue grew **10.6% to $776.6 million** with expanded margin, while OSP revenue increased **3.1% to $307.7 million** with slight margin improvement Segment Performance (FY2025 vs. FY2024) | Segment | Metric (in millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | | **NSE** | Net Revenue | $776.6 | $702.0 | 10.6% | | | Operating Income | $41.6 | $8.0 | 420.0% | | | *Operating Margin* | *5.4%* | *1.1%* | *+4.3 p.p.* | | **OSP** | Net Revenue | $307.7 | $298.4 | 3.1% | | | Operating Income | $112.3 | $107.0 | 5.0% | | | *Operating Margin* | *36.5%* | *35.9%* | *+0.6 p.p.* | - NSE revenue growth was driven by higher volume in Lab and Production and Aerospace and Defense, including a **$25.2 million contribution** from the **Inertial Labs acquisition**[228](index=228&type=chunk) - OSP revenue growth was primarily driven by higher Anti-Counterfeiting and Other revenues, partially offset by a decrease in 3D sensing revenue[230](index=230&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 28, 2025, cash decreased by **$49.7 million to $432.1 million**, with **$89.8 million** from operations, **$128.4 million** used in investing, and **$23.6 million** in financing Cash Flow Summary (Fiscal Year 2025) | Cash Flow Activity | Amount (in millions) | | :--- | :--- | | Net cash provided by operating activities | $89.8 | | Net cash used in investing activities | ($128.4) | | Net cash used in financing activities | ($23.6) | | **Net decrease in cash** | **($49.7)** | - The company secured commitments for a **$600 million 7-year Term Loan B facility** to fund the pending **Spirent acquisition** and for general corporate purposes, closing concurrently with the acquisition[239](index=239&type=chunk) Material Contractual Obligations as of June 28, 2025 | Obligation Type | Total (in millions) | Due in < 1 year | Due in 1-3 years | Due in 3-5 years | Due > 5 years | | :--- | :--- | :--- | :--- | :--- | :--- | | Debt (Principal & Interest) | $722.6 | $269.7 | $30.4 | $422.5 | $0 | | Purchase obligations | $160.7 | $141.7 | $18.5 | $0.4 | $0.1 | | Operating lease obligations | $41.2 | $10.6 | $16.6 | $6.0 | $8.0 | | **Total** | **$1,008.9** | **$432.9** | **$85.8** | **$447.8** | **$42.4** | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency, investments, and debt, managing foreign exchange with forward contracts totaling **$60.4 million** to purchase and **$24.1 million** to sell - The company uses foreign exchange forward contracts to hedge currency risk, with notional amounts of **$60.4 million** to purchase and **$24.1 million** to sell foreign currencies as of June 28, 2025[256](index=256&type=chunk)[258](index=258&type=chunk) Fair Value of Debt as of June 28, 2025 | Debt Instrument | Carrying Value (in millions) | Fair Value (in millions) | | :--- | :--- | :--- | | 1.625% Senior Convertible Notes due 2026 | $246.2 | $252.0 | | 3.75% Senior Notes due 2029 | $396.3 | $373.6 | [Item 8. Financial Statements and Supplementary Data](index=48&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023-2025, including the auditor's report, core statements, and detailed notes [Report of Independent Registered Public Accounting Firm](index=48&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on financial statements and internal controls, identifying **NSE revenue recognition** and **Inertial Labs acquisition valuation** as Critical Audit Matters - The auditor, **PricewaterhouseCoopers LLP**, issued an unqualified opinion on the financial statements and internal controls[268](index=268&type=chunk) - Critical Audit Matters included **NSE segment revenue recognition** and the **valuation of contingent consideration and developed technology** from the **Inertial Labs acquisition**[275](index=275&type=chunk)[277](index=277&type=chunk)[281](index=281&type=chunk) [Consolidated Financial Statements](index=51&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show fiscal 2025 net revenue of **$1,084.3 million**, income from operations of **$57.5 million**, and total assets of **$1,993.8 million** Key Financial Statement Data (Fiscal Year 2025) | Metric (in millions) | Amount | | :--- | :--- | | **Statement of Operations** | | | Total Net Revenue | $1,084.3 | | Gross Profit | $621.1 | | Income from Operations | $57.5 | | Net Income | $34.8 | | **Balance Sheet (as of June 28, 2025)** | | | Total Assets | $1,993.8 | | Total Liabilities | $1,213.6 | | Total Stockholders' Equity | $780.2 | [Notes to Consolidated Financial Statements](index=56&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed accounting policies and financial data, including acquisitions (Note 5), debt (Note 11), and segment realignment (Note 19) - **Note 5**: On January 28, 2025, the company acquired **Inertial Labs** for approximately **$134.4 million** in cash and up to **$175.0 million** in contingent consideration, resulting in **$130.3 million** of goodwill[395](index=395&type=chunk)[396](index=396&type=chunk)[399](index=399&type=chunk) - **Note 11**: As of June 28, 2025, total debt carrying value was **$642.5 million**, comprising **$246.2 million** in short-term debt (2026 Notes) and **$396.3 million** in long-term debt (2029 Notes)[459](index=459&type=chunk) - **Note 19**: The company realigned segments into **Network and Service Enablement (NSE)** and **Optical Security and Performance Products (OSP)**, with FY2025 revenues of **$776.6 million** for NSE and **$307.7 million** for OSP[585](index=585&type=chunk)[589](index=589&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=110&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[600](index=600&type=chunk) [Item 9A. Controls and Procedures](index=110&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of **June 28, 2025**, excluding the recently acquired **Inertial Labs** - The CEO and CFO concluded that disclosure controls and procedures were effective as of **June 28, 2025**[601](index=601&type=chunk) - Management concluded that internal control over financial reporting was effective as of **June 28, 2025**, excluding the recently acquired **Inertial Labs** (2.3% of consolidated revenue, 2.1% of total assets)[602](index=602&type=chunk)[603](index=603&type=chunk) [Item 9B. Other Information](index=111&type=section&id=Item%209B.%20Other%20Information) No directors or Section 16 officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q4 fiscal 2025 - No directors or Section 16 officers adopted, modified, or terminated a **Rule 10b5-1 trading plan** in the fourth fiscal quarter of 2025[607](index=607&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=111&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=112&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's 2025 Definitive Proxy Statement [Item 11. Executive Compensation](index=113&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation, including Compensation Discussion and Analysis, is incorporated by reference from the company's 2025 Proxy Statement [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=113&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership of beneficial owners, management, and equity compensation plans is incorporated by reference from the company's 2025 Proxy Statement [Item 13. Certain Relationships and Related Transactions and Director Independence](index=113&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information on related person transactions and director independence is incorporated by reference from the company's 2025 Proxy Statement [Item 14. Principal Accounting Fees and Services](index=113&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the company's 2025 Proxy Statement Part IV [Item 15. Exhibits, Financial Statement Schedules](index=114&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, including corporate documents and certifications [Item 16. 10-K Summary](index=116&type=section&id=Item%2016.%2010-K%20Summary) The company reports no 10-K summary - None[628](index=628&type=chunk)