0001377789false00013777892024-10-042024-10-040001377789us-gaap:CommonStockMember2024-10-042024-10-040001377789us-gaap:PreferredStockMember2024-10-042024-10-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
Form 8-K
______________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 4, 2024
_______________________
AVIAT NETWORKS, INC.
(Exact name of registrant as specified in its charter)
______________________________________
Delaware
001-33278
20-5961564
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
200 Parker Dr., Suite C100A, Austin, Texas 78728
(Address of principal executive offices, including zip code)
(408)-941-7100
Registrant’s telephone number, including area code
______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareAVNWNASDAQ Stock Market LLC
Preferred Share Purchase RightsNASDAQ Stock Market LLC

☐ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02     Results of Operations and Financial Condition

On October 4, 2024, Aviat Networks, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended June 28, 2024. A copy of the press release is filed as Exhibit 99.1 to this report. The Company also posted to its website an Investor Presentation with respect to its fourth quarter ended June 28, 2024.
The information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
The press release and Investor Presentation refer to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in Exhibit 99.1 of this report.

Item 9.01     Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AVIAT NETWORKS, INC.
Date: October 4, 2024
By:
/s/ Michael Connaway
Name:
Michael Connaway
Title:
Senior Vice President and Chief Financial Officer


aviatlogoa05.jpg

www.aviatnetworks.com

Aviat Networks Announces Fiscal 2024 Fourth Quarter and Twelve Months Financial Results

Fourth Quarter Total Revenue of $116.7 million; Up 28.1% Year-Over-Year
Fourth Quarter Adjusted EBITDA of $11.9 million
Cash from Operations of $8.3 million in fourth quarter, $30.5 million for full year

AUSTIN, Texas, October 4, 2024 -- Aviat Networks, Inc. (“Aviat Networks,” “Aviat,” or the “Company”), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2024 fourth quarter and twelve months ended June 28, 2024.

Fourth Quarter Highlights
•Pasolink acquisition accretive to Adjusted EBITDA and non-GAAP net income in the quarter
•Achieved 4th consecutive fiscal year of growth in both revenue and Adjusted EBITDA
•Secured statewide win of a new public safety customer, converting customer from legacy incumbent
Fourth Quarter Financial Highlights

•Total Revenues: $116.7 million, up 28.1% from the same quarter last year
•GAAP Results: Gross Margin 35.3%; Operating Expenses $35.7 million; Operating Income $5.5 million; Net Income $1.5 million; Net Income per diluted share (“Net Income per share”) $0.12
•Non-GAAP Results: Adjusted EBITDA $11.9 million; Gross Margin 35.9%; Operating Expenses $31.3 million; Operating Income $10.6 million; Net Income $9.2 million; Net Income per share $0.72
•Net cash and cash equivalents: $64.6 million; cash net of debt: $16.3 million
Full Year Financial Highlights
•Total Revenues: $408.1 million, up 18.5% from last year
•GAAP Results: Gross Margin 35.5%; Operating Expenses $125.3 million; Operating Income $19.4 million; Net Income $10.8 million, Net Income per diluted share $0.86
•Non-GAAP Results: Adjusted EBITDA $48.1 million; Gross Margin 36.4%; Operating Expenses $105.4 million; Operating Income $43.1 million; Net Income per diluted share $3.15

Fiscal 2024 Fourth Quarter and Twelve Months Ended June 28, 2024
Revenues
The Company reported total revenues of $116.7 million for its fiscal 2024 fourth quarter, compared to $91.1 million in the fiscal 2023 fourth quarter, an increase of $25.6 million or 28.1%. North America revenue of $56.2 million increased by $1.4 million or 2.5%, compared to $54.8 million in the prior year due to continued execution on private network projects. International revenue of $60.5 million increased by $24.2 million or 66.6%, compared to $36.3 million in the prior year. This growth was due to the addition from the Pasolink acquisition and strong core Aviat revenues in Asia Pacific and Europe regions.
For the twelve months ended June 28, 2024, total revenue increased by 18.5% to $408.1 million, compared to $344.4 million in the same period of fiscal 2023. North America revenue of $206.1 million increased by $5.4 million or 2.7%, compared to $200.7 million in the same period of fiscal 2023. International revenue of $202.0 million increased by $58.3 million or 40.5% as compared to $143.8 million in the same period of fiscal 2023.
Gross Margins
In the fiscal 2024 fourth quarter, the Company reported GAAP gross margin of 35.3% and non-GAAP gross margin of 35.9%. This compares to GAAP gross margin of 35.9% and non-GAAP gross margin of 36.2% in the fiscal 2023 fourth quarter, a change of (60) and (30) basis points, respectively. The fluctuations were driven by project and regional customer mix.
For the twelve months ended June 28, 2024, the Company reported GAAP gross margin of 35.5% and non-GAAP gross margin of 36.4%. This compares to GAAP gross margin of 35.5% and non-GAAP gross margin of 35.8% in the same period of fiscal 2023. GAAP gross margin was flat to the prior year comparison period, and non-GAAP gross margin increased 60 basis points.
Operating Expenses
The Company reported GAAP total operating expenses of $35.7 million for the fiscal 2024 fourth quarter, compared to $26.3 million in the fiscal 2023 fourth quarter, an increase of $9.3 million or 35.5%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses for the fiscal 2024 fourth quarter were $31.3 million, compared to $22.0 million in the prior year, an increase of $9.2 million or 41.9%.
For the twelve months ended June 28, 2024, the Company reported total operating expenses of $125.3 million, compared to $97.8 million in the same period of fiscal 2023, an increase of $27.6 million or 28.2%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses for the twelve months ended June 28, 2024 were $105.4 million, as compared to $84.1 million in the same period of fiscal 2023, an increase of $21.3 million or 25.3%.
Operating Income
The Company reported GAAP operating income of $5.5 million for the fiscal 2024 fourth quarter, compared to $6.3 million in the fiscal 2023 fourth quarter, a decrease of $(0.9) million or (13.7)%. On a non-GAAP basis, the Company reported operating income of $10.6 million for the fiscal 2024 fourth quarter, compared to $11.0 million in the prior year, a decrease of $(0.4) million or (3.2)%.
For the twelve months ended June 28, 2024, the Company reported GAAP operating income of $19.4 million, as compared to $24.6 million in the same period of fiscal 2023, a decrease of $(5.2) million or (21.2)%. Operating income decreased primarily due to merger and acquisition related expenses. On a non-GAAP basis, the Company reported operating income of $43.1 million, compared to $39.1 million in the same period of fiscal 2023, an increase of $4.1 million or 10.4%.
Income Taxes
The Company reported GAAP income tax expense of $3.1 million in the fiscal 2024 fourth quarter, compared to $2.0 million in the fiscal 2023 fourth quarter, an increase of $1.1 million or 53.2%.
For the twelve months ended June 28, 2024, the Company reported GAAP income tax expense of $6.1 million compared to $11.1 million in the same period of fiscal 2023, a decrease of $(5.0) million or (44.9)%. The decrease was driven by non-recurrence of a $2.6 million deferred tax liability in the prior year related to legal entity restructuring.
Net Income / Net Income Per Share
The Company reported GAAP net income of $1.5 million in the fiscal 2024 fourth quarter and GAAP net income per share of $0.12. This compared to GAAP net income of $3.8 million or GAAP net income per share of $0.32 in the fiscal 2023 fourth quarter. On a non-GAAP basis, the Company reported net income of $9.2 million or non-GAAP net income per share of $0.72, compared to non-GAAP net income of $10.3 million or $0.87 per share in the prior year.
The Company reported GAAP net income of $10.8 million for the twelve months ended June 28, 2024, or GAAP net income per fully diluted share of $0.86. This compared to GAAP net income of $10.2 million or $0.86 per share in the comparable fiscal 2023 period. On a non-GAAP basis, the Company reported net income of $39.2 million or net income per share of $3.15 for the twelve months ended June 28, 2024, as compared to non-GAAP net income of $37.3 million or $3.15 per share in the comparable fiscal 2023 period.
Adjusted EBITDA
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the fiscal 2024 fourth quarter was $11.9 million, compared to $12.6 million in the fiscal 2023 fourth quarter.
For the twelve months ended June 28, 2024, the Company reported Adjusted EBITDA of $48.1 million, as compared to $45.2 million in the comparable fiscal 2023 period, an increase of $2.9 million, or 6.4%.
Balance Sheet Highlights
The Company reported $64.6 million in cash and cash equivalents as of June 28, 2024, compared to $58.2 million as of March 29, 2024. As of June 28, 2024, total debt was $48.4 million, a decrease of $0.6 million from March 29, 2024.

Fiscal 2025 Full Year Guidance
The Company established its fiscal 2025 full year revenue and Adjusted EBITDA guidance as follows:
•Full year Revenue between $450 and $490 million
•Full year Adjusted EBITDA between $46.0 and $52.0 million

As previously disclosed, Aviat has identified certain material weaknesses in its internal control over financial reporting for the 2024 fiscal year. The Company has initiated and will continue to implement measures designed to improve its internal control over financial reporting to remediate these material weaknesses with oversight from the Audit Committee of the Board of Directors and assistance from its external advisors. Please refer to Item 9A in our Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on October 4, 2024, for more information.

Subsequent to the issuance of the consolidated financial statements and related disclosures for the fiscal year ended June 30, 2023, the Company identified certain errors in its previously issued consolidated financial statements. The Company evaluated the materiality of the errors and determined that the impacts were not material, individually or in the aggregate, to the Company’s previously issued consolidated financial statements for any of the prior reporting periods in which they occurred. The Company has revised the prior period financial statements for fiscal 2024 and fiscal 2023 to correct the errors. The revisions ensure comparability across all periods presented herein. Please refer to Note 16. Revisions to Prior Period Consolidated Financial Statements of the Notes to the consolidated financial statements in our Form 10-K for further information.

Conference Call Details
Aviat Networks will host a conference call at 8:30 a.m. Eastern Time (ET) on October 7, 2024, to discuss its financial and operational results for the fiscal 2024 fourth quarter ended June 28, 2024. Participating on the call will be Peter Smith, President and Chief Executive Officer; Michael Connaway, Sr. Vice President and Chief Financial Officer; and Andrew Fredrickson, Director of Corporate Development and Investor Relations. Following management's remarks, there will be a question and answer period.

Interested parties may access the conference call live via the webcast through Aviat Network's Investor Relations website at investors.aviatnetworks.com/events-and-presentations/events, or may participate via telephone by registering using this online form. Once registered, telephone participants will receive the dial-in number along with a unique PIN number that must be used to access the call. A replay of the conference call webcast will be available after the call on the Company's investor relations website.

About Aviat Networks
Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Forward-Looking Statements
The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat’s outlook, business conditions, new product solutions, customer positioning, future orders, bookings, new contracts, cost structure, profitability in fiscal 2025, its recent acquisitions and acquisition strategy, process improvements, measures designed to improve internal controls, plans and objectives of management, realignment plans and review of strategic alternatives and expectations regarding future revenue, gross margin, Adjusted EBITDA, operating income or earnings or loss per share. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including “anticipate,” “believe,” “plan,” “estimate,” “expect,” “goal,” “will,” “see,” “continue,” “delivering,” “view,” and “intend,” or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following: the disruption the 4RF and NEC transactions may cause to customers, vendors, business partners and our ongoing business; our ability to integrate the operations of the acquired 4RF and NEC businesses with our existing operations and fully realize the expected synergies of the 4RF and NEC transactions on the expected timeline; disruptions relating to the ongoing conflict between Russia and Ukraine and the conflict in Israel and surrounding areas; continued price and margin erosion in the microwave transmission industry; the impact of the volume, timing, and customer, product, and geographic mix of our product orders; our ability to meet financial covenant requirements; the timing of our receipt of payment; our ability to meet product development dates or anticipated cost reductions of products; our suppliers’ inability to perform and deliver on time, component shortages, or other supply chain constraints; the effects of inflation; customer acceptance of new products; the ability of our subcontractors to timely perform; weakness in the global economy affecting customer spending; retention of our key personnel; our ability to manage and maintain key customer relationships; uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation; our failure to protect our intellectual property rights or defend against intellectual property infringement claims; the results of our restructuring efforts; the effects of currency and interest rate risks; the ability to preserve and use our net operating loss carryforwards; the effects of current and future government regulations; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business; the conduct of unethical business practices in developing countries; the impact of political turmoil in countries where we have significant business; our ability to realize the anticipated benefits of any proposed or recent acquisitions; the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; our ability to implement our stock repurchase program or that it will enhance long-term stockholder value; and the impact of adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions.

For more information regarding the risks and uncertainties for Aviat's business, see “Risk Factors” in Aviat's Form 10-K for the fiscal year ended June 28, 2024 filed with the SEC on October 4, 2024, as well as other reports filed by Aviat with the SEC from time to time. Aviat undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:
Andrew Fredrickson
Director, Corporate Development & Investor Relations
Phone: (512) 582-4626
Email: andrew.fredrickson@aviatnet.com


Table 1
AVIAT NETWORKS, INC.
Fiscal Year 2024 Fourth Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedTwelve Months Ended
(In thousands, except per share amounts)June 28,
2024		June 30,
2023		June 28,
2024		June 30,
2023
Revenues:
Product sales$78,795 $64,093 $274,205 $238,579 
Services37,865 27,010 133,878 105,854 
Total revenues116,660 91,103 408,083 344,433 
Cost of revenues:
Product sales50,794 39,363 171,783 150,637 
Services24,727 19,074 91,568 71,414 
Total cost of revenues75,521 58,437 263,351 222,051 
Gross margin41,139 32,666 144,732 122,382 
Operating expenses:
Research and development10,985 6,256 36,426 24,908 
Selling and administrative23,059 19,929 85,038 69,842 
Restructuring charges1,640 157 3,867 3,012 
Total operating expenses35,684 26,342 125,331 97,762 
Operating income5,455 6,324 19,401 24,620 
Interest expense, net916 322 2,337 532 
Other (income) expense, net(70)234 158 2,774 
Income before income taxes4,609 5,768 16,906 21,314 
Provision for income taxes3,060 1,997 6,146 11,145 
Net income$1,549 $3,771 $10,760 $10,169 
Net income per share of common stock outstanding:
Basic$0.12 $0.33 $0.88 $0.90 
Diluted$0.12 $0.32 $0.86 $0.86 
Weighted-average shares outstanding:
Basic12,597 11,475 12,182 11,358 
Diluted12,829 11,920 12,456 11,855 


Table 2
AVIAT NETWORKS, INC.
Fiscal Year 2024 Fourth Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)June 28,
2024		June 30,
2023
ASSETS
Current Assets:
Cash and cash equivalents$64,622 $22,242 
Accounts receivable, net158,013 100,911 
Unbilled receivables90,525 57,170 
Inventories62,267 33,428 
Assets held for sale2,720 — 
Other current assets27,076 22,164 
Total current assets405,223 235,915 
Property, plant and equipment, net9,480 9,452 
Goodwill8,217 5,112 
Intangible assets, net13,644 9,046 
Deferred income taxes83,112 87,080 
Right of use assets3,710 2,554 
Other assets11,837 13,978 
Total long-term assets130,000 127,222 
Total assets$535,223 $363,137 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$92,854 $60,141 
Accrued expenses42,148 24,442 
Short-term lease liabilities1,006 610 
Advance payments and unearned revenue58,839 44,268 
Other current liabilities21,614 600 
Current portion of long-term debt2,396 — 
Total current liabilities218,857 130,061 
Long-term debt45,954 — 
Unearned revenue7,413 7,416 
Long-term lease liabilities2,823 2,140 
Other long-term liabilities394 314 
Reserve for uncertain tax positions3,485 3,975 
Deferred income taxes412 492 
Total liabilities279,338 144,398 
Commitments and contingencies
Stockholder’s equity:
Preferred stock— — 
Common stock126 115 
Treasury stock(6,479)(6,147)
Additional paid-in-capital860,071 830,048 
Accumulated deficit(578,513)(589,273)
Accumulated other comprehensive loss(19,320)(16,004)
Total stockholders’ equity255,885 218,739 
Total liabilities and stockholders’ equity$535,223 $363,137 



 
AVIAT NETWORKS, INC.
Fiscal Year 2024 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE
To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating income, provision for or benefit from income taxes, net income, net income per share, and adjusted income before interest, tax, depreciation and amortization (Adjusted EBITDA), in each case, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.
1We have not reconciled Adjusted EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to merger and acquisition costs and share-based compensation. In particular, share-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA are not available without unreasonable effort.
Table 3
AVIAT NETWORKS, INC.
Fiscal Year 2024 Fourth Quarter Summary
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months EndedTwelve Months Ended
 June 28, 2024% of
Revenue		June 30, 2023% of
Revenue		June 28, 2024% of
Revenue		June 30, 2023% of
Revenue
 (In thousands, except percentages and per share amounts)
GAAP gross margin$41,139 35.3 %$32,666 35.9 %$144,732 35.5 %$122,382 35.5 %
Share-based compensation96 164 406 627 
Merger and acquisition related expense650 174 3,409 180 
Non-GAAP gross margin41,885 35.9 %33,004 36.2 %148,547 36.4 %123,189 35.8 %
GAAP research and development expenses$10,985 9.4 %$6,256 6.9 %$36,426 8.9 %$24,908 7.2 %
Share-based compensation(141)(129)(593)(514)
Non-GAAP research and development expenses10,844 9.3 %6,127 6.7 %35,833 8.8 %24,394 7.1 %
GAAP selling and administrative expenses$23,059 19.8 %$19,929 21.9 %$85,038 20.8 %$69,842 20.3 %
Share-based compensation(1,559)(1,292)(6,342)(5,579)
Merger and acquisition related expense(1,070)(2,727)(9,121)(4,526)
Non-GAAP selling and administrative expenses20,430 17.5 %15,910 17.5 %69,575 17.0 %59,737 17.3 %
GAAP operating income$5,455 4.7 %$6,324 6.9 %$19,401 4.8 %$24,620 7.1 %
Share-based compensation1,796 1,585 7,341 6,720 
Merger and acquisition related expense1,720 2,901 12,530 4,706 
Restructuring charges1,640 157 3,867 3,012 
Non-GAAP operating income10,611 9.1 %10,967 12.0 %43,139 10.6 %39,058 11.3 %
GAAP income tax provision$3,060 2.6 %$1,997 2.2 %$6,146 1.5 %$11,145 3.2 %
Adjustment to reflect pro forma tax rate(2,560)(1,697)(4,546)(9,945)
Non-GAAP income tax provision500 0.4 %300 0.3 %1,600 0.4 %1,200 0.3 %
GAAP net income$1,549 1.3 %$3,771 4.1 %$10,760 2.6 %$10,169 3.0 %
Share-based compensation1,796 1,585 7,341 6,720 
Merger and acquisition related expense1,720 2,901 12,530 4,706 
Restructuring charges1,640 157 3,867 3,012 
Other (income) expense, net(70)234 158 2,774 
Adjustment to reflect pro forma tax rate2,560 1,697 4,546 9,945 
Non-GAAP net income$9,195 7.9 %$10,345 11.4 %$39,202 9.6 %$37,326 10.8 %
Diluted net income per share:
GAAP$0.12 $0.32 $0.86 $0.86 
Non-GAAP$0.72 $0.87 $3.15 $3.15 
Shares used in computing net income per share
GAAP12,829 11,920 12,456 11,855 
Non-GAAP12,829 11,920 12,456 11,855 
Adjusted EBITDA:
GAAP net income$1,549 1.3 %$3,771 4.1 %$10,760 2.6 %$10,169 3.0 %
Depreciation and amortization of property, plant and equipment and intangible assets1,265 1,615 4,993 6,180 
Interest expense, net916 322 2,337 532 
Other (income) expense, net(70)234 158 2,774 
Share-based compensation1,796 1,585 7,341 6,720 
Merger and acquisition related expense1,720 2,901 12,530 4,706 
Restructuring charges1,640 157 3,867 3,012 
Provision for income taxes3,060 1,997 6,146 11,145 
Adjusted EBITDA
$11,876 10.2 %$12,582 13.8 %$48,132 11.8 %$45,238 13.1 %


(1)The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP net income excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from GAAP net income. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.


Table 4
AVIAT NETWORKS, INC.
Fiscal Year 2024 Fourth Quarter Summary
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)
 
 Three Months EndedTwelve Months Ended
June 28,
2024		June 30,
2023		June 28,
2024		June 30,
2023
(In thousands)
North America$56,194 $54,814 $206,073 $200,678 
International:
Africa and the Middle East13,063 16,307 48,884 59,674 
Europe7,231 5,067 24,608 18,772 
Latin America and Asia Pacific40,172 14,915 128,518 65,309 
Total international60,466 36,289 202,010 143,755 
Total revenue$116,660 $91,103 $408,083 $344,433 



v3.24.3
Cover
Oct. 04, 2024
Entity Listings [Line Items]  
Document Type 8-K
Document Period End Date Oct. 04, 2024
Entity Registrant Name AVIAT NETWORKS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-33278
Entity Tax Identification Number 20-5961564
Entity Address, Address Line One 200 Parker Dr., Suite C100A
Entity Address, City or Town Austin
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78728
City Area Code (408)
Local Phone Number 941-7100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001377789
Amendment Flag false
Common Stock  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol AVNW
Security Exchange Name NASDAQ
Preferred Stock  
Entity Listings [Line Items]  
Title of 12(b) Security Preferred Share Purchase Rights
No Trading Symbol Flag true
Security Exchange Name NASDAQ
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