Total Revenue of $74.5
million; Up 12.2% Year-Over-Year
GAAP Income Before Tax of $7.3 million; Up 75.5% compared to Prior
Year
Adjusted EBITDA of $9.5
million; Up 29.2% compared to Prior Year
AUSTIN,
Texas, May 4, 2022 /PRNewswire/ -- Aviat
Networks, Inc. ("Aviat Networks," "Aviat," or the "Company"),
(Nasdaq: AVNW), the leading expert in wireless transport solutions,
today reported financial results for its fiscal 2022 third quarter
ended April 1, 2022.
Third Quarter Highlights
- Company executed on key long-term strategic objectives
resulting in continued year-over-year increase in quarterly
revenues and Adjusted EBITDA.
- Company launched Health Assurance Software (HAS) designed to
optimize network performance and reliability.
- Quickline rural broadband win validates the Company's value
proposition to international ISPs.
Third Quarter Financial Highlights
- Total Revenues: $74.5
million, +12.2% from same quarter last year
-
- North America:
$49.0 million, +16.7% from same
quarter last year
- International: $25.5
million, +4.5% from same quarter last year
- GAAP Results: Gross Margin 37.0%; Operating Expenses
$20.1 million; Operating Income
$7.5 million; Net Income $6.0 million; Net Income per diluted share ("Net
Income per share") $0.51
- Non-GAAP Results: Adjusted EBITDA $9.5 million; Gross Margin 37.1%; Operating
Expenses $19.2 million; Operating
Income $8.4 million; Net Income
$7.9 million; Net Income per share
$0.67
- Net Cash and Marketable Securities: $33.8 million; no loans outstanding at
quarter-end
- Buyback: Repurchased $2.0
million of stock in the quarter
Fiscal 2022 Third Quarter and Nine Months Ended April 1,
2022
Revenues
The Company reported total revenues of $74.5 million for its fiscal 2022 third quarter,
compared to $66.4 million in the
comparable fiscal 2021 period, an increase of $8.1 million or 12.2%. North America revenue of $49.0 million increased by $7.0 million or 16.7%, compared to $42.0 million in the comparable fiscal 2021
period. International revenue was $25.5
million compared to $24.4
million in the comparable fiscal 2021 period, an increase of
$1.1 million or 4.5%.
For the nine months ended April 1, 2022, revenue grew by
11.0% to $225.5 million, as compared
to $203.2 million in the comparable
fiscal 2021 period. North America
revenue of $151.0 million increased
by $14.3 million or 10.5%, as
compared to $136.7 million in the
comparable fiscal 2021 period. International revenue of
$74.5 million for the fiscal 2022
nine-month period increased by $8.0
million or 12.0%, as compared to $66.5 million in the comparable fiscal 2021
period.
Gross Margins
In the fiscal 2022 third quarter, the Company reported GAAP
gross margin of 37.0% and non-GAAP gross margin of 37.1%. This
compares to GAAP gross margin of 38.5% and non-GAAP gross margin of
38.7% in the comparable fiscal 2021 period, a decrease of (150) and
(160) basis points respectively. Gross margins continue to be
pressured by expedite fees and inflation as we work to overcome
supply chain issues. However, our pricing actions to offset higher
costs continue to gain momentum as evidenced by a 80 bps
improvement in margins as compared to the prior fiscal quarter.
For the nine months ended April 1, 2022, the Company
reported GAAP gross margin of 36.3% and non-GAAP gross margin of
36.4%. This compares to GAAP gross margin of 37.8% and non-GAAP
gross margin of 37.9% in the comparable fiscal 2021 period, a
decrease of (150) basis points in each case.
Operating Expenses
GAAP total operating expenses for the fiscal 2022 third quarter
were $20.1 million, compared to
$21.5 million in the comparable
fiscal 2021 period, a decrease of $(1.5)
million or (6.9)%. Non-GAAP total operating expenses,
excluding the impact of restructuring charges, share-based
compensation, and merger and acquisition expenses for the fiscal
2022 third quarter were $19.2
million, as compared to $19.7
million in the comparable fiscal 2021 period, a decrease of
$(0.5) million or (2.5)%. The
decreased spending resulted from cost control efforts and benefits
from prior restructuring.
The Company reported GAAP total operating expenses for the
fiscal 2022 and 2021 nine-month period of $58.3 million. On a non-GAAP basis, excluding the
impact of restructuring charges and share-based compensation, total
operating expenses for the fiscal 2022 nine-month period were
$56.3 million, as compared to
$55.2 million in the fiscal 2021
period, an increase of $1.1 million
or 1.9%.
Operating Income
The Company reported GAAP operating income of $7.5 million for the fiscal 2022 third quarter,
compared to $4.0 million in the
comparable fiscal 2021 period. On a non-GAAP basis, the Company
reported operating income of $8.4
million for the fiscal 2022 third quarter, compared to
$6.0 million in the comparable fiscal
2021 period.
For the fiscal 2022 nine-month period, the Company reported
$23.5 million in GAAP operating
income, as compared to $18.5 million
in the comparable fiscal 2021 period. On a non-GAAP basis, the
Company reported operating income of $25.8
million, compared to $21.8
million in the comparable fiscal 2021 period.
Income Taxes
The Company reported GAAP income tax expense of $1.3 million in the fiscal second quarter,
compared to $(90.6) million in the
comparable fiscal 2021 period, or an increase of $91.8 million.
For the fiscal 2022 nine-month period, the Company reported GAAP
income tax expense of $6.5 million,
compared to $(88.6) million in the
comparable fiscal 2021 period, or an increase of $95.1 million.
Both the current quarter and nine-month period increases were
due to a $92.2 million one-time
benefit recognized in the third quarter of fiscal 2021 from release
of the valuation allowance against the Deferred Tax Asset.
Net Income / Net Income Per Share
The Company reported GAAP net income of $6.0 million in the fiscal 2022 third quarter or
GAAP net income per fully diluted share of $0.51. This compared to GAAP net income of
$94.7 million or $8.00 per fully diluted share in the comparable
fiscal 2021 period. Again, the decrease was due to the $92.2 million one-time tax benefit in fiscal
2021. On a non-GAAP basis, the Company reported net income of
$7.9 million or non-GAAP net income
per fully diluted share of $0.67 in
the fiscal 2022 third quarter, compared to a non-GAAP net income of
$5.8 million or $0.49 per share in the comparable fiscal 2021
period.
The Company reported GAAP net income of $16.6 million for the fiscal 2022 nine-month
period, or GAAP net income per fully diluted share of $1.40. This compared to GAAP net income of
$107.3 million or $9.31 per share in the comparable fiscal 2021
period. On a non-GAAP basis, the Company reported net income of
$24.5 million or net income per share
of $2.06 in the first nine months of
fiscal 2022, as compared to non-GAAP net income of $21.1 million or $1.83 per share in the comparable fiscal 2021
period.
Adjusted EBITDA
Adjusted earnings before interest, tax, depreciation and
amortization ("Adjusted EBITDA") for the fiscal 2022 third quarter
was $9.5 million, compared to
$7.3 million in the comparable fiscal
2021 period.
For the fiscal 2022 nine-month period, the Company reported
Adjusted EBITDA of $29.2 million, as
compared to $25.8 million in the
comparable fiscal 2021 period a year-over-year increase of
$3.4 million, or 13.1%.
Balance Sheet Highlights
The Company reported cash and marketable securities of
$33.8 million as of April 1,
2022, compared to $42.3 million as of
December 31, 2021. As of April 1,
2022, the Company has no loans outstanding. During our
fiscal 2022 third quarter, as part of our stock repurchase program
approved by our board of directors in November 2021, we purchased approximately 66,000
shares of our common stock for $2.0
million and classified them as treasury shares.
Conference Call Details
Aviat Networks will host a conference call at 5:00 p.m. Eastern Time (ET) today, May 4, 2022, to discuss its financial and
operational results for the fiscal 2022 third quarter.
Participating on the call will be Peter
Smith, President and Chief Executive Officer; David M. Gray, 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.
To listen to the live conference call, please dial toll-free
(US/CAN) 800-289-0438 or toll-free (INTL) 323-794-2423, conference
ID: 1887161. We ask that you dial-in approximately 10 minutes prior
to the start time. Additionally, participants are invited to listen
via webcast, which will be broadcast live and via replay
approximately two hours after the call is completed at
http://investors.aviatnetworks.com/events-and-presentations/events.
About Aviat Networks
Aviat Networks, Inc. is the leading expert in wireless
transport solutions and works to provide dependable products,
services and support to its customers. With more than one million
systems sold in 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 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 Networks is headquartered in Austin, Texas. For more information, visit
www.aviatnetworks.com or connect with Aviat Networks on
Twitter, Facebook and LinkedIn.
Forward-Looking Statements
The information contained in this document includes
forward-looking statements within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including, without limitations, Aviat's beliefs and
expectations regarding business conditions, new product solutions,
customer positioning, revenue, future orders, bookings, new
contracts, cost structure, operating income, profitability in
fiscal 2022, process improvements, realignment plans and review of
strategic alternatives. 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,
without limitation, "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 impact of COVID-19 on our business, operations and cash
flows;
- continued price and margin erosion as a result of increased
competition in the microwave transmission industry;
- the impact of the volume, timing, and customer, product, and
geographic mix of our product orders;
- the timing of our receipt of payment for products or services
from our customers;
- our ability to meet projected new product development dates or
anticipated cost reductions of new products;
- our suppliers' inability to perform and deliver on time as a
result of their financial condition, component shortages, the
effects of COVID-19 or other supply chain constraints;
- the effects of inflation and the timing and extent of changes
in the prices and overall demand for and availability of our
inputs;
- 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 by
others;
- the results of our restructuring efforts;
- the ability to preserve and use our net operating loss
carryforwards;
- the effects of currency and interest rate risks;
- the effects of current and future government regulations,
including the effects of current restrictions on various commercial
and economic activities in response to the COVID-19 pandemic;
- 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;
- 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; and
- our ability to implement our stock repurchase program or the
extent to which it enhances long-term stockholder value.
For more information regarding the risks and uncertainties for
Aviat's business, see "Risk Factors" in Aviat's Annual Report on
Form 10-K filed with the U.S. Securities and Exchange
Commission ("SEC") on August 25, 2021 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: (408) 501-6214
Email: andrew.fredrickson@aviatnet.com
Table
1 AVIAT NETWORKS, INC. Fiscal Year 2022 Third
Quarter Summary CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
(In thousands, except per share amounts)
|
April 1,
2022
|
|
April 2,
2021
|
|
April 1,
2022
|
|
April 2,
2021
|
Revenues:
|
|
|
|
|
|
|
|
Revenue from product
sales
|
$
52,047
|
|
$
45,246
|
|
$
156,361
|
|
$ 136,401
|
Revenue from
services
|
22,469
|
|
21,158
|
|
69,177
|
|
66,824
|
Total
revenues
|
74,516
|
|
66,404
|
|
225,538
|
|
203,225
|
Cost of revenues:
|
|
|
|
|
|
|
|
Cost of product
sales
|
31,850
|
|
26,456
|
|
97,789
|
|
81,823
|
Cost of
services
|
15,130
|
|
14,370
|
|
45,976
|
|
44,666
|
Total
cost of revenues
|
46,980
|
|
40,826
|
|
143,765
|
|
126,489
|
Gross margin
|
27,536
|
|
25,578
|
|
81,773
|
|
76,736
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and
development expenses
|
5,259
|
|
5,275
|
|
17,338
|
|
15,541
|
Selling and
administrative expenses
|
14,867
|
|
15,106
|
|
41,304
|
|
41,555
|
Restructuring
(recovery) charges
|
(72)
|
|
1,162
|
|
(373)
|
|
1,162
|
Total
operating expenses
|
20,054
|
|
21,543
|
|
58,269
|
|
58,258
|
Operating income
|
7,482
|
|
4,035
|
|
23,504
|
|
18,478
|
Other expense/(income),
net
|
175
|
|
(128)
|
|
387
|
|
(201)
|
Income before income taxes
|
7,307
|
|
4,163
|
|
23,117
|
|
18,679
|
Provision for (benefit
from) income taxes
|
1,278
|
|
(90,568)
|
|
6,490
|
|
(88,629)
|
Net income
|
$
6,029
|
|
$
94,731
|
|
$
16,627
|
|
$ 107,308
|
|
|
|
|
|
|
|
|
Net income per share of common stock
outstanding:
|
|
|
|
|
|
|
|
Basic
|
$
0.54
|
|
$
8.49
|
|
$
1.49
|
|
$
9.76
|
Diluted
|
$
0.51
|
|
$
8.00
|
|
$
1.40
|
|
$
9.31
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
11,173
|
|
11,152
|
|
11,172
|
|
10,994
|
Diluted
|
11,761
|
|
11,842
|
|
11,848
|
|
11,532
|
Table 2
AVIAT NETWORKS, INC.
Fiscal Year 2022 Third Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
(In thousands)
|
April 1,
2022
|
|
July 2,
2021
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
31,296
|
|
$
47,942
|
Accounts
receivable, net
|
76,150
|
|
48,135
|
Unbilled
receivables
|
45,700
|
|
37,521
|
Inventories
|
28,669
|
|
23,436
|
Customer service
inventories
|
1,807
|
|
1,431
|
Assets held for
sale
|
—
|
|
2,218
|
Other current
assets
|
12,984
|
|
9,556
|
Total
current assets
|
196,606
|
|
170,239
|
Property, plant and
equipment, net
|
9,522
|
|
11,701
|
Deferred income
taxes
|
98,002
|
|
103,467
|
Right of use
assets
|
3,196
|
|
3,816
|
Marketable
securities
|
2,515
|
|
—
|
Other assets
|
9,841
|
|
8,430
|
Total
long-term assets
|
123,076
|
|
127,414
|
TOTAL ASSETS
|
$
319,682
|
|
$
297,653
|
LIABILITIES AND EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
40,634
|
|
$
32,405
|
Accrued
expenses
|
25,392
|
|
28,154
|
Short-term lease
liabilities
|
565
|
|
769
|
Advance payments
and unearned revenue
|
38,066
|
|
32,304
|
Restructuring
liabilities
|
999
|
|
2,737
|
Total
current liabilities
|
105,656
|
|
96,369
|
Unearned
revenue
|
7,604
|
|
8,592
|
Long-term lease
liabilities
|
2,786
|
|
3,223
|
Other long-term
liabilities
|
324
|
|
356
|
Reserve for uncertain
tax positions
|
5,396
|
|
5,164
|
Deferred income
taxes
|
586
|
|
614
|
Total
liabilities
|
122,352
|
|
114,318
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Preferred stock
|
—
|
|
—
|
Common stock
|
112
|
|
112
|
Treasury
stock
|
(5,398)
|
|
(787)
|
Additional
paid-in-capital
|
821,976
|
|
818,939
|
Accumulated
deficit
|
(603,975)
|
|
(620,602)
|
Accumulated
other comprehensive loss
|
(15,385)
|
|
(14,327)
|
Total
equity
|
197,330
|
|
183,335
|
TOTAL LIABILITIES AND EQUITY
|
$
319,682
|
|
$
297,653
|
AVIAT NETWORKS, INC.
Fiscal Year
2022 Third 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.
Table
3 AVIAT NETWORKS, INC. Fiscal Year 2022 Third
Quarter Summary RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURES (1) Condensed Consolidated Statements
of Operations (Unaudited)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
April 1,
2022
|
|
% of
Revenue
|
|
April 2,
2021
|
|
% of
Revenue
|
|
April 1,
2022
|
|
% of
Revenue
|
|
April 2,
2021
|
|
% of
Revenue
|
|
(In thousands, except percentages and per share
amounts)
|
GAAP gross margin
|
$ 27,536
|
|
37.0
%
|
|
$ 25,578
|
|
38.5 %
|
|
$ 81,773
|
|
36.3
%
|
|
$ 76,736
|
|
37.8 %
|
Share-based
compensation
|
101
|
|
|
|
114
|
|
|
|
271
|
|
|
|
279
|
|
|
Non-GAAP gross margin
|
27,637
|
|
37.1
%
|
|
25,692
|
|
38.7 %
|
|
82,044
|
|
36.4
%
|
|
77,015
|
|
37.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development
expenses
|
$
5,259
|
|
7.1
%
|
|
$ 5,275
|
|
7.9 %
|
|
$ 17,338
|
|
7.7
%
|
|
$ 15,541
|
|
7.6 %
|
Share-based
compensation
|
(5)
|
|
|
|
(82)
|
|
|
|
(103)
|
|
|
|
(179)
|
|
|
Non-GAAP research and development
expenses
|
5,254
|
|
7.1
%
|
|
5,193
|
|
7.8 %
|
|
17,235
|
|
7.6
%
|
|
15,362
|
|
7.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling and administrative
expenses
|
$ 14,867
|
|
20.0
%
|
|
$ 15,106
|
|
22.7 %
|
|
$ 41,304
|
|
18.3
%
|
|
$ 41,555
|
|
20.4 %
|
Share-based
compensation
|
(734)
|
|
|
|
(569)
|
|
|
|
(2,090)
|
|
|
|
(1,696)
|
|
|
Merger and acquisition
related expense
|
(156)
|
|
|
|
—
|
|
|
|
(156)
|
|
|
|
—
|
|
|
Non-GAAP selling and administrative
expenses
|
13,977
|
|
18.8
%
|
|
14,537
|
|
21.9 %
|
|
39,058
|
|
17.3
%
|
|
39,859
|
|
19.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
$
7,482
|
|
10.0
%
|
|
$ 4,035
|
|
6.1 %
|
|
$ 23,504
|
|
10.4
%
|
|
$ 18,478
|
|
9.1 %
|
Share-based
compensation
|
840
|
|
|
|
765
|
|
|
|
2,464
|
|
|
|
2,154
|
|
|
Restructuring
(recovery) charges
|
(72)
|
|
|
|
1,162
|
|
|
|
(373)
|
|
|
|
1,162
|
|
|
Non-GAAP operating income
|
8,406
|
|
11.3
%
|
|
5,962
|
|
9.0 %
|
|
25,751
|
|
11.4
%
|
|
21,794
|
|
10.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax provision
(benefit)
|
$
1,278
|
|
1.7
%
|
|
$
(90,568)
|
|
(136.4) %
|
|
$
6,490
|
|
2.9
%
|
|
$
(88,629)
|
|
(43.6) %
|
Adjustment to reflect
pro forma tax rate
|
(978)
|
|
|
|
90,868
|
|
|
|
(5,590)
|
|
|
|
89,529
|
|
|
Non-GAAP income tax provision
|
300
|
|
0.4
%
|
|
300
|
|
0.5 %
|
|
900
|
|
0.4
%
|
|
900
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
$
6,029
|
|
8.1
%
|
|
$ 94,731
|
|
142.7 %
|
|
$ 16,627
|
|
7.4
%
|
|
$
107,308
|
|
52.8 %
|
Share-based
compensation
|
840
|
|
|
|
765
|
|
|
|
2,464
|
|
|
|
2,154
|
|
|
Merger and acquisition
related expense
|
156
|
|
|
|
—
|
|
|
|
156
|
|
|
|
—
|
|
|
Restructuring
(recovery) charges
|
(72)
|
|
|
|
1,162
|
|
|
|
(373)
|
|
|
|
1,162
|
|
|
Adjustment to reflect
pro forma tax rate
|
978
|
|
|
|
(90,868)
|
|
|
|
5,590
|
|
|
|
(89,529)
|
|
|
Non-GAAP net income
|
$
7,931
|
|
10.6
%
|
|
$ 5,790
|
|
8.7 %
|
|
$ 24,464
|
|
10.8
%
|
|
$ 21,095
|
|
10.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
GAAP
|
$
0.51
|
|
|
|
$
8.00
|
|
|
|
$
1.40
|
|
|
|
$
9.31
|
|
|
Non-GAAP
|
$
0.67
|
|
|
|
$
0.49
|
|
|
|
$
2.06
|
|
|
|
$
1.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
11,761
|
|
|
|
11,842
|
|
|
|
11,848
|
|
|
|
11,532
|
|
|
Non-GAAP
|
11,761
|
|
|
|
11,842
|
|
|
|
11,848
|
|
|
|
11,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
$
6,029
|
|
8.1
%
|
|
$ 94,731
|
|
142.7 %
|
|
$ 16,627
|
|
7.4
%
|
|
$
107,308
|
|
52.8 %
|
Depreciation and
amortization of property, plant and equipment
|
1,051
|
|
|
|
1,355
|
|
|
|
3,444
|
|
|
|
4,016
|
|
|
Other expense/(income),
net
|
175
|
|
|
|
(128)
|
|
|
|
387
|
|
|
|
(201)
|
|
|
Share-based
compensation
|
840
|
|
|
|
765
|
|
|
|
2,464
|
|
|
|
2,154
|
|
|
Merger and acquisition
related expense
|
156
|
|
|
|
—
|
|
|
|
156
|
|
|
|
—
|
|
|
Restructuring
(recovery) charges
|
(72)
|
|
|
|
1,162
|
|
|
|
(373)
|
|
|
|
1,162
|
|
|
Provision for (benefit
from) for income taxes
|
1,278
|
|
|
|
(90,568)
|
|
|
|
6,490
|
|
|
|
(88,629)
|
|
|
Adjusted EBITDA
|
$
9,457
|
|
12.7
%
|
|
$ 7,317
|
|
11.0 %
|
|
$ 29,195
|
|
12.9
%
|
|
$ 25,810
|
|
12.7 %
|
|
|
|
|
|
|
|
|
|
(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 2022 Third
Quarter Summary SUPPLEMENTAL SCHEDULE OF REVENUE BY
GEOGRAPHICAL AREA (Unaudited)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
April 1,
2022
|
|
April 2,
2021
|
|
April 1,
2022
|
|
April 2,
2021
|
|
(In thousands)
|
North America
|
$
49,042
|
|
$
42,021
|
|
$
151,025
|
|
$
136,678
|
International:
|
|
|
|
|
|
|
|
Africa and the
Middle East
|
13,123
|
|
9,904
|
|
37,360
|
|
31,138
|
Europe
|
2,898
|
|
3,280
|
|
8,509
|
|
7,053
|
Latin America
and Asia Pacific
|
9,453
|
|
11,199
|
|
28,644
|
|
28,356
|
|
25,474
|
|
24,383
|
|
74,513
|
|
66,547
|
Total revenue
|
$
74,516
|
|
$
66,404
|
|
$
225,538
|
|
$
203,225
|
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SOURCE Aviat Networks, Inc.