Total Q4 Revenue of $77.4 million; Up 8.0%
Year-over-Year
Q4 GAAP Operating Income of $5.2 million; Up 40.4%
Year-over-Year
Q4 Adjusted EBITDA of $9.1 million; Up 31.1% compared to Prior
Year
AUSTIN,
Texas, Aug. 23, 2022 /PRNewswire/ -- Aviat
Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks," "Aviat," or the
"Company"), the leading expert in wireless transport solutions,
today reported financial results for its fiscal 2022 fourth quarter
and twelve months ended July 1, 2022. These results do not
include the financial results of Redline Communications Group Inc.,
whose acquisition by Aviat was completed on July 5, 2022, in Aviat's fiscal 2023 first
quarter.
Fourth Quarter Highlights
- Company executed on key long-term strategic objectives
resulting in continued year-over-year increase in quarterly
revenues and Adjusted EBITDA
- Highest bookings quarter in seven years, and the highest in
North America in over a
decade
- Highest bookings quarter for multi-band to date, with 60%
coming from the EMEA region
- Highest bookings quarter for management software since the
Company's inception, including the first SaaS-based Health
Assurance Software sale with a large U.S. state government
- Announced collaboration with MaxLinear on next generation
System on Chip:
-
- the most advanced technology Modem for wireless transport in
development
Fourth Quarter Financial Highlights
- Total Revenues: $77.4
million, +8.0% from the same quarter last year
-
- North America:
$48.8 million, + 5.1% from the same
quarter last year
- International: $28.6
million, +13.3% from the same quarter last year
- GAAP Results: Gross Margin 35.5%; Operating Expenses
$22.2 million; Operating Income
$5.2 million; Net Income $4.5 million; Net Income per diluted share ('Net
Income per share") $0.39
- Non-GAAP Results: Adjusted EBITDA $9.1 million; Gross Margin 35.7%; Operating
Expenses $19.5 million; Operating
Income $8.1 million; Net Income
$7.8 million; Net Income per share
$0.67
- Net Cash and Marketable securities: $47.8 million; no loans outstanding at
quarter-end
- Buy Back: Repurchased $0.75
million of stock in the quarter
Full Year Financial Highlights
- Total Revenues: $303.0
million, +10.2% from the prior year
-
- North America:
$199.8 million, +9.1% from the prior
year
- International: $103.2
million, +12.3% from the prior year
- GAAP Results: Gross Margin 36.1%; Operating Expenses
$80.5 million; Operating Income
$28.7 million; Net Income
$21.2 million; Net Income per diluted
share ('Net Income per share") $1.79
- Non-GAAP Results: Adjusted EBITDA $38.3 million; Gross Margin 36.2%; Operating
Expenses $75.8 million; Operating
Income $33.9 million; Net Income
$32.7 million; Net Income per share
$2.76
- Buy Back: Repurchased $5.4
million of stock in the current year
Fiscal 2022 Fourth Quarter and Twelve-Month
Comparisons
Revenues
The Company reported total revenues of
$77.4 million for its fiscal 2022
fourth quarter, compared to $71.7
million in the comparable fiscal 2021 period, an increase of
$5.7 million or 8.0%.
North America revenue of
$48.8 million increased by
$2.4 million or 5.1%, compared to
$46.4 million in the comparable
fiscal 2021 period. International revenue of $28.6 million increased by $3.4 million or 13.3%, compared to $25.3 million in the comparable fiscal 2021
period. The increase in international revenue was high order
volumes in the APAC and Europe
regions offset by lower spending environment in Africa.
For the twelve months ended July 1, 2022, the Company
reported total revenues of $303.0
million, compared to $274.9
million in the comparable fiscal 2021 period, an increase of
$28.0 million or 10.2%. North America revenue of $199.8 million increased by $16.7 million or 9.1%, compared to $183.1 million in the comparable fiscal 2021
period. International revenue of $103.2
million increased by $11.3
million or 12.3%, compared to $91.8
million in the comparable fiscal 2021 period.
Gross Margins
In the fiscal 2022 fourth quarter, the
Company reported GAAP and non-GAAP gross margin of 35.5% and 35.7%,
respectively. This compares to GAAP gross margin of 36.1% and
non-GAAP gross margin of 36.2% in the comparable fiscal 2021
period.
For the twelve months ended July 1, 2022, the Company
reported GAAP gross margin of 36.1% and non-GAAP gross margin of
36.2%. This compares to GAAP gross margin of 37.3% and non-GAAP
gross margin of 37.5% in the comparable fiscal 2021 period, a
decline of -120 and -130 basis points, respectively.
Operating Expenses
GAAP total operating expenses for
the fiscal 2022 fourth quarter were $22.2
million, compared to $22.1
million in the comparable fiscal 2021 period, an increase of
$0.1 million or 0.3%. Non-GAAP total
operating expenses, excluding the impact of restructuring charges
and share-based compensation, for the fiscal 2022 fourth quarter
were $19.5 million, compared to
$20.4 million in the comparable
fiscal 2021 period, an increase of $(0.9)
million or (4.2)%.
For the twelve months ended July 1, 2022, the Company
reported GAAP total operating expenses of $80.5 million, compared to $80.4 million in the comparable fiscal 2021
period, an increase of $0.1 million
or 0.1%. On a non-GAAP basis, excluding the impact of
restructuring charges and share-based compensation, total operating
expenses for the twelve months ended July 1, 2022 were
$75.8 million, compared to
$75.6 million in the fiscal 2021
period, an increase of $0.2 million
or 0.3%.
Operating Income
The Company reported GAAP operating
income of $5.2 million for the fiscal
2022 fourth quarter, compared to a GAAP operating income of
$3.7 million in the comparable fiscal
2021 period, a $1.5 million
year-over-year increase. On a non-GAAP basis, the Company reported
operating income of $8.1 million for
the fiscal 2022 fourth quarter, compared to a non-GAAP operating
income of $5.6 million in the
comparable fiscal 2021 period, a $2.5
million year-over-year increase.
For the twelve months ended July 1, 2022, the Company
reported $28.7 million in GAAP
operating income, compared to a GAAP operating income of
$22.2 million in the comparable
fiscal 2021 period, a $6.5 million
year-over-year improvement. On a non-GAAP basis, the Company
reported operating income of $33.9
million for the twelve months ended July 1, 2022,
compared to $27.4 million in the
comparable fiscal 2021 period, a $6.5
million year-over-year improvement.
Net Income / Net Income Per Share
The Company reported
GAAP net income of $4.5 million in
the fiscal 2022 fourth quarter or GAAP net income per share of
$0.39. This compared to a GAAP
net income of $2.8 million or GAAP
net income per share of $0.24 in the
fiscal 2021 fourth quarter. On a non-GAAP basis, the Company
reported net income of $7.8 million
or a non-GAAP net income per share of $0.67, compared to a non-GAAP net income of
$5.3 million or non-GAAP net income
per share of $0.44 in the comparable
fiscal 2021 period.
For the twelve months ended July 1, 2022, the Company
reported GAAP net income of $21.2
million or a GAAP net income per share of $1.79. This compared to GAAP net income of
$110.1 million or a GAAP net income
per share of $9.42 in the comparable
fiscal 2021 period. On a non-GAAP basis, for the twelve months
ended July 1, 2022, the Company reported net income of
$32.7 million or a net income per
share of $2.76, compared to non-GAAP
net income of $26.0 million or
$2.23 per share in the comparable
fiscal 2021 period.
Adjusted EBITDA
Adjusted earnings before interest,
tax, depreciation and amortization ("Adjusted EBITDA") for the
fiscal 2022 fourth quarter was $9.1
million, compared to $7.0
million in the comparable fiscal 2021 period, a
year-over-year increase of approximately $2.2 million. For the twelve months ended
July 1, 2022, the Company reported Adjusted EBITDA of
$38.3 million, compared to
$32.8 million in the comparable
fiscal 2021 period, a year-over-year increase of approximately
$5.6 million.
Balance Sheet Highlights
The Company reported cash and
marketable securities of $47.8
million as of July 1, 2022, compared to $33.8 million as of April
1, 2022. As of July 1, 2022, the Company has no
loans outstanding. During our fiscal 2022 fourth quarter, as part
of our stock repurchase program approved by our board of directors
in November 2021, we purchased
approximately 26,000 shares of our common stock for $0.75 million and classified them as treasury
shares, taking total repurchases for fiscal 2022 to 175,000 shares
or $5.4 million
Conference Call Details
Aviat Networks will host a
conference call at 5:00 p.m. Eastern
Time (ET) today, August 23, 2022, to discuss its
financial and operational results for the fiscal 2022 fourth
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.
Interested parties may access the conference call live via the
webcast through Aviat Network's Investor Relations website at
https://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 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 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 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 2023, 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
"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; disruptions relating to the ongoing conflict between
Russia and Ukraine; 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; the timing of our receipt of payment; our ability to meet
product development dates or cost reductions of products; our
suppliers' inability to perform and deliver on time, component
shortages, or other supply chain constraints; the effects of
inflation; the ability of our subcontractors to timely perform;
weakness in the global economy affecting customer spending;
retention of our key personnel; our failure to protect our
intellectual property rights or defend against intellectual
property infringement claims; 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; 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.
For more information regarding the risks and uncertainties for
Aviat's business, see "Risk Factors" in Aviat's 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
Fourth Quarter Summary
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
(In thousands, except per share amounts)
|
July 1,
2022
|
|
July 2,
2021
|
|
July 1,
2022
|
|
July 2,
2021
|
Revenues:
|
|
|
|
|
|
|
|
Revenue from product
sales
|
$
51,739
|
|
$
49,386
|
|
$
208,100
|
|
$
185,787
|
Revenue from
services
|
25,682
|
|
22,300
|
|
94,859
|
|
89,124
|
Total
revenues
|
77,421
|
|
71,686
|
|
302,959
|
|
274,911
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Cost of product
sales
|
34,615
|
|
31,232
|
|
132,404
|
|
113,055
|
Cost of
services
|
15,344
|
|
14,575
|
|
61,320
|
|
59,241
|
Total cost of
revenues
|
49,959
|
|
45,807
|
|
193,724
|
|
172,296
|
Gross
margin
|
27,462
|
|
25,879
|
|
109,235
|
|
102,615
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development expenses
|
5,258
|
|
6,269
|
|
22,596
|
|
21,810
|
Selling and
administrative expenses
|
16,352
|
|
14,769
|
|
57,656
|
|
56,324
|
Restructuring
charges
|
611
|
|
1,109
|
|
238
|
|
2,271
|
Total operating
expenses
|
22,221
|
|
22,147
|
|
80,490
|
|
80,405
|
Operating
income
|
5,241
|
|
3,732
|
|
28,745
|
|
22,210
|
Other income,
net
|
2,077
|
|
29
|
|
1,690
|
|
230
|
Income before income
taxes
|
7,318
|
|
3,761
|
|
30,435
|
|
22,440
|
Provision for (benefit
from) income taxes
|
2,785
|
|
930
|
|
9,275
|
|
(87,699)
|
Net
income
|
$
4,533
|
|
$
2,831
|
|
$
21,160
|
|
$
110,139
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
$
0.41
|
|
$
0.25
|
|
$
1.89
|
|
$
9.98
|
Diluted
|
$
0.39
|
|
$
0.24
|
|
$
1.79
|
|
$
9.42
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
11,151
|
|
11,158
|
|
11,167
|
|
11,036
|
Diluted
|
11,726
|
|
11,950
|
|
11,820
|
|
11,688
|
Table
2
|
AVIAT NETWORKS,
INC.
|
Fiscal Year 2022
Fourth Quarter Summary
|
CONSOLIDATED BALANCE
SHEETS
|
(Unaudited)
|
|
(In thousands)
|
July 1,
2022
|
|
July 2,
2021
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
36,877
|
|
$
47,942
|
Marketable
securities
|
10,893
|
|
—
|
Accounts receivable,
net
|
73,168
|
|
48,135
|
Unbilled
receivables
|
45,857
|
|
37,521
|
Inventories
|
25,394
|
|
23,436
|
Customer service
inventories
|
1,775
|
|
1,431
|
Asset held for
sale
|
—
|
|
2,218
|
Other current
assets
|
12,437
|
|
9,556
|
Total current
assets
|
206,401
|
|
170,239
|
Property, plant and
equipment, net
|
8,887
|
|
11,701
|
Deferred income
taxes
|
95,412
|
|
103,467
|
Right of use
assets
|
2,759
|
|
3,816
|
Other assets
|
10,445
|
|
8,430
|
TOTAL
ASSETS
|
$
323,904
|
|
$
297,653
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
42,394
|
|
$
32,405
|
Accrued
expenses
|
26,451
|
|
28,154
|
Short-term lease
liabilities
|
513
|
|
769
|
Advance payments and
unearned revenue
|
33,740
|
|
32,304
|
Restructuring
liabilities
|
1,381
|
|
2,737
|
Total current
liabilities
|
104,479
|
|
96,369
|
Unearned
revenue
|
8,920
|
|
8,592
|
Long-term lease
liabilities
|
2,412
|
|
3,223
|
Other long-term
liabilities
|
273
|
|
356
|
Reserve for uncertain
tax positions
|
5,504
|
|
5,164
|
Deferred income
taxes
|
563
|
|
614
|
Total
liabilities
|
122,151
|
|
114,318
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
—
|
Common
stock
|
112
|
|
112
|
Treasury
stock
|
(6,147)
|
|
(787)
|
Additional
paid-in-capital
|
823,259
|
|
818,939
|
Accumulated
deficit
|
(599,442)
|
|
(620,602)
|
Accumulated other
comprehensive loss
|
(16,029)
|
|
(14,327)
|
Total
equity
|
201,753
|
|
183,335
|
TOTAL LIABILITIES AND
EQUITY
|
$
323,904
|
|
$
297,653
|
AVIAT NETWORKS, INC.
Fiscal Year
2022 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, diluted net income per share and adjusted income before
interest, tax, depreciation and amortization (Adjusted EBITDA),
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
Fourth Quarter Summary
|
RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES (1)
|
Consolidated
Statements of Operations
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
July 1,
2022
|
|
% of
Revenue
|
|
July 2, 2021
|
|
% of
Revenue
|
|
July 1,
2022
|
|
% of
Revenue
|
|
July 2, 2021
|
|
% of
Revenue
|
|
(In thousands,
except percentages and per share amounts)
|
GAAP gross
margin
|
$
27,462
|
|
35.5 %
|
|
$
25,879
|
|
36.1 %
|
|
$
109,235
|
|
36.1 %
|
|
$ 102,615
|
|
37.3 %
|
Share-based
compensation
|
169
|
|
|
|
93
|
|
|
|
440
|
|
|
|
372
|
|
|
Non-GAAP gross
margin
|
27,631
|
|
35.7 %
|
|
25,972
|
|
36.2 %
|
|
109,675
|
|
36.2 %
|
|
102,987
|
|
37.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development expenses
|
$
5,258
|
|
6.8 %
|
|
$
6,269
|
|
8.7 %
|
|
$
22,596
|
|
7.5 %
|
|
$
21,810
|
|
7.9 %
|
Share-based
compensation
|
(143)
|
|
|
|
(71)
|
|
|
|
(246)
|
|
|
|
(250)
|
|
|
Non-GAAP research
and development
expenses
|
5,115
|
|
6.6 %
|
|
6,198
|
|
8.6 %
|
|
22,350
|
|
7.4 %
|
|
21,560
|
|
7.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling and
administrative expenses
|
$
16,352
|
|
21.1 %
|
|
$
14,769
|
|
20.6 %
|
|
$
57,656
|
|
19.0 %
|
|
$
56,324
|
|
20.5 %
|
Share-based
compensation
|
(1,058)
|
|
|
|
(603)
|
|
|
|
(3,148)
|
|
|
|
(2,299)
|
|
|
Merger and acquisition
related expense
|
(905)
|
|
|
|
—
|
|
|
|
(1,061)
|
|
|
|
—
|
|
|
Non-GAAP selling and
administrative
expenses
|
14,389
|
|
18.6 %
|
|
14,166
|
|
19.8 %
|
|
53,447
|
|
17.6 %
|
|
54,025
|
|
19.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
$
5,241
|
|
6.8 %
|
|
$
3,732
|
|
5.2 %
|
|
$
28,745
|
|
9.5 %
|
|
$
22,210
|
|
8.1 %
|
Share-based
compensation
|
1,370
|
|
|
|
767
|
|
|
|
3,834
|
|
|
|
2,921
|
|
|
Merger and acquisition
related expense
|
905
|
|
|
|
—
|
|
|
|
1,061
|
|
|
|
—
|
|
|
Restructuring
charges
|
611
|
|
|
|
1,109
|
|
|
|
238
|
|
|
|
2,271
|
|
|
Non-GAAP operating
income
|
8,127
|
|
10.5 %
|
|
5,608
|
|
7.8 %
|
|
33,878
|
|
11.2 %
|
|
27,402
|
|
10.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax
provision (benefit)
|
$
2,785
|
|
3.6 %
|
|
$
930
|
|
1.3 %
|
|
$
9,275
|
|
3.1 %
|
|
$
(87,699)
|
|
(31.9) %
|
Tax receivable from
Department of Federal
Revenue of Brazil
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,646
|
|
|
Release of valuation
allowance
|
—
|
|
|
|
432
|
|
|
|
—
|
|
|
|
7,486
|
|
|
Adjustment to reflect
pro forma tax rate
|
(2,485)
|
|
|
|
(1,062)
|
|
|
|
(8,075)
|
|
|
|
79,767
|
|
|
Non-GAAP income tax
provision
|
300
|
|
0.4 %
|
|
300
|
|
0.4 %
|
|
1,200
|
|
0.4 %
|
|
1,200
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
$
4,533
|
|
5.9 %
|
|
$
2,831
|
|
3.9 %
|
|
$
21,160
|
|
7.0 %
|
|
$ 110,139
|
|
40.1 %
|
Share-based
compensation
|
1,370
|
|
|
|
767
|
|
|
|
3,834
|
|
|
|
2,921
|
|
|
Merger and acquisition
related expense
|
905
|
|
|
|
—
|
|
|
|
1,061
|
|
|
|
—
|
|
|
Restructuring
charges
|
611
|
|
|
|
1,109
|
|
|
|
238
|
|
|
|
2,271
|
|
|
Other income,
net
|
(2,077)
|
|
|
|
(29)
|
|
|
|
(1,690)
|
|
|
|
(230)
|
|
|
Release of valuation
allowance
|
—
|
|
|
|
(432)
|
|
|
|
—
|
|
|
|
(7,486)
|
|
|
Tax receivable from
Department of Federal
Revenue of Brazil
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,646)
|
|
|
Adjustment to reflect
pro forma tax rate
|
2,485
|
|
|
|
1,062
|
|
|
|
8,075
|
|
|
|
(79,767)
|
|
|
Non-GAAP net
income
|
$
7,827
|
|
10.1 %
|
|
$
5,308
|
|
7.4 %
|
|
$
32,678
|
|
10.8 %
|
|
$
26,202
|
|
9.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share:
|
GAAP
|
$
0.39
|
|
|
|
$
0.24
|
|
|
|
$
1.79
|
|
|
|
$
9.42
|
|
|
Non-GAAP
|
$
0.67
|
|
|
|
$
0.44
|
|
|
|
$
2.76
|
|
|
|
$
2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
GAAP/Non-GAAP
|
11,726
|
|
|
|
11,950
|
|
|
|
11,820
|
|
|
|
11,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
$
4,533
|
|
5.9 %
|
|
$
2,831
|
|
3.9 %
|
|
$
21,160
|
|
7.0 %
|
|
$ 110,139
|
|
40.1 %
|
Depreciation and
amortization of property, plant,
and equipment
|
1,019
|
|
|
|
1,367
|
|
|
|
4,463
|
|
|
|
5,383
|
|
|
Other income,
net
|
(2,077)
|
|
|
|
(29)
|
|
|
|
(1,690)
|
|
|
|
(230)
|
|
|
Share-based
compensation
|
1,370
|
|
|
|
767
|
|
|
|
3,834
|
|
|
|
2,921
|
|
|
Merger and acquisition
related expense
|
905
|
|
|
|
—
|
|
|
|
1,061
|
|
|
|
—
|
|
|
Restructuring
charges
|
611
|
|
|
|
1,109
|
|
|
|
238
|
|
|
|
2,271
|
|
|
Provision for (benefit
from) income taxes
|
2,785
|
|
|
|
930
|
|
|
|
9,275
|
|
|
|
(87,699)
|
|
|
Adjusted
EBITDA
|
$
9,146
|
|
11.8 %
|
|
$
6,975
|
|
9.7 %
|
|
$
38,341
|
|
12.7 %
|
|
$
32,785
|
|
11.9 %
|
_______________________________________________________
|
(1)
|
The adjustments above
reconcile our GAAP financial results to the non-GAAP financial
measures used by Aviat Networks. Aviat monitors the non-GAAP
financial measures included above, and our management believes they
are helpful to investors because they provide an additional tool to
use in evaluating Aviat's financial and business trends and
operating results. In addition, Aviat's management uses these
non-GAAP measures to compare Aviat's performance to that of prior
periods for trend analysis and for budgeting and planning purposes.
Our non-GAAP net income excludes share-based compensation, and
other non-recurring charges (recovery) and Adjusted EBITDA is
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
the 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
Fourth Quarter Summary
|
SUPPLEMENTAL
SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
July 1,
2022
|
|
July 2,
2021
|
|
July 1,
2022
|
|
July 2,
2021
|
|
(In
thousands)
|
North
America
|
$
48,776
|
|
$
46,393
|
|
$
199,801
|
|
$
183,071
|
International:
|
|
|
|
|
|
|
|
Africa and the Middle
East
|
10,167
|
|
12,885
|
|
47,527
|
|
44,023
|
Europe and
Russia
|
4,464
|
|
1,773
|
|
12,973
|
|
8,826
|
Latin America and Asia
Pacific
|
14,014
|
|
10,635
|
|
42,658
|
|
38,991
|
|
28,645
|
|
25,293
|
|
103,158
|
|
91,840
|
Total
revenue
|
$
77,421
|
|
$
71,686
|
|
$
302,959
|
|
$
274,911
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aviat-networks-announces-fiscal-2022-fourth-quarter-and-twelve-months-financial-results-301611050.html
SOURCE Aviat Networks, Inc.