Total Revenue of $87.6
million; Up 7.8% Year-Over-Year
GAAP Operating Income of $5.5 million; Up 41.8% Year-Over-Year
Adjusted EBITDA of $12.1 million; Up 13.1% Year-Over-Year
Operating Cash Flows of $14.0 million
AUSTIN,
Texas, Nov. 1, 2023 /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 2024 first quarter
ended September 29, 2023.
First Quarter Highlights
- Executed on key long-term strategic objectives resulting in
continued year-over-year growth in quarterly revenues, gross
margins, net income and non-GAAP Adjusted EBITDA.
- Strong cash generation in the quarter; cash on hand of
$35.5 million versus $22.2 million last quarter
- Record Q1 bookings in North
America
First Quarter Financial Highlights
- Total Revenues: $87.6
million, up 7.8% from the same quarter last year
- North America:
$55.5 million, up 13.6% from the same
quarter last year
- International: $32.1
million, down (1.1)% from the same quarter last year
- GAAP Results: Gross Margin 36.4%; Operating Expenses
$26.3 million; Operating Income
$5.5 million; Net Income $4.0 million; Net Income per diluted share ("Net
Income per share") $0.34
- Non-GAAP Results: Adjusted EBITDA $12.1 million; Gross Margin 36.6%; Operating
Expenses $21.3 million; Operating
Income $10.7 million; Net Income
$10.3 million; Net Income per share
$0.87
- Net Cash: $35.5 million;
no loans outstanding at quarter-end
"This was another successful quarter of revenue growth and
expanding profitability in the business" said Pete Smith, President and Chief Executive
Officer of Aviat Networks. "In the first quarter of fiscal 2024, we
had a record bookings quarter in our North American private
networks business."
Mr. Smith continued, "Our strong results are a testament to the
Aviat Operating Model. We've been able to continue to grow the top
and bottom lines because of the team's focus on disciplined
execution and continuous improvement. The Aviat Operating Model
will remain a critical framework for us achieving our short and
long-term goals."
Fiscal 2024 vs. Fiscal 2023 First Quarter Comparison
Revenues
The Company reported total revenues of
$87.6 million for its fiscal 2024
first quarter, compared to $81.3
million in the fiscal 2023 first quarter, an increase of
$6.3 million or 7.8%. North America revenue of $55.5 million increased by $6.7 million or 13.6%, compared to $48.8 million in the prior year. International
revenue of $32.1 million decreased by
$(0.3) million or (1.1)%, compared to
$32.4 million in the prior year due
to capex cyclicality of African mobile network operators partially
offset by strong growth in Europe.
Gross Margins
In the fiscal 2024 first quarter, the
Company reported GAAP gross margin of 36.4% and non-GAAP gross
margin of 36.6%. This compares to GAAP gross margin of 36.3% and
non-GAAP gross margin of 36.5% in the fiscal 2023 first quarter, an
increase of 10 basis points for both GAAP and non-GAAP. The
improvement was driven by strong growth in higher margin
North America business.
Operating Expenses
The Company reported GAAP total
operating expenses of $26.3 million
for the fiscal 2024 first quarter, compared to $25.5 million in the fiscal 2023 first quarter,
an increase of $0.8 million or
3.0%. Non-GAAP total operating expenses, excluding the impact
of restructuring charges, share-based compensation, and merger and
acquisition expenses for the fiscal 2024 first quarter were
$21.3 million, compared to
$20.4 million in the prior year, an
increase of $0.9 million or 4.6%. The
increases in both GAAP and non-GAAP operating expenses were driven
by increased R&D investment.
Operating Income
The Company reported GAAP operating
income of $5.5 million for the fiscal
2024 first quarter, compared to $3.9
million in the fiscal 2023 first quarter, an increase of
$1.6 million or 41.8%. On a non-GAAP
basis, the Company reported operating income of $10.7 million for the fiscal 2024 first quarter,
compared to $9.2 million in the prior
year, an increase of $1.5 million or
16.5%.
Income Taxes
The Company reported GAAP income tax
expense of $0.6 million in the fiscal
2024 first quarter, compared to $3.9
million in the fiscal 2023 first quarter, a decrease of
$(3.2) million or (83.5)%. 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 (Loss) / Net Income (Loss) Per Share
The
Company reported GAAP net income of $4.0
million in the fiscal 2024 first quarter or GAAP net income
per share of $0.34. This compared to
GAAP net loss of $(2.7) million or
GAAP net loss per share of $(0.25) in
the fiscal 2023 first quarter. On a non-GAAP basis, the Company
reported net income of $10.3 million
or non-GAAP net income per share of $0.87, compared to non-GAAP net income of
$8.8 million or $0.75 per share in the prior year.
Adjusted EBITDA
Adjusted earnings before interest,
tax, depreciation and amortization ("Adjusted EBITDA") for the
fiscal 2024 first quarter was $12.1
million, compared to $10.7
million in the fiscal 2023 first quarter, an increase of
$1.4 million or 13.1%.
Balance Sheet Highlights
The Company reported
$35.5 million in cash as of
September 29, 2023, compared to $22.2
million as of June 30, 2023. As of September 29,
2023, the Company had no loans outstanding. Positive cash
generation was driven by core earnings coupled with continued
improvement in Accounts Receivable and Inventory.
Fiscal 2024 Full Year Outlook
The Company reaffirms
its fiscal 2024 full year revenue and Adjusted EBITDA guidance as
follows:
- Full year Revenue between $367
and $374 million
- Full year Adjusted EBITDA between $51.0 and $56.0
million1
Conference Call Details
Aviat Networks will host a
conference call at 5:00 p.m. Eastern
Time (ET) today, November 1, 2023, to discuss its
financial and operational results for the fiscal 2024 first quarter
ended September 29, 2023. Participating on the call will be
Peter Smith, President and Chief
Executive Officer; David 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
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 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 Aviat's beliefs
and expectations regarding outlook, business conditions, new
product solutions, customer positioning, future orders, bookings,
new contracts, cost structure, profitability in fiscal 2024,
process improvements, plans and objectives of management,
realignment plans and review of strategic alternatives and
expectations regarding future revenue, Adjusted EBITDA, operating
income of 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: (i) our ability
to successfully close our pending transaction with NEC Corporation
(the "NEC Transaction"), which requires certain regulatory
approvals (including clearance by antitrust authorities necessary
to complete the NEC Transaction on the terms and timeline desired);
(ii) disruption the NEC Transaction may cause to customers,
vendors, business partners and our ongoing business; and (iii) once
closed, our ability to integrate the operations of the acquired NEC
Corporation businesses with our existing operations and fully
realize the expected synergies of the NEC Transaction on the
expected timeline; 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; 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 relationship; 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
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 shareholder 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 30, 2023 filed with the U.S. Securities
and Exchange Commission ("SEC") on August 30, 2023, 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 2024
First Quarter Summary
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months
Ended
|
|
(In thousands, except per share amounts)
|
September
29,
2023
|
|
September
30,
2022
|
|
Revenues:
|
|
|
|
|
Product
sales
|
$
59,545
|
|
$
55,101
|
|
Services
|
28,021
|
|
26,150
|
|
Total
revenues
|
87,566
|
|
81,251
|
|
Cost of
revenues:
|
|
|
|
|
Product
sales
|
36,313
|
|
35,253
|
|
Services
|
19,401
|
|
16,544
|
|
Total cost of
revenues
|
55,714
|
|
51,797
|
|
Gross
margin
|
31,852
|
|
29,454
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
6,424
|
|
6,087
|
|
Selling and
administrative
|
19,237
|
|
17,504
|
|
Restructuring
charges
|
644
|
|
1,950
|
|
Total operating
expenses
|
26,305
|
|
25,541
|
|
Operating
income
|
5,547
|
|
3,913
|
|
Other expense,
net
|
901
|
|
2,782
|
|
Income before income
taxes
|
4,646
|
|
1,131
|
|
Provision for income
taxes
|
641
|
|
3,877
|
|
Net income
(loss)
|
$
4,005
|
|
$
(2,746)
|
|
|
|
|
|
Net income (loss)
per share of common stock outstanding:
|
|
|
|
|
Basic
|
$
0.35
|
|
$
(0.25)
|
|
Diluted
|
$
0.34
|
|
$
(0.25)
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
Basic
|
11,574
|
|
11,200
|
|
Diluted
|
11,943
|
|
11,200
|
|
Table
2
AVIAT NETWORKS,
INC.
Fiscal Year 2024
First Quarter Summary
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
(In thousands)
|
September
29,
2023
|
|
June 30,
2023
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
35,465
|
|
$
22,242
|
|
Accounts receivable,
net of allowances of $726 and $719
|
94,497
|
|
101,653
|
|
Unbilled
receivables
|
60,975
|
|
58,588
|
|
Inventories
|
30,659
|
|
33,057
|
|
Other current
assets
|
22,814
|
|
22,164
|
|
Total current
assets
|
244,410
|
|
237,704
|
|
Property, plant and
equipment, net
|
9,035
|
|
9,452
|
|
Goodwill
|
5,112
|
|
5,112
|
|
Intangible assets,
net
|
8,870
|
|
9,046
|
|
Deferred income
taxes
|
86,452
|
|
86,650
|
|
Right of use
assets
|
2,984
|
|
2,554
|
|
Other assets
|
13,436
|
|
13,978
|
|
Total long-term
assets
|
125,889
|
|
126,792
|
|
Total assets
|
$
370,299
|
|
$
364,496
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
$
61,767
|
|
$
60,141
|
|
Accrued
expenses
|
20,561
|
|
24,442
|
|
Short-term lease
liabilities
|
723
|
|
610
|
|
Advance payments and
unearned revenue
|
46,050
|
|
44,268
|
|
Restructuring
liabilities
|
112
|
|
600
|
|
Total current
liabilities
|
129,213
|
|
130,061
|
|
Unearned
revenue
|
7,627
|
|
7,416
|
|
Long-term lease
liabilities
|
2,436
|
|
2,140
|
|
Other long-term
liabilities
|
317
|
|
314
|
|
Reserve for uncertain
tax positions
|
4,064
|
|
3,975
|
|
Deferred income
taxes
|
492
|
|
492
|
|
Total
liabilities
|
144,149
|
|
144,398
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholder's
equity:
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
Common
stock
|
117
|
|
115
|
|
Treasury
stock
|
(6,147)
|
|
(6,147)
|
|
Additional
paid-in-capital
|
832,060
|
|
830,048
|
|
Accumulated
deficit
|
(583,909)
|
|
(587,914)
|
|
Accumulated other
comprehensive loss
|
(15,971)
|
|
(16,004)
|
|
Total stockholders'
equity
|
226,150
|
|
220,098
|
|
Total liabilities and
stockholders' equity
|
$
370,299
|
|
$
364,496
|
|
AVIAT NETWORKS,
INC.
Fiscal Year 2024
First 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
First Quarter Summary
RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES (1)
Condensed
Consolidated Statements of Operations
(Unaudited)
|
|
|
Three Months
Ended
|
|
September 29,
2023
|
|
% of
Revenue
|
|
September 30,
2022
|
|
% of
Revenue
|
|
(In thousands, except
percentages and per share amounts)
|
|
GAAP gross
margin
|
$
31,852
|
|
36.4 %
|
|
$
29,454
|
|
36.3 %
|
|
Share-based
compensation
|
183
|
|
|
|
172
|
|
|
|
Merger and acquisition
related expense
|
43
|
|
|
|
—
|
|
|
|
Non-GAAP gross
margin
|
32,035
|
|
36.6 %
|
|
29,626
|
|
36.5 %
|
|
|
|
|
|
|
|
|
|
GAAP research and
development expenses
|
$
6,424
|
|
7.3 %
|
|
$
6,087
|
|
7.5 %
|
|
Share-based
compensation
|
(146)
|
|
|
|
(135)
|
|
|
|
Non-GAAP research
and development expenses
|
6,278
|
|
7.2 %
|
|
5,952
|
|
7.3 %
|
|
|
|
|
|
|
|
|
|
GAAP selling and
administrative expenses
|
$
19,237
|
|
22.0 %
|
|
$
17,504
|
|
21.5 %
|
|
Share-based
compensation
|
(1,505)
|
|
|
|
(1,531)
|
|
|
|
Merger and acquisition
related expense
|
(2,672)
|
|
|
|
(1,516)
|
|
|
|
Non-GAAP selling and
administrative expenses
|
15,060
|
|
17.2 %
|
|
14,457
|
|
17.8 %
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
$
5,547
|
|
6.3 %
|
|
$
3,913
|
|
4.8 %
|
|
Share-based
compensation
|
1,834
|
|
|
|
1,838
|
|
|
|
Merger and acquisition
related expense
|
2,715
|
|
|
|
1,516
|
|
|
|
Restructuring
charges
|
644
|
|
|
|
1,950
|
|
|
|
Non-GAAP operating
income
|
10,740
|
|
12.3 %
|
|
9,217
|
|
11.3 %
|
|
|
|
|
|
|
|
|
|
GAAP income tax
provision
|
$
641
|
|
0.7 %
|
|
$
3,877
|
|
4.8 %
|
|
Adjustment to reflect
pro forma tax rate
|
(341)
|
|
|
|
(3,577)
|
|
|
|
Non-GAAP income tax
provision
|
300
|
|
0.3 %
|
|
300
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$
4,005
|
|
4.6 %
|
|
$
(2,746)
|
|
(3.4) %
|
|
Share-based
compensation
|
1,834
|
|
|
|
1,838
|
|
|
|
Merger and acquisition
related expense
|
2,715
|
|
|
|
1,516
|
|
|
|
Restructuring
charges
|
644
|
|
|
|
1,950
|
|
|
|
Other expense,
net
|
802
|
|
|
|
2,659
|
|
|
|
Adjustment to reflect
pro forma tax rate
|
341
|
|
|
|
3,577
|
|
|
|
Non-GAAP net
income
|
$
10,341
|
|
11.8 %
|
|
$
8,794
|
|
10.8 %
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share:
|
|
GAAP
|
$
0.34
|
|
|
|
$
(0.25)
|
|
|
|
Non-GAAP
|
$
0.87
|
|
|
|
$
0.75
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income (loss) per share
|
|
|
|
|
|
|
|
|
GAAP
|
11,943
|
|
|
|
11,200
|
|
|
|
Non-GAAP
|
11,943
|
|
|
|
11,777
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$
4,005
|
|
4.6 %
|
|
$
(2,746)
|
|
(3.4) %
|
|
Depreciation and
amortization of property, plant and equipment and intangible
assets
|
1,344
|
|
|
|
1,468
|
|
|
|
Other expense,
net
|
901
|
|
|
|
2,782
|
|
|
|
Share-based
compensation
|
1,834
|
|
|
|
1,838
|
|
|
|
Merger and acquisition
related expense
|
2,715
|
|
|
|
1,516
|
|
|
|
Restructuring
charges
|
644
|
|
|
|
1,950
|
|
|
|
Provision for income
taxes
|
641
|
|
|
|
3,877
|
|
|
|
Adjusted
EBITDA
|
$
12,084
|
|
13.8 %
|
|
$
10,685
|
|
13.2 %
|
|
|
|
(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
First Quarter Summary
SUPPLEMENTAL
SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)
|
|
|
Three Months
Ended
|
|
September
29,
2023
|
|
September
30,
2022
|
|
(In
thousands)
|
|
|
|
|
North
America
|
$
55,508
|
|
$
48,848
|
|
International:
|
|
|
|
|
Africa and the Middle
East
|
9,953
|
|
10,984
|
|
Europe
|
5,252
|
|
4,500
|
|
Latin America and Asia
Pacific
|
16,853
|
|
16,919
|
|
Total
international
|
32,058
|
|
32,403
|
|
Total
revenue
|
$
87,566
|
|
$
81,251
|
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SOURCE Aviat Networks, Inc.
