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

    10/4/24 4:05:00 PM ET
    $AVNW
    Radio And Television Broadcasting And Communications Equipment
    Technology
    Get the next $AVNW alert in real time by email

    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, Oct. 4, 2024 /PRNewswire/ -- 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.

    Aviat Networks, Inc. Logo (PRNewsfoto/Aviat Networks, Inc.)

    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: [email protected]

     

    Table 1

    AVIAT NETWORKS, INC.

    Fiscal Year 2024 Fourth Quarter Summary

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)





    Three Months Ended



    Twelve 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

    Services

    37,865



    27,010



    133,878



    105,854

    Total revenues

    116,660



    91,103



    408,083



    344,433

    Cost of revenues:















    Product sales

    50,794



    39,363



    171,783



    150,637

    Services

    24,727



    19,074



    91,568



    71,414

    Total cost of revenues

    75,521



    58,437



    263,351



    222,051

    Gross margin

    41,139



    32,666



    144,732



    122,382

    Operating expenses:















    Research and development

    10,985



    6,256



    36,426



    24,908

    Selling and administrative

    23,059



    19,929



    85,038



    69,842

    Restructuring charges

    1,640



    157



    3,867



    3,012

    Total operating expenses

    35,684



    26,342



    125,331



    97,762

    Operating income

    5,455



    6,324



    19,401



    24,620

    Interest expense, net

    916



    322



    2,337



    532

    Other (income) expense, net

    (70)



    234



    158



    2,774

    Income before income taxes

    4,609



    5,768



    16,906



    21,314

    Provision for income taxes

    3,060



    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:















    Basic

    12,597



    11,475



    12,182



    11,358

    Diluted

    12,829



    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, net

    158,013



    100,911

    Unbilled receivables

    90,525



    57,170

    Inventories

    62,267



    33,428

    Assets held for sale

    2,720



    —

    Other current assets

    27,076



    22,164

    Total current assets

    405,223



    235,915

    Property, plant and equipment, net

    9,480



    9,452

    Goodwill

    8,217



    5,112

    Intangible assets, net

    13,644



    9,046

    Deferred income taxes

    83,112



    87,080

    Right of use assets

    3,710



    2,554

    Other assets

    11,837



    13,978

    Total long-term assets

    130,000



    127,222

    Total assets

    $                  535,223



    $                  363,137

    LIABILITIES AND EQUITY







    Current Liabilities:







    Accounts payable

    $                    92,854



    $                    60,141

    Accrued expenses

    42,148



    24,442

    Short-term lease liabilities

    1,006



    610

    Advance payments and unearned revenue

    58,839



    44,268

    Other current liabilities

    21,614



    600

    Current portion of long-term debt

    2,396



    —

    Total current liabilities

    218,857



    130,061

    Long-term debt

    45,954



    —

    Unearned revenue

    7,413



    7,416

    Long-term lease liabilities

    2,823



    2,140

    Other long-term liabilities

    394



    314

    Reserve for uncertain tax positions

    3,485



    3,975

    Deferred income taxes

    412



    492

    Total liabilities

    279,338



    144,398

    Commitments and contingencies







    Stockholder's equity:







    Preferred stock

    —



    —

    Common stock

    126



    115

    Treasury stock

    (6,479)



    (6,147)

    Additional paid-in-capital

    860,071



    830,048

    Accumulated deficit

    (578,513)



    (589,273)

    Accumulated other comprehensive loss

    (19,320)



    (16,004)

    Total stockholders' equity

    255,885



    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 Ended



    Twelve 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 compensation

    96







    164







    406







    627





    Merger and acquisition related expense

    650







    174







    3,409







    180





    Non-GAAP gross margin

    41,885



    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 expenses

    10,844



    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 expenses

    20,430



    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 compensation

    1,796







    1,585







    7,341







    6,720





    Merger and acquisition related expense

    1,720







    2,901







    12,530







    4,706





    Restructuring charges

    1,640







    157







    3,867







    3,012





    Non-GAAP operating income

    10,611



    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 provision

    500



    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 compensation

    1,796







    1,585







    7,341







    6,720





    Merger and acquisition related expense

    1,720







    2,901







    12,530







    4,706





    Restructuring charges

    1,640







    157







    3,867







    3,012





    Other (income) expense, net

    (70)







    234







    158







    2,774





    Adjustment to reflect pro forma tax rate

    2,560







    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































    GAAP

    12,829







    11,920







    12,456







    11,855





    Non-GAAP

    12,829







    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 assets

    1,265







    1,615







    4,993







    6,180





    Interest expense, net

    916







    322







    2,337







    532





    Other (income) expense, net

    (70)







    234







    158







    2,774





    Share-based compensation

    1,796







    1,585







    7,341







    6,720





    Merger and acquisition related expense

    1,720







    2,901







    12,530







    4,706





    Restructuring charges

    1,640







    157







    3,867







    3,012





    Provision for income taxes

    3,060







    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 Ended



    Twelve 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 East

    13,063



    16,307



    48,884



    59,674

    Europe

    7,231



    5,067



    24,608



    18,772

    Latin America and Asia Pacific

    40,172



    14,915



    128,518



    65,309

    Total international

    60,466



    36,289



    202,010



    143,755

    Total revenue

    $                  116,660



    $                    91,103



    $                  408,083



    $         344,433

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/aviat-networks-announces-fiscal-2024-fourth-quarter-and-twelve-months-financial-results-302267954.html

    SOURCE Aviat Networks, Inc.

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