Aviat Networks Files 2024 10-K

TL;DR

AVNT 10-K filed for FY24, check financials and biz ops.

AI Summary

Aviat Networks, Inc. filed its 10-K for the fiscal year ending June 28, 2024, reporting on its financial performance and business operations. The company, previously known as Harris Stratex Networks, Inc., is based in Austin, TX. Key financial data and operational segments are detailed within the filing, which covers the period from July 1, 2023, to June 28, 2024.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Aviat Networks' financial health and strategic direction for the past fiscal year, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 20240628 — Fiscal Year End (The end date of the reporting period.)
• 20241004 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• AVIAT NETWORKS, INC. (company) — Filer
• 200 PARKER DRIVE, SUITE C100A, AUSTIN, TX 78728 (location) — Business and Mail Address
• 0001377789-24-000043 (document_id) — Accession Number
• 20240628 (date) — Fiscal Year End
• 20241004 (date) — Filing Date
• HARRIS STRATEX NETWORKS, INC. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share AVNW NASDAQ Stock Market LLC

Filing Documents

• avnw-20240628.htm (10-K) — 2616KB
• employmentagreementpsmith.htm (EX-10.20 3) — 123KB
• employmentagreementdgray.htm (EX-10.22 1) — 123KB
• employmentagreementeboase.htm (EX-10.26) — 123KB
• employmentagreementgcroke.htm (EX-10.27) — 123KB
• employmentagreementmconnaw.htm (EX-10.28) — 123KB
• insidertrading.htm (EX-19.1) — 55KB
• fy24q4avnw10-kex21sub.htm (EX-21) — 29KB
• fy24q4avnwex231audconsent.htm (EX-23.1) — 3KB
• fy24q4avnwex232audconsent.htm (EX-23.2) — 3KB
• fy24q4avnw10-kex311ceo.htm (EX-31.1) — 11KB
• fy24q4avnw10-kex312cfo.htm (EX-31.2) — 11KB
• fy24q4avnwex321ceoandcfo.htm (EX-32.1) — 8KB
• incentive-basedcompensatio.htm (EX-97.1) — 22KB
• avnw-20240628_g1.jpg (GRAPHIC) — 93KB
• 0001377789-24-000043.txt ( ) — 14958KB
• avnw-20240628.xsd (EX-101.SCH) — 72KB
• avnw-20240628_cal.xml (EX-101.CAL) — 136KB
• avnw-20240628_def.xml (EX-101.DEF) — 450KB
• avnw-20240628_lab.xml (EX-101.LAB) — 975KB
• avnw-20240628_pre.xml (EX-101.PRE) — 814KB
• avnw-20240628_htm.xml (XML) — 2243KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II 35 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 PART III 101 Item 10. Directors, Executive Officers and Corporate Governance 101 Item 11.

Executive Compensation

Executive Compensation 101 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 101 Item 13. Certain Relationships and Related Transactions, and Director Independence 101 Item 14. Principal Accountant Fees and Services 101 PART IV 102 Item 15. Exhibits and Financial Statement Schedules 102 Item 16. Form 10-K Summary 102

Signatures

Signatures 103 Exhibit Index 104 3 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, including without limitation statements of, about, concerning or regarding: our plans, strategies and objectives for future operations, including with respect to growing our business and sustaining profitability; our restructuring efforts; our research and development efforts and new product releases and services; trends in revenue; drivers of our business and the markets in which we operate; future economic conditions; performance or outlook and changes in our industry and the markets we serve; the outcome of contingencies; the value of our contract awards; beliefs or expectations; the sufficiency of our cash and our capital needs and expenditures; our acquisition strategy; our intellectual property protection; our compliance with regulatory requirements and the associated expenses; expectations regarding litigation; our intention not to pay cash dividends; seasonality of our business; the impact of foreign exchange and inflation; taxes; and assumptions underlying any of the foregoing. Forward-looking statements may be identified by the use of forward-looking terminology, such as "anticipates," "believes," "expects," "may," "should," "would," "will," "intends," "plans," "estimates," "strategy," "projects," "targets," "goals," "seeing," "delivering," "continues," "forecasts," "future," "predict," "might," "could," "potential," or the negative of the

Business

Item 1. Business Aviat Networks, Inc., together with its subsidiaries, is a global supplier of microwave networking and wireless access networking solutions, backed by an extensive suite of professional services and support. Aviat Networks, Inc. may be referred to as "the Company," "AVNW," "Aviat Networks," "Aviat," "we," "us" and "our" in this Annual Report on Form 10-K. Aviat was incorporated in Delaware in 2006 to combine the businesses of Harris Corporation's Microwave Communications Division ("MCD") and Stratex Networks, Inc. ("Stratex"). On January 28, 2010, we changed our corporate name from Harris Stratex Networks, Inc. to Aviat Networks, Inc. Aviat's principal executive offices are located at 200 Parker Dr., Suite C100A, Austin, Texas 78728, and its telephone number is (408) 941-7100. Aviat's common stock is listed on the NASDAQ Global Select Market under the symbol AVNW. As of June 28, 2024, the Company had 913 employees. Overview and Description of the Business We design, manufacture and sell a range of wireless transport and access networking products, solutions and services to two principal customer types. 1. Communications Service Providers ("CSPs"): These include mobile and fixed telecommunications network operators, broadband and internet service providers and network operators which generate revenues from the communications services that they provide. 2. Private network operators: These are customers which do not resell communications services but build networks for reasons of economics, autonomy, and/or security to support a wide variety of mission critical performance applications. Examples include federal, state and local government agencies, transportation agencies, energy and utility companies, public safety agencies and broadcast network operators around the world. We sell products and services directly to our customers, and, to a lesser extent, agents and resellers. Our products utilize microwave and millimeter wave technologies to c

View Full Filing

View this 10-K filing on SEC EDGAR