Aviat Networks, Inc. Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Aviat Networks, Inc. filed its Q2 FY2024 10-Q report on February 6, 2024, detailing financial performance for the period ending December 29, 2023.</b>

AI Summary

AVIAT NETWORKS, INC. (AVNW) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Aviat Networks, Inc. filed a 10-Q report for the period ending December 29, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing was made on February 6, 2024. The company's principal business is in Radio & TV Broadcasting & Communications Equipment.

Why It Matters

For investors and stakeholders tracking AVIAT NETWORKS, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Aviat Networks' financial health and operational performance for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's trajectory, profitability, and any potential risks or opportunities in the communications equipment sector.

Risk Assessment

Risk Level: low — AVIAT NETWORKS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any forward-looking statements.

Key Numbers

• 2023-12-29 — Period End Date (Quarterly report period)
• 2024-02-06 — Filing Date (Date the report was submitted)
• 2023-07-01 — Quarter Start Date (Beginning of the reporting period)
• 0630 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• AVIAT NETWORKS, INC. (company) — Filer name
• 20231229 (date) — Period of report
• 20240206 (date) — Filed as of date
• 3663 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• 0630 (date) — Fiscal year end
• 1934 Act (regulation) — SEC Act
• 001-33278 (filing_id) — SEC file number

Forward-Looking Statements

• Aviat Networks will continue to report revenues segmented by product and service in future filings. (AVIAT NETWORKS, INC.) — high confidence, target: 2024-06-30

FAQ

Industry Context

Aviat Networks operates in the Radio & TV Broadcasting & Communications Equipment industry, providing solutions for wireless networks.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the revenue breakdown by product and service segments for Q2 FY2024.
2. Examine any disclosed net income, EPS, and margin data to assess profitability.
3. Review management's discussion and analysis for insights into business performance and outlook.

Key Dates

• 2024-02-06: 10-Q Filing — Submission of the quarterly financial report for the period ending December 29, 2023.
• 2023-12-29: End of Reporting Period — The cutoff date for the financial data presented in the 10-Q.
• 2023-07-01: Start of Reporting Period — The beginning date for the financial data presented in the 10-Q.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period, so no prior period comparison is available from this data.

Filing Documents

• avnw-20231229.htm (10-Q) — 1133KB
• q2fy24avnwform10-qex311.htm (EX-31.1) — 11KB
• q2fy24avnwform10-qex312.htm (EX-31.2) — 11KB
• q2fy24avnwform10-qex321.htm (EX-32.1) — 7KB
• 0001377789-24-000007.txt (&nbsp;) — 6533KB
• avnw-20231229.xsd (EX-101.SCH) — 47KB
• avnw-20231229_cal.xml (EX-101.CAL) — 101KB
• avnw-20231229_def.xml (EX-101.DEF) — 212KB
• avnw-20231229_lab.xml (EX-101.LAB) — 612KB
• avnw-20231229_pre.xml (EX-101.PRE) — 395KB
• avnw-20231229_htm.xml (XML) — 885KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Operations (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 4 Condensed Consolidated Balance Sheets (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Condensed Consolidated Statements of Equity (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 30

Other Information

Part II. Other Information 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

Signatures

Signatures 34 Exhibit Index 34 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AVIAT NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended (In thousands, except per share amounts) December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 Revenues: Product sales $ 66,392 $ 65,561 $ 125,937 $ 120,662 Services 28,644 25,122 56,665 51,272 Total revenues 95,036 90,683 182,602 171,934 Cost of revenues: Product sales 37,671 40,569 73,984 75,822 Services 20,535 17,894 39,936 34,438 Total cost of revenues 58,206 58,463 113,920 110,260 Gross margin 36,830 32,220 68,682 61,674 Operating expenses: Research and development 8,394 6,047 14,818 12,134 Selling and administrative 21,442 16,567 40,679 34,071 Restructuring charges 2,000 928 2,644 2,878 Total operating expenses 31,836 23,542 58,141 49,083 Operating income 4,994 8,678 10,541 12,591 Other (income) expense, net ( 243 ) ( 460 ) 658 2,322 Income before income taxes 5,237 9,138 9,883 10,269 Provision for income taxes 2,347 3,092 2,988 6,969 Net income $ 2,890 $ 6,046 $ 6,895 $ 3,300 Net income per share of common stock outstanding: Basic $ 0.24 $ 0.53 $ 0.59 $ 0.29 Diluted $ 0.24 $ 0.51 $ 0.57 $ 0.28 Weighted-average shares outstanding: Basic 12,001 11,347 11,788 11,273 Diluted 12,229 11,805 12,093 11,795 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 3 AVIAT NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Six Months Ended (In thousands) December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 Net income $ 2,890 $ 6,046 $ 6,895 $ 3,300 Other comprehensive income (loss): Net change in cumulative translation adjustments 545 1,001 578 ( 112 ) Other comprehensive income (loss) 545 1,001 578 ( 112 ) Comprehensive income $ 3,435 $ 7,047 $ 7,473 $ 3,188 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 4 AVIAT NETWORKS, INC.

View Full Filing

View this 10-Q filing on SEC EDGAR