(State or other jurisdiction | (Commission File | (I.R.S. Employer | ||||||||||||
of incorporation) | Number) | Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code) | ||||||||||||||
Registrant’s telephone number, including area code | ||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2) |
¨ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
AVIAT NETWORKS, INC. | ||||||||||||||||||||
May 5, 2021 | By: | /s/ Eric Chang | ||||||||||||||||||
Name: | Eric Chang | |||||||||||||||||||
Title: | Senior Vice President and Chief Financial Officer |
www.aviatnetworks.com |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands, except per share amounts) | April 2, 2021 | April 3, 2020 | April 2, 2021 | April 3, 2020 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Revenue from product sales | $ | 45,246 | $ | 40,930 | $ | 136,401 | $ | 111,676 | |||||||||||||||
Revenue from services | 21,158 | 20,449 | 66,824 | 64,314 | |||||||||||||||||||
Total revenues | 66,404 | 61,379 | 203,225 | 175,990 | |||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Cost of product sales | 26,456 | 24,676 | 81,823 | 68,466 | |||||||||||||||||||
Cost of services | 14,370 | 14,742 | 44,666 | 44,688 | |||||||||||||||||||
Total cost of revenues | 40,826 | 39,418 | 126,489 | 113,154 | |||||||||||||||||||
Gross margin | 25,578 | 21,961 | 76,736 | 62,836 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development expenses | 5,275 | 4,875 | 15,541 | 15,069 | |||||||||||||||||||
Selling and administrative expenses | 15,106 | 15,233 | 41,555 | 44,334 | |||||||||||||||||||
Restructuring charges | 1,162 | 617 | 1,162 | 2,175 | |||||||||||||||||||
Total operating expenses | 21,543 | 20,725 | 58,258 | 61,578 | |||||||||||||||||||
Operating income | 4,035 | 1,236 | 18,478 | 1,258 | |||||||||||||||||||
Interest income | 128 | 112 | 202 | 318 | |||||||||||||||||||
Interest expense | — | (19) | (1) | (23) | |||||||||||||||||||
Income before income taxes | 4,163 | 1,329 | 18,679 | 1,553 | |||||||||||||||||||
(Benefit from) provision for income taxes | (90,568) | 598 | (88,629) | 2,439 | |||||||||||||||||||
Net income (loss) | $ | 94,731 | $ | 731 | $ | 107,308 | $ | (886) | |||||||||||||||
Net income (loss) per share of common stock outstanding: | |||||||||||||||||||||||
Basic | $ | 8.49 | $ | 0.07 | $ | 9.76 | $ | (0.08) | |||||||||||||||
Diluted | $ | 8.00 | $ | 0.07 | $ | 9.31 | $ | (0.08) | |||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | 11,152 | 10,790 | 10,994 | 10,780 | |||||||||||||||||||
Diluted | 11,842 | 10,914 | 11,532 | 10,780 |
(In thousands) | April 2, 2021 | July 3, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 45,808 | $ | 41,618 | |||||||
Accounts receivable, net | 47,564 | 44,661 | |||||||||
Unbilled receivables | 37,862 | 28,085 | |||||||||
Inventories | 21,894 | 13,997 | |||||||||
Customer service inventories | 1,233 | 1,234 | |||||||||
Assets held for sale | 2,218 | — | |||||||||
Other current assets | 7,705 | 10,355 | |||||||||
Total current assets | 164,284 | 139,950 | |||||||||
Property, plant and equipment, net | 12,563 | 16,911 | |||||||||
Deferred income taxes | 102,551 | 12,799 | |||||||||
Right of use assets | 2,893 | 3,474 | |||||||||
Other assets | 8,285 | 6,667 | |||||||||
Total long-term assets | 126,292 | 39,851 | |||||||||
TOTAL ASSETS | $ | 290,576 | $ | 179,801 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 37,247 | $ | 31,995 | |||||||
Accrued expenses | 26,755 | 26,920 | |||||||||
Short-term lease liabilities | 754 | 1,445 | |||||||||
Advance payments and unearned revenue | 26,954 | 21,872 | |||||||||
Short-term debt | — | 9,000 | |||||||||
Restructuring liabilities | 1,956 | 2,738 | |||||||||
Total current liabilities | 93,666 | 93,970 | |||||||||
Unearned revenue | 9,021 | 8,142 | |||||||||
Long-term lease liabilities | 2,344 | 2,303 | |||||||||
Other long-term liabilities | 343 | 401 | |||||||||
Reserve for uncertain tax positions | 4,916 | 5,759 | |||||||||
Deferred income taxes | 565 | 545 | |||||||||
Total liabilities | 110,855 | 111,120 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 112 | 108 | |||||||||
Treasury stock | (458) | — | |||||||||
Additional paid-in-capital | 818,155 | 814,283 | |||||||||
Accumulated deficit | (623,433) | (730,741) | |||||||||
Accumulated other comprehensive loss | (14,655) | (14,969) | |||||||||
Total equity | 179,721 | 68,681 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 290,576 | $ | 179,801 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
April 2, 2021 | % of Revenue | April 3, 2020 | % of Revenue | April 2, 2021 | % of Revenue | April 3, 2020 | % of Revenue | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages and per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP gross margin | $ | 25,578 | 38.5 | % | $ | 21,961 | 35.8 | % | $ | 76,736 | 37.8 | % | $ | 62,836 | 35.7 | % | |||||||||||||||||||||||||||||||
Share-based compensation | 114 | 53 | 279 | 149 | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP gross margin | 25,692 | 38.7 | % | 22,014 | 35.9 | % | 77,015 | 37.9 | % | 62,985 | 35.8 | % | |||||||||||||||||||||||||||||||||||
GAAP research and development expenses | $ | 5,275 | 7.9 | % | $ | 4,875 | 7.9 | % | $ | 15,541 | 7.6 | % | $ | 15,069 | 8.6 | % | |||||||||||||||||||||||||||||||
Share-based compensation | (82) | (33) | (179) | (92) | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP research and development expenses | 5,193 | 7.8 | % | 4,842 | 7.9 | % | 15,362 | 7.6 | % | 14,977 | 8.5 | % | |||||||||||||||||||||||||||||||||||
GAAP selling and administrative expenses | $ | 15,106 | 22.7 | % | $ | 15,233 | 24.8 | % | $ | 41,555 | 20.4 | % | $ | 44,334 | 25.2 | % | |||||||||||||||||||||||||||||||
Share-based compensation | (569) | (421) | (1,696) | (1,074) | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP selling and administrative expenses | 14,537 | 21.9 | % | 14,812 | 24.1 | % | 39,859 | 19.6 | % | 43,260 | 24.6 | % | |||||||||||||||||||||||||||||||||||
GAAP operating income | $ | 4,035 | 6.1 | % | $ | 1,236 | 2.0 | % | $ | 18,478 | 9.1 | % | $ | 1,258 | 0.7 | % | |||||||||||||||||||||||||||||||
Share-based compensation | 765 | 507 | 2,154 | 1,315 | |||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 1,162 | 617 | 1,162 | 2,175 | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP operating income | 5,962 | 9.0 | % | 2,360 | 3.8 | % | 21,794 | 10.7 | % | 4,748 | 2.7 | % | |||||||||||||||||||||||||||||||||||
GAAP income tax (benefit) provision | $ | (90,568) | (136.4) | % | $ | 598 | 1.0 | % | $ | (88,629) | (43.6) | % | $ | 2,439 | 1.4 | % | |||||||||||||||||||||||||||||||
Adjustment to reflect pro forma tax rate | 90,868 | (298) | 89,529 | (1,539) | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP income tax provision | 300 | 0.5 | % | 300 | 0.5 | % | 900 | 0.4 | % | 900 | 0.5 | % | |||||||||||||||||||||||||||||||||||
GAAP net income (loss) | $ | 94,731 | 142.7 | % | $ | 731 | 1.2 | % | $ | 107,308 | 52.8 | % | $ | (886) | (0.5) | % | |||||||||||||||||||||||||||||||
Share-based compensation | 765 | 507 | 2,154 | 1,315 | |||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 1,162 | 617 | 1,162 | 2,175 | |||||||||||||||||||||||||||||||||||||||||||
Adjustment to reflect pro forma tax rate | (90,868) | 298 | (89,529) | 1,539 | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net income | $ | 5,790 | 8.7 | % | $ | 2,153 | 3.5 | % | $ | 21,095 | 10.4 | % | $ | 4,143 | 2.4 | % | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
April 2, 2021 | % of Revenue | April 3, 2020 | % of Revenue | April 2, 2021 | % of Revenue | April 3, 2020 | % of Revenue | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages and per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 8.00 | $ | 0.07 | $ | 9.31 | $ | (0.08) | |||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 0.49 | $ | 0.20 | $ | 1.83 | $ | 0.38 | |||||||||||||||||||||||||||||||||||||||
Shares used in computing net income per share | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | 11,842 | 10,914 | 11,532 | 10,780 | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | 11,842 | 10,914 | 11,532 | 10,956 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP net income (loss) | $ | 94,731 | 142.7 | % | $ | 731 | 1.2 | % | $ | 107,308 | 52.8 | % | $ | (886) | (0.5) | % | |||||||||||||||||||||||||||||||
Depreciation and amortization of property, plant and equipment | 1,355 | 1,111 | 4,016 | 3,226 | |||||||||||||||||||||||||||||||||||||||||||
Interest income, net | (128) | (93) | (201) | (295) | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 765 | 507 | 2,154 | 1,315 | |||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 1,162 | 617 | 1,162 | 2,175 | |||||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (90,568) | 598 | (88,629) | 2,439 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 7,317 | 11.0 | % | $ | 3,471 | 5.7 | % | $ | 25,810 | 12.7 | % | $ | 7,974 | 4.5 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
April 2, 2021 | April 3, 2020 | April 2, 2021 | April 3, 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
North America | $ | 42,021 | $ | 37,250 | $ | 136,678 | $ | 113,489 | |||||||||||||||
International: | |||||||||||||||||||||||
Africa and the Middle East | 9,904 | 9,230 | 31,138 | 28,679 | |||||||||||||||||||
Europe and Russia | 3,280 | 1,903 | 7,053 | 7,728 | |||||||||||||||||||
Latin America and Asia Pacific | 11,199 | 12,996 | 28,356 | 26,094 | |||||||||||||||||||
24,383 | 24,129 | 66,547 | 62,501 | ||||||||||||||||||||
Total revenue | $ | 66,404 | $ | 61,379 | $ | 203,225 | $ | 175,990 |
Cover |
May 05, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 05, 2021 |
Entity Registrant Name | AVIAT NETWORKS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-33278 |
Entity Tax Identification Number | 20-5961564 |
Entity Address, Address Line One | 200 Parker Dr., Suite C100A |
Entity Address, City or Town | Austin |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78728 |
City Area Code | (408) |
Local Phone Number | 941-7100 |
Title of 12(b) Security | Common Stock, par value, $0.01 per share |
Trading Symbol | AVNW |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001377789 |
Amendment Flag | false |
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