Financial Data and Key Metrics Changes - Third quarter revenue increased by approximately 14%, amounting to a $7.3 million increase compared to Q3 of fiscal 2019 [8][16] - Adjusted EBITDA rose by $4 million, reaching $3.5 million, compared to a loss of $0.5 million in the same period last year [8][20] - Non-GAAP net income for Q3 was $2.2 million, a significant improvement from a net loss of $1.8 million in the previous year [20] - Cash and cash equivalents increased to $39.2 million, up $1.1 million sequentially and $7.3 million since the fiscal year began [21] Business Line Data and Key Metrics Changes - North America revenue saw over a 30% increase, contributing to almost 61% of total revenue [16][17] - Product sales increased by over 18%, while services revenue grew by over 5% compared to Q3 of fiscal 2019 [17] - International revenue experienced a decline of approximately 5%, although this was an improvement compared to the first half of the fiscal year [16][17] Market Data and Key Metrics Changes - The APAC region returned to growth with revenue up almost 18% in Q3, while Latin America also showed positive trends [16][34] - North America remains a strong market, with expectations for continued growth in Q4 and the next fiscal year [23] Company Strategy and Development Direction - The company aims to expand its market share through both products and services with existing accounts and target new customer types, particularly mid-size deals [10][12] - Focus on growing with current accounts while targeting tier 2 service providers and larger ISPs to reduce dependency on any single customer [11][12] - Emphasis on operational efficiency and cost reduction to drive profitability and shareholder value [14][25] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the potential impact of COVID-19 on customer budgets and timelines, but remains optimistic about growth opportunities [23][38] - The company is committed to navigating the challenges posed by COVID-19 and is focused on maintaining a strong cash position [21][25] - Management believes that the differentiation of their value proposition will drive growth in the future [38][60] Other Important Information - The company has suspended its stock buyback program to mitigate uncertainties related to COVID-19 [21] - A restructuring plan is in place, with an expected annualized net savings of approximately $3.5 million [19] Q&A Session Summary Question: Can you provide more details on the North American backlog split? - Management indicated that there were component shortages during the quarter but were able to overcome most issues quickly [27] Question: Was there any business pushed into next quarter due to supply chain issues? - Some service-related revenue was pushed out due to COVID-19, but it was not substantial [29] Question: Can you elaborate on the performance in APAC and Latin America? - Management noted improvements in APAC due to new wins and expects continued growth in that region [34] Question: What are the growth prospects for fiscal 2021? - Management is optimistic about growth in North America and aims to improve international performance as well [37][38] Question: How is the company addressing shareholder value? - The focus is on revenue growth, margin expansion, and operational efficiency to drive shareholder value [58][60]

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, income statements, cash flows, and equity, along with detailed accounting notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20%28Unaudited%29) Total assets increased to **$179.8 million**, while total liabilities rose to **$112.8 million**, leading to a decrease in total equity to **$66.9 million** Condensed Consolidated Balance Sheets (in thousands) | Balance Sheet Items | April 3, 2020 | June 28, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $137,394 | $125,997 | | **Total Assets** | **$179,761** | **$169,193** | | **Total Current Liabilities** | $96,023 | $82,211 | | **Total Liabilities** | **$112,818** | **$97,677** | | **Total Equity** | **$66,943** | **$71,516** | | **Total Liabilities and Equity** | **$179,761** | **$169,193** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) The company reported a Q3 2020 net income of **$0.7 million**, a turnaround from a prior-year loss, while the nine-month period showed a net loss of **$0.9 million** Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2020 (3 months ended Apr 3) | Q3 2019 (3 months ended Mar 29) | YTD 2020 (9 months ended Apr 3) | YTD 2019 (9 months ended Mar 29) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $61,379 | $54,037 | $175,990 | $179,629 | | **Gross Margin** | $21,961 | $16,255 | $62,836 | $56,670 | | **Operating Income (Loss)** | $1,236 | $(2,503) | $1,258 | $(1,134) | | **Net Income (Loss)** | $731 | $4,339 | $(886) | $5,899 | | **Diluted EPS** | $0.13 | $0.78 | $(0.16) | $1.05 | [Condensed Consolidated Statements of Comprehensive (Loss) Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20%28Loss%29%20Income%20%28Unaudited%29) The company reported a Q3 2020 comprehensive loss of **$1.6 million**, primarily due to translation adjustments, contrasting with comprehensive income in the prior year Comprehensive (Loss) Income (in thousands) | Metric | Q3 2020 (3 months ended Apr 3) | Q3 2019 (3 months ended Mar 29) | YTD 2020 (9 months ended Apr 3) | YTD 2019 (9 months ended Mar 29) | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $731 | $4,339 | $(886) | $5,899 | | Other Comprehensive Loss | $(2,374) | $(88) | $(2,477) | $(426) | | **Comprehensive (Loss) Income** | **$(1,643)** | **$4,251** | **$(3,363)** | **$5,473** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%28Unaudited%29) Net cash provided by operating activities significantly increased to **$14.6 million** for the nine months, with cash used in investing and financing activities Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended April 3, 2020 | Nine Months Ended March 29, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $14,625 | $5,340 | | Net cash used in investing activities | $(3,945) | $(4,083) | | Net cash used in financing activities | $(2,525) | $(2,401) | | **Net increase (decrease) in cash** | **$7,260** | **$(1,449)** | [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity%20%28Unaudited%29) Total equity decreased to **$66.9 million**, primarily due to net loss, other comprehensive loss, and stock repurchases - Total equity decreased by **$4.6 million** over the nine months ended April 3, 2020, from **$71.5 million** to **$66.9 million**[17](index=17&type=chunk) - Key drivers for the equity decrease were a net loss of **$0.9 million**, other comprehensive loss of **$2.5 million**, and stock repurchases totaling **$1.8 million**[17](index=17&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes detail accounting policies, including lease standard adoption, revenue recognition, debt, restructuring, and the impact of COVID-19 and legal matters - The company adopted the new lease accounting standard ASC 842 on June 29, 2019, resulting in the recognition of **$7.9 million** in Right-of-Use (ROU) assets and **$8.3 million** in corresponding lease liabilities on the balance sheet[61](index=61&type=chunk)[66](index=66&type=chunk) - The company initiated a new restructuring plan (Q3 2020 Plan) to reduce operating costs, recording charges of **$0.6 million** in the third quarter[92](index=92&type=chunk)[158](index=158&type=chunk) - The company disclosed the potential business impact of the COVID-19 pandemic, noting minimal supply chain disruption in Q3 but acknowledging risks of future constraints and delays[123](index=123&type=chunk)[125](index=125&type=chunk) - Subsequent to the quarter's end, the company received and then repaid a **$5.9 million** Paycheck Protection Program (PPP) loan after new SBA guidance was issued[127](index=127&type=chunk)[128](index=128&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2020 financial results, highlighting revenue growth, improved gross margin, solid liquidity, and the impacts of COVID-19 and restructuring efforts [Results of Operations](index=29&type=section&id=MD%26A-Results%20of%20Operations) Q3 2020 total revenue increased **13.6%** to **$61.4 million**, driven by North America, with gross margin expanding to **35.8%** due to product mix Revenue by Region - Q3 Change (in thousands) | Region | Q3 2020 | Q3 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | North America | $37,250 | $28,581 | $8,669 | 30.3% | | Africa and the Middle East | $9,230 | $11,079 | $(1,849) | (16.7)% | | Europe and Russia | $1,903 | $3,326 | $(1,423) | (42.8)% | | Latin America and Asia Pacific | $12,996 | $11,051 | $1,945 | 17.6% | | **Total Revenue** | **$61,379** | **$54,037** | **$7,342** | **13.6%** | Gross Margin Analysis - Q3 | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Gross Margin | $21,961 | $16,255 | | Gross Margin % | 35.8% | 30.1% | | Product Margin % | 39.7% | 31.5% | | Service Margin % | 27.9% | 27.6% | - Selling and administrative expenses increased by **13.6%** in Q3 2020, primarily due to payroll costs from an extra calendar week, higher variable compensation, and legal-related costs[157](index=157&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=MD%26A-Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with **$39.2 million** in cash and **$14.5 million** available under its credit facility, with strong operating cash flow - Principal sources of liquidity as of April 3, 2020, were **$39.2 million** in cash and cash equivalents and **$14.5 million** available under the SVB Credit Facility[165](index=165&type=chunk)[171](index=171&type=chunk) - Net cash provided by operating activities was **$14.6 million** for the first nine months of fiscal 2020, compared to **$5.3 million** in the prior-year period[166](index=166&type=chunk) - The company was in compliance with all financial covenants for its SVB Credit Facility as of April 3, 2020[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from foreign currency and interest rates, utilizing forward contracts for hedging, with minimal impact from interest rate fluctuations - The company uses foreign exchange forward contracts to hedge forecasted foreign currency transactions, but these do not qualify for hedge accounting; therefore, changes in fair value are recorded in earnings[181](index=181&type=chunk)[182](index=182&type=chunk) Outstanding Foreign Currency Forward Contracts (as of April 3, 2020) | Currency | Notional Contract Amount (USD in thousands) | | :--- | :--- | | Canadian dollar | $440 | | Euro | $3,358 | | New Zealand dollar | $3,206 | | Singapore dollar | $860 | | **Total** | **$7,864** | - Exposure to interest rate risk from cash equivalents and borrowings under the SVB Credit Facility is not expected to have a material impact on financial results, as interest on borrowings is not material to the overall financial position[186](index=186&type=chunk)[190](index=190&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were deemed effective, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[192](index=192&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[193](index=193&type=chunk) [Part II. Other Information](index=36&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, risk factors, equity sales, and other disclosures, including exhibits [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company faces legal claims, including a **$1.0 million** customer claim in Austria and an ongoing enforcement action in India regarding intercompany transactions - The company is facing a claim for approximately **$1.0 million** in damages from an Austrian customer alleging defective products[115](index=115&type=chunk) - An enforcement action by the Indian Department of Revenue is ongoing against the company's Indian subsidiaries concerning intercompany receivables and payables[116](index=116&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The COVID-19 pandemic poses significant risks to the company's business, liquidity, and financial condition, including supply chain disruptions and cybersecurity threats - The COVID-19 pandemic and its economic repercussions are identified as a significant risk factor with the potential for a material adverse effect on the business[197](index=197&type=chunk) - Specific risks exacerbated by the pandemic include supply chain disruptions, liquidity challenges from delayed payments, increased cybersecurity threats, and potential litigation[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **26,484 shares** for **$0.4 million** in Q3 2020, suspending its stock repurchase program with **$3.4 million** remaining Stock Repurchases for Q3 2020 | Period | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | Dec 28, 2019 - Jan 24, 2020 | 17,197 | $14.20 | | Jan 25, 2020 - Feb 28, 2020 | 9,287 | $13.72 | | Feb 29, 2020 - Apr 3, 2020 | — | $— | - The company suspended its stock repurchase program in February 2020. As of April 3, 2020, **$3.4 million** remained available under the program[203](index=203&type=chunk) [Defaults upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) This section is not applicable to the company's current financial reporting - Not applicable[204](index=204&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[204](index=204&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) This section contains no additional material information - Not applicable[205](index=205&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL data files - A list of exhibits filed with the report is provided, including certifications from the President/CEO and CFO, and XBRL instance documents[207](index=207&type=chunk)

Company Overview - Aviat Networks is a global supplier of wireless networking solutions, focusing on wireless backhaul products and services for CSPs and private network operators[5] - The company has approximately 700 employees and a global presence across North America, Asia Pacific, Africa, Europe, Latin America, and the Middle East[6] - Aviat Networks' market capitalization is approximately $75 million, with around 54 million shares outstanding as of February 4, 2020[6] Financial Performance (FY20) - In Q2 FY20, Aviat Networks reported revenue of $56 million, compared to $65.1 million in Q2 FY19[42] - Gross margin for Q2 FY20 was 32.8%, down from 34.6% in Q2 FY19[42] - Adjusted EBITDA for Q2 FY20 was $0.4 million, a decrease from $4.5 million in Q2 FY19[42] - For the first six months of FY20 (1H FY20), revenue was $114.6 million, compared to $125.6 million in 1H FY19[42] - Gross margin for 1H FY20 was 35.7%, an increase from 32.2% in 1H FY19[42] - Adjusted EBITDA for 1H FY20 was $4.5 million, compared to $5.4 million in 1H FY19[42] Market and Growth Opportunities - Aviat Networks is targeting the Industrial IoT market, which is projected to reach $500 billion by 2020[25] - The company is also focusing on the Private LTE market, estimated to reach $16 billion by 2025[27] - Aviat Networks anticipates FY20 Adjusted EBITDA of $11-$12 million, compared to $8.8 million in FY19[49]

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Aviat Networks reported a net loss for the six months ended December 27, 2019, with assets increasing due to new lease accounting and positive operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$179.8 million** as of December 27, 2019, primarily due to new Right-of-Use assets, while total equity decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 27, 2019 | June 28, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $38,067 | $31,946 | | Accounts receivable, net | $44,387 | $51,937 | | Inventories | $13,300 | $8,573 | | Right of use assets | $5,592 | $— | | **Total Assets** | **$179,819** | **$169,193** | | **Liabilities & Equity** | | | | Short-term debt | $9,000 | $9,000 | | Short-term lease liabilities | $3,310 | $— | | Long-term lease liabilities | $2,590 | $— | | **Total Liabilities** | **$111,352** | **$97,677** | | **Total Equity** | **$68,467** | **$71,516** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of **($1.6) million** for the six months ended December 27, 2019, on revenues of **$114.6 million**, a decline from the prior year Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 FY2020 | Q2 FY2019 | Six Months FY2020 | Six Months FY2019 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $55,997 | $65,088 | $114,611 | $125,592 | | Gross Margin | $18,319 | $22,490 | $40,875 | $40,415 | | Operating (Loss) Income | ($1,497) | $2,883 | $22 | $1,369 | | Net (Loss) Income | ($1,671) | $2,310 | ($1,617) | $1,560 | | Diluted EPS | ($0.31) | $0.41 | ($0.30) | $0.28 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$10.8 million** for the six months ended December 27, 2019, leading to a **$6.1 million** increase in cash Six-Month Cash Flow Summary (in thousands) | Activity | Six Months Ended Dec 27, 2019 | Six Months Ended Dec 28, 2018 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $10,805 | ($566) | | Net cash used in investing activities | ($2,417) | ($3,236) | | Net cash used in financing activities | ($2,137) | ($1,972) | | **Net increase (decrease) in cash** | **$6,122** | **($5,938)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the adoption of ASC 842, **$73.8 million** in remaining performance obligations, a **$25.0 million** credit facility, ongoing restructuring, and legal proceedings - The company adopted the new lease accounting standard ASC 842, recording Right-of-Use (ROU) assets of $7.9 million and corresponding liabilities of $8.3 million upon adoption[66](index=66&type=chunk)[27](index=27&type=chunk) - As of December 27, 2019, the company had approximately $73.8 million in remaining performance obligations, with about 70% expected to be recognized as revenue in the next 12 months[57](index=57&type=chunk) - The company has a $25.0 million accounts receivable-based revolving credit facility with Silicon Valley Bank, expiring June 29, 2020 As of December 27, 2019, $9.0 million was outstanding[86](index=86&type=chunk)[88](index=88&type=chunk) - A restructuring plan ('Fiscal 2020 Plan') was approved to consolidate product development and right-size resources, with restructuring charges of $1.6 million recorded in the first six months of fiscal 2020[93](index=93&type=chunk)[141](index=141&type=chunk) - The company is subject to a legal claim for approximately $1.0 million in Austria and an enforcement action by the Indian Department of Revenue regarding intercompany transactions[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management anticipates higher North American revenue offset by international declines, with total revenue down **8.7%** to **$114.6 million** for the six months, while gross margin improved and liquidity remains solid - The company anticipates higher revenue in North America for fiscal 2020, offset by lower revenue from international regions due to capital spending declines and increased competitive intensity[125](index=125&type=chunk) - Product revenue in Q2 was adversely impacted by a cyberattack at a contract manufacturing vendor, which constrained capacity for approximately three weeks[134](index=134&type=chunk) - Liquidity remains solid with $38.1 million in cash and cash equivalents and $14.5 million available under the SVB Credit Facility as of December 27, 2019[154](index=154&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Total revenue decreased **8.7%** to **$114.6 million** for the first six months of fiscal 2020, driven by international declines despite North American growth, while gross margin improved to **35.7%** Revenue by Region - Six Months Ended (in thousands) | Region | Dec 27, 2019 | Dec 28, 2018 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | North America | $76,239 | $65,079 | $11,160 | 17.1% | | Africa and the Middle East | $19,449 | $27,979 | ($8,530) | (30.5)% | | Europe and Russia | $5,825 | $6,945 | ($1,120) | (16.1)% | | Latin America and Asia Pacific | $13,098 | $25,589 | ($12,491) | (48.8)% | | **Total Revenue** | **$114,611** | **$125,592** | **($10,981)** | **(8.7)%** | Gross Margin Analysis - Six Months Ended | Metric | Six Months FY2020 | Six Months FY2019 | | :--- | :--- | :--- | | Gross Margin ($ thousands) | $40,875 | $40,415 | | Gross Margin % | 35.7% | 32.2% | | Product Margin % | 38.1% | 34.7% | | Service Margin % | 31.7% | 27.6% | - Selling and administrative expenses increased by $1.1 million (3.9%) in the first six months of fiscal 2020, primarily due to higher variable compensation and legal-related costs[140](index=140&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$38.1 million** in cash and **$10.8 million** in operating cash flow for the six months, ensuring sufficient resources for future operations - As of December 27, 2019, total cash and cash equivalents were $38.1 million, with $18.7 million (49.1%) held in the U.S. and $19.4 million (50.9%) held by foreign entities[148](index=148&type=chunk) - Net cash provided by operating activities was $10.8 million for the first six months of fiscal 2020, compared to cash used of $0.6 million in the prior-year period[149](index=149&type=chunk) - The company was in compliance with the quarterly financial covenants of its SVB Credit Facility as of December 27, 2019 The facility expires on June 29, 2020[155](index=155&type=chunk)[156](index=156&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency and interest rates, but management believes a 10% interest rate change would not materially impact its financial position - The company is exposed to foreign currency risks from conducting business globally but had no outstanding foreign currency forward contracts as of December 27, 2019[164](index=164&type=chunk)[167](index=167&type=chunk) - Interest rate risk is primarily related to cash equivalents ($22.7 million) and borrowings under the SVB Credit Facility A 10% change in interest rates is not expected to have a material impact[168](index=168&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 27, 2019, with no material changes to internal controls over financial reporting - Management, including the CEO and PFO, concluded that as of December 27, 2019, the company's disclosure controls and procedures were effective[172](index=172&type=chunk) - No changes occurred during the quarter ended December 27, 2019, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[173](index=173&type=chunk) Part II. Other Information [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, including a **$1.0 million** claim in Austria and an enforcement action in India, as detailed in Note 12 - The company is subject to ongoing legal proceedings, as detailed in Note 12 of the financial statements[176](index=176&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material additions or changes to the risk factors previously disclosed in the fiscal 2019 Annual Report on Form 10-K have occurred - There have been no material additions or changes to the risk factors disclosed in the fiscal 2019 Annual Report on Form 10-K[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **46,087 shares** for **$0.7 million** during Q2 FY2020, with **$3.8 million** remaining for future repurchases Stock Repurchases (Q2 FY2020) | Metric | Value | | :--- | :--- | | Total Shares Repurchased | 46,087 | | Aggregate Purchase Price | $0.7 million | | Remaining Authorization | $3.8 million | [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and XBRL data files

Aviat Networks, Inc. (NASDAQ:AVNW) Q1 2020 Results Earnings Conference Call November 7, 2019 4:30 PM ET Company Participants Glenn Wiener - Inventor Relations Stan Gallagher - Interim Chief Executive Officer and Chief Operating Officer Shaun McFall - Senior Vice President of Corporate Development Eric Chang - Senior Vice President and Principal Accounting Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Steve Busch - Everglades Resources Mark Spiegel - Stanphyl Capital Opera ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 27, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-33278 AVIAT NETWORKS, INC. (Exact name of registrant as specified in its ch ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q4 2019 Earnings Conference Call August 27, 2019 4:30 PM ET Company Participants Michael Pangia - President and CEO Stan Gallagher - SVP and COO Glenn Wiener - Head of IR Conference Call Participants Steve Busch - Everglades Resources Richard Greulich - REG Capital Advisors Glenn Wiener Thank you and welcome to Aviat Networks Fiscal 2019 Fourth Quarter and Year-End Conference Call. We just filed our Form 10-K and issued our press release and our updated investor presentati ...