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Aviat Networks, Inc. (NASDAQ:AVNW) Q2 2025 Earnings Conference Call February 4, 2025 5:00 PM ET Company Participants Andrew Fredrickson - Director of IR Pete Smith - President and CEO Michael Connaway - CFO Conference Call Participants Jaeson Schmidt - Lake Street Scott Searle - Roth Capital Partners Theodore O’Neill - Litchfield Hills Research Dave Kang - B. Riley Tim Savageaux - Northland Capital Markets Operator Hello, and welcome to Aviat Networks' Fiscal Q2 2025 Earnings Conference Call. At this time, ...

Revenue Performance - Total revenue for the second quarter of fiscal 2025 was $118.2 million, representing a 26.2% increase compared to $93.7 million in the same period of fiscal 2024[127]. - Revenue in North America increased by $7.3 million (14.5%) in the second quarter of fiscal 2025, but decreased by $5.3 million (5.0%) in the first six months compared to fiscal 2024[127]. - Revenue in Europe increased by $2.8 million (49.7%) in the second quarter and $3.1 million (28.8%) in the first six months of fiscal 2025, primarily due to increased sales from the NEC transaction[129]. - Revenue in Latin America and Asia Pacific increased by $16.2 million (70.4%) in the second quarter and $29.5 million (74.0%) in the first six months of fiscal 2025, driven by contributions from the NEC transaction[130]. - Product sales revenue increased by 26.6% to $82.3 million in the second quarter of fiscal 2025, while service revenue increased by 25.2% to $35.9 million[131]. Acquisitions and Investments - The acquisition of 4RF Limited for $18.2 million enhances Aviat's offerings in the industrial wireless access market, including Private LTE and 5G[121]. - The acquisition of NEC's wireless transport business was completed for approximately $54.5 million, which is expected to enhance Aviat's product portfolio and scale[123]. Financial Performance and Expenses - Gross margin for the second quarter of fiscal 2025 was $40.9 million, a 12.5% increase from $36.3 million in the same quarter of fiscal 2024[132]. - Research and development expenses increased by $1.8 million (21.8%) for the three months ended December 27, 2024, and by $5.8 million (39.2%) for the six months ended December 27, 2024, primarily due to development activity related to the NEC transaction[134]. - Selling and administrative expenses decreased by $1.3 million (5.6%) for the three months ended December 27, 2024, but increased by $4.4 million (10.6%) for the six months ended December 27, 2024, mainly due to merger and acquisition expenses[135]. - Restructuring charges were $1.4 million for the three months ended December 27, 2024, a decrease of $0.6 million (29.3%) compared to the prior year, and $1.4 million for the six months ended December 27, 2024, down $1.2 million (46.5%) from the previous year[136]. - Interest expense, net increased by $1.2 million (301.0%) for the three months ended December 27, 2024, and by $2.2 million (446.7%) for the six months ended December 27, 2024, primarily due to interest on incremental Term Loan borrowings[138]. - Other expense, net increased by $0.9 million (142.2%) for the three months ended December 27, 2024, and by $0.8 million (493.3%) for the six months ended December 27, 2024, mainly due to losses on debt extinguishment and foreign exchange rate movements[141]. Cash Flow and Financial Position - As of December 27, 2024, the Company had total cash and cash equivalents of $52.6 million, with $21.6 million held in the United States and $31.0 million (59%) held outside the United States[144]. - Net cash used in operating activities was $(6.4) million for the first six months of fiscal 2025, a decrease of $13.3 million compared to $6.9 million in the prior year, primarily due to increases in working capital and decreased earnings[145]. - Net cash used in investing activities was $23.5 million for the first six months of fiscal 2025, a decrease of $10.1 million compared to $33.5 million in the prior year, mainly due to higher acquisition payments in the prior year[146]. - As of December 27, 2024, the Company had $75.0 million outstanding under its Term Loan and no borrowings under its Revolver, in compliance with all financial covenants[150]. - A 10% change in interest rates is estimated to have a $0.5 million impact on annual interest expense on the Company's outstanding long-term debt as of December 27, 2024[161]. Market Conditions - The company anticipates ongoing pricing pressures due to competition and macroeconomic conditions affecting its market performance[124].

Aviat Networks Announces Fiscal 2025 Second Quarter and Six Month Financial Results Total Revenue of $118.2 million; Up 26.2% Year-Over-Year Operating Income of $8.0 million; Non-GAAP Operating income of $12.6 million Adjusted EBITDA of $14.8 million Non-GAAP Diluted Earnings per Share of $0.82 AUSTIN, Texas, February 4, 2025 -- Aviat Networks, Inc. ("Aviat Networks," "Aviat," or the "Company"), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results f ...

Total Revenue of $118.2 million; Up 26.2% Year-Over-YearOperating Income of $8.0 million; Non-GAAP Operating income of $12.6 millionAdjusted EBITDA of $14.8 millionNon-GAAP Diluted Earnings per Share of $0.82AUSTIN, Texas, Feb. 4, 2025 /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 2025 second quarter ended December 27, 2024.Second Quarter Highli ...

Brings extensive experience from serving on and advising Boards, with a strong background in Financial Audit and GovernanceAUSTIN, Texas, Feb. 3, 2025 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), the expert in wireless transport and access solutions, today announced that Scott Halliday was appointed to the Company's Board of Directors effective January 31, 2025. Halliday, who is independent, will also serve on the Audit Committee.Halliday brings 38 years of experience with EY (formerly Ernst & Young ...

AUSTIN, Texas, Jan. 30, 2025 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), the leading expert in wireless transport and access solutions, announced today that it will release its second quarter fiscal 2025 financial results for the period ended December 27, 2024, on February 4, 2025, after the market closes.The Company will host an earnings conference call and webcast to discuss its financial and operational results on the same day, beginning at 5:00 p.m. ET. Participating on the call will be Pete Sm ...

Introduces Secure Software Development Lifecycle (SSDLC) and Software Vulnerability Alerts (SVA) that meet latest security requirements and offer peace of mind to operators of mission critical networks AUSTIN, Texas, Jan. 23, 2025 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), the expert in wireless transport and access solutions, today announced that it has enhanced its Secure Software Development Lifecycle (SSDLC) process and Software Vulnerability Alert (SVA) service designed to strengthen Aviat's ...

AUSTIN, Texas, Nov. 8, 2024 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), the leading expert in wireless transport and access solutions, today announced that it will participate in the following upcoming investor conferences. 18th Annual Needham Virtual Security, Networking, and Communications Conference to be held virtually on November 19, 2024 13th Annual Roth Technology Conference to be held in New York, NY on November 20, 2024 Investors interested in scheduling a meeting with the company should c ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q1 2025 Earnings Call Transcript November 5, 2024 4:30 PM ET Company Participants Andrew Fredrickson - Director of IR Pete Smith - President and CEO Michael Connaway - CFO Conference Call Participants Jaeson Schmidt - Lake Street Scott Searle - Roth Capital Partners Theodore O’Neill - Litchfield Hills Research Tim Savageaux - Northland Capital Markets Operator Good afternoon, welcome to Aviat Networks’ First Quarter Fiscal 2025 Earnings Call. At this time, all participants ...