UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of each class Trading Symbol(s) Name of each exchange on which Registered Common Stock AVNW The Nasdaq Stock Market LLC Preferred Share Purchase Rights The Nasdaq Stock Market LLC For the quarterly period ended December 29, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

AUSTIN, Texas, Feb. 1, 2024 /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 2024 financial results for the period ended December 29, 2023, on February 6, 2024, 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 S ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q1 2024 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Andrew Fredrickson - Director of Investor Relations Peter Smith - President & Chief Executive Officer David Gray - Senior Vice President & Chief Financial Officer Conference Call Participants Scott Searle - Roth Capital Partners, LLC Jaeson Schmidt - Lake Street Capital Markets Erik Suppiger - JMP Securities Tim Savageaux - Northland Capital Markets Theodore O'Neill - Litchfield Hills Researc ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Aviat Networks, Inc's unaudited condensed consolidated financial statements for the quarter ended September 29, 2023 [Condensed Consolidated Statements of Operations (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) The company's financial performance improved significantly for the three months ended September 29, 2023, shifting from a net loss to a substantial net income Metric (in thousands) | Metric (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :-------------------- | :------------------------------ | :------------------------------ | | Total Revenues | $87,566 | $81,251 | | Gross Margin | $31,852 | $29,454 | | Operating Income | $5,547 | $3,913 | | Net Income (Loss) | $4,005 | $(2,746) | | Basic EPS | $0.35 | $(0.25) | | Diluted EPS | $0.34 | $(0.25) | [Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20(Unaudited)) Comprehensive income turned positive for the three months ended September 29, 2023, driven by net income and favorable translation adjustments Metric (in thousands) | Metric (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :-------------------- | :------------------------------ | :------------------------------ | | Net Income (Loss) | $4,005 | $(2,746) | | Net change in cumulative translation adjustments | $33 | $(1,113) | | Comprehensive Income (Loss) | $4,038 | $(3,859) | [Condensed Consolidated Balance Sheets (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) The company's financial position as of September 29, 2023, showed increased total assets and stockholders' equity compared to June 30, 2023 Metric (in thousands) | Metric (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :-------------------- | :----------- | :----------- | | Total Current Assets | $244,410 | $237,704 | | Total Assets | $370,299 | $364,496 | | Total Current Liabilities | $129,213 | $130,061 | | Total Liabilities | $144,149 | $144,398 | | Total Stockholders' Equity | $226,150 | $220,098 | - Cash and cash equivalents increased to **$35,465k** as of September 29, 2023, from $22,242k at June 30, 2023[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) The company generated positive operating cash flow for the three months ended September 29, 2023, a significant reversal from the cash used in the prior year Metric (in thousands) | Metric (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :-------------------- | :------------------------------ | :------------------------------ | | Net cash provided by (used in) operating activities | $13,980 | $(6,314) | | Net cash used in investing activities | $(717) | $(8,336) | | Net cash provided by (used in) financing activities | $180 | $(310) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $13,220 | $(15,307) | [Condensed Consolidated Statements of Equity (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity%20(Unaudited)) Stockholders' equity grew during the three months ended September 29, 2023, primarily due to net income and share-based compensation Metric (in thousands) | Metric (in thousands) | Balance as of Sep 29, 2023 | Balance as of Jun 30, 2023 | | :-------------------- | :------------------------- | :------------------------- | | Total Equity | $226,150 | $220,098 | | Net income | $4,005 | - | | Share-based compensation | $1,834 | - | Metric (in thousands) | Metric (in thousands) | Balance as of Sep 30, 2022 | Balance as of Jul 1, 2022 | | :-------------------- | :------------------------- | :------------------------ | | Total Equity | $199,422 | $201,753 | | Net loss | $(2,746) | - | | Share-based compensation | $1,838 | - | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes detail the company's accounting policies and provide breakdowns of key financial statement components and other essential disclosures [Note 1. The Company and Basis of Presentation](index=9&type=section&id=Note%201.%20The%20Company%20and%20Basis%20of%20Presentation) - Aviat Networks, Inc designs, manufactures, and sells wireless and access networking solutions and services to a global customer base[19](index=19&type=chunk) - The unaudited financial statements are prepared per U.S GAAP and SEC rules, incorporating management's estimates and judgments[20](index=20&type=chunk) [Note 2. Net Income (Loss) Per Share of Common Stock](index=10&type=section&id=Note%202.%20Net%20Income%20(Loss)%20Per%20Share%20of%20Common%20Stock) Metric (in thousands, except per share amounts) | Metric (in thousands, except per share amounts) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :---------------------------------------------- | :------------------------------ | :------------------------------ | | Net income (loss) | $4,005 | $(2,746) | | Weighted-average shares outstanding, basic | 11,574 | 11,200 | | Weighted-average shares outstanding, diluted | 11,943 | 11,200 | | Basic EPS | $0.35 | $(0.25) | | Diluted EPS | $0.34 | $(0.25) | - **317 thousand** weighted-average equity awards were excluded from diluted EPS calculations for the three months ended September 29, 2023, as they were anti-dilutive[26](index=26&type=chunk) [Note 3. Revenue Recognition](index=10&type=section&id=Note%203.%20Revenue%20Recognition) Contract Balances (in thousands) | Contract Balances (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :------------------------------- | :----------- | :----------- | | Contract assets | $60,975 | $58,588 | | Capitalized commissions | $3,070 | $3,492 | | Advance payments and unearned revenue | $46,050 | $44,268 | | Unearned revenue, long-term | $7,627 | $7,416 | - As of September 29, 2023, the transaction price allocated to unsatisfied performance obligations was approximately **$152.4 million**[31](index=31&type=chunk) - Approximately **$7.4 million** of revenue was recognized during the quarter from advance payments and unearned revenue at June 30, 2023[30](index=30&type=chunk) [Note 4. Leases](index=11&type=section&id=Note%204.%20Leases) Lease Costs (in thousands) | Lease Costs (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :------------------------- | :------------------------------ | :------------------------------ | | Operating lease costs | $221 | $312 | | Short-term lease costs | $414 | $551 | | Variable lease costs | $12 | $35 | | Total lease costs | $647 | $898 | Future Minimum Lease Payments (in thousands) | Future Minimum Lease Payments (in thousands) | Amount | | :------------------------------------------- | :----- | | Remainder of fiscal 2024 | $724 | | 2025 | $757 | | 2026 | $632 | | 2027 | $312 | | 2028 | $319 | | Thereafter | $1,235 | | Total lease payments | $3,979 | | Less: interest | $(820) | | Present value of lease liabilities | $3,159 | - As of September 29, 2023, the weighted average remaining lease term was **5.7 years** and the weighted average discount rate was **5.5%**[32](index=32&type=chunk) [Note 5. Balance Sheet Components](index=11&type=section&id=Note%205.%20Balance%20Sheet%20Components) Cash, Cash equivalents, and Restricted cash (in thousands) | Cash, Cash equivalents, and Restricted cash (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :------------------------------------------------------- | :----------- | :----------- | | Cash and cash equivalents | $35,465 | $22,242 | | Restricted cash included in other assets | $276 | $279 | | Total cash, cash equivalents, and restricted cash | $35,741 | $22,521 | Inventories (in thousands) | Inventories (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :------------------------- | :----------- | :----------- | | Finished products | $17,104 | $18,502 | | Raw materials and supplies | $11,771 | $12,794 | | Customer service inventories | $1,784 | $1,761 | | Total inventories | $30,659 | $33,057 | Inventory Charges (in thousands) | Inventory Charges (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :------------------------------- | :------------------------------ | :------------------------------ | | Excess and obsolete inventory | $294 | $170 | | Customer service inventory write-downs | $253 | $235 | | Total inventory charges | $547 | $405 | Property, Plant and Equipment, net (in thousands) | Property, Plant and Equipment, net (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :------------------------------------------------ | :----------- | :----------- | | Total property, plant and equipment, gross | $70,185 | $70,238 | | Less: Accumulated depreciation | $(61,150) | $(60,786) | | Total property, plant and equipment, net | $9,035 | $9,452 | Accrued Expenses (in thousands) | Accrued Expenses (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :------------------------------ | :----------- | :----------- | | Compensation and benefits | $7,256 | $10,368 | | Taxes | $5,109 | $4,553 | | Warranties | $2,100 | $2,100 | | Commissions | $1,339 | $1,453 | | Professional fees | $944 | $2,104 | | Other | $3,813 | $3,864 | | Total accrued expenses | $20,561 | $24,442 | Warranty Liability (in thousands) | Warranty Liability (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Balance as of beginning of period | $2,100 | $2,913 | | Warranty provision recorded | $375 | $175 | | Consumption during the period | $(375) | $(388) | | Balance as of end of period | $2,100 | $2,755 | [Note 6. Fair Value Measurements of Assets and Liabilities](index=13&type=section&id=Note%206.%20Fair%20Value%20Measurements%20of%20Assets%20and%20Liabilities) Assets (in thousands) | Assets (in thousands) | Sep 29, 2023 Fair Value | Jun 30, 2023 Fair Value | Valuation Inputs | | :-------------------- | :---------------------- | :---------------------- | :--------------- | | Money market funds | $8,259 | $571 | Level 1 | | Bank certificates of deposit | $3,533 | $3,793 | Level 2 | - The company classifies fair value measurements into a three-level hierarchy based on the observability of inputs[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [Note 7. Credit Facility and Debt](index=14&type=section&id=Note%207.%20Credit%20Facility%20and%20Debt) - In May 2023, the company entered into a Secured Credit Facility Agreement providing a **$40.0 million** revolving credit facility and a **$50.0 million** term loan facility[50](index=50&type=chunk) - As of September 29, 2023, available credit was **$38.8 million** under the Revolver and **$50.0 million** under the Term Loan, with no outstanding borrowings[51](index=51&type=chunk) - The company was in compliance with all financial covenants as of September 29, 2023, including fixed charge coverage and leverage ratios[52](index=52&type=chunk)[53](index=53&type=chunk) [Note 8. Restructuring](index=15&type=section&id=Note%208.%20Restructuring) Restructuring (in thousands) | Restructuring (in thousands) | Fiscal 2024 Plans | Prior Years' Plans (Employee Severance and Benefits) | Total | | :--------------------------- | :---------------- | :--------------------------------------------------- | :---- | | Accrual balance, June 30, 2023 | $0 | $600 | $600 | | Charges, net | $333 | $348 | $681 | | Cash payments | $(221) | $(948) | $(1,169) | | Accrual balance, September 29, 2023 | $112 | $0 | $112 | - Fiscal 2024 restructuring plans primarily involve workforce reductions and are expected to be completed through the first half of fiscal 2024[55](index=55&type=chunk) [Note 9. Stockholders' Equity](index=15&type=section&id=Note%209.%20Stockholders'%20Equity) Share-based Compensation Expense (in thousands) | Share-based Compensation Expense (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :---------------------------------------------- | :------------------------------ | :------------------------------ | | Total share-based compensation expense | $1,834 | $1,838 | | By Type of Award: | | | | Options | $346 | $510 | | Restricted and performance stock awards and units | $1,488 | $1,328 | - The company has **$7.3 million** remaining available under its stock repurchase program as of September 29, 2023[57](index=57&type=chunk) - During the quarter, the company granted **63,889** restricted stock units, **63,889** performance share awards, and **145,250** stock options[60](index=60&type=chunk) [Note 10. Segment and Geographic Information](index=16&type=section&id=Note%2010.%20Segment%20and%20Geographic%20Information) Revenue by Region (in thousands) | Revenue by Region (in thousands) | Three Months Ended Sep 29, 2023 | Three Months Ended Sep 30, 2022 | | :------------------------------- | :------------------------------ | :------------------------------ | | North America | $55,508 | $48,848 | | Africa and the Middle East | $9,953 | $10,984 | | Europe | $5,252 | $4,500 | | Latin America and Asia Pacific | $16,853 | $16,919 | | Total revenue | $87,566 | $81,251 | - Aviat operates in one reportable business segment: the design, manufacturing, and sale of wireless networking products, solutions, and services[62](index=62&type=chunk) [Note 11. Income Taxes](index=16&type=section&id=Note%2011.%20Income%20Taxes) - The company's effective tax rate differs from the U.S federal statutory rate due to GILTI, state taxes, and varied foreign tax rates[64](index=64&type=chunk) - Tax expense for Q1 FY24 was primarily from U.S and profitable foreign subsidiaries, unlike Q1 FY23 which included deferred tax expense from the Redline acquisition[65](index=65&type=chunk) - Major tax jurisdictions with open audits include the U.S, Singapore, Ghana, Kenya, Nigeria, Saudi Arabia, and Tanzania[66](index=66&type=chunk) [Note 12. Acquisitions](index=17&type=section&id=Note%2012.%20Acquisitions) - Aviat Networks agreed to acquire NEC's wireless backhaul business for approximately **$70.0 million**, with the transaction expected to close in Q4 2023[68](index=68&type=chunk)[69](index=69&type=chunk) - In Q1 FY23, the company acquired Redline Communications Group Inc for **$20.4 million**[70](index=70&type=chunk) [Note 13. Commitments and Contingencies](index=18&type=section&id=Note%2013.%20Commitments%20and%20Contingencies) - As of September 29, 2023, the company had outstanding purchase obligations of **$34.1 million** and software license obligations of **$5.7 million**[72](index=72&type=chunk) - Commercial commitments outstanding totaled **$60.5 million** as of September 29, 2023, primarily consisting of bonds and letters of credit[74](index=74&type=chunk)[75](index=75&type=chunk) - The company believes no current legal claims are likely to have a material adverse effect on its financial position[77](index=77&type=chunk)[78](index=78&type=chunk) - An ongoing enforcement action by the Indian Department of Revenue has an immaterial amount accrued for estimated probable loss[80](index=80&type=chunk) [Note 14. Goodwill and Intangible Assets](index=19&type=section&id=Note%2014.%20Goodwill%20and%20Intangible%20Assets) Asset (in thousands) | Asset (in thousands) | Sep 29, 2023 | Jun 30, 2023 | | :------------------- | :----------- | :----------- | | Goodwill | $5,112 | $5,112 | | Total net intangible assets | $8,870 | $9,046 | Estimated Future Amortization Expense (in thousands) | Estimated Future Amortization Expense (in thousands) | | :--------------------------------------------------- | | Remainder of 2024 | $528 | | 2025 | $704 | | 2026 | $704 | | 2027 | $704 | | 2028 | $704 | | Thereafter | $5,526 | | Total | $8,870 | - No indicators of goodwill impairment were identified during the current period[82](index=82&type=chunk)[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides its perspective on the company's financial condition and operational results for the three months ended September 29, 2023 [Overview of Business; Operating Environment and Key Factors Impacting Fiscal 2024 and 2023 Results](index=21&type=section&id=Overview%20of%20Business%3B%20Operating%20Environment%20and%20Key%20Factors%20Impacting%20Fiscal%202024%20and%202023%20Results) - This section contains forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially[88](index=88&type=chunk) - Investors should refer to 'Item 1A Risk Factors' in the fiscal 2023 Annual Report on Form 10-K for more information[89](index=89&type=chunk) [Overview](index=21&type=section&id=Overview) - Aviat is a global supplier of microwave and access networking solutions, serving over 3,000 customers with a portfolio supported by over 500 patents[92](index=92&type=chunk) - The company competes based on total cost of ownership and microwave radio expertise, with manufacturing in Texas and Asia[92](index=92&type=chunk) [Acquisitions](index=22&type=section&id=Acquisitions) - Aviat Networks is acquiring NEC's wireless backhaul business for approximately **$70.0 million**, with closing expected in Q4 calendar year 2023[94](index=94&type=chunk)[95](index=95&type=chunk) - In Q1 FY23, the company acquired Redline Communications Group Inc for **$20.4 million**, enhancing its mission-critical data infrastructure offerings[96](index=96&type=chunk) [Operations Review](index=22&type=section&id=Operations%20Review) - Mobile backhaul for 5G and LTE deployments remains the primary addressable market for mobile operators and private networks[97](index=97&type=chunk) - Aviat differentiates itself through turnkey support services and an e-commerce platform for fast delivery[97](index=97&type=chunk) [Revenue](index=22&type=section&id=Revenue) Revenue by Region (in thousands, except percentages) | Revenue by Region (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :--------------------------------------------------- | :----------- | :----------- | :------- | :------- | | North America | $55,508 | $48,848 | $6,660 | 13.6 % | | Africa and the Middle East | $9,953 | $10,984 | $(1,031) | (9.4)% | | Europe | $5,252 | $4,500 | $752 | 16.7 % | | Latin America and Asia Pacific | $16,853 | $16,919 | $(66) | (0.4)% | | Total revenue | $87,566 | $81,251 | $6,315 | 7.8 % | Revenue by Type (in thousands, except percentages) | Revenue by Type (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :------------------------------------------------- | :----------- | :----------- | :------- | :------- | | Product sales | $59,545 | $55,101 | $4,444 | 8.1 % | | Services | $28,021 | $26,150 | $1,871 | 7.2 % | | Total revenue | $87,566 | $81,251 | $6,315 | 7.8 % | - North America revenue increased by **$6.7 million (13.6%)** due to strong private network and tier 1 demand[99](index=99&type=chunk) [Gross Margin](index=23&type=section&id=Gross%20Margin) Gross Margin (in thousands, except percentages) | Gross Margin (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :---------------------------------------------- | :----------- | :----------- | :------- | :------- | | Revenue | $87,566 | $81,251 | $6,315 | 7.8 % | | Cost of revenue | $55,714 | $51,797 | $3,917 | 7.6 % | | Gross margin | $31,852 | $29,454 | $2,398 | 8.1 % | | % of revenue | 36.4 % | 36.3 % | | | | Product margin % | 39.0 % | 36.0 % | | | | Service margin % | 30.8 % | 36.7 % | | | - Gross margin increased by **$2.4 million (8.1%)** primarily due to a higher proportion of sales to North American customers[102](index=102&type=chunk) [Research and Development](index=23&type=section&id=Research%20and%20Development) R&D Expenses (in thousands, except percentages) | R&D Expenses (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :---------------------------------------------- | :----------- | :----------- | :------- | :------- | | Research and development | $6,424 | $6,087 | $337 | 5.5 % | | % of revenue | 7.3 % | 7.5 % | | | - Research and development expenses increased by **$0.3 million (5.5%)** due to increased product development activities[103](index=103&type=chunk) [Selling and Administrative](index=23&type=section&id=Selling%20and%20Administrative) S&A Expenses (in thousands, except percentages) | S&A Expenses (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :---------------------------------------------- | :----------- | :----------- | :------- | :------- | | Selling and administrative | $19,237 | $17,504 | $1,733 | 9.9 % | | % of revenue | 22.0 % | 21.5 % | | | - Selling and administrative expenses increased by **$1.7 million (9.9%)** primarily due to variable compensation and M&A related expenses[104](index=104&type=chunk) [Restructuring](index=23&type=section&id=Restructuring) Restructuring Charges (in thousands, except percentages) | Restructuring Charges (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :------------------------------------------------------- | :----------- | :----------- | :------- | :------- | | Restructuring charges | $644 | $1,950 | $(1,306) | (67.0)% | - Restructuring charges decreased by **$1.3 million (67.0%)** as the prior year included non-recurring charges related to the Redline acquisition[106](index=106&type=chunk) [Other Expense, net](index=24&type=section&id=Other%20Expense%2C%20net) Other Expense, net (in thousands, except percentages) | Other Expense, net (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :---------------------------------------------------- | :----------- | :----------- | :------- | :------- | | Other expense, net | $901 | $2,782 | $(1,881) | (67.6)% | - Other expense, net decreased by **$1.9 million (67.6%)** primarily due to non-recurring losses on the sale of marketable securities in the prior year[107](index=107&type=chunk) [Income Taxes](index=24&type=section&id=Income%20Taxes) Income Taxes (in thousands, except percentages) | Income Taxes (in thousands, except percentages) | Sep 29, 2023 | Sep 30, 2022 | $ Change | % Change | | :---------------------------------------------- | :----------- | :----------- | :------- | :------- | | Income before income taxes | $4,646 | $1,131 | $3,515 | 310.8 % | | Provision for income taxes | $641 | $3,877 | $(3,236) | (83.5)% | - Tax expense for Q1 FY24 was mainly from U.S and profitable foreign subsidiaries, while Q1 FY23 included significant deferred tax expense[109](index=109&type=chunk) [Liquidity, Capital Resources, and Financial Strategies](index=24&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Financial%20Strategies) - As of September 29, 2023, total cash and cash equivalents were **$35.5 million**[110](index=110&type=chunk) - Net cash provided by operating activities was **$14.0 million** for Q1 FY24, a **$20.3 million** increase from the prior year[111](index=111&type=chunk) - The company believes existing cash and available credit will be sufficient to meet requirements for at least the next 12 months[114](index=114&type=chunk)[115](index=115&type=chunk) [Critical Accounting Estimates](index=25&type=section&id=Critical%20Accounting%20Estimates) - For information on critical accounting estimates, refer to the 'Critical Accounting Estimates' section in the company's fiscal 2023 Annual Report[117](index=117&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to foreign currency exchange and interest rate risks and its strategies for managing them [Exchange Rate Risk](index=25&type=section&id=Exchange%20Rate%20Risk) - The company uses derivative instruments to reduce volatility from foreign currency exchange rate changes but had no such contracts outstanding[119](index=119&type=chunk)[120](index=120&type=chunk) - The cumulative translation adjustment decreased stockholders' equity by **$16.0 million** as of September 29, 2023[121](index=121&type=chunk) [Interest Rate Risk](index=26&type=section&id=Interest%20Rate%20Risk) - The company's exposure to interest rate risk relates to its cash equivalents and borrowings under its Credit Facility[122](index=122&type=chunk) - Cash equivalents of **$11.8 million** as of September 29, 2023, earn interest at an average yield of approximately **4.3%** per annum[123](index=123&type=chunk)[124](index=124&type=chunk) - Borrowings under the Credit Facility bear interest at variable rates based on Adjusted Term SOFR or the Base Rate plus an applicable margin[125](index=125&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluates the effectiveness of the company's disclosure controls and procedures and internal controls over financial reporting [Evaluation of Disclosure Controls and Procedures](index=26&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - As of September 29, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures are effective[126](index=126&type=chunk) [Changes in Internal Controls over Financial Reporting](index=26&type=section&id=Changes%20in%20Internal%20Controls%20over%20Financial%20Reporting) - There were no material changes to the company's internal controls over financial reporting during the quarter ended September 29, 2023[127](index=127&type=chunk) [Inherent Limitations on Effectiveness of Controls](index=27&type=section&id=Inherent%20Limitations%20on%20Effectiveness%20of%20Controls) - Management acknowledges that control systems provide reasonable, not absolute, assurance and may not prevent or detect all errors and fraud[128](index=128&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 of the financial statements for details on legal proceedings and contingent liabilities - For a discussion of legal proceedings and contingent liabilities, refer to 'Note 13 Commitments and Contingencies'[130](index=130&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the company's fiscal 2023 Annual Report for a comprehensive review of risk factors - Investors should carefully review the risk factors detailed in Item 1A of the fiscal 2023 Annual Report on Form 10-K[131](index=131&type=chunk) - No material changes to the previously disclosed risk factors were identified during the first three months of fiscal 2024[131](index=131&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports that no shares were repurchased under the company's stock repurchase program during the first quarter of fiscal 2024 - A stock repurchase program has **$7.3 million** remaining available for repurchases[132](index=132&type=chunk) - No shares of common stock were repurchased under the program during the first quarter of fiscal 2024[132](index=132&type=chunk) [Item 3. Defaults upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) This item is not applicable to the company for the reporting period - This item is not applicable[132](index=132&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company for the reporting period - This item is not applicable[132](index=132&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report under this item - No other information is reported under this item[132](index=132&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and executive officer certifications - Exhibits include corporate governance documents, CEO and CFO certifications, and XBRL interactive data files[134](index=134&type=chunk) [SIGNATURES](index=30&type=section&id=Signatures) - The report was duly signed on behalf of Aviat Networks, Inc by David M Gray, Senior Vice President and Chief Financial Officer, on November 1, 2023[136](index=136&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33278 ______________________________ AVIAT NETWORKS, INC. (Exact name of registrant as specified in its charter) _________________________ ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q4 2023 Earnings Conference Call August 23, 2023 5:00 PM ET Company Participants Andrew Fredrickson - Director-Investor Relations Peter Smith - Chief Executive Officer David Gray - Chief Financial Officer Conference Call Participants Scott Searle - ROTH Capital Partners Erik Suppiger - JMP Securities Jaeson Schmidt - Lake Street Capital Markets Theodore O'Neill - Litchfield Hills Research Tim Savageaux - Northland Capital Markets Dave Kang - B. Riley Operator Good afternoo ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q3 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Andrew Fredrickson – Director-Investor Relations Pete Smith – Chief Executive Officer David Gray – Chief Financial Officer Conference Call Participants Scott Searle – ROTH MKM Erik Suppiger – JMP Tim Savageaux – Northland Capital Markets Dave Kang – B. Riley Theodore O'Neill – Litchfield Hills Research Paul Essi – William K. Woodruff Erik Suppiger – JMP Aaron Martin – AIGH Capital Management Opera ...

Aviat Networks (NASDAQ: AVNW) Forward-Looking Statements The information contained in this presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act, including expectations regarding our results for the fiscal 2023 third quarter and nine months period. All statements, trend analyses and other information contained herein about the markets for the services and pr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 __________________________ For the quarterly period ended March 31, 2023 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 ...

Aviat Networks (NASDAQ: AVNW) Fiscal Q2 2023 JMP Securities Technology Conference Forward-Looking Statements The information contained in this presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act, including expectations regarding our results for the fiscal 2023 second quarter and six months period. All statements, trend analyses and other information contai ...