Aviat Networks Announces Second Quarter of Fiscal 2018 Financial Results

Feb 8, 2018

MILPITAS, Calif., Feb. 8, 2018 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks" or "the Company"), the leading expert in microwave networking solutions, today reported financial results for its fiscal 2018 second quarter ended December 29, 2017.

Aviat Networks, Inc. Logo

Commenting on the Company's fiscal 2018 second quarter results, Michael Pangia, President and Chief Executive Officer of Aviat Networks stated, "I'm very pleased with our results this quarter, as we exceeded our gross margin, adjusted EBITDA and cash generation targets. Our success was primarily driven by continued strength in our private networks business and in North America, which also led to a significant sequential improvement in bookings. Our balance sheet continues to strengthen, as evidenced by strong performance in cash from operations and increases in our cash position. With our year-to-date results and our expectations in the second half of the year, we remain on track to meet both our top- and bottom-line guidance."

Fiscal 2018 Second Quarter Results Comparisons

The Company reported total revenues of $61.7 million for its fiscal 2018 second quarter as compared to $68.5 million in the comparable fiscal 2017 period, a decline of $6.8 million or 9.9%. The year-over-year decline in revenue is primarily related to a decline in international revenue offset in part by an increase in North America revenue. On a sequential basis, total revenues increased $5.5 million or 9.9%, as compared to the prior fiscal 2018 first quarter.

GAAP gross margins for the fiscal 2018 second quarter were 35.5% as compared to 30.8% in the fiscal 2017 second quarter, an improvement of approximately 470 basis points. Non-GAAP gross margins for the fiscal 2018 second quarter were 35.3% as compared to 31.3% in the fiscal 2017 second quarter, an increase of 400 basis points. Both GAAP and Non-GAAP gross margin percentage improvements were primarily driven by improved product and service margins and increased share of business in North America.

GAAP total operating expenses for the fiscal 2018 second quarter were $19.0 million as compared to $18.6 million reported in the fiscal 2017 second quarter, an increase of $0.4 million or 2.1%. Non-GAAP total operating expenses for the fiscal 2018 second quarter, excluding the impact of share-based compensation and strategic alternative costs, were $18.2 million as compared to $18.1 million reported in the fiscal 2017 second quarter, an increase of $0.1 million or 0.8%. The increases in both GAAP and Non-GAAP operating expenses are related to a one-time bad debt recovery in fiscal 2017 that did not repeat in the fiscal 2018 second quarter.

GAAP operating income was $2.9 million for the fiscal 2018 second quarter as compared to $2.5 million for the comparable fiscal 2017 period. Non-GAAP operating income was $3.5 million for the fiscal 2018 second quarter as compared to $3.4 million for the comparable fiscal 2017 period. The Company reported a GAAP net income from continuing operations of $5.1 million, or an income of $0.90 per diluted share and Non-GAAP income from continuing operations of $3.0 million, or income of $0.53 per diluted share. This compares to a GAAP income from continuing operations of $1.7 million, or an income of $0.31 per diluted share for the comparable year-ago period, and a Non-GAAP income from continuing operations attributable to Aviat Networks of $3.1 million or an income of $0.57 per diluted share for the comparable fiscal 2017 period.

Adjusted EBITDA for the fiscal 2018 second quarter was $4.6 million, compared to an Adjusted EBITDA of $4.8 million in the comparable fiscal 2017 period.

Cash, cash equivalents and restricted cash were $42.1 million as of December 29, 2017 as compared to $36.2 million as of June 30, 2017, an improvement of $5.9 million.

A reconciliation of GAAP to Non-GAAP financial measures for the second quarter of fiscal 2018 along with the accompanying notes is provided in Table 3 below.

Fiscal 2018 Third Quarter Outlook

The Company anticipates revenue to be in the range of $62.0 to $65.0 million. Non-GAAP gross margins are anticipated to be in the range of 30.0% and 32.0% based on geographic mix and the anticipated split between products and services. Non-GAAP operating expenses are expected to be between $18.3 and $18.7 million, in line with the Company's prior outlook, with the range dependent upon the top-line. This would result in positive operating income and positive Adjusted EBITDA for the third quarter of fiscal 2018.

Fiscal 2018 Full Year Outlook

The Company today reaffirmed its previously announced fiscal 2018 full year outlook. The Company still anticipates fiscal 2018 revenue to be in the range of $245.0 to $255.0 million, with Non-GAAP gross margins between 31.5% to 32.5% and Non-GAAP operating expenses to be in the range of $72.0 million to $75.0 million. The Company anticipates it will meet its bottom-line objectives and generate Non-GAAP operating income of approximately $5.0 million to $7.0 million and Adjusted EBITDA of approximately $11.0 million to $13.0 million in fiscal 2018.

Conference Call Details

Aviat Networks will host a conference call at 4:30 p.m. Eastern Time (ET) on February 8, 2018 to discuss its financial results for the fiscal 2018 second quarter. To listen to the live conference call, please dial toll free (US/CAN) (866) 562-9910, (INTL) (661) 378-9805, conference ID: 1898977. Investors are invited to listen via webcast, which will be broadcasted live and via replay approximately two hours after the call at http://investors.aviatnetworks.com/events.cfm.

Non-GAAP Measures and Comparative Financial Information

Aviat Networks, Inc. reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Management of Aviat Networks monitors gross margin, research and development expenses, selling and administrative expenses, operating income (loss), income tax provision (benefit), income from continuing operations attributable to Aviat Networks, diluted net income per share from continuing operations attributable to Aviat Networks, adjusted income before interest, tax, depreciation and amortization ("Adjusted EBITDA") attributable to Aviat Networks adjusted to exclude certain costs, charges, gains and losses, on a non-GAAP basis for planning and forecasting results in future periods, and may use these measures for some management compensation purposes. These measures exclude certain costs, expenses, gains and losses as shown on the attached Reconciliation of Non-GAAP Financial Measures table (Table 3). As a result, management is presenting these non-GAAP measures in addition to results reported in accordance with GAAP to better communicate underlying operational and financial performance in each period. Management believes these non-GAAP measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any given period. Management also believes that these non-GAAP measures enhance the ability of an investor to analyze trends in Aviat Networks' business and to better understand its performance. Aviat Networks' management does not, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Aviat Networks presents these non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate its financial performance. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are included in the tables below.

About Aviat Networks

Aviat Networks, Inc. works to provide dependable products, services and support to our customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat Networks with their critical applications. Coupled with a long history of microwave innovations, Aviat Networks provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 50 years, the experts at Aviat Networks have delivered high performance products, simplified operations and the best overall customer experience. Aviat Networks is headquartered in Milpitas, California. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and LinkedIn.

Forward-Looking Statements

The information contained in this document includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 including Aviat Networks' beliefs and expectations regarding business conditions, new product solutions, customer positioning, revenue, future orders, bookings, new contracts, cost structure, operating income, profitability in fiscal 2018, process improvements, realignment plans and review of strategic alternatives. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat Networks and trends in revenue, and other statements identified by the use of forward-looking terminology, including "anticipate," "believe," "plan," "estimate," "expect," "goal," "will," "see," "continue," "delivering," "view," and "intend," or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat Networks regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:

  • continued price and margin erosion as a result of increased competition in the microwave transmission industry;
  • the impact of the volume, timing and customer, product and geographic mix of our product orders;
  • our ability to meet financial covenant requirements which could impact, among other things, our liquidity;
  • the timing of our receipt of payment for products or services from our customers;
  • our ability to meet projected new product development dates or anticipated cost reductions of new products;
  • our suppliers' inability to perform and deliver on time as a result of their financial condition, component shortages, or other supply chain constraints;
  • customer acceptance of new products;
  • the ability of our subcontractors to timely perform;
  • continued weakness in the global economy affecting customer spending;
  • retention of our key personnel;
  • our ability to manage and maintain key customer relationships;
  • uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation;
  • our failure to protect our intellectual property rights or defend against intellectual property infringement claims by others;
  • the results of restructuring efforts;
  • the ability to preserve and use our net operating loss carryforwards;
  • the effects of currency and interest rate risks;
  • the conduct of unethical business practices in developing countries; and
  • the impact of political turmoil in countries where we have significant business.

For more information regarding the risks and uncertainties for our business, see "Risk Factors" in our Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on September 6, 2017 as well as other reports filed by Aviat Networks, Inc. with the SEC from time to time. Aviat Networks undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:

Glenn Wiener, GW Communications for Aviat Networks, Inc.

Tel: 212-786-6011 / Investorinfo@aviatnet.com or GWiener@GWCco.com

Financial Tables to Follow:

 

 

Table 1
AVIAT NETWORKS, INC.
Fiscal Year 2018 Second Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

       
 

Three Months Ended

 

Six Months Ended

(In thousands, except per share amounts)

December 29,
 2017

 

December 30,
 2016

 

December 29,
 2017

 

December 30,
 2016

Revenues:

             

Revenue from product sales

$

37,719

   

$

45,958

   

$

72,786

   

$

80,682

 

Revenue from services

24,004

   

22,578

   

45,119

   

46,061

 

Total revenues

61,723

   

68,536

   

117,905

   

126,743

 

Cost of revenues:

             

Cost of product sales

23,784

   

31,003

   

47,447

   

55,863

 

Cost of services

16,049

   

16,417

   

31,272

   

32,399

 

Total cost of revenues

39,833

   

47,420

   

78,719

   

88,262

 

Gross margin

21,890

   

21,116

   

39,186

   

38,481

 

Operating expenses:

             

Research and development expenses

5,144

   

4,475

   

9,942

   

9,418

 

Selling and administrative expenses

14,104

   

14,056

   

27,826

   

29,243

 

Restructuring (recovery) charges

(252)

   

72

   

(250)

   

232

 

Total operating expenses

18,996

   

18,603

   

37,518

   

38,893

 

Operating income (loss)

2,894

   

2,513

   

1,668

   

(412)

 

Interest income

42

   

72

   

100

   

126

 

Interest expense

(13)

   

(3)

   

(19)

   

(21)

 

Other (expense) income

(136)

   

5

   

(166)

   

(177)

 

Income (loss) before income taxes

2,787

   

2,587

   

1,583

   

(484)

 

(Benefit from) provision for income taxes

(2,564)

   

865

   

(3,203)

   

(1,605)

 

Net income

5,351

   

1,722

   

4,786

   

1,121

 

Less: Net income attributable to noncontrolling interests, net of tax

280

   

44

   

372

   

72

 

Net income attributable to Aviat Networks' common stockholders

$

5,071

   

$

1,678

   

$

4,414

   

$

1,049

 
               

Net income per share of common stock outstanding:

             

Basic

$

0.95

   

$

0.32

   

$

0.83

   

$

0.20

 

Diluted

$

0.90

   

$

0.31

   

$

0.79

   

$

0.20

 

Weighted average shares outstanding:

             

Basic

5,329

   

5,284

   

5,323

   

5,273

 

Diluted

5,624

   

5,400

   

5,616

   

5,328

 
 

 

 

Table 2
AVIAT NETWORKS, INC.
Fiscal Year 2018 Second Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

       

(In thousands)

December 29,
 2017

 

June 30,
 2017

ASSETS

     

Current Assets:

     

Cash and cash equivalents

$

40,352

   

$

35,658

 

Restricted cash

1,772

   

541

 

Short-term investments

276

   

264

 

Accounts receivable, net

43,098

   

45,945

 

Unbilled receivables

9,487

   

12,110

 

Inventories

24,556

   

21,794

 

Customer service inventories

1,637

   

1,871

 

Other current assets

7,065

   

6,402

 

Total current assets

128,243

   

124,585

 

Property, plant and equipment, net

16,931

   

16,406

 

Deferred income taxes

5,705

   

6,178

 

Other assets

9,331

   

5,407

 

Total long-term assets

31,967

   

27,991

 

TOTAL ASSETS

$

160,210

   

$

152,576

 

LIABILITIES AND EQUITY

     

Current Liabilities:

     

Short-term debt

$

9,000

   

$

9,000

 

Accounts payable

33,098

   

33,606

 

Accrued expenses

19,842

   

21,933

 

Advanced payments and unearned income

25,273

   

20,004

 

Restructuring liabilities

308

   

1,475

 

Total current liabilities

87,521

   

86,018

 

Unearned income

6,509

   

7,062

 

Other long-term liabilities

1,052

   

1,022

 

Reserve for uncertain tax positions

2,473

   

2,453

 

Deferred income taxes

1,743

   

1,681

 

Total liabilities

99,298

   

98,236

 

Equity:

     

Preferred stock

   

 

Common stock

53

   

53

 

Additional paid-in-capital

814,898

   

813,733

 

Accumulated deficit

(743,790)

   

(748,204)

 

Accumulated other comprehensive loss

(11,164)

   

(11,785)

 

Total Aviat Networks stockholders' equity

59,997

   

53,797

 

Noncontrolling interests

915

   

543

 

Total equity

60,912

   

54,340

 

TOTAL LIABILITIES AND EQUITY

$

160,210

   

$

152,576

 
 

 

 

AVIAT NETWORKS, INC.

Fiscal Year 2018 Second Quarter Summary 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating income (loss), provision for or benefit from income taxes, income from continuing operations attributable to Aviat Networks, diluted net income per share from continuing operations attributable to Aviat Networks, and adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") attributable to Aviat Networks, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.

 

 

Table 3
AVIAT NETWORKS, INC.
Fiscal Year 2018 Second Quarter Summary
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(1)
Condensed Consolidated Statements of Operations
(Unaudited)

       
 

Three Months Ended

 

Six Months Ended

 

December
29, 2017

 

% of
Revenue

 

December
30, 2016

 

% of
Revenue

 

December
29, 2017

 

% of
Revenue

 

December
30, 2016

 

% of
Revenue

 

(In thousands, except percentages and per share amounts)

GAAP gross margin

$

21,890

 

35.5

%

 

$

21,116

 

30.8

%

 

$

39,186

 

33.2

%

 

$

38,481

 

30.4

%

WTM inventory write-down recovery

(181)

     

(83)

     

(190)

     

(83)

   

Performance bond expense

     

365

     

     

365

   

Share-based compensation

55

     

62

     

99

     

102

   

Non-GAAP gross margin

21,764

 

35.3

%

 

21,460

 

31.3

%

 

39,095

 

33.2

%

 

38,865

 

30.7

%

                               

GAAP research and development expenses

$

5,144

 

8.3

%

 

$

4,475

 

6.5

%

 

$

9,942

 

8.4

%

 

$

9,418

 

7.4

%

Share-based compensation

(39)

     

(38)

     

(78)

     

(62)

   

Non-GAAP research and development expenses

5,105

 

8.3

%

 

4,437

 

6.5

%

 

9,864

 

8.4

%

 

9,356

 

7.4

%

                               

GAAP selling and administrative expenses

$

14,104

 

22.9

%

 

$

14,056

 

20.5

%

 

$

27,826

 

23.6

%

 

$

29,243

 

23.1

%

Share-based compensation

(486)

     

(388)

     

(977)

     

(782)

   

Strategic alternative costs

(483)

     

     

(877)

     

   

Non-GAAP selling and administrative expenses

13,135

 

21.3

%

 

13,668

 

19.9

%

 

25,972

 

22.0

%

 

28,461

 

22.5

%

                               

GAAP operating income (loss)

$

2,894

 

4.7

%

 

$

2,513

 

3.7

%

 

$

1,668

 

1.4

%

 

$

(412)

 

(0.3)

%

WTM inventory write-down recovery

(181)

     

(83)

     

(190)

     

(83)

   

Performance bond expense

     

365

     

     

365

   

Share-based compensation

580

     

488

     

1,154

     

946

   

Strategic alternative costs

483

     

     

877

     

   

Restructuring (recovery) charges

(252)

     

72

     

(250)

     

232

   

Non-GAAP operating income

3,524

 

5.7

%

 

3,355

 

4.9

%

 

3,259

 

2.8

%

 

1,048

 

0.8

%

           

GAAP income tax (benefit) provision

$

(2,564)

 

(4.2)

%

 

$

865

 

1.3

%

 

$

(3,203)

 

(2.7)

%

 

$

(1,605)

 

(1.3)

%

Tax refund from Inland Revenue Authority of 
     Singapore

     

     

1,322

     

3,741

   

AMT credit related to valuation allowance release

3,303

     

     

3,303

     

   

Adjustment to reflect pro forma tax rate

(439)

     

(565)

     

(822)

     

(1,536)

   

Non-GAAP income tax provision

300

 

0.5

%

 

300

 

0.4

%

 

600

 

0.5

%

 

600

 

0.5

%

                               

GAAP income from continuing operations 
     attributable to Aviat Networks

$

5,071

 

8.2

%

 

$

1,678

 

2.4

%

 

$

4,414

 

3.7

%

 

$

1,049

 

0.8

%

Share-based compensation

580

     

488

     

1,154

     

946

   

Strategic alternative costs

483

     

     

877

     

   

Restructuring (recovery) charges

(252)

     

72

     

(250)

     

232

   

Nigeria FX loss (income) on dividend receivable

136

     

(2)

     

137

     

208

   

WTM inventory write-down recovery

(181)

     

(83)

     

(190)

     

(83)

   

Performance bond expense

     

365

     

     

365

   

Tax refund from Inland Revenue Authority of 
     Singapore

     

     

(1,322)

     

(3,741)

   

AMT credit related to valuation allowance release

(3,303)

     

     

(3,303)

     

   

Adjustment to reflect pro forma tax rate

439

     

565

     

822

     

1,536

   

Non-GAAP income from continuing operations 
     attributable to Aviat Networks

$

2,973

 

4.8

%

 

$

3,083

 

4.5

%

 

$

2,339

 

2.0

%

 

$

512

 

0.4

%

                             

Diluted income per share of common stock

GAAP

$

0.90

     

$

0.31

     

$

0.79

     

$

0.20

   

Non-GAAP

$

0.53

     

$

0.57

     

$

0.42

     

$

0.10

   
                               

Shares used in computing diluted income per share of common stock

GAAP

5,624

     

5,400

     

5,616

     

5,328

   

Non-GAAP

5,624

     

5,400

     

5,616

     

5,328

   
                               

ADJUSTED EBITDA:

                             

GAAP income from continuing operations 
     attributable to Aviat Networks

$

5,071

 

8.2

%

 

$

1,678

 

2.4

%

 

$

4,414

 

3.7

%

 

$

1,049

 

0.8

%

Depreciation and amortization of property, plant and 
     equipment

1,308

     

1,466

     

2,590

     

3,136

   

Interest

(29)

     

(69)

     

(81)

     

(105)

   

Share-based compensation

580

     

488

     

1,154

     

946

   

Strategic alternative costs

483

     

     

877

     

   

Restructuring (recovery) charges

(252)

     

72

     

(250)

     

232

   

Nigeria FX loss (income) on dividend receivable

136

     

(2)

     

137

     

208

   

WTM inventory write-down recovery

(181)

     

(83)

     

(190)

     

(83)

   

Performance bond expense

     

365

     

     

365

   

(Benefit) provision for income taxes

(2,564)

     

865

     

(3,203)

     

(1,605)

   

Adjusted EBITDA attributable to Aviat Networks

$

4,552

 

7.4

%

 

$

4,780

 

7.0

%

 

$

5,448

 

4.6

%

 

$

4,143

 

3.3

%

 
 

(1)

The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP income from continuing operations attributable to Aviat Networks excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from the GAAP income from continuing operations attributable to Aviat Networks. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.

 

 

Table 4
AVIAT NETWORKS, INC.
Fiscal Year 2018 Second Quarter Summary
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)

 

Three Months Ended

 

Six Months Ended

 

December 29,
 2017

 

December 30,
 2016

 

December 29,
 2017

 

December 30,
 2016

 

(In thousands)

North America

$

36,985

   

$

39,353

   

$

67,987

   

$

67,937

 

International:

             

Africa and Middle East

12,682

   

16,770

   

26,144

   

31,119

 

Europe and Russia

3,814

   

2,810

   

8,260

   

7,317

 

Latin America and Asia Pacific

8,242

   

9,603

   

15,514

   

20,370

 
 

24,738

   

29,183

   

$

49,918

   

$

58,806

 

Total Revenue

$

61,723

   

$

68,536

   

$

117,905

   

$

126,743

 

 

 

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/aviat-networks-announces-second-quarter-of-fiscal-2018-financial-results-300596139.html

SOURCE Aviat Networks, Inc.

 

 

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