5 unchanged sentences
to Aviat Networks, Inc.
−Removed: Our principal executive offices are located at 200 Parker Dr., Suite C100A, Austin, Texas 78728, and our telephone number is (408) 941-7100.
−Removed: Our common stock is listed on the NASDAQ Global Select Market under the symbol AVNW.
−Removed: As of June 30, 2023, we had 704 employees.
+Added: Aviat’s principal executive offices are located at 200 Parker Dr., Suite C100A, Austin, Texas 78728, and its telephone number is (408) 941-7100.
+Added: Aviat’s common stock is listed on the NASDAQ Global Select Market under the symbol AVNW.
+Added: As of June 28, 2024, the Company had 913 employees.
Overview and Description of the Business
19 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Note 10.
−Removed: Segment and Geographic Information” of the accompanying consolidated financial statements in this Annual Report on Form 10-K.
+Added: Segment and Geographic Information” of the accompanying consolidated financial statements and notes in this Annual Report on Form 10-K.
Market Overview
73 unchanged sentences
These solutions utilize a wide range of transmission frequencies, ranging from 450 MHz to 90 GHz, and can deliver a wide range of transmission capacities, ranging up to 20 Gigabits per second (Gbps).
−Removed: The major product families included in these solutions are CTR 8000, WTM 4000, RDL 3000, FDL 6000, IRU 600 UHP and AviatCloud.
+Added: The major product families included in these solutions are CTR 8000, WTM 4000, RDL 3000, RDL 6000, IRU 600, Pasolink, ProVision Plus and AviatCloud.
Our CTR 8000 platform is a range of routers purpose-built for transport applications, especially those that require high level of reliability and security.
3 unchanged sentences
WTM4100 & 4200 providing single and dual frequency microwave links with advanced XPIC and MIMO capabilities;
−Removed: WTM4500 for multi-channel aggregation of microwave channels in long distance applications;
−Removed: WTM4800 is the latest addition to address 5G network requirements and is capable of operating in the 80GHz E Band at up to 20Gbps capacity, with a unique Multi-Band capability which simultaneously uses microwave and E Band frequencies for maximum capacity, distance and reliability.
+Added: STR4500 for multi-channel aggregation of microwave channels in long distance applications;
+Added: WTM4800 is the latest addition to address 5G network requirements and is capable of operating in the 80GHz E-Band at up to 20 Gbps capacity, with a unique single-box Multi-Band capability which simultaneously uses microwave and E-Band frequencies for maximum capacity, distance and reliability.
WTM 4800 is the only single box multi-band solution for lowest total cost of ownership deployments.
+Added: Aviat has now introduced a new 2-box extended distance Multi-Band (MB-XD) to extend 10 Gbps links over distances up to 20km, and Multi-Band Vendor Agnostic (MB-VA) that enables a seamless 10 Gbps E-Band overlay to existing legacy microwave links.
Our RDL 3000 platform is designed to support ruggedized fixed and nomadic wireless access in remote and industrial applications.
RDL 6000 is a highly differentiated Private-LTE solution that provides the equivalent coverage of a macro-base station, but in a compact and cost-effective all-outdoor design.
−Removed: Our IRU 600 UHP is an ultra-high power indoor microwave radio that enables relocation of mission critical links from the 6 GHz band to the 11 GHz band to minimize potential interference and deliver longer links and more capacity.
−Removed: To address the issues of operational complexity in our customers’ networks, AviatCloud is a platform with secure hosted software and services to automate networks and their operations.
+Added: Our IRU 600 EHP/UHP is an ultra-high power indoor microwave radio that enables relocation of mission critical links from the 6 GHz band to the 11 GHz band to minimize potential interference and deliver longer links with more capacity, while also minimizing tower related costs.
+Added: Aviat Pasolink is a market-leading range of split-mount and all-outdoor microwave and millimeter-wave solutions with an extensive global installed base.
+Added: Aviat’s ProVision Plus Management Software Suite enables operators to manage and control their network, optimize performance and lower operating expenses To address the issues of operational complexity in our customers’ networks, AviatCloud is a platform with secure hosted software and services to automate networks and their operations.
• Low total cost of ownership.
1 unchanged sentence
Our latest generation system designs reduce rack space requirements, require less power, are software-configurable to reduce spare parts requirements, and are simple to install, operate, upgrade and maintain.
−Removed: Our advanced wireless features also enable operators to save on related costs, including spectrum fees and tower rental fees.
+Added: Our advanced wireless features such as Multi-Band, high modulation and ultra-high power performance also enable operators to save on related costs, including spectrum fees and tower rental fees.
• Futureproof network .
6 unchanged sentences
• Comprehensive network management.
−Removed: We offer a range of flexible network management solutions, from element management to enterprise-wide network management and service assurance that we can optimize to work with our wireless systems.
+Added: We offer a range of flexible network management solutions, from element management to enterprise-wide network and service management software, which together with our Frequency and Health Assurance expert software modules enable operators to improve network performance and lower costs.
• Complete professional services.
7 unchanged sentences
Our highest concentrations of sales and service resources are in the United States, Western and Southern Africa, the Philippines, and the European Union.
−Removed: We maintain a presence in a number of other countries, some of which are based in customer locations and include, but not limited to, Canada, Mexico, Kenya, India, Saudi Arabia, Australia, New Zealand, and Singapore.
+Added: We maintain a presence in a number of other countries, some of which are based in customer locations and include, but not limited to, Canada, Mexico, Kenya, India, Saudi Arabia, Indonesia, Australia, New Zealand, and Singapore.
In addition to our direct channel to market, we have relationships with original equipment manufacturers (“OEMs”) and system integrators especially focused towards large and complex projects in national security and government-related applications.
7 unchanged sentences
We provide online design tools for radio link planning and online ordering tools, which we fulfill directly from our Aviat Store with multiple options of product available for next day shipment.
−Removed: Shipments from Aviat Store commenced in late 2018.
We have repair and service centers in the Philippines and the United States.
8 unchanged sentences
We have also been certified to the TL 9000 standard, a telecommunication industry-specific quality system standard.
−Removed: Our backlog was approximately $289 million at June 30, 2023 and $245 million at July 1, 2022, consisting primarily of contracts or purchase orders for both product and service deliveries and extended service warranties.
+Added: Our backlog was approximately $292 million at June 28, 2024 and $289 million at June 30, 2023, consisting primarily of contracts or purchase orders for both product and service deliveries and extended service warranties.
Services include management’s initial estimate of the value of a customer’s commitment under a services contract.
7 unchanged sentences
Although we have a large customer base, during any given fiscal year or quarter, a small number of customers may account for a significant portion of our revenue.
−Removed: During fiscal 2023 and 2021, no customers accounted for more than 10% of our total revenue.
−Removed: During fiscal 2022 one customer accounted for 13% of our total revenue.
+Added: During fiscal 2024 and 2023, no customers accounted for more than 10% of total revenue.
+Added: During fiscal 2022 one customer accounted for approximately 13% of total revenue.
The microwave and millimeter-wave wireless networking business is a competitive and specialized segment of the telecommunications industry that is sensitive to technological advancements.
−Removed: Our principal competitors include business units of large mobile and IP network infrastructure manufacturers such as Ericsson, Huawei and Nokia Corporation, as well as a number of smaller microwave specialist companies such as Ceragon Networks Ltd., SIAE Microelectronica S.p.A., Cambium Networks Corporation and Airspan Networks.
+Added: Our principal competitors include business units of large mobile and IP network infrastructure manufacturers such as Ericsson, Huawei and Nokia Corporation, as well as a number of smaller microwave specialist companies such as Ceragon Networks Ltd., Cambium Networks Corporation and Airspan Networks.
We also compete with fiber optic cable and low earth orbit satellites for networking connections.
5 unchanged sentences
We concentrate on market opportunities that we believe are compatible with our resources, overall technological capabilities and objectives.
−Removed: Principal competitive factors are unique differentiators, Total Cost of Ownership (“TCO”), product quality and reliability, technological capabilities, service, ability to meet delivery schedules and the effectiveness of dealers in international areas.
+Added: Principal competitive factors are unique differentiators, TCO, product quality and reliability, technological capabilities, service, ability to meet delivery schedules and the effectiveness of dealers in international areas.
We believe that the combination of our network and systems engineering support and service, global reach, technological innovation, agility and close collaborative relationships with our customers are the key competitive strengths for us.
15 unchanged sentences
Examples of sole or limited source categories include metal fabrications and castings, for which we own the tooling and therefore limit our supplier relationships, and ASIC’s and MMICs (types of integrated circuit used in manufacturing microwave radios), which we procure at volume discount from a single source.
−Removed: Our supply chain plan includes mitigation plans for alternative manufacturing sites which would also mitigate COVID-19 and other disruption risks.
−Removed: Although we have been affected by performance issues of some of our suppliers and subcontractors, we have not been materially adversely affected by the inability to obtain raw materials or products.
−Removed: In general, any performance issues causing short-term material shortages are within the normal frequency and impact range currently experienced by high-tech manufacturing companies and are due primarily to the highly technical nature of many of our purchased components.
Patents and Other Intellectual Property
15 unchanged sentences
In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained.
−Removed: Depending on decisions by the United States Congress, the United States federal courts, the USPTO, or similar authorities in foreign jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and the patents we might obtain or license in the future.
+Added: Depending on decisions by the United States Congress, the United States federal courts, the USPTO, or similar
+Added: authorities in foreign jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and the patents we might obtain or license in the future.
Our registered or unregistered trademarks or trade names may be challenged, circumvented, declared generic or determined to be infringing on other marks.
1 unchanged sentence
During trademark registration proceedings, we may receive rejections and, although we are given an opportunity to respond, we may be unable to overcome such rejections.
−Removed: In addition, in proceedings before the USPTO
−Removed: and in proceedings before comparable agencies in many foreign jurisdictions, trademarks are examined for registrability against prior pending and registered third-party trademarks, and third parties are given an opportunity to oppose registration of pending trademark applications and/or to seek cancellation of registered trademarks.
+Added: In addition, in proceedings before the USPTO and in proceedings before comparable agencies in many foreign jurisdictions, trademarks are examined for registrability against prior pending and registered third-party trademarks, and third parties are given an opportunity to oppose registration of pending trademark applications and/or to seek cancellation of registered trademarks.
Applications to register our trademarks may be finally rejected, and opposition or cancellation proceedings may be filed against our trademarks, which may necessitate a change in branding strategy if such rejections and proceedings cannot be overcome or resolved.
13 unchanged sentences
Environmental and Other Regulations
−Removed: Our facilities and operations, in common with those of our industry in general, are subject to numerous domestic and international laws and regulations designed to protect the environment, particularly with regard to wastes and emissions.
−Removed: We believe that we have complied with these requirements and that such compliance has not had a material adverse effect on our results of operations, financial condition or cash flows.
−Removed: Based upon currently available information, we do not expect expenditures to protect the environment and to comply with current environmental laws and regulations over the next several years to have a material impact on our competitive or financial position but can give no assurance that such expenditures will not exceed current expectations.
+Added: Our facilities and operations, in common with those of our industry in general, are subject to numerous domestic and international laws and regulations designed to protect the environment, increase transparency or modify corporate behavior, particularly with regard to wastes and emissions.
+Added: We believe that we have substantially complied with these requirements and that such compliance has not had a material adverse effect on our results of operations, financial condition or cash flows.
+Added: Based upon currently available information, we do not expect expenditures to protect the environment and to comply with current environmental laws and regulations over the next several years to have a material impact on our competitive or financial position but can give no assurance that such expenditures will not exceed current expectations, especially as such laws are evolving quickly and obligations on companies like ours may become more burdensome over time.
From time to time, we receive notices from the U.S.
−Removed: Environmental Protection Agency or equivalent state or international environmental agencies that we are a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act, which is commonly known as the Superfund Act, and equivalent laws.
+Added: Environmental Protection Agency or equivalent state or international environmental agencies that we are a potentially responsible party under the Comprehensive Environmental Response, Compensation and
+Added: Liability Act, which is commonly known as the Superfund Act, and equivalent laws.
Such notices may assert potential liability for cleanup costs at various sites, which include sites owned by us, sites we previously owned and treatment or disposal sites not owned by us, allegedly containing hazardous substances attributable to us from past operations.
1 unchanged sentence
Electronic products are subject to environmental regulation in a number of jurisdictions.
−Removed: Equipment produced by us is subject to domestic and international requirements requiring end-of-life management and/or restricting materials in
−Removed: products delivered to customers.
−Removed: We believe that we have complied with such rules and regulations, where applicable, with respect to our existing products sold into such jurisdictions.
−Removed: Radio communications are also subject to governmental regulation.
+Added: Equipment produced by us is subject to domestic and international requirements requiring end-of-life management and/or restricting materials in products delivered to customers.
+Added: We believe that we have substantially complied with such rules and regulations, where applicable, with respect to our existing products sold into such jurisdictions.
+Added: Radio communications are also subject to various governmental regulation.
Equipment produced by us is subject to domestic and international requirements to avoid interference among users of radio frequencies and to permit interconnection of telecommunications equipment.
−Removed: We believe that we have complied with such rules and regulations with respect to our existing products, and we intend to comply with such rules and regulations with respect to our future products.
+Added: We believe that we have substantially complied with such rules and regulations with respect to our existing products, and we intend to comply with such rules and regulations with respect to our future products.
Reallocation of the frequency spectrum could impact our business, financial condition and results of operations.
6 unchanged sentences
In general, we believe that our employee relations are good.
−Removed: We believe we offer a competitive compensation package, tailored to the job function and location of each employee.
+Added: In the highly competitive technology market, we have been able to attract and retain diverse, well-qualified talent across our functions.
+Added: Through our structured hiring process, we work to provide training for hiring managers in the selection process, detailed onboarding plans for new hires and surveys at regular intervals during the first months of employment to help measure engagement and support success.
+Added: From time to time, we conduct surveys of our existing employee population and to help identify action items at the functional level as well as establishing company-wide initiatives to continually improve our culture and processes.
+Added: We believe we offer a competitive compensation package, tailored to the job function and location of each employee and linked to internal and external benchmarking.
We have a global team, and we offer competitive compensation and benefits programs that meet the needs of our employees, while also reflecting local market practices.
4 unchanged sentences
Information about our Executive Officers
−Removed: The name, age, position held with us, and principal occupation and employment during at least the past 5 years for each of our executive officers as of August 30, 2023, are as follows:
+Added: The executive officers of Aviat as of October 4, 2024, are as follows:
Name and Age Position Currently Held and Past Business Experience
9 unchanged sentences
Smith also served on the board of Soleras Advanced Coatings from August 2015 to October 2018 and Adaptive 3D Technologies from December 2020 through its sale in May 2021.
−Removed: He has both a Bachelor of Science degree in Material (Ceramics) Engineering and PhD in Material Science and Engineering from Rutgers University, and holds a Master of Business Administration degree from Arizona State University.
−Removed: Gray, 54 As Chief Financial Officer (CFO), Mr.
−Removed: Gray is responsible for worldwide finance, treasury, accounting, reporting, compliance and taxation.
+Added: Smith has both a Bachelor of Science degree in Material (Ceramics) Engineering and PhD in Material Science and Engineering from Rutgers University, and holds a Master of Business Administration degree from Arizona State University.
+Added: As Chief Financial Officer (CFO), Mr.
+Added: Connaway is responsible for worldwide finance, treasury, accounting, reporting, compliance and taxation.
Prior to joining Aviat, Mr.
−Removed: Gray was Chief Financial Officer and Treasurer of Superior Essex, a $2.6 billion global manufacturer and distributor of communications and electrical equipment, and before that he served at Cooper Industries where he was CFO of an $800M revenue business focused on electrical, electronic and power management solutions.
−Removed: He also held a variety of executive finance and accounting positions at Newell Brands, Philips Electronics, and Autoliv.
−Removed: Gray holds a BS in Accounting from Penn State University, is a Certified Public Accountant (CPA) and Certified Management Accountant (CMA), and brings to Aviat significant CFO experience in complex multi-national businesses as well as a deep background in P&L leadership, cash flow management, and mergers and acquisitions.
−Removed: Tucker, 55 As Senior Vice President Americas, Mr.
−Removed: Tucker is responsible for sales and services in the Americas.
−Removed: Tucker joined the Company in 2005, and since, has served in a number of roles for Aviat Networks and its predecessor companies Harris Stratex Networks and Harris Microwave Communications Division (“MCD”).
−Removed: For example, as senior director for North America Operations, Mr.
−Removed: Tucker spearheaded major transitions in ERP systems, product lines and operational locations.
−Removed: He also led the company’s post-merger systems unification with Harris MCD in 2007.
−Removed: Before joining Aviat Networks, Mr.
−Removed: Tucker worked for Sony Corp.
−Removed: as director of Manufacturing Engineering and Maintenance for two production facilities.
−Removed: Tucker has more than 25 years of experience in engineering and manufacturing operations with high-tech companies.
−Removed: He has a bachelor’s degree in electrical engineering from the University of Florida, is Six Sigma Certified and has pursued postgraduate studies/research in semiconductor physics at Georgia Tech.
+Added: Connaway was Vice President and Chief Financial Officer of Honeywell’s Energy & Sustainability Solutions segment, and before that served in CFO capacities leading finance in its Safety & Productivity Solutions segment, and Advanced Materials business.
+Added: Connaway started his career with General Electric, beginning in its financial management program and corporate audit group, before progressing to executive finance leadership positions within its Healthcare business.
+Added: Before Honeywell, Mr.
+Added: Connaway served as Chief Financial Officer of ABB’s Industrial Solutions business, after it was acquired from GE Energy Connections.
+Added: Connaway was instrumental in integrating Industrial Solutions into ABB’s Electrification segment, driving post transaction synergies, fostering a culture of performance excellence, and instilling greater financial and operational rigor across all business processes.
+Added: Connaway holds a Bachelor of Science degree in Finance from Boston College.
Boase, 45 As General Counsel, Ms.
5 unchanged sentences
Earlier in her career she held legal positions of progressive responsibility with Dell’s Computer and Security business and Thomson Reuters.
−Removed: Erin holds a Juris Doctorate, Technology and Communications and graduated Cum Laude from Thomas Jefferson School of Law and a Bachelor of Arts from Midwestern State University.
+Added: Boase holds a Juris Doctorate, Technology and Communications and graduated Cum Laude from Thomas Jefferson School of Law and a Bachelor of Arts from Midwestern State University.
Croke, 52 As Vice President of Marketing, Mr.
3 unchanged sentences
Croke has over 25 years of leadership experience in the data and mobile communications sectors and he is highly skilled at delivering creative and compelling value propositions with demand generation programs that produce business results.
−Removed: Gary has a bachelor’s degree in electrical engineering from Memorial University of Newfoundland and has pursued postgraduate studies/research in business administration at the University of Ottawa.
+Added: Croke has a bachelor’s degree in electrical engineering from Memorial University of Newfoundland and has pursued postgraduate studies/research in business administration at the University of Ottawa.
There is no family relationship between any of our executive officers or directors, and there are no arrangements or understandings between any of our executive officers or directors and any other person pursuant to which any of them was appointed or elected as an officer or director, other than arrangements or understandings with our directors.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.