AVIAT NETWORKS INC
For the period ended Jun 28, 2024. Filed Oct 4, 2024.
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FY2024 · Filed Oct 4, 2024
AVNW$15.86-17.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Fiscal Year Ended | |||
|---|---|---|---|
| (In thousands) | June 28, 2024 | June 30, 2023 | July 1, 2022 |
| Operating Activities | |||
| Net income | $10,760 | $10,169 | $21,160 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation of property, plant and equipment | 3,991 | 5,475 | 4,463 |
| Amortization of intangible assets | 1,002 | 704 | — |
| Provision for (recovery from) uncollectible receivables | 1,300 | 467 | (23) |
| Share-based compensation | 7,341 | 6,720 | 3,834 |
| Deferred taxes | 3,625 | 9,012 | 8,004 |
| Inventory write-downs | 3,952 | 2,138 | 1,735 |
| Non-cash lease expense | 948 | 639 | 1,057 |
| Net loss (gain) on marketable securities | 41 | 1,734 | (2,614) |
| Other non-cash operating activities, net | 128 | 67 | (55) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (9,266) | (24,754) | (25,719) |
| Unbilled receivables | (34,856) | (12,398) | (8,725) |
| Inventories | 1,589 | (4,892) | (3,901) |
| Accounts payable | 16,551 | 16,040 | 10,503 |
| Accrued expenses | 15,094 | (4,306) | 876 |
| Advance payments and unearned revenue | 11,814 | 6,254 | 1,713 |
| Income taxes payable | 1,445 | 710 | (1,620) |
| Other assets and liabilities | (4,919) | (15,423) | (7,899) |
| Net cash provided by (used in) operating activities | 30,540 | (1,644) | 2,789 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,675) | (5,335) | (1,792) |
| Purchases of marketable securities | (925) | — | (8,279) |
| Proceeds from sale of marketable securities | 538 | 9,157 | — |
| Proceeds from sale of assets held for sale | — | — | 2,284 |
| Acquisitions, net of cash acquired | (32,161) | (15,769) | — |
| Net cash used in investing activities | (35,223) | (11,947) | (7,787) |
| Financing Activities | |||
| Proceeds from revolver | 33,200 | 102,200 | — |
| Repayments of revolver | (33,200) | (102,200) | — |
| Proceeds from term loan | 50,000 | — | — |
| Repayments of term loan | (1,250) | — | — |
| Payments of deferred financing costs | (79) | (753) | — |
| Payments for repurchase of common stock — treasury shares | (332) | — | (5,362) |
| Payments for taxes related to net settlement of equity awards | (696) | (1,198) | (541) |
| Proceeds from issuance of common stock under employee stock plans | 1,058 | 1,270 | 1,029 |
| Net cash provided by (used in) financing activities | 48,701 | (681) | (4,874) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,605) | (311) | (1,222) | ||
|---|---|---|---|---|---|
| Net increase (decrease) in cash, cash equivalents and restricted cash | 42,413 | (14,583) | (11,094) | ||
| Cash, cash equivalents, and restricted cash, beginning of year | 22,521 | 37,104 | 48,198 | ||
| Cash, cash equivalents, and restricted cash, end of year | $64,934 | $22,521 | $37,104 | ||
| Fiscal Year Ended | |||||
| (In thousands) | June 28,2024 | June 30,2023 | July 1,2022 | ||
| Non-cash investing and financing activities: | |||||
| Unpaid property, plant and equipment | $3,574 | $168 | $95 | ||
| Common stock issued in connection with acquisition | 22,331 | — | — | ||
| Supplemental disclosures of cash flow information: | |||||
| Cash paid for interest | $2,517 | $880 | $— | ||
| Cash paid for income taxes, net | 808 | 1,613 | 1,241 | ||
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