Aviat Networks, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the AVIAD Networks fiscal 2020 fourth quarter conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during that session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star and zero. I will now hand the conference over to Keith Vannerum. Please go ahead.

Keith Vannerum Thank you and welcome to Aviat Network's fiscal 2020 fourth quarter and full year results conference call and webcast. You can find our Form 10-K, press release, and updated investor presentation in the IR section of our website at www.aviatnetworks.com along with a replay of today's call in roughly one hour. As for today, Pete Smith Abiot's President and CEO will begin with opening remarks on the company's fourth quarter and fiscal year 2020, followed by Eric Chang, our CFO, who will review the financial results. Pete will then provide closing remarks on Abiot's strategy and outlook, followed by Q&A. As for Safe Harbor, during today's call and webcast, management may make forward-looking statements regarding Abiot's business, including but not limited to statements relating to financial projections business drivers, new products and expansions, the impact of COVID-19, and economic activity in different regions. These and other forward-looking statements reflect the company's opinions only as of the date of this call and involve assumptions, risks, and uncertainties that could cause actual results to differ material from those statements. The company undertakes no obligation to revise or make public any revision of these forward-looking statements in light of new information or future events. Additionally, during today's call and webcast, management will reference both GAAP and non-GAAP financial measures. Please refer to our press release available in the IR section of our website at www.avionnetworks.com and financial tables therein, which include a GAAP to non-GAAP reconciliation and other supplemental financial information. At this time, I'd like to turn the call over to Pete. Pete?

Good afternoon, everyone. Aviat Network continues to navigate the global pandemic. We wish our employees, customers, partners, shareholders, and their families health and safety. Before we get into the results, I would like to remind our investors, we are focused and focused on execution. Our key areas, one, increasing revenue. From our press releases since the last earnings call, we have announced partnership expansion and new customer wins. We have an excellent plan that will materialize as we navigate through the COVID-19 challenge. Two, capturing AVIAD's differentiation. We have announced multi-band wins, demonstrated the viability of our frequency assurance software and received our first purchase order. Three, driving out costs. We are on track with the previously announced restructuring plan with annualized savings of 3.5 million, of which approximately 2 million will benefit fiscal year 21. Now let's focus on our results. Adjusted EBITDA was up 1.6 million versus Q4 of fiscal year 19. Our balance sheet remains strong. Our cash position is up over 9.7 million since the year began and 2.4 million sequentially compared to last quarter. Fiscal year 20 adjusted EBITDA was 13.5 million, which improved 4.8 million from fiscal year 19 and exceeded the top end of our prior guidance of 11 to 12 million. This is quite impressive considering what we face, issues with the contract manufacturer in Q2, volatility in Africa, and now COVID-19. Revenue was slightly down this year as expected, but profitability was up. And we are better positioned going into next fiscal year to drive both the top line and the bottom line. We will be seeing growth as there are several actions that we are now taking that are different from the past. Initiatives that should lead to new customers and better performance. There are four areas I would like to highlight before turning the call to Eric. First, my observations on growth in North America. Our North America business continues to perform well. We expanded into new states, cities, and applications. The North America team has worked diligently on expanding sales. In addition, the North America team has seized upon our differentiation. We have won initial business with our frequency assurance software, or FAS, in public safety, Utility, and Service Provider Account. FAS is the industry's only software expert system for the detection and reporting of interference on microwave links and is patent pending. Not only can FAS prevent outages by identifying interference events before they become real problems, but it also arms customers with data analysis to deal with regulators on interference issues. FAS is critical for the reliability of mission-critical microwave links, especially with the emergence of Wi-Fi 6D, which allows unlicensed devices to operate in a key microwave band in the USA. In addition, the North America team continues to drive our core products into 5G applications. In Q4, we received new 5G-related orders in USA Mobile Operator Accounts, where we deliver 5G-ready capacity capabilities to our customers. Also, the North America team leveraged our e-commerce platform, the Aviat Store, to provide differentiation and value to our rural internet customers. Second, international markets. Our international team started to implement then our commercial strategies. defend Tier 1 telecom business, win new Tier 2 accounts, expand reach through partnership, and capture value where we are differentiated. Expanding our reach through partnership, we signed a new partner agreement with Netronix to grow our presence in the Middle East, and we have another significant agreement in place that we have not named, which addresses other regions where we lack sales coverage. We have seen successes with our multiband solution, which is a highly differentiated offering, significantly reducing spectrum costs for our customers. We have secured an important 5G win in Africa with Safaricom due to our multiband value proposition and have expanded our presence in existing accounts as well. We are excited about the possibilities with this offering. Third, cost. We are executing on our announced restructuring. We observed additional cost savings in Q4 due to an aggressive response to the COVID-19 environment. generating shareholder value. To improve the shareholder value, we need to drive sales and lower costs. I am focused on growth, commercialization, and new customer acquisition while concurrently reducing expenses. We are in the early stages of building our sales funnel for Tier 2 customers internationally, our sales funnel for multiband, and our funnel for FAS, Frequency Assurance Software. As we execute on these initiatives over the coming quarters, we expect this to translate into top-line growth. As I said in the last call, we will focus on opportunities in markets and geography where competitors cannot match up execution will lead to higher revenue, continued margin expansion, and ultimately higher profitability to drive shareholder value. I'm going to turn the call over to Eric now to review our financials, but I do have a few additional comments after his remarks. Eric?