Welcome to the Aviat Networks' Fiscal 2017 Fourth Quarter and the Year-End Financial Results Conference Call. I'd now like to turn the call over to Mr. Glenn Wiener.

Thank you. I'd like to welcome you all to Aviat Networks' fiscal 2017 fourth quarter and year-end results conference call. We filed our Form 10-K, issued our press release and posted our updated investor presentation on our website and all documents can be found in the Investor Relations section. Today we will have prepared remarks from Michael Pangia, President and Chief Executive Officer; and Ralph Marimon, our Chief Financial Officer. Shaun McFall, Senior Vice President and Chief Marketing and Strategy Officer is also with us today and all will be available for questions and answers. During today's call, management may make forward-looking statements regarding Aviat's business, including but not limited to statements relating to projections of earnings and revenue, business drivers, the timing and capabilities of new products, network expansion by mobile and private network operators, and economic activity in different regions. These and other forward-looking statements involve assumptions, risks and uncertainties that could cause actual results to differ materially from those statements. Please note, these forward-looking statements reflect the company's opinions only as of the date of this call, and the company undertakes no obligation to revise or publicly release the results of any revision of these forward-looking statements in light of new information or future events. In addition, during today's call, management will be referencing both GAAP and non-GAAP financial measures. Please refer to our press release and financial tables, which include a GAAP to non-GAAP reconciliation and other supplemental financial information. Our call today is being broadcasted live over the internet and the webcast will be archived on the Investor Relations page of our website for those who are unable to join us. I sincerely like to thank you all for your interest and support of Aviat. And with that, I will now turn the call over to Mike.

Thanks, Glenn. And I'd like to thank you all for joining. I'll begin with the recap of our fiscal year and then discuss the key drivers that paved away for our outlook. Ralph will cover our fourth quarter results and balance sheet and we will then open the call for questions. To begin, I am very proud of what we accomplished in fiscal 2017 and I would like to sincerely thank our employees. While there are still some challenges for the industry as a whole, particularly in the international markets, we have successfully strengthened our business. We've generated positive operating income and adjusted EBITDA over the past three quarters and drove significant bottom-line improvements when comparing fiscal 2017 and fiscal 2016. Last September, on our year-end conference call, I talked priorities and our goals for the coming year and as I look back at our accomplishments and results, we executed on our plan. We said we would focus and allocate more resources to capitalize on growth opportunities in North America and we did. North America revenues increased $6.6 million or 5%. We said we would aggressively go after new private networks deals or technology and services or highly differentiated and we did. We won several new state and local government contracts and increased our reach within the financial services vertical. Our private networks revenue grew year-over-year and now represents more than half of our total mix and our pipelines continues to grow. We talked about R&D and our focus on extending our technology leadership for private networks and maintaining investments to support our large mobile operator customer base with the long-term view in mind. Entering fiscal 2018, we have a significantly improved solution set, that expands the range of customers and applications that we can address, while also giving us…

Thanks, Mike. I'll cover our fourth quarter performance and balance sheet, after which Mike will provide a few additional comments as it relates to our outlook. Consistent with our guidance, our bookings for the fourth quarter were significantly improved over the Q3 level and our book-to-bill was above one. This was driven by continued strength in North America. Our revenue for the quarter came in at $56.4 million, which was just under our guidance and this was the result of the continuing challenges we see with the timing of customer project. North America revenue was up close to 12% compared to Q4 of last year and international revenue was down as expected. North America comprised approximately 62% of our total revenue for the fourth quarter compared to 54% in last year's Q4. The mix between product and service revenue was 60-40 compared to the prior year where the split was 57% product and 43% service. Non-GAAP gross margin was 34.1%, up 840 basis points compared to last year and 390 basis points sequentially. The increase in margin was driven by a higher concentration of North America business, as well as continued improvements in operational efficiencies. In addition, certain favorable service project timing and warranty variances both of which were unique to the quarter contributed approximately 200 basis points. Excluding these events, gross margins were still in excess of 32%. Non-GAAP operating expenses were $19.1 million in Q4, which was higher than initially anticipated. The primary reason for the increase were higher engineering cost in support of our new product introductions and higher sales commission as we exceeded our bookings expectations in North America relative to international. Other expense levels were consistent with the ranges we provided and we expect the engineering and sales expenses to return to their normalized levels.…

Thanks, Ralph. First a few comments with respects to our outlook for fiscal 2018. As mentioned earlier, we are positioned for growth this fiscal year. We expect to see continued growth in North America and anticipate our international mobile business to improve after several years of decline and expansion of our international private networks business. Overall, our plan calls for revenue of $245 million to $260 million, which on the low end would be up modestly versus fiscal 2017 and up 8% year-over-year at the upper end. The upper end of this range is dependent on some of the international opportunities coming to fruition. As for gross margins, we expect full year margins ranging between 31.5% and 32.5% with the second half of the fiscal year stronger than the first, based on higher volume, new licensing revenue, the ramp of new products and continued process enhancements driving cost reductions and supply chain efficiencies. Non-GAAP expenses are expected to be in the range of $72 million to $75 million, putting variable expenses aside, we continue to focus on lowering our fixed costs across the company. Taking the low end, high end or midpoint, we believe non-GAAP operating income will be between $5 million to $7 million or roughly a $6 million year-over-year improvement. And this would equate to adjusted EBITDA in the range of $11 million to $13 million, anywhere from a 45% to 71% increase versus fiscal 2017. We also anticipate positive cash from operations and continued improvements in working capital. As noted in our press release, we expect fiscal 2018 first quarter revenue to be in the range of $57 million to $60 million consistent with our revenue over the prior two quarters. We do expect to see sequential top-line growth beginning in our fiscal second quarter. Non-GAAP gross margins are expected to be between 30% and 31%, down slightly from the normalize level in Q4 and this is primarily due to geographic mix. Non-GAAP expenses should be in the range of $18.2 million to $18.5 million. This would result in positive adjusted EBITDA in the range of $500,000 to $1 million. We also expect to increase our cash position by up to $3 million. Lastly, with respect to the strategic process, we are making progress. When we started we were looking at multiple options and the over the past quarter we have narrowed this down and are now in the later stages of this process. We are being diligent and want to make sure we structure the best outcome for our company and our shareholders, one that will help us take advantage of our strengths, address gaps in our offering and drive value. Irrespective of the outcome, we remain focused on running our business. In closing, although we believe we're positioned for growth this fiscal year our focus remains on improving profitability and cash generation. I want to thank all of you for continued support and with that we will now open the call for questions. Operator?

[Operator Instructions] And we do have a question from the line of Mel Coffey.

Hello, how are you guys doing today?

Good, thank you.

I'm a broker I have 200,000 shares of the stock and really hasn't been performing with the market. Can you expand a little bit more on the strategic process that you spoke about?

That probably would be difficult to give you anything more that I provided again. We have made progress we are at the later stages of the process. And as more information becomes available to the extent that -- and we will disclose it accordingly.

Are you guys getting out there trying to introduce the company to other broker dealers or other investors so the volume isn't so anemic?

Yes, that's definitely something that we have been working on in terms of providing more exposure to the company. We did attend a conference in a couple of months back the ROTH Conference. And we do expect to continue increasing our pace with relative to exposure of the company moving forward. And obviously as we participate in any conferences or any other events moving forward, we'll obviously disclose that information as well.

All right, thank you.

You're welcome.

You have no further audio questions at this time.

Thank you for everyone joining today's call. And look forward to speaking with you in the future. Thank you again.

This does conclude today's conference call. You may now disconnect your lines.