Comtech Telecommunications Corp (CMTL) 2022 Q4 法說會逐字稿

Welcome to Comtech's Fourth Quarter Fiscal 2022 Earnings Conference Call. As a reminder, this conference is being recorded, Thursday, September 29th, 2022.

歡迎參加 Comtech 2022 財年第四季度收益電話會議。提醒一下，本次會議將於 2022 年 9 月 29 日星期四錄製。

I would now like to turn the conference over to Mr. Robert Samuels of Comtech. Please go ahead, sir.

我現在想把會議交給 Comtech 的 Robert Samuels 先生。請繼續，先生。

Thank you, operator, and good afternoon, everyone, and thanks for taking the time to dial in today. I'm Rob Samuels, Comtech's Head of Investor Relations. Welcome to Comtech's conference call for the fourth quarter and full year of fiscal year 2022.

謝謝接線員，大家下午好，感謝您今天抽出時間撥入。我是 Comtech 投資者關係主管 Rob Samuels。歡迎參加 Comtech 2022 財年第四季度和全年的電話會議。

Today, I'm pleased to introduce Comtech's new Chairman, President and Chief Executive Officer, Ken Peterman. As many of you know, Ken joined our Board as an Independent Director in May of this year. Given his decades of experience in satellite communications, mobile networking, cybersecurity and aerospace and defense technologies, as well as his demonstrated ability to transform businesses and drive market-leading growth, he was the right guy at the right time to become our CEO. Ken's been on the job for 50 days now, and is working hard to fully familiarize and integrate himself with complex organization, people, challenges and many opportunities.

今天，我很高興地介紹 Comtech 的新任董事長、總裁兼首席執行官 Ken Peterman。眾所周知，Ken 於今年 5 月以獨立董事身份加入我們的董事會。鑑於他在衛星通信、移動網絡、網絡安全以及航空航天和國防技術方面的數十年經驗，以及他在轉變業務和推動市場領先增長方面表現出的能力，他是在合適的時間成為我們首席執行官的合適人選。 Ken 已經工作 50 天了，他正在努力使自己完全熟悉並融入複雜的組織、人員、挑戰和許多機遇。

Before I turn things over to Ken, let me remind you of the company's safe harbor language. Certain information presented in this call will include, but not be limited to, information relating to the future performance and financial condition of the company, the company's plans, objectives and business outlook and the plans, objectives and business outlook of the company's management.

在我把事情交給肯之前，讓我提醒你公司的安全港語言。本次電話會議中提供的某些信息將包括但不限於與公司未來業績和財務狀況、公司計劃、目標和業務前景以及公司管理層的計劃、目標和業務前景有關的信息。

The company's assumptions regarding such performance, business outlook and plans are forward-looking in nature and involve significant risks and uncertainties. Actual results could differ materially from such forward-looking information. Any forward-looking statements are qualified in their entirety by cautionary statements contained in the company's Securities and Exchange Commission filings.

公司對此類業績、業務前景和計劃的假設具有前瞻性，涉及重大風險和不確定性。實際結果可能與此類前瞻性信息存在重大差異。公司提交給證券交易委員會的文件中包含的警示性陳述完全符合任何前瞻性陳述的條件。

Now, I am pleased to introduce the President and Chief Executive Officer of Comtech, Ken Peterman. Ken?

現在，我很高興地介紹 Comtech 的總裁兼首席執行官 Ken Peterman。肯?

Thanks, Rob, and thanks again, everyone, for taking the time to dial in today. I genuinely appreciate your interest in and support for the transformational efforts already underway, as we open an entirely new chapter at Comtech.

謝謝，Rob，再次感謝大家今天抽出時間撥入。我真誠地感謝您對已經在進行的轉型努力的關注和支持，因為我們在 Comtech 開啟了全新的篇章。

In a moment, I'll take some time to not only introduce myself, but to discuss the strategic approach I'm taking to unleash the energy, the creativity and the innovation that exists among our people at Comtech. There's a clear opportunity to deliver technology-enabled communications capabilities that will truly change the game for our customers, and at the same time, help enable us to realize the full potential that exists in our expanding and evolving global communications markets.

稍後，我不僅要介紹自己，還要討論我為釋放 Comtech 員工的能量、創造力和創新而採取的戰略方法。提供技術支持的通信能力是一個明顯的機會，這將真正改變我們客戶的遊戲規則，同時幫助我們實現在我們不斷擴大和不斷發展的全球通信市場中存在的全部潛力。

This strategic approach is one that I developed, refined and applied previously in my career, and I'm excited to apply it here at Comtech for 2 key reasons. Number one, it is directly applicable to our current organization, our culture and our emerging market environment. And, number two, quite simply, it works. But first, let me quickly turn it over to our CFO, Mike Bondi, to review our financial results for the quarter. Mike?

這種戰略方法是我之前在職業生涯中開發、改進和應用的一種方法，我很高興能在 Comtech 應用它，原因有兩個。第一，它直接適用於我們當前的組織、我們的文化和我們新興的市場環境。第二，很簡單，它有效。但首先，讓我快速將其交給我們的首席財務官 Mike Bondi，以審查我們本季度的財務業績。麥克風？

Thanks, Ken. As is evident from our reporting this quarter, and as we have been discussing on our last few earnings calls, we have formally resegmented our business in Q4 to better align it with our products, services and end markets. Our 2 new segments, Satellite and Space Communications and Terrestrial and Wireless Networks better represent who we are as a company and where our future is headed, based on evolving industry trends and how Ken intends to manage the business at this time.

謝謝，肯。從我們本季度的報告中可以明顯看出，正如我們在最近幾次財報電話會議上一直在討論的那樣，我們已在第四季度正式重新劃分我們的業務，以更好地使其與我們的產品、服務和終端市場保持一致。我們的 2 個新部門，衛星和空間通信以及地面和無線網絡更好地代表了我們作為一家公司的身份以及我們未來的發展方向，這取決於不斷發展的行業趨勢以及 Ken 目前打算如何管理業務。

Our Satellite and Space Communications segment designs, builds and supports a variety of sophisticated communications equipment that meets or exceeds the highest standards for performance and quality by businesses and governments worldwide. It has 4 product areas: satellite modem and amplifier technologies, Troposcatter and SATCOM Solutions, space components and antennas, and high-power amplifiers and switches.

我們的衛星和空間通信部門設計、製造和支持各種複雜的通信設備，這些設備符合或超過全球企業和政府的最高性能和質量標準。它有 4 個產品領域：衛星調製解調器和放大器技術、對流散射和衛星通信解決方案、空間組件和天線以及大功率放大器和開關。

Our Terrestrial and Wireless Networks segment is a leading provider of the hardware, software and solutions critical to any modern 911 public safety and modern mobile network operator infrastructure, as well as for application services requiring the specific location of a mobile user's geospatial positioning. Is organized into 4 product areas: next-generation 911 and call delivery, Solacom call handling solutions, trusted location and messaging solutions, and cybersecurity training and services. We hope this resegmentation will help you better understand Comtech and its long-term prospects.

我們的地面和無線網絡部門是對任何現代 911 公共安全和現代移動網絡運營商基礎設施以及需要移動用戶地理空間定位的特定位置的應用服務至關重要的硬件、軟件和解決方案的領先供應商。分為 4 個產品領域：下一代 911 和呼叫傳遞、Solacom 呼叫處理解決方案、可信定位和消息傳遞解決方案以及網絡安全培訓和服務。我們希望這次重新細分能夠幫助您更好地了解 Comtech 及其長期前景。

For Q4 fiscal 2022, we recorded $127 million of consolidated net sales, of which $76.8 million were reported in our Satellite and Space Communications segment, and $50.2 million were recorded in our Terrestrial and Wireless Networks segment. The consolidated fourth quarter sales represented a 4% increase over last quarter and our third consecutive quarterly increase. Compared to the year ago quarter, our consolidated Q4 fiscal 2022 net sales declined $18.8 million or 12.9%, the large majority of which related to lower revenue in our satellite and space communications segment. Consolidated net sales for fiscal 2022 were $486.2 million, of which $279.7 million were related to our Satellite and Space Communications segment and $206.5 million were reported in our Terrestrial and Wireless Networks segment.

對於 2022 財年第四季度，我們錄得 1.27 億美元的合併淨銷售額，其中 7680 萬美元記錄在我們的衛星和空間通信部門，5020 萬美元記錄在我們的地面和無線網絡部門。第四季度合併銷售額比上一季度增長 4%，也是我們連續第三個季度增長。與去年同期相比，我們 2022 財年第四季度的合併淨銷售額下降了 1880 萬美元或 12.9%，其中大部分與我們的衛星和空間通信部門的收入下降有關。 2022財年的合併淨銷售額為4.862億美元，其中2.797億美元與我們的衛星和空間通信部門有關，2.065億美元來自我們的地面和無線網絡部門。

Consolidated gross margins were 35.9%, reflecting a decline from the 38.2% we achieved in the third quarter of fiscal 2022, and 37.8% we achieved in the fourth quarter of fiscal 2021. This decline primarily reflects lower sales in our Satellite and Space Communications segment and changes in overall product mix and services. For fiscal 2022, consolidated gross margin slightly increased to 37% as compared to 36.8% for fiscal 2021.

綜合毛利率為 35.9%，較 2022 財年第三季度的 38.2% 和 2021 財年第四季度的 37.8% 有所下降。這一下降主要反映了我們衛星和空間通信部門的銷售額下降以及整體產品組合和服務的變化。與 2021 財年的 36.8% 相比，2022 財年的綜合毛利率略增至 37%。

As explained in more detail and reconciled in our Form 10-K filed earlier today, we utilize a non-GAAP measure that we refer to as adjusted EBITDA. During Q4 fiscal 2022, adjusted EBITDA was $12.7 million, a 13.4% sequential increase from Q3 fiscal 2022. As a percentage of net sales, adjusted EBITDA was 10%, an improvement from the 9.2% we achieved in Q3 fiscal 2022. For the full year, adjusted EBITDA was 8.1%, a decline from the 13.2% we achieved in fiscal 2021. Adjusted EBITDA margin in the more recent period reflects lower net sales, a general rise in costs due to an inefficient global supply chain, and inflationary pressures, as well as increased investments in R&D in fiscal 2022. Q4 fiscal 2022 adjusted EBITDA does reflect a decrease from the [$26.5 million] or 18.1% of net sales we achieved in Q4 of fiscal 2021. This decrease primarily reflects the impact of lower sales in our Satellite and Space segment. Overall, our consolidated Q4 revenue and adjusted EBITDA were ahead of our guidance provided last quarter, and we're pleased to have met our targets, particularly in light of an economic environment that continues to be challenging.

正如我們在今天早些時候提交的 10-K 表格中更詳細地解釋和核對的那樣，我們使用了我們稱為調整後 EBITDA 的非 GAAP 衡量標準。在 2022 財年第四季度，調整後 EBITDA 為 1270 萬美元，比 2022 財年第三季度環比增長 13.4%。作為淨銷售額的百分比，調整後 EBITDA 為 10%，比我們在 2022 財年第三季度實現的 9.2% 有所改善。年，調整後的 EBITDA 為 8.1%，低於我們在 2021 財年實現的 13.2%。最近一個時期的調整後 EBITDA 利潤率反映了淨銷售額下降、由於全球供應鏈效率低下導致成本普遍上升以及通脹壓力，以及在 2022 財年增加對研發的投資。2022 財年第四季度調整後 EBITDA 確實比我們在 2021 財年第四季度實現的淨銷售額 [2650 萬美元] 或 18.1% 有所下降。這一下降主要反映了銷售額下降的影響我們的衛星和太空部門。總體而言，我們第四季度的合併收入和調整後的 EBITDA 高於我們上季度提供的指導，我們很高興實現了我們的目標，特別是考慮到經濟環境仍然充滿挑戰。

Now let me return the call back over to Ken.

現在讓我把電話回給肯。

Thanks, Mike. The entire team did a tremendous amount of work to resegment our business and to better align it with our emerging market opportunities, our strategic direction and our enterprise-wide improvement initiatives that we believe will increase operational performance and enhance shareholder value. This is important in terms of aligning how we report our performance with our products, services and end markets, representing who we are as a company, and allowing us to see with clarity our long-term future growth opportunities. I encourage everyone to review our shareholder letter in both our Form 10-K and 8-K filings made earlier today, which explain and describe this resegmentation in more detail.

謝謝，邁克。整個團隊做了大量工作來重新劃分我們的業務，並使其更好地與我們的新興市場機會、戰略方向和企業範圍內的改進舉措保持一致，我們相信這些舉措將提高運營績效並提高股東價值。這對於使我們報告業績的方式與我們的產品、服務和終端市場保持一致，代表我們作為一家公司的身份，並讓我們清楚地看到我們未來的長期增長機會，這一點很重要。我鼓勵大家在我們今天早些時候提交的 10-K 表格和 8-K 文件中查看我們的股東信函，其中更詳細地解釋和描述了這種重新細分。

Finally, unlike the past, where we have given annual guidance, we're only going to provide guidance for Q1. We know that we need to rebuild investor confidence. And in order to do so, we will set realistic targets that we believe in, and then hopefully exceed. We're not going to get drawn into longer-term outlooks where our visibility is inherently lower and even more so today given the current challenging operating environment.

最後，與過去我們提供年度指導不同的是，我們只會為第一季度提供指導。我們知道我們需要重建投資者的信心。為了做到這一點，我們將設定我們相信的現實目標，然後希望超越。我們不會被長期前景所吸引，因為我們的能見度本來就較低，鑑於當前具有挑戰性的運營環境，今天更是如此。

So, taking current and expected business conditions into consideration, we are targeting the following for Q1 fiscal 2023. Our consolidated net sales are expected to grow between 1% and 3% sequentially. And our consolidated adjusted EBITDA margin is expected to approximate 8%. Again, I want to thank the entire Comtech team for all their hard work and efforts these past few quarters, executing our business plans in a challenging environment.

因此，考慮到當前和預期的業務狀況，我們在 2023 財年第一季度的目標如下。我們的綜合淨銷售額預計將連續增長 1% 至 3%。我們的綜合調整後 EBITDA 利潤率預計約為 8%。再次，我要感謝整個 Comtech 團隊在過去幾個季度的辛勤工作和努力，在充滿挑戰的環境中執行我們的業務計劃。

Today, Comtech has entered the first quarter of our fiscal 2023 year with a significantly strengthened senior leadership team, which certainly includes me, committed to making rapid, aggressive and significant changes on 3 key fronts. First, to our enterprise-wide processes, platforms and tools and the way we operate every day as a business, standardizing our enterprise around common tools and platforms enable collaboration, and an ability to manage our business more efficiently and more effectively. Second, to our operational performance and the way we manage risk, collaborate together and execute as a business. Improving our operational performance strengthens the foundation upon which our business can achieve sustained long-term growth. And third, to our strategic thinking, market assessment and enterprise-wide focus necessary to position ourselves to exploit a global communications market that is itself evolving in real time.

今天，Comtech 進入了 2023 財年的第一季度，其高級領導團隊得到了顯著加強，其中當然包括我，致力於在 3 個關鍵方面做出快速、積極和重大的變革。首先，對於我們企業範圍內的流程、平台和工具以及我們作為企業的日常運營方式，圍繞通用工具和平台對我們的企業進行標準化可以實現協作，並能夠更有效地管理我們的業務。其次，對於我們的運營績效以及我們管理風險、共同協作和作為企業執行的方式。改善我們的經營業績鞏固了我們的業務實現持續長期增長的基礎。第三，我們的戰略思維、市場評估和企業範圍內的重點是我們定位自己以利用自身實時發展的全球通信市場所必需的。

Now, taking a step back. At the top of the call, I said -- I introduced myself and my strategic approach to building and growing businesses. So first, I'm new here, but I spent decades leading some of the most demanding, sophisticated and successful communications businesses in the world, including those at ViaSat, ITT Exelis, Collins Aerospace and Raytheon. And I've done so in a wide variety of diverse market environments.

現在，退後一步。在電話會議的頂部，我說 - 我介紹了自己以及我建立和發展業務的戰略方法。首先，我是新來的，但我花了幾十年時間領導世界上一些要求最苛刻、最複雜和最成功的通信企業，包括 ViaSat、ITT Exelis、Collins Aerospace 和 Raytheon。我已經在各種不同的市場環境中這樣做了。

I've also consistently grown those businesses by adhering to a fundamental strategic belief. Technology companies need to be led by technologists who understand the art of the possible, and can apply cutting-edge technology to solve customer problems, enhance customer outcomes and create unprecedented customer value in innovative ways. The most successful technology companies are those that simultaneously unleash both creative genius and pragmatism, setting lose talented people who understand and are committed to bringing the art of the possible to bear directly on solving difficult, even nearly impossible customer challenges.

我還堅持基本的戰略信念，不斷發展這些業務。科技公司需要由了解可能的藝術的技術人員領導，並能夠應用尖端技術解決客戶問題，提升客戶成果，並以創新的方式創造前所未有的客戶價值。最成功的科技公司是那些同時釋放創造性天才和實用主義的公司，這些公司失去了理解並致力於將可能的藝術直接用於解決困難甚至幾乎不可能的客戶挑戰的人才。

When you look closely at the businesses we at Comtech are successful in, it is because -- and this is not an exaggeration, we help our customers solve some of the most difficult and challenging communications problems on the planet, and whether those problems relate to our customers' terrestrial networks, on the ground or their satellite assets deployed in the space. As long as this takes place on solid operational footing, I firmly believe, growth, profitability and value creation will follow. And when we create value for our customers, we invariably create value for ourselves, and crucially for you, our shareholders.

當您仔細查看我們 Comtech 所成功開展的業務時，這是因為 - 這並不誇張，我們幫助我們的客戶解決地球上一些最困難和最具挑戰性的通信問題，以及這些問題是否與我們客戶的地面網絡或部署在太空中的衛星資產。只要這發生在堅實的運營基礎上，我堅信，增長、盈利能力和價值創造就會隨之而來。當我們為客戶創造價值時，我們總是為自己創造價值，尤其是為您，我們的股東創造價值。

The most unique and invaluable ingredient in determining success is a culture of engineering excellence, technology leadership and unbridled creativity and innovation. These past few weeks, I have traveled across the country, even across the Atlantic, to meet face-to-face with our people, engaging directly and personally at every level of the organization. And I can tell you without a doubt, there's no question that Comtech has it. What we need to do, and what I'm doing right now, is making sure the foundation I talked about, the foundation anchored on a solid operational footing, is in place to support both near and long-term growth.

決定成功的最獨特和最寶貴的因素是卓越工程、技術領先和無拘無束的創造力和創新的文化。在過去的幾周里，我走遍了全國，甚至橫跨大西洋，與我們的員工面對面交流，在組織的各個層面直接和個人接觸。我可以毫無疑問地告訴你，毫無疑問，Comtech 擁有它。我們需要做的，以及我現在正在做的，是確保我談到的基礎，建立在穩固的運營基礎上的基礎，能夠支持近期和長期的增長。

Now, while Comtech has already built up strong capabilities in each of our end markets, I feel an acute sense of urgency to make changes, which will further accelerate and unlock our potential as an organization. It is absolutely clear to both myself and each person on my senior leadership team, what we need to do operationally to ensure that the internal machinery of Comtech's business, everything from supply chain management, risk mitigation, utilization of common enterprise-wide processes, increased project management discipline, and even our passion for customer fulfillment, is significantly improved, so that can comfortably support a business that is much, much larger and much more capable than the one we have today.

現在，雖然 Comtech 已經在我們的每個終端市場建立了強大的能力，但我感到迫切需要做出改變，這將進一步加速和釋放我們作為一個組織的潛力。我自己和我的高級領導團隊中的每個人都非常清楚，我們需要在運營上做些什麼來確保 Comtech 業務的內部機制，從供應鏈管理、風險緩解、企業範圍內通用流程的利用，項目管理紀律，甚至我們對滿足客戶的熱情都得到了顯著提高，因此可以輕鬆地支持比我們今天擁有的更大、更大、更有能力的企業。

That means, every leader on my watch has been empowered to ask hard questions, make candid evaluations, operate agilely and execute rapid decision-making to improve virtually every aspect of our business. It means, Maria Hedden, our newly appointed COO is working nonstop to centralize our operations, supply chain, strategic sourcing and contract management. Maria has redefined organizational level KPIs, those are key performance indicators, to focus our efforts, appropriately prioritize resources, identify and mitigate risks, eliminate redundancies, leverage synergies and improve efficiencies. And it is my expectation, this will ultimately translate into a permanent significant competitive advantage for Comtech.

這意味著，我手下的每一位領導者都有權提出棘手的問題、進行坦誠的評估、敏捷地運營和執行快速決策，以改善我們業務的幾乎每個方面。這意味著，我們新任命的首席運營官 Maria Hedden 正在不間斷地集中我們的運營、供應鏈、戰略採購和合同管理。 Maria 重新定義了組織級別的 KPI，它們是關鍵績效指標，以集中我們的努力，適當地優先考慮資源，識別和降低風險，消除冗餘，利用協同效應並提高效率。我的期望是，這最終將轉化為 Comtech 永久的顯著競爭優勢。

It also means Jennie Reilly, our Head of Human Resources, has launched Comtech's first comprehensive people strategy to fill current and emerging skill gaps in engineering, business processes, systems design and integration, to solidify succession planning, strengthen our talent pipelines, and generally apply the same level of dedicated focus to managing our people trajectory in the same way that we manage our business operations and our technology road maps.

這也意味著我們的人力資源主管 Jennie Reilly 推出了 Comtech 的第一個全面的人才戰略，以填補工程、業務流程、系統設計和集成方面當前和新興的技能差距，鞏固繼任計劃，加強我們的人才管道，並普遍適用以與我們管理業務運營和技術路線圖相同的方式專注於管理我們的人員軌跡。

It means we needed, and we have created the role of Chief Growth Officer, a first for Comtech, and one that has been filled by Anirban Chakraborty. Previously, Anirban had been extremely successful as a Senior Vice President of Strategy and Business Development. And in this new position, he'll be working across our organization to provide our customers with unprecedented insights and creative technology-enabled solutions based on Comtech's best-in-class Satellite and Terrestrial Network Communications technologies.

這意味著我們需要，並且我們已經創建了首席增長官的角色，這是 Comtech 的第一個角色，並且由 Anirban Chakraborty 擔任。此前，Anirban 作為戰略和業務發展高級副總裁非常成功。在這個新職位上，他將在我們的整個組織中工作，基於 Comtech 一流的衛星和地面網絡通信技術，為我們的客戶提供前所未有的洞察力和創造性的技術支持解決方案。

Roughly, a dozen crucial initiatives have been launched in my first 50 days that I've been CEO, because I keenly understand and share the same sense of urgency and passion that our employees, leadership partners and shareholders all feel.

在我擔任 CEO 的頭 50 天裡，大約有十幾個關鍵舉措被推出，因為我敏銳地理解並分享了我們的員工、領導合作夥伴和股東所感受到的同樣緊迫感和激情。

As we move fast to improve our processes and our operational performance and deliver near-term improvements that are right in front of us, we'll create an enduring competitive advantage for ourselves and our customers going forward. This sense of passion and urgency is shared across the organization up to -- and including the Board, and it is refreshing, energizing and invigorating.

隨著我們迅速採取行動以改進我們的流程和運營績效，並提供擺在我們面前的近期改進，我們將為自己和我們的客戶創造持久的競爭優勢。這種激情和緊迫感在整個組織中共享——包括董事會在內，它令人耳目一新、充滿活力和活力。

Finally, in parallel with these operational initiatives, let me offer my strategic view of the company and where we are positioning ourselves. As I look at Comtech's 2 areas of undisputed expertise, they are in Terrestrial and Wireless Network infrastructure and in Satellite and Space Communications. Historically, there's been a distinct separation between these 2 communications domains, with different networking protocols, different devices, even different spectrum and bandwidth allocations assigned to each.

最後，在這些運營舉措的同時，讓我談談我對公司的戰略觀點以及我們的定位。當我看到 Comtech 無可爭議的兩個專業領域時，它們分別是地面和無線網絡基礎設施以及衛星和空間通信。從歷史上看，這兩個通信域之間存在明顯的分離，具有不同的網絡協議、不同的設備，甚至為每個域分配了不同的頻譜和帶寬分配。

Now, as I look at where the world is headed in terms of seamless global connectivity, what I see is the convergence everywhere of terrestrial and satellite communications network infrastructures. We are in an era of vast and increasing demand for always-on assured seamless connectivity. The demand for the Internet of Things is growing exponentially. The number of connected devices at the edge is exploding, empowering us all to be safer, more effective and more productive in every aspect of our lives.

現在，當我看到世界在全球無縫連接方面的發展方向時，我看到的是地面和衛星通信網絡基礎設施無處不在的融合。我們正處於一個對始終在線、有保證的無縫連接需求巨大且不斷增長的時代。對物聯網的需求呈指數級增長。邊緣連接設備的數量正在爆炸式增長，使我們所有人在生活的各個方面都變得更安全、更有效和更有生產力。

And our customers want and need global communications infrastructures with not only the capacity to handle this increasing IoT load, but to maintain assured, secure and seamless connectivity all the time, regardless of geography, regardless of external conditions, and regardless of any other imaginable complexity that may exist. That means, historically, disparate networks will all ultimately seamlessly blend together and hybridize. It means something big when an Apple personal device is suddenly capable of satellite communications, or that a terrestrial telco like T-Mobile forges a partnership with a LEO satellite operator like Starling.

我們的客戶想要並且需要全球通信基礎設施，這些基礎設施不僅能夠處理不斷增加的物聯網負載，而且能夠始終保持有保障、安全和無縫的連接，無論地理位置如何，無論外部條件如何，也無論任何其他可以想像的複雜性如何可能存在。這意味著，從歷史上看，不同的網絡最終都將無縫地融合在一起並混合在一起。當 Apple 個人設備突然能夠進行衛星通信時，或者像 T-Mobile 這樣的地面電信公司與像 Starling 這樣的 LEO 衛星運營商建立合作夥伴關係時，這意味著一件大事。

We believe that Comtech's people and technologies are uniquely positioned in this market today, to navigate, facilitate and exploit the blending of these terrestrial wireless and satellite network infrastructures on a global scale, delivering the technology-enabled capabilities to meet these customer-driven hybrid connectivity objectives, and significantly benefit from the convergence of these terrestrial and satellite communications domains, leveraging this emerging market inflection point by helping to make hybridized connectivity a global reality.

我們相信 Comtech 的人員和技術在當今這個市場上具有獨特的定位，能夠在全球範圍內導航、促進和利用這些地面無線和衛星網絡基礎設施的融合，提供技術支持的能力來滿足這些客戶驅動的混合連接目標，並從這些地面和衛星通信領域的融合中顯著受益，通過幫助使混合連接成為全球現實，利用這一新興市場的拐點。

Finally, and most importantly, Comtech's people are clearly ready to move together toward this next new chapter for our business. At the same time, we all understand that it is our responsibility to earn our shareholders' confidence and deliver value. My goal as CEO is to give everyone at Comtech the tools, the environment and the empowerment they need to do exactly that.

最後，也是最重要的一點，Comtech 的員工顯然已經準備好共同邁向我們業務的下一個新篇章。同時，我們都明白，贏得股東的信任和創造價值是我們的責任。作為 CEO，我的目標是為 Comtech 的每個人提供工具、環境和授權，讓他們能夠做到這一點。

Before I close, I want to encourage you all to review both our filings and our shareholder letter, which go into additional detail about our exciting new chapter and the work already underway at Comtech. And as Rob said at the top of the call, we intend to improve our connectivity with our shareholders. Please reach out to us to connect, take the time to review our corporate blog called Signals, which is designed to offer meaningful intra-quarter insights into our people, our products, our many new initiatives, our thought leadership and our end markets.

在我結束之前，我想鼓勵大家查看我們的文件和我們的股東信，其中詳細介紹了我們激動人心的新篇章以及 Comtech 已經在進行的工作。正如 Rob 在電話會議的開頭所說，我們打算改善與股東的聯繫。請與我們聯繫，花時間查看我們名為 Signals 的公司博客，該博客旨在為我們的員工、我們的產品、我們的許多新舉措、我們的思想領導力和我們的終端市場提供有意義的季度內洞察。

I said there was a lot of hard work to do, and there is, but we have the hardest part of the equation as a business solved. We have the right people, and we have the right technologies, and we have a clear view of where our markets are going and how we fit in, which makes this, for me, the most exciting job imaginable.

我說有很多艱苦的工作要做，而且確實有，但作為一個企業，我們有最困難的部分要解決。我們有合適的人，我們有合適的技術，我們清楚地了解我們的市場走向以及我們如何適應，這對我來說是可以想像的最令人興奮的工作。

Thank you again for your time and attention. I look forward to hearing from you all. Rob?

再次感謝您的時間和關注。我期待著大家的回音。搶？

Thanks, Ken, and thanks to everyone for dialing in today. As Ken said, there are additional details about our strategy and performance available in our shareholder letter and other SEC filings today, and we'll provide ongoing insights in Signals. And as a reminder, we intend to be as responsive as we can with investors going forward. So for anyone with questions, please reach out to me directly, and let's connect.

謝謝，肯，感謝大家今天撥入。正如 Ken 所說，我們今天的股東信和其他 SEC 文件中提供了有關我們戰略和業績的更多細節，我們將提供關於 Signals 的持續見解。提醒一下，我們打算在未來對投資者做出盡可能回應。因此，對於任何有疑問的人，請直接與我聯繫，讓我們聯繫。

Operator, we can now open up our call for questions?

接線員，我們現在可以打開我們的電話提問了嗎？

(Operator Instructions) We'll move first to Joe Gomes with NOBLE Capital.

（操作員說明）我們將首先與 NOBLE Capital 聯繫 Joe Gomes。

Welcome aboard, Ken.

歡迎登機，肯。

Thanks, Joe.

謝謝，喬。

So I glanced at the letter here when it's come out. Just one of the things that you put in it are many challenges facing the company. And I was wondering maybe you can kind of give us what you see as the biggest near-term challenges and how you're going about to handle those?

所以當它出來的時候我看了一眼這裡的信。您投入其中的一件事就是公司面臨的許多挑戰。我想知道也許你可以給我們你認為最大的近期挑戰以及你將如何應對這些挑戰？

Sure. I'll tell you. I think, Joe, largely, this builds on the experience that I've had previously, okay? I've got a track record of taking businesses that are operating in silos and bringing those teams together to create sustainable and profitable growth by leveraging technology to meet the continually evolving needs of global markets. I have -- we've moved from silos -- businesses that are in silos to one enterprise, so that we can step up and punch our weight, so that we can realize the synergies, eliminate the overlap, better manage our risks collectively, and improve our operational performance. We've got a track record of that.

當然。我會告訴你。我認為，喬，很大程度上，這建立在我之前的經驗之上，好嗎？我有一個良好的記錄，可以將在孤島中運營的企業整合在一起，通過利用技術來滿足全球市場不斷變化的需求，從而實現可持續和盈利的增長。我有——我們已經從孤島轉移到一個企業，這樣我們就可以加緊努力，這樣我們就可以實現協同效應，消除重疊，更好地集體管理我們的風險，並提高我們的運營績效。我們有這方面的記錄。

Secondly, a track record of now that we could operate as a collective enterprise and not operate as individual silos. We can expand our addressable markets and move up the food chain, because we're operating on a stronger operational foundation, but also because we're able to address customers' problems more comprehensively. And in my experience, that improves operations of our core business. It also grows revenue fast and frankly, grows EBITDA faster.

其次，我們現在可以作為一個集體企業運營，而不是作為單獨的孤島運營。我們可以擴大我們的潛在市場並提升食物鏈，因為我們的運營基礎更強大，也因為我們能夠更全面地解決客戶的問題。以我的經驗，這改善了我們核心業務的運營。坦率地說，它的收入也快速增長，EBITDA 增長更快。

Maybe last quarter, we had talked to some on the 911 market opportunities, and some of them had been kind of moved out of the fourth quarter, and we're hopeful that they would be reengaged here in early fiscal '23. I'm just wondering what the status of those opportunities were in the 911 market?

也許上個季度，我們就 911 市場機會與一些人進行了交談，其中一些人已經從第四季度撤出，我們希望他們能在 23 財年初重新參與進來。我只是想知道這些機會在 911 市場中的狀況如何？

Well, Joe, I'm going to speak to the key wins that we had here in the fourth quarter. And I think that it comes in 3 key areas for us. First of all, in an incumbent position, we had a next-gen 911 customer expand our scope in a state-wide employment -- deployment. And that's important that your existing customers see you favorably and flow additional work scope to you.

好吧，喬，我要談談我們在第四節取得的關鍵勝利。我認為這對我們來說有 3 個關鍵領域。首先，在現任職位上，我們讓下一代 911 客戶擴大了我們在全州範圍內的就業範圍——部署。重要的是，您現有的客戶要對您有好感，並為您提供額外的工作範圍。

The second one, we won a new multiyear contract for Canadian province, and it's a province-wide hosted, managed multi-PSAP 911 system. So we've also won new customers and new geography. That's item 2. Item 3, we've moved technology forward by establishing licensing agreement with a Tier 1 MNO to provide cloud native messaging platform. And that moves the needle, okay? So for us, that takes our capabilities to the cloud and puts us on a path to keep pace with 5G and other network infrastructure opportunities. Mike?

第二個，我們為加拿大省贏得了一份新的多年合同，這是一個全省託管、託管的多 PSAP 911 系統。因此，我們也贏得了新客戶和新地域。那是第 2 項。第 3 項，我們通過與第 1 層 MNO 建立許可協議來提供雲原生消息傳遞平台，從而推動了技術的發展。這會動針，好嗎？所以對我們來說，這將我們的能力帶到了雲端，讓我們走上了一條跟上 5G 和其他網絡基礎設施機會的道路。麥克風？

Ken, I'll add to that, too, is, Joe, you probably referred to 2 opportunities specifically that we did shift out in our thought process to 2023. We are still tracking those items. But in terms of our outlook for Q1, I would say, nothing new to report right now, and it's not factored into our guidance that we just explained for Q1.

肯，我還要補充一點，喬，你可能特別提到了 2 個機會，我們在思考過程中確實轉移到了 2023 年。我們仍在跟踪這些項目。但就我們對第一季度的展望而言，我想說，目前沒有什麼新的報告，而且我們剛剛解釋的第一季度的指導也沒有考慮到這一點。

And one more, if I may, on the satellite business. We had, again, previously talked about the contract with a LEO, MEO, and I know here in the shareholder letter you talk about some key wins here in there, with a new LEO and a MEO satellite network. Maybe you could give us just a little more color or detail on those, and when you might start to think you see some revenue generation from those types of contracts?

如果可以的話，還有一個關於衛星業務的。我們之前再次談到了與 LEO、MEO 的合同，我知道在股東信中你談到了一些關鍵的勝利，包括一個新的 LEO 和一個 MEO 衛星網絡。也許你可以給我們更多的顏色或細節，當你開始認為你會從這些類型的合同中看到一些收入時？

Well, we did have 2 key wins in the satellite and space segment, okay? And frankly, we're developing and providing modems for leading LEO and MEO providers, and that's the usual stack of equipment for us. It's not just modems, it's gateways, amps, antennas and those kinds of things. Mike, you may want to add some color to that?

好吧，我們確實在衛星和太空領域取得了 2 個關鍵勝利，好嗎？坦率地說，我們正在為領先的 LEO 和 MEO 供應商開發和提供調製解調器，這就是我們通常的設備堆棧。不僅僅是調製解調器，還有網關、放大器、天線和諸如此類的東西。邁克，你可能想給它加點顏色？

Sure. And the opportunity set here -- we really can't specify exactly what our contract entails. We're bound by confidentiality, and it's something that's competitive. But we're very excited about winning the strategic opportunity. It's growing a relationship that we definitely want to see grow over time. And we'll have more to report on that in FY '23 downstream.

當然。這裡設置的機會 - 我們真的無法準確說明我們的合同需要什麼。我們受到保密的約束，這是具有競爭力的。但我們對贏得戰略機遇感到非常興奮。它正在發展一種我們絕對希望隨著時間的推移而發展的關係。我們將在 23 財年下游發布更多相關報告。

And we move next to Greg Burns with Sidoti & Company.

我們和 Sidoti & Company 一起搬到 Greg Burns 旁邊。

Just a quick follow-up on the last question. So the 2 wins mentioned in the letter, the LEO and the MEO operators, those are new to this quarter? Because I know you had previously talked about a LEO opportunity you're aligned with. So I just wanted to make sure that I'm understanding that correctly.

只是對最後一個問題的快速跟進。那麼信中提到的 2 場胜利，LEO 和 MEO 運營商，是本季度的新手嗎？因為我知道您之前曾談到過您認同的 LEO 機會。所以我只是想確保我理解正確。

Yes, in the prior disclosures, we've been talking about one particular contract that we won. And so, we're well on our way with that contract. The item that we're referring to in the shareholder letter is a new opportunity that we secured a position on, and we're doing work here. And this is an added aspect to the overall relationship.

是的，在之前的披露中，我們一直在談論我們贏得的一份特定合同。因此，我們正在順利完成這份合同。我們在股東信中提到的項目是我們獲得職位的新機會，我們正在這裡開展工作。這是整體關係的一個附加方面。

And then, on the terrestrial side of the business, why were the margins down this quarter? And what do you see the sustainable EBITDA margins of that business being?

然後，在業務的陸地方面，為什麼本季度的利潤率下降了？您認為該業務的可持續 EBITDA 利潤率是多少？

Yes, in terms of the chart, you're probably looking at the shareholder letter, and you do see a drop off in Q3 and Q4. I'd also point you to the bottom of that page, you probably see the bookings rising up nicely in Q4. Here, I think it's a story of where, as a reminder, we won some very large contracts a few years ago, to develop the first 5G location-based platforms for Tier 1 mobile network operators, those contracts sort of in the first and second quarters of '22. We're nearing their completed phase, not 100% done, but they are moving through their life cycle and we're starting to now shift gears towards what's in our backlog as of July 31st. So I think we'll see a return and improvement in the margins over time. But right now, we're just sort of shifting gears. And I also want to point out, we are spending money on R&D to secure these types of wins. So, we are making investments along the way here as well.

是的，就圖表而言，您可能正在查看股東信，您確實看到第三季度和第四季度有所下降。我還會將您指向該頁面的底部，您可能會看到第四季度的預訂量上升得很好。在這裡，我認為這是一個故事，提醒一下，幾年前我們贏得了一些非常大的合同，為一級移動網絡運營商開發第一個基於位置的 5G 平台，這些合同在第一和第二'22 的四分之一。我們正在接近他們的完成階段，而不是 100% 完成，但他們正在經歷他們的生命週期，我們現在開始轉向我們截至 7 月 31 日的積壓工作。所以我認為隨著時間的推移，我們會看到利潤率的回報和改善。但現在，我們只是在換檔。我還想指出，我們在研發上投入資金以確保獲得這些類型的勝利。因此，我們也在此過程中進行投資。

And then in terms of the guidance, I guess, a sequential decline in the consolidated EBITDA margin. What are the factors driving that, even though revenue is going to be up?

然後就指導而言，我猜是綜合 EBITDA 利潤率連續下降。儘管收入會增加，但推動這一趨勢的因素是什麼？

Yes. I think, Greg, it's still a challenging environment. We have a new CEO at the helm who's doing an evaluation. We're facing rising costs and inflationary pressures. So I think we're just trying to not get too far ahead of ourselves. We also had, in the fourth quarter, as we always do in the fourth quarter when we do the share units in lieu of cash incentives. You have a little bit of a pop there. But I think, overall, we're just trying to be cautious about the environment that we're in as we move into FY '23.

是的。我認為，格雷格，這仍然是一個充滿挑戰的環境。我們有一位新的 CEO 負責進行評估。我們正面臨成本上升和通脹壓力。所以我認為我們只是在努力不讓自己走得太遠。我們在第四季度也有，就像我們在第四季度經常做的那樣，我們用股票單位代替現金獎勵。你有一點流行。但我認為，總的來說，我們只是在進入 23 財年時對我們所處的環境保持謹慎。

And then just lastly, you announced an agreement or a contract to deliver equipment to Ukraine. Is that -- I know earlier this year, you had talked about some orders from Ukraine being delayed, and that was -- I think at the time, you lowered your revenue guidance by about $35 million for that. Is this that opportunity? Has that been realized? And now you're going to -- I guess is that the same opportunity? And what is the kind of the revenue potential of that contract?

最後，您宣布了一項向烏克蘭提供設備的協議或合同。那是 - 我知道今年早些時候，你曾談到來自烏克蘭的一些訂單被推遲，那是 - 我認為當時你將收入指導降低了約 3500 萬美元。這是那個機會嗎？這已經實現了嗎？現在你要 - 我想這也是同樣的機會嗎？該合同的收入潛力是什麼？

Sure. You are correct. This was -- we had multiple opportunities actually in this area. And as we said before, we did not think we lost those opportunities. We thought it was a challenging environment for defense spending, as people were retooling their budgets. We stayed close with our customer. We've actually donated a few comets in the fourth quarter. We thought that was the right thing to do, and it translated to a good relationship that we're building with our customer. And so, the press release you saw probably a few days ago is an aspect of that relationship. And, as we said, we think there's strong demand for this product.

當然。你是對的。這是 - 我們實際上在這個領域有很多機會。正如我們之前所說，我們不認為我們失去了這些機會。我們認為這對國防開支來說是一個充滿挑戰的環境，因為人們正在重新調整他們的預算。我們與客戶保持密切聯繫。我們實際上在第四季度捐贈了幾顆彗星。我們認為這是正確的做法，它轉化為我們正在與客戶建立的良好關係。因此，您可能在幾天前看到的新聞稿就是這種關係的一個方面。而且，正如我們所說，我們認為對該產品的需求很大。

And we move next to George Notter with Jefferies.

我們和傑富瑞一起搬到喬治諾特旁邊。

Welcome to the company, Ken. Congratulations on the new role. I guess I wanted to ask about the shareholder letter. You mentioned the strategic committee that's being formed within the Board of Directors. I guess I'm just curious in your words, what the thought process is behind the strategic committee? Are you looking at making changes in the product segments or makeup of the company in terms of product lines? Anything you can share there would be great.

歡迎來到公司，肯。祝賀新角色。我想我想問一下股東信。您提到了董事會內部正在組建的戰略委員會。我想我只是好奇你的話，戰略委員會背後的思考過程是什麼？您是否正在考慮在產品線方面對產品細分或公司構成進行更改？你可以在那里分享的任何東西都會很棒。

Yes, sure. We're driving that -- we're really opening a new chapter, okay, at Comtech, and that chapter involves moving beyond operating as individual businesses in silos and unlocking the shareholder value that comes with those businesses operating collectively together. That gives us the opportunity to punch with the full way to the enterprise. I talked to you about our COO, Maria Hedden taking the lead on centralizing operations, supply chain, strategic sourcing so that we can deal more effectively with our supply chain because we can -- it amplifies our voice, right?

是的，當然。我們正在推動這一點——我們真的在 Comtech 開啟了一個新的篇章，好吧，那篇章涉及超越作為孤立的個體企業運營，並釋放這些企業共同運營所帶來的股東價值。這讓我們有機會全力以赴地打入企業。我和你談過我們的首席運營官 Maria Hedden 領導集中運營、供應鏈、戰略採購，這樣我們就可以更有效地處理我們的供應鏈，因為我們可以——它擴大了我們的聲音，對嗎？

We're also operating on common processes so that we can collaborate more effectively together. That opens the door for us to move up the food chain and offer our customers a more comprehensive solution. The strategic committee is valuable to me as our markets evolve, and as we launch these new strategies, and develop the business thesis that will enable us to operate the business that we've always had more effectively, but potentially take advantage of the market convergence that we spoke about, with the terrestrial wireless market blending together with the satellite market, and how we might prosecute those opportunities that are rightly suited and rightly timed for us, so that we can unlock that shareholder value in a more comprehensive way at a higher level in the food chain.

我們還在共同流程上運作，以便我們可以更有效地合作。這為我們向食物鏈上游移動並為我們的客戶提供更全面的解決方案打開了大門。隨著我們市場的發展，戰略委員會對我來說很有價值我們談到了，隨著地面無線市場與衛星市場的融合，以及我們如何抓住那些對我們來說非常適合和恰當時機的機會，以便我們能夠以更全面的方式以更高的價格釋放股東價值食物鏈中的水平。

And we'll move next to Asiya Merchant with Citigroup.

我們將與花旗集團一起搬到 Asiya Merchant 旁邊。

Welcome aboard, Ken. I guess my -- with the sequential growth that you guys are seeing in your fiscal 1Q -- typically, fiscal 1Q does tend to be the lowest quarter going back a few years, pre-pandemic. Should we expect sort of this year to kind of exhibit that where 1Q for you guys will be kind of the lowest quarter for you guys? And then just maybe if you could break it down between the 2 new segments that you have, the guidance that you're quoting, where should we kind of be modeling that sequential growth? Is that more in the terrestrial side of things, just given some of the design wins that you've talked about?

歡迎登機，肯。我想我的——隨著你們在第一季度看到的連續增長——通常，第一季度確實往往是幾年前大流行前的最低季度。我們是否應該期望今年會展示出你們的第一季度對你們來說是最低的季度？然後，如果您可以將其分解為您擁有的兩個新細分市場，您引用的指導，我們應該在哪裡模擬這種連續增長？只是考慮到你談到的一些設計勝利，這是否更多地體現在地面方面？

Yes, in terms of our guidance, this is a change for us to only look out 90 days when we're giving out guidance at this point in time of the year. I would like to say, you could probably think of Q1 resembling Q4 in terms of distribution of the revenues with the concept that our terrestrial business has a nice flow of recurring revenue. And so, some of the growth you'll see -- as the whole economy improves over time, you would think that we would improve as well. But I think we'll hold our comments to just the first quarter right now and kind of not get ahead of ourselves.

是的，就我們的指導而言，這是一個變化，我們在一年中的這個時間點發布指導時只關注 90 天。我想說，您可能會認為第一季度在收入分配方麵類似於第四季度，我們的地面業務具有良好的經常性收入流動的概念。所以，你會看到一些增長——隨著整個經濟隨著時間的推移而改善，你會認為我們也會改善。但我認為我們現在只會對第一季度發表評論，並且不會超越自己。

And then just in terms of pricing, I think you talked about a challenging environment with your adjusted EBITDA coming down sequentially. Just -- are you able to -- I mean, if you can give us some color on how the negotiations are going with your customers, are you able to pass on these price increases related to components? Or are you getting a lot of pushback? And if there is any color between the 2 segments, where do you expect the margin impact?

然後就定價而言，我認為您談到了一個充滿挑戰的環境，調整後的 EBITDA 依次下降。只是 - 你能 - 我的意思是，如果你能給我們一些關於如何與你的客戶進行談判的顏色，你能傳遞這些與組件相關的價格上漲嗎？或者你有很多阻力？如果這兩個段之間有任何顏色，您預計利潤影響在哪裡？

Yes. I think, it's -- a good place to start is with our backlog. I mean, we have over $600 million in funded backlog today. And a lot of that does relate to our Terrestrial and Wireless Networks segment, which -- To break that down, that's sort of our 911 business where we have long-term contracts in there. So those contracts were set a few years back in terms of the whole negotiation of those contracts. It does take some time. So while we did have escalators in there, I don't think we were figuring this level of inflation.

是的。我認為，我們的積壓工作是一個很好的起點。我的意思是，我們今天有超過 6 億美元的資金積壓。其中很多確實與我們的地面和無線網絡部門有關，其中 - 分解它，這是我們的 911 業務，我們在那裡有長期合同。因此，就這些合同的整個談判而言，這些合同是在幾年前設定的。這確實需要一些時間。因此，雖然我們那裡確實有自動扶梯，但我認為我們並沒有考慮到這種通貨膨脹水平。

So we will have some gross profit impacts over the course of maybe the next year or so, as we're still winding those contracts down. But certainly, as we get opportunities for new proposals, we are taking into account the current environment and trying to be smarter about how we price those contracts with levers to improve our profitability. So I think that's probably where it will be impacted most is in our terrestrial segment in our 911 business.

因此，我們可能會在未來一年左右的時間內對毛利潤產生一些影響，因為我們仍在終止這些合同。但可以肯定的是，隨著我們獲得新提案的機會，我們正在考慮當前的環境，並試圖更明智地利用槓桿對這些合同進行定價，以提高我們的盈利能力。所以我認為這可能是受影響最大的地方是我們的 911 業務的地面部分。

But our satellite ground station product lines and some of the other product lines, they do have a book-to-ship element to that. And so, in this environment, we are looking to increase prices when and where possible, keeping in mind that it's a very competitive environment. And we don't want to shoot ourselves in the foot, as we had some experience last quarter with one particular customer, and we didn't get a good reaction. So I think we're going to be very mindful and strategic about how and when we do that.

但是我們的衛星地面站產品線和其他一些產品線，它們確實有一個預訂到發貨的元素。因此，在這種環境下，我們希望在可能的時間和地點提高價格，記住這是一個競爭非常激烈的環境。而且我們不想在腳下開槍，因為我們在上個季度與一位特定客戶有過一些經驗，但我們沒有得到很好的反應。因此，我認為我們將非常謹慎和戰略性地考慮如何以及何時這樣做。

And we'll move next to Mike Latimore with Northland Capital Markets.

我們將在北地資本市場的 Mike Latimore 旁邊。

Congrats on the new role here, Ken.

恭喜這裡的新角色，肯。

Thanks, Mike.

謝謝，邁克。

Ken, you mentioned this kind of hybridized world. Can you give a couple of use cases that are -- maybe have the biggest addressable market where Comtech can sell something that combines satellite and terrestrial technology? Like what would be some IoT use cases that kind of maybe jump out and might have the biggest opportunity or where you have the most differentiation? And then maybe just tie that into how you see that helping you move up the food chain? Maybe elaborate a little bit more on what that means?

肯，你提到了這種混合的世界。您能否舉幾個用例——也許是 Comtech 可以銷售結合衛星和地面技術的產品的最大潛在市場？比如哪些物聯網用例可能會跳出來，可能有最大的機會，或者你有最大的差異化？然後也許只是將其與您如何看待幫助您提升食物鏈的方式聯繫起來？也許更詳細地說明這意味著什麼？

Okay. So, our value proposition in terrestrial wireless among the MNOs, the mobile networks operators, is in location-based services, short message service centers, wireless emergency alerts, satellite backhaul, okay? And now we're moving into cloud native platform solutions with the contract win that we just talked about a few minutes ago. Those cloud-native platform solutions are just adaptable in the satellite ecosystem that they are in the terrestrial wireless systems. So that's one area.

好的。因此，我們在移動網絡運營商 MNO 中的地面無線價值主張是基於位置的服務、短消息服務中心、無線緊急警報、衛星回程，好嗎？現在，我們正在進入雲原生平台解決方案，並贏得了我們幾分鐘前剛剛談到的合同。這些雲原生平台解決方案僅適用於它們在地面無線系統中的衛星生態系統。所以這是一個領域。

Secondly, in the other direction, our satellite communications value proposition has typically been in equipment like modems, amplifiers, bucks and antennas. But importantly, our RF expertise in those domains, millimeter wave frequency equipment, is now becoming applicable in the terrestrial wireless space, because those frequency bands, those spectrums are being reapplied to 5G, okay? So we're seeing the opportunity for the businesses to work together to improve the value proposition on both sides.

其次，在另一個方向上，我們的衛星通信價值主張通常體現在調製解調器、放大器、降壓器和天線等設備中。但重要的是，我們在這些領域的射頻專業知識，毫米波頻率設備，現在正適用於地面無線空間，因為這些頻段、這些頻譜正在重新應用於 5G，好嗎？因此，我們看到了企業合作改善雙方價值主張的機會。

Finally, I'll say that we've traditionally thought of ourselves as a 911 public service market player, and we serve that market very effectively. But these value propositions that we bring in the 911 public safety sector are directly applicable to the much broader orders of magnitude larger market that is transforming the 5G network infrastructure globally. So, as we look to extend the relationships that we have in our traditional 911 markets, we see the opportunity to play a bigger role in the broader markets beyond public safety.

最後，我要說的是，我們傳統上認為自己是 911 公共服務市場參與者，我們非常有效地服務於這個市場。但我們在 911 公共安全領域提出的這些價值主張直接適用於正在改變全球 5G 網絡基礎設施的更廣泛的數量級更大的市場。因此，當我們尋求擴展我們在傳統 911 市場中的關係時，我們看到了在公共安全之外的更廣泛市場中發揮更大作用的機會。

And I guess maybe somewhat the reverse of that almost, but to the extent you have -- do have 2 separate businesses that you're reporting, is it clear that one segment or the other would have a kind of higher growth rate over the long term, or too early to say on that?

我想這可能幾乎與此相反，但就你所擁有的程度而言——確實有你報告的兩個獨立的業務，很明顯一個細分市場或另一個細分市場在長期內會有一種更高的增長率術語，還是說為時過早？

Well, I'll say this, this convergence of satellite and terrestrial [Com's] infrastructures, and us moving to be one Comtech and punch our way at an enterprise level, to be clear, it's the early days of that. But one of the reasons I created the role of Chief Growth Officer is to have a very senior individual among my leadership team whose role is to look across those 2 markets, bring enterprise technologies forward, and apply them to the market in innovative ways. So, I would tell you that there's kind of 3 answers. I think first one, each of those segments have high growth potential as we start to look at ourselves differently, as one contact with the new segmentation. But then, when we bring the 2 segments together, we think we can operate in a convergence environment at the enterprise level, and we think that's going to open up additional markets for us.

好吧，我要說的是，衛星和地面 [Com 的] 基礎設施的融合，我們正在成為 Comtech 並在企業層面上取得成功，明確地說，這是早期的日子。但我創建首席增長官的原因之一是在我的領導團隊中有一個非常資深的人，他的職責是審視這兩個市場，推動企業技術向前發展，並以創新的方式將它們應用於市場。所以，我會告訴你，有 3 個答案。我認為第一個，這些細分市場中的每一個都具有很高的增長潛力，因為我們開始以不同的方式看待自己，作為與新細分市場的接觸者。但是，當我們將這兩個部分結合在一起時，我們認為我們可以在企業層面的融合環境中運營，我們認為這將為我們打開更多的市場。

And I think just last one minor topic. I think your Arizona manufacturing center was supposed to be opened pretty soon. You know the status of that?

我認為只是最後一個小話題。我認為你的亞利桑那製造中心應該很快就會開放。你知道那個狀態嗎？

Sure. I'll tell you what, I've toured it, and I'm extremely impressed. I've been in this business a long time. I've seen a lot of manufacturing facilities, and I think this one lays the ground for us to support the growth in the future. Mike can speak to it. I don't know -- Mike wants to speak to it, too. So I'll let him have the floor in a minute, but I'm very impressed about what's going on there.

當然。我會告訴你什麼，我參觀過它，我印象非常深刻。我從事這個行業很長時間了。我見過很多製造設施，我認為這為我們支持未來的增長奠定了基礎。邁克可以和它說話。我不知道——邁克也想和它說話。所以我會讓他在一分鐘內發言，但我對那裡發生的事情印象深刻。

Yes. And working with Maria, our COO, who's overseeing that migration, it is progressing very nicely. As Ken had mentioned, we are expecting to be fully in -- operational in FY '23. I think we still have a few more things to do, but we are seeing a lot of the functions migrating over as we speak. And so, we're very encouraged that we're getting near the end of that.

是的。與負責監督遷移的首席運營官 Maria 合作，進展非常順利。正如肯所說，我們預計將在 23 財年全面投入運營。我認為我們還有更多的事情要做，但我們看到很多功能在我們說話的時候遷移過來。因此，我們感到非常鼓舞，我們即將結束。

Yes, people are in the facility.

是的，人們在設施中。

[Operator Instrutions] We'll move next to Chris Sakai with Singular Research.

[操作員說明] 我們將與 Singular Research 一起移動到 Chris Sakai 旁邊。

My question is in regards to, I guess, the Satellite and Space and Terrestrial and Wireless. It looks like adjusted EBITDA margins in Satellite and Space are getting better, but margins in Terrestrial and Wireless are declining. Can you help us understand why there's this divergence here between the 2 segments?

我想我的問題是關於衛星和太空以及地面和無線的。看起來衛星和太空業務的調整後 EBITDA 利潤率正在好轉，但地面和無線業務的利潤率正在下降。你能幫助我們理解為什麼這兩個部分之間存在這種差異嗎？

Sure. Chris. In terms of the Satellite and Space segment, Q4 was influenced by some work that we were doing in the EEE space components part of the business, as we're delivering on the first phase of a major project. We also had some comet orders go out in the fourth quarter on another opportunity, not Ukraine, which also helped provide some uplift there. And also, timing of our R&D investments in the fourth quarter contributed to a higher EBITDA margin for Space.

當然。克里斯。就衛星和空間部分而言，第四季度受到我們在 EEE 空間組件部分業務中所做的一些工作的影響，因為我們正在交付一個重大項目的第一階段。我們在第四季度也有一些彗星訂單在另一個機會上發出，而不是烏克蘭，這也有助於在那裡提供一些提升。此外，我們在第四季度進行研發投資的時機也為 Space 帶來了更高的 EBITDA 利潤率。

On the flip side, Terrestrial, as I was explaining earlier on the call, we did have a mix of business that we're nearing completion on, as we're starting to now shift gears and work on the next phase for our customer who is migrating and virtualizing their 5G platform. So, I think you're seeing a little bit of a timing issue. We do have -- at this point, won some sizable orders that are in our backlog as of July 31st. And as we start performing on those contracts, I think you'll see us improving there.

另一方面，正如我之前在電話會議上解釋的那樣，陸地公司確實有一些我們即將完成的業務，因為我們現在開始換檔並為我們的客戶開展下一階段工作正在遷移和虛擬化他們的 5G 平台。所以，我認為你看到了一點時間問題。截至 7 月 31 日，我們確實已經贏得了一些積壓的大量訂單。當我們開始履行這些合同時，我想你會看到我們在那裡有所改善。

And then, as far as bookings are concerned for Terrestrial and Wireless, was this a timing issue again as far as this increase in Q4?

然後，就地面和無線的預訂而言，就第四季度的增長而言，這是否又是一個時間問題？

Yes. In terms of the order flow -- I mean, we've always said -- we are in some niche markets, and we also have some large lumpy contracts that are difficult to predict. We know -- we feel confident that we will get them. It's just a matter of timing, what quarter. But yes, in Q4, there was a good push with our customer base to position ourselves on some long-term contracts here. So we are excited with the bookings flow that we saw in the fourth quarter. And it's just a function of timing on these large contracts.

是的。就訂單流而言——我的意思是，我們一直說——我們處於一些利基市場，而且我們也有一些難以預測的大塊合同。我們知道——我們有信心得到它們。這只是時間問題，哪個季度。但是，是的，在第四季度，我們的客戶群大力推動我們將自己定位在一些長期合同上。因此，我們對第四季度看到的預訂流量感到興奮。這只是這些大合同的時間函數。

And then it looks like -- so terrestrial and wireless network revenue is kind of -- it looks stagnant. What are you guys doing to get that to grow?

然後看起來 - 所以地面和無線網絡收入有點 - 它看起來停滯不前。你們在做什麼來讓它成長？

I would recharacterize it, if you could, to say steady, not stagnant. It's nice recurring revenue. And we are in the process of rolling out 3 major deployments with Pennsylvania, Arizona and another state. And as we're completing the implementation phase, the first phase of the projects, and turning on the PSAPs to the recurring services, I think you'll start to see the benefit of that over time. So we're making good progress on Pennsylvania. We're getting deeper into our Arizona implementation, and we've been working on South Carolina. So, I think it's just a function of where we are in the life cycles of those contracts.

如果可以的話，我會重新定義它，說穩定，而不是停滯不前。這是不錯的經常性收入。我們正在賓夕法尼亞州、亞利桑那州和另一個州推出 3 項主要部署。隨著我們完成實施階段，項目的第一階段，並打開 PSAP 到經常性服務，我想隨著時間的推移你會開始看到它的好處。所以我們在賓夕法尼亞州取得了良好的進展。我們正在深入了解我們在亞利桑那州的實施，我們一直在南卡羅來納州開展工作。所以，我認為這只是我們在這些合同生命週期中所處位置的一個函數。

And the growth opportunity is, one, taking a new geography; two, up gunning the geography that we're already servicing, and then driving beyond the current generation to the next generation that supports the Internet of things, and creating the capability to make sure that a digital device can make a 911 like call in the future and supporting that type of device density, speed, low latency that the market demands, and we're doing that.

增長機會是，一，進入新的地域；第二，開拓我們已經在服務的地理區域，然後將當前一代推向支持物聯網的下一代，並創造能力以確保數字設備可以撥打類似 911 的電話未來並支持市場需要的那種設備密度、速度、低延遲，我們正在這樣做。

And it does appear there are no further questions at this time.

目前看來確實沒有進一步的問題。

Thanks, operator. Well, we really appreciate everyone's interest in Comtech today. If you have any other questions, please don't hesitate to reach out to me or check out our Signals blog on our Investor Relations page. Thanks very much again.

謝謝，接線員。好吧，我們非常感謝今天大家對 Comtech 的興趣。如果您有任何其他問題，請隨時與我聯繫或查看我們投資者關係頁面上的信號博客。再次非常感謝。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful evening.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，度過一個美好的夜晚。