Comtech Telecommunications Corp (CMTL) 2023 Q1 法說會逐字稿

Welcome to Comtech's Fiscal Q1 2023 Earnings Conference Call. As a reminder, this conference is being recorded, Thursday, December 8, 2022.

歡迎來到 Comtech 的 2023 財年第一季度收益電話會議。提醒一下，本次會議將於 2022 年 12 月 8 日星期四進行錄製。

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

我現在想將會議轉交給 Comtech 的 Robert Samuels 先生。請繼續，先生。

Good afternoon, everyone, and thanks for taking the time to dial in today.

大家下午好，感謝您今天抽出時間撥通電話。

I'm Rob Samuels, Comtech's Head of Investor Relations. Welcome to Comtech Telecommunications Corp.'s conference call for the first quarter of fiscal year 2023. Today, I'm here with Comtech's Chairman, President and CEO, Ken Peterman. We're also joined by Mike Bondi, our CFO, and we'll also be hearing from Maria Hedden, our Chief Operating Officer.

我是 Rob Samuels，Comtech 的投資者關係主管。歡迎來到 Comtech Telecommunications Corp. 的 2023 財年第一季度電話會議。今天，我和 Comtech 的董事長、總裁兼首席執行官 Ken Peterman 一起來到這裡。我們的首席財務官 Mike Bondi 也加入了我們的行列，我們還將聽取首席運營官 Maria Hedden 的意見。

Before we get started today, I'll also say that both myself and Ken are always available to answer questions our investors may have. So please get in touch if you want to organize a meeting to talk about the company, our results or our strategy. We also have a detailed discussion of the quarter in our shareholder letter available on our website, and we have also been working to communicate directly about our business and our market between quarters in our blog, Comtech: Signals.

在我們今天開始之前，我還要說我和肯總是可以回答我們的投資者可能提出的問題。因此，如果您想組織一次會議來討論公司、我們的業績或我們的戰略，請與我們聯繫。我們還在我們網站上的股東信中詳細討論了本季度，我們也一直致力於在我們的博客 Comtech：Signals 中直接溝通我們的業務和季度之間的市場。

Finally, 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. 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.

最後，讓我提醒您公司的避風港語言。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有關的信息；公司的計劃、目標和業務前景以及公司管理層的計劃、目標和業務前景。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。任何前瞻性陳述都完全符合公司證券交易委員會備案文件中包含的警示性陳述。

Now I'm 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？

Hello, everyone, and thanks again for taking the time to dial in today.

大家好，再次感謝您今天抽出時間撥通電話。

As you all know, this is still early days in my tenure as CEO and early in the journey for everyone at Comtech as we move to fundamentally transform our business. That said, as we head into a new calendar year and close the books on our first quarter of fiscal 2023, I could not be more pleased with the progress we're making and the opportunities ahead.

眾所周知，在我擔任 CEO 的初期，Comtech 的每個人都處於從根本上轉變我們業務的旅程的初期。也就是說，當我們進入新的日曆年並結束 2023 財年第一季度的賬簿時，我對我們正在取得的進展和未來的機遇感到非常高興。

One thing that I was consistent and clear about from day 1 in my conversations with everyone from my leadership team, our employees and our investors was that Comtech needed to move faster than ever before. Our end markets are changing in real time. Our customers' needs are constantly evolving, and new technologies mean that we can offer creative solutions to solve their problems if we, as an organization, commit to working together as ONE Comtech. This means sharing our collective expertise, our insights and abilities to improve everything from our operations to our products and our culture. It's early in the process, but the ONE Comtech journey is underway and working. I see it every day in our people, and it's also being reflected in our financial performance.

從第一天開始，在與我的領導團隊、我們的員工和我們的投資者的每個人的談話中，我始終如一且清楚的一件事是，Comtech 需要比以往任何時候都更快地行動。我們的終端市場正在實時變化。我們客戶的需求在不斷變化，新技術意味著如果我們作為一個組織致力於作為 ONE Comtech 一起工作，我們可以提供創造性的解決方案來解決他們的問題。這意味著分享我們的集體專業知識、我們的見解和能力，以改進從我們的運營到我們的產品和我們的文化的一切。現在還處於早期階段，但 ONE Comtech 的旅程正在進行中並正在發揮作用。我每天都在我們的員工身上看到它，它也反映在我們的財務業績中。

In addition to a quarter-over-quarter increase in consolidated net sales, representing the fourth straight quarter of top line sequential growth for Comtech, our bookings of $181 million foreshadows the increasing customer value we are creating as ONE Comtech. I should also point out that this performance was delivered even as we reorganized our business, continue to restructure our senior leadership team across multiple functions with key appointments and continue to make changes to improve the functional machinery of our organization.

除了綜合淨銷售額環比增長（代表 Comtech 連續第四個季度實現收入連續增長）之外，我們 1.81 億美元的預訂額預示著我們作為 ONE Comtech 正在創造的客戶價值不斷增加。我還應該指出，即使我們重組了我們的業務、繼續重組我們跨多個職能部門的高級領導團隊並進行重要任命，並繼續進行變革以改善我們組織的職能機制，但這一業績還是實現了。

I want to talk a little more about what we've accomplished and what you can expect from us going forward, and I want you to hear directly from our COO, Maria Hedden, as she's in the trenches, streamlining and improving our processes so that everything we do at Comtech, we do better, faster and more efficiently.

我想多談談我們已經取得的成就以及您對我們未來的期望，我希望您能直接聽到我們的首席運營官 Maria Hedden 的聲音，因為她在戰壕中精簡和改進我們的流程，以便我們在 Comtech 所做的一切，我們都做得更好、更快、更高效。

Before that, I do want to turn the call over to Mike Bondi, our CFO, so he can walk you through our financial performance for the quarter. Mike?

在此之前，我確實想將電話轉給我們的首席財務官 Mike Bondi，以便他可以向您介紹我們本季度的財務業績。麥克風？

Thanks, Ken.

謝謝，肯。

For Q1 fiscal 2023, we recorded $131.1 million of consolidated net sales, of which $80.9 million were recorded in our Satellite and Space Communications segment and $50.3 million were recorded in our Terrestrial and Wireless Networks segment. Our consolidated first quarter net sales represented a 3.3% increase over last quarter and as Ken mentioned, our fourth consecutive quarterly increase. Compared to the year ago quarter, our consolidated Q1 fiscal 2023 net sales increased $14.3 million or 12.2%, driven by higher revenue in our Satellite and Space Communications segment.

在 2023 財年第一季度，我們錄得 1.311 億美元的綜合淨銷售額，其中 8090 萬美元記錄在我們的衛星和空間通信部門，5030 萬美元記錄在我們的地面和無線網絡部門。我們第一季度的綜合淨銷售額比上一季度增長了 3.3%，正如 Ken 提到的那樣，這是我們連續第四個季度增長。與去年同期相比，我們 2023 財年第一季度的合併淨銷售額增加了 1430 萬美元或 12.2%，這主要得益於我們衛星和空間通信部門的收入增加。

Consolidated gross margins were 35.7%, in line with our gross margins achieved in Q1 and Q4 of fiscal 2022. Our gross profit percentage in Q1 fiscal 2023 reflects an increase in net sales and overall product mix changes. It also reflects start-up costs associated with the opening of our new high-volume technology manufacturing centers as well as increased costs, resulting from the ongoing impacts of COVID-19 and inflationary pressures.

綜合毛利率為 35.7%，與我們在 2022 財年第一季度和第四季度實現的毛利率一致。我們在 2023 財年第一季度的毛利率反映了淨銷售額的增長和整體產品組合的變化。它還反映了與我們新的大容量技術製造中心的開設相關的啟動成本，以及因 COVID-19 和通貨膨脹壓力的持續影響而導致的成本增加。

As explained in more detail and reconciled in our Form 10-Q filed earlier today, we utilize a non-GAAP measure that we refer to as adjusted EBITDA. Q1 fiscal 2023 adjusted EBITDA was $10.7 million or 8.2% of consolidated net sales as compared to $5.5 million or 4.7% in Q1 fiscal 2022. The increase, both in dollars and as a percentage of sales, is primarily attributable to the increase in Q1 fiscal '23 net sales. Sequentially, in line with our prior guidance, adjusted EBITDA in Q1 fiscal 2023 was lower, both in dollars and as a percentage of sales, reflecting overall changes in mix, a general rise in costs due to an inefficient supply chain and inflation and the settlement last quarter of fiscal 2022 annual incentive compensation with fiscal fully invested share units in lieu of cash.

正如我們在今天早些時候提交的 10-Q 表格中更詳細地解釋和協調的那樣，我們使用我們稱為調整後 EBITDA 的非 GAAP 衡量標準。 2023 財年第一季度調整後的 EBITDA 為 1070 萬美元，佔合併淨銷售額的 8.2%，而 2022 財年第一季度為 550 萬美元，佔銷售額的 4.7%。無論是美元還是佔銷售額的百分比，這一增長主要歸因於第一季度財政收入的增加'23 淨銷售額。因此，根據我們之前的指導，2023 財年第一季度調整後的 EBITDA 較低，無論是美元還是佔銷售額的百分比，反映了產品組合的整體變化、供應鏈效率低下和通貨膨脹導致的成本普遍上升以及結算2022 財年最後一個季度的年度激勵補償，用財政完全投資的股份單位代替現金。

As Ken previously mentioned, bookings during the quarter totaled $181.2 million, representing a 26.9% sequential quarterly increase and a quarterly book-to-bill ratio of 1.38x. Our current revenue visibility is approximately $1.1 billion and is equal to the sum of our $668.2 million of funded backlog plus the total unfunded value of certain multiyear contracts that we have received and from which we expect future orders. Overall, our consolidated Q1 net sales and adjusted EBITDA were ahead of our guidance provided last quarter, and we're pleased to have exceeded our targets and to have increased our funded backlog from July, particularly in light of an economic environment that continues to be challenging.

正如 Ken 之前提到的，本季度的預訂總額為 1.812 億美元，環比增長 26.9%，季度訂單出貨比為 1.38 倍。我們目前的收入可見度約為 11 億美元，等於我們 6.682 億美元的資金積壓加上我們已收到的某些多年期合同的總未資金價值的總和，我們預計未來的訂單來自這些合同。總體而言，我們的第一季度綜合淨銷售額和調整後的 EBITDA 超出了我們上個季度提供的指導，我們很高興已經超出了我們的目標，並且從 7 月開始增加了我們的資金積壓，特別是考慮到經濟環境繼續具有挑戰性的。

Now let me return the call back over to Ken.

現在讓我將電話轉回給 Ken。

Thanks, Mike.

謝謝，邁克。

As I said at the top of the call, a big part of our financial performance reflects a lot of hard work that we're doing to improve the core machinery of our business. In my opinion, we have the best people and the best solutions, and we serve the most demanding customers in the world, and we're growing. To support everything we're doing and everything we want to do, we have to make sure that Comtech's organization, operations and systems can keep pace with where our business is going. A lot of that work is being spearheaded by Maria Hedden, our Chief Operating Officer. Maria joined us in March, bringing over 20 years of executive P&L management experience and a history of improving business performance. At the core of Maria's work is her commitment to a ONE Comtech strategy, ensuring that everyone at the company shares a common set of tools and processes to improve and optimize everything they do every day.

正如我在電話會議的開頭所說，我們財務業績的很大一部分反映了我們為改進我們業務的核心機制所做的大量努力。在我看來，我們擁有最好的人才和最好的解決方案，我們為世界上要求最嚴苛的客戶提供服務，而且我們還在不斷發展壯大。為了支持我們正在做的一切和我們想做的一切，我們必須確保 Comtech 的組織、運營和系統能夠與我們的業務發展保持同步。我們的首席運營官 Maria Hedden 牽頭開展了大量工作。 Maria 於 3 月加入我們，帶來了 20 多年的執行損益管理經驗和改善業務績效的歷史。 Maria 工作的核心是她對 ONE Comtech 戰略的承諾，確保公司的每個人都共享一套通用的工具和流程，以改進和優化他們每天所做的一切。

I want you to be able to hear directly from Maria as her work plays such an important role in accelerating the growth and profitability of our business. Maria?

我希望您能夠直接聽到瑪麗亞的聲音，因為她的工作在加速我們業務的增長和盈利方面發揮著如此重要的作用。瑪麗亞？

Thanks, Ken, and good to be able to have the opportunity to speak with all of you today.

謝謝，Ken，很高興今天能有機會與大家交談。

Today is actually the first time I participated on an earnings call, but I think it highlights 2 things that I expect are important for investors. The first is that at Comtech, we are making serious strategic commitment to operational integration and excellence, what you've heard Ken call ONE Comtech. The second is that we are focused on translating that strategic commitment into tangible actions on the ground that improve the way we work and the way we work with each other every day. Our belief is that cumulatively, those actions will make us a stronger company, will directly translate into growth and profitability and in so doing, deliver value to our shareholders. All of this is to say our ONE Comtech strategy isn't about ideas as much as it is about actions.

今天實際上是我第一次參加財報電話會議，但我認為它強調了我認為對投資者很重要的兩件事。首先是在 Comtech，我們正在對運營整合和卓越做出認真的戰略承諾，您聽說 Ken 稱之為 ONE Comtech。第二，我們專注於將戰略承諾轉化為實地的具體行動，以改善我們的工作方式和我們每天相互合作的方式。我們相信，累積起來，這些行動將使我們成為一家更強大的公司，將直接轉化為增長和盈利能力，並在此過程中為我們的股東創造價值。所有這一切都表明我們的 ONE Comtech 戰略與其說是關於想法，不如說是關於行動。

Shortly after I arrived, it became clear to me that we already had the single most important resource a company can have in place, a talented, passionate workforce. As I saw it, my job was to ensure that all these talented people had the right organizational machinery around them to support what they were already doing in ways that were more effective, efficient and scalable. We needed to collectively harmonize our business with best practices through each business unit. That meant everything from optimizing the company's supply chain, our engineering operations, our manufacturing to our sales processes, including pricing and contract reviews and it also meant we had to make sure all our teams were appropriately staffed to not only meet today's needs, but for the growth we anticipate and it meant a reorganization of our leadership structure to make sure we had the right executives in place, but also create structures to ensure all our leaders had a clear sense of the totality of our business and access to the insights and innovation from across the business.

在我到達後不久，我就清楚地意識到，我們已經擁有了一家公司可以擁有的最重要的資源，即才華橫溢、充滿激情的員工隊伍。在我看來，我的工作是確保所有這些有才華的人周圍都有正確的組織機構，以更有效、更高效和可擴展的方式支持他們已經在做的事情。我們需要通過每個業務部門共同協調我們的業務與最佳實踐。這意味著從優化公司的供應鏈、我們的工程運營、我們的製造到我們的銷售流程的一切，包括定價和合同審查，這也意味著我們必須確保我們所有的團隊都有適當的人員配備，不僅要滿足今天的需求，而且要為我們預期的增長，這意味著重組我們的領導結構，以確保我們擁有合適的高管，同時創建結構以確保我們所有的領導者都清楚地了解我們的整體業務並獲得洞察力和創新來自整個企業。

In a very short period of time, we have not only committed ourselves to the idea of ONE Comtech, but we are implementing it. We have made key appointments and strong hires into leadership positions. We are in the process of a firmware business and operations improvement project to control costs where we can to defend and grow margins while at the same time make deliberate investments to promote our growth and ability to operate at scale. And while this may sound straightforward, we make sure we are talking to each other all of the time. I have instituted a monthly business review process, which convenes the entire leadership team for a full day to make sure we celebrate our wins, learn from our losses and make sure our plans and targets are on track and appropriately resourced. Related, I also hosted a strategic goal deployment session so that I, as COO, can make sure that the organization has a clear understanding of how to properly support our growth initiatives.

在很短的時間內，我們不僅致力於實現 ONE Comtech 的理念，而且正在實施它。我們已經做出了重要的任命，並聘請了重要的領導職位。我們正在進行固件業務和運營改進項目，以控製成本，從而捍衛和提高利潤率，同時進行有意識的投資以促進我們的增長和大規模運營的能力。雖然這聽起來很簡單，但我們確保我們一直在互相交談。我制定了每月一次的業務審查流程，將整個領導團隊召集一整天，以確保我們慶祝我們的勝利，從我們的損失中吸取教訓，並確保我們的計劃和目標步入正軌並獲得適當的資源。相關的是，我還主持了一次戰略目標部署會議，這樣我作為首席運營官就可以確保組織清楚地了解如何正確支持我們的增長計劃。

There is a lot of change happening at Comtech right now and in many organizations, change can bring uncertainties and down. But at Comtech, I see every day what our financial performance this quarter confirms that we're making the right kind of changes that are unleashing and empowering our people to do what they already were doing, innovating and delivering the best solutions to our customers around the world. We all know there is a lot of work to do ahead of us, but I have the confidence that the changes we are and will be implementing at Comtech will create permanent competitive advantages for our company and our customers as well as value for our shareholders.

Comtech 現在和許多組織正在發生很多變化，變化會帶來不確定性和低迷。但在 Comtech，我每天都看到我們本季度的財務業績證實我們正在做出正確的改變，這些改變正在釋放並授權我們的員工做他們已經在做的事情，創新並為我們周圍的客戶提供最佳解決方案世界。我們都知道我們面前還有很多工作要做，但我相信我們正在和將在 Comtech 實施的變革將為我們的公司和我們的客戶創造永久的競爭優勢，並為我們的股東創造價值。

Thank you for your time. And now let me turn to Ken for his closing remarks.

感謝您的時間。現在讓我請 Ken 作結束語。

Thanks, Maria.

謝謝，瑪麗亞。

I just want to extend the point Maria was making about the incredible and incredibly positive changes that are happening every day at Comtech. As she said, we made significant changes to our leadership structure and now have executives focused on both our key end markets as well as our key customer segments. Tim Jenkins is our Terrestrial and Wireless Networks segment President and Justin Wexler is our Satellite and Space Communications segment President. We also appointed Daniel Gizinski as our Chief Strategy Officer for Defense and Jay Whitehurst as our Chief Strategy Officer for Commercial. Finally, we appointed Doug Houston, our Vice President of Global Support. Together, it means we have a leadership structure that is ready to partner with customers across business units and has expertise in the specific needs of key customer segments. I believe that with the people we have in place, heading an organization that is itself improving every day, Comtech is poised for a successful year ahead.

我只想擴展 Maria 關於 Comtech 每天都在發生的令人難以置信和令人難以置信的積極變化的觀點。正如她所說，我們對領導結構進行了重大改變，現在高管們專注於我們的關鍵終端市場和關鍵客戶群。 Tim Jenkins 是我們的地面和無線網絡部門總裁，Justin Wexler 是我們的衛星和空間通信部門總裁。我們還任命 Daniel Gizinski 為我們的國防首席戰略官，並任命 Jay Whitehurst 為我們的商業首席戰略官。最後，我們任命了我們的全球支持副總裁 Doug Houston。總之，這意味著我們擁有一個領導結構，可以與跨業務部門的客戶合作，並且在關鍵客戶群的特定需求方面具有專業知識。我相信，憑藉我們現有的人員，領導一個自身每天都在進步的組織，Comtech 已準備好在未來的一年取得成功。

Before I move on to take questions, let me circle back to our bookings, which had $181 million for the quarter were over 2x higher than our first quarter of last fiscal year. Our investors should take this to be a clear indication that while we continue to improve the machinery of our business, we have not and will not fail to remain completely focused on solving our customers' problems and creating unprecedented customer value in unique and innovative ways. Our contract wins during the quarter validate not only our unwavering customer focus, but also make it clear that Comtech solutions and services continue to set the standard in every one of our key markets. It never leaves our mind that we have the most demanding customers in the world. Our technology-enabled solutions are not just field tested, they're battle tested.

在我繼續提問之前，讓我回到我們的預訂，本季度的預訂量為 1.81 億美元，比上一財年第一季度高出 2 倍多。我們的投資者應該將此視為一個明確的跡象，表明在我們繼續改進業務機制的同時，我們沒有也不會不完全專注於解決客戶的問題，並以獨特和創新的方式創造前所未有的客戶價值。我們在本季度贏得的合同不僅證明了我們堅定不移地以客戶為中心，而且清楚地表明，Comtech 解決方案和服務繼續在我們每個主要市場中樹立標準。我們永遠不會忘記我們擁有世界上最苛刻的客戶。我們的技術支持解決方案不僅經過現場測試，而且經過實戰檢驗。

We welcome new business at Comtech, but I'm always happy to win repeat business too because it means that these tough customers have put our products through their paces, and we have measured up to their very high standards. Among the contracts we were awarded during the quarter from customers we have worked with before, we saw key wins with the U.S. Military as well as for the Ukrainian government, which is adding new communication systems identical to those we donated to them in March of this year. In addition, one of the largest wireless carriers in the United States, renewed our 911 services contract with them, again, underscoring that across our segments and our end markets, customers have come to know, trust and depend upon Comtech.

我們歡迎 Comtech 的新業務，但我也總是很高興贏得回頭客，因為這意味著這些強硬的客戶已經對我們的產品進行了測試，並且我們已經達到了他們非常高的標準。在本季度我們從之前合作過的客戶那裡獲得的合同中，我們看到了與美國軍方以及烏克蘭政府的關鍵勝利，他們正在增加新的通信系統，這些系統與我們在今年 3 月捐贈給他們的系統相同年。此外，美國最大的無線運營商之一與他們續簽了我們的 911 服務合同，再次強調在我們的細分市場和終端市場，客戶已經了解、信任和依賴 Comtech。

With that, let me acknowledge that the road ahead will be challenging, given the macroeconomic environment that combines inflationary pressures, pandemic aftershocks and unresolved geopolitical tensions. But we believe Comtech has never been better prepared to meet these challenges and take advantage of the opportunities they present. With new leadership, a new organization, a refreshed common operational infrastructure and an energized and invigorated team, our ONE Comtech transformation is positioning us for success. ONE Comtech is working, and we're moving fast, and we are winning in a market that is itself growing.

鑑於此，讓我承認，鑑於宏觀經濟環境結合了通脹壓力、大流行餘震和未解決的地緣政治緊張局勢，未來的道路將充滿挑戰。但我們相信，Comtech 從未像現在這樣做好準備迎接這些挑戰並利用它們所帶來的機遇。憑藉新的領導層、新的組織、煥然一新的通用運營基礎設施和充滿活力的團隊，我們的 ONE Comtech 轉型正在為我們的成功做好準備。 ONE Comtech 正在努力，我們正在快速行動，我們正在不斷增長的市場中取勝。

Now finally, I want to take a moment to thank Fred Kornberg for his 50 years of service to Comtech. Next week, Fred will be retiring from our Board and from all of us here at Comtech, we wish him well and thank him for all his contributions over the years.

最後，我想花點時間感謝 Fred Kornberg 為 Comtech 服務了 50 年。下週，Fred 將從我們的董事會和我們在 Comtech 的所有人退休，我們祝愿他一切順利，並感謝他多年來所做的所有貢獻。

And with that, let me take your questions.

有了這個，讓我回答你的問題。

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

（操作員說明）我們將首先轉移到 NOBLE Capital 的 Joe Gomes。

So Ken, I wanted to ask, you've now got a quarter under your belt, maybe a little more detail or color on your observations, your evaluations, your conclusions. You did some of that in your prepared remarks. So you give a little -- dive a little bit deeper on that. And where are you getting any pushback, if you're getting any pushback on some of these changes that you're making to the organization?

所以肯，我想問一下，你現在已經有了四分之一，也許你的觀察、你的評估和你的結論有更多的細節或色彩。你在準備好的發言中做了一些。所以你付出一點——深入一點。如果您對組織所做的某些更改有任何阻力，您從哪裡得到任何阻力？

Yes. Thanks, Joe. I'm going to offer a perspective on that. And then if Maria or Mike want to chime in, they can with respect to the lens through which they look through. But I'll tell you that, first of all, the move to ONE Comtech is challenging. And obviously, our biggest challenge here in the beginning is aligning our various businesses on the common operating practices and common operating systems. We're moving through that aggressively, and we've baselined the current configuration, current operating processes that they operate on. We put an integrated master schedule together that transitions them. We prioritize those tasks. And we put key metrics and key performance indicators in place so that we can measure our performance on that. And we're able to forecast at this juncture when and how much the return on that investment might be and on what programs. So the good news is we're moving ahead on that. And the team is very excited about it.

是的。謝謝，喬。我將提供一個觀點。然後，如果 Maria 或 Mike 想插話，他們可以根據他們所看的鏡頭來插話。但我會告訴你，首先，遷移到 ONE Comtech 是一項挑戰。顯然，我們一開始面臨的最大挑戰是使我們的各種業務在共同的運營實踐和共同的操作系統上保持一致。我們正在積極推進，我們已經為當前配置和他們運行的當前操作流程設定了基線。我們將一個集成的主計劃放在一起來過渡它們。我們優先考慮這些任務。我們制定了關鍵指標和關鍵績效指標，以便我們可以衡量我們的績效。我們能夠在這個時刻預測該投資的回報時間和回報率以及項目。所以好消息是我們正在這方面取得進展。團隊對此非常興奮。

Secondly, I'll say that we've launched a number of crucial initiatives. One of those is the launch of the Innovation Foundry, our technical incubator, if you will, that's being led by our Chief Growth Officer. I'm really excited about that, Joe, because we've identified already some initial partners who can bring exciting and relevant technologies into that technology incubator so that we can assess and blend them with our own capabilities to demonstrate how they improve customer value and how they improve customer outcomes. And in this kind of a controlled environment, we can even quantify what we think that customer value might be. That's really significant. So one of the things is I'm really excited and enthusiastic about the Innovation Foundry and how that provides a lens through which we can up-tier our capabilities to the systems and services level and measure the performance that, that brings our customers.

其次，我要說的是，我們已經啟動了一些重要舉措。其中之一是我們的技術孵化器 Innovation Foundry 的啟動，如果你願意的話，它由我們的首席增長官領導。喬，我對此感到非常興奮，因為我們已經確定了一些初始合作夥伴，他們可以將令人興奮的相關技術帶入該技術孵化器，以便我們可以評估並將它們與我們自己的能力相結合，以展示它們如何提高客戶價值和他們如何改善客戶結果。在這種受控環境中，我們甚至可以量化我們認為客戶價值可能是什麼。這真的很重要。因此，其中一件事是我對 Innovation Foundry 感到非常興奮和熱情，以及它如何提供一個鏡頭，通過它我們可以將我們的能力提升到系統和服務級別，並衡量為我們的客戶帶來的性能。

Okay. Great. Maybe you could talk a little bit more on the terrestrial business. It was down sequentially, maybe a little more color, detail, how is it the 911 market opportunities out there, the deployments in Pennsylvania, Arizona, some of the other states that you've won? Are we making any move there, getting those deployments up and running? Any color there on the terrestrial business would be great.

好的。偉大的。或許你可以多談談地面業務。它是按順序下降的，也許有更多的顏色、細節，911 的市場機會如何，在賓夕法尼亞州、亞利桑那州的部署，以及你贏得的其他一些州？我們是否在那裡採取任何行動，啟動並運行這些部署？地面業務上的任何顏色都會很棒。

Sure. Joe, thanks. I'm going to let Mike jump in on that.

當然。喬，謝謝。我要讓邁克參與進來。

Sure. Joe, on the Terrestrial and Wireless business, as background, again, in the early part of fiscal '21, we announced winning several large 5G location-based services contracts. Those software contracts definitely contributed to a favorable sales mix that we disclosed last year in Q2 and Q3. Also coming in fiscal '22, especially in Q2, just to remind everybody, we did have a $2.5 million benefit to cost of sales that was the result of reducing the warranty accrual due to lower-than-expected warranty claims in that 911 product area. So certainly, we had some favorable headwinds last year.

當然。喬，在地面和無線業務方面，再次作為背景，在 21 財年的早期，我們宣布贏得了幾項大型 5G 定位服務合同。這些軟件合同無疑為我們去年第二季度和第三季度披露的有利銷售組合做出了貢獻。同樣在 22 財年，特別是在第二季度，提醒大家，我們確實有 250 萬美元的銷售成本收益，這是由於 911 產品領域的保修索賠低於預期而減少了保修應計費用的結果.當然，去年我們遇到了一些有利的不利因素。

When you look at the sales and the adjusted EBITDA contribution in that in Q1 of fiscal '23, as we stated before, we're subject to mix changes and the recently awarded state-wide NG911 contracts, as we disclosed, generally have lower upfront margins lower than our 911 wireless call routing services And that's generally because the legacy 911 call routing services are based on advanced and mature software, whereas you have to keep in mind the new contracts that we're winning in the 911 area, the NG911 area. Those contracts were recently won, we're installing the infrastructure, and it's going to take some time as we turn on the PSAPs to absorb that upfront cost. And in terms of improving margins over time, the more PSAPs we light up on the recurring service, our expectations are to have a better bottom line.

正如我們之前所說，當您查看 23 財年第一季度的銷售額和調整後的 EBITDA 貢獻時，我們可能會發生組合變化，並且正如我們披露的那樣，最近授予的全州範圍內的 NG911 合同的預付款通常較低利潤低於我們的 911 無線呼叫路由服務 這通常是因為傳統的 911 呼叫路由服務是基於先進和成熟的軟件，而你必須記住我們在 911 領域贏得的新合同，即 NG911 領域.這些合同是最近贏得的，我們正在安裝基礎設施，我們需要一些時間來啟動 PSAP 來吸收前期成本。就隨著時間的推移提高利潤率而言，我們對經常性服務點亮的 PSAP 越多，我們的期望是有更好的底線。

So to answer your question in terms of the progress on Pennsylvania, South Carolina, Arizona, those big contracts that we won, I think we are very happy with the progress on all 3 of those contracts. We're getting towards the tail end of the deployment portions of those contracts, where we're spending the CapEx. And we have been lining up the PSAPs. And so we're very encouraged by that progress. And as we move into 2023, we're likely to see more of those PSAPs go live.

因此，為了回答你關於賓夕法尼亞州、南卡羅來納州、亞利桑那州以及我們贏得的那些大合同的進展問題，我認為我們對這三份合同的進展感到非常滿意。我們正接近這些合同部署部分的尾聲，我們正在那里花費資本支出。我們一直在整理 PSAP。因此，我們對這一進展感到非常鼓舞。隨著我們進入 2023 年，我們可能會看到更多的 PSAP 上線。

And we'll take our next question from George Notter with Jefferies.

我們將與 Jefferies 一起接受 George Notter 的下一個問題。

You mentioned the $181 million number in bookings for the quarter. I assume that included some big chunky contracts. I think during the quarter, you announced a Tropo deal with the U.S. Military for $50 million. I assume that ran through that bookings number? And are there any other kind of chunkier pieces in there as well?

您提到了本季度 1.81 億美元的預訂量。我假設其中包括一些大而厚實的合同。我想在本季度，您宣布與美國軍方達成 5000 萬美元的 Tropo 協議。我假設已經通過了那個預訂號碼？那裡還有其他類型的更厚實的作品嗎？

I'll take that, George. We did, in our 10-Q, we tried to give some color on the largest of the orders. It's also included in the shareholder letter. And I think as you have outlined, we definitely have the next-gen Troposcatter terminals. That order was nice to see. It came in bigger than we were expecting. So that was a great award. We also had the Ukrainian COMETs that was received in the first quarter. We made really good progress this quarter in the first quarter, delivering on those 80 units.

我會接受的，喬治。我們確實在我們的 10-Q 中嘗試為最大的訂單添加一些顏色。它也包含在股東信中。我認為正如您所概述的那樣，我們肯定擁有下一代 Troposcatter 終端。那個訂單很高興看到。它比我們預期的要大。所以這是一個偉大的獎項。我們還有第一季度收到的烏克蘭 COMET。我們在第一季度的本季度取得了非常好的進展，交付了這 80 個單位。

And in terms of the next item, I would say we call out, we have a large Tier 1 carrier that we provide call routing services for that customer. And in the first quarter, we renewed our annual contract. Those are probably the largest. We had some additional reset orders with the U.S. Army and some other key wins. But certainly, those were the 3 largest that we would call out.

就下一項而言，我想說的是，我們有一家大型 1 級運營商，我們為該客戶提供呼叫路由服務。在第一季度，我們續簽了年度合同。這些可能是最大的。我們與美國陸軍有一些額外的重置命令和其他一些關鍵勝利。但可以肯定的是，這些是我們會召集的 3 個最大的。

George, it's Ken. George, I will tell you that as we bring our business together, we are seeing our addressable and serviceable markets expand as we look to harness the enterprise-wide capability of ONE Comtech and that enables us to move up-tier into the systems and services segment. So we're pretty enthusiastic about the opportunities that's revealing to us. And we're seeing customers even engage with us directly to better understand how this expanded value proposition can create value for them. We're engaging directly with both satellite and terrestrial customers. We have strategic partnering discussions underway in the upcoming 30, even within the next 30 days, we're hosting technology workshops and leveraging the Innovation Foundry to demonstrate and quantify these enhanced capabilities in a customer context. So looking forward, our customers are aligned with us in this expanded value proposition. That's expanding our new business funnel going forward.

喬治，是肯。喬治，我會告訴你，當我們將我們的業務整合在一起時，我們看到我們的可尋址和可服務市場正在擴大，因為我們希望利用 ONE Comtech 的企業範圍能力，這使我們能夠向上移動到系統和服務部分。因此，我們對向我們揭示的機會非常熱情。我們看到客戶甚至直接與我們互動，以更好地了解這種擴展的價值主張如何為他們創造價值。我們直接與衛星和地面客戶接觸。我們將在未來 30 天內進行戰略合作討論，甚至在接下來的 30 天內，我們將舉辦技術研討會並利用 Innovation Foundry 在客戶環境中展示和量化這些增強功能。因此，展望未來，我們的客戶將在這一擴展的價值主張中與我們保持一致。這正在擴大我們未來的新業務渠道。

Got it. Okay. A quick question on the balance sheet also. I think you guys have about $130 million drawn on the credit line, the revolver right now. I know that expires in the fall of next year. Can you kind of talk about your plans to kind of deal with that given where the balance sheet is right now?

知道了。好的。關於資產負債表的一個快速問題。我想你們現在有大約 1.3 億美元的信用額度，即左輪手槍。我知道明年秋天到期。考慮到資產負債表現在的情況，你能談談你的計劃嗎？

Sure, George. In terms of the debt on the balance sheet, it's actually a little north of what you just said. But more importantly, I would add about a week ago, we did announce through 8-K that we did basically amend our credit facility. So in the presentation, on our balance sheet, you see it as long term. It's because we were successful in getting our lenders to move forward with an amended deal. We did change some of the deal terms to be more representative of today's business, but that was a syndication we announced last week, and we're very pleased with that and very thankful in this environment. Obviously, you're reading a lot of news reports. There's a lot of skittishness out there with the lenders dealing with the global recession potentially higher default rates. And so navigating through that in this environment, we're very pleased with the outcome, and it gives us the flexibility to operate.

當然，喬治。就資產負債表上的債務而言，它實際上比你剛才說的要偏北一點。但更重要的是，我想補充一下，大約一周前，我們確實通過 8-K 宣布我們基本上修改了我們的信貸安排。所以在演示文稿中，在我們的資產負債表上，你認為它是長期的。這是因為我們成功地讓我們的貸方推進了一項修改後的交易。我們確實更改了一些交易條款以更能代表當今的業務，但這是我們上周宣布的聯合組織，我們對此感到非常高興，也非常感謝在這種環境下。顯然，您正在閱讀大量新聞報導。處理全球經濟衰退可能導致更高違約率的貸方存在很多疑慮。因此，在這種環境中進行導航，我們對結果感到非常滿意，它給了我們操作的靈活性。

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

我們將與 Northland Capital Markets 一起搬到 Mike Latimore 旁邊。

Great. Yes, definitely hit the ground running here. Looks good. Just on the gross margin, can you just kind of go through a little bit of the drivers and headwinds you're seeing on gross margin this year? Just trying to get a sense of where that might go over time here?

偉大的。是的，絕對在這裡運行。看起來挺好的。就毛利率而言，您能否稍微了解一下您今年在毛利率上看到的驅動因素和逆風？只是想了解隨著時間的推移可能會發生什麼？

Sure. In terms of our guidance, I certainly would be mindful that we're only giving guidance for Q2. We are certainly in an economic environment that's challenging, as Ken mentioned. And then as we disclosed, we definitely have seen inflationary pressures, supply chain is still not running optimally. And against that background and backdrop, we're pleased with our performance in Q1. We think that over time, our margins will improve. But we do have a lot of backlog in our Terrestrial and Wireless Networks segment. A lot of that backlog is multiyear in nature, and that was set up a year or so ago. So it will take some time to burn off that backlog.

當然。就我們的指導而言，我當然會注意到我們只為第二季度提供指導。正如肯所提到的，我們當然處於充滿挑戰的經濟環境中。然後正如我們所披露的那樣，我們肯定已經看到了通脹壓力，供應鏈仍未以最佳狀態運行。在這種背景下，我們對第一季度的表現感到滿意。我們認為，隨著時間的推移，我們的利潤率將會提高。但是我們的地面和無線網絡部門確實有很多積壓工作。許多積壓工作本質上是多年的，而且是在大約一年前建立的。因此，需要一些時間才能消除積壓的工作。

But when and where we can, we are resetting that backlog with higher pricing that is market-based, taking into account inflationary pressures. But certainly for the rest of the year, it's a little too early to call. We're pleased with the fact that we're holding the line and able to keep that 35%. And as I pointed out, last year in Q2 and Q1, we certainly had some favorability based on the mix at the time. But when you isolate those out, we're sitting in that mid-30% range. So our goal and the targets for us are certainly higher. But right now, we're not going to go beyond what we're saying for Q2's guidance on the top and bottom line.

但是，在我們可以的時間和地點，考慮到通貨膨脹壓力，我們正在以基於市場的更高定價來重置積壓訂單。但可以肯定的是，對於今年餘下的時間，現在下結論還為時過早。我們很高興我們堅持住了這條線並能夠保持那 35%。正如我所指出的，去年第二季度和第一季度，基於當時的組合，我們當然有一些優勢。但是當你把它們分開時，我們就坐在 30% 的中間範圍內。所以我們的目標和目標肯定更高。但現在，我們不會超出我們所說的第二季度的頂線和底線指導。

I will tell you, Mike, this is Ken. I'll tell you also that we are making great progress. I'd like to give Maria a chance to jump in here, but we clearly have the bus headed in the right direction. We've got the right people in the bus. We've got the right people in the right seats. And we provided some details on that in the shareholder letter with respect to who some of those people are. These are seasoned veterans that have done this kind of thing before of bringing businesses, siloed businesses together. And so maybe just a word from Maria with respect to the metrics or KPIs, the way you're tracking that on the integrated mattress schedule and driving the team against those goals.

我會告訴你，邁克，這是肯。我還要告訴你，我們正在取得很大進展。我想給 Maria 一個跳到這裡的機會，但我們顯然讓公共汽車駛向了正確的方向。我們在公共汽車上有合適的人。我們讓合適的人坐在合適的位置上。我們在股東信中提供了一些關於其中一些人的細節。這些都是經驗豐富的退伍軍人，他們在將企業、孤立的企業聚集在一起之前做過這種事情。因此，也許只是瑪麗亞關於指標或 KPI 的一句話，你在集成床墊時間表上跟踪它並推動團隊實現這些目標的方式。

Yes. Thanks, Ken. So just a couple of things on that. So obviously, we've rolled out some of our people strategy and what we've dealt with that. But clearly, some of the new processes that have been instituted over the last quarter that is focused on really understanding some of our business risk, understanding those key performance indicators. As Ken mentioned, I hosted a full-day session of developing what our stress objectives and what we needed to do. And really that's driving visibility and alignment across the organization to stay focused on really being able to grow the organization while continuing to perform day-to-day on our expectations.

是的。謝謝，肯。所以只有幾件事。很明顯，我們已經推出了一些人員戰略以及我們已經處理過的戰略。但很明顯，上個季度製定的一些新流程專注於真正了解我們的一些業務風險，了解那些關鍵績效指標。正如 Ken 提到的，我主持了一整天的會議，討論制定我們的壓力目標和我們需要做什麼。這確實在推動整個組織的可見性和一致性，以保持專注於真正能夠發展組織，同時繼續按照我們的期望進行日常工作。

Yes. Got it. Great. And then maybe just on the pipeline itself. I mean, I guess you kind of called out the macroeconomic, geopolitical effects here, but also, you've obviously had strong demand. So maybe just in terms of the pipeline, how healthy is it? What areas are particularly prominent in the pipeline here?

是的。知道了。偉大的。然後也許就在管道本身上。我的意思是，我猜你在這裡提到了宏觀經濟、地緣政治影響，而且，你顯然有強勁的需求。所以也許就管道而言，它有多健康？在這裡的管道中，哪些領域特別突出？

Sure. I'll speak to that. I'll tell you. Both our segments have some pretty exciting growth potential. In our Satellite and Space segment, we are now able to move up-tier to offer systems and services that our individual siloed businesses could not offer before. This significantly expands our market opportunities. It enables us to offer customers significantly greater value. It significantly expands our market opportunities and it expands the size of our new business funnel. Now we're able to offer customers in the satellite and space arena, significantly greater value proposition because it creates more -- significantly more customer value, and we can move them to more innovative business models that enable us to monetize that value proposition more effectively. So we're excited about that.

當然。我會說的。我會告訴你。我們的兩個部門都有一些非常令人興奮的增長潛力。在我們的衛星和空間部門，我們現在能夠向上層提供系統和服務，這是我們以前各自為政的業務無法提供的。這顯著擴大了我們的市場機會。它使我們能夠為客戶提供更大的價值。它顯著擴大了我們的市場機會，並擴大了我們新業務渠道的規模。現在我們能夠為衛星和太空領域的客戶提供更大的價值主張，因為它創造了更多——更多的客戶價值，我們可以將他們轉移到更具創新性的商業模式，使我們能夠更有效地將價值主張貨幣化.所以我們對此感到興奮。

Now in Terrestrial and Wireless, we're expanding both geographically, and we're also increasing the number of transactions that we handle with respect to either 911 calls or location-based queries. So the number of transactions, as that increases -- and in fact, as we move toward machine-to-machine 911-like calls and not just human-to-human, that will increase another -- and make available another dimension of growth for Comtech. Thirdly, as a satellite and terrestrial network infrastructure is converged, we see yet growth opportunities in another dimension. And you see that with devices now offering multiple connectivity choices, terrestrial like Bluetooth, WiFi and cellular, but also satellite connectivity to LEO, and you see multiple devices and device providers moving in that direction.

現在，在地面和無線方面，我們在地理上都在擴張，我們也在增加我們處理的與 911 呼叫或基於位置的查詢相關的交易數量。因此，隨著交易數量的增加——事實上，隨著我們轉向機器對機器的 911 呼叫，而不僅僅是人對人，這將增加另一個——並提供另一個增長維度對於康泰克。第三，隨著衛星和地面網絡基礎設施的融合，我們看到了另一個方面的增長機會。你會看到現在的設備提供多種連接選擇，如藍牙、WiFi 和蜂窩等地面連接，以及與 LEO 的衛星連接，你會看到多個設備和設備供應商正朝著這個方向發展。

So at the end of the day, we see significant growth potential in each of our individual segments as well as at the enterprise level through the convergence of satellite and terrestrial domains where Comtech is uniquely advantaged.

因此，歸根結底，通過 Comtech 具有獨特優勢的衛星和地面領域的融合，我們在每個細分市場以及企業層面都看到了巨大的增長潛力。

It's just last one, Troposcatter, is that a big part of the pipeline? Are there big deals out there?

它只是最後一個，Troposcatter，它是管道的重要組成部分嗎？那裡有大筆交易嗎？

Well, we see Tropo as an exciting technology that complements Satcom because when Satcom tends to degrade in its performance, such as in a hurricane where you have extremely heavy rain, Troposcatter actually improves in its performance envelope because it operates by bouncing the signal, the propagated signal off of particles and the more particles there are generally the better it works. So it becomes a natural companion to Satcom, and we see opportunity there in the traditional military and defense environment, but we also see opportunity commercially in terms of connecting oil and gas enterprises, providing robust connectivity between critical operation centers like hospitals, firehouses, law enforcement, emergency operation centers in a hurricane or other kind of a situation. So we see that technology being able to expand in the defense market because of the success it's having in the peer adversary conflict. We see it moving into new markets as well, adjacencies commercially as well as at the enterprise level like oil and gas. So we see that as a significant growth opportunity for us.

好吧，我們認為 Tropo 是一項令人興奮的技術，可以補充衛星通信，因為當衛星通信的性能趨於下降時，例如在颶風中下大雨時，Troposcatter 實際上會改善其性能包絡線，因為它通過反射信號來運行，從粒子傳播信號，粒子越多通常效果越好。因此它成為衛星通信的天然伴侶，我們在傳統的軍事和國防環境中看到了機會，但我們也看到了在連接石油和天然氣企業方面的商業機會，在醫院、消防站、法律等關鍵運營中心之間提供強大的連接颶風或其他情況下的執法、緊急行動中心。因此，我們看到該技術能夠在國防市場擴張，因為它在對等對手衝突中取得了成功。我們看到它也進入了新市場，商業上的鄰接以及石油和天然氣等企業層面的鄰接。因此，我們認為這對我們來說是一個重要的增長機會。

And we'll take our next question from Chris Sakai with Singular Research.

我們將從 Singular Research 的 Chris Sakai 那裡回答我們的下一個問題。

This is [Sean] for Chris. In light of you taking helm, Ken, and the temporary headwinds to free cash flow, has there been a discussion around commitment to and/or growth of dividends?

這是克里斯的[肖恩]。鑑於你掌舵，肯，以及自由現金流的暫時逆風，是否有關於股息承諾和/或增長的討論？

Well, yes, I can tell you, we look at deployment of capital on a regular basis. We've quite optimized that with respect to driving our business performance and creating shareholder value. We deal with that at the Board level. So yes, there's continuing conversations in that regard. Our capital allocation plans are continually discussed, reviewed. I point you to our disclosure in the liquidity section of our 10-Q, but I don't have anything specifically that I'm going to say on that right now beyond that, beyond the fact that we continually look at it.

嗯，是的，我可以告訴你，我們會定期查看資本配置。在推動我們的業務績效和創造股東價值方面，我們已經對其進行了相當大的優化。我們在董事會層面處理這個問題。所以是的，在這方面一直在進行對話。我們不斷地討論、審查我們的資本分配計劃。我向您指出我們在 10-Q 的流動性部分中的披露，但除此之外，除了我們不斷關注它這一事實之外，我現在沒有任何具體要說的。

Okay. The company's international customer base as a percentage has stayed constant last couple of years, last 5 years or so, around 1 quarter. And correct me if I'm wrong. So can you comment on the dynamics of business developments internationally and the sales and marketing effort internationally, maybe how it is per se and how it is different from domestic dynamics?

好的。公司的國際客戶群百分比在過去幾年保持不變，過去 5 年左右，大約 1 個季度。如果我錯了，請糾正我。那麼，您能否評論一下國際業務發展的動態以及國際銷售和營銷工作，也許它本身是怎樣的，以及它與國內動態有何不同？

Well, we have a dedicated sales team that serves the international market. We have a dedicated sales team that serves the defense market and then the domestic market as well. I think our international presence is about 21.2%. So you're right in the sense that it's about a quarter of our business. But it's going to benefit and as part of this ONE Comtech transformation in ways that seem to me going in that they're going to be at least as favorable as our domestic and defense business.

那麼，我們有一個專門服務於國際市場的銷售團隊。我們有一個專門的銷售團隊，服務於國防市場，然後是國內市場。我認為我們的國際影響力約為 21.2%。所以你是對的，它大約占我們業務的四分之一。但它將會受益，並且作為 ONE Comtech 轉型的一部分，在我看來，它們將至少與我們的國內和國防業務一樣有利。

And the reason I say that is because as we move to ground -- satellite ground infrastructure and maybe providing that as a system or providing that as a service, international customers have the opportunity to benefit that as well. As we see the international community migrate from 2G and 3G to 4G, 5G technologies in the terrestrial and wireless market, we see the opportunity that, that will benefit us. And we see the opportunity to extend our location-based services into the international market in a bigger way, too. So we think our -- really the several legs of our business all can move into the international market. As we up-tier our capabilities and our marketing schemes, the international market will benefit by that, the same as our domestic and defense activities.

我之所以這麼說，是因為當我們轉向地面——衛星地面基礎設施，並可能將其作為系統提供或作為服務提供時，國際客戶也有機會從中受益。當我們看到國際社會在地面和無線市場上從 2G 和 3G 遷移到 4G、5G 技術時，我們看到了機會，這將使我們受益。我們也看到了將基於位置的服務以更大的方式擴展到國際市場的機會。所以我們認為我們的 - 我們業務的幾條腿都可以進入國際市場。隨著我們提升我們的能力和營銷計劃，國際市場將受益於此，就像我們的國內和國防活動一樣。

So this quarter benefited from military sales, foreign military sales of your beyond line-of-sight communication terminals and for Ukrainian government to an extent you can give us color? Do you think next quarter and how long do you think and any color you can give, this would be a benefit?

那麼本季度受益於軍售，您的超視距通信終端的外國軍售以及烏克蘭政府在某種程度上可以給我們顏色嗎？你認為下個季度，你認為多長時間以及你可以給出的任何顏色，這將是一個好處？

What I can tell you is something we've said in our blogs as well as our other communications, and that is the most effective marketing person in the world is a customer in a uniform, a uniform center daughter who is in a conflict or otherwise in the service of the nation and the Ukraine is a great example because they're in a conflict with what we like to say as a peer adversary. And our equipment is present, our equipment is working. So that becomes a test that has a greater value than any marketing brochure or podcast that I've ever seen. So yes, we do expect that, that to have an extended benefit that continues the viability of our equipment and extends its value because it works. It works in the toughest of environment, proven.

我可以告訴你的是我們在博客和其他通訊中說過的話，那就是世界上最有效的營銷人員是穿著制服的顧客，處於衝突或其他情況中的製服中心女兒為國家服務，烏克蘭就是一個很好的例子，因為他們與我們喜歡說的同齡對手發生衝突。我們的設備在場，我們的設備正在工作。因此，這成為比我見過的任何營銷手冊或播客都具有更大價值的測試。所以，是的，我們確實希望它能帶來更大的好處，因為它可以繼續我們設備的生存能力並擴展它的價值，因為它可以工作。經過驗證，它可以在最惡劣的環境中工作。

Absolutely. Yes. And it develops a great merits for the stock too. And finally, it's a very long-term question. And so if you can comment on this. So the recent iPhone models have this emergency SOS. So in that regard, do you think this product from Apple or if you kind of draw a trend line, what they might come next year in their products, it would be a competitive threat or a substitution possibility? Or you see it the way that Apple spora as a complementor to company's offerings?

絕對地。是的。它也為股票帶來了巨大的好處。最後，這是一個非常長期的問題。所以如果你可以對此發表評論。所以最近的 iPhone 型號都有這個緊急 SOS。所以在這方面，你認為蘋果的這款產品或者如果你畫一條趨勢線，他們明年可能會在他們的產品中出現什麼，這將是一種競爭威脅還是一種替代可能性？還是您將其視為 Apple spora 作為公司產品的補充？

Well, I'll tell you, the convergence of satellite and terrestrial network infrastructures we see as a significant opportunity for Comtech because we have technology leadership in both of those domains. They have traditionally been different domains with different devices, different frequency bands and, frankly, different players. We've been strong and are strong in both of those domains. And so as that convergence of satellite and terrestrial comes together, we see Comtech uniquely positioned to take advantage of that. I'll say that as a first point.

好吧，我會告訴你，我們認為衛星和地面網絡基礎設施的融合對 Comtech 來說是一個重要的機會，因為我們在這兩個領域都處於技術領先地位。傳統上，它們是不同的域，具有不同的設備、不同的頻段，坦率地說，還有不同的玩家。我們在這兩個領域都很強大。因此，隨著衛星和地面的融合，我們看到 Comtech 在利用這一點方面處於獨特的地位。我會說這是第一點。

The second point that I'll say is sometimes the future is predicted by looking at the past. And when we saw the flip phone, which was voice only moved to the BlackBerry, what you saw is the BlackBerry took market share away from the providers that only had voice. But when you saw the smartphone emerge, it had -- it introduced the opportunity for many more applications, many more apps could run on a smartphone. So when the smartphone was introduced, it didn't just take market share from the BlackBerry, it in fact created a much larger market of new apps that had never been done before that created enormous customer or user value, apps such as downloading a boarding pass, making restaurant reservations, online banking, I don't need to list them. You see them on your phone. Okay? So in the second case, the smartphone's introduction didn't just take market share from the incumbent. It expanded the entire ecosystem.

我要說的第二點是，有時通過回顧過去可以預測未來。當我們看到只有語音的翻蓋手機轉移到黑莓上時，你看到的是黑莓從只有語音的供應商手中搶走了市場份額。但是當你看到智能手機出現時，它已經——它為更多的應用程序帶來了機會，更多的應用程序可以在智能手機上運行。因此，當智能手機問世時，它不僅從黑莓手機中奪取了市場份額，實際上還創造了一個更大的新應用市場，這些應用以前從未有過，創造了巨大的客戶或用戶價值，例如下載登機牌等應用通行證，訂餐廳，網上銀行，不用我一一列舉。你在手機上看到它們。好的？因此，在第二種情況下，智能手機的推出並不僅僅是從現有廠商那里奪取了市場份額。它擴展了整個生態系統。

So now bringing your attention to looking forward, none of us know right now, whether the convergence of satellite and terrestrial is going to behave like the former, where it's going to take market share from those providers that do not provide Satcom or whether it will create an explosion in the ecosystem of new apps and new capabilities that create an expanded market for everyone. So I'm not going to make a prediction, except to say that I think Comtech, reiterate my first point, Comtech is, I think, very advantageously positioned because our strength in both satellite and terrestrial network technologies and location-based services. So that's one of the reasons, one of the driving reasons we brought our siloed businesses together so we could up-tier our capabilities and take advantage of this kind of a market inflection.

因此，現在請注意展望未來，我們現在都不知道，衛星和地面的融合是否會像前者一樣，它將從那些不提供衛星通信的供應商那里奪取市場份額，或者它是否會在新應用程序和新功能的生態系統中創造爆炸式增長，為每個人創造一個擴大的市場。所以我不打算做出預測，只是說我認為 Comtech，重申我的第一點，我認為 Comtech 處於非常有利的位置，因為我們在衛星和地面網絡技術以及基於位置的服務方面的實力。所以這就是原因之一，也是我們將孤立的業務整合在一起的驅動原因之一，這樣我們就可以提升我們的能力並利用這種市場變化。

(Operator Instructions) We'll move next to Greg Burns with Sidoti & Company.

（操作員說明）我們將與 Sidoti & Company 一起搬到 Greg Burns 旁邊。

With the Terrestrial and Wireless segment, what is a good target or a steady-state margin profile for that business?

對於地面和無線部分，該業務的良好目標或穩態利潤率是多少？

Yes. I think historically, we saw -- because it was combined with our commercial segment, you saw the EBITDA profile there. Going forward, certainly, we're at a point where we're seeing a convergence of 2 types of revenue streams at the same time and the building up of the NG911 revenue. So right now, I'd say, initially, as we absorb those upfront costs, the EBITDA contribution will be sort of what you're seeing right now because we're in between those large 5G LBS contracts. As we announced in Q4, we had a nice sized order come through, but you'll see the revenues from that ramp up towards the tail end of this year. So right now, you're getting more of a mix of our NG911 revenues. And we -- as we said, flip on more PSAPs and start leveraging the infrastructure over a broader base of recurring services, the EBITDA profile will improve. I'm not going to give a specific percentage, but it's certainly higher than what it is right now because we're just at the front end of those contracts.

是的。我認為從歷史上看，我們看到了——因為它與我們的商業部門相結合，你在那裡看到了 EBITDA 概況。當然，展望未來，我們正處於同時看到兩種收入流融合以及 NG911 收入增加的地步。所以現在，我想說，最初，當我們吸收這些前期成本時，EBITDA 的貢獻將是你現在看到的，因為我們處於那些大型 5G LBS 合同之間。正如我們在第四季度宣布的那樣，我們收到了一筆規模不錯的訂單，但您會在今年年底看到來自該增長的收入。所以現在，您將獲得我們 NG911 收入的更多組合。而且我們 - 正如我們所說，開啟更多的 PSAP 並開始在更廣泛的經常性服務基礎上利用基礎設施，EBITDA 概況將會改善。我不會給出具體的百分比，但它肯定比現在高，因為我們只是在這些合同的前端。

Can you give like a range, like high teens, low 20s? Like what should investors be expecting from this business as these 911 deals scale up?

你能給出一個範圍，比如十幾歲，二十多歲嗎？隨著這些 911 交易的擴大，投資者應該對這項業務有什麼期望？

I'll answer it this way in a more broader answer. In the past couple of years, you've seen our EBITDA contributions come down from, say, the 14% that we were doing pre-COVID. As a company in all of our product areas, not just in the 911 area, we want to get back to those historical levels and if not exceed that. And as we've articulated, we have a lot of initiatives going on right now. And once we start to bear fruit, our expectations that we will get there. So I don't want to overstate. We have a lot of work to do. It's certainly a challenging environment. But in the next couple of years, I would expect us to get back to that level.

我將在更廣泛的答案中以這種方式回答。在過去的幾年裡，你已經看到我們的 EBITDA 貢獻比 COVID 之前的 14% 有所下降。作為我們所有產品領域的公司，而不僅僅是在 911 領域，我們希望回到那些歷史水平，如果不超過的話。正如我們所闡明的，我們現在有很多舉措正在進行中。一旦我們開始結出果實，我們就會期望我們會到達那裡。所以我不想誇大。我們有很多工作要做。這當然是一個充滿挑戰的環境。但在接下來的幾年裡，我希望我們能回到那個水平。

Okay. On the contract with Verizon, how many years is that extended for? And was there any change in pricing?

好的。在與 Verizon 的合同中，延長了多少年？定價有什麼變化嗎？

That contract was an annual renewal. It was at this point in time, annual renewals. And in terms of pricing, just due to competitive aspects of it, we have a very good relationship with our Tier 1 carrier and it was a seamless type of renewal.

該合同是每年續籤的。正是在這個時間點，每年更新一次。在定價方面，由於競爭方面的原因，我們與我們的一級運營商有著非常良好的關係，並且這是一種無縫續訂。

Just rolled forward.

只是向前滾動。

Okay. The Tropo deliveries to the marines or maybe that was in bookings. Can you just remind us the total size of that contract that you were awarded? And how much of that have you delivered on?

好的。 Tropo 交付給海軍陸戰隊，或者可能是在預訂中。您能否提醒我們您獲得的合同總規模？你交付了多少？

Greg, just to be clear, you're talking about the marine contract for NextGen Tropo?

Greg，澄清一下，你是在談論 NextGen Tropo 的海上合同？

Yes.

是的。

Okay. That's the contract we won about 2 years ago. I think the headline ceiling was $200-plus million, maybe $213 million. We initially got a $13 million order to run out the first leg of prototypes, which we delivered about a year ago, and they've been using them in the field and testing them. And this particular go around, it was a $50-plus million order that we received, which is sort of the first production run in terms of their needs for it. It's something that they have a need and the desire for. It's going to take some time to get the deliveries out based on the fact that it's a very large order. But globally, there's still a lot of headroom on that contract. But in terms of our outlook, we're just focusing on the current order that we have.

好的。那是我們大約 2 年前贏得的合同。我認為標題上限是 200 多萬美元，也許是 2.13 億美元。我們最初得到了一份價值 1300 萬美元的訂單，用於完成原型的第一階段，我們大約在一年前交付了這些原型，他們一直在實地使用它們並進行測試。這個特別的事情發生了，這是我們收到的 50 多萬美元的訂單，就他們的需求而言，這是第一次生產。這是他們需要和渴望的東西。由於這是一個非常大的訂單，因此需要一些時間才能發貨。但在全球範圍內，該合同仍有很大的空間。但就我們的前景而言，我們只關注當前的訂單。

Okay. And then the award to the U.S. Army, I think at the time when you were awarded the marine contract, the U.S. Army had a larger contract that they awarded to someone else? Is the -- is what you were awarded this quarter, part of that? Or are they coming back to market? Like what is the opportunity there?

好的。然後授予美國陸軍，我想在你獲得海軍合同的時候，美國陸軍有一份更大的合同，他們授予了其他人？你本季度獲得的獎勵是其中的一部分嗎？還是他們要重返市場？比如那裡有什麼機會？

Well, we were awarded this quarter is completely independent of the Army situation. The Army situation is one that we are exploring and working toward because our equipment, as I mentioned before, our equipment is proven in battle. And obviously, that's a heck of a credential. So what we're doing is trying to leverage that and have exploratory discussions that can lead to something that helps the Army be more effective as they get into fight. But we don't have anything more to say on that right now.

好吧，我們這個季度的授予是完全獨立於軍團的情況。陸軍的情況是我們正在探索和努力的一種情況，因為我們的裝備，正如我之前提到的，我們的裝備在戰鬥中得到了證明。很明顯，這是一個很好的憑證。因此，我們正在做的是試圖利用這一點並進行探索性討論，這可能會導致一些事情幫助陸軍在參戰時更加有效。但我們現在沒有什麼可說的了。

Okay. And then on the E911 side, any update on Ohio? Is there any line of sight on when funding might be approved for that contract?

好的。然後在 E911 方面，俄亥俄州有任何更新嗎？是否有任何關於何時可以批准該合同的資金的視線？

Let me take that one?

讓我拿那個？

Yes.

是的。

So in terms of Ohio, I think at this point, it's not likely to be voted on before the end of the year. In our view, just to remind everybody that, that was just a booking this year, and there was likely no revenue contribution just given that you have to do a lot of design work upfront. But we are working very closely with our end customer. They certainly have a need and a desire for the application and trying to figure out the next steps in terms of what kind of funding we can get. Our view right now in terms of our outlook is it's certainly a large contract potential could be north of $100 million. But right now, in terms of setting our own expectations, we're viewing it as it's something that could be in the short term to get a booking, but in terms of revenue contribution or EBITDA contribution it wouldn't be until next year and it's likely to be something that's going to be a function of how much funding they give us upfront. I don't think they'll at this point, give us the whole thing upfront. It might be an increment. But still a story needs to be told there. I think we have to wait for the next session to see how the boat goes.

所以就俄亥俄州而言，我認為在這一點上，它不太可能在今年年底之前進行投票。在我們看來，只是想提醒大家，這只是今年的預訂，考慮到您必須提前進行大量設計工作，因此可能沒有收入貢獻。但我們正在與我們的最終客戶密切合作。他們當然有申請的需要和願望，並試圖根據我們可以獲得什麼樣的資金來確定下一步。就我們的前景而言，我們現在的觀點是，肯定有一個巨大的合同潛力可能超過 1 億美元。但現在，就設定我們自己的期望而言，我們將其視為可能在短期內獲得預訂的東西，但就收入貢獻或 EBITDA 貢獻而言，它要到明年才會出現，而且這很可能取決於他們預先給我們提供了多少資金。我不認為他們會在這一點上，提前給我們整個事情。這可能是一個增量。但仍然需要在那裡講一個故事。我想我們必須等到下屆會議才能看到進展如何。

Okay. And the pipeline for E911, is there any other large state contracts that are up for bid that we should be focusing on?

好的。以及 E911 的管道，是否有任何其他大型州合同正在投標，我們應該關注？

Yes, there are other opportunities. So despite getting pushed out for us, Ohio, we certainly have identified other near-term opportunities. We're not sitting idle. In terms of the competitive nature of those procurements, I'm not going to name the states or the regions, but there are a handful of those that are coming to market and will be responding. And I think with our recent wins and our capabilities, we think we have good positioning there. But we'll have more to report on that in the future.

是的，還有其他機會。因此，儘管我們俄亥俄州被排擠出局，但我們肯定已經確定了其他近期機會。我們沒有閒著。就這些採購的競爭性而言，我不打算點名各州或地區，但有一些正在進入市場並將做出回應。而且我認為憑藉我們最近的勝利和我們的能力，我們認為我們在那裡有很好的定位。但是我們將來會有更多的報告。

Okay. And then lastly, you're bringing on the added capacity in Arizona now, and I think a large part of that is to satisfy some of the high volume -- some new high-volume production for the new LEO and MEO satellite networks that are out there. Is there any update on when those might ramp up and start contributing to revenue?

好的。最後，你現在正在亞利桑那州增加產能，我認為其中很大一部分是為了滿足一些大批量生產——新的 LEO 和 MEO 衛星網絡的一些新的大批量生產在那裡。是否有關於這些何時可能增加並開始為收入做出貢獻的最新消息？

Yes, go ahead.

好，去吧。

Sure. In terms of our progress here with our large LEO customer, as we announced last quarter, we expanded our relationship. Certainly, there is a desire to move fast. And the facility that we are bringing online has the capabilities to meet the high-volume demand that we would expect from this contract over time. And in terms of where we're sitting with the customer, like I said, things are progressing. We expanded the relationship. We're talking about other aspects of that relationship in other areas of this overall relationship. And we'll see in terms of our timing for production orders, I think that's still early to call. But as we always said, it could be later in this year, early part of next year with revenue contributions in 2024. But it's certainly going in the right direction. I don't know if anybody else wants the same.

當然。正如我們上個季度宣布的那樣，就我們與 LEO 大客戶的進展而言，我們擴大了我們的關係。當然，人們渴望快速行動。我們正在上線的設施有能力滿足我們期望隨著時間的推移從這份合同中獲得的大量需求。就像我說的，就我們與客戶坐在一起的位置而言，事情正在取得進展。我們擴大了關係。我們在整體關係的其他領域談論這種關係的其他方面。我們會看到生產訂單的時間安排，我認為現在還為時過早。但正如我們一直說的那樣，可能會在今年晚些時候，明年年初，2024 年實現收入貢獻。但這肯定是在朝著正確的方向發展。不知道有沒有人想要一樣的。

Yes. Just some other things in addition to what Mike shared. Obviously, there's a couple of development contracts that we're moving into the production phase. And with the rollout of our new SMT line, it will definitely make us more efficient as we build those units and continue to drive production gone higher for that facility. So we definitely are planning as part of that release and opening of the facility to drive additional throughput through the facility and workload in that area.

是的。除了 Mike 分享的內容之外，還有一些其他內容。顯然，我們正在進入生產階段的幾個開發合同。隨著我們新的 SMT 生產線的推出，它肯定會讓我們在建造這些設備時更有效率，並繼續推動該設施的產量更高。因此，我們肯定正在計劃作為該設施的發布和開放的一部分，以通過該地區的設施和工作量推動額外的吞吐量。

And we'll take our last question from Asiya Merchant with Citigroup.

我們將接受花旗集團 Asiya Merchant 的最後一個問題。

So a lot of questions have been asked. I just wanted to ask about cash flow. With a drawdown this quarter as well on your cash flow from operations and how should we think about the cash trajectory for the remainder of the year?

所以問了很多問題。我只是想問一下現金流。隨著本季度的縮減以及您的運營現金流，我們應該如何考慮今年剩餘時間的現金軌跡？

Sure. Just to level set for the quarter, Asiya, keep in mind that we did pay out about $4 million in CEO transition costs during the quarter. So just making sure you're aware of that. In light of our backlog growing about $50 million this quarter, we certainly felt that it's prudent to start the procurement cycle of some specific items to support that increase in backlog. And from an investing perspective, CapEx in Q1 might look a little higher right now. But keep in mind that at the end of last year, we had about $6 million of unpaid capital purchases, so that hit in Q1. And coming off of a $30 million target for last year, holistically, we spent about $25 million of that $26 million. So where we can, we are trying to be very prudent about the timing and the amounts of what we're spending. Certainly, we have thoughts of growth in our future. And so we will continue to make those investments. But at the same time, we're also seeing the channel facility move coming towards its end, the Pennsylvania contract, Arizona contract and South Carolina contract, in the 911 space, we're also getting those PSAPs onto the system. So we should start to see that CapEx start to turn back to more historical levels.

當然。只是為了本季度設定的水平，Asiya，請記住我們在本季度確實支付了大約 400 萬美元的 CEO 過渡費用。所以只要確保你知道這一點。鑑於本季度我們的積壓訂單增加了約 5000 萬美元，我們當然認為啟動某些特定項目的採購週期以支持積壓訂單的增加是明智的。從投資的角度來看，第一季度的資本支出現在看起來可能會更高一些。但請記住，在去年年底，我們有大約 600 萬美元的未付資本購買，因此在第一季度受到衝擊。從整體上看，去年的目標是 3000 萬美元，我們花了 2600 萬美元中的大約 2500 萬美元。因此，在可能的情況下，我們正努力對支出的時間和金額保持謹慎。當然，我們有未來成長的想法。因此，我們將繼續進行這些投資。但與此同時，我們也看到渠道設施即將結束，賓夕法尼亞州合同、亞利桑那州合同和南卡羅來納州合同，在 911 空間，我們也將這些 PSAP 放到系統中。所以我們應該開始看到資本支出開始回到更多的歷史水平。

In terms of cash flows for Q2, we still have some other initiatives that we're working on. I would say you can -- I'm not going to give specific guidance on CapEx for Q2, but it's going to be probably still elevated and then trail off towards the back half of the year. But in terms of overall cash flow generation, we're trying to be mindful of our leverage ratio now that we have a new credit facility in place. We have some flexibility to operate and to support some of these large bookings. So overall, for the year, I'm not going to give a specific number. We do, at this point, expect to be positive, but there's a lot of year left. We still have some pipeline opportunities that may hit. And so right now, we're just going to keep our comments down to Q2.

在第二季度的現金流方面，我們還有一些其他的舉措正在努力。我會說你可以——我不會就第二季度的資本支出給出具體指導，但它可能仍會升高，然後在今年下半年逐漸下降。但就整體現金流量產生而言，我們正努力注意我們的槓桿率，因為我們已經有了新的信貸安排。我們有一定的靈活性來運營和支持其中一些大型預訂。所以總的來說，對於這一年，我不會給出具體數字。在這一點上，我們確實希望是積極的，但還有很多年。我們仍然有一些可能會受到影響的管道機會。所以現在，我們只是將我們的評論保留在第二季度。

Okay. And then just there are these one-off charges that kind of seem to show up in the non-GAAP adjusted strategic technology costs and things like this, is this going to be -- is this something that's recurring? And then if so, why not just included in your regular R&D or OpEx?

好的。然後這些一次性費用似乎出現在非 GAAP 調整後的戰略技術成本和類似的事情中，這會是 - 這是經常發生的事情嗎？如果是這樣，為什麼不直接包括在您的常規研發或運營支出中呢？

In terms of the strategic emerging technology costs, it is specific to a type of technology and customer set as we're evaluating this market. It's not recurring in nature, safe for the opportunities that are very near term in front of us. We would not likely be spending that. But because of those opportunities, we've made a decision as a company to go above and beyond to show our potential customers and existing customers that we're here to partner with them. So it will be something that is not going to be there for forever. But right now, it's a very competitive marketplace. There's a lot of opportunity to grab. And so we're going to make those investments to secure for the long term.

就戰略性新興技術成本而言，它特定於一種技術和客戶群，因為我們正在評估這個市場。它在自然界中不會反復出現，對於我們面前近期的機會來說是安全的。我們不太可能花那麼多錢。但由於這些機會，我們作為一家公司做出了超越自我的決定，向我們的潛在客戶和現有客戶展示我們將與他們合作。所以它不會永遠存在。但現在，這是一個競爭非常激烈的市場。有很多機會可以抓住。因此，我們將進行這些投資以確保長期安全。

Okay. And then I know you guys talked about EBITDA margins and how currently there's puts and takes to that specifically on why is hanging around the 8% level. I know you guys are not guiding, but is it fair to assume that by the end of the year, at least as you exit into fiscal -- as you exit this fiscal year, maybe even into early next year, we should get back to margins with a double-digit level versus the high-single digit margins that you are right now at?

好的。然後我知道你們談到了 EBITDA 利潤率以及目前的看跌期權和看跌期權，特別是為什麼會徘徊在 8% 左右。我知道你們沒有指導，但假設到今年年底，至少當你退出財政年度——當你退出本財政年度，甚至可能進入明年初，我們應該回到兩位數的利潤率與您現在的高個位數利潤率？

Asiya, I would love to address that question with a definitive percentage. But right now, while we're encouraged at the start of Q1 and going into Q2, it's just a little too early for us to call in terms of this challenging environment that we're still navigating through. And so we're going to keep our comments to our top line and bottom line growth for Q2 at this point.

Asiya，我很樂意以明確的百分比來解決這個問題。但現在，雖然我們在第一季度初和進入第二季度時受到鼓舞，但就我們仍在經歷的這個充滿挑戰的環境而言，現在就下結論還為時過早。因此，我們將在這一點上保持對第二季度收入和利潤增長的評論。

Okay. I'm sorry, one last one. So a lot of the telecom equipment companies are reporting better results. And some of it's just a function of better supply chain that's allowing them to convert elevated levels of backlog into revenues. Can you give some color on how much perhaps that was an effect on the revenues that were better than what was expected for the quarter?

好的。對不起，最後一張。所以很多電信設備公司都報告了更好的結果。其中一些只是更好的供應鏈的一個功能，使他們能夠將高水平的積壓轉化為收入。您能否說明這對收入的影響有多大可能好於本季度的預期？

Yes. I mean I would say that, Asiya, to the -- our trajectory, we certainly are pleased with our trajectory, having 4 quarters of sequential growth. So I know we're being compared to maybe others in the industry. But certainly, with what we had to face in 2022 with certain specific headwinds in our business and then the Russia-Ukraine war, it's nice to see that we've been growing our backlog and having such a strong bookings quarter. So it's in our backlog. We now just need to execute on it. Supply chain, we're aware of what we have to work around, namely long lead items and making sure we procure timely enough to deliver on time. But I think we are building a good foundation to continue our growth.

是的。我的意思是，Asiya，對於我們的軌跡，我們當然對我們的軌跡感到滿意，有 4 個季度的連續增長。所以我知道我們正在與業內其他人進行比較。但可以肯定的是，由於我們在 2022 年不得不面對我們業務中的某些特定逆風，然後是俄羅斯-烏克蘭戰爭，很高興看到我們一直在增加積壓訂單並擁有如此強勁的預訂季度。所以它在我們的積壓中。我們現在只需要執行它。供應鏈，我們知道我們必須解決的問題，即長周期項目，並確保我們及時採購以按時交貨。但我認為我們正在為繼續發展打下良好的基礎。

I'd like to add to that if we just take a minute and then have Maria add some color, too. One of the significant value propositions of bringing our siloed businesses together as ONE Comtech is we can now deal with our supply chain with a single voice, an amplified voice. And instead of make ordering perhaps the same part through 2 different businesses in smaller quantities, we can speak with a louder voice and consolidate those buys, and we should see a benefit from that. In addition, we're doing some strategic sourcing. We've put bought some of the seasoned veterans on board. I'll have Maria offer another comment to extend into that part of the discussion.

我想補充一下，如果我們只花一點時間，然後讓 Maria 也添加一些顏色。將我們孤立的業務整合為 ONE Comtech 的重要價值主張之一是，我們現在可以用一個聲音處理我們的供應鏈，一個放大的聲音。與其通過 2 家不同的企業以較小的數量訂購相同的零件，我們可以大聲說話並合併這些購買，我們應該從中看到好處。此外，我們正在進行一些戰略採購。我們已經購買了一些經驗豐富的退伍軍人。我會讓 Maria 提供另一條評論，以擴展到那部分討論。

Yes. Thanks, Ken. So we brought on Don Bach as our VP of Operations and one of his initial charters is really to drive strategic sourcing. He has his team around him, he's identified some near-term opportunities. And obviously, that will definitely be impacting our ability in the supply chain to be able to leverage that and drive more efficiencies across the entire business instead of it being still quite as it is today.

是的。謝謝，肯。因此，我們請 Don Bach 擔任我們的運營副總裁，他最初的職責之一就是推動戰略採購。他身邊有他的團隊，他發現了一些近期的機會。顯然，這肯定會影響我們在供應鏈中利用這一點並提高整個業務效率的能力，而不是像今天這樣。

When we talk about improving the machinery of our business operations, that's the kind of thing we're talking about.

當我們談論改進我們業務運營的機制時，這就是我們正在談論的事情。

It does appear there are no further questions at this time. I would now like to turn it back to Robert Samuels for any closing remarks.

看來目前沒有其他問題了。我現在想把它轉回給羅伯特·塞繆爾斯，聽取任何結束語。

Yes. Thanks to Ken, Mike and Maria, and thanks to everyone for dialing in today.

是的。感謝 Ken、Mike 和 Maria，感謝今天撥通電話的所有人。

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

正如 Ken 所說，我們的投資者信函和 SEC 文件中提供了有關我們戰略和績效的更多詳細信息，我們將在我們的 Signals 博客中提供持續的見解。提醒一下，我們打算對未來的投資者做出盡可能快的回應。因此，對於任何有疑問的人，請直接與我聯繫，讓我們聯繫。

So this concludes our first quarter call. Happy holidays to our employees, customers, suppliers and shareholders. We thank you for your continued support.

我們的第一季度電話會議到此結束。祝我們的員工、客戶、供應商和股東節日快樂。感謝您一直以來的支持。

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。