Comtech Telecommunications Corp (CMTL) 2023 Q3 法說會逐字稿

Welcome to Comtech's Fiscal Q3 2023 Earnings Conference Call. As a reminder, this conference is being recorded today, Thursday, June 8, 2023.

歡迎參加 Comtech 2023 年第三季度財報電話會議。謹此提醒，本次會議將於今天（2023 年 6 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.

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

Good afternoon, everyone, and thanks for taking the time to dial in today. I'm Rob Samuels, Comtech's Head of Investor Relations. Welcome to the Comtech Telecommunications Corp.'s Conference Call for the Third Quarter of Fiscal Year 2023.

大家下午好，感謝您今天抽出時間撥通電話。我是 Rob Samuels，Comtech 投資者關係主管。歡迎參加 Comtech 電信公司 2023 財年第三季度的電話會議。

Today, I'm here with Comtech's Chairman, President and Chief Executive Officer, Ken Peterman. We're also joined by Mike Bondi, our CFO.

今天，我與 Comtech 董事長、總裁兼首席執行官 Ken Peterman 一起出席。我們的首席財務官 Mike Bondi 也加入了我們的行列。

Before we get started today, I'll 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. Finally, let me remind you of the company's safe harbor language.

在我們今天開始之前，我要說的是，我自己和 Ken 都隨時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，請聯繫我們。我們還在我們網站上的股東信中詳細討論了本季度的情況，並且我們還一直致力於在我們的博客 Comtech Signals 中直接溝通季度之間的業務和市場。最後，讓我提醒您公司的安全港語言。

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.

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本質上是前瞻性的，並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。任何前瞻性陳述均受該公司向美國證券交易委員會提交的文件中包含的警示性陳述的全部限制。

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

現在我很高興介紹 Comtech 總裁兼首席執行官 Ken Peterman。肯？

Thanks, Rob. Hello, everyone, and thanks for joining us.

謝謝，羅布。大家好，感謝您加入我們。

In less than 2 weeks from today, my senior leadership team will spend the day with me, speaking in depth about our company and its future at our first-ever Investor Day. We are holding this exciting event in our state-of-the-art facility in Chandler, Arizona, and we invite you to confirm attendance as soon as possible, if you haven't already.

從今天起不到兩週的時間，我的高級領導團隊將與我一起度過這一天，在我們的首個投資者日上深入談論我們的公司及其未來。我們將在亞利桑那州錢德勒最先進的設施中舉辦這一激動人心的活動，如果您尚未確認是否出席，我們邀請您盡快確認出席。

Since I took the role of CEO and President of Comtech just 10 months ago, our business has embarked on a transformational journey that has been both exciting and challenging, filled with notable achievements and valuable discoveries. We set forth on a comprehensive strategy to reshape the enterprise, enhance operational efficiency and ushering a new era of hybridized connectivity, with Comtech's expertise and technology leading the way. Now as we approach the end of year 1 of our journey, I'm proud to report that we are right where we want to be, if not slightly ahead of schedule.

自從我在 10 個月前擔任 Comtech 首席執行官兼總裁以來，我們的企業已經踏上了一段既令人興奮又充滿挑戰的轉型之旅，充滿了顯著的成就和寶貴的發現。我們制定了全面戰略，以科通的專業知識和技術為引領，重塑企業、提高運營效率並開創混合連接的新時代。現在，隨著我們旅程的第一年即將結束，我很自豪地向大家報告，我們已經達到了我們想要達到的目標，即使不是稍微提前了一點。

The first thing I'll call out, which Mike will speak to shortly, is that we have delivered 3 sequential quarters of revenue and adjusted EBITDA improvement. In fact, this marks our sixth consecutive quarter of top line revenue growth, which is to say I am very pleased with the direction and credibility that we are establishing around our financial performance.

我要指出的第一件事（邁克很快就會談到）是，我們已經實現了連續 3 個季度的收入和調整後的 EBITDA 改善。事實上，這標誌著我們連續第六個季度實現營收增長，也就是說，我對我們圍繞財務業績建立的方向和信譽感到非常滿意。

As pleased as I am with Comtech's overall financial performance and upward trajectory in our results, I want to highlight that since I became CEO and President, we have met or exceeded the guidance we have offered to our investors. That is important to me personally because I believe this demonstrates that Comtech is intent on meeting several key commitments we made to our investors since day 1 of my tenure.

儘管我對 Comtech 的整體財務業績和業績上升軌跡感到滿意，但我想強調的是，自從我擔任首席執行官兼總裁以來，我們已經達到或超過了我們向投資者提供的指導。這對我個人來說很重要，因為我相信這表明 Comtech 致力於履行我們自上任第一天起向投資者做出的幾項關鍵承諾。

Now let's take a few moments to examine what our collective team has accomplished within just these first 10 months.

現在，讓我們花點時間來看看我們的集體團隊在前 10 個月內所取得的成就。

First, let's discuss our growth initiatives. We established EVOKE as our technology incubator here at Comtech, securing valuable technology partnerships and beginning a series of collaborative customer workshops to accelerate our ability to support customers with more complete solutions. We strengthened incumbent positions across our portfolio, spanning a variety of attractive, growing end markets. And we positioned ourselves to exploit emerging wireless and satellite technology and communications inflection points by leveraging our established market positions as launch platforms for growth.

首先，讓我們討論一下我們的增長計劃。我們在 Comtech 建立了 EVOKE 作為我們的技術孵化器，確保了寶貴的技術合作夥伴關係，並開始了一系列合作客戶研討會，以提高我們為客戶提供更完整解決方案的支持能力。我們加強了整個投資組合的現有地位，涵蓋各種有吸引力的、不斷增長的終端市場。我們將自己定位為利用新興的無線和衛星技術以及通信拐點，利用我們既定的市場地位作為增長的發射平台。

Next, let's discuss our profit improvement initiatives. We assimilated our historically disparate siloed businesses into two streamlined segments operating on common tools and processes. We launched strategic goal deployment processes throughout the enterprise to measure progress against meaningful KPIs to establish a foundation from which to significantly improve our operational performance. We implemented profit improvement initiatives that will meaningfully reduce operational costs and improve our margins, financial performance and enhanced shareholder value. And finally, we identified opportunities to strengthen our balance sheet and our financial flexibility.

接下來，我們來討論一下我們的利潤改善舉措。我們將歷史上不同的孤立業務合併為兩個使用通用工具和流程運行的精簡部門。我們在整個企業啟動了戰略目標部署流程，根據有意義的 KPI 衡量進展情況，為顯著提高運營績效奠定基礎。我們實施了利潤改善計劃，這將顯著降低運營成本，提高利潤率、財務業績並提高股東價值。最後，我們發現了加強資產負債表和財務靈活性的機會。

Now as for our human capital and our ESG DEIB initiatives. We launched our first ever company-wide People Strategy, recognizing that people are one of our most important assets. By solidifying strategic partnerships with leading technology universities, we established our first-ever company-wide university internship program to develop a more robust talent pipeline. And to accelerate our progress toward One Comtech, we continued to attract experienced thought leaders with proven track records and directly relevant industry experience. I must say that I am particularly excited about the additions of Mr. Don Walther and Ms. Nicole Robinson to our team, and I'll speak to that more a little later.

現在談談我們的人力資本和 ESG DEIB 舉措。我們推出了第一個全公司範圍的人才戰略，認識到人才是我們最重要的資產之一。通過鞏固與領先科技大學的戰略合作夥伴關係，我們建立了首個全公司範圍的大學實習計劃，以開發更強大的人才管道。為了加快我們向 One Comtech 邁進的步伐，我們繼續吸引經驗豐富的思想領袖，他們擁有良好的業績記錄和直接相關的行業經驗。我必須說，我對 Don Walther 先生和 Nicole Robinson 女士加入我們的團隊感到特別興奮，稍後我將詳細討論這一點。

Notably, our People Strategy extends beyond the organic development of our talent pipeline and even the addition of proven leaders to our team. Our strategy also includes regular assessments of the capabilities, experiences and skill sets of our Board members to ensure continued alignment with our short- and long-term goals and objectives. To that end, it is my pleasure to announce our 2 newest board members effective June 15, 2023.

值得注意的是，我們的人才戰略超出了我們人才管道的有機發展，甚至超出了為我們的團隊添加經過驗證的領導者的範圍。我們的戰略還包括定期評估董事會成員的能力、經驗和技能，以確保與我們的短期和長期目標保持一致。為此，我很高興宣布我們的 2 名最新董事會成員將於 2023 年 6 月 15 日生效。

The Honorable Ellen M. Lord. Ms. Lord formally served as the U.S. Under Secretary of Defense for Acquisition and Sustainment through January of 2021. In this capacity, Ms. Lord was responsible to the Secretary of Defense for all matters pertaining to acquisition, logistics and material readiness, the acquisition workforce itself and even the defense industrial base. Prior to this appointment, Ms. Lord served as the President and Chief Executive Officer of Textron Systems Corporation, a subsidiary of Textron Inc., where she led a multibillion-dollar business with a broad range of products and services supporting defense, homeland security, aerospace, infrastructure protection and customers around the world, importantly, the same global growth markets that Comtech looks to serve.

尊敬的艾倫·M·洛德。洛德女士於 2021 年 1 月正式擔任美國負責採辦和保障的副部長。在此職位上，洛德女士向國防部長負責與採辦、後勤和物資準備、採辦人員有關的所有事務本身乃至國防工業基地。在此任命之前，洛德女士曾擔任德事隆系統公司（德事隆公司的子公司）的總裁兼首席執行官，領導著價值數十億美元的業務，提供廣泛的產品和服務，支持國防、國土安全、航空航天、基礎設施保護和世界各地的客戶，重要的是，Comtech 希望服務的同樣是全球增長市場。

Lieutenant General Bruce T. Crawford, retired. Lieutenant General Crawford became the U.S. Army's Chief Information Officer, the CIO/G-6, in August of 2017 and served in this role through his retirement in July 2020. A recipient of the Distinguished Service Medal with one Oak Leaf Cluster among other awards and decorations, Lieutenant General Crawford was the principal adviser to the Secretary of the U.S. Army, setting strategic direction and objectives for one of the largest employers in the world and supervising all U.S. Army command, control, communications and computers, or C4, and information technology functions, making Lieutenant General Crawford an ideal candidate for Comtech's Board as we seek to serve and support the convergence of multiple network modalities and technology inflections at home and abroad.

布魯斯·T·克勞福德中將，退役。克勞福德中將於 2017 年 8 月成為美國陸軍首席信息官 (CIO/G-6)，並一直擔任這一職務直至 2020 年 7 月退休。他曾榮獲傑出服務獎章和橡葉勳章等獎項，克勞福德中將是美國陸軍部長的首席顧問，為世界上最大的雇主之一制定戰略方向和目標，並監督所有美國陸軍的指揮、控制、通信和計算機（C4）和信息技術克勞福德中將成為 Comtech 董事會的理想候選人，因為我們致力於服務和支持國內外多種網絡模式和技術變化的融合。

Now let me speak to our financial results. A clear indicator that our commitment to One Comtech is working will be consistent improvements in our financial performance.

現在讓我談談我們的財務業績。我們對 One Comtech 的承諾正在發揮作用的一個明確指標是我們的財務業績持續改善。

For the past several quarters, we have streamlined our business operations and reduced our operating costs. This has enabled us to meet or exceed our financial targets for net sales and adjusted EBITDA while managing complex economic risk. As you can see from the results reported today, we delivered improved performance while remaining focused during this transformational period where we are driving significant change across our business.

在過去的幾個季度中，我們簡化了業務運營並降低了運營成本。這使我們能夠達到或超過淨銷售額和調整後 EBITDA 的財務目標，同時管理複雜的經濟風險。正如您從今天報告的結果中看到的那樣，我們在推動整個業務發生重大變革的轉型時期保持專注，同時交付了更高的業績。

Specifically, Comtech grew net sales for the sixth consecutive quarter. Cash flow provided by operating activities for the quarter was $16.6 million. We improved adjusted EBITDA to $12.5 million or a 9.2% margin. We announced 3 new EVOKE technology partnerships with Aarna Networks, Descartes Labs and WishKnish, in addition to Sirqul, our first publicly announced EVOKE technology partner. And looking ahead, we expect our fourth quarter fiscal 2023 results to improve, with consolidated net sales anticipated to grow sequentially between 2% and 4% and for consolidated adjusted EBITDA margins to be in the range of 9.5% to 10.5% of consolidated net sales.

具體來說，Comtech 的淨銷售額連續第六個季度增長。本季度經營活動提供的現金流為 1660 萬美元。我們將調整後 EBITDA 提高至 1,250 萬美元，即利潤率 9.2%。除了我們第一個公開宣布的 EVOKE 技術合作夥伴 Sirqul 之外，我們還宣布與 Aarna Networks、笛卡爾實驗室和 WishKnish 建立 3 個新的 EVOKE 技術合作夥伴關係。展望未來，我們預計 2023 財年第四季度業績將有所改善，綜合淨銷售額預計將環比增長 2% 至 4%，綜合調整後 EBITDA 利潤率將在綜合淨銷售額的 9.5% 至 10.5% 範圍內。

We expect to realize ongoing benefits from our investments to restructure and optimize operations. In particular, our benchmarking efforts conducted to date as a part of this transformation are providing key insights into opportunities to improve efficiencies and accelerate decision-making. At the start of this journey, I stated that we needed to act swiftly and with purpose, and it's clear that we are meeting this goal. We believe that our lean initiatives implemented during the third and fourth quarters of our fiscal 2023 will yield a more favorable cost structure for our business as we approach the start of our fiscal 2024. These actions target multiple aspects of our business and involve all levels of management as we move aggressively to improve our business processes by leveraging the expertise and proven track record of our refreshed leadership team. We are sensitive, of course, to the impact these changes have on certain members of our team but remain committed to building a stronger Comtech.

我們期望從重組和優化運營的投資中獲得持續的收益。特別是，作為這一轉型的一部分，我們迄今為止進行的基準測試工作為提高效率和加速決策的機會提供了重要的見解。在這段旅程開始時，我曾說過，我們需要迅速、有目的地採取行動，很明顯，我們正在實現這一目標。我們相信，隨著 2024 財年的開始，我們在 2023 財年第三和第四季度實施的精益計劃將為我們的業務帶來更有利的成本結構。這些行動針對我們業務的多個方面，涉及各個層面我們通過利用新領導團隊的專業知識和良好的業績記錄，積極改進我們的業務流程。當然，我們對這些變化對我們團隊某些成員的影響很敏感，但仍致力於打造更強大的 Comtech。

As planned during this past quarter, we completed our migration to our state-of-the-art technology and manufacturing facility in Chandler, Arizona. This facility is at the center of our One Comtech transformation and houses some of our most innovative research and development initiatives, including our EVOKE innovation foundry and our new Customer Experience Center.

按照上個季度的計劃，我們完成了向亞利桑那州錢德勒最先進的技術和製造工廠的遷移。該設施是我們 One Comtech 轉型的中心，擁有我們一些最具創新性的研發計劃，包括我們的 EVOKE 創新鑄造廠和新的客戶體驗中心。

We look forward to hosting our Investor Day at our Chandler facility on Wednesday, June 21, to offer a first-hand experience of how our vision is becoming a reality. You'll be able to meet the team during our transformation and have opportunities to experience some of the innovation and cutting-edge technology at the heart of our strategy to drive One Comtech.

我們期待於 6 月 21 日星期三在錢德勒工廠舉辦投資者日活動，以提供有關我們的願景如何成為現實的第一手經驗。您將能夠在我們轉型期間與我們的團隊見面，並有機會體驗我們推動 One Comtech 戰略核心的一些創新和尖端技術。

During our upcoming Investor Day, you will hear us discuss how we are not simply fluent in the future, we are creating it today, bringing to life the future of Comtech and the market itself. Importantly, while it is vital to look as far down the road as possible, and even see around corners, we must not lose sight of the present. For us, that means solving our customers' toughest problems today and strategically partnering with them to leverage our culture of innovation and accelerating technology trajectories to overcome their current and future challenges like never before.

在即將到來的投資者日期間，您將聽到我們討論我們如何不僅熟悉未來，而且今天正在創造未來，為 Comtech 和市場本身的未來注入活力。重要的是，雖然盡可能長遠地展望未來、甚至看到轉角的情況至關重要，但我們絕不能忽視現在。對我們來說，這意味著解決客戶當今最棘手的問題，並與他們進行戰略合作，利用我們的創新文化和加速技術發展軌跡，以前所未有的方式克服他們當前和未來的挑戰。

Over time, our markets have evolved and are growing. Satellite and terrestrial network infrastructures will blend and hybridize toward ubiquity on a global scale. It is clear to us that we can create value, not just by transporting data across these blended networks but by leveraging data to reveal insights that create customer value in new and differentiated ways. We believe Comtech is well positioned to exploit the opportunities created by these convergences due to our technology leadership and incumbent positions in the underlying capabilities that provide these data-enabled insights. Further, we expect Comtech's longstanding technology leadership and increasingly innovative culture to identify new ways to accelerate growth and profitability.

隨著時間的推移，我們的市場不斷發展並不斷增長。衛星和地面網絡基礎設施將融合併在全球範圍內普及。我們很清楚，我們可以創造價值，不僅僅是通過這些混合網絡傳輸數據，還可以利用數據揭示洞察，以新的、差異化的方式創造客戶價值。我們相信，由於我們的技術領先地位以及在提供這些數據支持的洞察力的基礎能力方面的現有地位，Comtech 處於有利地位，可以利用這些融合所創造的機會。此外，我們預計 Comtech 長期的技術領先地位和日益創新的文化將找到加速增長和盈利的新方法。

The foundation that we are building today is already delivering improved performance. As we launch our lean initiatives, continue to streamline our cost structure, further optimize performance and instill a culture of discipline and commitment, we are creating a sustainable framework that we believe will create shareholder value for years to come.

我們今天構建的基礎已經提供了改進的性能。隨著我們推出精益計劃、繼續精簡成本結構、進一步優化績效並灌輸紀律和承諾文化，我們正在創建一個可持續的框架，我們相信該框架將在未來幾年為股東創造價值。

We are genuinely excited about Comtech's future, and we are committed to delivering results every single day for our customers, our partners, employees and shareholders.

我們對 Comtech 的未來感到由衷的興奮，我們致力於每天為我們的客戶、合作夥伴、員工和股東帶來成果。

In summary, indicators of our progress are clearly visible all around us, and I believe that our transformation to One Comtech is working and that our future is bright. Mike?

總之，我們的進步指標在我們周圍清晰可見，我相信我們向 One Comtech 的轉型正在發揮作用，我們的未來是光明的。麥克風？

Thanks, Ken. For Q3 fiscal 2023, we recorded $136.3 million of consolidated net sales, of which $82.2 million or approximately 60% were reported in our Satellite and Space Communications segment and $54.1 million were reported in our Terrestrial and Wireless Networks segment. Our third quarter net sales represented a 1.9% sequential increase over last quarter and, as Ken mentioned, our sixth consecutive quarterly increase. Compared to Q3 fiscal 2022, our Q3 fiscal 2023 net sales increased $14.2 million or 11.6%, primarily reflecting significantly higher net sales in our Satellite and Space Communications segment.

謝謝，肯。 2023 財年第三季度，我們的合併淨銷售額為 1.363 億美元，其中 8220 萬美元或約 60% 來自我們的衛星和太空通信部門，5410 萬美元來自我們的地面和無線網絡部門。我們第三季度的淨銷售額比上一季度環比增長 1.9%，正如 Ken 提到的，這是我們連續第六個季度增長。與 2022 財年第三季度相比，我們 2023 財年第三季度的淨銷售額增加了 1420 萬美元，即 11.6%，主要反映了我們的衛星和空間通信部門的淨銷售額顯著增加。

Our consolidated gross profit percentage for Q3 fiscal 2023 was 31.7% and primarily reflects an increase in net sales and overall product mix changes including significantly higher net sales of our troposcatter and SATCOM solutions to U.S. government customers within our Satellite and Space Communications segment which, as a reminder, historically achieved a lower gross profit percentage than the recurring-type software-based sales included in our Terrestrial and Wireless Networks segment. Also contributing to the change in margin was that Q3 fiscal 2022 benefited from lower warranty expense in light of the reduced level of sales activity during that prior year period.

我們 2023 財年第三季度的綜合毛利率為 31.7%，主要反映了淨銷售額的增長和整體產品組合的變化，包括我們的衛星和空間通信部門向美國政府客戶的對流層散射和衛星通信解決方案的淨銷售額顯著增加，提醒一下，歷史上實現的毛利率低於我們的地面和無線網絡部門中基於軟件的經常性銷售。造成利潤率變化的另一個原因是，由於上一年期間銷售活動水平下降，2022 財年第三季度受益於保修費用的降低。

As explained in more detail and reconciled in our Form 10-Q filed earlier today, we utilized a non-GAAP measure that we refer to as adjusted EBITDA. Q3 fiscal 2023 adjusted EBITDA was $12.5 million or 9.2% of consolidated net sales as compared to $11.2 million or 9.2% of consolidated net sales in Q3 fiscal 2022. The increase in dollars primarily reflects the benefit of our One Comtech lean initiatives implemented through April 30, 2023, offset in part by a lower gross profit percentage.

正如今天早些時候提交的 10-Q 表格中更詳細解釋和核對的那樣，我們採用了非 GAAP 衡量標準，我們將其稱為調整後 EBITDA。 2023 財年第三季度調整後 EBITDA 為 1,250 萬美元，佔合併淨銷售額的 9.2%，而 2022 財年第三季度為 1,120 萬美元，佔合併淨銷售額的 9.2%。美元的增長主要反映了我們截至 4 月 30 日實施的 One Comtech 精益計劃的好處，2023年，部分被較低的毛利潤百分比所抵消。

Bookings this past quarter totaled $102.8 million, representing a quarterly book-to-bill ratio of 0.75x. Our current revenue visibility approximates $1.1 billion and is equal to the sum of our $668.4 million of funded backlog plus the total unfunded value of certain multi-year contracts that we have received and from which we expect future orders.

上一季度的預訂總額為 1.028 億美元，季度預訂出貨比為 0.75 倍。我們目前的收入可見度約為 11 億美元，等於我們 6.684 億美元的已融資積壓訂單加上我們已收​​到的某些多年期合同以及我們預計未來訂單的未融資總額的總和。

Overall, our consolidated Q3 fiscal 2023 net sales and adjusted EBITDA were in line with our guidance provided last quarter.

總體而言，我們的 2023 財年第三季度合併淨銷售額和調整後 EBITDA 與我們上季度提供的指導一致。

Now I will turn it back over to Ken for some closing remarks. Ken?

現在我將把它轉回給 Ken 做一些結束語。肯？

Thanks, Mike. As excited as we are about how our culture of innovation, technology leadership and the power of collaboration enabled by our transformation to One Comtech is creating a bright future, we are more deeply focused than ever before toward meeting our daily commitments to our customers, our shareholders and ourselves.

謝謝，邁克。儘管我們對通過轉型為 One Comtech 所帶來的創新文化、技術領先地位和協作力量如何創造光明的未來感到興奮，但我們比以往任何時候都更加專注於履行我們對客戶、我們的日常承諾。股東和我們自己。

The foundation that we are building today is already delivering improved performance. As we launch our lean initiatives, continue to streamline our cost structure, further optimize performance and instill a culture of discipline and commitment, we are creating a sustainable framework that we believe will create shareholder value for years to come.

我們今天構建的基礎已經提供了改進的性能。隨著我們推出精益計劃、繼續精簡成本結構、進一步優化績效並灌輸紀律和承諾文化，我們正在創建一個可持續的框架，我們相信該框架將在未來幾年為股東創造價值。

Now regarding new additions to our leadership team. As I mentioned earlier, we are attracting a lot of excitement across our markets, and this quarter, we continued to enhance our leadership team with several key appointments designed to maximize our ability to compete and deliver across our global market segments. We appointed Don Walther as Comtech's new Chief Legal Officer; and Nicole Robinson as Chief Strategy Officer.

現在關於我們的領導團隊的新成員。正如我之前提到的，我們在整個市場中吸引了很多人的興趣，本季度，我們通過多項關鍵任命繼續增強我們的領導團隊，旨在最大限度地提高我們在全球細分市場的競爭和交付能力。我們任命 Don Walther 為 Comtech 新任首席法務官；妮可·羅賓遜 (Nicole Robinson) 擔任首席戰略官。

Don has significant technology and aerospace industry experience in both public and private companies in the commercial and defense sectors with his previous experiences at ITT and Boeing. He will focus on ensuring Comtech's competitive differentiation through contracts is preserved and protected. Nicole is well known across our industry. Prior to joining Comtech, she served as President of Ursa Space Systems, a leading satellite intelligence and data analytics provider. She will focus on creating and implementing priority space business pursuits, oversee the development and implementation of new technologies, orchestrate global growth initiatives and lead other priorities related to geospatial imagery and data as well as space communications in both U.S. and international markets.

Don 曾在 ITT 和波音公司工作過，在商業和國防領域的上市公司和私營公司擁有豐富的技術和航空航天行業經驗。他將專注於確保 Comtech 通過合同保持和保護競爭優勢。妮可在我們行業中享有盛譽。在加入 Comtech 之前，她曾擔任領先的衛星情報和數據分析提供商 Ursa Space Systems 的總裁。她將專注於創建和實施優先太空業務目標，監督新技術的開發和實施，協調全球增長計劃，並領導與美國和國際市場的地理空間圖像和數據以及太空通信相關的其他優先事項。

Regarding our EVOKE partners. In the early days of my tenure as CEO, we envisioned and then established EVOKE as Comtech's innovation foundry, which is dedicated to creating and accelerating transformational changes in global technologies. And we believe that EVOKE will enhance our existing technologies and service offerings, examples include cloud-native satellite ecosystems, 5G advanced services and as-a-service business models, as well as allow us to pioneer entirely new ideas and opportunities with the benefit of multiple perspectives, industry backgrounds and areas of expertise. Through partnership, we are able to quickly prototype ideas and test for market readiness. This new and rapid method will allow us to expand our capabilities and could potentially allow us to capture market share at an unparalleled rate.

關於我們的 EVOKE 合作夥伴。在我擔任首席執行官的初期，我們設想並成立了 EVOKE 作為 Comtech 的創新鑄造廠，致力於創造和加速全球技術的轉型變革。我們相信，EVOKE 將增強我們現有的技術和服務產品，例如雲原生衛星生態系統、5G 高級服務和即服務商業模式，並使我們能夠利用以下優勢開拓全新的想法和機會：多種視角、行業背景和專業領域。通過合作，我們能夠快速製作創意原型並測試市場準備情況。這種新的快速方法將使我們能夠擴展我們的能力，並有可能使我們以無與倫比的速度佔領市場份額。

During the most recent quarter, we were pleased to announce that we added several new partners to EVOKE's growing roster, including Aarna Networks, Descartes Labs and WishKnish Corporation. By combining Aarna Networks' technologies with Comtech's Dynamic Cloud Platform, the companies anticipate enabling customers to easily add and manage a variety of open architecture, cloud-based applications across private, hybrid and public networks in both terrestrial and non-terrestrial environments. Descartes Labs will work with Comtech to infuse the power of artificial intelligence, machine learning, predictive intelligence and insight monitoring across Comtech's product offerings. As for WishKnish, we plan to collaborate with them on integrating highly secure, flexible distributed ledger, or blockchain, technologies across diverse commercial and government applications.

在最近一個季度，我們很高興地宣布，我們在 EVOKE 不斷壯大的名單中增加了幾個新的合作夥伴，包括 Aarna Networks、笛卡爾實驗室和 WishKnish Corporation。通過將 Aarna Networks 的技術與 Comtech 的動態雲平台相結合，兩家公司預計將使客戶能夠在地面和非地面環境中的私有、混合和公共網絡上輕鬆添加和管理各種開放架構、基於雲的應用程序。笛卡爾實驗室將與 Comtech 合作，在 Comtech 的產品中註入人工智能、機器學習、預測智能和洞察監控的力量。至於 WishKnish，我們計劃與他們合作，在不同的商業和政府應用程序中集成高度安全、靈活的分佈式賬本或區塊鏈技術。

Looking ahead, not only can you expect to see Comtech foster partnerships with businesses for multiple sectors but also with leading universities around the world to ensure we remain at the forefront of emerging technologies. We intend to match the rate of change we see transforming global communications by forging collaborative partnerships across industries and academia to ultimately create value for individuals, communities, governments and businesses in a new era of connectivity.

展望未來，您不僅可以期望看到 Comtech 與多個行業的企業建立合作夥伴關係，而且還與世界各地的領先大學建立合作夥伴關係，以確保我們始終處於新興技術的前沿。我們打算通過建立跨行業和學術界的合作夥伴關係來跟上全球通信變革的速度，最終在互聯互通的新時代為個人、社區、政府和企業創造價值。

So in summary, as I approach my 1-year anniversary leading Comtech, I am even more excited today than I was on August 10 of last year when I took on this role as your President and Chief Executive Officer.

總而言之，當我領導 Comtech 一周年之際，我今天比去年 8 月 10 日接任總裁兼首席執行官時更加興奮。

My increasing excitement stems from a variety of factors. The assimilation of our legacy business silos in the 2 business segments allows us to be more collaborative and agile with respect to decision-making. The profit improvement initiatives we are implementing are further improving efficiencies in our business. The rollout of company-wide processes is instilling stronger and more consistent process discipline, improving operational effectiveness and optimizing business performance. EVOKE has fostered collaboration with new technology partners and is positioning us for accelerated growth and the ability to exploit emerging and converging markets and technologies. Our customer workshops are revealing immediate opportunities to create more comprehensive customer value. As satellite and terrestrial network infrastructures blend and hybridize on a global scale, we believe we can create value not just by transporting data across these blended networks but by leveraging data to reveal insights that could create customer value in new, unique and differentiated ways.

我越來越興奮源於多種因素。兩個業務部門中傳統業務孤島的同化使我們在決策方面更加協作和敏捷。我們正在實施的利潤改善計劃進一步提高了我們的業務效率。全公司流程的推出正在灌輸更強大、更一致的流程紀律，提高運營效率並優化業務績效。 EVOKE 促進了與新技術合作夥伴的合作，使我們能夠加速增長並具備開發新興和融合市場和技術的能力。我們的客戶研討會揭示了創造更全面的客戶價值的直接機會。隨著衛星和地面網絡基礎設施在全球範圍內融合和混合，我們相信，我們不僅可以通過在這些混合網絡上傳輸數據來創造價值，還可以利用數據揭示洞察，從而以新的、獨特的和差異化的方式創造客戶價值。

Again, I believe that Comtech is positioned to win in a rapidly evolving market that is demanding faster innovation, better collaboration, improved agility and more comprehensive customer value than ever before. Our communications network infrastructures are evolving, and we have clear opportunities to leverage our technology leadership in connectivity and data transport to provide data-enabled customer insights. Further, this value creation can be monetized in innovative ways that we believe will significantly enhance shareholder value. Finally, the hard work we have done these past 10 months is building the foundation we need and paving the way for exciting days ahead.

我再次相信，Comtech 能夠在快速發展的市場中獲勝，該市場比以往任何時候都需要更快的創新、更好的協作、更高的敏捷性和更全面的客戶價值。我們的通信網絡基礎設施正在不斷發展，我們有明顯的機會利用我們在連接和數據傳輸方面的技術領先地位來提供基於數據的客戶洞察。此外，這種價值創造可以通過創新方式貨幣化，我們相信這將顯著提高股東價值。最後，我們過去 10 個月所做的辛勤工作正在奠定我們所需的基礎，並為未來激動人心的日子舖平道路。

Now in closing, before we take your questions, I'll quickly make some final observations. We are only 10 months in, and we're only getting started. We have a refreshed leadership team with experience and knowledge who are moving quickly and with purpose. Our Board has also been refreshed with some of the industry's leading professionals. Our EVOKE partners are some of the most dynamic and exciting experts in their fields, and we are leaner and more agile as we relentlessly turn towards the future to solve our customers' most pressing challenges and bring unprecedented value to them, our people and to our shareholders.

最後，在回答大家的問題之前，我將快速發表一些最後的意見。我們只有 10 個月的時間，而且才剛剛開始。我們擁有一支經驗豐富、知識淵博的新領導團隊，他們行動迅速、目標明確。我們的董事會也由一些業界領先的專業人士進行了更新。我們的 EVOKE 合作夥伴是各自領域中最有活力、最令人興奮的專家，我們更加精幹、更加敏捷，不斷面向未來，解決客戶最緊迫的挑戰，為他們、我們的員工和我們的客戶帶來前所未有的價值。股東。

With that, I look forward to meeting with you on June 21. And as always, I appreciate your engagement and continued support.

因此，我期待在 6 月 21 日與您會面。一如既往，我感謝您的參與和持續的支持。

Now I'll turn it back over to Rob.

現在我會把它轉回給羅布。

Thanks, Ken. Operator, we will now open the call for questions.

謝謝，肯。接線員，我們現在開始提問。

(Operator Instructions) And our first question will come from Joe Gomes with NOBLE Capital.

（操作員說明）我們的第一個問題將來自 NOBLE Capital 的 Joe Gomes。

Congrats on the quarter. So I wanted to start out on the Terrestrial and Wireless Networks segment. Revenues there have been pretty flat over the past 5 quarters. Bookings have been down for 4 straight quarters. Just trying to get a better idea of what is occurring in that segment. Maybe give a little update on some of the 911 clients. You talked previously about getting some of these big states, Pennsylvania, South Carolina, et cetera, out of the deployment phase. Just trying to get a little better understanding of where that business stands today and where we can see it going here in the near future.

恭喜本季度。所以我想從地面和無線網絡領域開始。過去五個季度的收入相當平穩。預訂量已連續四個季度下降。只是想更好地了解該細分市場中正在發生的事情。也許可以提供一些 911 客戶的一些最新信息。您之前談到過讓賓夕法尼亞州、南卡羅來納州等一些大州退出部署階段。只是想更好地了解該業務目前的狀況以及我們在不久的將來可以看到它的發展方向。

Joe, this is Mike. I'll take that question. So certainly a good question and one that we do plan to address more in more detail during Investor Day. But broadly speaking, we are expecting growth to come, in terms of some of our short-term and long-term initiatives, through tracking several state awards. You did reference some of that. We have been tracking like the Ohio opportunity there. We believe that it's still moving through the House and Senate and going to the Governor for signature. So I think that's when we'll have to just watch the news in the next couple of weeks.

喬，這是邁克。我來回答這個問題。這當然是一個很好的問題，我們確實計劃在投資者日期間更詳細地解決這個問題。但總的來說，我們預計通過跟踪多項國家獎項，我們的一些短期和長期舉措將會實現增長。你確實參考了其中的一些內容。我們一直在追踪那裡的俄亥俄州機會。我們相信該法案仍在眾議院和參議院審議，並送交州長簽署。所以我認為我們只能在接下來的幾週內觀看新聞。

In terms of our Southwest customer, I think that one is moving around a little bit in terms of how that might come to us, but we believe that we have services and solutions that only we can provide for that opportunity set. And so we would expect at some point that to hit, but that's one to watch. We also had 2 state RFPs that we had submitted our proposal responses for. One was back in December and the other was back in May time frame. So there, we're just waiting for the down-selection process to start.

就我們的西南航空客戶而言，我認為我們的情況正在發生一些變化，但我們相信我們擁有隻有我們才能為該機會集提供的服務和解決方案。因此，我們預計在某個時候會出現這種情況，但這是值得關注的。我們還提交了 2 個州 RFP 的提案回复。一個是在 12 月返回的，另一個是在 5 月返回的。所以，我們只是等待向下選擇過程的開始。

And then I would say other initiatives that we're tracking would be to sort of bring NG-911 type solutions to military bases. We spent some time trying to assess that market and we believe that, that is a good ground for us to attack; also looking at machine-to-machine and AI solutions, infusing that technology into 911 applications, sort of taking it up in the tier, if you will, to providing as-a-service to those clients.

然後我想說，我們正在跟踪的其他舉措是將 NG-911 類型的解決方案引入軍事基地。我們花了一些時間嘗試評估該市場，我們相信，這是我們進攻的良好基礎；還研究機器對機器和人工智能解決方案，將該技術融入到 911 應用程序中，如果你願意的話，可以將其納入為這些客戶提供即服務的層面。

We also have thought about bringing some added insights to the PSAP so that they could do more, say, smart dispatching with better analytics in front of them as they're trying to assess an emergency situation. And we also have targeted taking our location-based services platform to international customers. We've had really good success here in the U.S. with the Tier 1 carriers in rolling out their 5G platforms. And as we progress with those opportunities, we think that the international market is the next step there. So in 2024, we definitely feel that's an area where we will attack.

我們還考慮過為 PSAP 提供一些額外的見解，以便他們在嘗試評估緊急情況時可以做更多的事情，例如通過更好的分析進行智能調度。我們還致力於將我們的基於位置的服務平台提供給國際客戶。我們在美國與一級運營商合作推出 5G 平台，取得了非常好的成功。隨著我們在這些機會上取得進展，我們認為國際市場是下一步。因此，到 2024 年，我們肯定認為這是我們將進軍的領域。

And generally speaking, I think we have a view of as-a-service as a theme as we are trying to transition this segment from being beyond just a 911 upgrade provider or call routing. I think there are other things that we can do for commercial entities, and we'll talk more about that during Investor Day.

總的來說，我認為我們將“即服務”視為一個主題，因為我們正在嘗試將這一細分市場從僅提供 911 升級提供商或呼叫路由轉變。我認為我們還可以為商業實體做其他事情，我們將在投資者日期間更多地討論這一點。

Okay. And then looking at SG&A for the quarter, obviously, it was impacted by about $4 million of restructuring costs, which are a little bit higher than Q1 and Q2. If we're looking out here at Q4, should we expect a third quarter type of level or more along the first or second quarter levels in terms of any restructuring charges?

好的。再看看本季度的 SG&A，顯然，它受到了約 400 萬美元重組成本的影響，該成本比第一季度和第二季度略高。如果我們關注第四季度，我們是否應該預期重組費用將達到第三季度的水平或高於第一或第二季度的水平？

Another good question. Yes, I think in terms of our expectations for Q4, with 2 months to go, I think at this point, it would be reasonable to assume a level similar to what we experienced in Q3.

另一個好問題。是的，我認為就我們對第四季度的預期而言，還有兩個月的時間，我認為此時假設與第三季度類似的水平是合理的。

Okay. And one last one for me and I'll go back in queue. So I know that you've talked about this in the past, but again, the effective interest rate, over 10% in the quarter; the cash borrowing rate is almost at 9% in the quarter, maybe you can give us a little bit better update of what you guys are trying to do to minimize that or bring that back down a little bit, understanding that rates have been going up overall, but you guys are paying some pretty high interest expenses here.

好的。最後一張給我，我會回去排隊。所以我知道你過去曾談論過這個問題，但再說一次，實際利率，本季度超過 10%；本季度的現金借款利率幾乎為 9%，也許您可以向我們提供更好的最新信息，說明你們正在努力採取哪些措施來最大程度地減少這種情況或將其降低一點，了解利率一直在上升總的來說，但是你們在這裡支付了一些相當高的利息費用。

Yes, it's definitely something, Joe, that we are focusing on. As we said in our last earnings call, we're not going to sit idle. We have a credit facility that comes current in October of 2023. And so we want to use time to our advantage. And we certainly, at this juncture, don't have something specific to say about capital structure and alternatives. But we are evaluating them. We are looking at this from a holistic point of view. We want to do something that's durational in nature. So we're not renegotiating a facility, say, in 1 or 2 years from now. We definitely heard feedback from our investors and lenders, and we'll take that into our calculus as we navigate through the next steps there.

是的，喬，這絕對是我們正在關注的事情。正如我們在上次財報電話會議中所說，我們不會袖手旁觀。我們的信貸安排將於 2023 年 10 月生效。因此，我們希望利用時間來發揮我們的優勢。當然，在這個時候，我們對資本結構和替代方案沒有什麼具體的說法。但我們正在評估它們。我們是從整體的角度來看待這個問題。我們想做一些本質上是持久的事情。因此，我們不會在 1 或 2 年後重新談判設施。我們確實聽到了投資者和貸方的反饋，在我們進行下一步的操作時，我們會將其納入我們的計算中。

On top of that, as part of our benchmarking processes and bringing process discipline to the table, we are looking at our investments in working capital. And we did a test this quarter to see that we could get down to proper leverage ratios that we have to plan for, for July, and we did that. So I think that's a great achievement on the team's part here. No small task there, but certainly, as we go through trying to grow the company and making investments to grow, we want to be disciplined to bring down our AR and inventory levels and bring our payment cycle with our vendors more in line with industry standards. We do recognize interest costs are 3x what they were about a year ago and certainly taking that into consideration, for sure. So I could tell you we're focused on that.

最重要的是，作為我們基準流程和將流程紀律擺上桌面的一部分，我們正在考慮我們對營運資本的投資。我們在本季度進行了一項測試，看看我們是否可以降低到我們必須為 7 月份計劃的適當槓桿率，我們做到了。所以我認為這對團隊來說是一項偉大的成就。這不是一項小任務，但當然，當我們努力發展公司並進行投資以實現增長時，我們希望遵守紀律，降低 AR 和庫存水平，並使我們與供應商的付款週期更符合行業標準。我們確實認識到利息成本是一年前的三倍，當然也考慮到了這一點。所以我可以告訴你我們專注於此。

Our next question will come from George Notter with Jefferies.

我們的下一個問題將來自杰弗里斯的喬治·諾特。

I guess I wanted to ask about margins. Obviously, a softer quarter on gross margin here, and certainly, it's coming from the Satellite and Space business. And I heard what you said regarding tropo, but can you talk about kind of the puts and takes there? And what do you expect for the margin trajectory going forward?

我想我想問一下利潤率。顯然，本季度毛利率疲軟，當然，這來自衛星和太空業務。我聽到了你所說的有關 Tropo 的內容，但是你能談談那裡的看跌期權嗎？您對未來的利潤率軌蹟有何預期？

Sure, I'll take that, George. So yes, in Q3, we did experience significantly higher net sales of our tropo and SATCOM solutions to the U.S. government and customers. I would want to point out in the details of it that there were 3 main items that we were delivering this quarter. One was the VSAT equipment to the U.S. Army. There, that equipment is coming off a contract where it's cost reimbursable. So as we have said in the past, those types of contracts, while they're good and they're good cash flow payers, they come with low profit margin. So that's just a legacy type transaction, if you will, that we had come through this quarter.

當然，我會接受的，喬治。所以，是的，在第三季度，我們的 tropo 和衛星通信解決方案對美國政府和客戶的淨銷售額確實顯著增加。我想詳細指出，我們本季度交付了 3 個主要項目。其中之一是美國陸軍的 VSAT 設備。在那裡，該設備已簽訂合同，其成本可以報銷。正如我們過去所說，這些類型的合同雖然很好並且是良好的現金流支付者，但利潤率較低。因此，如果您願意的話，這只是我們本季度完成的遺留類型交易。

Also, as a second theme, we did ship out or started to perform on our U.S. Marine Corps project. So we're ramping up our activities there. And so that also, just as a reminder, a contract that was, I'll say, pre-COVID priced. We won that back in 2019, and it took a little while to get the order in the fall of 2022. And at this point in time, inventory is starting to show up, and we're working on our deliveries, but that had a significant influence, if you will, on the quarter just given that it was pre-COVID pricing with long lead times.

此外，作為第二個主題，我們確實在我們的美國海軍陸戰隊項目中發貨或開始表演。所以我們正在加強在那裡的活動。因此，提醒一下，我想說的是，這份合同是在新冠疫情之前定價的。我們在 2019 年贏得了這個訂單，並花了一段時間才在 2022 年秋季收到訂單。此時，庫存開始出現，我們正在努力交付，但這有一個問題如果你願意的話，對這個季度的影響很大，因為它是新冠疫情前的定價，交貨時間很長。

We also had in the quarter some additional COMETs that were -- or in the 9 months, if you will, that was in the first half of the year. We did sell off some COMETs destined for Ukraine. And while those carry higher margins, I think when you take all 3 of those and mix them up, for the quarter, we definitely had seen our sales percentage-wise for more in the Satellite and Space segment, and those have traditionally lower margins than Terrestrial and Wireless, as we discussed in the past, that have more software recurring-type sales and margins. So I think it was just a confluence of those transactions that impacted the margins.

我們在本季度還有一些額外的 COMET，或者在 9 個月內，如果你願意的話，那就是在今年上半年。我們確實賣掉了一些運往烏克蘭的彗星。雖然這些產品的利潤率較高，但我認為當你將這三個產品混合在一起時，在本季度，我們肯定看到衛星和太空領域的銷售百分比更高，而傳統上這些產品的利潤率低於正如我們過去討論的那樣，地面和無線具有更多的軟件經常性銷售和利潤。所以我認為這只是這些交易的匯合影響了利潤率。

Heading into Q4 and looking forward into FY '24, certainly with our One Comtech initiatives and looking at where things are headed, we do expect margins in Satellite and Space to improve. And that's something that we are also heavily focused on in terms of getting uplift there. So I think as we burn off, I'll say, backlog that had suboptimal pricing and burn that off and replace it with newer items, we would expect to see a turn in the margin.

進入第四季度並展望 24 財年，當然，通過我們的 One Comtech 計劃並考慮事情的發展方向，我們確實預計衛星和太空領域的利潤率將會改善。這也是我們非常關注的提升那裡的事情。因此，我認為，當我們燒掉價格不理想的積壓訂單並燒掉並用更新的產品取而代之時，我們預計會看到利潤率的轉變。

Got it. That's great. And then you mentioned the COMET project to Ukraine. Was that the case where those products had been written off from an inventory perspective, and therefore, you sold them and they came through a really good margin and now we've got a non-repeat of that business this quarter? Is that the dynamic you're describing?

知道了。那太棒了。然後你提到了烏克蘭的 COMET 項目。是不是這些產品從庫存角度被註銷，因此，您出售了它們，它們獲得了非常好的利潤，現在我們本季度不再重複該業務？這就是你所描述的動態嗎？

No, no. This was not a write-off -- a sale of written-off inventory. Back in 2022, around February of 2022 to be precise, we were tracking a pretty large order with Ukraine as the end customer or end user of the COMETs that got postponed when Russia invaded Ukraine. That opportunity, we thought, was never lost. It was just a matter of timing as they were transitioning to fight a ground war. And they finally came back to us in the August, September time frame to place the order. Given the urgent and compelling need of the equipment, we shipped it out expeditiously. And for the most part, that was in our Q1 and Q2. There was a little bit of additional units going out in Q3 but not to the scale that it was in Q1 and Q2.

不，不。這不是沖銷，而是出售沖銷的庫存。早在 2022 年，準確地說是 2022 年 2 月左右，我們正在追踪一筆相當大的訂單，烏克蘭是 COMET 的最終客戶或最終用戶，但在俄羅斯入侵烏克蘭時該訂單被推遲。我們認為，這個機會永遠不會失去。這只是時間問題，因為他們正在過渡到打地面戰爭。他們終於在八月、九月的時間範圍內回到我們這裡下訂單。鑑於設備的迫切需求，我們迅速發貨。大多數情況下，這是在我們的第一季度和第二季度。第三季度有一些額外的單位投入使用，但沒有達到第一季度和第二季度的規模。

But some extension and continuation of that initial order, George.

但喬治，對最初的命令進行了一些擴展和延續。

Got it. Okay. So it's a non-repeat of that business that hurt you by comparison relative to prior quarters. Okay. Super. That's all I had.

知道了。好的。因此，與前幾個季度相比，這對你造成傷害的業務不再重複。好的。極好的。這就是我所擁有的一切。

Got it. Thanks, George.

知道了。謝謝，喬治。

Our next question will come from Asiya Merchant with Citi.

我們的下一個問題將來自花旗銀行的 Asiya Merchant。

Could you walk us through some of the EBITDA margins also on the terrestrial side of things? Those were a little bit softer as well compared to last year. I know they increased sequentially, but maybe you can walk us through what's going on there with the margins. Is this like new contracts that are ramping up that just carry lower margins? And then as you look out into fiscal '24, are you expecting margins to kind of revert back to -- if you dial it back a couple of years ago, I think they were north of 20%. Is that reasonable to expect for fiscal '24 going forward?

您能否向我們介紹一下陸地方面的一些 EBITDA 利潤率？與去年相比，這些也稍微軟一些。我知道它們連續增加，但也許您可以向我們介紹一下利潤率的情況。這是否就像正在增加但利潤率較低的新合同一樣？然後，當您展望 24 財年時，您是否預計利潤率會恢復到 — 如果您將其回撥到幾年前，我認為利潤率將超過 20%。對未來 24 財年的預期是否合理？

And then just if I think about it, I think your fiscal 4Q outlook, up sequentially 2% to 4%. With the exception of perhaps 1 quarter where you guys had extraordinary sales back in 2018, that seems -- or is it 2020 quarter, which is obviously an odd year, it seems to be a little underwhelming relative to -- I mean, I know it's generally north of 4%. So I don't know 2% to 4%, midpoint of 3%, is that just baking in some conservatism here? If you can just kind of walk us through some of that, that would be great.

然後，如果我想一想，我認為第四季度財政前景將比上一季度增長 2% 至 4%。除了 2018 年有一個季度的銷售業績出色之外，這似乎——或者是 2020 年季度，這顯然是一個奇怪的年份，相對於——我的意思是，我知道，這似乎有點平淡無奇一般在 4% 以上。所以我不知道 2% 到 4%，中間值 3%，這是否只是出於某種保守主義？如果您能引導我們完成其中的一些內容，那就太好了。

Okay. Yes, I will unpack. There are a few questions in there. In terms of the margins in Terrestrial and Wireless, this is another area we are definitely focused on as we move into FY '24. I think I speak for the team, we're all impatient as we're awaiting the award of several large opportunities to get us back to some economies of scale in the segment. But at the same time, while we're awaiting those awards, we are doing our benchmarking. And as part of our bringing the companies together in One Comtech, we have identified some opportunities to improve our margins going forward. And I talked a little bit about some of those initiatives to grow revenues and different types of revenues at a more software-based and moving up the tier, if you will, on margin.

好的。是的，我會拆包。裡面有幾個問題。就地面和無線業務的利潤率而言，這是我們進入 24 財年時絕對關注的另一個領域。我想我代表團隊發言，我們都很不耐煩，因為我們正在等待幾個重大機會的授予，以使我們回到該領域的一些規模經濟。但與此同時，在我們等待這些獎項的同時，我們也在進行基準測試。作為我們將各公司合併為 One Comtech 的一部分，我們發現了一些提高未來利潤率的機會。我談到了其中一些舉措，這些舉措旨在以更加基於軟件的方式增加收入和不同類型的收入，並在利潤率上提升（如果您願意的話）。

But given the long-term nature of the backlog in Terrestrial and Wireless, it will take us some time to burn that off. They had lower margins in that NG-911 business. Those were the initial awards. It was a land grab, trying to win the work with the customers. They are great contracts to have. They're very long term in nature with renewals. So if we do a good job, we expect to see better margins as we continue to ramp up the recurring revenues and move into the renewal phases of those jobs. We're just not there yet.

但考慮到地面和無線領域積壓的長期性質，我們需要一些時間來消除這些積壓。他們在 NG-911 業務中的利潤率較低。這些是最初的獎項。這是一場搶地盤，試圖贏得客戶的青睞。它們是很棒的合同。它們本質上是長期的，可以續訂。因此，如果我們做得好，隨著我們繼續增加經常性收入並進入這些工作的更新階段，我們預計會看到更好的利潤率。我們只是還沒到那裡。

We're probably a year or 2 away from seeing that happening. But nonetheless, we are ramping up those revenues. At the same time, it's taking on more of a percentage of the overall segment. And with the call routing business being sort of steady state, I think the margin percentages are getting influenced by the NG-911 business. But again, we're not going to just allow that to happen. We are addressing it. We're trying to come up with new revenue verticals and ways to get the margins up. We have taken out some costs in our March reduction in course. We have not seen the full benefit of that in Q3. And we do expect to see better margins as we go into '24. I won't give specific guidance yet on '24 EBITDA margins, but directionally, Asiya, that's sort of what we're thinking, is to get back to those historical margins.

我們可能還需要一兩年的時間才能看到這種情況的發生。但儘管如此，我們仍在增加這些收入。與此同時，它在整個細分市場中所佔的比例也越來越大。隨著呼叫路由業務處於穩定狀態，我認為利潤率正在受到 NG-911 業務的影響。但同樣，我們不會允許這種情況發生。我們正在解決這個問題。我們正在嘗試提出新的收入垂直領域和提高利潤率的方法。我們在三月份的削減中扣除了一些成本。我們在第三季度尚未看到其全部好處。我們確實預計進入 24 年後會看到更好的利潤率。我不會就 24 年 EBITDA 利潤率給出具體指導，但從方向上來說，Asiya，這就是我們正在考慮的，是要回到那些歷史利潤率。

And do you think that's achievable in fiscal '24? I guess I'm just trying to understand. Like, I see that you obviously hopefully increased your EBITDA margin relative to fiscal '23, but are we...

您認為這可以在 24 財年實現嗎？我想我只是想理解。就像，我看到你顯然希望相對於 23 財年增加你的 EBITDA 利潤率，但是我們......

Yes, I do. I want to speak for -- Ken might want to add something there. But from my perspective, I mean, we've initiated more than 1 or 2 initiatives in terms of contract and pricing, looking at optimization of our supply chain, going through layers of maybe redundancy in our management layers. We've looked at make-or-buy decisions. We've looked at new initiatives to grow revenue through EVOKE and partnering up with our EVOKE partners' technologies to create new revenue streams. So I do think with the culmination of all of those activities, we have line of sight to improving the margins substantially.

是的，我願意。我想代表——肯可能想在那裡添加一些東西。但從我的角度來看，我的意思是，我們在合同和定價方面發起了不止一兩個舉措，著眼於優化我們的供應鏈，在我們的管理層中經歷了可能的冗餘層。我們研究了自製或外購決策。我們研究了通過 EVOKE 增加收入的新舉措，並與我們的 EVOKE 合作夥伴的技術合作創造新的收入來源。因此，我確實認為，隨著所有這些活動的完成，我們有望大幅提高利潤率。

This is Ken. If you think of the time line, typically, in a situation like this, I mean, we go through maybe 10 to 12 months of discovery, understanding how each of our siloed business operates, what processes they use, how they do risk management and mitigation, how they do program management, supply chain, inventory management. It just touches every part of the organization. So it takes us some time to move across the organization, benchmark it and fully understand it. Then we're putting together the action plans to lean that out, apply best process across the board, across the entire enterprise.

這是肯.如果你考慮一下時間線，通常在這種情況下，我的意思是，我們可能會經歷 10 到 12 個月的發現，了解我們每個孤立的業務如何運作、他們使用什麼流程、他們如何進行風險管理以及緩解措施，他們如何進行項目管理、供應鏈、庫存管理。它涉及組織的每個部分。因此，我們需要一些時間來跨組織移動、對其進行基準測試並充分理解它。然後，我們將製定行動計劃來精益求精，在整個企業中全面應用最佳流程。

And so we're just moving into the phase where we're going to see the impact and return on investment on the action plans, lean action plans, as well as the cost reduction plans that we're implementing holistically across the enterprise. So we will see that beginning now in the fourth quarter and then through FY '24. And that will have, I must say, a rolling and increasing impact as those were implemented and as we see the results of those actions. So yes, I think that characterizes FY '24 probably as well as I can.

因此，我們剛剛進入這樣一個階段，我們將看到行動計劃、精益行動計劃以及我們在整個企業全面實施的成本削減計劃的影響和投資回報。因此，我們將從第四季度開始，然後到 24 財年看到這一點。我必須說，隨著這些措施的實施以及我們看到這些行動的結果，這將產生滾動和不斷增加的影響。所以，是的，我認為這可能是 24 財年的特點。

Okay. And then cash for the year, do you guys -- I mean you had a good decent quarter in terms of cash generation this quarter. I'm assuming next quarter will also be a cash flow positive quarter for you guys. Is that fair?

好的。然後是今年的現金，你們嗎？我的意思是，就本季度的現金生成而言，你們度過了一個不錯的季度。我假設下個季度對你們來說也將是現金流量為正的季度。這公平嗎？

Asiya, in terms of how I'm looking at Q4, I mean, we still have 2 months to go. We have some large receivables and payables that we're managing. So it definitely will come down to the timing of things. But at this point, I would say that any cash coming in, in Q4 would likely go to pay down AP and also debt, just making sure we stay within our covenants. So I would expect it to be more closer to breakeven, maybe slightly positive, not expecting a repeat of Q3 typically.

Asiya，就我對第四季度的看法而言，我的意思是，我們還有 2 個月的時間。我們正在管理一些大額應收賬款和應付賬款。所以這肯定會歸結為事情發生的時間。但在這一點上，我想說，第四季度收到的任何現金都可能會用來償還應付賬款和債務，只是確保我們遵守我們的契約。因此，我預計它會更接近盈虧平衡，也許會略有積極，而不是期望第三季度會重演。

Our next question comes from Chris Sakai with Singular Research.

我們的下一個問題來自 Singular Research 的 Chris Sakai。

Can you talk about the decline in net bookings for the quarter? Was this just lumpiness in orders? And then also, where should we expect this? What would be a normalized rate for bookings in the future?

您能談談本季度淨預訂量的下降嗎？這只是訂單混亂嗎？然後，我們應該在哪裡期待這種情況呢？未來預訂的標準化價格是多少？

Chris, in terms of the bookings profile, we definitely started out the year very strong. We did have some very large items, some of which we just talked about with George. We had the COMETs come in. We also had some renewals with our Tier 1 carriers, their annual renewals. We also had received in Q2 a very large order from Yahsat, a new customer. Those are the types of orders you wouldn't expect to repeat from quarter-to-quarter. So when you actually strip those out, and you look at our bookings performance in Q3, I think we actually did a pretty good job when you take out the onetime items.

克里斯，就預訂情況而言，我們今年的開局確實非常強勁。我們確實有一些非常大的物品，其中一些我們剛剛與喬治討論過。我們引入了 COMET。我們還與我們的一級運營商進行了一些續約，他們的年度續約。我們在第二季度還從新客戶 Yahsat 收到了一份非常大的訂單。這些是您不會期望每個季度都會重複的訂單類型。因此，當你真正剔除這些項目，並查看我們在第三季度的預訂表現時，我認為當你剔除一次性項目時，我們實際上做得相當不錯。

Going into Q4, I do think we see maybe a stronger bookings profile in Q4 than Q3. That's going to be also subject to timing. We always say that the timing of bookings is hard to predict and often lumpy. But I do think that you'll see an uptick in Q4.

進入第四季度，我確實認為第四季度的預訂情況可能比第三季度更強。這也將受到時間安排的影響。我們總是說預訂的時間很難預測，而且往往是不穩定的。但我確實認為第四季度會有所上升。

Yes. I'll tell you that Q4 has, I think, traditionally been -- our Q4 has traditionally been a good quarter for us. We see the U.S. government looking to sweep up and spend money and we stand, in our positioning, to benefit from that. But other than that, I think it's just lumpiness. I don't think that there's a downward trend.

是的。我會告訴你，我認為，第四季度傳統上對我們來說是一個很好的季度。我們看到美國政府正在尋求大掃除和花錢，我們的立場是從中受益。但除此之外，我認為這只是塊狀。我不認為有下降的趨勢。

Okay. Sounds good. And then what would be a good sort of normalized rate for gross profit? I know it was down to, what, about 32%. Should we expect that maybe around the 34%, 35% range?

好的。聽起來不錯。那麼毛利潤的正常化率是多少呢？我知道這個數字下降到了 32% 左右。我們是否應該預期這一比例可能在 34%、35% 左右？

Yes. On gross profit, Chris, I'll talk in terms of consolidated. Our view is, right now, we are going through a transformation. We are making changes to our business. And so while we do see improvements, we are also reinvesting and making some tough decisions to make us stronger as we go into 2024. So while we have an eye for margin improvement, I think Q4 might look similar to Q3. And as we move into next year, I would expect to see margin improvement. But I won't give a specific percentage right now. I think we'll give more wholesome guidance 1 quarter out when we get closer to the end of Q4.

是的。關於毛利潤，克里斯，我將從合併的角度來談談。我們的觀點是，現在我們正在經歷一場轉變。我們正在對我們的業務進行改變。因此，雖然我們確實看到了進步，但我們也在進行再投資並做出一些艱難的決定，以使我們在進入 2024 年時變得更強大。因此，雖然我們著眼於利潤率的改善，但我認為第四季度可能看起來與第三季度相似。當我們進入明年時，我預計利潤率會有所改善。但我現在不會給出具體的百分比。我認為當我們接近第四季度末時，我們將在 1 季度後給出更健康的指導。

I'll add, Chris, that the organization is going through significant transformation. Now there's a lot of changes going on across the organization. We're rolling out tools and processes. We're teaching people how to use those tools and processes. And those tools and processes will bear fruit in terms of streamlined, more efficient business operations. We're also going through a period where we're burning backlog. And to some degree, this backlog, some of it is pre-COVID pricing and that kind of thing, so we have to burn that off.

克里斯，我要補充一點，該組織正在經歷重大轉型。現在整個組織正在發生很多變化。我們正在推出工具和流程。我們正在教人們如何使用這些工具和流程。這些工具和流程將在簡化、更高效的業務運營方面取得成果。我們還正在經歷一個燃燒積壓的時期。在某種程度上，這種積壓，其中一些是新冠疫情前的定價之類的，所以我們必須把它燒掉。

So I think that I'm quite pleased with the consistent performance, the ability of us to meet our commitments in terms of hitting our forecast. And I think the upward trend that we're experiencing in both sales and profitability is a positive sign that we can go through this difficult transformational period and still meet our commitments and still see an upward trajectory before we've actually seen the results and the impacts of the lean initiatives and cost reduction initiatives that we're implementing. So I'm real pleased by where we are right now and I'm encouraged and excited about what the next few quarters are going to hold as we start to see the benefits of that. I mean I would repeat again that we are on or ahead of the schedule that we put together 10 months ago.

因此，我認為我對我們持續的表現以及我們履行預測的能力感到非常滿意。我認為，我們在銷售額和盈利能力方面所經歷的上升趨勢是一個積極的信號，表明我們可以度過這個困難的轉型時期，並且仍然履行我們的承諾，並且在我們實際看到結果和之前仍然看到上升的軌跡。我們正在實施的精益計劃和成本削減計劃的影響。因此，我對我們現在的處境感到非常高興，當我們開始看到這樣做的好處時，我對未來幾個季度的情況感到鼓舞和興奮。我的意思是，我要再次重申，我們正在按照或提前於 10 個月前製定的計劃進行。

Okay. Great. Now you've mentioned that you're burning through some lower-margin backlog. Can you shed any light as to how much of that backlog, of the current backlog, is lower margin?

好的。偉大的。現在您提到您正在消耗一些利潤較低的積壓訂單。您能否透露一下當前積壓訂單中有多少是利潤率較低的？

Yes, Chris, I'll take that one. I would say this is more prone to be within our Terrestrial and Wireless segment. There, we had booked a very large amount of contracts in the last couple of years. And those are multiyear contracts. So sitting here today, we have a couple of hundred million dollars of backlog. And we think that that's going to burn off over like a 24-month period of time. And so therefore, we're going to be facing this headwind in the background for a little bit as we reset that backlog. But it's more in the Terrestrial and Wireless segment.

是的，克里斯，我要那個。我想說這更可能發生在我們的地面和無線領域。過去幾年我們在那裡簽訂了大量合同。這些都是多年期合同。所以今天坐在這裡，我們有幾億美元的積壓。我們認為這將在大約 24 個月的時間內消耗殆盡。因此，當我們重置積壓的工作時，我們將在後台暫時面臨這種逆風。但更多的是在地面和無線領域。

And that's one of the reasons -- and of course, the cost reduction, the lean initiatives are working to offset or even more than offset any of that challenge.

這就是原因之一——當然，成本降低、精益計劃正在努力抵消甚至超過抵消任何這一挑戰。

Our next question will come from Greg Burns with Sidoti.

我們的下一個問題將由格雷格·伯恩斯和西多蒂提出。

So with these contracts on the Terrestrial and Wireless side, do you have a history of pricing power? Are you able to increase prices typically on renewals? Or are these kind of first time around, so not really sure how it's going to go? Can you give us any insight into your thoughts on your ability to improve the margin?

那麼，對於地面和無線方面的這些合同，你們有定價能力的歷史嗎？您通常可以在續訂時提高價格嗎？或者這是第一次，所以不太確定會如何進行？您能否向我們透露您對提高利潤率能力的看法？

Sure, I'll take that. These are contracts in the Terrestrial and Wireless segment that were competitive in nature and they were definitely first of their kind, so this is the first go-around. We felt that these were important contracts for us. We wanted to be in this space. And we competed and we won the work. And so these are 3- to 5-year contracts that, in terms of the base award, we had to put in some CapEx upfront. We have to depreciate that. As we get closer to the renewal side of it and we amortize off the CapEx and move into recurring revenues, we do expect to see the margin improvement. It is going to take some time. So I think we're, like I said, about maybe a year or 2 away from burning that off, and we'll be approaching some of these renewals. But we're not there yet.

當然，我會接受的。這些是地面和無線領域的合同，本質上具有競爭性，而且絕對是同類合同中的首例，因此這是第一次。我們認為這些合同對我們來說很重要。我們想進入這個空間。我們競爭並贏得了工作。因此，這些合同為期 3 到 5 年，就基本獎勵而言，我們必須預先投入一些資本支出。我們必須貶低這一點。隨著我們越來越接近更新方面，我們攤銷資本支出並轉向經常性收入，我們確實預計利潤率會有所改善。這需要一些時間。所以我認為，就像我說的那樣，我們可能還需要一兩年的時間才能把它燒掉，並且我們將接近其中的一些更新。但我們還沒有到那一步。

This is Ken. I would add that these -- I refer to these sometimes as launch platforms, these incumbent contracts, where we've done the land grab, we've successfully won the state or the geography. And now you might have seen that there's a $14.8 billion funding bill for Next Gen 911 that passed the house unanimously. Now I'm not saying that money is going to come to the states quickly, but it does signal that there is a recognized need to move beyond human-to-human 911 calls today and move to machine-to-machine so that the Internet of connected things, Fitbit, a camera and a doorbell camera overlooking a street intersection, these kinds of machines in a 5G connected world can trigger a 911 call when they see a problem.

這是肯.我想補充一點，我有時將這些稱為發射平台，這些現有合同，我們已經搶占了土地，我們已經成功贏得了州或地理。現在您可能已經看到，下一代 911 的 148 億美元融資法案已獲得眾議院一致通過。現在，我並不是說資金會很快流入各州，但這確實表明，人們認識到需要超越今天的人與人之間的 911 呼叫，轉向機器對機器，以便互聯網能夠聯網設備、Fitbit、攝像頭和俯瞰街道交叉口的門鈴攝像頭，這些在 5G 互聯世界中的機器在發現問題時可以觸發 911 呼叫。

And that can't be handled by a human. That's going to have to be handled by a machine. It's going to drive the implementation of machine learning and AI solutions, data processing, cybersecurity. All those kinds of technologies are going to come into play. And the number of transactions, the number of 911-like calls, the number of transaction is going to go up. So this is a market that is going to experience a technology inflection over the upcoming couple of years. And the land grab that we successfully took initially is going to -- you can easily see where that will return improved profitability and growth as the technology inflection point really bends.

而這不是人類能夠處理的。這必須由機器來處理。它將推動機器學習和人工智能解決方案、數據處理、網絡安全的實施。所有這些類型的技術都將發揮作用。交易數量、類似 911 的電話數量、交易數量將會上升。因此，這個市場將在未來幾年經歷技術轉變。我們最初成功佔領的土地將會——你可以很容易地看到，隨著技術拐點的真正彎曲，這將帶來更高的盈利能力和增長。

Perfect. That's good color. And I just wanted to ask, you talked about the restructuring charges. This is also something you've called out strategic emerging technology costs. What is that? And is that going to be repeated?

完美的。這顏色真好啊我只是想問，你談到了重組費用。這也是您所說的戰略性新興技術成本。那是什麼？而且這種情況還會重演嗎？

Sure. The strategic emerging technology costs are related to a LEO customer of ours that we are taking our technology and upgrading it and enhancing it to meet the specs of their end-use applications. So this was something that we felt was important to show our real customer that we're ready to partner with them and as we prepare for, hopefully, production orders to start being placed, as their launch schedules are starting to approach that point in time where they need to start putting out some long-lead orders. So these are investments that we will continue to make. I would expect these to occur in Q4 and also as we navigate through fiscal '24. But as we get closer to production, I would say that would be the time where they would start to ramp down.

當然。戰略性新興技術成本與我們的 LEO 客戶有關，我們正在採用我們的技術並對其進行升級和增強，以滿足其最終用途應用的規格。因此，我們認為這很重要，可以向我們真正的客戶表明我們已準備好與他們合作，並且當我們準備開始下生產訂單時，希望他們的發佈時間表開始接近那個時間點他們需要開始發出一些長期訂單。因此，這些是我們將繼續進行的投資。我預計這些將在第四季度以及在我們度過 24 財年時發生。但當我們接近生產時，我想說那將是他們開始減少產量的時候。

Okay. So clearly this is work you're doing at the behest of the customer, this isn't something you're doing in hopes of obtaining orders from this customer. These orders are coming in some kind of reasonable time frame.

好的。很明顯，這是您根據客戶的要求所做的工作，而不是您希望從該客戶那裡獲得訂單而做的事情。這些訂單是在某種合理的時間範圍內發出的。

Yes. This is work that we're doing on our nickel. We have contracts with the end customer to do certain development work in the anticipation of also getting production orders down the line. So we do have contracts in place with the customer. But what we've decided to do is to work collaboratively. Given that this is a new market and this is a race, we felt that this is a great way to show our LEO customer that we're there to stand by them and support their endeavors. So we took it upon ourselves to, in this fiscal year, do some work at risk, if you will. But we think that this will pay dividends downstream as the constellation gets deployed. That's something that would be recurring.

是的。這是我們正在用鎳幣做的工作。我們與最終客戶簽訂了合同，要求他們進行某些開發工作，以期獲得生產訂單。所以我們確實與客戶簽訂了合同。但我們決定共同努力。鑑於這是一個新市場，這是一場競賽，我們認為這是向 LEO 客戶展示我們將支持他們並支持他們努力的好方法。因此，如果您願意的話，我們在本財年承擔了一些冒險工作的責任。但我們認為，隨著星座的部署，這將為下游帶來紅利。這是會反復出現的事情。

Right. Okay. And then lastly, in terms of EVOKE, could you give a time frame on when we might see some, I guess, you called them last quarter minimally viable products coming out of EVOKE, and maybe time frame to that and maybe a time frame to when maybe we might start to see some revenue coming from these partnerships.

正確的。好的。最後，就 EVOKE 而言，您能否給出一個時間框架，說明我們何時會看到一些，我猜，上個季度您稱它們為 EVOKE 推出的最低限度可行的產品，也許是這個時間框架，也許是一個時間框架也許我們可能會開始看到來自這些合作夥伴關係的一些收入。

Yes. Sure. I'll say a couple of things. First of all, our EVOKE partners have been very active with us. And if you are attending our Investor Day coming up in a couple of weeks, you will see their engagement. You will see the kind of collaborative things we're doing together. You will see how our technology, blended with their technology, creates more comprehensive customer values. And in fact, I can say also that we have, in fact, contracts in hand, subcontracts that we have let to some of those EVOKE partners.

是的。當然。我會說幾件事。首先，我們的 EVOKE 合作夥伴一直非常積極地與我們合作。如果您參加幾週後舉行的投資者日，您會看到他們的參與。您將看到我們正在一起做的協作事情。您將看到我們的技術如何與他們的技術相結合，創造更全面的客戶價值。事實上，我還可以說，我們實際上手頭有合同，我們已經將這些合同轉包給了一些 EVOKE 合作夥伴。

We're not in a position -- look, it's very competitive as these growth initiatives take root. So we obviously have some sensitivity about that. But yes, we have some contracts in place. We're seeing these things get traction. Some of these are coming out of the workshops that we had with our prime customers, where they saw the value that Comtech could bring in our technology road maps, but they also saw the additional value that these partnerships bring. So we're moving forward to demonstrate that for those customers, show the value creation in the customer's currency not in a technical parameter but actually in customer parameter like additional subscribers on our network or additional revenue and profit creation, additional speed, reduction of operating costs or whatever it might be. So yes, we're not prepared to talk specifically about that. But yes, we are seeing those, good traction.

我們不處於這樣的位置——看，隨著這些增長計劃的紮根，競爭非常激烈。所以我們顯然對此有一些敏感性。但是，是的，我們已經簽訂了一些合同。我們看到這些事情受到關注。其中一些來自我們與主要客戶舉行的研討會，他們看到了 Comtech 可以為我們的技術路線圖帶來的價值，但他們也看到了這些合作夥伴關係帶來的額外價值。因此，我們正在繼續向這些客戶證明，以客戶貨幣創造的價值不是以技術參數的形式，而是以客戶參數的形式，例如我們網絡上的額外訂戶或額外的收入和利潤創造、額外的速度、運營成本的減少成本或任何可能的東西。所以，是的，我們不准備具體討論這一點。但是，是的，我們看到了這些，良好的牽引力。

At this time, there are no further questions in the queue. So I would like to turn the call back over to Robert Samuels for any additional or closing remarks.

此時，隊列中沒有其他問題。因此，我想將電話轉回羅伯特·塞繆爾斯，請其發表補充或結束語。

Thanks, operator. Thanks, Ken, Mike and everyone for dialing in today. 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 and 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. We look forward to seeing you on the 21st in Arizona.

謝謝，接線員。感謝肯、邁克和大家今天撥通電話。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業績的更多詳細信息，我們將提供持續的見解和信號。提醒一下，我們打算在未來盡可能地響應投資者的需求。因此，對於任何有疑問的人，請直接與我聯繫，讓我們聯繫。我們期待 21 日在亞利桑那州見到您。

This concludes our third quarter call. We thank you for your continued support.

我們的第三季度電話會議到此結束。我們感謝您一直以來的支持。

Thank you, ladies and gentlemen. This concludes today's program, and we appreciate your participation. You may disconnect at any time.

謝謝你們，女士們、先生們。今天的節目到此結束，感謝您的參與。您可以隨時斷開連接。