Comtech Telecommunications Corp (CMTL) 2024 Q1 法說會逐字稿

Welcome to Comtech's Fiscal Q1 2024 Earnings Conference Call. As a reminder, this conference is being recorded today, Thursday, December 7, 2023.

歡迎參加 Comtech 2024 年第一季財報電話會議。謹此提醒，本次會議將於今天（2023 年 12 月 7 日星期四）進行錄製。

I would now like to turn the conference over to Ms. Maria Ceriello of Comtech. Please go ahead, Maria.

現在我想將會議轉交給 Comtech 的 Maria Ceriello 女士。請繼續，瑪麗亞。

Thank you, operator. Good afternoon, everyone, and thanks for taking the time to dial in today. Welcome to the Comtech Telecommunications Corp.'s conference call for the first quarter of fiscal year 2024. Today, I'm here with Comtech's Chairman, President and Chief Executive Officer, Ken Peterman. We're also joined today by Maria Hedden, Comtech's Chief Operating Officer; and Mike Bondi, Comtech's CFO.

謝謝你，接線生。大家下午好，感謝您今天抽空撥電話。歡迎參加 Comtech 電信公司 2024 財年第一季的電話會議。今天，我與 Comtech 董事長、總裁兼執行長 Ken Peterman 一起出席。今天，Comtech 營運長 Maria Hedden 也加入了我們的行列。以及 Comtech 財務長 Mike Bondi。

Before we get started today, please note we have a detailed discussion for 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 on our blog, Comtech: Signals. Certain information presented in this call will include, but not being 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 always 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 SEC filings.

在我們今天開始之前，請注意，我們在我們網站上的股東信中詳細討論了本季度的情況，我們也一直致力於在我們的部落格 Comtech：訊號上直接溝通我們的業務和市場。本次電話會議中提供的某些資訊將包括但不限於與公司未來業績和財務狀況、公司計劃、目標和業務前景以及公司管理層的計劃、目標和業務前景相關的資訊。本公司對此類業績、業務前景和計劃的假設本質上是前瞻性的，並且始終涉及重大風險和不確定性。實際結果可能與此類前瞻性資訊有重大差異。任何前瞻性陳述均受到該公司提交給美國證券交易委員會的文件中包含的警告性陳述的全面限制。

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

現在，我很高興介紹 Comtech 總裁兼執行長 Ken Peterman。肯？

Thank you, Maria. Hello, everyone, and thanks for joining us today. This call represents the fifth quarter of our One Comtech transformation, our fifth sequential quarter of incremental revenue growth and our second consecutive quarter with positive GAAP operating income, clearly demonstrating the positive momentum we are building as One Comtech. As we finished the first quarter of our new fiscal year, the One Comtech transformational change is well underway, including the collaborative culture of innovation we're building, our steadily improving sequential performance and the promising strategic trajectory we are on. While there remains much to do, we believe more than ever before that we have a very exciting future ahead.

謝謝你，瑪麗亞。大家好，感謝您今天加入我們。這次電話會議代表了我們One Comtech 轉型的第五個季度、我們連續第五個季度的收入增量增長以及我們連續第二個季度實現正GAAP 營業收入，清楚地表明了我們作為One Comtech 正在建立的正面勢頭。隨著新財年第一季的結束，One Comtech 的轉型變革正在順利進行，包括我們正在建立的協作創新文化、穩步提高的連續業績以及我們所走的充滿希望的策略軌跡。儘管還有很多工作要做，但我們比以往任何時候都更相信我們的未來非常令人興奮。

Since I took on the role of CEO a little over a year ago, I have consistently expressed how critical it is for us to fully embrace the need for change and work together to drive a near total transformation of our organization and together, we're doing that. Having brought 14 historically siloed businesses together, we are collaborating better than ever before, utilizing common practices, tools and processes across our unified enterprise to steadily improve operational performance. We're leveraging our people strategy to reveal and address emerging skill gaps and we're harvesting synergies among our programs and our product road map.

自從我一年多前擔任執行長以來，我一直表示，充分接受變革的需要並共同努力推動我們組織的近乎全面轉型對我們來說是多麼重要，我們共同努力，這樣做。我們將 14 個歷史上孤立的業務整合在一起，比以往任何時候都更好地協作，在我們統一的企業中利用通用實踐、工具和流程來穩步提高營運績效。我們正在利用我們的人才策略來揭示和解決新出現的技能差距，並且我們正在我們的計劃和產品路線圖之間收穫協同效應。

As One Comtech, we are collaborating with customers in new ways to deliver more customer value than ever before, developing more comprehensive solutions aligned with our vision for smart networks and unique technology convergences that provide our global customers with new forms of connectivity, insights and actionable intelligence that have the potential to fundamentally transform network connectivity infrastructures around the world. As I shared before, our customers need us to be more than a vendor. They need a technology partner. We are becoming that partner who listens and solves the challenges they're facing every day with the foresight to proactively position and address the challenges [moving] on their horizon.

作為One Comtech，我們正在以新的方式與客戶合作，為客戶提供比以往更多的價值，開發更全面的解決方案，符合我們對智慧網路和獨特技術融合的願景，為我們的全球客戶提供新形式的連接、見解和可操作性智慧有可能從根本上改變世界各地的網路連接基礎設施。正如我之前分享的，我們的客戶需要我們不僅僅是一個供應商。他們需要一個技術合作夥伴。我們正在成為傾聽並解決他們每天面臨的挑戰的合作夥伴，並具有前瞻性地主動定位和解決他們地平線上的挑戰。

Recent strategic contract wins such as EDIM, DoD's next-generation 8-channel satellite modem and GFSR are clear proof that as One Comtech we are succeeding. Our global customers ranging from emergency service providers, commercial mobile network operators, satellite service providers and the Department of Defense continue to place their trust in Comtech. More importantly, these customers recognize that our comprehensive solutions will deliver greater value than ever before in addressing their toughest challenges.

最近贏得的戰略合約（例如 EDIM、國防部的下一代 8 通道衛星調製解調器和 GFSR）清楚地證明了作為 One Comtech，我們正在取得成功。我們的全球客戶（包括緊急服務提供者、商業行動網路營運商、衛星服務供應商和國防部）繼續信任 Comtech。更重要的是，這些客戶認識到我們的全面解決方案將在解決他們最嚴峻的挑戰時提供比以往更大的價值。

As we launched our FY '24, we have remained focused on the crucial daily work of steadily improving our operations, balance sheet and financial performance. When necessary, we've made bold decisions to empower our teams on the front line with both the resources and the authority they require to address our customers' needs. Importantly, we're seeing the results of these efforts every single day. Together, we are working to assure our culture of collaboration and innovation. In conjunction with our differentiated expertise, technology leadership and unique understanding of our customers' needs, Comtech will continue to be positioned to lead the way in delivering the blended hybrid, smart-enabled solutions and services that will bring forward smart networks and new technology convergences that can power a truly connected planet.

當我們啟動 24 財年時，我們仍然專注於穩步改善我們的營運、資產負債表和財務表現的重要日常工作。必要時，我們做出了大膽的決定，為第一線團隊提供滿足客戶需求所需的資源和權限。重要的是，我們每天都看到這些努力的成果。我們共同努力確保我們的協作和創新文化。憑藉我們差異化的專業知識、技術領先地位以及對客戶需求的獨特理解，Comtech 將繼續在提供混合型智慧解決方案和服務方面處於領先地位，從而推動智慧網路和新技術融合可以為一個真正互聯的星球提供動力。

While Michael speak to this quarter's results in a moment, I'd like to steal just a little bit of his thunder and highlight some numbers we're proud of. First, I'm pleased to report that Comtech continues to deliver on our commitment to growth. Our net sales rose about 16% year-over-year to $151.9 million with new bookings of $185.6 million, which is the highest they've been since I assumed the role of CEO. We're also consistently meeting or exceeding our financial projections, delivering sequential revenue growth in each and every quarter since our One Comtech transformation began.

雖然麥可稍後會談到本季的業績，但我想藉用他的一點風頭，強調一些我們引以為傲的數字。首先，我很高興地向大家報告，Comtech 繼續履行我們對成長的承諾。我們的淨銷售額年增約 16%，達到 1.519 億美元，新預訂量為 1.856 億美元，這是我擔任執行長以來的最高水準。我們也始終如一地達到或超越我們的財務預測，自 One Comtech 轉型開始以來每季的營收都持續成長。

Our revenues this quarter are, in my view, a direct reflection of the multiple year-long initiatives that we've implemented to transform our company, reinvigorate our sales and aggressively turn for delivering more comprehensive innovative solutions that exploit the emerging opportunities of a complex communications landscape. Let me emphasize again that our transformation to One Comtech is working. Simply put, the improvements to our business processes and the increased attention to risk management and process discipline as we implement common systems and platforms across our enterprise have significantly enhanced our ability to identify and exploit synergies, increase cross collaboration and optimize business execution across the entire organization.

在我看來，我們本季的營收直接反映了我們為公司轉型、重振銷售以及積極提供更全面的創新解決方案而實施的多年舉措，這些解決方案利用複雜的新興機會通訊景觀。讓我再次強調，我們向 One Comtech 的轉型正在發揮作用。簡而言之，隨著我們在整個企業實施通用系統和平台，我們對業務流程的改進以及對風險管理和流程紀律的日益關注，顯著增強了我們識別和利用協同效應、增加交叉協作和優化整個業務執行的能力。組織。

Allow me also to highlight a couple of key wins this quarter that I think highlight a competitive advantage that our technology leadership gives us right now and that I think will extend going forward. Our Satellite and Space segment had an especially strong quarter. On the heels of multiple significant contract wins, we recently announced the receipt of a $20 million-plus order from U.K.-based Spectra Group for our COMET portable troposcatter systems. For our international allies, network agnostic, secure and interoperable communications capabilities comprise a crucial component of any and every national defense and security strategy. We believe this COMET order is another clear indicator that this increasing global market demand. For our troposcatter family of systems, every additional win further validates our position as the provider of the best troposcatter solution in the market.

也請允許我強調本季的幾項關鍵勝利，我認為這些勝利突顯了我們的技術領先地位現在給我們帶來的競爭優勢，並且我認為這種優勢將繼續延伸。我們的衛星和太空部門的季度表現尤其強勁。在贏得多項重大合約之後，我們最近宣布收到英國 Spectra Group 價值超過 2000 萬美元的 COMET 便攜式對流層散射系統訂單。對於我們的國際盟友來說，與網路無關的、安全的和可互通的通訊能力是任何國防和安全戰略的重要組成部分。我們認為，COMET 訂單是全球市場需求不斷增長的另一個明確指標。對於我們的對流層散射系統系列來說，每一次額外的勝利都進一步證實了我們作為市場上最佳對流層散射解決方案提供者的地位。

Other parts of our satellite space portfolio are also contributing to our growth. In October, Comtech was awarded a $9.6 million sole source contract by a division of L3Harris Technologies. The contract calls for the delivery of Comtech's highly regarded modem technologies and platforms, supporting the Air Force and Army Anti-Jam Modem or A3M program. This provides cutting-edge anti-jam satellite communications capabilities to military personnel across diverse operational environments and geographies. This contract vehicle also allows the DoD to place production order requests for A3M modems for years to come.

我們衛星空間產品組合的其他部分也為我們的成長做出了貢獻。 10 月，Comtech 獲得了 L3Harris Technologies 旗下部門一份價值 960 萬美元的獨家採購合約。該合約要求提供 Comtech 備受推崇的調變解調器技術和平台，以支援空軍和陸軍的抗干擾調變解調器或 A3M 計畫。這為不同作戰環境和地域的軍事人員提供了先進的抗干擾衛星通訊能力。該合約工具還允許國防部在未來幾年內提​​出 A3M 調變解調器的生產訂單請求。

At the same time, our terrestrial and wireless business also secured a key win this quarter with significant upside potential. The Canadian government at the federal level has mandated countrywide adoption of next-generation 911 services by March of 2025 to ensure a national 911 infrastructure that is future-proof, utilizing the best of modern communications technologies, including voice, text, video, location-based services in both terrestrial and satellite-based networks. Comtech is at the forefront of this emerging opportunity.

同時，我們的地面和無線業務也在本季度取得了重大勝利，具有巨大的上升潛力。加拿大聯邦一級政府已強制要求到 2025 年 3 月在全國範圍內採用下一代 911 服務，以確保國家 911 基礎設施面向未來，利用最好的現代通訊技術，包括語音、文字、視訊、定位技術。基於地面和衛星網路的服務。 Comtech 處於這一新興機會的最前線。

When Strathcona, a county in Alberta recently became the first municipality in the country to introduce these services, it was Comtech's recognized expertise as a service provider that got them there. This win for Comtech is particularly exciting because we are only at the very beginning of a nationwide implementation. We expect Comtech to be extremely competitive as communities in Canada and across North America migrate to new emergency response technology. In fact, in October, members of the Pennsylvania Emergency Management Agency, a Comtech customer received the Pennsylvania Governor's Award for Excellence in recognition of their efforts in the PEMA Next Generation 911 project.

當艾伯塔省斯特拉斯科納 (Strathcona) 縣最近成為該國第一個推出這些服務的直轄市時，正是 Comtech 作為服務提供者的公認專業知識幫助他們實現了這一目標。 Comtech 的這場勝利尤其令人興奮，因為我們才剛開始在全國實施。我們預計，隨著加拿大和整個北美社區轉向新的緊急應變技術，Comtech 將極具競爭力。事實上，10 月份，Comtech 的客戶賓州緊急事務管理局的成員獲得了賓州州長卓越獎，以表彰他們在 PEMA 下一代 911 計畫中所做的努力。

Increasingly sophisticated first response technologies and services collect and integrate data from multiple sources to direct and optimize responses. These communications infrastructures will increasingly demand not only assured connectivity, interoperability between terrestrial and wireless networks and advanced analytics, but also need to meet the highest security standards as well. These are all core competencies for us at Comtech. And the work we've done to combine and harmonize our own businesses under One Comtech means that we can bring our native fluency in all aspects of communications network infrastructures to bear on our clients' most complex problems.

日益複雜的第一響應技術和服務從多個來源收集和整合數據，以指導和優化回應。這些通訊基礎設施不僅越來越需要可靠的連接、地面和無線網路之間的互通性以及進階分析，而且還需要滿足最高的安全標準。這些都是 Comtech 的核心競爭力。我們在 One Comtech 下為合併和協調我們自己的業務所做的工作意味著我們可以利用我們在通訊網路基礎設施各個方面的天生優勢來解決客戶最複雜的問題。

When I first started as CEO a little more than a year ago, it was obvious that maintaining the status quo was not an option. The onus was on Comtech and its leadership to regain the confidence of investors and the only way to do that was through accelerating the decisive and total transformation of the organization. Improved operational performance combined with the collective technology advantage we deliver to our customers as One Comtech across an expanding range of applications in an expanding set of growth markets is one of the reasons I'm so excited as we look to the year ahead.

一年多前，當我第一次擔任執行長時，很明顯維持現狀不是一個選擇。 Comtech 及其領導層有責任重新贏得投資者的信心，而做到這一點的唯一方法是加速組織的決定性和全面轉型。改進的營運績效與我們作為 One Comtech 為客戶提供的集體技術優勢相結合，涵蓋不斷擴大的成長市場中不斷擴大的應用範圍，這是我在展望未來一年時如此興奮的原因之一。

With that said, I've asked our Chief Operating Officer, Maria Hedden, who some of you may remember from our Investor Day this summer, to speak to the significant progress we are making as we implement our One Comtech transformational initiatives. Maria?

話雖如此，我請我們的營運長 Maria Hedden（你們中的一些人可能還記得今年夏天的投資者日活動）談論我們在實施 One Comtech 轉型計劃時所取得的重大進展。瑪麗亞？

Thanks, Ken. Having spent my career driving continuous improvement in business execution, I found that it is important to be able to not only point to actions and change, but more importantly, genuine, measurable improvement. The internal metrics we use to gauge our performance are compelling. And looking at this quarter's financial performance confirms it's working. Following the implementation of One Comtech and excluding restructuring costs, our consolidated operating income this quarter was 10.1% of net sales. That's a 410 basis point improvement on a comparable year-over-year basis and $1 million sequential improvement from last quarter.

謝謝，肯。在我的職業生涯中，我一直致力於推動業務執行的持續改進，我發現不僅能夠指出行動和變革，而且更重要的是能夠實現真正的、可衡量的改進，這一點很重要。我們用來衡量績效的內部指標非常引人注目。從本季的財務表現來看，它確實有效。實施 One Comtech 後，不計重組成本，我們本季的綜合營業收入佔淨銷售額的 10.1%。與去年同期相比，這一數字提高了 410 個基點，比上季度環比提高了 100 萬美元。

As we shared before, upon launching our One Comtech transformational journey, we first initiated an appropriate period of discovery wherein we visited each of our 14 siloed businesses and conducted a thorough assessment that included operating policies, processes, tools, platforms and skill sets. Following this discovery phase, we analyzed the collected data and rapidly launched standardized best practices, common tools, processes and platforms across the entire enterprise. As we continue to execute, we are already realizing measurable improvements in operational performance as well as identifying opportunities to collaborate and exploit synergies and ways that were simply not possible before.

正如我們之前分享的，在啟動One Comtech 轉型之旅後，我們首先啟動了一段適當的發現期，其中我們訪問了14 個孤立的業務中的每一個，並進行了全面的評估，包括營運政策、流程、工具、平台和技能組合。在這個發現階段之後，我們分析了收集到的數據，並在整個企業中快速推出標準化最佳實踐、通用工具、流程和平台。隨著我們繼續執行，我們已經實現了營運績效的顯著改進，並找到了合作和利用協同效應的機會以及以前根本不可能的方式。

Importantly, we identified key performance parameters and institutionalized the methodology necessary to [quantitative] measure and empirically assess our ongoing operational improvements. We are increasingly exploiting performance metrics and extending their applications to drive continuous improvement across the enterprise. While we have much work ahead of us and the implementation phase is far from over, we are making significant progress in nearly every aspect of our operations. There are many examples of the transformational changes underway across our enterprise.

重要的是，我們確定了關鍵績效參數，並將[定量]衡量和實證評估我們持續營運改善所需的方法制度化。我們越來越多地利用績效指標並擴展其應用程序，以推動整個企業的持續改進。雖然我們還有很多工作要做，而且實施階段還遠遠沒有結束，但我們在營運的幾乎每個方面都取得了重大進展。我們的企業正在進行轉型變革的例子有很多。

We have instituted a formal Program Management Office to standardize best practices, which is having an impact on not only our ability to efficiently manage existing contracts with customers but bring more effective budgeting, controls, risk and time line management to future projects, all of which I believe will expand margins over time. We have launched an Internal Finance Academy to ensure that all our business leaders have a clear understanding of the economics that impact our contracts, programs and proposals.

我們設立了正式的專案管理辦公室來標準化最佳實踐，這不僅影響我們有效管理與客戶的現有合約的能力，而且還為未來的專案帶來更有效的預算、控制、風險和時間線管理，所有這些我相信隨著時間的推移，利潤率將會擴大。我們成立了內部財務學院，以確保我們所有的企業領導人都清楚地了解影響我們的合約、計劃和提案的經濟學。

We have consolidated our enterprise-wide engineering functions under a single leader, which allows us to prioritize staffing and resource deployment across the organization. This streamlines decision-making, optimizes resource deployment and improves efficiencies, while simultaneously improving employee career progression. We have strengthened our operational finance team with additional leadership with a proven track record in all aspects of financial planning, forecasting, execution, analysis and capital allocation.

我們將整個企業範圍的工程職能整合到一個領導者的領導下，這使我們能夠優先考慮整個組織的人員配置和資源部署。這簡化了決策，優化了資源部署並提高了效率，同時改善了員工的職涯發展。我們加強了營運財務團隊的實力，增加了領導層，在財務規劃、預測、執行、分析和資本分配等各個方面均擁有良好的業績記錄。

In parallel, we're applying lean manufacturing and operating principles to everything we do enterprise-wide. We are synchronizing our technology road maps to lever technology inflections and make the most of market convergence, which is improving every aspect of our new product development process. It's a lot of work, but when we look at the results, like the meaningful improvement in our operating income it's clearly worth it.

同時，我們將精益製造和營運原則應用於我們在整個企業範圍內所做的一切。我們正在同步我們的技術路線圖，以利用技術變化並充分利用市場融合，這正在改善我們新產品開發流程的各個方面。這是一項艱鉅的工作，但當我們看到結果時，例如我們營業收入的有意義的提高，這顯然是值得的。

Thanks for the opportunity to share our progress and let me turn it back to Ken.

感謝您有機會分享我們的進展，讓我把它轉回給 Ken。

Thank you, Maria. While there's much yet to do, it's clear we've made remarkable progress over these past few months and you and your team are critical to driving the transformational change that is already making a difference to our bottom line. Thank you all.

謝謝你，瑪麗亞。雖然還有很多工作要做，但很明顯，我們在過去幾個月中取得了顯著的進展，您和您的團隊對於推動已經對我們的利潤產生影響的轉型變革至關重要。謝謝你們。

It's also noteworthy that we're continuing to attract proven leaders and great people and we expect will make significant contributions to Comtech's growth. We recently appointed industry veteran, John Ratigan as our Chief Corporate Development Officer. With 3 decades of leadership experience behind him, including the creation from scratch of $100 million a year annual revenue satellite communications business, John's leadership experience and track record clearly indicate that he is uniquely well suited to help drive Comtech's strategic business trajectory, accelerate our transformational journey and lead our expansion into new growth markets. I've known John for many years and I'm thrilled to welcome him to our Comtech team.

另外值得注意的是，我們將繼續吸引久經考驗的領導者和優秀人才，我們預計將為 Comtech 的成長做出重大貢獻。我們最近任命產業資深人士 John Ratigan 為我們的首席企業發展長。 John 擁有 3 年的領導經驗，包括白手起家創建了年收入 1 億美元的衛星通訊業務，他的領導經驗和業績記錄清楚地表明，他非常適合幫助推動 Comtech 的戰略業務軌跡，加速我們的轉型踏上旅程並領導我們向新的成長市場的擴張。我認識 John 多年，很高興歡迎他加入我們的 Comtech 團隊。

Finally, and before I turn to Mike to discuss our financial performance in detail, I want to speak about the importance of proactively managing our balance sheet, which I talked about last quarter. Our credit facility matures in October 2024, and we're continuing our engagement with multiple parties as we make steady progress in evaluating a variety of alternatives, negotiating terms and working toward achieving a favorable outcome for our steadily improving business.

最後，在我請麥克詳細討論我們的財務表現之前，我想談談主動管理資產負債表的重要性，我在上個季度談到這一點。我們的信貸安排將於 2024 年 10 月到期，我們將繼續與多方合作，在評估各種替代方案、談判條款並努力為我們穩步改善的業務取得有利結果方面取得穩步進展。

On that point, it's particularly noteworthy that we've grown revenue every quarter since I took on this role of CEO. We've expanded EBITDA margins and have generated positive operating income growth for the past 2 quarters. And we have good visibility into approximately $1.7 billion of future revenue. We are undoubtedly making steady progress in our transformational journey. Our performance clearly indicates that we are on a favorable business trajectory that has delivered sequentially improving performance each quarter.

在這一點上，特別值得注意的是，自從我擔任執行長以來，我們每季的收入都在成長。我們擴大了 EBITDA 利潤率，並在過去兩個季度實現了營業收入的正成長。我們對未來約 17 億美元的收入有很好的了解。毫無疑問，我們的轉型之旅正在穩步前進。我們的業績清楚地表明我們正處於良好的業務軌道上，每個季度的業績都在持續改善。

With that, let me turn to Mike.

接下來，讓我轉向麥克。

Thanks, Ken. For Q1 fiscal 2024, we recorded $151.9 million of consolidated net sales. of which $102 million were reported in our Satellite and Space Communications segment and $49.5 million were reported in our Terrestrial and Wireless Network segment. Consolidated first quarter sales represented a 2.1% increase over last quarter and our eighth consecutive quarterly increase. Compared to the year ago quarter, our consolidated Q1 fiscal 2024 net sales increased $20.8 million or 15.9%, reflecting higher net sales in our Satellite and Space Communications segment.

謝謝，肯。 2024 財年第一季度，我們的合併淨銷售額為 1.519 億美元。其中衛星和太空通訊部門報告了 1.02 億美元，地面和無線網路部門報告了 4,950 萬美元。第一季綜合銷售額比上季成長 2.1%，是我們連續第八個季度成長。與去年同期相比，我們 2024 財年第一季的綜合淨銷售額增加了 2,080 萬美元，即 15.9%，反映出我們的衛星和太空通訊部門的淨銷售額增加。

Consolidated gross margins for Q1 were 31.5% and 35.7% in the comparable period of the prior year. Such changes reflect 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. Gross profit in the comparable period of the prior year also reflects the benefit of higher net sales of our beyond line-of-sight communications terminals and upgrades to the Ukrainian government's existing systems as part of an FMS contract awarded to us during that quarter.

第一季綜合毛利率與去年同期相比分別為 31.5% 及 35.7%。這些變化反映了淨銷售額的成長和整體產品組合的變化，包括我們對美國政府客戶的對流層散射和衛星通訊解決方案的淨銷售額顯著增加。上年同期的毛利也反映了我們的超視距通訊終端淨銷售額增加以及烏克蘭政府現有系統升級（作為該季度授予我們的 FMS 合約的一部分）帶來的好處。

Operating income in Q1 fiscal 2024 was $2.1 million compared to an operating loss of $9.7 million in Q1 of last year. Such operating income this quarter reflects higher net sales reported as well as the benefits from profit improvement and lean initiatives implemented through October 31, 2023. This marks our second quarter of GAAP operating income since Q4 of fiscal 2021. This is not a small accomplishment when considering that we achieved this all while still incurring incremental expenses associated with our One Comtech transformation that Maria just discussed, along with our restructuring activities. Of importance, too, we believe this provides a stronger foundation for sustainable and profitable growth in the future.

2024 財年第一季的營業收入為 210 萬美元，而去年第一季的營業虧損為 970 萬美元。本季度的營業收入反映了更高的淨銷售額以及截至2023 年10 月31 日實施的利潤改善和精益計劃帶來的收益。這標誌著我們自2021 財年第四季以來的第二個季度的GAAP 營業收入。這是一個不小的成就，考慮到我們實現了這一切，同時仍然產生與瑪麗亞剛才討論的 One Comtech 轉型以及我們的重組活動相關的增量費用。同樣重要的是，我們相信這為未來的可持續和獲利成長奠定了更堅實的基礎。

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. During Q1 fiscal 2024 adjusted EBITDA was $18.4 million or 72% increase from Q1 fiscal 2023. Also, as a percentage of net sales, adjusted EBITDA was 12.1%, an improvement from the 8.2% we achieved in Q1 fiscal 2023. Adjusted EBITDA margin in the more recent period reflects higher gross profit from higher net sales in our Satellite and Space segment and the benefit of our One Comtech lean initiatives.

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。 2024 財年第一季，調整後EBITDA 為1,840 萬美元，較2023 財年第一季成長72%。此外，調整後EBITDA 佔淨銷售額的百分比為12.1%，較2023 財年第一季的8.2 % 有所改善。調整後EBITDA 利潤率最近一段時間反映了我們衛星和太空部門更高的淨銷售額以及我們 One Comtech 精益計劃的好處帶來的更高的毛利潤。

Overall, our consolidated Q1 net sales and adjusted EBITDA were within our guidance provided last quarter and we are pleased with our continued strong results, particularly in light of a macro environment that remains challenging and all while undergoing one of the most comprehensive transformations in this company's history. In addition to optimizing our cost structure, securing key contract wins and expanding our pipeline of opportunities, we have also been very busy addressing strategic questions about the composition of our business and the strength of our balance sheet.

總體而言，我們的第一季合併淨銷售額和調整後的EBITDA 均在上個季度提供的指導範圍內，我們對持續強勁的業績感到滿意，特別是考慮到仍然充滿挑戰的宏觀環境，同時該公司正在經歷最全面的轉型之一歷史。除了優化我們的成本結構、確保贏得關鍵合約和擴大我們的機會管道之外，我們也一直忙於解決有關我們業務組成和資產負債表實力的策略問題。

First and foremost, we made some important liquidity and going concern disclosures in our SEC filings today and we strongly urge you to read those disclosures carefully. Now with that as context, we discussed in October following a careful review of our current business and product lines, we saw an opportunity to divest our Solid-State Power Amplifier product line. As disclosed in our Form 10-Q filed today, we successfully completed this divestiture on November 7, 2023.

首先，我們今天在美國證券交易委員會的文件中披露了一些重要的流動性和持續經營信息，我們強烈建議您仔細閱讀這些披露內容。以此為背景，我們在十月份仔細審查了我們當前的業務和產品線後進行了討論，我們看到了剝離固態功率放大器產品線的機會。正如我們今天提交的 10-Q 表格中所揭露的，我們於 2023 年 11 月 7 日成功完成了此次剝離。

We are also simultaneously addressing the need to refinance our credit facility, which expires in October of 2024, and is now current. In anticipation of this maturity, we have engaged with third-party financial advisors to assist us in our discussions and negotiations with our existing lenders and holders of convertible preferred stock to extend or refinance the credit facility and/or amend or restructure our convertible preferred stock. We've also engaged with our advisors to assist us with seeking other sources of credit or outside capital. During our Q&A session, we will do our best to respond to your questions regarding our refinancing efforts as well as our disclosures in our SEC filings today. But due to the ongoing nature of our discussions and negotiations with various parties, we may be limited in what we can or will say.

我們也同時解決對信貸安排進行再融資的需求，該信貸安排將於 2024 年 10 月到期，目前已生效。預計這一成熟期，我們已與第三方財務顧問合作，協助我們與現有貸方和可轉換優先股持有人進行討論和談判，以延長信貸安排或再融資和/或修改或重組我們的可轉換優先股。我們也與顧問合作，協助我們尋求其他信貸來源或外部資本。在問答環節中，我們將盡力回答您有關我們的再融資工作以及我們今天在 SEC 備案文件中披露的問題。但由於我們與各方的討論和談判正在進行中，我們能說或願意說的話可能會受到限制。

As we enter the second quarter of fiscal 2024, business conditions continue to be challenging and the operating environment is largely unpredictable, including factors such as inflation, rising interest rates, the repercussions of the military conflicts in Russia and Ukraine and the Middle East and a potential global recession. Order and production delays, disruptions in component availability, increased pricing for labor and parts, lower levels of factory utilization and higher logistics and operational costs have in the past and could impact our business in the future.

隨著我們進入 2024 財年第二季度，商業環境仍然充滿挑戰，經營環境在很大程度上難以預測，包括通貨膨脹、利率上升、俄羅斯、烏克蘭和中東軍事衝突的影響以及潛在的全球衰退。訂單和生產延遲、零件供應中斷、勞動力和零件價格上漲、工廠利用率較低以及物流和營運成本上昇在過去曾發生過，並且可能會影響我們未來的業務。

Despite these business conditions and resulting challenges and although we anticipate some variability from time to time as we move through our One Comtech transformational change, for our second quarter of fiscal 2024, subject to the risks highlighted in our Form 10-Q and other filings with the SEC, we are targeting consolidated net sales to increase approximately 1% to 3% and for our consolidated adjusted EBITDA margin to range between 11% and 13%. As an important reminder, net sales in future periods will no longer include high-powered Solid-State Power Amplifiers and Switches due to the divestiture of this product line on November 7, 2023.

儘管有這些業務狀況和由此帶來的挑戰，儘管我們預計在進行One Comtech 轉型變革時會不時出現一些變化，但我們的2024 財年第二季度將受到10-Q 表格和其他文件中強調的風險的影響。根據 SEC 的規定，我們的目標是綜合淨銷售額增長約 1% 至 3%，綜合調整後 EBITDA 利潤率在 11% 至 13% 之間。重要提醒一下，由於 2023 年 11 月 7 日剝離了該產品線，因此未來期間的淨銷售額將不再包括高功率固態功率放大器和開關。

With that, now let me return the call back over to Ken.

現在讓我把電話回給肯。

Thanks, Mike. As Comtech moves further into our fiscal year 2024, the practical impact of our transformation is playing out positively and clearly across all the assets of our business. As Maria and Mike both highlighted, our operational performance is steadily improving. We're winning more business because we're providing more sophisticated technologies and solutions than our competitors. We're generating more revenue because we're solving our customers' most challenging problems.

謝謝，麥克。隨著 Comtech 進入 2024 財年，我們轉型的實際影響正在我們業務的所有資產中產生積極而明顯的影響。正如瑪麗亞和麥克都強調的那樣，我們的營運績效正在穩步提高。我們贏得了更多的業務，因為我們提供了比競爭對手更先進的技術和解決方案。我們正在創造更多收入，因為我們正在解決客戶最具挑戰​​性的問題。

The implementation of our One Comtech transformation is unlocking growth opportunities in a difficult overall market environment that includes inflationary pressures, interest rate shocks and rising geopolitical tensions. And of course, we work every day to make sure our business is managed effectively, bringing the right resources and the right people together to support our ability to deliver on our customer commitments. Everything we are doing is being done to put our company on a durable growth trajectory that I believe will create and deliver value for years to come.

One Comtech 轉型的實施正在艱難的整體市場環境中釋放成長機會，其中包括通膨壓力、利率衝擊和地緣政治緊張局勢加劇。當然，我們每天都在努力確保我們的業務得到有效管理，將合適的資源和合適的人員聚集在一起，以支持我們履行客戶承諾的能力。我們所做的一切都是為了讓我們的公司走上持久的成長軌道，我相信這將在未來幾年創造和交付價值。

Thank you as ever for your support and confidence. With that, we'll take any questions that you may have.

一如既往地感謝您的支持與信任。這樣，我們將回答您可能提出的任何問題。

(Operator Instructions) And we'll move first to Greg Burns with Sidoti.

（操作員說明）我們將首先與 Sidoti 聯繫 Greg Burns。

In regards to the balance sheet and the refinancing, I think at the last earnings release, you had hoped to get something done, I think, before you reported this quarter. Obviously, that hasn't been the case. So, could you just maybe give us an update on why that might have been? You're not seeing favorable financing opportunities or you're waiting for something more favorable. Could you just give us a little bit more color on the timing of when you expect to get this done?

關於資產負債表和再融資，我認為在上次財報發佈時，您曾希望在本季度報告之前完成一些工作。顯然，事實並非如此。那麼，您能否向我們介紹為什麼會出現這種情況？您沒有看到有利的融資機會，或者您正在等待更有利的機會。您能否告訴我們您預計完成這項工作的時間？

Greg, this is Mike. Yes, in terms of the refinancing process and the time line, I think what we're afforded us is really a good trajectory and strong results. Looking back, we have about $61 million of trailing EBITDA for the business. And I think when we're going into our discussions and negotiations, I think we have a good amount of alternatives to explore and we have been going down each one of those in detail to review the pros and cons of it. One of the things that we'd like to do is make sure that we're getting a good deal for Comtech in this environment. And so I think we're trying to be methodical about that and considering the tools that are available to us. I think from our perspective, there's a lot to balance and I think we're going through it at a good pace and we'll get it done.

格雷格，這是麥克。是的，就再融資過程和時間表而言，我認為我們所獲得的確實是一個良好的軌跡和強勁的結果。回顧過去，我們的業務追蹤 EBITDA 約為 6,100 萬美元。我認為，當我們進行討論和談判時，我認為我們有很多替代方案可供探索，並且我們一直在詳細研究每一種方案，以審查其優缺點。我們想做的一件事是確保我們在這種環境下為 Comtech 獲得一筆划算的交易。因此，我認為我們正在努力做到有條不紊，並考慮我們可以使用的工具。我認為從我們的角度來看，有很多事情需要平衡，我認為我們正在以良好的速度完成它，我們會完成它。

And then in terms of the Canada E911 opportunity, the win you announced this quarter, was that a previous one that just got deployed? It didn't sound like it was necessarily tied to the Canadian mandate. And then can you just talk about the differences or similarities between the Canadian market and the North American market? Is it similar competitors up there? Maybe in terms of the size of that opportunity -- market opportunity for you?

然後就加拿大 E911 機會而言，您本季宣布的勝利是剛剛部署的上一個機會嗎？聽起來這不一定與加拿大的授權有關。那您能簡單談談加拿大市場和北美市場的差異或相似之處嗎？那裡有類似的競爭對手嗎？也許就機會的大小而言—您的市場機會？

Yes, this is Ken. I don't want to give the timing because I don't know the specific date of the award, but it was recent. And I think that it's significant because there is a Canadian mandate. The mandate is to roll this next-generation capability out by March of 2025. And so that's a fairly short time line when you think about rolling it out across an entire country. It is significantly similar to the next-gen capability road map that we're implementing in the United States. So, I think it's -- the thing that I'm most excited about is that we're the leader in terms of being the provider of the Next Gen 911 capability, this very first Canadian county that launched ahead of all the others. I think we're well positioned. I think it's right in our sweet spot. And I think that it holds a lot of promise in the near term from a orders and growth perspective.

是的，這是肯。我不想透露具體時間，因為我不知道頒獎的具體日期，但它是最近的。我認為這很重要，因為有加拿大的授權。任務是在 2025 年 3 月之前推出這種下一代功能。因此，當您考慮在整個國家推廣它時，這是一個相當短的時間線。它與我們在美國實施的下一代能力路線圖非常相似。所以，我認為最令我興奮的是，我們在下一代 911 功能的提供者方面處於領先地位，這是加拿大第一個縣，領先於所有其他縣。我認為我們處於有利位置。我認為這正是我們的最佳選擇。我認為從訂單和成長的角度來看，它在短期內有很大的希望。

And in terms of like the market size, like comparing it to maybe the U.S. is Canada similar addressable market? And is it the same competitors that you're seeing in the RFP process?

就市場規模而言，例如與美國進行比較，加拿大是否有類似的潛在市場？您在 RFP 流程中看到的競爭對手是同一家嗎？

It's a similar technology. You remember the -- I'm speculating here a little bit, but I think the population of Canada is roughly the same as the population of California. So, I think from a market size perspective in terms of people, I think you can think of it that way. I would not be able to speculate the number of public service entering points to stretch across Canada, but I think that gives you some gauge in terms of the market size.

這是類似的技術。你還記得——我在這裡做了一點推測，但我認為加拿大的人口與加州的人口大致相同。所以，我認為從市場規模的角度來看，我認為你可以這樣想。我無法推測遍布加拿大的公共服務進入點的數量，但我認為這可以讓您對市場規模有所了解。

And we'll move next to Mike Crawford with B. Riley Securities.

接下來我們將請 B. Riley 證券公司的 Mike Crawford 來演講。

You talked about this revenue visibility of $1.7 billion, including a couple of the big new wins you had. But is that entirely synonymous with the unfunded plus funded backlog numbers you used to give? I know we have the funded backlog number, but not the unfunded backlog number.

您談到了 17 億美元的收入可見性，其中包括您獲得的幾項重大新勝利。但這是否與您過去提供的無資金加有資金的積壓訂單數字完全同義？我知道我們有資金支持的積壓訂單數量，但沒有資金不足的積壓訂單數量。

Yes. The methodology has not changed. What you're seeing is an increase in the number due to some recent large awards, namely the GFSR contract, the initial funding was in the $40 million range on the $540 million contract. So, the balance of that $500 million or so went into that unfunded section of our calculation because we have the contract, we have visibility to what the customer is looking to do over the almost 5 years of that contract. So, we'll put the $37 million in the funded column, we'll put the $500 million in the unfunded column. And that's really the -- probably, the largest driver to the revenue visibility of $1.7 billion.

是的。方法論沒有改變。您所看到的是，由於最近獲得了一些大額合同，即 GFSR 合同，該數字有所增加，在 5.4 億美元的合同中，初始資金在 4000 萬美元左右。因此，大約 5 億美元的餘額進入了我們計算中的無資金部分，因為我們有合同，我們可以了解客戶在合約的近 5 年中希望做什麼。因此，我們將把 3,700 萬美元放入資助欄，將 5 億美元放入未資助欄。這確實可能是 17 億美元收入可見度的最大推動因素。

We also have the EDIM contract, which was almost $50 million contract. That will be another good example of initially the funding that we received was a smaller amount. So, the balance goes into that unfunded calculation. But again, we know what the customer is trying to achieve with the EDIM modem. We saw what they did in the prior EBEM modem historically. So, we feel good about that visibility.

我們還有 EDIM 合同，價值近 5000 萬美元。這將是我們最初收到的資金數量較小的另一個很好的例子。因此，餘額將進入無資金計算。但同樣，我們知道客戶想要透過 EDIM 數據機實現什麼目標。我們歷史上看到了他們在之前的 EBEM 數據機中所做的事情。因此，我們對這種可見性感到滿意。

Mike, I would like to talk about maybe the EBEM modem in a second relative to the EDIM. But with the ongoing restructuring costs and also what, I guess, you build a strategic emerging technology costs, which I think might relate to EVOKE. Is that something that should remain in the $5 million a quarter range? Or when does that ever start to tail off?

Mike，我想談談相對於 EDIM 的 EBEM 數據機。但隨著持續的重組成本以及我猜你建立的策略性新興技術成本，我認為這可能與 EVOKE 有關。這是否應該保持在每季 500 萬美元的範圍內？或什麼時候開始減弱？

So, I'll cover the restructuring first and then get to the strategic emerging technology cost. I think in terms of the restructuring, we will start to see that unwind over the course of this year. A lot of our discovery phase happened already. A lot of our migration to the Chandler facility and Basingstoke facility. That's now behind us. So last year, towards the end of the year, we had a restructuring event with our workforce and that's now behind us. We have immaterial amount of severance, I think, left to pay out. So, at this point going forward, we still are seeing opportunities to invest in the business to get it on a good footing going forward. So, if we see an opportunity, we will undertake the actions. But I think at this point, over the course of the next several quarters, you'll start to see that winding down.

因此，我將首先討論重組，然後討論策略新興技術成本。我認為就重組而言，我們將在今年開始看到這種情況的緩解。我們的許多發現階段已經發生了。我們的大部分工作都遷移到了錢德勒工廠和貝辛斯托克工廠。現在已經在我們身後了。去年年底，我們對員工進行了重組活動，現在已經過去了。我認為，我們還有少量遣散費需要支付。因此，在這一點上，我們仍然看到投資該業務的機會，以使其在未來擁有良好的基礎。因此，如果我們看到機會，我們就會採取行動。但我認為在這一點上，在接下來的幾個季度裡，你將開始看到這種情況逐漸減弱。

Similarly, with the strategic R&D, I would say that's more for one specific customer that we're incurring that R&D cost floor on a particular LEO program. As we're getting through the development efforts, we're seeing that market as being a lucrative one to be in. So, we're looking to be a good partner with our customer and making our own investments there. And I would say, as they get closer to production orders that would also start to go down over time over the course of the year.

同樣，對於策略性研發，我想說的是，對於一個特定的客戶來說，我們在特定的 LEO 專案上承擔了研發成本底線。當我們完成開發工作時，我們認為該市場是一個利潤豐厚的市場。因此，我們希望成為客戶的良好合作夥伴，並在那裡進行自己的投資。我想說，隨著他們越來越接近生產訂單，在一年中隨著時間的推移，訂單也會開始下降。

And then you -- well, first of all, can you say what the revenue and/or EBITDA was of the divested PST business? And then, I guess, ancillary to that is, are those numbers adjusted for your credit facility, EBITDA and leverage calculations?

然後，首先，您能說說剝離的 PST 業務的收入和/或 EBITDA 是多少嗎？然後，我想，與此相關的是，這些數字是否根據您的信貸額度、息稅折舊攤提前利潤 (EBITDA) 和槓桿計算進行了調整？

In terms of the first question, I will not be able to give you specifics pursuant to the stock purchase agreement in terms of the size of the organization. But it was a smaller product line for us. Relatively speaking, it was a nice, good, steady business, it had good strong margins. But from a revenue and EBITDA perspective, historically, in our numbers that's in the historical numbers in our guidance of 1% to 3%. I would think of it this way. We're increasing our guidance 1% to 3% on a base that included that product line. So, our guidance of 1% to 3% is actually probably higher if you would do like an apples-to-apples adjustment for it. But in terms of the actual revenue for the year and the EBITDA, I won't be able to give you that specific, but look we viewed it as a immaterial product line.

關於第一個問題，根據股權購買協議，我無法提供你具體的組織規模。但對我們來說，這是一條較小的產品線。相對而言，這是一項不錯、良好、穩定的業務，利潤率很高。但從收入和 EBITDA 的角度來看，從歷史上看，我們的指導中的歷史數字是 1% 到 3%。我會這樣想。在包含該產品線的基礎上，我們將指導值提高了 1% 至 3%。因此，如果您確實希望進行逐一調整，那麼我們 1% 到 3% 的指導實際上可能更高。但就今年的實際收入和 EBITDA 而言，我無法向您提供具體訊息，但我們將其視為一條無關緊要的產品線。

And then -- adjusted, yes.

然後——調整，是的。

Yes. In terms of our credit facility that we have today, we're in the process of looking to refinance that. So, I would imagine all of the efforts with the divestiture would be rolled into that refinancing of a new instrument.

是的。就我們今天擁有的信貸額度而言，我們正在尋求再融資。因此，我認為剝離的所有努力都將集中到新工具的再融資中。

And then I guess a final question. Just getting back to the modem, the EBEM modem business that Viasat has had for 15-plus years, how many of those would you estimate or ever deployed in the field?

然後我猜最後一個問題。回到調變解調器，Viasat 擁有超過 15 年的 EBEM 調變解調器業務，您估計或曾經在現場部署過多少這樣的調變解調器？

This is Ken. Yes, the EBEM program, which was a word to Viasat, EBEM is E-B-E-M and stands for Enhanced Bandwidth Efficient Modem. Contract was awarded about 15 or more years ago. And Viasat has deployed a little over 40,000 of those EBEM modems. It's a single-channel modem that implements DoD wave forms for satellite communications. The program that we won is the EDIM program, Enterprise Digital Intermediate Frequency Multi-Carrier Modem. It's distinctively different because there are 8 modems in each of our units -- each of our EDIM units. So, it also can utilize a variety of different waveforms that operate over a variety of commercial and military satellite networks. So, we expect -- there's every reason to expect that the -- we will deliver tens of thousands of these modems over the program's life.

這是肯.是的，EBEM 計劃，這是 Viasat 的一個詞，EBEM 是 E-B-E-M，代表增強型頻寬高效調變解調器。合約是在大約 15 年前或更長時間之前授予的。 Viasat 已部署了超過 40,000 個 EBEM 數據機。它是一款單通道調變解調器，可實現衛星通訊的 DoD 波形。我們得標的方案是EDIM方案，即企業數位中頻多載波調變解調器。這是明顯不同的，因為我們的每個單元（每個 EDIM 單元）都有 8 個數據機。因此，它還可以利用在各種商業和軍用衛星網路上運行的各種不同波形。因此，我們預計——有充分的理由預計——我們將在該計劃的生命週期內交付數以萬計的調製解調器。

(Operator Instructions) We'll move next to George Notter with Jefferies.

（操作員指示）我們將前往喬治·諾特和傑弗里斯旁邊。

I was taking a quick look at the 10-Q filing. There's some references in there to your lenders shrinking the size of the revolver or the term loan. Could you walk through what exactly is going on there?

我快速瀏覽了 10-Q 檔案。其中有一些提到貸方縮小了左輪手槍或定期貸款的規模。能詳細說明一下到底發生了什麼事嗎？

George, in terms of the amendment that we entered into on November 7 when we cleared the transaction with Stellant, we had gone to the banks to get the ability to take some of those proceeds and actually apply to the revolver instead of all going to the term loan. So, as part of our negotiations and they understand that we're looking to refinance. We've been talking very closely with our existing lenders. I think they're just looking to make sure that they're holding our feet to the fire and we're doing the same to make sure that we get this done expeditiously. So, I think, in our view, it was part of the overall negotiation to retain some of the proceeds on the sale.

喬治，就我們 11 月 7 日與 Stellant 清算交易時簽訂的修正案而言，我們已經去銀行獲得了獲得其中部分收益並實際應用於左輪手槍的能力，而不是全部進入銀行定期貸款。因此，作為我們談判的一部分，他們了解到我們正在尋求再融資。我們一直在與現有的貸方進行密切交談。我認為他們只是想確保我們的立場堅定不移，而我們也在做同樣的事情，以確保我們迅速完成這項工作。因此，我認為，在我們看來，保留部分出售收益是整體談判的一部分。

That makes sense. And then so the term loan, do you have more availability on the term loan then between now and when this facility expires?

這就說得通了。那麼定期貸款，從現在到該貸款到期時，您是否有更多的定期貸款可用？

Good question. In our footnotes, we did disclose that we have borrowed up to the maximum on the revolver at this point. I just wanted to make sure that we had efficient access to cash as we're going through these discussions and negotiations. As we're going into the second quarter, we did draw down at the start of Q2, just to make sure we had adequate liquidity. So at this point, the answer is no, we don't have any additional borrowing capacity on the revolver and the term loan, as we pay it down, it settles the commitment on that portion of the facility.

好問題。在我們的腳註中，我們確實透露，目前我們已經借用了左輪手槍的最大限額。我只是想確保我們在進行這些討論和談判時能夠有效地獲得現金。當我們進入第二季時，我們確實在第二季初進行了提款，只是為了確保我們有足夠的流動性。因此，在這一點上，答案是否定的，我們在左輪手槍和定期貸款上沒有任何額外的借貸能力，當我們還清貸款時，它解決了該部分貸款的承諾。

And then is there any -- I'm just thinking about the timing of it all. You guys have been working on kind of resolving the balance sheet issues for some time. And I guess, I'm just curious about the process. I mean I assume the Stellant transaction was kind of, an element or a step in kind of moving down the path. I mean, do you feel like -- is there any context you can give us in terms of milestones or progress or what we're kind of waiting for to kind of arrive at a deal here?

然後有沒有──我只是在考慮這一切的時機。一段時間以來，你們一直致力於解決資產負債表問題。我想，我只是對這個過程感到好奇。我的意思是，我認為 Stellant 交易是一種沿著這條道路前進的元素或步驟。我的意思是，您是否覺得 - 您是否可以向我們提供有關里程碑或進展的任何背景信息，或者我們正在等待什麼才能在這裡達成協議？

Good question. We've been at this for a little bit. I think over the last several months, we've been approaching alternatives like an asset-based loan, for example, Comtech has never had an asset-based loan before with the borrowing base capacity. So something like that, we needed to educate ourselves on. So, we did engage with third parties to do our own internal evaluation of what a borrowing base could be and how that would fit into our alternatives. So that's just one example of the homework we've been doing to try to get a durable solution here. And stuff like that does take a little bit of time. We think it was worth it to do that. We did get some good insights.

好問題。我們已經在這方面研究了一段時間了。我認為在過去的幾個月裡，我們一直在尋求資產抵押貸款等替代方案，例如，Comtech 以前從未有過基於借貸基礎能力的資產抵押貸款。所以類似這樣的事情，我們需要自我教育。因此，我們確實與第三方合作，對借款基礎的內容以及它如何適應我們的替代方案進行了內部評估。這只是我們為尋求持久解決方案所做的功課的一個例子。類似的事情確實需要一點時間。我們認為這樣做是值得的。我們確實得到了一些很好的見解。

And as we've been saying, we've been talking with several parties. So, we've been also translating all these alternatives and how something like an asset-based loan would fit into the cap structure. So that's just one example of something that takes a little bit of time to do. But that's behind us now in terms of the timing. I think we've progressed through that step and now trying to put that into a cash structure (technical difficulty).

正如我們一直所說的，我們一直在與多方進行談判。因此，我們也一直在研究所有這些替代方案，以及如何將基於資產的貸款等方式納入上限結構。這只是需要一點時間才能完成的事情的一個例子。但就時間而言，現在已經落後了。我認為我們已經完成了這一步，現在正嘗試將其納入現金結構（技術難度）。

And it does appear that there are no further questions at this time. I would now like to turn it back to the speakers for any closing remarks.

目前看來確實沒有其他問題了。現在我想請發言者發表結束語。

Thanks, everyone. We're very excited about the journey we're on. We're very excited about what's ahead of us and we thank you for the call. Thank you.

感謝大家。我們對我們正在進行的旅程感到非常興奮。我們對即將發生的事情感到非常興奮，並感謝您的來電。謝謝。

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

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並度過一個美好的夜晚。