Comtech Telecommunications Corp (CMTL) 2024 Q2 法說會逐字稿

Welcome to Comtech's Fiscal Q2 2024 Earnings Conference Call. As a reminder, this conference is being recorded today, Monday, March 18, 2024. I would now like to turn the conference over to Ms. Maria Ceriello of Comtech. Please go ahead, Maria.

歡迎參加 Comtech 2024 年第二季財報電話會議。謹此提醒，本次會議將於今天（2024 年 3 月 18 日星期一）進行錄製。我現在將會議轉交給 Comtech 的 Maria Ceriello 女士。請繼續，瑪麗亞。

Thank you, operator, and thanks to our investors for taking the time to dial in today. Welcome to Comtech Telecommunications Corp.'s conference call for the second quarter of fiscal year 2024. Today, I'm here with Comtech's Chief Executive Officer, John Ratigan. We're also joined today by Mike Bondi, Comtech's CFO.

謝謝您，接線員，也感謝我們的投資人今天抽空撥通電話。歡迎參加 Comtech 電信公司 2024 財年第二季的電話會議。今天，我和 Comtech 執行長 John Ratigan 一起出席會議。今天，Comtech 財務長 Mike Bondi 也加入了我們的行列。

Before we get started today, please note, we have a detailed discussion for the quarter in our shareholder letter available on our website. 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 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. Due to a number of factors, including our ongoing refinancing efforts and changes in leadership, we will limit today's call to prepared remarks from management.

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。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該公司提交給美國證券交易委員會 (SEC) 的文件中包含的警示性陳述的全部限制。由於多種因素，包括我們正在進行的再融資工作和領導層的變化，我們將在今天的電話會議中僅發表管理層準備好的演講。

Now I'm pleased to introduce Comtech's CEO, John Ratigan. John?

現在我很高興向大家介紹 Comtech 的執行長 John Ratigan。約翰？

Thanks, Maria, and thanks, everyone, for dialing in. Today's format will be more compact than usual, which I think everyone can appreciate, given that I've only been in my new role since Wednesday of last week. Today, I want to accomplish 2 things. First, I want to properly introduce myself. Second and before Mike discusses our financial performance in more detail, I want to provide some context for our investors, customers, employees and vendors as it relates to what I expect is the market's single biggest focus regarding the company strengthening our balance sheet by refinancing our existing credit facility, which matures in October 2024.

謝謝瑪麗亞，也謝謝大家撥打電話。今天的形式將比平時更加緊湊，我想每個人都會欣賞這一點，因為我從上週三才開始擔任新職務。今天，我想完成兩件事。首先，我想正確地介紹一下自己。其次，在麥克更詳細地討論我們的財務業績之前，我想為我們的投資者、客戶、員工和供應商提供一些背景信息，因為這與我預期的市場最大關注點有關，即公司通過再融資來加強我們的資產負債表。現有信貸安排，將於 2024 年 10 月到期。

As I said in our investor letter, while I'm new in the role of Comtech CEO, I'm not new to Comtech our strategy, our markets or our customers, and I'm not new to being a CEO. Before Comtech, I served as CEO and President of iDirect Government for 20 years, a company delivering secure satellite-based voice video and data applications with anytime and anywhere connectivity in the air, at sea and on land. At iDirect Government, I led the team that built the business from the ground up to over $100 million in annual revenue and led the acquisition of Glowlink Communications.

正如我在投資者信中所說，雖然我是 Comtech 執行長的新人，但我對 Comtech 的策略、我們的市場或我們的客戶並不陌生，而且我對擔任執行長也不陌生。在加入 Comtech 之前，我曾擔任 iDirect Government 的執行長兼總裁 20 年，該公司提供基於衛星的安全語音視訊和數據應用程序，可隨時隨地在空中、海上和陸地上提供連接。在 iDirect Government，我領導的團隊將業務從無到有，年收入超過 1 億美元，並領導了對 Glowlink Communications 的收購。

I have been involved in network technologies and satellite communications for the majority of my career, and I know what it takes to both lead and grow a business. And while I joined as Comtech's Chief Corporate Development Officer last fall, my roots here run deeper. I spent 10 years at EF Data Corporation prior to its acquisition by Comtech in July of 2000.

我職業生涯的大部分時間都從事網路技術和衛星通訊領域，我知道如何領導和發展業務。雖然我去年秋天加入 Comtech 擔任首席企業發展官，但我在這裡的根基更深了。我在 EF Data Corporation 工作了 10 年，之後該公司於 2000 年 7 月被 Comtech 收購。

It's fair to say a lot has changed at Comtech since then, and that's exactly why I chose to return. As Chief Corporate Development Officer, I have already spent months traveling to visit our sites and working closely with leaders across all our businesses, focused on the shared goal of growing our organization in every way. I also believe that as CEO, it's best practice to be direct with the people you have made commitments to customers, your employees, vendors and certainly, your shareholders. As it relates to this quarter, I understand that foremost in people's minds is our refinancing. You should know that it is and will remain my single highest priority until it is complete.

可以公平地說，從那時起，Comtech 發生了很多變化，這正是我選擇返回的原因。作為首席企業發展官，我已經花了幾個月的時間訪問我們的工廠，並與我們所有業務的領導者密切合作，專注於以各種方式發展我們的組織的共同目標。我還相信，作為首席執行官，最好的做法是直接與你對客戶、員工、供應商，當然還有股東做出承諾的人進行溝通。就本季而言，我知道人們最關心的是我們的再融資。你應該知道，在它完成之前，它現在是、將來仍然是我的最高優先事項。

Throughout the quarter, the team has been working hard to strengthen our balance sheet. Here's where we are right now. First, in January, 2 of our biggest current shareholders, White Hat Capital, Magnetar agreed to make an additional $45 million strategic investment in Comtech. Both know Comtech very well, following an initial investment of $100 million in October of 2021. White Hat's Co-Founder, Mark Quinlan, joined our Board and has been active in helping promote and accelerate our One Comtech transformation, something he's now doing as our recently appointed Board Chair. The continued support of Mark White Hat and Magnetar, particularly given their deep understanding of our company, our markets and our strategic vision is not only appreciated, but we also take it as a validation of the underlying strength and long-term potential of our business.

在整個季度中，團隊一直在努力加強我們的資產負債表。這就是我們現在所處的位置。首先，一月份，我們目前最大的兩家股東 White Hat Capital 和 Magnetar 同意向 Comtech 追加 4,500 萬美元的策略投資。在2021 年10 月進行了1 億美元的初始投資後，兩人都非常了解Comtech。White Hat 的聯合創始人Mark Quinlan 加入了我們的董事會，並一直積極幫助促進和加速我們的One Comtech 轉型，他現在正在作為我們的One Comtech 轉型的一員。最近被任命為董事會主席。 Mark White Hat 和Magnetar 的持續支持，特別是考慮到他們對我們公司、我們的市場和我們的戰略願景的深入了解，我們不僅讚賞他們，而且還將其視為對我們業務的潛在實力和長期潛力的驗證。

Second, we have been engaging with potential lenders to refinance our existing credit facility and have advanced to what we believe are productive negotiations. We expect to replace our existing credit facility and look forward to sharing more details once we have finalized our important work here.

其次，我們一直在與潛在的貸方接觸，為我們現有的信貸安排再融資，並已進入我們認為富有成效的談判。我們希望取代現有的信貸安排，並期待在完成重要工作後分享更多細節。

Mike will discuss our results in more detail, but let me offer the headline numbers here. Our consolidated net sales increased slightly year-over-year to $134.2 million compared to $133.7 million in the second quarter of fiscal 2023. Gross margin was 32.2% compared to 31.5% in our first quarter of fiscal 2024. And our adjusted EBITDA was $15.1 million as compared to $11.3 million in the second quarter of fiscal 2023.

麥克將更詳細地討論我們的結果，但讓我在這裡提供標題數據。我們的綜合淨銷售額年增至1.342 億美元，而2023 財年第二季為1.337 億美元。毛利率為32.2%，而2024 財年第一季為31.5%。調整後的EBITDA 為1,510 萬美元相較之下，2023 財年第二季為 1,130 萬美元。

What this shows is that despite net sales coming in roughly flat year-over-year, our adjusted EBITDA grew 33% over the same time period, achieving an 11% adjusted EBITDA margin. This overall increase in profitability is a reflection of the operational improvements we have undertaken through the One Comtech lean initiatives over the past year. We believe the sequential decline in net sales and in turn, adjusted EBITDA is attributable in large part to temporary uncertainties created by the refinancing overhang. And as a reminder, this is the first quarter we were reporting after completing the sale of PST in early November 2023. But as I look forward, I believe we will win back any ground loss during the first half of our fiscal year. Overall demand for our products remains healthy as the Comtech team continues to secure key wins for our business with backlog reaching $680 million. Our previously announced multiyear global field services representative contract with the U.S. Army with a total potential value of $544 million was protested by the incumbent in November 2023. The protest was dismissed in January in Comtech's favor. However, the incumbent has protested again, but I am confident that we'll see another favorable outcome and expect this contract to contribute significantly to our top line shortly thereafter.

這表明，儘管淨銷售額與去年同期基本持平，但我們的調整後 EBITDA 同期成長了 33%，調整後 EBITDA 利潤率達到 11%。獲利能力的整體成長反映了我們在過去一年中透過 One Comtech 精實計畫所進行的營運改善。我們認為，淨銷售額和調整後 EBITDA 的連續下降在很大程度上歸因於再融資過剩造成的暫時不確定性。提醒一下，這是我們在 2023 年 11 月初完成 PST 銷售後報告的第一季。但正如我所期待的那樣，我相信我們將在本財年上半年贏回所有虧損。隨著 Comtech 團隊繼續為我們的業務贏得關鍵勝利，積壓訂單達到 6.8 億美元，對我們產品的整體需求保持健康。我們先前宣布的與美國陸軍簽訂的總潛在價值為 5.44 億美元的多年期全球現場服務代表合約在 2023 年 11 月遭到了現任者的抗議。該抗議於 1 月被駁回，Comtech 勝訴。然而，現任者再次提出抗議，但我相信我們將看到另一個有利的結果，並預計這份合約將在不久後為我們的營收做出重大貢獻。

We also secured a significant win from our terrestrial and wireless network segment, which extended critical Next Generation 911 services for the state of Washington. Comtech has had a long-standing partnership with the state of Washington for over 8 years to deploy one of the most robust and advanced Next Generation 911 systems in the United States. This contract extension is valued at $48 million over the next 5 years with the option to extend further through 2034. We had other call handling wins in Australia, Canada and the U.S. as our Solacom product line continues to expand its market share within these regions.

我們也從地面和無線網路領域獲得了重大勝利，為華盛頓州擴展了關鍵的下一代 911 服務。 Comtech 與華盛頓州建立了超過 8 年的長期合作夥伴關係，部署了美國最強大、最先進的下一代 911 系統之一。此次續約合約價值 4,800 萬美元，未來 5 年可續約至 2034 年。隨著我們的 Solacom 產品線繼續擴大其在這些地區的市場份額，我們在澳洲、加拿大和美國也贏得了其他呼叫處理業務。

Our satellite and space team continues to sell our market-leading Troposcatter communications equipment to our allies around the world with the team securing notable bookings from 2 foreign militaries this quarter. More broadly, we have roughly $1.6 billion in visible revenue, a strong position to be in with meaningful opportunities ahead for future growth.

我們的衛星和太空團隊繼續向我們世界各地的盟友銷售市場領先的對流層散射通訊設備，該團隊本季度獲得了兩個外國軍隊的大量訂單。更廣泛地說，我們有大約 16 億美元的可見收入，處於有利地位，可以為未來的成長提供有意義的機會。

Before I turn to Mike, let me step back and make a larger observation. Roughly 18 months ago, Comtech embarked on a journey to drive meaningful growth with improved profitability. It involved the execution of the most significant transformation in Comtech's history and a path we remain committed to. Accordingly, we're focused on ensuring that Comtech is not only a stable combination of the right people and processes in place that our business operations rest upon a solid foundation that includes an innovative culture, technology leadership and intense focus on the customer and importantly, a steadily improving balance sheet.

在我轉向麥克之前，讓我先退後一步，進行更廣泛的觀察。大約 18 個月前，Comtech 踏上了透過提高獲利能力推動有意義成長的旅程。它涉及 Comtech 歷史上最重大的轉型的執行，也是我們繼續致力於的道路。因此，我們致力於確保 Comtech 不僅是合適的人員和流程的穩定組合，而且我們的業務運營建立在堅實的基礎上，包括創新文化、技術領先和對客戶的高度關注，更重要的是，資產負債表穩步改善。

As I said earlier, I'm well aware of how important our balance sheet is. We have done and will continue to put in the hard work necessary to build a bigger, stronger, more profitable business. We continue to attract exceptional talent to the company and add to our high-quality management team, and we continue to add impactful members to our senior leadership team precisely because we expect to grow.

正如我之前所說，我很清楚我們的資產負債表有多重要。我們已經並將繼續付出必要的努力來建立一個更大、更強、利潤更高的業務。我們不斷吸引優秀人才加入公司，壯大我們的高素質管理團隊，我們不斷為我們的高階領導團隊增添有影響力的成員，正是因為我們期望成長。

With that said, let me turn the mic over to Mike Bondi, our CFO, to discuss our financials. Mike?

話雖如此，讓我把麥克風交給我們的財務長 Mike Bondi，討論我們的財務狀況。麥克風？

Thanks, John. Before discussing the status of our refinancing efforts, let me cover our recent results for Q2. We Consolidated net sales were $134.2 million compared to $151.9 million in the first quarter of fiscal 2024, $133.7 million in the second quarter of fiscal 2023. Although higher than last year, net sales during our second quarter of fiscal 2024, primarily in our satellite and space communications segment reflect delays in the timing of our receipt of and performance on orders, principally a result of the challenging business conditions, which we believe temporarily slowed down our receipt of orders from customers as well as components from suppliers. While we have worked to resolve such conditions, for example, by substantially reducing the level of accounts payable around quarter end, such challenging business conditions during December 2023 and January of 2024, resulted in our performance on orders shifting to the third quarter and in some cases, fourth quarter of fiscal 2024.

謝謝，約翰。在討論我們的再融資工作狀況之前，讓我先介紹一下我們第二季的最新結果。我們的綜合淨銷售額為1.342 億美元，而2024 財年第一季為1.519 億美元，2023 財年第二季為1.337 億美元。儘管高於去年，但我們2024 財年第二季的淨銷售額主要集中在我們的衛星和空間通訊部門反映出我們收到訂單的時間和履行訂單的時間出現延遲，這主要是由於業務條件充滿挑戰，我們認為這暫時減緩了我們從客戶那裡收到訂單以及從供應商收到組件的速度。儘管我們一直在努力解決此類問題，例如，透過在季度末左右大幅降低應付帳款水平，但2023 年12 月和2024 年1 月期間這種具有挑戰性的業務狀況導致我們的訂單業績轉移到第三季度，並且在某些情況下案例，2024 財年第四季。

Also, as John referenced, net sales in our Satellite and Space Communications segment for the second quarter of fiscal 2024 reflect the PST divestiture completed on November 7, basically, the start of our second quarter. For the 3 months ended January 31, 2024, net sales in our Satellite and Space Communications segment primarily reflect higher net sales of our troposcatter and SATCOM solutions to U.S. government and customers, including progress toward delivering next-generation troposcatter terminals to both the Marine Corps and Army, more than offset by lower net sales resulting from the PST divestiture and of satellite ground station solutions, including our X/Y steerable antennas.

此外，正如約翰所提到的，我們的衛星和太空通訊部門 2024 財年第二季的淨銷售額反映了 11 月 7 日完成的 PST 剝離，基本上是我們第二季的開始。截至2024年1月31日的三個月，我們的衛星和太空通訊部門的淨銷售額主要反映了我們向美國政府和客戶提供的對流層散射和衛星通訊解決方案的淨銷售額增加，包括向海軍陸戰隊提供下一代對流層散射終端的進展和陸軍的損失被 PST 剝離和衛星地面站解決方案（包括我們的 X/Y 可操縱天線）帶來的淨銷售額下降所抵消。

Our book-to-bill ratio, a measure defined as bookings divided by net sales in this segment for the 3 months ended January 31, 2024, was 0.86x. In the second quarter of fiscal 2024, this segment was awarded over $7 million of funded orders from 2 foreign militaries. We are evaluating our next-generation modular, transportable transmission system, or MTTS, Troposcatter solutions. We believe that these 2 new customers could lead to larger scale troposcatter opportunities in the future. Compared to Q2 last year, net sales in our terrestrial and wireless network segment reflect higher net sales of our NG-911 and call handling services, offset in part by lower net sales of our location-based solutions.

我們的訂單出貨比（定義為截至 2024 年 1 月 31 日的 3 個月該細分市場的預訂量除以淨銷售額的衡量標準）為 0.86 倍。 2024 財年第二季度，該部門獲得了來自 2 個外國軍隊的超過 700 萬美元的資助訂單。我們正在評估我們的下一代模組化、可移動傳輸系統或 MTTS、Troposcatter 解決方案。我們相信，這兩個新客戶可能會在未來帶來更大規模的對流層散射機會。與去年第二季相比，我們的地面和無線網路部門的淨銷售額反映出我們的NG-911 和呼叫處理服務的淨銷售額較高，但部分被我們基於位置的解決方案的淨銷售額較低所抵消。

Our book-to-bill ratio in this segment for the 3 months ended January 31, 2024, was 1.33x led by the $48 million state of Washington NG-911 contract extension John discussed earlier. Also, we extended critical call handling services provided to public safety entering points, or PSAPs, across Australia through our partnership with Telstra. These services valued at approximately $6 million over the next several years, support Australia's 000 or 911 equivalent emergency communications.

截至 2024 年 1 月 31 日止的 3 個月，我們在該領域的訂單出貨比為 1.33 倍，其中約翰之前討論過的 4800 萬美元的華盛頓州 NG-911 合約延期為主導。此外，我們也透過與 Telstra 的合作，將關鍵呼叫處理服務擴展到澳洲各地的公共安全進入點 (PSAP)。這些服務在未來幾年價值約 600 萬美元，支援澳洲的 000 或 911 等效緊急通訊。

Gross margin was 32.2% compared to 31.5% in our first quarter of fiscal 2024 and 34.3% in our second quarter of fiscal 2023. GAAP operating income in Q2 fiscal 2024 was $3 million compared to an operating loss of $0.8 million in Q2 of fiscal 2023. While both quarters include restructuring charges, GAAP operating income in the more recent quarter includes an estimated gain on the PST divestiture as well as the benefits from profit improvement initiatives that we actioned in the second half of fiscal 2023. Importantly, Q2 fiscal 2024 marks our third consecutive quarter of GAAP operating income since Q4 of fiscal 2021.

毛利率為32.2%，而2024 財年第一季為31.5%，2023 財年第二季為34.3%。2024 財年第二季的GAAP 營業收入為300 萬美元，而2023 財年第二季的營業虧損為80 萬美元雖然兩個季度都包含重組​​費用，但最近一個季度的GAAP 營業收入包括PST 剝離的預計收益以及我們在2023 財年下半年採取的利潤改善計劃帶來的收益。重要的是，2024 財年第二季標誌著自 2021 財年第四季以來，我們連續第三個季度實現 GAAP 營業收入。

As explained in more detail and reconciled in our Form 10-Q filed earlier today, we utilize a non-GAAP measure that we refer to as adjusted EBITDA. For Q2 fiscal 2024 adjusted EBITDA was $15.1 million. As a percentage of net sales, adjusted EBITDA was 11.3%, an improvement from the $11.3 million or 8.5% we achieved in Q2 of fiscal 2023. The increase in adjusted EBITDA, both in dollars and as a percentage of net sales reflects lower research and development expenses in both of our reportable operating segments and the benefit of our One Comtech lean initiatives, offset in part by a lower gross profit percentage during the quarter due to overall product mix changes and lower net sales activity.

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，我們採用非 GAAP 衡量標準，我們稱之為調整後 EBITDA。 2024 財年第二季調整後 EBITDA 為 1,510 萬美元。調整後EBITDA 佔淨銷售額的百分比為11.3%，比2023 財年第二季的1,130 萬美元或8.5% 有所提高。調整後EBITDA 的成長（無論是美元還是佔淨銷售額的百分比）都反映出研究和支出的減少。我們可報告營運部門的開發費用以及 One Comtech 精益計劃的好處，部分被本季度由於整體產品組合變化和淨銷售活動減少而導致的毛利率下降所抵消。

As we entered the third quarter of fiscal 2024, business conditions continue to be challenging and the operating environment is largely unpredictable. Despite these business conditions and resulting challenges and although we anticipate some variability from time to time as disclosed today in our 10-Q, we expect net sales and adjusted EBITDA for fiscal 2024 to be better than fiscal 2023. Such expectation considers our strong backlog of $680 million as of January 31, 2024, and revenue visibility of approximately $1.6 billion.

隨著我們進入 2024 財年第三季度，業務狀況仍然充滿挑戰，營運環境在很大程度上難以預測。儘管存在這些業務狀況和由此帶來的挑戰，儘管我們預計會不時出現一些變化（如今天在10 季度中披露的那樣），但我們預計2024 財年的淨銷售額和調整後EBITDA 將優於2023 財年。這種預期考慮到我們大量的積壓訂單截至 2024 年 1 月 31 日，營收為 6.8 億美元，營收可見度約為 16 億美元。

Now before turning the call back over to John to wrap up, I'll provide an update on our refinancing efforts. The team has been hard at work evaluating alternatives and supporting extensive due diligence with potential new lenders. We've made tremendous progress on this front during the second quarter. As mentioned, we cleared the divestiture of PST in November. We addressed the restructuring of our convertible preferred stock in late January by upsizing the investment and among other changes, moving the optional redemption date out 2 years to October 2028. And on the heels of that, pressing ahead with our refinancing efforts, we down selected from a pool of well-known lenders and centered around the debt capital structure consisting of a term loan, coupled with an asset-based revolving loan. Obviously, the events of last week have interrupted the momentum gained with respect to our refinancing efforts. But I and the rest of the executive management team remain confident that we will get this resolved as one of our highest priorities. Now let me turn the call back over to John.

現在，在將電話轉回約翰結束之前，我將提供有關我們再融資工作的最新資訊。該團隊一直在努力評估替代方案，並支持與潛在的新貸方進行廣泛的盡職調查。第二季我們在這方面取得了巨大進展。如前所述，我們在 11 月批准了 PST 的剝離。我們在1 月下旬解決了可轉換優先股的重組問題，透過擴大投資規模和其他變化，將可選贖回日期推遲2 年至2028 年10 月。緊隨其後，我們繼續推進再融資工作，我們下調了選擇來自知名貸方的資金池，以債務資本結構為中心，包括定期貸款和基於資產的循環貸款。顯然，上週發生的事件打斷了我們再融資努力所獲得的動力。但我和執行管理團隊的其他成員仍然相信，我們將把解決這個問題作為我們的最高優先事項之一。現在讓我把電話轉回給約翰。

Thanks, Mike. Before we end the call and get back to work, I'll offer a final thought. As I said at the top of the call, I take seriously my commitment to the company, employees, customers, vendors and investors. You can expect me to be direct in my communications and clear about my priorities. Our top priority right now is strengthening our balance sheet. We completed the first step toward this objective with a strategic growth investment announced in January. We are working diligently to complete the final step of the refinancing in the near term. When I joined Comtech, I was enthusiastic about the opportunities that lay ahead for the company. Today, I am proud to lead this talented organization. We have end markets that are changing and growing the best people and products in the industry and in our growing sales and visible revenues, a vote of confidence and appreciation from our customers that Comtech is the right partner to help them navigate a challenging landscape.

謝謝，麥克。在我們結束通話並重新開始工作之前，我將提出最後的想法。正如我在電話會議開頭所說，我認真對待我對公司、員工、客戶、供應商和投資者的承諾。您可以期待我會直接溝通並明確我的優先事項。我們現在的首要任務是加強我們的資產負債表。透過一月份宣布的策略性成長投資，我們完成了實現這一目標的第一步。我們正在努力工作，爭取在短期內完成再融資的最後一步。當我加入 Comtech 時，我對公司面臨的機會充滿熱情。今天，我很自豪能夠領導這個才華洋溢的組織。我們的終端市場正在改變和培養業內最優秀的人才和產品，我們不斷增長的銷售額和可見的收入，我們的客戶對Comtech 投下了信任票和讚賞票，認為Comtech 是幫助他們應對充滿挑戰的環境的正確合作夥伴。

Thank you again for your time today. I look forward to getting to know many of you in the days and weeks ahead. And operator, that ends our call for today.

再次感謝您今天抽出時間。我期待在未來的幾天和幾週內認識你們中的許多人。接線員，我們今天的通話到此結束。

Thank you, sir. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝你，先生。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。