Comtech Telecommunications Corp (CMTL) 2024 Q3 法說會逐字稿

Welcome to Comtech's fiscal third quarter 2024 earnings conference call. As a reminder, this conference is being recorded today, Tuesday, June 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 年第三季財報電話會議。謹此提醒，本次會議將於今天（2024 年 6 月 18 日星期二）進行錄製。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 third 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 財年第三季的電話會議。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 of 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.

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。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的計劃、目標和業務前景相關的資訊。

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.

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 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？

Thank you, Maria. And as you know, I'm relatively new to the role of CEO at Comtech, but I'm feeling that I'm already making a positive difference.

謝謝你，瑪麗亞。如你所知，我對 Comtech 執行長的角色還比較陌生，但我感覺我已經在做出積極的改變。

Last quarter, during our earnings call, I said that it was clear to me that the foremost concern of all of our stakeholders and certainly our shareholders was refinancing our balance sheet. I also said that executing a refinancing would be my highest priority. As I'm certain you all saw, we announced the completion of a $222 million refinancing that replaces our bank facility with a new credit facility consisting of a $60 million asset-based lending facility and a $162 million term loan that matures in 2028.

上個季度，在我們的財報電話會議上，我說我很清楚，我們所有利害關係人，當然還有股東最關心的是我們的資產負債表再融資。我還說過，執行再融資將是我的首要任務。我相信你們都看到了，我們宣布完成2.22 億美元的再融資，用一項新的信貸安排取代我們的銀行貸款，其中包括6000 萬美元的資產貸款安排和2028 年到期的1.62 億美元的定期貸款。

The completion of the refinancing is important for Comtech in many ways. First, our balance sheet is stronger and can support the improved performance and growth of our business as we look ahead. We can now conduct our business without the distraction associated with a looming debt maturity, which all of our stakeholders will benefit from. Our customers, our vendors, and our people are all excited to move forward unencumbered by reservations about liquidity.

再融資的完成對 Comtech 來說在許多方面都很重要。首先，我們的資產負債表更加強勁，可以支持我們未來業績的改善和業務的成長。我們現在可以在開展業務時不受迫在眉睫的債務到期所帶來的干擾，我們所有的利害關係人將從中受益。我們的客戶、我們的供應商和我們的員工都很高興能夠不受流動性保留的阻礙而繼續前進。

It also means that my top operational priority is now the acceleration of our cash conversion cycle and managing our unbilled receivables downward by executing against some of our large multiyear contracts. This quarter, we made progress in delivering against our next-generation troposcatter awards with the US Marine Corps and the US Army. With the refinancing complete, the Comtech team is now totally and wholly focused on accelerating execution against these contracts to deliver value to both our shareholders and our customers.

這也意味著我現在的首要營運任務是加快我們的現金轉換週期，並透過執行一些大型多年合約來管理我們的未開立應收帳款。本季度，我們在與美國海軍陸戰隊和美國陸軍的下一代對流層散射獎交付方面取得了進展。隨著再融資的完成，Comtech 團隊現在完全專注於加速這些合約的執行，為我們的股東和客戶創造價值。

This leads me to my second key point. Comtech hasn't been waiting to move forward. We have been winning business this entire time, demonstrating the strength of our technologies and mission critical nature of our solutions. Arguably the most recent obvious example, following a competitive process on May 16, the Commonwealth of Massachusetts voted to award Comtech a five-year contract with a five-year extension option for the operations and maintenance of their statewide next-generation 911 public safety system.

這引出了我的第二個關鍵點。 Comtech 並​​沒有等待前進。我們一直在贏得業務，展示了我們的技術實力和解決方案的關鍵任務性質。可以說是最近最明顯的例子，經過5 月16 日的競爭程序，馬薩諸塞州投票授予Comtech 一份為期五年的合同，並提供五年延期選項，用於全州範圍內的下一代911 公共安全系統的運作和維護。

The initial value of this contract is in excess of [$120 million] with additional upside potential over the 10-year life of the agreement. These wins, combined with our recent $48 million contract extension with the state of Washington demonstrate the competitive advantage of our people and our technology. Within our satellite and space communications segment, the Comtech team continues to deliver against the next generation troposcatter awards with the US Marine Corps and the US Army.

該合約的初始價值超過[1.2億美元]，在協議的10年有效期內還有額外的上升潛力。這些勝利，加上我們最近與華盛頓州簽訂的價值 4800 萬美元的合同，證明了我們的員工和技術的競爭優勢。在我們的衛星和太空通訊領域，Comtech 團隊繼續與美國海軍陸戰隊和美國陸軍一起交付下一代對流層散射獎。

In addition to completing work against the existing contracts, Comtech continues to expand its relationship with the US Army with the recent $13.5 million award for reset equipment and related services.

除了完成現有合約的工作外，Comtech 還繼續擴大與美國陸軍的關係，最近為重置設備和相關服務授予了 1,350 萬美元的合約。

This leads me to a higher level point that I've made both publicly and in my direct conversations with investors and that I want to emphasize here today. Comtech has a long-standing history of providing mission-critical communication solutions to its customers. In this country, for example, it's easy to take a 911 call for granted, but making sure that those calls have the public safety result they should is an extraordinarily complex problem and Comtech is at the forefront of the technology that solves it.

這讓我想到了一個更高層次的觀點，我已經在公開場合和與投資者的直接對話中提出了這一點，今天我想在這裡強調這一點。 Comtech 在向客戶提供關鍵任務通訊解決方案方面有著悠久的歷史。例如，在這個國家，人們很容易認為 911 電話是理所當然的，但確保這些電話獲得應有的公共安全結果是一個極其複雜的問題，而 Comtech 處於解決該問題的技術的前沿。

We play a similar critical role in satellite and space stock markets, providing communications, infrastructure, that ensures people, businesses, and governments can connect anywhere on earth under any conditions.

我們在衛星和太空股票市場中發揮類似的關鍵作用，提供通訊和基礎設施，確保人們、企業和政府能夠在任何條件下連接地球上的任何地方。

This mission-critical role and capability is what I want our investors to remember and hope the markets reconsider. The fact is, with our ability to develop and deliver superior technology remains fully intact. And Comtech's underlying value is one of just a few businesses in the world that do what we can do remains unchanged.

我希望我們的投資者記住這種關鍵任務的角色和能力，並希望市場重新考慮。事實是，我們開發和提供卓越技術的能力仍然完好無損。 Comtech 的潛在價值是世界上為數不多的幾家做我們能做的事情保持不變的企業之一。

So what has changed? First, we now move ahead with the committed financing and strengthened balance sheet. Second, we can more successfully leverage two underlying businesses that meet the growing demand from traditional buyers, from upgrade cycles in public safety and Satellite and Space Communications, and from opportunities in the new end markets. Mike will speak in detail to this quarter's financial performance in a moment.

那麼發生了什麼變化呢？首先，我們現在持續推動承諾融資和強化資產負債表。其次，我們可以更成功地利用兩項基礎業務，滿足傳統買家不斷增長的需求，包括公共安全、衛星和太空通訊的升級週期，以及新終端市場的機會。麥克稍後將詳細介紹本季的財務業績。

Before I make that handoff, I do want to make one other point to our shareholders. It says something very positive about our business and our company that we continue to be able to attract exceptional talent. You may have seen these announcements or read our newsletters, but it's meaningful to the capital markets as well that we have done the following: announced Jeff Robertson's appointment as President of our Terrestrial and Wireless Business back in April, and it's safe to say that he hit the ground running. Jeff is a known leader and expert in the 911 and public safety space. And even as he and his team have secured the contract win with Massachusetts, he is moving fast to both improve our existing operations and grow into new opportunities.

在進行交接之前，我確實想向我們的股東指出另一點。我們繼續能夠吸引傑出人才，這對我們的業務和公司來說都是非常積極的。您可能已經看過這些公告或讀過我們的時事通訊，但我們所做的以下事情對資本市場也很有意義：早在四月份就宣布任命傑夫·羅伯遜(Jeff Robertson) 為我們的地面和無線業務總裁，可以肯定地說，他立即採取行動。 Jeff 是 911 和公共安全領域的知名領導者和專家。即使他和他的團隊已經贏得了馬薩諸塞州的合同，他仍在快速行動，以改善我們現有的業務並尋找新的機會。

We hired two other senior public safety officials, Tom Guthrie and John Whitehead, and on the satellite and space side, we added Roly Rigual as Vice President of Business Development and Sales. Roly is well-known across the industry for its expertise and ability to drive growth both in terms of top-line sales and also in terms of building teams. I wrote this in our investor letter and we'll repeat it here: I don't think Comtech has ever had a deeper and stronger bench than it does today.

我們聘請了另外兩位高級公共安全官員 Tom Guthrie 和 John Whitehead，在衛星和太空方面，我們增加了 Roly Rigual 擔任業務開發和銷售副總裁。 Roly 因其在營收和團隊建設方面的專業知識和推動成長的能力而在業界享有盛譽。我在投資者信中寫下了這一點，我們將在這裡重複一遍：我認為 Comtech 從未擁有過比今天更深入、更強大的板凳。

Comtech is a good business that offers mission-critical solutions to the world's most demanding customers. We've got some of the best people and technologies in the market and the markets we are selling into are themselves growing. Taken together, I remain optimistic about our future and our ability to create value for all of our stakeholders.

Comtech 是一家優秀的企業，為世界上最苛刻的客戶提供關鍵任務解決方案。我們擁有市場上最優秀的人才和技術，而且我們銷售的市場本身也在不斷成長。總的來說，我對我們的未來以及我們為所有利害關係人創造價值的能力保持樂觀。

I'm going to turn it over to Mike Bondi now.

我現在要把它交給麥克邦迪。

Thanks, John. Before discussing our recent results for Q3, let me first cover the status of our refinancing efforts. Last night, we were very pleased to announce that we entered into a new $222 million credit facility with the new syndicate of lenders, which replaces our prior credit facility, and which is expected to be funded today, June 18. With July 31, 2028, as its maturity date, we have significantly pushed out our repayment obligations by about four years, and by adding an asset-based revolver component to the facility, have immediately enhanced our liquidity.

謝謝，約翰。在討論我們最近第三季的業績之前，讓我先介紹一下我們的再融資工作的狀況。昨晚，我們非常高興地宣布，我們與新的貸方銀團簽訂了一項新的2.22 億美元信貸安排，取代了我們先前的信貸安排，預計將於今天（6 月18 日）提供資金。 7 月31 日到了到期日，我們已將還款義務大幅推遲了約四年，並且透過在該工具中添加基於資產的左輪手槍部分，立即增強了我們的流動性。

As a result of entering this new credit facility, we are able to once again reclass a major portion of our outstanding debt back to its long-term status. The new credit facility itself consists of a committed $162 million term loan facility and a $60 million revolver loan facility, backed by our eligible receivables and inventory. Outstanding borrowings at close approximate $187 million, reflecting $25 million drawn on the revolver.

由於進入這項新的信貸安排，我們能夠再次將大部分未償債務重新分類回其長期狀態。新的信貸安排本身包括承諾的 1.62 億美元定期貸款安排和 6,000 萬美元的循環貸款安排，由我們合格的應收帳款和庫存提供支援。截至收盤時，未償還借款約為 1.87 億美元，其中左輪手槍提取的 2,500 萬美元。

At close, our available sources of liquidity, approximate $63 million consisting of qualified cash and cash equivalents and excess availability under the revolver, both as defined under the credit agreement of approximately $28 million and $35 million respectfully.

截至收盤時，我們的可用流動資金來源約為6,300 萬美元，包括合格現金和現金等價物以及左輪手槍項下的超額可用資金，兩者均根據信貸協議定義，分別約為2,800 萬美元和3,500 萬美元。

Interest on the term loan facility currently approximates SOFR plus 9.5%, whereas interest on the asset base revolver currently approximates SOFR plus 5%. Blended, the rate currently approximates 14%. Interest on the term loan is dependent on a pricing grid based on our net leverage ratio and interest on the revolver is dependent on a pricing grid based on our average revolver usage, both as defined in the agreement.

定期貸款便利的利息目前約為 SOFR 加 9.5%，而資產基礎循環貸款的利息目前約為 SOFR 加 5%。混合後，目前比率約為 14%。定期貸款的利息取決於基於我們的淨槓桿率的定價網格，而循環貸款的利息取決於基於我們的平均循環貸款使用量的定價網格，兩者均在協議中定義。

Our first covenant testing period is July 31, 2024. At such date, our maximum net leverage ratio is set at 3.25 times trailing 12 months EBITDA. As for minimum fixed charge coverage ratio, that is initially set at 1.2 times. The first step down in the net leverage ratio to 3.15 occurs on July 31, 2025, and the first uptick in our fixed charge coverage ratio to 1.25 occurs on April 30, 2025.

我們的第一個契約測試期是 2024 年 7 月 31 日。至於最低固定費用覆蓋率，初步設定為1.2倍。淨槓桿率首次下降至 3.15 發生在 2025 年 7 月 31 日，固定費用覆蓋率首次上升至 1.25 發生在 2025 年 4 月 30 日。

Other financial covenants we need to maintain include an initial minimum trailing 12-month EBITDA of $35 million starting in October of 2025, and a minimum average liquidity of $20 million. In connection with entering into the new credit facility, we exchanged our Series B convertible preferred shares for a new series of B1 convertible preferred shares. The new Series B1 convertible preferred shares reflect certain changes to consent rights and existing put rights related to payments upon a change of control following specified asset sales; in each case, consistent with the terms of the new credit facility.

我們需要維持的其他財務契約包括從 2025 年 10 月開始的初始最低過去 12 個月 EBITDA 為 3500 萬美元，以及最低平均流動性為 2000 萬美元。與簽訂新的信貸安排相關，我們將 B 系列可轉換優先股交換為一系列新的 B1 可轉換優先股。新的B1系列可轉換優先股反映了同意權和現有認沽權的某些變化，這些變化與特定資產出售後控制權變更時的付款相關；在每種情況下，均符合新信貸安排的條款。

The powers, preferences, and rights of the Series B1 convertible preferred stock are substantially the same as those of the Series B. We did not receive any cash proceeds from the issuance of the Series B1 shares and importantly, as I'm sure some might ask, the preferred holders conversion price and interest rate did not change.

B1 系列可轉換優先股的權力、優先權和權利與 B 系列基本相同。轉換價格和利率沒有變動。

Now, the documents themselves are lengthy. So I'm not going to run down each and every term in agreement. I just covered a good amount of ground on the key terms and strongly urge investors to read these documents, which are being filed in a Form 8-K with the SEC today.

現在，文件本身很長。因此，我不會逐一列出協議中的每一項條款。我剛剛對關鍵條款進行了大量介紹，並強烈敦促投資者閱讀這些文件，這些文件今天以 8-K 表格的形式向 SEC 提交。

Entering into the new credit facility was a key milestone, not only for our company, but for our customers, our vendors, our dedicated employees who got this over the finish line. We are very pleased to have finally resolved the significant overhang on our business and expect the new credit facility to contribute significantly to enhancing our liquidity and business prospects.

獲得新的信貸額度是一個重要的里程碑，不僅對我們公司而言，對我們的客戶、我們的供應商以及我們的敬業員工也是如此。我們很高興最終解決了我們業務上的重大懸而未決的問題，並期望新的信貸安排將為增強我們的流動性和業務前景做出重大貢獻。

With this refinancing now in the rearview mirror, we can get back to the tasks at hand of growing our business, liquidating our unbilled receivables, and increasing value for our shareholders.

隨著這次再融資現在成為過去，我們可以回到手頭上的任務來發展我們的業務，清算我們的未開票應收帳款，並為我們的股東增加價值。

Now let's talk about Q3 results. Consolidated net sales were $128.1 million compared to $134.2 million in the second quarter of fiscal 2024 and $136.3 million in the third quarter of fiscal '23. Net sales during our third quarter of fiscal 2024, primarily in our satellite and space communications segment continued to reflect challenging business conditions stemming principally from our efforts during the quarter to refinance our prior credit facility, which temporarily slowed down our receipt of components from suppliers and our ability to deliver finished products during the quarter.

現在我們來談談第三季的結果。合併淨銷售額為 1.281 億美元，而 2024 財年第二季為 1.342 億美元，23 財年第三季為 1.363 億美元。 2024 財年第三季的淨銷售額（主要是我們的衛星和太空通訊領域）繼續反映了充滿挑戰的業務狀況，這主要源於我們在本季度為先前的信貸安排進行再融資的努力，這暫時減緩了我們從供應商和我們在本季度交付成品的能力。

While we have made significant progress toward resolving such conditions by entering into our new credit facility, net sales related to certain orders in our backlog shifted to future periods. Also, as an important reminder, net sales in our satellite and space communications segment for our third quarter reflected absence of PST, which was divested on November 7, 2023.

雖然我們透過新的信貸安排在解決此類問題方面取得了重大進展，但與積壓訂單中某些訂單相關的淨銷售額轉移到了未來時期。此外，作為一個重要提醒，我們第三季的衛星和太空通訊部門的淨銷售額反映了 PST 的缺失，該部門於 2023 年 11 月 7 日被剝離。

For the three months ended April 30, 2024, net sales in our satellite and space communications segment primarily reflect higher net sales of our troposcatter solutions to US government end customers, including progress toward delivering next-generation troposcatter terminals to both the US Marine Corps and US Army more than offset by lower net sales of high-power solid-state amplifiers related to the PSC divestiture COMET tropo terminals to an international customer and VSAT SATCOM equipment for the US Army.

截至2024 年4 月30 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對美國政府最終客戶的對流層散射解決方案的淨銷售額增加，包括向美國海軍陸戰隊和美國海軍陸戰隊交付下一代對流層散射終端的進展。

Our book-to-bill ratio, a measure defined as bookings divided by net sales in this segment for the three months ended April 30, 2024, was 0.85 times. During the third quarter of fiscal 2024, this segment was awarded over $13.5 million of funded orders from the US Army for VSAT equipment and related services, over $6 million of funding from the US Army for cyber training related solutions, over $5.5 million in operational support and maintenance orders from the Japan aerospace exploration agency, over $5 million of funding from a Canadian customer to upgrade a previously deployed troposcatter system, as well as an order from an international military, who is evaluating our COMET troposcatter solutions.

我們的訂單出貨比（定義為截至 2024 年 4 月 30 日止三個月的該細分市場的預訂量除以淨銷售額的衡量標準）為 0.85 倍。在2024 財年第三季度，該部門從美國陸軍獲得了超過1350 萬美元的VSAT 設備和相關服務資助訂單，從美國陸軍獲得了超過600 萬美元的網路培訓相關解決方案資金，超過550 萬美元的營運支援日本航空航太研究開發機構的維修訂單、加拿大客戶提供的超過500 萬美元的資金用於升級先前部署的對流層散射系統，以及來自國際軍方的訂單，該軍方正在評估我們的COMET 對流層散射解決方案。

We believe that this new international customer, along with the two other new international customers that placed orders in our second quarter of fiscal 2024 to evaluate our next-generation modular transportable transmission systems could lead to larger scale turbo opportunities in the future.

我們相信，這個新的國際客戶以及在2024 財年第二季度下訂單以評估我們的下一代模組化可移動傳輸系統的另外兩個新的國際客戶可能會在未來帶來更大規模的渦輪機會。

As for our terrestrial and wireless networks segment, compared to the comparable period of the prior year, Q3 fiscal 2024 reflects higher net sales of our NG-911 and coal handling services offset in part by lower net sales of our location-based solutions. Our book-to-bill ratio in this segment for the three months ended April 30, 2024, was 0.72 times.

至於我們的地面和無線網路部門，與上年同期相比，2024 財年第三季反映出我們的NG-911 和煤炭裝卸服務的淨銷售額較高，部分被我們基於位置的解決方案的淨銷售額較低所抵銷。截至 2024 年 4 月 30 日止三個月，我們在該領域的訂單出貨比為 0.72 倍。

Key bookings include a multiyear extension for critical NG-911 services for a large county in a Midwestern state valued at over $10 million and an extension of our short messaging service software engineering services to a large international mobile network operator, valued at over $7 million, and a multi-year NG-911 call handling services contract aggregating $4 million for PSAPs located in Canada.

主要預訂包括為中西部一個大縣價值超過 1000 萬美元的關鍵 NG-911 服務延長多年，以及為一家大型國際移動網絡運營商延長我們的短信服務軟體工程服務，價值超過 700 萬美元，以及一份為位於加拿大的PSAP 提供的為期多年的NG-911 呼叫處理服務合同，總計400 萬美元。

Additionally, as John referenced before, subsequent to our quarter end, we entered into a contract with the Commonwealth of Massachusetts for the continued operation maintenance of the state's NG-911 system. This new contract has an initial five-year term from August 1, 2024, through July 31, 2029, and includes one option to renew for a five-year period through July 31, 2034. Including the option period, the total contract value could potentially exceed $250 million.

此外，正如約翰之前提到的，在我們的季度末之後，我們與馬薩諸塞州簽訂了一份合同，以繼續運營維護該州的 NG-911 系統。這份新合約的初始期限為五年，從2024年8月1日到2029年7月31日，並包括一項續約選擇權，為期五年，直至2034年7月31日。期在內，合約總價值可可能超過 2.5 億美元。

We are very honored to have been selected again to be a trusted solutions provider to the Commonwealth. This competitive win serves to highlight the strong value proposition of our critical communications infrastructure services and significantly enhances our revenue visibility into the future.

我們非常榮幸再次被選為英聯邦值得信賴的解決方案提供者。這場競爭性勝利凸顯了我們關鍵通訊基礎設施服務的強大價值主張，並顯著提高了我們對未來收入的可視性。

Gross margins for the quarter were 30.4% compared to 32.2% in our second quarter of fiscal '24 and 31.7% in the third quarter of fiscal '23. We reported a GAAP operating loss in Q3 fiscal '24 of $3.5 million compared to an operating loss of $5.3 million in Q3 of fiscal '23. While both quarters included restructuring charges, GAAP operating loss in the more recent quarter includes $2.5 million of CEO transition costs.

本季的毛利率為 30.4%，而 24 財年第二季的毛利率為 32.2%，23 財年第三季的毛利率為 31.7%。我們報告 24 財年第三季的 GAAP 營運虧損為 350 萬美元，而 23 財年第三季的營運虧損為 530 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 營運虧損包括 250 萬美元的 CEO 過渡成本。

As explained in more detail and reconciled in our Form 10-Q for the quarter, we utilized a non-GAAP measure that we refer to as adjusted EBITDA. For Q3 fiscal '24, adjusted EBITDA was $11.9 million or 9.3% of related net sales as compared to $12.5 million or 9.2% that we achieved in Q3 of fiscal '23.

正如本季度 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。對於24 財年第三季度，調整後的EBITDA 為1,190 萬美元，佔相關淨銷售額的9.3%，而我們在23 財年第三季實現的目標為1,250 萬美元，佔相關淨銷售額的9.2 %。

The decrease in adjusted EBITDA in dollars reflects lower research and development expenses in both of our reportable operating segments, more than offset by lower consolidated net sales and lower consolidated gross profit, both in dollars and as a percentage of consolidated net sales and higher unallocated SG&A expenses due to our One Comtech and people strategies initiatives.

調整後EBITDA（以美元計）的減少反映了我們兩個可報告營運部門的研發費用降低，但被合併淨銷售額下降和合併毛利潤（以美元計）和占合併淨銷售額百分比的下降以及未分配的銷售及管理費用（SG&A）的增加所抵銷。

As we enter the fourth quarter of fiscal 2024, business conditions continue to be challenging and the operating environment is largely unpredictable. In light of these business conditions and resulting challenges, while we are pleased to have successfully closed on our refinancing of the prior credit facility, we do anticipate variability from time to time as we move through our One Comtech transformation, and are targeting net sales and adjusted EBITDA for our fourth quarter of fiscal 2024 to be similar to our third quarter of fiscal 2024.

隨著我們進入 2024 財年第四季度，業務狀況仍然充滿挑戰，營運環境在很大程度上難以預測。鑑於這些業務狀況和由此帶來的挑戰，雖然我們很高興成功完成了先前信貸安排的再融資，但我們確實預計在我們進行 One Comtech 轉型時會不時發生變化，並且目標是淨銷售額和調整後2024 財年第四季的EBITDA 與2024 財年第三季相似。

Such expectation considers our strong backlog of $653.4 million as of April 30, 2024, our revenue visibility of approximately $1.5 billion, and the timing of our refinancing of the prior credit facility today being so close to our fiscal year-end.

這項預期考慮到截至 2024 年 4 月 30 日我們的積壓金額高達 6.534 億美元，我們的收入可見度約為 15 億美元，而且我們今天對先前信貸安排的再融資時間非常接近我們的財政年度結束。

Now let me turn the call back over to John. John?

現在讓我把電話轉回給約翰。約翰？

Thanks, Mike, and thanks again to those of you who dialed in today. To recap, our balance sheet is strong. We have made excellent additions to our leadership team. Our people, technology, and equipment are best-in-class, evidenced by our continuing success in winning new business.

謝謝麥克，再次感謝今天撥通電話的人。回顧一下，我們的資產負債表很強勁。我們對我們的領導團隊進行了出色的補充。我們的人員、技術和設備都是一流的，我們在贏得新業務方面的持續成功證明了這一點。

As I said, my top near-term priority is ensuring that we manage our unbilled receivables downward, improving our cash conversion cycle. There's a lot ahead of us to look forward to, and we're exiting the quarter with significant positive momentum. Some of what's to come is challenging, but I remain confident and we'll get to where we need to be. I'm excited to lead Comtech forward at this moment in time, and I expect it won't be long before the markets come to appreciate and properly value our business.

正如我所說，我的近期首要任務是確保我們減少未開立發票應收帳款的管理，並改善我們的現金週轉週期。我們還有很多值得期待的事情，我們將以顯著的積極勢頭結束本季。即將發生的一些事情具有挑戰性，但我仍然充滿信心，我們將達到我們需要達到的目標。我很高興此時此刻能夠領導 Comtech 向前發展，我預計不久之後市場就會認識到並正確評估我們的業務。

In closing, I would like to thank our dedicated employees, customers, and suppliers for their continued commitment to Comtech. Thank you very much.

最後，我要感謝我們敬業的員工、客戶和供應商對 Comtech 的持續承諾。非常感謝。

(Operator Instructions) Joe Gomes, Noble Capital.

（操作員指示）Joe Gomes，Noble Capital。

Good morning, John and Mike. Congrats on the refi. A couple of quick questions on the refi. Just during the call, I was scanning the 8-K, and I was wondering -- you said it's the new group. Did White Hat Magnetar, did they contribute any additional funds over and above what they had done previously? Also saw there's about [$1.4 million] warrants that were attached to the deal. I was wondering who those warrants went to. And you gave us a blended 14% rate. If you could just remind us how that compares to what it was under the old facility.

早上好，約翰和麥克。恭喜重新啟動。關於改裝的幾個簡單問題。就在通話期間，我正在掃描 8-K，我想知道 - 你說這是新組。除了之前所做的之外，White Hat Magnetar 是否還貢獻了任何額外資金？也發現該交易附帶了約[140萬美元]的認股權證。我想知道這些搜索令都流向了誰。你們給了我們 14% 的混合稅率。如果您能提醒我們這與舊設施下的情況相比如何。

Sure. Glad to unpack there, but I guess if I miss one or two, please remind me. So in terms of the -- let's cover the warrants first. The warrants did not go to Magnetar and White Hat. That was going to the lenders as part of the deal. Magnetar and White Hat did not put any new cash into their investment. They were very supportive during the process and helped us along the way. And in terms of the economics to the rate compared to what we have today, we're sitting at about 10% currently under the old agreement. So there was a step-up, but it's reflective of the deal that we're striking here.

當然。很高興在那裡打開包裝，但我想如果我錯過了一兩個，請提醒我。因此，就讓我們先討論認股權證而言。 Magnetar 和 White Hat 並未取得認股權證。作為交易的一部分，這筆錢將交給貸方。 Magnetar 和 White Hat 並沒有在投資中投入任何新現金。他們在整個過程中給予了我們很大的支持和幫助。就經濟性而言，與我們現在的情況相比，目前根據舊協議，我們的利率約為 10%。所以有一個升級，但這反映了我們在這裡達成的協議。

Okay. Thanks for that clarification. And two, one of the things that you'd mentioned, was the best challenges with the supply chain and getting products done, and that has pushed some of the -- we'll call some of the revenues to the right. And I'm just trying to get an idea of how long do you think this resolving the supply chain and giving the finished products. How long is that process going to take to get back to, let's call it a normalized rate?

好的。感謝您的澄清。第二，你提到的一件事是供應鏈和完成產品方面面臨的最大挑戰，這推動了一些收入——我們將其中一些收入推向了右邊。我只是想知道您認為解決供應鏈問題並提供成品需要多長時間。這個過程需要多久才能回到正常化利率？

Yeah. So as you might imagine, going through the period, we went through where our liquidity was low. We weren't able to get everything to the suppliers that we needed. They weren't able to supply equipment and it certainly pushed things to the right. We were hopeful that within a three-month timeframe, we can reset the supply chain and return to a rate of normal production of all of our facilities. That answer the question?

是的。正如你可能想像的那樣，在這段時期，我們經歷了流動性較低的時期。我們無法向供應商提供我們所需的一切。他們無法提供設備，這無疑將事情推向了正確的方向。我們希望在三個月的時間內能夠重置供應鏈並恢復所有設施的正常生產速度。這回答了問題嗎？

Yeah, thank you for that. And then one of the big contracts on the global field services, I know, had been under protest. And I think there's been some issuances that maybe they had -- the protest have been denied. But maybe you just give us some update on where that contract stands today?

是的，謝謝你。據我所知，全球現場服務的一項大型合約遭到了抗議。我認為他們可能已經發出了一些通知——抗議已被拒絕。但也許您只是向我們提供有關該合約目前狀況的一些最新情況？

Yeah. So as of last Thursday, we got a note from -- on the contract demand that the stop-work order had been lifted. And so we are anticipating taking over that contract.

是的。因此，截至上週四，我們收到了一份關於合約要求的說明，表示停工令已被取消。因此，我們預計將接管該合約。

Okay. And when do you think you might start seeing revenues out of that then?

好的。您認為什麼時候可以開始從中獲得收入？

In our view, at this point, Joe, with the stop-work order lifted, we would get going pretty quickly. We do have a ramping up, but the Army has already expressed the desire to get going. So we will get ramped up -- it is probably going to start contributing meaningfully in 2025.

我們認為，喬，在這一點上，隨著停工令的解除，我們很快就會開始工作。我們確實在加大力度，但陸軍已經表達了行動的願望。因此，我們將加強——它可能會在 2025 年開始做出有意義的貢獻。

I think that timing is about right. By the time we've transitioned all the employees, I would expect August 1.

我認為這個時機恰到好處。當我們完成所有員工的過渡時，我預計是 8 月 1 日。

Okay. And then one last one for me, and I'll jump back in queue. So John, a lot of great news here with the refi finally done and continuing to move forward on adding new people, some major contract wins like Massachusetts. Any timeframe as to when they are going to remove the temporary tag?

好的。然後再給我最後一張，我就會插回隊列。約翰，這裡有很多好消息，重新裝修終於完成了，並繼續推進增加新員工，贏得了一些重大合同，例如馬薩諸塞州。他們何時刪除臨時標籤有什麼時間表嗎？

Well, you know, unfortunately, I would give you one answer, but it's the Board of Directors who, of course, have the fiduciary responsibility to do a search and that is ongoing. You'd have to talk to our Chairman, Mark Quinlan about that. But as I've told the Board, I'm going to make it very difficult for them to take me out of this job and if they can find somebody better, then more power to him. But I'm loving performing under the job. And with the team that we've got in place and others to be added, I couldn't think of a better place to be.

嗯，你知道，不幸的是，我會給你一個答案，但董事會當然有信託責任進行調查，而這項工作正在進行中。您必須與我們的主席馬克昆蘭討論此事。但正如我告訴董事會的那樣，我會讓他們很難讓我離開這份工作，如果他們能找到更好的人，那麼就會給他更多的權力。但我喜歡在工作中表現。憑藉我們已經就位的團隊和其他待添加的團隊，我想不出更好的地方了。

Great. Well, congrats again on getting the refi done. Look forward to getting back to business as normal, and I will allow someone else to ask some questions. Thank you.

偉大的。好吧，再次恭喜您完成改裝。期待恢復正常，我將允許其他人提出一些問題。謝謝。

Mike Crawford, B. Riley Securities.

麥克‧克勞福德 (Mike Crawford)，B. 萊利證券 (Riley Securities)。

Thank you. With the -- When in Massachusetts -- does that whole $140 million go into bookings already in this July fourth quarter?

謝謝。在麻薩諸塞州，這 1.4 億美元是否已在今年 7 月的第四季投入預訂？

That would be a fourth-quarter booking, yes. We would not put the option year in at this point. The option year would not be in backlog.

是的，這將是第四季度的預訂。此時我們不會輸入選擇權年份。選擇權年份不會積壓。

And then regarding the unbilled receivables and how those will be declining in the next year, can we just walk through some of the mechanisms regarding that, maybe starting with troposcatters, for example? Time line from order to delivery to acceptance on a tropo product and maybe what relative contribution that section of unbilled receivables is on the balance sheet and maybe similar walk through on the other major items there.

然後，關於未開立發票應收帳款以及這些應收帳款在明年將如何下降，我們是否可以透過一些相關機制，例如從對流層散射開始？從訂單到交貨再到接受 tropo 產品的時間線，也許未開立應收帳款部分在資產負債表上的相對貢獻是什麼，也許對其他主要項目也有類似的了解。

Sure. Hey, Mike. This quarter, looking at our footnote, you probably will notice that while the total headline numbers stayed about the same, we did have a shift in our unbilled receivables with the US government towards billed receivables. So I take that as a sign that we are starting to get the components and starting to make the deliveries that we need to in order to clear the unbilled.

當然。嘿，麥克。本季度，看看我們的腳註，您可能會注意到，雖然總體數據保持不變，但我們與美國政府的未開票應收賬款確實發生了向已開票應收賬款的轉變。因此，我認為這表明我們開始獲取組件並開始交付所需的貨物，以清除未開票的情況。

So we always felt around this time of the year, we would start to see this liquidation. I think now with the refi behind us and supporting our balance sheet, we can lean in on the supply chain to get components in faster and out the door sooner. I think that's probably the number one thing to do is just get the supply chain, get the manufacturing, and getting those deliveries out as planned on both the Army tropo order as well as the marine tropo order.

所以我們總是覺得每年的這個時候，我們都會開始看到這種清算。我認為現在有了再融資的支持並支持我們的資產負債表，我們可以依靠供應鏈更快地獲得組件並更快地出貨。我認為要做的第一件事可能就是建立供應鏈，進行製造，並按陸軍對流訂單和海軍對流訂單的計劃交付這些貨物。

So I think we're in the thick of it right now. And we do expect to see a nice liquidation in those two particular contracts over the next couple of months.

所以我認為我們現在正處於困境之中。我們確實預計在接下來的幾個月裡這兩個特定合約將出現良好的清算。

Yeah. I would also add that we started deliveries, significant deliveries, I should say, at the end of May. We'll be delivering throughout the month of June, July, and August. And I believe the last deliveries -- we're trying to move it into August, but the last deliveries, I think, are the beginning of September.

是的。我還要補充一點，我們在五月底開始了交付，我應該說是重要的交付。我們將在整個六月、七月和八月期間發貨。我相信最後的交付 - 我們正在努力將其移至八月，但我認為最後的交付是在九月初。

Okay. That's great for the tropo. And what about for things like software delivered to telecom customers, where you -- you've been waiting for acceptance after it's been delivered?

好的。這對 Tropo 來說太棒了。對於像交付給電信客戶的軟體之類的事情，您在交付後一直在等待接受？

Yeah, I think we're doing what we need to do for our deliveries. Some of these milestones were out in fiscal '25. So we haven't yet approached those milestones. I think you're probably going to see probably a more dramatic drop in the satellite and space unbilled. The G&W on those, I think will be a little bit of a longer tail, but I think we're moving along doing what we need to, working with our customers and fully expect to recover that as planned.

是的，我認為我們正在為交付做我們需要做的事情。其中一些里程碑是在 25 財年實現的。所以我們還沒有達到這些里程碑。我認為您可能會看到衛星和太空未計費的數量出現更大幅度的下降。我認為這些方面的 G&W 會有點長，但我認為我們正在繼續做我們需要做的事情，與我們的客戶合作，並完全期望按計劃恢復。

Yeah, some of those contracts in that space, which are indicative of that market have long times between milestones. And so as we catch up to those in -- I believe in fiscal year '25, we'll start to roll those off. And in the future, we will try to make sure that we put in place contracts with a little bit better milestones.

是的，該領域的一些合約表明該市場在里程碑之間有很長的時間。因此，當我們趕上那些 - 我相信在 25 財年時，我們將開始滾動這些。未來，我們將努力確保我們簽訂的合約具有更好的里程碑。

Yeah, that would be great. And then just to be clear, this $11.9 million adjusted EBITDA number for 3Q with a similar expectation for 4Q, are those the numbers that will be used for the leverage covenant in your new bank facility?

是的，那太好了。然後需要澄清的是，第三季 1,190 萬美元的調整後 EBITDA 數字與第四季度的預期類似，這些數字是否將用於新銀行融資中的槓桿契約？

Yeah. In terms of the specifics, how we derive that, this is our view at the moment based on the refinancing done. And certainly, we have some risks and opportunities that we track and we feel at this juncture, it's so close to year end. This is probably the appropriate guidance. Certainly, we'll do our best now having secured the refinancing to expedite and move things to the left. But we just wanted to be cautious. We're only into it one day and we wanted to start executing now, servicing the supply chain.

是的。就具體而言，我們如何得出這一點，這是我們目前基於已完成的再融資的觀點。當然，我們追蹤了一些風險和機遇，我們覺得在這個時刻，已經接近年底了。這可能是適當的指導。當然，在獲得再融資後，我們將盡最大努力加快進程並將事情向左推進。但我們只是想保持謹慎。我們只是有一天才開始這樣做，我們想現在就開始執行，為供應鏈提供服務。

And in terms of how we developed the covenants themselves, we modeled in sensitivities and then we feel comfortable that how we set up the covenants going out of the gate. We expect to be in compliance, is the best way say it.

就我們如何制定契約本身而言，我們以敏感度為模型，然後我們對如何建立契約一開始感到滿意。我們期望遵守規定，這是最好的說法。

(Operator Instructions) Greg Burns, Sidoti.

（操作員說明）Greg Burns，Sidoti。

Good morning. Just to follow up on that last comment, when you look at staying in compliance with those covenants, obviously, this run rate would imply like either a step down in the level of debt or EBITDA growing from these levels. What is your view on that, on how you're going to stay in compliance? Are you expecting to liquidate those receivables and reduce the level of lending? Do you have a view on EBITDA maybe stepping up with some of these contracts kicking in 2025? How should we think about that?

早安.只是為了跟進最後的評論，當你考慮遵守這些契約時，顯然，這個運行率意味著債務水平下降或 EBITDA 從這些水平增長。您對此以及如何保持合規有何看法？您是否期望清算這些應收帳款並降低貸款水準？您是否認為 EBITDA 可能會隨著其中一些合約在 2025 年生效而加速？我們該如何思考這個問題？

I think you nailed it in the last point, certainly the unbilled receivables and liquidating the unbilled is a key driver to this. We are expecting those, as I said earlier, to unwind over the summer and generate cash flows for us. And certainly, we have grown our backlog and we're on pace to have record backlog as we keep this up.

我認為您在最後一點中指出了這一點，當然，未開票的應收帳款和清算未開票的應收帳款是這一點的關鍵驅動因素。正如我之前所說，我們預計這些將在夏季緩解並為我們產生現金流。當然，我們的積壓訂單已經增加，並且隨著我們繼續保持這一勢頭，我們的積壓訂單量將創下新紀錄。

So I think things are trending in the right direction and now that we have a refinancing secure, that we feel comfortable about making those investments to move forward on bringing whatever we can to the left, and maximizing our EBITDA that I think the number-one item is definitely the unbilled that's going to drive our compliance.

因此，我認為事情正在朝著正確的方向發展，現在我們有了安全的再融資，我們可以放心地進行這些投資，以盡我們所能地向左推進，並最大限度地提高我們的EBITDA，我認為這是第一要務。 項目絕對是未開票的項目，這將推動我們的合規性。

Okay. And then when you look at the disruptions in your business that you saw last quarter and this quarter, and I guess probably into next quarter a little bit, how much of that is just timing with the supply chain and getting the products out the door versus maybe lost business?

好的。然後，當您查看上個季度和本季（我想可能會進入下個季度）的業務中斷時，您會發現其中有多少只是與供應鏈的時機和產品的出貨有關，而不是也許生意丟了？

I would say it's the majority is components of getting key components and to manufacture things. It only takes one part to hold you up. And certainly that's we were -- in the throes of getting the refinancing done. We were expecting to have this done back in March. So we were living under this agreement for another three months, there was (technical difficulty) that we had a reserve for in that old agreement which changes your behavior.

我想說，大部分是獲取關鍵組件和製造東西的組件。只需要一個部分就可以支撐你。當然，我們正處於完成再融資的陣痛中。我們預計在三月就能完成這項工作。因此，我們在該協議下又生活了三個月，我們在舊協議中保留了（技術困難），這會改變您的行為。

So now the things have opened up a little bit with our liquidity under this new asset-based loan and the way we structure this will have more liquidity out of disposal. And again, service the supply chain, is they've been very good partners over the last several months working with us. I think it's time to return the favor now and get things back prioritized in the factories and keeping Maria's team busy.

因此，現在情況已經有所改善，我們在這種新的基於資產的貸款下的流動性以及我們的結構方式將有更多的流動性可供處置。再說一次，為供應鏈服務，在過去幾個月與我們合作中，他們一直是非常好的合作夥伴。我認為現在是時候回報大家了，讓工廠優先處理事情，讓瑪麗亞的團隊忙碌起來。

Yeah, I would also add that -- I'm not sure that we were losing orders, but that there were orders that were being delayed with some of the customer base worried a bit about our financial stability and this completing and the resolution of the refinancing will solve all of those problems in terms of our perception in the market as well as giving us a boost into business for the next year.

是的，我還要補充一點——我不確定我們是否正在失去訂單，但有些訂單被推遲，因為一些客戶群有點擔心我們的財務穩定性以及這一問題的完成和解決。對市場的看法方面的所有這些問題，並推動我們明年的業務發展。

Okay. When you think about alternative solutions that the customers delaying and waiting to see where you're at, how easy would it be for them to replace your solutions? Or -- I'm just trying to get a sense of maybe if they found -- were able to find another supplier or if they --? (multiple speakers)

好的。當您考慮客戶推遲並等待了解您的情況的替代解決方案時，他們更換您的解決方案有多容易？或者——我只是想了解一下，也許他們是否發現——能夠找到另一個供應商，或者他們——？ （多個發言者）

Yeah, so on the troposcatter side, there really aren't a lot of competitors in that market. And certainly we're the world leader in the technology that's in that space. So sometimes it will come down to what's their trade-off, whether or not they want to go to a piece of equipment that is less capable than what we produce on the satellite side, on the digital side, and the RF side, there are competitors there, but we're still seeing a very healthy backlog.

是的，所以在對流層散射方面，該市場上確實沒有很多競爭對手。當然，我們是該領域技術的世界領導者。因此，有時這將取決於他們的權衡，無論他們是否想要使用比我們在衛星端、數位端和射頻端生產的設備功能更弱的設備，那裡的競爭對手，但我們仍然看到非常健康的積壓。

I wouldn't say that there was a diverse set of competitors there, but certainly there are. and they could go to other places, but we haven't seen that yet. I think what we've seen is a delay in some of the things that customers are doing as well as our ability to produce and get equipment out the door. We're going to be excited to do that in a much better way than we have over the last three or four months.

我不會說那裡有各種各樣的競爭對手，但肯定是有的。他們可以去其他地方，但我們還沒看到。我認為我們看到的是客戶正在做的一些事情以及我們生產和運送設備的能力出現延遲。我們將很高興能夠以比過去三、四個月更好的方式做到這一點。

Great. And within the 911 renewals, what was the pricing like on those? Was there a step-down in pricing? Or how did those renegotiations go?

偉大的。 911 續訂的價格如何？價格有下降嗎？或者說這些重新談判進展如何？

Yeah, I don't think we'll get specific as to how we price the opportunity. But I would say we have good relationships with our customers. These were competitive awards that we won. So there were folks out there that we're competing with and we outbid them, I guess, if you will. But the pricing in the jobs themselves is, this is a lot of work that we've been doing for years and the continuation of that work.

是的，我認為我們不會具體說明如何為這個機會定價。但我想說我們與客戶有著良好的關係。這些都是我們贏得的競賽獎項。所以，如果你願意的話，我想，我們正在與一些人競爭，我們的出價高於他們。但工作本身的定價是，這是我們多年來一直在做的大量工作，也是這項工作的延續。

And we were not seeing massive discounts to win the opportunities. I think the customers are at the point in their lifecycles where they're also looking to do upgrades of the technologies, particularly in the 911 space. And so that gives us opportunities to have margin expansion while we secure the base and then bring in other opportunities on top of that.

我們並沒有看到大幅折扣來贏得機會。我認為客戶正處於生命週期的關鍵階段，他們也希望進行技術升級，特別是在 911 領域。因此，這為我們提供了擴大利潤率的機會，同時我們確保了基礎，然後在此基礎上帶來其他機會。

Mike Crawford, B. Riley Securities.

麥克‧克勞福德 (Mike Crawford)，B. 萊利證券 (Riley Securities)。

Thank you. Just on other growth drivers, so the global field services representative contract, is that still anticipated to grow to be as much as $100 million-a-year kind of revenue contribution for the company for several years?

謝謝。僅就其他成長動力而言，全球現場服務代表合約是否仍有望在未來幾年內為公司帶來每年高達 1 億美元的收入貢獻？

Yeah, that was a 4-plus -- 4.5-year contract at staffing over 200 something physicians globally. And once you have them in place, it's pretty stable, steady work.

是的，那是一份為期 4 年以上、4.5 年的合同，在全球範圍內配備了 200 多名醫生。一旦你把它們安裝到位，這就是一項非常穩定、穩定的工作。

Okay, thank you. And then the other one that we've been maybe more excited about is this EDIM modem that you're developing that really is the next generation of this EBEM modem that Viasat has generated about $1 billion of revenue on it over the last decade. I believe you're building the first articles there. What is the timeline on EDIM?

好的謝謝。我們可能更興奮的另一項可能是你們正在開發的這款 EDIM 調變解調器，它實際上是 EBEM 調變解調器的下一代，Viasat 在過去十年中透過它創造了約 10 億美元的收入。我相信您正在那裡建立第一篇文章。 EDIM 的時間表是什麼？

Yeah. So the first articles and prototypes are due in September. We aren't expecting significant revenue to that till probably the end of what would be towards the end of our 2025 fiscal year. But yeah, that will be the first digital modem in the market. We're pretty excited about that. That aligns with where our strategy is going forward, which is the digitalization of the satellite industry. So we're getting a bit of a jumpstart on it with the Army on that modem.

是的。因此，第一篇文章和原型將於 9 月到期。我們預計直到 2025 財年結束時才會產生大量收入。但是，是的，這將是市場上第一個數位數據機。我們對此感到非常興奮。這與我們未來的策略一致，即衛星產業的數位化。因此，我們在陸軍的調製解調器上取得了一些進展。

By the way we have other modems that we do expect that we've been involved in. There's been three major programs that have come out of the military and Comtech has been involved in all three of them. That's the (technical difficulty) the A3M, which is the Army Air Force anti-jam modem, as well as the EDIM. And we expect the A3M to move into a production phase very shortly. And that should provide significant revenue for us in the fiscal year 2025.

順便說一句，我們確實希望參與其他數據機。這就是（技術難度）A3M（陸軍空軍抗干擾調變解調器）以及EDIM。我們預計 A3M 很快就會進入生產階段。這應該會在 2025 財年為我們帶來可觀的收入。

And we show no further questions at this time. I will turn the call back to our presenters for any closing or additional remarks.

目前我們沒有提出任何進一步的問題。我會將電話轉回給我們的主持人，以徵求結束語或補充意見。

Okay. Thanks, everybody, for calling in and being with us today. Mike and I and his entire team of financial professionals are very proud of the work we did to complete the refinancing. And we're happy to move forward, and we're excited about the future. We think there are lots of good things ahead for Comtech. We expect to continue to bring on additional leaders in the industry and expect great things out of both our public safety and satellite and space businesses. Thank you.

好的。謝謝大家今天打電話來和我們在一起。麥克和我以及他的整個金融專業團隊對我們為完成再融資所做的工作感到非常自豪。我們很高興繼續前進，我們對未來感到興奮。我們認為 Comtech 未來還有很多美好的事情要做。我們期望繼續吸引更多的行業領導者，並期望我們的公共安全以及衛星和航太業務取得偉大的成就。謝謝。