Comtech Telecommunications Corp (CMTL) 2025 Q1 法說會逐字稿

Welcome to Comtech Telecommunications Corp's conference call for the first quarter of fiscal 2025. As a reminder, this conference is being recorded.

歡迎參加 Comtech 電信公司 2025 財政年度第一季的電話會議。提醒一下，本次會議正在錄製中。

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 and thanks, everyone, for joining us today. I'm here with Ken Traub, Comtech's Chairman, President and CEO; Mike Bondi, CFO; Daniel Gizinski, President of the Satellite & Space Communications Business; and Jeff Robertson, President of the Terrestrial & Wireless Networks Business.

謝謝運營商，也謝謝大家今天加入我們。我和 Comtech 董事長、總裁兼執行長 Ken Traub 一起來到這裡。麥克邦迪，財務長； Daniel Gizinski，衛星與太空通訊業務總裁；以及地面和無線網路業務總裁 Jeff Robertson。

Before we get started, please note we have a detailed discussion of the quarter in the press release we issued this morning, which is 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.

在我們開始之前，請注意，我們在今天早上發布的新聞稿中詳細討論了該季度，該新聞稿可在我們的網站上找到。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有關的資訊。公司的計劃、目標和業務前景，以及公司管理層的計劃目標和業務前景。

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。

With that, I will turn it over to Ken. Ken?

這樣，我就把它交給肯。肯？

Thank you, Maria, and good morning, everyone. I appreciate you taking the time to join us today.

謝謝你，瑪麗亞，大家早安。感謝您今天抽空加入我們。

Let me introduce myself. I'm Ken Traub, the new Chairman, President and CEO of Comtech. I joined the Comtech Board of Directors on October 31 of this year, became Executive Chairman on November 27 and became the President and CEO today.

讓我自我介紹一下。我是 Ken Traub，Comtech 新任董事長、總裁兼執行長。我於今年 10 月 31 日加入 Comtech 董事會，並於 11 月 27 日成為執行董事長，今天成為總裁兼執行長。

Before I begin my remarks, I would like to express my appreciation to John Ratigan. John's last day at Comtech was today. He's a true gentleman and professional. At this critical juncture, John and I and the rest of the Board of Directors reached an amicable and consensual understanding that it was best for John to step aside so that I can take over as President and CEO. He has been supportive and has done so with grace and dignity which has helped to facilitate a smooth transition. We are grateful and wish him the best in all of his future endeavors.

在開始演講之前，我想向約翰·拉蒂根表示感謝。今天是約翰在 Comtech 的最後一天。他是一位真正的紳士和專業人士。在這個關鍵時刻，約翰和我以及董事會其他成員達成了友好一致的諒解，認為約翰最好讓位，以便我可以接任總裁兼執行長。他一直給予支持，並以優雅和尊嚴的方式做到了這一點，這有助於促進平穩過渡。我們很感激並祝福他在未來的事業中一切順利。

I would also like to express my appreciation to Judy Chambers and Yacov Shamash who have both been valued members of the Board of Directors and whose last day is today as of the Annual Shareholder Meeting. We also welcome Michael Hildebrandt, who joined the Board on November 18 and is already a valuable contributor to the Board and the company.

我還要向 Judy Chambers 和 Yacov Shamash 表示感謝，他們都是董事會的重要成員，今天是年度股東大會的最後一天。我們也歡迎 Michael Hildebrandt，他於 11 月 18 日加入董事會，現已成為董事會和公司的寶貴貢獻者。

I will now provide you with some highlights on my personal background which will enable me to share my high-level perspectives on leadership, particularly in turnarounds and then I will apply that to my observations and plans for content.

現在，我將向您介紹我個人背景的一些要點，這將使我能夠分享我對領導力的高層觀點，特別是在扭虧為盈方面，然後我會將其應用到我的觀察和內容計劃中。

I have devoted most of my professional career to business transformations and turnarounds. This is not easy work, but I find it very rewarding to help companies navigate through challenges and capitalize on opportunities to achieve optimal outcomes for all stakeholders. I've taken a proactive role in business transformations of numerous companies as Chairman, CEO, Independent Director and active investor.

我的大部分職業生涯都致力於業務轉型和扭虧為盈。這不是一件容易的工作，但我發現幫助公司應對挑戰並利用機會為所有利害關係人實現最佳結果是非常有意義的。身為董事長、執行長、獨立董事和積極投資者，我在眾多公司的業務轉型中發揮了積極主動的作用。

Harvard Business School wrote a case study about a company that I turned around earlier in my career as CEO. I enjoy teaching that case study to both MBA students and experienced corporate executives, as it is compelling lessons on crisis management, turnarounds and leadership in general.

哈佛商學院寫了一篇關於一家公司的案例研究，我在擔任執行長的職業生涯早期扭轉了這家公司的局面。我喜歡向 MBA 學生和經驗豐富的企業高管教授該案例研究，因為它是關於危機管理、扭虧為盈和領導力的引人入勝的課程。

Let me explain these lessons and how they apply to our plans for Comtech. The Harvard Business School case study was entitled Ken Traub at American Bank Note Holographics, which I will refer to as ABNH. It is somewhat unusual for Harvard to entitle a case study about an individual rather than a company or an industry. They did that because, as a newly hired executive, I stepped into an extraordinary circumstance in crisis, one that was far more extreme than the challenges facing Comtech.

讓我解釋一下這些經驗教訓以及它們如何應用到我們的 Comtech 計劃中。哈佛商學院的案例研究名為美國鈔票全息技術公司的 Ken Traub，我稱之為 ABNH。對於哈佛來說，將案例研究的主題定為針對個人而不是公司或行業，這有點不尋常。他們這樣做是因為，身為一名新聘任的高階主管，我陷入了一場非同尋常的危機之中，這種情況比 Comtech 面臨的挑戰更為極端。

On my very first day of work at ABNH, I discovered irregularities in the company's financial statements that were previously filed with the SEC. Reported my findings to the Board of Directors and auditors. This led to a crisis at ABNH, including criminal indictments of the CEO and other members of its senior management; an SEC investigation; extensive litigation; the auditors retracting all prior audits; defaults on ABNH's bank debt; a liquidity squeeze; loss of major customers, vendors; cutting off supply; turmoil on the Board, senior management and workforce.

在 ABNH 工作的第一天，我就發現該公司先前向 SEC 提交的財務報表有違規行為。向董事會和審計師報告我的發現。這導致了 ABNH 的危機，包括對執行長和其他高階管理層成員的刑事起訴； SEC 調查；廣泛的訴訟；審計師撤回所有先前的審計； ABNH 銀行債務違約；流動性緊縮；主要客戶、供應商的流失；切斷供應；董事會、高階管理層和員工隊伍的混亂。

I was quickly elevated to ABNH's CEO in the midst of this crisis. Most people thought this company could not survive, but fortunately, we resolved all of the problems that we inherited, executed a successful turnaround and grew the business. Ultimately, ABNH was sold with a return exceeding 1000% for shareholders.

在這場危機中，我很快就被提升為 ABNH 的執行長。大多數人認為這家公司無法生存，但幸運的是，我們解決了繼承的所有問題，成功扭虧為盈並發展了業務。最終，ABNH 被出售，為股東帶來了超過 1000% 的回報。

Let me reiterate, the crisis I faced at ABNH was far more extreme than any of the challenges facing Comtech. To be clear, the problems at ABNH were precipitated by a fraud. This is not the case at Comtech. Nevertheless, I think the case study and the lessons learned provide a useful framework.

讓我重申一下，我在 ABNH 面臨的危機比 Comtech 面臨的任何挑戰都要嚴重得多。需要明確的是，ABNH 的問題是由詐欺行為引發的。Comtech 的情況並非如此。儘管如此，我認為案例研究和經驗教訓提供了一個有用的框架。

The core question in this case study is, how was Ken able to save the company and generate a great return for shareholders despite the walls closing in from every direction? The leadership lessons Harvard and other business schools teach MBA students as well as seasoned corporate executives, with this case study, are lessons I apply in everything I do, and they will certainly apply at Comtech.

本案例研究的核心問題是，儘管四面八方圍牆逼近，Ken 如何拯救公司並為股東帶來豐厚回報？哈佛和其他商學院向 MBA 學生以及經驗豐富的企業高管教授的領導力課程（透過這個案例研究）是我在所做的一切事情中應用的課程，這些課程也肯定會應用到 Comtech。

So what are those lessons? Number one, trust is the single most important ingredient for success in business. The prior management of ABNH abused the trust of all of its key stakeholders, and understandably those stakeholders did not want to continue to do business with, invest in or work for a company that had become known for fraud. The key to saving ABNH was to earn the trust of all of its stakeholders, most importantly, demonstrating consistently that acting with transparency and integrity is fundamental to everything we do.

那麼這些教訓是什麼呢？第一，信任是商業成功最重要的因素。ABNH 的前管理層濫用了所有主要利益相關者的信任，可以理解的是，這些利益相關者不想繼續與一家因欺詐而聞名的公司開展業務、投資或工作。拯救 ABNH 的關鍵是贏得所有利害關係人的信任，最重要的是，始終如一地證明透明和誠信的行事是我們所做一切的基礎。

Second lesson, focus on priorities. With so many existential problems, threatening the viability of a company like ABNH, it is easy to get lost in the fog. Strong disciplined leadership is key to align the organization on the most important priorities. When leaders are clear on the priorities, it enables everyone, from the shop floor to the C-suite to be more focused, less stressed and more effective.

第二課，關注優先事項。有這麼多的生存問題，威脅著像 ABNH 這樣的公司的生存能力，很容易迷失在迷霧中。強而有力的、紀律嚴明的領導力是讓組織在最重要的優先事項上保持一致的關鍵。當領導者明確優先事項時，從車間到最高管理層的每個人都可以更加專注、壓力更小、更有效率。

Third lesson, culture drives performance. Let me give an example. When I was a kid, I was a big fan of the 1969 and 1973 New York Mets. At that time, Tug McGraw coined the phrase that got them through the tough times and ultimately the championships and that was, "You got to believe." I applied that philosophy at ABNH and to get us through the crisis and in every leadership position I've ever had. The key is aligning every person in the company around a shared culture that drives everyone in the same direction and toward a common and positive goal. It is fundamental to leadership in general and critically important in navigating a turnaround. You got to believe.

第三課，文化驅動績效。讓我舉個例子。當我還是個孩子的時候，我是 1969 年和 1973 年紐約大都會隊的忠實粉絲。當時，塔格·麥格勞（Tug McGraw）創造了幫助他們度過艱難時期並最終獲得冠軍的一句話，那就是「你必須相信」。我在 ABNH 以及我擔任過的每一個領導職位上都運用了這個理念，幫助我們度過了危機。關鍵是使公司中的每個人都圍繞著共同的文化保持一致，這種文化驅使每個人朝著同一個方向前進，朝著共同和積極的目標邁進。它對於整體領導力至關重要，對於扭轉局面至關重要。你必須相信。

I will now share my observations of Comtech's current situation and how the leadership lessons that I just described apply to what you should expect from Comtech going forward. Number one, it's about earning trust. My first priority is to earn the trust and confidence of all of Comtech's key stakeholders, including shareholders, lenders, customers, suppliers, employees and the communities in which we operate. To be frank, we are starting with a trust deficit in light of the company's poor track record of financial and operational performance, missed expectations and lack of accountability.

現在，我將分享我對 Comtech 當前情況的觀察，以及我剛剛描述的領導課程如何適用於您對 Comtech 未來的期望。第一，這是為了贏得信任。我的首要任務是贏得 Comtech 所有主要利害關係人的信任和信心，包括股東、貸款人、客戶、供應商、員工和我們經營所在的社區。坦白說，由於該公司財務和營運業績記錄不佳、未達預期且缺乏問責制，我們從信任赤字開始。

I don't expect to earn your trust by just acknowledging these issues and saying, "I want you to trust me now." We need to prove it with actions that Comtech of today and tomorrow will be different from the Comtech of yesterday. Comtech is committed to transparency, frankness and accountability as we execute on a thoughtful plan to address long standing challenges, capitalize on significant value creation opportunities within our portfolio of businesses and strengthen relationships with all key stakeholders to support our mission of building sustainable value.

我並不指望僅僅通過承認這些問題並說“我希望你現在信任我”來贏得你的信任。我們需要用行動來證明，今天和明天的科泰將不同於昨天的科泰。Comtech 致力於透明度、坦誠和問責，因為我們執行深思熟慮的計劃來解決長期存在的挑戰，利用我們業務組合中的重大價值創造機會，並加強與所有主要利益相關者的關係，以支持我們構建可持續價值的使命。

Second, it's about focusing on our priorities. Earning your trust will be supported by being clear on our corporate priorities and operational objectives and executing on them. To summarize in terms of priorities, first, we will be focused on cash management. We are fortunate that the company has available liquidity to fund our operations with approximately $30 million in the bank, as of both October 31, 2024, and January 10, 2025. We are also confident that we are positioned to generate positive cash flow over the coming months, in part by improved working capital management, including collection of accounts receivables.

其次，它是關於關注我們的優先事項。透過明確我們的公司優先事項和營運目標並執行這些目標，我們將贏得您的信任。概括起來，首先，我們將專注於現金管理。我們很幸運，截至 2024 年 10 月 31 日和 2025 年 1 月 10 日，該公司擁有約 3000 萬美元的銀行可用流動資金來為我們的營運提供資金。我們也相信，我們有能力在未來幾個月內產生正現金流，部分原因是改善營運資金管理，包括應收帳款催收。

This will be supplemented with additional actions I will be discussing to improve cash flow from operations and generate cash through asset sales. Maximizing cash in the short term is a high priority to enable us to invest in what's working, eliminate what is not working, strengthen the business for the long term and reduce leverage with a mutually beneficial paydown of debt.

這將得到我將討論的其他行動的補充，以改善營運現金流並透過資產出售產生現金。短期內最大化現金是我們的首要任務，使我們能夠投資於有效的項目、消除無效的項目、加強長期業務並透過互惠互利的債務償還來降低槓桿率。

Our next priority is supporting and growing our successful business units. The entire terrestrial and wireless network segment and some components of the satellite and space communication segment are performing well now, and they have significant opportunities for further growth in revenue and margins. We have the benefit of differentiated product offerings and strong customer relationships that we intend to nurture.

我們的下一個優先事項是支持和發展我們成功的業務部門。整個地面和無線網路領域以及衛星和太空通訊領域的一些組成部分目前表現良好，並且它們有進一步增長收入和利潤的重大機會。我們受益於我們打算培養的差異化產品和強大的客戶關係。

The terrestrial and wireless business has a bright future and is poised for growth due to the need for non-traditional methods to request emergency help for new devices, as well as new safety initiatives in our public safety technologies business. The growth of our carrier business was supported by our latest cloud-agnostic 5G passive and emergency location, messaging and alerting services.

地面和無線業務前景光明，並且由於需要非傳統方法來請求新設備的緊急幫助以及我們公共安全技術業務中的新安全舉措，因此有望實現成長。我們最新的與雲端無關的 5G 被動和緊急定位、訊息傳遞和警報服務為我們的營運商業務的成長提供了支援。

In the satellite and space business, we are strong in designing, manufacturing and supporting sophisticated communications equipment for both our defense and commercial users that rely on us to provide mission critical communications infrastructure. We will be prudently investing in and supporting our successful businesses and capitalizing on opportunities to expand these businesses and monetize their value when appropriate.

在衛星和太空業務中，我們在為依賴我們提供關鍵任務通訊基礎設施的國防和商業用戶設計、製造和支援複雜通訊設備方面擁有強大的實力。我們將謹慎投資和支持我們成功的業務，並利用機會擴大這些業務並在適當的時候將其價值貨幣化。

Next, we will be fixing or selling underperforming businesses. While some aspects of the satellite and space business perform very well and have significant future potential, other components of this segment have performed poorly. There are several reasons for this, which include historical acquisitions that were not integrated successfully, poor product and market fits, misaligned incentives in which salespeople were incentivized to bring in low margin business that did not fit well with the company's core competencies and an excessive cost structure which has been misaligned with the realistic revenue expectations.

接下來，我們將修復或出售表現不佳的業務。雖然衛星和航太業務的某些方面表現非常出色並且具有巨大的未來潛力，但該領域的其他組成部分錶現不佳。造成這種情況的原因有很多，包括歷史上的收購未能成功整合、產品和市場契合度不佳、激勵措施失調（銷售人員被激勵引進與公司核心競爭力不相符的低利潤業務）以及成本過高。

We have action plans that are now underway to streamline the satellite and space business and improve processes and accountability which will help to strengthen the operations we retain while other operations within this segment we will divest.

我們正在製定行動計劃，以簡化衛星和太空業務並改善流程和問責制，這將有助於加強我們保留的業務，同時我們將剝離該部門的其他業務。

Our next priority, we will undertake a comprehensive review of strategic alternatives. Comtech previously announced the process to review strategic alternatives for just the terrestrial and wireless network segment. We will be broadening this effort and we'll be conducting a comprehensive review of all strategic alternatives. Our intention is for this process to provide us with more optionality as we consider potential partners, investors and/or acquirer for operations within our satellite and space business in addition to our terrestrial and wireless business. We also see this process as part of a comprehensive initiative to improve the company's capitalization, reduce leverage and create improved operational and financial flexibility to build sustainable value.

我們的下一個優先事項是對策略替代方案進行全面審查。Comtech 先前宣布了僅審查地面和無線網路領域策略替代方案的流程。我們將擴大這項努力，並對所有策略替代方案進行全面審查。我們的目的是讓這個過程為我們提供更多的選擇，因為除了我們的地面和無線業務外，我們還考慮在我們的衛星和太空業務中運營的潛在合作夥伴、投資者和/或收購者。我們也將這一流程視為提高公司資本、降低槓桿並提高營運和財務靈活性以創造永續價值的綜合計劃的一部分。

Our next priority, we are committed to improving our relationships with our lenders and preferred stockholders and strengthening the capital structure. Comtech entered into a new credit facility in June 2024. In September 2024, the company notified its lenders that it had breached certain financial covenant for the quarter ended July 31, 2024. These breaches were cured by a new investment of subordinated debt by the company's existing preferred stockholders in October, which resulted in a covenant holiday under the credit facility through January 31, 2025.

我們的下一個優先事項是致力於改善與貸方和優先股股東的關係並加強資本結構。Comtech 於 2024 年 6 月簽訂了新的信貸安排。2024 年 9 月，該公司通知其貸方，其違反了截至 2024 年 7 月 31 日的季度的某些財務契約。這些違規行為透過公司現有優先股股東於 10 月進行的新的次級債務投資而得到解決，從而導致信貸安排下的契約假期延長至 2025 年 1 月 31 日。

We currently believe the company will breach covenants again when quarterly testing resumes. Fortunately, we believe we have developed a healthy and constructive relationship with our lenders and preferred stockholders, and we are working cooperatively to gain their support for an improved capital structure and increased financial flexibility going forward.

我們目前認為，當季度測試恢復時，該公司將再次違反約定。幸運的是，我們相信我們已經與貸方和優先股股東建立了健康和建設性的關係，我們正在合作爭取他們對改善資本結構和提高未來財務靈活性的支持。

All of the actions and initiatives we are describing today are consistent with the objective of building on the supportive and cooperative relationship with our lenders and preferred stockholders, improving the capital structure and creating the environment for long-term success for Comtech.

我們今天描述的所有行動和措施都符合與貸方和優先股股東建立支持和合作關係、改善資本結構並為 Comtech 的長期成功創造環境的目標。

And finally, culture. The Comtech organization has been through a lot of turmoil and disappointment. I am the fifth CEO to leave this organization in just a few years. It is human nature to worry in times of change and frustration. I really do get it. But starting now, we are going to instill in this organization a new constructive attitude and a new culture of commitment and accountability.

最後是文化。Comtech 組織經歷了很多動盪和失望。我是短短幾年內第五位離開該組織的執行長。在變化和挫折時期擔心是人的本性。我真的明白了。但從現在開始，我們將向這個組織灌輸新的建設性態度以及新的承諾和問責文化。

Yes, we do recognize and accept this company has challenges. We will be transparent, and we'll tackle them head on. We also take pride in not only overcoming the challenges but embarking on a journey to build a healthier and more successful future for Comtech. This journey starts with earning the trust and confidence of each of our key stakeholders, clearly defining our priorities and executing with confidence and determination on each priority as I have summarized here today.

是的，我們確實認識到並接受這家公司面臨的挑戰。我們將保持透明，並正面解決這些問題。我們不僅能夠克服挑戰，而且能夠踏上為 Comtech 打造更健康、更成功的未來的旅程，對此我們感到非常自豪。這趟旅程始於贏得我們每個主要利益相關者的信任和信心，明確定義我們的優先事項，並充滿信心和決心地執行每個優先事項，正如我今天在這裡總結的那樣。

Comtech is fortunate to have a strong talent in key positions throughout this company, some of whom you will be hearing from today and many others who are working behind the scenes to help us execute on these priorities. We are already building a culture where the entire organization shares a commitment to the ideals I've described and a positive vision for the success of Comtech. I am proud to lead the Comtech organization and I hope that every employee, partner and stakeholder shares in my enthusiasm in embarking on the journey for a successful future for Comtech.

Comtech 很幸運，在整個公司的關鍵職位上擁有強大的人才，今天您將聽到其中一些人的講話，還有許多其他人在幕後工作，幫助我們執行這些優先事項。我們已經在建立一種文化，讓整個組織共同致力於實現我所描述的理想，並對 Comtech 的成功抱持著正面的願景。我很自豪能夠領導 Comtech 組織，我希望每位員工、合作夥伴和利害關係人都能分享我的熱情，踏上 Comtech 成功未來的旅程。

I will now turn the call over to Mike Bondi, who will provide an overview of the first quarter financial results and the company's financial position. You will then hear from Daniel Gizinski and Jeff Robertson about our business segments. I'll wrap things up and we will then open the call for questions before we head to our Annual Shareholder Meeting shortly after this call. Mike?

我現在將電話轉給 Mike Bondi，他將概述第一季的財務表現和公司的財務狀況。然後，您將聽到 Daniel Gizinski 和 Jeff Robertson 關於我們業務部門的介紹。我將結束會議，然後我們將在電話會議後不久召開年度股東大會之前開始提問。麥克風？

Thanks, Ken. Before getting into the detailed results, I first want to summarize this past quarter for you. We posted a significant GAAP operating loss of $129.2 million, which was driven primarily by several large non-cash charges and write downs that impacted our P&L, which I will explain shortly. The terrestrial and wireless segment continues to perform well, but we continue to face challenges within our satellite and space segment. While we are all disappointed with these results, we are optimistic that the new leadership Ken is providing and the initiatives he described will better position Comtech for the future.

謝謝，肯。在詳細介紹結果之前，我首先想為您總結過去的季度。我們公佈了 1.292 億美元的 GAAP 營運虧損，這主要是由影響我們損益表的幾項大額非現金費用和減記造成的，我將很快對此進行解釋。地面和無線領域繼續表現良好，但我們在衛星和太空領域繼續面臨挑戰。雖然我們對這些結果都感到失望，但我們對 Ken 提供的新領導層以及他所描述的舉措將更好地為 Comtech 的未來定位感到樂觀。

Now, let's turn to the key metrics for this past quarter. Consolidated net sales were $115.8 million compared to $151.9 million in Q1 of fiscal 2024. This reflects lower net sales in our satellite and space segment, while set in part by higher net sales in our terrestrial and wireless segment. Our consolidated book-to-bill ratio, a measure defined as bookings divided by net sales for the three months ended October 31, 2024, was 1.1x.

現在，讓我們來看看上個季度的關鍵指標。合併淨銷售額為 1.158 億美元，而 2024 財年第一季為 1.519 億美元。這反映出我們的衛星和太空部門的淨銷售額較低，部分原因是我們的地面和無線部門的淨銷售額較高。我們的綜合訂單出貨比（定義為截至 2024 年 10 月 31 日的三個月的預訂量除以淨銷售額的衡量標準）為 1.1 倍。

Net sales in our satellite and space segment during fiscal Q1 reflect lower net sales of our troposcatter and SATCOM solutions, high-power solid-state amplifiers related to the PST divestitures completed in November of 2023 and satellite ground infrastructure solutions, including steerable antennas related to the CGC disposition initiated in Q4 of fiscal 2024.

第一財季衛星和太空部門的淨銷售額反映了我們的對流層散射和衛星通訊解決方案、與 2023 年 11 月完成的 PST 剝離相關的高功率固態放大器以及衛星地面基礎設施解決方案（包括與CGC置於2024 財年第四季啟動。

To put a finer point on it, last year, within our troposcatter product line, our next gen troposcatter contracts with the US Marine Corps and the US Army were in full swing with respect to procurement and manufacturing. Today, as Daniel will touch on, these contracts have significantly progressed, allowing us to begin invoicing and collecting on the unbilled receivables that we had built up in fiscal 2024. Collectively, these two programs accounted for approximately $8 million of the quarter-over-quarter reduction in net sales. As for the remaining portion of the reduction in net sales for the satellite and space segment, the PST and CGC divestitures in fiscal '24 accounted for roughly $9 million of the decrease.

更具體地說，去年，在我們的對流層散射產品線中，我們與美國海軍陸戰隊和美國陸軍的下一代對流層散射合約在採購和製造方面正在全面展開。今天，正如丹尼爾將談到的，這些合約已經取得了重大進展，使我們能夠開始對 2024 財年積累的未開票應收帳款開立發票並收取。總的來說，這兩個計劃導致淨銷售額環比減少約 800 萬美元。至於衛星和航太領域淨銷售額減少的剩餘部分，24 財年 PST 和 CGC 剝離約佔減少額 900 萬美元。

During the more recent quarter, we lowered cumulative revenue related to certain development projects in our satellite ground infrastructure product line that experienced cost growth during the period. And during Q1 of last year, we had a large sale of tropo gear to an international customer which did not repeat this past quarter, and which accounted for approximately $10 million of the decrease in net sales.

在最近一個季度，我們降低了與衛星地面基礎設施產品線中某些開發項目相關的累積收入，這些項目在此期間經歷了成本增長。去年第一季度，我們向國際客戶大量銷售了 tropo 設備，但上個季度沒有重複銷售，導致淨銷售額減少約 1,000 萬美元。

Our book to bill ratio in our satellite and space segment for the three months ended October 31, 2024, was approximately 1x. In our terrestrial and wireless segment, our results reflect higher net sales of our call handling and next-gen 9-1-1 services offset in part by lower net sales of our location-based solutions. Our book to bill ratio in our terrestrial and wireless segment during the quarter was 1.2 times. Later on the call, Daniel and Jeff will provide additional color on the performance of their respective segments and their key contract wins during the quarter.

截至 2024 年 10 月 31 日的三個月，我們衛星和太空領域的訂單出貨比約為 1 倍。在我們的地面和無線領域，我們的業績反映了我們的呼叫處理和下一代 9-1-1 服務的淨銷售額的增加，部分被我們基於位置的解決方案的淨銷售額的下降所抵消。本季我們地面和無線業務的訂單出貨比為 1.2 倍。在稍後的電話會議上，丹尼爾和傑夫將提供有關各自部門的業績以及本季度贏得的關鍵合約的更多資訊。

Comtech's consolidated gross margins for the quarter were 12.5% compared to 21.5% in the fourth quarter of fiscal '24 and 31.5% in our first quarter of fiscal '24. In addition to the fluctuations in net sales, I just discussed, consolidated gross margin for fiscal Q1 includes an $11.4 million non-cash charge in our satellite and space segment related to the write down of certain inventories as a result of restructuring activities during the quarter.

Comtech 本季的綜合毛利率為 12.5%，而 2024 財年第四季為 21.5%，24 財年第一季為 31.5%。除了我剛才討論過的淨銷售額波動之外，第一財季的綜合毛利率還包括衛星和航太部門的 1,140 萬美元非現金費用，該費用與本季重組活動導致的某些庫存減記有關。

As I mentioned, we reported a GAAP operating loss in Q1 fiscal '25 of $129.2 million, compared to operating income of $2.1 million in the prior year period. We reported a GAAP net loss of $148.4 million for the quarter compared to a net loss of $1.4 million in Q1 of fiscal '24.

正如我所提到的，我們報告 25 財年第一季的 GAAP 營運虧損為 1.292 億美元，而去年同期的營運收入為 210 萬美元。我們報告的本季度 GAAP 淨虧損為 1.484 億美元，而 24 財年第一季的淨虧損為 140 萬美元。

Our GAAP operating loss reflects several non-cash and one-time charges among other things, this includes a $79.6 million non-cash goodwill impairment charge in our satellite and space segment, $17.9 million of restructuring costs, including the non-cash inventory write down I just mentioned and $17.4 million of a non-cash charge to fully reserve for an unbilled receivable contract asset related to an international customer and reseller of our troposcatter technologies.

我們的 GAAP 營運虧損反映了多項非現金和一次性費用，其中包括我們的衛星和航太部門 7,960 萬美元的非現金商譽減損費用、1,790 萬美元的重組成本，包括非現金庫存減記我剛才提到了1740 萬美元的非現金費用，用於為與我們的對流層散射技術的國際客戶和經銷商相關的未開票應收合約資產全額預留。

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 Q1 fiscal 2025, adjusted EBITDA was negative $19.4 million as compared to positive $18.4 million in the prior year period.

正如我們在本季度的 10-Q 表格中更詳細地解釋和調節的那樣，我們使用了非 GAAP 衡量標準，我們將其稱為調整後 EBITDA。2025 財年第一季，調整後 EBITDA 為負 1,940 萬美元，而上年同期為正 1,840 萬美元。

Adjusted EBITDA in the more recent period reflects lower consolidated net sales and gross profit both in dollars and as a percentage of consolidated net sales and higher selling general and administrative expenses driven by the non-cash charge related to the allowance for bad debt, while setting the decrease was lower research and development expenses during the period.

最近一段期間調整後的EBITDA 反映了以美元計的合併淨銷售額和毛利潤的下降以及佔合併淨銷售額的百分比以及與壞帳準備金相關的非現金費用導致的銷售一般和管理費用的增加，同時設定減少的原因是期內研發費用減少。

Turning to the balance sheet now. Our cash and cash equivalents were approximately $30 million as of both October 31 and January 10, 2025. As Ken mentioned, we recently entered into a new credit facility which was subsequently amended to among other things, suspend quarterly financial covenant testing which will resume January 31, 2025. On October 17, 2024, we also entered into a $25 million subordinated credit facility.

現在轉向資產負債表。截至2025年10月31日及2025年1月10日，我們的現金及現金等價物約為3,000萬美元。正如 Ken 所提到的，我們最近簽訂了一項新的信貸安排，隨後進行了修改，其中包括暫停季度財務契約測試，該測試將於 2025 年 1 月 31 日恢復。2024 年 10 月 17 日，我們也簽訂了 2,500 萬美元的次級信貸額度。

As of quarter end, debt outstanding under these two credit facilities aggregated approximately $225 million before consideration of GAAP related adjustments to reflect offsetting deferred financing costs and discounts related to each facility. Commencing with our fiscal quarter ending January 31, 2025, we believe that we will not be able to comply with one or more of these covenants. As a result, such debt was presented as current on our condensed consolidated balance sheet.

截至季末，在考慮與每項貸款相關的 GAAP 相關調整以反映抵銷遞延融資成本和折扣之前，這兩項信貸安排下的未償債務總計約為 2.25 億美元。從截至 2025 年 1 月 31 日的財政季度開始，我們相信我們將無法遵守其中一項或多項契約。因此，此類債務在我們的簡明合併資產負債表中列為流動債務。

Strengthening our balance sheet is a top priority for this entire management team and our Board, this includes lowering our investments in working capital, reducing our debt levels and cash interest costs and regaining compliance with our financial covenant. Given their proven track records, we are confident that Ken, Daniel and Jeff possess the requisite skill sets and experience to help navigate us through these initiatives.

加強我們的資產負債表是整個管理團隊和董事會的首要任務，這包括減少我們對營運資本的投資，降低我們的債務水平和現金利息成本以及重新遵守我們的財務契約。鑑於他們的良好記錄，我們相信肯、丹尼爾和傑夫擁有必要的技能和經驗來幫助我們完成這些計劃。

During the second quarter of fiscal 2025, business conditions continue to be challenging, as outlined in our SCC disclosures today. Accordingly, we are not providing forward-looking guidance on a GAAP or non-GAAP basis at this time.

正如我們今天在 SCC 披露的資訊中所述，2025 財年第二季的業務狀況仍然充滿挑戰。因此，我們目前不提供基於公認會計原則或非公認會計原則的前瞻性指導。

Now, with that, please let me turn the call over to Daniel. Daniel?

現在，請讓我把電話轉給丹尼爾。丹尼爾？

Thanks, Mike. I'm Daniel Gizinski, President of Comtech's Satellite & Space Communications segment. While I'm relatively new to this role, I've been with Comtech for over five years. During my tenure, I've held key leadership positions and driven meaningful operational improvements at divisions and sites across the company. This experience has enabled me to hit the ground running with well informed decisions on an accelerated timescale. This is important as there is a lot of work to be done to address deficiencies in operational discipline and excessive cost structure that has built up over several years.

謝謝，麥克。我是 Daniel Gizinski，Comtech 衛星與太空通訊部門總裁。雖然我對這個職位還比較陌生，但我已經在 Comtech 工作了五年多了。在我任職期間，我擔任過重要的領導職務，並推動了公司各個部門和地點的有意義的營運改進。這段經歷使我能夠在更快的時間內做出明智的決策。這一點很重要，因為要解決多年來形成的營運紀律缺陷和過度成本結構，還有大量工作要做。

Prior to Comtech, I spent the majority of my career in the aerospace and satellite industry, including positions at companies like General Electric, Sierra Nevada Corporation and L3Harris. In these roles, I hone my skill set and built a deep understanding of our customers, markets and the opportunity set present ahead of us, even during this period of significant change for our industry.

在加入 Comtech 之前，我的大部分職業生涯都在航空航天和衛星行業度過，包括在通用電氣、Sierra Nevada Corporation 和 L3Harris 等公司任職。在這些職位中，我磨練了自己的技能，並對我們的客戶、市場和我們面前的機會有了深入的了解，即使在我們行業發生重大變化的時期。

The cadence of satellite launch has increased by orders of magnitude and we've seen the US stand up a new service in the US Space Force, which has grown its budget to nearly $30 billion. And as an electrical engineer and then program manager, who spent his early career developing products much like the ones Comtech manufacturers today, I deeply understand both the things that Comtech continues to get right and the areas where we need to make changes, on both the technical and business side.

衛星發射的節奏增加了幾個數量級，我們看到美國在美國太空部隊中設立了一個新軍種，預算增加到近 300 億美元。作為一名電氣工程師和後來的專案經理，他早期的職業生涯都在開發與今天的Comtech 製造商非常相似的產品，我深刻理解Comtech 繼續做對的事情以及我們需要做出改變的領域，無論是在技​​術和業務方面。

As Ken mentioned in his remarks, it is important to drive clarity around the priorities, align the team around these objectives and drive accountability and progress throughout the organization. Ken's arrival has driven a tenor change and he has moved quickly to align the team to address these challenges.

正如肯在演講中提到的那樣，重要的是要明確優先事項，使團隊圍繞這些目標進行協調，並推動整個組織的問責制和進步。肯的​​到來推動了基調的變化，他迅速採取行動，調整團隊以應對這些挑戰。

Our priorities are clear. We must address negative trends in gross margin and operational performance, must streamline the business to reduce our cost structure and support the expanded strategic initiatives process discussed earlier. We must continue to nurture the portions of the business that are performing well and promptly address the areas that are not performing or helping us meet our core business objectives.

我們的優先事項很明確。我們必須解決毛利率和營運績效的負面趨勢，必須簡化業務以降低成本結構並支援前面討論的擴展策略規劃流程。我們必須持續培養表現良好的業務部分，並及時解決表現不佳或無法幫助我們實現核心業務目標的領域。

As we looked at margin performance across the company, we undertook a comprehensive look at our S&S product portfolio that resulted in a decision to discontinue more than 70 unique product lines that were either not profitable or were not aligned to our strategic direction. This decision enabled us to simplify our manufacturing, support, engineering and go to market structure, reducing both complexity and cost associated with these discontinued product lines. In the lines that are continuing, we are focused on addressing product yields and margins with the intention of returning S&S gross margins towards historical levels.

在審視整個公司的利潤表現時，我們對 S&S 產品組合進行了全面審視，最終決定停止 70 多個獨特的產品線，這些產品線要么無法盈利，要么與我們的戰略方向不符。這項決定使我們能夠簡化製造、支援、工程和上市結構，降低與這些停產產品線相關的複雜性和成本。在後續業務中，我們專注於解決產品產量和利潤率問題，旨在將 S&S 毛利率恢復到歷史水準。

We will also look to rationalize our operational footprints, including decisions to fix or divest locations or product lines that are not performing or aligned strategically with our future direction. We have already taken actions, including the closure of our antenna manufacturing operations in Basingstoke. Expanding our strategic alternatives process to the satellite and space segment provides additional optionality to improve our position and align the organization around our core strategic focus.

我們還將尋求合理化我們的營運足跡，包括決定修復或剝離那些表現不佳或與我們未來方向策略不相符的地點或產品線。我們已經採取了行動，包括關閉位於貝辛斯托克的天線製造工廠。將我們的戰略替代流程擴展到衛星和太空領域，為提高我們的地位並使組織圍繞我們的核心戰略重點進行調整提供了額外的選擇。

Collectively, these changes will result in reductions to both headcount and operational footprint. We currently have more than 300,000 square feet of occupied space in North America dedicated to S&S, which we will work to rationalize and consolidate over the coming year.

總的來說，這些變化將導致員工人數和營運足跡的減少。目前，我們在北美擁有超過 30 萬平方英尺的空間專門用於 S&S，我們將在來年努力對其進行合理化和整合。

We are taking steps to simplify our organization and management structure, reducing layers of complexity, while maintaining the production, operations and engineering capabilities required to fulfill customer requirements. We've taken actions to reduce headcount in continuing operations with a reduction in force that occurred primarily during our fiscal Q2 of more than 10% of total S&S staff. These changes have resulted in a simplified organization with fewer layers of management and direct accountability for driving performance improvements at all levels in the organization.

我們正在採取措施簡化組織和管理結構，降低複雜性，同時保持滿足客戶要求所需的生產、營運和工程能力。我們已採取行動減少持續營運部門的員工人數，裁員主要發生在第二財季，佔 S&S 員工總數的 10% 以上。這些變化簡化了組織，減少了管理層級，並直接負責推動組織各個層級的績效改善。

While we still have much to do, we are making the right decisions to reduce overheads and empower the team to perform. Our course has been charted to a more streamlined S&S segment that is focused on designing, manufacturing and supporting sophisticated communications equipment for both our defense and commercial users that rely on us to provide mission critical communications infrastructure. These customers have continued to look to Comtech to provide these advanced capabilities through a period of significant market change.

雖然我們還有很多工作要做，但我們正在做出正確的決定，以減少管理費用並賦予團隊執行能力。我們的課程針對更精簡的 S&S 部分，專注於為依賴我們提供任務關鍵型通訊基礎設施的國防和商業用戶設計、製造和支援複雜的通訊設備。這些客戶一直希望 Comtech 在市場發生重大變化的時期提供這些先進的功能。

Delivering innovative quality products on time has historically been a hallmark of Comtech's satellite and space business and the streamlined efficient business that is emerging will be better suited to deliver on both customer and shareholder expectations.

按時交付創新的優質產品歷來是 Comtech 衛星和航太業務的標誌，而新興的精簡高效業務將更適合滿足客戶和股東的期望。

One of my focus areas in taking this role is ensuring that we better manage relationships with our customers and partners. This means taking an early active role in contract negotiations, not just around legal terms and avoiding penalties, but focusing on better negotiations around cash flow and ensuring that milestone payment schedules are created in a way that preserves liquidity. We started to see success on this front already in new contracts and expect to see these improvements factor in as we begin to wind down some of our existing agreements over the coming year.

我擔任此職務的重點領域之一是確保我們更好地管理與客戶和合作夥伴的關係。這意味著在合約談判中儘早發揮積極作用，不僅僅是圍繞法律條款和避免處罰，而是專注於圍繞現金流進行更好的談判，並確保以保留流動性的方式創建里程碑付款計劃。我們開始在新合約中看到這方面的成功，並期望在我們明年開始逐步結束一些現有協議時看到這些改進。

Elevated unbilled levels on our US Marine Corps troposcatter contract remain an area of focus, one which has increased as our customer has notified us of an intent to pause work, including deliveries for 90 days while they reassess their future plans. We are working collaboratively with our customers to manage impacts related to this decision and protect liquidity through this period.

我們的美國海軍陸戰隊對流層散射合約的未計費水準升高仍然是一個焦點領域，隨著我們的客戶通知我們打算暫停工作（包括在重新評估未來計劃時暫停90 天的交付），這一問題有所增加。我們正在與客戶合作，管理與此決定相關的影響，並在此期間保護流動性。

We've also begun a thoughtful review of our internal incentive plans, including sales incentives to ensure that our staff, partners, resellers and distributors have incentives that are aligned to the parameters that matter to our customers and shareholders.

我們也開始對我們的內部激勵計劃進行深思熟慮的審查，包括銷售激勵措施，以確保我們的員工、合作夥伴、經銷商和分銷商的激勵措施與對我們的客戶和股東重要的參數相一致。

Innovation that delivers outsized customer value is frequently the root of successful technology companies. Through a thoughtful reorganization of our engineering team, we are positioning Comtech to deliver new capabilities, including the Digital Common Ground platform faster. As our customers seek to adapt to the pace of change in the industry, these next generation products provide meaningful advancements that command a value premium.

提供巨大客戶價值的創新往往是成功科技公司的根源。透過對我們的工程團隊進行深思熟慮的重組，我們將 Comtech 定位為更快地提供新功能，包括數位共同點平台。隨著我們的客戶尋求適應行業變革的步伐，這些下一代產品提供了有意義的進步，帶來了價值溢價。

Differentiated technology and customer relationships will be critical to positioning Comtech for success. We have a long history of building some of the most reliable, highest performance communication infrastructure products in the world, which our customers have come to rely on. This is something that our team here still excels at today. I am focused on making sure we continue to press our advantage but also get the business fundamentals right. We will be more thoughtful on the deals we take on, the way these deals are structured and our approach to delivering products to customers.

差異化的技術和客戶關係對於 Comtech 的成功至關重要。我們在建構世界上一些最可靠、最高性能的通訊基礎設施產品方面有著悠久的歷史，這些產品已成為我們的客戶所依賴的。這是我們團隊今天仍然擅長的事情。我的重點是確保我們繼續發揮我們的優勢，同時保持正確的業務基礎。我們將更加深思熟慮地考慮我們所進行的交易、這些交易的結構方式以及我們向客戶提供產品的方法。

Importantly, customer demand for Comtech's unique and differentiated capabilities is strong. Key awards during our fiscal Q1 included more than $16 million in orders from the US Army for the supply of VSAT equipment and related services, more than $8.5 million in incremental funding related to the US Army's EDAM modem development, which has now been funded at more than $19 million to date. Over $6 million in funded orders from a new international customer for power amplifiers and a production order valued in excess of $5 million received from an existing customer deploying a new LEO constellation.

重要的是，客戶對 Comtech 獨特且差異化的能力的需求非常強烈。我們第一財季的主要獎項包括來自美國陸軍的超過1600 萬美元的用於供應VSAT 設備和相關服務的訂單，超過850 萬美元的與美國陸軍EDAM 調製解調器開發相關的增量資金，該資金現已獲得更多資金迄今已超過 1900 萬美元。來自新國際客戶的功率擴大機訂單金額超過 600 萬美元，以及部署新 LEO 星座的現有客戶的價值超過 500 萬美元的生產訂單。

I joined Comtech just over five years ago based on an appreciation for the people, the technology and an expectation that the pivot underway in satellite communications would serve companies like Comtech well. Despite challenges, the thesis remains strong, and we believe that the streamlined business we are building is positioned to deliver meaningful value to our customers and our shareholders.

五年前，我加入 Comtech，是出於對員工、技術的欣賞，以及對衛星通訊領域正在進行的轉型將為 Comtech 這樣的公司提供良好服務的期望。儘管面臨挑戰，這一論點仍然很強大，我們相信我們正在建立的精簡業務能夠為我們的客戶和股東帶來有意義的價值。

I'll now pass it over to Jeff.

我現在將其交給傑夫。

Thank you, Daniel. I'm Jeff Robertson, the President of Comtech's terrestrial & wireless business segment. First, I'll provide a brief overview of my background, then I'll share some insights into our T&W business and our significant opportunities and progress in our public safety and carrier technologies.

謝謝你，丹尼爾。我是傑夫羅伯森 (Jeff Robertson)，Comtech 地面和無線業務部門的總裁。首先，我將簡要概述我的背景，然後分享對我們的 T&W 業務以及我們在公共安全和營運商技術方面的重大機會和進展的一些見解。

After initially consulting with the business, I assumed this full-time role in March 2024. I have over 25 years of leadership experience in this space, including roles as CEO of Intrado and other organizations. I bring a track record of successfully navigating divestiture processes while maintaining focus on business fundamentals. Notable examples include car boats such as Airbus Communications North America to Motorola in 2017 and Intrado Public Safety to Stonepeak in 2023.

在與公司進行初步諮詢後，我於 2024 年 3 月擔任這一全職職位。我在這個領域擁有超過 25 年的領導經驗，包括擔任 Intrado 和其他組織的執行長。我擁有成功駕馭剝離流程的記錄，同時保持對業務基本面的關注。著名的例子包括汽車船，例如 2017 年 Airbus Communications North America 收購摩托羅拉，以及 2023 年 Intrado Public Safety 收購 Stonepeak。

As Comtech announced last quarter, we're exploring strategic alternatives for the T&W business. Due to the strong market position, customer relationships, profit profile, growth potential and recurrent revenue and steady cash flow, we've attracted strong interest from potential partners. This process is ongoing, and as Ken described, it will be part of a broader strategic alternatives review involving all aspects of the company.

正如 Comtech 上季度宣布的那樣，我們正在探索 T&W 業務的戰略替代方案。由於強大的市場地位、客戶關係、利潤狀況、成長潛力、經常性收入和穩定的現金流，我們吸引了潛在合作夥伴的強烈興趣。這個過程正在進行中，正如肯所描述的，它將成為涉及公司各個方面的更廣泛的策略替代方案審查的一部分。

The terrestrial & wireless business is built on stability and growth potential. In the public safety sector, our revenues are underpinned by predictable funding sources, long sales cycles, while our carrier business benefits from shorter sales cycles and technical complexity as we enable wireless, VoIP and non-traditional carriers to comply with regulatory requirements.

地面和無線業務建立在穩定性和成長潛力的基礎上。在公共安全領域，我們的收入由可預測的資金來源和較長的銷售週期支撐，而我們的營運商業務則受益於更短的銷售週期和技術複雜性，因為我們使無線、VoIP 和非傳統營運商能夠遵守監管要求。

[TT&W] awards in fiscal Q1 included a $30 million plus contract renewed by one of the largest wireless carriers in the United States to enhance critical 911 call routing services, also a large multiyear location-based services maintenance and supports contract from another top tier wireless carrier in the US valued at over $19 million.

[TT&W] 第一財季的合同包括美國最大的無線運營商之一續簽的3000 萬美元以上合同，以增強關鍵的911 呼叫路由服務，以及另一家頂級無線運營商的大型多年期基於位置的服務維護和支援合約美國航空公司的估值超過 1900 萬美元。

A $2 million plus NextGen 911 Guardian call handling solution contract was received from an emergency agency located in British Columbia, Canada. Over $1 million in funding to continue servicing certain PSAPs in a New England state and over $1 million of funding related to continued NextGen 911 deployment in South Carolina.

從加拿大不列顛哥倫比亞省的一家緊急機構收到了價值 200 萬美元的 NextGen 911 Guardian 呼叫處理解決方案合約。超過 100 萬美元的資金用於繼續為新英格蘭州的某些 PSAP 提供服務，以及超過 100 萬美元的資金用於繼續在南卡羅來納州部署 NextGen 911。

The T&W business focus is on four key steps in the emergency response process. Firstly, we focus on locating the caller or where the emergency is located. Second, we direct this request to the help it needs to the first and most appropriate first responding agency. We then transport the call, media or incident details to the first responding agency. On the last step, we actually receive the caller incident details to dispatch local responders and/or receiving an alert request to notify the public of a pending or real time emergency, for example, an Amber Alert for a geographic region.

T&W 的業務重點是緊急應變流程中的四個關鍵步驟。首先，我們專注於定位呼叫者或緊急情況的位置。其次，我們將此請求轉給第一個也是最合適的第一個回應機構，以提供所需的協助。然後，我們將電話、媒體或事件詳細資訊傳送給第一響應機構。在最後一步中，我們實際上接收呼叫者事件詳細資訊以派遣本地響應人員和/或接收警報請求以通知公眾未決或實時緊急情況，例如針對某個地理區域的安珀警報。

Since joining Comtech, I've prioritized four key areas. One, focusing on building a high caliber executive team capable of excelling in a public company structure or as a standalone entity. Two, developing a robust five-year business plan focused on sustainable growth and product innovation while ensuring financial accountability. Third, strengthening communications with our stakeholders to underscore the stability and growth potential of the T&W business. And four, expanding in core markets while entering high growth, adjacent and international markets as outlined in our strategy.

自從加入 Comtech 以來，我優先考慮了四個關鍵領域。第一，專注於建立一支高素質的管理團隊，能夠在上市公司結構或作為獨立實體中表現出色。第二，制定穩健的五年業務計劃，專注於永續成長和產品創新，同時確保財務責任。第三，加強與利害關係人的溝通，強調同維業務的穩定性和成長潛力。第四，依照我們的策略所述，在核心市場擴張的同時進入高成長、鄰近和國際市場。

Importantly, I'm confident in the bright future of the terrestrial & wireless business. We are poised to expand our target addressable markets and deliver significant value for our customers by capitalizing on our strengths and executing our strategic plan of expanding internationally and using our core next generation 911 networks to offer more hosted services that improve emergency response.

重要的是，我對地面和無線業務的光明前景充滿信心。我們準備擴大我們的目標市場，並透過利用我們的優勢和執行我們的國際擴張策略計劃，並使用我們的下一代核心911 網路提供更多託管服務來改善緊急響應，為我們的客戶提供巨大的價值。

In addition, our distinct focus on our public safety and carrier technologies enables a stable and scalable business model. Our public safety technologies are poised for growth due to the need for non-traditional methods to request emergency help from new devices. These include wearables, vehicles, AI-based cameras, home or enterprise security solutions and network connected monitoring devices, for example, smoke detectors, driving new upgrades and solutions to serve public safety.

此外，我們對公共安全和營運商技術的獨特關注實現了穩定且可擴展的業務模式。由於需要非傳統方法來請求新設備的緊急協助，我們的公共安全技術即將成長。其中包括穿戴式裝置、車輛、基於人工智慧的攝影機、家庭或企業安全解決方案以及網路連接的監控設備（例如煙霧偵測器），推動新的升級和解決方案服務於公共安全。

In the new administration, the upcoming FCC spectrum auction is estimated to have significant federal funding explicitly earmarked to modernize the US next generation 911 infrastructure. We are poised to grow our carrier business as we finish our latest cloud agnostic 5G passive and emergency location, messaging and alerting services for US. Carriers. Once completed, this platform can be marketed internationally to carriers worldwide with many international carriers already showing significant interest.

在新政府中，即將舉行的 FCC 頻譜拍賣預計將有大量聯邦資金明確指定用於美國下一代 911 基礎設施的現代化。隨著我們為美國完成最新的與雲端無關的 5G 被動和緊急定位、訊息傳遞和警報服務，我們準備好發展我們的營運商業務。載體。一旦完成，該平台可以向全球營運商進行國際行銷，許多國際營運商已經表現出了濃厚的興趣。

As we execute our strategic plan, we remain steadfast in our commitment to delivering measurable results. I'm confident that the terrestrial & wireless business will serve as a cornerstone of Comtech's success.

在執行戰略計劃時，我們堅定不移地致力於提供可衡量的成果。我相信地面和無線業務將成為 Comtech 成功的基石。

Thank you. Let me turn it back to Ken for some final comments.

謝謝。讓我把它轉回給肯，徵求一些最後的評論。

Thank you, Jeff. I want to close with a brief summary. While Comtech's recent historical performance has been unsatisfactory, the company has great assets, including its people, technologies, reputation, customers and relationships. Since I joined the company as Executive Chairman about six weeks ago, I have learned a lot to give me confidence that we can overcome the challenges and create new opportunities to strengthen the business and create value. I am honored to expand my role as President and CEO today and look forward to leading the company into a stronger and brighter future.

謝謝你，傑夫。我想以一個簡短的總結作為來結束。儘管 Comtech 最近的歷史業績並不理想，但該公司擁有大量資產，包括人員、技術、聲譽、客戶和關係。自從大約六週前我加入公司擔任執行董事長以來，我學到了很多東西，這讓我充滿信心，我們能夠克服挑戰並創造新的機會來加強業務和創造價值。我很榮幸今天能夠擴大我作為總裁兼執行長的職責，並期待帶領公司邁向更強大、更光明的未來。

As outlined today, our priorities for Comtech going forward include: first, earning the trust of all key stakeholders by being candid about both the challenges and opportunities delivering on a thoughtful plan to strengthen the company going forward. Second, implementing operational discipline and rightsizing to improve Comtech's processes and cost structure.

正如今天所概述的，我們 Comtech 未來的優先事項包括：首先，透過坦誠地對待挑戰和機遇，制定深思熟慮的計劃來加強公司的未來發展，從而贏得所有主要利益相關者的信任。其次，實施營運紀律和精簡規模，以改善 Comtech 的流程和成本結構。

Third, supporting and growing successful business units by enhancing our key points of differentiation, providing superior products and services to our customers. Fourth, conducting a comprehensive review of all strategic alternatives. Fifth, strengthening the company's capital structure. And finally, leading a corporate culture that is centered on integrity, transparency, accountability and a determination to be the leading and most successful provider of secure communication technologies.

第三，透過增強我們的差異化關鍵點，為客戶提供優質的產品和服務，支援和發展成功的業務部門。第四，對所有策略選擇進行全面審查。五是強化公司資本結構。最後，領導一種以誠信、透明、問責為中心的企業文化，並決心成為領先和最成功的安全通訊技術提供者。

With that, operator, let's open it up for questions. Keeping in mind, we have the Annual Shareholders Meeting to attend shortly after this call.

那麼，操作員，讓我們開始提問吧。請記住，我們將在本次電話會議後不久參加年度股東大會。

(Operator Instructions) Joe Gomes, Noble Capital.

（操作員指示）Joe Gomes，Noble Capital。

I'm going to be harsh with you right out of the gate, okay? Warren Buffett has always been quoted as saying, "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact." And while I appreciate your story, fraud doesn't necessarily equate to a bad business. Comtech's performance topped in, I think, it was fiscal 2019 in terms of revenues and adjusted EBITDA, and it's been pretty much downhill since.

我一出門就會對你嚴厲，好嗎？沃倫·巴菲特總是被引用說：“當一個以才華橫溢著稱的管理層對付一個以糟糕的經濟效益而聞名的企業時，企業的聲譽仍然完好無損。”雖然我很欣賞你的故事，但詐欺不一定等於生意不好。我認為，就收入和調整後 EBITDA 而言，Comtech 的業績在 2019 財年達到頂峰，但此後一直在走下坡路。

Almost, I don't know, two and a half years ago, Ken Peterman came on. He started one Comtech, built the Arizona facility, all of this to take out cost, the focus. John was continuing along the same path and now you're telling us we've got to redo it all over again and it just seems it's never ending, and I don't see the end in sight. So what's going to change to actually make Comtech start growing again and be a good business or is it just a bad business?

幾乎，我不知道，兩年半前，肯彼得曼上場了。他創辦了一家 Comtech 公司，建造了亞利桑那州的工廠，所有這些都是為了降低成本，這是重點。約翰繼續沿著同一條路走，現在你告訴我們，我們必須重來一遍，而這似乎永遠不會結束，而我看不到終點。那麼，要發生什麼變化才能真正讓 Comtech 重新開始成長並成為一家好企業，還是只是一家糟糕的企業？

Very fair question and set of points there, Joe. And you relayed one of my favorite Warren Buffett quotes. So I do agree with you. I am here because I do believe that this company can be fixed. The history is disappointing. We get it. But there are valuable assets here, and the company does have important differentiated technology. It's got really great customer relationships. There it has performed poorly over the years. There's no doubt about it. I am here to address that, and we have already started to implement a series of changes that I've outlined today to better position this company for the future.

非常公平的問題和一系列要點，喬。你轉述了我最喜歡的華倫巴菲特名言之一。所以我同意你的觀點。我來這裡是因為我相信這家公司可以被修復。歷史令人失望。我們明白了。但這裡有寶貴的資產，而且該公司確實擁有重要的差異化技術。它擁有非常好的客戶關係。多年來它在那裡表現不佳。毫無疑問。我來這裡是為了解決這個問題，我們已經開始實施我今天概述的一系列變革，以便更好地為公司的未來定位。

None of it is easy, right? It's fair to say. This is a turnaround, right? The historical performance cannot continue. We have to fix this business. I wouldn't be trying if I didn't believe that we can create a better future. And we have talent here, right?

這一切都不容易，對吧？可以說是公平的。這算是個轉機吧？歷史表現無法延續。我們必須解決這個問題。如果我不相信我們可以創造更美好的未來，我就不會嘗試。我們這裡有人才，對嗎？

An example I gave of ABNH, shortly after I arrived at CEO, I concluded I needed to replace the entire management team. That's not the case here. There's a lot of strong talent in this company, right? There are real assets. And I'm working with a good team that recognizes, yes, it's been a rough road, we're going to fix it.

我舉了 ABNH 的一個例子，在我擔任執行長後不久，我得出結論，我需要更換整個管理團隊。這裡的情況並非如此。這家公司裡有很多實力雄厚的人才吧？有實物資產。我正在與一支優秀的團隊合作，他們認識到，是的，這是一條艱難的道路，我們將解決它。

And let me also -- you mentioned the sequence of CEOs. Yeah, I'm the fifth CEO of a relatively short period of time. That's not a good sign. But I will share with you what John Ratigan said to me. As I put in my remarks, he is a true gentleman, and he has moved on with grace and dignity. When I first had the discussion with John about what we'll do going forward, his response was, "Ken, you are far better suited to lead Comtech into the future than I am." That shows a real humility, a recognition. And yes, this isn't going to be easy, Joe, but we're going to do it. This company is committed to it. We are going to be a better Comtech going forward than what you've seen in the past.

我也想——你提到了執行長的順序。是的，我是在相對較短的時間內擔任的第五任執行長。這不是一個好兆頭。但我會與你們分享約翰·拉蒂根對我說的話。正如我在發言中所說，他是一位真正的紳士，他以優雅和尊嚴的方式繼續前進。當我第一次與約翰討論我們未來要做什麼時，他的回答是：“肯，你比我更適合領導 Comtech 走向未來。”這顯示了真正的謙卑和認可。是的，這並不容易，喬，但我們會做到的。該公司致力於此。未來我們將成為比您過去看到的更好的 Comtech。

Thanks for that. Let me do one follow-up and then I'll get back in queue so other people ask some questions here. I know we're time constrained. And this one's more for Mike. Mike, in the fiscal Q4 call, you mentioned revenues were expected to be flat with fourth quarter and adjusted EBITDA, expectations were to see improvement and both of those numbers were down. And essentially, I believe at the time of the call, the quarter was pretty much done. And I'm just trying to square that circle as to how that you guys could have said that and then the numbers come in so different than what was said on the call?

謝謝你。讓我做一項後續工作，然後我會回到隊列中，以便其他人在這裡問一些問題。我知道我們時間有限。而這個比較適合麥克。麥克，在第四季度財年電話會議中，您提到收入預計將與第四季度持平，調整後的 EBITDA 預計會有所改善，但這兩個數字均有所下降。從本質上講，我相信在召開電話會議時，該季度基本上已經完成。我只是想弄清楚你們怎麼會這麼說，然後得出的數字與電話中所說的話如此不同？

Good morning, Joe. A fair question, too. Yeah, I think it's twofold. I think part of it was we had to close the books on some of our contracts that have estimates to complete, so we needed to see the actuals come in after we reported. That's one thing. And we did have some adjustments on some of our EACs as we're closing those projects up and gearing up for production, which is a good thing, in the second half of the year.

早安，喬。這也是一個公平的問題。是的，我認為這是雙重的。我認為部分原因是我們必須關閉一些需要完成估算的合同，因此我們需要在報告後查看實際情況。這是一回事。隨著我們在下半年關閉這些項目並準備生產，我們確實對一些 EAC 進行了一些調整，這是一件好事。

But I would say the second unexpected item as we had to continue to reassess our own builds, our EBITDA does reflect approximately $20 million reduction from having to take a position on an unbilled receivable that we had booked and had been tracking for past couple of quarters. It was not clear to us. There was some uncertainty as to the timing of being able to bill and collect that and that we had to take a charge and that was after we had provided that guidance. So I would say those are probably the two main drivers.

但我想說的是第二個意想不到的項目，因為我們必須繼續重新評估我們自己的構建，我們的EBITDA 確實反映出我們因必須對我們已經預訂並在過去幾個季度一直在跟踪的未開票應收帳款採取立場而減少了約2,000 萬美元。我們不清楚。能夠開立帳單和收取費用的時間存在一些不確定性，我們必須在提供指導後收取費用。所以我想說，這可能是兩個主​​要驅動因素。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Good morning. When we look at the challenges, some of the top line challenges on the satellite business, I think over the last quarter or two, you've been pointing to maybe the balance sheet issues causing some production delays, your inability to get maybe deliver on some product. I guess the thought was now that you had both the debt current, and you would see maybe an improvement in production and start to see some movement on delivering against your backlog. Now, now we're back to the debt being current again and the balance sheet seems to be an increasing issue.

早安.當我們審視挑戰時，衛星業務的一些主要挑戰，我認為在過去一兩個季度，您一直指出資產負債表問題可能導致一些生產延遲，您可能無法交付一些產品。我想現在的想法是，你既有債務，也可能會看到生產有所改善，並開始看到一些針對積壓訂單的交付行動。現在，我們又回到了債務流動的狀態，資產負債表似乎變成一個日益嚴重的問題。

So what's the impact going to be maybe on your production? Are we back to where we were? And maybe a quarter or two ago with the inability to maybe get terms from suppliers or how is this going to impact production going forward?

那麼這對您的生產可能會產生什麼影響？我們回到原來的地方了嗎？也許一兩個季度前，可能無法從供應商那裡獲得條款，或者這將如何影響未來的生產？

Good morning, Greg. I'll take that first part of the question, I guess. In terms of where we are cash position wise and where we are with our vendors, we have maintained as you see on the balance sheet our AP at levels that are much lower than what we have been tracking. We're keeping the aging in check, definitely feeding the supply chain as best as possible. In terms of our liquidity, we've been able to maintain that covenant.

早安，格雷格。我想我會回答問題的第一部分。就我們的現金狀況以及我們與供應商的關係而言，正如您在資產負債表上看到的那樣，我們的 AP 水平遠低於我們一直跟踪的水平。我們正在控制老化，肯定會盡可能為供應鏈提供食物。就我們的流動性而言，我們一直能夠維持這項契約。

So I think on that front, we are addressing that head on in terms of where we are with our lenders and the actual debt. I'll turn that over to Ken to maybe talk more about next steps.

因此，我認為在這方面，我們正在從我們與貸方的關係和實際債務的角度來解決這個問題。我會將其轉交給 Ken，以便更多地討論後續步驟。

Yes. So Greg, it's an accounting requirement to reclassify the debt as current when there is an anticipation that we will not meet the financial covenants. So the debt is reclassified as current for those reasons. We've developed a very constructive and positive working relationship with the lenders as well as the preferred stockholders. And we're continuing to work with them constructively and believe that, with their support, we're going to get through this and be in a better position financially than the company has been.

是的。因此，格雷格，當預計我們將無法滿足財務契約時，會計要求將債務重新分類為流動債務。因此，由於這些原因，債務被重新分類為流動債務。我們與貸方以及優先股股東建立了非常有建設性和積極的工作關係。我們將繼續與他們進行建設性的合作，並相信，在他們的支持下，我們將渡過難關，並在財務上處於比公司更好的地位。

Okay. And I guess just a follow-up. So in terms of maybe market demand, is what we're seeing now? Are you losing business or are you losing market share because the implication or the thought over the last couple of quarters was maybe some of this was -- it was not market related, it was kind of Comtech related in terms of your ability to get production levels back to normalized rates and your ability to deliver against your backlog. So is what we're seeing now more kind of market related? How should we view the decline in revenue this quarter maybe relative to what you had expected at the end of --?

好的。我想這只是後續行動。那麼就市場需求而言，我們現在看到的是這樣的情況嗎？你是否正在失去業務，或者是否正在失去市場份額，因為過去幾個季度的暗示或想法可能是——它與市場無關，就你獲得生產的能力而言，它與 Comtech 有關。速率以及您交付積壓訂單的能力。那麼我們現在看到的情況更多的是與市場相關嗎？我們應該如何看待本季營收的下降可能相對於您年底的預期——？

I'm just going to make a high-level comment, Greg, and then I'm going to turn it over to Daniel to give you some specifics in the satellite & space. But we have over $800 million of funded backlog. So that gives us some confidence that the going forward revenue is there. Not to say that there aren't plenty of business and operational and market challenges, there are. But with over $800 million of backlog, that supports the confidence of going forward.

格雷格，我只想發表一個高級別評論，然後我將把它轉交給丹尼爾，為您提供一些衛星和太空方面的細節。但我們還有超過 8 億美元的積壓資金。因此，這讓我們對未來的收入有一定的信心。並不是說沒有太多的業務、營運和市場挑戰，但確實存在。但積壓超過 8 億美元的訂單支撐著我們前進的信心。

Daniel, do you want to add a little specifics and Jeff, if you want to follow that as well?

丹尼爾，你想添加一些細節嗎？

Absolutely. So on the satellite & space side, I think there's a few things that are worth highlighting. The first is we have and continue to maintain and execute against large multi-year funded programs. One of the historical trends in our satellite business has always been that large infrastructure build outs occur and generate some level of volatility in the ability of customers to accept and ingest the deliveries of new equipment. I think from a market standpoint, we kind of show in Q1 a relatively modest level of book-to-bill about 1.0x, which I think reflects several major new wins as well as follow on orders from existing customers that are in early stages of building out their ground infrastructure.

絕對地。因此，在衛星和太空方面，我認為有一些事情值得強調。首先是我們已經並將繼續維護和執行大型多年資助計畫。我們衛星業務的歷史趨勢之一始終是大型基礎設施建設的發生，並對客戶接受和吸收新設備交付的能力產生一定程度的波動。我認為從市場的角度來看，我們在第一季的訂單出貨比水平相對適中，約為1.0 倍，我認為這反映了幾項重大的新勝利，以及對處於早期階段的現有客戶的訂單的後續。

I think ultimately from a market standpoint, we feel like we're strongly positioned, continuing to be competitive in the sections of the market that we're pushing after. And I think ultimately, as Ken mentioned, strong backlog in the S&S segment as well, both in the funded and unfunded, but highly visible segment.

我認為最終從市場的角度來看，我們感覺我們處於有利地位，在我們所追求的市場領域繼續保持競爭力。我認為最終，正如 Ken 所提到的，S&S 領域也有大量積壓，無論是有資金的還是無資金的，但都非常引人注目。

I would just add on to Daniel's thoughts on the T&W business because we serve public safety, state, local government. The customers are extremely sticky. So when you look at our historical track record, you'll see that it's consistently growing to your point of market share, so which I'm excited about. Also the steady funding stream and public safety from the surcharges that are charged on to customers. That funding stream actually helps my business in its stability and growth. So along with the backlog that Ken mentioned, so I think we're in good shape from a market demand perspective and we're certainly not losing market share, in fact, we're growing.

我只想補充丹尼爾對 T&W 業務的想法，因為我們為公共安全、州、地方政府服務。客戶黏性非常大。因此，當您查看我們的歷史記錄時，您會發現它的市場份額一直在增長，對此我感到很興奮。還有向客戶收取的附加費帶來的穩定資金流和公共安全。該資金流實際上有助於我的業務的穩定和成長。因此，除了肯提到的積壓，我認為從市場需求的角度來看，我們的狀況良好，我們當然不會失去市場份額，事實上，我們正​​在成長。

Griffin Boss, B. Riley Securities.

格里芬‧博斯 (Griffin Boss)，B. 萊利證券 (Riley Securities)。

Hi. Thanks for taking my question. I'll try to keep this brief. Welcome, Ken, first of all, and then I'll just start on the strategic review, particularly for terrestrial and wireless networks. Back in October, when it was announced that the strategic transformation strategy was happening specifically for T&W, that was said to be well underway. Should we look at this kind of new updated strategic transformation as a continuation of that process for T&W or is this going to be a reset of that timeline to look for a potential sale of that business?

你好。感謝您提出我的問題。我會盡量簡短。歡迎，肯，首先，我將開始策略審查，特別是地面和無線網路。早在 10 月份，當宣布專門為 T&W 實施戰略轉型戰略時，據說該戰略正在順利進行。我們是否應該將這種新的更新的策略轉型視為 T&W 流程的延續，或者這是否會重置時間表以尋找該業務的潛在出售？

Good question, Griffin. It is a continuation and broadening of the previously announced process. I did believe that it makes more sense to explore all strategic alternatives to put whatever transaction we may do with T&W or elsewhere in a broader context. So we're well informed of all opportunities before consummating any specific transaction.

好問題，格里芬。這是先前宣布的流程的延續和擴展。我確實相信，探索所有策略替代方案，將我們與 T&W 或其他地方可能進行的任何交易放在更廣泛的背景下，更有意義。因此，在完成任何特定交易之前，我們充分了解所有機會。

Okay. Makes sense. And then maybe one more for Mike here. Now that you took that charge on the unbilled, can you just provide maybe more clarity or an update on the remaining unbilled and your expectation for meeting whatever milestones need to be met to convert those to build in the future?

好的。有道理。也許還有一個給麥克的。現在您已經對未開票項目承擔了這項費用，您能否提供更多關於剩餘未開票項目的說明或更新信息，以及您對滿足將這些項目轉化為未來構建所需的任何里程碑的期望？

Sure. In terms of focus on the two main troposcatter programs that we have with the US Army, you'll find in our disclosures today, we are sitting with about $10 million in the unbilled for those contracts. That will likely get resolved as Daniel mentioned with the stop work order. We'll be resuming on that front. And with the US Army, that program is now in its latter stages of delivery. So we'll be invoicing and collecting in that with normal terms.

當然。就我們與美國陸軍的兩個主要對流層散射項目而言，您會在我們今天披露的資訊中發現，這些合約的未開票金額約為 1000 萬美元。正如丹尼爾在停工令中提到的那樣，這個問題可能會得到解決。我們將繼續這方面的工作。對於美國陸軍來說，該計劃目前正處於交付的後期階段。因此，我們將按正常條件開立發票並收取費用。

High level overall, our unbilled did come down. While the headline number for the receivables was still about $200 million before reserves, it does reflect the shifting of unbilled to build categories. So our expectation is over the next couple of months, we'll be working those down.

整體水準很高，我們的未開票確實下降了。雖然未計準備金前應收帳款的總體數字仍約為 2 億美元，但它確實反映出未開票類別向建造類別的轉變。所以我們的期望是在接下來的幾個月裡，我們將努力解決這些問題。

Thank you. At this time, I would like to turn the call back to the company for any additional or closing remarks.

謝謝。此時，我想將電話轉回公司以獲取任何補充或結束語。

Okay. This is Ken again. Thank you all for joining us. Let me reiterate my enthusiasm to lead Comtech going forward. While we know the company has faced various challenges that have built up over time, we also do have great assets, as I described, including our people, our technologies, reputation, customers and relationships.

好的。這又是肯。感謝大家加入我們。讓我重申我對領導 Comtech 前進的熱情。雖然我們知道公司面臨著隨著時間的推移而累積的各種挑戰，但正如我所描述的，我們也確實擁有龐大的資產，包括我們的員工、技術、聲譽、客戶和關係。

Since I joined the company as Executive Chairman recently, I have learned a lot to give me confidence that we can overcome the challenges and create new opportunities to strengthen the business and create value. We look forward to keeping you informed as we proceed. Thank you all for joining us.

自從我最近加入公司擔任執行主席以來，我學到了很多東西，這讓我充滿信心，我們能夠克服挑戰並創造新的機會來加強業務和創造價值。我們期待在我們繼續進行的過程中隨時向您通報情況。感謝大家加入我們。

This does conclude today's call. Thank you for your participation. You may disconnect at any x time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連線。