Comtech Telecommunications Corp (CMTL) 2026 Q2 法說會逐字稿

Welcome to Comtech Telecommunications Corp's conference call for the second-quarter of fiscal 2026. As a reminder, this conference call is being recorded.

歡迎參加 Comtech Telecommunications Corp 2026 會計年度第二季的電話法說會。提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Maria Ceriello, Senior Director of FP&A of Comtech. Please go ahead, Maria.

現在我想把電話交給 Comtech 財務規劃與分析（FP&A）資深總監 Maria Ceriello。Maria，請開始。

Thank you, operator, and thanks, everyone, for joining us today. I'm here with Ken Traub, Comtech's Chairman, President and CEO; and Mike Bondi, our CFO. After Ken and Mike's remarks, they will be available for questions together with Daniel Gizinski, President of our Satellite and Space Communications segment; and Jeff Robertson, President of our Allerium segment.

謝謝接線員，也謝謝各位今天加入我們。我與 Comtech 董事長、總裁暨執行長 Ken Traub，以及財務長 Mike Bondi 一同出席。在 Ken 與 Mike 的致詞之後，他們將與我們衛星與太空通訊事業部總裁 Daniel Gizinski，以及 Allerium 事業部總裁 Jeff Robertson 一起回答提問。

Before we get started, please note we have a detailed discussion of the quarter in the press release and 10-Q we issued this afternoon, which are available on our website as well as the SEC's 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.

在開始之前，請注意我們已在今天下午發布的新聞稿與 10-Q 中，對本季有詳細討論，相關文件可於本公司網站及美國證券交易委員會（SEC）網站查閱。本次電話會議所呈現的部分資訊將包含（但不限於）與公司未來營運表現及財務狀況相關的資訊。

The company's plans, objectives and business outlook and the plans, objectives and business outlook of the company's management. The company's assumptions regarding such performance, business outlook and plans are forward-looking in nature and always involve significant risks and uncertainties. Actual results could differ materially from such forward-looking information. Any forward-looking statements are qualified in their entirety by cautionary statements contained in the company's SEC filings.

包括公司的計畫、目標與業務展望，以及公司管理階層的計畫、目標與業務展望。公司對該等表現、業務展望與計畫所作的假設屬於前瞻性，且一向涉及重大風險與不確定性。實際結果可能與該等前瞻性資訊存在重大差異。任何前瞻性陳述均受公司向 SEC 提交文件中所載之警示性聲明的全面限制與約束。

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

接下來我把時間交給 Ken。Ken？

Thank you, Maria, and good afternoon, everyone. I appreciate you joining us today. I'm going to discuss some key trends, and Mike will discuss our financials in more detail. Comtech continued on its positive trajectory of improvement as we delivered our fourth consecutive quarter of positive operating cash flow and ended the quarter with approximately $50 million of total liquidity.

謝謝你，Maria，各位下午好。感謝各位今天加入我們。我將討論一些關鍵趨勢，而 Mike 會更詳細說明我們的財務狀況。Comtech 持續沿著正向改善的軌道前進，我們已連續第四季達成正的營運現金流，並在本季結束時擁有約 5,000 萬美元的總流動性。

With net bookings of $175 million in the quarter, we've achieved a book-to-bill ratio of 1.64 times, increased our backlog to $732 million and maintained our revenue visibility at approximately $1.1 billion. As previously disclosed, we've streamlined our product lines and are more selective in the customer orders we accept. As a result of these deliberate decisions as well as the temporary impact of the US government shutdown, consolidated net sales decreased from $127 million in the second-quarter of fiscal 2025 to $107 million this past quarter.

本季淨接單 1.75 億美元，我們達成 1.64 倍的接單出貨比（book-to-bill），將在手訂單（backlog）提升至 7.32 億美元，並維持約 11 億美元的營收能見度。如先前揭露，我們已精簡產品線，並對所接受的客戶訂單更為審慎。由於這些刻意的決策，以及美國政府停擺的短期影響，合併淨銷售額由 2025 會計年度第二季的 1.27 億美元下降至本季的 1.07 億美元。

But importantly, we increased gross profit from $34 million to $36 million, increased our gross profit percentage from 27% to 34% and increased adjusted EBITDA from $2.9 million to $9.1 million. These improvements are due to the initiatives we have implemented to enhance operational efficiency, reduce the cost structure and focus our product development and sales efforts on strategic higher operating margin products.

但更重要的是，我們的毛利由 3,400 萬美元提升至 3,600 萬美元，毛利率由 27% 提升至 34%，調整後 EBITDA 由 290 萬美元提升至 910 萬美元。這些改善來自我們已推動的各項措施：提升營運效率、降低成本結構，並將產品開發與銷售資源聚焦於具策略性且營運毛利較高的產品。

As a result of our improved performance and stronger financial position, we continue to see increased support and enthusiasm from both current and prospective customers, vendors and employees. Now I will provide some commentary on our business units. Our Satellite and Space Communications business continues to improve as a result of our transformation initiatives under Daniel Gizinski leadership.

由於績效改善與財務體質更強健，我們持續看到現有與潛在客戶、供應商以及員工對我們的支持與熱情提升。接下來我將就各事業單位提供一些評論。在 Daniel Gizinski 的領導下，我們的衛星與太空通訊事業，因轉型措施而持續改善。

As anticipated, net sales in the Satellite and Space segment declined by 31% as a result of the company's decision to phase out and eliminate certain low-margin and working capital-intensive revenues as well as the impact of the recent US government shutdown. Examples of revenues that have been phased out include contracts for services such as the Very Small Aperture Terminal, or VSAT satellite Systems and Services contract and the Global Field Services Representative, or GFSR contract as well as legacy troposcatter-related products and services.

如預期，衛星與太空（Satellite and Space）部門的淨銷售額下降 31%，原因在於公司決定逐步淘汰並取消部分低毛利且占用營運資金較高的營收，以及近期美國政府停擺的影響。已逐步淘汰的營收例子包括：甚小口徑終端（Very Small Aperture Terminal，VSAT）衛星系統與服務合約、全球現場服務代表（Global Field Services Representative，GFSR）合約，以及既有的對流層散射（troposcatter）相關產品與服務。

As part of this repositioning, S&S is pursuing sales of innovative, higher-margin solutions such as digital common ground modems, network solutions and rapidly deployable multipath radios, which we refer to as MPRs. Despite the decrease in net sales, S&S improved its operating income to $2.5 million in the second-quarter of fiscal 2026 compared to $1.2 million in the second-quarter of fiscal 2025.

作為此一重新定位的一部分，S&S 正積極推動創新且毛利較高的解決方案銷售，例如數位共用地面數據機（digital common ground modems）、網路解決方案，以及可快速部署的多徑無線電，我們稱之為 MPR。儘管淨銷售額下降，S&S 在 2026 會計年度第二季的營業利益提升至 250 萬美元，相較於 2025 會計年度第二季的 120 萬美元。

The year-over-year improvement in Satellite and Space operating income primarily reflects the cost reduction and optimization initiatives we have implemented, partially offset by increased research and development expenditures. In terms of recent accomplishments, in the second-quarter, among other key wins, Satellite and Space was awarded over $5.5 million of funded orders from several international government end customers who purchased our troposcatter family of systems, including our multipath radios and Modular Transportable Transmission Systems, which we refer to as MTTS.

衛星與太空部門營業利益的年增，主要反映我們已實施的降本與最佳化措施，部分被研發支出增加所抵銷。就近期成果而言，在第二季，除其他重要得標外，衛星與太空部門獲得多個國際政府終端客戶超過 550 萬美元的已到位訂單（funded orders），客戶採購了我們的對流層散射系統系列，包括多徑無線電與模組化可運輸傳輸系統（Modular Transportable Transmission Systems，MTTS）。

Satellite and Space also received incremental funding in excess of $4.5 million for ongoing training and support of complex cybersecurity operations for US government customers. We have begun deliveries of initial production units to our prime contractor in support of a next-generation satellite modem contract. We anticipate transitioning into full production during fiscal 2026.

衛星與太空部門亦獲得超過 450 萬美元的追加資金，用於為美國政府客戶提供複雜資安作業的持續訓練與支援。我們已開始向主承包商交付首批量產單位，以支援下一代衛星數據機合約。我們預期在 2026 會計年度內轉入全面量產。

A second next-generation product with the same prime contractor has significantly progressed in development, and it, too, is expected to begin production deliveries in this fiscal 2026. Furthermore, we have recently begun deliveries of our first digital common ground 7000 high-speed, small form factor, software-defined modems to Lite Coms for integration, interoperability and performance testing across diverse government and commercial satellite communications applications and ground terminal configurations.

與同一主承包商合作的第二項下一代產品，其研發已取得顯著進展，也預計在本 2026 會計年度開始量產交付。此外，我們近期已開始向 Lite Coms 交付首批 digital common ground 7000 高速、小型化、軟體定義數據機，用於在多元政府與商用衛星通訊應用及地面終端配置中進行整合、互通性與效能測試。

DCG-7000 modems support DVB-S2X, along with other protected waveforms, and incorporate modern cybersecurity design principles, including integrated transmission security, also known as TRANSEC for over-the-air transmission. These are important milestones as they signify the long-awaited migration from low-margin, non-recurring engineering efforts to higher volume production with improved operating margins and faster cash conversion cycles.

DCG-7000 數據機支援 DVB-S2X 以及其他受保護波形，並採用現代化資安設計原則，包括整合式傳輸安全（transmission security），亦即用於空中傳輸的 TRANSEC。這些是重要里程碑，因其象徵我們長期等待的轉變：從低毛利、非經常性工程（NRE）工作，轉向更高量的量產，並帶來更佳的營運毛利與更快的現金轉換週期。

Now I'll provide some commentary on our Allerium segment. Allerium led by Jeff Robertson, continues to perform well. Net sales were $56.2 million, an increase of 6.2% compared to the second-quarter of fiscal 2025. Compared to the prior year period, Allerium experienced higher net sales in all three product areas. Location-based next-generation 911 and call handling solutions.

接下來我將就 Allerium 部門提供一些評論。在 Jeff Robertson 的領導下，Allerium 持續表現良好。淨銷售額為 5,620 萬美元，較 2025 會計年度第二季成長 6.2%。相較去年同期，Allerium 在三大產品領域的淨銷售額皆有所提升。包括以位置為基礎的下一代 911 與通話處理解決方案。

Such increase reflects the continued adoption of Allerium solutions by new customers as well as the migration of more PSAPs onto Allerium's Next-Generation 911 core services, cloud-based platforms and monthly recurring revenue streams. Allerium's operating income was $5.5 million compared to $3.4 million in the second-quarter of fiscal '25.

此一成長反映新客戶持續採用 Allerium 解決方案，以及更多公共安全接聽中心（PSAP）遷移至 Allerium 的下一代 911 核心服務、雲端平台與按月經常性收入（MRR）模式。Allerium 的營業利益為 550 萬美元，相較於 2025 會計年度第二季的 340 萬美元。

The year-over-year increase reflects higher net sales and gross profit, both in dollars and as a percentage of segment net sales. Allerium is also moving forward with cloud-based and AI-infused software applications designed to deliver advanced emergency communication platforms to its customers. In the second-quarter, Allerium received over $107 million of incremental funding toward a multiyear contract extension valued in excess of $130 million by Allerium largest customer, a leading US telecommunications company in the United States.

年增主要反映淨銷售額與毛利提升，無論以金額或占部門淨銷售額的比例皆然。Allerium 也正推進雲端化與導入 AI 的軟體應用，旨在為客戶提供先進的緊急通訊平台。在第二季，Allerium 獲其最大客戶（美國一家領先的電信公司）就一項多年期合約延長案（總價值超過 1.3 億美元）提供超過 1.07 億美元的追加資金。

Allerium was also awarded in excess of $10.5 million in multiyear funding towards the deployment of a new next-generation 911 system in the South-Central region of the United States. With these and other key strategic wins in the US, Canada and Australia, we believe Allerium's position as a trusted leader in 911, Next-Generation 911 and public safety applications translates well to delivering similarly sophisticated solutions for other types of emergencies.

Allerium 亦獲得超過 1,050 萬美元的多年期資金，用於在美國中南部地區部署新的下一代 911 系統。憑藉這些以及其他在美國、加拿大與澳洲的關鍵策略性得標，我們相信 Allerium 作為 911、下一代 911 與公共安全應用的可信賴領導者之地位，也能有效延伸至為其他類型的緊急事件提供同樣先進的解決方案。

Before turning it over to Mike to cover the financials in more detail, I would first like to address one more development of significance during the quarter. As previously disclosed, in March 2024, Comtech terminated Ken Peterman, its President and CEO at the time, for Cause. Also as previously disclosed, Mr. Peterman filed a claim against the company with the American Arbitration Association, claiming he was owed direct contractual damages in excess of $6 million and consequential damages in excess of $35 million.

在把電話交給 Mike 更詳細說明財務狀況之前，我想先談談本季另一項重要進展。如先前揭露，Comtech 於 2024 年 3 月以「有因」為由，解雇當時的總裁兼執行長 Ken Peterman。亦如先前揭露，Peterman 先生已向美國仲裁協會（American Arbitration Association）對本公司提出申訴，主張公司應支付其超過 600 萬美元的直接合約損害賠償，以及超過 3,500 萬美元的間接損害賠償。

Comtech has defended itself against Mr. Peterman's claims and filed counterclaims against Mr. Peterman seeking damages for breach of fiduciary duty, malicious prosecution, abuse of process, breach of contract and defamation. In January of this year, Mr. Peterman's Counsel wrote to the American Arbitration Association with two motions.

Comtech 已就 Peterman 先生的主張進行抗辯，並對 Peterman 先生提出反請求，要求其就違反受託義務、惡意起訴、濫用程序、違約及誹謗等行為賠償損害。在今年 1 月，Peterman 先生的律師向美國仲裁協會提出兩項動議。

First, he voluntarily asked to withdraw Mr. Peterman's claims against Comtech. And second, they sought dismissal of Comtech's counterclaims against Mr. Peterman. In January 2026, the arbitrator granted Mr. Peterman's motion to withdraw all of his claims against Comtech in the arbitration, but rejected Mr. Peterman's motion for dismissal of Comtech's counterclaims.

第一，其自願請求撤回 Peterman 先生對 Comtech 的各項請求。第二，其請求駁回 Comtech 對 Peterman 先生提出的反請求。於 2026 年 1 月，仲裁人准許 Peterman 先生撤回其在該仲裁中對 Comtech 提出的所有請求，但駁回 Peterman 先生要求撤銷 Comtech 反請求的動議。

Accordingly, Comtech's counterclaims are still pending against Mr. Peterman. Finally, I would like to thank our shareholders for their strong support, including the approval of all of the company's proposals at the fiscal 2025 Annual Meeting of Stockholders on March 9.

因此，Comtech 對 Peterman 先生提出的反請求目前仍在審理中。最後，我要感謝股東們的大力支持，包括在 3 月 9 日舉行的 2025 會計年度股東週年大會上，核准公司提出的所有議案。

With that, I'll turn the call over to Mike to walk through the financials. Mike?

接下來，我把電話交給 Mike，請他帶大家檢視財務數據。Mike？

Thank you, Ken, and good afternoon, everyone. Overall, the successful turnaround continues to take root. We are pleased to be delivering another quarter of improved profitability and operating cash flows relative to our recent past. Now let's turn to the financials. Net sales for the second-quarter were $106.8 million. This compares to $126.6 million in the second-quarter of last year.

謝謝你，Ken，各位下午好。整體而言，成功的轉型持續扎根。我們很高興能再交出一季相較近期過往更佳的獲利能力與營運現金流。現在讓我們來看財務表現。第二季淨銷售額為 1.068 億美元。相較之下，去年第二季為 1.266 億美元。

As Ken just referenced, net sales reflect the impact of the decision to phase out certain low or no-margin revenues in our Satellite and Space Communications segment as we continue to streamline our product lines and focus on strategic, higher-margin opportunities while optimizing cash flow. Timing delays as a result of the recent but prolonged US government shutdown also impacted S&S orders and net sales this past quarter.

如 Ken 剛才提到，淨銷售額反映了我們在衛星與太空通訊（S&S）事業部門逐步淘汰部分低毛利或零毛利營收的決策影響；我們持續精簡產品線，聚焦具策略性且毛利較高的機會，同時優化現金流。近期但延宕已久的美國政府停擺所造成的時程延誤，也影響了本季 S&S 的訂單與淨銷售額。

As for Allerium, Allerium's growth continued this past quarter with Allerium reporting higher net sales in all three product areas as compared to the prior year period. Gross profit in the second-quarter was $36.2 million or 33.9% of net sales, representing an increase from $33.7 million or 26.7% of net sales in the second-quarter of fiscal 2025.

至於 Allerium，Allerium 本季持續成長，三大產品領域的淨銷售額均較去年同期增加。第二季毛利為 3,620 萬美元，占淨銷售額 33.9%，較 2025 會計年度第二季的 3,370 萬美元（占淨銷售額 26.7%）提升。

This improvement demonstrates the progress we are making in improving our product mix, including our ongoing shift back to higher volume production orders in our satellite ground infrastructure solutions product line. The improvement in our quarterly gross profit percentage builds upon the improving quarterly trend achieved throughout all of fiscal '25 and the first-quarter of fiscal '26.

此一改善顯示我們在優化產品組合方面取得進展，包括我們在衛星地面基礎設施解決方案產品線持續轉回較高量產的生產訂單。本季毛利率的提升，延續了我們在 2025 會計年度全年度以及 2026 會計年度第一季所達成的逐季改善趨勢。

In our second-quarter of fiscal 2026, we reported an operating loss of $1.2 million, which compares to an operating loss of over $10 million in the second-quarter of last year. Our second-quarters for each year reflects several non-cash and one-time charges as further discussed in our Form 10-Q filed earlier today. Excluding such items, our consolidated operating income for the second-quarter of fiscal 2026 would have been $6.2 million or 5.8% of net sales as compared to roughly breakeven in the second-quarter of last year.

在 2026 會計年度第二季，我們報告營業損失 120 萬美元，相較去年第二季超過 1,000 萬美元的營業損失。兩年度的第二季皆反映若干非現金及一次性費用，詳情如我們今日稍早提交的 Form 10-Q 所述。若排除上述項目，2026 會計年度第二季的合併營業利益將為 620 萬美元，占淨銷售額 5.8%，相較去年第二季約為損益兩平。

The improvement primarily reflects higher gross profit, both in dollars and as a percentage of consolidated net sales and lower selling, general and administrative expenses, including lower restructuring costs, no proxy solicitation costs and lower amortization of stock-based compensation, offset in part by higher CEO transition costs that included a net benefit from the recovery of certain legal-related expenses in the prior year period.

改善主要反映毛利提升（無論以金額或占合併淨銷售額比率衡量）以及銷售、一般及行政費用下降，包括重整成本較低、無委託書徵求成本，以及以股票為基礎之薪酬攤銷較低；部分被較高的執行長交接成本所抵銷，而該交接成本中包含相較去年同期因收回部分法律相關費用而產生的淨利益。

The improvement in our financial performance resulted in $9.1 million of adjusted EBITDA for the second-quarter, a 200% plus increase over the $2.9 million in the second-quarter of last year. As Ken mentioned, net bookings were $175.4 million in the second-quarter, resulting in a strong book-to-bill ratio of 1.64 times. This compares to 0.63 times in the prior year comparable period.

財務表現的改善使第二季調整後 EBITDA 達 910 萬美元，較去年第二季的 290 萬美元增加逾 200%。如 Ken 所提，第二季淨接單額為 1.754 億美元，使接單出貨比（book-to-bill）達到 1.64 倍的強勁水準。相較之下，去年同期為 0.63 倍。

Bookings for our second-quarter included over $107 million of incremental funding towards Allerium's multiyear contract extension with a large domestic Tier 1 mobile network operator. The improvements in our financial performance also resulted in $4.9 million of positive operating cash flows for the second-quarter of fiscal 2026, compared to roughly breakeven cash flows in the second-quarter of last year.

本季接單包含超過 1.07 億美元的追加資金，用於 Allerium 與一家大型國內一級（Tier 1）行動網路營運商之多年期合約展延。財務表現的改善亦使 2026 會計年度第二季營運現金流為正 490 萬美元，相較去年第二季約為損益兩平的現金流。

As Ken mentioned, this marks our fourth sequential quarter of positive operating cash inflows. The significant improvement from a year ago reflects favorable changes in net working capital requirements due primarily to improved accountability and process disciplines as well as the timing of and progress toward completion on contracts accounted for over time, including related shipments, billings and collections against those contracts.

如 Ken 所提，這是我們連續第四季出現正向營運現金流入。相較一年前的顯著改善，主要反映淨營運資金需求的有利變化，原因包括責任歸屬與流程紀律的提升，以及按期間認列之合約在完成進度上的時點與進展（包含相關出貨、開立帳單與收款）。

These activities allowed us to further reduce receivables and inventory levels from July 31, 2025. Also, as a result of our enhanced liquidity, operating cash flows in the more recent period reflect our concerted efforts to maintain lower levels of accounts payable in order to improve the efficiency of our supply chains. Now turning to the balance sheet.

這些作為使我們得以進一步降低自 2025 年 7 月 31 日以來的應收帳款與存貨水準。此外，受惠於流動性提升，近期期間的營運現金流亦反映我們為提升供應鏈效率而刻意維持較低應付帳款水準的努力。接下來談資產負債表。

As previously disclosed, we amended our credit facility and subordinated credit facility on October 17, 2024, March 3, 2025, and again on July 21, 2025, to, among other things, suspend testing of the net leverage ratio and fixed charge coverage ratio covenants until the four-quarter period ending on January 31, 2027. These amendments, combined with our significantly improved operational and financial performance led to our enhanced financial flexibility and importantly, removal of our going concern disclosures in our fiscal 2025 Form 10-K filed in November of 2025.

如先前揭露，我們於 2024 年 10 月 17 日、2025 年 3 月 3 日，以及 2025 年 7 月 21 日再次修訂我們的信貸融資與次順位信貸融資；其中包括將淨槓桿比率與固定費用覆蓋比率等契約條款的測試暫停至截至 2027 年 1 月 31 日的四季期間。這些修訂，加上我們營運與財務表現的大幅改善，提升了我們的財務彈性；更重要的是，使我們在 2025 年 11 月提交的 2025 會計年度 Form 10-K 中，移除「持續經營」相關揭露。

As of January 31, 2026, total outstanding borrowings under our credit facility were just about $125 million. Of such amount, $7.6 million was drawn on the revolver loan. And during the second-quarter, we repaid $10 million against the revolver loan and made our scheduled principal payment against the term loan. Total outstanding borrowings under our subordinated credit facility were $102.8 million, including interest paid in kind or accrued on the $35 million subordinated priority term loan.

截至 2026 年 1 月 31 日，我們在信貸融資項下的未償借款總額約為 1.25 億美元。其中，循環信用貸款（revolver）動用 760 萬美元。且在第二季期間，我們償還循環信用貸款 1,000 萬美元，並依期支付定期貸款（term loan）的本金。我們在次順位信貸融資項下的未償借款總額為 1.028 億美元，其中包含以實物支付（PIK）或應計於 3,500 萬美元次順位優先定期貸款上的利息。

Such total does not include the $32.5 million of make-whole amounts associated with the $65 million portion of the subordinated credit facility. The liquidation preference of our convertible preferred stock was $213.4 million, excluding potential increases under certain circumstances. And our available sources of liquidity on January 31, 2026, totaled $49.9 million, which includes qualified cash and cash equivalents of approximately $30.2 million and the remaining available portion of the revolver loan of $19.6 million.

上述總額未包含與次順位信貸融資中 6,500 萬美元部分相關的 3,250 萬美元 make-whole 金額。我們可轉換優先股的清算優先權金額為 2.134 億美元，不含在特定情況下可能增加的金額。而截至 2026 年 1 月 31 日，我們可用的流動性來源合計為 4,990 萬美元，其中包括約 3,020 萬美元的合格現金及約當現金，以及循環信用貸款剩餘可用額度 1,960 萬美元。

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

那麼接下來，讓我把電話交回給 Ken。Ken？

Thank you, Mike. To sum up briefly, Comtech has executed a successful transformation and is now a much stronger company. Our revitalized financial health is increasingly reassuring to our current and prospective employees, customers and vendors. I believe this creates a positive flywheel effect as our recent strengthening of our financial position is reassuring to employees, which aids in retention, recruitment and motivation, reassuring to customers, particularly those that rely on us for mission-critical technologies and services and reassuring for vendors who now see us as a reliable partner ready to deepen critical relationships.

謝謝你，Mike。簡要總結一下，Comtech 已成功完成轉型，現在是一家更強健的公司。我們重振的財務健康狀況，正日益讓現有與潛在的員工、客戶與供應商感到安心。我相信這會形成正向的飛輪效應：我們近期財務狀況的強化讓員工更安心，有助於留任、招募與激勵；也讓客戶更安心，特別是那些仰賴我們提供任務關鍵技術與服務的客戶；同時也讓供應商更安心，因為他們現在將我們視為可靠的合作夥伴，並準備深化關鍵合作關係。

As a reminder, Jeff and Daniel will be joining us for Q&A. With that, operator, please open the call to any questions.

提醒一下，Jeff 和 Daniel 會加入我們的問答環節。那麼，接線員，請開放電話讓大家提問。

(Operator Instructions) Keith Housum, Northcoast Research.

(接線員指示) Keith Housum，Northcoast Research。

Ken, as we look at the revenue in the quarter, how much of that revenue decline was due to the fiscal discipline you guys are showing versus prior quarters? And perhaps how much was from the federal business? And is that federal business that kind of lost or pushed out to later quarters?

Ken，當我們看本季營收時，這次營收下滑有多少是因為你們相較於前幾季所展現的財務紀律？另外有多少是來自聯邦政府業務？而這些聯邦政府業務是流失了，還是被延後到之後的季度？

So first of all, Keith, welcome. Nice to have you. And if you compare this year to last year, pretty much all of the decline in satellite and space is the result of phasing out old legacy business that was very low margin and not good business to have. That's the GFSR, the VSAT contract and the legacy troposcatter. In addition, we did have delays due to the government shutdown. That was offset by new revenue, particularly in the launch of the next-generation troposcatter products as well as the digital ground modem.

首先，Keith，歡迎你。很高興你加入。如果把今年和去年相比，衛星與太空業務的下滑幾乎全部是因為我們逐步淘汰舊有的傳統業務，那些業務毛利很低，並不是值得保留的生意。包括 GFSR、VSAT 合約以及傳統的對流層散射（troposcatter）業務。此外，政府關門也確實造成延遲。不過這部分被新營收所抵銷，特別是下一代對流層散射產品的推出，以及數位地面數據機（digital ground modem）。

Great. As we look forward, is there any more of that low-margin business that still has to be worked off just because of prior commitments or anything of that nature?

很好。展望未來，是否還有任何低毛利業務需要因為先前承諾或類似原因而繼續消化？

No. We phased that revenue out.

沒有。我們已經把那部分營收逐步淘汰掉了。

Okay. Great. And then this is kind of new to the story here. Just trying to understand the two modems that are hopefully going to reach production sometime here in the second half of the year. Is there any way to kind of dimensionalize the opportunity just as kind of we think about the opportunity for the end of the year and perhaps outwards as well?

好的。很好。接著這部分對這個故事來說算是新的。我想了解一下，兩款數據機希望能在今年下半年某個時間點進入量產。有沒有辦法把這個機會量化一下，讓我們思考年底以及更長期的機會？

Keith, can you repeat the question?

Keith，你可以再重複一次問題嗎？

Yes. Just on the two contracts that were going towards hopefully to production here in the second half of the year. I'm just trying to understand if I can -- if you guys can dimensionalize here or provide some context about what the true opportunity is for Comtech. How do we think about it perhaps in revenue or number of units or anything? I'm just trying to get my hands around what the opportunity might be.

可以。就是關於那兩個合約，預期在今年下半年希望能走向量產。我想了解我是否能——或你們是否能——把它量化一下，或提供一些背景，說明對 Comtech 來說真正的機會有多大。我們該如何從營收、出貨台數或其他角度來看？我只是想更具體掌握這個機會可能的規模。

We want to be careful in the specifics. But Mike, you want to give them some guidance on that transition?

我們希望在細節上保持謹慎。不過 Mike，你要不要就這個轉換給他一些指引？

Sure. Keith, in terms of the two -- there's multiple modems that are coming online actually. One is already in low rate production, and we are expecting that to kick in, in the second half. This is a platform that we think will survive for many years. The other program, which we refer to as the EDIM program. We're just about finishing up with development and gearing up for production towards the tail end of the fiscal year. And that's another, I would say, very long-term program.

當然。Keith，關於這兩個——其實有多款數據機正在上線。其中一款已經在低速率量產（low rate production），我們預期它會在下半年開始放量。我們認為這是一個可延續多年的平台。另一個專案我們稱為 EDIM 專案。我們即將完成開發，並在會計年度尾端為量產做準備。我會說這也是一個非常長期的專案。

It's the successor to the EBEM modem that was sold by Viasat, and that was like a 10-year program. And I want to say tens of thousands of modems were sold over that period of time. So that's like if you think about the installed base that we're going to likely upgrade, maybe not every one of those systems, but there's a good quantity out there to upgrade.

它是 Viasat 所銷售的 EBEM 數據機的後繼產品，而那是一個大約 10 年期的專案。我想在那段期間賣出了數以萬計的數據機。所以如果你從已安裝基礎來看，我們很可能會進行升級——也許不是每一套系統都會升級，但市場上確實有相當數量可供升級。

Great. Okay. I appreciate that. And if I can get one more in here, if you guys don't mind. Jeff, nice to meet you here over the phone. In terms of Allerium, I understand in the PSAP space, AI is being introduced quickly amongst yourself and competitors. Can you perhaps provide a little bit of color about how you guys are embracing AI with your product portfolio? I guess, this is the first part. And the second part, how far along are you guys in the transition to the cloud for your customers? Or are you guys already there?

很好。好的。謝謝你。如果可以我再問最後一個，你們不介意的話。Jeff，很高興在電話上認識你。就 Allerium 而言，我理解在 PSAP 領域，你們與競爭對手都在快速導入 AI。你能否多分享一些，你們如何在產品組合中擁抱 AI？我想這是第一部分。第二部分，你們在把客戶轉移到雲端方面進展到什麼程度？或者你們已經完成了？

Yes. Thanks, Keith, both great questions. So as it comes to AI and the PSAPs, which are the 911 and dispatch centers, it's -- where it's mostly coming into play is they're being bombarded with many different forms of information during an emergency request for help. And we're using AI to kind of collect all the different sources of data and paint a simple emergency response picture.

是的。謝謝你，Keith，兩個問題都很棒。關於 AI 與 PSAP（也就是 911 與派遣中心），它——主要的應用場景是：在緊急求助時，他們會被各種不同形式的資訊淹沒。我們使用 AI 來彙整各種資料來源，並呈現一個簡明的緊急應變全貌。

So that they can dispatch the right emergency personnel and first responders to appropriate scene. So that's where we're seeing most of the work being done with AI. But throughout our company, we're also using it in other areas for productivity enhancement, whether it be for development and coding or other just administrative tasks. But from -- I think your question was more on the product.

讓他們能派遣正確的緊急人員與第一線應變人員到適當的現場。這是我們看到 AI 最主要的工作落點。不過在公司內部，我們也在其他領域使用 AI 來提升生產力，不論是開發與寫程式，或其他行政工作。但就——我想你的問題更偏向產品面。

But where we're seeing it early on is in the gathering of the information during a request for help or emergency. On the second part of your question as it relates to cloud, I think we're a good ways away. I would say we're three-quarters of the way down the road in moving our products to cloud. You're seeing announced last year a new product called Mira, which is coming out shortly, is our cloud-based 9-1-1 call handling platform.

我們在早期看到的應用，是在求助或緊急事件發生時的資訊蒐集。至於你問題的第二部分、與雲端相關，我認為我們還有一段路要走。我會說我們在把產品移轉到雲端這條路上，已經走了大約四分之三。你會看到我們去年宣布了一個名為 Mira 的新產品，即將推出，這是我們以雲端為基礎的 9-1-1 來電處理平台。

We've had some really good feedback in the market for that. But we're also moving many of our services we provide in the NextGen 9-1-1 core services, we'll be moving to a private cloud infrastructure. So I'd say we're 3/4 of the way through.

市場對此給了我們非常好的回饋。此外，我們也正把在 NextGen 9-1-1 核心服務中提供的多項服務，移轉到私有雲基礎架構。所以我會說我們已經完成了大約四分之三。

(Operator Instructions) And at this time, there are no further questions in queue. I will now turn the meeting back to Ken for any additional or closing remarks.

(接線員指示) 目前沒有其他排隊提問。我現在把會議交回 Ken，請他做任何補充或結語。

Well, thank you all for joining us today, and we look forward to speaking with you again soon. Thank you all. Have a good evening.

非常感謝各位今天加入我們，我們也期待很快再次與各位交流。謝謝大家。祝各位晚安。

Take care.

保重。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以掛線。