Comtech Telecommunications Corp (CMTL) 2026 Q3 法說會逐字稿

Thank you for your continued patience, the meeting will begin shortly. (Operator Instructions)

感謝您持續的耐心等候，會議即將開始。（接線員指示）

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

歡迎參加 Comtech Telecommunications Corp. 2026 會計年度第三季電話會議。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; Mike Bondi, our CFO, Daniel Gizinski, President of our Satellite and Space Communications segment; and Jeff Robertson, President of Allerium. After Ken, Mike, Daniel and Jeff's remarks, they will be available for questions.

謝謝您，接線員，也謝謝各位今天加入我們。今天與我一同出席的有 Comtech 董事長、總裁兼執行長 Ken Traub；財務長 Mike Bondi；衛星與太空通訊事業部總裁 Daniel Gizinski；以及 Allerium 總裁 Jeff Robertson。在 Ken、Mike、Daniel 與 Jeff 發言後，他們將開放問答。

Before we get started, please note, we have a detailed discussion of the quarter in the press release and 10-Q we issued this morning, 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, the company's plans, objectives and business outlook and the plans, objectives and business outlook of the company's management.

在開始之前，請注意，我們已在今天上午發布的新聞稿與 10-Q 中對本季進行了詳細討論，相關文件可在我們的網站以及美國證券交易委員會（SEC）網站上取得。本次電話會議中所呈現的部分資訊將包括但不限於：與公司未來業績表現及財務狀況、公司計畫、目標與業務展望，以及公司管理層的計畫、目標與業務展望相關的資訊。

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

公司對於該等業績表現、業務展望與計畫的假設屬於前瞻性，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。任何前瞻性陳述均在其整體上受公司向 SEC 提交文件中所載之警示性陳述所限制與約束。

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

接下來，我把電話交給 Ken。Ken？

Thank you, Maria, and good morning, everyone. I appreciate you joining us today. I will start the call by providing you with a strategic context on the significant announcements we are making today. Mike will follow with a review of the numbers. Daniel will then provide an overview of the improved performance in our satellite and space business that's helped us make the transactions we announced today possible. And then Jeff will conclude with the additional insights on the exciting future prospects for Allerium.

謝謝你，Maria，各位早安。感謝各位今天撥冗參與。我將先就我們今天發布的重要公告，提供各位策略層面的背景脈絡。接著 Mike 會回顧財務數字。然後 Daniel 將概述我們衛星與太空業務表現改善的情況，這也促成了我們今天所宣布的交易。最後 Jeff 將就 Allerium 令人振奮的未來前景提供更多洞見並作結。

In my first conference call as CEO of Comtech in early 2025, I had two phases of my discussion with you. The first phase was to share my background and my perspective on leadership. I emphasize then that I believe the most critical factor for success in leadership particularly in the turnaround, is building trust with all key stakeholders. Trust is built through acting with sincerity and integrity and most importantly, honoring promises.

在 2025 年初我以 Comtech 執行長身分主持的第一次電話會議中，我與各位的討論分為兩個階段。第一階段是分享我的背景以及我對領導力的觀點。我當時強調，我相信領導成功最關鍵的因素，尤其是在企業扭轉局勢的過程中，是與所有主要利害關係人建立信任。信任來自於以真誠與正直行事，而最重要的是，信守承諾。

In the second phase of that conference call, I laid out a transformation plan that had four pillars, which I promise will be Comtech's guiding principles. The first pillar, we will restore and enhance operational discipline throughout this company. Second, we will start to generate positive operating cash flow. The third pillar, we will conduct a comprehensive review of strategic alternatives. And the fourth pillar, we will strengthen the company's capital structure.

在那次電話會議的第二階段，我提出了一項包含四大支柱的轉型計畫，我承諾這將成為 Comtech 的指導原則。第一支柱：我們將在全公司恢復並強化營運紀律。第二：我們將開始產生正向的營運現金流。第三支柱：我們將進行全面性的策略替代方案審視。第四支柱：我們將強化公司的資本結構。

Comtech's recent operating and financial performance, together with the strategic and capital structure announcements we are making today demonstrate that we are successfully delivering on each of those promises.

Comtech 近期的營運與財務表現，加上我們今天所宣布的策略與資本結構相關事項，顯示我們正成功兌現上述每一項承諾。

Let me start with the first pillar, since that was the critical foundation to get to the next three pillars, including today's significant announcements. Comtech is today, a dramatically improved company. We have a culture of operational discipline, accountability, and taking pride in successful execution. We are executing with a streamlined cost structure and delivering for our customers and other stakeholders. Comtech's emphasis on operational discipline is evident in everything we do now. This improved operational discipline has been key in achieving the second pillar.

我先從第一支柱談起，因為這是推進後三項支柱（包括今天的重要公告）的關鍵基礎。今日的 Comtech 已是一家大幅改善的公司。我們建立了重視營運紀律、問責，以及以成功執行為榮的文化。我們在精簡的成本結構下執行，並為客戶及其他利害關係人交付成果。Comtech 對營運紀律的重視，現在體現在我們所做的每一件事上。這項營運紀律的提升，是達成第二支柱的關鍵。

After several quarters of negative operational cash flow prior to my arrival, we are pleased to report that this quarter is our fifth consecutive quarter of positive operating cash flow. This has enabled us to maintain about $50 million of available liquidity. The return to positive cash flow has helped to restore Comtech's credibility and relationships with lenders, investors, customers, suppliers and other stakeholders and, in turn, has put us in a stronger position in everything we do.

在我到任之前，公司曾連續數季出現負的營運現金流；我們很高興報告，本季已是我們連續第五季達成正向營運現金流。這使我們得以維持約 5,000 萬美元的可用流動性。現金流轉正有助於恢復 Comtech 在放款機構、投資人、客戶、供應商及其他利害關係人之間的公信力與關係，並進一步讓我們在各項工作上處於更有利的位置。

On the third pillar, Comtech first announced a process of exploring strategic alternatives for its public safety business, Allerium, in 2024 before I arrived at the company. When I arrived, I announced a commitment to a broad and thorough strategic review in process. I believe it is critical for such a process to be broad to consider all options and how the remaining company will be best positioned. A broad process also maximizes optionality. I also think it is best to pursue any such process from a position of strength.

就第三支柱而言，Comtech 在我加入公司之前，已於 2024 年首次宣布針對其公共安全業務 Allerium 展開策略替代方案的探索程序。我到任後，我宣布將致力於進行一項廣泛且徹底的策略審視。我認為此類程序必須涵蓋面向廣，才能考量所有選項，以及剩餘公司應如何取得最佳定位。廣泛的程序也能最大化選擇彈性。我也認為，從實力基礎出發推進此類程序是最佳做法。

Now that we have accomplished. The first two pillars we've created that position of strength to pursue the best strategic path and negotiate with confidence and optionality. We are very pleased with the outcome of the strategic alternatives process and the transaction we consummated with Gilat to sell most our satellite and space for $157.5 million. I will talk more in a moment about why I believe sharpening the company's strategic focus on Allerium's public safety business is the right way to optimize the company going forward. But suffice it to say that this is a defining milestone for this company.

而我們現在已經做到這一點。透過完成前兩項支柱，我們建立了以實力為基礎的有利位置，得以追求最佳策略路徑，並在具備信心與選擇彈性的情況下進行談判。我們對策略替代方案程序的成果以及與 Gilat 完成的交易感到非常滿意；該交易以 1.575 億美元出售我們大部分的衛星與太空業務。稍後我會進一步說明，為何我相信將公司的策略重心聚焦於 Allerium 的公共安全業務，是未來優化公司的正確方向。但可以說，這是公司具有定義性意義的里程碑。

The fourth pillar regarding the need to strengthen the company's capital structure is also critical and further address today. We have been fortunate that due to the progress we made in pillars one and two, we earn the trust of our creditors and they previously agreed to a combinations that have been very helpful to the company.

第四支柱關於強化公司資本結構的需求同樣至關重要，我們也將在今天進一步加以處理。我們很幸運，因為在第一與第二支柱所取得的進展，我們贏得了債權人的信任；他們先前也同意了一些對公司非常有幫助的安排。

For instance, the amendments we previously entered into on our loan agreements that provided for covenant holidays were a key factor in removing the going concern qualification from our financial statements, which in turn has been helpful with customers, suppliers and partners.

例如，我們先前就貸款協議所簽訂的修訂案，其中提供了契約條款（covenant）豁免期，是促使我們財務報表中移除「持續經營」保留意見的重要因素；這也進一步有助於我們與客戶、供應商及合作夥伴的往來。

As a result of our continued success on pillars one and two and the consummation of the transaction to sell satellite and space being announced today, we've been able to successfully negotiate further improvements in our credit agreements and preferred stock, which strengthen our liquidity, financial flexibility, and strength going forward. All of these pillars have reinforced each other, resulting in a stronger and healthier company.

由於我們在第一與第二支柱上持續成功，以及今天宣布完成出售衛星與太空業務的交易，我們已能成功協商，進一步改善我們的信貸協議與特別股條款，從而強化我們未來的流動性、財務彈性與整體實力。上述各項支柱彼此相互強化，使公司更為強健且更為健康。

Now I would like to return to the strategic rationale of the transactions we are announcing today. The sale of satellite space means more for Comtech than generating $157 million in cash and retiring expensive debt. Under Jeff Robertson's leadership, Allerium has been enhancing its mission-critical solutions for public safety agencies and mobile network operators.

現在我想回到我們今天宣布之交易的策略性理由。出售衛星太空業務對 Comtech 的意義，不僅在於產生 1.57 億美元現金並償還高成本債務。在 Jeff Robertson 的領導下，Allerium 一直在強化其面向公共安全機構與行動網路營運商的關鍵任務解決方案。

With an improved capital structure, focused organization and strategic clarity, Allerium is poised to capitalize on its leadership in the public safety market and accelerate its growth. Over the next few months, as we await regulatory approval, we will be executing a transition plan to align the organization to be purpose-built to support Allerium's growth as a leader in next-generation public safety technologies and services.

憑藉更佳的資本結構、更聚焦的組織與清晰的策略方向，Allerium 已蓄勢待發，可善用其在公共安全市場的領導地位並加速成長。在未來幾個月、等待監管核准期間，我們將執行一項轉型計畫，使組織能夠量身打造，以支援 Allerium 作為下一代公共安全技術與服務領導者的成長。

Allerium's growing portfolio of software, cloud native, data-driven, and AI-enabled capabilities put it at the center of next-generation 911 call handling, location-based services and data management.

Allerium 持續擴大的軟體、雲原生、資料驅動與 AI 賦能能力組合，使其處於下一代 911 來電處理、以位置為基礎的服務與資料管理的核心位置。

Upon closing, our transition to Allerium will mark the beginning of an exciting new chapter, one in which we will focus our investment, innovation, and execution on a singular mission, leading the evolution of public safety technologies as the market shifts from traditional voice-based systems towards data-centric communications, real-time coordination and artificial intelligence enhanced decision-making. We believe Allerium is uniquely positioned to lead this large and growing market for years to come.

在交易完成後，我們轉型為 Allerium 將揭開令人振奮的新篇章；在此篇章中，我們將把投資、創新與執行聚焦於單一使命：隨著市場從傳統以語音為主的系統轉向以資料為核心的通訊、即時協作與 AI 強化的決策，我們將引領公共安全技術的演進。我們相信 Allerium 具備獨特優勢，能在未來多年引領這個龐大且持續成長的市場。

Finally, I would like to thank and complement our entire team. We set ambitious goals during a period of significant challenge for this company.

最後，我要感謝並嘉許我們整個團隊。在公司面臨重大挑戰的期間，我們設定了雄心勃勃的目標。

We remain disciplined in our execution, and we delivered. Throughout our organization in satellite space, Allerium, finance, legal, IT, and people operations, I have seen the dedication, loyalty, and passion that is driving these significant achievements. I am personally so proud of this team and what we are accomplishing together.

我們在執行上始終保持紀律，並且做到了。在我們的衛星太空、Allerium、財務、法務、IT 與人力營運等各個組織中，我看見了推動這些重大成果的投入、忠誠與熱情。我個人為這個團隊以及我們共同完成的成果感到無比自豪。

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

接下來，我把電話會議交給 Mike，請他帶大家回顧財務表現。Mike？

Thank you, Ken, and good morning, everyone. As Ken just highlighted, it is extremely rewarding to see the significant progress that our organization is achieving on multiple fronts. Effectuating transformational changes like we have experienced to date over the past several quarters is not trivial and is a clear testament that our employees take extreme pride in what they do and then delivering successful outcomes. To that end, we are pleased to be delivering another quarter of positive operating cash flow and continued gross margin strength relative to our recent past. Now let's turn to the financials.

謝謝你，Ken，各位早安。正如 Ken 剛才強調的，看到我們的組織在多個面向取得重大進展，令人非常欣慰。在過去幾個季度中，我們迄今所經歷並推動的這類轉型變革並非易事，這清楚證明我們的員工對自身工作抱持高度自豪，並致力於交付成功成果。因此，我們很高興再次交出一個營運現金流為正的季度，且相較於近期過往，毛利率持續展現韌性。現在讓我們來看財務數字。

Net sales for the third quarter were $106 million. This compares to $126.8 million in the third quarter of last year. The decrease in consolidated net sales reflected the decision to phase out certain low or no margin revenues in our satellite and space communications segment. Allerium reported net sales consistent with the prior year period, excluding a $3 million retroactive billing event that benefited the third quarter of last year. Gross profit in the third quarter was $36.1 million or 34% of net sales compared to $38.9 million or 30.7% of net sales in the third quarter of fiscal '25.

第三季淨銷售額為 1.06 億美元。相較之下，去年第三季為 1.268 億美元。合併淨銷售額的下降，反映我們決定在衛星與太空通訊事業部逐步淘汰部分低毛利或零毛利的營收。Allerium 的淨銷售額與去年同期一致；若排除去年第三季受惠於 300 萬美元追溯性開立帳單事件的影響。第三季毛利為 3,610 萬美元，占淨銷售額 34%；相較之下，2025 會計年度第三季毛利為 3,890 萬美元，占淨銷售額 30.7%。

Our gross profit percentage reflects overall product mix changes and improved operational and financial performance as a result of our transformation initiatives to enhance efficiency, streamline product lines with a focus on strategic higher operating margin products, and reducing cost structures in order to free up investment back into the business. The improvement in our gross profit percentage builds upon the quarterly trend achieved throughout fiscal 2025 and the first two quarters of fiscal '26.

我們的毛利率反映整體產品組合變化，以及因轉型計畫而帶來的營運與財務表現改善；該計畫旨在提升效率、精簡產品線並聚焦於策略性且具較高營業利益率的產品，同時降低成本結構，以釋放資源再投資於業務。毛利率的改善延續了 2025 會計年度全年的季度趨勢，以及 2026 會計年度前兩季的表現。

In our third quarter of fiscal 2026, we reported an operating loss of $3.1 million which compares to an operating loss of $1.5 million in the third quarter of last year. Our most recent quarter reflects $4.6 million of amortization of intangibles, $2.4 million of restructuring costs, $1.2 million of noncash amortization of stock-based compensation, and nominal CEO transition costs, as further discussed in our Form 10-Q filed earlier today. Excluded in such items, our consolidated operating income for the third quarter would have been $5.1 million or 4.8% of net sales. Again, the prior year period included the benefit of Allerium's $3 million of retroactive billing events.

在 2026 會計年度第三季，我們報告營業損失 310 萬美元；相較之下，去年第三季營業損失為 150 萬美元。我們最近一季包含 460 萬美元無形資產攤銷、240 萬美元重整成本、120 萬美元以股票為基礎之薪酬的非現金攤銷，以及少量的 CEO 交接成本；相關內容已在我們今日稍早提交的 Form 10-Q 中進一步說明。若排除上述項目，我們第三季合併營業利益將為 510 萬美元，占淨銷售額 4.8%。同樣地，去年同期包含 Allerium 300 萬美元追溯性開立帳單事件所帶來的利益。

Adjusted EBITDA in the third quarter was $8.2 million or close to 8% of net sales, compared to $12.6 million in the third quarter of last year. The year-over-year comparison reflects the factors discussed above, including the prior year benefit from Allerium's retroactive billing event. Net bookings were $70.5 million in the third quarter, resulting in a book-to-bill ratio of 0.67. This compares to $71 million of net bookings and a book-to-bill ratio of 0.56 in the prior year comparable period.

第三季調整後 EBITDA 為 820 萬美元，約占淨銷售額 8%；相較之下，去年第三季為 1,260 萬美元。年對年比較反映上述因素，包括去年 Allerium 追溯性開立帳單事件帶來的利益。第三季淨接單額為 7,050 萬美元，訂單出貨比（book-to-bill）為 0.67。相較之下，去年同期淨接單額為 7,100 萬美元，訂單出貨比為 0.56。

Over the past year, as part of our transformation plan, we have focused and prioritized our product development and sales efforts to eliminate certain low-margin revenues and to instead target higher-margin opportunities in which we have greater differentiation and can achieve improved cash flows. Such improvements in our financial performance and working capital discipline resulted in $6.1 million of positive operating cash flows for the third quarter of fiscal 2026 compared to $2.3 million of positive operating cash flows in the third quarter of last year.

在過去一年中，作為轉型計畫的一部分，我們聚焦並優先推動產品開發與銷售工作，以淘汰部分低毛利營收，轉而鎖定我們具更高差異化、且能帶來更佳現金流的高毛利機會。財務表現的改善與營運資金紀律，使 2026 會計年度第三季的營運現金流入為正 610 萬美元；相較之下，去年第三季營運現金流入為正 230 萬美元。

As Ken said, this marks our fifth consecutive quarter of positive operating cash inflows. Operating cash flows in the third quarter of fiscal 2026 included aggregate net payments of $4.1 million, principally for interest and to a much lesser extent, income taxes as well as $2.4 million in aggregate net payments for restructuring costs, including severance, CEO transition costs and third-party professional fees. Turning to our individual segments.

如 Ken 所說，這是我們連續第五個季度營運現金流入為正。2026 會計年度第三季的營運現金流包含合計 410 萬美元的淨支付，主要用於利息，所得稅則占比較小；另包含合計 240 萬美元的重整成本淨支付，包括資遣費、CEO 交接成本與第三方專業費用。接下來看各個事業部門。

As anticipated, S&S net sales decreased compared to the third quarter of fiscal 2025, primarily reflecting our decision to phase out and eliminate certain low margin and working capital intensive revenues such as the VSAT satellite systems and services contract.

如預期，S&S 的淨銷售額較 2025 會計年度第三季下降，主要反映我們決定逐步淘汰並取消部分低毛利且占用大量營運資金的營收，例如 VSAT 衛星系統與服務合約。

S&S net sales in the third quarter were $50.3 million. S&S operating income was $1.6 million in the third quarter of fiscal 2026 compared to $2.7 million in the third quarter of fiscal 2025. S&S adjusted EBITDA was $4.1 million or approximately 8% of segment net sales compared to $5.7 million in the prior year period. S&S operating income in the third quarter of fiscal 2026 was impacted by $800,000 of restructuring costs to streamline operations compared to $900,000 in the third quarter of fiscal '25.

S&S 第三季淨銷售額為 5,030 萬美元。S&S2026 會計年度第三季營業利益為 160 萬美元，相較之下，2025 會計年度第三季為 270 萬美元。S&S 調整後 EBITDA 為 410 萬美元，約占部門淨銷售額 8%；相較之下，去年同期為 570 萬美元。2026 會計年度第三季 S&S 的營業利益受到 80 萬美元重整成本（用以精簡營運）的影響；相較之下，2025 會計年度第三季為 90 萬美元。

Now moving to Allerium. Net sales were $55.7 million in the third quarter of fiscal 2026, a decrease of $5.9 million compared to the third quarter of fiscal 2025. The period -- I'm sorry, the prior year period included a $3 million benefit related to a negotiated retroactive billing event to recover costs incurred in previous quarters. Excluding that benefit in fiscal 2025, Allerium net sales were actually consistent with the prior year period.

現在轉到 Allerium。2026 會計年度第三季淨銷售額為 5,570 萬美元，較 2025 會計年度第三季減少 590 萬美元。本期——抱歉，前一年度同期包含一項 300 萬美元的利益，與一項協商後的追溯開立帳單事件有關，用以回收前幾季發生的成本。若排除 2025 會計年度的該項利益，Allerium 的淨銷售額實際上與前一年度同期一致。

Allerium operating income was $4.4 million, and adjusted EBITDA was $10.4 million or approximately 19% of segment net sales in the third quarter of fiscal 2026. The year-over-year decreases in operating income and adjusted EBITDA primarily reflect the onetime $3 million retroactive billing event I discussed earlier that did not repeat this year. As well as our increase in research and development and go-to-market investments that Jeff will talk to in a moment.

Allerium 營業利益為 440 萬美元，調整後 EBITDA 為 1,040 萬美元，約占 2026 會計年度第三季該事業部淨銷售額的 19%。營業利益與調整後 EBITDA 的年對年下降，主要反映我先前提到、去年一次性的 300 萬美元追溯開立帳單事件今年未再發生。以及我們增加研發與市場推進（go-to-market）投資，Jeff 稍後會說明。

Allerium's book-to-bill ratio in the third quarter was 0.32 compared to 0.91 in the prior year period. The ratio for the most recent quarter reflects the timing of large multiyear contract awards and is not unusual given Allerium's strong book-to-bill ratio of 1.06 and 2.51 in the earlier quarters of this fiscal year. Turning to the balance sheet.

Allerium 第三季的接單出貨比（book-to-bill）為 0.32，前一年度同期為 0.91。最近一季的比率反映大型多年期合約得標時點的影響；考量 Allerium 在本會計年度較早季度分別達到 1.06 與 2.51 的強勁接單出貨比，這並不罕見。接著看資產負債表。

We announced earlier today that the company has entered into amendments with the existing senior creditors and subordinated debt holders and agreed to replace the existing series of convertible preferred stock with a new series of convertible preferred stock. These agreements together with the sale of most of S&S business, deliver immediate improvements that enhance the company's financial flexibility and represent the successful conclusion of the strategic alternatives process first publicly announced in 2024.

我們今天稍早宣布，公司已與現有的優先債權人及次順位債務持有人簽訂修訂協議，並同意以一個新的可轉換優先股系列取代現有的可轉換優先股系列。這些協議連同出售 S&S 業務的大部分，帶來立即性的改善，提升公司的財務彈性，並代表自 2024 年首次對外公布的策略替代方案流程已成功完成。

The company anticipates that net cash proceeds from the sale of most of S&S business will be approximately $143 million to $145 million, which will be used to reduce debt and recapitalize the business. In accordance with its existing credit facilities, the company will use 65% of the net proceeds from the sale of most of S&S to prepay the majority of its senior secured credit facility but the remaining 35% of the proceeds used to prepay subordinated debt outstanding, starting with repaying subordinated priority term loan. This is expected to provide a stronger and healthier financial position for the company for the long term.

公司預期出售 S&S 業務大部分所取得的淨現金收益約為 1.43 億至 1.45 億美元，將用於降低負債並為業務重新資本化。依據現有信貸安排，公司將把出售 S&S 大部分所得淨收益的 65% 用於提前償還其優先擔保信貸融資的大部分；其餘 35% 的收益將用於提前償還未償還的次順位債務，並自償還次順位優先定期貸款開始。預期這將為公司長期提供更強健、更健康的財務狀況。

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

如先前揭露，我們於 2024 年 10 月、2025 年 3 月及 2025 年 7 月修訂了信貸融資與次順位信貸融資，其中包括暫停檢測淨槓桿比率、固定費用覆蓋比率以及最低 EBITDA 財務約束條款，直到截至 2027 年 1 月 31 日的第四季期間。上述修訂，加上我們營運與財務表現顯著改善，使我們的財務彈性提升，並在 2025 年 11 月提交的 2025 會計年度 Form 10-K 中移除了持續經營（going concern）揭露。

On June 14, 2026, Comtech amended its credit facility and subordinated credit facility to among other things, further suspend testing of the net leverage ratio, fixed charge coverage ratio, and minimum EBITDA covenants until the fourth quarter period ending on July 31, 2027.

2026 年 6 月 14 日，Comtech 修訂其信貸融資與次順位信貸融資，其中包括進一步暫停檢測淨槓桿比率、固定費用覆蓋比率以及最低 EBITDA 財務約束條款，直到截至 2027 年 7 月 31 日的第四季期間。

At April 30, 2026 and June 12, 2026, total outstanding borrowings under our credit facility were $119.7 million and reduced to $116 million, respectively, $3.6 million was drawn on the revolver at quarter end and was repaid in May 2026 in full.

截至 2026 年 4 月 30 日及 2026 年 6 月 12 日，我們信貸融資項下的借款未償餘額分別為 1.197 億美元，並分別降至 1.16 億美元；季末在循環額度（revolver）下動用 360 萬美元，並已於 2026 年 5 月全數償還。

Total outstanding borrowings under our subordinated credit facility were $104.1 million and $104.8 million respectively, including interest paid in kind or accrued on the $35 million subordinated priority term loan. These amendments do not include the $32.5 million of make-whole amount associated with the $65 million portion of the subordinated credit facility.

我們次順位信貸融資項下的借款未償餘額分別為 1.041 億美元與 1.048 億美元，其中包含以實物支付（PIK）或在 3,500 萬美元次順位優先定期貸款上累計的利息。這些修訂不包含與次順位信貸融資中 6,500 萬美元部分相關的 3,250 萬美元整體補償（make-whole）金額。

The liquidation preference of our outstanding convertible preferred stock was $218.2 million and $220.5 million, respectively, excluding potential increases in the liquidation preference or other obligations that could be triggered by a change in control of the company.

我們未償還可轉換優先股的清算優先權（liquidation preference）分別為 2.182 億美元與 2.205 億美元，不包括因公司控制權變更可能觸發的清算優先權增加或其他義務。

Our available sources of liquidity totaled $49.4 million at April 30, 2026, consisting of about $26 million of qualified cash and cash equivalents and about $24 million of remaining available revolver loan capacity. As of June 12, 2026, our liquidity approximated $50 million and the remaining available portion of the revolver loan was $27.3 million.

截至 2026 年 4 月 30 日，我們可用的流動性來源合計 4,940 萬美元，包括約 2,600 萬美元的合格現金及約當現金，以及約 2,400 萬美元的循環額度剩餘可用借款額度。截至 2026 年 6 月 12 日，我們的流動性約為 5,000 萬美元，循環額度剩餘可用部分為 2,730 萬美元。

Now with that, let me turn the call over to Daniel Gizinski, President of our S&S segment. Daniel?

接下來，我把電話會議交給我們 S&S 事業部總裁 Daniel Gizinski。Daniel？

Thank you, Mike. We're proud of our entire team who contributed to the significant turnaround and repositioning of our S&S business. We've come a long way as an organization and today's announcement marks a significant milestone in our journey.

謝謝你，Mike。我們為整個團隊感到自豪，大家共同促成了 S&S 業務的重大扭轉與重新定位。作為一個組織，我們已走過很長一段路，而今天的公告標誌著我們旅程中的一個重要里程碑。

Gilat is a natural home for the S&S business, and we are confident that Gilat's commitment to innovation, customer support, and continued investment in the business will provide the right foundation for the next phase of growth for this business and our customers. It remains a top priority to continue supporting our customers, delivering against existing commitments and continuing to support new customer requirements.

Gilat 是 S&S 業務的理想歸宿；我們相信 Gilat 對創新、客戶支援以及持續投資該業務的承諾，將為該業務及我們的客戶下一階段的成長提供正確的基礎。持續支援客戶、履行既有承諾並持續滿足新客戶需求，仍然是最優先事項。

The third quarter reflected stronger demand across several areas where S&S has differentiated capabilities with key awards, including over $7 million in funding for several rapidly deployable troposcatter systems intended for use by an international government end customer.

第三季在多個領域呈現更強勁的需求，S&S 在這些領域具備差異化能力並取得關鍵得標案，其中包括超過 700 萬美元的資金，用於多套可快速部署的對流層散射（troposcatter）系統，供一個國際政府終端客戶使用。

Approximately $6 million in incremental funding for ongoing training and support of complex cybersecurity operations for US government customers, approximately $4.9 million in incremental funding to design and manufacture antenna-related equipment for a US government end customer and additional funded orders for long-range missile and rocket launch tracking systems, antennas, feeds, and satellite ground infrastructure solutions.

約 600 萬美元的追加資金，用於為美國政府客戶持續提供複雜網路資安作業的訓練與支援；約 490 萬美元的追加資金，用於為一個美國政府終端客戶設計與製造天線相關設備；以及針對長程飛彈與火箭發射追蹤系統、天線、饋源（feeds）與衛星地面基礎設施解決方案的其他已獲資金支持的訂單。

S&S' book-to-bill ratio for the third quarter of fiscal '26 was 1.04 times as compared to 0.8 times in the prior year period after accounting for a $36.4 million debooking in the prior fiscal year associated with the US Army global FSR contract. This was the first quarter since Q1 of fiscal 2024, in which S&S achieved a book-to-bill rate ratio greater than 1.0 times.

S&S 在 2026 會計年度第三季的接單出貨比為 1.04 倍；前一年度同期為 0.8 倍（在計入前一會計年度與美國陸軍全球 FSR 合約相關的 3,640 萬美元減少訂單（debooking）後）。這是自 2024 會計年度第一季以來，S&S 首次在單季達成接單出貨比高於 1.0 倍。

Additionally, subsequent to the end of the quarter, the company received orders totaling over $10 million to develop and deliver initial prototypes for extremely high frequency, low earth orbit satellite and communications equipment.

此外，在季末之後，公司收到合計超過 1,000 萬美元的訂單，用於開發並交付極高頻（EHF）、低地球軌道（LEO）衛星與通訊設備的初始原型。

As we move through the period between signing and closing, our priority in S&S is straightforward: continue supporting our customers, delivering against existing commitments and maintaining the operational discipline that has improved this business in the first place. We believe the momentum in customer orders underscores both the progress the S&S team has made and the strength of S&S' customer relationships.

在我們走過簽約與交割之間的期間時，S&S 的首要任務很明確：持續支援我們的客戶、履行既有承諾，並維持一開始就讓這項業務得以改善的營運紀律。我們相信，客戶訂單的動能凸顯了 S&S 團隊所取得的進展，以及 S&S 客戶關係的強韌性。

Jeff will now provide more detail on Allerium, which is well positioned to define the next generation of emergency communications. Jeff?

接下來 Jeff 會提供更多關於 Allerium 的細節；Allerium 已具備良好定位，有望定義下一代緊急通訊。Jeff？

Thank you, Dan. Allerium is Comtech's future and the core of our public safety technology company we are building. Public safety response is moving beyond voice towards data and more complex coordination and real-time decision and agencies and network operators face rising call volumes, increasing workforce constraints and growing expectations for real-time situational awareness.

謝謝你，Dan。Allerium 是 Comtech 的未來，也是我們正在打造之公共安全科技公司的核心。公共安全應變正從以語音為主，走向資料化、更複雜的協同與即時決策；而各機關與網路營運商正面臨通話量上升、勞動力限制加劇，以及對即時態勢感知日益提高的期待。

This evolution is creating new opportunities for AI-assisted intelligent workflows and technologies designed to manage critical information during active incidents. Allerium is the first to bring together the complete emergency response ecosystem from device location to the systems, networks and data that help drive action and connect people to emergency of the systems.

這樣的演進正在創造新的機會：包括 AI 輔助的智慧工作流程，以及在事件進行中用於管理關鍵資訊的技術。Allerium 是第一個把完整的緊急應變生態系整合在一起的方案，涵蓋從裝置定位到系統、網路與資料，協助推動行動並將人們連結至緊急系統。

During the quarter, we increased R&D and good market investment to extend that product leadership and support deeper growth. Following the sale of most of S&S, Allerium will be able to invest more decisively in advance next-generation 911, all handling, location-based routing and messaging for mission-critical public safety and emergency communications.

在本季度，我們提高了研發投入與市場投資，以延伸產品領導地位並支援更深層的成長。在出售 S&S 的大部分業務之後，Allerium 將能更果斷地投資，以推進下一代 911、通話處理、以位置為基礎的路由與訊息傳遞，服務於任務關鍵的公共安全與緊急通訊。

We are converting that R&D and go-to-market investment into concrete market progress. Our win with the Commonwealth of Kentucky demonstrates a first-in-market milestone for Allerium and validates the strength of our next-gen 911 platform at statewide scale. In Canada, we delivered more than a dozen next-gen 911 upgrades during fiscal 2026, reflecting growing momentum with public safety agencies as they modernize emergency communications infrastructure.

我們正把這些研發與市場推進（go-to-market）投資轉化為具體的市場進展。我們在肯塔基州（Commonwealth of Kentucky）的得標，展現了 Allerium 的「市場首創」里程碑，並在全州規模上驗證了我們下一代 911 平台的實力。在加拿大，我們於 2026 會計年度交付了十多項下一代 911 升級案，反映公共安全機構在現代化緊急通訊基礎設施方面的動能持續增強。

The developments over the past year, including in the third quarter and our announcement this morning, lead us to believe that Allerium can help public safety move from connectivity to coordination and set the standards for the next generation of emergency communications.

過去一年（包括第三季度以及我們今天早上的公告）的發展，讓我們相信 Allerium 能協助公共安全從「連線」走向「協同」，並為下一代緊急通訊建立標準。

Key Allerium contract awards during the third quarter included approximately $6 million of additional funding related to a renewal of next-gen 911 services for our customer in the Midwestern region of the United States. $2 million in funding from a domestic Tier 1 mobile network operator to support the development and migration of various web-based mobile network services and over $1.6 million in funded orders from another domestic Tier 1 mobile network operator in support of various mobile network services.

第三季度 Allerium 的主要合約得標包括：與美國中西部地區某客戶續約下一代 911 服務相關的約 600 萬美元追加資金；來自一家美國本土 Tier 1 行動網路營運商的 200 萬美元資金，用於支援多項以網頁為基礎的行動網路服務之開發與遷移；以及來自另一家美國本土 Tier 1 行動網路營運商、用於支援多項行動網路服務的逾 160 萬美元已獲資金之訂單。

We also continue to build momentum across public safety and emergency communications. In April 2026, Allerium announced that its statewide next-generation 911 program for the Commonwealth of Kentucky had migrated 12 PSAPs in its first four months of operation, including delivering the first NG 911 text and voice calls in the Commonwealth.

我們也持續在公共安全與緊急通訊領域累積動能。2026 年 4 月，Allerium 宣布其為肯塔基州（Commonwealth of Kentucky）提供的全州下一代 911 計畫，在營運的前四個月內已完成 12 個 PSAP 的遷移，並在該州交付了首批 NG 911 簡訊與語音通話。

In May 2026, Allerium announced the opening of a new purpose-built facility in Gatineau, Quebec, Canada, which builds on more than a dozen next-gen 911 upgrades that we have delivered across Canada this fiscal year and reflects our expanding role in modernizing emergency communications infrastructure. With strategic wins in the United States, Canada and Australia, we believe Allerium's position as a trusted leader in 911 -- next-generation 911 and public safety applications positions us increasingly well to deliver sophisticated solutions for other types of emergencies over time.

2026 年 5 月，Allerium 宣布在加拿大魁北克省加蒂諾（Gatineau）啟用一座全新、為特定用途打造的設施；此舉建立在我們本會計年度於加拿大各地交付的十多項下一代 911 升級之上，並反映我們在現代化緊急通訊基礎設施方面日益擴大的角色。憑藉在美國、加拿大與澳洲的策略性勝出，我們相信 Allerium 作為 911（下一代 911）及公共安全應用的可信賴領導者之地位，將使我們愈發具備優勢，能在時間推進下為其他類型的緊急事件提供更精密的解決方案。

Looking ahead, new emergency requesting devices, including wearables, connected vehicles, smart speakers and AI-enabled cameras and new delivery methods, such as satelliting networks, along with expansion in the emergency workflow technologies are expected to expand our addressable market and drive growth over time.

展望未來，新的緊急求助裝置（包括穿戴式裝置、聯網車輛、智慧喇叭與具 AI 功能的攝影機）以及新的傳遞方式（例如衛星網路），再加上緊急工作流程技術的擴展，預期將擴大我們的可服務市場並在長期推動成長。

Going forward, we will have a simpler operating model, a strengthened balance sheet and a single strategic focus. That will allow us to accelerate recurring software and services revenue, expand margins through operating leverage and invest more decisively in the innovation of our public safety customers and what they depend on. Today, a significant and growing portion of Allerium revenue is recurring, giving us a stable, high visibility foundation on which to build.

未來，我們將擁有更簡化的營運模式、更強健的資產負債表，以及單一的策略聚焦。這將使我們能加速經常性軟體與服務收入、透過營運槓桿擴大利潤率，並更果斷地投資於公共安全客戶及其所依賴之創新。目前，Allerium 收入中相當且持續成長的一部分來自經常性收入，為我們提供穩定且高度可見的基礎以持續建構。

Ken, back to you.

Ken，交回給你。

Thank you, Jeff. To sum up briefly, Comtech has successfully executed on each of the four pillars of our transformation plan and is now a stronger company. The sale of most of satellite and space together with the credit agreement amendments and preferred stock agreements brings the strategic alternative process to a successful conclusion and we are moving forward with greater strategic clarity.

謝謝你，Jeff。簡要總結，Comtech 已成功執行我們轉型計畫的四大支柱，如今是一家更強健的公司。出售衛星與太空業務的大部分資產，加上信貸協議修訂與特別股協議，使策略替代方案流程得以圓滿收官；我們也將以更清晰的策略方向持續向前。

Over the next few months, we will execute a transition plan to align the organization to support Allerium's strong future supported by long-term customer relationships, leading positions in next-generation 911 call handling location-based services, messaging, and other AI-enhanced mission-critical public safety capabilities to address the significant market demand for more connected data-driven emergency response.

在接下來幾個月，我們將執行一項轉型計畫，使組織調整到位以支援 Allerium 強勁的未來；其基礎包括長期客戶關係、在下一代 911 通話處理、以位置為基礎的服務、訊息傳遞，以及其他 AI 強化的任務關鍵公共安全能力方面的領先地位，以因應市場對更互聯、以資料驅動之緊急應變的龐大需求。

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

提醒一下，Mike、Jeff 和 Daniel 將與我一同參與問答。那麼，接線員，請開放來電提問。

(Operator Instructions) Keith Housum, Northcoast Research.

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

And congratulations on the announcement. It wasn't I expect this morning, but glad to see it. And again, congratulations for the efforts. I know it's a huge deal. Ken, obviously, the operations turn around within the S&S segment has been in swing here, but there's more room to go. I guess, why now? And why not wait a little bit longer to see perhaps you can maximize value any further?

也恭喜你們的公告。這不是我今天早上原本預期的，但很高興看到這個結果。再次恭喜你們的努力。我知道這是一件大事。Ken，很明顯 S&S 部門的營運改善已經在推進中，但仍有進一步提升的空間。我想問，為什麼是現在？為什麼不再多等一段時間，看看是否能把價值再最大化一些？

Good question, Keith. It's a balancing. We -- the company has been looking at strategic alternatives for a long time because we have a heavy and expensive capital structure. And part of the reason why the company started considering strategic alternatives in 2024 was to address that capital structure. I believe that we needed to approach this process patiently and with a broad examination of all opportunities available to the company and wait until we are in a position of strength to negotiate the right deal for the future of the company.

好問題，Keith。這需要在多方之間取得平衡。我們——公司——之所以長期評估策略替代方案，是因為我們的資本結構沉重且成本高。公司在 2024 年開始考慮策略替代方案的部分原因，就是為了處理這個資本結構問題。我相信，我們需要以耐心的方式推進這個流程，並廣泛檢視公司可得的所有機會，直到我們處於更有利的實力位置，才能為公司的未來談成正確的交易。

So we looked at all options, right? And it was considered selling any aspect of the business and we believe this is really the best way to optimize the long-term future of the business. Allerium has tremendous growth prospects. It's a really nice business. And we are now in a position where satellite and space has been turned around sufficiently, where we were able to consummate this type of a deal where it's a good outcome for the sale of this business.

因此我們檢視了所有選項，對吧？也曾考慮出售業務的任何部分，而我們相信這確實是最佳方式，能優化公司業務的長期未來。Allerium 具備極佳的成長前景。這是一項非常好的業務。而我們現在也已讓衛星與太空業務的改善達到足夠程度，使我們能完成這類交易，並為出售該業務帶來良好的結果。

But even more importantly, it enables us to now reorient the entire focus of the company to support the long-term growth of Allerium. So we think the time was right. We finally got the company in the right position of strength to be able to negotiate a good deal for satellite and space and we're leaving the remaining business in a very strong position for long-term growth.

但更重要的是，這使我們現在能夠重新調整公司的整體重點，以支持 Allerium 的長期成長。所以我們認為時機已經成熟。我們終於讓公司處於正確且有利的強勢位置，得以為衛星與太空業務談成一筆好交易，同時也讓剩餘業務處於非常強健的位置，以實現長期成長。

Obviously, it's been a long way in helping our capital structure, but you're going to still be remaining with the good amount of subordinate debt and your convertible preferred stock. But you also have the shelf registration has been out there since April. What is the capital structure for the company look like a year from now?

顯然，這在改善我們的資本結構方面走了很長一段路，但你們仍將保留相當規模的次順位債務以及可轉換優先股。不過你們自 4 月以來也一直有擱置式註冊（shelf registration）。一年後公司的資本結構會是什麼樣子？

Well, we'll see. So the proceeds of this transaction will be used to pay down the debt, 65% of the proceeds of the sale of satellite space go to pay down the senior term loan. That in and up almost all of the outstanding amount on the term loan. And so it will be easy for us to either use liquidity to pay off the balance or we'll be able to refinance with the new senior term loan. 35% of the proceeds will go towards paying the subordinated debt and that will be more than sufficient to take out the most recent tranche, which is tranche three, and then we'll work towards tranche one and two.

嗯，我們再看看。這筆交易的所得將用於償還債務，出售衛星太空業務所得的 65% 將用來償還優先定期貸款（senior term loan）。這將幾乎償清該筆定期貸款的全部未償金額。因此，我們要嘛可以用流動性把餘額付清，要嘛也能以新的優先定期貸款進行再融資。所得的 35% 將用於償還次順位債務，這將足以清償最新的一期，也就是第三期（tranche three），接著我們會再處理第一期與第二期。

We would anticipate that a -- once we consummate this transaction, and we refinanced the senior debt, those proceeds will be sufficient to take out the rest of the senior debt. And then we'll -- excuse me, the rest of the subordinated debt, then we'll emerge with a really clean and healthy capital structure going forward.

我們預期，一旦完成這筆交易，並且我們完成優先債務的再融資，這些所得將足以清償剩餘的優先債務。然後我們將——不好意思——清償剩餘的次順位債務，之後我們將以一個非常乾淨且健康的資本結構邁向未來。

Appreciate it. And did I hear that you're going to be probably the amendments you will be suspending the debt leverage ratio for the debt and to July 2027. Is that correct?

感謝。另外我是否聽到你說，你們可能會透過修訂將債務的槓桿比率要求暫停到 2027 年 7 月。是這樣嗎？

That's correct. So -- and that's a nice additional concession that we got from both the senior term loan lenders as well as the subordinated lenders. So that was one of the factors that was helpful to us in removing the going concern qualification when we last got the covenant holiday. And now we've got additional covenant holiday. And that, combined with the company's consistent generation of cash flow, we're confident that we will continue to maintain the financial reporting without a going-concern qualification.

沒錯。所以——這也是我們從優先定期貸款放款人以及次順位放款人那裡爭取到的一項額外讓步。這也是在我們上次取得契約豁免期（covenant holiday）時，有助於移除「持續經營」保留意見（going concern qualification）的因素之一。而現在我們又取得了額外的契約豁免期。再加上公司持續穩定地產生現金流，我們有信心能夠持續維持財務報導不帶有「持續經營」保留意見。

Got you. And then the cybersecurity business is going to be retained as part of the S&S segment. Can you give us a little bit of a financial profile of that in terms of how much revenue and profitability that is? And is that an ongoing business for you guys?

了解。接著，資安業務將會保留在 S&S 部門之中。你能否提供一些該業務的財務概況，例如營收與獲利能力大概是多少？以及這對你們而言會是一項持續經營的業務嗎？

Sure. So it's about $20 million in revenue, and it's net about a $3 million of EBITDA contribution.

當然。它的營收大約是 2,000 萬美元，EBITDA 貢獻淨額約 300 萬美元。

Got it. Okay. Appreciate it. And then, Jeff, as we look at the Allerium business going forward, excluding the comparable from prior year, flat business, how are you thinking about the growth profile for Allerium, both on the revenue side, but also in terms of profitability?

了解。好的。謝謝。接著，Jeff，當我們展望未來的 Allerium 業務，排除去年同期可比因素、以持平的業務來看，你們如何看待 Allerium 的成長輪廓——不論是營收端，或是獲利能力方面？

Keith, thank you for your question. For the future, when we look at the profitability of the business, it's really a matter of using scale to our advantage to improve margin profitability.

Keith，謝謝你的提問。展望未來，當我們看這項業務的獲利能力時，關鍵在於運用規模優勢來提升利潤率與獲利能力。

For instance, the more states we provide next-gen 911 to, the more we can leverage our infrastructure to improve those margins. And we're working very hard along with Tom Guthrie, our Chief Operating Officer here to leverage that scale that we have every time we win a new region. The other area we see in emergency response is expanding on the workflow of what it takes to get that first responder to the scene and give them situational awareness.

例如，我們為越多州提供下一代 911（next-gen 911）服務，就越能運用我們的基礎設施來改善那些利潤率。我們也正與營運長 Tom Guthrie 一起非常努力地運用我們每次拿下新區域時所帶來的規模效益。我們在緊急應變領域看到的另一個方向，是擴展從接獲通報到讓第一線應變人員抵達現場、並提供情境感知（situational awareness）所需的工作流程。

And we think there's other things that we can do in that emergency response process that expand our TAM and we can grow the business with. Part of why we announced some of the investment in R&D this quarter and a little bit of an increase in it to deliver on that message.

我們認為在這個緊急應變流程中，還有其他事情可以做，能夠擴大我們的 TAM（可服務總市場），並以此推動業務成長。這也是我們本季宣布增加部分研發投資、並小幅提高投入的原因之一，以落實這個方向。

Got it. And so do I think about the top line growth profile being 3% to 5% a year. Is that kind of fair?

了解。所以我是否可以把營收成長輪廓想成每年 3% 到 5%。這樣算合理嗎？

It is fair I think --

我認為這樣說算合理。——

But we're not going to give -- we're not giving guidance right now. Keith.

但我們目前不會提供——我們現在不提供財測指引。Keith。

In clarification, if I look at your adjusted EBITDA for a pro forma basis, is $34 million there. That's not -- but if we want to think about going forward, we can probably think about the changes you're going to be making in the business and restructuring for additional $11 million to $13 million to be on top of that, correct? If I think about the business going forward?

再釐清一下，如果我以備考（pro forma）基礎來看你們的調整後 EBITDA，是 3,400 萬美元。那不是——但如果我們要思考未來，我們大概可以把你們將在業務上做的變更與重整，再額外加上 1,100 萬到 1,300 萬美元，疊加在那之上，對嗎？如果我從未來的業務角度來看？

So that $34 million is a pro forma that's based on the historical EBITDA with adjustments for the historical EBITDA for Allerium, the cyber business and corporate minus about $12 million of anticipated savings resulting from the transition.

所以那個 3,400 萬美元的備考數字，是以歷史 EBITDA 為基礎，並針對 Allerium、資安業務與公司層級的歷史 EBITDA 進行調整，再扣除約 1,200 萬美元、預期因轉型而產生的節省金額。

(Operator Instructions) Mike Crawford, B. Riley Securities.

（接線員指示）Mike Crawford，B. Riley Securities。

The first question is, are all of the stakeholders in agreement that this transaction with Gilat does not -- will not we argue there's any change in control that would trigger increase in the preferred before obligation?

第一個問題是，所有利害關係人是否都同意，與 Gilat 的這筆交易並不——也不會被主張為任何控制權變更（change in control），因此不會觸發優先股在增額或其他義務上的要求？

Good question, Mike. And yes, all stakeholders are in agreement that it is not a change of control transaction and does not trigger any of the liquidation preferences in the preferred.

好問題，Mike。是的，所有利害關係人都同意這不是一筆控制權變更交易，也不會觸發優先股中的任何清算優先權（liquidation preferences）。

Excellent. That's a great outcome in and of itself. And then just tend to go back on your last statement just to clarify that $34 million, that's the -- but that's before you expect to take $12 million of corporate costs out of the business? Or is that including?

太好了。這本身就是一個非常好的結果。另外回到你剛才最後的說法再確認一下，那 3,400 萬美元是——但那是在你們預期從業務中移除 1,200 萬美元公司層級成本之前嗎？還是已經包含在內？

It is. So it's -- so the way to look at that $34 million is the historical, not the projected Allerium EBITDA plus the cyber, plus the cost of existing corporate, minus an estimate of the near-term savings of $12 million.

已經包含。所以——看待那 3,400 萬美元的方式是：歷史的、不是預測的 Allerium EBITDA，加上資安業務，加上現有公司層級成本，再減去對短期節省 1,200 萬美元的估計。

I'm sorry. So by minus, does that mean after that occurs with $34 million, if nothing else would be --

抱歉。所以用減法的意思是，在那筆 3,400 萬美元發生之後，如果沒有其他事項的話，就會是--

Correct. It's a pro forma of --

正確。這是一個備考（pro forma）的--

So the $34 million, Mike, is reflective of $12 million of cost savings.

所以，Mike，那 3,400 萬美元反映了 1,200 萬美元的成本節省。

Okay. Perfect. And then -- are there any other assets that you're retaining that might be surplus to requirements like any real estate owned. Like I'm not sure exactly what's going to get like build facilities in Arizona, et cetera.

好的。完美。然後——你們是否還保留任何可能超出需求的其他資產，例如持有的不動產？比如我不太確定會有哪些像亞利桑那州的建置設施等等。

No, we are retaining two operations, one in Florida and one in Buford, Georgia. That includes our cyber operations and a small services business in total $20 million of revenue. In addition, we are retaining some legacy accounts receivable rights to collection of some legacy accounts receivable that will be incremental proceeds to the company.

沒有，我們會保留兩個營運據點，一個在佛羅里達州，一個在喬治亞州的布福德（Buford）。其中包含我們的資安（cyber）營運以及一個小型服務業務，合計 2,000 萬美元營收。此外，我們也會保留部分歷史應收帳款的收款權利，對公司而言將是額外的收益。

Okay. Excellent. And then turning to Allerium. I guess I have two questions. So it's great that a significant portion of that revenue is recurring. What percent of that business would you characterize as recurring?

好的。很好。接著談到 Allerium。我想我有兩個問題。很棒的是，其中相當大一部分營收是經常性收入。你會把那項業務中有多少百分比描述為經常性？

Thanks, Mike. I mean I wouldn't -- I'm not going to give exact numbers on our recurring revenue, but I would tell you it's a significant portion and we see it growing over time. As the business more sits moving more from a traditional software license and modeling to a more recurring model for the business right across all our product lines.

謝謝，Mike。我的意思是——我不會提供我們經常性收入的精確數字，但我可以告訴你，它占了相當大的比重，而且我們看到它會隨時間成長。因為整個業務正逐步從傳統軟體授權與建模，轉向更偏經常性模式，涵蓋我們所有產品線。

So I'm not prepared to give an exact number of percentage, but suffice it to say, it's a significant portion in growing.

所以我還沒準備好給出精確的百分比，但可以這麼說：占比相當可觀，而且正在成長。

Yes. And Jeff, I would add to that, just to highlight in our press release today, we announced for the RemainCo, there's $554 million of funded backlog for the segment. And typically, these are long-term contracts. They're mostly services, software-based services. Yes, from time to time, you'll have deployments upfront.

是的。Jeff，我也補充一下：如同我們今天的新聞稿所強調的，我們宣布 RemainCo 這個部門有 5.54 億美元的已資金支持在手訂單（funded backlog）。而且通常這些都是長期合約。多數是服務、以軟體為基礎的服務。是的，有時候你會看到前期先做部署。

So there might be some activity on the front end of a contract that will then run into monthly recurring services. But by and large, these are services that are provided on a consistent steady state. So the percentage, as Jeff said, is significantly high for the segment.

所以合約前端可能會有一些活動，之後就會進入每月經常性服務。但整體而言，這些服務是以一致、穩定的常態方式提供。因此，如 Jeff 所說，該部門的經常性占比相當高。

And something else to bear in mind in this business. There's a mutual dependency. When states and municipalities work with our Allerium business, they need our service. And it's -- there's a very high switching cost. It's -- there's a dependency on working with us. So these relationships tend to be to last for a long time.

另外，這項業務還有一點要記住。它存在相互依賴性。當各州與地方政府與我們的 Allerium 業務合作時，他們需要我們的服務。而且——轉換成本非常高。他們在運作上會依賴與我們合作。因此，這些關係往往會維持很長時間。

Yes. So that kind of thank you, Ken, Mike, for that clarification. So that high switching cost is a double-edged sword where it's hard to rest away someone else's business. So -- are there any recompetes coming up that you'll likely win given that it's -- there's a high switching cost.

是的。所以，Ken、Mike，謝謝你們的釐清。因此，高轉換成本是一把雙面刃，因為要從別人手上搶走業務很難。那麼——是否有任何即將到期的續標（recompete），考量到轉換成本高，你們很可能會贏？

But conversely, are there any competitions that you're guiding for now that if you win would add an additional way of growth for the business?

但反過來說，是否也有任何你們目前正在指引（guiding）的競標，如果贏了，會為業務帶來額外的成長動能？

Yes. I'm going to let Jeff answer the specifics, but we're not going to get into specific competitive bids. But we'll give you more flavor on why we -- key drivers of growth in the business. But go ahead, Jeff.

是的。我會讓 Jeff 回答細節，但我們不會談特定的競爭性投標。不過我們會多提供一些脈絡，說明我們為何看好——也就是業務成長的關鍵驅動因素。Jeff，你來吧。

Yes, Mike, you bring up an interesting point is. Again, we're not going to get on specific deals or opportunities, but there are recompetes coming out of the marketplace. And what's changing is there are competitive features now as the market evolves, and we believe we have some very strategic competitive advantages. Part of that is because we do 911 call handling next-gen as well as the network, gives us some edges in these recompetes.

是的，Mike，你提出了一個有趣的觀點。同樣地，我們不會談特定交易或機會，但市場上確實有一些續標案正在出來。而正在改變的是，隨著市場演進，現在出現了一些競爭要素，我們相信自己具備非常策略性的競爭優勢。其中一部分原因是，我們同時提供新一代 911 的來電處理以及網路，讓我們在這些續標案中更具優勢。

So I'm pretty bullish on some of these recompetes and the competitive advantage that we have going forward as well as some other services that we offer that differentiate us from others. And keep in mind, we are the largest direct provider of next-gen 911 to the states and other competitors will either go through a local exchange carrier or a channel partner, whereas we are the largest to deal directly with the states.

所以我對其中一些續標案相當樂觀，並且看好我們未來的競爭優勢，以及我們提供的其他服務也能讓我們與他人區隔。另外請記住，我們是各州新一代 911 最大的直接供應商；其他競爭者要嘛透過本地交換電信業者（local exchange carrier），要嘛透過通路夥伴，而我們是與各州直接往來規模最大的。

And I also think that gives us a distinct advantage to be able to customize to their needs. So there are recompetes coming out, but I also think there are some with a competitive advantage that we can win or position well to win.

我也認為，這讓我們在能夠依其需求進行客製化方面具備明顯優勢。所以確實有續標案正在出來，但我也認為其中有一些我們具備競爭優勢，能夠贏下來或在贏得合約上有很好的布局。

And it does appear that there are no further questions at this time.

目前看起來沒有其他問題。

Well, I would like to thank you all for your ongoing support, and we look forward to continue to keep you updated on our progress. Thank you all. Have a good day.

那麼，我想感謝各位持續的支持，我們也期待持續向各位更新我們的進展。謝謝大家。祝各位有美好的一天。

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。各位現在可以斷線。