CMTL - Earnings call transcript Q1 2020 | Comtech Telecommunications Corp.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Comtech Telecommunications Corp.

First Quarter Fiscal 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session [Operator Instructions].

conference recorded, this XXXX. December reminder, a is Wednesday, being XXth, As

sir. would the Comtech DiLorenzo ahead, turn like Telecommunications. over go I to Jason conference now to Mr. Please of

Jason DiLorenzo

Corp. Bondi, Vice Thank President Michael conference Michael of you. Officer; of Financial year us are Comtech; this With President D. Operating the XXXX. the and Executive Fred Welcome Comtech Kornberg, fiscal call the Chief and first Officer. to Chief for Chief quarter call afternoon Senior on Porcelain, Telecommunications Officer and

I differ we plans, plans, the the and in but performance relating performance, management. Actual nature involve such Securities Before and by significant objectives and call of risks forward-looking contained in presented cautionary remind Company's information safe information. their are need business and and entirety qualified Company’s future Company's outlook could from outlook business include, proceed, to in Company’s regarding uncertainties. financial in business The outlook, filings. plans, you are condition harbor not Any forward-looking Commission and will objectives information to, the materially statements of be Company’s of limited and Exchange language. the statements the Certain the such forward-looking to the assumptions this Company, and results

the I Executive am Comtech, Officer now Fred? to Chief Fred pleased introduce and Kornberg. President of

Fred Kornberg

afternoon of thank will for you and joining fiscal good this first everyone the be in we Jason call. results in XXXX. and Today, Thank for you, us our quarter

provides be growth. and of foundation what EBITDA earnings revenue off performance and announcement, believe to solid we're a adjusted As for to-date start, you we will both can a from great our we anticipate year our see a

EPS net the targeted We're $XXX targeted increasing the to $X.XX our diluted EBITDA adjusted we're range fiscal $XX the $X.XX. be million. $XXX in approximately targeted million range is sales fact, million. in In to also Also million of to of $XXX approximately to our to increasing GAAP of be range XXXX

looking see, strong. paying strategic can is very, very initiatives fiscal XXXX you are As our off and

Now who before a discussion let segments And an up that, our announced results. questions it over Inc. of our the overview provide will Mike our back to a financial to opening come first provide After and business planned our quarter of CFO, turn and COO, of discussion call Mike of UHP answers. then me Bondi, acquisition recently I'll Porcelain, will Networks

Mike? And now, let Bondi. me over hand Mike the

Mike Bondi

Thank you, afternoon everybody. Fred and good

net from fiscal first U.S. for to $XXX.X XX.X% million sales sales quarter sales XXXX international of of in the of net first geographic QX customers XX.X% based of XXXX. perspective, million. fiscal the the were sales Our with in an net to net customers. total of $XXX.X fiscal is XXXX a reported increase quarter were This From

consolidated first at quarter the for our Bookings and $XXX.X to were bill million X.X. book ratio was solid

As contracts Mike certain of with that future multiyear amount been or full in billion include will but revenue. approximately one receive we We you of yet are when which have quarter Porcelain will discuss, that $XXX.X of the strong have And contracts this informed we does the million. backlog shortly. been finished not have $X not into potential we certain unfunded backlog, value to total in awarded the visibility of total factor us, our either

sales Commercial historically period-over-period by product XXXX. result in Solutions margin gross in reflects entirely of in Government the of than our gross of which increase net segment, a fiscal increase achieved an The driven higher Solutions as our margin changes segment. gross which in increase percentage the Our mix was significant percentages almost XXXX XX.X%, quarter in the profit QX first percentage was achieved from fiscal XX.X%

same in fiscal or no year-end perhaps call, gross by about the conference our and we be fiscal The will than profit to during expect mix. driven XXXX said our product lower different ultimate final than forward slightly fiscal percentage XXXX. Looking be what percentage we XXXX

in or XXXX. XX.X% were compared QX or XXXX as QX in of GAAP net million SG&A of $XX.X expenses fiscal million XX.X% fiscal $XX.X consolidated to of sales

We and than based to plans, sales, GAAP be be marketing activities on to to consolidated XXXX. in recorded of higher as continue and XX.X% in slightly in our invest sales spending and percentage continue a dollars SG&A total current fiscal to expect lower net the

solutions. also In $X.X During of in estimates of associated QX we repositioning recorded location our with of some our QX, million this related XXXX. refined we charges the of regard, fiscal technology

XXXX Turning spent net to in was of fiscal stock-based amortization Commercial the unallocated. Off quarter segment in in our $X.X research the and spent amount, first of expenses. million and was this our Solutions million representing consolidated Government balance of Solutions $XX.X sales. with X.X% spent million in compensation or segment We development $XX.X

R&D We expect investing to fiscal continue in in XXXX.

slightly first R&D to was to a in sales, be stock-based As and expect expense dollars Total million the percentage amortization was quarter lower fiscal XXXX. X.X% such, the million compensation of of net fiscal XXXX. than $X.X we continue for to be and of consolidated expense in $X.X higher as intangibles

the Looking acquisition, and intangibles expect pending of million. forward approximate to excluding continue to amortization the UHP we $XX impact of

or GAAP consolidated income the of fiscal X.X% first XXXX of for net Our was quarter million operating $X.X sales.

operating of X% income million consolidated and of acquisition contract $XXX,XXX have of settlement or plan would sales. net been $XX.X million $X.X costs, Excluding estimated expenses

income an QX, as to $X.X the sales approximate including 'XX. fiscal X% in million expected net believe we operating and GAAP of X.X% we forward of acquisition fiscal achieved plan compared XXXX Looking will expected that still in additional expenses

for of level, of EBITDA Solutions XXXX in Our of consolidated fiscal our of net QX related $XX.X million of sales. sales or adjusted for adjusted first segment our million On segment, was Commercial related or Solutions XXXX. the XX.X% and $X.X quarter sales segment a EBITDA in million was was XX.X% $XX.X XX.X% net or Government net

or as up, XXXX to in a million, approximately EBITDA $XXX fiscal a percentage in fiscal adjusted sales, it be range to of million adding all $XX expected When approximately XX%. we to XXXX of anticipate net be

flow higher the than if progresses, we and of targeted order able we amount. achieve year remains fiscal results strong our goals, all XXXX financial can to the might be As achieve

talk in our me in EPS, was Now $X.X sheet. balance about let quarter. Interest expense the interest, cash first million taxes, flows

year, the continue to to $X.X interest we expense approximate expect million. For

borrowing which Our XXXX expected deferred amortization X%. excludes the and financing fiscal rate, cash of current costs, approximates

Excluding a $XXX,XXX our XX%, tax rate net was what for effective which expect discrete XXXX. tax we benefit, is fiscal

diluted in On fiscal GAAP the million income was XXXX of bottom net per $X.XX or line, $X.X share. QX

diluted $X.XX costs expenses, as tax or Fred million in mentioned, Excluding basis, estimated On a GAAP EPS acquisition XXXX fiscal contract our for in of XXXX per are first planned $X.X our a we fiscal $X.XX. to QX quarter, net items range and income to the non-GAAP was net discrete updating of target settlement diluted share. $X.XX be

Excluding all costs a to range settlement XXXX the items of fiscal fiscal and GAAP Ultimately, that other planned may during approximate the occur planned $X.XX discrete estimated acquisition and net items, tax will expenses, to acquisition by expected adjustments expenses be of XXXX $X.XX. non-GAAP amount impacted EPS year. is contract EPS final

in We some achieved continue during strong to million fiscal operating while working cash of of flows of expect XXXX, XXXX. fiscal capital quarter the buildup $X.X we first

$XX to million Given fiscal million somewhere to $XX expect our we generate XXXX. in continue and operations flows dollars from growth, of cash between

this progresses, we As tune will the fine year amount.

cash balance cash and October million as XXXX equivalents. of Our sheet XX, $XX.X of includes

million. credit Our our outstanding facility $XXX total was balance under

secured ratio, was sheet defined credit our our Our X.XX. of And has balance plenty leverage as in current flexibility. facility,

over Before turning the you on guidance in give additional our Mike, it release. to we me some color let provided financial press

second approximately to consolidated them. quarter or sales million. to lumpiness stated with EBITDA from fiscal to $XX often adjusted has quarters million have million Based $XXX assumptions, before, Comtech's product unevenness anticipated some we range As expect ranging timing $XXX mix to our from and $XX we on million net

adjusted of several is quarter still timing which the EBITDA. GAAP expected annual GAAP for performance. the be net still fiscal quarterly our income, and consolidating quarter income fourth net XXXX Such Our reflect targets financial shift of impact to operating and expected items, far can sales, by peak and

fiscal any XXXX. addition, we and fiscal of to in a other targets continues XXXX the strategic aforementioned financial incur than to expense of or acquisition may include look fiscal impact achieve XXXX impact do was In QX Overall, not UHP great of the pending better objectives. the our the order quarter

hand Mike? I over will Porcelain. it to Mike Now

Mike Porcelain

you. Thank

and performance is our needs various substantiates headlines my will that to I'm wireless the news global believe us secure for QX leadership fulfill our and to turn their of market relating volatility wars, quite trade the proud communication. political Given evidence I to of belief customers performance. increasingly have products that our

segment were the a Let me resulting give a $XX.X million some last million Commercial our in the were segment XX.X%. X.X. for Solutions quarter. significant performance. book sales segment, QX in In to of Net $XX million ratio year, color this to was a in by increase Bookings it compared great of quarter, our $XX you

modems solid sales quarter traction. of Ground Our continue was Station quarter higher both a Satellite our satellite that as Government TWTA and and net primarily sales our Heights Technology good amplifiers, customers, and for which gain Solutions, to state to had compared both U.S. used year. this It communication to are in last products and consists international

that multiyear bodes XG, hope well their by the Telefonica Vivo, increasingly in number and the announced of we mobile of the for was the program as cellular During handle backhaul. XG, LTE operators of mobile world, customers upgrade replicate contract networks in systems support world for Latin America contract Telefonica, the believe the Heights to selected networking capacity. that platform can to more a companies quarter, largest their and this We our this telecommunication we in elsewhere a Brazil one around market, Argentina and need

increase be have believe of the high the we and anticipated multiyear are throughput satellites number both said LEO based in expected we HTS early before, stages or we a of to period the growing on demand. As of that satellites, launched, in

high-speed and we TWTAs previously fiscal expect million support the fact, for satellite In to on increase to order $XX XXXX, Jupiter Ka received deliveries new V-band during network. our

Given quarter world, the to expand our a increasing to traffic line. cellular Earth need this made remote decision across around the product areas strategic Station Satellite we backhaul

acquire into cash leading satellite an is a Networks, and station approximately $X price ground UHP and Specifically, million, we in $XX which of expected million for million be payable provider innovative stock. technologies entered disruptive is paid purchase of to in restricted $XX agreement a of to

literally or revolutionary transforming in developed based aperture very market. UHP has is that terminal is VSAT and the technology small Canada

For aggregate processing can per over UHP second. to packets instance, which overhead up IP TDMA TDMA low remarkably as have modems, to per process other XXX modems XXX,XXX second megabits providers. UHP offers satellite traffic of compared

ground the with routers a XX% efficiency switch with a to UHP phone number can were over of In truly designed lower methods. into much unencumbered of service UHP's between configuration profiles TDMA at This TDMA their and terms, using rural to cell TDMA flexibility result areas blank universal sheet other simple modes, technologies cost. up, expand in are full universal a are the satellites network Being multiple device. and legacy that implementation from disruptive are highly allows fly coverage. at can developed paper technology and efficient built on operators the implementations mobile

low roadmap, The UHP of our before. acquisition ever have is we offered a price and product point anything within provides

about over acquisition industry-leading believe Importantly, back line current to enterprise several we UHP's fixed TDMA excited variety expect for needs. product growth provides a Make from the this customers from cellular the a no years. this haul our This of Height platform. we exciting our levels next we that grow are expect will overall, roadmap and clear who integrate have combination and technology into mistake,

XXXX. let and technology first higher fiscal location significantly compared turn quarter XXXX product quarter in public to lines, whose of our as Now the first were fiscal aggregate to safety of me sales

to is like year. up Here also look a fiscal XXXX shaping terrific

reaction fiscal remains Our in acquisition is from particular benefiting positive. Solacom fiscal definitively XXXX very to customer our our XXXX acquisitions,

call in than calls In deployed there has telephone are entering as to Australia of $X.X handling year. Solacom we that been November made solutions emergency handle and Australia. XXXX, the entire for point announced Today, and more million Solacom around the each initial provide country will fact, that expected systems is

of version to personnel technology, advanced more calling This fiscal emergency we services location, from devices. in mobile location of or people to AML pinpoint will enable expect the mobile During our XXXX, accurately enable Australia.

new simple will future, In terms, out our For we those of version in it. we is you like of around time, calls. elsewhere big for existing to able U.S. it for familiar with video technologies and the will RapidSOS, and to have this multimedia roll leverage to Over options the plans in these world. be contact and the companies our messaging both you customers customers, and

mind, my ago, Solacom, of than occurring a acquisition less The success. in although is one just certainly year

our meeting using and who to are technologies. we legacy older market objectives on several are Solacom technology cross have to We track started customers to to

one business, has States. contract of acquisition emerged largest the in With of holders and the recent Comtech next United as XXX the GD generation Solacom the XXX

XXXX, a types major IP first example, telecommunication an extension multiyear the of an expertise awarded highlights to As contract enhanced XXX during contract million mandates quarter to Comcast, solutions. FCC $XX.X provide we of these U.S. Such fiscal carrier. Voice for over extension services were our

Looking are opportunities and base ahead. optimistic segment and but backlog growing Commercial end for strengths will healthy. have product leadership forward, conditions we have Solutions All-in-all, strong given competitive a in remain many the segment, this grow that we market years very we our

of of lower in Solutions due last for million mission of turn were segment. were to in approximately absence compared satellites $X our XXXX year XXXX. our of last of compared QX Net $XX.X sales BFT-X to QX sales the as million to me sales as $XX let technologies Government fiscal Now segment Net this fiscal critical terminals. million in to year made

announced, not do previously sales As expect our we fiscal XXXX. in such any

Technologies last amplifiers driven year, and Net terminals. were or by increased our related increased our higher including state sales troposcatter System during High-Performance Modular of our quarter high Transmission our of as months switching than this Transportable solid troposcatter as technologies, three of power the sales well MTTS ended sales technologies, Transmission

in fiscal Bookings in Solutions our for Government $XX.X XXXX QX million. segment of came at

orders won, U.S. forthcoming period-to-period expected regard quarter normal Corps. contract large a full is Marine amount everyone U.S. support we the provide knows by that of fuel not the any contract use segment. from In fluctuations dollar a this amount or As reflect equipment global bookings from for this for this bookings Army do to in multimillion troposcatter

performance RF million for million support announced support military which As The skills desk, engineering occur across has extension line field U.S. XXXX, engineering, and a world. diverse October calls satellite with Technologies product logistics, funding help been from field to our contract terminals support only funded these to global XX the terminals, we satellite services in at technical with awarded October and engineering Mission-Critical were contract including security possible expected ceiling the satellite XXXX, a engineering, plus additional the period. system support. Through communication contract provide network six-month XX, $XX.X covers around the for month to period and $XX.X Army,

As such, additional bookings in future quarters are expected.

teaming were QX, on the $XXX we year during opportunity the XX that our contract. with currently all pleased contract be that Comtech, them, expect to announced teaming of U.S. Government XXX systems intends to subcontract In soon. delivery to of learn addition, early was we that Out U.S. million announced terms troposcatter awarded negotiating we are our troposcatter to a part partner and a partner it the IDIQ and finalized manufacture Marine Corp which

and or market-leading and our well summary, XXXX multi-year expertise, bodes we award Government still the contract validates expected technologies see for year, for bookings like the believe a opportunity the number growth multiyear strong this QX Comtech's of is in in None looking backlog. is to In early troposcatter currently future our these We our demand products. fiscal although segment. Solutions as continue of for

turning Fred, our success I want strategy. our Before reiterate remarks to it to a back go do on about forward few recent

participation into the and scale, both our successful. anticipated marketing, has We to growing in expanded diverse and and unquestionably and acquisition we place earnings set Our are last clearly that strategy fiscal growth benefit development on greater years. from over more XXXX research of in the results organic focusing investing believe markets few proved

XXXX. XXXX $XXX XX% as our not exist over in fact, did we here sit or revenues over million In fiscal today,

more assume fair increasingly Commercial today, are to this and me, that XX% is XX% important segment Solutions software-based. approximately it are revenues or sales is now revenues our company's becoming of impressive. of total To Software the

GD deals bring more than we And the fit with that acquisitions, TCS, capabilities intend acquisitions November announced pipeline. our allow complete that XXXX, we more into Next is can fourth more Solacom also have recent positive us Like we revenue by working we believe long-term deliver believe our culture to of acquisitions achieve only and acquisitions we for paying capital profitable have acquisitions UHP ourselves. will to shareholders. for our completed in as and and and programs, have and are achieve We demonstrated other XXX. in From with we strategy we growth three could do believe values, ones cash successfully perspective, and to Clearly, Generation deploying our also our off. we our results

XXXX fiscal said data testament comment strength in Comtech, back which is from of point sit when one last When and is one find is back I our a I our repeat we a cash to at I operating what that results. September flow. our great released look XXXX Finally key

over future operating the generated three levels last GAAP for fiscal years. to aside, we is from am bright our cash that current we I Here, and optimistic to flows Timing $XXX years grow many cash million expect of flows come. over

Now let closing some Fred? me will back to it provide Fred turn who remarks.

Fred Kornberg

you, illustrate And of bode as positions. our Mike you and our Mike. earnings that heard, and that was leadership well mentioned product positive our those Thank business truly power developments the for future, some

come. we're XXXX Comtech. I'm mentioned business very how to I with another is is pleased expected -- our am year As and confident terrific to for previously, growth I at sustained our be fiscal looking performing that for years

will communications. customers in we increasing to data strong We for fulfill With that for their lots XXXX demand global of clear Comtech continue momentum. and turn voice, have needs visibility, to now secure quarter believe of video wireless increasingly our usage, market and fiscal under business belt, environment one an optimism of

the of first our business business directors of on fiscal for outlook, declared on close the February XX, per of share XXXX. XX, $X.XX of shareholders at strong quarter of XXXX XXXX to our payable dividend record the board Given January

We way is to to dividend return capital our we continue to grow a great as shareholders program believe business. our our

Now and of Operator? I'd like call. question to our to answer period conference proceed the

Operator

our take We'll from Instructions] Please go [Operator Citi. Merchant question Asiya from first ahead.

Asiya Merchant

Hi, them closed, wondering are And acquisitions current the results, what that. year-on-year your the for help organic that how was understand how impact be how in everyone are impact growth for you some good just -- I of of to evening, about strong et us the could and was congratulations you delivered we to what if guys acquisitions? quarter? on impacting should think should of the we cetera. still think year about know But the guidance prior… I -- so UHP,

Fred Kornberg

Well, year-over-year, I acquisition. and small very certainly a for the Solacom mean, quarter is

know about rest a organic. of being quarter, could you it the with the So million being in dollars you think few revenue entirely

think will year. that trend throughout I continue that the

does we'll Our late acquisition. know It's guidance not UHP the the you expected And timing, we let know on to include close better until the impact. about when QX-ish.

Operator

And Latimore question we'll Capital. Mike from next Please from take our Northland go ahead.

Mike Latimore

quarter. great the on Congratulations

think booking In terms kind it potential this of the deal this shows that? get Marines. helpful? about with growing think of bookings deal in for be should then that you and that Will quarter? up about we should How quarter the signed would we the How

Fred Kornberg

contract this expect partner I sign quarter. our to think we of with the

Mike Latimore

the frame contract… the And way for any kind you to within broader of opportunity

Fred Kornberg

the years, I the XXX both terminals. ourselves just as that's and partner believe million Yes, for is over start for everyone XX $XXX think our contract knows, we and

and partner I approximately have -- we will I will about be think I have, somewhere turn half-and-half. will the probably to somewhere were that the it's think if amount it to out give

get into be So I to about eventually expectations think would contract. the half our

portion provides in that, is funding our provides well. designs hardware said now and as base That antenna. this like right else the training, so everything terms are whereas the the and supply of of we of program also we first partner forth miscellaneous and stuff, available antenna than any product sole so IP the the on slightly the other supplier different, means for having us that's Now the to

to the having has decided buy, $XX terminals. So of kind the first XX its believe funding, of government I million

training supply, contract there upfront, So of of portion a million. million and XX least result and we the maybe million to getting will in $XX will be will portions lot the of which $XX have terminals of at to our the a $XX probably

Mike Latimore

maybe terms in the the kind then government mix or year just -- And commercial of versus there's longer-term this the view. of

how overtime? You know, we think of should mix what -- kind about that

Mike Porcelain

so to we you where back if terms pure demand you is XX%, now, a XX% on year again XX%. for growth, from about commercial maybe to the think acquisition, the of on in just I the XX% know side, I path, And without is underlying maybe our But tremendous or impact go XX% trajectory word, commercial expectations with we start the up that that neck that last to guess year. we're guess better I the Right seeing UHP growth, think product. of did will of

I that at which sort timing than change some government we slightly increasing, profitability, think percentage rate depending point, could the percentage. always yes, guess, a is the of is commercial U.S. a of business. -- the large So the has on of contracts now, faster at right government business, But higher

Operator

question next George from Notter go ahead. Jefferies. with Please Our is

Kyle McNealy

the about in This is and made is to there and this want overall question. Is on lot so circle you the for quarter I Kyle organic organic guess GDIT in so? should the a math revenue for we comments be to I acquisition, ex-acquisitions. Thanks that from growth be that thinking if growth? much exercise -- there around back would How that about the George.

Mike Porcelain

so growth. that in that's from that contract we years. And Dynamics. base Remember $XXX connection that of I of -- the mean, Comtech just we mean, with contract. Commonwealth you're win, I bought for won Massachusetts right. mean won it the organic we I employee announced General million five

a just it's the the results dollars could from this think of our our I rapid which at of so of impact impact quarter, acquisition the perspective million related, this I that acquisition, rate. again true is but certainly is couple growing perspective from year only say on Solacom So a revenue to

Kyle McNealy

quarter, look the year at in GDIT we So October there top-line revenue results? ago was if the

Mike Porcelain

absolutely. Yes, in this revenue Yes, quarter. was it

Kyle McNealy

In October the year ago quarter?

Mike Porcelain

we [Mike]. win No, the didn't until contract QX,

April. So we it won in

with QX if that $XXX But million So August revenue that started contract remember, contract. had announced the we X, actually XXXX. associated you might

the from didn't start until $XXX million that this revenue So contract quarter.

Kyle McNealy

in be year-over-year it need growth, that. should sequential on may numbers So the do little well to a we math

enough. fair Okay,

lot you you'd So back quarter the a to expected. stronger a this wasn't the Do the expect than considering was commercial XXXX? there guidance next top change flip total direction, big in line for other

Mike Porcelain

gave think No, out QX I and our the numbers. Mike

I what numbers for gave think us. he the did our moment QX the we QX is going that exactly our to be almost at

Kyle McNealy

So into a to should lower level of expect had we Solutions expecting in I around it's than the and the of mix been Government remain we bit kind QX? been QX guess

Mike Porcelain

is I Yes, business our quarter-to-quarter. We and to of year, the just the or XX% so between quarter say mean, I year around a would revenue schedules I in perspective. from QX the still a have somewhere going yes, it can based changes at And we're again, on mean business look did. fielding government for mean, expecting year. I look But aggregate, XX%, be I like changes to deliveries. think for QX, lot

Kyle McNealy

gross think about mostly to to about of Can sense XXXX change any level I know you government with us there's thinking commercial there? flat rest way you a stable the down, whether segment generally is slightly the and a the on consistent guess to it kind anything Is the then Heights' talking the or you there been balance being out, here due I AT&T ramp had about coming in to segment there? the then And and of out margin. of call for give year. and some of the now, revenue

Mike Porcelain

about we consistent as well. how last were thinking fairly with it It's quarter

Kyle McNealy

like close one, But slower last year-over-year. one then mean them you about seem driving Have that Do the need this pick the you seen I items we they're pick the flow they're build What's lumpiness. of back the see -- these backlog comment some like made see before the order bit back enter slowness? we trends, up past a seems since And quarter? to to of kind big up? book it of bit

Mike Porcelain

bookings as our at describe wouldn't all. I No, slow

this from we're In fact just a I timing contracts large aren't have our two like perspective, of bookings that said, in quarter. that the quarter aware

So of that since are actually announced there. them opportunities are of number there a out Two we've then. large

for So I any on particular [XX] excess the year. number. we're But quarter caught will not get for we on up track feel in of definitely

Kyle McNealy

XX it One would whether expect troposcatter when being you Do I XX trajectory can the that’s a period? what end might be? or for last have about program any thing, expectation program. or end us front you year it have Anything program, front loaded. year throughout the to starts the could give the loaded flat that chance be

Mike Porcelain

be we're it's think a this initial the the too from pretty work the deliveries. government that yes, at. of rest would the to to QX have that going we with through about, talk hardware our just Fred we Well, of about was some to how and of premature work partner kind on then talking to in But expecting And of year our that it from timing perspective. be something that's

Operator

appears time. questions are [Operator Instructions] no It further at this there

Fred Kornberg

wish to partners, holiday speaking happy very with forward look happy business of joining business and unit point, teams, a you a thank to Year Okay. and Directors to our again you March. New dedicated again want today. At customers leadership loyal and employees our We our I for Board Thank you much. and us shareholders. this And our in

Operator

conclude your Thank That for participation. program. you today's

disconnect time. You this may at

Comtech Telecommunications (CMTL) 4 Dec 192020 Q1 Earnings call transcript