CMTL - Earnings call transcript Q4 2020 | Comtech Telecommunications Corp.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Comtech Telecommunications Corp. Fourth Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded Tuesday, September 29, 2020. I would now like to turn the conference over to Mr. Telecommunications. Comtech of DiLorenzo Jason Please go sir. ahead,

Jason DiLorenzo

Fred Thank Corp. and Bondi, QX and year Executive With call Officer Officer. good and Michael Chief the call and afternoon. Telecommunications Comtech XXXX. Chief are the on Porcelain, the of to us Chairman and Chief Michael fiscal of Board Welcome for you, Kornberg, D. year President Comtech; conference end Officer; Operating Financial

in their language. forward-looking Any this remind outlook now performance, significant such to regarding will you and Fred? Exchange the uncertainties. the Certain business need to information such be I the materially company's Comtech, am Securities statements Harbor management. presented results Officer performance and not Fred relating proceed, Chief company's we but plans forward-looking introduce Commission the forward-looking financial Before information of condition of contained are objectives company's by risks The plans, plans, outlook to call and and filings. company's pleased Kornberg. Executive future company's and include, and from of nature and to involve I differ objectives in of cautionary could assumptions statements outlook Safe limited the business company, the entirety Actual in information. the the and in are qualified business

Fred Kornberg

navigate for customers, COVID-XX healthy us Thank we hope, outlook you, results Jason, quarter XXXX environment. call. safe, employees, investors our partners fourth this on joining we this fiscal to and remain thank afternoon, Today, be for everyone, for and We and the continue our as good of you XXXX. will in discussing suppliers, and and our fiscal

pandemic. strong was this see reflected from fourth to COVID-XX resulting our a what As finish our from performance afternoon, the year, you can announcement quarter challenging a

of a $XXX.X pipeline quarter, X.XX. the strong with with about. book-to-bill quarter an are we million. generated fourth were opportunities sales we remains of that And large of optimistic EBITDA fourth our number $XX.X Our adjusted a million In ratio

adjusted EBITDA year healthy sales year, we net the the million. For business XX.X achieved solid a of million an and backlog. a We and finished of XXX.X with

in turbulent to generate of business. in shareholder that and to us financial the continue $XX.X I times the these has invest to we flexibility prudent flows driving cash firmly course our growth Our term management on operating remain and delivering of believe value. million long enabled

in we have million better adjusted can initial of $XX Now stabilized our optimistic we XXXX or progresses, fluid, and are are are that XXXX thinking that somewhat things approximately the in to results that still our XXXX do in million we reinstating that to achieve million. new targeting in, said, an guidance XXXX. is That we did to fiscal believe fiscal million I things than and range as $XXX the I $XXX exceed actual targets. of will come $XX remain year with orders revenues EBITDA

about Gilat our results would the discussing I to business detail, more status say in further Before of a words few acquisition. and financial the like

and a business. Gilat, of Unfortunately, significant resulted in a January announced announced in sudden and steep in and acquisition, we As the a acquisition is worldwide Gilat strategic networking a pandemic and services. COVID-XX solutions Gilat's technology in a the reminder the XXXX, Gilat's markets, we decline slowdown leader highly satellite where operation travel after aviation in

a period-over-period adjusted six negative publicly first for Gilat XXXX. suffered the calendar of the has sales As and EBITDA reported lower months year

and the of intends are as for acquisition. complete declaratory Chancery this you effect, trial or July Because I'm ready we seeking further material XXXX, the everything merger Delaware the a a or has is the Gilat effect. to that certain Court judgment the that make that or not we commenced terminate for suffered agreement. getting may scheduled has Given render adverse material Delaware to will of October a XXXX, in in the a on related understand not the is adverse Gilat we declaratory that Gilat and tell to Court that including questions matter Currently, sure judgments, judgment you, indicated date any will we take a result October prior the Gilat trial, comments XXXX, related litigation to obligated acquisition Xth, I And litigation. must any

commentary our Bondi, provide who pending Now, will our turn Porcelain, over our it then business update Mike? let me and acquisitions. additional and financials; about will Michael who to provide an Michael on

Michael Bondi

and Fred, good Thank afternoon, everyone. you,

fourth Our finished for the sales were year of net with we fiscal XXX.X million. XXXX of quarter the sales net million, and XXX.X

a as QX results, total net for and sales quarter-over-quarter increase, XXXX customers sales COVID-XX of year We bookings. orders, significantly was full year with revenues pandemic. achieved Despite received our of XXX.X fiscal U.S.-based which we which compared the times of XXXX, of impacted million. finished were healthy for pandemic, represent a in XX.X% resulted by bookings net the $XXX.X impact a book-to-bill QX, ratio of X.XX It the million XX.X% In of to quarter international XX.X% $XXX.X to million. customers. a a the strong to were backlog Our with

good given we the pretty Although our cloudy, economy remains healthy visibility into backlog. into do have visibility XXXX a fiscal bit

awarded plus and next during have $X.X we backlog approximately unfunded you portion estimate as be total of clear visibility us, the of we the to substantial XX which future orders recognized, value in which our for multi-year months. revenue contracts against, billion in In not to add a fact, we but revenue, expect when backlog will total

the you of me respect rest and income commentary statement. to metrics with financial Now, the give some let

was was XX.X%. in and for the QX it profit year, gross XX.X% Our percentage

lower resulting profit Our higher due operational of XXXX COVID-XX. costs gross in increases in reflects logistics fiscal utilization factory and and costs minor from to level a

and our into resulting for costs expect production, It fiscal level XXXX. from Commercial segment and fiscal Solutions an we of reasonable Solutions we we to of gross - initial higher expect logistics would sales slightly margin percentage segment, our As expect COVID-XX. both and XX% a in safety-related and Government be look target set growth XXXX, ongoing higher

shifts mix if However, SG&A or we million if XX.X bit, not back be could easily XX.X% was sales. to XX% consolidated of for favorably a QX higher. product net even

administrative were selling, For or of XXX.X and million the consolidated expenses year, XX% general net sales.

to X.X% research fourth fiscal sales. $XX.X Turning or the and consolidated expenses, we million spent XXXX net in development quarter of of

million of fiscal X.X% $X.X million. the expenses was compensation million, it amortization consolidated year, net Total and of R&D sales. $XX.X XXXX For $X.X or the during stock-based expense QX year, for were of was

$XX $X.X million of of was in XXXX, year, to approximate was expected Next fourth for quarter to the amortization million we million. year, million. fiscal it $XX the Total intangibles XX.X

amortization XXXX of assets Looking of impact to excluding of total estimate fiscal and we million. acquisitions, pending intangible the our XX.X annual

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

including discuss bit, plan incur to costs. expenses litigation in a As continue acquisition we will Mike

Excluding in sales. X.X operating costs, million or of QX, such of have consolidated would XXXX net income million been X.X% $X.X

For XX.X the $XX.X fiscal million million X.X% sales. operating GAAP and or plan similar In net of XXXX, expenses. of expenses other was income year, acquisition we incurred

been sales. operating GAAP such expenses, would Excluding have X.X% net of income

of of adjusted fourth sales Our XXXX. XX.X% the net was or consolidated $XX.X quarter EBITDA million for

Solutions XX.X% For consolidated ratio XX.X% the EBITDA translate into delivered basis million sales. of year, of related On adjusted a or net adjusted $XX.X the $XX.X of of EBITDA sales. our net in segment a of million Commercial QX,

EBITDA segment or adjusted $XX.X related the million For this sales. net year, in of was XX.X%

Turning Government to of EBITDA adjusted segment, we $X.X X.X% delivered the QX of related Solutions sales. or million in net

X.X% million Solutions year, segment or of $XX.X related adjusted For of delivered our EBITDA the net sales. Government

EBITDA Looking approximate of to the to and adjusted of $XXX XX.X% for our the sales. all expect XXXX net using when fiscal XXXX changes, we million targeted midpoint range despite mix

million. sheet. and expense the cash was XXXX. interest, fourth $X.X million for taxes, fiscal of Fiscal let XXXX, balance XXXX Now, further Interest talk our me quarter was about it - fiscal EPS, flows, in X.X

is the around impact to interest be of XXXX. acquisitions, our Excluding expense in fiscal million pending $X.X expected

the acquisition that side, rate plan it When about effective XXXX items, fiscal our note discrete thinking important fiscal On for rate to excluding we tax XX%. will tax expenses. is tax XXXX, incur significant was tax our

for acquisition of rate if our tax to approximate you X, XX%. plan assume So is expected purposes, modeling expenses effective

but acquisition effective rate maybe incur tax tell now, that we rate, as For that would XXXX lower. you expenses, actual we the note fiscal for plan use to

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

tax and net share. our items, QX, income $X.X million non-GAAP acquisition discrete was expenses per $X.XX plan for XXXX Excluding diluted or

XXXX, GAAP $X.XX share. income fiscal per or million For net diluted was $X

impressive. $XX.X net fiscal achieved quarter operating as was non-GAAP Excluding of our Fred cash diluted share. the XXXX. press fiscal quite XXXX or million for fiscal million $X.XX We flows is $XX.X earlier release income our This of mentioned, issued indicated $XX.X for fourth and for adjustments per today, XXXX, in million

debt XXst, and as million. total sheet includes cash cash and balance Our of million outstanding was July $XX.X XXXX equivalents, $XXX.X of our

provide let cadence over Before turning to me expected fiscal color update, it a on Mike the of for performance. XXXX our business

Although, our around expecting of to million of the EBITDA some QX is million. in revenues somewhat expected we are the things we $XXX adjusted outlook timing have how visibility into ship. do to cloudy, about Currently, come at are with $X

be with quarters targeted QX remaining sequential expect to the in XXXX, usual the For we like growth fiscal peak.

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

Michael Porcelain

Thanks Mike.

top pandemic, employees, safety knows onset priority. suppliers has COVID-XX customers everyone our the and since and most health our of been the As of the really

we continuity provide for on the In our customers. to addition to solutions many safety, critical focused we've technology business advanced been ensuring

instance, the the government citizens timely be safety their military our safety imperiled. at For and responders, to unable can ambulatory imagine be not fire XXX of ability all. personnel public securely healthcare would police, and technologies suddenly have respond if and communicate, would available, and not for you around world will lives, were the personnel Also to

the work we've of our XXXX saying years, our work, our and we their Nonetheless, see whatever we came have and stay Since that most using It able No changed. day, perfectly saved to established related working remote to to had amazing Comtech networks business jobs is that our also travel, employees adapt most their home unfolded lives. did to our customers many to our many each that and needed. simply distancing people go to adopted being around arrangement, Instead of For social it jobs. both non-production employees and all employees reason our been connected doubt the do to troubleshoot to our the keeping I've critical curtailed March, employees all. operating but technologies world using safeguards. of operations we it keep almost networks customers had and conducted of and in to was have

of the success our customers. serving of critical With and them thank a and are their to incredible must their dedication the company, that for employees to moments efforts Our take few and for I commitment direction me these terms of first where the now will said, performance, let team Commercial I talk lead wins in success our contract talk our about Solutions about efforts will segment. business and us.

year. in which Here net that fiscal XXX.X were is and this X% has decrease small given decrease last XX sales is a XXXX, QX pretty everything on year. versus of That incredible gone only million for million

quarter in the environment. the Solutions COVID-XX million X.XX segment for in Commercial resulting in solid ratio at XX strong were a Additionally, the million year, XXX.X bookings for the book-to-bill and

slightly we be than XXXX. to forward, XXX fiscal in Looking fiscal achieved level expect the sales we this segment in higher

more number of ground did the a Ka-band TWTAs for Although, station of a high-power the major in by million XXXX. orders XXXX, contract to significantly valued trailer-based XXX lower We for satellite provider. sales traveling during than our as and bookings wave terminals. tube fiscal resulted be than X.X We globally fiscal QX, at rebound Ka-band technology deployed technologies command of for compared including for a our also satellite were quarter or XXXX, amplifiers to to during of impact more fiscal in satellite X.X million service communication a telemetry business fourth station ground contracts were tracking COVID-XX TWTAs awarded awarded watt at important begin valued satellite net application

for switches X.X the support received provider in modems, a East. for orders in LTE cellular redundancy and optimization backhaul We to also Middle service WAN million advanced satellite

ground satellite expand could Asia station to Defense received upgrade, also which from Ministry units. the a Southeast than for network X.X X,XXX equipment million for We more order of

communication a we is AXM our Anti-jam Air in to for Importantly, with Force tactical secure U.S. wideband support and as U.S. station satellite program U.S. U.S. Army business Force AXM. critical to saw Army program, Air strength known satellite a government modem operations. modem ground communications intended provide U.S. receiving continued The satellite the and orders Anti-jam additional terminal

to Our Heights to our interest, continue we products customers. draw and educate continue our

our before station there installation of Although, many truly to the were customer are rebound, some eliminating to go of have equipment. ways as demand, must satellite locations only remain signs it or pent-up ground fully has closed

XXXX safety were solutions and our and demand appear XXXX. public me higher our turn sales business solutions, products To-date, location COVID-XX and whose impact net safety muted in to been let the on for in our location technology of relatively strong. Now, public technology has than

more solutions For handling call and example, valued contracts safety applications. including States. we from of XG the $XX than Midwest mobile in network mobile X to work region were solutions Tier secured million contracts close XX on for the awarded million U.S. public at two deploy several new multi-year virtual we to technology location-based of Also multi-year United operators began

importance Next shows, other critical states XXX municipalities Although safety COVID-XX existing upgrading public has the announced increasing XXX funding recognizing potential cancellation are for resulted solutions and some trade and customers of the of systems. in several constraints, budget their key Generation and have their

example, XX services to design, operate Next were valued and XXXX, we awarded QX, South up the Carolina. state million For XXX Generation a contract during deploy to of at for

Additionally, states other multi-million with contracts dollar XXX working their upgrade components we are networks. of for two certain to

see, opportunities award for this and market we as are mentioned we we hope have contract can growth large long for you calls, prior which term well we to believe several in positioned on announce soon. As

Now, let our Government Solutions me turn segment. to

sales million XXXX. of to in compared QX net fiscal as in million Here XXXX, QX XX.X fiscal of XX.X were

fiscal in a For Bookings expect but our fiscal which includes the of which this segment set, product XXXX than higher Solutions segment million will million, go less up. a the related in amount sales from were book-to-bill as a of net amount margins do of XXXX XXX fiscal year. line slightly were line, product our full sales line XX.X% sales Government take year, acquisition are believe Solutions new acquired sales this fiscal net Margins trucking X/Y We All-in-all, CGC. start ratio Fiscal nominal XXXX. will XXX.X believe to represents X. satellite we fiscal to our for increase, in prior be product product for to XXXX XXXX bit through a we we normal of volumes the we our antenna decrease off. representing in achieved the Government for than

and Manpack ongoing existing advanced addition from revenue sustainment contributions the Terminals, from CGC and networking Satellite orders is expected existing products the In U.S. to to VSAT to for XXXX fiscal the services U.S. benefit acquisition, orders future equipment SNAP supply future provide and to and other to to Army, Army VSAT.

the Course, performing In and Analysis addition, we expect delivering Cyber to Army's program. continue working to Joint well as BFT-X government Tracking Force related sustainment U.S. U.S. Blue as with work our the

As missions. the will pleased fiscal space for managing mentioned supply we on extremely component XXXX, were of be Artemis we calls, NASA's in that certain aspects chain prior

deployable receive terminals, system. in troposcatter this We are expect of expect important smallest part we for excited Also and space world's be introduced to follow-on to orders more program new COMET the recently future. the our orders

Additionally, deliveries system. next the initial Marine we U.S. our are generation making progress troposcatter to with Corp for respect to

this to have in large that we year as we optimistic other several them as and will segment Finally, report fiscal bookings. be are progresses, XXXX the able opportunities

I quick about Next, acquisition. our like to regarding and would statements expenses status of the other make 'XX speak pending some UHP,

expenses ongoing First, well to associated acquisition acquisition will most expenses million. pending of related litigation fiscal XX.X plan Russian regulatory relate Gilat, as Gilat significant with acquisition seeking QX, litigation related as include in our To-date XXXX and approximate which approval. expenses plan to litigation in expenses to

if obviously the cost. we million transaction, additional incur expect go would to are the close so, XX expense higher. to an will including trial As litigation or litigation required And we continues,

we mentioned, questions or of additional litigation the ongoing trial, take status this make won't the the about comments Fred on matter. Given as

leading close ground announcement, on Second, we acquisition we relates information satellite our XXst, in as approval. focused the and process progress, to that to will Russian solutions, have station provider Russia, and to regulatory have be provide it need technology to December here we such. We innovative government where and call UHP, able by the from conference of made we receive and Since still and hope are provided this disruptive XXXX. certain government last Russian were the the we approval certain requested

want do more litigation acquisition matters approvals, you and related UHP to our that the regulatory and detailed about those Gilat we the refer status of For earlier Exchange information the that XX-K with acquisition I filed Form afternoon. Securities and just this Commission

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

Fred Kornberg

Mike. you, Thank

I'm before, Fiscal obviously power business with positions. leadership illustrates how a our earnings and Comtech of the product our business the and challenging very is As for I quarter. the was mentioned performing, year pleased particularly XXXX fourth our for results

out to customers both strong, have diversified to government commercial a and customers. fiscal Looking customer XXXX, we base selling

protected We have in today. mix significant extend fiscal it diversified determined a focused a the past, our position, firmly XXXX, to that improve. We remain good has and strength leading achieve in as continue a believe and and product line business are market we Comtech to conditions growth of market is source to

As believe for their to Comtech increasing of for customers environment I've market to we secure before, global demand that increasingly needs video wireless and will voice, communications. data fulfill turn an in said usage,

to outlook, XXXX. business business common XXXX shareholders on fiscal a the of quarter at on $X.XX Board October of record Directors for fourth share our close per our October of declared dividend payable XXth, the of XXth, Given of XXXX

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

future. Directors announced in in Clearly, we value approved and confidence authorization underlying of this stock believe our we million program. a demonstrates our repurchase the our of today stock our Board Finally, $XXX new

the to proceed part question-and-answer conference. to Operator? like would I our Now, of

Operator

Merchant first take We Citigroup. with Instructions] can and ahead question our Asiya go from [Operator

is Your open. line

Asiya Merchant

doesn't Mike, matter. questions, Couple for maybe of Mike, quick it Fred,

sequentially. down I First believe XX%, is quarter guide

better on And that what some Thank given on achieved you color give the visibility, given some economic Seems a expect conditions give color there. guide progression If you to has like quarterly us going us you if resumed, on what's slightly then, can the good be there? that? good have staying guys obviously, backlog, can guys you you slightly you? just why than

Fred Kornberg

Sure.

you customers So installations their way high, ongoing. there to the there, I this so customers we're find seeing do with locked in global installations, to still to terms it's the order interest take is doors installations. talent the out And still some in are into a is I it company time mean, in is global that in of speak, difficult the referred my prepared know, are pretty activity get remarks, very to the and and the does have field that willing do marketplace, to issues it. that but right

shift So of It's that revenue. actually way to pretty got news the strong be a some politicians need. then the and large to the the about. expecting then favorable upgraded. opportunities feel we're the systems if about Order just gave space. delivery with thinking But like in that's up. developed things another now, thinking marketplace the that, because need change. number, thereafter Mike we're to was XXX will each and installations that sign QX we vaccine we ramped that XXX yesterday's the it right said, We've we're quarter the being earlier that the you or flow, very get something way things about gets there is ramp the quarterly is up for out And in

we our in go of kind think. that like things favor So

Asiya Merchant

higher Fair then one cash cash will something keep then expect strong cash year 'XX? that higher cash, commentary should on enough. guys flow, in revenues year, flow we will or given occur should this generated of to time we be some not share that guys in the you can that you mind a there again be on And was pretty kind next flow

Fred Kornberg

we Well, that Mike talked about did strong do cash flows expect.

obviously we're plan going out think to expenses. call the I again, acquisition

candidly, million so fiscal mean, I So spent XXXX. we $XX I in or think

get for you be tell probably XXXX we're year-over-year make it just would the will So to think obviously, expenses way that comparison because acquisition I anything need and above about - paid, lower, number to the litigation. plan in is that

that's at it flow see term look ways, to I dynamics basis. the very you and if out right long really company at acquisition pull the you way can if company, expenses, two on you a think So strong cash the the of plan look the

Operator

Latimore We Instructions] [Operator Northland Mike with Capital. go can to

Your line is open.

Mike Latimore

line came What is a guess, factor was baseline Yes, fairly to decline? there, that items good in sequentially. I looking main down there about, it just any there. SG&A at the that think one-time the behind significantly was

Michael Bondi

Mike of of a that that place function the and seeing QX, was that we've in in you're our QX. savings cost initiatives put benefit probably in

Mike Latimore

kind Okay. And baseline to about number that's start of a to good think there?

Michael Bondi

Yes.

to on 'XX, As certainly looking cost the expenditures - we XXXX be mindful we'll SG&A enter of line. be the

the until seeing going foreseeable view Our still And meaningfully place we're future, in those is we're that improve. benefits. the to conditions programs for have

Mike Latimore

pattern - then customer of government their in I normal end guess, fiscal the terms right fiscal year into of there? into sort federal are behaving, is of year I kind And how guess U.S. a in and here, heading that end their

Fred Kornberg

Yes. I say guess, normal could pattern. we

close think how get XXst. all October on depends to I it we

Mike Latimore

And install you that a little does a bit little in install? do longer the demand too, installs. such little cycle, little being of guess, and the get maybe affect longer because about and to a dynamic cycle is sales bit the I - solid does the harder that bit, the like then talked a sales

Fred Kornberg

is Yes. longer. Definitely, in see though definitely done was opportunities. Yeah, anything about no new right, being question good cycle didn't QX, The in was and the back I describe sales way way is a we it. opportunities, that it old any would

that things started the Now in. we've to QX video going come seen see all new we channels, opportunities sales pickup in really the types a online those everybody in and are to with of

our third continue them field. just figuring doing we're them out in. installed, or of get come it's it's to how going one in whether We And of expect partners or to then it question to a doing party the Comtech it

big say, is It's a that's that small amount. out not would good change. a I So extending change process, a that It's and - that there. we -

Mike Latimore

versus domestic is color international Okay. And on here? any clearly outperforming the other demand one just

Fred Kornberg

- mean, No, we're we're we're between the pen say them how are would push positive seeing. and final would out not see to note virus would a their I people much across our think the reacting overall, say Yes. would difference document, there. brightable I business. we - I is we I not so that the to XXX paper - to like sign And we final like seeing speak.

Operator

we'll Sakai Singular go Chris And now Research. with to

Your line is open.

Chris Sakai

first question, quarter your question, a and was million had guess, it $X.X research ago. I on from a Just development down year expense. this I know million, $X about

you Just to about see you wanted Thanks. what that in see going that a to had guys say forward. Do expense? rebound

Michael Bondi

we in saw as we mindful Yes, came of there. QX, sure of decline certainly, we XXXX to and we continue projects invest tried be make fiscal very the critical out to the a period

As go into sales. normal of that our in XXXX, would pattern we I say exist of would percentage still terms

Chris Sakai

inventory your XXXX. Okay. four has you been see Can million quarters, million do over see last X is - what for - you about on you quarter. increasing is to And I've this or planned or comment noticing the been those levels? level a guys do then How X that

Fred Kornberg

Yes.

in I think go XXXX. a little down inventory do to we expect bit

them. the parts is of the we we've taken from when we'll inventory Some suppliers, take can is, buildup position get

in. when get take we components Mike prepared something to and lot is supply of that referred a that, some there. in And them we've his decided logistics that there remark are logistical portion, like issues, that are to Given or out there

and But them is So deliver se our when want to normal seasonality per fluctuation. that we that nothing special customers there's normal than to. occurring other they have and

Operator

Citigroup. follow-up Asiya with [Operator Instructions] from a Merchant We do have

Your line is open.

Asiya Merchant

trying on was opportunity but time in have to stock, stock Quick back for buyback the you buying guys the play thanks here. last again. two when you were Hi, program. question remember I'm the acquisitions also

So would the the you. authorization behind just help Thank can is fiscal expect partially buyback? the even understand us or that executed something get rationale 'XX if you one would stock this during

Fred Kornberg

depends really being we undervalued as the stock in. think I it that view upon and obviously litigation the Well, we're

end. is position cash to buyback that Our such old coming an program the was

re-implement so And start upon we it would we stock. depending cash we'll buying thought position, our and

Asiya Merchant

All right.

wait play, will or stock terminated, are the the are you'd acquisition the or other acquisitions While or committed in till be buying one either yes. still way you

Fred Kornberg

wait But probably over until over. we litigation hope have we'll of is litigation by the really think the I the October. end to

Operator

It time. at does appear have further [Operator this no that we Instructions] questions

Fred Kornberg

very much, us you in December. and operator, forward We everyone today. speaking look Thanks again to thanks, joining for Okay. with

Operator

This does for today's program. conclude Thank you your participation.

at time. You may disconnect any

Comtech Telecommunications (CMTL) 29 Sep 202020 Q4 Earnings call transcript