Comtech Telecommunications Corp.

Please stand by. Your program is about to begin. Ladies and gentlemen, thank you for standing by. Welcome to ComTech Telecommunications Core First Quarter Fiscal 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. At that time, if you have a question, you will need to press the star and one on your push button phone. As a reminder, this conference is being recorded Thursday, December 9th, 2021. I would now like to turn the conference over to Mr. Jason DiLorenzo of ComTech Telecommunications. Please go ahead, sir.

Thank you and good afternoon. Welcome to the ComTech Telecommunications Corp conference call for the first quarter of fiscal year 2022. With us on the call today are Fred Kornberg, Chairman of the Board and Chief Executive Officer of ComTech, Michael D. Porcelain, President and Chief Operating Officer, and Michael Bondi, Chief Financial Officer. Before we proceed, I need to remind you of the company's safe harbor language. 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. The company's assumptions regarding such performance, business outlook, and plans are forward-looking in nature and 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 Securities and Exchange Commission filings. I am pleased now to introduce the Chairman and Chief Executive Officer of ComTech, Fred Kornberg. Fred?

Thank you, Jason, and good afternoon, everyone, and thank you for joining us in this call. Before we turn to our results for the first quarter of fiscal 2022, I want to take a moment to acknowledge that for both ComTech and and our end markets, this is a time of significant and exciting opportunity. As we head into January, the start of a new calendar year, we see the beginning of a long multi-year cycle of communications, infrastructure improvement, and investment. ComTech is well positioned to take advantage of this, not only because we have the right products, but also the right people and the right strategy. We've refreshed our board and in Mike Porcelain have appointed a CEO who has demonstrated both operational acumen and a skill for execution. Mike has been very instrumental in leading ComTech to win significant long-term contracts. Also, as you know, we recently secured $100 million of investment capital to underwrite our long-term strategy. This was from a committed common stock shareholder who will bring not only a wealth of knowledge, experience, and relationships to the company. From where I sit, the future is very bright. Given all these transformative steps, ComTech is uniquely positioned today as a secure wireless technology leader poised to capitalize on tremendous growth opportunities ahead. Before I hand the call over to our new incoming CEO, let me provide an update on another event that took place in the quarter. And that event was the receipt of an unsolicited non-binding proposal from Acacia Research Corporation, as was first reported in the financial and industry media several weeks ago. Careholders should know that Comtech's board has been considering and continues to evaluate the proposal in consultation with our independent advisors. The Board will recommend and pursue the course of action it believes to be in the best interest of ComTech stockholders and the best interest that will maximize shareholder value. Unfortunately, that's all the detail we can provide at this time, but we'll continue to keep you all updated on the process. We want to deliver as much value as possible to all of our shareholders. We strongly believe we have the strategy, the management team, and the board in place to do it. With that, let me turn the call over to Mike Porcelain, our incoming CEO. Mike?