Comtech Telecommunications Files Q3 2024 10-Q

TL;DR

CMTL filed its Q3 2024 10-Q. Financials are in.

AI Summary

Comtech Telecommunications Corp. reported its Q3 2024 results for the period ending April 30, 2024. The company's fiscal year ends on July 31st. The filing provides financial data for various periods, including the third quarter of fiscal year 2024 and year-to-date figures.

Why It Matters

This filing provides investors with the latest financial performance data for Comtech Telecommunications, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediately apparent significant negative events.

Key Numbers

• Q3 2024 — Fiscal Quarter (Reporting period for this 10-Q filing.)
• 2024-04-30 — Period End Date (The end date of the reporting period.)
• 2024-06-18 — Filing Date (The date the report was submitted to the SEC.)

Key Players & Entities

• COMTECH TELECOMMUNICATIONS CORP /DE/ (company) — Filer
• 20240430 (date) — Reporting Period End Date
• 20240618 (date) — Filing Date
• 0731 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share CMTL Nasdaq Stock Market LLC

Filing Documents

• cmtl-20240430.htm (10-Q) — 2157KB
• exhibit104-comtechx2023equ.htm (EX-10.4) — 165KB
• exhibit105-comtechxformofu.htm (EX-10.5) — 40KB
• exhibit106-comtechxformofu.htm (EX-10.6) — 99KB
• exhibit311fy24q3.htm (EX-31.1) — 10KB
• exhibit312fy24q3.htm (EX-31.2) — 10KB
• exhibit321fy24q3.htm (EX-32.1) — 4KB
• exhibit322fy24q3.htm (EX-32.2) — 4KB
• cmtl-20240430_g1.jpg (GRAPHIC) — 66KB
• 0000023197-24-000080.txt ( ) — 11675KB
• cmtl-20240430.xsd (EX-101.SCH) — 74KB
• cmtl-20240430_cal.xml (EX-101.CAL) — 94KB
• cmtl-20240430_def.xml (EX-101.DEF) — 409KB
• cmtl-20240430_lab.xml (EX-101.LAB) — 869KB
• cmtl-20240430_pre.xml (EX-101.PRE) — 609KB
• cmtl-20240430_htm.xml (XML) — 1909KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets - April 30, 2024 and July 31, 2023 (Unaudited) 2 Condensed Consolidated Statements of Operations - Three and Nine Months Ended April 30 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity - Three and Nine Months Ended April 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows - Nine Months Ended April 30, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 62

Controls and Procedures

Item 4. Controls and Procedures 62

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 63

Risk Factors

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 64

Other Information

Item 5. Other Information 64

Exhibits

Item 6. Exhibits 65 Signature Page 66 1 Index

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Assets April 30, 2024 July 31, 2023 Current assets: Cash and cash equivalents $ 27,192,000 18,961,000 Accounts receivable, net 199,646,000 163,159,000 Inventories, net 96,120,000 105,845,000 Prepaid expenses and other current assets 21,428,000 17,521,000 Total current assets 344,386,000 305,486,000 Property, plant and equipment, net 50,653,000 53,029,000 Operating lease right-of-use assets, net 33,791,000 44,410,000 Goodwill 333,105,000 347,692,000 Intangibles with finite lives, net 210,041,000 225,907,000 Deferred financing costs, net 1,722,000 2,349,000 Other assets, net 17,301,000 17,364,000 Total assets $ 990,999,000 996,237,000 Liabilities, Convertible Preferred Stock and Stockholders' Equity Current liabilities: Accounts payable $ 54,520,000 64,241,000 Accrued expenses and other current liabilities 64,869,000 66,990,000 Current portion of long-term debt 3,712,000 4,375,000 Operating lease liabilities, current 8,014,000 8,645,000 Contract liabilities 61,014,000 66,351,000 Interest payable 1,256,000 1,368,000 Total current liabilities 193,385,000 211,970,000 Non-current portion of long-term debt 157,709,000 160,029,000 Operating lease liabilities, non-current 31,250,000 41,763,000 Income taxes payable, non-current 2,294,000 2,208,000 Deferred tax liability, net 8,231,000 9,494,000 Long-term contract liabilities 19,795,000 18,419,000 Other liabilities 1,662,000 1,844,000 Total liabilities 414,326,000 445,727,000 Commitments and contingencies (See Note 19) Convertible preferred stock, par value $ 0.10 per share; authorized and issued 166,121 shares at April 30, 2024 (includes accrued dividends of $ 1,267,000 ) and authorized 125,000 shares; issued 100,000 at July 31, 2023 (includes accrued dividends of $ 604,000 ) 170,254,000 112,211,000 Stockholders' equity: Preferred stock, par value $ 0.10 per

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View this 10-Q filing on SEC EDGAR