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COMTECH TELECOMMUNICATIONS CORP . Comtech Telecommunications Corp. Announces Results for Its Fiscal 2022 First Quarter and Reconfirms Its Financial Targets for Fiscal 2022 December 9 , 2021 MELVILLE , N.Y .-- ( BUSINESS WIRE ) -- Dec . 9 , 2021-- December 9 , 2021 - Comtech Telecommunications Corp. ( NASDAQ : CMTL ) today reported its financial results for the first fiscal quarter ended October 31 , 2021 and reconfirms its financial targets for fiscal 2022 . Fiscal 2022 First Quarter Highlights • Consolidated net sales for the first quarter of fiscal 2022 were $ 116.8 million , GAAP net loss was $ 6.0 million and Adjusted EBITDA was $ 5.5 million . Both net sales and Adjusted EBITDA exceeded Comtech's expectations . Consolidated net sales for the first quarter of fiscal 2021 were $ 135.2 million , GAAP net loss was $ 85.8 million and Adjusted EBITDA was $ 14.3 million . Adjusted EBITDA is a non - GAAP financial measure that is reconciled to the most directly comparable GAAP financial measure and is more fully defined below . • New bookings for the first quarter of fiscal 2022 were $ 86.4 million , enabling the Company to achieve a quarterly book - to - bill ratio ( a measure defined as bookings divided by net sales ) of 0.74x . Based on expected new order flow , the Company expects to achieve a book - to - bill ratio in excess of 1.00x for fiscal 2022. Key contract awards and bookings received during the first quarter include : a $ 125.0 million contract from the U.S. government for the Company's Joint Cyber Analysis Course Training solutions ( for which $ 4.9 million of orders is included in first quarter bookings ) ; a $ 5.6 million contract renewal with a U.S. tier - one mobile network operator ( " MNO " ) ; $ 4.9 million of funding from the U.S. Army to continue its sustainment of the U.S. Army's family of ground satellite terminals ; $ 3.7 million of funding to support the State of Maryland's Department of Human Services ; a $ 2.2 million contract to provide next - generation 911 services to a U.S. military customer ; and a $ 2.0 million order from a leading global maritime satellite communication antenna systems provider for C - Band and Ku - Band low power outdoor block up converters . • Backlog as of October 31 , 2021 was $ 628.5 million , $ 23.0 million higher than the backlog that existed as of October 31 , 2020. Additionally , the total value of multi - year contracts that Comtech has received is substantially higher than its reported backlog . When adding Comtech's backlog and the total unfunded value of multi - year contracts that the Company has received and from which it expects future orders , its revenue visibility is over $ 1.2 billion . Notably , this amount excludes potential future orders for Comtech's next - generation satellite earth station technology which is under development . • During the quarter , Comtech secured a $ 100.0 million strategic growth investment from current stockholder White Hat Capital Partners , LP and Magnetar Capital LLC . White Hat has a track record of successfully advising technology companies at key inflection points and Magnetar has a breadth of experience in public markets with approximately $ 13.8 billion of assets under management . This investment , which is in the form of Series A Convertible Preferred Stock , significantly enhances Comtech's financial flexibility and strengthens the Company's ability to capitalize on recent large contract awards and growing customer demand by making crucial investments in its satellite technologies and next - generation 911 public safety solutions . • Comtech reported a GAAP operating loss of $ 6.5 million and a GAAP net loss per diluted common share of $ 0.43 for the first quarter of fiscal 2022. As shown in the table below , such amounts reflect : ( i ) $ 5.2 million for adjustments to reflect the redemption value of convertible preferred stock ; ( ii ) a $ 0.3 million benefit for the change in fair value of the convertible preferred stock purchase option liability ; ( iii ) $ 2.2 million of proxy solicitation costs ; ( iv ) $ 0.7 million of restructuring costs associated with the opening of Comtech's new high volume technology manufacturing centers ; and ( v ) $ 0.7 million of COVID - 19 related costs . In addition , the Company recorded a $ 0.01 per diluted common share discrete tax benefit . Excluding such items , Non - GAAP operating loss was $ 3.0 million and Non - GAAP net loss per diluted common share was $ 0.15 . Non - GAAP amounts are reconciled to the most directly comparable GAAP financial measures in the table below . • Comtech generated GAAP operating cash flows of $ 4.8 million during the first quarter . As of October 31 , 2021 , cash and cash equivalents were $ 30.9 million , total debt outstanding was $ 108.0 million and the Company's Secured Leverage Ratio ( as calculated under its existing Credit Facility ) was 1.57x and reflects a substantial reduction from 2.53x as of July 31 , 2021 due to the Company's receipt of a $ 100.0 million strategic growth investment . Commenting on the Company's first quarter fiscal 2022 performance , Fred Kornberg , Chairman of the Board and outgoing Chief Executive Officer ( " CEO " ) , stated , " Comtech's better than expected first quarter performance during a challenging business environment reflects our strong market