Recent Annual Operating Results
Reconciliation of CMTL GAAP to Non-GAAP Financial Measures
Adjusted EBITDA
Reported net income (loss)
Income tax expense (benefit)
Net interest expense & other
Q1 2020
Q2 2020
Q3 2020
Q4 2020
$ 6,388 $ 3,495 $
(3,989) $
Q1 2021
1,126 $ (85,840) $
Q2 2021
Q3 2021
4,205 $
792
1,145
1,117
(759)
787
(2,239)
(155)
316
1,727
1,622
1,612
903
2,363
1,352
1,242
Stock-based compensation expense
Depreciation and amortization
879
1,238
981
6,177
699
1,287
1,204
7,857
7,950
8,167
8,182
8,118
7,252
7,584
Estimated contract settlement costs
230
(262)
476
Acquisition plan expenses
2,389
6,025
5,983
6,357
91,183
3,357
5,267
Restructuring costs
601
594
COVID-19 related costs
160
416
Strategic emerging technology costs
Adjusted EBITDA
315
$ 20,615 $ 21,185
12,471 $
23,532 $
14,284 $ 18,059 $ 17,730
Operating Income
Q1 2020
Operating income (loss).
$ 9,260 $
Acquisition plan expenses
Restructuring costs
COVID-19 related costs
Strategic emerging technology costs
Estimated contract settlement costs
2,389
Q2 2020
6,234 $
6,025
Q3 2020
(3,136) $
5,983
Q4 2020
Q1 2021
2,816 $ (85,716) $
6,357
Q2 2021
Q3 2021
5,402 $
2,350
91,183
3,357
5,267
601
594
160
416
315
230
Adjusted operating income
$
11,879
$
(262)
11,997 $
476
3,323
$
9,173
$
5,467 $
9,520 $
8,942
Net Income (loss)
Q1 2020
Q2 2020
Net income (loss)
$
Acquisition plan expenses
6,388 $
1,840
3,495 $
4,639
Q3 2020
(3,989) $
4,128
Q4 2020
Q1 2021
Q2 2021
Q3 2021
1,126 $ (85,840) $
4,005
4,205 $
792
88,270
2,786
4,661
Restructuring costs
499
526
COVID-19 related costs
133
368
Strategic emerging technology costs
279
Estimated contract settlement costs
177
(202)
328
Interest expense ("ticking fee")
Net discrete tax (benefit) expense
Adjusted net income
1,016
(588)
$
57
7,817 $ 7,989 $
713
1,180 $
79
246
(843)
189
5,210 $
3,692 $
6,780
6,815
Notes
COMTECH
(1)
See statement regarding the use of Non-GAAP financial measures in the front of this presentation.
LOCATION TECHNOLOGIES
(2)
Dollar amounts in thousands, except per share information. Comtech's fiscal year end is July 31.
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