would from our few a XXXX, domestic did things fiscal revenues have customers, QX, slip we generated our commercial-end from Thanks, QX end been XX.X% We in almost have respect Fred, end XXXX. did approximately million, XX.X% and we even sales QX, from U.S were international slightly fiscal and terrific to otherwise XX.X% a government very $XXX.X of but was see were net expect Consolidated successful good in reported would finish into morning, higher perfect customers. revenues In and higher. every for a which QX customers, everyone.
remains where bookings, can you strong. our of for see very demand As our level solutions
with flow bookings $XXX.X achieved of of across almost million, we During strong product lines. QX our all order
X.XX, ratio both segments with of We achieving Our book-to-bill bookings consolidated exceeded book-to-bill our our a X. own the achieved excess of in expectations. of ratio
company. is at of what we for As the finished higher was backlog record which million, Fred at, $XXX.X than consolidated QX mentioned, high our a
in-house during mentioned be last contracts strength higher mindful calls, we I that the million of you have the amount. you backlog, total actually conference our that should about think our when are few reported the than As $XXX.X
download funding have orders sole again we certain future are into that and summary been are table, in contracts a QX additional we we potential from our $X we have provider million to occur. awarded that assured and approximately in likely generally these backlog once existing to you place, Presentation visibility we for indicates the shows and of approximately contracts. many website, Alternatively contracts the Because visibility stated, from included between our If revenue. have of have of of billion Investor contracts, that orders $XXX which
always although higher know, visibility been and growth orders receipt new believe clearly for I predict, for positioned you difficult timing that As are fiscal we has XXXX shows beyond. never is and to overall and and funding in our
in in what year. line another line, will market last growth. conditions after of international now station and Let third back of believe to difficult when QX or this this power you bookings fiscal And was more QX fiscal products, line give satellite of as a of to happening. QX is Commercial higher net consolidated sales. satellite solid-state for me our million, of year segment, This late, in challenges. achieved sales $XX.X earth our include Solutions amplifiers growth years product which book-to-bill compared row last volatile Sales was our to by were Solutions end a were a turn year of although and quarter sales several product Net of SCPC quarter XX.X% do and solid of for X.XX. segment segment sense quarter sequential approximately have the XXXX. a for This QX market which become our HEIGHTS ratio compared of sales Net and modems we conditions station represented segment Commercial XXXX earth our be in of for of satellite that
grow fiscal business XXXX fiscal assumes to related as discuss will line will our continues fiscal our we XXXX for significantly achieved in sales a and that the up in to outlook Fred compared in XXXX. traction of As bit, product level HEIGHTS HEIGHTS solutions pick our
multi-year Given line. we optimistic growth are period this market a revenue for of experiencing dynamics, product we that are
to Turning Security QX QX, to and Solutions sales XXXX fiscal Solutions, similar Technology Technology [Technical our in XXXX. net and of Difficulty] Safety were Enterprise
We end healthy. groups these market conditions have backlog product of healthy and remain in each
We and In are decision maintaining chase down responding product location active and based wind new as make a number next of a sales security efforts products future to we safety we proposals, seen, into intend growing XXX for not but we where to along. especially did VirtuMedix a it to cycles feel our line try, best go spent have solutions here. we gen focus and line our a our support, mode but customer on gave Ultimately, we but sales. QX, are
our segment, where the of Government demonstratively our to let Now, benefit me you we implemented strategy ago. see so Solutions can or a turn year
fiscal Solution million compared Bookings an Sales our QX were total million the of approximately net all XX.X% were This segment of XXXX. net Here, Government lines. two product of $XX.X $XX.X increase in for highest approximately this XX%. segment almost in sales. reflect continued of to strength and at as in sales represents in this represented years level
Government a TCS it back has This achieved book-to-bill the an XXXX. acquisition are optimistic ratio Backlog sixth our one. Solutions row since February of we Solutions for Government remains our and of about a been our segment ratio in in highest the on QX, that quarter exceeded the segment our we XX, book-to-bill quite During X.XX, is future. accomplishment
give me on let Now you some operating our metrics. color
compared of as net to XX.X% gross in of a sales was QX profit as XX.X% percentage Our XXXX consolidated QX fiscal XXXX. of fiscal in
favorable a During million $X described did XX%. to adjustment, of as gross QX, in was XX-K, record margin of excluding adjustment our actually sales, we cost our QX this approximately
margins mix changes. gross by our reminder, influenced a As product are
percentage. has our segment Government so segment Solutions our sales lower example, does in than this gross Solutions it segment our consolidated impact pick margins For in up Commercial margin
million of operating XX.X% expenses which last the fiscal the side, or in $XX.X SG&A net QX year. than XXXX, is sales, XX.X% were expenses lower consolidated of On
year XXXX. of $XX.X the we XX% SG&A QX net million expenses percentage XXXX, a lower and in sales. development were expenses were revenue of as fiscal consolidated For X.X% fiscal in Research of than or XX.X% achieved the
is we and awards significantly We million continue invest continue our recent new compared for for of product as line. fiscal $X.X we QX course paying million across $X.X of the of expense is to to in spending believe And technologies contributing that to QX announced. entire contract XXXX. was Total R&D fiscal XXXX compensation spending have off our stock-based to
they terms employees million we period X.X% for QX As fiscal the restricted the allowed of expect XXXX. in was and our bonus to we and of income all lower consolidated awards QX net most in $X.X did be million amortized fiscal XXXX certain fiscal fiscal fully of assets before These confidence the became management the senior Amortization in be And in vested, operating of one to future. but held GAAP are related XXXX our Radyne our On as towards form XXXX. for XXXX, that of intangibles of we our have in basis, must end be sold. a run-rate of the of units a shared was to share we executive last sales $XX year, units. simple fully to year they paid XXXX reflect fiscal or
income net the as of X.X%. we For a achieved operating percentage consolidated of year, sales
compares been favorably $XX.X X.X% income of in the to described X.X% fiscal described net the adjustments we of XX-K. our operating X.X% million adjustments consolidate favorable net sales Excluding our of achieved have This excluding XXXX XX-K, in in consolidate sales. our would
operating with the As income reminder, TCS includes associated amortization of acquisition. a all the
and XXXX, adjusted XX.X% our segment million net our was net EBITDA XX% is related Adjusted an of sales. net such XX.X% in EBITDA $XX.X sales sells. of in consolidate important and $XX.X million in we $X Government segment metric or was fiscal are of QX adjusted Solutions Solutions As Commercial this was believe related of in regard or or million EBITDA
our taxes sheet. interest Let balance and me talk expense, now about
fourth expense a interest in Here and secured the on $X.X primarily reflects credit facility. was quarter million interest
XXXX, diluted $X.XX would EPS or share. impact items, with for $X.XX income updated per was with the million of take net per a tax was $X.X do and income discrete XX% share QX. $X.X per diluted charge in million bottom-line million net fiscal effective GAAP estimates rate associated Our this diluted been We the GAAP or on have of $X.X charge for excluding reform. $X.XX tax tax primarily
XXXX and generation. for On XX, flow the at cash July strong another balance cash side, we million was had equivalents. $XX.X This sheet cash quarter of
fiscal continue total from working in efficiencies to XXXX, $XX.X of and our operating of cash flows by million. reduced and indebtedness capital generated $XX approximately million we We activities QX achieve operating
$XXX.X financing July had excluding million. of we cost of differed debt total XX, As unamortized XXXX,
maximum was a leverage EBITDA of compared X current Our our to allowable times facility. EBITDA ratio as adjusted X.XX times adjusted under
we outlook, foreseeable future have pretty with being we covenants anticipate sheet flexibility. today, And our for So balance future. facility the credit in good compliance given our
obtain very achieving better finish have As and look a our such I a and report In can you. quarter we make call, results debt was or or solid end future, on the reduce results mentioned today. current conference it the and in we than at and successful at good sheet during our reduce additional to we even terms structures. obtain operating the looking what Comtech year costs and the Comtech. was a strength At will to last expectations are day, facility we are ways If it our for think balance really our improved other back short, costs we given flexibility our of successful to we for changes of
I some Let fiscal to comments recap XXXX quick on guidance. me give and the want on our year you a leave
were First fiscal XXXX. higher revenue fiscal consecutive our year of X.X% We at the finished third XXXX million year $XXX.X than revenue of growth. was
Solutions XX.X%. Commercial fiscal our net segment XX.X% Our represented segment Solutions sales represented and XXXX of Government
million stated, This target million. forward, XXXX to growth We to rate an of revenue growth may our $XXX also range think annual be to Looking target of as conservative. are X.X%. It X% reflects Fred fiscal setting that is approximately we a $XXX revenue impressive.
even our expect, that we earlier targets. were and of have revenues in programs them higher could some a come our than be than number we large if actual of currently pursuing We
segment achieve our expected net in increase as Solutions are for higher We achieved growth XXXX. to significantly to percentage the to in as account do sales to XXXX XXXX. revenue XXXX a segments Government of to compared compared expect amounts in consolidating and both fiscal Although fiscal our
are off some the next until for burn our likely secure. of will backlog quarters large We opportunities few some of these
For we of $XXX.X bookings year the which into achieved full a XXXX, million, full year translates X.XX. book-to-bill fiscal approximately ratio of
again, Our ratio at a shooting so XXXX book-to-bill fantastic fiscal out we moment, have difficult over And we are possible we really a But large at may opportunities there, we you and time report for it glance, X.XX repeat in update ratio be XXXX. in as was and then book-to-bill to will fiscal our X of might repeat. a be first the numbers. to it number
Our profit a troposcatter we early XXXX for a gross fiscal continue In we our are which consolidated network. over-the-horizon in wireless our large programs working as including system of migrate net percentage we through XX.X%. to the in-house, number of successfully fiscal XXXX to contracts, large stages, new XXX will was sales that our and be customer have
in XXXX XXXX. which In margins our up addition, comparable than we believe products.. be HEIGHT we XX.X% in though, margin gross today have Adding that will our sales it the lower anticipate more to percentage achieve gross fiscal SCPC we all
X.X%, expect such amount of we dollars but a consolidated to a percentage our in percentage higher, be was XXXX, and spending Our to levels the R&D investment fiscal as in we sales such XXXX continue net comparable. to be expect as as of
XXXX. percentage to as expect fiscal XXXX $XX.X do but with dollars this continue of percentage Amortization to to SG&A do the in SG&A fiscal as area to fiscal segment. we in we Our in net we be expect it a of XXXX higher, and -- spending a Commercial in decline million based $XX.X fiscal as was was approximately be to the XXXX current plans, investments comparable a on and consolidated occurring decline Solutions to all sales make in XX%, million,
expected percentage and a excluding other fiscal X.X% come earlier. sales mentioned We as as in believe favorable net X%. improve fiscal Our our can XXXX and spending that the consolidated current I operating it we changes, product were in in under of adjustments income margin XXXX, mix will this given likely
expense, is to of interest fiscal which X% which to financing range X.X% cost expected total amortization in includes XXXX. -- Our excludes from deferred
actual Our currently rate cash X.X%. approximates borrowing
segment, was Solutions XX.X%. If in in XX.X% in achieved you it the we On look Commercial consolidated at adjusted segment Solutions EBITDA a Government X.X% [Technical and the XXXX. Difficulty] fiscal basis segment
full in about Given product still of we and spending approximate of changes, all changes as we fiscal the that which XX% achieved same we focusing our reflects takes fiscal XX.XX%, percentage our discrete expect adjusted reform XXXX. fiscal revenue in of XXXX rate fiscal tax the a before described puts as are and items, XXXX In any EBITDA to XXXX. tax a be to earlier, effective the year other mix I compared in to
bottom million the $X.XX On line, GAAP $XX.X net per or income was share. diluted
reform would or for benefit share. tax the been million income Excluding the year, $XX diluted have per of net $X.XX
on our are such, are to a to $X.XX. target diluted the growth expecting, we given basis a $X.XX setting of EPS GAAP GAAP we As range
first second several them. As half. regard, everyone the half of to unevenness to the expected cycles quarters to in financial XXXX this similar than be knows, some Comtech’s Comtech’s or have fiscal lumpiness business the for higher last financials In is performance years,
the with above in GAAP operating with items, the of associated expect breakeven XXXX, given we GAAP straight higher first quarters of income addition, In XXXX achieving fiscal slightly fiscal income. intangible operating quarter line to report the remaining expense each amortization
in of We XXXX, our XXXX, the improvement we of expect quarter in GAAP had than impact a slight significant first do taxes of our to the operating EBITDA first we report the fiscal expect a and GAAP XXXX. achieved like QX adjusted the XXXX thereafter. we to of loss and with Considering interest fiscal level bit of income quarter fiscal amount first in quarter better net fiscal the and in be
when of in of and expected to for the sales EBITDA on XXXX currently backlog orders adjusted of fiscal based record expected orders, a the timing quarters to XXXX. new our and of the be three net and better related quarters to each respective addition, our first shipments performance anticipated of timing In are fiscal compared bit
far peak operating for quarter be fourth EBITDA. quarter Our the sales, income XXXX by and to is expected like last of fiscal adjusted both net year
we we past will the of a In strength XXXX, our In truly is believe fiscal a over cash which on flows, million GAAP years, to the in of basis. of two generate operations from $XXX testament a we that significant cash flows generated have business. continue to amount addition,
Given XXXX. $XX business somewhere could flows think we it we fiscal terrific our of Comtech to XXXX our activities In for outlook year generate bright. summary, from expected around growth, looks today, is cash sit reasonable is in million here operating as fiscal another be to and
on common Fred, XX, per XXXX covenants facility. of XX, financial quarter dividends approval our on of to turning XXXX. close want just as mention for a of to shareholders board subject to with fourth October XXXX the it Future that compliance before to business secured declared payable share $X.XX over fiscal Finally, the November remain as at of our credit I dividend Board record of well Directors under
Now, will let detail. Fred? in who Fred to me turn it business discuss further back our
