Comtech Telecommunications Corp. (NASDAQ:CMTL) Q4 2020 Earnings Conference Call - Final Transcript
Sep 29, 2020 • 04:30 pm ET
Ladies and gentlemen, thank you for standing by. Welcome to Comtech Telecommunications Corp. Fourth Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded Tuesday, September 29, 2020.
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. Q4 and year end conference call for fiscal year 2020. With us on the call 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 Chief Executive Officer of Comtech, Fred Kornberg. Fred?
Thank you, Jason, and good afternoon, everyone, and thank you for joining us on this call.
Today, we will be discussing the results for our fourth quarter of fiscal 2020 and our outlook for fiscal 2021. We hope, our employees, suppliers, customers, partners and investors remain healthy and safe, as we continue to navigate in this COVID-19 environment. As you can see from our announcement this afternoon, our fourth quarter performance reflected a strong finish to what was a challenging year, resulting from the COVID-19 pandemic.
Our fourth quarter sales were $149.7 million with an adjusted EBITDA of $23.5 million. In the fourth quarter, we generated a book-to-bill ratio of 1.07, and our pipeline remains strong with a number of large opportunities that we are optimistic about. For the year, we achieved net sales of 616.7 million and an adjusted EBITDA of 77.8 million. We finished the year with a healthy business and a solid backlog.
Our prudent financial management in these turbulent times has enabled us to generate $52.8 million of operating cash flows, and the flexibility to continue to invest in our business. I firmly believe that we remain on the course of delivering long-term growth and driving shareholder value.
Now that things have somewhat stabilized, all things are still fluid, we are reinstating guidance, and our initial thinking is that we can do better in fiscal 2021 than we did in 2020. That said, we are targeting to achieve fiscal 2021 revenues of approximately $610 million to $630 million with an adjusted EBITDA in the range of $74 million to $78 million. I believe that as the year progresses and