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  "documentTitle": "Outerbridge Comtech Presentation November 2021",
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  "notes": "Uses quotes from press releases to contrast with actual performance data.",
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      "text": "CMTL reported net leverage of 3.85x at close and net leverage of 3.00x within 12 months",
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      "text": "Both TCS and CMTL Revenue Declined under Comtech Management",
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      "text": "Source: FactSet and CMTL SEC Filings. 1. Segmented data post transaction is only available through Q2 2017",
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      "text": "On a pro forma basis, the combined companies would have had revenues of approximately $643.5 million and Adjusted EBITDA of $80.4 million based on the unaudited last trailing twelve month results for Comtech and unaudited calendar year 2015 results for TCS.",
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      "text": "Based on the trailing twelve months reported for the two companies, pro forma combined revenue would have been $671.4 million, with Adjusted EBITDA of $92.2 million (excluding synergies).",
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      "text": "Pro Forma TCS/CMTL at Announcement vs FY2017 Actual",
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      "text": "Comtech Shareholders Did Not Benefit from the Flawed TCS Acquisition",
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