Karman Holdings Inc (KRMN) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Karman Space & Defense second-quarter fiscal year 2025 earnings conference call. (Operator Instructions)

大家好，感謝您的收聽。我叫里賈娜，今天將擔任你們的會議主持人。現在，我歡迎大家參加卡曼航太與防務公司2025財年第二季財報電話會議。 （接線生指示）

I would now like to turn the conference over to Steven Gitlin, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Steven Gitlin。請開始。

Good afternoon, and thank you for joining Karman Space & Defense's second-quarter fiscal year 2025 earnings conference call. I'm Steven Gitlin, Vice President of Investor Relations, and I'm pleased to welcome you today. Joining me on today's call are Tony Koblinski, our Chief Executive Officer; Mike Willis, our Chief Financial Officer; and Jonathan Beaudoin, our Chief Operating Officer.

下午好，感謝您參加Karman Space & Defense公司2025財年第二季財報電話會議。我是投資人關係副總裁Steven Gitlin，很高興今天歡迎大家的到來。今天參加電話會議的還有我們的執行長Tony Koblinski、財務長Mike Willis和營運長Jonathan Beaudoin。

Before we begin, please note that on this call, certain information presented contains forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning.

在開始之前，請注意，本次電話會議中呈現的某些資訊包含前瞻性陳述。前瞻性陳述包括但不限於任何可能預測、預報、表明或暗示未來業績、表現或成就的陳述，並可能包含“相信”、“預期”、“期望”、“估計”、“打算”、“預計”、“計劃”或具有類似含義的詞語或短語。

Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements.

前瞻性陳述是基於目前的預期、預測和假設，其中涉及風險和不確定性，包括但不限於我們無法控制的經濟、競爭、政府和技術因素，這些因素可能導致我們的業務策略或實際結果與前瞻性陳述有重大差異。

All forward-looking statements should be considered in conjunction with the forward-looking statements in our earnings release. Future company updates will be available via press releases. For further information on these risks, we encourage you to review the risk factors discussed in our company's periodic reports on Form 10-K and Form 10-Q filed with the SEC and the Form 8-K filed today with the SEC, along with the associated earnings release and the Safe Harbor statement contained therein.

所有前瞻性陳述應與我們收益報告中的前瞻性陳述一併考慮。公司未來更新將透過新聞稿發布。如需進一步了解這些風險，我們建議您查閱公司向美國證券交易委員會提交的10-K表格和10-Q表格定期報告以及今天向美國證券交易委員會提交的8-K表格中討論的風險因素，以及相關的收益報告和其中包含的安全港聲明。

This afternoon, we also filed our earnings release and posted an earnings presentation to our website at karman-sd.com in the News and Events section. The content of this conference call contains time-sensitive information that is accurate only as of today, August 7, 2025.

今天下午，我們也提交了收益報告，並在公司網站 karman-sd.com 的「新聞與活動」版塊發布了收益演示。本次電話會議的內容包含時效性訊息，其準確性截至今日（2025年8月7日）。

The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call. I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP. Our press release contains reconciliation of any non-GAAP financial measures to the most comparable GAAP measure.

本公司不承擔對今天發言中包含的任何前瞻性陳述進行修改或更新以反映本次電話會議後發生的事件或情況的義務。我還想指出，除非另有說明，我們今天討論的所有數字均為公認會計準則 (GAAP)。我們的新聞稿包含所有非公認會計準則 (non-GAAP) 財務指標與最具可比性的公認會計準則 (GAAP) 指標的對帳。

Now I would like to turn the call over to Tony.

現在我想把電話轉給托尼。

Thank you, Steve, and good afternoon, everyone. On today's call, I will provide an overview of our second quarter highlights, then Mike Willis will review our financial performance and balance sheet strength. Jon Beaudoin will then discuss the state of our end markets and our operational performance.

謝謝史蒂夫，大家下午好。在今天的電話會議上，我將概述我們第二季度的亮點，然後麥克威利斯將回顧我們的財務表現和資產負債表實力。之後，喬恩·博杜安將討論我們終端市場的狀況和營運表現。

Following their remarks, I'll return to share our strategic outlook and guidance before opening the call for your questions. I'm pleased to report another exceptional quarter marked by strong execution across all aspects of our business.

各位發言結束後，我將再次分享我們的策略展望與指導，然後開始回答大家的提問。我很高興地向大家匯報，我們又迎來了一個非凡的季度，各個業務領域都表現強勁。

Our record second quarter results continue our strong momentum since our February IPO and demonstrate the continued success of our strategy and the effective performance of our team. Shown on slide 4 of our earnings presentation are the key highlights for the quarter.

我們第二季創紀錄的業績延續了自2月IPO以來的強勁勢頭，並彰顯了我們策略的持續成功以及團隊的高效表現。財報第四張投影片展示了本季的主要亮點。

We posted record revenue of $115 million with growth across all three of our end markets. We set a new high for gross profit at $47 million. Adjusted EBITDA reached $35 million, another new quarterly record. And funded backlog reached an all-time high of $719 million, giving us more than 100% visibility to the midpoint of our full year revenue guidance range. Given this strong performance, we are now raising our guidance for 2025 revenue and adjusted EBITDA, as I will detail in a few moments.

我們實現了創紀錄的1.15億美元營收，三大終端市場都成長。毛利創下4700萬美元的新高。調整後EBITDA達3500萬美元，再創季度新高。已融資訂單達到7.19億美元的歷史新高，使我們全年營收預期區間中點的可預測性超過100%。鑑於如此強勁的業績表現，我們目前上調了2025年營收和調整後EBITDA的預期，稍後我將詳細介紹。

Beyond the numbers, though, we achieved several major milestones shown on slide 5. We refinanced our credit facility, saving more than $8 million in annual interest expense and improving our financial flexibility. We completed two strategic acquisitions, MTI and ISP, which deepened our capabilities and customer contacts.

除了這些數字之外，我們還實現了第5張投影片中所展示的幾個重要里程碑。我們對信貸額度進行了再融資，節省了超過800萬美元的年度利息支出，並提高了財務靈活性。我們完成了兩項策略收購—MTI和ISP，這增強了我們的能力和客戶聯繫。

We were added to the Russell 1000 and other indices. And just two weeks ago, we completed a $1.2 billion secondary offering that was significantly oversubscribed, increasing our public float and completing our transition to a fully independent company.

我們被納入羅素1000指數和其他指數。就在兩週前，我們完成了12億美元的二次發行，獲得了大幅超額認購，這提高了我們的公眾持股量，並完成了向完全獨立公司的轉型。

Taking a broader view, the demand environment remains very favorable with more than $1 trillion in planned DoD funding, including robust support for production and development programs we already participate in. As such, we are well positioned to drive continued growth in and beyond 2025. Drivers for that growth include restocking activity resulting from extensive consumption of US missiles and Unmanned Systems in complex zones, the Golden Dome for America program and signs of growing international demand as NATO allies increase their military spending.

從更廣泛的角度來看，需求環境仍然非常有利，國防部計劃撥款超過 1 兆美元，包括對我們已經參與的生產和開發項目的大力支持。因此，我們完全有能力推動 2025 年及以後的持續成長。推動這一增長的因素包括在複雜區域大量使用美國飛彈和無人系統而導致的補貨活動、「美國金頂」計劃以及隨著北約盟國增加軍費開支而出現的國際需求增長跡象。

Supporting both DoD and commercial markets, we also anticipate a continued increase in space launch cadence. With that high-level overview, I'll turn the call over to Mike for a review of the quarter's financial highlights.

為了支援國防部和商業市場，我們預計航太發射頻率將繼續增加。在介紹完這些整體情況後，我將把電話會議交給麥克，讓他回顧本季的財務亮點。

Thank you, Tony. Good afternoon, everyone. Q2 was another strong quarter that demonstrated the positive impact of our strategy and operational discipline. Shown on slide 6, highlights include revenue of $115.1 million, representing a 35% increase compared to the second quarter of fiscal year '24.

謝謝托尼。大家下午好。第二季業績強勁，展現了我們策略和營運紀律的正面影響。投影片6顯示，亮點包括1.151億美元的營收，較2024財年第二季成長35%。

Gross profit grew 36% to $47 million, maintaining gross margins at nearly 41%. Net income rose 48% to $6.8 million. Adjusted EBITDA jumped to $35.3 million, a 29% year-over-year increase. Adjusted EPS more than tripled to $0.10 per diluted share, and funded backlog has grown 36% year-over-year and 24% since the end of '24.

毛利成長36%，達到4,700萬美元，毛利率維持在近41%。淨利成長48%，達到680萬美元。調整後息稅折舊攤提前利潤（EBITDA）躍升至3,530萬美元，較去年同期成長29%。調整後每股收益成長兩倍多，達到每股0.10美元。已融資訂單年增36%，自2024年底以來成長了24%。

Growth was broad-based across all three of our end markets. Shown on slide number 7, Hypersonics and strategic missile defense revenue at $35 million grew 22% year-over-year, supported by programs like Next Generation Interceptor and Classified Work. Space and Launch jumped 39% to $39.6 million, driven by orders supporting increased launch cadence.

我們三個終端市場都實現了廣泛成長。如第7張投影片所示，高超音速和戰略飛彈防禦部門的收入為3,500萬美元，年增22%，這得益於下一代攔截器和機密工作等項目的支援。航太和發射部門的收入成長了39%，達到3,960萬美元，這得益於支持提高發射節奏的訂單。

And Tactical Missiles and Integrated Defense Systems was up 46% to $40.5 million, driven by production ramps in UAS and counter UAS programs. End market mix was balanced, 34% space and launch, 30% Hypersonics and SMD and 35% tactical missiles and IDS.

戰術飛彈和綜合防禦系統（TSS）銷售額成長46%，達到4,050萬美元，這得益於無人機系統（UAS）和反無人機系統（AGS）計畫的產量提升。終端市場結構平衡，其中航太和發射佔34%，高超音速飛彈和表面飛彈防禦系統（SMD）佔30%，戰術飛彈和入侵防禦系統（IDS）佔35%。

Turning to the balance sheet. We ended the quarter with $27.4 million in cash and cash equivalents, up nearly $16 million from the end of 2024. We upsized our Term Loan B to $375 million with $20 million available on our $50 million revolver.

再來看看資產負債表。本季末，我們持有2,740萬美元現金及現金等價物，較2024年底增加近1,600萬美元。我們將定期貸款B的規模增加至3.75億美元，其中5,000萬美元的循環信貸額度中還有2,000萬美元可用。

Our oversubscribed secondary offering added 24.15 million shares to our public float, improving our liquidity without issuing any new shares. This offering marks the transition to a fully independent company. Looking ahead, we continue to expect a statutory tax rate of 24% and expect CapEx to be approximately 4.5% of revenue.

我們超額認購的增發使公眾持股增加了2415萬股，在未發行任何新股的情況下提升了我們的流動性。此次發行標誌著我們向完全獨立公司的轉型。展望未來，我們預期法定稅率仍為24%，資本支出預計約為營收的4.5%。

With that, I'll turn the call over to Jonathan for an overview of our market position and operational highlights.

說完這些，我將把電話轉給喬納森，讓他概述我們的市場地位和營運亮點。

Thank you, Mike. From a market standpoint, demand signals remain strong across the board. National security priorities are driving increased defense spending, while the commercial space market remains very active.

謝謝，麥克。從市場角度來看，各方面的需求訊號依然強勁。國家安全優先事項正在推動國防開支的增加，而商業航太市場依然非常活躍。

The Big Beautiful Bill signed in July provides significant funding aligned with our business, as shown on slide 8. $25 billion for the Golden Dome for America, $5 billion for Unmanned Systems, where we are a leader in the growing area of launch systems, $3 billion for Hypersonics, where we support multiple development programs and $17 billion for Missile & Munitions, where we have production programs supporting most major missile systems.

7 月簽署的《美麗法案》為我們的業務提供了大量資金，如幻燈片 8 所示。其中 250 億美元用於美國金頂項目；50 億美元用於無人系統項目，我們在不斷發展的發射系統領域處於領先地位；30 億美元用於高超音速項目，我們支持該項目的多個開發計劃；170 億美元用於導彈與彈藥項目，我們在該領域擁有支持大多數主要導彈系統的生產計劃。

The 2026 defense spending request proposes year-over-year funding increases for a number of programs we have been supporting for years, including funding for GBSD or the Sentinel program is growing from $2 billion to $4.1 billion.

2026 年國防開支申請提議對我們多年來一直支持的多個項目的資金逐年增加，其中 GBSD 或 Sentinel 項目的資金將從 20 億美元增加到 41 億美元。

[FAB] funding is more than doubling from $649 million to $1.6 billion. Other missile, UAS and counter UAS programs stand to receive more than $2 billion. The Golden Dome program is particularly exciting because we believe it will drive additional demand for production and development programs we already support and its space layer will require a considerable number of space launches to build, driving demand for the critical subsystems we supply to nearly all space launch vehicles.

[FAB] 的資金從 6.49 億美元增加一倍多，達到 16 億美元。其他飛彈、無人機系統和反無人機系統計畫預計將獲得超過 20 億美元的資金。 「金穹」計畫尤其令人興奮，因為我們相信它將推動我們已支持的生產和開發項目的額外需求，而且其太空層需要大量的航太發射才能建造，這將推動對我們為幾乎所有航太運載火箭提供的關鍵子系統的需求。

Turning now to our operations. We remain focused on capacity capability and productivity. This quarter, we installed one of the most advanced vertical turning layers available, capable of machining components up to 18 feet in diameter while keeping the extremely tight tolerances required for strategic and space launch programs.

現在談談我們的營運。我們始終專注於產能和生產力。本季度，我們安裝了最先進的立式車削層之一，能夠加工直徑達18英尺（約5.5公尺）的零件，同時滿足戰略和航太發射專案所需的極高公差。

We also added an advanced 5-axis machining center with automated cells to produce complex parts with minimal human intervention, which will enhance our UAS launcher manufacturing. We are also expanding our tactical missile nozzle production capacity by approximately 50% by adding more nozzle curing equipment.

我們還新增了一台配備自動化單元的先進五軸加工中心，可在極少人工幹預的情況下生產複雜零件，這將增強我們的無人機系統 (UAS) 發射器製造能力。我們還將透過增加更多噴嘴固化設備，將戰術飛彈噴嘴的產能提升約 50%。

These investments increase throughput, enhance quality and allow us to scale without significant additional CapEx. Turning to our recent acquisitions. Both MTI and ISP integrations are progressing on schedule. We've incorporated ISP's energetic systems into our design processes, while MTI's advanced forming capabilities are contributing to key defense programs and providing us access to important new customers. We are in the process of implementing our ERP system, our business development and engineering processes and aligning our organizational structures.

這些投資提高了產量，提升了質量，並使我們能夠在不增加大量資本支出的情況下實現規模擴張。談到我們最近的收購。 MTI 和 ISP 的整合正在按計劃進行。我們已將 ISP 的能量系統融入我們的設計流程中，而 MTI 的先進成型能力正在為關鍵的國防項目做出貢獻，並幫助我們獲得重要的新客戶。我們正在實施 ERP 系統、業務開發和工程流程，並調整組織結構。

From a risk management perspective, we are structured to minimize the financial risks of tariffs in several ways. First, more than 90% of our contracts are fixed price. Second, these contracts are typically 12 to 18 months in duration, giving us the ability to renegotiate pricing to address input price increases. Finally, we generally purchase raw materials for our programs at the very beginning, reducing our exposure to price volatility over time.

從風險管理的角度來看，我們透過多種方式將關稅帶來的財務風險降至最低。首先，我們超過90%的合約都是固定價格。其次，這些合約的期限通常為12至18個月，這使我們能夠重新協商價格，以應對投入價格的上漲。最後，我們通常在專案初期就採購原料，從而降低我們長期承受的價格波動風險。

And because we use very little rare earths in our operations, our throughput has not been affected by supply constraints. In summary, any financial impact from tariffs or rare earths continues to be immaterial to Karman.

由於我們在營運中使用極少量稀土，我們的產量並未受到供應限制的影響。總而言之，關稅或稀土對卡曼公司財務的影響仍然微不足道。

Now I'll turn the call back to Tony for our strategic overview and outlook.

現在我將把電話轉回給托尼，請他介紹我們的策略概述和展望。

Thank you, Jonathan. Our business strategy as an IP-driven, vertically integrated merchant supplier to nearly all prime contractors in the US space and defense market is well aligned with our growing market opportunities. Our acquisitions in the second quarter have already begun yielding results, expanding our capabilities and deepening our relationships with key customers.

謝謝喬納森。我們的業務策略是作為一家以智慧財產權為主導、垂直整合的供應商，服務於美國航太和國防市場幾乎所有的主承包商，這與我們不斷增長的市場機會高度契合。我們在第二季的收購已開始取得成效，拓展了我們的能力，並深化了與關鍵客戶的關係。

The combined capabilities of these acquisitions, along with our existing expertise, position us uniquely to address the growing demand in Hypersonics, strategic missile defense, UAS, counter-UAS and advanced space systems.

這些收購的綜合能力加上我們現有的專業知識，使我們在滿足高超音速、戰略飛彈防禦、無人機系統、反無人機系統和先進太空系統日益增長的需求方面具有獨特的優勢。

Let me now turn to our outlook and updated financial guidance for the remainder of fiscal year 2025, summarized on slide 9. Based on our strong performance in the first half of the year, the integration of MTI and ISP and continued momentum across our end markets as reflected by our growing funded backlog, we are raising and narrowing our full year guidance.

現在，讓我談談我們對 2025 財年剩餘時間的展望和最新財務指導，總結在第 9 張投影片中。基於我們上半年的強勁表現、MTI 和 ISP 的整合以及我們終端市場的持續發展勢頭（這反映在我們不斷增長的資金積壓訂單上），我們正在提高和縮小全年指導。

We now expect full year revenue of between $452 million to $458 million, representing a 32% increase year-over-year to the midpoint and non-GAAP adjusted EBITDA of $138.5 million to $141.5 million, also a 32% year-over-year increase to the midpoint.

我們現在預計全年營收在 4.52 億美元至 4.58 億美元之間，比去年同期中位數成長 32%，非 GAAP 調整後 EBITDA 為 1.385 億美元至 1.415 億美元，也比去年同期中位數成長 32%。

This guidance reflects our 100% visibility to the midpoint of our increased revenue guidance range. In response to the strong demand signals we have described, we are leaning in where we see opportunities to position ourselves to capture end market demand, including hiring key staff.

此指引反映了我們對上調營收指引區間中點的100%可預見性。為了回應我們先前描述的強勁需求訊號，我們正積極把握機會，以抓住終端市場需求，包括招募關鍵員工。

Looking beyond 2025, we are already building funded backlog for 2026. Our differentiated capabilities, strong backlog, growing pipeline and proven ability to execute reinforce our confidence in our long-term growth algorithm of consistent organic growth supplemented by strategic accretive acquisitions.

展望 2025 年以後，我們已經在為 2026 年建立資金儲備訂單。我們差異化的能力、強大的儲備訂單、不斷增長的產品線和經過驗證的執行能力增強了我們對長期成長演算法的信心，即持續的有機成長加上策略性增值收購。

In closing, I'd like to thank our employees, customers and shareholders for your continued support. As we highlight on slide 10, Karman is a new kind of space and defense company, one that is engineered for performance and growth. We are creating long-term value for all our stakeholders by helping to enhance national security and enable the next-generation space economy.

最後，我要感謝我們的員工、顧客和股東一直以來的支持。正如我們在第10張投影片所強調的，卡曼是一家新型的太空和國防公司，一家以業績和成長為導向的新型公司。我們致力於透過協助加強國家安全並賦能下一代太空經濟，為所有利害關係人創造長期價值。

Now let's open up the call for your questions.

現在讓我們開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Hey, good afternoon, Tony, Mike, and Jonathan, great results.

嘿，下午好，東尼、麥克和喬納森，成績很棒。

Thank you, Peter.

謝謝你，彼得。

Yeah. Tony, maybe if you could just update us on -- you've got 11 facilities now, and you've got all these different growth drivers within your end markets and your key strategic areas. Just how you feel about kind of the existing capacity utilization? I know Jonathan probably would want to weigh in, but just your ability to leverage kind of all these different growth drivers with your existing footprint today.

是的。東尼，您能否向我們介紹一下—你們現在有11家工廠，並且在終端市場和關鍵策略領域擁有各種不同的成長動力。您對目前的產能利用率如何？我知道喬納森可能想談談，但您能否利用現有的產能，充分利用所有這些不同的成長動力？

Yeah, thanks for the question. We feel confident is the summary statement, and we've talked before about we've got ample square footage as we've added facilities in Alabama and additional facilities in some of our existing sites. And we keep a keen eye on the demand curve there trying to stay ahead of it. Jonathan rattled off about three different investments among many others that will continue to bring us the capacity we need to meet the demand.

是的，謝謝你的提問。我們對這個總結很有信心，我們之前也提到過，由於我們在阿拉巴馬州新增了設施，並在一些現有工廠增設了設施，所以我們擁有充足的空間。我們密切關注那裡的需求曲線，努力保持領先地位。喬納森列舉了三項不同的投資，以及許多其他投資，這些投資將繼續為我們帶來滿足需求所需的產能。

We work closely on a daily, weekly basis with our customers collaboratively in terms of understanding the demand and our need to be ready for it over the coming quarters and years. And we feel quite good that we'll stay ahead of that curve and be ready for the demand as it continues to evolve.

我們每週、每天與客戶緊密合作，了解客戶需求，並做好未來幾季甚至幾年的準備。我們堅信，我們將始終保持領先地位，為不斷變化的需求做好準備。

Appreciate that. And then you mentioned about 2026 kind of already kind of building your backlog. What kind of insight can you give us there just that in terms of the long lead times, just given the initiatives that are going on, whether it's Golden Dome or all the restocking that needs to take place within the Missile & Munitions category. How should we think about just kind of the backlog, how it gets built?

非常感謝。然後您提到2026年已經開始累積訂單了。考慮到正在進行的計劃，無論是「金頂」計劃，還是導彈和彈藥類別中所有需要補充的庫存，您能就較長的交付週期提供什麼見解嗎？我們該如何看待這些訂單，以及如何累積訂單？

Yeah. As we indicated today, record backlog, $719 million. That would be for next year and some into '27 and a little into '28 as we think about that. We believe that we try to keep the lead times of our capacity expansion inside the lead times of the demand signals, and we're successful in doing that. So right now, again, I wouldn't guide you in terms of what next year looks like other than the momentum continues.

是的。正如我們今天所說，訂單積壓創紀錄，達到7.19億美元。這筆訂單將用於明年，部分訂單將持續到2027年，部分訂單將持續到2028年，我們正在考慮這一點。我們相信，我們努力將產能擴張的交付週期控制在需求訊號的交付週期之內，而我們成功地做到了這一點。所以，現在，除了保持良好的勢頭之外，我無法預測明年的情況。

And I'd point you back to right now, our focus is on executing 32% increase year-over-year as we just signaled.

我想告訴大家，現在我們的重點是實現年成長 32%，正如我們剛才提到的。

Appreciate it. I'll jump back in the queue. Thanks again, nice results.

非常感謝。我會重新排隊。再次感謝，結果不錯。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yeah, hi, good afternoon, everybody.

是的，大家下午好。

Hi, Ken.

你好，肯。

Really nice. Yeah, Tony, really nice results. Maybe just to start off, as you look at the strong second quarter and then more importantly, I think the full year raise to the revenue guidance, can you provide any more detail if the upside is really coming from just greater pace of activity, maybe greater volume?

真的很棒。是的，托尼，業績真的很棒。首先，考慮到第二季業績強勁，更重要的是，我認為全年營收預期有所提升，您能否提供更多細節，看看這種成長是否真的僅僅來自於更快的業務節奏，或者說是更大的業務量？

Are you seeing sort of incremental share gains or sort of extensions on existing contracts or maybe pricing? I mean how can we maybe parse out what looks to be a much better sort of organic growth outlook than we'd expected at the beginning of the year?

您是否看到了某種增量份額增長，或者現有合約或定價的延長？我的意思是，我們如何分析出比年初預期好得多的有機成長前景？

Yeah. I would say, though, all of those are a factor. The growth is predominantly rate increases. And so you're seeing the headlines you're hearing from some of our customers as they're looking to increase rates on a number of programs that we're currently on as well as some of the development programs that have not yet hit low rate production levels. So coming from a number of factors, principally rate.

是的。不過我想說，這一切都是因素。產量成長主要源自於產量提升。所以你看到一些客戶的消息，他們希望提高我們目前正在進行的幾個項目以及一些尚未達到低產量水平的在研項目的產量。所以，產量成長源自於多種因素，主要是產量。

Okay. That's very helpful. And as we think about the margin guidance, I think you called out as part of the second quarter pre-announcement, some elevated sort of onetime costs associated with being a public company. Can you just maybe walk through how we should think about maybe gross margins progressing here through the second half of the year and maybe the setup into '26? Thank you.

好的。這很有幫助。說到利潤率指引，我記得您在第二季的預告中提到過，作為上市公司，一些一次性成本會增加。您能否簡單介紹一下，我們該如何考慮今年下半年以及2026年的毛利率成長？謝謝。

Hey Ken. Yeah, this is Mike. So I'll give a couple of thoughts on that. I mean the second half of this year, we do expect to be stronger than the first half in terms of EBITDA margins. I don't see any necessary cliff per se, but just continued focus on operational efficiencies, strategic deployment of capital. And so for the rest of this year as well as without too specific, but as far as what we see moving in the future, to just have modest increases from here on out to capture what we've already achieved to date and then to continue to capture more efficiencies moving forward.

嘿，肯。是的，我是麥克。我來談談我的看法。我的意思是，我們預計今年下半年的EBITDA利潤率會比上半年更高。我認為沒有必要出現斷崖式下跌，只是需要繼續關注營運效率和資本的策略部署。至於今年剩餘時間，以及我們預計的未來發展，我不太具體，但就我們預期的未來發展而言，從現在開始，我們只是會適度增長，以彌補迄今為止已經取得的成就，然後繼續提高效率。

So to get from where we were in the first half to the full year guidance, I would call it modest improvements, but well within our range.

因此，從上半年的水平到全年的預期，我認為這是一個適度的改善，但仍在我們的範圍內。

Great. Thanks Mike.

太好了。謝謝邁克。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Hey guys, this is Michael Fisher on for Amit. I just wanted to start with, wondering if you can give us more of a kind of high-level overview of your exposure to various drone programs. I believe you're involved with the Switchblade, which is obviously at the higher end loitering munitions. And so I'm wondering if you also have any exposure to some of the cheaper, lower-cost drones like we've seen be deployed pretty effectively in Ukraine.

大家好，我是麥可·費雪，代表阿米特進行採訪。首先，我想請您概括地介紹您參與的各種無人機專案。我相信您參與了“彈簧刀”項目，這顯然是高端巡彈。所以，我想知道您是否也參與過一些更便宜、更低成本的無人機項目，例如我們在烏克蘭看到的那些部署得相當有效的無人機。

Yeah, We're -- first of all, Michael, we're careful to disclose things that are not public. Obviously, it's a known fact in terms of our support for AV in the Switchblade, our support for the Coyote and other programs. But it's our goal, mission to partner with everybody. And so we have a number of activities going on across the spectrum of the Unmanned and counter Unmanned systems. We see that as a significant growth driver moving forward.

是的，首先，邁克爾，我們非常謹慎地披露非公開資訊。顯然，我們對Switchblade無人駕駛飛機、Coyote無人駕駛飛機和其他項目的支持是眾所周知的事實。但我們的目標和使命是與所有人合作。因此，我們在無人駕駛和反無人駕駛系統領域開展了一系列活動。我們認為這是未來重要的成長動力。

Great, thanks. And then I'm just curious, you guys touched on the Golden Dome and some of the space and satellite component of that. I'm wondering, do you anticipate that being something that's -- a lot of that launch volume is coming from SpaceX? Or do you think there's going to be multiple providers involved there?

太好了，謝謝。然後我很好奇，你們提到了「金色穹頂」以及它的一些太空和衛星組件。我想知道，您是否預計其中很大一部分發射任務將來自SpaceX？還是您認為會有多家供應商參與其中？

We think without question, there'll be multiple providers. Looking forward to the debrief coming out of the Industry Day that's occurring simultaneous to this call. It's an unclassified. I'm not sure how much more we're going to get, but we know that positioning assets in terms of sensing, tracking, intercepting from space is an important element of this multilayer system, along with a lot of the systems that we already support. So we're looking forward to more clarity.

我們認為毫無疑問會有多家供應商。期待與本次電話會議同時舉行的「行業日」會議的報告。這是一份非機密文件。我不確定我們還能獲得多少信息，但我們知道，在太空感知、追蹤和攔截方面的資產定位是這個多層系統的重要組成部分，以及我們已經支持的許多系統。因此，我們期待更清晰的訊息。

But it means more things in space. And as we support SpaceX, ULA, Blue Origin, Rocket Lab, Firefly, we had a good day today, as you all know. We enjoy supporting all of those. And so we're agnostic, as we've said before, as to who flies, we've got components on it. It will take a combination of those providers to fulfill the vision and the reality of Golden Dome.

但這在太空領域意味著更多。如大家所知，我們支持SpaceX、ULA、Blue Origin、Rocket Lab和Firefly，今天過得很愉快。我們很高興能支持所有這些公司。因此，正如我們之前所說，我們對於誰將發射火箭持開放態度，我們已準備好相關零件。實現「金色穹頂」的願景和現實，需要這些供應商的共同努力。

Great, thanks for taking my questions.

太好了，謝謝你回答我的問題。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Tony, Mike, Jonathan, and Steve, good afternoon.

東尼、麥克、喬納森和史蒂夫，下午好。

Hey, Louie.

嘿，路易。

Hi there. As it relates to the very strong increase in backlog, do you expect to maintain your pricing perhaps even with some modest increases? And should we expect the margin expansion that has generally taken place over the past few years to continue?

您好。鑑於積壓訂單量大幅成長，您是否預期價格會維持不變，甚至會小幅上調？我們是否應該預期過去幾年普遍出現的利潤率成長趨勢會持續下去？

So I think Mike just briefly touched on the margin, again, leading it to modest expansion from operational efficiency and leverage in that regard. And so 50 basis points kind of increases as we move forward. From a pricing standpoint, again, we work collaboratively with our customers. We make certain that they're meeting their program targets. And so it's our view that 30%-plus EBITDA margins are strong, sustainable and perhaps we can expand them a bit moving forward.

所以我認為Mike剛才簡單提到了利潤率，這又導致了營運效率和槓桿率的適度成長。因此，隨著我們未來的發展，利潤率大約會增加50個基點。從定價的角度來看，我們與客戶合作。我們確保他們能夠實現他們的專案目標。因此，我們認為30%以上的EBITDA利潤率是強勁且可持續的，或許我們可以在未來進一步提高。

But we would not anticipate that the strong backlog would lead directly to increased pricing strength. We want to make certain that we work as a partner, meeting their program needs as well as our margin requirements.

但我們預期強勁的訂單積壓不會直接導致定價上漲。我們希望確保作為合作夥伴，我們既能滿足他們的專案需求，也能滿足我們的利潤要求。

Great. Thanks Tony. And can you also provide some color in terms of how your recent acquisitions have been able to contribute to your different segments and whether they have opened up the opportunity for you to increase your partnerships with your prime platform partners and how that's been able to just increase your overall scope of business?

太好了。謝謝Tony。您能否介紹一下最近的收購對不同細分市場的貢獻？這些收購是否為您與主要平台合作夥伴加強合作提供了機會？這些收購又如何擴大了您的整體業務範圍？

Yeah. With each of MTI and ISP, they brought new capabilities, as we've talked about, right? Our acquisition strategy is to keep them relatively small, but strategically important, building upon a pretty robust toolbox that we've got right now as we serve our customers, but adding to that along the way as we add these on.

是的。正如我們之前提到的，MTI 和 ISP 都帶來了新的功能，對吧？我們的收購策略是保持規模相對較小，但策略意義重大，以我們目前為客戶提供的強大工具箱為基礎，並在發展過程中不斷改進。

So MTI, which brought us the refractory metals experience, brought us classified space and classified programs along with new customers. And ISP brought us these multiple dozens of energetic formulations and proven expertise in small solid rocket motors that we've already integrated well with what we've got going in Mukilteo and Skagit from an energetics and small SRM capability.

MTI 為我們帶來了難熔金屬經驗，也為我們帶來了機密太空和機密專案以及新客戶。 ISP 則為我們帶來了數十種能量配方和成熟的小型固體火箭發動機專業知識，我們已經將這些技術與我們在穆基爾特奧和斯卡吉特的現有能量學和小型固體火箭發動機能力很好地整合在一起。

So both are immediately accretive on the financial front and accretive to our capability to serve our customers with the addition of additional customers that they have brought to us that we're already cross-selling and looking for opportunities to add to what we provide to them.

因此，兩者都立即在財務方面產生增值，並增強了我們為客戶服務的能力，因為客戶為我們帶來了更多客戶，我們已經在進行交叉銷售，並尋找機會增加我們為他們提供的服務。

Great. Thanks, Tony, and thanks everyone.

太好了！謝謝托尼，也謝謝大家。

(Operator Instructions)

（操作員指示）

And that will conclude our question-and-answer session. I'll hand the call back to Steven Gitlin any closing comments.

我們的問答環節到此結束。我將把最後發言權交給史蒂文·吉特林。

Thank you all for your attention today and for your interest in Karman Space & Defense. An archived version of this call, all SEC filings and relevant company news can be found on our website karman-sd.com. We wish you a good day, and we look forward to updating you on our continued progress in the quarters ahead.

感謝各位今天的關注以及對卡曼航太與防務公司的關注。本次電話會議的存檔版本、所有美國證券交易委員會 (SEC) 文件以及相關公司新聞均可在我們的網站 karman-sd.com 上查閱。祝您擁有美好的一天，並期待在未來幾季持續更新我們的進展。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。