Kratos Defense and Security Solutions Inc (KTOS) 2021 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Kratos Defense & Security Solutions Third Quarter 2021 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your host, Marie Mendoza, Senior Vice President and General Counsel. Ma'am, please go ahead.

女士們、先生們，下午好，歡迎參加 Kratos 國防與安全解決方案 2021 年第三季財報電話會議。（操作員指示）我現在將會議交給東道主高級副總裁兼總法律顧問瑪麗·門多薩 (Marie Mendoza)。女士，請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us for the Kratos Defense & Security Solutions third quarter 2021 conference call. With me today is Eric DeMarco, Kratos' President and Chief Executive Officer; and Deanna Lund, Kratos' Executive Vice President and Chief Financial Officer.

謝謝。大家下午好。感謝您參加我們的 Kratos 防禦與安全解決方案 2021 年第三季電話會議。今天與我在一起的是 Kratos 總裁兼執行長 Eric DeMarco；以及 Kratos 執行副總裁兼財務長 Deanna Lund。

Before we begin the substance of today's call, I'd like everyone to please take note of the safe harbor paragraph that is included at the end of today's press release. This paragraph emphasizes the major uncertainties and risks inherent in the forward-looking statements we will make this afternoon. Please keep these uncertainties and risks in mind as we discuss future strategic initiatives, potential market opportunities, operational outlook and financial guidance during today's call. Today's call will also include a discussion of non-GAAP financial measures as that term is defined in Regulation G. non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, at the end of today's press release, we have provided a reconciliation of these non-GAAP financial measures to the company's financial results prepared in accordance with GAAP.

在我們開始今天電話會議的實質內容之前，我希望大家注意今天新聞稿末尾的安全港段落。本段強調了我們今天下午將要做出的前瞻性陳述所固有的主要不確定性和風險。當我們在今天的電話會議上討論未來的策略舉措、潛在的市場機會、營運前景和財務指導時，請牢記這些不確定性和風險。今天的電話會議還將討論非 GAAP 財務指標，該術語在法規 G 中定義。非 GAAP 財務指標不應被視為獨立於或替代根據 GAAP 提供的財務資訊。因此，在今天的新聞稿結尾，我們提供了這些非公認會計原則財務指標與根據公認會計原則編制的公司財務表現的調節表。

With that, I will now turn the call over to Eric DeMarco.

現在，我將把電話轉給埃里克·德馬科。

Thank you, Marie. Good afternoon. In the third quarter, Kratos' unmanned systems business generated revenues of $61.3 million, which represents organic growth of 14.6% over the third quarter of 2020. Kratos' space satellite and cyber business generated revenue of $72 million, organically increasing 17.5% over the third quarter of 2020. Our unmanned systems and space businesses are our company's largest, they're our fastest-growing and are both expected to continue to generate very strong year-over-year future revenue growth. This is representative of the successful execution of our internally funded investment, organic growth-focused strategy, which growth, we believe our C5ISR, our rocket system, microwave electronics and engine businesses, will each also see in the future based on recent program wins like GBSD, Iron Dome, next-generation small engine development contracts and opportunities.

謝謝你，瑪麗。午安.第三季度，Kratos 無人系統業務營收為 6,130 萬美元，較 2020 年第三季有機成長 14.6%。Kratos 的太空衛星和網路業務收入為 7,200 萬美元，較 2020 年第三季有機成長 17.5%。我們的無人系統和太空業務是我們公司最大的業務，也是我們成長最快的業務，預計未來收入將繼續產生非常強勁的年成長。這代表了我們內部資助的投資、以有機成長為重點的策略的成功執行，我們相信我們的C5ISR、我們的火箭系統、微波電子和發動機業務在未來也將基於最近的項目勝利而看到這種成長，例如GBSD、鐵穹、下一代小型引擎開發合約和機會。

We currently have multiple under contract, large and new programs, where we are expecting significant future increases, including Sub-Sonic Aerial Target or SSAT with the United States Navy, Skyborg, Thanatos, AirWolf, Offboard Sensing Station, Ground-Based Strategic Deterrent, overhead persistent infrared, tactical intelligence targeting access node, the hypersonic ballistic tracking space sensor and several classified programs, among others, all of which are under contract, which also provides the confidence in our future year-over-year growth forecast and up into the right trajectory.

我們目前有多個合約下的大型和新項目，預計未來將大幅成長，包括與美國海軍合作的亞音速空中目標或 SSAT、Skyborg、Thanatos、AirWolf、舷外感測站、陸基戰略威懾、頭頂持續紅外線、戰術情報瞄準接入節點、高超音速彈道跟踪空間傳感器和幾個機密項目等，所有這些都已簽訂合同，這也為我們未來的同比增長預測和進入未來的增長提供了信心。正確的軌跡。

As you know, the final revenues from our legacy International training business, which contributed approximately $35 million in 2020 revenue and over $14 million this year before completely winding down in Q2, have been masking Kratos' overall core business growth rate, which we will continue to highlight for you until financial performance is comparable in Q3 next year. Excluding the legacy training revenues, Kratos' '21 over 2020 forecasted overall organic growth rate is still forecast at greater than 8%, with this growth even after we saw approximately $31 million of Q3 and Q4 '21 revenues deferred to future periods due to COVID-related travel, supply chain and customer issues, which we identified as potential execution risks on our Q2 call with you, including in the Q&A.

如您所知，我們傳統的國際培訓業務的最終收入（該業務在2020 年貢獻了約3500 萬美元的收入，今年在第二季度完全結束之前貢獻了超過1400 萬美元）一直掩蓋了Kratos 的整體核心業務成長率，我們將繼續保持此成長率為您重點介紹，直到明年第三季的財務表現達到可比較水準。不包括傳統培訓收入，Kratos '21 在2020 年預測的整體有機成長率仍將超過8%，即使我們看到約3,100 萬美元的21 年第三季和第四季收入由於新冠疫情而推遲到未來期，這一增長仍然存在- 相關的旅行、供應鏈和客戶問題，我們在第二季度與您的電話會議（包括問答中）將其確定為潛在的執行風險。

I will emphasize here again, as I did in Q2, that substantially all Kratos' Q3 and Q4 forecasted revenue was and is already under contract with customers. Accordingly, irrespective of these issues, which all will eventually pass, Kratos is in a great position today. We continue to execute, we control what we can control, we're winning new programs, and we're driving the business plan. Specifically to execution, since our last report to you, we have received a $374 million sole-source single-award target drone-related contract with United States Air Force, of which we expect to realize substantially all, if not the entire $374 million IDIQ amount in Kratos' revenue over the period of performance. The United States Navy's SSAT program office, PMA-208, recently completed 3 back-to-back test flights with Kratos' newest subsonic aerial target drone, the BQM-177A in preparation for full operational capability of this Kratos' target drone system, which is now expected to come later this year, and we now expect the next sole-source full-rate production contract to come in the next few months.

我將在這裡再次強調，就像我在第二季度所做的那樣，Kratos 的第三季和第四季的所有預測收入基本上都已經與客戶簽訂了合約。因此，不管這些問題最終都會過去，奎托斯今天處於一個很好的位置。我們繼續執行，我們控制我們能控制的事情，我們正在贏得新項目，我們正在推動業務計劃。具體到執行方面，自我們上次向您報告以來，我們已收到與美國空軍簽訂的價值3.74 億美元的單一來源單標目標無人機相關合同，我們預計將實現其中大部分（如果不是全部）3.74 億美元的IDIQ Kratos 在業績期間的收入金額。美國海軍 SSAT 計畫辦公室 PMA-208 最近使用 Kratos 最新的亞音速空中目標無人機 BQM-177A 完成了 3 次連續測試飛行，為該 Kratos 目標無人機系統的全面作戰能力做好準備。現在預計將在今年稍後簽訂，我們現在預計下一個獨家全速生產合約將在未來幾個月內簽訂。

Our tactical drone-related programs continue to progress, including a recent successful series of customer flights for Kratos' AirWolf drone and fourth Thanatos, which we now, with these successes, expect significant increased future revenues. We have successfully competed 4 and received an AFRL OBSS or offboard sensing station, affordable tactical jet drone program award, which we believe has potential future growth opportunities similar to Kratos' Valkyrie, the Gremlins program, AirWolf and Thanatos. We believe that Kratos' recent receipt of the OBSS award for a new, low-cost attritable unmanned aircraft program, demonstrates Kratos' digital engineering and technology-leading position.

我們的戰術無人機相關項目繼續取得進展，包括最近為 Kratos 的 AirWolf 無人機和第四架 Thanatos 進行的一系列成功的客戶飛行，憑藉這些成功，我們預計未來收入將大幅增加。我們已經成功參加了4 場比賽，並獲得了AFRL OBSS 或機外感測站、經濟實惠的戰術噴氣式無人機項目獎，我們相信該項目具有類似於Kratos 的Valkyrie、Gremlins 項目、AirWolf 和Thanatos的潛在未來成長機會。我們相信，Kratos 最近因新型低成本可消耗無人機項目獲得 OBSS 獎，證明了 Kratos 的數位工程和技術領先地位。

The OBSS drone system continues to expand Kratos' industry-leading family of affordable disposable, reusable and attritable drone systems, each with their individual capabilities and mission focuses. With the OBSS award, we continue to believe that Kratos is the best-positioned company to realize incredible growth and forecasted to be incredibly large tactical drone area as Kratos continues to successfully bid for and receive significant awards in this area.

OBSS 無人機系統繼續擴展 Kratos 領先業界的經濟型一次性、可重複使用和可磨損無人機系統系列，每個系統都有其各自的功能和任務重點。憑藉OBSS 獎項，我們仍然相信Kratos 是最有能力實現令人難以置信的成長的公司，並且隨著Kratos 繼續成功競標並獲得該領域的重要獎項，預計該領域將成為極其龐大的戰術無人機領域。

Kratos' ghost works, including our Air Gap group, played a key role in our OBSS success, and Kratos' ghost works is now currently focused on additional new program system opportunities, certain of which we expect to hear on in the coming months, and hopefully, we will be able to report to you. In just -- and just a few weeks ago, as I noted, Kratos' ghost works had a successful Thanatos flight as this program initiative continues to progress.

Kratos 的幽靈作品，包括我們的Air Gap 小組，在我們的OBSS 成功中發揮了關鍵作用，而Kratos 的幽靈作品目前專注於其他新程序系統機會，我們預計在未來幾個月內會聽到其中的某些機會，以及希望我們能夠向您報告。正如我所指出的，就在幾週前，奎托斯的幽靈作品成功進行了塔納托斯飛行，隨著該計劃倡議的不斷進展。

On August 16, the Air Force reiterated its commitment to be ready for a 2023 Skyborg Vanguard program of record, under which Kratos' Valkyrie and Mako jet drones are both recognized participants. The Kratos Valkyries under the contract with the Skyborg program are expected to be delivered shortly and the Valkyrie aircraft under contract with the LCAT or low-cost attributable aircraft technology program, which also remains on track, also now are scheduled for delivery.

8 月 16 日，空軍重申承諾為 2023 年 Skyborg Vanguard 記錄計畫做好準備，Kratos 的 Valkyrie 和 Mako 噴射無人機都是該計畫的公認參與者。與 Skyborg 專案簽訂合約的 Kratos Valkyries 預計很快就會交付，與 LCAT 或低成本歸屬飛機技術專案簽訂合約的 Valkyrie 飛機也仍在按計劃交付。

In addition to Skyborg and LCAT, we have been in discussions with additional customers and program offices for Valkyrie, which funding is anticipated in the pending 2022 budget, if everything holds as currently expected. It was recently reported that the general-in-charge of the Air Combat command stated that the first low-cost attributable jet drones could be in a stealth red air role as adversaries for fifth-generation fighters and that low-cost attributable aircraft systems will be a future growth industry. We believe that Kratos' Valkyrie and its capabilities would be an excellent system for this adverse air mission, and we understand that there are currently a significant funding planned in the 2022 budget NDAA markup for this ad air initiative, which we view as another large new potential opportunity for Kratos and Valkyrie.

除了 Skyborg 和 LCAT 之外，我們也一直在與 Valkyrie 的其他客戶和專案辦公室進行討論，如果一切按目前預期進行，預計將在 2022 年待決預算中提供資金。最近有報導稱，空戰司令部負責人表示，第一批低成本歸屬噴射無人機可能會扮演隱形紅空角色，作為第五代戰鬥機的對手，而低成本歸屬飛機系統將成為未來的成長型產業。我們相信，Kratos 的Valkyrie 及其功能將成為執行這一不利空中任務的出色系統，並且我們了解到，目前在2022 年NDAA 預算預算中計劃為這項廣告空中計劃提供大量資金，我們認為這是另一項大型新舉措奎托斯和瓦爾基里的潛在機會。

It was also just reported that Kratos' Valkyrie was specifically mentioned this week by the government for a certain new mission and opportunity in the Pacific region, which we have been working on. These are just the most recent examples of where Kratos' clear industry-leading position and affordable high-performance made in America jet drones with multiple classes flying today. We don't have power points or renditions, flying today are the Valkyrie, Gremlins, AirWolf, Mako and others, and this is a clear first to market competitive advantage for our company and why we are so confident in our future success and the growth trajectory.

剛剛還有報導稱，奎托斯的瓦爾基里本週被政府特別提及，以表彰我們一直在太平洋地區開展的某個新任務和機會。這些只是最新的例子，展示了 Kratos 明顯的行業領先地位和經濟實惠的高性能美國製造的噴氣式無人機，如今已在多個級別飛行。我們沒有幻燈片或表演，今天飛行的是 Valkyrie、Gremlins、AirWolf、Mako 等飛機，這對我們公司來說是一個明顯的市場競爭優勢，也是我們對未來成功和成長如此充滿信心的原因彈道。

The production of the initial 12 Valkyries remains on track in our Oklahoma facility, with the possibility now based on the 2022 DoD budget, once finally approved, that we may be making a decision to accelerate and pull certain of these 12 to the left, completing them sooner if possible, in conjunction with our customers' input, and we now have begun planning for a potential second Valkyrie production spiral lot in addition to the current initial 12 introduction to begin next year, which would also be in close cooperation with our customers' demand signals and expected funded contracts.

最初12 架「女武神」的生產仍在我們俄克拉荷馬州的工廠按計劃進行，現在有可能根據2022 年國防部預算，一旦最終批准，我們可能會決定加速並將這12 架中的某有些向左拉，完成如果可能的話，結合我們客戶的意見，我們現在已經開始計劃除了明年開始的目前最初的12 個螺旋批次外，我們現在還開始計劃潛在的第二個Valkyrie 生產螺旋批次，這也將與我們的客戶密切合作' 需求信號和預期資助合約。

We recently announced that Kratos' AirWolf Tactical drone system, completed a 100% successful flight at the Burns Flat, Oklahoma range facility. This AirWolf mission, which was the inaugural flight at the Burns Flat range location included multiple new payloads carried by Kratos' AirWolf, including a proprietary Kratos' artificial intelligence and autonomy system, which has been developed by Kratos specifically for high-performance jet drone aircraft. Kratos' AirWolf flight demonstrates the value that the Burns Flat range facility asset brings to Kratos, including the ability of Kratos' ghost works to now conduct flights rapidly, affordably and in a secure confidential environment away from the competitor's site.

我們最近宣布，Kratos 的 AirWolf 戰術無人機系統在俄克拉荷馬州 Burns Flat 靶場完成了 100% 的成功飛行。這次AirWolf 任務是在Burns Flat 靶場地點的首次飛行，包括Kratos 的AirWolf 攜帶的多個新有效載荷，其中包括Kratos 專有的人工智慧和自主系統，該系統是Kratos 專門為高性能噴氣式無人機開發的。Kratos 的 AirWolf 飛行證明了 Burns Flat 範圍設施資產為 Kratos 帶來的價值，包括 Kratos 的幽靈工廠現在能夠在遠離競爭對手站點的安全保密環境中快速、經濟地進行飛行。

Kratos’ AirWolf also recently performed another successful flight series in addition to the Burns Flat flight, including a critical customer flight, which was 100% successful, and we are optimistic that these recent successful flights will lead to future program opportunities. And it was also recently reported that Kratos' AirWolf Combat drone launched the loitering munition in flight, another important milestone for the system as we move toward missionization.

除了 Burns Flat 飛行之外，Kratos 的 AirWolf 最近還進行了另一個成功的飛行系列，其中包括一次 100% 成功的關鍵客戶飛行，我們樂觀地認為最近的這些成功飛行將為未來的計劃帶來機會。最近還有報導稱，奎托斯的 AirWolf 戰鬥無人機在飛行中發射了徘徊彈藥，這是該系統邁向任務化的另一個重要里程碑。

On Gremlins, it was recently reported that an additional new test series is now planned for the program with our prime partner Dynetics, with a potential additional contract award in the first half of '22. This potential additional phase will reportedly feature operations-focused testing and mission demonstrations that could include a single operator controlling multiple Gremlin vehicles and payloads and intelligence, reconnaissance and surveillance missions, facilitated by certain types of electronic and cyber payloads. This phase would serve as a pilot program to develop and mature military mission capabilities and assist the DARPA Gremlins program to successfully get through the infamous DOD Valley of death and transition successfully to a military service program of record, which Kratos fully expects will occur similar to Valkyrie and AirWolf.

關於 Gremlins，最近有報導稱，我們現在計劃與我們的主要合作夥伴 Dynetics 一起對該項目進行額外的新測試系列，並可能在 22 年上半年授予額外的合約。據報道，這個潛在的附加階段將以以操作為中心的測試和任務演示為特色，其中可能包括單個操作員控制多個Gremlin 車輛和有效載荷以及情報、偵察和監視任務，並由某些類型的電子和網路有效載荷促進。這一階段將作為一個試點計劃，以開發和成熟軍事任務能力，並協助DARPA Gremlins 計劃成功通過臭名昭著的DOD 死亡之谷，並成功過渡到記錄的軍事服役計劃，Kratos 完全預計這一計劃將類似於瓦爾基里和飛狼。

It was also reported that multiple service branches have been involved in conversations about the future of the Gremlins program after transition, including the Air Force, the Marine Corps and now the U.S. Navy and that DARPA intends to bridge the DOD valley of depth with at least 2 drone programs, both of which are currently supported by Kratos, one of them including Gremlins.

另據報道，包括空軍、海軍陸戰隊和現在的美國海軍在內的多個軍種部門已經參與了有關“小精靈”計劃過渡後的未來的對話，並且 DARPA 打算至少與國防部深度谷建立橋樑2個無人機項目，目前均由Kratos 支持，其中之一包括Gremlins。

Kratos' Mako tactical jet drone also continues to achieve success under various programs and initiatives, but as I have mentioned before, most of this is now classified. The Thanatos development program remains on track, including the recent successful flight as are each of our other tactical drone programs and initiatives. We expect significant future year-over-year organic growth for Kratos' unmanned aerial jet drone business, both tactical and target as the demand for these types of drones and systems continues to increase.

奎托斯的 Mako 戰術噴氣式無人機也在各種計劃和舉措下繼續取得成功，但正如我之前提到的，其中大部分現在都是機密。塔納托斯開發計畫仍在正常進行，包括最近的成功飛行，我們的其他戰術無人機計畫和舉措也是如此。我們預計，隨著對此類無人機和系統的需求不斷增加，Kratos 的無人機業務（無論是戰術無人機還是目標無人機）未來將實現顯著的同比有機成長。

Directly related to Kratos' affordable drone initiatives. The Air Force's Research lab recently announced that Kratos is part of their team under the design for manufacture of attributable aircraft primary structure or DMAS program, which is an AFRL, Aerospace System director team of researches -- researchers and engineers, which has now successfully tested a new low-cost attritable aircraft fuselage and wings design. As you know, attritable refers to a new class of unmanned aircraft that are purpose designed and routinely reusable built affordably to allow a combatant commander to tolerate putting them at risk and improving attributable aircraft technology is crucial to providing the operational warfighter with the tool that is affordable and easily manufactured and tight time constraints.

與 Kratos 的經濟型無人機計劃直接相關。空軍研究實驗室最近宣布，Kratos 是其飛機主結構製造設計或 DMAS 計劃團隊的一員，該計劃是 AFRL、航空航天系統研究主管團隊（研究人員和工程師），現已成功進行測試一種新的低成本可磨損飛機機身和機翼設計。如您所知，可歸因是指一種新型無人機，它們是專門設計的，並且可以經濟實惠地定期重複使用，使作戰指揮官能夠容忍將其置於危險之中，而改進可歸因的飛機技術對於為作戰人員提供可負擔的工具至關重要。價格實惠、易於製造且時間緊迫。

The AFRL stated that the autonomous collaborative platforms or ACP, these will play an increasingly important role in various Air Force missions and that the main tenets of ACP our autonomy, affordability, speed of design and build and mission effectiveness, each of Kratos strength area. The DMAS program is directly addressing these characteristics, which are critical to the ability to develop affordable, attritable drone systems in large numbers and present the military challenge to peer adversaries. The announcement of Kratos' participation in DMAS is incredibly important to our unmanned tactical drone system long-term strategy and success, and once again, as representative of Kratos' industry-leading position in the next-generation UAV area.

AFRL 表示，自主協作平台（ACP）將在各種空軍任務中發揮越來越重要的作用，ACP 的主要原則是我們的自主性、可承受性、設計和建造速度以及任務有效性，這些都是Kratos 的優勢領域。DMAS 計劃直接解決這些特徵，這些特徵對於開發大量負擔得起的、可消耗的無人機系統並向同等對手提出軍事挑戰的能力至關重要。Kratos 宣布參與 DMAS 對於我們的無人戰術無人機系統長期戰略和成功非常重要，並再次代表了 Kratos 在下一代無人機領域的行業領先地位。

Simply stated, as I believe, is reflected in today's report, unmanned jet drones will be joining the combat Air Forces flying alongside manned aircraft, carrying additional munitions, performing, surveillance and jamming and making attacks, including to protect their manned wingmen. Low-cost attributable unmanned drone systems will affordably increase the size and capability of the air fleets without adding additional pilots and unlike manned systems, these drones are designed for short operational lives, reducing or eliminating the cost of depot-level maintenance or service life extensions or SLEPs. So needless to say, we're extremely excited and optimistic for Kratos' unmanned systems business and our related next-generation engines, which go in these systems as well.

簡而言之，正如我認為今天的報告中所反映的那樣，無人駕駛噴射機將加入作戰空軍，與有人駕駛飛機一起飛行，攜帶額外的彈藥，執行、監視、幹擾和攻擊，包括保護其有人駕駛的僚機。低成本無人機系統將在不增加額外飛行員的情況下以經濟實惠的方式增加機隊的規模和能力，並且與有人駕駛系統不同，這些無人機的設計壽命較短，從而減少或消除基地級維護或延長使用壽命的成本或 SLEP。因此，不用說，我們對 Kratos 的無人系統業務以及我們相關的下一代引擎感到非常興奮和樂觀，這些引擎也適用於這些系統。

Kratos' space and satellite and cyber business has now successfully delivered the first set of products to support the U.S. Army Tactical intelligence targeting Access Node or TITAN space to ground system prototype, which is being developed by Kratos' partner, Northrop Grumman. The purpose of the space to ground TITAN system will be to provide near real-time data to commanders at all levels for timely targeting solutions. In Q3, our space and satellite business continued to successfully perform and deliver on OPIR or overhead persistent infrared, a missile warning satellite program and one of our business' largest programs. Kratos' space, satellite and cyber business also supports AEHF, WGS, SBIR, MUOS, HBTSS and many other confidential classified programs.

Kratos 的太空、衛星和網路業務現已成功交付第一套產品，以支援針對存取節點或TITAN 空對地系統原型的美國陸軍戰術情報，該原型由Kratos 的合作夥伴諾斯羅普·格魯曼公司開發。空對地TITAN系統的目的是向各級指揮官提供近乎即時的數據，以便及時找到目標解決方案。第三季度，我們的太空和衛星業務繼續成功執行和交付 OPIR 或高空持續紅外線、飛彈預警衛星計畫以及我們業務最大的計畫之一。Kratos 的太空、衛星和網路業務也支援 AEHF、WGS、SBIR、MUOS、HBTSS 和許多其他機密機密專案。

Our third quarter adjusted EBITDA was stronger than forecast, primarily due to a more favorable mix in our space satellite and cyber business, including certain government agency programs. We expect the favorable mix to continue in the fourth quarter and thereafter, based on our backlog, opportunities and execution plans.

我們第三季調整後的 EBITDA 強於預期，主要是由於我們的太空衛星和網路業務（包括某些政府機構計畫）的組合更加有利。根據我們的積壓訂單、機會和執行計劃，我們預計第四季度及之後的有利組合將持續。

We also continue to forecast future year-over-year organic growth with increasing margins for Kratos' space, satellite and cyber business. From a value creation standpoint for our shareholders, Kratos' space and satellite business is approximately $200 million -- $280 million, excuse me, in revenue, growing organically approximately 17.5%, with mid-teen EBITDA margins, which are expected to increase. There is currently incredible interest in the space and satellite industry, driven in part by forecast significant future market growth, including estimates of as many as 100,000 operational satellites in the orbit by 2030, up from 3,500 today and a future $1 trillion space economy. Kratos is the industry leader in satellite ground systems including our new first to market open space virtualization products. And the vast majority of the satellites in orbit and that are going into orbit are going to require ground infrastructure to successfully perform their mission, including command and control, telemetry tracking and control or TT&C, modems, recorders, antennas, digitizers and more, all of which are Kratos product and solution areas.

我們也持續預測奎托斯的太空、衛星和網路業務的未來年比有機成長，利潤率不斷增加。從為股東創造價值的角度來看，Kratos 的太空和衛星業務收入約為 2 億美元至 2.8 億美元，有機成長約 17.5%，EBITDA 利潤率為 10% 左右，預計還會增加。目前，人們對太空和衛星產業產生了令人難以置信的興趣，部分原因是預測未來市場將顯著成長，其中包括預計到2030 年，在軌道上運行的衛星將從目前的3,500 顆增至100,000 顆，以及未來1 兆美元的太空經濟。Kratos 是衛星地面系統領域的產業領導者，其中包括我們首款上市的開放空間虛擬化產品。絕大多數在軌和即將進入軌道的衛星都需要地面基礎設施才能成功執行其任務，包括指揮和控制、遙測追蹤和控製或 TT&C、調製解調器、記錄器、天線、數位轉換器等，所有其中包括Kratos產品和解決方案領域。

Kratos is also the only company in the world with the Kratos owned and operated global space domain awareness network, which value is substantially increasing and in demand by our commercial customers as more satellites go up that can interfere or crash into each other, our customers want to know where they are, what they're doing and they want situational awareness, and Kratos can provide that to them with our global network. Kratos' space and satellite business is both an industry and the Kratos Crown Jewel, with valuations of assets and businesses in the space and satellite industry receiving valuations as high as 15x revenue was recently reported, and we are focused on continuing to invest and create significant value for our shareholders with this asset.

Kratos 也是世界上唯一擁有Kratos 擁有和經營的全球太空域感知網路的公司，隨著越來越多的衛星升空，這些衛星可能會相互幹擾或相撞，該網路的價值正在大幅增加，並且受到我們商業客戶的需求，我們的客戶希望了解他們在哪裡、在做什麼以及他們需要態勢感知，Kratos 可以透過我們的全球網路為他們提供這些資訊。Kratos的太空和衛星業務既是一個產業，也是Kratos皇冠上的明珠，最近有報道稱，太空和衛星行業的資產和業務估值高達收入的15倍，我們專注於繼續投資並創造重大價值通過該資產為我們的股東帶來價值。

Since our last report, Kratos' Rocket Support Systems business provided multiple advanced ballistic missile targets for the First Test Aegis Weapon System 33 or FTM-33, supported by the United States Navy and Missile Defense Agency, and we have multiple additional future missions currently planned, which are part of our forecasted future organic growth trajectory. We expect future year-over-year organic growth in Kratos' rocket support systems business, including growth in the ballistic missile target, sounding rocket, special mission and hypersonic systems areas.

自我們上次報告以來，Kratos 的火箭支援系統業務在美國海軍和飛彈防禦局的支援下，為首次測試宙斯盾武器系統33 或FTM-33 提供了多個先進彈道飛彈目標，我們目前計劃執行多額外的未來任務，這是我們預測的未來有機成長軌跡的一部分。我們預計 Kratos 的火箭支援系統業務未來將實現同比有機成長，包括彈道飛彈目標、探空火箭、特殊任務和高超音速系統領域的成長。

Our C5ISR business received approximately $13.2 million in program awards, including for a large U.S. National Security program, which we hope we're going to be able to provide details to you on in the future. Our C5 business is currently under contract for or in pursuit of multiple large missile, radar, space, satellite and other system-related programs, many of which are focused on the recapitalization of strategic weapon systems to address the peer threat. We continue to expect future year-over-year organic revenue growth for Kratos' C5ISR business, including significant expansion and growth in the GBSD program beginning in the second half of next year and then further increasing into 2023, where Kratos is a subcontractor in Northrop Grumman.

我們的 C5ISR 業務獲得了大約 1320 萬美元的項目獎勵，其中包括一項大型美國國家安全項目，我們希望將來能夠向您提供有關該項目的詳細資訊。我們的 C5 業務目前正在簽訂多個大型飛彈、雷達、太空、衛星和其他系統相關項目的合約或正在尋求這些項目，其中許多項目的重點是戰略武器系統的資本重組，以應對同行威脅。我們繼續預期 Kratos 的 C5ISR 業務未來同比有機收入成長，包括明年下半年開始的 GBSD 專案的顯著擴張和成長，然後進一步增加到 2023 年，其中 Kratos 是諾斯羅普的分包商格魯曼。

Kratos' turbine Technologies business, or KTT, received an approximate $3.2 million contract award for the development of a next-generation small engine for a certain national security program. And KTT is currently under contract and in development for several next-generation turbojet, turbofan and other engines for certain national security priority areas, including unmanned aerial drone systems, cruise missiles, powered munitions and other platforms and systems. KTT expects to receive a large multiple tens of millions of dollar additional engine-related contract in the next few months, continuing this business's momentum, which also includes our engine business' work on Gray Wolf, speed racer and several other missile and powered munition programs.

Kratos 的渦輪技術業務 (KTT) 獲得了約 320 萬美元的合同，為某個國家安全項目開發下一代小型發動機。KTT 目前正在為某些國家安全優先領域簽訂合約並開發多種下一代渦輪噴氣發動機、渦輪風扇發動機和其他發動機，包括無人機系統、巡航飛彈、動力彈藥和其他平台和系統。KTT 預計在未來幾個月內將獲得一份價值數千萬美元的發動機相關附加合同，以延續該業務的發展勢頭，其中還包括我們的發動機業務在“灰狼”、“極速賽車”和其他幾個導彈和動力彈藥項目上的工作。

We are also forecasting 2022 over 2021 year-over-year organic growth for KTT in both our government program areas and in our commercial program areas where we are now expecting recovery from the recent COVID-related industry impacts. We expect future year-over-year organic growth in our microwave electronics business. This was driven in part by Israeli demand, India and other international radar, missile communication and satellite system demands and by a recapitalization of hundreds of iron dome interceptors, of which Kratos is a supplier.

我們還預測，KTT 在政府計劃領域和商業計劃領域的 2022 年將比 2021 年實現同比有機增長，我們現在預計這些領域將從最近的新冠肺炎相關行業影響中恢復過來。我們預計微波電子業務未來將實現年比有機成長。這在一定程度上是由以色列的需求、印度和其他國際雷達、飛彈通訊和衛星系統的需求以及對數百個鐵穹攔截器的資本重組推動的，克雷托斯是鐵穹攔截器的供應商。

As we know, fiscal federal 2022 began on October 1, 2021, with no fiscal '22 budget in place, and the U.S. government now operating under a continuing resolution through at least December 3, '21. The -- a continuing resolution continues the preexisting appropriations at the same levels as the previous year, with no new program starts, no transition from development programs to production programs and no increases in existing production programs each of which directly is related to Kratos, especially in light of the new and increasing programs Kratos has recently received and is currently executing under.

眾所周知，2022 年聯邦財政於 2021 年 10 月 1 日開始，尚未制定 22 財年預算，美國政府目前根據一項持續決議運作，至少持續到 21 年 12 月 3 日。- 一項持續決議將先前的撥款繼續保持與上一年相同的水平，沒有新的計劃啟動，沒有從開發計劃過渡到生產計劃，也沒有增加現有的生產計劃，這些計劃都與奎托斯直接相關，特別是鑑於奎托斯最近收到並正在執行的新的和不斷增加的計劃。

The possibility of CRs is the primary reason why we typically wait until our fourth quarter to provide the next year's financial guidance. In this case, the guidance for FY '22 as the length of the CR will directly impact Kratos' next fiscal year forecast and performance. Accordingly, we will provide our FY '22 forecast in February when we report our Q4 and our full year '21 results.

CR 的可能性是我們通常等到第四季才提供明年財務指引的主要原因。在這種情況下，22 財年的指導作為 CR 的長度將直接影響 Kratos 下一財年的預測和表現。因此，我們將在 2 月報告第四季和 21 年全年業績時提供 22 財年預測。

As I mentioned in our Q2 report and earlier today, similar to many other companies in the industry, supply chain issues and delays, including as related to COVID, continue to be a challenge, especially as related to increasing lead times for critical parts from vendors and vendors canceling or significantly changing previously committed to delivery schedules at the last minute. We have recently seen approximately $31 million of under contract revenue deferred from our third and fourth quarters of 2021 to future periods, primarily as a result of COVID, supply chain and customer-related issues. These issues include our microwave electronics, space and satellite and C5ISR businesses being unable to timely receive certain parts, which were previously committed and COVID-related international quarantine and related travel restrictions in our commercial satellite business, where we are unable to enter certain countries to execute on or deliver under contract customer systems. As soon as we can practically enter the countries to complete the work where we receive product from certain suppliers, we'll be able to execute and record the related revenue.

正如我在第二季報告和今天早些時候提到的，與業內許多其他公司類似，供應鏈問題和延誤（包括與新冠肺炎相關的問題）仍然是一個挑戰，特別是與供應商關鍵部件的交貨時間增加有關供應商在最後一刻取消或大幅改變之前承諾的交貨時間表。最近，我們發現約 3,100 萬美元的合約收入從 2021 年第三季和第四季推遲到未來時期，這主要是由於新冠疫情、供應鏈和客戶相關問題。這些問題包括我們的微波電子、太空和衛星以及C5ISR業務無法及時收到先前承諾的某些零件，以及我們商業衛星業務中與新冠病毒相關的國際檢疫和相關旅行限制，我們無法進入某些國家/地區在合約客戶系統上執行或交付。一旦我們實際上可以進入國家/地區完成從某些供應商接收產品的工作，我們就能夠執行並記錄相關收入。

Also included in the $31 million is an approximate $14 million shift from '21 to future periods in our C5 business on a large -- in excess of $150 million under contract Kratos program we are working on, where we understand our customer had to re-baseline their execution plan and schedule in cooperation with the government request.

3,100 萬美元中還包括約 1,400 萬美元的 C5 業務從 21 世紀到未來時期的轉移，根據我們正在進行的合約 Kratos 計劃，金額超過 1.5 億美元，我們知道我們的客戶必須重新根據政府要求制定執行計劃和時間表的基線。

On September 9, 2021, the President issued an executive order mandating that by December 8, 2021, all federal contractor employees must be fully vaccinated against COVID-19 and less excluded by certain limited exemptions. The company is moving to comply with the President's executive order. However, as a result of the executive order, Kratos and our subcontractors, our suppliers, partners, customers at all, are experiencing certain disruptions, including, but not limited to employee distraction, unrest, some retirements, resignations, et cetera, and other situations that we had not previously anticipated or planned for. All of which we are now monitoring, we're managing to the best of our ability and which potential impact we have included in today's forecast. Irrespective of these challenges, as I discussed today, Kratos continues to successfully execute the business plan. Our unmanned systems and space and satellite communication businesses have industry-leading growth. We continue to win large and important new program opportunities, and we're forecasting continued strong year-over-year organic growth with increasing profit margins.

2021 年 9 月 9 日，總統發布了一項行政命令，要求到 2021 年 12 月 8 日，所有聯邦承包商員工必須全面接種 COVID-19 疫苗，並且排除某些有限豁免。該公司正在遵守總統的行政命令。然而，由於該行政命令，Kratos 和我們的分包商、我們的供應商、合作夥伴、客戶都遇到了一定的干擾，包括但不限於員工分心、騷亂、一些人退休、辭職等等，以及其他我們之前沒有預料到或計劃過的情況。我們現在正在盡最大努力監控所有這些，並將其潛在影響納入今天的預測中。正如我今天所討論的，儘管有這些挑戰，克雷托斯仍繼續成功執行業務計劃。我們的無人系統以及太空和衛星通訊業務成長行業領先。我們將繼續贏得大量重要的新項目機會，我們預計，隨著利潤率的提高，同比有機成長將持續強勁。

In closing, Kratos' business model is organic growth based, one where we are making targeted internal investments in pursuing and winning large new program opportunities. Accordingly, we do not expect to pursue or consummate any acquisitions upsize. Only maybe potentially small tuck-ins that are clearly aligned with our current business and strategy. Deanna?

最後，Kratos 的業務模式是基於有機成長的，我們正在這種模式中進行有針對性的內部投資，以追求和贏得大型新專案機會。因此，我們預計不會尋求或完成任何收購規模擴大。也許只有與我們當前業務和策略明確一致的潛在小額投入。迪安娜？

Thank you, Eric. Good afternoon. Kratos' third quarter '21 revenues of $200.6 million were at the midpoint of our estimated range of $195 million to $205 million. Unfortunately, delays in deliveries from our vendor and supply chain base and travel restrictions have resulted in the delay in our ability to execute and deliver on certain of our projects, primarily in our commercial ground satellite and antenna and C5ISR businesses, which resulted in expected third quarter revenues of $8.3 million to be deferred to future periods.

謝謝你，埃里克。午安.Kratos 21 年第三季的營收為 2.006 億美元，處於我們估計的 1.95 億美元至 2.05 億美元範圍的中點。不幸的是，我們的供應商和供應鏈基地的交付延遲以及旅行限制導致我們執行和交付某些項目的能力延遲，主要是我們的商業地面衛星和天線以及C5ISR 業務，這導致了預期的第三個項目季度營收為 830 萬美元，將遞延至未來各期。

As we mentioned on our last call when we provided the guidance range for the third quarter and full year, the revenue and EBITDA forecast assumed an increase in execution and delivery timing and our supply chain's ability to deliver on time and on budget and our ability to hire necessary resources. Unfortunately, similar to what we are seeing across the industry, our ability to execute and timely deliver has been impacted by supply chain challenges and COVID restrictions, including international travel restrictions.

正如我們在上次電話會議中提到的，當我們提供第三季度和全年的指導範圍時，收入和EBITDA 預測假設執行和交付時間有所增加，並且我們的供應鏈有能力按時按預算交付，並且我們有能力僱用必要的資源。不幸的是，與我們在整個行業中看到的情況類似，我們的執行和及時交付能力受到了供應鏈挑戰和新冠疫情限制（包括國際旅行限制）的影響。

Our Q3 '21 consolidated operating income was $10.5 million, down from the third quarter of 2020, operating income of $12.7 million, which includes third quarter '21 increases in stock compensation expense of $1.4 million, increased R&D of $300,000, primarily in our unmanned systems business and increased SG&A costs of $5.1 million, including increased headcount in our unmanned systems business. Total headcount in our unmanned systems business has increased $130 million from $755 million in Q3 of last year to $885 million.

我們的21 年第三季合併營業收入為1,050 萬美元，低於2020 年第三季的1,270 萬美元，其中包括21 年第三季股票補償費用增加140 萬美元，研發費用增加30 萬美元，主要是在我們的無人系統方面業務，SG&A 成本增加了 510 萬美元，其中包括我們無人系統業務的員工人數增加。我們的無人系統業務總人數從去年第三季的 7.55 億美元增加到 8.85 億美元，增加了 1.3 億美元。

Net loss was $2.4 million for the quarter and GAAP EPS loss of $0.02 per share compared to GAAP EPS of $0.02 in the third quarter of 2020. Included in the net loss for the third quarter was a tax provision of $5.7 million on income, before taxes of $4.6 million or an approximate 124% tax provision rate, which was primarily the result of nondeductible, noncash stock compensation expense and taxes related to international based income. As a reminder, we have over $280 million of U.S. federal net operating losses, which substantially shield domestic base federal income tax payments due.

本季淨虧損為 240 萬美元，以 GAAP 計算的每股收益為 0.02 美元，而 2020 年第三季的 GAAP 每股收益為 0.02 美元。第三季的淨虧損包括570 萬美元的所得稅準備金，稅前460 萬美元或約124% 的稅項準備金率，這主要是不可抵扣的非現金股票補償費用和與國際相關的稅項造成的。基礎收入。提醒一下，我們有超過 2.8 億美元的美國聯邦淨營運虧損，這在很大程度上掩蓋了應繳的國內基礎聯邦所得稅。

We generated adjusted EBITDA of $23.8 million for the third quarter, above the range of our expectation of $16 million to $20 million, primarily reflecting a more favorable mix of revenues in Kratos' space, satellite and cyber and in our turbine technologies business. In the third quarter, our unmanned Systems segment reported revenues of $61.3 million, up 14.6% from the third quarter of '20 due primarily to ramps in production and target programs, including the 167 and work performed on the Valkyrie program.

第三季調整後 EBITDA 為 2,380 萬美元，高於我們 1,600 萬至 2,000 萬美元的預期範圍，主要反映了 Kratos 的太空、衛星和網路以及渦輪機技術業務的收入組合更為有利。第三季度，我們的無人系統部門報告收入為 6,130 萬美元，比 20 世紀第三季度增長 14.6%，這主要是由於生產和目標項目的增加，包括 167 和 Valkyrie 項目的工作。

Unmanned systems generated operating income of $2.6 million, down from $3.7 million in the third quarter of 2020, primarily reflecting an increased mix of development-type programs and increased R&D investments of approximately $500,000 and increased SG&A cost of $1.6 million. Unmanned systems generated adjusted EBITDA of $4.7 million, down from $5.6 million in the third quarter of 2020.

無人系統產生的營業收入為260 萬美元，低於2020 年第三季的370 萬美元，主要反映了開發型項目組合的增加以及研發投資增加了約50 萬美元，SG&A 成本增加了160 萬美元。無人系統產生的調整後 EBITDA 為 470 萬美元，低於 2020 年第三季的 560 萬美元。

KGS reported revenues of $139.3 million in the third quarter, down from $148.5 million in the third quarter of 2020, reflecting a reduction of legacy government services revenues of $6.2 million, down from $17.4 million in the third quarter of 2020 to $11.2 million in the third quarter of 2021 and a $5.5 million year-over-year decrease resulting from the previously disclosed reduction of certain international contracts in our Training Solutions business. On a pro forma basis, excluding these reductions, revenue grew organically 5.8% in the third quarter of 2021 as compared to the third quarter of 2020, reflecting a year-over-year reduction of $1.8 million from the ASC acquisition, offset by organic growth across our Space satellite and Cyber defense, rocket and microwave products business.

KGS 報告第三季營收為1.393 億美元，低於2020 年第三季的1.485 億美元，反映出傳統政府服務收入減少了620 萬美元，從2020 年第三季的1740 萬美元降至第三季度的1,120 萬美元。2021 年第四季年減 550 萬美元，原因是先前揭露的培訓解決方案業務中某些國際合約的減少。按預計，排除這些減少，2021 年第三季的營收較 2020 年第三季有機成長 5.8%，反映出 ASC 收購導致的同比減少 180 萬美元，但被有機成長所抵消我們的太空衛星和網路防禦、火箭和微波產品業務。

As discussed earlier, KGS third quarter revenues were negatively impacted by the delays in supply chain deliveries, resulting in revenues of approximately $8.3 million expected in the third quarter deferred to future periods. KGS reported operating income of $14.6 million, up from $14.1 million in the third quarter of 2020. KGS' adjusted EBITDA for the third quarter of '21 was $19.1 million, up slightly from $19 million in the third quarter of 2020.

如前所述，KGS 第三季營收受到供應鏈交付延遲的負面影響，導致第三季預計約 830 萬美元的營收推遲到未來各期。KGS 報告營業收入為 1,460 萬美元，高於 2020 年第三季的 1,410 萬美元。KGS 2021 年第三季調整後 EBITDA 為 1,910 萬美元，略高於 2020 年第三季的 1,900 萬美元。

Our consolidated adjusted EBITDA for the third quarter is from consolidated continuing operations, including net income or loss attributable to noncontrolling interest and excludes noncash stock-based compensation costs of $6.4 million, acquisition and restructuring-related costs of $300,000. Net income attributable to noncontrolling interest of $500,000 and a foreign transaction loss of $200,000.

我們第三季的合併調整後 EBITDA 來自合併持續經營業務，包括歸屬於非控股權益的淨收入或虧損，不包括 640 萬美元的非現金股票補償成本、30 萬美元的收購和重組相關成本。非控制權益淨利為 500,000 美元，國外交易損失為 200,000 美元。

Moving on to the balance sheet and liquidity. Our cash balance was $369 million at September 26, we zero amounts outstanding on our bank line of credit and $6.6 million of letters of credit outstanding. Debt outstanding was $296.5 million at quarter end, and net cash at quarter end was $73.4 million. Cash flow generated from operations for the third quarter was $12.6 million, less CapEx of $12.9 million or a use of free cash flow from operations of $300,000. Contract mix was 75% fixed price, 20% cost-plus and 5% time and materials.

接下來是資產負債表和流動性。截至 9 月 26 日，我們的現金餘額為 3.69 億美元，銀行信用額度的未償金額為零，未償信用證為 660 萬美元。季末未償還債務為 2.965 億美元，季末淨現金為 7,340 萬美元。第三季營運產生的現金流為 1,260 萬美元，減去 1,290 萬美元的資本支出或營運自由現金流的使用 30 萬美元。合約組合為 75% 固定價格、20% 成本加成以及 5% 時間和材料。

Revenues generated from contracts with the U.S. Federal government during the quarter was 72%, including revenues generated from contracts with the DoD, non-DoD, federal government agencies and FMS contracts, which were approximately 0.4%. We generated 9% from commercial customers and 19% from foreign customers.

本季與美國聯邦政府的合約產生的收入為 72%，其中包括與國防部、非國防部、聯邦政府機構和 FMS 合約產生的收入，約為 0.4%。我們的 9% 來自商業客戶，19% 來自外國客戶。

Backlog at quarter end was $839.1 million, down sequentially from '21 second quarter backlog of $865.6 million with bookings of $174.2 million and a book-to-bill ratio of 0.9-to-1 for the third quarter of '21. Our book-to-bill ratio for our unmanned systems business was 1.1-to-1 for the third quarter of '21 with bookings of $70.4 million. Of the $374 million IDIQ award from the Air Force of sole-source target drones that Eric mentioned earlier, only of the amount initially obligated of $30.4 million are included in our backlog and booking amounts for the quarter. As expected, we have continued to see contract awards in the fourth quarter. Since our third quarter end, we have booked over $50 million in additional awards in the month of October in our unmanned systems business.

截至季末的積壓訂單為 8.391 億美元，比 21 年第二季的積壓訂單 8.656 億美元有所下降，預訂量為 1.742 億美元，21 年第三季的訂單出貨比為 0.9 比 1。2021 年第三季度，我們的無人系統業務的訂單出貨比為 1.1 比 1，訂單金額為 7,040 萬美元。在艾瑞克之前提到的空軍 3.74 億美元的 IDIQ 單一來源目標無人機合約中，只有最初承擔的 3,040 萬美元金額包含在我們本季的積壓訂單和預訂金額中。正如預期的那樣，我們在第四季度繼續看到合約授予。自第三季末以來，我們在 10 月的無人系統業務中獲得了超過 5000 萬美元的額外獎勵。

Funded backlog at quarter end was $618 million with $221.1 million unfunded. For the last 12 months ended September 26, '21, our book-to-bill ratio was 1:1 with total bookings of $770.9 million. Our book-to-bill ratio for the last 12 months ended September 26, '21 was 1.0-to-1 for unmanned systems, 1.1-to-1 for our space, satellite and cyber business and 0.9-to-1 for our KGS segment.

截至季末，已籌措資金的積壓金額為 6.18 億美元，其中 2.211 億美元尚未籌措資金。截至 2021 年 9 月 26 日的過去 12 個月，我們的預訂與出貨比為 1:1，預訂總額為 7.709 億美元。截至 21 年 9 月 26 日的過去 12 個月，我們的無人系統訂單出貨比為 1.0 比 1，我們的太空、衛星和網路業務為 1.1 比 1，我們的 KGS 為 0.9 比 1部分。

And now moving on to financial guidance. We are adjusting our 2021 revenue guidance range from $810 million to $850 million to $805 million to $815 million, primarily to reflect continued and increased supply chain and customer delays, COVID-related quarantine issues and restrictions, including where we are unable to enter certain countries to execute on or deliver systems for customers. The adjustment primarily reflects over $31 million of under contract revenues that has been deferred from our third and fourth quarter of 2021 revenues to future periods, including in our satellite, microwave electronics and C5ISR businesses. We expect supply chain customer and COVID-related disruptions and delays to continue industry-wide as related to Kratos for the foreseeable future, which we are taking into consideration in our future forecast.

現在轉向財務指導。我們正在將2021 年收入指引範圍從8.1 億美元調整為8.5 億美元，調整為8.05 億美元至8.15 億美元，主要是為了反映供應鍊和客戶延誤持續增加、與新冠肺炎相關的檢疫問題和限制，包括我們無法進入某些國家的情況為客戶執行或交付系統。此次調整主要反映了超過 3,100 萬美元的合約收入，這些收入已從我們 2021 年第三季和第四季的收入推遲到未來時期，包括我們的衛星、微波電子和 C5ISR 業務。我們預計，在可預見的未來，與 Kratos 相關的供應鏈客戶和新冠疫情相關的中斷和延誤將在整個行業範圍內持續存在，我們在未來的預測中也將考慮到這一點。

The adjustment also reflects a Kratos customer re-baseline execution plan and schedule on a greater than $150 million C5ISR under contract Kratos program, which shifted certain cash approximating $14 million in revenues into future periods, including 2023. At the midpoint of this revenue range of $810 million, excluding the ASC acquisition and the international training contract, Kratos revenues are forecasted to grow organically over 8% year-over-year from 2020 to 2021. We are adjusting our full year '21 EBITDA guidance range of $81 million to $87 million to $80 million to $84 million to reflect the impact of the revenue shifted from our third and fourth quarters to future periods.

此次調整還反映了 Kratos 客戶根據合約 Kratos 計劃對超過 1.5 億美元的 C5ISR 的執行計劃和時間表進行了重新基線，該計劃將約 1400 萬美元的部分現金轉移到未來時期，包括 2023 年。在 8.1 億美元收入範圍的中點（不包括 ASC 收購和國際培訓合約），預計 Kratos 的收入從 2020 年到 2021 年將同比有機增長超過 8%。我們正在將 21 年全年 EBITDA 指引範圍調整為 8,100 萬美元至 8,700 萬美元至 8,000 萬美元至 8,400 萬美元，以反映營收從第三季和第四季轉移到未來時期的影響。

We are improving our '21 free cash flow used from operations guidance of $30 million to $40 million to use of $20 million to $30 million to reflect expected reductions in our day sales outstanding and increased collections and lower than initially forecast capital and other investments as certain initiatives are ahead of schedule, under budget or reduce for other reasons.

我們正在改善21 年營運指引中使用的自由現金流量，從3,000 萬美元至4,000 萬美元改為2,000 萬美元至3,000 萬美元，以反映我們的日銷售額預計減少和收款增加以及低於最初預測的資本和其他投資措施提前、低於預算或因其他原因減少。

The full year '21 estimated operating cash flow includes approximately $5 million to $6 million of planned investments in our rocket support systems and engine business is for new products, including in the hypersonic area and efforts to increase Kratos' market share as well as approximately $5 million of the required payback of the 2020 deferred employee-related payroll taxes.

21 年全年預計營運現金流包括約 500 萬至 600 萬美元的火箭支援系統和發動機業務計劃投資，用於新產品，包括高超音速領域和增加 Kratos 市場份額的努力以及約 5 美元2020 年遞延員工相關薪資稅所需償還額的100 萬美元。

The 2021 capital expenditure forecast currently includes expected outlays of approximately $25 million associated with the current -- sorry, with the continued production of Valkyrie aircraft prior to receipt of expected customer awards. Therefore, these aircraft are currently reflected as company-owned assets and (inaudible) of the related customer awards.

2021 年資本支出預測目前包括與當前（抱歉，在收到預期客戶獎勵之前繼續生產 Valkyrie 飛機）相關的預計支出約為 2500 萬美元。因此，這些飛機目前反映為公司擁有的資產和（聽不清楚）相關客戶獎勵。

Kratos will adjust the forecasted capital expenditure outlays and the ultimate balance sheet classifications of these investments once expected customer orders and the nature of the contract terms can be determined. In addition, the capital expenditure forecast includes investments in the company's space, satellite and cyber business, secure facilities and the company-owned space domain awareness network, capital investments related to the recent GBSD award and investments related to the company's turbine and rocket support businesses. Eric?

一旦確定了預期客戶訂單和合約條款的性質，Kratos 將調整預測的資本支出和這些投資的最終資產負債表分類。此外，資本支出預測還包括對公司太空、衛星和網路業務、安全設施和公司擁有的太空領域感知網路的投資，與最近的 GBSD 獎項相關的資本投資以及與公司渦輪機和火箭支援業務相關的投資。艾瑞克？

Great. Thank you, Deanna. We'll now turn it back over to the moderator for questions.

偉大的。謝謝你，迪安娜。我們現在將其轉回給主持人提問。

(Operator Instructions) Your first question comes from the line of Sheila Kahyaoglu from Jefferies.

（操作員說明）您的第一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Maybe if we could think about a lot of these awards you won like OBSS and Valkyrie moving forward. Lots of good things. But can you summarize it for us in terms of how we should be thinking about the growth outlook for next year? It seems like we have a pretty robust double-digit growth outlook. What programs are the biggest incremental drivers? And does anything go away as we think about 2022?

也許我們可以考慮您贏得的許多獎項，例如 OBSS 和 Valkyrie 繼續前進。很多好東西。但您能否為我們總結一下我們應該如何思考明年的成長前景？看來我們有相當強勁的兩位數成長前景。哪些計劃是最大的增量驅動因素？當我們展望 2022 年時，有什麼事情會消失嗎？

Right. Nothing -- so in the unmanned area, nothing goes away that comes to mind at all. There will be -- we are forecasting increases. And the biggest one is probably going to be in the tactical area, and this is going to be Valkyrie related, Thanatos related and we'll have to see if that additional phase for Gremlins gets awarded that I mentioned. We're going to get third year full rate production in the next few months on SSAT. This is going to be one of the top 2 target drone programs in the company. So that's going to be a significant adder for next year. And I'm not going to get into the percentages of growth because it's going to be -- a lot of it is going to be tied to the continuing resolution and the length of the continuing resolution because we got a number of programs in development that are going to be transitioning to production. I've got a number of production programs that are going to increase production, all of which are tied to the '22 budget and timing. But we are expecting significant organic growth in our unmanned systems business year-over-year, '23 over '22. Absolutely, we see it.

正確的。什麼都沒有——所以在無人區域，任何想到的東西都不會消失。我們預測將會出現成長。最大的一個可能是在戰術領域，這將與瓦爾基里相關，塔納托斯相關，我們必須看看我提到的小魔怪的額外階段是否獲得獎勵。我們將在接下來的幾個月內在 SSAT 上實現第三年的全速生產。這將成為該公司最重要的兩個目標無人機項目之一。因此，這將是明年的重要增量。我不會討論成長的百分比，因為它會——其中許多將與持續解決方案和持續解決方案的長度相關，因為我們有許多正在開發的專案將過渡到生產。我有很多要增加產量的製作計劃，所有這些都與 22 年的預算和時間表有關。但我們預計我們的無人系統業務將比去年同期出現顯著的有機成長，「23 年比 22 年」。絕對，我們看到了。

And then maybe on margins, if I could ask one more. Profitability was really good this quarter, above our expectations. How do we think about that mix heading into Q4? What drove some of that big improvement?

如果我可以再問一個的話，也許是在邊緣。本季的獲利能力非常好，超出了我們的預期。我們如何看待進入第四季的這種組合？是什麼推動瞭如此巨大的進步？

So driving the big improvement was primarily in the space area. And there are a few military programs or national security programs we're on and one in particular, and it has phases. And one of the phases was changed, which generated very positively for us, which generated significant profit margins in Q3. We expect our profit margins to remain strong. And potentially continuing to increase just depending on the mix. And that's not just for Q4, Sheila, but probably for next year, the mix of business is improvement -improving. Let me tell you what I mean by that.

因此，推動重大改進的主要是在空間領域。我們正在進行一些軍事計劃或國家安全計劃，特別是其中一個，它有幾個階段。其中一個階段發生了變化，這對我們產生了非常積極的影響，在第三季產生了可觀的利潤率。我們預計我們的利潤率將保持強勁。並且可能會繼續增加，具體取決於組合。這不僅是第四季度的情況，希拉，明年的業務組合也可能會有所改善。讓我告訴你我的意思。

Development programs typically bring a lower margin than the production programs or the later programs. And so you're going -- if they are going okay, you just got OBSS, that's going to carry a lower margin. But in 2018, '19, '20, we won a number of programs in development that are now transitioning to production in the space and satellite area, in microwave and in unmanned. And so the weighting is moving more and more to the more mature programs, which is going to be a natural lift on our margins, which is also because our manufacturing facilities, including in Oklahoma, where we're building the tactical drones, we're filling them up with more products. So for example, we're building a lot of air wolves right now. And so that's spreading the fixed overhead over a greater number of units, which is also driving profitability. So we have a few things that are working in our favor from an increased margin expansion area.

開發項目的利潤通常低於生產項目或後期項目。所以你會——如果他們進展順利，你就得到了 OBSS，這將帶來較低的利潤。但在 2018 年、19 年、20 年，我們贏得了許多正在開發的項目，這些項目現在正在太空和衛星領域、微波和無人駕駛領域過渡到生產。因此，權重越來越多地轉向更成熟的項目，這將是我們利潤率的自然提升，這也是因為我們的製造設施，包括在俄克拉荷馬州，我們在那裡建造戰術無人機，我們'用更多的產品來填充它們。舉例來說，我們現在正在建造很多空中狼。因此，這將固定管理費用分散到更多的單位上，這也提高了獲利能力。因此，透過增加利潤率擴張領域，我們有一些對我們有利的事情。

Your next question comes from the line of Ken Herbert from RBC.

您的下一個問題來自加拿大皇家銀行 (RBC) 的 Ken Herbert。

Eric, I wondered if you could just level set us on Valkyrie production of the -- I think -- believe, still 12 you're producing this year. How many are under contract? And when do you expect all of them perhaps to be under contract? And how do we -- how should we think about production levels on that particular platform into 2022?

艾瑞克，我想知道你是否可以讓我們了解《瓦爾基里》的製作——我想——相信，你今年仍然在製作 12 部。有多少人是有合約的？您預計他們什麼時候才能簽約？我們應該如何考慮該特定平台到 2022 年的生產水準？

So we were with the customer set, all of them on the under contract vehicles in the past few weeks. And we are still explicitly being told, Ken, we cannot talk about quantities yet. I think it might be for national security reasons. I'm not sure right now. So I can't get into the specifics on that right now for now to level set. In the -- under the Skyborg program, which, as we talked about today, the Air Force reiterated that they're looking for it to be a 23 program of record, which would begin obviously in October of '22. And in a number of other areas that are aligned and marked NDAA, including adverse air, expeditionary air.

因此，我們與客戶在一起，在過去的幾周里，他們都使用了合約車輛。肯，我們仍然被明確告知，我們還不能談論數量。我認為這可能是出於國家安全原因。我現在還不確定。因此，我現在無法詳細說明這一點。正如我們今天所討論的，在 Skyborg 計劃下，空軍重申，他們正在尋求將其成為一個有記錄的 23 個計劃，該計劃顯然將於 22 年 10 月開始。在許多其他已對齊並標記為 NDAA 的區域，包括逆風、遠徵空中。

And one other one that I'm not sure is publicly out there. We have line of sight on significant additional Valkyrie orders. So the level set is, is once that '22 budget is approved and becomes law, and we see exactly where this comes out, then we're going to be making some decisions, as I indicated, where we may have to accelerate and pull to the left, some of the 12 that we're building to get them out there to the customer's hands quicker. And we're probably going to be making the decision to start ordering long leads, especially in this environment for the next block. And right now, Ken, we're thinking about another 12. It will be a spiral. I'm not going to get into anything at all on what that spiral is because it's very, very competitive information against our competitors. And so things are definitely firming up, and we're going to know a lot more when that final budget is present.

還有另一件事我不確定是否已公開。我們正在關注大量額外的瓦爾基里訂單。因此，設定的水平是，一旦「22」預算獲得批准並成為法律，我們就會確切地看到結果，然後我們將做出一些決定，正如我所指出的，我們可能必須加速並拉動左邊是我們正在建造的12 個中的某些，以便更快地將它們送到客戶手中。我們可能會決定開始訂購長引線，特別是在下一個區塊的這種環境下。現在，Ken，我們正在考慮另外 12 個。這將是一個螺旋。我不會深入討論這個螺旋到底是什麼，因為這是針對我們競爭對手的非常非常有競爭力的訊息。所以事情肯定會變得更加確定，當最終預算出現時我們會知道更多。

And if I could, maybe without getting into specifics, how is pricing trending for these aircraft? Obviously, you're the low-cost leader, they're attributable. But are you -- as you incorporate AI, as you incorporate other aspects into these aircraft, are you able to see a path to some better pricing? Or how should we think about that?

如果可以的話，也許無需詳細說明，這些飛機的定價趨勢如何？顯然，你是低成本領導者，他們是有功勞的。但是，當您將人工智慧融入這些飛機時，當您將其他方面融入這些飛機時，您是否能夠看到一條獲得更好定價的途徑？或者說我們該如何思考這個問題？

I would not look for better pricing above the ranges that we've put out there previously. This is going to be one of the primary reasons why we are going to win. And we're not just going to win with Valkyrie, we're going to win, if not across the board substantially across the board. Because your point is spot on, we deliver a Valkyrie depending on quantities for $3 million, $4 million or $5 million each. The customer may have integrated into it $1 million or $2 million or $3 million worth of sensors or payloads or something. So they still have a less than $10 million low-cost aircraft, which just as recently, it was this week or last Friday, the Air Force PEO said, that's the target, and that's one of the reasons Ken, why we are, where we are.

我不會尋找高於我們之前提出的範圍的更好定價。這將是我們獲勝的主要原因之一。我們不僅會贏得《瓦爾基里》的勝利，而且即使不是全面獲勝，我們也會取得全面勝利。因為您的觀點是正確的，所以我們根據數量提供一輛 Valkyrie，每輛 300 萬美元、400 萬美元或 500 萬美元。客戶可能已經在其中整合了價值 100 萬美元、200 萬美元或 300 萬美元的感測器或有效負載或其他東西。因此，他們仍然擁有一架不到1000 萬美元的低成本飛機，就像最近一樣，就在本週或上週五，空軍PEO 表示，這就是目標，這就是肯，為什麼我們在哪裡的原因之一我們是。

Your next question comes from the line of Mike Crawford from B. Riley Securities.

您的下一個問題來自 B. Riley Securities 的 Mike Crawford。

Regarding the OBSS, are there any different long-term implications for margin profile if OBSS airframes hit production, given I think the government is going to own some of the data rights for this airframe?

關於 OBSS，考慮到政府將擁有該機身的部分資料權，如果 OBSS 機身投產，對利潤狀況是否會有任何不同的長期影響？

There are not margin implications relative to that aspect, Mike, based on the way we see the program working out. However, there will be significant positive margin implications for us. And this tied into, I'm not going to get into the specifics because of the competitiveness. But back to my comment, we're going to have more tactical aircraft in our robot factories. Which is going to spread the fixed costs over greater unit, which is going to drive the cost down for the government, which is a win for them, and it's going to probably enable us to increase our margins somewhat while still giving the government a better deal. And so this is part of our plan on consolidating the tactical production where we can into light facilities to drive those costs down. And as you also know, a significant greater than 50% of the bill of materials for the tactical drones is the same as the target drones. So as our tactical drone portfolio is ramping up, we're getting additional leverage on that supply chain across both target and tactical drones, which also should lift margins.

麥克，根據我們看到該計劃的實施方式，與此相關的利潤率沒有影響。然而，這將對我們的利潤率產生重大的正面影響。由於競爭的原因，我不會詳細討論這一點。但回到我的評論，我們的機器人工廠將擁有更多的戰術飛機。這將把固定成本分攤到更大的單位上，這將降低政府的成本，這對他們來說是一場勝利，而且這可能會讓我們在一定程度上增加利潤，同時仍然為政府帶來更好的結果。交易。因此，這是我們整合戰術生產計劃的一部分，我們可以透過輕型設施來降低成本。如您所知，戰術無人機 50% 以上的物料清單與目標無人機相同。因此，隨著我們的戰術無人機產品組合的增加，我們在目標無人機和戰術無人機的供應鏈上獲得了額外的影響力，這也應該會提高利潤率。

And then final question. Can you talk more about this runway independent Air Force cargo mission in the Pacific that you alluded to earlier, including how many times a reusable Valkyrie could actually be reused?

然後是最後一個問題。您能否詳細談談您之前提到的太平洋空軍獨立跑道貨運任務，包括可重複使用的「瓦爾基里」實際上可以重複使用多少次？

I didn't allude to it, but I understand what -- I know exactly what you're talking about, of course. A Valkyrie can be used multiple, multiple times. It's designed -- it's not designed for 1 or 5 or 10 or 20 missions. It's designed for more than that. And what you're referring to, what was disclosed, I couldn't have laid out or described certain of the Valkyrie's attributes better than the Air Force did. And again, Mike, this is why I think we're a winner and all the points are heading to this all happening soon, is they need capability like the Valkyrie. They need capability like the Gremlins. They need capability like AirWolf. And we're first to market, and we've got the aircraft, and we all know budgets are going to be constrained. We want OBSS. I don't see any other development programs on the horizon, none. We'll see what happens with MQ next. And so this all ties into us winning and increasing margins.

我沒有提到這一點，但我明白——當然，我完全知道你在說什麼。瓦爾基里可以多次使用。它的設計目的不是為了 1、5、10 或 20 次任務。它的設計目的遠不止於此。你所指的，所揭露的，我不可能比空軍更好地闡述或描述瓦爾基里的某些屬性。再說一遍，麥克，這就是為什麼我認為我們是贏家，所有的事情都將很快發生，他們需要像瓦爾基里這樣的能力。他們需要像小魔怪那樣的能力。他們需要像 AirWolf 這樣的能力。我們是第一個進入市場的公司，我們已經擁有了飛機，我們都知道預算將會受到限制。我們想要 OBSS。我沒有看到任何其他開發計劃即將出現，沒有。接下來我們將看看 MQ 會發生什麼。因此，這一切都與我們獲勝和增加利潤息息相關。

Your next question comes from the line of Austin Moeller from Canaccord.

您的下一個問題來自 Canaccord 的 Austin Moeller。

My first question is for Deanna. Is the $369 million in cash that you guys have sitting on the balance sheet -- is that enough to support the production ramp and all of these new major program wins, be it Valkyrie, OBSS, AirWolf, et cetera or do you think you're going to have to look at a potential capital raise?

我的第一個問題是問迪安娜的。你們資產負債表上的 3.69 億美元現金是否足以支持產量成長和所有這些新的重大項目的勝利，無論是 Valkyrie、OBSS、AirWolf 等等，還是你認為你「是否需要考慮潛在的融資？

At this point in time, we believe that it is sufficient. Obviously, if there is multiple production runs going depending on the size, we may have to revisit that. But at this point in time, it is sufficient.

此時此刻，我們認為這就夠了。顯然，如果根據尺寸進行多次生產，我們可能必須重新考慮這一點。但在這個時候，已經足夠了。

And then, Eric, as you talk about that second batch of Valkyries, you're planning the second set of 12. Is the plan to do what you did before and essentially pay for the initial production of those out of pocket? Or is -- are you planning to have that essentially be paid for via a production contract? And is that timing in '22? Or do you have to wait for Skyborg to be program for accord for that?

然後，Eric，當你談論第二批 Valkyries 時，你正在計劃第二批 12 人。計劃是否會像您之前所做的那樣，並且基本上自掏腰包支付最初的生產費用？或者你打算透過製作合約來支付費用嗎？那是22年的時間嗎？或者你必須等待 Skyborg 成為一致計劃嗎？

So right now, our plan is absolutely not to go and produce the spiral lot on 100% Kratos resources. That is not the plan right now. However, our line of sight with a number of customers is really clarifying. And as I've said a couple of times now, if the 2020 NDAA marked up went through as it was today, we would probably be making the decision to start ordering the long leads. It's that good for us, especially coming out of the center. It looks great. So we're going to wait and we're going to see, but our -- my plan today is to not to do anything unless we're closely coordinated with the customer set. We have clear line of sight on sales or use because there may be a service model, use of any additional aircraft we build. And that decision, I think we're going to be making by Q1, Q2, depending on '22 budget stuff next year.

所以現在，我們的計畫絕對不是用 100% 奎托斯資源來生產螺旋地塊。這不是現在的計劃。然而，我們對許多客戶的看法確實很清晰。正如我已經說過幾次，如果 2020 年 NDAA 的標記像今天一樣通過，我們可能會決定開始訂購長引線。這對我們有好處，尤其是從中心出來。看起來不錯。因此，我們將等待，我們將拭​​目以待，但我們今天的計劃是，除非我們與客戶群密切協調，否則不採取任何行動。我們對銷售或使用有清晰的視線，因為可能存在服務模型，使用我們製造的任何其他飛機。我認為我們將在第一季、第二季做出這項決定，具體取決於明年的 22 預算內容。

And then just one quick follow-up. The Army's announcement about testing the AirWolf, have they put a dollar amount on that contract or not?

然後只是一個快速跟進。陸軍宣布測試“AirWolf”，他們是否在合約中註明了金額？

No, you saw that. No, no. Good job that is seeing what the Army was saying about that. No, they have not put a dollar amount on it. We are -- but it's a very low cost -- very low-cost system. So they have not to this point. But Austin, I want to go back to one other thing on your previous question. A key part of our strategy that we've been winning with is we make the investment to build the aircraft and have them as capital or in inventory. That has also been a huge win for AirWolf. This has been a huge win for Mako. Okay. Dynetics is an outstanding partner. I never want to get ahead of them, but we do things like that with Dynetics, and it's a winner for us. And so this ties into what I said at the end, instead of making large gigantic acquisitions or things like that, we're probably going to build airplanes, which gives us a competitive advantage, both in the tactical area and the target area where customers can come, and they don't have to wait a year or 2 or 5, we can deliver them immediately.

不，你看到了。不，不。幹得好，看看陸軍對此有何評論。不，他們還沒有標明金額。我們是——但這是一個成本非常低——成本非常低的系統。所以他們還沒到這個地步。但是奧斯汀，我想回到你之前問題的另一件事。我們一直致勝的策略的關鍵部分是我們投資建造飛機並將其作為資本或庫存。這對 AirWolf 來說也是一個巨大的勝利。這對 Mako 來說是一個巨大的勝利。好的。Dynetics 是一位出色的合作夥伴。我從來不想超越他們，但我們和 Dynetics 做了類似的事情，這對我們來說是贏家。因此，這與我最後所說的內容相聯繫，我們可能會建造飛機，而不是進行大規模收購或類似的事情，這給我們帶來了競爭優勢，無論是在戰術領域還是在客戶所在的目標領域可以來，他們不必等一年或兩年或五年，我們可以立即交付。

Your next question comes from the line of Seth Seifman from JPMorgan.

您的下一個問題來自摩根大通的 Seth Seifman。

I was wondering, Eric, if you could give us an update on open space and kind of to what degree or the -- any of the delays that you were speaking about with regard to supply chain affecting open space rollout and sort of the plan to ramp up there from last quarter? How is that progressing?

艾瑞克，我想知道您能否向我們提供有關開放空間的最新情況以及您所說的影響開放空間推出的供應鏈以及計劃的延遲程度。比上個季度有所增加嗎？進展如何？

Right. So open space is moving along. Right now, the number of military and national security programs we have, that we've won, including in the classified area. We've been focusing a lot in that area right now, Seth, which is one of the reasons why you're seeing the organic growth in the space business, and it's going to continue to go when I ripped off the programs we're on and they're ripping. So we have reallocated some of our resources from the commercial open space area over to the DoD side, okay? Now with that being said, what -- if you take a look at what's going on with the Standards Board, I see DISA just joined it. This is on the open architecture standards board for virtualized ground systems, where Kratos is the chair. So I think space commands there, Navy is there. DISA has now joined it. So this is happening on the virtualization of the ground system area. And we are rolling out. We are demonstrating the products right now with multiple customers. And I've mentioned the number of customers in the past. And this is definitely going to be one of our mid- and longer-term growth drivers as it rolls out. So that's what's going on in that area right now, both from a business mix standpoint and a resource allocation.

正確的。所以開放空間正在向前發展。目前，我們已經贏得了許多軍事和國家安全項目，包括機密領域的項目。塞思，我們現在一直在這個領域投入很多精力，這就是你看到太空業務有機增長的原因之一，當我取消我們正在開發的項目時，它會繼續發展。繼續，他們正在撕裂。因此，我們已將一些資源從商業開放空間區域重新分配到國防部方面，好嗎？話雖如此，如果您看看標準委員會的情況，我會發現迪砂剛剛加入。這是虛擬化地面系統的開放架構標準委員會的成員，Kratos 是該委員會的主席。所以我認為太空指揮在那裡，海軍也在那裡。DISA 現已加入其中。所以這發生在地面系統區域的虛擬化。我們正在推出。我們現在正在向多個客戶展示產品。我過去曾提到過客戶數量。隨著它的推出，這肯定會成為我們中長期成長的驅動力之一。從業務組合和資源分配的角度來看，這就是該領域目前正在發生的情況。

And then maybe just a real quick follow-up. When we think about the CR, I know in the past, sometimes it requires you guys to go out and start acquiring long lead items and built ahead. I know you talked about that with regard to the spiral on the Valkyries, but maybe even on some of the tactical programs where you're going to full-rate production. Is that something we should be prepared for as we head into '22?

然後也許只是一個真正的快速跟進。當我們想到 CR 時，我知道在過去，有時它需要你們出去開始獲取長週期專案並提前建立。我知道你談到了關於瓦爾基里螺旋的問題，但甚至可能談到了一些你將全速生產的戰術項目。當我們進入 22 世紀時，這是我們應該做好準備的事情嗎？

Yes, sure. Yes, good point. And also on the target drone side, too. Because we're sole-sourced with Navy and the Air Force, we know what's coming, as you're indicating, there are budgetary things. And because the customer is our partner, we very well may make the decision like in the engine area for tactical and target drones to place them on order. So when the customer finally gets his budget and his funding, we haven't delayed their program.

是的，當然。是的，好點。目標無人機方面也是如此。因為我們是海軍和空軍的獨家採購商，所以我們知道接下來會發生什麼，正如你所指出的，有預算的事情。因為客戶是我們的合作夥伴，所以我們很可能會做出像在戰術和目標無人機的引擎領域一樣的決定來訂購它們。因此，當客戶最終獲得預算和資金時，我們並沒有推遲他們的計劃。

And then relatedly, with -- it seems like the delays, most of it is in the areas you pointed out within KGS. When we just think about all the different kind of supply chain exposures that are out there. On the unmanned side, are things contained enough within Kratos? I know you guys do a lot of your own work there. Are things contained enough within Kratos that the kind of supply chain risks in unmanned are much lower?

與此相關的是，似乎出現了延誤，其中大部分發生在您在 KGS 中指出的領域。當我們考慮所有不同類型的供應鏈風險時。在無人方面，奎托斯內部的東西是否足夠？我知道你們在那裡做了很多自己的工作。奎托斯內部的東西是否足夠豐富，使得無人駕駛的供應鏈風險要低得多？

We are, as you're indicating, substantially vertically integrated in the unmanned area. The only area where it might get us, and we bought a significant amount of engines last year, a significant amount across all platforms. And so the current supply chain issue would really have to extend for it to impact us in the unmanned area. But if we got the inclination that it was going to extend, we might make a decision to even lean forward and order additional engines 2 years in advance.

正如你所指出的，我們在無人領域基本上是垂直整合的。這是它可能吸引我們的唯一領域，去年我們購買了大量引擎，跨越所有平台。因此，目前的供應鏈問題確實必須延伸到對我們無人領域的影響。但如果我們有要延長期限的傾向，我們可能會做出決定，甚至提前兩年訂購額外的引擎。

Your next question comes from the line of Peter Skibitski from Alembic Global.

您的下一個問題來自 Alembic Global 的 Peter Skibitski。

Eric, I was wondering if you could give us some more color on the Air Force multiyear target award that you received back in August? And I think as Deanna mentioned, you got the initial award under the IDIQ. So it sounds like you could start work immediately. I wasn't sure if you could recognize revenue until they're delivered. I would surmise 2022. But maybe you can clarify all that? And then will there be additional payload-related contracts to go along with that? Just wanted some more color on that.

艾瑞克，我想知道您能否給我們更多關於您八月份獲得的空軍多年目標獎的資訊？我認為正如 Deanna 所提到的，您根據 IDIQ 獲得了初始獎項。所以聽起來你可以立即開始工作。我不確定在交付之前是否可以確認收入。我猜測是2022年。但也許你可以澄清這一切？那麼是否還會有其他與有效載荷相關的合約？只是想要更多的顏色。

Yes. So yes, we can start immediately because, as Deanna mentioned, we received the initial funding, what was like $30 million -- $30 million funding. So we can start immediately. Right now, we're finishing up previous production runs and lots. So what this will do, it will ensure that there are no breaks in production and no gaps in our financial performance. So that's the significance of the initial funding. That contract came in much larger than I thought than we thought it was going to. And for the obvious reasons, we know what's going on out there. And so lots and lots of target drones are being used to exercise systems. And to your other question, yes, there are additional contracts expected related to things like payloads and ancillary equipment and things like that, that go along with all of our target drone programs. So this is the core program vehicle though, this single-award IDIQ.

是的。所以，是的，我們可以立即開始，因為正如 Deanna 提到的，我們收到了初始資金，大約 3000 萬美元——3000 萬美元。這樣我們就可以立即開始。目前，我們正在完成先前的生產和批次。因此，這將確保生產不會中斷，我們的財務表現不會出現差距。這就是初始資金的重要性。這份合約的金額比我想像的要大得多。出於顯而易見的原因，我們知道外面發生了什麼。因此，大量的目標無人機被用來練習系統。對於你的另一個問題，是的，預計還有與有效載荷和輔助設備等相關的額外合同，這些合同與我們所有的目標無人機計劃相一致。因此，這是核心計劃工具，即單一獎項 IDIQ。

And just -- I mean, between the Navy, and I think in the past, you've mentioned classified target opportunities in the international. So are there still a few more pretty chunky target contracts out there for you over the next, I don't know, 6 months?

我的意思是，在海軍之間，我認為過去您曾提到國際上的機密目標機會。那麼，在接下來的 6 個月（我不知道）中，是否還有更多相當大的目標合約可供您選擇？

Absolutely. So there are 2. One is an international one. It is -- if the previous administration had one, I'm convinced we would have gotten it by now. I understand it's almost through the final review process. So hopefully, we'll be announcing this -- hopefully, in the next couple or 3 months, we're going to announce this, but it's a biggie. And as you know, this is a brand new customer. And so what that means, this includes all the ground equipment that's going to go at the range to launch and recover the targets. And then now we're at the razor and the razor blade model, wherein in the future, we'll be selling significant additional targets to them. There is a confidential program we have. I'm not going to talk about it much, but it is expected -- it is in LRIP right now and LRIP quantities are increasing. It is expected right now to go into full rate production, either late next year or early '23. So we've got some good ones out there. And then, of course, there's a new biggie coming called NGAT, next-generation aerial target, a very large new program that's coming that we believe is right in our bailiwick that we're going to be going after.

絕對地。所以有2個。一個是國際的。如果上屆政府有的話，我相信我們現在就已經得到了。據我所知，這幾乎已經通過了最終審查過程。所以希望我們能夠宣布這一點——希望在接下來的一兩個月或三個月內，我們能夠宣布這一點，但這是一件大事。如您所知，這是一位全新的客戶。這意味著什麼，這包括將在射程內發射和回收目標的所有地面設備。現在我們正在研究刮鬍刀和刮鬍刀刀片模型，未來我們將向他們出售大量額外的目標。我們有一個保密計劃。我不會過多談論它，但這是預料之中的——它現在處於 LRIP 中，並且 LRIP 數量正在增加。預計明年年底或 23 年初即可全速生產。所以我們有一些好的。當然，還有一個新的大人物即將到來，稱為 NGAT，下一代空中目標，這是一個非常大的新計劃，我們相信它就在我們的管轄範圍內，我們將要追求這個計劃。

And then just to add on to that, Pete, on the international target award that we're expecting, when that is awarded due to the terms and conditions of the international contract and the revenue recognition guidance, there would not be any percent complete on that. So that would be recorded solely as targets are delivered, which would not -- we would not anticipate until 2023 to commence.

然後，皮特，補充一下，我們期望的國際目標獎勵，當根據國際合約的條款和條件以及收入確認指南授予時，不會有任何完成百分比那。因此，這將僅在實現目標時記錄，而我們預計要到 2023 年才會開始。

So there's 3 additional contracts, plus you do the Navy full rate out there also, did I hear that wrong?

那麼還有 3 份額外的合同，再加上你還為海軍提供全額合同，我聽錯了嗎？

No, you heard it correctly, and it may be full-rate production. Absolutely, which is why the operating capability that I talked about for full-rate operating capability is very important.

不，你沒聽錯，它可能是全速生產。絕對的，這就是為什麼我講的全速率運行能力的運行能力非常重要。

And just last one. Just Deanna, I think it was you that you kind of see the October bookings in USD. I think you said $50 million just in October, that seems pretty strong. Any color on what programs that involves?

就最後一張。Deanna，我認為是您看到了 10 月份的美元預訂量。我想你在 10 月就說過 5000 萬美元，這看起來相當不錯。有什麼顏色可以說明涉及哪些程序嗎？

Well, I can tell you the one because we announced it is OBSS. So that's one of them.

好吧，我可以告訴你這個，因為我們宣布它是 OBSS。這就是其中之一。

Yes. That was $16 million or so, something like that?

是的。那是 1600 萬美元左右，類似的東西嗎？

It's just under $18 million, $17 million and change.

不到 1800 萬美元，1700 萬美元還有變動。

Your next question comes from the line of Joe Gomes from NOBLE Capital.

您的下一個問題來自 NOBLE Capital 的 Joe Gomes。

So I just want to clarify a little something here in KGS. You mentioned how the revenues came down and overall, but how the satellite, cyber was so strong. What else -- if I'm looking at that in some of your other product lines, was it all related to push out? Or are there some of the product lines where a little bit -- were coming a little bit weaker than expected?

所以我只想在 KGS 澄清一些事情。您提到整體收入如何下降，但衛星、網路如何如此強大。還有什麼——如果我在你們的其他一些產品線中觀察這一點，這是否都與推出有關？或者是否有一些產品線比預期的要弱一些？

No, nothing came in weaker than expected. We -- as we said at the last call, virtually all of the revenue in our Q3 and Q4 was and is under contract literally. There are countries, and I'm not going to say them, but you know who they are primarily in the Pacific Rim, where we cannot go into because of COVID quarantines. So we can't go, get satellite systems signed off on, can't do it. In our -- on microwave electronics areas, where we have firm commitment dates where suppliers have said, we will have this stuff to you by this date. They call up and they say, sorry, we're out by 2, 3 months. And so it's -- those are the types of things that we're -- we've been seeing, we're continuing to see, which we've tried to incorporate in our forecast.

不，沒有什麼比預期弱的。正如我們在上次電話會議上所說，實際上第三季和第四季的所有收入都在合約範圍內。有一些國家，我不會說，但你知道他們主要是環太平洋地區的國家，因為新冠病毒隔離，我們無法進入那裡。所以我們不能去讓衛星系統簽字，不能這樣做。在我們的微波電子領域，我們有明確的承諾日期，供應商已表示，我們將在此日期之前向您提供這些東西。他們打電話說，抱歉，我們還有 2、3 個月就結束了。因此，這些都是我們一直在看到、繼續看到的事情，我們試圖將其納入我們的預測中。

And then the other day that, I guess, the Air Force kind of talked about eliminating at least 3 of their fighter families. Is there any positive or negative impact on Kratos?

然後有一天，我猜，空軍談到了要消滅至少 3 架戰鬥機系列。對奎托斯有正面或負面的影響嗎？

The Air Force, just the other day in Air Force Magazine. And I believe it was directly related to what you're referring to. Talked about high-performance jet drones are going to be a massive part of the force structure in the future. And they went into the attributables, they went into their low-cost nature, their high performance. They went into not having to have the pilot survivability systems in the drones. And then they talked about, we know why this is the sustainment tale and the logistics tale of maintaining them. The points are coming together, as I said. So I believe what I just mentioned to you that the Air Force published just the other day, I think it's probably directly related to the planned reduction in legacy aircraft that would not be applicable for a peer-on-peer fight.

空軍，就在前幾天的《空軍雜誌》。我相信這與你所指的內容有直接關係。談到高性能噴射無人機將成為未來部隊結構的重要組成部分。他們深入研究了其屬性、低成本本質和高性能。他們開始考慮不必在無人機中安裝飛行員生存系統。然後他們談到，我們知道為什麼這是維護故事和維護它們的後勤故事。正如我所說，這些要點正在匯集在一起。因此，我相信我剛才向大家提到的空軍前幾天發布的消息，我認為這可能與計劃減少不適用於對等戰鬥的老式飛機直接相關。

And one more, if I may. So some of the news here recently has been -- with China in the hypersonics, have you seen any response from your customers that would be a positive for Kratos based on the Chinese launch of hypersonics?

如果可以的話，再來一張。所以最近這裡的一些新聞是——中國在高超音速技術方面，您是否看到您的客戶對中國推出高超音速技術對奎托斯有積極的反應？

I'm sorry. I cannot comment on that, and I apologize.

對不起。我無法對此發表評論，對此我表示歉意。

The next question comes from the line of Michael Ciarmoli from Truist Securities.

下一個問題來自 Truist Securities 的 Michael Ciarmoli。

Eric, I know we mentioned supply chain a couple of times. Just thinking about some of these programs you have, maybe even Valkyrie, stuff that's very early development, maybe not iron cloud on contract. How are you thinking about the raw material pricing environment? I mean, is that going to apply any pressure to you? Or are there any contracts where you might be executing on an older IDIQ task award where you're now seeing a little bit of inflationary pressure, and you might have to wait for that next one to kind of readjust? But is that going to be a headwind at all?

艾瑞克，我知道我們多次提到供應鏈。想想你擁有的一些程序，甚至可能是 Valkyrie，這些都是非常早期開發的東西，也許不是合約上的 Iron Cloud。您如何看待原物料定價環境？我的意思是，這會給你帶來壓力嗎？或者是否有任何合約您可能正在執行舊的 IDIQ 任務獎勵，而您現在看到了一點通貨膨脹壓力，並且您可能必須等待下一個合約才能重新調整？但這會變成逆風嗎？

We are absolutely seeing some of what you're talking about. In certain areas like in the composite area and the wire harness area, we have long-term agreements on the pricing. And in the engine area, which is #1 in the bill of materials, we have a long-term agreement. I think we just bolted in another 3 years or something like that. However, there are certain areas where we are absolutely seeing some price increases in the target and tactical drone area, where we've tried to incorporate them into our pricing. But as you know, most of these are firm fixed-price contracts with firm fixed price options, which we will have to figure out how to deal with.

我們絕對看到了你所說的一些內容。在複合材料領域和線束領域等某些領域，我們就定價達成了長期協議。在物料清單中排名第一的引擎領域，我們達成了長期協議。我想我們只是再過三年或類似的時間。然而，在某些領域，我們絕對看到目標和戰術無人機領域的價格上漲，我們試圖將它們納入我們的定價中。但如您所知，其中大多數都是帶有固定價格期權的固定價格合同，我們必須弄清楚如何處理。

I think it came up before about the bookings in the quarter. Just given this environment, the CR, should we kind of calibrate our expectations for bookings to be challenged maybe at least the next 2 quarters? And then maybe along with that, what percent of your backlog is kind of shippable that you do have line of sight into now over the next 12 months that if you're trying to ring-fence risk or areas that are sliding out, how are you looking at that backlog?

我認為之前就提到過本季的預訂情況。鑑於這種環境，CR，我們是否應該調整我們的預期，以應對至少在未來兩個季度面臨挑戰的預訂？除此之外，在接下來的 12 個月裡，您現在確實可以預見到的積壓訂單中有多少是可交付的，如果您試圖隔離風險或正在滑出的領域，那麼您將如何應對？你在看積壓的訂單嗎？

Yes. I would definitely, because of the CR -- and as I was talking about development programs going to production, production programs going to increase production. Those are either directly or indirectly tied to the '22 budget. And so my tummy tells me with no 2022 budget, there will be no contract award because they won't award it without the obligated funds. So definitely for -- potentially for Q4. And even if it's resolved by the end of the quarter, how the government is and getting back to Boeing again. So maybe it's like you said, it's Q1 or Q2. The important thing that I try to look at, and you know, Mike, I'm the most optimistic guy in the world, is most of these contracts, I'm talking to you about, they're on multiyear, multi-decade programs that we're sole source on. So I know they're going to come, but it's the timing that drives me nuts.

是的。我肯定會這樣做，因為 CR——正如我所說的，開發計劃將投入生產，生產計劃將增加產量。這些都直接或間接與 22 年預算相關。所以我的肚子告訴我，如果沒有 2022 年預算，就不會授予合同，因為如果沒有義務資金，他們不會授予合約。所以肯定是——可能是第四季。即使這個問題在本季末得到解決，政府的態度如何，再次回到波音公司。所以也許就像你說的，是 Q1 或 Q2。我試圖關注的重要事情是，麥克，我是世界上最樂觀的人，我正在和你談論的大部分合約都是多年、數十年的我們是唯一來源的程序。所以我知道他們會來，但這時機讓我抓狂。

The last one I had, you called out space and cyber and how strong it was. And I think you said it's currently $280 million at mid-teen margins. I mean, if we look at that as part of KGS, that sort of implies it's maybe $40 million of EBITDA and the rest of KGS, $300 million, plus or minus, only running around 6%, 7% EBITDA margins. I would have thought the service is low, but I would have thought maybe microwave electronics, even some of the engine hardware would have been a little bit stronger on EBITDA. Am I thinking about that correctly, based on the numbers you threw out?

在我的最後一篇文章中，你提到了太空和網路以及它的強大。我想你說過目前的利潤率為 2.8 億美元。我的意思是，如果我們將其視為KGS 的一部分，這意味著它可能有4000 萬美元的EBITDA，而KGS 的其餘部分則為3 億美元，上下浮動，只有6%、7% 左右的EBITDA利潤率。我以為服務水準很低，但我以為微波電子產品，甚至一些引擎硬體的 EBITDA 會更強一些。根據你拋出的數字，我的想法正確嗎？

You are kind of, but here's the piece. It has to do with like our corporate G&A. And so that $40 million excludes corporate G&A. And because it's the biggest business, with the biggest revenue and the biggest number of employees, et cetera. It gets the biggest part of corporate G&A. Do you see what I'm saying?

你真是太好了，但這就是重點。這與我們公司的一般管理費用有關。因此，這 4000 萬美元不包括公司管理費用。因為它是最大的企業，擁有最大的收入和最多的員工數量等等。它佔據了企業一般管理費用的最大部分。你明白我在說什麼嗎？

Your next question comes from the line of Peter Arment from Baird.

您的下一個問題來自貝爾德 (Baird) 的彼得·阿門特 (Peter Arment)。

Eric, question -- I mean, you're just talking about the target drone business and tactical. Your target drone business has been growing substantially. And I think now you're either north of $200 million just on that business alone. But how should we think about or how do you view this skyline on the tactical? It seems like the opportunity is there eventually that it's going to beat out in terms of the size of your target business. What needs to happen in terms of -- do we need to get the IOC on Valkyrie, other things? How are you thinking about that longer term?

艾瑞克，問題 - 我的意思是，你只是在談論目標無人機的業務和戰術。您的目標無人機業務一直在大幅成長。我認為現在光是這項業務你的收入就超過了 2 億美元。但是我們該如何思考或如何看待戰術上的這個天際線？看起來機會最終就在那裡，它會在你的目標業務規模方面擊敗你。需要發生什麼——我們是否需要在 Valkyrie 上獲得 IOC，以及其他事情？您如何看待這個長期目標？

Yes. So first part of your question, I absolutely believe that our tactical drone business is going to be substantially larger than our target drone business in the future substantially. Orders of magnitude, maybe multiple times larger. The customer set has talked about acquiring reusable, disposable, attritable drones like cruise missiles. Buy them, put them on the shelf, get ready to use them when you need to use them. And that's how our tactical drones are. They have the target drone legacy where they can be stored, clip the wings on, tool it up and off it goes. So what needs to happen. We are absolutely, Pete, in the infamous DoD Valley of death with a number of our tactical drones. The government talks about it. DARPA talks about it. The Air Force talks about it. We are doing everything we can. I'm really glad to answer this question -- you asked this question.

是的。所以你問題的第一部分，我絕對相信我們的戰術無人機業務未來將大大超過我們的目標無人機業務。數量級，可能大數倍。客戶群已經討論過購買可重複使用、一次性、可磨損的無人機，例如巡航飛彈。購買它們，將它們放在架子上，準備在需要使用時使用它們。我們的戰術無人機就是這樣。他們擁有目標無人機的傳統，可以存放它們、夾上機翼、安裝工具並起飛。那麼需要發生什麼。皮特，我們絕對是在臭名昭著的國防部死亡之谷，我們的一些戰術無人機。政府正在談論此事。DARPA 正在談論它。空軍正在談論它。我們正在盡我們所能。我真的很高興回答這個問題——你問了這個問題。

We are doing everything we can with the DoD customer set, the Pentagon customer set and congressionally to encourage them to -- because of the threat out there in order to help the defense industrial base, in order to -- for Stem science technology engineering map to move faster than the existing infrastructure military DoD bureaucracy and infrastructure allows them to do. And that's what we're doing. And this is why I continue to reference to you all that we have a handful of jet drones and different classes flying today. Nobody else does. With OBSS, I think we're undefeated. I don't think we've ever lost a tactical drone solicitation that we've participated in. I don't think we've ever lost. I don't see any more future ones on the horizon coming that are funded from budgetary. So that all tells me that with our existing family of aircraft, the ones that we've won, that we're developing, that this is going to happen and when it happens, where the guy is going to happen with. That's how I see it.

我們正在盡一切努力與國防部客戶群、五角大樓客戶群和國會合作，鼓勵他們——因為存在威脅，以幫助國防工業基礎，以便——為 Stem 科學技術工程圖比現有的基礎設施軍事國防部官僚機構和基礎設施允許的速度更快。這就是我們正在做的事情。這就是為什麼我繼續向大家提到我們今天有一些噴射無人機和不同等級的飛機在飛行。沒有其他人這樣做。有了 OBSS，我認為我們是不敗的。我認為我們參加過的戰術無人機招標從未失敗過。我不認為我們有輸過。我認為未來不會有更多由預算資助的項目。所以這一切都告訴我，對於我們現有的飛機系列，我們已經贏得的飛機，我們正在開發的飛機，這將會發生，當它發生時，那個人會在哪裡發生。我就是這麼看的。

This concludes our question-and-answer session. I would now like to turn the conference back to Mr. Eric DeMarco for the closing remarks.

我們的問答環節到此結束。現在我想請艾瑞克‧德馬科先生致閉幕詞。

Thank you very much for joining us this afternoon. We really appreciate the opportunity to update you. And we truly look forward to updating you again when we report Q4, and we head into '22. Thank you.

非常感謝您今天下午加入我們。我們非常感謝有機會向您通報最新情況。我們真誠地期待在我們報告第四季度時再次向您通報最新情況，我們即將進入 22 年。謝謝。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may all disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。你們都可以斷開連線。