Kratos Defense and Security Solutions Inc (KTOS) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Kratos Defense & Security Solutions Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions)

女士們先生們，感謝你們的支持並歡迎參加 Kratos 國防與安全解決方案 2021 年第四季財報電話會議。 （操作員說明） 演講者演講結束後，將進行問答環節。 （操作員說明）

I'd now like to turn the conference over to your speaker for today, Marie Mendoza, Senior Vice President and General Counsel. You may begin.

現在我想將會議交給今天的發言人，高級副總裁兼總法律顧問瑪麗·門多薩 (Marie Mendoza)。你可以開始了。

Good afternoon, and thank you for joining us for the Kratos Defense & Security Solutions fourth Quarter and fiscal 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.

下午好，感謝您參加我們的 Kratos 防禦與安全解決方案第四季和 2021 財年電話會議。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.

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。

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.

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 財務指標不應孤立地考慮或取代根據 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. As we reported today, Kratos finished fiscal '21 with approximately 10.7% organic growth, excluding our training business, which legacy LPTA contracts will be completely out of our financials after Q2 of this year. Our 2021 revenue growth included growth of approximately 24% and 19%, respectively, in our largest businesses, unmanned systems and space, satellite communications and cyber. We reported a fourth quarter book-to-bill ratio of 1.5:1, that includes 2.4:1 in our Unmanned Systems business and 1.2:1 in our KGS segment, positioning the company for continued future organic growth and providing us with confidence in our 2022 forecast that we're providing today.

謝謝你，瑪麗。午安.正如我們今天報導的那樣，Kratos 在 21 財年完成了約 10.7% 的有機增長，不包括我們的培訓業務，該業務遺留的 LPTA 合約將在今年第二季度後完全脫離我們的財務。我們 2021 年的營收成長包括我們最大的業務、無人系統和太空、衛星通訊和網路分別成長約 24% 和 19%。我們報告第四季度的訂單出貨比為1.5:1，其中無人系統業務為2.4:1，KGS 業務為1.2:1，這為公司未來持續的有機成長奠定了基礎，並使我們對我們的業務充滿信心。我們今天提供的 2022 年預測。

Kratos' Q4 and fiscal 2021 financial performance and our 2022 forecast organic growth are representative of the strength of Kratos' business model and our team, considering the continuing global COVID pandemic and recent Omicron variant impacts, which have spiked for Kratos in Q4, and thus far in Q1 '22. The continued and increasing disruptions in the supply chain and the federal government and our industry also operating without a federal budget and under a CRA since October 1, 2021, all of which Deanna is going to discuss in detail.

Kratos 的第四季和2021 財年財務表現以及我們對2022 年有機成長的預測代表了Kratos 業務模式和我們團隊的實力，考慮到持續的全球新冠疫情大流行和最近的Omicron 變體影響（這些影響在第四季度對Kratos 而言激增），因此遠在 22 年第一季。自 2021 年 10 月 1 日起，供應鏈、聯邦政府和我們的行業受到持續且日益嚴重的干擾，並且在沒有聯邦預算和 CRA 的情況下運營，所有這些 Deanna 將詳細討論。

As we begin 2022, we believe Kratos continues to be uniquely positioned and aligned with the United States and its allies national security priorities, including affordability and rapid development, testing and fielding of hardware products and systems. In the tactical drone area, the customer recently communicated its commitment to and continued prioritization of affordable loyal wingman, force multiplying tactical drones and autonomous systems for the future force structure. These comments include additional new planned for drone program opportunities for the 2023 budget request and potential envisioned concepts of operations, including drones, teaming with multiple manned platforms.

在 2022 年開始，我們相信 Kratos 繼續保持獨特的定位，並與美國及其盟國的國家安全優先事項保持一致，包括硬體產品和系統的經濟性以及快速開發、測試和部署。在戰術無人機領域，該客戶最近表達了其對未來部隊結構的負擔得起的忠誠僚機、力量倍增戰術無人機和自主系統的承諾並繼續優先考慮。這些評論包括 2023 年預算請求中額外新計劃的無人機項目機會以及潛在的設想運營概念，包括無人機與多個載人平台的合作。

For example, the customer noted that loyal wingman drones and demand unmanned teaming may include the F-22, the F-35, the B-21 and the next-generation air dominance or [N-GAD] system, as system of system quarterbacks to the drones. These applications are in addition to previously discussed drone loyal wingman or force multiplier applications, including with the F-15 aerial tankers and other manned aircraft. The customer also stated that they envision up to 5 loyal wingman jet drones per manned fighter aircraft which would represent a very large market opportunity.

例如，客戶指出，忠誠僚機無人機和需求無人編隊可能包括 F-22、F-35、B-21 和下一代空中優勢或 [N-GAD] 系統，作為系統四分衛系統到無人機。這些應用是先前討論的無人機忠誠僚機或力量倍增器應用的補充，包括 F-15 空中加油機和其他有人駕駛飛機。該客戶還表示，他們預計每架載人戰鬥機最多可配備 5 架忠誠僚機噴射無人機，這將代表著非常大的市場機會。

Based on what has recently been communicated, It's possible that in the future, certain Kratos tactical drone initiatives, programs or platforms that you are familiar with may be combined into new programs or prioritized or deprioritized. And you may also become aware of certain additional Kratos drone programs or platforms or systems including from Kratos' Ghost Works. This may occur as the customer prioritizes certain technologies, capabilities, drone systems initiatives, mission requirements, et cetera, as they move toward initial operating capability or IOC and fielding.

根據最近傳達的訊息，未來您熟悉的某些奎托斯戰術無人機計畫、計畫或平台可能會被合併到新計畫中，或確定優先順序或取消優先順序。您可能還會意識到某些額外的奎托斯無人機程式或平台或系統，包括來自奎托斯的幽靈工廠。當客戶在邁向初始營運能力或 IOC 和部署時，優先考慮某些技術、功能、無人機系統計劃、任務要求等，可能會發生這種情況。

With the numerous tactical drone programs Kratos has successfully competed for and received, the family of affordable jet drone aircraft we have flying today and additional systems we have in development, including with the customer, we believe that Kratos is uniquely positioned to address this increasing and accelerating market opportunity, including when the customer is ready for scale, production and fielding. Also, with Kratos' operating active tactical and target jet drone production lines at multiple facilities today, where we are producing hundreds of high-performance jet drone aircraft. We also believe that Kratos is further uniquely positioned to support customer requirements if certain geopolitical or other events were to occur, and affordable rapid platform acceleration were necessary.

憑藉Kratos 成功競爭並獲得的眾多戰術無人機項目、我們今天飛行的價格實惠的噴氣式無人機系列以及我們正在開發的其​​他系統（包括與客戶一起開發的系統），我們相信Kratos 具有獨特的優勢，可以解決這個日益增長的問題加速市場機會，包括當客戶準備好規模化、生產和部署時。此外，隨著奎托斯今天在多個設施中運作主動戰術和目標噴射無人機生產線，我們正在生產數百架高性能噴射無人機。我們也相信，如果發生某些地緣政治或其他事件，並且需要經濟實惠的快速平台加速，Kratos 還具有獨特的優勢來支持客戶的需求。

The customer also recently emphasized that national security is of increasing importance, including that certain loyal wingman and other drone programs will be classified at high security levels and no longer routinely discussed publicly. Accordingly, we will be very limited in what we can disclose and discuss publicly going forward from a tactical drone, customer, programmatic and platform perspective, and we will defer to the customer to take the lead in any detailed public communication.

該客戶最近也強調，國家安全變得越來越重要，包括某些忠誠僚機和其他無人機項目將被列為高安全級別，不再定期公開討論。因此，我們從戰術無人機、客戶、程序和平台的角度公開披露和討論的內容將非常有限，我們將尊重客戶在任何詳細的公共溝通中的主導作用。

Since our last report to you, Kratos' drone initiatives have continue to make progress, including as represented by our financial results, including our Unmanned Systems businesses Q4 24% year-over-year growth rate and a book-to-bill ratio of 2.4:1, and our 2022 tactical drone revenue forecast expected to be greater than 2021, and with the year-over-year future revenue growth trajectory expected to continue in the future. The manufacturer of our first Valkyries of the 12 serial production lot continues, several of which are currently under customer funded contract or commitment, and certain of which now have customer flight scheduled.

自從我們上次向您報告以來，Kratos 的無人機計劃不斷取得進展，包括我們的財務業績所代表的那樣，包括我們的無人系統業務第四季度同比增長率為24%，訂單出貨比為2.4 ：1，我們對 2022 年戰術無人機收入的預測預計將高於 2021 年，並且未來收入預計將繼續保持同比增長軌跡。我們第一個 12 個系列生產批次中的第一批 Valkyries 的製造商仍在繼續，其中一些目前處於客戶資助的合約或承諾之下，其中某些現在已經安排了客戶航班。

As I have mentioned previously, once we have an approved 2022 budget and the 2023 budget request and future year's defense program or fight up, we should have the information necessary regarding possibly moving ahead with a second Valkyrie serial production lot, adjusting our current internally funded investment profile for the Valkyrie or for derivatives or for potential other new platforms, including potentially certain Kratos Ghost work initiatives.

正如我之前提到的，一旦我們獲得批准的2022 年預算和2023 年預算請求以及未來一年的國防計劃或戰鬥，我們應該獲得有關可能推進第二個“瓦爾基里”批量生產、調整我們當前的內部資金的必要資訊Valkyrie 或衍生性商品或潛在其他新平台的投資概況，包括潛在的某些 Kratos Ghost 工作計劃。

In the fourth quarter, it was reported that Kratos' X-61A Gremlins drone was successfully recovered in flight by a C-130A aircraft. As Dynetics is the prime on the Gremlins program, we are unable to comment further on Gremlins at this time. The way I will mention that Dynetics is an incredibly important and valuable strategic partner of Kratos, and we are working together on a number of additional exciting initiatives and opportunities.

第四季度，據報道，奎托斯的X-61A Gremlins無人機在飛行中被一架C-130A飛機成功回收。由於 Dynetics 是 Gremlins 計劃的主要成員，因此我們目前無法對 Gremlins 進行進一步評論。我要提到的是，Dynetics 是 Kratos 極其重要且有價值的策略合作夥伴，我們正在共同致力於許多其他令人興奮的舉措和機會。

It was recently reported that a Kratos' Air Wolf drone launched an AeroVironment tactical drone in a demonstration, including for drone swarming, range and mission extension capabilities and enhancements, including for AVAV's industry-leading systems. AeroVironment's tactical drone systems are an incredible asset and AVAV is a valuable partner to Kratos in certain scenarios we are working. Kratos' Ghost Works in our industry-leading digital engineering group has been very busy as you can imagine with everything that is going on in the tactical drone area, including as related to Kratos' new [demo core bond system], which was recently-unveiled and several others.

最近有報導稱，Kratos 的 Air Wolf 無人機在演示中推出了 AeroVironment 戰術無人機，包括用於無人機集群、範圍和任務擴展功能和增強功能，包括針對 AVAV 業界領先的系統。 AeroVironment 的戰術無人機系統是一項令人難以置信的資產，而在我們正在工作的某些場景中，AVAV 是 Kratos 的寶貴合作夥伴。我們業界領先的數位工程團隊中的Kratos 幽靈工廠一直非常忙碌，正如您可以想像的那樣，戰術無人機領域正在發生的一切，包括與Kratos 的新[演示核心粘合系統]相關的內容，該系統最近-揭曉了和其他幾個。

We are currently under contract and bidding on multiple additional tactical drone opportunities, which are key element of Kratos' '22 and future forecast growth trajectory. Since our last report to you, we have received a $51 million sole-source production contract from the United States Navy for BQM-177 target drone systems, including 50 drones for the navy, 7 drones for Japan and 8 drones for Saudi Arabia. The international customers are of particular importance, representing additional new growth opportunities for Kratos' 177 target drone system.

我們目前正在就多個額外的戰術無人機機會簽訂合約並進行招標，這是 Kratos '22 和未來預測成長軌蹟的關鍵要素。自上次向您報告以來，我們已從美國海軍獲得了價值5100 萬美元的BQM-177 目標無人機系統獨家生產合同，其中包括為海軍提供的50 架無人機、為日本提供的7 架無人機和為沙烏地阿拉伯提供的8 架無人機。國際客戶尤其重要，這為 Kratos 的 177 目標無人機系統帶來了額外的新成長機會。

The BQM-177 platform and related Navy program is an important element of Kratos' future growth trajectory, including domestic and international opportunities or the infrastructure to launch, operate and recover Kratos' drones are analogous to the razor and the drones are analogous to the razor blades and a recurring revenue model. The BQM-177 is one of the highest performing unmanned aerial drone systems in the world. And it has just recently entered full-rate production, which is expected to continue sole source to Kratos for many years into the future.

BQM-177平台和相關海軍計畫是Kratos未來成長軌跡的重要組成部分，包括國內和國際機會或發射、操作和回收Kratos無人機的基礎設施（類似於剃刀），而無人機類似於剃刀刀片和經常性收入模式。 BQM-177 是世界上性能最高的無人機系統之一。它最近剛進入全速生產，預計未來許多年將繼續由 Kratos 獨家供應。

As a data point-to-date we have produced over 170, BQM-177 jet drone aircraft. This $51 million sole source US Navy contract award and program along with the $370 million US Air Force sole source Target Drone Award Kratos received late last year, provide us confidence in our 2022 financial forecast and expected future years growth trajectory. As an additional data point on the AVSAT program, we are currently in production year '17 with the BQM-167 for the Air Force, once again sole-source. And to date, we have produced over 500 of the 167 jet drone aircraft.

根據數據顯示，迄今為止，我們已生產了 170 多架 BQM-177 噴射無人機。這份價值5100 萬美元的美國海軍獨家合同授予和計劃，以及去年年底Kratos 獲得的價值3.7 億美元的美國空軍唯一來源目標無人機合同，讓我們對2022 年財務預測和預期未來幾年的增長軌跡充滿信心。作為 AVSAT 計劃的額外數據點，我們目前正在為空軍生產 '17 年的 BQM-167，這再次是獨家來源。迄今為止，我們已經生產了 167 架噴射無人機中的 500 多架。

We have a confidential program that also continues to progress, is currently in low rate initial production and is expected to achieve full rate production in the future, sole-sourced to Kratos, which also provides us confidence in our forecast and future year growth trajectory. We are a teammate on another large unmanned aerial drone system program, where it was recently announced that the most recent full-rate production award has now been made by the customer with this program representing an additional key component of our 2022 financial forecast and future growth trajectory.

我們有一個保密計劃，該計劃也在繼續取得進展，目前處於低速初始生產階段，預計未來將實現全速生產，該計劃完全由Kratos 採購，這也讓我們對我們的預測和未來一年的增長軌跡充滿信心。我們是另一個大型無人機系統項目的隊友，該項目最近宣布，客戶現已授予最新的全速生產合同，該項目代表了我們 2022 年財務預測和未來增長的另一個關鍵組成部分彈道。

As Kratos is not the prime on this program, we are unable to provide further information at this time. We also just received a contract from a new international customer for Kratos' target drones, infrastructure and support equipment for multiple tens of millions of dollars with this new customer award also providing us confidence in our future financial forecast. Kratos' space, satellite and cyber business with Kratos being the first-to-market industry leader in software-based and defined ground, command, control and telemetry tracking and control systems, is also positioned for future year-over-year growth, which we are forecasting for 2022 over 2021 and continuing thereafter.

由於奎托斯不是該計劃的主要負責人，因此我們目前無法提供進一步的資訊。我們也剛剛收到了一份來自新國際客戶的合同，涉及Kratos 的目標無人機、基礎設施和支援設備，價值數千萬美元，這一新客戶的獎項也讓我們對未來的財務預測充滿信心。 Kratos 的太空、衛星和網路業務也為未來的同比成長做好了準備，Kratos 是基於軟體和定義的地面、指揮、控制和遙測追蹤與控制系統領域第一個推向市場的行業領導者。我們2022 年的預測超過2021 年，並在此後繼續進行。

There are currently approximately 4,500 satellites in orbit today, a number which is expected to grow by some estimates up to 100,000 by 2030. This expected satellite growth is being driven in part by the rapidly dropping cost of launch systems to put satellites into orbit and technological advancements related to the satellites themselves, including smaller, faster, more powerful and capable satellite systems. Satellite operations are also growing in complexity, including proliferated constellations, spectrum management challenges, interference avoidance across LEO, MEO and GEO, high rates of satellite handovers, 5G advancing and more.

目前約有4,500 顆衛星在軌道上運行，據估計，到2030 年，這一數字將增至100,000 顆。衛星預期增長的部分原因是用於將衛星送入軌道的發射系統成本迅速下降，以及技術進步。與衛星本身相關的進步，包括更小、更快、更強大和更強大的衛星系統。衛星運作也變得越來越複雜，包括星座激增、頻譜管理挑戰、LEO、MEO 和 GEO 之間的干擾避免、衛星切換率高、5G 推進等。

Kratos' future forecast growth trajectory is tied directly to this large expanding market opportunity, the successful launch and operation of the planned for satellites and the anticipated market penetration and success of our first-to-market products and systems. Our plan continues to be to make internally funded [R&D] investments to achieve design-in positions on new satellite constellations and with the operators. And then once the satellites are launched in orbit and operating for Kratos to see revenue growth and margin expansion as we transition from development and testing to operational services.

Kratos 未來的預測成長軌跡與這一巨大的不斷擴大的市場機會、計劃衛星的成功發射和運營以及我們首次推向市場的產品和系統的預期市場滲透和成功直接相關。我們的計畫仍然是進行內部資助的[研發]投資，以實現新衛星星座和營運商的設計定位。然後，一旦衛星發射入軌並運行，隨著我們從開發和測試過渡到營運服務，奎托斯就會看到收入成長和利潤擴張。

Several of the satellite opportunities we are pursuing and/or teamed on as strategic partners are classified in nature, and therefore, we may be limited in what we can discuss publicly. However, our recent financial performance, including approximately 19% Q4 growth in a rapidly expanding opportunity pipeline provide us confidence in our 2022 and future financial forecast. Since our last report to you, Kratos has made a small tuck-in acquisition, Cosmic AES, which is just an incredible technology-based product and solution provider in the space, signals and cyber domains with Carol and John's culture and commitment to the mission exactly consistent with Kratos'.

我們作為戰略合作夥伴正在尋求和/或合作的一些衛星機會本質上屬於機密，因此，我們可以公開討論的內容可能會受到限制。然而，我們最近的財務業績，包括快速擴張的機會管道中第四季度約 19% 的成長，讓我們對 2022 年和未來的財務預測充滿信心。自從我們上次向您報告以來，Kratos 進行了一次小型收購Cosmic AES，這是一家在太空、信號和網路領域令人難以置信的基於技術的產品和解決方案提供商，具有Carol 和John 的文化和對使命的承諾和奎托斯的完全一致。

For example, Cosmic's belief is that actual security needs arise faster than requirements, and Cosmic builds adaptable, mission-driven solutions that empower the war fighter to confront urgent and changing threats in the space and cyber domain, threats that emerged too quickly for the traditional acquisition cycle to address. COSMIC also brings several new customer sets to Kratos with the majority of Cosmic work being classified. Cosmic's margins are currently lower than Kratos' space, satellite and cyber business, including due to the existing nature and maturity of certain work they perform in their contractual arrangements. However, the margins are expected to increase as we move forward, as certain Cosmic work matures or transitions to higher end products and execution delivery.

例如，Cosmic 相信實際的安全需求比要求更快地出現，Cosmic 建構了適應性強、任務驅動的解決方案，使作戰人員能夠應對太空和網路領域緊急且不斷變化的威脅，這些威脅對於傳統的安全威脅來說出現得太快了。取得週期位址。 COSMIC 也為 Kratos 帶來了幾個新的客戶集，其中大部分 Cosmic 工作都被分類。 Cosmic 的利潤率目前低於 Kratos 的太空、衛星和網路業務，原因包括其在合約安排中執行的某些工作的現有性質和成熟度。然而，隨著我們的前進，隨著某些 Cosmic 工作的成熟或過渡到更高端的產品和執行交付，利潤率預計會增加。

Kratos' Turbine Technologies and engine businesses for drones, missiles powered munitions, space, hypersonic and other systems continues to make progress, including the receipt of our first small cereal production contract for Kratos jet engines. We expect our engine and turbine businesses to generate 2022 over 2021 year-over-year organic revenue growth, including growth in KTT's space, Rocket, hypersonic, MRO and specialty engine areas as multiple established and new rocket system and launch entities, engage Kratos for complex technology and hardware for their propulsion systems.

克雷托斯的無人機、飛彈動力彈藥、太空、高超音速和其他系統的渦輪技術和發動機業務繼續取得進展，包括收到我們第一份克雷托斯噴射發動機的小型穀物生產合約。我們預計我們的引擎和渦輪業務將在2022 年實現比2021 年的同比有機收入成長，包括KTT 的太空、火箭、高超音速、MRO 和特種引擎領域的成長，因為多個已建立的和新的火箭系統和發射實體與Kratos 合作其推進系統需要複雜的技術和硬體。

Kratos' Rocket Systems business, which includes and supports target, ballistic missile and hypersonic systems. Our microwave products business, which supports missile radar, space, satellite and communication systems, and our C5ISR business, which supports drone, hypersonic, space, satellite, missile, radar and strategic deterrent systems are each expected to generate year-over-year 2022 over 2021 organic growth based on current backlog and the opportunity pipeline.

Kratos 的火箭系統業務包括並支援目標、彈道飛彈和高超音速系統。我們的微波產品業務支援飛彈雷達、太空、衛星和通訊系統，而我們的 C5ISR 業務支援無人機、高超音速、太空、衛星、飛彈、雷達和戰略威懾系統，預計到 2022 年將實現同比增長基於目前積壓訂單和機會管道，2021 年有機成長。

We recently announced that Kratos' Rocket Systems business is teamed with hypersonics to develop and fly the dark hypersonic drone, which will be powered by the fifth-generation Spartan, zero emission clean hydrogen scramjet engine. The hypersonics scramjet powered dark drone will be multimission-capable and 3D printed out of exquisite materials. Additionally, Kratos' Rocket Systems business is also investing in coordination with the government customer set in the design and development of an additional new affordable hypersonic vehicle named Erinyes, and a complementary affordable boost system. The affordable Kratos designed Boost system will accelerate the Kratos developed and Kratos manufactured Erinyes hypersonic vehicle to speeds greater than Mach 5 before release at which point Erinyes will perform predetermined mission sets.

我們最近宣布，Kratos 的火箭系統業務部門與高超音速公司合作開發和飛行暗高超音速無人機，該無人機將由第五代斯巴達零排放清潔氫超燃沖壓發動機提供動力。這種由高超音速超燃沖壓發動機驅動的深色無人機將能夠執行多項任務，並由精緻的材料 3D 列印而成。此外，Kratos 的火箭系統業務部門也正在與政府客戶協調投資，設計開發一種名為 Erinyes 的新型經濟型高超音速飛行器，以及一種互補的經濟型助推系統。 Kratos 設計的經濟實惠的 Boost 系統將在發布之前將 Kratos 開發和 Kratos 製造的 Erinyes 高超音速飛行器加速到超過 5 馬赫的速度，屆時 Erinyes 將執行預定的任務集。

The Kratos Boost system and Kratos Erinyes hypersonic vehicle, which we believe are exactly consistent with recent [SEC debt] priorities, including low cost and moving fast, which we have been working on for some time now, continue to make progress as we move towards initial flight. Aerojet Rocketdyne is a key partner to Kratos on certain of our hypersonic rocket system, missile defense and other national security programs. Since our last report to you, Kratos has successfully closed on an additional, very small tuck-in acquisition in the microwave electronics area, CTT.

我們認為 Kratos Boost 系統和 Kratos Erinyes 高超音速飛行器與最近的 [SEC 債務] 優先事項完全一致，包括低成本和快速發展，我們已經為此努力了一段時間，隨著我們朝著初始飛行。 Aerojet Rocketdyne 是 Kratos 在某些高超音速火箭系統、導彈防禦和其他國家安全項目上的重要合作夥伴。自從我們上次向您報告以來，Kratos 已成功完成了微波電子領域 CTT 的另一個規模很小的收購。

Similar to Cosmic, CTT was a negotiated transaction with the principal, David Tai, with CTT's business being consistent with Kratos' existing microwave products business, including with CTT having a focus on space and satellite systems, which I am very interested in. Also similar to Cosmic, CTT will provide a channel to additional new customer opportunity sets for Kratos with David having built a solid, rapidly growing first-class business and an outstanding team of professionals and employees.

與Cosmic類似，CTT是與委託人David Tai協商交易的，CTT的業務與Kratos現有的微波產品業務一致，包括CTT專注於太空和衛星系統，這是我非常感興趣的。也類似對於Cosmic， CTT 將為Kratos 提供更多新客戶機會的管道，David 已經建立了堅實、快速成長的一流業務以及優秀的專業人士和員工團隊。

In summary, Kratos had a solid 2021, despite the global COVID pandemic, continued and increasing supply chain disruptions and a federal government continuing resolution for our entire fourth quarter. Even with these continuing issues and challenges, we are forecasting year-over-year organic growth for 2022 over 2021 of approximately 5% to 10% or 7% at the midpoint, excluding the training business. Additionally, we have the opportunity for increased future growth in the tactical drone area, once the government moves forward and procures affordable high-performance jet drones, which the customer has recently publicly stated they are planning to do. When the customer makes this decision, Kratos will be ready.

總而言之，儘管全球新冠疫情大流行、供應鏈中斷持續且日益嚴重，而且聯邦政府在整個第四季度繼續採取解決方案，但 Kratos 的 2021 年表現還是不錯的。即使有這些持續存在的問題和挑戰，我們預計 2022 年的有機成長比 2021 年的年比有機成長約為 5% 至 10%，中間為 7%（不包括培訓業務）。此外，一旦政府向前邁進並購買價格實惠的高性能噴氣式無人機（客戶最近公開表示他們計劃這樣做），我們就有機會在戰術無人機領域實現未來的成長。當客戶做出這個決定時，奎托斯就準備好了。

For our initial '22 financial guidance, of which Deanna will be providing the details, I want to emphasize a few points. The current CRA has obviously been going on for the past 5 months since October 1, '21 and is currently expected to continue at least through March 11, 2022. The CRA is directly adversely impacting our industry and Kratos, including as related to our 2020 new financial forecast and in particular, our 2022 first quarter, the entirety of which has been covered by a continuing resolution to date. Based on our current backlog forecast, execution and delivery pipeline and with an expected March '22 DoD budget approval, we expect Kratos' second half of '22 to be substantially greater than the first half. Simply stated, we have the programs, the contractual backlog and the visibility for '22. We need the budget, and then we will have a lot of executing to do over the last 9 months of Kratos' fiscal year, assuming we get this budget in March.

對於我們最初的 22 年財務指導（Deanna 將提供詳細資訊），我想強調幾點。目前的CRA 顯然自21 年10 月1 日以來已經持續了過去5 個月，目前預計至少將持續到2022 年3 月11 日。CRA 對我們的行業和Kratos 產生直接不利影響，包括與我們2020 年相關的影響新的財務預測，特別是我們的 2022 年第一季度，迄今為止的持續決議涵蓋了整個財務預測。根據我們目前的積壓預測、執行和交付管道以及預計 22 年 3 月國防部預算批准，我們預計 Kratos 的 22 年下半年將大大高於上半年。簡而言之，我們有 22 年的計劃、合約積壓和可見性。我們需要預算，假設我們在 3 月收到這份預算，那麼在 Kratos 財政年度的最後 9 個月裡我們將有大量執行工作要做。

From an operational standpoint, Kratos' space, satellite and cyber business, our company's largest and very rapidly growing is transitioning from long-cycle dedicated hardware-centric ground infrastructure products and programs to quicker turn software-based and defined virtualized solutions. As we saw most recently in 2021, this new and increasing software element of our satellite business and the related quick customer order development delivery aspect results in cyclicality. Cyclicality of customer orders, revenue generation and profit rates, including around the September 30 federal government fiscal year-end, when the government customer typically obligates substantial funds and make significant procurement decisions to ensure 100% budgeted funding utilization.

從營運角度來看，Kratos 的空間、衛星和網路業務是我們公司最大且成長非常迅速的業務，它正在從長週期專用的以硬體為中心的地面基礎設施產品和計劃過渡到更快轉向基於軟體和定義的虛擬化解決方案。正如我們在 2021 年最近看到的那樣，我們衛星業務的這一新的且不斷增加的軟體元素以及相關的快速客戶訂單開發交付方面導致了週期性。客戶訂單、收入產生和利潤率的周期性，包括 9 月 30 日聯邦政府財政年度結束前後，政府客戶通常會承擔大量資金並做出重大採購決策，以確保 100% 的預算資金利用率。

Also contributing to our space, satellite and cyber businesses cyclicality and expected increased revenue and profit around Kratos' Q3 and Q4 of '22 is a calendar year end is also when non-DoD customers typically procure products and solutions, including for similar budgetary spend reasons. Accordingly, for '22 and going forward, for Kratos' space and satellite and cyber business, we expect to forecast increased revenues and margins in our fiscal Q3 and Q4, with substantially lower expected revenue and margins in Q1 and Q2 to reflect this business cyclicality we have experienced, including just finish 2021. This business cyclicality also impacts the leverage Kratos receives on our fixed overhead, G&A, research and development and other expenditures.

此外，Kratos 的22 年第三季和第四季的預期營收和利潤成長也有助於我們的太空、衛星和網路業務的週期性成長，這也是非國防部客戶通常採購產品和解決方案的時間，包括出於類似的預算支出原因。因此，對於「22」及未來的奎托斯太空、衛星和網路業務，我們預計第三季和第四財季的營收和利潤率將增加，第一季和第二季的預期營收和利潤率將大幅降低，以反映這種業務週期性。我們經歷過，包括剛結束的 2021 年。這種業務週期性也影響了 Kratos 在固定管理費用、一般管理費用、研發和其他支出上獲得的槓桿。

As obviously, when we have higher revenues, we generate higher profit margins as we just saw in Q4. We have reflected this expected cyclicality and second half increased operating leverage and anticipated revenue mix for our space, satellite and cyber business in the '22 financial guidance we provided today, which we believe may be even more pronounced this year as a result of the ongoing extended continuing resolution.

顯然，當我們有更高的收入時，我們會產生更高的利潤率，正如我們在第四季度看到的那樣。我們在今天提供的 22 年財務指引中反映了這種預期的周期性以及下半年營運槓桿增加和太空、衛星和網路業務的預期收入組合，我們認為，由於持續的延長持續決議。

With that, I'll turn it over to Deanna.

有了這個，我會把它交給迪安娜。

Thank you, Eric. Good afternoon. As we have included a detailed summary of the fourth quarter and fiscal year financial performance and financial guidance in the press release we published earlier today, I will limit my comments to the highlights in my remarks today.

謝謝你，埃里克。午安.由於我們在今天早些時候發布的新聞稿中詳細總結了第四季度和本財年的財務業績和財務指引，因此我的評論僅限於今天發言中的重點內容。

Kratos' fourth quarter 2021 revenues of $211.6 million was at the midpoint of our estimated range of $205 million to $215 million. We achieved the midpoint in spite of continued COVID-related supply chain and other delays, which impacted revenues by $11.2 million during the quarter, with the most significant impact in our C5ISR and our international commercial SatCom businesses. Our Q4 '21 consolidated operating income was $9.2 million, up from the fourth quarter of 2020 operating income of $9 million, which includes fourth quarter 2021 increases in R&D of $1.4 million, primarily in our Space and Satellite and Unmanned Systems businesses, and increased SG&A costs of $4.8 million, primarily resulting from our increase in revenues as well as due to increased head count in our Unmanned Systems business, resulting from the growth in this business. In particular, total headcount in our Unmanned Systems business has increased 90 heads from 812 in Q4 of '20 to 902 in Q4 of '21 as this business experienced a 24% increase in revenues from 2020 to 2021 with additional future growth expected.

Kratos 2021 年第四季的營收為 2.116 億美元，處於我們估計的 2.05 億美元至 2.15 億美元範圍的中點。儘管與新冠病毒相關的供應鏈和其他延誤持續存在，影響了本季收入 1,120 萬美元，其中對我們的 C5ISR 和國際商業衛星通訊業務的影響最為顯著，但我們仍實現了中點。我們21 年第4 季的合併營業收入為920 萬美元，高於2020 年第四季的900 萬美元營業收入，其中包括2021 年第四季研發費用增加140 萬美元，主要是我們的太空、衛星和無人系統業務，以及SG&A 的增加成本為 480 萬美元，主要是由於我們的收入增加以及由於該業務的增長而導致我們的無人系統業務的人員數量增加。特別是，我們的無人系統業務的總人數從20 年第四季的812 人增加到21 年第四季的902 人，增加了90 人，因為該業務從2020 年到2021 年的收入增長了24%，預計未來還會進一步成長。

Net loss was $2.6 million for the fourth quarter of '21 and a GAAP loss of $0.02 per share compared to net income of $78.1 million in the fourth quarter of 2020 and GAAP EPS of $0.62, which included a nonrecurring tax credit of $75.3 million. Included in the net income for the fourth quarter was a tax provision of $4.5 million on income tax -- income before taxes of $3 million or an approximate 150% tax provision rate. As a reminder, we have approximately $235 million of U.S. federal net operating losses, which we expect to continue to substantially shield us from domestic-based federal income cash tax payments.

21 年第四季淨虧損為260 萬美元，以GAAP 計算每股虧損0.02 美元，而2020 年第四季淨利為7,810 萬美元，GAAP 每股盈餘為0.62 美元，其中包括7,530 萬美元的非經常性稅收抵免。第四季淨收入包括 450 萬美元的所得稅稅收撥備，即稅前收入 300 萬美元，約 150% 的稅收撥備率。提醒一下，我們有大約 2.35 億美元的美國聯邦淨營運虧損，我們預計這將繼續大幅保護我們免受國內聯邦所得稅現金繳納。

We generated adjusted EBITDA of $23.4 million for the quarter at the higher end of our expected range of $20 million to $24 million, which included a more favorable mix of revenues in Kratos' space, satellite and cyber business, resulting primarily from higher margin software sales and work performed on certain confidential programs as well as a more favorable mix in our Microwave Products business. In the fourth quarter, our Unmanned Systems segment reported revenues of $54.4 million, up 9.9% from the fourth quarter of 2020, including ramps in production in certain drone programs, including the BQM-177 and Valkyrie-related work.

我們本季調整後的EBITDA 為2,340 萬美元，處於我們預期範圍2,000 萬美元至2,400 萬美元的高端，其中包括Kratos 太空、衛星和網路業務的更有利的收入組合，這主要歸功於軟體銷售利潤率的提高某些機密項目的工作以及我們微波產品業務中更有利的組合。第四季度，我們的無人系統部門營收為 5,440 萬美元，比 2020 年第四季成長 9.9%，其中包括 BQM-177 和 Valkyrie 相關工作等某些無人機專案的產量增加。

KGS reported revenues of $157.2 million in the fourth quarter of '21, up from $156.9 million in the fourth quarter of 2020, which included year-over-year growth in our space satellite and cyber business of $14.6 million and in our Microwave Products and Turbine Technologies businesses of $5.4 million, offset by a $9.4 million year-over-year decrease in our training solutions business, resulting primarily from the loss of an international training contract and a year-over-year reduction of $2.5 million in our C5ISR business, resulting primarily from supply chain and COVID-related disruptions.

KGS 報告稱，2021 年第四季的營收為 1.572 億美元，高於 2020 年第四季的 1.569 億美元，其中包括我們的太空衛星和網路業務以及微波產品和渦輪機業務的同比增長 1460 萬美元技術業務收入540 萬美元，被我們的培訓解決方案業務同比減少940 萬美元所抵消，這主要是由於失去國際培訓合約以及我們的C5ISR 業務同比減少250 萬美元，導致主要來自供應鏈和新冠肺炎相關的中斷。

On a pro forma basis, excluding the reduction in our training business, KGS revenue grew organically 6.8% in the fourth quarter of '21 over 2020, including organic growth across our space, satellite and cyber business at 9% and organic growth in our Microwave Products and Turbine Technologies business. As discussed earlier, KGS' fourth quarter revenues were negatively impacted by disruptions and delays in COVID-related supply chain deliveries and other issues, resulting in revenues of approximately $10.7 million expected in the fourth quarter deferred to future periods.

按預計，不包括培訓業務的減少，KGS 2020 年第四季營收有機成長 6.8%，其中太空、衛星和網路業務有機成長 9%，微波業務有機成長產品和渦輪機技術業務。如前所述，KGS 第四季度收入受到與新冠肺炎相關的供應鏈交付中斷和延遲以及其他問題的負面影響，導致第四季度預計收入約 1,070 萬美元推遲到未來各期。

KGS' fourth quarter '21 operating income and adjusted EBITDA were positively impacted by a favorable mix of revenues, including increased software product deliveries, which were previously expected in the first quarter of '22, replacing certain lower margin work and hardware products that were originally forecasted for Q4 '21, which are now forecast for execution and delivery in Q1 of '22. FY '21 cash flow from operations improved approximately $10 million to $15 million from our original FY '21 forecast of $20 million to $25 million, primarily due to the estimated investment in nonrecurring engineering in our ballistic missile target business, which was originally forecasted at $10 million compared to the $4 million that was incurred in 2021 as well as additional customer advance payments that were received in 2021. In addition, actual capital expenditures were approximately $9 million to $14 million less than originally forecasted for '21.

KGS '21 年第四季度的營業收入和調整後的EBITDA 受到有利的收入組合的積極影響，包括軟體產品交付量的增加，此前預計在22 年第一季度，取代了最初的某些利潤較低的工作和硬體產品預計在 21 年第 4 季進行，現在預計在 22 年第 1 季執行和交付。 21 財年營運現金流量比我們最初預測的21 財年2,000 萬美元至2,500 萬美元增加了約1,000 萬美元至1,500 萬美元，這主要是由於我們彈道飛彈目標業務的非經常性工程投資預計為10美元與2021 年發生的400 萬美元以及2021 年收到的額外客戶預付款相比，實際資本支出減少了約900 萬至1400 萬美元。21 年實際資本支出比最初預測少了約900 萬至1400萬美元。

In summary, these differences in our original 2021 estimates of investments in nonrecurring engineering costs and capital expenditures primarily represent timing differences totaling $15 million to $20 million, whereby these expenditures are now expected to be incurred and funded in '22. Our contract mix for the quarter was 79% fixed price, 18% cost type contracts and 3% time and material contracts. Revenues generated from contracts with the U.S. federal government during the quarter were approximately 66%, including revenues generated from contracts with the DoD, non-DoD federal government agencies and FMS contracts.

總之，我們最初對 2021 年非經常性工程成本和資本支出投資估計的這些差異主要代表了總計 1500 萬美元至 2000 萬美元的時間差異，因此這些支出現在預計將在 2022 年發生並提供資金。我們本季的合約組合為 79% 固定價格合約、18% 成本類型合約以及 3% 時間和材料合約。本季與美國聯邦政府簽訂的合約產生的收入約為 66%，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。

In Q4, we generated 9% of revenues from commercial customers and 25% from foreign customers. Our backlog at quarter end was $953.9 million, up sequentially from third quarter end backlog of $839.1 million, with consolidated bookings of $323 million and a book-to-bill ratio of 1.5:1 for the fourth quarter. Funded backlog at quarter end was $653.7 million with $300.2 million unfunded. For the 12 months ended December 26, our consolidated book-to-bill ratio was 1:1 with total bookings of $840 million.

第四季度，我們9%的營收來自商業客戶，25%來自外國客戶。我們季末的積壓訂單為 9.539 億美元，比第三季末的積壓訂單 8.391 億美元增加，第四季的綜合預訂量為 3.23 億美元，訂單出貨比為 1.5:1。截至季末，已籌措資金的積壓金額為 6.537 億美元，其中 3.002 億美元尚未籌措資金。截至 12 月 26 日的 12 個月，我們的綜合預訂與出貨比為 1:1，預訂總額為 8.4 億美元。

Moving on to financial guidance. Our fiscal '22 financial guidance we provided today includes our current forecasted business mix and our assumptions related to the expected continued impact of employee absenteeism, supply chain disruptions and related expected price increases, travel restrictions and other COVID-related items that have or are currently impacting the industry and Kratos. In January and February of '22, Kratos experienced a significant increase in the intensity and effects of COVID-19, including the new Omicron variant and the related impact to our employees, absenteeism, consultants vendors, suppliers, customers, et cetera, which impact included loss of weeks of manufacturing and production functions in our unmanned systems, C5ISR and likely products businesses. We have assumed that these COVID-19-related impacts to our business, which are significantly impacting our fiscal first quarter '22 forecast will begin to subside in our second fiscal quarter and continue to improve throughout our fiscal '22.

轉向財務指導。我們今天提供的 22 財年財務指引包括我們目前預測的業務組合以及我們對員工缺勤、供應鏈中斷和相關預期價格上漲、旅行限制和其他新冠相關項目的預期持續影響相關的假設。影響行業和奎托斯。在22 年1 月和2 月，Kratos 經歷了COVID-19 的強度和影響顯著增加，包括新的Omicron 變體以及對我們的員工、缺勤、顧問供應商、供應商、客戶等的相關影響，這些影響包括我們的無人系統、C5ISR 和可能的產品業務的製造和生產功能損失數週。我們假設這些與 COVID-19 相關的對我們業務的影響（對我們 22 年第一財季的預測產生重大影響）將在我們第二財季開始消退，並在整個 22 財年繼續改善。

As Eric discussed, there is currently no federal fiscal '22, October 1, '21 to September 30, '22, defense budget in place, and the defense industry is currently operating under a federal budget continuing resolution authorization, which Kratos has been operating under throughout our fourth quarter of fiscal '21 and thus far during our first quarter of fiscal '22. Under a CRA, there are no new start program awards or new programs of record, no increases in production on existing programs and no transition from existing development programs to production among other things, all of which impact Kratos. The effects of the current CRA and continued supply chain delays and disruptions adversely impacted Kratos' fourth quarter of '21 and are expected to adversely impact Kratos' fiscal '22, in particular, first and second quarter financial performance, which current estimated impact has been included in our '22 financial guidance.

正如艾瑞克所討論的，目前沒有聯邦財政'22，10月1日，'21至9月30日，'22國防預算到位，國防工業目前正在聯邦預算持續決議授權下運作，克雷托斯一直在運作整個 21 財年第四季以及迄今為止的 22 財年第一季。根據 CRA，沒有新的啟動項目獎勵或新的記錄項目，沒有增加現有項目的產量，也沒有從現有開發項目到生產的過渡等，所有這些都會影響奎托斯。目前CRA 的影響以及持續的供應鏈延誤和中斷對Kratos 的21 年第四季度產生了不利影響，預計也會對Kratos 的22 財年產生不利影響，特別是第一季和第二季的財務業績，目前估計的影響已包含在我們的 '22 財務指南中。

We currently estimate that the impact to our first quarter revenues is $12 million to $15 million and $2 million to $4 million to our adjusted EBITDA. The existing CRA currently expires on March 11, '22, at which time we have assumed that a federal fiscal '22 defense budget will be approved and become law, which assumption is included in our '22 financial guidance. However, once finalized, the approved and authorized '22 DoD budget may be different and include substantially different funding amounts than what we are currently estimating and its timing is uncertain at this time.

我們目前估計，這對我們第一季營收的影響為 1,200 萬至 1,500 萬美元，對調整後 EBITDA 的影響為 200 萬至 400 萬美元。現有的 CRA 目前將於 22 年 3 月 11 日到期，屆時我們假設聯邦財政 '22 國防預算將獲得批准並成為法律，該假設包含在我們的 '22 財務指南中。然而，一旦最終確定，批准和授權的 '22 DoD 預算可能會有所不同，並且包括與我們目前估計的資金數額大不相同的資金數額，而且其時間目前還不確定。

Additionally, the longer the CRA continues beyond its current 3/11/22 expiration date, the greater the potential adverse impact to the defense industry and the company. If the current CRA goes substantially beyond the current 3/11 expiration date, we will update our financial guidance when we report our first quarter results, if necessary, at that time. Although we have operated under an extended CRA in previous years, the most recent government DoD fiscal '21 budget from October 1, 2020, to September 30, '21, was signed into law as of October 2020, which meant that the industry and Kratos had a DoD budget for the entire last fiscal year.

此外，CRA 在當前 2022 年 3 月 11 日到期後持續的時間越長，對國防工業和公司的潛在不利影響就越大。如果目前的 CRA 大幅超出目前 3/11 到期日，我們將在報告第一季業績時更新我們的財務指引（如有必要）。儘管我們前幾年一直在延長的CRA 下運營，但從2020 年10 月1 日到21 年9 月30 日的最新政府DoD 21 財年預算已於2020 年10 月簽署成為法律，這意味著該產業和Kratos擁有整個上一財年的國防部預算。

The situation is much different for fiscal '22 as we have been operating under an extended CRA for over 5 months. In addition, the impact of the extended CRA may be more pronounced for Kratos in '22 due to a number of expected new program starts or expected increases in production lot size quantities and anticipated transition from development efforts to production, including in our unmanned systems, space, satellite and cyber and rocket systems businesses and C5ISR business areas. As a result of these factors, as we have discussed, we are forecasting approximately flat organic growth for our first quarter of '22 at the higher end of our estimated range compared to '21, excluding the contribution from the recent acquisitions of CTT and Cosmic AES of approximately $10 million to $12 million in revenues, offset by the loss of the international trading contracts, which contributed $8.3 million in Q1 of '21.

22 財年的情況有很大不同，因為我們已經在延長的 CRA 下運作了 5 個多月。此外，由於許多預期的新計劃啟動或生產批量數量的預期增加以及預期從開發工作到生產的過渡（包括在我們的無人系統中），延長的CRA 對Kratos 的影響可能會在22 年更加明顯，太空、衛星、網路和火箭系統業務以及 C5ISR 業務領域。正如我們所討論的，由於這些因素，我們預計 22 年第一季的有機成長將基本持平，與 21 年相比處於我們估計範圍的高端，不包括最近收購 CTT 和 Cosmic 的貢獻AES 的收入約為1000 萬至1200 萬美元，被國際貿易合約的損失所抵消，國際貿易合約在21 年第一季貢獻了830 萬美元。

Our quarterly forecasted EBITDA performance is also impacted by these industry and cyclicality factors, including our inability to realize leverage on our fixed G&A, overhead manufacturing and research and development costs, particularly in our 2022 Q1 and Q2 operating period. Additionally, our forecasted first quarter EBITDA is further impacted by our expected mix of revenues, including an increased mix of lower-margin development programs and international commercial satellite hardware programs and an expected reduced volume of higher-margin software solution deliveries, which were delivered earlier than originally anticipated in the fourth quarter of '21.

我們的季度預測 EBITDA 業績也受到這些產業和週期性因素的影響，包括我們無法實現固定 G&A、間接製造和研發成本的槓桿作用，特別是在 2022 年第一季和第二季營運期間。此外，我們預測的第一季EBITDA 進一步受到我們預期收入組合的影響，包括利潤率較低的開發計劃和國際商業衛星硬體計劃的增加，以及較早交付的較高利潤率軟體解決方案交付量的預期減少高於 21 年第四季的最初預期。

As we continue to transition our space and satellite business from a hardware to software focused solution, financial performance will tend to be more cyclical, lumpy and more sensitive to delivery schedules. As we have discussed before, and I had noted previously, Kratos' FY '22 estimated revenues include the final impact of the 2021 loss of a large international training contract, which contributed approximately $13 million to the company's FY '21 first and second quarter revenues. The loss of this international training contract presents a '22 versus '21 revenue comparison headwind for Kratos in our first and second quarters this year.

隨著我們繼續將太空和衛星業務從以硬體為中心的解決方案過渡到以軟體為中心的解決方案，財務業績將趨於更具週期性、波動性，並且對交付時間表更加敏感。正如我們之前討論過的，我之前也指出過，Kratos 的22 財年預計收入包括2021 年失去一份大型國際培訓合約的最終影響，該合約為該公司21 財年第一季度和第二季度的收入貢獻了約1300 萬美元。失去這份國際培訓合約為 Kratos 今年第一季和第二季的收入帶來了 22 年和 21 年收入的不利影響。

As I mentioned previously, our fiscal '22 guidance includes an estimated contribution from the recently closed CTT and Cosmic AES acquisitions, which consists of revenue adjusted EBITDA of approximately 45 and $1.5 million to $2 million, respectively. As Eric mentioned, the profit margins for Cosmic are currently lower than our space and satellite business due to the existing nature of work they perform and their contractual arrangements. On a pro forma basis, we are forecasting pro forma organic revenue growth, excluding the loss of the international training contract on a consolidated basis at the midpoint of our $880 million to $920 million range of approximately 7%.

正如我之前提到的，我們的 22 財年指引包括最近完成的 CTT 和 Cosmic AES 收購的估計貢獻，其中收入調整後的 EBITDA 分別約為 45 美元和 150 萬美元至 200 萬美元。正如 Eric 所提到的，由於 Cosmic 現有的工作性質和合約安排，Cosmic 的利潤率目前低於我們的太空和衛星業務。在預估的基礎上，我們預測預估的有機收入成長（不包括國際培訓合約的損失）在 8.8 億美元至 9.2 億美元範圍的中點，約為 7%。

For our Unmanned Systems business, we are forecasting annual revenues of $245 million to $255 million, with expected growth in our tactical business from approximately $55 million in 2021 to $70 million to $80 million or over 35% growth at the midpoint range. Our Tactical business grew from approximately $30 million in 2020 to approximately $55 million in '21. The revenue trajectory of our Unmanned Systems business is expected to be more heavily weighted in the second half of '22 with the expected ramp driven by expected funding and related contract awards once a budget is in place. The recent international contract target drone contract that Eric mentioned earlier is not currently expected to contribute to 2022 due to the contractual terms and the new revenue recognition standards under which revenue is currently expected to be recognized as targets are delivered rather than as progress is completed on a percentage of completion basis.

對於我們的無人系統業務，我們預計年收入為 2.45 億至 2.55 億美元，戰術業務預計將從 2021 年的約 5,500 萬美元增長到 7,000 萬至 8,000 萬美元，或中點增長超過 35%。我們的戰術業務從 2020 年的約 3,000 萬美元成長到 2021 年的約 5,500 萬美元。一旦預算到位，預計資金和相關合約授予將推動我們的無人系統業務的收入軌跡在 22 年下半年得到更大的權重。埃里克之前提到的最近的國際合約目標無人機合約目前預計不會對2022 年做出貢獻，因為合約條款和新的收入確認標準目前預計收入將在目標交付時確認，而不是在進度完成時確認。完成百分比的基礎。

For our KGS business, we are forecasting FY '22 revenues of $635 million to $665 million, with pro forma organic revenue growth, excluding our training business of approximately 6% at the range midpoint. The largest piece of our KGS business, our space, satellite and cyber business is forecasted to grow organically approximately 10% with estimated organic revenue growth for fiscal '22 for all Kratos business units expected with the [exception] of our training and legacy government services business.

對於我們的 KGS 業務，我們預計 22 財年的收入將達到 6.35 億美元至 6.65 億美元，預計有機收入將成長，不包括我們約 6% 的培訓業務。我們KGS 業務中最大的部分，即我們的太空、衛星和網路業務，預計將有機成長約10%，預計所有Kratos 業務部門在22 財年的有機收入將成長，但我們的培訓和傳統政府服務[例外]商業。

As I mentioned earlier, our estimated FY '22 free cash flow includes approximately $15 million to $20 million of a carryover from FY '21, representing nonrecurring engineering investment and capital expenditures that were timing differences that were not funded in 2021, but are expected to be incurred in 2022. We expect '22 capital expenditures to remain elevated at approximately $55 million to $65 million, which includes approximately $25 million to $30 million for expected normal annual maintenance capital expenditures. As Eric stated, our '22 estimated CapEx budget does not currently include an additional [spinal production line for Valkyrie's] above the initial 12 production line or other potential investments in tactical drone systems.

正如我之前提到的，我們估計的22 財年自由現金流包括從21 財年結轉的約1500 萬至2000 萬美元，代表非經常性工程投資和資本支出，這些時間差異在2021 年沒有提供資金，但預計將在2021 年提供資金。將於2022 年發生。我們預計'22 資本支出將保持在約5500 萬至6500 萬美元的高位，其中包括約2500 萬至3000 萬美元的預期正常年度維護資本支出。正如 Eric 所說，我們的 22 年估計資本支出預算目前不包括最初 12 條生產線之外的額外 [Valkyrie 脊椎生產線] 或戰術無人機系統的其他潛在投資。

We will make any necessary changes to our forecast when and if an additional lot of investment is initiated. As we have discussed, we're currently waiting for the CRA to end approval of the 2022 defense budget and the 2023 DoD budget request and Future Years Defense Program submission, each of which program and related funding content may significantly impact Kratos' current '22 and future internally funded investment expectations, in particular with respect to the company's Unmanned Systems business. Accordingly, once these funding commitments become law or a finalized and we have assessed them, we may adjust our currently forecast internal investment and capital expenditure plans.

當額外的投資開始時，我們將對我們的預測做出任何必要的改變。正如我們所討論的，我們目前正在等待CRA 結束對2022 年國防預算和2023 年國防部預算請求以及未來幾年國防計劃提交的批准，每個計劃和相關資金內容都可能對克雷托斯當前的「22」計畫產生重大影響以及未來內部資助的投資預期，特別是與公司的無人系統業務有關的投資預期。因此，一旦這些資金承諾成為法律或最終確定，並且我們對其進行了評估，我們可能會調整我們目前預測的內部投資和資本支出計劃。

Finally, we also announced today the refinancing of our 6.5% senior notes and $90 million revolving line of credit with a new 5-year $200 million revolving credit facility and 5-year $200 million term loan A. We have drawn approximately $200 million under the Term Loan A and approximately $100 million on the new revolving credit facility with $100 million remaining in borrowing capacity on the revolver. The proceeds of borrowings under the new facilities of $300 million along with cash funded by the company for the premium of 3.25% and accrued interest or approximately $16 million was funded to the trustee for redemption of the company's outstanding $300 million notes, which is expected to close on March 14, 2022.

最後，我們今天也宣布透過一項新的5 年期2 億美元循環信貸安排和5 年期2 億美元定期貸款A 對我們的6.5% 優先票據和9,000 萬美元循環信貸額度進行再融資。我們已根據該計劃提取了約2 億美元。定期貸款 A 和約 1 億美元的新循環信貸額度，其中循環信貸額度剩餘 1 億美元。新融資下的 3 億美元借款收益以及公司以 3.25% 的溢價和應計利息提供的現金（約 1,600 萬美元）已提供給受託人，用於贖回公司未償還的 3 億美元票據，預計將於2022 年3 月14 日關閉。

As a result of the refinancing, the company expects to record onetime charges of approximately $13 million to $15 million in its fiscal '22 first quarter comprised of a [$3.25 million] call premium and the write-off of the deferred financing costs associated with the original financing transactions. The cost of this refinancing, including the call premium is expected to be recouped in approximately 12 months with expected savings of approximately $10 million to $13 million in cash interest payments annually based on current interest rates and the amount currently drawn. The borrowing rate under the new facilities is at [SOFR], which is the replacement of LIBOR, plus certain adjustments, which is currently approximately just over 2% versus the 6.5% under the senior notes. The rate is adjustable, so we will monitor the market closely to determine if hedging would be beneficial in the future. Eric?

由於再融資，該公司預計在其22 財年第一季將記錄約1,300 萬至1,500 萬美元的一次性費用，其中包括[325 萬美元] 贖回溢價以及與本次融資相關的遞延融資成本沖銷。原始融資交易。此次再融資的成本（包括贖回溢價）預計將在約 12 個月內收回，根據當前利率和目前提取的金額，預計每年可節省約 1,000 萬至 1,300 萬美元的現金利息支付。新設施下的借款利率為[SOFR]，它取代了倫敦銀行間同業拆借利率(LIBOR)，加上某些調整，目前約為略高於2%，而優先票據下的借款利率為6.5%。該利率是可調的，因此我們將密切監控市場以確定對沖在未來是否有利。艾瑞克？

Great. Thank you, Deanna. I want to conclude with a couple of thoughts relative to what the employees of the company have accomplished over the past few years. Over the past several years, we've made substantial internally funded investments, including in the development of a suite of affordable high-performance jet drone aircraft that are flying today and that we believe are ready now to be the Pentagon's low-cost attributable force multiplier unmanned combat system. We developed the low-cost rocket system that has had numerous successful missions, including hypersonic, and we are developing a more advanced system and an affordable hypersonic vehicle, Erinyes, with initial flight now being planned.

偉大的。謝謝你，迪安娜。最後，我想對公司員工在過去幾年所取得的成就發表一些看法。在過去的幾年裡，我們進行了大量的內部投資，包括開發一套經濟實惠的高性能噴射無人機，這些飛機今天正在飛行，我們相信它們現在已經準備好成為五角大廈的低成本歸屬部隊倍增無人作戰系統。我們開發了低成本火箭系統，該系統已經完成了許多成功的任務，包括高超音速任務，我們正在開發更先進的系統和價格實惠的高超音速飛行器Erinyes，目前正在計劃首次飛行。

We have developed and are first to market with a truly software-based virtual satellite ground operating command and control TT&C based open architecture system, open space, which we believe will be market disrupting. And we are working to develop a next generation of turbojet, turbofan and other exotic engines for drones, missiles, powered munitions and other systems with the first of our engines now entering limited production for an aerial vehicle with additional production awards expected. We are working closely with our Pentagon customer set and Congress, including to invigorate the U.S. industrial base, increased competition, foster real innovation, drive down costs and secure our country. The [same quantity] has a quality all of its own, is becoming more and more relevant every day. And we are accomplishing all of this while we continue to organically grow Kratos' revenue, our profit, our expected cash flows as we reported today with an unwavering focus on delivering value for the shareholders.

我們開發了真正基於軟體的虛擬衛星地面操作指揮和控制 TT&C 開放式架構系統 open space，並率先將其推向市場，我們相信這將顛覆市場。我們正在努力開發下一代渦輪噴射發動機、渦輪風扇發動機和其他用於無人機、飛彈、動力彈藥和其他系統的奇異發動機，我們的第一款發動機現已進入飛行器的有限生產階段，預計還將獲得額外的生產獎勵。我們正在與五角大廈客戶群和國會密切合作，包括振興美國工業基礎、增加競爭、促進真正的創新、降低成本並確保我們的國家安全。 [相同的數量]有其自身的品質，並且每天都變得越來越相關。正如我們今天所報告的那樣，我們正在實現這一切，同時繼續有機成長 Kratos 的收入、利潤和預期現金流，堅定不移地致力於為股東創造價值。

Thank you to our employees and all Kratos stakeholders who are committed to the successful execution of the mission. And with that, I'll turn it over to the moderator for questions.

感謝我們的員工和所有致力於成功執行使命的 Kratos 利害關係人。接下來，我將把它交給主持人提問。

(Operator Instructions) Our first question comes from the line of Mike Crawford with B. Riley Securities.

（操作員說明）我們的第一個問題來自 B. Riley Securities 的 Mike Crawford。

Eric, is the decision on the [OBSS demo/Gorgon downselect] expected this year? Or is that a '23 event?

Eric，關於 [OBSS 演示/Gorgon downselect] 的決定預計會在今年嗎？還是那是 23 年的活動？

I believe, Mike, the customer announced that it will be Q4 of this year, I believe.

我相信，麥克，客戶宣布將是今年第四季度，我相信。

Okay. And then did you say that the CTT and Cosmic AES acquisitions were made in the fourth quarter? Or were some of those acquisitions made in the first quarter? And are there earn-outs associated with them that you can discuss?

好的。然後你說CTT和Cosmic AES的收購是在第四季進行的嗎？或者其中一些收購是在第一季進行的？您可以討論與它們相關的收益嗎？

Yes. Mike, so the CTT acquisition was performed in the fourth quarter. Part of the purchase price was actually paid though in the first quarter, and the Cosmic acquisition was in our first quarter. And there are no earnouts.

是的。 Mike，所以CTT收購是在第四季進行的。部分收購價實際上是在第一季支付的，而 Cosmic 的收購是在我們第一季進行的。而且沒有收益。

And see they are in the first one closed right at the end of the quarter, right? At the fourth quarter.

看看他們是在本季末關閉的第一個，對嗎？在第四季。

Yes.

是的。

Yes. Right at the end, Mike, literally, like the last day of the quarter, something like that.

是的。就在最後，麥克，從字面上看，就像季度的最後一天，類似的事情。

And then combined, you paid [what for the 2]?

然後綜合起來，你付了[2個的費用]？

About $60 million.

約6000萬美元。

Okay, $60 million. And then just thank you for giving that guidance. Just final question for me would be, what, if anything, should we be looking for not only in this forthcoming delayed government fiscal '22 budget, but also in the soon to emerge '23 budget requests related to Skyborg or anything else that will give us more clarity on where you might be able to go, particularly with tactical unmanned systems?

好吧，6000 萬美元。然後感謝您提供的指導。對我來說，最後一個問題是，我們不僅應該在即將到來的延遲的政府22 財年預算中尋找什麼（如果有的話），而且還應該在即將出現的與Skyborg 或其他任何相關的23 預算在請求中尋找什麼。讓我們更清楚地了解您可以去往何處，特別是戰術無人系統？

I believe, Mike, probably right now the most publicly available data point we can talk about relative to that is on the Secretary of the Air Force, where he said that he is looking to put into the 2023 request and the [related fight]. Funding for 2 new additional unmanned combat drone aircraft. Okay. In addition to that, for the '23 budget as you, I think you're aware, the NDA signed by the President for the '22. There are a handful of items in there related to current Kratos programs that we're waiting for that would, could potentially fall over into 2023. Those are the 2.

麥克，我相信，目前我們可以談論的最公開的數據點可能是關於空軍部長的，他說他正在考慮將其納入 2023 年請求和[相關戰鬥]。為另外 2 架新的無人作戰無人機提供資金。好的。除此之外，對於 '23 預算，我想您也知道，總統為 '22 簽署了 NDA。其中有一些與目前 Kratos 計劃相關的項目，我們正在等待這些項目可能會推遲到 2023 年。這些是 2。

Our next question comes from the line of Christopher Rieger with Berenberg Capital Markets.

我們的下一個問題來自 Berenberg Capital Markets 的 Christopher Rieger。

So if the current continuing resolution, continues to be pushed out obviously Kratos isn't the only company impacted. So what sort of lingering effects particularly on your supply chain would you anticipate to be the most pronounced and what can you do on your end to sort of mitigate these effects?

因此，如果目前的持續決議繼續被推遲，顯然 Kratos 並不是唯一受到影響的公司。那麼，您預期哪種揮之不去的影響（特別是對您的供應鏈而言）是最明顯的？您可以採取哪些措施來減輕這些影響？

Right. We've -- I think we talked about in Q2 of last year and we've continued since then. We've routinely been buying ahead where we can, critical components, critical subsystems for our systems in the past month, relative to our 2022 plan forecast we put out today. We met with all the operating presidents and there are specific areas where we are leaning forward and we're going to try to buy a significant amount of stock. I think we've already placed the orders to get it under contract and get it inherence and fix the pricing because pricing is running on us. And we're doing this ahead of contract awards. We have visibility on the program. It's a Kratos program, but the contract award may not be made yet, where we're leaning forward and making those purchases as well. So those are the key things we have been doing and we're continuing to do to mitigate as much as we can.

正確的。我想我們在去年第二季就討論過，從那時起我們就一直在繼續。相對於我們今天發布的 2022 年計畫預測，過去一個月我們一直在盡可能提前購買系統的關鍵組件、關鍵子系統。我們會見了所有營運總裁，我們正在向某些特定領域傾斜，我們將嘗試購買大量股票。我認為我們已經下了訂單，將其納入合約並使其固有並確定定價，因為定價是由我們決定的。我們是在合約授予之前這樣做的。我們對該計劃有可見性。這是一個奎托斯計劃，但合約可能尚未授予，我們正在向前推進並進行這些採購。因此，這些是我們一直在做的關鍵事情，我們將繼續盡可能地減輕影響。

Great. Helpful. Just one more. I guess, a bigger picture. With regard to Valkyrie and Skyborg, what needs to occur from here on your end with your partners and at the DoD, in order for Skyborg to become a program of record?

偉大的。有幫助。還有一個。我想，更大的圖片。關於 Valkyrie 和 Skyborg，為了讓 Skyborg 成為一個記錄項目，您與您的合作夥伴以及國防部需要做什麼？

I am unable to address that specifically now. I want to, but I can't -- if you take a look at the recent Secretary of the Air Force comments that these -- I need to wait for the customer to talk about things. Things are moving, and we need to let the customer take point.

我現在無法具體解決這個問題。我想，但我不能——如果你看看最近空軍部長的評論，這些——我需要等待客戶來談論這些事情。事情正在發生變化，我們需要讓客戶明白這一點。

Our next question comes from the line of Sheila with Jefferies.

我們的下一個問題來自希拉和傑弗里斯的對話。

This is actually Ellen on for Sheila. Just looking at the 2022 margin guide, it's implied down about 50 bps at the midpoint. How much of that is mix versus supply chain and CR and all the other onetime items you called out? And can you give us any color across KGS versus unmanned?

這實際上是艾倫為希拉做的。只要看看 2022 年的保證金指南，就會發現中點下降了約 50 個基點。其中有多少是混合與供應鏈和 CR 以及您提到的所有其他一次性項目？能為我們介紹一下 KGS 與無人駕駛的差異嗎？

Yes. So as you know, in 2021, similar to '20 and '19, we continue to win a significant number of new tactical drone development programs. So for example, at the end of '21, we were awarded OBSS. That's just under a $20 million contract that's going to be substantially [burned] in 2022. It's a development program and development programs typically carry lower margins. Also, very importantly, GBSD, where we are teamed underneath Northrop Grumman. GBSD is based on our schedule is going to start significantly ramping in Q3, very significantly. And that's going to continue to ramp Q3, Q4 and then into '22 and beyond. As you know, this is the development phase with Northrop Grumman before production was awarded. Those margins and development programs, we will typically record at a lower revenue rate until we get more comfortable as we head toward production.

是的。如您所知，2021 年，與 20 年和 19 年類似，我們繼續贏得大量新的戰術無人機開發項目。例如，在 21 年底，我們獲得了 OBSS。這只低於一份 2000 萬美元的合同，該合約將在 2022 年大幅[燒毀]。這是一個開發項目，而開發項目的利潤率通常較低。另外，非常重要的是 GBSD，我們在諾斯羅普格魯曼公司的領導下進行團隊合作。 GBSD 根據我們的時間表，將在第三季開始大幅成長，非常顯著。這將在第三季、第四季繼續成長，然後進入 22 年及以後。如您所知，這是諾斯羅普格魯曼公司在授予生產之前的開發階段。這些利潤和開發計劃，我們通常會以較低的收入率記錄，直到我們在投入生產時感到更加舒適。

And then in addition to that, we have won a number of classified programs, okay, including in the space satellite communication and the drone area that are development that are carrying lower margins. So these are all what are forming the foundation why I'm staying with such confidence, our future year growth trajectory is up into the right. because we've been winning these programs, which means we're getting designed in on big potential production programs. That's what's causing the margins coming down a little bit thus far in '22.

除此之外，我們還贏得了一些機密項目，包括太空衛星通訊和無人機領域，這些項目的利潤率較低。因此，這些都是我保持如此信心的基礎，我們未來一年的成長軌跡是向右的。因為我們一直在贏得這些項目，這意味著我們正在設計具有巨大潛力的生產項目。這就是導致 22 年迄今為止利潤率略有下降的原因。

And just to add to that, Ellen, related to the supply chain and COVID impact for estimated for fiscal '22, that's $20 million to $25 million on the top line and $5 million to $8 million on the EBITDA line. That's having a pretty significant impact on some of our higher-margin business, especially in our Microwave Products business. So that is impacting -- clearly impacting the margins there and a couple of the other areas, but the most pronounced one is in our Microwave Products business there. And that is impacting the overall rate.

Ellen 補充道，與供應鏈和新冠疫情影響相關的 22 財年預計營收為 2,000 萬至 2,500 萬美元，EBITDA 為 500 萬至 800 萬美元。這對我們的一些高利潤業務產生了相當大的影響，特別是我們的微波產品業務。所以這正在產生影響——顯然影響了那裡和其他幾個領域的利潤率，但最明顯的是我們在那裡的微波產品業務。這正在影響總體比率。

Our next question comes from the line of Peter Arment with Baird.

我們的下一個問題來自彼得·阿門特和貝爾德的對話。

Can you talk a little bit about the further outlook if we think beyond 2022? I know the target business -- the target drone business you had always thought would ramp to $250 million plus. How do you think about that business now outside of just the tactical?

如果我們考慮 2022 年以後的情況，您能否談談進一步的展望？我知道目標業務——您一直認為目標無人機業務將增加 2.5 億美元以上。除了戰術之外，您現在如何看待這項業務？

We're making slow methodical progress toward that. The SSAT getting full rate production and now receiving that most recent production award is going to be an important step for us. That confidential program, that is, in LRIP -- I wish I could give you more information on it, I cannot -- that is heading toward full rate production probably next year. The international contract that I talked about today, if you recall, I mentioned that I think a year ago. And then I said, this one has been tied up because of the change in administration with Department of State. We just got it, okay? We have several others that we're expecting to get. So, those are all trending in the upward direction.

我們正在朝著這個目標緩慢而有條理地取得進展。 SSAT 獲得全速製作並獲得最新製作獎對我們來說將是重要的一步。這個機密項目，即 LRIP——我希望我能給你更多關於它的信息，但我不能——可能會在明年實現全速生產。我今天談到的國際合同，如果你還記得的話，我在一年前提到過。然後我說，由於國務院行政管理的變化，這個問題被擱置了。我們剛剛拿到了，好嗎？我們還有其他幾個我們期待得到的。所以，這些都呈現上升趨勢。

In the other direction, we received about 3 years ago a sole-source $100 million -- just under $100 million contract with the government agency for target drones. My opinion, I believe, for funding reasons with this service, it has rolled out thus far much slower than I had originally expected. So that's kind of been going the other direction. Those are the details at the forest over the tree level, the more and more new weapon systems that are being sold, they need to be exercised against target drones. And so, the business, I think, is going to continue to move up and toward to the right.

另一方面，大約 3 年前，我們收到了一份價值 1 億美元的獨家合同，與政府機構簽訂了價值不到 1 億美元的目標無人機合約。我認為，由於這項服務的資金原因，迄今為止它的推出速度比我最初預期的要慢得多。所以這有點走向另一個方向。這些是森林中樹木等級的細節，正在出售的越來越多的新武器系統，需要針對目標無人機進行演習。因此，我認為，業務將繼續向上並向右發展。

Just to add to that, the international contract that Eric is mentioning, that has been delayed by about a year. And now that we've received that award though because of the revenue recognition standards, we won't see any contribution in 2022 because there are certain terms under international contracts that typically are on revenue as it shift rather than on a percentage of completion basis. So there will be no contribution in '22, but we'll see that contribution in '23 as we deliver.

除此之外，埃里克提到的國際合約已經推遲了大約一年。現在我們已經因為收入確認標準而獲得了該獎項，但我們在 2022 年不會看到任何貢獻，因為國際合約中的某些條款通常是根據收入變化而不是完成百分比來衡量的。因此，22 年不會有任何貢獻，但我們會在 23 年交付時看到這種貢獻。

And then, just quickly on space growth, I'm sorry if I missed this earlier. How are you looking at the growth there, just given all the activity and how well you're positioned on the kind of redoing a lot of the ground stations? And should we expect to see the margins continue to grind higher from the software perspective?

然後，關於空間成長的快速發展，如果我之前錯過了這一點，我很抱歉。考慮到所有的活動以及您在重做大量地面站方面的定位如何，您如何看待那裡的成長？從軟體的角度來看，我們是否應該預期看到利潤率繼續走高？

Yes. So, as we reported today, we just came off 19%. And so, I was chuckling because we do a 1.1 book-to-bill ratio, but that's on a 19% growth rate. You see what I mean. So it's -- we're growing and we're booking a lot of work. I believe this year, and I believe in the next several months, certain customers are going to make some announcements relative to Kratos and what Kratos is doing with those customers that are going to tie directly into where we see this business going over the next several years, okay?

是的。因此，正如我們今天報導的那樣，我們的業績下降了 19%。所以，我笑了，因為我們的訂單出貨比為 1.1，但成長率為 19%。你明白我的意思了。所以，我們正在成長，我們正在預訂大量工作。我相信今年，我相信在接下來的幾個月裡，某些客戶將發布一些與Kratos 相關的公告，以及Kratos 正在與這些客戶所做的事情，這些公告將直接關係到我們在接下來的幾年中看到這項業務的發展方向年，好嗎？

We being first to market, as you know, is a key differentiator for us. Against the primes in particular, we need to be first to market to win. Our space team and our satellite team, they're incredible. And being first to market with the software-defined open space virtualization, TT&C and C2 system, it's -- this could be as significant as what we're going to pull off in the unmanned drone area. So, I see continue up and to the right.

如您所知，我們率先進入市場是我們的關鍵差異化因素。特別是在面對素數賽事時，我們需要率先進入市場才能獲勝。我們的太空團隊和衛星團隊，他們非常棒。作為第一個將軟體定義的開放空間虛擬化、TT&C 和 C2 系統推向市場的公司，這可能與我們將在無人駕駛飛機領域實現的目標一樣重要。所以，我看到繼續向上並向右。

As I said in my remarks, it's not going to be as smooth as it used to be because these aren't multiyear hardware programs anymore. We're getting designed in and we're shipping more and more software. So over time, margins are going to continue to increase. And the revenue trajectory is going to continue to be up and to the right. And all of that is being supported by those statistics I gave, which are just some of the space and satellite market right now is ripping and our #1 operational challenge is getting the number of people to support it.

正如我在演講中所說，它不會像以前那樣順利，因為這些不再是多年的硬體計劃。我們正在設計並交付越來越多的軟體。因此，隨著時間的推移，利潤率將繼續增加。收入軌跡將繼續向上且向右。所有這些都得到了我提供的統計數據的支持，這些統計數據只是目前正在蓬勃發展的太空和衛星市場的一部分，而我們的第一大營運挑戰是獲得支持它的人數。

Our next question comes from the line of Ken Herbert with RBC.

我們的下一個問題來自 RBC 的 Ken Herbert。

I just wanted to start off, a bit of a higher-level question. We're obviously in another CR, you've got a number of significant opportunities as you think about sort of your crossing the valley of death. As you think about not only on the tactical drone side, but engines and space and other markets, how would you characterize or maybe rank the opportunity of some of your markets from a timing standpoint? I mean, should we still think about as drones as obviously the next maybe significant catalyst? Or it sounds like maybe there's more opportunity near-term on the space side. I'm just looking for you to maybe sort of recalibrate the expectations here of the different parts of the business.

我只是想開始，一個更高層次的問題。顯然我們正處於另一個CR，當你考慮穿越死亡之谷時，你有很多重要的機會。當您不僅考慮戰術無人機方面，還考慮引擎、太空和其他市場時，您將如何從時機的角度描述或排列某些市場的機會？我的意思是，我們是否仍然應該將無人機視為下一個可能重要的催化劑？或者聽起來近期太空方面可能有更多機會。我只是想找你來重新調整對業務不同部分的期望。

Yes. I personally continue to believe that on the drone side, we're going to continue to go significantly up and to the right. I mean, the growth numbers that Deanna gave for our tactical drone business, we've gone from $30 million to $55 million to $75 million, can these are all development programs? These development programs are going to turn into production programs? Some of them might be a single or a double, but some are going to be, in my opinion, a home run.

是的。我個人仍然相信，在無人機方面，我們將繼續大幅向上和向右發展。我的意思是，迪安娜為我們的戰術無人機業務提供的成長數字，我們已經從 3000 萬美元增長到 5500 萬美元，再到 7500 萬美元，這些都是開發計劃嗎？這些開發計劃要轉變成生產計劃嗎？其中一些可能是單打或雙打，但在我看來，有些將是全壘打。

And the flurry of public information that just one service, the Air Force, starting, in my opinion, last year in Q4 at the Reagan Institute and it's been accelerating since then with additional new programs. We're clearly in the right place at the right time with the right products. And we're going to do it here. This is going to happen. And as I said in my prepared remarks, when the customer is ready to begin serial production, we'll be ready for them, and I'm not going to get ahead of myself on when that will be. I hope it's sooner rather than later, and I believe it will be.

在我看來，一連串的公共資訊表明，只有一個軍種——空軍——從去年第四季在雷根研究所開始，從那時起，它就隨著更多的新計畫而不斷加速。顯然，我們在正確的時間、正確的地點提供了正確的產品。我們要在這裡做。這將會發生。正如我在準備好的演講中所說，當客戶準備好開始大量生產時，我們將為他們做好準備，我不會在具體時間上提前。我希望它早點到來，而不是晚點，我相信它會的。

Our space and satellite business. We are in solicitation on a number of programs right now, very large, multiple tens of millions for Kratos, if not more. As I talked about on previous calls, the open architecture approach that we've taken now and the non-program of record-centric approach we've taken on ground systems for the entire market, not a particular program, it's enabling us to address an entire different aspect of the satellite industry we were never able to address before. Those bids are in. And it's possible we'll be sitting here this time next year and you're going to ask me that question. And I'm going to say, space and satellite and drones now are equal because they're bolted in it out of the park. So space and satellite is right there.

我們的太空和衛星業務。我們現在正在為奎托斯徵集多個項目，規模非常大，甚至數千萬美元，甚至更多。正如我在之前的電話會議中談到的，我們現在採取的開放架構方法以及我們在整個市場（而不是特定計劃）的地面系統上採取的非以記錄為中心的方法，它使我們能夠解決我們以前從未能夠解決衛星行業的一個完全不同的方面。這些出價已經提交。明年這個時候我們可能會坐在這裡，你會問我這個問題。我想說的是，太空、衛星和無人機現在是平等的，因為它們是固定在公園外的。所以太空和衛星就在那裡。

What we're doing in the hypersonic area? You haven't heard me talk about it much before, I'm not going to talk about it much more than what I said today, but we've been working on our own hypersonic vehicles, systems. And if we're successful, that could be coming up in the next couple of years or so. And then, I see the engines are going to be a slow, steady build. We've received our first production contract. I think by the end of the year, we're going to get another production contract. And then, if funding holds in the '23 budget request that's coming, as I understand, it's going to, '23 and '24 could be breakout years for that business. That's kind of how I see it playing out for us. We've got a handful of horses in the race, and we're going to win some of these races.

我們在高超音速領域正在做什麼？你以前沒聽我談論過這個問題，我不會比今天說的更多，但我們一直在研究我們自己的高超音速飛行器和系統。如果我們成功了，這可能會在未來幾年左右出現。然後，我看到引擎將是一個緩慢、穩定的構建。我們收到了第一份生產合約。我想到今年年底，我們將獲得另一份生產合約。然後，如果資金能夠滿足即將到來的 23 年預算要求，據我所知，23 年和 24 年可能會是該業務的突破年。這就是我對我們的看法。我們有幾匹馬參加比賽，我們將贏得其中一些比賽。

And if I could, I apologize if you mentioned this earlier. But Deanna, as we think about the CapEx investment in '22, can you just break that out by maybe either the segments or how we should think about some of the key -- sort of key initiatives on the capital side this year?

如果可以的話，如果您之前提到過這一點，我深表歉意。但是 Deanna，當我們考慮 22 年的資本支出投資時，您能否透過細分市場或我們應該如何考慮今年資本方面的一些關鍵舉措來打破這一點？

So, the guidance we gave is $55 million to $65 million. The normal maintenance CapEx is about $25 million to $30 million. What I would say, the one-offs or the nonrecurring or special items would be, there's approximately $18 million to $20 million related to Valkyrie. So that's the continued build of the original 12 lot. And then there's build-out of skips or secure compartmentalized facilities for our space business as well as our Unmanned Systems business, and that's about $11 million to $13 million. So those are kind of more nonrecurring. And then there is about $5 million to $6 million related to the GBSD program.

因此，我們給出的指導是 5500 萬至 6500 萬美元。正常維護資本支出約 2,500 萬至 3,000 萬美元。我想說的是，一次性的、非經常性的或特殊的項目是，大約有 1800 萬到 2000 萬美元與《瓦爾基里》相關。這就是最初 12 塊地塊的繼續建造。然後是為我們的太空業務以及無人系統業務建造料斗或安全隔離設施，價值約為 1,100 萬至 1,300 萬美元。所以這些都是非重複性的。此外，還有大約 500 萬至 600 萬美元與 GBSD 專案相關。

So those -- that should bridge you to what the normal recurring the $25 million to $30 million and then to get to the midpoint of our $55 million to $65 million CapEx guidance.

因此，這些應該可以幫助您達到正常的 2500 萬至 3000 萬美元的經常性支出，然後達到我們 5500 萬至 6500 萬美元資本支出指導的中點。

Our next question comes from the line of Austin Moeller with Canaccord.

我們的下一個問題來自 Austin Moeller 與 Canaccord 的對話。

My first question is for Deanna. I think we've previously talked about, we have -- we know what the contract value is that it's expected for the development stage of GBSD, which is expected to ramp up in the second half of this year. I was just wondering if you guys could put any ballpark around what we should expect in terms of revenues or the ramp-up in the second half of this year for hypersonics?

我的第一個問題是問迪安娜的。我想我們之前已經討論過，我們知道 GBSD 開發階段的合約價值是多少，預計將在今年下半年增加。我只是想知道你們能否對今年下半年高超音速技術的收入或成長方面的預期進行一些大概的預測？

Unfortunately we are limited in what we can say due to the NDA that we're under. So I can't comment, I'm sorry, Austin.

不幸的是，由於我們所遵守的保密協議，我們能說的內容有限。所以我無法發表評論，對不起，奧斯汀。

Okay. My next question is for Eric. So, if we think about the current environment here with Air Wolf, we've discussed that several dozen Air Wolfs are currently being constructed. The Army, of course, has announced that they have it under contract. So, would it be appropriate to think that one of the several new drone programs of records that Secretary Kendall has implied would be in the fiscal year '23 budget request might include Air Wolf?

好的。我的下一個問題是問艾瑞克的。因此，如果我們考慮 Air Wolf 的當前環境，我們會發現目前正在建造數十架 Air Wolf。當然，陸軍已經宣布他們已簽約。那麼，肯德爾部長暗示的 23 財年預算請求中的幾個新無人機記錄項目之一可能包括「空中狼」是否合適？

Austin, I'm sorry. But you're going to be old for 2. I cannot talk about that, I'm sorry. I apologize. I can't talk about this at all.

奧斯汀，對不起。但你就已經老了兩歲了。我不能談論這個，對不起。我道歉。我根本無法談論這個。

Our next question comes from the line of Joe Gomes with Noble Capital.

我們的下一個問題來自喬·戈麥斯 (Joe Gomes) 與 Noble Capital 的對話。

We talk a lot here on the continuing resolution. Obviously that has a deal with the federal government. And I was thinking some of these programs that don't relate to the federal government and one that popped out about a year ago, you guys were talking about your autonomous truck. It was in 8 locations. Eric, you've seen have been very excited about it at the time. And I just wondered if you could give us a little bit more of an update or some color on the status of that program.

我們在這裡就持續解決方案談了很多。顯然，這與聯邦政府有協議。我在想其中一些項目與聯邦政府無關，大約一年前突然出現的一個項目，你們正在談論你們的自動卡車。它分佈在 8 個地點。艾瑞克，你看，當時他對此非常興奮。我只是想知道您是否能為我們提供更多有關該計劃狀態的更新或一些資訊。

Absolutely. I'm glad you asked. We have continued to make very important progress here. As you know -- as a reminder, our competitive differentiator here as we develop the technology in conjunction with the DoD to convert previously manned systems, like a manned tank or a manned combat vehicle or a manned truck, into an unmanned system or an unmanned robot, a KTT.

絕對地。我很高興你問了。我們在這裡繼續取得非常重要的進展。如你所知，提醒一下，我們的競爭優勢在於我們與國防部合作開發技術，將以前的有人駕駛系統（例如有人駕駛坦克或有人駕駛戰車或有人駕駛卡車）轉換為無人系統或無人系統機器人，KTT。

And for competitive reasons, I'm not going to give you the exact precise what we're doing. But I believe, in the next 3, 4, 5 months, we are going to make an announcement or 2 in conjunction with companies that are affiliated, say, with agriculture or with mining and think of lots and lots of vehicles that are not crowded like on a highway. So there's not certain types of approvals that we need, where we are going to be converting these entities, vehicles to robots to perform their work in an agricultural environment or a mining environment, with the wind at our tail here being -- these are very low-cost systems, but also the trucking short, the driver shortage.

出於競爭的原因，我不會向您提供我們正在做什麼的確切資訊。但我相信，在接下來的 3、4、5 個月內，我們將與農業或採礦業相關的公司聯合發布一兩個公告，並考慮大量不擁擠的車輛就像在高速公路上一樣。因此，我們不需要某些類型的批准，我們將把這些實體、車輛轉變為機器人，以便在農業環境或採礦環境中執行其工作，風在我們的尾巴上——這些是非常重要的。系統成本低，但貨運緊缺，司機緊缺。

The driver shortage, I read about it in the Wall Street Journal, but it's very acute. In particular, in the agricultural areas where you need a bunch of drivers for a certain harvest period of time, which is a perfect application for our KTTs. So, I believe we're going to be talking about that. If not, when we announce Q1, I believe hopefully when we announce Q2 and this is going to be exciting for us in our own little way.

我在《華爾街日報》上讀到司機短缺的問題，但情況非常嚴重。特別是在農業地區，在某個收穫時期需要大量司機，這是我們 KTT 的完美應用。所以，我相信我們會討論這個問題。如果沒有，當我們宣布第一季時，我相信當我們宣布第二季度時，這將以我們自己的方式感到興奮。

And then, in the release, you talked about how expected revenues of about $11.2 million were being deferred into future periods. Last quarter, it was about 8.3%. Maybe you can just give us a little color on the timing of how long those -- you think those are going -- those revenues are being deferred for.

然後，在新聞稿中，您談到如何將約 1,120 萬美元的預期收入推遲到未來時期。上季約為8.3%。也許你可以給我們一些關於這些收入——你認為這些收入將被推遲多久的時間表。

Yes. So I'll give you an example of an area, aluminum. I have come to understand there are 5 aluminum smelters in the United States, and they are booked out 2, 3 years. And so, certain of these programs need aluminum, we've placed our order and we've done internationally too. I don't think I'm allowed to say where we've gone. Same thing, can't get it in for these applications. Those are probably pushed out, I'm going to say, to '23. That's one.

是的。所以我會給你一個區域的例子，鋁。據我了解，美國有5家鋁冶煉廠，它們的訂單已經預訂了2、3年。因此，其中某些項目需要鋁，我們已經下了訂單，並且我們也在國際上進行了訂購。我認為我不被允許透露我們去了哪裡。同樣的事情，無法將其用於這些應用程式。我想說，這些可能會被推遲到 23 年。這是一個。

Another area in the satellite business and in the microwave business is in field programmable gate arrays, FPGAs, specialized ones for certain applications we have. We're getting quoted beyond 12-month lead times now. And here's something that we've been dealing with. There's really nothing we can do about. We'll have a committed delivery date, and not a month before, not 2 weeks before. The week that we're supposed to get the delivery, we'll get a phone call, can't get it to you, we'll get it to you in 6 months. So, I'm going to say, I don't think we're going to see much of this stuff until late second half of this year, probably 2023, just because we can't get it.

衛星業務和微波業務的另一個領域是現場可程式閘陣列、FPGA，這是我們針對某些應用的專用閘陣列。我們現在收到的報價已超過 12 個月的交貨時間。這是我們一直在處理的事情。我們實在無能為力。我們將有一個承諾的交貨日期，而不是提前一個月，也不是提前兩週。我們應該收到貨的那一周，我們會接到電話，無法給您送達，我們會在 6 個月內給您送達。所以，我想說，我認為直到今年下半年末，可能是 2023 年，我們才會看到很多這樣的東西，因為我們無法得到它。

(Operator Instructions) Our next question comes from the line of Pete Skibitski with Alembic Capital.

（操作員說明）我們的下一個問題來自 Alembic Capital 的 Pete Skibitski。

Hey, guys. Just so we're on the same page with regard to the CR, if we do get a full year CR, is it -- does the bottom end of your guidance kind of contain that scenario? Or is it likely would go below the bottom end of your guidance in that kind of scenario no one wants to contemplate?

大家好。因此，我們在 CR 方面意見一致，如果我們確實獲得了全年 CR，是嗎？您的指南的底部是否包含這種情況？或者在沒有人願意考慮的那種情況下，它是否可能會低於您指導的下限？

I don't even want to think about this. When I don't know something, I'm going to tell you, I don't know. I don't know if some of our programs, especially in the classified area, would be part of reprogramming buckets. You know what I mean, that in the CR, they can do some reprogramming for mission-critical national security, many of which were on, that could help us, I don't know. But our target drone business, where we've won programs, we've won contracts but they need to be funded with '22 money. Those would probably move to the right, certain of the tactical drone ones where we're transitioning from, say, development Phase I to development Phase II or otherwise. Those would probably move to the right.

我什至不想考慮這個。當我不知道某件事時，我會告訴你，我不知道。我不知道我們的一些程序，尤其是機密領域的程序，是否會成為重新編程桶的一部分。你知道我的意思，在 CR 中，他們可以對關鍵任務的國家安全進行一些重新編程，其中許多都在進行中，這可以幫助我們，我不知道。但我們的目標無人機業務，我們已經贏得了項目，我們贏得了合同，但他們需要「22」資金來資助。這些可能會向右移動，例如我們正在從開發第一階段過渡到開發第二階段或其他階段的某些戰術無人機。這些可能會向右移動。

I've read what Northrop has said relative to GBSD that, in summary, not good. So that would probably not be good for the whole team on GBSD. So, not good, and I'll just leave it at that.

我讀過諾斯羅普關於 GBSD 的言論，總而言之，這並不好。因此，這對於 GBSD 的整個團隊來說可能不會有好處。所以，不好，我就這樣。

I also had a question on a program I'm going to mispronounce many times, Erinyes, the $10 million to $12 million engineering costs for that program. So it's being capitalized, it sounds like, so it's going to flow through cash flow this year, but it won't be much of an EBIT impact this year to spend on it. Is that correct? Am I understanding that?

我還有一個關於一個我會多次念錯的項目的問題，Erinyes，該項目的工程成本為 1000 萬至 1200 萬美元。所以聽起來它正在被資本化，所以今年它將通過現金流流動，但今年的支出不會對息稅前利潤產生太大影響。那是對的嗎？我明白嗎？

Right. So that -- go ahead, Deanna.

正確的。所以——繼續吧，迪安娜。

Yes. So that is not the same program that was referring to the nonrecurring engineering. That's a different program.

是的。因此，這與非經常性工程不同。那是一個不同的程序。

Within the same hypersonic bucket, is that right?

在同一個高超音速桶內，是嗎？

Yes, in the same rocket system propulsion, Erinyes. Yes, sir.

是的，在同一個火箭系統推進器中，Erinyes。是的先生。

Same question. It's being capitalized, but we won't see much of an EBIT impact this year, correct?

同樣的問題。它正在資本化，但今年我們不會看到太大的息稅前利潤影響，對嗎？

Correct. Correct.

正確的。正確的。

Because we own the systems. We own the technology. They're ours. That's correct.

因為我們擁有這些系統。我們擁有技術。他們是我們的。這是正確的。

And then, how are you guys thinking about whether it be this unnamed system or Erinyes? How do you think about the market size there? Do you need to win a competitive award? Or are you up something that a government customer is really kind of targeted you for? Can you give us a sense for how big and how near-term those opportunities could be?

那麼，你們覺得是這個無名系統還是厄裡涅斯呢？您如何看待那裡的市場規模？您需要贏得競賽獎項嗎？還是你正在做一些政府客戶真正針對你的事情？您能否讓我們了解這些機會有多大以及多久？

The hypersonic area is one of the best-funded highest priority national security areas of the United States today and for the foreseeable future as a result of what the Russia and China are doing. There are hypersonic offensive systems, there are hypersonic defensive systems, there are hypersonic test and evaluation systems, all of these systems are needed now. As you may have seen, the Secretary of Defense called the summit of certain key team members to the -- I think, to the Pentagon. It turned out to be a virtualized meeting relative to hypersonics. I don't believe that this will be the opportunity size, the TAM, total addressable market for us that the drone business is and is going to be, that space and satellite business is going to be, I don't believe that. I do believe it could be $10 million to $50 million a year high-margin business for us because of the nature of what we are doing, which I can't talk about.

由於俄羅斯和中國正在採取的行動，高超音速領域是美國當今和可預見的未來資金最充足、最優先的國家安全領域之一。有高超音波進攻系統，有高超音波防禦系統，有高超音波測試評估系統，現在都需要這些系統。正如你可能已經看到的，國防部長召集了某些關鍵團隊成員的峰會——我想是五角大廈。事實證明，這是一場與高超音速相關的虛擬會議。我不相信這將是無人機業務現在和將來的機會規模、TAM、總的可尋址市場、太空和衛星業務的機會規模，我不相信這一點。我確實相信，由於我們正在做的事情的性質，這對我們來說可能是每年 1000 萬至 5000 萬美元的高利潤業務，對此我無法談論。

Last one for me. The international target contract that you guys just finally got, can you size that? Can you remind us how big that is and over how many years do you expect it to be?

最後一張給我。你們剛剛拿到的國際目標合同，你能估量一下嗎？您能提醒我們這個規模有多大以及您預計會持續多少年嗎？

It's approximately $25 million and it's over a few years. And that's all I can say.

大約花了 2500 萬美元，而且花了幾年的時間。我只能說這麼多。

But similar to the other -- the important -- I want to emphasize this, every chance I get I want to emphasize this on these target drone programs, part of the initial buy is the launch equipment, the flight control equipment, the recovery equipment, that's the razor. And the target drones get shot down, and that's the blades, and that's why these are all so important and tie into that $250 million ultimate target -- untended objective that we're driving towards. So every one of these are critically important, similar to the new Saudi and Japan target drone wins we got with the United States Navy.

但與其他類似——重要的是——我想強調這一點，每次有機會我都想在這些目標無人機專案上強調這一點，最初購買的一部分是發射設備、飛行控制設備、回收設備，那就是剃刀。目標無人機被擊落，那就是葉片，這就是為什麼這些都如此重要，並與 2.5 億美元的最終目標聯繫在一起——這是我們正在努力實現的一個無人關注的目標。因此，每一項都至關重要，類似於我們與美國海軍取得的新的沙烏地阿拉伯和日本目標無人機勝利。

Our next question comes from the line of Sam Struhsaker with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Sam Struhsaker。

On for Mike Ciarmoli here. I was just wondering, and apologies if I missed this earlier, if you guys can provide any additional details on the revenue contributions for the 2 acquisitions. And maybe a little bit additional detail on -- I know you said the margins would improve moving forward, but maybe a more active time line or just detail that you could provide around that as well.

這裡請麥克‧恰莫利 (Mike Ciarmoli) 發言。我只是想知道，如果我之前錯過了這一點，我很抱歉，你們是否可以提供有關兩次收購的收入貢獻的任何其他詳細資訊。也許還有一些額外的細節——我知道你說過利潤率會提高，但也許有一個更活躍的時間表，或者只是你也可以提供的細節。

So, for the full year, the acquisitions are expected to contribute about $45 million in revenues and $1.5 million to $2 million of EBITDA and then, for the first quarter, $10 million to $12 million of revenue.

因此，預計這些收購將全年貢獻約 4,500 萬美元的收入和 150 萬至 200 萬美元的 EBITDA，然後第一季將貢獻 1,000 萬至 1,200 萬美元的收入。

And on the second part of the question, Sam, on Cosmic, we expect to start seeing margins increase in 2023.

關於問題的第二部分，Sam，在 Cosmic 上，我們預計利潤率將在 2023 年開始增加。

And then, one additional question, if I could sneak it in is regarding labor. I know you guys said the absenteeism was an issue. I am assuming just related to Omicron, people being out sick. But do you guys see any additional issues of that moving forward past first quarter of this year? Or do you feel pretty confident where you sit with that?

然後，還有一個問題，如果我可以偷偷地問一下，那就是關於勞動力的問題。我知道你們說過缺勤是個問題。我假設只是與 Omicron 有關，人們生病了。但你們認為今年第一季過後還有其他問題嗎？或者你對此感到非常有信心嗎？

Based on the way things are trending for us right now, they're getting better, all right? So, if things don't go sideways on us, we should be in pretty good shape beginning of Q2 April-ish, we should be in pretty good shape. As I indicated -- when I was talking about the space business, our #1 operational challenge is hiring people for the programs we're winning. And I know it's not just Kratos, it's an industry-wide issue. But in the unmanned area, in our space and satellite area, in our hypersonic area, our rocket system area, it's – we are really putting our best foot forward to obtain the right people, in many cases that have the right clearances or can get the right clearance, to execute these programs.

根據我們目前的趨勢，它們正在變得更好，好嗎？因此，如果事情沒有對我們不利，我們在第二季初的情況應該會很好——四月份左右，我們應該會處於很好的狀態。正如我所指出的，當我談論太空業務時，我們面臨的第一大營運挑戰是為我們贏得的專案招募人員。我知道這不僅僅是奎托斯的問題，這是整個產業的問題。但在無人領域，在我們的太空和衛星領域，在我們的高超音速領域，我們的火箭系統領域，我們確實竭盡全力尋找合適的人才，在許多情況下，他們擁有正確的許可或可以獲得合適的人選。正確的權限來執行這些程序。

Thank you. I am showing no further questions in the queue. I'd now like to turn the call back over to Eric for closing remarks.

謝謝。我在隊列中沒有顯示任何其他問題。現在我想將電話轉回給艾瑞克，讓他作結束語。

Great. Thank you all for joining us, and we will speak to you when we report Q1. Have a good afternoon.

偉大的。感謝大家加入我們，我們將在報告第一季時與您交談。祝你下午好。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。