Kratos Defense and Security Solutions Inc (KTOS) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Kratos Defense and Security Solutions third quarter, 2024 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Kratos 國防與安全解決方案 2024 年第三季財報電話會議。（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today. Marie Mendoza, Senior VP and General counsel. Please go ahead.

我現在想把會議交給今天的發言者。瑪麗‧門多薩 (Marie Mendoza)，資深副總裁兼總法律顧問。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining us for the Kratos Defense and Security Solutions third quarter 2024 conference call. With me today is Eric DeMarco Kratos, President and CEO; 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 防禦和安全解決方案 2024 年第三季電話會議。今天與我在一起的是總裁兼執行長 Eric DeMarco Kratos；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, financial guidance and other forward-looking statements 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包含的安全港段落。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、財務指導和其他前瞻性陳述時，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）。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。

Good afternoon. For the third quarter. Kratos continue to execute, demonstrating the success of our strategy of making internally funded investments to rapidly develop and be first to market with relevant hardware and software for our national security customers.

午安.對於第三季。Kratos 繼續執行，證明了我們進行內部資助投資以快速開發並率先為我們的國家安全客戶推出相關硬體和軟體的策略的成功。

In Q3 every Kratos business unit substantially achieved or exceeded its objectives, with the exception of our commercial satellite business, which continues to be impacted by new entrance, industry disruption and delays, including delays and delivery by the manufacturers of software defined satellites, which I have discussed in detail previously.

在第三季度，每個Kratos 業務部門都大幅實現或超過了其目標，但我們的商業衛星業務除外，該業務繼續受到新進入、行業中斷和延遲的影響，包括軟體定義衛星製造商的延遲和交付，我認為之前已經詳細討論過。

The ongoing generational recapitalization of strategic weapons systems, including strategic, satellite, air defense, radar and missile systems, continues to be a catalyst to the current and expected future Kratos financial performance, including our affirmation today of our 2024 financial guidance and our 2025 base case financial forecast expectation of 10% year-over-year revenue growth.

戰略武器系統（包括戰略、衛星、防空、雷達和飛彈系統）正在進行的代際資本重組，繼續成為克雷托斯當前和預期未來財務表現的催化劑，包括我們今天確認的2024 年財務指導和2025年基準案例財務預測預計營收年增10%。

As I mentioned on our previous call in Q3 and Q4 '24 and in Q1 of '25 Kratos is expected to continue to make significant internally funded bid proposal and other expenditures in pursuit of certain new, large, single award programs, one of which, with a potential value of approximately $1.5 billion. We hope to be selected on by the end of Q1 of next year.

正如我在24 年第三季和第四季以及25 年第一季的電話會議中提到的那樣，Kratos 預計將繼續做出重大的內部資助投標提案和其他支出，以追求某些新的大型單一獎勵計劃，其中之一，潛在價值約為15億美元。我們希望在明年第一季末之前被選中。

Additionally, we are also hoping to hear on a new single award space opportunity with an initial value in excess of $100 million and a potential future value several orders of magnitude greater than that.

此外，我們還希望聽到一個新的單一獎勵空間機會，其初始價值超過 1 億美元，未來潛在價值將比此高出幾個數量級。

We are closely managing these BMP Investments related to our financial guidance that we affirmed today and the opportunities we are pursuing to ensure that we can make these investments, pursue these opportunities and also achieve our expected financial guidance range. Though these investments have been and are expected to continue to impact Kratos near term profitability and EBITDA if we are successful, based on the potential size of certain of these opportunities, we expect to win. We are looking to potentially increase Kratos future, year over year, planned revenue growth rate above the current 10% base case forecast in 2026.

我們正在密切管理這些與我們今天確認的財務指導和我們正在尋求的機會相關的 BMP 投資，以確保我們能夠進行這些投資、抓住這些機會並實現我們預期的財務指導範圍。儘管這些投資已經並且預計將繼續影響 Kratos 的短期盈利能力和 EBITDA（如果我們成功的話），但根據其中某些機會的潛在規模，我們預計會獲勝。我們希望在 2026 年將 Kratos 未來的計劃收入成長率提高到高於目前 10% 的基本情況預測。

Virtually every Kratos division has exposure to the rapidly growing air defense systems area, including Kratos microwave electronics, our rocket systems, C5 ISR, space and satellite, target drones, turbine technologies and our ballistic missile target business, each of which Kratos is the industry leader.

事實上，Kratos 的每個部門都涉足快速成長的防空系統領域，包括Kratos 微波電子設備、我們的火箭系統、C5 ISR、太空和衛星、目標無人機、渦輪機技術以及我們的彈道飛彈目標業務，其中每一個Kratos 都是產業領導者。

Kratos is microwave electronics business, where we support iron dome, aero lightning, iron sting and other systems has a record backlog and is generating record financial results, which are expected to continue into 2025 including in support of the Israeli Defense Forces and our important partners, including Rafael, Elbit and Israeli Aerospace Industries.

Kratos 是一家微波電子企業，我們為鐵穹、航空閃電、鐵刺和其他系統提供支持，積壓量創歷史新高，並正在產生創紀錄的財務業績，預計將持續到2025 年，包括支持以色列國防軍和我們的重要合作夥伴，包括拉斐爾、埃爾比特和以色列航空航太工業公司。

To address our Israeli businesses, record backlog and opportunity pipeline and demonstrating Kratos commitment to Israel, Kratos is on schedule to open a new manufacturing facility, expand our current manufacturing facility and complete our space qualified facility capability in Israel in Q2, 2025.

為了解決我們的以色列業務問題、記錄積壓訂單和機會管道並展示Kratos 對以色列的承諾，Kratos 計劃於2025 年第二季度在以色列開設新的製造工廠，擴大我們現有的製造工廠，並完成我們在以色列的太空合格設施能力。

Additionally, due to customer demand, including as related to missile and radar systems, we are now also planning to open an additional microwave products facility in India in close coordination with both our customers and our partners. Kratos turbine technologies and our engine business is also generating record results, including having a record opportunity pipeline with hypersonic, supersonic cruise missiles, loitering munitions, drones and space systems all being expected future growth areas.

此外，由於客戶的需求，包括與飛彈和雷達系統相關的需求，我們現在還計劃與我們的客戶和合作夥伴密切協調，在印度開設額外的微波產品工廠。奎托斯渦輪技術和我們的引擎業務也取得了創紀錄的成果，包括擁有創紀錄的機會管道，其中包括高超音速、超音速巡航飛彈、巡飛彈藥、無人機和太空系統，所有這些都預計將成為未來的成長領域。

As a result of the investments we have made Kratos, small, low cost turbo jet engine facility in Michigan is now capable of producing approximately 10,000 engines annually as we expect to receive engine production contracts for drones, missiles and loitering munitions programs next year.

由於我們對 Kratos 進行了投資，位於密西根州的小型低成本渦輪噴氣發動機工廠現在每年能夠生產約 10,000 台發動機，我們預計明年將獲得無人機、導彈和徘徊彈藥項目的發動機生產合約。

Additionally, we have now identified the site for an additional new, small turbo-fan engine production facility, including as related to our partner, GE Aerospace for larger drones, missiles, air vehicles and systems. The demand for jet engines is rapidly growing, and we expect small jet engines, including Kratos, TDI, Spartan family of small but mighty first to market, turbojets that are in production and operational today to be a future growth catalyst and contributor for Kratos.

此外，我們現在已確定了額外的新小型渦輪風扇發動機生產設施的地點，包括與我們的合作夥伴 GE Aerospace 相關的大型無人機、飛彈、飛行器和系統的生產設施。對噴射發動機的需求正在快速增長，我們預計小型噴氣發動機，包括Kratos、TDI、率先上市的小而強大的Spartan 系列渦輪噴氣發動機，目前已投入生產和運營，將成為Kratos 未來增長的催化劑和貢獻者。

Kratos C5 ISR business supports, air defense, counter UAS, radar missile and strategic programs, including patriot, integrated battle command system or IBCs, indirect fires enduring shield, or IFPIC, short range air defense or SHORAD. Sentinel or GBSD, FAD or terminal high altitude area defense and many others.

Kratos C5 ISR業務支援、防空、反無人機、雷達飛彈和戰略計劃，包括愛國者、綜合作戰指揮系統或IBC、間接火力持久盾牌或IFPIC、短程防空或SHORAD。哨兵或 GBSD、FAD 或末端高空區域防禦等等。

Since our last quarterly report, Kratos has received a new hypersonic system related program award, which is expected to be one of Kratos largest programs over its expected future multi-year period of performance.

自從我們上一季報告以來，Kratos 獲得了新的高超音速系統相關項目獎，預計該項目將成為 Kratos 在其預期未來多年業績期間最大的項目之一。

Additionally, we were just recently informed that Kratos has been down selected on another new major weapons system program, hardware opportunity that we also hope to be successful on in 2025. Kratos new sentinel program, dedicated facility, is planned to be operational mid to late next year, and we expect the sentinel program to be one of Kratos largest programs in future year growth contributors. Key Kratos C5 ISR partners and customers include Northrop Grumman, Lockheed, Raytheon and Leidos Dynetics.

此外，我們最近剛剛獲悉，奎托斯已被另一項新的主要武器系統計劃（我們也希望在 2025 年獲得成功的硬體機會）選中。Kratos 新的哨兵計劃（專用設施）計劃於明年中後期投入運營，我們預計該哨兵計劃將成為 Kratos 未來一年增長貢獻者最大的計劃之一。Kratos C5 ISR 的主要合作夥伴和客戶包括諾斯羅普·格魯曼公司、洛克希德公司、雷神公司和 Leidos Dynetics。

Kratos rocket systems business also has several important growth related program areas, including Aegis, Hypersonics, ballistic missile defense targets, sub-orbital vehicles, strategic and nuclear systems and space related system.

奎托斯火箭系統業務還擁有幾個重要的成長相關計畫領域，包括宙斯盾、高超音速、彈道飛彈防禦目標、亞軌道飛行器、戰略和核子系統以及太空相關係統。

Expected future year growth contributors for Kratos in our rocket system area include our first to market Erinyes and Dark Fury Hypersonic Glide vehicles, the Dark Hypersonic system with our partner, Hypersonics, our first to market Zeus 1 and Zeus 2 solid rocket motor or SRM systems and our Oriole SRM system, and also the terrier and target mission related systems with our government partners.

預計未來一年奎托斯在我們的火箭系統領域的成長貢獻者包括我們第一個推向市場的Erinyes 和Dark Fury 高超音速滑翔飛行器、與我們的合作夥伴Hypersonics 合作的暗高超音速系統、我們第一個推向市場的Zeus 1 和Zeus 2 固體火箭發動機或SRM 系統以及我們的 Oriole SRM 系統，以及我們與政府合作夥伴的梗犬和目標任務相關係統。

Since our last quarterly report, and as we announced today, Kratos Zeus 1 and Zeus 2, solid rocket motor stack, successfully executed its initial flight, achieving every mission objective with our government partner. Kratos Zeus is a recent example of the value Kratos business model brings to every Kratos stakeholder with Kratos making the internally funded investments to rapidly develop field and be first to market with affordable relevant systems for US National Security.

自從我們上一份季度報告以來，正如我們今天宣布的那樣，Kratos Zeus 1 和 Zeus 2（固體火箭發動機組）成功執行了首次飛行，與我們的政府合作夥伴一起實現了每一項任務目標。Kratos Zeus 是 Kratos 商業模式為每個 Kratos 利益相關者帶來的價值的最新例子，Kratos 進行內部資助投資，以快速開發領域，並率先向市場推出負擔得起的美國國家安全相關係統。

We have also recently executed a contract related to certain other Kratos flight vehicle system production and integration, including up to 60 Kratos solid rocket motors. These are different and in addition to Zeus as Kratos expected, future mission launch manifest continues to significantly grow for many different types of SRMS and missions.

我們最近還簽署了一份與某些其他 Kratos 飛行器系統生產和整合相關的合同，其中包括多達 60 個 Kratos 固體火箭發動機。這些是不同的，除了奎托斯預期的宙斯之外，未來的任務發射清單對於許多不同類型的 SRMS 和任務將繼續顯著增長。

We have also now identified the site for Kratos's new large hypersonic system, franchise, production and integration facility. This will be located in the United States, which site we expect to break ground on by the end of this year, and have operational capability in 2026.

我們現在還確定了奎托斯新型大型高超音速系統、特許經營、生產和整合設施的地點。該基地將位於美國，我們預計今年底破土動工，並於 2026 年具備營運能力。

We expect Kratos's rocket systems, SRMS and missile defense related systems business to be a future year over year, growth contributor for Kratos. Kratos, satellite business on the defense and national security side is performing as expected, and we received and are bidding on several new national security related opportunities, including where we believe that our first to market, open space software is a clear competitive differentiator for Kratos.

我們預計 Kratos 的火箭系統、SRMS 和飛彈防禦相關係統業務將成為 Kratos 未來逐年成長的貢獻者。Kratos，國防和國家安全的衛星業務表現符合預期，我們收到並正在競標幾個新的國家安全相關機會，包括我們認為我們第一個推向市場的開放空間軟體對Kratos 來說是一個明顯的競爭優勢。

Additionally, Kratos is owned and operated space domain awareness system, where we provide and sell data and information to our partners and customers, is performing well, including the announcement just yesterday by the customer of an approximate $48 million sole source award. We believe that Kratos SDA system is well positioned to take advantage of the large number of satellites currently being and expected to be placed into orbit.

此外，Kratos 擁有並經營空間域感知系統，我們在該系統中向我們的合作夥伴和客戶提供和銷售數據和信息，該系統表現良好，包括昨天客戶宣布的約 4800 萬美元的獨家來源獎勵。我們相信，Kratos SDA 系統處於有利地位，能夠充分利用目前和預計將被送入軌道的大量衛星。

As was discussed on the Q2 call the commercial satellite industry, and Kratos' commercial satellite business continues to face disruption and challenges, including those directly related to the new software defined satellite system issues, the OEMs are currently experiencing, which are now well publicized and which are expected to continue for the foreseeable future.

正如第二季度商業衛星產業所討論的那樣，Kratos 的商業衛星業務繼續面臨顛覆和挑戰，包括與新的軟體定義衛星系統問題直接相關的問題，原始設備製造商目前正在經歷這些問題，這些問題現已廣受宣傳和認可。

As a result of these industry related commercial satellite issues, we have been reallocating and are addressing our overall satellite business resources to ensure that we execute as efficiently and cost effectively as possible.

由於這些與產業相關的商業衛星問題，我們一直在重新分配並解決我們的整體衛星業務資源，以確保我們盡可能高效且具成本效益地執行。

Importantly, Kratos will continue to make targeted investments, including in our proprietary 5G virtualized modem software, SATCOM related and other products where Kratos is first to market and we have a substantial intellectual property position.

重要的是，Kratos 將繼續進行有針對性的投資，包括我們專有的 5G 虛擬化調製解調器軟體、衛星通訊相關產品以及 Kratos 率先上市且我們擁有大量知識產權地位的其他產品。

In space and satellite communications, Kratos has the customers. The total addressable market opportunity, both commercial and government, is large and expected to rapidly grow, and we expect future year organic revenue growth and margin expansion from the business.

在太空和衛星通訊領域，奎托斯擁有客戶。商業和政府的潛在市場機會總量很大，預計將快速成長，我們預計未來一年該業務的有機收入成長和利潤率將擴大。

The global demand for air defense systems is driving demand for Kratos threat representative target drones, which are used to exercise and test these systems and their crews and we expect our target drone business to be a future grower.

全球對防空系統的需求正在推動對奎托斯威脅代表目標無人機的需求，這些無人機用於演習和測試這些系統及其機組人員，我們預計我們的目標無人機業務將成為未來的增長者。

Since our last quarterly report, the United States Marine Corps announced that Kratos Valkyrie successfully completed a test flight on September 20, 2024 at Eglin Air Force Base in Florida. This flight was conducted in partnership with the office of the Under Secretary of Defense for Research and Engineering, United States Naval, Navy, Air Warfare Center, aircraft division and other industry partners.

自從我們上一季報告以來，美國海軍陸戰隊宣布奎托斯瓦爾基里於 2024 年 9 月 20 日在佛羅裡達州埃格林空軍基地成功完成試飛。這次飛行是與國防部負責研究和工程的副部長辦公室、美國海軍、海軍、空戰中心、飛機部門和其他行業合作夥伴合作進行的。

Additionally, as reported in a October 17, Marine Corps press release, Kratos recent Valkyrie flights with the Marine Corps in cooperation with United States Air Force and at a United States Air Force Base, the Valkyrie successfully demonstrated tactical data link integration and closure of the kill chain.

此外，根據海軍陸戰隊新聞稿 10 月 17 日報道，奎托斯最近與美國空軍合作，與海軍陸戰隊進行了「瓦爾基里」飛行，並在美國空軍基地成功展示了戰術數據鏈整合和關閉殺傷鏈。

The manned, unmanned, teaming concept with Valkyrie and a four ship of F35b was pushed even further in the recent emerald flag exercise. I refer you to the Marine Corps release for full details and photographs on this incredibly successful and relevant mission.

在最近的翡翠旗演習中，「瓦爾基里」和四艘 F35b 的有人、無人、組隊概念得到了進一步推動。我建議您參閱海軍陸戰隊發布的新聞稿，以了解有關這一極其成功且相關的任務的完整細節和照片。

This joint collaboration event is part of the penetrating, affordable, autonomous, collaborative killer portfolio, or PAC-P program. As you can see, Kratos Valkyrie continues to successfully fly, evolve missionize with operational relevance with manned fifth generation and other aircraft and systems with multiple DoD customers and participants, including the Air Force.

這項聯合合作活動是滲透性、可負擔性、自主性、協作性殺手組合（PAC-P 計畫）的一部分。正如您所看到的，奎托斯瓦爾基里繼續成功飛行，發展與載人第五代飛機和其他飛機和系統相關的任務，與多個國防部客戶和參與者（包括空軍）合作。

Also in our tactical drone business, Kratos's Athena drone program is under contract and expected to contribute in Q4 and into 2025 and Kratos has been informed that our Apollo drone has been selected, and we are in final contract documentation with Apollo expected to begin contributing in 2025.

同樣在我們的戰術無人機業務中，Kratos 的Athena 無人機項目已簽訂合同，預計將在第四季度和2025 年做出貢獻，Kratos 已獲悉我們的Apollo 無人機已被選中，我們正在與Apollo 簽訂最終合約文件，預計在2025 年開始做出貢獻。

Both the Athena and Apollo opportunities have come in later in '24 than we had initially forecast, and as a result, the contributions from these programs will be less in Q4 than we had originally planned but the good news is we now have them both under contract, or soon to be.

雅典娜和阿波羅機會在24 年的到來都比我們最初的預測晚，因此，這些計劃在第四季度的貢獻將比我們最初計劃的要少，但好消息是我們現在將它們都納入了計劃中。

On one of the Valkyrie opportunities, which we were in source selection on which is international, we have been recently informed that we were successful, and I hope by our next report, I can provide an additional update on the Valkyrie selection here. On the second Valkyrie opportunity I previously mentioned we remain in source selection, with the selection anticipated for Q1 next year.

關於我們在國際來源選擇中的一個 Valkyrie 機會，我們最近被告知我們取得了成功，我希望透過我們的下一份報告，我可以在這裡提供有關 Valkyrie 選擇的額外更新。關於我之前提到的第二個 Valkyrie 機會，我們仍在進行來源選擇，預計明年第一季進行選擇。

Additionally, there are also now two new tactical jet drone opportunities Kratos is evaluating for potential pursuit, one of which we have just recently submitted a response. Based on the recent events and communications we remain confident that Kratos's Valkyrie, the lowest cost, most affordable runway, flexible, actual flying today, obviously has been flying since 2019 high performance jet powered tactical drone will successfully get to production.

此外，現在還有兩個新的戰術噴射無人機機會，奎托斯正在評估潛在的追擊機會，我們最近剛提交了對其中一個的回應。根據最近的事件和溝通，我們仍然相信 Kratos 的 Valkyrie 是成本最低、跑道最便宜、靈活、實際飛行的當今高性能噴氣動力戰術無人機，顯然自 2019 年以來一直在飛行，將成功投產。

Kratos's ghost works has made rapid progress on the conventional takeoff and land Valkyrie capability, which development Kratos is internally funding, and which we expect to fly in the second half of '25. The complete Valkyrie system is a runway, flexible, runway, independent system.

Kratos 的幽靈工廠在常規起飛和降落 Valkyrie 能力方面取得了快速進展，Kratos 的開發是內部資助的，我們預計將在 25 年下半年進行飛行。完整的瓦爾基里系統是一個跑道、靈活、跑道、獨立的系統。

We are also on track with our customer to fly a new fifth generation aerial drone in 2025. Kratos ghost works, has also made progress with our customer in integrating Kratos jet engines into Kratos tactical and target drones, with initial flights of Kratos jet engines and Kratos drones planned for the second half of '25.

我們也計劃與客戶一起在 2025 年駕駛新型第五代無人機。Kratos Ghost Works 還與我們的客戶在將 Kratos 噴氣發動機整合到 Kratos 戰術和目標無人機方面取得了進展，Kratos 噴氣發動機和 Kratos 無人機計劃於 25 年下半年進行首次飛行。

Kratos mil-spec turbojets, part of our Spartan family of engines which are manufactured in Michigan are some of the highest performance per cost in the world, being significantly lower in cost than anything else available in the industry, of which there's very little.

Kratos 軍用規格渦輪噴射發動機是我們在密西根州製造的斯巴達系列發動機的一部分，是世界上性價比最高的發動機之一，其成本遠低於業內其他任何產品，而行業中的其他產品卻很少。

As is represented in my update we believe that the market momentum for low cost jet power drones is increasing, and that Kratos, which currently manufactures approximately 165 jet drones annually and has approximately 10 different jet drones flying today, is uniquely positioned to address and be successful in this market now and today, not 5 or 10 years from now.

正如我在更新中所表示的，我們相信低成本噴射動力無人機的市場動能正在增強，而Kratos 目前每年生產約165 架噴射無人機，目前擁有約10 架不同的噴射無人機在飛行，它具有獨特的優勢來解決和解決這些問題。

Related to drone manufacturing capacity Kratos is currently positioned with the internally and funded investments we have made and are making, and along with our established and qualified vendor based supply chain and our existing facilities and options to quickly increase jet drone production to approximately 400 drones a year, including Valkyrie when requested.

與無人機製造能力相關，Kratos 目前的定位是利用我們已經進行和正在進行的內部投資和融資投資，以及我們已建立的合格供應商供應鏈以及我們現有的設施和選項，以快速將噴氣式無人機產量提高到每年約400 架。

We expect Kratos target drone business to be a contributor to Kratos future organic growth, and we expect Kratos tactical drone business to potentially be transformational for Kratos business and our stakeholders in the future.

我們預計 Kratos 的目標無人機業務將為 Kratos 未來的有機成長做出貢獻，我們預計 Kratos 戰術無人機業務未來可能會為 Kratos 業務和我們的利益相關者帶來變革。

As I mentioned, as we look towards to 2025 we remain confident in our long term base case, 10% organic revenue growth rate, objective and forecast, which for 2025 we expect to provide the details on when we report Q4 after the new administration and Congress is in place, and hopefully when we have better clarity on the current continuing resolution authorization situation.

正如我所提到的，當我們展望2025 年時，我們對長期基本情境、10% 的有機收入成長率、目標和預測仍然充滿信心，對於2025 年，我們預計將在新政府上台後報告第四季度時提供詳細信息，並且國會已經就位，希望我們能更清楚地了解當前的持續決議授權情況。

We are internally focused on executing on our record backlog and opportunity pipeline with no significant acquisitions anticipated, only potential small tuck-ins. Operational challenges include obtaining, retaining and the related cost of qualified personnel, which continues to be a headwind to certain of our operations and profit margins due to the increased personnel related costs and scarcity of resources, and also the current disruption in the commercial satellite industry.

我們內部專注於執行創紀錄的積壓訂單和機會管道，預計不會進行重大收購，只有潛在的小額收購。營運挑戰包括合格人員的取得、保留和相關成本，由於人員相關成本增加和資源稀缺，以及當前商業衛星產業的混亂，這仍然對我們的某些營運和利潤率構成不利影響。

As we have previously discussed, our base case forecast does not include any production orders for Kratos tactical drones only continued research development, Test and Evaluation, or RDT&E or S&T science and technology and similar type sales, irrespective of the administration and US government funding timing issues with the current geopolitical landscape and threat environment, we believe that we are in the early stages of a Reagan like defense build-up with increased US and allies, defense and national security budgets for the foreseeable future. Ms. Deanna?

正如我們之前討論的，我們的基本情況預測不包括奎托斯戰術無人機的任何生產訂單，僅包括持續的研究開發、測試和評估、RDT&E 或S&T 科學技術以及類似類型的銷售，無論政府和美國政府的資助時間如何考慮到當前地緣政治格局和威脅環境的問題，我們認為，我們正處於雷根式國防建設的早期階段，在可預見的未來，美國及其盟國、國防和國家安全預算都會增加。迪安娜女士？

Thank you, Eric, good afternoon. As we have included a detailed summary of the third quarter financial performance as well as the initial fourth quarter and affirmation of the full year 2024 financial guidance in the press release we published earlier today, I will focus on the highlights in my remarks today.

謝謝你，艾瑞克，下午好。由於我們在今天早些時候發布的新聞稿中詳細介紹了第三季度的財務業績以及第四季度的初步業績以及對2024 年全年財務指引的肯定，因此我將重點介紹今天講話中的重點內容。

Revenues for the third quarter were $275.9 million in our estimated range of $265 million to $280 million, which includes notable strength and organic revenue growth in virtually all of our businesses, including our unmanned systems, turbine technologies, microwave products, C5 ISR, defense rocket support and training solutions businesses, offset by the expected industry related impact from OEM delays in the manufacturing delivery of software defined satellites.

第三季的營收為2.759 億美元，我們的估計範圍為2.65 億至2.8 億美元，其中包括我們幾乎所有業務的顯著實力和有機收入成長，包括我們的無人系統、渦輪技術、微波產品、 C5 ISR、國防火箭支援和培訓解決方案業務，被 OEM 延遲製造交付軟體定義衛星帶來的預期產業相關影響所抵消。

Adjusted EBITDA for the third quarter of '24 was $24.6 million, exceeding our estimated range of $20 million to $23 million, reflecting a more favorable mix of higher margin revenues, offset partially by increased bid and proposal costs associated with a large potential opportunity.

2024 年第三季調整後EBITDA 為2,460 萬美元，超出了我們2,000 萬至2,300 萬美元的估計範圍，反映出較高利潤收入的更有利組合，部分被與巨大潛在機會相關的投標和建議成本增加所抵消。

Unmanned systems, organic revenue growth was 8.7% for the third quarter, including the impact of the Sierra Technical Services or STS acquisition on a pro-forma basis, as if acquired at the beginning of 2023.

無人系統，第三季的有機收入成長為 8.7%，其中包括預計收購 Sierra Technical Services 或 STS 的影響，就像在 2023 年初收購一樣。

Cash generated from operating activities was $6.1 million, which includes the impact of working capital requirements related to increases in prepaid assets, primarily resulting from deposits required for long lead motors and engines related to expected ramps in production, as well as advanced payments required by key suppliers and the reduction of deferred revenue balances or prepaid customer deposits as work has been performed and delivered.

經營活動產生的現金為610 萬美元，其中包括與預付資產增加相關的營運資金需求的影響，主要是由於與預期產量增長相關的長週期電機和發動機所需的押金，以及關鍵部件所需的預付款供應商以及隨著工作完成和交付而減少遞延收入餘額或預付客戶押金。

Once these motors and engines are completed and delivered to Kratos, the related prepaid deposits will be transferred to our inventory balances. These prepaid assets are investments for inventory we are making for programs, either under contract or based upon customer indications of demand and future production and, or deliverables.

一旦這些馬達和引擎完成並交付給奎托斯，相關的預付押金將轉入我們的庫存餘額。這些預付資產是我們為專案進行的庫存投資，無論是根據合約還是根據客戶的需求指示和未來生產和/或可交付成果。

Free cash flow used from operations was $9.2 million after funding capital expenditures, have $15.3 million. As we planned we are continuing to make investments to expand and build out certain of our manufacturing and production facilities in our microwave products, rocket system and hypersonic businesses to meet existing and anticipated customer orders and requirements and investing in related new machinery, equipment and systems.

扣除資本支出 1,530 萬美元後，營運所使用的自由現金流為 920 萬美元。按照我們的計劃，我們將繼續投資擴大和建造微波產品、火箭系統和高超音速業務的某些製造和生產設施，以滿足現有和預期的客戶訂單和要求，並投資相關的新機械、設備和系統。

We are also continuing to manufacture the two production lots of Valkyries prior to contract award. Based on our current build and construction schedules, approximately $10 million of capital expenditures that were initially expected to be incurred in 2024 are now expected to carry over into 2025. This is offset by the working capital uses related to increases in advance payments and deposits required for long lead production items, which has been more than $10 million for two programs in the first nine months of 2024.

在授予合約之前，我們還將繼續生產兩批生產批次的 Valkyries。根據我們目前的建設和施工計劃，最初預計在 2024 年發生的約 1000 萬美元的資本支出現在預計將結轉至 2025 年。這被與長週期生產項目所需的預付款和押金增加相關的營運資金使用所抵消，2024 年前 9 個月，兩個項目的營運資金使用量已超過 1000 萬美元。

Consolidated DSOs, or day sales outstanding, increased from 103 days in the second quarter to 105 days in the third quarter based upon milestone payment schedules. Our contract mix for the third quarter of '24 was 69% of revenues generated from fixed price contracts, 25% from cost type contracts, and 6% related to time and material contracts.

根據里程碑付款計劃，合併 DSO（即應付款日）從第二季的 103 天增加到第三季的 105 天。2024 年第三季度我們的合同組合中，69% 的收入來自固定價格合同，25% 來自成本類型合同，6% 與時間和材料合同相關。

Revenues generated from contracts with the US Federal Government during the third quarter of '24 were approximately 67% including revenues generated from contracts with the DoD, non-DoD federal government agencies and FMS contracts.

2024 年第三季與美國聯邦政府簽訂的合約產生的收入約為 67%，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 the third quarter of '24 we generated 12% of revenues from commercial customers and 21% from foreign customers. An operational priority remains hiring and retention of skilled technical labor across the company, with total Kratos head count of 4,047 at the end of the third quarter, as compared to 4,012 at the end of the second quarter and 3,986 at the end of the first quarter of '24. Now moving on to financial guidance.

2024 年第三季度，我們 12% 的營收來自商業客戶，21% 來自外國客戶。營運重點仍是招募和保留整個公司的熟練技術工人，第三季末 Kratos 員工總數為 4,047 人，而第二季末為 4,012 人，第一季末為 3,986 人'24.現在轉向財務指導。

Our financial guidance we provided today includes our expectations and assumptions for our supply chain execution and for employees sourcing, hiring, retention and the related cost. We have also taken into consideration in our affirmed fiscal '24 guidance, a federal fiscal year '25 continuing resolution or CRA, commencing on October 1, which it has and under such CRA, no new program contract awards, no increases in existing production contract money and no transition from program development to production. Eric?

我們今天提供的財務指導包括我們對供應鏈執行以及員工採購、僱用、留任和相關成本的期望和假設。我們還在我們確認的「24 財年指導」中考慮了聯邦「25 財年持續決議」或CRA（從10 月1 日開始），根據該CRA，沒有新的項目合約授予，也沒有增加現有的生產合約資金，並且沒有從程序開發到製作的過渡。艾瑞克？

Thank you, Deanna. I'll turn it over to the moderator for questions.

謝謝你，迪安娜。我會把它交給主持人提問。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Michael Ciarmoli, Truist Securities.

邁克爾·恰莫利 (Michael Ciarmoli)，Truist 證券公司。

Hey, good evening guys. Nice results. Thanks for taking the questions. Eric, just -- I mean, we've got holidays and stuff here. Not a lot of time for the rest of the year. What's the driver in the wide range for the fourth quarter? And then I guess just on the '25 initial outlook. Can you give us any color or, maybe some detail by end market, what are the leading growth engines, what's kind of lagging.

嘿，大家晚上好。不錯的結果。感謝您提出問題。艾瑞克，只是——我的意思是，我們這裡有假期和其他事情。一年中剩下的時間並不多。第四季大範圍的驅動因素是什麼？然後我想只是關於 25 年的初步前景。您能否給我們任何顏色，或者也許是終端市場的一些細節，什麼是領先的成長引擎，什麼是滯後的。

Yeah. Yes, sir. And Mike. So on the range in the fourth quarter, every year it starts around September 30, with the government fiscal year and there's sweep up money and a lot of customers have some money that they -- they have some priorities on. And this is in particular in our space and satellite business and data purchases, including off of our space domain awareness network, which we've seen virtually every year for the past several years. And it's very possible that we're going to get several of those this year and we just can't plan on them. They can come with one week's notice. That's the biggest driver on the range are these data sales, office space demand awareness network.

是的。是的，先生。還有麥克。因此，在第四季度的範圍內，每年從 9 月 30 日左右開始，隨著政府財政年度的到來，將有大量資金，許多客戶都有一些資金，他們有一些優先事項。這尤其是在我們的空間和衛星業務以及資料購買方面，包括我們的空間域感知網絡，在過去幾年中我們幾乎每年都會看到這種情況。今年我們很可能會得到其中幾個，但我們無法對其進行計劃。他們可以提前一周通知。此範圍內最大的驅動力是這些數據銷售、辦公空間需求認知網絡。

Okay. Got it.

好的。知道了。

That's the big, that's, that one. On the other one the big drivers for next year. All right. Number one is going to be the air defense system work that's going on. It's incredible. I went through some of the air defense, just some of the air defense systems were on, and these are all counter UIs systems. These are big hardware programs, that's really going to be a driver for us.

就是那個大的，就是那個。另一方面是明年的主要推動因素。好的。第一個將是正在進行的防空系統工作。太不可思議了。我檢查了一些防空系統，只有一些防空系統打開了，這些都是反UI系統。這些都是大型硬體程序，它們確實將成為我們的驅動程式。

The next one, Mike and I can't emphasize how important Zeus was. This is a major catalyst for Kratos. Our solid rocket motor launch business. Next year is going to be -- it's forecast to be several tens of millions of dollars greater than it was in 2024. And then again, in 2026 I think it's going to be several tens of billions of dollars greater than it's going to be in 2025 based on the launch manifest, we're looking at. It's that significant.

下一個，麥克和我無法強調宙斯有多重要。這是奎托斯的主要催化劑。我們的固體火箭發動機發射業務。預計明年將比 2024 年增加數千萬美元。再說一遍，根據我們正在考慮的發布清單，我認為 2026 年的收入將比 2025 年增加數百億美元。就是這麼重要。

Okay. And the third one is engines and propulsion systems. Us being first to market with this engine technology where we're designed in and we're actually flying, is turning out to be a big winner for us, which is why we've spent the money to get the -- the turbo jet production facility ready to go up to 10,000 units annually. And we're -- we've identified the location for the turbo fan, the bigger jet engine, one with our partner GEK. Those are the big catalysts that we have high confidence in just based on what we've got.

好的。第三個是引擎和推進系統。我們是第一個將這種引擎技術推向市場的人，我們設計的引擎技術就是我們設計的並且我們實際上正在飛行，這對我們來說是一個大贏家，這就是為什麼我們花了錢購買渦輪噴射發動機生產設施年產能可達 10,000 台。我們已經與我們的合作夥伴 GEK 確定了渦輪風扇（更大的噴射發動機）的位置。僅僅基於我們所擁有的，我們就對這些是巨大的催化劑充滿信心。

Got it. And then just a bigger picture question. You mentioned, the Reagan like buildup, obviously, it's super early days here post-election. I mean, if Musk is serious about gutting government spending, how do you think this plays out for defense? He's obviously got the track record with, with SpaceX. Does this put the old defense guard at risk. Does it favor new startups? Like, I know you're working with BlueHalo, (inaudible), where does that leave you guys?

知道了。然後是一個更大的問題。你提到，雷根式的積累，顯然，現在還處於選舉後的早期階段。我的意思是，如果馬斯克真的想削減政府支出，你認為這對國防有何影響？顯然，他在 SpaceX 擁有良好的業績記錄。這是否會讓老後衛面臨危險？它有利於新的新創公司嗎？就像，我知道你們正在與 BlueHalo 合作，（聽不清楚），那你們會怎麼樣呢？

Yeah, I think that for non-traditional like Kratos, (inaudible) Shield, BlueHalo, I can go on and on. I don't see a better set up for guys like us than the ones I just named. If you recall a couple three years ago at an air force conference, Mr. Musk actually said, I envision a future five years from now where jet drones are going to start replacing the manned aircraft. And he's also looking laser focused on affordability and getting more for your money, which is as everyone knows, that's what Kratos has done with the drones and the Hypersonics and the solid rocket motors. I'm a -- this at worst, this is neutral, but most likely this is going to be a very big benefit for the new entrants and the non-traditional like Kratos.

是的，我認為對於像 Kratos、（聽不清楚）Shield、BlueHalo 這樣的非傳統遊戲，我可以繼續說下去。對於像我們這樣的人來說，我認為沒有比我剛才提到的人更好的安排了。如果你還記得三年前的一次空軍會議，馬斯克先生實際上說過，我設想五年後的未來，噴射無人機將開始取代有人駕駛飛機。他也非常關注可負擔性，並讓你的錢花得更多，眾所周知，這就是克雷托斯在無人機、高超音速飛機和固體火箭發動機方面所做的事情。我是——這在最壞的情況下是中立的，但很可能這對新進入者和像奎托斯這樣的非傳統人士來說是一個非常大的好處。

Got it. Perfect. I'll jump back in the queue. Thanks guys.

知道了。完美的。我會跳回到隊列中。謝謝你們。

Thank you.

謝謝。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, thanks. Good afternoon, Eric, Deanna.

是的，謝謝。下午好，埃里克，迪安娜。

Hey Peter.

嘿彼得。

Hey, Eric. First time I think I've ever heard you talk about a foreign source election when you're talking about, for your tactical drones. Is this like a firm commitment from the customer or do you know the potential quantity, any more color on that? That would be helpful.

嘿，艾瑞克。當你談論戰術無人機時，我想我第一次聽到你談論外國來源選擇。這是否像是客戶的堅定承諾，或者您是否知道潛在的數量，還有更多的資訊嗎？那會有幫助的。

Yeah. So one of the reasons I mentioned that today Peter is, it's possible in the next few months, not by us, but because of the nature of this, it could become public. And I wanted to make sure you all at least were informed on this. I can't say a lot, I can't get ahead of myself on this. But if you recall in the last earnings call, I made some comments that on one or two of these new opportunities we're pursuing as a result of them. We were lining up our supply chain for a 3 lot of 12 Valkyries. Well, this ties into this.

是的。所以我今天提到彼得的原因之一是，在接下來的幾個月裡，這可能不是由我們完成的，但由於其性質，它可能會公開。我想確保你們至少都了解這一點。我不能說太多，我不能在這件事上超前。但如果你還記得在上次財報電話會議上，我對我們正在尋求的一兩個新機會發表了一些評論。我們正在為 3 批 12 輛 Valkyries 安排供應鏈。嗯，這與此有關。

And so we're cautiously optimistic. We have been down selected. We're getting there and that's all I want to say and we have not included any of this in 2025. None. And so god willing, if it comes through this could be a big binary for us.

因此我們持謹慎樂觀的態度。我們已經被選中了。我們正在實現這個目標，這就是我想說的，但我們在 2025 年還沒有包含任何這些內容。沒有任何。因此，如果上帝願意，如果它成功的話，這對我們來說可能是一個巨大的二進制。

Right. And then on your -- you've given us a lot of impression in this release regarding, kind of the, where all the growth can come from in terms of capacity and growth in drones and engines. On the drone side, the tactical drone, well, I guess the fire jet, there's opportunities with the Navy on the tactical side. Can you give any more color there on how that's progressing?

正確的。然後，您在這個版本中給我們留下了很多印象，所有的增長都可以來自無人機和引擎的容量和增長。在無人機方面，戰術無人機，嗯，我猜是消防飛機，海軍在戰術方面有機會。可否進一步介紹一下進展？

Okay. Apollo and Athena are very, very relevant, relative to tactical drones. One of them relevant to a non-air force customer. The -- I have to choose my words carefully here. We continue to make -- I don't talk about it a lot because I can't, we continue to make progress with Aaron Wolf, including internationally, the tactical fire jet. And one of the primary reasons for that is because it's -- a Valkyrie can go several 1,000 miles.

好的。相對於戰術無人機，阿波羅和雅典娜非常非常相關。其中之一與非空軍客戶相關。- 我必須在這裡謹慎地選擇我的用詞。我們繼續製造——我不會談論太多，因為我不能，我們繼續與亞倫·沃爾夫一起取得進展，包括國際上的戰術消防飛機。主要原因之一是 Valkyrie 可以行駛 1,000 英里。

A tactical fire jet cannot. And so from political and policy purposes, it's more palatable and one of these jet drones, our engines are going to be in flying is going to be tactical fire jet next year, which is significantly increasing performance in the electrical area for certain subsystems that are going to be very relevant. That ties into your question. I can't be more direct than that.

戰術消防飛機則不能。因此，從政治和政策目的來看，它更容易接受，我們的發動機將在明年飛行的這些噴氣式無人機之一將是戰術消防噴射機，這將顯著提高某些子系統在電氣領域的表現將會非常相關。這與你的問題有關。我不能比這更直接了。

Got it. Yeah. And just last thing you mentioned, the turbojet development and TDI, and it sounds like the outlook there, certainly the capacities in place. How do you anticipate kind of production ramping up? Now that you've kind of made that significant investment there?

知道了。是的。您剛才提到的最後一件事，渦輪噴射引擎的開發和 TDI，聽起來像是那裡的前景，當然還有現有的能力。您預計產量會如何增加？現在您已經在那裡進行了重大投資？

Yeah. So I think that probably in the first quarter, in the first half, the continuing resolution is directly impacting a couple three of these programs. Can't get the money because it's in the 2025 budget. We're going to get the some initial LRIP orders, okay.

是的。因此，我認為可能在第一季、上半年，持續的解決方案會直接影響其中的三個項目。拿不到錢，因為它在 2025 年預算中。我們將獲得一些初始 LRIP 訂單，好吧。

And late next year, second half next year, we could get a couple more LRIP orders and based on what -- we're designed in on these systems. Based on what it looks like we have a new President now. He's going to have a lot of say in the 2026 budget request. So assuming there aren't any draconian changes there, which I don't believe there will be 2026 could be a breakout year for us, in the small jet engine production.

明年年底，明年下半年，我們可能會收到更多 LRIP 訂單，並且基於我們在這些系統上的設計。從目前的情況來看，我們現在有了一位新總統。他將對 2026 年預算請求有很多發言權。因此，假設沒有任何劇烈的變化，我認為 2026 年對我們來說在小型噴射引擎生產方面不會是突破性的一年。

Got it. I'll jump back in Queue. Thanks, Eric.

知道了。我會跳回隊列。謝謝，埃里克。

Okay, thanks.

好的，謝謝。

Ken Herbert, RBC Capital Markets, LLC.

肯‧赫伯特 (Ken Herbert)，加拿大皇家銀行資本市場有限責任公司。

Hey, good afternoon. Eric, Deanna.

嘿，下午好。艾瑞克、迪安娜.

Hi Ken.

嗨肯。

Hi, ken. Good afternoon.

嗨，肯。午安.

Yeah. Hey, Eric. You -- we've obviously got a new administration coming in as we think about where we see some leadership changes in Congress and what would likely be greater sort of a greater push for higher defense spending. I know it's obviously early and you it sounds like you're alluding to this and '25 is probably not where we necessarily see this relative to '26 and beyond. But are you prepared now to think about if we're in a situation where we do see, call it sort of mid-single digit real growth in at least US defense spending. What that means to your long term 10% top line outlook that you've been delivering to over the last several years.

是的。嘿，艾瑞克。你——我們顯然已經迎來了新政府，因為我們正在考慮國會的一些領導層變化，以及可能更大程度地推動更高的國防支出。我知道這顯然還為時過早，聽起來您似乎在暗示這一點，而相對於 26 年及以後的情況，我們可能不一定會在 25 年看到這一點。但你現在準備好考慮一下我們是否處於我們確實看到的情況嗎，至少可以稱之為美國國防支出中個位數的實際增長。這對您在過去幾年中一直實現的 10% 的長期收入前景意​​味著什麼。

Yeah. So Senator Wicker of Mississippi very well, maybe the Chairman of the Seminar Services Committee and that gentleman is a 100% patriot through and through. And if you Google it, you can probably see $1 trillion defense budgets under Wicker. I know he was looking for that recently, which are needed because of the threat profile.

是的。密西西比州參議員威克（Wicker）很好，也許是研討會服務委員會的主席，那位先生是一位徹頭徹尾的 100% 愛國者。如果你用谷歌搜尋一下，你可能會看到 Wicker 的國防預算高達 1 兆美元。我知道他最近正在尋找這個，這是由於威脅概況而需要的。

And I can go down the list on what the -- what people are speculating are going to have some of these important roles, it looks like for the United States national security. It's going to be a grand slam which we need right now for the country's sake.

我可以詳細列出人們猜測的那些將在美國國家安全方面發揮重要作用的人員。這將是一場大滿貫，為了國家我們現在需要它。

Now, having said that affordability is going to be very, very important. It's just going to be irrespective of defense budgets go up to $950 billion or $1 trillion.

現在，話雖如此，負擔能力將非常非常重要。無論國防預算是達到 9,500 億美元還是 1 兆美元，這都無關緊要。

Again, I'm the CEO, I drink the Kool aid. But based on the programs, we've won, the ones that we're going to win in the next six -- next three, six months, we know we're going to win. We've been told and based on the opportunity pipeline where -- this is strategic systems, nuclear systems, air defense systems, where we're basically sole source.

再說一次，我是首席執行官，我喝酷援助。但根據這些計劃，我們已經贏了，那些我們將在接下來的六個月中贏得的計劃——接下來的三、六個月，我們知道我們會贏。我們被告知並基於機會管道——這是戰略系統、核系統、防空系統，我們基本上是唯一的來源。

This is one of the reasons I mentioned that probably in '26 we're going to take up our 10% year-over-year growth number. We're going to. I don't believe it's going to be lack of winning the work, the constraint or the restraint we're going to have is getting the qualified people, primarily manufacturing people, including those that can get security clearances. Because you can imagine with what's going on in the industry, these people are in incredible demand right now by all of us. And that's going to be -- that's kind of why I made the comments on we're looking to potentially take it up in '26 because of what you just alluded to.

這就是我提到可能在 26 年我們將實現 10% 的同比增長數字的原因之一。我們要去。我不認為我們會缺乏贏得工作的機會，我們將面臨的限制是獲得合格的人員，主要是製造業人員，包括那些可以獲得安全許可的人員。因為你可以想像這個行業正在發生的事情，我們所有人現在都對這些人有著難以置信的需求。這就是為什麼我發表評論說我們可能會在 26 年討論這個問題，因為你剛才提到了這一點。

And if I could, it looks like in terms of profitability within the unmanned segment, this year on an EBIT level, you probably end the year in low single digits, in terms of margin. You're outlining again, significant investments within that segment to support, obviously, the planned growth. Do we see or should we expect much margin expansion within the unmanned segment in '26 or in '25 I'm sorry, or can you provide any additional commentary around that?

如果可以的話，看起來就無人駕駛領域的盈利能力而言，今年在息稅前利潤水平上，就利潤率而言，今年年底可能會保持在較低的個位數。您再次概述了該領域的重大投資，以支持計劃的成長。我們是否看到或應該預期 26 年或 25 年無人駕駛領域的利潤率會大幅增長？

Obviously, I don't want to get ahead of ourselves since we're not giving guidance yet, Ken, but we would expect to see some margin expansion just with the leverage off of our fixed infrastructure as we move also from up -- move up production and move from development into production. So we would expect to see some expansion.

顯然，我不想超前，因為我們還沒有給出指導，肯，但我們預計，隨著我們也從上行移動，我們的固定基礎設施的槓桿作用就會出現一些利潤率擴張。生產。所以我們預計會看到一些擴張。

Perfect. Thanks Deanna. I'll pass it back.

完美的。謝謝迪安娜。我會把它傳回來。

Thanks. Thanks Ken.

謝謝。謝謝肯。

Mike Crawford, B. Riley Securities.

麥克‧克勞福德 (Mike Crawford)，B. 萊利證券 (Riley Securities)。

Thank you, given the increasing proliferation of space based architectures. Could you give us a sense of what your satellite business historically has looked like broken down between LEO and GEO, maybe historically today and where that might be in the future?

謝謝，鑑於太空架構的日益普及。您能否讓我們了解一下您的衛星業務歷史上在 LEO 和 GEO 之間的劃分情況，也許是歷史上的今天，以及未來可能的情況？

Yeah. So the satellite business heretofore has been substantially GEO focused which heretofore the vast majority of the vast number of satellites that went up, they went 22,500 miles up and they were in geosynchronous orbit. That was before Elon and that was before antisatellite weapons that Russia and China have.

是的。因此，迄今為止，衛星業務主要集中在地球同步軌道上，迄今為止，絕大多數已升空的衛星都升空了 22,500 英里，處於地球同步軌道上。那是在伊隆之前，也是在俄羅斯和中國擁有反衛星武器之前。

Now we're going to distributed constellations in LEO and MEO orbit. That kind of -- that can be kind of sort of augmented by GEO but the vast number of satellites that are going up are going up to LEO and then we can get into these that if they're over the ocean, they can't communicate unless they have laser cross links, et cetera.

現在我們將討論 LEO 和 MEO 軌道上的分佈式星座。那種——這可以透過地球同步軌道來增強，但是大量的衛星正在上升到近地軌道，然後我們可以進入這些，如果它們在海洋上空，它們就不能除非它們有雷射交叉連結等，否則無法進行通信。

So we continue to be as of right now because of the legacy systems and the software defined satellites and airbus and Talus and Boeing are putting up our business is predominantly still GEO but because the market, especially in the tracking network areas have been moving to distributed LEOs, we are moving there with them, we're moving right along with them. So expect our mix to continue to move more and more away from the GEO to the LEO and the MEO as a result of the systems that are going up.

因此，由於遺留系統和軟體定義的衛星以及空中巴士公司、Talus 和波音公司目前的業務主要仍然是 GEO，所以我們現在仍然如此，但因為市場，特別是在追蹤網路領域，已經轉向分散式LEO，我們正在與他們一起移動，我們正在與他們一起移動。因此，由於系統的不斷升級，預計我們的組合將繼續越來越多地從 GEO 轉移到 LEO 和 MEO。

And then -- thank you, Eric. And then just related the single award $100 million plus space opportunity that could expand from there. Can you say whether that's commercial or sovereign.

然後——謝謝你，艾瑞克。然後剛剛提到了 1 億美元的單一獎項以及可以從那裡擴展的空間機會。你能說這是商業性的還是主權性的嗎？

It's not commercial.

這不是商業性的。

Okay. And then separately, you have this successful joint exercise at Air Force base and one flag and we know marines is a customer, but I mean, the Air Force had -- I mean, they're there in the joint exercise and they have the CCA program where now it's unsure, it looks like the exquisite are never going to go into volume production. But it's unclear whether the next increment is going to be for more a treatable aircraft or is it something that's more related to counter UAs or can you not comment on that either?

好的。然後分別在空軍基地和一面旗幟上進行了這次成功的聯合演習，我們知道海軍陸戰隊是客戶，但我的意思是，空軍 - 我的意思是，他們參加了聯合演習，他們有CCA計劃現在還不確定，看起來精緻的產品永遠不會進入大量生產。但目前尚不清楚下一個增量是否會用於更多可處理的飛機，或者是否與反無人機更相關，或者您也不能對此發表評論嗎？

My opinion on this, Mike is the United States Air Force responsibilities are massive and they're increasing. They're just massive what they're responsible for. And the their resources, financial and otherwise are not adequate for them because of these massive responsibilities.

我對此的看法是，麥克，美國空軍的責任非常重大，而且還在增加。他們所負責的事情是巨大的。由於這些巨大的責任，他們的資源、財務和其他方面都不足以滿足他們的需要。

And so they -- in my opinion, the Air Force is very smart. They are going to be looking for areas where they can augment systems, with lower cost systems that may not be exquisite, but they're very, very capable, very capable. And I believe Kratos drones runway capable, runway independent, et cetera. I sincerely believe we're going to be part of helping the Air Force solve their drone issues from a resourcing standpoint. I believe that. And I'll leave it at that.

因此，在我看來，空軍非常聰明。他們將尋找可以增強系統的領域，使用成本較低的系統，這些系統可能並不精緻，但它們非常非常有能力。我相信奎托斯無人機能夠在跑道上運行，獨立於跑道上等等。我真誠地相信，我們將從資源的角度幫助空軍解決無人機問題。我相信這一點。我就這樣吧。

Okay. Thank you.

好的。謝謝。

Yeah.

是的。

Seth Seifman, JPMorgan.

賽斯‧塞夫曼，摩根大通。

Hey, thanks very much and good afternoon.

嘿，非常感謝，下午好。

Hi Seth.

嗨塞思。

Hi Seth.

嗨塞思。

I apologies if I missed it. Is there any update on Prometheus?

如果我錯過了，我很抱歉。普羅米修斯有更新嗎？

I'm smiling. We are -- the last time we talked, I said we were in the red zone. We are on the five yard line. I am -- I truly believe that at our next earnings report, if not sooner independently because of the significance of this to Kratos and the United States industrial base that we are going to be able to announce something, either we got it in the end zone or otherwise, I believe we're going to get it in the end zone. This could be one of the biggest catalysts for Kratos ever. So we're almost --

我在微笑。我們上次談話時，我說過我們處於紅色區域。我們在五碼線上。我真的相信，在我們的下一份收益報告中，即使不是更早地獨立，因為這對奎托斯和美國工業基礎的重要性，我們將能夠宣布一些事情，要么我們最終得到了它無論是在達陣區還是其他地方，我相信我們都會到達達陣區。這可能是奎托斯有史以來最大的催化劑之一。所以我們幾乎--

I think end of that -- oh, sorry.

我想就這樣結束了——哦，抱歉。

No, I was just going to say, we're almost there, but I don't want to jinx anything.

不，我只是想說，我們快到了，但我不想為任何事情帶來厄運。

Of course. And is that -- when you think about that kind of 10% next year and you know what we discussed a little bit earlier about the drivers of that, is that something that where there's -- is not factored in and maybe there's upside related to that.

當然。當你想到明年的 10% 時，你知道我們之前討論過的關於其驅動因素的內容，是不是有一些因素沒有被考慮在內，也許還有與相關的上行空間那。

It is factored at zero. This is so significant to future years and so binary, we're not factoring at all. It's zero. It is zero in our forecasts.

它的因數為零。這對於未來幾年來說非常重要，而且是二元的，我們根本沒有考慮到這一點。為零。我們的預測為零。

Okay. Got it. And then maybe just to follow, I should know this. But when we think about the producing at the scale of the turbines that you're talking about what would be the primary destination for kind of -- for that level of production or the kind of top groups of programs that would be the customers for that scale of production.

好的。知道了。然後也許只是為了跟隨，我應該知道這一點。但是，當我們考慮渦輪機規模的生產時，您談論的是那種生產水平的主要目的地，或者是該項目的客戶的頂級項目組 生產規模。

Low cost cruise missiles. There are a handful or two of brand new low cost cruise missile or similar programs that are underway, they're underway, they're happening, there's not a lot of publicity on them but they're happening. And these are orders of magnitude less -- orders and orders of magnitude less costly than existing exquisite cruise missiles. This is clearly affordability, quantity affordable mass that the military several branches are looking at and they're doing it. This is going to happen. This is happening.

低成本巡弋飛彈。有一兩個全新的低成本巡航導彈或類似的項目正在進行中，它們正在進行中，它們正在發生，沒有太多的宣傳，但它們正在發生。而且這些飛彈的成本比現有的精巧巡弋飛彈低幾個數量級。這顯然是負擔得起的、數量可承受的質量，軍方的幾個部門正在考慮並正在這樣做。這將會發生。這正在發生。

So it's low cost cruise missiles. Why we built this family of engines specifically for this application, because we saw it coming.

所以它是低成本的巡航導彈。為什麼我們專門為此應用建立了這個系列的引擎，因為我們看到了它的到來。

Excellent. Thanks very much.

出色的。非常感謝。

Yeah.

是的。

Thank you. Sheila Kahyaoglu, Jeffries.

謝謝。希拉·卡哈奧格魯，杰弗里斯。

Hi guys, Connor on here for Sheila. Thanks so much for taking my question. Your commentary around the hypersonic's pursuit is clearly very positive. I think you previously called out it could be a $1 billion opportunity over the next five years. Can you just give us an update on where the broader hypersonic business stands today and how you think about that trajectory?

大家好，康納在這裡為希拉服務。非常感謝您提出我的問題。您對高超音速飛機追求的評論顯然非常積極。我想您之前曾說過，未來五年這可能是一個價值 10 億美元的機會。您能否向我們介紹一下目前更廣泛的高超音速業務的最新情況以及您如何看待這一發展軌跡？

Yeah. Okay. So we Kratos' legacy in the hypersonic areas is significant. We're involved, I'll give you some programs high fire, high cause, vast those were Kratos launch systems and Kratos was involved in those. As you may have saw last year, France launched a hypersonic glider, Kratos launched it for Kratos system. Here to four and also our ballistic missile targets, ballistic missile reentry vehicles, they routinely go over Mach 5 -- 5,000 miles, excuse me, 5,000 miles an hour. So they're hypersonic.

是的。好的。因此，我們奎托斯在高超音速領域的遺產非常重要。我們參與其中，我會給你一些火力大、事業高、規模大的項目，這些都是奎托斯發射系統，奎托斯參與了這些項目。去年你可能已經看到，法國推出了高超音速滑翔機，克雷托斯為克雷托斯系統推出了它。這裡有四個目標，還有我們的彈道飛彈目標、彈道飛彈再入飛行器，它們通常會以超過 5 馬赫的速度飛行——5,000 英里，對不起，每小時 5,000 英里。所以它們是高超音速的。

So we are an expert in the field. We just don't propagate it a lot. Our sweet spot in drones right now contractually is target drones in solid rocket motors, it's ballistic missile targets. And so one would think that where would we be? We would be in hypersonic targets. We would be in hypersonic test vehicles. We would be in things like that right now as we speak and also similar to what we've done with the target drones where we've now transitioned, augmented to tactical. We also very well may take a look at that in the hypersonic area because we can do things orders of magnitude less costly and faster than anybody else out there.

所以我們是該領域的專家。我們只是不大力宣傳而已。根據合同，我們目前在無人機方面的最佳點是固體火箭發動機中的目標無人機，它是彈道飛彈目標。所以人們會想我們會在哪裡？我們將處於高超音速目標。我們將乘坐高超音速測試飛行器。正如我們所說，我們現在就會遇到類似的情況，也類似於我們對目標無人機所做的事情，我們現在已經將其轉變為戰術無人機。我們也很可能會在高超音速領域進行研究，因為我們可以比其他任何人以更低的成本和更快的速度做些事情。

Got it. That's very helpful. And maybe for my second one, just to look at the microelectronics business in a little bit more detail. It's clearly been a strong driver for you guys this year, given the demand in the region. But with all that capacity coming online next year, any way you can frame the growth opportunity for 2025 and beyond.

知道了。這非常有幫助。也許我的第二個目的是更詳細地了解微電子業務。考慮到該地區的需求，這顯然是今年對你們的強勁推動力。但隨著明年所有這些產能都將上線，您可以採取任何方式來規劃 2025 年及以後的成長機會。

This business should -- okay, should be a 15% to 20% grower if not more for the foreseeable future to replenish the stocks, the inventories that have been expended over the last 13 months. And then in addition to that, I mentioned the facility we're standing up in India with partners with customers. This is not a -- we don't build it and they will come, we have programs, because of everything that's going on in Russia and the Ukraine and what's going on with Israel and Hamas and Hezbollah, India has not talked a lot about relative to China and what's going on relative to rearming there. We are embedded in there and we see the opportunity there and that could be the next step function for us in a couple of years as we get online supporting them.

在可預見的未來，該業務應該——好吧，應該會成長 15% 到 20%（如果不是更多的話）來補充庫存，即過去 13 個月消耗的庫存。除此之外，我還提到了我們與客戶合作夥伴在印度設立的工廠。這不是——我們不建造它，他們就會來，我們有計劃，因為俄羅斯和烏克蘭正在發生的一切，以及以色列、哈馬斯和真主黨正在發生的事情，印度並沒有談論太多相對於中國以及那裡的重新武裝情況。我們融入其中，我們看到了那裡的機會，這可能是我們幾年後的下一步功能，因為我們可以在線支持他們。

Perfect. Thanks so much.

完美的。非常感謝。

Yeah.

是的。

(Operator Instructions) Andre Madrid, BTIG.

（操作員說明）安德烈·馬德里，BTIG。

Eric, Deanna. Thanks for the time. I wanted to talk on labor. I know you guys have cited this in the past as kind of being a hurdle to really be able to scale the propulsion business. Especially at KTT. Can you highlight any progress on recruiting and retaining talent?

艾瑞克、迪安娜.謝謝你的時間。我想談談勞工問題。我知道你們過去曾將此視為真正能夠擴大推進業務的障礙。尤其是在KTT。您能否強調一下在招募和留住人才方面的進展？

I'm sorry. We have dozens and dozens of open wrecks right now, especially in the turbomachinery area. And as we've talked about before, the competition is not just only your traditional aerospace guys, but it's these new space companies like SpaceX and others and I mean, it's just this is business.

對不起。我們現在有數十個露天殘骸，特別是在渦輪機械領域。正如我們之前談到的，競爭不僅僅是傳統的航空航太公司，還有 SpaceX 等新的航太公司，我的意思是，這就是生意。

We make progress, but if we talk about it's costly. And good for the people, good for them, but it's costly. So it's challenging, it's remaining challenging. We are about -- I didn't talk about this in our prepared remarks. I believe we're going to receive another very large propulsion system contract on the military side that's going to get going in January for us. It's not under contract yet, but it's coming and we're going to be sole source and we're going to get it fast, but the margins won't be as strong as we thought because we're going to have to pay to get these experts and we're going to need like 50 of them to do this new program. So it's hard.

我們取得了進展，但如果我們談論它，代價就會很高。對人民有利，對他們有利，但代價高昂。所以這很有挑戰性，而且仍然具有挑戰性。我們是關於——我在準備好的發言中沒有談到這一點。我相信我們將收到另一份非常大的軍事方面的推進系統合同，該合同將於一月份為我們啟動。它還沒有簽訂合同，但它即將到來，我們將成為唯一來源，我們將快速獲得它，但利潤不會像我們想像的那麼強大，因為我們將不得不支付聘請這些專家，我們將需要大約50 名專家來完成這個新專案。所以這很難。

That's fair. I totally feel for you there. It's pretty industry wide. But I guess pivoting again, I know somebody had mentioned it on the space side. I wanted to drill and look at it more at a B level, space training and cybersecurity. It's pretty broad, but it seems like what's happening on the commercial space front is when you think about contract mix, it seems like this is a bigger one. I mean, considering though the breadth of that portfolio, it is the largest set of -- on a BU basis of the entire company. What opportunities are there to kind of offset and expand in other areas. Be it defense, be it cyber.

這很公平。我非常同情你。這是相當廣泛的行業。但我想再次轉向，我知道有人在太空方面提到過它。我想在 B 級、太空訓練和網路安全方面進行更多的練習和研究。它相當廣泛，但似乎商業空間方面正在發生的事情是當你考慮合約組合時，這似乎是一個更大的問題。我的意思是，考慮到該投資組合的廣度，它是整個公司業務單位中最大的組合。有哪些機會可以在其他領域進行抵銷和擴張？無論是國防，還是網路。

Yeah. So something I haven't talked about for the past several quarters in detail is our training business, training systems and these are virtualized training systems. These are augmented reality training systems and it's also hardware training systems. So for example, we're involved with the M1 tank. You can imagine what's going on with that where we do the Bradley. You can imagine what's going on with that. We do multiple helicopters. As the weapon systems are being produced, including as they're going internationally, training systems, the demand today is probably better in this area than it's been in the last 10 years. No kidding.

是的。所以過去幾季我沒有詳細談論我們的培訓業務、培訓系統，這些都是虛擬化的培訓系統。這些是擴增實境訓練系統，也是硬體訓練系統。例如，我們參與了 M1 坦克。你可以想像我們做布拉德利的地方發生了什麼事。你可以想像這是怎麼回事。我們有多架直升機。隨著武器系統的生產，包括走向國際的訓練系統，今天這一領域的需求可能比過去十年更好。不開玩笑。

We have out there two or three bids right now and we got another one. We're getting ready to submit, where our training business could literally double in size over the next two years. Literally. If it could go 40 to 80 then it could go. No kidding. If we hit two of these one, there are two, if we hit one of them, it could go 40 to 80 to 150.

我們現在有兩三個出價，我們還得到了另一個。我們正準備提交，我們的培訓業務規模在未來兩年內實際上可能會增加一倍。字面上地。如果能達到 40 到 80 就可以了。不開玩笑。如果我們擊中其中兩個，就有兩個，如果我們擊中其中一個，它可能會變成40到80到150。

And so those are heavily factored, but the training area where we're only one of two or three guys that can do this. You're going to be hearing us talk more and more about this next year because it's going to be a major contributor to us and it's going to offset what's going on that commercial space side?

因此，這些都是重要因素，但在訓練領域，我們只是能夠做到這一點的兩三個人之一。明年你會聽到我們越來越多地談論這個問題，因為它將成為我們的主要貢獻者，並且它將抵消商業空間方面發生的事情？

Awesome, looking forward to hearing about it. Thanks, Eric.

太棒了，期待聽到它。謝謝，埃里克。

Yeah. Got it.

是的。知道了。

Joe Gomes, Noble Capital.

喬·戈麥斯，貴族資本。

Good afternoon. Thanks for taking my questions.

午安.感謝您回答我的問題。

Hey, Joe.

嘿，喬。

Hi Joe.

嗨喬。

Eric, I wanted to see -- maybe you could talk a little bit about the international target drone opportunity. I haven't heard a whole lot about that lately. What if anything is going on there, that could be exciting for the company.

艾瑞克，我想看看——也許你可以談談國際目標無人機的機會。我最近沒有聽到太多關於這件事的消息。如果那裡發生了什麼事，這可能會讓公司興奮不已。

Yeah. So back to air defense systems. You read about the US allies, NATO other allies, acquiring air defense systems. So think systems like patriot, or SHORAD, even the old hawk systems that are out there and I can go on, they all need to be exercised in addition to that international customers are now taking F35s, those systems, those air to air missiles need to be exercised.

是的。回到防空系統。你讀到了美國盟國、北約其他盟國採購防空系統的消息。因此，想想像像愛國者或 SHORAD 這樣的系統，甚至是現有的老鷹系統，我可以繼續說下去，除了國際客戶現在正在使用 F35 之外，這些系統、那些空對空飛彈都需要進行演習。鍛煉。

Our international target drone business is experiencing very significant growth, but it's a small piece because the biggest target drone guys in the world are the US Navy, the US Air Force, the US army. Okay. So it's like 20 million a year, but it's growing very significantly. Here's the important part because they're international, the margins are much, much higher than with the US government.

我們的國際目標無人機業務正在經歷非常顯著的成長，但它只是一小部分，因為世界上最大的目標無人機公司是美國海軍、美國空軍和美國陸軍。好的。所以每年大約有 2000 萬，但成長非常顯著。這是重要的部分，因為它們是國際性的，利潤比美國政府高得多。

And so I would expect for the next several years and you follow the air defense systems follow the F35s where they're going. Those are the countries that are buying our target drones. And very importantly, they have to put the infrastructure in to launch them to fly them, to recover them. It's the razor and the razor blade, then they get the target drones and they shoot them down and we ship them more.

所以我預計在接下來的幾年裡，你會跟著防空系統跟隨 F35 前往它們的去向。這些是購買我們目標無人機的國家。非常重要的是，他們必須建立基礎設施來發射它們、飛行它們、回收它們。是剃刀和剃刀刀片，然後他們得到目標無人機並將其擊落，然後我們運送更多。

And so it's a -- it will be one of our strongest growers for the foreseeable future for the reasons I just explained.

因此，出於我剛才解釋的原因，在可預見的未來，它將成為我們最強大的種植者之一。

Okay, thanks for that. And one other one, we wanted to kind of switch gears away from all the military. And one of the items we've talked a little bit about in the past is your driverless vehicle solutions. And just wondering what is going on in that sector these days.

好的，謝謝。另一方面，我們希望擺脫所有軍隊的影響。我們過去討論過的項目之一是無人駕駛汽車解決方案。只是想知道這些天該領域正在發生什麼。

It's -- I'm smiling. It's doing great. The trucking shortage, the driving shortage and I've learned more about this in the past several years, is acute and it's expanding. I think over the next few years, like 1 million tough truck drivers are retiring and they're not going to be replaced.

這是——我在微笑。做得很好。卡車運輸短缺、駕駛短缺，我在過去幾年中對此有了更多的了解，這是嚴重的，而且還在擴大。我認為在接下來的幾年裡，大約有 100 萬卡車司機即將退休，而且他們不會被取代。

And so we continue to make incredible progress, sales, revenue, profit, sugar beets, soybeans, minerals. These are on big Agri complexes in states, on state roads where we have unmanned vehicles driving. It's incredible. And our differentiator here is we developed this for tanks, we have a kit that we put into a truck and we turned it into a robot.

因此，我們繼續在銷售額、收入、利潤、甜菜、大豆、礦物質方面取得令人難以置信的進步。這些都在各州的大型農業綜合體上，在我們有無人駕駛車輛行駛的州道上。太不可思議了。我們的區別在於我們為坦克開發了這個，我們有一個套件，可以放入卡車中，然後將其變成機器人。

So it's very cheap, very low cost. And that's our angle because we're not going to compete against guys that are building unmanned cars. So this business will probably be materially financially positive for us. In other words, big enough for us to start talking about in '26. It's growing, it's a few, several millions of dollars in revenue right now, very profitable. And it's scaling. I don't talk about it much because it just hasn't been significant to the whole thing. '26, it's probably going to be to a point where we're going to be talking with you about it routinely because it's going to be -- it could be in the tens of millions.

所以它非常便宜，成本非常低。這就是我們的角度，因為我們不會與製造無人駕駛汽車的人競爭。因此，這項業務可能會為我們帶來實質的財務收益。換句話說，它足夠大，足以讓我們在 26 年開始討論。它正在成長，現在的收入有幾百萬美元，非常有利可圖。而且它正在擴展。我不多談論它，因為它對整件事來說並不重要。 '26，我們可能會定期與您討論這個問題，因為它可能會達到數千萬。

Great. Look forward to it. Thanks for taking my questions.

偉大的。敬請期待。感謝您回答我的問題。

Yeah.

是的。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hey, good afternoon, Eric, Deanna.

嘿，下午好，艾瑞克，迪安娜。

Hi Pete.

嗨皮特。

Hi. Good afternoon.

你好。午安.

Hey, Eric, I just wanted to see if we can kind of wrap our hands around this commercial space area just a little bit more because it was down a chunk this quarter. Just wonder what's it down here to date. What's your expectation for the full year and sort of when do you think it will bottom?

嘿，艾瑞克，我只是想看看我們是否可以進一步關注這個商業空間區域，因為它本季下降了很多。只是想知道到目前為止這裡有什麼。您對全年的期望是什麼？

Yeah. Pete, I'm glad you asked the question because it's going to give me an opportunity to highlight how strong the rest of the company is doing. It's going to be down this year on the commercial satellite site $30 million to $35 million in revenue down, because the operators are not taking receipt of the satellites from -- we know who these guys are, which means they're delaying the ground equipment deployments, which contracts we've already won.

是的。皮特，我很高興你問了這個問題，因為這將給我一個機會來強調公司其他部門的表現有多強。今年商業衛星網站的收入將下降 3000 萬至 3500 萬美元，因為運營商沒有收到衛星——我們知道這些人是誰，這意味著他們正在推遲地面設備的交付部署，我們已經贏得了哪些合約。

So it's down $30 million or $35 million and Pete, think about it, the rest of the business has completely offset it. So it shows you that if this had not happened with the software defined satellites, we will -- we would be blowing every financial metric away, blowing it away. And which is why I'm so confident next year we're going to do so, so good is because at worst, that business is going to have stabilized.

所以它減少了 3000 萬或 3500 萬美元，皮特，想一想，其他業務已經完全抵消了它。因此，它向您表明，如果軟體定義的衛星沒有發生這種情況，我們將——我們將摧毀所有財務指標，將其摧毀。這就是為什麼我對明年我們將這樣做如此有信心，所以很好是因為在最壞的情況下，該業務將會穩定下來。

I actually think it's going to start going up again. I don't want to get into the details on that right now. And every other business that Deanna, and I have talked about today is -- it's either at or near record backlog and record opportunity pipelines. So thank you for asking that question.

我實際上認為它會再次開始上漲。我現在不想討論這件事的細節。我和迪安娜今天談到的所有其他業務都處於或接近創紀錄的積壓和創紀錄的機會管道。謝謝你提出這個問題。

Yeah. Yeah, I mean it was down. It's a $24 million this quarter and I thought it was down previously as well. So it -- that would seem to indicate it's already bottom or maybe bottom this quarter and there's not really further meaningful head went to ahead it.

是的。是的，我的意思是它已經下降了。本季為 2400 萬美元，我認為之前也有所下降。所以，這似乎表明它已經觸底，或者可能是本季的觸底，並且沒有真正進一步有意義的頭腦去向前。

It's fair.

這是公平的。

Okay. And I’m sorry if I missed this. But the revenue guide for KGS for this year. Is it still [860] to [875]?

好的。如果我錯過了這個，我很抱歉。但KGS今年的收入指南。還 [860] 到【875】？

That's correct. Pete.

這是正確的。皮特.

Okay. Okay. Sounds great. Thanks so much guys.

好的。好的。聽起來很棒。非常感謝你們。

Thank you.

謝謝。

Yeah. Thank you.

是的。謝謝。

Thank you. At this time, I would now like to turn the conference back over to Eric DeMarco for closing remarks.

謝謝。現在，我想將會議轉回埃里克·德馬科（Eric DeMarco）進行閉幕致詞。

Right. Thank you all for joining us. And we will -- our next planned chat will be when we report Q4 at the end of February. And that's when we'll put the meat on the bone on the financial guidance. Thank you.

正確的。感謝大家加入我們。我們計劃的下一次談話將在二月底報告第四季時進行。到那時我們將在財務指導上重點闡述。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。