Kratos Defense and Security Solutions Inc (KTOS) 2024 Q4 法說會逐字稿

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

您好，感謝您的支持。歡迎參加 Kratos Defense & Security Solutions 2024 年第四季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to Marie Mendoza, Senior Vice President and General Counsel. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給高級副總裁兼總法律顧問瑪麗·門多薩 (Marie Mendoza)。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us for the Kratos Defense & Security Solutions fourth quarter and full year 2024 conference call. With me today is Eric DeMarco, Kratos' President and Chief Executive Officer, and Deanna Lund, Kratos' Executive Vice President and Chief Financial Officer.

謝謝。大家下午好。感謝您參加 Kratos Defense & Security Solutions 2024 年第四季和全年電話會議。今天與我一起的還有 Kratos 總裁兼執行長 Eric DeMarco 和 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.

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中固有的重大不確定性和風險。

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.

在今天的電話會議中討論未來策略性舉措、潛在市場機會、營運前景、財務指導和其他前瞻性陳述時，請記住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公認會計準則 (non-GAAP) 財務指標，該術語在 G 條例中定義。非公認會計準則 (Non-GAAP) 財務指標不應孤立地看待，也不應將其作為符合公認會計準則 (GAAP) 的財務資訊的替代。因此，在今天的新聞稿結束時，我們提供了這些非 GAAP 財務指標與按照 GAAP 編制的公司財務結果的對帳表。

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

說完這些，我現在將電話轉給 Eric DeMarco。

Thank you, Marie. We achieved our financial objectives for 2024 with Kratos positioned for sustained and increased future growth and profitability as we begin 2025, with the United States beginning a generational recapitalization of defense and strategic weapon systems and with national security funding expected to significantly increase here in America and with our allies.

謝謝你，瑪麗。我們實現了 2024 年的財務目標，隨著美國開始對國防和戰略武器系統進行分代資本重組，預計美國及其盟友的國家安全資金將大幅增加，Kratos 將在 2025 年初實現持續和更高的未來增長和盈利能力。

Key highlights from today's financial report include 2024 organic revenue growth of 9.1%, fourth quarter cash flow from operations of over $45 million, Q4 and full year book-to-bill ratios of 1.5:1 and 1.2:1, respectively. Kratos is forecasting 2025 organic revenue growth of 10% over 2024. And today, Kratos is forecasting 2026 organic revenue growth of 13% to 15% over our fiscal '25 revenue growth forecast of 10%.

今天財務報告的主要亮點包括 2024 年有機收入成長 9.1%、第四季經營現金流超過 4,500 萬美元、第四季和全年訂單出貨比分別為 1.5:1 和 1.2:1。Kratos 預測 2025 年有機收入將比 2024 年成長 10%。今天，Kratos 預測 2026 年有機收入成長率將達到 13% 至 15%，而我們預測的 25 財年營收成長率為 10%。

Also importantly, beginning in 2026 and continuing into 2027, we are currently looking at significantly increased EBITDA margins for Kratos as certain existing programs either begin or see increased production, certain long-term fixed price contracts we have been working under for a number of years are renewed at higher rates, enabling us to recover going forward the past few years' inflation-driven increased supply chain and labor costs and Kratos realizing leverage on our fixed costs as our revenue base organically grows.

同樣重要的是，從 2026 年開始到 2027 年，我們目前預計 Kratos 的 EBITDA 利潤率將大幅提高，因為某些現有項目將開始實施或產量增加，我們多年來一直遵守的某些長期固定價格合約將以更高的價格續簽，這使我們能夠收回過去幾年因通貨膨脹而增加的供應鏈和勞動成本，隨著我們的勞動力基礎增長，Kratos 能夠收回我們的有機成本鏈和勞動力成本，並且隨著我們的有機增長而增加的供應鏈和勞動力基礎。

In 2024, we demonstrated again that the Kratos balanced business plan approach, including making internal investments, being first to market to meet customer demand and profitably grow the business and making money, generates value for all Kratos stakeholders. Additionally, the Trump administration, the new Secretary of Defense, the DOGE initiative and the proposed Forged Act, which we are particularly excited about, are all looking to increase innovation, reduce cost, increase efficiencies, receive more for less and rapidly field relevant hardware and systems now, not in the future based on a PowerPoint presentation, each of which we believe Kratos is uniquely aligned to address.

2024 年，我們再次證明了 Kratos 平衡的商業計劃方法，包括進行內部投資、率先進入市場以滿足客戶需求、實現業務盈利增長和盈利，為所有 Kratos 利益相關者創造了價值。此外，川普政府、新任國防部長、DOGE 計畫以及我們特別興奮的擬議《偽造法案》都在尋求增加創新、降低成本、提高效率、以更少的投入獲得更多的產出，並立即快速部署相關硬體和系統，而不是在未來基於 PowerPoint 演示文稿，我們相信 Kratos 能夠獨特地解決這些問題。

Kratos is a defense industrial-based hardware manufacturing company, not a people-based services or consulting company. The savings from DOGE and the Secretary of Defense's announced 8% reallocation of defense budgets, we believe will be beneficial for hardware companies like Kratos as Kratos' products are in demand, ready to go now and the US defense manufacturing industrial base is being recapitalized.

Kratos 是一家以國防工業為基礎的硬體製造公司，而不是以人為本的服務或顧問公司。我們相信，DOGE 節省的資金以及國防部長宣布的 8% 國防預算重新分配將有利於 Kratos 這樣的硬體公司，因為 Kratos 的產品需求旺盛，隨時可以投入使用，而且美國國防製造工業基礎正在進行資本重組。

Areas of emphasis noted by the new administration include hypersonic systems, unmanned systems and drones, space and satellite communication systems, each which are certain of Kratos' largest business areas. Additionally, we believe that the President's recently announced Iron Dome or Golden Dome for America initiative will be significantly positive for our company with Kratos' proven hardware and systems in air defense, space and missile defense, radars, space and satellite sensing, hypersonics propulsion systems, solid rocket motors and directed energy systems.

新政府重點關注的領域包括高超音速系統、無人系統和無人機、太空和衛星通訊系統，這些領域肯定都是 Kratos 最大的業務領域。此外，我們相信，總統最近宣布的「鐵穹」或「金穹」計畫將對我們公司產生重大積極影響，因為 Kratos 擁有在防空、太空和飛彈防禦、雷達、太空和衛星感測、高超音速推進系統、固體火箭發動機和定向能係統方面經過驗證的硬體和系統。

Also importantly, we expect to see increased demand for Kratos' target drone, ballistic missile targets and hypersonic target franchises as the new Iron Dome USA or Golden Dome system will need to be tested and the war fighter trained against threat representative targets. Relevant Kratos programs include Israel's Iron Dome, Iron Sting, Arrow and Sling of David and in the US, THAAD, Patriot, Aegis, Arthur, Rother, Jaylen's, HPTSS, Titan and other systems, certain of which are already being mentioned as elements of the President's Iron Dome initiative.

同樣重要的是，我們預計對奎托斯目標無人機、彈道飛彈目標和高超音速目標系列的需求將會增加，因為新的鐵穹美國或金穹系統需要進行測試，並且作戰人員需要接受針對威脅代表目標的訓練。相關的奎托斯計畫包括以色列的鐵穹防禦系統、鐵刺防禦系統、箭式防禦系統和大衛投石索系統，以及美國的薩德系統、愛國者防禦系統、宙斯盾系統、亞瑟系統、羅瑟系統、傑倫系統、HPTSS系統、泰坦系統和其他系統，其中一些系統已經被提及為總統鐵穹防禦計劃的組成部分。

It is possible that initial significant Golden Dome funding could be included in the proposed 2025 supplemental, which could be very good for Kratos in the mid- to near term. Kratos is a recognized industry leader in developing upfront for scale and also being able to produce at scale affordable qualified military and national security-related hardware, products and systems that work every time for the war fighter.

最初的大量 Golden Dome 資金可能會被納入擬議的 2025 年補充資金中，這對 Kratos 的中短期而言非常有利。Kratos 是公認的行業領導者，在前期規模開發方面處於領先地位，並且能夠大規模生產價格合理、符合軍事和國家安全要求的硬體、產品和系統，為作戰人員提供所需的一切。

This is what we do. We are a mills hardware products and systems company, which is not easy to do, and we believe Kratos' capabilities and our proven past performance qualifications are incredibly valuable to our nation's national security and also the Trump administration's national security vision.

這就是我們所做的。我們是一家工廠硬體產品和系統公司，這並不容易，我們相信 Kratos 的能力和我們過去經過驗證的業績資格對我們國家的國家安全以及川普政府的國家安全願景非常有價值。

Directly related to Kratos' MIL-STD hardware capabilities and past performance calls, Kratos has recently received several large new program awards including in the hypersonic area with the MACH-TB 2.0, the largest award in our company's history at approximately $1.5 billion, positioning Kratos for significant projected future revenue growth and margin expansion.

與 Kratos 的 MIL-STD 硬體功能和過去的性能要求直接相關的是，Kratos 最近獲得了幾個大型新項目獎項，包括在高超音速領域的 MACH-TB 2.0，這是我們公司歷史上最大的獎項，價值約為 15 億美元，為 Kratos 未來預計的收入增長和利潤率擴張奠定了基礎。

MACH-TB is intended to provide an affordable bridge between hypersonic ground tests and system-level flight tests, which will reduce overall hypersonic development risks and time and provide rapid transition of innovative hypersonic technologies to the war fighter.

MACH-TB 旨在為高超音速地面測試和系統級飛行測試之間搭建一座經濟實惠的橋樑，這將降低整體高超音速開發風險和時間，並實現創新高超音速技術向戰鬥機的快速過渡。

As a result of these program wins, and additional new programs, we have high confidence of being awarded in '25 and '26. Consistent with Kratos increasing our forecasted organic revenue growth for '26 up to 13% to 15% with increased EBITDA margins, we will also be making investments over the next 24 months, including in property, plant and equipment in order to successfully build, integrate and deliver the related program hardware, products and systems and successfully execute on these opportunities.

由於這些項目的獲獎以及額外的新項目，我們對 25 年和 26 年獲獎充滿信心。與 Kratos 將 26 年有機收入成長預測提高至 13% 至 15% 以及 EBITDA 利潤率提高相一致，我們還將在未來 24 個月內進行投資，包括對房地產、廠房和設備進行投資，以成功構建、集成和交付相關程序硬體、產品和系統，並成功抓住這些機會。

A key element of Kratos' strategy also includes working very closely with our partners, including the traditional prime system integrators and also certain of the new defense technology companies. We believe that Kratos' affordability, speed of execution, innovation, MIL-STD hardware capabilities and rapid building techniques bring added value differentiation to both our partners and our customers, and we are seeing an increasing number of teaming and partnering opportunities as a result.

Kratos 策略的關鍵要素還包括與我們的合作夥伴密切合作，包括傳統的主要係統整合商以及某些新的國防技術公司。我們相信，Kratos 的經濟實惠、執行速度、創新性、MIL-STD 硬體功能和快速建構技術為我們的合作夥伴和客戶帶來了附加價值差異化，因此我們看到了越來越多的合作和合作機會。

Over the last several months, Kratos' affordable hypersonic systems, including Kratos' Erinyes and Dark Fury hypersonic vehicles and Kratos' Zeus and Oriole rocket systems continue to progress, including the execution of several successful flight missions. Kratos' ability to go from a clean sheet design to multiple successful hypersonic flights, including glide vehicles, propulsion and other systems in approximately two years at a cost multiple orders of magnitude lower than previously performed is just a recent example of the strength of Kratos' industry-leading software, digital engineering, technical hardware and system integration capabilities.

在過去的幾個月裡，奎托斯的經濟型高超音速系統，包括奎托斯的 Erinyes 和 Dark Fury 高超音速飛行器以及奎托斯的 Zeus 和 Oriole 火箭系統不斷取得進展，包括執行了幾次成功的飛行任務。Kratos 能夠從零開始設計，在約兩年的時間內成功完成多次高超音速飛行，包括滑翔飛行器、推進系統和其他系統，而且成本比以前低了幾個數量級，這只是 Kratos 業界領先的軟體、數位工程、技術硬體和系統整合能力的一個最新例證。

Kratos' hypersonic franchise is rapidly expanding, including additional systems we are now working on as we are able to provide our customers with actual flying low-cost, reliable systems at scale, not pretty pictures or websites. Kratos being first to market and having multiple successful flights of our glide vehicles and other systems has generated significant customer interest, which we expect to turn into future funded opportunities.

Kratos 的高超音速特許經營權正在迅速擴大，包括我們正在研究的其他系統，因為我們能夠為客戶提供實際飛行的低成本、可靠的大規模系統，而不是漂亮的圖片或網站。Kratos 率先進入市場，並多次成功飛行我們的滑翔飛行器和其他系統，引起了客戶的極大興趣，我們期望這些興趣能夠轉化為未來的資助機會。

With Kratos' MACH-TB hypersonic program award, we will be announcing in the near future the location of a major new Kratos hypersonic production, test, integration and execution campus in the United States in conjunction with the customer, where a large amount of the work under the MACH-TB program will be performed. The new MACH-TB program campus and facility will be separate from the new Prometheus facility I will discuss shortly.

憑藉 Kratos 的 MACH-TB 高超音速項目合同，我們將在不久的將來與客戶共同宣佈在美國建立一個新的重要的 Kratos 高超音速生產、測試、集成和執行園區，MACH-TB 項目下的大量工作將在這裡進行。新的 MACH-TB 專案園區和設施將與我稍後將討論的新 Prometheus 設施分開。

Consistent with Kratos' internal investment strategy, Kratos' MACH-TB hypersonic campus and facility is not a build it and hoped for they will come. But rather, we typically have a customer, a program or contract award or a partner commitment before we commit significant resources so that we are comfortable with the rate of return on our shareholders' investment.

與 Kratos 的內部投資策略一致，Kratos 的 MACH-TB 高超音速園區和設施並不是建成後就希望實現的。相反，我們通常會在投入大量資源之前獲得客戶、專案或合約授予或合作夥伴的承諾，以便我們對股東投資的回報率感到滿意。

Kratos' MACH-TB hypersonic system campus and facility will be an important capital investment in '25 and '26. And once complete, the MACH-TB program is expected to begin to significantly ramp up thereafter. Under MACH-TB, we currently expect to generate nominal revenue in the second half of '25 as we began to receive and integrate certain long lead hypersonic system, solid rocket motors and other elements we ordered previously in anticipation of the award with this initial work being performed at existing Kratos facilities with an expected significant program ramp beginning in '26 and increasing in '27 with the new facility coming online.

Kratos 的 MACH-TB 高超音速系統園區和設施將成為 25 年和 26 年的一項重要資本投資。一旦完成，MACH-TB 計劃預計將開始大幅提升。根據 MACH-TB 項目，我們目前預計在 2025 年下半年產生名義收入，因為我們開始接收和整合某些長週期高超音速系統、固體火箭發動機以及我們之前為獲得合同而訂購的其他元件，這些初步工作將在現有的 Kratos 設施中進行，預計項目將於 2026 年開始大幅提升，並隨著新設施的上線在 2027 年增加。

We are also now zeroing in on the location for a separate from MACH-TB and separate from Prometheus additional new Kratos hypersonic system initiative facility called Project Ares, which location we hope to identify and report to you in the second half of this year with customer-funded work beginning in '26. Kratos Turbine Technologies in our jet engine and propulsion business, which were key contributors to our '24 performance are also positioned for continued future growth, including in the missile, drone, loitering munition, hypersonic, supersonic space and other areas, with propulsion systems being certain of the highest priority and well-funded national security areas. The demand for Kratos' engine and propulsion systems, including our Spartan family of small jet engines for cruise missiles is strong and increasing, and we continue to expand our current facilities and establish new facilities to successfully execute the program awards we have already received and others we expect to receive.

我們現在也專注於尋找一個獨立於 MACH-TB 和 Prometheus 的新的 Kratos 高超音速系統計畫設施（稱為「戰神計畫」）的地點，我們希望在今年下半年確定該設施的位置並向您報告，客戶資助的工作將於 26 年開始。我們噴射發動機和推進業務中的 Kratos Turbine Technologies 是我們 24 年業績的主要貢獻者，未來也將持續成長，包括飛彈、無人機、巡彈、高超音速、超音速空間和其他領域，推進系統肯定是最高優先級和資金充足的國家安全領域。對 Kratos 發動機和推進系統（包括用於巡航導彈的 Spartan 系列小型噴氣發動機）的需求強勁且不斷增長，我們將繼續擴大現有設施並建立新設施，以成功執行我們已經獲得的項目獎項以及我們預計將獲得的其他獎項。

We have moved out on our new jet engine test and production facility in Oklahoma, which is directly related to our partnership with General Electric Aerospace and certain missile and drone programs with this facility expected to be completed in late '26 or '27 and forecasted revenue contributions expected to begin thereafter. Kratos Turbine Technologies Blade works has been focused on a new classified jet engine program we have for a large new tactical airborne system, which program could become one of KTT's largest in the future. And also, a separate classified program, which aerial system flight is planned for later this year. Kratos' C5ISR, air defense missile radar, CUAS and directed energy hardware business has a near-record backlog and opportunity pipeline, including a new hypersonic weapon system program we recently received.

我們已經遷出位於俄克拉荷馬州的新噴射發動機測試和生產設施，這與我們與通用電氣航空航天公司的合作以及某些導彈和無人機計劃直接相關，該設施預計將於 26 年底或 27 年開始完工，預計此後將開始產生收入貢獻。Kratos Turbine Technologies Blade works 一直專注於為大型新型戰術機載系統開發一項新型機密噴射發動機項目，該項目未來可能成為 KTT 最大的項目之一。此外，還有一個單獨的機密項目，其航空系統飛行計劃於今年稍後進行。Kratos 的 C5ISR、防空飛彈雷達、CUAS 和定向能硬體業務擁有接近創紀錄的積壓訂單和機會管道，包括我們最近收到的一項新型高超音速武器系統計劃。

Kratos' C5ISR hardware business has several programs beginning production or expected to begin production in '25 and '26, including this new hypersonic program and the new defense of GUAM system. Kratos' microwave electronics business, which supports Iron Dome, Tamir, Iron Sting, Arrow, Barak and other systems also has a record level backlog and opportunity pipeline with the expansion of our existing microwave facility and our new production facility, both in Israel expected to be completed in '25. A few weeks ago, Kratos acquired the business of a small US microwave company, Project Phoenix or Norden Millimeter that we have known for a number of years, which will provide us accelerated access to certain new customers and programs we've targeted.

Kratos 的 C5ISR 硬體業務有多個專案已開始生產或預計將於 25 年和 26 年開始生產，其中包括這個新的高超音速專案和 GUAM 系統的新防禦計劃。Kratos 的微波電子業務支援 Iron Dome、Tamir、Iron Sting、Arrow、Barak 和其他系統，同時隨著我們現有微波設施和新生產設施的擴建，其積壓訂單和機會管道也達到了創紀錄的水平，這兩個設施都位於以色列，預計將於 25 年完工。幾週前，Kratos 收購了我們認識多年的美國小型微波公司 Project Phoenix 或 Norden Millimeter 的業務，這將使我們能夠更快地接觸到我們所針對的某些新客戶和專案。

Kratos' Unmanned Systems business is also forecasting growth for 2025 with the potential to significantly exceed our current forecast we provided today. If certain tactical drone opportunities come to fruition on the currently anticipated time line. Since our last report to you, and including recently, there has been a lot in the press on drones, the types of drones needed to deter our enemies and importantly, that drones must be low cost and able to be fielded in large quantities with the new administration's initial indications on drones also being positive.

Kratos 的無人系統業務也預測 2025 年將實現成長，並有可能大幅超出我們今天提供的預測。如果某些戰術無人機機會在目前預期的時間表上實現。自從我們上次向您提交報告以來，包括最近在內，媒體上有很多關於無人機的報道，包括威懾敵人所需的無人機類型，以及重要的是，無人機必須成本低廉，能夠大量部署，新政府對無人機的初步表示也是積極的。

It was recently announced that Kratos has received an additional Valkyrie-related contract with the Marine Corps. And in the announcement, the Marine stated that the Marine Corps are at the vanguard of collaborative combat aircraft or CCA development and that the Marines intend to field an operational CCA quadrant with a tactically relevant aircraft equipped with effective affordable mission system payloads.

最近有消息稱，奎托斯已與海軍陸戰隊簽訂了一份與女武神相關的額外合約。海軍陸戰隊在公告中表示，海軍陸戰隊是協同戰鬥機或 CCA 發展的先鋒，海軍陸戰隊打算部署一個可操作的 CCA 象限，該象限配備有戰術相關的飛機，並配備有效且經濟的任務系統有效載荷。

Additionally, the Marine Corps also recently published its latest Marine Corps aviation plan, including a detailed update on Project Eagle, a secretive initiative, which includes a two-year experimental test phase of Kratos' Valkyrie with flight tests increasing in 2025. Kratos Valkyrie has been performing under the PAC-P program with the Marines with the Valkyrie now transitioning to the much larger (MUX) TACAIR program, which looks to enhance the effectiveness of F-35 fighter aircraft in peer near-peer conflict by acting as a loyal wingman capable of providing offensive and defensive assistance by leveraging various capabilities. Kratos' customer-funded Apollo and Athena programs are also proceeding well, and I am particularly pleased with Thanatos, which I believe similar to Valkyrie is going to be a game changer for Kratos.

此外，海軍陸戰隊最近還公佈了最新的海軍陸戰隊航空計劃，其中包括秘密計劃「鷹計畫」的詳細更新，其中包括為期兩年的奎托斯「女武神」實驗測試階段，並在 2025 年增加飛行測試。奎托斯女武神一直在海軍陸戰隊的 PAC-P 計劃下執行任務，現在女武神正在向規模更大的 (MUX) TACAIR 計劃過渡，該計劃旨在通過充當忠誠的僚機，利用各種能力提供進攻和防禦援助，從而提高 F-35 戰鬥機在同等近距離衝突中的作戰效能。Kratos 由客戶資助的 Apollo 和 Athena 專案也進展順利，我對 Thanatos 特別滿意，我相信它與 Valkyrie 類似，將為 Kratos 帶來遊戲規則的改變。

Though we remain convinced that Kratos' tactical drone business is going to be very successful, we will remain cautious and not include potential significant tactical drone sales in our financial forecast until we receive or extremely confident of a contract. Kratos' target drones are in demand, including with the increased global demand for air defense, missile, radar and other systems, all of which need to be regularly tested and exercised and the war fighters trained against threat representative targets. And as I mentioned earlier, we expect Golden Dome USA to be a new opportunity set for Kratos' target drone business.

儘管我們仍然相信 Kratos 的戰術無人機業務將會非常成功，但我們將保持謹慎，不會將潛在的重大戰術無人機銷售納入我們的財務預測中，直到我們收到合約或非常有信心獲得合約。隨著全球對防空、飛彈、雷達和其他系統的需求不斷增加，奎托斯的目標無人機需求旺盛，所有這些系統都需要定期進行測試和演習，作戰人員也需要接受針對威脅代表目標的訓練。正如我之前提到的，我們預計 Golden Dome USA 將為 Kratos 的目標無人機業務帶來新的機會。

Kratos continues under contract with a government customer where we are integrating Kratos' low-cost jet engines into several Kratos drones, including as previously publicly disclosed, Kratos' Air Wolf and Fire jet, which are scheduled to fly later this year. Once successful, we expect that Kratos' jet engines will reduce cost and increase performance and reliability of these Kratos systems, and we believe that Kratos will be one of the only vertically integrated companies that produces a jet aircraft and its engine within the same organization, reducing supplier risk cost and increasing speed of execution.

Kratos 繼續與政府客戶簽訂合同，我們將把 Kratos 的低成本噴氣發動機整合到幾架 Kratos 無人機中，包括先前公開披露的 Kratos 的 Air Wolf 和 Fire 噴射機，這些飛機計劃於今年晚些時候飛行。一旦成功，我們預計 Kratos 的噴射發動機將降低成本並提高這些 Kratos 系統的性能和可靠性，並且我們相信 Kratos 將成為唯一一家在同一組織內生產噴射機及其發動機的垂直整合公司之一，從而降低供應商風險成本並提高執行速度。

The engine integration plan is part of Kratos' company-wide initiative to vertically integrate certain critical components and subsystems in order to reduce supply chain and cybersecurity risk, lower cost and reduce delivery time to our customers. Related to our vertical integration initiative, Kratos is continuing to invest in 3D printing, additive manufacturing, machining, milling, laser, machinery and other equipment related to hardware, composites, carbon materials and other exotic Mill-STD-related materials to support Kratos' programs, contracts, partners and our customers.

發動機整合計劃是 Kratos 公司範圍內的計劃的一部分，該計劃旨在垂直整合某些關鍵部件和子系統，以減少供應鏈和網路安全風險、降低成本並縮短向客戶交付的時間。與我們的垂直整​​合計劃相關，Kratos 將繼續投資 3D 列印、積層製造、機械加工、銑削、雷射、機械和其他與硬體、複合材料、碳材料和其他特殊 Mill-STD 相關材料相關的設備，以支援 Kratos 的計劃、合約、合作夥伴和我們的客戶。

We are currently in the process of expanding our tactical and target drone engineering production test and integration facilities in anticipation of both new and increased current program activity. Kratos' ghost works, including our air gapped capability, has been focused on Thanatos and an additional Valkyrie variant that we are developing and now also a new black system. We expect Kratos' satellite communication business with our OpenSpace virtualized C2 and TT&C software system to return to growth in 2025, including as we have recently received a number of national security-related program wins, which is reflected in this business's fourth quarter 2.3:1 book-to-bill ratio.

我們目前正在擴大我們的戰術和目標無人機工程生產測試和整合設施，以應對新的和增加的現有項目活動。奎托斯的幽靈作品，包括我們的空氣間隙能力，一直集中在塔納托斯和我們正在開發的另一種 Valkyrie 變體上，現在還有一個新的黑色系統。我們預計，Kratos 的衛星通訊業務及其 OpenSpace 虛擬化 C2 和 TT&C 軟體系統將在 2025 年恢復成長，其中包括我們最近獲得了一些與國家安全相關的項目訂單，這反映在該業務第四季度 2.3:1 的訂單出貨比中。

We currently expect Kratos' satellite business to be a primary contributor to Kratos' forecasted increased EBITDA margins in '26 and '27. This is based on current program delivery expectations. The geopolitical and global security landscape, which aggregate funding exceeds $2 trillion with the United States accounting for approximately $1 trillion of this amount is providing a robust opportunity set for companies like Kratos with opportunities for Kratos having never been stronger and that are continuing to increase.

我們目前預計 Kratos 的衛星業務將成為 Kratos 26 年和 27 年 EBITDA 利潤率預測成長的主要貢獻者。這是基於當前計劃交付預期。地緣政治和全球安全格局的總資金超過 2 兆美元，其中美國約佔 1 兆美元，這為像 Kratos 這樣的公司提供了強大的機會，Kratos 的機會從未如此強大，而且還在不斷增加。

Representative of the large number of customer opportunities and initiatives that have recently approached Kratos or become available to Kratos include in the hypersonic area, Project Ares, Project Helios, Project Anaconda and Project Vulcan, each of which similar to Prometheus and our engine partnership with GE Aviation, I hope to be able to provide you in the future with the nature of the programmer opportunity, its location and the customers or partners we're working with on each one.

近期與 Kratos 接洽或可供 Kratos 使用的客戶機會和計劃有很多，其中包括高超音速領域的“戰神計劃”、“太陽神計劃”、“蟒蛇計劃”和“火神計劃”，這些計劃與“普羅米修斯計劃”以及我們與 GE 航空的發動機合作夥伴關係類似，我希望將來向您介紹程序員

Our industry continues to operate under a CRA with no 2025 defense budget currently in place with the current CRA scheduled through March 14, 2025, at which time Kratos and the entire industry will have been operating under CRAs for approximately 12 of the past 18 months. which is the primary reason we are being cautious with our initial '25 financial guidance we provided today.

我們的產業繼續在 CRA 下運作，目前沒有 2025 年國防預算，目前的 CRA 計畫持續到 2025 年 3 月 14 日，屆時 Kratos 和整個產業將在過去的 18 個月中約 12 個月在 CRA 下運作。這就是我們對今天提供的初始 25 年財務指導持謹慎態度的主要原因。

Execution challenges include the difficulty in obtaining and retaining qualified personnel, including those willing and able to obtain national security clearances, the related cost of these individuals, supply chain issues and the increasing cost of materials in certain areas. We are focused internally on execution of our record backlog and opportunity pipeline, winning new program awards, of which we expect several with no acquisitions of size contemplated.

執行挑戰包括難以取得和留住合格人員，包括那些願意並能夠獲得國家安全許可的人員、這些人員的相關成本、供應鏈問題以及某些領域材料成本的增加。我們內部專注於執行我們的記錄積壓和機會管道，贏得新的專案獎項，我們預計其中有幾個獎項沒有考慮規模收購。

Now for our Prometheus announcement today. We have announced that Kratos and RAFAEL have established the Prometheus Energetics joint venture, a US-based merchant supplier of solid rocket motors and energetics. Kratos is honored to partner with RAFAEL and be the trusted agent to introduce RAFAEL's energetics technology and implement their proven manufacturing processes and procedures in the US market. Kratos has a deep decades-long relationship with RAFAEL, including Kratos' Israeli-based microwave electronics business, where today, we have several hundred personnel located and working on Israeli missile radar, satellite and other national security systems. Kratos has a long history of successfully advancing innovation, developing disruptive technologies and rocket motor specifications to enhance war fighter capabilities, and Kratos makes the ideal partner for RAFAEL here in the United States.

現在我們來宣布一下今天的 Prometheus 公告。我們宣布，Kratos 和 RAFAEL 已成立 Prometheus Energetics 合資企業，這是一家總部位於美國的固體火箭發動機和能量學商業供應商。Kratos 很榮幸與 RAFAEL 合作並成為值得信賴的代理商，在美國市場引入 RAFAEL 的能源技術並實施其成熟的製造流程和程序。Kratos 與 RAFAEL 有著長達數十年的深厚合作關係，包括 Kratos 位於以色列的微波電子業務，目前，我們在該業務中擁有數百名員工，致力於以色列飛彈雷達、衛星和其他國家安全系統的研究。Kratos 在成功推進創新、開發顛覆性技術和火箭發動機規格以增強戰鬥機能力方面有著悠久的歷史，Kratos 是拉斐爾在美國理想的合作夥伴。

Prometheus is an approximate 50-50 partnership between Kratos and RAFAEL. With the manufacturing facilities to be located on a 500-acre site in Bloomfield, Indiana, near Naval Surface Warfare Center Crane and will include Prometheus' corporate headquarters, solid rocket motor and energetics engineering, test, production and integration facilities where approximately 300 people will ultimately be employed.

普羅米修斯是奎托斯和拉斐爾各佔一半股份的合作關係。製造設施將位於印第安納州布魯姆菲爾德佔地 500 英畝的場地上，靠近海軍水面作戰中心克蘭，並將包括普羅米修斯的公司總部、固體火箭發動機和能量工程、測試、生產和整合設施，最終將僱用約 300 名員工。

RAFAEL will be the anchor customer for Prometheus and intends to have Prometheus produce tens of thousands of solid rocket motors and energetics for existing and expected future demand. Prometheus will be CFIUS, FOCI, et cetera, compliant in order to be able to fully address United States as well as Israeli national security requirements. Kratos and RAFAEL have each committed to invest up to approximately $87.5 million in capital for the establishment of Prometheus and the required property, plant, equipment and personnel needed for the new state-of-the-art energetics manufacturing campus and facilities.

拉斐爾將成為普羅米修斯的主要客戶，並打算讓普羅米修斯生產數萬台固體火箭引擎和能量裝置，以滿足現有和預期的未來需求。Prometheus 將遵守 CFIUS、FOCI 等規定，以便能夠全面滿足美國和以色列的國家安全要求。Kratos 和 RAFAEL 各自承諾投資約 8,750 萬美元用於建立 Prometheus 以及新的最先進的能源製造園區和設施所需的財產、廠房、設備和人員。

Kratos and RAFAEL's investments are expected to be made ratably over the approximate next two years with the majority of the investment currently contemplated to be made in '26. The total aggregate approximate $125 million investment in Prometheus is expected to potentially be substantially offset or reduced by various industrial base related funds we have been working on securing since last year.

Kratos 和 RAFAEL 的投資預計將在未來兩年內按比例進行，目前計劃在 2026 年進行大部分投資。預計對 Prometheus 的總投資約為 1.25 億美元，但這可能會被我們自去年以來一直努力爭取的各種工業基礎相關資金大幅抵消或減少。

Prometheus is projected to begin production in '27 after construction of the plant and once RAFAEL's technology transfer is completed and certified for operation. Now very importantly, the solid rocket motors energetics and warhead manufacturing operations to be executed by Prometheus during production will utilize the same proven fully qualified technologies and processes currently used in RAFAEL's Israeli production facility for multiple missile programs. This will significantly reduce risk and time to market for Prometheus. This is the qualification, which is another first-to-market type competitive advantage for Kratos and Prometheus.

預計在工廠建成後，以及拉斐爾的技術轉移完成並獲得營運認證後，普羅米修斯將於 27 年開始生產。現在非常重要的是，普羅米修斯在生產過程中執行的固體火箭發動機能量學和彈頭製造操作將採用拉斐爾以色列生產設施目前用於多個導彈項目的經過驗證的完全合格的技術和工藝。這將大大降低 Prometheus 的風險和上市時間。這就是資格，這是 Kratos 和 Prometheus 的另一個先發製人的競爭優勢。

As I mentioned, RAFAEL intends for Prometheus to produce tens of thousands of SRMs and energetics delivered over multiple years to address its increased demand. As such, Prometheus has a currently forecasted annual base case revenue of several hundred million dollars a year, once at rate production, which would close the business case for Kratos' investment. Accordingly, this is not a build it and hope they come' type situation. As part of the phased approach we are taking, strategic objective merchant supplier Prometheus is expected to expand into the development, build-to-print and manufacturing of additional customer SRMs and warheads to meet ever-expanding domestic needs supporting the US industrial base.

正如我所提到的，拉斐爾計劃讓普羅米修斯公司在數年內生產數萬台 SRM 和能量裝置，以滿足其日益增長的需求。因此，一旦達到生產速度，Prometheus 目前預測的年度基本收入將達到數億美元，這將為 Kratos 的投資帶來商業回報。因此，這不是「建好之後就希望他們來」的情況。作為我們採取的分階段方法的一部分，戰略目標商業供應商 Prometheus 預計將擴展到開發、按圖生產和製造更多客戶 SRM 和彈頭，以滿足支持美國工業基礎不斷擴大的國內需求。

With Prometheus' significant intended base case production quantities intended by RAFAEL, we are confident that Prometheus will be extremely cost competitive as a merchant supplier supporting the US industrial base as a result of the intended large quantities of RAFAEL sourced energetics produced at the Prometheus manufacturing facilities and the leverage of these quantities over the required fixed cost base.

由於普羅米修斯計劃按拉斐爾的要求實現大量的基準生產數量，我們相信，由於普羅米修斯製造工廠將生產大量拉斐爾採購的能量產品，並且這些數量相對於所需的固定成本基礎具有槓桿作用，因此，作為支持美國工業基礎的商業供應商，普羅米修斯將具有極高的成本競爭力。

We also believe that Prometheus as a merchant supplier of SRMs and energetics will be very well positioned for the Trump administration's new Golden Dome initiative. Prometheus has already met and coordinated with the US government, potential US customers and these customers' future demand requirements. As a result of our preliminary work related to potential third-party customers, Prometheus' potential longer-term future annual revenue is currently expected to reach up to approximately $1 billion in revenue annually as Prometheus becomes a supplier for additional systems and platforms produced by key US primes and others. Prometheus and its strategy is consistent with Kratos' capabilities, including Kratos being a leader in hypersonic or advanced systems, strategic systems, ballistic missile targets, suborbital research vehicles, sounding rockets, and solid rocket motors.

我們也相信，作為 SRM 和能量學的商業供應商，普羅米修斯將在川普政府的新「金色穹頂」計畫中佔據有利地位。普羅米修斯已經與美國政府、潛在的美國客戶以及這些客戶未來的需求要求進行了會面和協調。由於我們與潛在第三方客戶相關的初步工作，隨著 Prometheus 成為美國主要主機廠和其他廠商生產的附加系統和平台的供應商，Prometheus 的潛在長期未來年收入目前預計每年將達到約 10 億美元。普羅米修斯及其戰略與奎托斯的能力一致，包括奎托斯在高超音速或先進系統、戰略系統、彈道飛彈目標、亞軌道研究飛行器、探空火箭和固體火箭發動機方面處於領先地位。

Kratos has served the US advanced systems, hypersonics and missile defense communities for decades, delivering numerous novel systems and flight tests. Also, Kratos is the only company today delivering both propulsion and advanced flight systems with Kratos advanced and hypersonic systems, including the low-cost Erinyes glide vehicle, Dark Fury, Zeus and Oriole solid rocket motors and other Kratos systems and technologies. Accordingly, we believe that Prometheus, once up and running at full rate production, will be a step function catalyst and value creation for all Kratos stakeholders, Prometheus customers and the US defense industrial base.

幾十年來，Kratos 一直為美國先進系統、高超音速和飛彈防禦領域提供服務，提供了許多新穎的系統和飛行測試。此外，Kratos 是目前唯一同時提供推進系統和先進飛行系統的公司，其先進的高超音速系統包括低成本的 Erinyes 滑翔飛行器、Dark Fury、Zeus 和 Oriole 固體火箭發動機以及其他 Kratos 系統和技術。因此，我們相信，一旦 Prometheus 全面投入生產，它將成為所有 Kratos 利益相關者、Prometheus 客戶和美國國防工業基地的階梯式催化劑和價值創造者。

I'll now turn it over to Deanna to talk about the accounting for Prometheus and then to go through the financial results for our fourth quarter in 2024.

現在我將把時間交給迪安娜，讓她談談普羅米修斯的會計工作，然後介紹我們 2024 年第四季的財務表現。

Thank you, Eric. Good afternoon. As Kratos will own approximately 50% of Prometheus, we will reflect the results of Prometheus in our consolidated financial statements under the equity method of accounting, under which Kratos will record approximately 50% of Prometheus' net income on a single line income from investee in our consolidated income statement. We intend to continue to report Kratos' operating income, net income and adjusted EBITDA, and other financial matrices from the Prometheus results in order for all Kratos stakeholders to be able to follow the progress of the company, the investment made in Prometheus and the future return on Kratos' investment in Prometheus. All financial guidance provided today does not include the estimated impact of Prometheus.

謝謝你，埃里克。午安.由於 Kratos 將擁有 Prometheus 約 50% 的股份，我們將根據權益法在我們的合併財務報表中反映 Prometheus 的業績，根據該法，Kratos 將在我們的合併損益表中將 Prometheus 約 50% 的淨收入記錄在來自被投資方的單行收入中。我們打算繼續報告 Kratos 的營業收入、淨收入和調整後的 EBITDA 以及 Prometheus 業績中的其他財務矩陣，以便所有 Kratos 利益相關者能夠追蹤公司的進展、對 Prometheus 的投資以及 Kratos 對 Prometheus 的投資未來回報。今天提供的所有財務指導均不包括 Prometheus 的預期影響。

I'll now turn to this quarter's current results and full-year results. As we have included a detailed summary of the fourth quarter and full-year financial performance as well as the initial first quarter and full-year 2025 financial guidance in the press release we published earlier today, I will focus on the highlights in my remarks today. Revenues for the fourth quarter were $283 million in our estimated range of $270 million to $295 million, which includes notable strength in organic revenue growth in virtually all of our businesses, including our Unmanned Systems, Turbine Technologies, Microwave products, C5ISR and defense rocket support businesses offset by the expected industry-related impact in our commercial satellite business, which includes impacts from OEM delays in the manufacturing and delivery of software-defined satellites.

現在我將介紹本季的當前業績和全年業績。由於我們在今天早些時候發布的新聞稿中已經包含了第四季度和全年財務業績的詳細摘要以及 2025 年第一季度和全年的初步財務指引，因此我將在今天的發言中重點介紹這些亮點。第四季度的收入為 2.83 億美元，在我們預計的 2.7 億美元至 2.95 億美元範圍內，其中包括我們幾乎所有業務的有機收入增長顯著強勁，包括我們的無人系統、渦輪技術、微波產品、C5ISR 和國防火箭支持業務，但被我們商業衛星業務預期的行業相關性影響所抵消，其中包括 OEM 在軟體交付的定義方面的定義。

Adjusted EBITDA for the fourth quarter '24 was $25.2 million, also in our estimated range of $21 million to $26 million, reflecting a more favorable mix of higher-margin revenues, offset partially by increased bid and proposal costs associated with a large potential opportunity as well as increased subcontractor and material costs on certain multiyear fixed price contracts. Unmanned Systems organic revenue growth was 10.3% for the fourth quarter and KGS organic revenue growth was 1.6% for the fourth quarter, which included organic growth in our Turbine Technologies, C5ISR, defense rocket support, and microwave products businesses of $19.7 million, offset by the expected decline of approximately $16.1 million in the space and satellite business.

24 年第四季度調整後的 EBITDA 為 2520 萬美元，也在我們估計的 2100 萬美元至 2600 萬美元範圍內，這反映了利潤率更高的收入的更有利組合，但部分抵消了與巨大潛在機會相關的投標和提案成本的增加以及某些多年期固定價格合同的分包商和材料成本的增加。無人系統第四季有機收入成長 10.3%，KGS 第四季有機收入成長 1.6%，其中包括渦輪技術、C5ISR、國防火箭支援和微波產品業務的有機成長 1,970 萬美元，抵消了太空和衛星業務預期約 1,610 萬美元的下降。

Cash generated from operating activities was $45.6 million, which includes favorable customer milestone and advanced payments. Free cash flow generated from operations was $32 million after funding capital expenditures of $13.6 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 systems, and hypersonic businesses to meet existing and anticipated customer orders and requirements and investing in related new machinery, equipment, and systems. We are also continuing to manufacture the two production lots of Valkyries prior to contract award with these investments expected to continue and expand in 2025, which I will cover later.

經營活動產生的現金為 4,560 萬美元，其中包括有利的客戶里程碑和預付款。在支付 1,360 萬美元的資本支出後，營運產生的自由現金流為 3,200 萬美元。按照計劃，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。在合約授予之前，我們還將繼續生產兩批 Valkyries，預計這些投資將在 2025 年繼續並擴大，稍後我將介紹。

Consolidated DSOs or days sales outstanding decreased from 105 days in the third quarter to 104 days in the fourth quarter. Our contract mix for the fourth quarter was 69% from fixed-price contracts, 25% from cost-type contracts, and 6% from time and material contracts. Revenues generated from contracts with the US federal government during the fourth quarter were approximately 68%, including revenues generated from contracts with the DoD, non-DoD federal government agencies, and FMS contracts.

合併 DSO 或未償銷售額天數從第三季的 105 天減少到第四季的 104 天。我們第四季的合約組合為：69%來自固定價格合同，25%來自成本型合同，6%來自時間和材料合約。第四季與美國聯邦政府簽訂的合約產生的收入約為 68%，其中包括與國防部、非國防部聯邦政府機構和 FMS 簽訂的合約產生的收入。

In the fourth quarter of '24, we generated 13% of revenues from commercial customers and 19% from foreign customers. An operational priority remains the hiring and retention of skilled technical labor across the company with total Kratos headcount of 4,067 at the end of the fourth quarter as compared to 4,047 at the end of the third quarter and 3,932 at the end of the fourth quarter of '23.

2024 年第四季度，我們 13% 的收入來自商業客戶，19% 收入來自外國客戶。營運重點仍是在全公司範圍內招募和留住熟練的技術勞動力，第四季末 Kratos 的員工總數為 4,067 人，而第三季末為 4,047 人，2023 年第四季末為 3,932 人。

Now moving to financial guidance. Our financial guidance we provided today includes our expectations and assumptions for our supply chain execution and for employee sourcing, hiring, retention, and the related cost. We have also taken into consideration in our '25 guidance operating under a federal fiscal year '25 continuing resolution authorization, which currently expires March 14, 2025. If the current CRA is not resolved by March 14, the industry and Kratos will have operated under CRAs without a DoD budget for approximately 12 of the previous 18 months. With Kratos having a number of new and existing programs and contracts, which are directly being impacted by the current CRA.

現在轉向財務指導。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、招聘、留任和相關成本的期望和假設。我們還在我們的 25 年指導中考慮了根據聯邦財政年度 25 年持續決議授權實施的措施，該授權目前將於 2025 年 3 月 14 日到期。如果目前的 CRA 問題未能在 3 月 14 日之前解決，那麼在過去 18 個月中，該行業和 Kratos 將有大約 12 個月的時間在沒有國防部預算的情況下按照 CRA 運作。Kratos 擁有許多新的和現有的計劃和合同，這些都直接受到當前 CRA 的影響。

Kratos' '25 financial forecast and guidance provided today assumes that the current CRA will be resolved by March 14, 2025, and that a US federal and DoD budget, which includes no unexpected funding cuts impacting our business, occurs. If the current CRA goes substantially beyond the existing March 14, '25 deadline or if there are significant reductions or changes to programs, contracts, or initiatives that Kratos is or expects to be involved with, we will evaluate Kratos' '25 and future financial forecast at that time based on the existing facts, circumstances, and expectations.

Kratos 今天提供的 25 年財務預測和指導假設當前的 CRA 將在 2025 年 3 月 14 日之前得到解決，並且美國聯邦和國防部的預算不會出現影響我們業務的意外資金削減。如果當前 CRA 大大超出現有的 25 年 3 月 14 日截止日期，或者 Kratos 參與或預計參與的項目、合約或計劃出現大幅削減或變化，我們將根據現有事實、情況和預期，評估 Kratos 的 25 年及未來財務預測。

Our forecasted revenue guidance for '25 includes the estimated impact of the recent Project Phoenix or Norden asset acquisition, which is expected to contribute approximately $20 million to $24 million in revenues. Excluding the impact of the recent acquisition, our forecast includes organic revenue growth from 2024 of a range of approximately 9% to 11%. 2025 Unmanned Systems revenues are estimated between $285 million and $295 million or approximately 5% to 9% organic growth. As Eric mentioned earlier, we will remain cautious and not include any potential significant tactical drone sales in our forecast until we receive them.

我們對 25 年的預測收入指引包括最近的 Phoenix 專案或 Norden 資產收購的估計影響，預計將貢獻約 2,000 萬至 2,400 萬美元的收入。排除最近收購的影響，我們的預測包括 2024 年有機收入成長約為 9% 至 11%。2025 年無人系統收入預計在 2.85 億美元至 2.95 億美元之間，約 5% 至 9% 的有機成長。正如 Eric 之前提到的，我們將保持謹慎，在收到任何潛在的重大戰術無人機銷售數據之前，不會將其納入我們的預測中。

As a reminder, the 2024 target drone revenues included approximately $19 million in revenues from a foreign target drone shipment, which was recorded as revenue upon shipment, which will impact the year-over-year comparison for target drone and overall revenues for Unmanned Systems. Tactical drone revenues are forecasted to be approximately $45 million to $50 million for 2025, up from approximately $36 million in 2024.

提醒一下，2024 年目標無人機收入包括來自國外目標無人機出貨的約 1,900 萬美元收入，該收入在出貨時記錄為收入，這將影響目標無人機和無人系統整體收入的同比比較。預計 2025 年戰術無人機收入將達到約 4,500 萬至 5,000 萬美元，高於 2024 年的約 3,600 萬美元。

Non-tactical or target drone revenues are forecasted to be $240 million to $245 million in FY25 compared to $247 million in '24, which included the $19 million related to the international target drone shipment. KGS revenues are forecasted to be between $975 million to $990 million for FY25, up from $865 million in '24. Organic revenue growth for KGS is estimated to be approximately 10% to 12% with organic growth expected across all business units within KGS with the most notable drivers expected to be in our hypersonic and ballistic missile target business. We have taken into consideration the impact of increased material and subcontractor costs on certain of our multiyear fixed price contracts, specifically in our Unmanned Systems target business, where we have experienced cost growth from certain ancillary materials on our targets and for which we are unable to seek recovery from the customer until the renewal of future production lot contracts occurs.

預計25財年非戰術無人機或目標無人機的收入將達到2.4億至2.45億美元，而24財年為2.47億美元，其中包括與國際目標無人機出貨量相關的1900萬美元。預計 25 財年 KGS 營收將在 9.75 億美元至 9.9 億美元之間，高於 24 財年的 8.65 億美元。KGS 的有機收入成長估計約為 10% 至 12%，預計 KGS 內所有業務部門都將實現有機成長，其中最顯著的驅動力預計來自我們的高超音速和彈道飛彈目標業務。我們已經考慮到材料和分包商成本增加對我們某些多年期固定價格合約的影響，特別是在我們的無人系統目標業務中，我們的目標業務中的某些輔助材料的成本已經增長，並且在未來生產批次合約續約之前，我們無法向客戶尋求補償。

As we have discussed in the past, these production lots are typically negotiated and awarded in five-year production lots with certain of these having been negotiated in 2020 and 2021. We are working to mitigate the continued future impact of cost growth on these materials as much as possible. As we mentioned earlier, we are making investments for capital expenditures for property, plant and equipment, including the expansion of our manufacturing and production facilities and related inventory builds in our rocket systems and hypersonic businesses, primarily related to the recent MACH-TB 2.0 contract award, the continued manufacture of two production lots of Valkyries prior to contract award to meet anticipated customer orders and requirements, the expansion and build-out of our microwave products production facilities, the expansion and build-out of our small jet engine production and test cell facilities and the build-out of additional secure facilities for our federal secured space communications business in accordance with contract and customer requirements.

正如我們過去所討論過的，這些生產批次通常以五年生產批次的形式進行談判和授予，其中一些是在 2020 年和 2021 年進行談判的。我們正在努力盡可能減輕成本成長對這些材料未來持續的影響。正如我們之前提到的，我們正在對財產、廠房和設備的資本支出進行投資，包括擴大我們的製造和生產設施以及在我們的火箭系統和高超音速業務中建立相關庫存，主要與最近的 MACH-TB 2.0 合約授予有關，在合約授予之前繼續生產兩批 Valkyries以滿足預期的客戶訂單和要求，擴大和建造我們的微波產品生產設施，擴大和建造我們的小型噴射發動機生產和測試單元設施，以及根據合約和客戶要求為我們的聯邦安全空間通訊業務建造額外的安全設施。

We have provided the details of these investments in our press release published earlier today. In addition, we are making investments of approximately $25 million to $30 million related to certain inventory buildups for our hypersonic and ballistic missile target business and enhancements to certain unmanned vehicles that are not included in our capital expenditures estimates as these amounts will be reflected as investments in other assets and not property, plant and equipment and will, therefore, impact our forecasted 2025 operating cash flows. We have not included the estimated investments for Prometheus in our guidance provided today. As Eric mentioned, the majority of the investments are contemplated to be in 2026.

我們在今天早些時候發布的新聞稿中提供了這些投資的詳細資訊。此外，我們還將投資約 2500 萬至 3000 萬美元，用於增加高超音速和彈道導彈目標業務的某些庫存以及增強某些無人機的功能，這些投資未包含在我們的資本支出估算中，因為這些金額將反映為對其他資產而不是財產、廠房和設備的投資，因此將影響我們預測的 2025 年經營現金。我們今天提供的指導中沒有包括對 Prometheus 的預計投資。正如 Eric 所提到的，大部分投資預計將在 2026 年進行。

Although these investments were not included in our guidance today, certain of these investments, including the Prometheus-related investments were contemplated when we did our equity raise last year. As a reminder, we ended the year with $329 million in cash, zero drawn on our $200 million line of credit and $185 million on our term loan.

儘管這些投資沒有被納入我們今天的指導中，但在去年我們進行股權融資時，我們就已經考慮過其中的某些投資，包括與 Prometheus 相關的投資。提醒一下，截至今年年底，我們的現金餘額為 3.29 億美元，2 億美元的信用額度為零，定期貸款為 1.85 億美元。

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

偉大的。謝謝你，迪安娜。現在我們將把時間交給主持人提問。

(Operator Instructions) Josh Sullivan, The Benchmark Company.

（操作員指示）Josh Sullivan，The Benchmark Company。

Eric, as Kratos becomes more and more of a merchant supplier, low-cost engines, the Prometheus rocket motor JV here for hypersonics, what does that do to the long-term margin profile or your strategy for the company?

艾瑞克，隨著 Kratos 越來越成為一家低成本發動機、用於高超音速發動機的商業供應商，這對公司的長期利潤狀況或策略有何影響？

Yes. That's part of the strategy. The margin profile, as Deanna and I indicated, is going to start to lift now in definitely in '26 and in '27. It's because of the merchant supplier and the margins we're getting on those. \

是的。這是戰略的一部分。正如迪安娜和我所指出的，利潤率肯定會在 2026 年和 2027 年開始上升。這是因為商家供應商和我們從中獲得的利潤。\

And also, as Deanna mentioned, we got -- having long-term contracts that get renewed, five-year contracts that get renewed every year is great for predictability. It's great for planning. But if you have an aberration in inflation like we did in 2021, '22, we can't pass that on to the government until we can re-up the contracts. We've started re-upping them this year. We're going to get clear of virtually all of them, and then we'll be in great shape going into '26. So that's, those are the factors on our margin profile going forward.

而且，正如迪安娜所提到的，我們擁有可以續約的長期合同，以及每年續約的五年合約，這對於可預測性來說非常好。這對於規劃來說非常有用。但如果出現像 2021 年或 2022 年那樣的通貨膨脹異常，我們就不能將其轉嫁給政府，直到我們能夠重新簽訂合約。我們今年已開始重新增加它們。我們幾乎會擺脫所有這些困難，然後以良好的狀態進入26年。這就是我們未來利潤率狀況的因素。

And then just on MACH-TB 2 program, you know the program will be a bridge for future products, but Kratos has a history of converting affordable bridge products to tactical products. Is there any reason we wouldn't think you walk down that path eventually?

然後就 MACH-TB 2 計劃而言，您知道該計劃將成為未來產品的橋樑，但 Kratos 有將經濟實惠的橋樑產品轉換為戰術產品的歷史。我們有什麼理由不認為你最終會走上那條路嗎？

There is no reason for you to think that we would not do that.

您沒有理由認為我們不會這樣做。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Lots to ask about. I guess maybe one question just about MACH-TB. When we think about the evolution of this contract, how it ramps up? What drives both revenue and profitability? Is it kind of an overtime contract? Is it kind of the cadence and velocity of testing events that drive both revenue and profit and how we think about this evolving over the next few years?

有很多事情要問。我想也許有一個問題是關於 MACH-TB 的。當我們思考這個合約的演變時，它是如何發展起來的？是什麼推動了營收和獲利？這是一種加班合約嗎？測試活動的節奏和速度是否會推動收入和利潤，我們如何看待未來幾年的收入和利潤發展？

Yes. So Seth, the MACH-TB contract is primarily an aerial test contract. There are not enough test assets in the United States of America on the ground and definitely not in the air. And why not in the air? Because Kratos is one of the, if not the only company, that is hypersonic, relevant hypersonic systems flying today. That's us.

是的。所以 Seth，MACH-TB 合約主要是一份空中測試合約。美國地面上沒有足夠的測試資產，空中測試資產就更不用說了。為什麼不在空中？因為 Kratos 是目前唯一一家從事高超音速飛行的相關高超音速系統的公司。這就是我們。

The industrial base is in trouble, which is one of the great opportunities for us and the government sees that. The long lead items for SRMs, for the flight vehicles, for these assets, including most of them are ours, is long, up to a year. So like I said on the call, we're going to get a little bit of revenue this year because we, Kratos, we lean forward.

工業基礎陷入困境，這對我們來說是一個巨大的機遇，政府也看到了這一點。對於 SRM、飛行器以及這些資產（其中大部分都是我們的）而言，其交付週期很長，長達一年。所以就像我在電話裡說的那樣，我們今年會獲得一點收入，因為我們，Kratos，我們傾向於向前發展。

We went out, we bought some solid rocket motors, and we bought some hypersonic light vehicle material, and we built them that we're flying them. You saw another one was announced last week. We've now started to order a significant amount of stuff, which we're going to get beginning of next year. We're in close conjunction with the customer on this and the OP tempo, which is all laid out. It was specifically laid out when we did this program.

我們出去購買了一些固體火箭發動機，購買了一些高超音速輕型飛行器材料，並建造了它們以供飛行。您會看到上週又宣布了一項消息。我們現在已經開始訂購大量貨物，預計明年年初收到。我們就此事與客戶以及 OP 節奏保持密切聯繫，一切都已安排好。這是我們做這個程序的時候專門佈置的。

So we've got the roadmap on launches with the customer, our launches and all the team members underneath us. It's planned to significantly ramp starting in '26, ramp even more in 2027 and '28. And what's happened recently, I couldn't be more happy about, including just today, we're underneath the Secretary of Defense, another confirmation individual came out and specifically said, we need more hypersonic testing. We need more aerial hypersonic testing. HECSAP has said that we are in a great position here because there is a dearth of testing capability in the country.

因此，我們與客戶、我們的發布部門以及我們團隊下屬的所有成員一起制定了發布路線圖。該計劃從 2026 年開始大幅提升產量，並在 2027 年和 2028 年進一步提升產量。而最近發生的事情讓我非常高興，包括就在今天，在國防部長的領導下，另一位確認人士出來明確表示，我們需要進行更多的高超音速測試。我們需要更多的空中高超音速測試。HECSAP 表示，由於國內缺乏偵測能力，因此我們處於有利地位。

Okay. Great. And then just as a follow-up, the investments this year, it's definitely helpful to have kind of the layout of those investments in the release, and it makes a lot of sense to do them given the requirements and you certainly have the balance sheet for it. When we just think about how to model out the level of investment going forward and kind of where cash flow goes after this year, even if it's qualitative, are there any kind of guidepost you can provide in that regard?

好的。偉大的。然後作為後續行動，對於今年的投資，在發佈時對這些投資進行佈局肯定是有幫助的，而且根據要求進行這些投資也很有意義，而且你肯定有資產負債表。當我們只是思考如何模擬未來的投資水準以及今年之後的現金流走向時，即使是定性的，您能在這方面提供什麼指導嗎？

Yes. Seth, so the Prometheus investment is not included in these numbers. And as we mentioned in our prepared remarks, the lion's share of that is expected in '26. So that will be something that will be different from '25.

是的。塞思，所以普羅米修斯的投資不包括在這些數字中。正如我們在準備好的演講中提到的那樣，其中大部分預計將在 26 年實現。所以這會與 25 年有所不同。

But a number of these other items should be nonrecurring with all the build-out of facilities that we have laid out in the press release. Most of those should be complete in '25. The only other one that would not be completed in '25, Eric had mentioned earlier, is our turbo jet facility that we are starting to build in 2025, but predominantly should be completed in '26. So those would be the two, I would say, plus ups from the maintenance CapEx that we have historically incurred.

但是，隨著我們在新聞稿中列出的所有設施的建設，這些其他項目中的許多項目應該是一次性的。其中大部分應該會在 25 年完成。埃里克之前提到過，唯一一個無法在 2025 年完工的項目是我們的渦輪噴氣發動機設施，我們將於 2025 年開始建造，但主要應該在 2026 年完工。所以我想說，這就是我們歷史上發生的維護資本支出中的兩項加上增加的部分。

Okay. Very helpful. Thanks very much.

好的。非常有幫助。非常感謝。

Mike Crawford, B. Riley Securities.

邁克·克勞福德 (Mike Crawford)，B. Riley 證券。

Thanks. Can you talk about what your objectives are with your Defense Electronics business? At one point, you owned all of the lease, you sold most of it to Ultra Electronics, you retained the Israeli piece. You bought CCT a couple of years ago and now Norden. So I imagine you must have with Norden, $50 million, $60 million, $70 million of such revenue now and you talked about in your remarks some accelerated capabilities. Could you just go into that in a little bit more detail?

謝謝。能談談國防電子業務的目標是什麼嗎？有一次，你擁有了全部租約，你將大部分租約賣給了 Ultra Electronics，而你保留了以色列的部分。幾年前您收購了 CCT，現在又收購了 Norden。所以我想您現在肯定已經從 Norden 獲得了 5000 萬美元、6000 萬美元、7000 萬美元的收入，並且您在評論中談到了一些加速能力。您能否更詳細地講一下這個問題？

Yes. So as we know, Kratos has incredibly positive relationships with the traditional primes and also now with some of these new defense technology companies. And as you indicated, Mike, we had a very substantive microwave business in the US. We sold it. The noncompete ended a few years ago and we made a decision to re-enter the market. Over the past few years, and it has accelerated recently, the primes are coming to us, they want an alternative, and they know we can do it. And the team that we put together at Kratos Microwave North America is the gold standard team. I don't want to get into it, but they're the gold standard team. The primes know them and they like them.

是的。我們知道，奎托斯與傳統的主要企業以及現在的一些新的國防技術公司有著非常良好的關係。正如您所說，麥克，我們在美國擁有非常龐大的微波爐業務。我們把它賣了。幾年前，競業禁止協議終止，我們決定重新進入市場。在過去的幾年裡，並且最近速度加快了，主要參與者紛紛來找我們，他們想要一個替代方案，他們知道我們可以做到。我們在 Kratos Microwave North America 組成的團隊是黃金標準團隊。我不想談論這個，但他們是黃金標準的團隊。素數們了解它們並且喜歡它們。

So our objective, to Josh's question upfront, we are going to be one of, if not the lead merchant supplier of microwave electronics in the United States. That's our mission. That's what we're going to do. We have an incredible microwave business in Israel. The technology is leading edge on the brink of bleeding edge. And as you know, we're on virtually every Israeli missile and radar program. So we've got the pedigree underneath all of Kratos. We have now getting some critical mass, and we are looking forward over the next year or two to updating you on this is going to be one of the most rapidly growing and high-margin businesses in the entire company. That's our plan.

因此，對於 Josh 提出的問題，我們的目標是成為美國微波電子產品的主要供應商之一，甚至是最大的供應商。這就是我們的使命。這就是我們要做的。我們在以色列擁有令人難以置信的微波爐業務。該技術處於前沿技術的邊緣。正如你們所知，我們幾乎參與了以色列的每一個飛彈和雷達計畫。至此，我們已經了解了奎托斯的整個血統。我們現在已經達到了一定的臨界規模，我們期待在未來一兩年內向您通報這將成為整個公司成長最快、利潤最高的業務之一。這就是我們的計劃。

Okay. Thank you, Eric. And then what, in particular, was it that drove this 2.3:1 book-to-bill in space in fourth quarter?

好的。謝謝你，埃里克。那麼，具體是什麼原因推動了第四季訂單出貨比達到 2.3:1 呢？

That was primarily related to some of the national federal satellite programs that we were awarded during the period.

這主要與我們在此期間獲得的一些國家聯邦衛星計畫有關。

Yes. And Mike, related to that, I'm glad you asked that. Over the past six months, and it's accelerated over the past three months, Kratos is being encouraged to prime more. Heretofore, we would have said, okay, our highest probability as part of something instead of all of nothing if we lose would be the team. We're being encouraged by the government customers to prime more and we've been doing it and we've been winning. So that's what's happening here.

是的。麥克，與此相關，我很高興你問了這個問題。在過去的六個月裡，以及過去三個月加速發展的過程中，奎托斯被鼓勵進行更多的準備。到目前為止，我們會說，好吧，如果我們輸了，我們獲得某些東西而不是全部失去的可能性最大的就是球隊。政府客戶鼓勵我們提供更多的底漆，我們也一直在這樣做，並且取得了成功。這就是這裡發生的事情。

And so even though our commercial SATCOM business for the reason Deanna talked about and Airbus and Thales having issues with their software-defined satellites is flat right now. The national security business is looking great and the pipeline since we last spoke to you all four months ago, the quality of it and quantity has increased substantially. So we might have some upside here this year. It's looking good.

因此，儘管我們的商業衛星通訊業務由於迪安娜談到的原因以及空中巴士和泰雷茲的軟體定義衛星存在問題，目前仍處於停滯狀態。國家安全業務看起來很棒，自從我們四個月前上次與大家交談以來，其品質和數量都有了大幅提高。因此，今年我們可能會有一些好處。看起來不錯。

Okay. Thank you.

好的。謝謝。

Jan Engelbrecht, Baird.

簡‧恩格爾布雷希特，貝爾德。

Good evening Eric and Deanna. Just a quick question on DOGE and the Space Development Agency. We saw the director, there was a sort of disruption in leadership and the willingness from the government now to move towards more fixed price contracts within space. I was wondering if you could just talk more about your position in space and obviously, you're very comfortable operating in a fixed price world. Just what you're seeing there for 2025 and beyond, specifically on the space business.

晚上好，埃里克和迪安娜。我只想問一個關於 DOGE 和太空發展局的簡單問題。我們見到了主任，領導層出現了某種混亂，政府現在願意在太空領域簽訂更多固定價格合約。我想知道您是否可以更多地談論您在太空領域的地位，顯然，您在固定價格的世界中運作起來非常自如。你所看到的正是 2025 年及以後的情況，特別是在太空業務方面。

Yes. And so let me qualify on the fixed price. We are very comfortable on fixed price production contracts or fixed price leading technology contract, leading, not bleeding. We are not comfortable one bit at Kratos on fixed price development contracts on bleeding edge stuff, including stuff that's never been done before. Other companies do this and they blow their brains out. We are very wary of this. So we are, again, we're extremely comfortable in the fixed price environment. If we know the game field, we know the technology, it's a production contract, et cetera.

是的。因此，讓我對固定價格進行限定。我們對固定價格生產合約或固定價格領先技術合約非常滿意，是領先，而不是流失。在 Kratos，我們對以固定價格簽訂尖端產品開發合約（包括以前從未做過的產品）感到有點不舒服。其他公司也這麼做，結果卻慘敗。我們對此非常警惕。因此，我們再次強調，我們對固定價格環境感到非常滿意。如果我們了解遊戲領域，我們了解技術，這就是生產合同，等等。

We, as I mentioned to Mike, and I'll just talk, I don't want to talk about SDA particularly. I don't like to do that, but I'll talk about the space environment on the government and national security side. The number of opportunities right now for us is incredible. It's accelerated dramatically over the last six, three, one month, incredibly.

正如我向麥克提到的那樣，我只想談談，我不想特別談論 SDA。我不喜歡這樣做，但我會從政府和國家安全的角度談論太空環境。我們現在擁有的機會數量令人難以置信。令人難以置信的是，在過去六個月、三個月甚至一個月的時間裡，這一進程急劇加速。

And you can read about what's going on out there and the new administration, one of their priorities, space. President Trump's Iron Dome or I saw now it's Golden Dome. Golden Dome, one of the key aspects of it is space tracking systems, which we're good at. Space communication systems, which we're good at. Space domain awareness, which we have. So my tone has changed incredibly since I last spoke to you on our space business because the game field has changed.

您還可以閱讀有關外面正在發生的事情以及新政府的優先事項之一——太空。川普總統的鐵穹頂，或者我現在看到的是金色穹頂。金色穹頂，其中一個關鍵方面是空間追蹤系統，這是我們擅長的。空間通訊系統，這是我們擅長的。我們擁有空間領域意識。自從我上次和你們談論我們的太空業務以來，我的語氣發生了巨大的變化，因為遊戲領域已經改變了。

Great. That's really helpful. And just a quick follow-up. Just on the marine aviation plan, can you just give us some more details about what it entails that the marine variant has not sort of graduated from PAC P over to Maksitak Air in terms of testing or funding or any other details we should expect for '25?

偉大的。這真的很有幫助。這只是一次快速的跟進。關於海軍航空兵計劃，您能否向我們提供更多細節，說明海軍變體在測試或資金方面尚未從 PAC P 過渡到 Maksitak Air，或者我們在 25 年應該期待的任何其他細節？

Yes. Brother, I cannot. We are really, we are very close with the customer. We can't say more than the prepared remarks, virtually all of which is in the public domain already. And so, I apologize. I just can't -- I can't go beyond what we've said.

是的。兄弟，我不能。我們確實與客戶非常親近。我們只能說一些準備好的發言，因為這些發言其實已經公開了。因此，我深感抱歉。我只是不能－我不能超越我們已經說過的話。

No, I completely understand. Thanks Eric, thanks Deanna.

不，我完全理解。謝謝 Eric，謝謝 Deanna。

Ken Herbert, RBC Capital Markets.

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

Hi, good afternoon Eric and Deanna. I appreciate, Eric, the incremental commentary in terms of the expected acceleration in 2026 growth. You've obviously got some tailwinds in hypersonics and space, it sounds like, and microwave electronics. But as we think about that, call it, $175 million in growth at the midpoint in '26, can you provide any more details or specifics or confidence around particular programs or how we think about the primary contributors to that growth?

嗨，Eric 和 Deanna 下午好。艾瑞克，我很欣賞你對 2026 年成長預期加速的漸進式評論。聽起來，你們顯然在高超音速、太空和微波電子領域取得了一些進展。但是，當我們考慮這一點時，比如說，26 年中期增長 1.75 億美元，您能否提供有關特定計劃的更多細節、具體內容或信心，或者我們如何看待這一增長的主要貢獻者？

Yes. Okay. MACH-TB, number one. Number two, a separate hypersonic program we've won. okay? Number three, a certain air defense system program that we are going into production on.

是的。好的。MACH-TB，第一名。第二，我們贏得了一個單獨的高超音速項目。好的？第三，我們正在投入生產的某個防空系統專案。

Let me tell you some of the ones that we're on. We're on IBCS, which Northrop has been awarded production on. We are, as you know, Northrop is an incredible partner of Kratos. We are on a number of radar systems for Northrop Grumman and for Lockheed Martin. Lockheed is another incredible partner of ours. We have several of those that are ramping up, right? IPIC with Dynetics, I believe, and I never get ahead of our prime. I believe Dynetics or Leidos, they were awarded LRIP and full rate production together recently. Okay, which was not expected. We built a lot of hardware with our partner, Dynetics, which is a great partner. We're actually teamed together now on another very large program. So those are some of the ones that are just going to drive the growth.

讓我告訴你我們正在進行的一些事情。我們正在進行 IBCS 項目，諾斯羅普公司已獲得該項目的生產授權。如你所知，諾斯羅普是奎托斯不可多得的合作夥伴。我們為諾斯羅普·格魯曼公司和洛克希德·馬丁公司提供了多種雷達系統。洛克希德是我們的另一個令人難以置信的合作夥伴。我們有幾個正在加大力度，對嗎？我相信 IPIC 與 Dynetics 合作，而且我從未超越我們的巔峰。我相信 Dynetics 或 Leidos 最近一起獲得了 LRIP 和全速率生產資格。好吧，這並沒有預料到。我們與我們的合作夥伴 Dynetics 一起製造了很多硬件，他們是一個很棒的合作夥伴。實際上，我們現在正合作另一個非常大的項目。所以這些都是推動成長的因素。

Also in our turbofan business, certain missile program. I have to be careful. That's one that's going to add to it as well. So we've got pretty good line of sight right now on '26. That's a very good line of sight. We also do on '27. I just didn't want to get ahead of ourselves, but the next couple of three years we're bolted in. They look solid.

我們的渦輪扇發動機業務中也涉及某些導彈計劃。我得小心一點。這也將會增加它。因此，我們現在對 26 號的預測已經相當清楚了。這是非常好的視線。我們在 27 年也這麼做。我只是不想超越自己，但接下來的三年我們都會陷入困境。它們看起來很堅固。

That's super helpful. And as you think about maybe a step change in the margin profile into '26 and beyond, like can you maybe help just a little bit with sort of magnitude of that? And maybe as you think about the business longer term as a merchant supplier and everything you've talked about that's obviously behind the strategy, which should result in better margins. What do you think the potential sort of EBITDA margin of the business could be in the out years?

這非常有幫助。當您考慮在 26 年及以後利潤率狀況可能發生重大變化時，您能否稍微幫忙估算一下變化的幅度？也許當您以商家供應商的身份長期考慮業務時，您談到的一切顯然都是策略背後的因素，這應該會帶來更好的利潤率。您認為未來幾年該業務的潛在 EBITDA 利潤率會是多少？

I'd look at up 100 basis points or so in '26, up 100 basis points or so in '27. And I'll say 100 to 150 basis points in '26, 100 to 150 basis points in '27, 100 to 150 basis points in '28. That's the trajectory we're looking at for an increase here. Continuing I could be very precise if we would have budgets on October 1, but we're not going to. So timing could move around a little bit, but that's going to be the up-and-right trajectory because we've got these lower-margin fixed-price contracts.

我認為 26 年將上漲 100 個基點左右，27 年將上漲 100 個基點左右。我認為 26 年將上升 100 至 150 個基點，27 年將上升 100 至 150 個基點，28 年將上升 100 至 150 個基點。這就是我們所期待的成長軌跡。我可以非常精確地說明我們是否會在 10 月 1 日制定預算，但我們不會這樣做。因此時間可能會有一點變化，但這將是向上和正確的軌跡，因為我們有這些低利潤的固定價格合約。

They're not falling off. We're renewing them. We're getting them re-upped with higher rates. The new contracts, obviously, we're bidding with the higher rates that takes into the inflationary impact. And the organic growth we have, the leverage we're getting off of our fixed G&A, and in the production areas, the fixed manufacturing cost is significant. So we have some force multipliers here that's really going to help us beginning in '26.

它們沒有掉下來。我們正在更新它們。我們正在以更高的利率重新提高它們。顯然，我們在新合約中競標的利率更高，考慮到了通膨的影響。而且，我們的有機成長、我們從固定的一般及行政費用中獲得的槓桿作用以及在生產領域的固定製造成本都是相當可觀的。因此，我們這裡有一些力量倍增器，它們將從 26 年開始真正幫助我們。

Ken, it was going to happen this year. But as I said, we're in another six-month continuing resolution and 12 or 15 of the last 18 months have been under a CRA. And so no new contract awards. which have the new rates in them that we're waiting for. That's been part of the problem.

肯，這件事今年就會發生。但正如我所說，我們正處於另一個為期六個月的持續決議中，過去 18 個月中有 12 個月或 15 個月都處於 CRA 之下。因此沒有新的合約授予。其中有我們正在等待的新利率。這就是問題的一部分。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Lots of detail. Eric, I wanted to ask about a little bit more on Prometheus, but you mentioned a lot of different programs. One I don't think we heard you talk about. So I wanted to get some color on what's happening with Boom Supersonic. They've obviously had some positive developments.

很多細節。艾瑞克，我想多問一些關於普羅米修斯的問題，但你提到了很多不同的程序。我認為我們沒有聽到你談論過這一點。所以我想了解一下 Boom Supersonic 的情況。他們顯然取得了一些積極的進展。

And then just on Prometheus, when we think about that opportunity, are you going to be going after or is this predicated on new program wins and white space? Or are you going to actually be taking share from existing in-production programs for some of the shortages that we've been hearing about? And I'm assuming this is both US weapon system opportunities and sort of homegrown NATO ally opportunities as well?

然後就普羅米修斯而言，當我們考慮這個機會時，你會去追求它嗎？或者這取決於新項目的勝利和空白？或者您真的要從現有的生產項目中分一杯羹，以彌補我們聽到的一些短缺？我認為這既是美國武器系統的機會，也是北約本土盟友的機會？

All right. So on Boom, I'm going to answer the question, but understanding we are under a very tight, tight NDA with Boom, okay? From my perspective, Boom is knocking it out of the park. They have the right business plan, the right airplane at the right time. This is Eric DeMarco's perspective, okay?

好的。因此，關於 Boom，我將回答這個問題，但請理解，我們與 Boom 簽訂了非常嚴格的保密協議，好嗎？從我的角度來看，Boom 的表現非常出色。他們有正確的商業計劃，在正確的時間推出了正確的飛機。這是 Eric DeMarco 的觀點，好嗎？

The market right now, in my mind, is wide open to another commercial aircraft manufacturer. There's Boeing, there's Airbus, they're wide open. and Boom's success recently going supersonic, the first commercial supersonic aircraft in the US ever is incredible.

在我看來，目前的市場對另一家商用飛機製造商來說是開放的。有波音，有空客，他們的立場都很開放。 Boom 最近成功實現了超音速飛行，這是美國有史以來第一架商用超音速飛機，這真是令人難以置信。

In addition to that, as you know, we're developing the engine for them with them, okay? We are on track to be orders of magnitude less costly and orders of magnitude faster than it's ever done before because as you know, a bunch of our guys and gals have done did F-22 and F-35. So this is a very important program for Kratos. We've got one of our A teams on it, and our mission is to make Boom successful.

除此之外，如您所知，我們正在與他們一起開發引擎，好嗎？我們正朝著比以往任何時候更低的成本和更快的速度邁進，因為正如你所知，我們的許多員工已經完成了 F-22 和 F-35 的開發。所以這對奎托斯來說是一個非常重要的計畫。我們擁有一支 A 級團隊，我們的使命是讓 Boom 成功。

So I'll pause there. If you have any questions on that, then I'll go to the next.

我就此暫停一下。如果您對此有任何疑問，那麼我將進入下一個。

I guess, presumably, that's not in the revenue growth plan. I mean you're talking some pretty compelling visibility, '25, '26, even '27, presumably if Boom executes well, that would be additive.

我猜，這大概不在收入成長計畫中。我的意思是，你說的是一些相當引人注目的可見性，'25，'26，甚至'27，大概如果 Boom 執行得好，那將是附加的。

Right. So we're at a run rate with them. We are doing everything we can to manage cost to be a great partner to them, okay? And so no, that is not a major or even a medium-term growth driver for us. That program is not. We have several other ones.

正確的。因此我們與他們的運行速度一致。我們正在盡一切努力控製成本，成為他們的優秀合作夥伴，好嗎？所以，這對我們來說不是一個主要的，甚至不是一個中期的成長動力。那個程式不是。我們還有其他幾個。

On the second part of your question, I got to be very careful here because obviously, RAFAEL is owned by the government, the Ministry of Defense is involved, et cetera, et cetera, et cetera. Our plan is to service RAFAEL and all their needs first with Prometheus. That's first, okay? That's the base case. Okay?

關於你問題的第二部分，我必須非常小心，因為很明顯，拉斐爾是政府所有，國防部也參與其中，等等，等等，等等。我們的計劃是首先使用 Prometheus 為 RAFAEL 及其所有需求提供服務。這是第一件事情，好嗎？這是基本情況。好的？

We are looking at a number of white-field opportunities, new ones that are out there. There are a lot, and this is in the United States and internationally. There are a lot of new weapon systems out there, lots and lots of them. As I said, the key difference here, Kratos and RAFAEL and Prometheus, is we're MILL-STD qualified already on weapon systems. All these other guys that are trying to get in, they're not qualified. We're qualified, okay? So that's what we're trying to do.

我們正在尋找大量空白領域的機會，以及一些新的機會。有很多，在美國和國際上都是如此。目前已經出現了許多新型武器系統，數量非常多。正如我所說，奎托斯、拉斐爾和普羅米修斯之間最大的區別在於，我們的武器系統已經獲得了 MILL-STD 認證。所有其他試圖進入的人都沒有資格。我們有資格，好嗎？這就是我們正在嘗試做的事情。

And primarily, my opinion, right now, we're going after white field stuff. And there's so much demand out there. Sure, we might bump into some guys here and there, but that is not the mission here.

在我看來，目前我們主要追求的是白場的東西。而且那裡的需求量非常大。當然，我們可能會在這裡或那裡碰到一些人，但這不是這裡的任務。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

What's happening with Sentinel and from your perspective? And what does that mean for your position on the program?

從您的角度來看，Sentinel 發生了什麼事？這對您在該計劃中的立場意味著什麼？

Yes. So we work with Northrop Grumman, as I said before, Northrop Grumman is an incredible partner with Kratos. And we are on the ground transporters for the missiles and the warheads and other things like that. So look at us as part of the missile piece. That's where we are. So we are not part of the silos or the ground the underground infrastructure and stuff like that, that you've been reading about. So that is the premise from my perspective,

是的。因此，我們與諾斯羅普·格魯曼公司合作，正如我之前所說，諾斯羅普·格魯曼公司是 Kratos 的絕佳合作夥伴。我們在地面上運送飛彈、彈頭和其他類似的東西。所以請把我們視為導彈的一部分。這就是我們現在的情況。因此，我們不是您所讀到的筒倉或地面、地下基礎設施等的一部分。從我的角度來看，這是前提，

Northrop is knocking it out of the park. They're doing a great job, and this program is doing a great job. I mean I'm not getting ahead of my partner here, but we're talking about systems that were put in the ground in the '60s and '70s. And it's been pushed to the right forever for all kinds of reasons by the Pentagon and by Congress. And now we have no choice. And so, my perspective, it's going great, and Northrop is doing great.

諾斯羅普的表現非常出色。他們做得很好，這個專案也做得很好。我的意思是，我在這裡並沒有超越我的合作夥伴，但我們正在討論的是 20 世紀 60 年代和 70 年代建立的系統。而五角大廈和國會出於各種原因，一直將其推向右翼。現在我們別無選擇。因此，從我的角度來看，一切進展順利，諾斯羅普也做得很好。

So the reexamining of requirements related to ground, even though you discussed being tethered to parts of the program that are ground, your parts of the program are different than what's being reexamined?

因此，重新審查與地面相關的要求，即使您討論了與地面相關的程序部分，但您的程序部分與重新審查的部分不同嗎？

The ground piece that's being reexamined, the silos, the communication infrastructure underground, the command and control modules, underground, the launch modules, underground. Kratos has nothing to do with any of that. Think of us as part of the missile because we move the missiles around.

正在重新檢查的地面部分、發射井、地下的通訊基礎設施、地下的指揮與控制模組、地下的發射模組。奎托斯與這些都無關。把我們想像成飛彈的一部分，因為我們負責移動飛彈。

Right. So on the ground, you're on the ground but above ground.

正確的。所以在地面上，你是在地面上但在地面之上。

It's a good question. We're above ground.

這是個好問題。我們在地面上。

Just wanted to be sure there. Okay. Got it. Just maybe trying to go a little, get a little more from you on this capital expenditure you're going to make. $130 million is double, it's really kind of triple where you were run rating not long ago. Has your opportunity set tripled? Or has your customer asked you to take on even more of the upfront funding? And I guess, just how much negotiation did you have around how much time lines can slide in this industry and therefore, who should pay for what?

只是想確定一下。好的。知道了。也許只是想再多花一點錢，從你要進行的資本支出中獲得更多。 1.3 億美元是您不久前評級的兩倍，實際上是三倍。您的機會是否增加了三倍？或者您的客戶要求您承擔更多的前期資金？我想，對於這個產業的時間軸可以滑動多少，以及誰該為何付費，你們進行了多少次談判？

Yes. So Noah, so if we look at where we were last year, so it's approximately double where we were last year. And in that $125 million, $135 million, there's approximately $30 million related to the Valkyrie second lot build. So those are, conceivably, you could call that inventory, but the way we classify it is as capital. So those are for based on customer indicated demand and requirements. So we expect to sell those. So I would take that $30 million off.

是的。諾亞，如果我們看看去年的情況，現在大約是去年的兩倍。在這 1.25 億美元和 1.35 億美元中，大約有 3000 萬美元與 Valkyrie 第二批建造有關。因此，可以想像，你可以稱之為庫存，但我們將其歸類為資本。所以這些都是基於客戶指出的需求和要求。所以我們希望賣掉它們。所以我會減掉那 3000 萬美元。

And then related -- specifically related to MACH-TB, that's about $22 million to $24 million. That's for the $1.4 billion contract that we just were awarded. And we are, what we didn't say in the prepared remarks is we are, actually, I think Eric did, is we are looking to offset some of our investment with industrial-based funding and other type of funding that is out there. But we have not assumed any of that offsetting the CapEx.

然後相關 — — 具體與 MACH-TB 相關，約 2,200 萬至 2,400 萬美元。這是我們剛剛獲得的價值 14 億美元的合約。我們在準備好的演講中沒有提到的是，實際上，我認為艾瑞克說過，我們正在尋求利用工業融資和其他類型的融資來抵消我們的部分投資。但我們並未假設任何因素能夠抵銷資本支出。

In addition, so we've got about $15 million to $16 million that's related to building a new facility, production facility in Israel and then expanding one of our existing facilities there, that's $15 million to $16 million. That is nonrecurring. So that is, and that is based on customer demand, record backlog, record pipeline there.

此外，我們還花費了大約 1500 萬到 1600 萬美元在以色列建立新工廠、生產設施，然後擴建我們在那裡的一個現有設施，這筆資金大約是 1500 萬到 1600 萬美元。那是非經常性的。也就是說，這是基於客戶需求，記錄積壓，記錄管道。

And on that one, Noah, we received recently a $0.25 billion contract in Israel for a new classified system. That's starting to ramp next year. We had to build this new part of this new facility for that program. So it will be recovered in that program.

關於這一點，諾亞，我們最近在以色列獲得了一份價值 2.5 億美元的新機密系統合約。明年這數字將開始上升。我們必須為該項目建造這個新設施的新部分。因此它將在該程式中被恢復。

In addition to that, our Israeli microwave business, we've now won a number of space-based microwave programs. Where now we're actually going on the birds. So we need space qualified facilities. So we're building those out for these programs, the cost of which over time in the future will be recovered in the rates, okay, on those programs, okay?

除此之外，我們在以色列的微波業務現已贏得了許多太空微波計畫。現在我們實際上要去哪裡看鳥。所以我們需要符合太空標準的設施。因此，我們正在為這些項目建立這些內容，這些項目的成本在未來一段時間內將從費率中收回，好嗎？

Also, on MACH-TB, in addition to what Deanna said, the campus and the facility to do all the integration work in the, we'll build it, we'll depreciate it in the future. The depreciation goes into the rates, we get paid for it. So and that's why I went out of my way on the prepared remarks to say we don't do a build it. We typically don't do a build it and they will come. We've got to contract a customer or a program. The customer has said, we're going to give you this program, you stand up the facility, you can recover it over time in the rates, and that's what we do.

此外，關於 MACH-TB，除了迪安娜所說的話之外，我們還將建造園區和設施來完成所有的整合工作，並在未來對其進行折舊。折舊計入利率，我們會因此獲得報酬。所以這就是為什麼我在準備好的發言中特意說我們不做建設。我們通常不會建好之後他們就會來。我們必須與客戶或專案簽訂合約。客戶說，我們將為您提供這個計劃，您建立該設施，然後您可以隨著時間的推移收回成本，這就是我們所做的。

Okay. Great. I really appreciate all that detail. And maybe just last one, Eric. Valkyrie, you've detailed the customers that have maybe kind of moved to the front of the line versus who was originally there. Are those, how are those tracking versus what you thought three to six months ago?

好的。偉大的。我真的很欣賞所有這些細節。也許這只是最後一個，埃里克。瓦爾基里，您詳細說明了與原來排隊的顧客相比，哪些顧客可能已經排到了隊伍的最前面。與您三到六個月前的想法相比，這些情況如何？

And then with the maybe originally intended customer, some interesting comments on force multiplying fighter fleets from the new administration, but I guess it's early days. So where do they, where do they stand on what they want to do with Loyal Wingman.

然後，對於可能最初的目標客戶，新政府對增強戰鬥機艦隊力量發表了一些有趣的評論，但我想現在還為時過早。那麼，他們對於忠誠僚機的計畫是什麼？

Yes. So the easy one first. The Marine Corps is an outstanding customer. They are knocking everything out exactly as they've communicated. So nothing has changed from my perspective of any significance with them. They are completely tracking, okay?

是的。所以先從簡單的開始。海軍陸戰隊是一位出色的客戶。他們正按照溝通的內容把一切都解決掉。因此，從我的角度來看，他們並沒有任何重大改變。他們完全在追踪，好嗎？

I was surprised when they announced Project Eagle, which, of course, I knew about and what the Valkyrie is doing there and what their plan is with the Valkyrie. That was surprising to me, but I'll take that as a good thing. There are several other things like that out there that are happening that we can't talk about that could be announced by the government, and I think you all would find them encouraging. So from my perspective, Marine Corps is great. It's on track. They are at the front of the line, okay?

當他們宣布“鷹計劃”時，我感到很驚訝，當然，我知道“女武神”在那裡做什麼，以及他們對“女武神”的計劃是什麼。這讓我很驚訝，但我認為這是一件好事。還有一些類似的事情正在發生，我們不能談論，但政府可能會宣布，我想你們都會覺得這些事情令人鼓舞。所以從我的角度來看，海軍陸戰隊很棒。一切進展順利。他們站在隊伍的最前面，好嗎？

On the other customer, so on the other customer, you might have saw on the Secretary of Defense's 17 protected programs. That program is one of the protected programs. So I look at that as a good thing for us, mid and long term. I can't talk much more about that other than what was out there because of the security classifications on this. I cannot get ahead of my skis with that customer publicly.

關於另一個客戶，關於另一個客戶，您可能已經看到了國防部長的 17 個受保護計劃。該程式是受保護的程式之一。因此，我認為這對我們來說是一件中期和長期的好事。由於涉及安全機密，除了已知的資訊外，我不能透露更多。我不能公開地向那位顧客透露我的滑雪裝備。

Trevor Walsh, Citizens JMP.

特雷弗沃爾什 (Trevor Walsh)，公民 JMP。

Just wanted to maybe step back around the facilities build-outs and just maybe make, or ask a larger strategic kind of level question for you, Eric. I appreciate all the commentary around building out kind of the vertically integrated process. Just having, being kind of the main supplier, et cetera.

艾瑞克，我只是想回顧一下設施建設的話題，也許想問你一個更大的策略層面的問題。我感謝所有關於建立垂直整合流程的評論。只是作為主要供應商等等。

There's some other maybe more venture-backed funded companies out there, kind of talking about plans for kind of mega facilities, mega factories to kind of do it all in kind of one-stop shop fashion. Wondering that seems sort of different, obviously, from how you guys are approaching things. Can you maybe just give us some of the puts and takes around kind of how you think about those two approaches differently and whether that's something you guys would think about longer term or if there's just kind of significant downside in your mind in terms of that approach or how that may or may not work out?

還有一些其他可能由風險投資支持的公司，正在討論建立大型設施、大型工廠的計劃，以一站式的方式完成所有工作。顯然，這與你們處理事情的方式似乎有些不同。您能否向我們提供一些關於您對這兩種方法的不同看法，以及這是否是您們長期考慮的事情，或者您認為這種方法是否存在重大的缺點，或者這種方法是否有可能奏效或無法奏效？

Yes. I'll definitely talk about Kratos' approach because I know that one. As we've been chatting about this afternoon, we are very fortunate. We have incredibly great relationships with Lockheed, with Northrop, with Leidos, with Dynetics, with General Electric Aviation, with RAFAEL, right? And so, our model because we're a publicly traded company.

是的。我肯定會談論奎托斯的方法，因為我知道這一點。正如我們今天下午談論的那樣，我們非常幸運。我們與洛克希德、諾斯羅普、萊多斯、戴奈提克斯、通用電氣航空、拉斐爾都保持著非常好的關係，對吧？因此，我們的模式是因為我們是一家上市公司。

We know -- I know a lot of the investors personally, they're focused on rate of return as they should be is we will not make, we typically, because I don't want to say never because you never know what's going to happen. We typically do not make a significant investment in something like Prometheus or something like GEK, General Electric Kratos or something like that, unless we have a customer that's committed that's going to buy stuff. The partner is going to step up and pay a significant amount of money to offset our risk, okay? We don't do a build it and they will come. That's not our model. And I don't see us doing that.

我們知道——我個人認識很多投資者，他們關注的是回報率，而他們應該關注的是回報率，我們通常不會這樣做，因為我不想說永遠不會，因為你永遠不知道會發生什麼。我們通常不會對 Prometheus 或 GEK、通用電氣 Kratos 或類似的產品進行大量投資，除非我們有承諾購買產品的客戶。合作夥伴將會加大投入並支付一大筆錢來抵消我們的風險，好嗎？我們不會建造它然後他們就會來。那不是我們的模型。但我認為我們不會這麼做。

We are very comfortable with what we're doing and our partners are very comfortable with what we're doing. And the reason why our partners do this with us, and this has really come to the forefront in the last six months, three months because affordability finally matters fiscally. Kratos is affordable. Our hypersonic systems are 1/10, 1/15 the cost of other stuff. And we're doing multiple successful flights.

我們對自己所做的事情感到非常滿意，我們的合作夥伴也對我們所做的事情感到非常滿意。我們的合作夥伴之所以與我們一起這樣做，是因為在過去的六個月或三個月裡，這確實成為了首要問題，因為負擔能力最終在財務上變得重要。奎托斯 (Kratos) 價格實惠。我們的高超音速系統的成本是其他產品的十分之一甚至十五分之一。我們已成功完成多次飛行。

Customers are taking note and they're coming to us, okay? This is one of the primary reasons I believe we got MACH-TB was Zeus, Ares, and some other things we're not talking about, okay? We spent -- we talk to the customer in advance. We look at their strategy documents. We spent $5 million or $10 million or $15 million demonstrating and flying a relevant system that meets, I don't want to say a requirement because it gets gray in there, meets a need that they have, and then we win.

顧客注意到了這一點，他們就會來找我們，好嗎？我相信這是我們獲得 MACH-TB 的主要原因之一是宙斯、阿瑞斯，以及一些我們沒有談論的其他東西，好嗎？我們花費了——我們提前與客戶進行了交談。我們查看了他們的戰略文件。我們花了 500 萬美元、1000 萬美元或 1500 萬美元來演示和試運行一個相關的系統，該系統可以滿足他們的需要，我不想說這是一個要求，因為它在那裡變得模糊不清，但可以滿足他們的需求，然後我們就贏了。

And that's what's happened with our engines now, both the turbojets and the turbo fans, the solid rocket motors, the hypersonic flyers. It's happening right now with our tactical drones. It's happening. One of the best decisions we ever made, and I know it's not obvious yet, is building the Valkyries. Because customers are coming to us and they're flying them and they're putting mission systems on them because cutting through all the bulls*** that's out there, there's nothing else flying other than GA. GA is a great company, by the way. There's nothing else flying.

這就是我們現在的發動機，包括渦輪噴射發動機、渦輪風扇發動機、固體火箭發動機和高超音速飛行器。我們的戰術無人機現在正在發生這樣的事情。它正在發生。我們所做的最好的決定之一，我知道現在還不明顯，就是打造女武神。因為客戶來找我們，他們駕駛這些飛機，並在飛機上安裝任務系統，因為要消除所有那些廢話，除了 GA 之外沒有其他飛行方式。順便說一句，GA 是一家很棒的公司。沒有其他東西在飛行。

And so mission systems can get tested. The concept of operations can get tested, blah, blah, blah. That's all happening with Kratos' tactical drones. I just can't get into details because I'm not allowed to. So that's our philosophy. So you can compare that with the other guys. I really don't know what there is. You can compare it to them, and I'm sure there are pros and cons.

這樣任務系統就可以測試。操作的概念可以測試，等等等等。這一切都發生在奎托斯的戰術無人機上。我無法談論細節，因為我不被允許這樣做。這就是我們的理念。所以你可以將其與其他人進行比較。我真的不知道那裡有什麼。你可以將它與它們進行比較，我相信它們各有優缺點。

That's great. Maybe just one clarification for Deanna, if I can. So the MACH-TB facility that Eric mentioned was the new kind of site to be determined. Is that incorporated in that '22 to '24 line item in the breakout in the press release? Because I think you had said some of that. Got it. Okay. But some of that's going into '26, I think if I heard it correctly, '25 and '26. So is there little extra.

那太棒了。如果可以的話，我只想向迪安娜澄清一點。因此，Eric 提到的 MACH-TB 設施是一種有待確定的新場地。這是否包含在新聞稿中細分的「22 至 24 年」項目中？因為我認為你已經說過一些了。知道了。好的。但其中一些會進入 26 年，如果我沒聽錯的話，應該是 25 年和 26 年。那就沒有什麼額外的了。

A little bit. Yes.

有一點點。是的。

Joshua Zoepfel, Noble Capital Markets.

Joshua Zoepfel，Noble Capital Markets。

This is filling in for Joe. So just kind of a couple of housekeeping questions. Most of them might have been answered. You guys touched on it a little bit earlier, but can you kind of just get a little update on the facilities in India and Israel? I know you guys said in '25, but I know you guys previously expected it to be in Q2. Is that still on target for that?

這是在代替喬。這只是一些基本問題。大多數問題可能都已經得到解答。你們剛才談到了這一點，能否稍微介紹一下印度和以色列的設施的最新情況？我知道你們說的是 25 年，但我知道你們之前預計它會在第二季。這仍然符合目標嗎？

On track. If it moves into July, we're on track because we have customers that need the product. And so they're with us, and we're working it. So on track for Q2.

步入正軌。如果進入七月份，我們的進度就正常了，因為我們有需要該產品的客戶。所以他們和我們在一起，我們正在努力。因此第二季一切順利。

Okay. And then on India, is there any sort of timeline for that one? Just anything, any color on that?

好的。那麼關於印度，有什麼時間表嗎？任何東西都可以，有什麼顏色嗎？

On which one --

在哪一個--

The microwave product facility in India?

印度的微波產品工廠？

In India. yes. You think the US government is slow. Boy, and I have ants in my pants. I'm going to say in 2026, right? But this time next year, you ask me and I say 2027, that's India time. And I love India, but it's just the way that it is. So we're not going to put a lot in our financial plan until that facility is actually up and running because things move at a different pace sometimes.

在印度。是的。您認為美國政府行動遲緩。天哪，我真是坐立不安。我會說是 2026 年，對嗎？但明年這個時候，你問我，我會說 2027 年，那是印度時間。我愛印度，但它的現狀就是這樣。因此，在該設施真正投入運作之前，我們不會在財務計畫中投入太多資金，因為有時事情的發展速度會有所不同。

Okay. That's helpful. And then kind of just looking at 2025, this is the unmanned segment. I know you guys have had a little bit of the margin kind of compression there. But it sounded like last quarter, leverage is going to be off this fixed infrastructure. How should we look at that kind of profile coming in this new year?

好的。這很有幫助。那麼展望 2025 年，這就是無人駕駛領域。我知道你們的利潤空間受到了一些壓縮。但聽起來上個季度，槓桿率將脫離這個固定基礎設施。我們該如何看待新的一年裡出現的這種現象？

I think we're going to continue to see some of the pricing pressures that we've seen on cost growth from inflation on subcontractors because that's where we're seeing the biggest impact on those fixed-price contracts. So we will continue to see a headwind in 2025.

我認為，我們將繼續看到通貨膨脹對分包商成本成長造成的一些定價壓力，因為這是對那些固定價格合約的最大影響。因此，2025 年我們將繼續面臨逆風。

So we have two programs that are multiyear programs, target drone programs, okay? Both of them are coming up now for renegotiation on the next five-year lot. So we're going to get this fixed, okay? There are two subcontractors out there that you all are aware of nationally. And they have been raising costs significantly, all right? So we're going to get it addressed in the contract, and you guys know me, I'm working on a backup plan or a vertical integration plan because we can't have this.

所以我們有兩個多年期項目，目標無人機項目，好嗎？目前，雙方正在就下一個五年合約重新進行談判。所以我們要解決這個問題，好嗎？全國有兩家分包商，這是大家都知道的。而且他們已經大幅提高成本了，對吧？所以我們會在合約中解決這個問題，你們都知道，我正在製定備用計劃或垂直整合計劃，因為我們不能這樣做。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

I guess just looking specifically on Tactical Drones, there were a couple of things you guys called out last quarter that I was hoping we could revisit. The first being Apollo was in contract documentation. I think Athena was under contract and that Valkyrie had also been down-selected for an international program. Can we just get any updates on those, if possible?

我想，就戰術無人機而言，上個季度你們提到了一些事情，我希望我們能夠重新討論。第一個是阿波羅，在合約文件中。我認為雅典娜已經簽訂了合同，而瓦爾基里也被選中參加國際項目。如果可能的話，我們能得到有關這些內容的最新消息嗎？

Yes. Apollo is under contract, and we're working away. Athena is under contract and my Tommy tells me later this year because of the nature of the work, it's going to be expanded. So that one is going great. And on the international one, we won. We've won. And yes, we've won, and we're working with the State Department right now, and that's all I'm going to say.

是的。阿波羅已經簽訂了合同，我們正在努力工作。雅典娜已經簽了合同，我的湯米告訴我，今年晚些時候，由於工作的性質，合同將會擴大。所以這件事進展得很順利。在國際比賽中，我們贏了。我們勝利了。是的，我們贏了，我們現在正在與國務院合作，這就是我要說的全部。

Could you give any color on maybe just the cadence of these programs, like as a whole, maybe just to not give away too much info? Like how should we be thinking about the step-up?

您能否稍微介紹一下這些程式的整體節奏，以免透露太多資訊？例如，我們該如何考慮升級？

Yes. So part of the revenue increase that Deanna talked about in the unmanned business for '25 over '24 is a result of Apollo and Athena, okay?

是的。所以，迪安娜提到的 2025 年無人駕駛業務收入較 2024 年有所增長，部分原因是阿波羅和雅典娜計劃的成果，對嗎？

And international is not getting baked in yet?

國際化還沒有普及嗎？

The international one, a little baby, we've hedged it. I've hedged it because it includes the delivery of airplanes. we've hedged it, yes, because this is all cool, but it's international, it's State Department. We had a change in administration, which has slowed things down. And so, we're going to be very cautious here until we get it done. But we won.

對於國際市場來說，它還是個小嬰兒，我們已經做好了防範措施。我對其進行了對沖，因為其中包括飛機的交付。是的，我們已經採取了對沖措施，因為這一切都很酷，但這是國際性的，這是國務院的。我們的行政管理髮生了變化，這使得事情進展緩慢。因此，我們會非常謹慎，直到完成為止。但我們贏了。

Okay. No, that's great to hear. No, very glad to hear that. And pivoting away from that, if I could just squeeze in one more. If we look at Space and SAT, I know you kind of talked to the demand levels across government and commercial and their different values. But could you maybe just talk to us about what mix currently stands at the business and what you might want it to look like in the out years in terms of how much commercial versus Gov?

好的。不，聽到這個消息真是太好了。不，聽到這個消息我很高興。拋開這一點，如果我能再擠進一個的話。如果我們看一下太空和 SAT，我知道您談到了政府和商業的需求水平及其不同的價值。但是，您能否與我們談談目前的業務結構以及您希望未來幾年商業和政府業務的比例如何？

Yes, it's like two-thirds, one-third right now, two-thirds Gov, two-thirds national security, DoD, other government agencies, stuff like that. One-third commercial, roughly. Probably, it's got to go to 80-20 government commercials because the government is kicking butt and it's growing and the commercial is going to be kind of sort of flat, okay? We need these satellites to go up, okay?

是的，大概是三分之二，現在是三分之一，三分之二是政府，三分之二是國家安全、國防部、其他政府機構，諸如此類。大約三分之一是商業用途。可能，它必須有 80% 的政府廣告，因為政府正在努力並且不斷增長，而商業廣告將會變得平淡，明白嗎？我們需要這些衛星升空，好嗎？

The operators need these satellites to get fixed and go up. The operators, they're smart. They're not going to deploy. We've already won the programs. We've won. They are not going to deploy our ground equipment until the satellite is up in the sky, which makes perfect, I hate it, but it makes perfect business sense and it's what I would do. And so that's the dynamic we've got going here.

運營商需要這些衛星固定下來併升空。操作員很聰明。他們不會部署。我們已經贏得了這些項目。我們勝利了。他們不會在衛星升空之前部署我們的地面設備，這很完美，我討厭這樣，但這很有商業意義，這也是我會做的。這就是我們現在的動態。

Peter Skibitski, Alembic Global.

Peter Skibitski，Alembic Global。

I'll try to be quick here, just a couple. Deanna, just to wrap up kind of the margin discussion, the margin headwind in '25 is all at targets in USD. Are you expecting KGS to actually expand margins in '25? Or are there headwinds there as well?

我會盡量快點說，只有幾個。迪安娜，為了總結利潤率的討論，25 年的利潤率逆風全部以美元為目標。您是否預計 KGS 的利潤率會在 25 年真正擴大？還是那裡也存在阻力？

We're expecting some expansion in KGS. The lion's share is in Unmanned Systems.

我們預計 KGS 將會有所擴張。最大份額是在無人系統方面。

Okay. And then just the last one. On the CapEx spend on the Valkyrie second production lot, that $30 million this year, does that complete that second production lot? And are you expecting future lots to be capitalized as well? Or are you going to switch to more of an inventory spend after that?

好的。然後就剩最後一個了。關於 Valkyrie 第二批生產批次的資本支出，今年的 3000 萬美元，是否完成了第二批生產批次？您是否預期未來的地塊也會被資本化？或者此後您會轉向更多的庫存支出嗎？

So the second line of 12 is substantially done. The second lot of 12 will there will be a little bit carryover into '26, but the lion's share is in '25. As far as future production, we would expect it probably to be more traditional in inventory rather than CapEx.

因此，第二行 12 基本上已經完成。在第二批 12 輛汽車中，有一小部分將結轉到 26 年，但大部分汽車將在 25 年生產。就未來的生產而言，我們預計它可能更傾向於傳統的庫存而不是資本支出。

If we lean forward again, but based on how things are tracking with three customers, three, okay, that our customers, I think we're going to sell what we're building, and then we're not going to need to lean forward anymore, and it's going to go to a more traditional programmatic relationship. We would have done what we needed to do to get installed get the initial orders and go into production. So I don't think we're going to lean forward. It's unlikely we will lean forward again and build additional capital Valkyries. We're not going to need to do that.

如果我們再次向前傾斜，但根據與三個客戶的跟踪情況，三個，好的，我們的客戶，我認為我們將銷售我們正在構建的產品，然後我們將不再需要向前傾斜，它將轉向更傳統的程序化關係。我們會做我們需要做的事情來安裝、取得初始訂單並投入生產。所以我不認為我們會傾向於前傾。我們不太可能再次向前邁進並建造更多的首都女武神。我們不需要這麼做。

Ellen Page, Jefferies.

艾倫·佩吉 (E​​llen Page)、傑富瑞 (Jefferies)。

Eric, Deanna, it's actually Sheila Kahyaoglu. I don't want to pull a Noah, Eric. I don't want you to be upset with me. So I'm on. You called out Thanatos as a particularly promising program along with several others within KUS. What is sort of the next steps as we think about the contract progression there and what it's being set for?

艾瑞克、迪安娜，其實是希拉·卡雅奧格魯。我不想成為諾亞，埃里克。我不想讓你對我生氣。所以我繼續。您稱 Thanatos 和 KUS 內部的其他幾個項目一樣，都是特別有前途的項目。當我們考慮合約進度以及合約目標時，下一步該怎麼做？

Yes. We got a number of flights between now and the end of this year, all the way into Q4. We've been very successful so far. We have to continue to be successful in what we're doing here with this, and it's confident, I can't talk about it. Assuming we're successful, we are hopeful that in '25, we will get a follow in 2026, excuse me. In '26, we will get a follow-on contract and they'll actually start ordering some units to expand the concept of operations they're trying to develop for this platform.

是的。從現在到今年年底，一直到第四季度，我們都有多次航班。到目前為止，我們非常成功。我們必須繼續成功地完成我們正在做的事情，我很有信心，我不能談論它。假設我們成功了，我們希望在 2025 年，或 2026 年能夠獲得追隨者，對不起。26 年，我們將獲得一份後續合同，他們實際上會開始訂購一些單位來擴展他們試圖為該平台開發的操作概念。

Okay. And then maybe as a follow-up, I know DOGE was asked about earlier. How have you thought about bracketing that into your guidance?

好的。然後也許作為後續問題，我知道之前有人問過 DOGE。您如何考慮將其納入您的指導中？

Yes. So in my opening remarks, Sheila, I talked about DOGE. DOGE is a huge win for us, and we're seeing it. So we don't have consultants. We don't have service contracts. We don't have labor-based contracts. We build spec hardware. And the DOGE cuts, that money is going into rebuilding the manufacturing of the defense industrial base, which is Kratos, which we're seeing, and it's going into buying hardware that's ready to go right now. We've already received some contracts in the past month directly related to what's going on here in the reallocation of resources.

是的。希拉，在我的開場白中，我談到了 DOGE。DOGE 對我們來說是一個巨大的勝利，我們正在見證它。所以我們沒有顧問。我們沒有服務合約。我們沒有基於勞動的合約。我們製造規格硬體。DOGE 削減的資金將用於重建國防工業基礎的製造業，也就是我們看到的 Kratos，並用於購買現在就可以使用的硬體。過去一個月我們已經收到了一些與資源重新分配直接相關的合約。

DOGE is a huge win for us. The FORGED Act, Senator Wicker, what he's trying to do is outstanding for us. And as I mentioned, one of the undersecretaries that's being confirmed to take a look at his comments yesterday, it's phenomenal for us relative to drones, hypersonics, affordability, and low-cost hardware. So hardware is the place to be right now and having past performance calls up and running manufacturing facilities where we're building relevant mill spec stuff. That is in demand across the board. And that's what was our book-to-bill ratio?

DOGE 對我們來說是一個巨大的勝利。威克參議員，《偽造法案》正在做的事情對我們來說非常出色。正如我所提到的，一位已確認會審查昨天的評論的副部長表示，對於我們來說，就無人機、高超音速技術、可負擔性和低成本硬體而言，這是非凡的。因此，硬體是我們現在需要關注的地方，並且根據過去的表現調用並運行製造設施，我們正在其中建立相關的工廠規格產品。這是各行各業都迫切需要的。我們的訂單出貨比是多少？

1.5:1.

1.5：1。

We just did 1.5:1, and it looks like 2025 is going to be another gangbuster booking year because people are coming and buying our stuff. So DOGE is good for Kratos.

我們剛剛實現了 1.5:1 的比例，看起來 2025 年又將是預訂量大增的一年，因為人們會來購買我們的東西。所以 DOGE 對 Kratos 來說是好事。

That concludes today's question-and-answer session. I'd like to turn the call back to Eric DeMarco for closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Eric DeMarco 來做最後發言。

Great. Excellent. I know it went long today, but obviously, we announced Prometheus, and I told you we were working on it and that we were in the red zone, et cetera, et cetera. We got it. So I apologize it took so long, but we wanted to give you all the information on it because it's a big win for the United States. It's a big win for Kratos and RAFAEL and our industrial base, et cetera. So thank you, and we look forward to talking to you when we report Q1, which I think will be the first or second week of May. So thank you.

偉大的。出色的。我知道今天討論的時間很長，但顯然，我們宣布了 Prometheus，而且我告訴你們我們正在努力，而且我們處於紅區，等等等等。我們明白了。所以我很抱歉花了這麼長時間，但我們希望向你們提供所有相關信息，因為這對美國來說是一個巨大的勝利。這對奎托斯、拉斐爾以及我們的工業基礎等來說都是一個巨大的勝利。所以謝謝你，我們期待在報告第一季時與你交談，我認為那將是五月的第一周或第二週。所以謝謝你。

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。