Kratos Defense and Security Solutions Inc (KTOS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Kratos Defense and Security first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Kratos Defense and Security 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Marie Mendoza, Senior Vice President and General Counsel. Please go ahead.

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 and Security Solutions' first quarter 2025 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 國防與安全解決方案 2025 年第一季電話會議。今天和我一起的是 Kratos 總裁兼執行長 Eric DeMarco；以及 Kratos 執行副總裁兼財務長 Deanna Lund。

Before we begin the substance of today's call, I'd like everyone to please take note of the Safe Harbor paragraph that is included at the end of today's press release. This paragraph emphasizes the major uncertainties and risks inherent in the forward-looking statements we will make this afternoon. Please keep these uncertainties and risks in mind as we discuss future strategic initiatives, potential market opportunities, operational outlook, financial guidance and other forward-looking statements during today's call.

在我們開始討論今天的電話會議內容之前，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。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.

說完這些，我現在將電話轉給 Eric。

Thank you, Marie. Good afternoon. Both the industry and Kratos have received a significant amount of positive news since our last report to you, increasing our confidence for 2025, 2026, and the future. The defense and national security funding and priorities environment has become much clearer, including a full year government fiscal 2025 CRA and funding now being in place, a potential additional $150 billion defense-related reconciliation bill progressing and the potential for a $1 trillion 2026 US national security budget, all increasing our confidence in Kratos' 2025 and 2026 full year financial forecast, including approximately 10% 2025 and 13% to 15% 2026 year-over-year organic revenue growth.

謝謝你，瑪麗。午安.自從我們上次向您提交報告以來，行業和 Kratos 都收到了大量的正面消息，這增強了我們對 2025 年、2026 年及未來的信心。國防和國家安全資金和優先事項環境變得更加清晰，包括政府 2025 財年全年 CRA 和資金現已到位、潛在的額外 1500 億美元國防相關和解法案正在取得進展以及 2026 年 1 兆美元美國國家安全預算的可能性，所有這些都增加了我們對 Kratos 2025 年 1 兆美元美國國家安全預算的可能性，所有這些都增加了我們對 Kratos 2025 年和 2026 年全年 2025 年 2025 年13% 至 15% 的年比有機收入成長。

Further supporting both our '25 and future organic growth outlook confidence, Kratos' Q1 book-to-bill ratio was 1.2:1 and Kratos' last 12 months book-to-bill ratio was also 1.2:1. And even after all of these Q1 bookings and LTM bookings and conversion from opportunities to backlog, Kratos' opportunity pipeline stands at approximately $12.6 billion, an all-time high for the company. This is representative of the large and increasing number of opportunities that continue to be available to and that are approaching Kratos from both our customers and our partners, which is accelerating.

Kratos 第一季的訂單出貨比為 1.2:1，Kratos 過去 12 個月的訂單出貨比也為 1.2:1，這進一步支持了我們對 25 年和未來有機成長前景的信心。即使在完成所有這些第一季的預訂和 LTM 預訂以及從機會到積壓的轉換之後，Kratos 的機會管道仍約為 126 億美元，創下了公司的歷史新高。這表明，我們的客戶和合作夥伴不斷為 Kratos 提供大量且不斷增加的機會，而且這種機會正在加速成長。

It appears that certain of Kratos' customers have made the decision to go with smaller technology-based companies like Kratos, including in the prime position on large programs if we are a viable, capable, and credible alternative to a traditional approach.

看來，Kratos 的某些客戶已經決定與 Kratos 這樣的小型技術型公司合作，包括在大型專案中佔據首要地位（如果我們是傳統方法的可行、有能力且可靠的替代方案）。

Additionally, as related to government fiscal realities, it appears that if companies like Kratos have made the upfront investment and have real working relevant products and systems that certain customers will procure those existing products rather than incur millions or billions in customer-funded R&D over extended periods of time for the so-called maybe someday perfect system.

此外，與政府財政現實相關，如果像 Kratos 這樣的公司已經進行了前期投資，並擁有真正有效的相關產品和系統，那麼某些客戶就會購買這些現有產品，而不是在長期內花費數百萬或數十億美元的客戶資助研發費用來開發所謂的也許某一天會完美的系統。

We are also seeing this congressionally where the questions are now being asked, if we have something that is working, production-ready and good enough, why should we be funding this new program effort? We are seeing this trend, and it appears to be accelerating, which may in part also be related to certain aspects of executive orders the President has signed and possibly even DOGE, where inefficiency and waste is being targeted. For example, if something already exists and is working or flying, why are we spending tons of money to recreate the wheel?

我們在國會也看到這樣的問題：如果我們已經有了可以運作、可以投入生產並且足夠好的東西，為什麼我們還要資助這個新計畫？我們看到了這種趨勢，而且它似乎正在加速，這可能在某種程度上也與總統簽署的行政命令的某些方面有關，甚至可能與 DOGE 有關，這些命令的目標是解決低效率和浪費問題。例如，如果某些東西已經存在並且正在運行或飛行，我們為什麼要花費大量金錢重新發明輪子呢？

As a result, Kratos is currently bidding on a number of large multi-hundred million dollar single award opportunities, including international and in the drone area, which has increased our bid proposal and related efforts in Q2, and we expect to hear on certain of these opportunities later this year.

因此，Kratos 目前正在競標多個價值數億美元的大型單項獎項機會，包括國際獎項和無人機領域獎項，這增加了我們在第二季度的競標提案和相關努力，我們預計將在今年晚些時候聽到有關其中一些機會的消息。

Also related to recent events, Kratos being a military-grade hardware and software company with substantially all our vendor base and supply chain being US located and sourced, we expect little impact from existing or any currently contemplated tariffs. Integrated air and missile defense and counter UAS are areas where Kratos is an acknowledged industry leader and where we are seeing substantial new and increased opportunities across our entire company, including system hardware; microwave electronics for missiles, radars and counter UAS systems; target drones to test, exercise and train the war fighters on these systems; space and satellite systems related to tracking and hypersonic and related propulsion systems.

另外與最近發生的事件有關，Kratos 是一家軍用級硬體和軟體公司，我們的供應商基礎和供應鏈基本上都位於美國並來自美國，我們預計現有或任何目前正在考慮的關稅對其影響不大。綜合防空反導和反無人機系統是 Kratos 公認的行業領導者，我們整個公司都看到了大量新的和增加的機會，包括系統硬體；用於導彈、雷達和反無人機系統的微波電子設備；目標無人機，用於測試、演習和訓練這些系統的作戰人員；與跟踪和高超音速相關的空間和衛星系統以及相關的推進系統。

Air defense is also an area where Kratos is uniquely qualified to support the new Golden Dome opportunity. Importantly, just under 20% of the DoD's $150 billion reconciliation bill is focused on integrated air and missile defense, which is expected to add to this already large and growing market opportunity for Kratos, and approximately $27 billion is just the initial proposed funding for Golden Dome.

防空也是奎托斯具有獨特資格支持新金色穹頂機會的一個領域。重要的是，國防部 1500 億美元的和解法案中，略低於 20% 的資金用於綜合防空和導彈防禦，預計這將為 Kratos 增加這個已經很大且不斷增長的市場機會，而約 270 億美元只是 Golden Dome 最初提議的資金。

Expected near- and midterm future growth areas for Kratos also include our hypersonic franchise, jet drones, jet engines and propulsion systems for missiles and drones, microwave electronics, and C5ISR systems for missiles, radar and counter UAS systems.

Kratos 預計近期和中期未來成長領域還包括我們的高超音速特許經營權、噴射無人機、飛彈和無人機的噴射發動機和推進系統、微波電子設備以及導彈的 C5ISR 系統、雷達和反無人機系統。

Expected mid- and longer-term growth areas include the Golden Dome initiative, strategic systems and our Prometheus, Anaconda, Helios, Vulcan, ARES, and other initiatives, the majority of which are with customers or partners, and are not build it and hope they'll come.

預期的中期和長期成長領域包括金頂計劃、戰略系統以及我們的普羅米修斯、蟒蛇、赫利俄斯、火神、阿瑞斯和其他計劃，其中大部分是與客戶或合作夥伴合作的，而不是建造它並希望他們會來。

On Prometheus, we are progressing on schedule with our outstanding partner, RAFAEL, and also with potential third-party customers with the opportunity, including RAFAEL's intention for tens of thousands of SRMs and Energetics to be manufactured for RAFAEL by Prometheus, increasing since our last report to you.

在 Prometheus 方面，我們正與我們傑出的合作夥伴 RAFAEL 以及潛在的第三方客戶按計劃進行合作，其中包括 RAFAEL 有意由 Prometheus 為 RAFAEL 製造數以萬計的 SRM 和 Energetics，自我們上次向您報告以來，這一數字一直在增加。

Anaconda and Helios are each initial multi-hundred million dollar single award opportunities for Kratos and both of which we now believe Kratos is in the lead position to be successful on with notification potentially by the end of this year.

Anaconda 和 Helios 分別是 Kratos 最初的數億美元單項獎項機會，我們現在相信 Kratos 預計將在這兩個獎項上取得領先地位，並可能在今年年底前獲得通知。

Accordingly, we have now down selected the site location for Anaconda, and we are working through the site location process for Helios, assuming ultimately we are successful. Vulcan is also progressing, including with our partner, and I hope to be able to share additional information on each of these with you in the fourth quarter.

因此，我們現在已經選定了 Anaconda 的站點位置，並且正在進行 Helios 的站點定位過程，假設我們最終能夠成功。Vulcan 也在取得進展，包括與我們的合作夥伴的合作，我希望能夠在第四季度與大家分享更多有關這些方面的資訊。

Kratos' affordable hypersonic franchise, including our first-to-market operational and in-production Zeus hypersonic rocket motors and our first-to-market operational and in-production Erinyes and Dark Fury Hypersonic Flyers are also expected to be key contributors to Kratos' future financial performance.

Kratos 的經濟實惠的高超音速系列產品，包括我們率先進入市場並投入生產的 Zeus 高超音速火箭發動機以及我們率先進入市場並投入生產的 Erinyes 和 Dark Fury 高超音速飛行器，也有望成為 Kratos 未來財務業績的主要貢獻者。

Kratos' hypersonic franchise includes certain of the highest performance hypersonic systems and vehicles of their type in existence flying today at a fraction of the cost of any other systems that we are aware of that are actually available flying products for relevant missions and not just a concept or a PowerPoint.

Kratos 的高超音速特許經營權包括當今現存的同類型最高性能高超音速系統和飛行器，其成本僅為我們所知的任何其他系統的一小部分，實際上是可用於相關任務的飛行產品，而不僅僅是一個概念或 PowerPoint。

Accordingly, I am reporting today that Kratos' Dark Fury hypersonic vehicle has successfully flown its initial mission at hypersonic speed, achieving all expectations under a customer-funded contract. Dark Fury is truly an incredible system, including its speed, range and precision characteristics and it's extremely low cost point, which is positioning Kratos similar to Kratos' jet drone family to provide affordable mass and quantities.

因此，我今天報告，奎托斯的「黑暗之怒」高超音速飛行器已成功以高超音速完成了其初始任務，實現了客戶資助合約下的所有預期。Dark Fury 確實是一個令人難以置信的系統，包括其速度、範圍和精度特性以及極低的成本，這使得 Kratos 的定位類似於 Kratos 的噴氣式無人機系列，以提供可承受的品質和數量。

We now have an order -- we now have on order long leads for several Erinyes and Dark Furys and approximately 70 SRMs, including Zeus related to upcoming and expected hypersonic related and other missions, substantially all of which are targeted to a specific customer or program, including MACH-TB, which provides a data point on the OPTEMPO and related revenue ramp we expect for Kratos' hypersonic franchise beginning later this year and accelerating into 2026.

我們現在有一個訂單——我們目前有幾枚 Erinyes 和 Dark Furys 以及大約 70 枚 SRM 的長期訂單，包括與即將完成和預期的高超音速相關任務和其他任務相關的 Zeus，基本上所有這些都針對特定的客戶或項目，包括 MACH-TB，它提供了 OPTEMPO 和相關收入增長的數據點，我們預計 Kratos 加速到今年的高速系列。

Kratos' air-gapped hypersonic development team, Erebus is now focused on Kratos' Furys family of a new low-cost hypersonic systems, including additional low-cost flight vehicles and drones for certain relevant mission profiles we are targeting, including, of course, in coordination with certain customers. The newest of these flight vehicles of Kratos' Furys family is under the Project ARES, which is now in development. And similar to Kratos' Erinyes and Dark Fury, we expect our ARES system to be first to initial flight and to market.

Kratos 的隔離高超音速開發團隊 Erebus 目前專注於 Kratos 的 Furys 系列新型低成本高超音速系統，包括針對我們瞄準的某些相關任務概況的額外低成本飛行器和無人機，當然也包括與某些客戶的協調。奎托斯的 Furys 系列飛行器中最新的一款屬於 ARES 項目，該項目目前正在開發中。與奎托斯的厄裡倪厄斯和黑暗之怒類似，我們預計我們的 ARES 系統將率先進行首次飛行並進入市場。

We expect and are forecasting Kratos' company-wide hypersonic franchise to be one of our fastest growers, including certain of our highest margins for the foreseeable future. Kratos' target drone business is performing as expected, including with our US Air Force, Navy and Army customers, and also with our international customers with demand for target drones directly related to the increased global demand for air defense, counter UAS, missile, radar tracking and other systems, all of which need to be exercised, tested, and their respected operators trained.

我們預計並預測 Kratos 公司範圍內的高超音速特許經營權將成為我們成長最快的業務之一，並在可預見的未來實現最高的利潤率。Kratos 的目標無人機業務表現符合預期，包括我們的美國空軍、海軍和陸軍客戶，以及我們的國際客戶，這些客戶對目標無人機的需求與全球對防空、反無人機、導彈、雷達追蹤和其他系統的需求增加直接相關，所有這些都需要進行演習、測試，並對其尊敬的操作員進行培訓。

Kratos' tactical drone business is also tracking as expected, including Valkyrie, Thanatos, and our Apollo, Athena and other programs. Kratos' decision to make the internal investments, including beginning serial production of 24 Valkyries prior to contract award has been invaluable for our company. And even though the details are not able to be publicly disclosed, Kratos' Valkyrie continues to routinely fly with multiple customers, expanding mission capabilities and other criteria as we progress towards hope for production.

Kratos 的戰術無人機業務也正按預期進行，包括 Valkyrie、Thanatos 以及我們的 Apollo、Athena 和其他項目。Kratos 決定進行內部投資，包括在合約授予之前開始批量生產 24 Valkyries，這對我們公司來說非常有價值。儘管細節無法公開披露，但奎托斯的 Valkyrie 仍繼續定期與多個客戶一起飛行，隨著我們朝著生產的希望邁進，任務能力和其他標準也在不斷擴大。

Importantly, Valkyrie customers and partners can come to Kratos' factory, walk the manufacturing floor, see their respective tail numbers in production, see the actual cost for their jet drone system, take delivery, fly, and operate the system.

重要的是，Valkyrie 的客戶和合作夥伴可以來到 Kratos 的工廠，走進生產車間，查看生產中各自的尾號，查看他們的噴氣式無人機系統的實際成本，接收、飛行和操作系統。

Kratos' tactical jet drone customers don't have to imagine anything from PowerPoints or idle robots sitting around an idle factory. We recently unveiled the version of our Valkyrie featuring internal landing gear with our Valkyrie family's objective to provide runway flexibility and runway independence to our customers.

Kratos 的戰術噴射無人機客戶無需想像 PowerPoint 或閒置工廠周圍的閒置機器人。我們最近推出了配備內部起落架的 Valkyrie 版本，Valkyrie 系列的目標是為客戶提供跑道靈活性和跑道獨立性。

With the Valkyrie, you can do rocket launch for complete runway independence where fixed air fields or runways are threatened. You can do conventional takeoff and land for training or where traditional air fields can be used or you can use a trolley launch off a runway also for training and which also allows maximum payload capability to the war fighter.

使用 Valkyrie，您可以在固定機場或跑道受到威脅的情況下進行火箭發射，完全不受跑道限制。您可以進行常規起飛和降落以進行訓練，或者在可以使用傳統機場的地方進行訓練，或者您也可以使用跑道上的滑車發射進行訓練，這也可以最大限度地提高戰鬥機的有效載荷能力。

Thanatos, Apollo, and Athena are each under customer-funded contract and each currently have their next series of flights planned beginning in the second half of this year. Also in the second half of '25, we expect to receive certain new tactical drone-related program and contract awards, including potentially the most important ever for KUAS, and we remain confident that Kratos' tactical drone business will be an important future and value creator for our company.

塔納托斯、阿波羅和雅典娜均已簽訂了客戶資助合同，目前均計劃於今年下半年開始進行下一系列飛行。此外，在 25 年下半年，我們預計將獲得某些新的戰術無人機相關計劃和合約獎勵，其中包括可能是 KUAS 有史以來最重要的獎勵，我們仍然相信 Kratos 的戰術無人機業務將成為我們公司的重要未來和價值創造者。

Kratos' air-gapped Ghost Works is currently working on the integration of Kratos' jet engines into certain Kratos jet drones, which we expect to fly this year and on an additional fifth-generation drone, which we expect to fly in 2026. And the most brilliant drone engineer in Kratos and probably the world is now working on a Mach 5-plus capable drone.

奎托斯的隔離幽靈工廠目前正在致力於將奎托斯的噴射引擎整合到某些奎托斯噴射無人機中，我們預計這些無人機將於今年試飛，此外還致力於另一款第五代無人機的試飛，我們預計該無人機將於 2026 年試飛。而奎托斯乃至全世界最傑出的無人機工程師目前正在研發速度超過 5 馬赫的無人機。

KTT and our engine and propulsion system business are well positioned to take advantage of the DoD's plans for new lower-cost cruise missiles, drones, loitering munitions, hypersonic space, and other systems at scale produced in mass. Similar to Kratos' drones and hypersonic systems, Kratos' jet engines are running and flying today.

KTT 和我們的發動機和推進系統業務已做好準備，充分利用國防部關於大規模生產新型低成本巡航飛彈、無人機、巡飛彈藥、高超音速空間和其他系統的計劃。與奎托斯的無人機和高超音速系統類似，奎托斯的噴射引擎今天也在運轉和飛行。

They are not PowerPoints models or renditions, and we are currently tracking to our plan to produce several hundred small jet engines in the second half of this year, with production quantities expected to substantially ramp in '26 and then again in '27.

它們不是 PowerPoint 模型或演示，我們目前正在按照計劃在今年下半年生產數百台小型噴射發動機，預計產量將在 26 年和 27 年大幅增加。

KTT's air-gapped development group, Blade Works is working closely with General Electric Aviation on the GEK partnership's family of low-cost turbofan jet engines, where we are making rapid progress, and we are tracking to our joint production plan. GE, similar to Northrop, Lockheed, RAFAEL, Raytheon, Dynetics and others is an outstanding partner of Kratos. Kratos' Blade Works is also working on a new propulsion system for a classified drone program, on a new engine for a next-generation aircraft, and on certain hypersonic program propulsion systems. Kratos' Blade Works has been invaluable to Kratos' overall hypersonic franchise and initiatives.

KTT 的隔離開發小組 Blade Works 正在與通用電氣航空公司密切合作，共同研發 GEK 合作夥伴的低成本渦輪扇噴射發動機系列，我們正在快速取得進展，並正在按照聯合生產計劃進行。通用電氣與諾斯羅普、洛克希德、拉斐爾、雷神索爾、Dynetics 等公司一樣，都是 Kratos 的傑出合作夥伴。奎托斯的刀鋒工廠也正在為一項機密無人機計畫研發新型推進系統、為下一代飛機研發新型引擎以及某些高超音速計畫研發推進系統。奎托斯的刀鋒之作對於奎托斯的整體高超音速系列和計劃來說具有不可估量的價值。

Kratos' national security-focused space and satellite business continues to receive additional funding, program, and contract awards and along with resource management steps, we have and will continue to make, is adding to our confidence for expected overall Kratos increased EBITDA margins in '26.

Kratos 以國家安全為重點的太空和衛星業務繼續獲得額外的資金、項目和合約獎勵，加上我們已經並將繼續採取的資源管理措施，增強了我們對 Kratos 26 年整體 EBITDA 利潤率增長的信心。

Kratos' national security space and satellite offerings, including our OpenSpace software system is clearly a technological and value-add differentiator for our partners and customers as represented by additional and new contract and program awards.

Kratos 的國家安全空間和衛星產品（包括我們的 OpenSpace 軟體系統）顯然為我們的合作夥伴和客戶帶來了技術和增值差異化，這體現在額外的、新的合約和專案獎勵上。

We expect our commercial satellite-related business to continue to be adversely impacted by certain macro level industry issues we have discussed in detail previously, and we have and will continue to aggressively manage our low-cost structure across our entire satellite group to address the impact from this issue and increase our company's margins.

我們預計，我們的商業衛星相關業務將繼續受到我們之前詳細討論過的某些宏觀行業問題的不利影響，我們已經並將繼續積極管理整個衛星集團的低成本結構，以解決這一問題的影響並提高公司的利潤率。

Kratos' space, satellite, training and cyber division is our company's largest business, and we expect this business' margins to significantly increase in '26, which would lift the margins of all of Kratos, which is a top priority for our corporation. Kratos' Israeli-based Microwave Electronics business has a record backlog and a near-record opportunity pipeline, both of which are expected to continue to grow, including as we support our key partners, IsraeL Aerospace Industries, RAFAEL and Elbit in the Israeli MOD and the State of Israel.

Kratos 的太空、衛星、培訓和網路部門是我們公司最大的業務，我們預計該業務的利潤率將在 26 年大幅增加，這將提高整個 Kratos 的利潤率，這是我們公司的首要任務。Kratos 位於以色列的微波電子業務擁有創紀錄的積壓訂單和接近創紀錄的機會管道，預計這兩者都將繼續增長，包括我們支持我們的主要合作夥伴以色列航空工業公司、以色列國防部和以色列國的拉斐爾和埃爾比特。

As we have been communicating to you over the past few quarters, we will be moving our Israeli microwave production operation into a new and expanded facility over an approximately three week period beginning in June of this year, which, once complete, positions this business for continued expected strong organic growth with certain of the highest EBITDA margins in Kratos.

正如我們在過去幾個季度中一直與您溝通的那樣，從今年 6 月開始，我們將在大約三週的時間內將我們的以色列微波爐生產業務遷移到一個新的擴建工廠，該工廠一旦完工，將使我們的業務繼續保持強勁的有機增長，並獲得 Kratos 最高的 EBITDA 利潤率。

Our US-based microwave business is on track to be one of Kratos' future shining stars, with multiple new organic program opportunities, and we are now positioning to take advantage of what we see as one of our company's largest relative total addressable market opportunities with potentially the highest margins among our businesses.

我們的美國微波爐業務有望成為 Kratos 未來的耀眼明星之一，擁有多個新的有機項目機會，我們現在正準備利用我們認為的公司最大的相對總可尋址市場機會之一，其利潤率可能是我們業務中最高的。

The recapitalization of strategic weapon systems and the US defense industrial base is providing significant generational opportunities for Kratos to build one of the most important and valuable national security companies for the United States and for our shareholders. Accordingly, we are focused on making the required investments in our existing core business areas in close coordination with our customers and partners to increase our market share, drive future revenue growth, increase margins and position the company for sustainable future free cash flow generation.

戰略武器系統和美國國防工業基礎的資本重組為 Kratos 提供了重要的世代機遇，使其能夠為美國和我們的股東打造最重要、最有價值的國家安全公司之一。因此，我們專注於在現有核心業務領域進行必要的投資，並與客戶和合作夥伴密切協調，以增加我們的市場份額，推動未來的收入成長，提高利潤率，並為公司未來可持續的自由現金流創造做好準備。

Importantly, as I mentioned before, the vast majority of the property, plant, equipment and other investments that Kratos makes are not build it and hope they come type investments, but rather are made in close coordination with the funded customer, partner or targeted program where Kratos' upfront capital investment is expected to be recovered via the future program, contract industrial base partner or other funds at an acceptable rate of return for the investment made.

重要的是，正如我之前提到的，Kratos 所做的絕大多數財產、廠房、設備和其他投資都不是建設並希望它們實現投資類型的投資，而是與資助的客戶、合作夥伴或目標項目密切協調，其中 Kratos 的前期資本投資預計通過未來項目、合同工業基地合作夥伴或其他基金以可接受的投資回報率收回。

This is why Kratos' production, manufacturing, test, integration and other facilities are planned and constructed with specific customers, partners, programs, products and systems identified and funded, which is obviously the most cost-effective and efficient way to establish a military weapons grade facility that may also include certain special customer-specific related security and facility-related requirements. With Kratos' current and existing unique mil-spec hardware and software offerings, capabilities and positioning, now is the time to build and create long-term sustainable value for United States National Security and for our stakeholders. Deanna?

這就是為什麼 Kratos 的生產、製造、測試、整合和其他設施都是根據特定的客戶、合作夥伴、專案、產品和系統來確定和資助的，這顯然是建立軍用武器級設施最具成本效益和最有效的方式，其中還可能包括某些特殊客戶特定的相關安全和設施相關要求。憑藉 Kratos 目前和現有的獨特軍用規格硬體和軟體產品、功能和定位，現在是時候為美國國家安全和我們的利益相關者建立和創造長期永續價值了。迪安娜？

Thank you, Eric. Good afternoon. As we have included a detailed summary of the first quarter financial performance as well as the initial second quarter and affirmation of full year 2025 financial guidance in the press release we published earlier today, I will focus on the highlights in my remarks today.

謝謝你，埃里克。午安.由於我們在今天早些時候發布的新聞稿中已經包含了第一季度財務業績的詳細摘要以及第二季度的初步業績和對 2025 年全年財務指導的確認，因此我將在今天的發言中重點介紹其中的亮點。

Revenues for the first quarter were $302.6 million, above our estimated range of $285 million to $295 million, which includes strength in organic revenue growth across each of our businesses with the most notable increases in our Microwave Products, C5ISR and Defense Rocket Support businesses, with organic revenue growth rates ranging from 13% to over 18%.

第一季的營收為 3.026 億美元，高於我們預期的 2.85 億美元至 2.95 億美元，其中包括我們各項業務的有機收入成長強勁，其中最顯著的成長是微波產品、C5ISR 和國防火箭支援業務，有機收入成長率從 13% 到 18% 以上不等。

Adjusted EBITDA for the first quarter of '25 was $26.7 million, also above our estimated range of $20 million to $24 million, reflecting a more favorable mix of higher-margin revenues, offset partially by continued increased subcontractor and material costs on certain multiyear fixed price contracts in our Unmanned Systems business.

25 年第一季的調整後 EBITDA 為 2670 萬美元，也高於我們估計的 2000 萬美元至 2400 萬美元的範圍，這反映了利潤率更高的收入的更有利的組合，但部分抵消了我們無人系統業務中某些多年期固定價格合約的分包商和材料成本的持續增加。

Unmanned Systems organic revenue growth was 6.2% for the first quarter and KGS organic revenue growth was 7.8% for the first quarter, excluding the impact of the recent acquisition of certain assets of Norden Millimeter, Inc., which closed during the first quarter of 2025.

無人系統第一季有機收入成長率為 6.2%，KGS 第一季有機收入成長率為 7.8%，不包括最近收購 Norden Millimeter, Inc. 部分資產的影響（該收購於 2025 年第一季完成）。

First quarter '25 cash flow used in operations was $29.2 million, primarily reflecting the working capital requirements related to the revenue growth, impacting our receivables by approximately $37 million, increases in inventory and other assets of over $19 million, primarily reflecting increases in our microwave electronics and Rocket Systems businesses, which are for anticipated future deliveries and ramps in production as well as investments we are making related to certain development initiatives in our Unmanned Systems business. Free cash flow used in operations for the first quarter of '25 was $51.8 million after reflecting funding of $22.6 million of capital expenditures.

25 年第一季營運中使用的現金流為 2,920 萬美元，主要反映了與收入成長相關的營運資本需求，影響了我們的應收帳款約 3,700 萬美元，庫存和其他資產增加了 1,900 多萬美元，主要反映了微波電子和火箭系統業務的成長，這些投資於預期的未來交付和投資於預期的未來交付和對無產量的在反映了 2,260 萬美元的資本支出後，25 年第一季營運中使用的自由現金流為 5,180 萬美元。

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. Consolidated DSOs or day sales outstanding increased from 104 days in the fourth quarter to 109 days in the first quarter, reflecting the revenue growth and the timing of milestone billings.

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中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。合併 DSO 或未償付天數從第四季度的 104 天增加到第一季的 109 天，反映了收入成長和里程碑帳單的時間。

Our contract mix for the first quarter of '25 was 73% of revenues generated from fixed price contracts, 22% from cost-plus contracts and 5% from time and material contracts. Revenues generated from contracts with the US federal government during the first quarter of '25 was approximately 68%, including revenues generated from contracts with the DoD, non-DoD federal government agencies and FMS contracts. In the first quarter of '25, we generated 12% of revenues from commercial customers and 20% from foreign customers.

我們 25 年第一季的合約組合是：73% 的收入來自固定價格合同，22% 來自成本加成合同，5% 來自時間和材料合約。25 年第一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。2025 年第一季度，我們 12% 的收入來自商業客戶，20% 收入來自外國客戶。

An operational priority remains the hiring and retention of skilled technical labor across the company with total Kratos headcount of 4,226 at the end of the first quarter as compared to 4,067 at the end of the fourth quarter.

營運重點仍是在公司範圍內招募和留住熟練的技術勞動力，第一季末 Kratos 的員工總數為 4,226 人，而第四季末為 4,067 人。

Now moving on 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 costs. Our second quarter forecasted financial performance takes into consideration the expected several week downtime related to our Microwave Products facility move in Israel.

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、僱用、保留和相關成本的預期和假設。我們對第二季度財務業績的預測考慮了因我們在以色列的微波產品工廠搬遷而預計的數週停機時間。

As this business generates some of the highest margins in our company, the expected downtime has impacted our estimated shipments and Q2 margins. 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 with 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.

由於這項業務為我們公司帶來了最高的利潤，預計的停工時間影響了我們的預計出貨量和第二季的利潤率。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，我們目標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 5-year contracts with certain of these having been negotiated in 2020 and 2021. As the period of performance of these contracts spans over a multiyear period, we do not expect to complete deliverables under these contracts until the next few years.

正如我們過去所討論過的，這些生產批次通常以 5 年合約的形式進行談判和授予，其中一些合約是在 2020 年和 2021 年進行談判的。由於這些合約的履行期跨越多年，我們預計要到未來幾年才能完成這些合約規定的交付。

We are continuing to take action where possible to aggressively manage costs and to mitigate the continued future impact of cost growth on these materials and labor as much as possible. As we mentioned on our last earnings call, we are making investments for capital expenditures for property, plant and equipment, including the expansion of our manufacturing production facilities for our Microwave Products, hypersonic and C5ISR businesses and related inventory builds in our Rocket Systems and hypersonic businesses, primarily related to the recent MACH-TB 2.0 contract award and continued manufacture of two production lots in Valkyries prior to contract award to meet anticipated customer orders and requirements. We will continue to provide updates on the estimated timing of the procurement and build process of these capital outlays as appropriate.

我們將繼續盡可能採取行動，積極管理成本，並盡可能減輕成本成長對這些材料和勞動力的未來持續影響。正如我們在上次收益電話會議上提到的，我們正在對物業、廠房和設備的資本支出進行投資，包括擴建微波產品、高超音速和 C5ISR 業務的製造生產設施以及火箭系統和高超音速業務的相關庫存建設，主我們將繼續適當更新這些資本支出的採購和建設過程的預計時間。

Eric?

艾瑞克？

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

謝謝你，迪安娜。我們現在將問題交給主持人回答。

(Operator Instructions) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Congrats on all the developments that are going on. Eric, let me just start on Golden Dome (technical difficulty) Kratos is obviously involved in the ground segment of that program. How do you expect to kind of see the benefits under this program moving forward as Tranche 3 progresses? And we recently heard that the PWSA is going to form part of Golden Dome. Just how does Kratos fit in all that?

祝賀所有正在發生的進展。艾瑞克，讓我先從金色穹頂（技術難題）說起，奎托斯顯然參與了該計劃的地面部分。隨著第三階段的進展，您認為該計劃將如何帶來效益？我們最近聽說 PWSA 將成為 Golden Dome 的一部分。奎托斯究竟該如何適應這一切？

Yes. As we've tried to communicate before, and as you alluded to, we're on the ground, command and control, telemetry tracking and control and moving into SATCOM. And the more assets that are up in space, whether it be LEO, MEO or GEO, the more ground equipment is needed, the more ground software and OpenSpace, which is needed as many of the satellites that are going up there have software-defined capabilities.

是的。正如我們之前嘗試溝通的那樣，正如您所提到的，我們正在地面上進行指揮和控制、遙測追蹤和控制，並進入衛星通訊領域。無論是低地球軌道 (LEO)、中地球軌道 (MEO) 或地球靜止軌道 (GEO)，太空中的資產越多，所需的地面設備就越多，地面軟體和 OpenSpace 也越多，因為許多升空的衛星都具有軟體定義功能。

And this is one -- this is an area, Peter, where we clearly have the wind in our sails and the boats are rising with the tide. And space domain awareness, in addition to the Golden Dome, is another area where there is incredible funding coming into here relative to what China and Russia are doing.

彼得，這是一個我們顯然順風順水、船隻隨波逐流的領域。除了「金色穹頂」之外，太空領域意識是另一個與中國和俄羅斯相比投入巨額資金的領域。

You may have seen that it was announced -- it was reported in the last couple of weeks, a Chinese space vehicle -- excuse me, a Russian space vehicle deployed three or four additional vehicles. There's a lot going up there. And the Chinese -- we identified the Chinese doing some dog fighting up there with their satellites. There's a lot going on. We got to put up systems that can protect themselves, that can defend themselves and that can maneuver, all of which requires ground equipment, ground systems, and that's where we are an industry leader.

您可能已經看到消息——據過去幾週報道，一艘中國太空船——對不起，是一艘俄羅斯太空船部署了三到四艘額外的太空船。那裡有很多事情發生。我們發現，中國人正在利用他們的衛星進行空中纏鬥。有很多事情發生。我們必須建立一個能夠自我保護、自我防禦和機動的系統，所有這些都需要地面設備、地面系統，而這正是我們處於行業領先地位的地方。

And then just you mentioned the Valkyrie and obviously, they're including new variants with the landing gear. When would we expect to see any commencement of any test flights with the landing gear? And do we -- and is this kind of in preparation for Increment 2 or with CCA, or any kind of thoughts there?

正如您所提到的 Valkyrie，顯然他們正在推出配備起落架的新型號。我們什麼時候可以期待看到任何有起落架的試飛開始？我們是否 — — 這是為增量 2 或 CCA 做準備，或者有什麼想法嗎？

Yes. Obviously, we moved out on the landing gear capable Valkyrie in conjunction and in communication with several customers. And for security reasons and other reasons, I can't talk about which ones, but there are several. That aircraft is tracking to fly this year, soon this year. And that's really all I'm going to say about it right now, Peter.

是的。顯然，我們是與幾位客戶合作並進行溝通後，才將配備起落架的 Valkyrie 推出的。出於安全原因和其他原因，我不能談論哪些，但有幾個。該飛機計劃於今年、即今年內飛行。這就是我現在要說的全部內容，彼得。

Mike Crawford, B. Riley Securities.

邁克·克勞福德 (Mike Crawford)，B. Riley 證券。

Regarding turbojet engines, you mentioned expectation to produce several hundred this year with rapid expansion therefrom. And so like what specific missile programs would support production in those quantities?

關於渦流發動機，您提到預計今年產量將達到數百台，並且會快速擴大產量。那麼哪些具體的導彈計劃可以支援如此數量的生產？

Yes. So just mentioning missile programs generically that our engines could be involved with are Powered JDAM, MACE, Franklin, and there were a couple of classified ones. So those are just some that come to the top of my head.

是的。因此，僅泛泛提及我們的引擎可能涉及的飛彈計劃，包括 Powered JDAM、MACE、富蘭克林，以及幾個機密計劃。這些只是我想到的一些想法。

And then just back to the Valkyrie. Can you just remind us how -- when these 24 units that are being manufactured under these two production spirals, once you do get a contract, how that hits your financials?

然後回到女武神。您能否提醒我們一下——當這兩個生產螺旋下生產的這 24 個單元一旦您獲得合同，會對您的財務狀況產生什麼影響？

Yes. Mike, so once they are manufactured, once we receive the contract, if we -- whatever value has been already built in our inventory or our capital, it would be moved to inventory. So let's say there are five aircraft that we receive a contract for. Those 5 aircraft, whatever percent complete they are, would transfer to inventory and revenue would be recorded at the time of the contract. So if there are five that are completed in this example, then it would be the full revenue that would be recorded at the time of the contract award.

是的。麥克，一旦它們被製造出來，一旦我們收到合同，如果我們 - 無論我們的庫存或資本中已經建立了什麼價值，它都會轉移到庫存中。假設我們收到了一份五架飛機的合約。這 5 架飛機，無論完成度如何，都將轉入庫存，並在簽訂合約時記錄收入。因此，如果此範例中完成了五個，那麼這將是在合約授予時記錄的全部收入。

And then Prometheus, that's just going to be below the line, right?

然後是普羅米修斯，它就位於這條線以下，對嗎？

That's correct. It will be recorded in interest and investments below the line.

沒錯。它將記錄在線下的利息和投資中。

Ken Herbert, RBC Capital Markets.

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

Maybe just to start on Unmanned Systems. As you look across this year, I mean, obviously, a lot of the EBITDA is coming from Government Solutions. But how do we think about the profit contribution from Unmanned this year? Maybe relative to last year and with all the investments, could the segment be profitable this year on a reported basis? And maybe what's the expectation in the back half of the year?

也許只是開始研究無人系統。回顧今年，很明顯，大部分 EBITDA 來自政府解決方案。但今年無人駕駛的利潤貢獻我們怎麼看？也許相對於去年以及所有的投資，該部門今年能否在報告基礎上獲利？那麼今年下半年的預期是什麼？

So we expect from an EBITDA perspective that it will continue to be profitable this year.

因此，從 EBITDA 的角度來看，我們預計今年它將繼續獲利。

And Ken, as we've talked about before, we have a couple of target drone programs that are five-year contracts that we bid on -- firm fixed price. We bid on and won them in 2018, around 2019. So we're producing those out the rest of this year and the rest of next year. And we all know what happened over the past few years relative to inflation and labor, and you know we built some of our target drones in California, the minimum wage went up, which raised things. So we're managing -- typically, fixed price contracts are great.

肯，正如我們之前談到的，我們有幾個目標無人機項目，這些項目是我們競標的五年合約——固定價格。我們在 2018 年、2019 年左右競標並贏得了這些項目。因此，我們將在今年剩餘時間和明年剩餘時間內生產這些產品。我們都知道過去幾年通貨膨脹和勞動力方面發生了什麼，你知道我們在加州製造了一些目標無人機，最低工資上漲了，這導致了物價上漲。因此，我們正在管理——通常，固定價格合約很棒。

You come down the learning curve, you make more money in a normalized environment. Well, obviously, any contractor that had a fixed price contract in this non-normal environment, we have to either absorb these costs or we have to manage our way through it. And so we are continuing to take some steps to manage our way through it on the cost side, on certain suppliers, which I've discussed before, they have drastically increased their prices. We are working with our customers to see if we can get alternatives qualified, which is not an easy thing to do. So we're doing everything we can.

你沿著學習曲線前進，在規範化的環境中賺更多的錢。嗯，顯然，對於在這種非正常環境下簽訂了固定價格合約的任何承包商，我們要么承擔這些成本，要么設法解決它。因此，我們將繼續採取一些措施來管理成本方面的問題，對於某些供應商，我之前已經討論過，他們大幅提高了價格。我們正在與客戶合作，看看是否能夠獲得合格的替代品，這不是一件容易的事。所以我們正在盡一切努力。

I think we're going to see some relief and some benefit later this year and into next year because of the efforts that we're taking. But the real step-up here will be '27-'28, something like that on the new fixed price contracts where we take actual sole source, and we have the design, where we take the actuals because that's what the government looks at, so these will be very high-cost actuals, present them to the government, and that's what they agree on. So that's the dynamic we're navigating through here on two contracts.

我認為，由於我們所做的努力，我們將在今年晚些時候和明年看到一些緩解和好處。但真正的升級將是 27-28 年，類似於新的固定價格合同，我們採用實際的唯一來源，我們有設計，我們採用實際情況，因為這是政府所關注的，所以這些將是非常高成本的實際情況，將它們提交給政府，這就是他們所同意的。這就是我們在處理這兩份合約時所面臨的動態。

And I think you mentioned the facility move in Israel is going to happen over three weeks. And obviously, the guidance for the second quarter reflects that. I mean that sounds -- it sounds ambitious, to be honest, considering customer certification and everything else you have to go through. Can you just talk through sort of confidence in keeping that disruption to a minimum and maybe where some of the risks could be as you think about that facility move?

我想您提到過，以色列的設施搬遷將在三週內完成。顯然，第二季度的指導反映了這一點。我的意思是，這聽起來——說實話，考慮到客戶認證以及你必須經歷的所有其他事情，這聽起來很有野心。您能否談談您對將這種幹擾降至最低的信心，以及在考慮設施搬遷時可能存在的一些風險？

Yes. That's actually an excellent question. So you've been through this before with companies. So we have, obviously, worked incredibly closely, not just with our prime, but also with the Israeli government because what we're doing is mission-critical. So relative to approvals and qualifications, we've got them all already.

是的。這確實是一個很好的問題。所以你以前和公司經歷過這種情況。因此，我們顯然不僅與我們的總理進行了非常密切的合作，而且與以色列政府也進行了非常密切的合作，因為我們所做的事情至關重要。因此，就批准和資格而言，我們已經全部獲得了。

We've got them. And so we're going to do it in a phased approach over the three weeks. The test equipment, the engineering stands, et cetera, will be relatively simple. And then the manufacturing equipment, the robots will have to go. That will occur over two weeks, again, hand-in-hand with our customers and with the government.

我們已經抓住了他們。因此，我們將在三週內分階段進行。測試設備、工程台架等將相對簡單。然後製造設備和機器人也必須淘汰。這將在兩週內完成，同樣，我們將與客戶和政府攜手合作。

So we have done everything that we practically can do here. We've done this before. I've personally done it before many, many times. That doesn't mean there's no risk, but we believe we've mitigated it, and we feel very confident what the conservatism we've taken in our Q2 guidance. And also, as I said and/or Deanna said, July and August, so if everything doesn't go perfectly, so July might be down a little bit from what we expect, but we would fully expect to catch it back up in August. So we feel August, September, Q3 will be back on track.

因此，我們實際上已經做了我們能做的一切。我們以前做過這個。我個人以前已經做過很多次了。這並不意味著沒有風險，但我們相信我們已經減輕了風險，並且我們對第二季指引中採取的保守態度非常有信心。而且，正如我和/或迪安娜所說，七月和八月，如果一切進展不順利，那麼七月可能會比我們預期的略有下降，但我們完全希望在八月趕上。因此我們預計 8 月、9 月和第三季將會重回正軌。

Joe Gomes, NOBLE Capital.

喬·戈麥斯（Joe Gomes），NOBLE Capital。

So Eric, I want to start out on the tactical drones. I haven't really heard a whole lot on the competitive front. And just wondering if you could give us kind of maybe an overview. Is there anything that the competitors are doing or saying they're going to do that, if not keeps you up at night, at least makes you shake your head and say, hmm, maybe we should take a look into that, anything there new on that front?

那麼艾瑞克，我想從戰術無人機開始。我還沒有真正聽到太多關於競爭方面的消息。我只是想知道您是否可以給我們一個概述。競爭對手正在做什麼或說他們準備做什麼？如果沒有讓你夜不能寐，至少也會讓你搖搖頭說，嗯，也許我們應該研究一下，這方面有什麼新東西嗎？

Yes. There is absolutely nothing any of our tactical drone competitors or want to be competitors are doing that is keeping me up at night. Nothing. We have the best aircraft at the best price that are in production and that are flying today. And this isn't just Valkyrie. This is Thanatos, this is Mako, this is Apollo, this is Athena, and this is AirWolf. And we are going to win because of that. And that's how I see it.

是的。我們的戰術無人機競爭對手或想要成為競爭對手的人所做的一切都沒有讓我夜不能寐。沒有什麼。我們擁有目前生產並正在飛行的最佳飛機，價格最優惠。這不僅僅是女武神。這是 Thanatos，這是 Mako，這是 Apollo，這是 Athena，這是 AirWolf。因此我們將會取得勝利。這就是我的看法。

And then you guys put out a press release a couple of weeks ago about expanding your truck platooning technology into new areas. And in the press release, you talked about, again, repurposing technologies for the commercial use. And you got to be thinking -- I don't know if you can provide this at this point, but what other technologies are you looking at for repurposing for commercial applications?

幾週前，你們發布了一份新聞稿，宣布將卡車排隊技術擴展到新的領域。在新聞稿中，您再次談到了將技術重新用於商業用途。你必須思考——我不知道你現在是否可以提供這一點，但你正在考慮將哪些其他技術重新用於商業應用？

Right. So the ones we've got going that are significant. And you asked about our robotic trucks and vehicles a lot, I'm glad you are, because this could be a needle mover next year in the truck area. Because -- and we've got the data. There are tens of millions, obviously, of trucks that are -- relative trucks that have been -- that are on the road, that have been built since the '60s, '70s and '80s, and our kit converts them to autonomy.

正確的。所以，我們所做的事情都是有意義的。您多次詢問我們的機器人卡車和車輛，我很高興，因為這可能會成為明年卡車領域的重大推動力。因為——我們已經獲得了數據。顯然，自 20 世紀 60 年代、70 年代和 80 年代以來，道路上行駛著數千萬輛卡車，而我們的設備可以將它們轉換為自動駕駛汽車。

It's right up Kratos' alley, low cost, smart, don't recreate the wheel, something that's effective with an eye on better is the enemy of good enough. Okay? OpenSpace. This is one of the reasons why OpenSpace is doing so, so well on the government side because it's dual use on the commercial side. So we lever the research and development.

它正合奎托斯的意，成本低，聰明，無需重複造輪子，追求更好的有效方法就是不夠好。好的？開放空間。這就是 OpenSpace 在政府方面表現如此出色的原因之一，因為它在商業方面具有雙重用途。因此我們利用研究和開發。

The research and development group is levered, which drives the cost down. We have two sets of customers, commercial and government. It drives the cost down. Engines. We have a number of military engine programs we're on, and we're also on commercial turbofan engine programs, which, once again, we lever off the R&D, we lever off the engineering team. It brings value to both sets.

研發團隊發揮槓桿作用，進而降低成本。我們有兩類客戶：商業客戶和政府客戶。它降低了成本。引擎。我們正在進行多項軍用發動機項目，同時也進行商用渦輪扇發動機項目，這些項目再次依賴研發和工程團隊。它為兩組都帶來了價值。

Rocket motors. Obviously, we're all familiar with what we're doing in the hypersonic area and the ballistic missile target area and the other stuff we launch area. We don't talk about it a lot because we are under some very serious NDAs, but we are on multiple commercial rocket engine programs for very high-profile rocket spaceship companies that want to go to Mars and the Moon and all these places. So we're getting the leverage off of that commercial application of our technology.

火箭發動機。顯然，我們都熟悉我們在高超音速區域、彈道飛彈目標區域以及我們發射的其他區域所做的事情。我們很少談論這個問題，因為我們簽署了一些非常嚴格的保密協議，但我們正在為一些非常知名的火箭飛船公司開展多個商業火箭發動機項目，這些公司希望前往火星、月球和所有這些地方。因此，我們正在從我們的技術的商業應用中獲得優勢。

And I'll give you a specific on the jet engine side. As people know, our engineering group was involved in the development of the jet engines for F-22 and F-35. Well, that group is what's supporting Boom Supersonic, which that business plan is coming together very, very nicely for Blake. So those are the four or five that come to mind that are actually out there and they're not on a whiteboard.

我將向您提供有關噴射發動機方面的具體資訊。眾所周知，我們的工程團隊參與了 F-22 和 F-35 噴射發動機的研發。嗯，這個團隊是 Boom Supersonic 的支持力量，對於 Blake 來說，這個商業計劃進展非常順利。所以我想到的就是這四、五個實際上存在並且不在白板上的。

Very exciting in my view, especially all the dual use, as you mentioned. And last one for me. I know you've talked in the past that you're not looking to do anything big in terms of the M&A. But if you were out there looking at some tuck-in M&A, what areas would be top of the list for you that you would want to target?

在我看來非常令人興奮，特別是正如您所提到的所有雙重用途。對我來說這是最後一個。我知道您過去曾說過，您不打算在併購方面做任何大事。但是，如果您正在尋找一些小型併購，您最想瞄準的領域是哪些？

Microwave electronics would be one, would be at the top of the list. Everything needs microwave electronics. It would have to be the right flavor, the right size, the right fit, the right culture, the right everything. That's one that comes to mind. And turbomachinery, and that would primarily be to get access to resources, people and the very specialized equipment for engines and propulsion systems, which the demand for us is incredible right -- it's incredible right now.

微波電子技術就是其中之一，並且位居榜首。一切都需要微波電子設備。它必須具有正確的風味、正確的尺寸、正確的契合度、正確的文化、正確的一切。這是我想到的一個。渦輪機械，主要是為了獲得資源、人員以及發動機和推進系統專用設備，我們對這些設備的需求是驚人的——目前是驚人的。

It's incredible. It's going to be one of our primary growth drivers this year turbo engines, jets, other types of propulsion systems and in '26 and in '27. We have a supply-demand imbalance. There's too much demand and there's not enough of supply of us. So those are the areas.

這真是令人難以置信。它將成為我們今年渦輪發動機、噴氣發動機、其他類型的推進系統以及26年和27年的主要成長動力之一。我們的供需不平衡。我們的需求太多，而供應不足。這些就是這些領域。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Just to stay on that topic, Eric, with the demands and need for propulsion and engines. We, obviously, heard a lot about that over the past 12, 24, 36 months, but it doesn't seem like there's a lot of share shifting or share gains being made. I mean, is your opportunity predicated on just a lot of new programs? Are you seeing the opportunity to take share on existing missiles, or whether it is smaller unmanned systems that require those types of engines? Could you give any more color there?

艾瑞克，我們繼續討論這個主題，討論推進和引擎的需求和需求。顯然，在過去的 12、24、36 個月裡，我們聽到了很多關於這方面的消息，但似乎並沒有出現太多的份額轉移或份額增長。我的意思是，您的機會是否僅取決於大量新項目？您是否看到了在現有導彈上分一杯羹的機會，或者是否是小型無人系統需要這類發動機？您能提供更多顏色嗎？

Absolutely. And your question is a very relevant question for a lot of what we do. Our -- Kratos, our primary opportunity in the engine area is greenfield new programs where we're going to get designed in, in the development of the engine or the development of the missile system or the drone system. Our engine is an integral part of that system.

絕對地。您的問題與我們所做的許多工作非常相關。我們的－Kratos，我們在引擎領域的主要機會是綠地新項目，我們將在其中進行設計，開發引擎或開發飛彈系統或無人機系統。我們的引擎是這個系統不可或缺的一部分。

And this is why the fact that we have a family of engines already running and flying, the guys we're working with on new missile programs, on new drone programs and on new loitering munition programs are literally designing their system around our engine.

這就是為什麼我們已經擁有一系列運行和飛行的發動機，與我們合作開發新導彈計劃、新無人機計劃和新巡飛彈藥計劃的人員實際上都是圍繞我們的發動機設計他們的系統。

And as I've talked before, it's not -- when I talk power, it's not just thrust, it's the electrical power. That's where we excel to power all the subsystems, including electronic warfare, electronic attack, decoys, blah, blah, blah, on all these things. So primary opportunity, new systems, new missiles, et cetera.

正如我之前所說的，當我談到動力時，它不僅僅是推力，而是電力。這就是我們擅長為所有子系統提供動力的地方，包括電子戰、電子攻擊、誘餌等等。因此主要的機會是新系統、新飛彈等等。

Now, there are a couple of three customers that have come to us not recently over the past few years that we are working with where they want -- they must have a second source, must, because the quantities that are coming are staggering and there can't be a single point of failure. And I'm confident in the next 12 to 18 months, we're going to be able to announce this, and it's going to be significant.

現在，有兩三個客戶在過去幾年裡來找我們，我們正在與他們合作，他們必須有第二個貨源，必須有，因為進來的數量是驚人的，不能出現單點故障。我相信在未來 12 到 18 個月內，我們就能宣布這項消息，而且它具有重大意義。

That leads into my follow-up question here, the next one. I think we get the question all the time from investors, what really sparks the growth inflection? Or as your company continues to evolve, how does the revenue mix look? And I think we, obviously, sit here and think it was going to be a big ramp in the unmanned tactical. But I mean, if we look out 24, 36 months, in your view, what has the potential to be the biggest revenue growth contributor?

這引出了我的下一個後續問題。我想投資人總是會問我們這樣一個問題：什麼真正引發了成長轉折點？或是隨著貴公司的不斷發展，收入結構如何？我認為，我們顯然坐在這裡認為這將是無人戰術的巨大進步。但我的意思是，如果我們展望 24 到 36 個月，您認為什麼有可能成為最大的營收成長貢獻者？

You talked pretty enthusiastically Valkyrie, Thanatos, but then you got Prometheus, you've got the engines with GE, you've been in targets. I mean, what is the biggest revenue driver as you see it over the next two to three years?

您非常熱情地談論了瓦爾基里、塔納托斯，但隨後您又談論了普羅米修斯、通用電氣的引擎，您也談論了目標。我的意思是，您認為未來兩到三年最大的收入驅動力是什麼？

Okay. And Michael, I'm going to talk clarity, surety, and then I'll reiterate. Okay. Our hypersonic franchise is absolutely going to be the number one growth driver in absolute dollars and in growth rate for this company for the foreseeable future, unless global peace breaks out. Our hypersonic franchise across the board, virtually every aspect, including space-related and tracking things, think HBTSS, think Titan, think those programs, which we don't talk a lot about.

好的。邁克爾，我要談談清晰度、保證性，然後我會重申。好的。除非全球和平，否則在可預見的未來，我們的高超音速特許經營權絕對會成為本公司絕對美元價值和成長率的第一個成長動力。我們的高超音速專營權涵蓋了各個方面，包括與太空相關的和追蹤的東西，想想 HBTSS，想想 Titan，想想那些我們很少談論的項目。

So it's -- the biggies are Erinyes, Dark Fury, Zeus, Oriole, DART's coming. We have another one coming that I have alluded to, it's coming, all of which we have a customer -- customers. So the hypersonic franchise is number one. Okay. Number two, engines, propulsion systems, across the board, turbojets, turbofans, hypersonic engines, back to hypersonics, space propulsion systems.

所以——最大的角色是 Erinyes、Dark Fury、Zeus、Oriole，DART 即將到來。我們還有另一個我曾經提到過的即將到來的東西，它即將到來，所有這些都是我們有一個客戶 - 客戶。因此，高超音速系列是第一名。好的。第二，發動機、推進系統，全面的渦輪噴射發動機、渦輪風扇發動機、高超音速發動機，回到高超音速、太空推進系統。

No question, this is going to be our number two growth driver in this company for the foreseeable future. Okay. Number three, microwave electronics, particularly internationally out of Israel. And as I know many of you know, a lot of those Israeli systems or Israeli systems with their prime goes to India, for example. Okay.

毫無疑問，在可預見的未來，這將成為我們公司第二大成長動力。好的。第三是微波電子技術，尤其是以色列的國際產品。我知道你們很多人都知道，很多以色列系統或以色列系統的黃金版本都流向了印度。好的。

I see no let up here, not at all in, in what's happening with our Microwave Electronics business internationally and domestically. And now Michael, I premise that with when/if our tactical drone initiative hits that is going to be one of the, if not the biggest needle mover for the company. But I'm putting that as a call option because I've been burned before. And I'm not -- we're not counting those chickens until the little eggies hatch. And so that's how we see it.

就我們的微波電子產品業務在國際和國內的發展情況來看，我完全沒有看到任何鬆懈。現在，邁克爾，我的前提是，當我們的戰術無人機計畫取得成功時，這將成為該公司最大的推動力之一，甚至是最大的推動力。但我把它當作一個看漲期權，因為我以前吃過虧。而我不會——在小蛋孵出來之前我們不會數那些小雞。這就是我們的看法。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Outlook, last quarter when you first provided it, you said that it assumed in mid-March CR resolution. Obviously, that didn't happen, but the outlook was kept intact. Could you maybe just walk us through what's baked into the outlook now and how we should be thinking about the potential impact of a full year CR?

展望，上個季度當您第一次提供它時，您說它假設在三月中旬 CR 解決方案。顯然，這並沒有發生，但前景保持不變。您能否向我們介紹目前的前景以及我們應該如何看待全年 CR 的潛在影響？

Yes. So the CR that happened, if you will, is not really a CR. It's an appropriations bill. And why do I say that? Because reprogramming of funds, moving around money between priorities is allowed under this 2025 CR, which is not typically allowed under a normal CR. This is very good for us.

是的。因此，如果你願意的話，發生的 CR 並不是真正的 CR。這是一項撥款法案。我為什麼這麼說呢？因為 2025 年 CR 允許重新規劃資金，在優先事項之間轉移資金，而這在正常 CR 下通常是不允許的。這對我們來說非常好。

And that's not -- that's through talking with program offices. Okay. This has brought incredible clarity to us for calendar 2025. Okay. The only thing that's slowing us down April, May, June is something I've talked about before, the government program offices and contracting offices have got to get -- I'm not saying this lightly, got to get the paperwork done, got to get the money obligated, got to get it under contract and got to get it out to industry, including Kratos.

這不是——這是透過與專案辦公室交談來實現的。好的。這讓我們對 2025 年的日曆有了清楚的認識。好的。唯一拖慢我們四月、五月、六月進度的事情是我之前談到的，政府專案辦公室和承包辦公室必須——我不是隨便說說，必須完成文書工作，必須讓資金得到承諾，必須簽訂合同，必須把錢送到包括 Kratos 在內的業界。

And even though I'm the CEO and I drink the Kool-Aid and I like to think we're number one, there are a lot of priorities out there with a lot of contractors. And so we feel orders of magnitude more confident, and we felt confident before in our 2025 plan because of the -- what's come out in this 2025 CRA, which isn't really a CRA.

儘管我是首席執行官，我喝著 Kool-Aid，我喜歡認為我們是第一，但對於許多承包商來說，還有很多優先事項。因此，我們感到信心倍增，我們之前對 2025 年計劃也充滿信心，因為 2025 年 CRA 中已經出現了結果，但它實際上並不是一個 CRA。

And then if we move, I guess, if we zero in on Unmanned Systems, not that beat the dead horse here, but could you maybe give us a split of just how much bookings in the quarter were tactical versus target? Because I do understand that things are continuing to accelerate on the tactical front. So I guess just to get a sense of the magnitude.

然後，如果我們繼續前進，我想，如果我們專注於無人系統，那麼這並不是在重複老生常談，但您能否給我們一個數據，看看本季度戰術訂單和目標訂單分別佔多少？因為我確實知道戰術方面的事情正在繼續加速發展。所以我想只是想了解一下其規模。

Yes. Andre, the lion's share of the bookings were target drones. Some tactical, but the lion's share is target.

是的。安德烈，大部分的訂單都是針對目標無人機的。有些是戰術性的，但大部分是目標。

And when might we expect an inflection point where tactical might take the lead in terms of being the main demand driver?

我們什麼時候可以預期出現一個轉折點，戰術可能在成為主要需求驅動因素方面佔據主導地位？

Right. And so as I mentioned to Mr. Ciarmoli, I don't want to count the ducks until they're -- the chickens until they're hatched. I don't -- we're not going to get ahead of ourselves here. And so, for our big growth drivers with our surety focus on hypersonics, focus on microwave and focus on engines.

正確的。正如我向 Ciarmoli 先生提到的那樣，我不想等到雞孵出來再數鴨子。我不會——我們不會在這裡超越自己。因此，對於我們的主要成長動力，我們保證專注於高超音速、微波和引擎。

And our target drone business is just doing fantastic. Of course, why? Because all these air defense systems that are being bought globally need to be exercised against what, Kratos target drones. And God willing, when -- if we hit it on the tactical side, it will be a step function inflection point for the company.

我們的目標無人機業務表現非常出色。當然，為什麼？因為全球範圍內購買的所有這些防空系統都需要針對無人機進行演習。如果上帝願意，當我們在戰術方面取得成功時，這將成為公司的一個階躍功能轉折點。

And then if I could just ask one more. Could you maybe just dig a little bit deeper on the commercial space side? So I do realize that some of the downstream customers have started to launch finally, some of those big launches that I think we’re kind of bottled up, we're finally getting through. Has that provided any relief? Or are we still seeing a prolonged impact here? And maybe can we get a sense around timing?

然後我是否可以再問一個問題。您能否更深入探討一下商業空間方面的問題？所以我確實意識到一些下游客戶終於開始發布產品了，一些我認為我們有點受阻的大型發布，我們終於完成了。這能緩解一些嗎？或者我們仍然看到其長期影響？也許我們可以了解一下時間安排？

Yes. So I say this very literally, anything that goes up in space for the free world is positive for Kratos and our revenue on the commercial side, because our ground equipment is either going to command and control it, track it, our space domain awareness network is going to track it for the customer, et cetera, et cetera. So it's good, okay?

是的。所以我說，對於自由世界來說，任何進入太空的東西對於奎托斯和我們的商業收入來說都是有利的，因為我們的地面設備要么會指揮和控制它，要么會跟踪它，我們的空間領域感知網絡會為客戶跟踪它，等等。所以這很好，好嗎？

However, the launches that you're talking about have not been for large geosynchronous orbit software-defined satellites, specifically the Airbus, Thales and Boeing make. They have issues. I'm not -- they're not Eric's issues. This is well publicized now. This is one of the reasons why Airbus and Thales and I think Leonardo or somebody, they're looking to merge, right. This is a real issue. They need to get those up to compete with SpaceX, and we can get into a big long how all that works.

然而，您所說的發射並不是針對大型地球同步軌道軟體定義衛星，特別是空中巴士、泰雷茲和波音製造的衛星。他們有問題。我不是——這不是艾瑞克的問題。此事現已廣為人知。這也是空中巴士公司、泰雷茲公司以及我認為的萊昂納多公司或其他公司尋求合併的原因之一，對吧。這是一個現實問題。他們需要將這些技術應用到與 SpaceX 的競爭中，我們可以更深入地了解這一切是如何運作的。

So I don't know how long it's going to take for these OEMs to address these issues and get these things up there. If I have to assume that it's going to be more of the older bent pipe, I call them bent pipe types of satellites that are more of a broadcast that have spot beams. As you can imagine, we're also now working with virtually every one of the new micro GEO satellite manufacturers. This is significant. I'm not going to get into it a lot because we're going to sneak up on somebody here.

所以我不知道這些 OEM 要花多長時間來解決這些問題並實現這些目標。如果我必須假設它會更像老式的彎管，我稱它們為彎管類型的衛星，它們更像是一種有點波束的廣播。正如您所想像的，我們現在也正在與幾乎所有新的微型地球靜止軌道衛星製造商合作。這意義重大。我不會深入討論這個問題，因為我們要在這裡偷偷接近某人。

But all those guys, they don't have ground equipment and they need ground equipment, and they're typically VC or PE backed. They like working with us. That's going to be an opportunity for us. That's where we're focused. And of course, the military and national security side, where we have an incredible amount of opportunities that are coming at us. We're going to wait and see on these big software-defined GEOs until they get up there and they work.

但是所有這些人，他們都沒有地面設備，而他們需要地面設備，而且他們通常都得到了創投或私募股權投資的支持。他們喜歡和我們一起工作。這對我們來說是一個機會。這就是我們關注的重點。當然，在軍事和國家安全方面，我們也面臨大量的機會。我們將拭目以待這些大型軟體定義的 GEO，直到它們實現並發揮作用。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Just sticking with the space theme, just maybe to delve a little bit deeper. So space as a whole was down again in the first quarter. Is that right? And then what's your assumption for '25 in terms of space growing or not?

只是堅持太空主題，也許只是為了深入一點。因此，第一季整個太空產業再次出現下滑。是嗎？那麼，就空間成長而言，您對 25 年的假設是什麼？

Yes. So it was actually up about 2% organically, and we expect it to be up for the year.

是的。因此，它實際上有機增長了約 2%，我們預計今年還會繼續增長。

Yes, Pete, on the last call, I said I thought it had bottomed out in Q4 for us -- for us, because there are others, it's not bottomed out yet. But it's bottomed out for us. And so I see it's stable to up, and we're seeing up. And I think we're going to see even more up because the government side, the national security-related side is doing so, so well. And so it's slowly turning around, but not because of the commercial software-based satellites.

是的，皮特，在上次通話中，我說我認為對我們來說，第四季已經觸底了——對我們來說，因為還有其他人，所以還沒有觸底。但對我們來說，情況已經觸底。所以我認為它穩定在上升趨勢，我們也看到了上升趨勢。我認為我們也會看到更多的成長，因為政府方面、國家安全相關方面做得非常好。所以情況正在慢慢好轉，但這並不是因為基於商業軟體的衛星。

And that's driven by the book-to-bill that was over 2:1 last quarter. So that was all predominantly federal national security type space awards, and that's the visibility we have for the organic growth that we expect for '25, for overall for space, largely driven by the Fed side.

這是由於上個季度訂單出貨比超過 2:1 所致。因此，這些主要是聯邦國家安全類型的太空獎項，這就是我們對 25 年整體太空領域有機成長的預期，這主要由聯準會推動。

And just, Eric, just maybe on MACH-TB, just to -- it sounds like the full year CR isn't going to impact that program ramping. But can you remind us, does that not generate revenue until the second half of the year, and so you get kind of a half year this year and a full year next year? Is that kind of still on track, that profile?

埃里克，也許只是在 MACH-TB 上——聽起來全年的 CR 不會影響該計劃的進展。但您能否提醒我們，這是否要到下半年才能產生收入，所以您今年可以獲得半年的收入，而明年可以獲得全年的收入？這樣的概況還符合預期嗎？

Yes. So there is some contribution in the first half, but not as much as we expect it to ramp in the second half, and then expect a further ramp into '26.

是的。因此，上半年有一些貢獻，但不如我們預期的那麼多，下半年會增加，然後預計到 26 年會進一步增加。

Yes. A big part of that is some of the launches we've been doing under MACH-TB and some of these other hypersonic things, we leaned forward without a contract and a program, and we ordered the long leads for rocket motors and Erinyes and Dark Fury, which I can talk about now. We've now ordered, as I mentioned in my prepared remarks, I think we've got 70 rocket motors under order right now that are going to be coming, and a lot of Erinyes and Dark Furys. As soon as we get those, we get those integrated, we get them up and we launch them, that's when the revenue starts. So that's what's holding it back right now.

是的。其中很大一部分是我們在 MACH-TB 計劃下進行的一些發射以及一些其他高超音速項目，我們在沒有合約和計劃的情況下向前邁進，我們訂購了火箭發動機和 Erinyes 和 Dark Fury 的長導線，我現在可以談談這些。正如我在準備好的演講中提到的那樣，我們現在已經訂購了 70 台即將交付的火箭發動機，以及大量的 Erinyes 和 Dark Furys。一旦我們得到這些，我們就會將它們整合起來，然後啟動它們，然後收入就開始了。這就是目前阻礙它的原因。

I also want to remind that on MACH-TB, we're the prime. So on certain launches that you see guys like Stratolaunch do or Rocket Lab do, all of which are phenomenal partners with Kratos, that flows up through us. So we get a portion of that, and that's part of our global teaming agreement to further hypersonic testing for the US defense industrial base. So please keep that in mind. We're not going to tout that. We want them to do it, but those typically are going to roll up under our MACH-TB program.

我也想提醒一下，在 MACH-TB 上，我們是領先的。因此，在某些發射中，你會看到 Stratolaunch 或 Rocket Lab 等公司進行發射，他​​們都是 Kratos 的傑出合作夥伴，這一切都是透過我們實現的。因此，我們獲得了其中的一部分，這是我們全球合作協議的一部分，旨在進一步為美國國防工業基地進行高超音速測試。所以請記住這一點。我們不會宣揚這一點。我們希望他們這樣做，但這些通常會在我們的 MACH-TB 計劃下進行。

Rustam Kanga, Citizens.

魯斯塔姆·坎加，公民。

This is Russ, on for Trevor Walsh. Just one zooming out here. Eric, any thoughts or breadcumbs you can provide us around thinking through the Navy CCA? I understand that's a low-cost opportunity and certainly a critical aspect of maritime warfare?

這是拉斯，代替特雷弗·沃爾什。這裡僅縮小一處。艾瑞克，您能為我們提供關於海軍 CCA 思考方面的​​任何想法或建議嗎？我理解這是一個低成本的機會，而且肯定是海戰的關鍵方面？

My friend, I cannot say anything about CCA programs at all right now. I can't do it. I apologize.

我的朋友，我現在根本無法談論 CCA 專案。我做不到。我很抱歉。

One more on -- can you just help reconcile the comment on the US supply base being sole source alongside the target drone, the cost elevation? What's the driver there?

還有一個問題——您能否幫助調和關於美國供應基地與目標無人機一起成為唯一來源的評論以及成本上升的問題？那裡的司機是誰？

Yes, I will absolutely. And I touched about this either on the last call or the other call. There are two suppliers that we have that they're the only ones that are qualified to make these things for our target drones. And you guys are all very well aware of certain of them because they've been called in front of Congress before for their pricing. And so they're jacking the prices up.

是的，我一定會的。我在上次通話或另一次通話中談到了這一點。我們有兩家供應商，他們是唯一有資格為我們的目標無人機製造這些東西的供應商。你們都非常清楚其中的一些問題，因為他們之前曾被傳喚到國會討論定價問題。因此他們抬高了價格。

And we're on a fixed price contract. And we don't have anybody else qualified yet. And so there's no way for us to mitigate it, and so we eat it. And that's what's happening.

我們簽訂的是固定價格合約。目前我們還沒有其他人獲得資格。因此我們沒有辦法減輕它，所以我們就吃它。這就是正在發生的事情。

Last one, you kind of alluded to on the microwave electronics piece, a lot of the Israeli systems when prime go to India. Any comment on if a conflict in that region persists, how that would affect that business?

最後一點，您提到微波電子裝置，許多以色列系統最初都銷往了印度。如果該地區的衝突持續下去，會如何影響該業務？您有何評論？

Yes. Take a look at the Barak missile systems. It is one of our primary programs. They go to India. We've had incredible demand, obviously, relative to the State of Israel because of what's been going on in Gaza and with Hamas and Hezbollah and Iran and the Houthis, et cetera, et cetera, et cetera.

是的。看看巴拉克導彈系統。這是我們的主要項目之一。他們去印度。顯然，由於加薩、哈馬斯、真主黨、伊朗、胡塞武裝等勢力的勢力，相對於以色列國，我們的需求量非常大。

Well, now, of course, we have another conflict and conflict. Unfortunately, I look at it fortunately as long as people don't get hurt, is good for our demand. And so I see no respite in the demand that we are seeing from our customers relative to air defense systems for the country of India.

好吧，現在，當然，我們又有另一場衝突和矛盾。不幸的是，我認為幸運的是，只要人們不受傷，就對我們的需求有好處。因此，我認為印度客戶對防空系統的需求並未減少。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員指示）Greg Konrad，Jefferies。

Maybe just to circle back to a previous question. I appreciate the biggest growth drivers as you look forward. But there seems to be a lot of programs maybe within those. When you think about accelerating growth next year, how much of that business is won versus competitive? How does supply chain unlock play into this? And then when you think of all those, are there any must-win programs competitively to kind of see that accelerating growth?

也許只是回到之前的問題。我欣賞你們展望未來時最大的成長動力。但其中似乎還有很多程式。當您考慮明年加速成長時，與競爭對手相比，您贏得了多少業務？供應鏈解鎖在其中扮演了什麼角色？然後，當您考慮所有這些時，是否存在一些必須在競爭中獲勝的項目才能實現加速成長？

Yes. Okay. So I'll take them in reverse. There are zero must-win programs for us to achieve that growth, we've already won them. We've won them, sole source.

是的。好的。所以我會反過來看待它們。為了實現這一成長，我們不需要贏得任何項目，因為我們已經贏得了它們。我們已經贏得了他們，唯一的來源。

Okay. Number two, I'm not going to say every because I don't know, but I'm going to say virtually every partner, supplier element component on these programs is mil-spec and its US-sourced relative to these hypersonic programs. So that's not an issue. And obviously, it's one of the largest, if not the largest program in the company, MACH-TB. So we're all over that. We're all over it.

好的。第二，我不會說全部，因為我不知道，但我要說的是，這些項目上的幾乎每個合作夥伴、供應商元素組件都是軍用規格，並且相對於這些高超音速項目而言，其來源是美國。所以這不是問題。顯然，MACH-TB 是該公司最大的專案之一，甚至可以說是最大的專案。所以我們已經討論完了。我們都了解了。

And so we are -- as I think I alluded to a few minutes ago, unless global peace breaks out, our hypersonic franchise across Kratos will be the number one growth driver for this company if we don't receive one of the call options on the tactical drone side.

所以，正如我幾分鐘前提到的那樣，除非全球和平爆發，否則如果我們沒有獲得戰術無人機方面的看漲期權，那麼我們在 Kratos 的高超音速特許經營權將成為該公司的第一個增長動力。

And then maybe within that, I mean, I think hypersonics is probably spread out throughout the business. I mean C5ISR was pretty strong in the quarter. I think we saw good award activity in April around a couple of key awards. I mean, how do you think about the biggest drivers of C5ISR? How much is hypersonics? And how are you kind of thinking about that reportable segment going forward?

然後也許在其中，我的意思是，我認為高超音速可能會遍布整個業務。我的意思是 C5ISR 在本季表現相當強勁。我認為我們在四月份看到了圍繞幾個關鍵獎項的良好頒獎活動。我的意思是，您如何看待 C5ISR 的最大驅動因素？高超音速多少錢？那麼您對於未來可報告部分有何看法？

Yes. So we support -- C5ISR supports virtually every air defense system the United States does. IBCS, Patriot, IFPC, long-range hypersonic weapon and derivatives. Okay. There are many radars that we're on -- we're under NDA. Okay.

是的。因此我們支持－C5ISR 支援美國幾乎所有的防空系統。IBCS、愛國者、IFPC、遠程高超音速武器及其衍生產品。好的。我們處於多種雷達監控之下——我們受到保密協議的保護。好的。

Our C5ISR business, which is 100% mil-spec hardware for missiles, radars and air defense systems is ramping rapidly. We just received another opportunity in the directed energy area, which is related to air defense that I believe we're going to get. This business is one of a kind in the United States. It's one of a kind. And we support virtually, if not every prime, because we are a merchant supplier.

我們的 C5ISR 業務正在迅速發展，該業務是用於飛彈、雷達和防空系統的 100% 軍用規格硬體。我們剛剛在定向能領域獲得了另一個機會，這與防空有關，我相信我們會得到這個機會。這項業務在美國是獨一無二的。它是獨一無二的。而且我們幾乎支持所有主要商家，因為我們是商家供應商。

We know how to do it. We're not going to compete with them. And since we're working with four or five of these primes and their air defense systems, -- they get the leverage off of us doing it for all of them, which reduces their cost so they can sell more of them.

我們知道該怎麼做。我們不會與他們競爭。由於我們正在與四到五個這樣的主要企業及其防空系統合作，他們可以從我們為他們所有企業做這件事中獲得優勢，從而降低他們的成本，以便他們可以銷售更多的產品。

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。

Excellent. Thank you for joining us this afternoon, and we will chat with you on the second quarter report, I think, the first week in August. Thank you.

出色的。感謝您今天下午加入我們，我們將與您討論第二季報告，我想是在八月的第一周。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。