Kratos Defense and Security Solutions Inc (KTOS) 2022 Q1 法說會逐字稿

Welcome to the Kratos Defense & Security Solutions First Quarter 2022 Earnings Conference Call. My name is Daryl, and I will be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Kratos 國防與安全解決方案 2022 年第一季財報電話會議。我叫達裡爾，我將擔任您今天通話的接線生。 （操作員指示）謹此提醒，本次會議正在錄製中。

I will now turn the call over to Marie Mendoza, Senior VP and General Counsel. Marie, you may begin.

我現在將把電話轉給高級副總裁兼總法律顧問瑪麗·門多薩 (Marie Mendoza)。瑪麗，你可以開始了。

Thank you. Good afternoon. Thank you for joining us for the Kratos Defense & Security Solutions First Quarter 2022 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。午安.感謝您參加我們的 Kratos 防禦與安全解決方案 2022 年第一季電話會議。今天與我在一起的是 Kratos 總裁兼執行長 Eric DeMarco；以及 Kratos 執行副總裁兼財務長 Deanna Lund。

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

在我們開始今天電話會議的實質內容之前，我希望大家注意今天新聞稿末尾包含的安全港段落。本段強調了我們今天下午將要做出的前瞻性陳述所固有的主要不確定性和風險。當我們在今天的電話會議上討論未來的策略舉措、潛在的市場機會、營運前景和財務指導時，請牢記這些不確定性和風險。

Today's call will also include a discussion of non-GAAP financial measures as that term is defined in Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, at the end of today's press release, we have provided a reconciliation of these non-GAAP financial measures to the company's financial results prepared in accordance with GAAP.

今天的電話會議還將討論 G 條例中定義的非 GAAP 財務指標。非 GAAP 財務指標不應被視為獨立於或取代根據 GAAP 提供的財務資訊。因此，在今天的新聞稿結尾，我們提供了這些非公認會計原則財務指標與根據公認會計原則編制的公司財務表現的調節表。

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

現在，我將把電話轉給埃里克·德馬科。

Thank you, Marie. Good afternoon. Since our last report to you, there have been several positive developments for the industry and in particular for Kratos, which I will go through today and which provide additional confidence in this year's financial forecast and the future outlook for your company.

謝謝你，瑪麗。午安.自從我們向您提交上次報告以來，該行業，特別是 Kratos 取得了一些積極的進展，我今天將介紹這些進展，這為您公司今年的財務預測和未來前景提供了更多信心。

As we had planned for in our 2022 financial forecast, the 2022 DoD budget was approved in March, which was important for a number of Kratos programs that are in or are transitioning from development, are in low rate initial production and transitioning to full rate production, or which are in production and had planned for increases to that production. Q1's book-to-bill ratio was low as expected as we're in the middle of a 6-month CRA. However, coming off of Kratos' Q4 1.5:1 book-to-bill ratio, our Q1 bookings, and combined with what I will discuss today, substantially all of Kratos' 2022 revenue and our financial forecast is now either under contract or there is funding in the 2022 budget and we are awaiting contract or we have been informed that we have been selected and we are awaiting contract or we expect to receive the contract.

正如我們在2022 年財務預測中所計劃的那樣，2022 年國防部預算已於3 月獲得批准，這對於許多處於開發階段或正在從開發階段過渡、處於低速初始生產階段並過渡到全速生產階段的Kratos 專案非常重要，或正在生產並計劃增加產量。第一季的訂單出貨比低於預期，因為我們正處於 6 個月的 CRA 中期。然而，根據Kratos 第四季度1.5:1 的訂單出貨比、我們第一季的預訂量以及我今天將討論的內容，Kratos 的2022 年幾乎所有收入和我們的財務預測現在要么處於合約狀態，要么存在2022 年預算中提供資金，我們正在等待合同，或者我們已被告知我們已被選中，我們正在等待合同，或者我們預計會收到合同。

The highlights in the 2022 budget related to Kratos include, in the tactical drone area and related to Kratos' 2022, the 2022 budgeted funding areas which are not classified and which I can discuss include approximately $160 million in aggregate funding for Skyborg, OBSS, attritables, autonomous air combat operations prototypes, ADAIR-UX, and very importantly, funding for a new Kratos tactical drone customer which we now expect to be under contract in the second half of this year and expect to be providing several Kratos Valkyries to in the future. I will re-emphasize that these are nonclassified, publicly available areas only. And importantly, the initial funding amounts in the 2023 budget in these areas are currently expected to be substantially greater based on the initial request than these 2022 amounts I just went through with you.

與Kratos 相關的2022 年預算重點包括，在戰術無人機領域以及與Kratos 2022 年相關的2022 年預算資助領域（未分類，我可以討論）包括為Skyborg、OBSS、attritables 提供的總計約1.6 億美元的資金、自主空戰作戰原型、ADAIR-UX，以及非常重要的是，為新的Kratos 戰術無人機客戶提供資金，我們現在預計該客戶將在今年下半年簽訂合同，並預計在未來為其提供幾架Kratos Valkyries 。我將再次強調，這些只是非機密、公開的區域。重要的是，根據最初的請求，這些領域的 2023 年預算中的初始資金金額目前預計將比我剛剛與大家討論的 2022 年金額大得多。

Additionally, the Air Force has stated that many of these current programs, initiatives and related technology areas will be feeders or transitioned into certain new additional tactical drone programs that have now been announced. And we are very excited about this as the momentum for low-cost, high-capability, force-multiplying drones is clearly accelerating along with additional and increased funding.

此外，空軍還表示，許多目前的計畫、措施和相關技術領域將成為現已宣布的某些新的附加戰術無人機計畫的補充或過渡。我們對此感到非常興奮，因為隨著資金的增加和增加，低成本、高性能、增效無人機的發展勢頭顯然正在加速。

We are also excited that all of the services, and in particular, the air services elements of the services, are now moving towards affordable mass, including low-cost attritable autonomous drone systems included and reflected in the 2022 budget, the '23 budget request and the FYDP. And Kratos, with a family of affordable attritable jet drones flying today with others in development and with Kratos having several active production lines producing approximately 150 aircraft annually, is positioned to immediately address this expected to be very large new market area. With the release of the 2022 budget, the '23 request and the FYDP, we have made the decision to maintain the current Valkyrie production run at 12 aircraft for now, certain of which Valkyries are complete and are in mission system integration and flight preparation with the customer.

我們也感到興奮的是，所有服務，特別是服務中的航空服務要素，現在正朝著可負擔的大眾化方向發展，包括2022 年預算、'23 預算請求中包含和反映的低成本可消耗自主無人機系統和 FYDP。 Kratos 擁有一系列經濟實惠的可消耗噴射無人機，目前正在飛行，其他無人機正在開發中，而且Kratos 擁有幾條活躍的生產線，每年生產約150 架飛機，因此能夠立即滿足這一預計將是非常大的新市場領域的需求。隨著 2022 年預算、'23 要求和 FYDP 的發布，我們決定暫時將目前的 Valkyrie 生產維持在 12 架飛機，其中某些 Valkyrie 已經完成，正在進行任務系統整合和飛行準備客戶。

Also based on recent events, including communications from the Pentagon and in close coordination with the Kratos customer, we are now leaning forward with the Kratos Ghost Works resources on an additional new tactical jet drone we are under contract for in order to maintain the schedule for this program for the customer request. Kratos' Ghost Works also continues to work on several important initiatives, including one which is specifically targeted at a certain competitor based on information we became aware of. And once we are complete, we expect this initiative to become an important and significant additional advantage and differentiator for Kratos.

另外，根據最近發生的事件，包括來自五角大廈的溝通以及與 Kratos 客戶的密切協調，我們現在正在與 Kratos Ghost Works 的資源合作，開發我們合約中的另一架新型戰術噴氣式無人機，以便維持此程序應客戶要求。奎托斯的 Ghost Works 也繼續致力於幾項重要舉措，其中包括一項根據我們了解到的資訊專門針對某個競爭對手的舉措。一旦我們完成，我們預計這項舉措將成為 Kratos 的一項重要且顯著的額外優勢和差異化因素。

Additional important funding in the 2022 budget directly related to Kratos and our '22 financial forecast and future year expected future growth trajectory includes: Funding for Kratos' U.S. Navy SSAT BQM-177 target drone program, which is ramping production with the SSAT program expected to be one of Kratos' largest programs for the foreseeable future and which is a key element of Kratos' Q3 to Q4 sequential 2022 revenue and profit increased financial forecast in the second half of the year. We now expect a large additional SSAT production program contract later this year. Funding for the United States Air Force AFSAT BQM-167 target drone program, also one of our largest, which also is a key element of our 2022 financial forecast in second half. Funding for a confidential program in our Unmanned Systems division, with this program currently in low-rate initial production and which program is expected to transition to full rate production with increasing quantities and where we are now expecting an additional production contract award and a significant financial increase in the second half of this year.

2022 年預算中與Kratos 直接相關的其他重要資金以及我們的22 年財務預測和未來一年的預期增長軌跡包括： 為Kratos 的美國海軍SSAT BQM-177 目標無人機項目提供資金，該項目正在提高產量，預計SSAT 項目將這是 Kratos 在可預見的未來最大的計劃之一，也是 Kratos 2022 年第三季度至第四季度連續收入和利潤增長的下半年財務預測的關鍵要素。我們現在預計今年稍後會簽訂額外的大型 SSAT 生產專案合約。為美國空軍 AFSAT BQM-167 目標無人機計畫提供資金，這也是我們最大的計畫之一，也是我們 2022 年下半年財務預測的關鍵要素。為我們的無人系統部門的一個機密項目提供資金，該項目目前處於低速初始生產階段，預計該項目將隨著數量的增加而過渡到全速生產，我們現在預計將獲得額外的生產合約和大量的財務資金今年下半年增加。

The 2022 budget included funding for GBSD, where Northrop is the prime, under which program we are forecasting a significant ramp-up and increase for Kratos in the second half of this year, with GBSD expected to be one of Kratos' largest and fastest-growing future programs. GBSD is currently a greater than $200 million Kratos program. It is just beginning and it is one of Kratos' biggest expected Q3, Q4 and future growth drivers.

2022 年預算包括為 GBSD 提供資金，其中諾斯羅普是主要項目，根據該計劃，我們預計 Kratos 在今年下半年將大幅增長，GBSD 預計將成為 Kratos 規模最大、速度最快的項目之一。不斷成長的未來計劃。 GBSD 目前是一個價值超過 2 億美元的 Kratos 計劃。這才剛開始，是 Kratos 預期的第三季、第四季和未來最大成長動力之一。

Similar to GBSD, other large expected to be multibillion-dollar strategic programs of record that Kratos is supporting and that Kratos is now under contract on or we expect to be under contract on very shortly include THAAD, IBCS, SHORAD, Q-53, TPS-77 and IFPC with our strategic partner, Leidos and Dynetics.

與 GBSD 類似，Kratos 支持的其他預計價值數十億美元的大型策略計劃，以及 Kratos 目前正在簽訂的合約或我們預計很快就會簽訂的合約包括 THAAD、IBCS、SHORAD、Q-53、TPS -77 和IFPC 以及我們的策略夥伴Leidos 和Dynetics。

The 2022 budget includes funding for Kratos' rocket systems business, including for our new Zeus affordable launch system and related to Kratos' new Erinyes hypersonic vehicle, which are progressing toward initial flight. Like Kratos' tactical drone systems, where we are leveraging off of our target drone business and experience and where we believe our drones are the highest performance drones in the world, Kratos' hypersonic initiative is leveraging off of our industry-leading affordable rocket launch ballistic missile target systems and previous hypersonic program experience to rapidly develop and deliver to the customer a complete affordable hypersonic system capability. Kratos' rocket systems business is also engaged with Hypersonix in Australia, which recently received its funding in the DART hypersonic drone vehicle.

2022 年預算包括為 Kratos 的火箭系統業務提供資金，包括為我們新的 Zeus 經濟型發射系統以及與 Kratos 的新型 Erinyes 高超音速飛行器相關的資金，該飛行器正在邁向首次飛行。就像Kratos 的戰術無人機系統一樣，我們正在利用我們的目標無人機業務和經驗，我們相信我們的無人機是世界上性能最高的無人機，Kratos 的高超音速計畫正在利用我們業界領先的經濟型火箭發射彈道飛彈飛彈目標系統和以前的高超音速專案經驗，可快速開發並向客戶提供完整的、負擔得起的高超音速系統能力。 Kratos 的火箭系統業務也與澳洲的 Hypersonix 合作，該公司最近在 DART 高超音速無人機方面獲得了資金。

In our rocket business, we have several launch missions currently scheduled and in backlog, and we are forecasting additional future missions to be committed by customers throughout '22. The '22 budget also includes funding for certain Kratos directed energy or laser system initiatives and programs, which Kratos products and systems are part of our expected financial ramp in the second half of the year.

在我們的火箭業務中，我們目前已規劃並積壓了多項發射任務，我們預計客戶將在 22 年期間承擔更多未來任務。 '22 預算還包括為某些 Kratos 定向能或雷射系統計劃和計劃提供資金，這些 Kratos 產品和系統是我們預計下半年財務成長的一部分。

As I mentioned, in addition to the '22 DoD budget being approved, the initial '23 budget request was released, which included substantial or increased funding for hypersonics, tactical drones, GBSD and strategic deterrence, missile defense, space and satellite systems, microwave electronics and C5ISR, all, of course, core Kratos business areas. The global recapitalization of strategic weapon systems has continued to accelerate, including as a result of the Russian war in the Ukraine. And as we have discussed with you for quite some time, we believe that Kratos is uniquely positioned for the strategic system recapitalization.

正如我所提到的，除了批准的“22 年國防部預算”之外，還發布了最初的“23 年預算請求”，其中包括為高超音速、戰術無人機、GBSD 和戰略威懾、導彈防禦、太空和衛星系統、微波提供大量或增加的資金。當然，這些都是 Kratos 的核心業務領域。全球戰略武器系統的資本重組持續加速，其中包括俄羅斯在烏克蘭的戰爭。正如我們與您討論了相當長一段時間的那樣，我們相信奎托斯在戰略系統資本重組方面具有獨特的地位。

Kratos' unique positioning for the recapitalization of strategic weapon systems by the U.S. and our allies includes Kratos being the industry leader in affordable targets and target drone systems, which simulate adversary missile, aircraft, drone and other threats, allowing our forces, weapon and other systems to engage in meaningful defensive exercises. We expect Kratos' target business to continue to grow in the future.

Kratos 對美國及其盟國戰略武器系統資本重組的獨特定位包括Kratos 是負擔得起的目標和目標無人機系統的行業領導者，該系統模擬敵方導彈、飛機、無人機和其他威脅，使我們的部隊、武器和其他系統進行有意義的防禦演習。我們預計 Kratos 的目標業務未來將繼續成長。

And related to this growth, we have recently been informed that we will be receiving a sole-source new approximate $100 million drone-related contract, which we expect to receive later this year. We are also currently in pursuit of 3 additional brand-new targets-related opportunities, including as related to potentially new peer adversary missile and other airborne threats that have been identified.

與這種增長相關的是，我們最近獲悉，我們將收到一份價值約 1 億美元的無人機相關新合同，預計將在今年晚些時候收到。我們目前還在尋求另外 3 個與目標相關的機會，包括與潛在的新對手飛彈和已發現的其他空中威脅相關的機會。

Kratos' rocket systems business is the industry leader in ballistic missile and similar target systems, which simulate the threat represented by adversary missiles so that the U.S. and our allies radar, space-based satellite, defensive and other systems can exercise and train against them. Similar to Kratos' drone business, where we have approximately 10 different types of drone aircraft flying today, in Kratos' rocket system business, we have approximately 15 different types of rocket systems flying, including in the target, suborbital research, sounding rocket and hypersonic areas. We believe that Kratos' rocket systems business is uniquely positioned in the hypersonic area, similar to our drone business, with our existing proven hypersonic launch system capabilities and with our new Zeus, Erinyes and other systems which we are developing along with our government customers and through our partnership with Hypersonix in the DART vehicle with its unique propulsion system.

Kratos 的火箭系統業務是彈道飛彈和類似目標系統的行業領導者，該系統模擬敵方飛彈所代表的威脅，以便美國和我們盟國的雷達、天基衛星、防禦和其他系統能夠針對它們進行演習和訓練。與Kratos 的無人機業務類似，我們目前有大約10 種不同類型的無人機在飛行，在Kratos 的火箭系統業務中，我們有大約15 種不同類型的火箭系統在飛行，包括目標、亞軌道研究、探空火箭和高超音速地區。我們相信，Kratos 的火箭系統業務在高超音速領域具有獨特的定位，類似於我們的無人機業務，憑藉我們現有的經過驗證的高超音速發射系統能力以及我們與政府客戶和客戶一起開發的新Zeus、Erinyes 和其他系統。透過我們與 Hypersonix 合作開發 DART 車輛及其獨特的推進系統。

In March, we executed an asset purchase agreement to acquire the assets of the Engineering division of Southern Research Institute or SRE, with the closing subject to certain normal conditions which are expected to be satisfied in Q2. Once the close of the acquisition of SRE is completed, Kratos will be the industry leader in the study, analysis, assessment, technology review and testing of special and exotic materials for weapon and space system applications, including hypersonics and strategic deterrent systems. Simply stated, substantially all exquisite or exotic weapon and space-related systems utilize special materials that need to do special things. And SRE positions Kratos directly in the center of virtually all of these past, present and future, and substantially all of SRE's workforce is highly classified.

3月份，我們簽署了一項資產購買協議，收購南方研究院工程部門的資產，交割須滿足某些正常條件，預計將在第二季滿足。一旦完成對 SRE 的收購，Kratos 將成為武器和太空系統應用（包括高超音速和戰略威懾系統）特殊和奇異材料研究、分析、評估、技術審查和測試的行業領導者。簡而言之，基本上所有精緻或奇怪的武器和太空相關係統都使用需要做特殊事情的特殊材料。 SRE 將 Kratos 直接置於幾乎所有過去、現在和未來的中心，而 SRE 的所有員工基本上都是高度機密的。

In 2021, SRE generated revenue of approximately $30 million. So with an expected June '22 close, this year's financial contribution of SRE to Kratos is not expected to be significant. However, once integrated with Kratos and based on certain funding in the '22 budget that was just approved and what is expected to be included in the final '23 budget and the incredible U.S. national security focus on hypersonics, strategic deterrence and space-related systems, we expect 2023 over 2022 and future year-over-year revenue and EBITDA growth trajectory to be strong with expanding margins for SRE. SRE will be integrated into Kratos' rocket system hypersonic business. And once the transaction formally closes, we will be able to provide you with additional information on the business and some of the programs.

2021年，SRE創造了約3000萬美元的收入。因此，預計截至 22 月 22 日，SRE 今年對 Kratos 的財務貢獻預計不會很大。然而，一旦與奎托斯整合，並基於剛剛批准的「22 年預算」中的某些資金以及預計將包含在「23 年最終預算」中的資金，以及美國國家安全對高超音速、戰略威懾和太空相關係統的令人難以置信的關注，我們預計 2023 年比 2022 年以及未來的同比收入和 EBITDA 成長軌跡將強勁，並且上置的利潤率不斷擴大。 SRE將被整合到Kratos的火箭系統高超音速業務中。一旦交易正式完成，我們將能夠為您提供有關業務和一些計劃的更多資訊。

Kratos' microwave electronics business continues to have a near record or a record backlog, including in the space and satellite areas with substantially all of '22's forecasted revenue currently in backlog. Kratos' space, satellite and cyber business, our company's largest, continues to see customer acceptance for our first-to-market virtual software-based OpenSpace satellite C2 and TT&C ground system, including OneWeb, which Kratos is now under contract with to deliver an advanced spectrum monitoring system to monitor, analyze and review spectrum to support high quality of service for OneWeb's fleet of low-Earth orbit satellites. The space and satellite industry end market continues to experience significant growth and expansion, which growth is expected to continue for the long term. And we believe Kratos' industry-leading ground infrastructure systems products, software and technology uniquely positions Kratos to participate and rapidly grow in this area.

Kratos 的微波電子業務繼續擁有近乎創紀錄或創紀錄的積壓訂單，包括在太空和衛星領域，22 世紀的所有預測收入目前都處於積壓狀態。 Kratos 的空間、衛星和網路業務是我們公司最大的業務，我們的第一個上市的基於虛擬軟體的OpenSpace 衛星C2 和TT&C 地面系統（包括OneWeb）繼續獲得客戶認可，Kratos 目前與OneWeb 簽訂合同，提供一個先進的頻譜監測系統，用於監測、分析和審查頻譜，以支援 OneWeb 的低地球軌道衛星群的高品質服務。航太和衛星產業終端市場繼續經歷顯著成長和擴張，預計這種成長將長期持續。我們相信，Kratos 業界領先的地面基礎設施系統產品、軟體和技術使 Kratos 能夠在該領域參與並快速發展。

Accordingly, in addition to our OneWeb contract award, we have also recently just received an additional very large and extremely important new satellite program award where Kratos is the prime, which we hope will be announced shortly. And additionally, we have just been informed that we have won and should receive in Q2 two additional large brand-new space program opportunities. The potential and expected combined value of just these 3 new programs to Kratos is several hundreds of millions of dollars of revenue over the program periods. And each of these opportunities include Kratos' OpenSpace virtualization technology with a significant software component, with each of these being included in our forecasted Q3 and expect a significant Q4 revenue, EBITDA and profitability increases.

因此，除了我們的 OneWeb 合約之外，我們最近剛剛獲得了一個額外的非常大且極其重要的新衛星計劃獎項，其中 Kratos 是主要的，我們希望很快就會宣布。此外，我們剛剛獲悉，我們已經贏得並應該在第二季度獲得另外兩個大型全新太空計劃機會。光是這 3 個新項目對 Kratos 的潛在和預期綜合價值就是計畫期間數億美元的收入。這些機會中的每一個都包括Kratos 的OpenSpace 虛擬化技術和重要的軟體組件，其中每一個都包含在我們預測的第三季度中，並預計第四季度的收入、息稅折舊攤銷前利潤( EBITDA) 和獲利能力將大幅成長。

Our space, satellite and cyber business is an absolute critical element of Kratos achieving our financial objectives and expected industry-leading organic growth trajectory. And these 4 new programs, 2 of which we have received, including OneWeb and 2 which we have been informed by the customer that we have won and that we expect to receive in Q2, we believe, is just the beginning of an incredible disruptive technology growth trajectory for this business and significant value creation for Kratos' stakeholders.

我們的太空、衛星和網路業務是 Kratos 實現財務目標和預期領先業界的有機成長軌蹟的絕對關鍵要素。這4 個新項目，其中我們已經收到了2 個，包括OneWeb，還有2 個是我們從客戶那裡得知我們已經贏得並預計在第二季度收到的，我們相信，這只是一項令人難以置信的顛覆性技術的開始該業務的成長軌跡以及為 Kratos 利益相關者創造的重大價值。

Kratos' turbine technology and engine businesses continue to progress with our turbojet and turbofan engines for missiles, drones and powered munitions. Similar to other Kratos businesses, the recapitalization of strategic weapon systems to address peer threats and the need for jet drones, new improved longer range and more powerful cruise missiles and powered munitions also including extended range are well-funded priority areas, including in the '22 budget and the '23 request.

Kratos 的渦輪技術和發動機業務不斷發展，我們的渦輪噴氣發動機和渦輪風扇發動機用於導彈、無人機和動力彈藥。與克雷托斯的其他業務類似，戰略武器系統的資本重組以解決同行威脅以及對噴氣式無人機、新改進的射程更遠、威力更強大的巡航導彈和動力彈藥（包括增程）的需求是資金充足的優先領域，包括在「 22 預算和 23 請求。

Kratos' engines, which are running today, are designed in on several new missile and drone and powered munition systems, and we are working to be designed in on several other systems and programs. And we continue to progress from development and test quantities to expected future serial production. With the execution of the 2022 defense budget, we now expect to receive in the next few months an approximate $50 million sole-source contract for next-generation affordable engine technology in drones.

今天運行的奎托斯發動機被設計用於多種新型飛彈、無人機和動力彈藥系統，我們正在努力將其設計用於其他幾個系統和項目。我們繼續從開發和測試批量進展到預期的未來批量生產。隨著 2022 年國防預算的執行，我們現在預計將在未來幾個月內收到一份約 5000 萬美元的獨家合同，用於下一代價格實惠的無人機發動機技術。

Also, I am able to announce today that KTT is a key member of the Rolls-Royce team for the recapitalization of the B-52 bomber fleet engines, a reported $2.6 billion program. And that Kratos has now received its contract from Rolls-Royce, which is expected to be one of KTT's largest programs and which is one of the key elements of Kratos' '22 financial forecast and Q3 to Q4 projected sequential growth as this new large program ramps for Kratos.

此外，我今天還可以宣布，KTT 是勞斯萊斯 B-52 轟炸機機隊發動機資本重組團隊的重要成員，據報道，該計劃耗資 26 億美元。 Kratos 現在已收到勞斯萊斯的合同，預計將成為KTT 最大的項目之一，也是Kratos '22 財務預測和第三季度至第四季度預計連續增長的關鍵要素之一，因為這個新的大型項目奎托斯的坡道。

Additionally, space systems, rocket engines and hypersonic-related systems are also providing a growth market opportunity for Kratos' turbine technologies, with the space propulsion area being one of the fastest growing in KTT. We are under NDA now with several of these space customers, certain of which are the highest profile space companies in the industry where Kratos is currently under contract and providing products and solutions for their mission success.

此外，太空系統、火箭引擎和高超音速相關係統也為 Kratos 的渦輪技術提供了成長的市場機會，其中太空推進領域是 KTT 成長最快的領域之一。我們現在與其中一些太空客戶簽訂了保密協議，其中一些是業內最知名的太空公司，Kratos 目前與這些公司簽訂了合同，並為他們的任務成功提供產品和解決方案。

From a business opportunity and total addressable market perspective, Kratos' opportunity pipeline has never been stronger. And we continue to receive or be informed that we will be receiving new or additional program or contract awards, many of which are single or sole source. Across the company, we're currently in pursuit of or in source selection on several program opportunities, certain of which we expect to hear on in the coming weeks and months. And if we are successful, will be important catalyst for Kratos and position us for even stronger future organic growth.

從商業機會和整體目標市場的角度來看，克雷托斯的機會管道從未如此強大。我們繼續收到或被告知我們將收到新的或額外的計劃或合約授予，其中許多是單一來源的。在整個公司範圍內，我們目前正在尋求或正在選擇多個專案機會，我們預計將在未來幾週和幾個月內聽到其中的一些機會。如果我們成功，將成為 Kratos 的重要催化劑，並使我們未來實現更強勁的有機成長。

Kratos' affordable product and system and technology portfolio, we believe, is second to none in the industry and is a key reason why we expect to generate industry-leading future year organic growth with a ramp beginning in the second half of this year. Simply stated, we believe that Kratos' strategy has enabled us to have the right products and technology, addressing the right needs and missions and requirements at the right time, all at an affordable cost. And on affordability, we believe that affordability will be of increased importance in the future as an increasing amount of U.S. defense budgets are needed for the recapitalization of the strategic triad which is occurring right now and which will be continuing for the next several years and as the Pentagon continues to embrace quantities of systems as well as technological quality to address both Russia and China.

我們相信，Kratos 經濟實惠的產品、系統和技術組合在行業中是首屈一指的，也是我們預計未來一年實現行業領先的有機增長並從今年下半年開始實現增長的關鍵原因。簡而言之，我們相信 Kratos 的策略使我們能夠擁有正確的產品和技術，在正確的時間滿足正確的需求、使命和要求，所有這些都以可負擔的成本進行。在承受能力方面，我們認為，承受能力在未來將變得越來越重要，因為需要越來越多的美國國防預算來進行戰略三位一體的資本重組，這種戰略三位一體目前正在發生，並且將在未來幾年持續進行，並且隨著五角大廈繼續採用大量系統和技術品質來對付俄羅斯和中國。

Operationally, we are focused internally and on execution, including as related to the 2022 budget being recently approved in March. And so we are now working with our customers and contracting offices for Kratos to get under contract and receive funding as quickly as possible in order to achieve our customer-related contractual and financial objectives. This is of particular importance for Kratos' space and satellite business where we have received or have been informed that we will be receiving or expect to receive several significant new program awards, which are a key driver for our second half and future forecast and our expected significant future year-over-year organic growth trajectory.

在營運方面，我們專注於內部和執行，包括與最近於 3 月批准的 2022 年預算相關的內容。因此，我們現在正在與客戶和 Kratos 簽約辦公室合作，盡快簽訂合約並獲得資金，以實現與客戶相關的合約和財務目標。這對於 Kratos 的太空和衛星業務尤其重要，我們已經收到或已被告知我們將收到或預計收到幾個重要的新項目獎項，這是我們下半年和未來預測以及我們預期的關鍵驅動因素未來顯著的逐年有機成長軌跡。

Supply chain and COVID-related, including customer, employer, employee, supplier and other issues have continued and are expected to continue for the foreseeable future. Additionally, inflationary pressures are increasing, including with suppliers and the workforce where Kratos is doing what is necessary to both retain and obtain employees by paying more and increasing salaries and compensation, which is impacting our near-term margins, including Q1 and Q2. But obviously, we have to do this and we have to do what is required. We need a qualified workforce and the team in place to execute.

供應鏈和新冠病毒相關的問題，包括客戶、雇主、員工、供應商和其他問題一直持續存在，並且預計在可預見的未來仍將持續存在。此外，通貨膨脹壓力正在增加，包括供應商和勞動力方面，奎托斯正在採取必要的措施，透過支付更多費用以及增加工資和薪酬來留住和吸引員工，這影響了我們的近期利潤率，包括第一季和第二季。但顯然，我們必須這樣做，我們必須做需要做的事情。我們需要合格的員工團隊和適當的執行團隊。

Also, as Kratos is primarily a product company with the vast majority of Kratos' contracts and programs being firm fixed price, our ability to pass cost increases on to the customer in the near term is limited under existing contracts or priced options, which is currently impacting us, including Q1 and Q2. But we have included cost escalations into the new bids and new or unpriced options, new opportunities, contracts and programs which we expect to begin mitigating this impact in Q3. Like all companies in the industry, we are managing our way through these issues, most of which are now expected to continue for the foreseeable future.

此外，由於 Kratos 主要是一家產品公司，Kratos 的絕大多數合約和計劃都是固定價格，因此我們在短期內將成本增加轉嫁給客戶的能力在現有合約或定價選項下受到限制，目前影響我們，包括第一季和第二季。但我們已將成本上升納入新的投標和新的或未定價的選項、新的機會、合約和計劃中，我們預計這些影響將在第三季開始減輕。與業內所有公司一樣，我們正在設法解決這些問題，預計其中大多數問題在可預見的未來仍將持續存在。

Okay. In closing, the industry now has a '22 budget, a '23 budget request and a FYDP, each of which are favorable for Kratos, including in the drone, space, satellite and strategic deterrence areas. Irrespective of the macro challenges industry and Kratos are facing, the success of Kratos' strategy is now clearer than ever with the core Kratos product and technology-focused national security business positioned in a macro growing market with significant budgetary increases expected for the foreseeable future, where Kratos' core business is generating significant revenues and EBITDA and where we are also positioned for transformative potential future growth with industry-leading products in space, satellites and drones, which Kratos growth trajectory we expect to begin in the second half of this year and to continue thereafter.

好的。最後，該行業現在有「22」預算、「23」預算請求和 FYDP，每一項都對奎托斯有利，包括無人機、太空、衛星和戰略威懾領域。無論產業和Kratos 面臨的宏觀挑戰如何，Kratos 策略的成功現在比以往任何時候都更加清晰，Kratos 的核心產品和以技術為中心的國家安全業務定位於宏觀成長的市場，預計在可預見的未來預算將大幅增加， Kratos 的核心業務正在創造可觀的收入和EBITDA，我們還透過太空、衛星和無人機領域的行業領先產品實現變革性潛在未來成長，我們預計Kratos 的成長軌跡將在今年下半年開始，此後繼續。

I'll turn it over to Deanna now.

我現在就把它交給迪安娜。

Thank you, Eric. Good afternoon.

謝謝你，埃里克。午安.

As we have included a detailed summary of the first quarter financial performance and financial guidance in the press release we published earlier today, I will focus on the highlights in my remarks today. Kratos' first quarter '22 revenues of $196.2 million was at the midpoint of our estimated range of $190 million to $200 million. We achieved the midpoint in spite of continued and increased COVID-related, supply chain and other delays, which impacted revenues by $15.3 million during the quarter, with the most significant impact in our C5ISR and our international commercial satcom businesses.

由於我們在今天早些時候發布的新聞稿中詳細總結了第一季財務業績和財務指引，因此我將在今天的演講中重點介紹重點內容。 Kratos '22 年第一季的營收為 1.962 億美元，處於我們估計的 1.9 億至 2 億美元範圍的中點。儘管與新冠肺炎相關的供應鏈和其他延誤持續且增加，本季收入影響了 1,530 萬美元，對我們的 C5ISR 和國際商業衛星通訊業務的影響最為顯著，但我們仍實現了中點。

Our Q1 '22 consolidated operating loss was $1.2 million compared to operating income of $4.9 million in the first quarter of '21, which includes first quarter '22 increases in R&D of $1.2 million, primarily in our Unmanned Systems business; an increase of $800,000 in noncash stock compensation expense; an increased SG&A cost of approximately $5 million, primarily resulting from our recent Cosmic AES and CTT acquisition and to a lesser degree reflecting a $1.1 million increase in our Unmanned Systems business. In particular, total headcount in our Unmanned Systems business has increased 74 heads from 842 in Q1 of '21 to 916 in Q1 of '22, which reflects the anticipated year-over-year growth.

我們22 年第一季的綜合營運虧損為120 萬美元，而21 年第一季的營運收入為490 萬美元，其中包括22 年第一季研發費用增加120 萬美元，主要是我們的無人系統業務；非現金股票補償費用增加 80 萬美元； SG&A 成本增加約 500 萬美元，主要是由於我們最近收購了 Cosmic AES 和 CTT，其次是由於我們的無人系統業務增加了 110 萬美元。特別是，我們的無人系統業務總人數增加了 74 人，從 21 年第一季的 842 人增加到 22 年第一季的 916 人，這反映了預期的同比增長。

Net loss was $15.9 million for the first quarter of '22 and a GAAP loss of $0.12 per share compared to net income of $1.9 million in the first quarter of '21 and GAAP EPS of $0.01 per share. Included in the first quarter net loss is a $13 million charge for debt extinguishment related to the redemption of the company's 6.5% senior notes during the quarter. We generated adjusted EBITDA of $13.8 million for the first quarter, exceeding the higher end of our expected range of $10 million to $13 million.

22 年第一季淨虧損為 1,590 萬美元，以 GAAP 計算每股虧損 0.12 美元，而 21 年第一季淨利潤為 190 萬美元，按 GAAP 計算每股收益為 0.01 美元。第一季淨虧損包括 1,300 萬美元的債務清償費用，該費用與該季度贖回公司 6.5% 的優先票據有關。第一季調整後 EBITDA 為 1,380 萬美元，超出了我們預期範圍 1,000 萬至 1,300 萬美元的上限。

Our Unmanned Systems segment reported revenues of $52.6 million in the first quarter of '22 compared to $55.9 million in the first quarter of '21, primarily reflecting the current expected production ramp and cycle on certain programs.

我們的無人系統部門報告稱，22 年第一季的收入為 5,260 萬美元，而 21 年第一季的收入為 5,590 萬美元，主要反映了當前預期的某些項目的產量增長和週期。

KGS reported revenues of $143.6 million in the first quarter of '22 compared to $138.3 million in the first quarter of '21, including contribution of $14.7 million from the recently acquired Cosmic AES and CTT entities, offset partially by the loss of an international training contract which contributed revenue of $8.3 million in the first quarter of '21. Q1 '22 KGS revenues were unfavorably impacted by continued and increasing supply chain, COVID and related delays and disruptions, which impacted current quarter revenues unfavorably by approximately $14.6 million as these revenues were deferred to future periods, with the most notable impacts in our commercial satellite and C5ISR businesses.

KGS 報告稱，22 年第一季的收入為1.436 億美元，而21 年第一季度的收入為1.383 億美元，其中包括最近收購的Cosmic AES 和CTT 實體貢獻的1,470 萬美元，部分被國際培訓合同的損失所抵消21 年第一季貢獻了 830 萬美元的收入。 22 年第一季KGS 收入受到持續且不斷增加的供應鏈、新冠疫情以及相關延誤和中斷的不利影響，這對本季度收入產生了約1460 萬美元的不利影響，因為這些收入被推遲到未來時期，其中最顯著的影響是我們的商業衛星和C5ISR業務。

As expected, first quarter '22 operating income and adjusted EBITDA for Unmanned Systems and KGS included a mix of more development-based revenues, which are typically lower in margin and due to less leverage on fixed overhead, manufacturing, SG&A and development infrastructure.

正如預期的那樣，Unmanned Systems 和KGS 的22 年第一季營運收入和調整後EBITDA 包括更多基於開發的收入，這些收入通常利潤率較低，並且由於固定管理費用、製造、SG&A 和開發基礎設施的槓桿率較低。

Q1 '22 cash flow from operations was a use of $7.9 million, including a use for the increase of inventory balances of $15.3 million during the quarter, primarily in our satellite, microwave electronics and C5ISR businesses in anticipation of the ramps in production in the second half of the year, and in part to advance inventory levels in an attempt to mitigate the impact of supply chain disruptions.

22 年第一季營運現金流使用了 790 萬美元，其中包括本季用於增加庫存餘額的 1,530 萬美元，主要用於我們的衛星、微波電子和 C5ISR 業務，因為預計第二季產量將增加今年上半年，部分原因是為了提高庫存水平，以減輕供應鏈中斷的影響。

Our contract mix for the quarter was 68% fixed price, 27% cost plus, 5% time and material. Revenues generated from contracts with the U.S. federal government during the quarter were approximately 71%, including revenues generated from contracts with the DoD, non-DoD federal government agencies and FMS contracts. In Q1 of '22, we generated 10% of revenues from commercial customers and 19% from foreign customers.

我們本季的合約組合為 68% 固定價格、27% 成本加成、5% 時間和材料。本季與美國聯邦政府簽訂的合約產生的收入約為 71%，其中包括與國防部、非國防部聯邦政府機構和 FMS 合約產生的收入。 22 年第一季度，我們 10% 的營收來自商業客戶，19% 來自外國客戶。

Our backlog at quarter end was $982.1 million compared to $953.9 million at the end of Q4 '21, with consolidated bookings of $198.2 million and a book-to-bill ratio of 1:1 for the first quarter of '22. Funded backlog at quarter end was $685.7 million, with $296.4 million unfunded. For the 12 months ended March 27, '22, our consolidated book-to-bill ratio was 1.1:1, with total bookings of $873.3 million.

我們季末的積壓訂單為 9.821 億美元，而 21 年第四季末的訂單量為 9.539 億美元，22 年第一季的綜合預訂量為 1.982 億美元，訂單出貨比為 1:1。截至季末，已籌措資金的積壓金額為 6.857 億美元，其中 2.964 億美元尚未籌措資金。截至 2022 年 3 月 27 日的 12 個月，我們的綜合預訂與出貨比為 1.1:1，預訂總額為 8.733 億美元。

Moving to financial guidance. Our second quarter '22 financial guidance we provided today includes our current forecasted business mix and our assumptions related to the expected continued impact of employee absenteeism, supply chain disruptions and related expected price increases and other COVID-19-related items that have or are currently impacting the industry and Kratos.

轉向財務指導。我們今天提供的22 年第二季財務指引包括我們目前預測的業務組合以及我們對員工缺勤、供應鏈中斷和相關預期價格上漲以及目前已經或正在發生的其他與COVID-19 相關的項目的預期持續影響相關的假設影響產業和奎托斯。

Throughout the first quarter, Kratos experienced a significant increase in the intensity and effects of COVID-19 and the related impact to our employees, absenteeism, consultants, vendors, suppliers, customers, et cetera, which impact included loss of weeks of manufacturing and production functions in our Unmanned Systems, C5ISR and microwave products business. We have assumed that these COVID-19 and supply chain-related impacts to our business which significantly impacted our fiscal first quarter '22 operations will continue to have a similar impact in the second fiscal quarter of approximately $15 million to $17 million in revenues and $2 million to $4 million in our adjusted EBITDA. We currently expect the situation to improve significantly in the third quarter.

在整個第一季度，Kratos 經歷了COVID-19 的強度和影響顯著增加，以及對我們的員工、缺勤、顧問、供應商、供應商、客戶等的相關影響，其中包括數週的製造和生產損失我們的無人系統、C5ISR 和微波產品業務中發揮著重要作用。我們假設這些與COVID-19 和供應鏈相關的業務對我們的業務產生了重大影響，這對我們22 年第一財季的營運產生了類似的影響，在第二財季將繼續產生類似的影響，營收約1500 萬至1700 萬美元，調整後的 EBITDA 為 100 萬至 400 萬美元。我們目前預計第三季情況將顯著改善。

As a result of each of these factors we have discussed, we are forecasting approximately flat organic revenues for our second quarter '22 revenues at the higher end of our estimated range compared to '21, excluding the expected contribution from the recent acquisitions of CTT and Cosmic AES of approximately $10 million to $13 million in revenues, offset by the loss of the international training contract which contributed approximately $5 million in revenues in Q2 of '21. This should be the last quarter of headwind resulting from the loss of this contract as it was completed in the second quarter of last year.

由於我們討論的每一個因素，我們預計 22 年第二季度的有機收入與 21 年相比大致持平，處於我們估計範圍的高端，不包括最近收購 CTT 和Cosmic AES 的收入約為1000 萬至1300 萬美元，但被國際培訓合約的損失所抵消，該合約在21 年第二季貢獻了約500 萬美元的收入。這應該是去年第二季完成的這份合約因損失而帶來的最後一季的逆風。

Our quarterly forecasted EBITDA performance is also impacted by these industry and cyclicality factors, including our inability to realize leverage on our fixed SG&A, overhead manufacturing and research and development costs, particularly in our first and second quarter operating periods. Additionally, our forecasted second quarter EBITDA is further impacted by our expected mix of revenues, including an increased mix of lower-margin development programs and international commercial satellite hardware programs and an expected lower volume of higher-margin software solution deliveries which are expected in the second half of '22, with an expected ramp from the third to the fourth quarter based upon contracts we have been awarded or have been informed we will be awarded.

我們的季度預測 EBITDA 業績也受到這些產業和週期性因素的影響，包括我們無法實現對固定 SG&A、間接製造和研發成本的槓桿作用，特別是在我們第一季和第二季的營運期間。此外，我們預測的第二季 EBITDA 進一步受到我們預期收入組合的影響，包括利潤率較低的開發計劃和國際商業衛星硬體計劃的增加，以及預期利潤率較高的軟體解決方案交付量的減少。 22 年下半年，根據我們已獲得的合約或已被告知我們將獲得的合同，預計從第三季度到第四季度的產量將有所增加。

As we continue to transition our space and satellite business from a hardware to software-focused solution, we believe our financial performance will tend to be more lumpy and more sensitive to delivery schedules. As we mentioned last quarter, we will continue to monitor interest rates since our refinance facility is based on a floating rate of SOFR, which is the replacement of LIBOR with certain adjustments, which is currently approximately 2.5%. The rate is adjustable so we will monitor the market closely to determine if hedging would be beneficial in the future, especially since rates have recently increased.

隨著我們繼續將太空和衛星業務從硬體解決方案過渡到以軟體為中心的解決方案，我們相信我們的財務表現將變得更加不穩定，並且對交付時間表更加敏感。正如我們上季度所提到的，我們將繼續監控利率，因為我們的再融資設施基於 SOFR 浮動利率，SOFR 是經過一定調整的 LIBOR 的替代品，目前約為 2.5%。利率是可調的，因此我們將密切關注市場，以確定對沖在未來是否有利，特別是因為利率最近有所上升。

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

非常好。謝謝你，迪安娜。如有任何問題，我們會將其轉回給主持人。

(Operator Instructions) Our first question comes from Sheila Kahyaoglu.

（操作員說明）我們的第一個問題來自 Sheila Kahyaoglu。

Just talking about maybe starting out big picture. Obviously, what's happened in Ukraine, Kratos is well positioned from a macro perspective. Can you discuss what you're seeing in terms of future orders? And what part of your portfolio do you think is best positioned?

只是談論也許開始大局。顯然，從宏觀角度來看，烏克蘭發生的事情，奎托斯處於有利位置。能談談您對未來訂單的看法嗎？您認為您的投資組合中哪一部分的定位最好？

Right now the 2 best positions are the drones and space and satellite communications. They are really, really well positioned. A very close and hard-charging third is our combat system, our C5ISR business. The book of business we have and the orders, I think, we're going to win over the next 3, 6, 12 months on very large program of record weapon systems is significant. So those are the 3.

目前最好的兩個領域是無人機以及太空和衛星通訊。他們的位置真的非常好。非常接近且強有力的第三個是我們的戰鬥系統，我們的 C5ISR 業務。我認為，我們將在未來 3、6、12 個月內贏得記錄武器系統的大型項目，我們所擁有的業務和訂單意義重大。這就是 3 個。

That's a super helpful answer. And so on drones, I'm guessing you don't sell any internationally right now. How do you think about the actual pipeline for that and the ability to sell internationally?

這是一個超級有幫助的答案。就無人機而言，我猜你們現在在國際上沒有銷售任何無人機。您如何看待實際的管道以及國際銷售的能力？

Right. In the target drone area, we have multiple international customers. So we have relationships with the customers that would either be or be related to the tactical drone customers internationally. So we have a significant international business at any one point in time with 5 to 10 different international customers. We're right now delivering a significant number of drones internationally. I'm hopeful. We have one more box to check. And we're going to be able to report a brand-new multi-tens of millions of dollars new international target drone customer, hopefully, in Q2. So we're very comfortable with our international positioning on both the target and tactical drone side.

正確的。在目標無人機領域，我們擁有多位國際客戶。因此，我們與國際上戰術無人機客戶的關係要不是戰術無人機客戶，就是與戰術無人機客戶相關的客戶。因此，我們在任何時間點都有一項重要的國際業務，擁有 5 到 10 個不同的國際客戶。我們目前正在國際範圍內交付大量無人機。我充滿希望。我們還有一個方框要檢查。我們希望能夠在第二季報告一個價值數千萬美元的全新國際目標無人機客戶。因此，我們對目標無人機和戰術無人機的國際定位非常滿意。

Okay. And then, so what ramps from those significantly as we look to 2022 guidance for the second half?

好的。那麼，當我們展望 2022 年下半年的指引時，這些顯著的成長是什麼呢？

The biggie that jumps to mind right off the bat is GBSD. Now that the budget is in place, our partner, Northrop, is phenomenal. It is looking very, very significant. Also coming to mind those programs I mentioned on space and satellite. I mean, the ones that we received the contract on. The 2 other ones that we've been told we've won, and we're going to be receiving the contracts in Q2, the ramp is significant. And as I mentioned in the prepared remarks, a significant part of these is OpenSpace. It's software-based which means should be significantly higher margin, which is why we're looking at significantly higher margins, one of the reasons in the second half of this year.

立即跳入腦海的大人物是 GBSD。既然預算已經到位，我們的合作夥伴諾斯羅普就表現出色。它看起來非常非常重要。我還想到了我提到的那些關於太空和衛星的計畫。我的意思是，我們收到合約的那些。我們被告知我們已經贏得了另外兩個合同，我們將在第二季度收到合同，增長是顯著的。正如我在準備好的演講中提到的，其中一個重要部分是 OpenSpace。它是基於軟體的，這意味著利潤率應該會顯著提高，這就是為什麼我們希望利潤率顯著提高，這也是今年下半年的原因之一。

And our next question comes from Seth Seifman.

我們的下一個問題來自塞思·塞夫曼。

I guess following up on OpenSpace. Maybe, Eric, if you can refresh us a little bit. Can you tell us a little bit about how the procurements are made there, both on the government and civil side, and kind of what the process is like for getting spec-ed in? And then kind of what the, since it's software-defined, kind of what your relationship is with the customer kind of through the process and kind of how we could think about a product like OpenSpace gaining share over time? Does it happen in kind of big leaps? Is it like a gradual improvement, where is the most target-rich environment in terms of seeking out new customers, including on the government side?

我想跟進 OpenSpace。也許，艾瑞克，如果你能讓我們恢復一點精神的話。您能否告訴我們一些關於政府和民間採購是如何進行的，以及獲得指定的過程是如何的？那麼，既然它是軟體定義的，那麼在整個流程中您與客戶的關係是怎樣的，以及我們如何看待像 OpenSpace 這樣的產品隨著時間的推移而獲得份額？它會以某種大的飛躍的方式發生嗎？是不是像一個逐步改善的過程，在尋找新客戶方面，包括政府方面，目標最豐富的環境在哪裡？

Yes. Absolutely. So clearly for us new satellite constellations, new operators is the greenest field opportunity for us versus trying to get into an established constellation with established traditional legacy fixed ground equipment. The multiple new constellations that are going up, military, other security-related and commercial is significant.

是的。絕對地。顯然，對於我們新的衛星星座來說，新的營運商對我們來說是最環保的機會，而不是試圖進入擁有已建立的傳統固定地面設備的已建立的星座。正在崛起的多個新星座、軍事、其他安全相關和商業意義重大。

And as I've gone through in some detail before, and I'll just touch on lightly here, and the way I analogize it is heretofore, the vast majority of the satellites that went up are in geosynchronous orbit. So they're like 22,000 miles up. They're up there depending on fuel for 15, 20, 25 years. And the ground equipment that typically the traditional primes would provide that put up the satellite is like a 2G cell phone network 20 years ago.

正如我之前詳細介紹過的那樣，我在這裡只是簡單地談一下，到目前為止，我的類比方式是，絕大多數升空的衛星都在地球同步軌道上。所以他們在海拔 22,000 英里處。它們的生存時間取決於燃料 15 年、20 年、25 年。傳統主力通常提供的用於安裝衛星的地面設備就像 20 年前的 2G 手機網路。

It's hardware-based, racks of switches, racks of equipment, et cetera, et cetera. And those traditionals had no incentive or a disincentive to try to innovate anything because they didn't want to disrupt their vendor lock position on the hardware on the ground that was old technology. And that's their mindset. And you know they're program of record focused. They chase programs of record. And that's how they do things.

它是基於硬體的、交換器機架、設備機架等等。這些傳統企業沒有動力或阻礙去嘗試創新，因為他們不想因為舊技術而破壞供應商對硬體的鎖定地位。這就是他們的心態。你知道他們的重點是記錄節目。他們追逐記錄的節目。這就是他們做事的方式。

We brought in a bunch of commercial-based technologists, including from the terrestrial cell phone area that had done 5G networks, for example. And in my analogy, we have taken the traditional 2G infrastructure on the ground that's hardware-based and we have virtualized it into a 5G software-based operating system. I analogize OpenSpace to your iPhone's operating system. We've built an OpenSpace operating system for the ground infrastructure for satellites. And now we're taking the applications, which also are all hardware based, think of a modem, and we're software basing them so software apps to run on the software ground equipment that we are providing to new operators.

例如，我們引進了一群商業技術專家，其中包括來自做過 5G 網路的地面手機領域的技術專家。在我的比喻中，我們採用了基於硬體的傳統 2G 基礎設施，並將其虛擬化為基於軟體的 5G 作業系統。我將 OpenSpace 比喻為 iPhone 的作業系統。我們為衛星地面基礎設施建置了 OpenSpace 作業系統。現在我們正在採用應用程序，這些應用程式也都是基於硬體的，例如調製解調器，我們是基於它們的軟體，因此軟體應用程式可以在我們向新運營商提供的軟體地面設備上運行。

And I've explained to you before, it can be location-based. It can also ride on the web, which is incredible from an efficiency standpoint, but also from a distribution of the assets and protection in the national security standpoint. It's just an incredibly new technology that's open architecture, open space and that new operators, new constellation guys, that's what they want. And right now I am incredibly pleasantly surprised at how well our team is doing. And I believe if certain of these awards that we won can be announced and they are announced, I believe the industry, it's going to be very impressive to the industry who these guys are who we've locked up.

我之前已經向您解釋過，它可以是基於位置的。它還可以在網路上運行，從效率的角度來看，這是令人難以置信的，而且從國家安全的角度來看，資產的分配和保護也是如此。這是一項令人難以置信的新技術，具有開放的架構、開放的空間，以及新的運營商、新的星座人員，這就是他們想要的。現在我對我們團隊的表現感到非常驚訝。我相信，如果我們贏得的某些獎項能夠被宣布，並且它們被宣布，我相信整個行業，我們所鎖定的這些人將會給整個行業留下非常深刻的印象。

Okay. Okay. Very good. And then one follow-up for me. Now that Secretary Kendall, speaking of programs of record, has talked about wanting to establish unmanned tactical drone programs of record, but that would be in the classified realm. I guess, how are we going to, without a Skyborg Vanguard line, I mean, there is still a Skyborg Vanguard line in the budget, but if that's not going to be where the bulk of the activity is, kind of how can we sort of keep up with what you guys are doing.

好的。好的。非常好。然後是我的後續行動。現在肯德爾部長在談到記錄計劃時談到了希望建立記錄的無人戰術無人機計劃，但這將屬於機密領域。我想，如果沒有 Skyborg Vanguard 生產線，我們該怎麼辦，我的意思是，預算中仍然有 Skyborg Vanguard 生產線，但如果這不是大部分活動所在，我們該如何排序跟上你們正在做的事情。

So in the nonclassified area, kind of what I tried to do today is I'm trying to be as open as I possibly can, and I will continue to do that. Seth, you are exactly right. What the Secretary has talked about and those programs, they are at a significant classification level. And so my answer to you right now is Kratos will say nothing.

因此，在非機密領域，我今天嘗試做的就是盡可能保持開放，我將繼續這樣做。賽斯，你說得完全正確。國務卿所談到的以及那些計劃，它們處於重要的機密層級。所以我現在給你的答案是奎托斯不會說什麼。

And we're going to wait and see how the government, how they lead this and we'll follow that lead. That's all we can do out of respect, obviously, for national security and the Secretary. But what the Secretary is doing is phenomenal. It's incredible what he's trying to do here, including those directly related to Kratos. If you could see me, I'm smiling. And I hope he keeps it up and I hope he's successful because I think it will be very, very good for the United States of America.

我們將拭目以待，看看政府如何領導這件事，我們將遵循這項領導。顯然，出於對國家安全和國務卿的尊重，這就是我們所能做的。但秘書所做的事情是驚人的。他在這裡試圖做的事情令人難以置信，包括那些與奎托斯直接相關的事情。如果你能看到我，我就會微笑。我希望他能堅持下去，我希望他能成功，因為我認為這對美利堅合眾國來說是非常非常好的。

And our next question comes from Mike Crawford.

我們的下一個問題來自麥克·克勞福德。

I think OneWeb is in the trailing bookings as of March, of that $314 million of trailing bookings in the prior year and in March 31. But the 3 new large OpenSpace contracts that are received or expected to be received that could generate hundreds of millions of dollars, what's the duration of those contracts that we should be thinking about for those future revenue?

我認為截至3 月的追蹤預訂中，OneWeb 處於前一年和3 月31 日的3.14 億美元追蹤預訂中。但是，已收到或預計將收到的3 個新的大型OpenSpace 合約可能會產生數億美元的收入。美元，我們應該考慮這些合約的期限是多少才能獲得未來的收入？

Think typical government contracts of 3, 5 or 7 years.

想想典型的 3 年、5 年或 7 年的政府合約。

Okay. Switching to drones, have you started the second spiral or you said you're just sticking with the initial spiral of Valkyrie?

好的。轉向無人機，你已經開始了第二個螺旋，或者你說你只是堅持瓦爾基里的最初螺旋？

Correct. We have not started the second. We are sticking with the initial. And I emphasized for now. That could literally change the next time we speak with you.

正確的。我們還沒開始第二個。我們堅持最初的做法。我現在強調一下。下次我們與您交談時，這種情況可能會真正改變。

I think it's been about a year where we've been anticipating the potential like red air adversary type of a purchase order. Is that something that's still on the come or has that cooled off at all?

我認為大約一年來，我們一直在預測像紅色航空對手類型的採購訂單的潛力。這是仍在發生的事情還是已經冷卻了？

Oh, no. To the contrary, in the budget, specifically, you can see a line that's called adversary air unmanned open for an ADAIR-UX. And in the '23 request, there's $67 million for it. So it's coming.

不好了。相反，在預算中，具體來說，您可以看到一條名為 ADAIR-UX 的對手空中無人系統的線路。在 23 年的請求中，有 6700 萬美元。所以它來了。

Okay. That's great. And then, Eric, you have these 10 different drone systems flying today and these potential transitioning of kind of these test bed programs moving towards production, but do you anticipate that those are going to move into production with essentially the airframes and systems that you've developed today? Or do you think that they're going to morph, again, in other words, will Valkyrie be a high production run product or is there going to be some future iteration off of Valkyrie?

好的。那太棒了。然後，埃里克，你今天有這 10 種不同的無人機系統在飛行，這些測試台項目的這些潛在轉變正在轉向生產，但你是否預計這些將使用你的機身和系統投入生產？發展到今天了嗎？或者你認為它們會再次發生變化，換句話說，《Valkyrie》會成為高產量產品，還是未來會出現一些《Valkyrie》的迭代版本？

I'm thinking of what I can say and what I can't. I'm confident that Valkyrie is going to be very, I should answer it this way, Mike. I'm confident as ever Valkyrie is going to be very, very successful, and I should leave it at that. And if things pan out the way I think they're going to pan out with a certain customer, I believe I'll be able to add additional information to that next time we chat. But I have very high expectations for Valkyrie's success.

我在想什麼是我能說的，什麼是我不能說的。我相信《瓦爾基里》將會非常，我應該這樣回答，麥克。我一如既往地相信《瓦爾基里》將會非常非常成功，我應該就此打住。如果事情按照我認為的方式與某個客戶取得成功，我相信下次我們聊天時我將能夠添加更多資訊。但我對《瓦爾基里》的成功抱有很高的期望。

And just feel free to not answer if you shouldn't, but is that the same for Thanatos or for any others or are there some that, that's not the case?

如果你不應該回答，請隨意不回答，但是對於塔納托斯或其他任何人來說也是如此嗎？或者是否有一些情況並非如此？

Definitely. There are, as I indicated on the last call, there are certain of the programs that are being combined or they're not funding priorities as a result of, this is my opinion now, this is my opinion. In my opinion, as a result of the 2 new drone programs the Secretary has announced and where he has said certain existing programs. And he's mentioned Skyborg. He's mentioned LCAAT. He's mentioned various things. They are going to be feeders and they are going to be fed into. The technology is going to be transitioned, et cetera, or combined with these new ones. And so as I said before, certain of the ones that we have been working on, I believe, my opinion, they will wind down or transition into something else.

確實。正如我在上次電話會議中指出的那樣，某些計劃正在合併，或者它們沒有資助優先事項，因為這是我現在的觀點，這是我的觀點。我認為，由於國務卿宣布了兩項新的無人機計劃以及他所說的某些現有計劃。他也提到了Skyborg。他提到了 LCAAT。他提到了各種各樣的事情。它們將成為餵食者，也將被餵食。該技術將被轉變，等等，或與這些新技術結合。因此，正如我之前所說，我認為我們一直在研究的某些項目將逐漸結束或過渡到其他項目。

Okay. And then just last question. You talked about KTT a little bit, but could you just update us on the status of potential material ramp in both low-cost disruptive jet engines as well as actual working hypersonic jet engine that's proprietary to Kratos?

好的。然後是最後一個問題。您稍微談到了 KTT，但您能否向我們介紹一下低成本顛覆性噴氣發動機以及 Kratos 專有的實際工作高超音速噴氣發動機的潛在材料坡道的最新情況？

Yes. We have very good clarity on the former, the first one you mentioned. So for our engines being designed into air breathing cruise missiles, air breathing drones and air breathing powered munitions. As you know, we announced in the last quarter or 2 that we were beginning limited production on a new system of someone. I am hopeful that by next year we could be in LRIP on 1 or 2 of expected to be high-volume systems in that class I just mentioned. So I am as optimistic as ever that KTT's engines and our engine businesses' engines in the drone, missile and powered munition areas are going to be very, very successful.

是的。我們對前者，也就是你提到的第一個，非常清楚。因此，我們的引擎被設計成呼吸式巡航飛彈、呼吸式無人機和呼吸式動力彈藥。如您所知，我們在上一兩個季度宣布，我們將開始在某人的新系統上進行有限生產。我希望到明年我們可以在我剛才提到的那一類中的 1 或 2 個預計大容量的系統中加入 LRIP。因此，我一如既往地樂觀地認為，KTT 的引擎以及我們引擎業務部門的引擎在無人機、飛彈和動力彈藥領域將會取得非常非常成功。

In the hypersonic area, I can't say a lot other than our group in KTT that is specifically focused on space-based engines, which include hypersonic vehicle engines, is one of the fastest-growing businesses in KTT. And it would grow even faster in my opinion but we are resource limited, which is a theme across Kratos right now. And when I say resource, hiring people. So the opportunities are there. But we're a sub so I'll be much more limited than what I can say than on the engine side. But that business is going to be very robust just because of the funding levels at the macro level that are going on.

在高超音速領域，我不能說太多，除了我們在 KTT 的團隊，該團隊專門專注於天基發動機，其中包括高超音速車輛發動機，是 KTT 增長最快的業務之一。在我看來，它會成長得更快，但我們的資源有限，這是奎托斯現在的一個主題。當我說資源時，就是僱用人員。所以機會就在那裡。但我們是潛水艇，所以我能說的比引擎方面的限制大得多。但由於宏觀層面的融資水準正在發生，該業務將非常強勁。

Actually, if I can sneak in one more. You talked a little bit about the revenue at SRE and I believe you're paying $80 million for it. Is that a 10% EBITDA margin business or?

事實上，如果我能再偷偷溜進去一次就好了。您談到了 SRE 的收入，我相信您為此支付了 8000 萬美元。這是 10% EBITDA 利潤率的業務嗎？

Because it's not closed yet, Mike, I have to be very cautious. As I said in my prepared remarks, when it closes, then I will absolutely put out more information. But I don't want to disrupt anything with anybody right now.

因為它還沒有關閉，麥克，我必須非常小心。正如我在準備好的演講中所說，當會議結束時，我絕對會發布更多資訊。但我現在不想打擾任何人。

And our next question comes from Ken Herbert.

我們的下一個問題來自肯·赫伯特。

Eric, I wanted to ask you first, of the fiscal '22 budget that was finalized, you called out $160 million for a number of the tactical programs that you can talk about. Based on the '23 request and what you think could happen to the '23 request as it moves through Congress, where does that $160 million go in fiscal '23?

艾瑞克，我想先問你，在最終確定的 22 財年預算中，你為許多你可以談論的戰術計劃撥出了 1.6 億美元。根據 '23 請求以及您認為 '23 請求通過國會後可能發生的情況，這 1.6 億美元在 23 財年流向何處？

Right. And so my rough remember of where those items I mentioned for '22, for '23, it increases to like $200 million. So it goes from like $150 million, $160 million to $200 million or $210 million. And Ken, I want to re-emphasize again, those are currently the unclassified lines that I can talk about.

正確的。所以我粗略地記得我在 22 年提到的那些項目，對於 23 年，它增加到了 2 億美元左右。所以它從 1.5 億美元、1.6 億美元到 2 億美元或 2.1 億美元。肯，我想再次強調，這些是目前我可以談論的非機密台詞。

Yes. Okay. Do you see any of your particular programs, I know they tend to enjoy pretty good Congressional support, but any that you'd call out as perhaps with better potential for upside relative to the fiscal '23 request?

是的。好的。您是否看到您的任何特定計劃，我知道它們往往會獲得相當好的國會支持，但您認為相對於 23 財年的要求，可能具有更好的上行潛力的任何計劃？

I believe if fiscal '23 request and that final budget comes in as I'm anticipating that Valkyrie is, and this ties into Mr. Crawford's question, that Valkyrie is going to hit its stride. I see that. If we're successful on Phase 2 of OBSS, OBSS will be, if we're successful in Phase 2, very significant for us in '23. And I'm less confident because I just have to see how the chips are going to fall in the ADAIR area.

我相信，如果 23 財年的請求和最終預算如我對 Valkyrie 的預期那樣出現，並且這與克勞福德先生的問題相關，那麼 Valkyrie 將大步前進。我看到。如果我們在 OBSS 第 2 階段取得成功，如果我們在第 2 階段取得成功，OBSS 將在 23 年對我們非常重要。我不太有信心，因為我只需要看看籌碼將如何落入 ADAIR 區域。

Okay. That's great. And if I could, just one more. You've got, it sounds like there's a few contracts you're very confident in specifically on the space side that are important to the full year revenue number. Is there any way coming out of this quarter to maybe talk about of the sort of, of the fiscal '22 or the '22 guide, how much is currently in backlog? Or maybe where can the risk be in terms of timing as you think about the revenue expectations that are not yet under contract?

好的。那太棒了。如果可以的話，就再多一個。聽起來您對一些合約非常有信心，特別是在太空方面，這些合約對全年收入數據很重要。本季是否有任何方式可以談論 22 財年或 22 財年指南中目前積壓的金額有多少？或者，當您考慮尚未簽訂合約的收入預期時，時間方面的風險可能在哪裡？

Right. As I mentioned and as you said on the space side, we've been informed we have won and we will receive the 2 large. We received one. We've been informed we're going to receive 2 more no later than the end of June. I fully expect that to happen. So to your question, assuming that happens, I expect it's going to happen. When we speak with you at the end of Q1, excuse me, at the end of Q2, I hope what I'm going to be talking to you about is, we are laser-focused on execution and hiring and retaining the people to execute the programs because that is a big challenge right now, personnel, obtaining and retaining people. And it's both on the government side and the commercial technology side. People in space, in satellite communications, in rocket engines, in spaceships are in big demand right now.

正確的。正如我提到的以及您在太空方面所說的那樣，我們已被告知我們贏了，我們將收到 2 個大號。我們收到了一份。我們已獲悉，我們將在 6 月底前再收到 2 個。我完全期望這會發生。所以對於你的問題，假設這種情況發生，我預期它會發生。當我們在第一季末與您交談時，請原諒，在第二季度末，我希望我要與您談論的是，我們專注於執行以及僱用和留住執行人員這些計劃是因為目前人員、獲取和留住人才是一項巨大的挑戰。無論是在政府方面還是在商業技術方面。目前，太空、衛星通訊、火箭發動機、太空船中的人員需求量很大。

Okay. And are these commercial contracts, is the revenue recognition like percent complete, such that if you have a hard time just ramping up with people that would obviously be a headwind for the revenues?

好的。這些商業合約是否已完成，收入確認是否已完成百分比，這樣，如果您在增加人員方面遇到困難，這顯然會成為收入的阻力？

That's going to be a piece of it, Ken, and some of it is going to be software as well. So it's going to be a mix.

這將是其中的一部分，肯，其中一些也將是軟體。所以這將是一個混合體。

And up next, we have Austin Moeller.

接下來是奧斯汀·莫勒。

So my first question here, if we think about 2022, just to broadly summarize, what's sort of the print here? Most of the revenue growth opportunity in the latter half of the year is sort of around Northrop's Sentinel missile and nuclear warhead transporters, OpenSpace and target drones and then most of the margin and EBITDA growth opportunity is around OpenSpace and the virtualized satcom equipment?

所以我的第一個問題是，如果我們考慮 2022 年，概括地說，這裡的印刷品是什麼樣的？下半年的大部分收入成長機會都圍繞著諾斯羅普的哨兵飛彈和核彈頭運輸機、OpenSpace 和目標無人機，然後大部分利潤和 EBITDA 成長機會圍繞著 OpenSpace 和虛擬化衛星通訊設備？

Yes. Yes, sir. You drilled it.

是的。是的先生。你鑽了它。

Okay. Perfect. And then I understand the factoring in cost escalations into the new contracts. But what is giving you confidence that your expectation for a second half '22 recovery for the supply chain is on track just because there's a lot of companies in the sector that are struggling with supply chain right now?

好的。完美的。然後我了解了新合約中成本上升的因素。但是，是什麼讓您相信您對 22 年下半年供應鏈復甦的預期正在步入正軌，僅僅因為該行業中有很多公司目前在供應鏈方面苦苦掙扎？

Right. So the primary areas as of right now that we've been struggling in the supply chain are in our microwave electronics business, including field-programmable gate arrays. And to some extent, that's also in our space and satellite communication business. We have, very candidly in our forecast today, and for example, in our microwave business, we have made the assumption in that business it does not get any better for this entire year. So there are certain areas, like in the microwave electronics area, where we're just assuming it's going to be yucky poo-poo for the entire '22.

正確的。因此，目前我們在供應鏈中苦苦掙扎的主要領域是我們的微波電子業務，包括現場可程式閘陣列。在某種程度上，這也涉及我們的太空和衛星通訊業務。我們非常坦率地在今天的預測中，例如，在我們的微波爐業務中，我們假設該業務全年不會有任何改善。因此，在某些領域，例如微波電子領域，我們只是假設整個 22 年都會出現令人厭惡的情況。

There are other areas, let's talk about like aluminum in our C5ISR business in the aluminum area, where our team has been working like the devil to position themselves that if it doesn't get a lot better, we have avenues, different channels or we've ordered far enough in advance that we're going to receive the product that we should be okay. That we should be.

還有其他領域，讓我們談談我們在鋁領域的 C5ISR 業務中的鋁，我們的團隊一直在拼命工作，為自己定位，如果情況沒有變得更好，我們有途徑、不同的管道，或者我們已經提前訂購了足夠的時間，我們將收到應該沒問題的產品。我們應該如此。

Also, through communications with other of our customers like in the titanium area and in other areas. We're in constant communication with them and they're indicating to us that they believe things have peaked or are peaking. And things should, they're not going to return to normal in the second half, but they're going to start to trend in a better direction in the second half. And we've incorporated that in our plan, too. So we need that to happen in those areas where we've made that assumption.

此外，透過與鈦領域和其他領域的其他客戶的溝通。我們不斷與他們溝通，他們向我們表明，他們相信事情已經達到頂峰或正在達到頂峰。事情應該是這樣的，他們不會在下半年恢復正常，但會在下半年開始朝著更好的方向發展。我們也將其納入我們的計劃中。因此，我們需要在我們做出這一假設的領域發生這種情況。

Okay. That's super helpful. And then just one last question, if I may. I understand sort of Valkyrie is, and its various programs associated with it are sort of going down the rabbit hole into the classified realm. But the new Valkyrie customer that you mentioned that's getting some aircraft, some number of aircraft, are they getting those aircraft from the original production lot of 12 that you're going to have or if that comes in later this year, would that be from a second production lot?

好的。這非常有幫助。如果可以的話，還有最後一個問題。我知道瓦爾基里是這樣的，它的各種與之相關的程序有點像進入了機密領域。但是您提到的新 Valkyrie 客戶正在購買一些飛機，一定數量的飛機，他們是從您將擁有的 12 架原始生產批次中獲得這些飛機，還是從今年晚些時候購買這些飛機？第二批生產？

They're going to receive them from the 12. Very importantly, if we had not leaned forward and done this, we would not be getting this customer. And Austin, on this customer, and there are going to be a quantity of Valkyries here, it's not clear to me initially if it will be a sale or it will be a lease, which is another benefit of why we have these capital assets. And so that we're going to be working with this customer as we head toward contract documentation if these will be actual sales or to satisfy his requirement, both tactical and strategic and looking into '23 and '24, should we lease them to him? And so we'll, hopefully, as the year goes on, we'll be able to give you additional clarity on that.

他們將從 12 點開始接收。非常重要的是，如果我們沒有前傾並做到這一點，我們就不會得到這個客戶。奧斯汀，對於這個客戶，這裡將會有大量的瓦爾基里，我最初不清楚它是出售還是租賃，這是我們擁有這些資本資產的另一個好處。因此，當我們準備合約文件時，我們將與該客戶合作，如果這些文件是實際銷售或滿足他的戰術和戰略要求，並考慮“23”和“24”，我們是否應該將其租賃給他？因此，希望隨著時間的推移，我們能夠讓您更清楚地了解這一點。

And up next, we have Peter Arment.

接下來是彼得·阿門特。

Eric, you've talked about kind of a lot of your drone programs, the valley of death trying to get past the testing and into adoption. How do you characterize, kind of what you can talk about, I guess, on the nonclassified side, where things stand when you see customer excitement about it? And ultimately, if you can talk about any specific ones that have kind of moved farther along in testing just because I think a lot of us are trying to kind of see when we start to see a pickup in terms of overall volume.

艾瑞克，你談到了很多你的無人機項目，死亡之谷試圖通過測試並被採用。我想，在非機密方面，當您看到客戶對此感到興奮時，您如何描述您可以談論的內容？最後，如果你能談談在測試中取得進一步進展的任何具體問題，因為我認為我們很多人都在試圖了解何時開始看到總體數量的回升。

Yes. The valley of death is real and it's deadly. And going from RDT&E, development aircraft, we'll talk aircraft, for example, but it's the same in certain other areas. We're in prototypes, et cetera, across the valley to production or a program of record, it is extremely difficult. This is very, very sporty. And as you can imagine, it is no secret. You can imagine the traditional players in the area are doing everything they can to destroy you in the valley of death as well. Okay.

是的。死亡之谷是真實存在的，而且是致命的。例如，從 RDT&E（研發飛機）開始，我們將討論飛機，但在某些其他領域也是如此。我們處於原型等階段，跨越山谷到生產或記錄項目，這是極其困難的。這非常非常運動。正如你可以想像的那樣，這不是什麼秘密。你可以想像該地區的傳統玩家也在盡一切努力在死亡之谷消滅你。好的。

Peter, this is why I continue to emphasize that we are first to market with airplanes flying today. You just heard me say, we're going to have a new customer. And I mean, brand new for Valkyries in the second half of this year. That funding is there. And this customer is very motivated because we had products, not PowerPoints, which is one of our critical differentiators competitively against the traditionals.

彼得，這就是為什麼我繼續強調我們今天是第一個將飛行飛機推向市場的原因。你剛剛聽到我說，我們將迎來一位新客戶。我的意思是，今年下半年的《瓦爾基里》是全新的。資金就在那裡。這位客戶非常積極，因為我們擁有的是產品，而不是 PowerPoint，這是我們與傳統企業競爭的關鍵差異化因素之一。

What the Secretary is doing, as I said before, I am applauding him incredibly because the top guy has now taken point and has said, I'm going to make this happen. And in the last month or so, the 4-star of PACAF, he did an interview or a speech. And he said, we need, I forget what he said, hundreds or lots and lots of affordable attritable jet drones of various types, reusables, decoys, et cetera, et cetera, to help offset the adversary there.

正如我之前所說，國務卿正在做的事情，我為他鼓掌，因為最高領導現在已經採取了行動，並表示，我將實現這一目標。在上個月左右的時間裡，這位 PACAF 的四星，他接受了採訪或演講。他說，我們需要，我忘了他說了什麼，數百或很多很多各種類型的負擔得起的可消耗噴氣式無人機，可重複使用，誘餌等等，以幫助抵消那裡的對手。

And I could go on, but the top leadership is now not just talking, but they're putting the money in the budgets and they're putting the program element lines in. And so yes, it's been a long time. It's been very frustrating. I'm sure there'll continue to be frustrations. But we continue to make progress and we remain virtually undefeated competitively when they're in our ballpark of attritable aircraft. So that's how I have to answer it.

我可以繼續說下去，但最高領導層現在不僅僅是在說話，他們還在將資金納入預算，並將計劃要素納入其中。所以，是的，已經過去很長一段時間了。這非常令人沮喪。我確信挫折還會持續。但我們繼續取得進步，當他們在我們的可消耗飛機範圍內時，我們在競爭中幾乎保持不敗。所以我必須這樣回答。

Yes. And just as a follow-up, Eric, I know we've had a lot of challenges over the last 18 months with COVID on just different testing facilities or testing sites. Has that loosened up a little bit as we think about going into the second half of this year or at least in the middle of this year?

是的。作為後續行動，艾瑞克，我知道在過去 18 個月裡，我們在不同的測試設施或測試地點遇到了許多新冠挑戰。當我們考慮進入今年下半年或至少在今年年中時，這種情況是否有所放鬆？

Great question. Yes. We have not, in the past several months, I don't know how many, but it's been several. We have not experienced any issues, delays, cancellations on any range time for any of our flights. And you've reminded me of something. And I believe in the second half of this year, our range facility in Oklahoma at Burns Flat is going to be an incredibly valuable asset for us. And we're going to be able to demonstrate that because the ranges are very, very busy right now and they're very hard to get on. And we will not have to worry about that for certain of our aircraft out at Burns Flat. And so that headwind across the board right now is gone.

很好的問題。是的。我們沒有，在過去的幾個月裡，我不知道有多少，但已經有好幾個了。我們的任何航班在任何時間範圍內都沒有遇到任何問題、延誤或取消。你讓我想起了一件事。我相信，今年下半年，我們位於俄克拉荷馬州 Burns Flat 的靶場設施將成為我們極為寶貴的資產。我們將能夠證明這一點，因為靶場現在非常非常繁忙，而且很難進入。對於我們在伯恩斯平地的某些飛機來說，我們不必擔心這個問題。所以現在全面的逆風已經消失了。

And up next, we have Josh Sullivan.

接下來是喬許·沙利文。

Eric, just on KTT, what is the margin profile of the engine opportunities as they move forward? Are they going to be the traditional low teens or any more commercial like margin opportunities picking up?

Eric，就 KTT 而言，隨著引擎機會的發展，其利潤狀況如何？他們會是傳統的青少年群體還是更多的商業群體，例如利潤機會的增加？

Yes. So on the defense side, they will be in production, low teens. In development, right now, obviously, they're lower than that because development contracts are just lower than that. Josh, we have 1 or 2 commercial opportunities we're looking at over there. But if we're successful relative to the defense ones, they won't be significant enough to move that margin rate higher than low teens.

是的。所以在防守方面，他們將處於生產狀態，低十幾歲。在目前的開發中，顯然，它們比這個低，因為開發合約比這個低。喬希，我們正在那裡尋找一兩個商業機會。但如果我們相對於防守來說是成功的，那麼它們的影響力也不足以使利潤率高於低青少年。

And then can you just provide some color on what KTT is contributing to the Rolls offering with the B-52.

然後您能否提供一些有關 KTT 對 B-52 勞斯萊斯產品的貢獻的資訊。

Yes. Josh, say that again, buddy.

是的。喬什，再說一遍，夥計。

On the B-52 contract that you're working, what is KTT contributing?

在您正在執行的 B-52 合約中，KTT 貢獻了什麼？

I was very guarded in what I said because we are under an NDA and I can't say. It's very important and it is a significant contributor for us beginning right now. But until I get clearance, I can't say.

我對自己所說的話非常謹慎，因為我們有保密協議，我不能說。這非常重要，對我們現在開始的工作做出了重大貢獻。但在我獲得許可之前，我不能說。

Got it. Got it. And then, well, maybe on the Zeus program, can you talk about the cost savings versus the legacy programs that you're going to offer? And maybe can you help us kind of size that market, number of launches in the market.

知道了。知道了。然後，好吧，也許在 Zeus 計劃上，您能談談與您將提供的遺留計劃相比節省的成本嗎？也許你可以幫助我們確定市場規模、市場上的發布數量。

Yes. So our strategic partner is Aerojet. And they are working with us. They are building systems for us. And these are to our spec, based on our customers. And these are very unique, very low-cost, very specialized systems to put something in the right place at the right time at the right speed. And similar to virtually everything else we try to do, if we're successful, we're going to be successful here, these will be orders of magnitude similar to our tactical drones, less costly than anything anybody else has out there. So I'm very excited about this, and I'm very excited of the funding that came through in the '22 budget for this, very excited. We got the funding that we needed and which is great.

是的。所以我們的策略合作夥伴是 Aerojet。他們正在與我們合作。他們正在為我們建立系統。這些都是根據我們的客戶的規格而定的。這些都是非常獨特、成本非常低、非常專業的系統，可以在正確的時間以正確的速度將物品放置在正確的位置。與我們嘗試做的幾乎所有其他事情類似，如果我們成功了，我們也會在這裡取得成功，這些無人機的數量級將類似於我們的戰術無人機，比其他任何人都便宜。所以我對此感到非常興奮，我對 22 年預算中為此提供的資金感到非常興奮，非常興奮。我們獲得了所需的資金，這非常棒。

And our next question comes from Joe Gomes.

我們的下一個問題來自喬·戈麥斯。

This is Joshua Zoepfel filling in for Joe Gomes. So my first question is, I know you guys recently had awarded a contract for the advanced spectrum monitoring system for OneWeb, just sort on the low-Earth orbit constellations. Can you kind of give any more color on that? Like what does this mean revenue-wise and what additional opportunities does it open?

我是約書亞‧佐普菲爾 (Joshua Zoepfel)，接替喬‧戈麥斯 (Joe Gomes)。所以我的第一個問題是，我知道你們最近授予了 OneWeb 先進頻譜監控系統的合同，只是對近地軌道星座進行排序。你能對此提供更多的顏色嗎？例如這對收入意味著什麼以及它帶來了哪些額外的機會？

Right. Other than we put that press release out recently in the past 3 or 4 weeks, I think. That required obviously customer clearance and customer coordination. I apologize. You go take a look at that. Other than what's in that release, I can't say any more than what's out there.

正確的。我想，除了我們最近在過去 3 或 4 週內發布的新聞稿之外。這顯然需要客戶許可和客戶協調。我道歉。你去看看那個。除了該版本中的內容之外，我無法透露更多內容。

But to the second part of your question, I will use that as an example to a previous question that we received of a company, an operator, an entity putting up a constellation, a new constellation, a greenfield constellation that was open, no pun intended, to engaging us and using our OpenSpace solution. And so when you think about the potential opportunities that Kratos has in the OpenSpace area, that is an excellent representative example of the type of primary customer we're engaged with, and we're hopeful to be successful with.

但對於你問題的第二部分，我將以此作為我們之前收到的一個問題的例子，該問題涉及一家公司、一家運營商、一個建立星座、新星座、開放的綠地星座的實體，沒有雙關語旨在吸引我們並使用我們的 OpenSpace 解決方案。因此，當您想到 Kratos 在 OpenSpace 領域擁有的潛在機會時，您會發現這是我們所接觸的主要客戶類型的一個極好的代表示例，我們希望能夠取得成功。

Great. And then another question was just I wanted to see how the transition was going in terms of integration of Cosmic AES and CTT and obviously now with the SRE. And do you kind of see any future tuck-in acquisitions like these in the future? Is that like some in your pipeline?

偉大的。另一個問題是我想看看 Cosmic AES 和 CTT 的整合以及現在與 SRE 的整合進展如何。您認為未來還會有類似的收購嗎？這和你的管道中的一些一樣嗎？

The integration is ongoing and going well. As far as future tuck-ins, we have the SRE one that is, hopefully, it's going to close this second quarter. At this point there's no one.

整合正在進行中並且進展順利。至於未來的投入，我們有 SRE，希望它能在第二季結束。此時已經沒有人了。

In order for us to do anything else, as we've said before, it has to be exactly consistent with what we're doing. And those opportunities are few and far between. So CTT is exactly consistent with what we're doing in the microwave area. And it has a space satellite component, which also we're related to.

為了讓我們做其他事情，正如我們之前所說，它必須與我們正在做的事情完全一致。而這些機會卻少之又少。所以CTT和我們在微波領域所做的事情是完全一致的。它有一個太空衛星組件，這也與我們有關。

Cosmic, as I think I talked about on the last call, our team has known the founders, the owners personally for a long, long time. They are right in our stack and that is an easy one, okay? SRE, as I mentioned, they're involved with materials or hypersonic systems, strategic deterrence systems, space systems, all of which we're involved in. So if we were going to do another one, it would be small. And it would be exactly consistent with what we're doing that would either bring us a new customer, a new capability, a new product or a new aircraft or something, something like that.

Cosmic，正如我在上次電話會議中談到的那樣，我們的團隊已經認識創始人、所有者很長一段時間了。它們就在我們的堆疊中，這很簡單，好嗎？ SRE，正如我所提到的，它們涉及材料或高超音速系統、戰略威懾系統、太空系統，所有這些都是我們參與的。所以，如果我們要做另一個，它會很小。這將與我們正在做的事情完全一致，這將為我們帶來新客戶、新能力、新產品或新飛機或類似的東西。

Great. And then I guess, lastly, if I may. I was looking through what you said. You affirmed guidance. And I know you guys kind of dropped down your CapEx. Is there any kind of reason as to why, just a little more color on that?

偉大的。最後，如果可以的話，我想。我正在看你說的。您肯定了指導。我知道你們有點降低資本支出了。有什麼理由可以解釋為什麼，只是多一點顏色嗎？

That's actually related to some machinery that we were going to acquire in our C5ISR business and just due to some supply chain issues, it's actually getting pushed into next year. So that isn't permanently reducing. It's just moving into next year.

這實際上與我們將在 C5ISR 業務中購買的一些機械有關，並且由於一些供應鏈問題，它實際上被推遲到明年。所以這並不會永久減少。剛剛進入明年。

And up next, we have Pete Skibitski.

接下來是皮特·斯基比特斯基。

Eric, I wanted to follow on the earlier conversations about Secretary Kendall, just on some of the things you said kind of interesting. He's been talking about a drone, a Loyal Wingman type drone, I guess, for both the B-21 and NGAD. And the comment he made was that the price of those drones will be on the order of 1/2 the price of the manned aircraft themselves, which presumably are in the hundreds of millions of dollars, which it seems like that would put those drones in kind of the exquisite category. First of all, is that true, do you think? And second of all, should we conclude from that, that you don't think Kratos can play in that area, but there are lots of other areas that Kratos will play in? I'm just trying to follow the whole logic there.

艾瑞克，我想繼續之前關於肯德爾部長的談話，只是你說的一些有趣的事情。他一直在談論無人機，我猜是一款忠誠僚機型無人機，適用於 B-21 和 NGAD。他的評論是，這些無人機的價格將是有人駕駛飛機本身價格的 1/2 左右，大概有數億美元，這似乎會讓這些無人機進入屬於精緻的一類。首先，你認為這是真的嗎？其次，我們是否應該由此得出結論，你認為奎托斯不能在那個領域發揮作用，但奎托斯還有很多其他領域可以發揮？我只是想遵循那裡的整個邏輯。

Yes. So the first part of your question, I'm not going to answer because I don't want to speculate anything on the Secretary. But on the second part, what I understand the Secretary is doing and based on what I know, I am absolutely confident that Kratos can participate in one way, shape or form with the Secretary's initiatives. Absolutely confident.

是的。所以你問題的第一部分，我不會回答，因為我不想對國務卿做任何猜測。但在第二部分，我了解國務卿正在做的事情，根據我所了解的情況，我絕對相信奎托斯能夠以一種方式參與國務卿的倡議。絕對有信心。

Okay. Okay. Let me step out to a bigger picture. If we can kind of summarize all the order expectations you have for the balance of the year, the next 3 quarters, any sense for the type of book-to-bill that you guys are expecting for the next 3 quarters that we should expect?

好的。好的。讓我展望一下更大的前景。如果我們可以總結一下你們對今年剩餘時間、未來 3 個季度的所有訂單預期，那麼你們對未來 3 個季度的訂單到帳單類型的預期是否有意義？

I don't have the numbers in front of me, but we have a number. As I went through today in the prepared remarks and in the Q&A, we're expecting a sole source $100 million contract for the target drone area that we've been informed we're going to get. I mentioned that on the space side we've got several that, we've got one that we've won that hasn't been announced yet. And we've got 2 that we've been informed we're going to get, that hopefully, we'll get. Those will be additive.

我面前沒有數字，但我們有一個數字。正如我今天在準備好的發言和問答中所說的那樣，我們預計我們將獲得一份針對目標無人機領域的價值 1 億美元的獨家合約。我提到，在太空方面，我們已經贏得了幾個獎項，但尚未宣布。我們已經被告知我們將得到 2 個，希望我們能得到。這些將是附加的。

I think over the balance of the year, I don't want to be quarterly, bookings, and I'm going to say program bookings, will be significant. And so when I say a program booking, let's go back to this, the target drone one that we've been informed that we're going to get. I know that it will be a single source award and will be $100 million that we'll get. That will be fulfilled over a period of time. I don't know how that will be booked for book-to-bill purposes, depending on funding or options or things like that. But programmatically, trajectory-wise, I believe it's going to be very, very robust.

我認為在今年剩下的時間裡，我不想按季度預訂，我要說的是節目預訂，將會很重要。因此，當我說節目預訂時，讓我們回到這一點，我們已被告知我們將獲得的目標無人機。我知道這將是一個單一來源的獎項，我們將獲得 1 億美元。這將在一段時間內實現。我不知道如何根據訂單到帳單的目的進行預訂，具體取決於資金或選擇或類似的事情。但就程式而言，就軌跡而言，我相信它將非常非常強大。

Okay. Okay. That's helpful. And a more basic question in the rocket support area. I guess I haven't figured it out yet, what's the difference between Zeus and Erinyes?

好的。好的。這很有幫助。還有火箭支援領域的一個更基本的問題。我想我還沒弄清楚，宙斯和厄裡涅斯有什麼不同？

So Zeus is a launch system. Erinyes is a vehicle.

所以宙斯是一個發射系統。 Erinyes 是一種交通工具。

Okay. So Zeus has a propulsion aspect to it, Erinyes does not have a propulsion aspect to it?

好的。那麼宙斯有推進方面，厄裡涅斯沒有推進方面嗎？

Zeus definitely has a propulsion aspect to it. Erinyes is a vehicle, and I should leave it at that.

宙斯肯定有推進力。厄裡涅斯是一種載具，我就這樣吧。

Okay. Okay. Okay. And are you guys, should we expect first quarter press release-wise was fairly meager, right, with the CR and whatnot. Should we expect to see a lot of these announcements maybe put up by you guys as they happen in the balance of the year?

好的。好的。好的。你們是否應該預計第一季的新聞稿相當少，對吧，包括 CR 之類的。我們是否應該期望看到你們在今年餘下時間發布的大量此類公告？

I hope we're able to. But if not, like on some of these space ones, my understanding is, I think the customers are going to announce them. And once they announce them, hopefully, we'll be able to announce something or we'll be able to affirm, yes, that's us. My intuition tells me that's how that's going to go.

我希望我們能夠做到。但如果沒有，就像其中一些太空產品一樣，我的理解是，我認為客戶將會宣布它們。一旦他們宣布了這些消息，希望我們能夠宣布一些事情，或者我們能夠確認，是的，那就是我們。我的直覺告訴我事情會這樣發展。

And we have no more questions at this time. I'll turn it back to Eric for closing comments.

目前我們沒有更多問題了。我會將其轉回給埃里克以供結束評論。

Great. Thank you, everybody, for joining us this afternoon, and we'll circle up with you at the end of Q2. Have a great afternoon. Thank you.

偉大的。謝謝大家今天下午加入我們，我們將在第二季末與你們會面。祝你有個愉快的下午。謝謝。

And thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝你們，女士們先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。