Kratos Defense and Security Solutions Inc Q1 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst : 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?

Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst : 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?

Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst : 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?

Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst : 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?