Amentum Holdings Inc (AMTM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Good morning and welcome to Amentum's first quarter fiscal year 2025 earnings conference call.

早安，歡迎參加 Amentum 2025 財年第一季財報電話會議。

Note that today's call is being recorded.

請注意，今天的通話正在錄音。

(Operator Instructions) I would now like to turn the call over to Nathan Rutledge, Senior Vice President of Investor Relations.

（操作員指示）現在，我想將電話轉給投資者關係資深副總裁 Nathan Rutledge。

Please go ahead, sir.

先生，請繼續。

Thank you and good morning, everyone.

謝謝大家，早安。

We hope you've had an opportunity to read the press release we issued yesterday afternoon, which is posted on our Investor Relations website.

我們希望您有機會閱讀我們昨天下午發布的新聞稿，該新聞稿已發佈在我們的投資者關係網站上。

We have also provided presentation slides to facilitate today's call.

我們還提供了演示幻燈片以方便今天的通話。

So let's move to slide 2.

那麼讓我們轉到投影片 2。

Please note that this morning's discussion will contain forward-looking statements that are subject to important factors that could cause actual results to differ materially from anticipated.

請注意，今天上午的討論將包含前瞻性陳述，這些陳述受重要因素影響，可能導致實際結果與預期有重大差異。

I refer you to our SEC filings for a discussion of these factors, including the Risk Factors section of our annual report on Form 10-K.

請您參閱我們提交給美國證券交易委員會 (SEC) 的文件以了解這些因素的討論，包括我們 10-K 表年度報告中的風險因素部分。

The statements represent our views as of today, and subsequent events may cause our views to change.

這些聲明代表了我們今天的觀點，後續事件可能會導致我們的觀點改變。

We may elect to update the forward-looking statements at some point in the future but specifically disclaim any obligation to do so.

我們可能會選擇在未來某個時間點更新前瞻性陳述，但明確否認有這樣做的義務。

In addition, we will discuss pro forma financial measures prepared in accordance with Article 11 of Regulation S-X as well as non-GAAP financial measures, which we believe provide useful information for investors.

此外，我們還將討論根據 S-X 規則第 11 條編制的預測財務指標以及非公認會計準則財務指標，我們認為這些指標可以為投資者提供有用的信息。

Both our press release and our supplemental presentation slides include reconciliations to the most comparable GAAP measures.

我們的新聞稿和補充簡報投影片均包含與最具可比性的 GAAP 指標的對帳。

These pro forma and non-GAAP financial measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

這些形式和非 GAAP 財務指標不應單獨考慮或作為根據 GAAP 編制的財務指標的替代方案。

Our safe harbor statement included on this slide should be incorporated as part of any transcript of this call.

此投影片中所包含的安全港聲明應作為本次通話記錄的一部分。

With me today to discuss our business and our financial results are John Heller, Chief Executive Officer; and Travis Johnson, Chief Financial Officer.

今天與我一起討論我們的業務和財務業績的是執行長約翰·海勒 (John Heller)；以及財務長特拉維斯·約翰遜（Travis Johnson）。

We are also joined by other members of management, including Steve Arnette, our Chief Operating Officer.

我們還有其他管理成員，包括營運長史蒂夫·阿內特 (Steve Arnette)。

With that, moving to slide 3, it's my pleasure to turn the call over to our CEO, John Heller.

接下來，轉到幻燈片 3，我很高興將電話轉給我們的執行長約翰·海勒 (John Heller)。

Thank you, Nathan, and good morning, everyone.

謝謝你，內森，大家早安。

We appreciate you joining us today, and welcome to Amentum's first quarterly earnings conference call.

感謝您今天的加入我們，歡迎參加 Amentum 的第一次季度財報電話會議。

Fiscal year 2025 is off to a strong start with growth across several key financial and operational metrics.

2025 財年開局強勁，多項關鍵財務和營運指標均實現成長。

The combined strength of our business has quickly started to yield positive results as evidenced by our performance in the first quarter with momentum building.

我們業務的綜合實力已迅速開始產生積極成果，這從我們第一季的強勁表現就可以看出。

Our integration and value-capture activities remain on track as we continue to execute on our strategic priorities.

隨著我們繼續執行策略重點，我們的整合和價值獲取活動仍在按計劃進行。

I'm immensely proud of the progress we have made in just four months, reinforcing the achievements of our integration efforts and the bright future that lies ahead for Amentum.

我對我們在短短四個月內取得的進展感到無比自豪，這鞏固了我們整合努力的成果，也為 Amentum 帶來了光明的未來。

As you can see on slide 3, we delivered a strong first quarter performance across the board, including revenues of $3.4 billion, reflecting 2% year-over-year growth; adjusted EBITDA of $262 million, up 3% from the prior year quarter; and free cash flow of $102 million.

正如您在投影片 3 上看到的，我們第一季全面表現強勁，包括 34 億美元的營收，年增 2%；調整後 EBITDA 為 2.62 億美元，較去年同期成長 3%；以及1.02億美元的自由現金流。

Our performance is a testament to outstanding execution by our entire team, and we remain well positioned to deliver on the commitments we set out for the fiscal year.

我們的業績證明了整個團隊的出色執行力，我們仍然有能力履行本財年制定的承諾。

Diving a bit further into our growth, let's move to business development results on slide 4.

進一步深入了解我們的成長，讓我們轉到投影片 4 上的業務發展成果。

In Q1, we had $3.6 billion in net bookings, resulting in a 1.1x quarterly book-to-bill ratio and a total backlog of $45 billion, representing 3.2x annual revenue coverage.

第一季度，我們的淨訂單量為 36 億美元，季度訂單出貨比為 1.1 倍，總積壓訂單量為 450 億美元，相當於年收入覆蓋率的 3.2 倍。

The results underscore our continued strength and capabilities demonstrated through contract wins that reinforce the innovative solutions and consistent value we provide to our customers across diverse end markets.

這些結果凸顯了我們透過贏得合約所展現的持續實力和能力，這些實力和能力鞏固了我們為各個終端市場的客戶提供創新解決方案和一致的價值。

I want to take a moment here to call out a few notable examples from the quarter, all of which use advanced digital methods to drive more efficient and effective outcomes for our customers.

我想花點時間列舉本季的幾個值得注意的例子，所有這些例子都使用先進的數位方法為我們的客戶帶來更有效率、更有效的結果。

First, the Department of Energy awarded the West Valley Demonstration Project a $3 billion single-award IDIQ with a 10-year ordering period to a joint venture which includes Amentum.

首先，能源部向西谷示範計畫授予了一項價值 30 億美元的單一獎勵 IDIQ，並將訂購期 10 年授予包括 Amentum 在內的合資企業。

Under the contract, we will provide advanced technology solutions, including unmanned robotics, sensors, telematics and digital tools, to safely decommission nuclear facilities.

根據合同，我們將提供先進的技術解決方案，包括無人機器人、感測器、遠端資訊處理和數位工具，以安全地退役核設施。

While Amentum will not recognize revenues or backlog as a result of this award, we expect it to generate meaningful earnings and cash flow for years to come.

雖然 Amentum 不會因該獎項而確認收入或積壓訂單，但我們預計它將在未來幾年產生可觀的收益和現金流。

When taking into consideration Amentum's proportional share of all unconsolidated joint venture revenues and bookings for the first quarter, book-to-bill was 1.5x driven by the West Valley award.

當考慮到 Amentum 在第一季所有非合併合資企業收入和預訂量中所佔的比例時，訂單出貨比是受西谷獎項推動的 1.5 倍。

Second, we successfully recompeted the US Department of Defense Counter Threat Finance program, a $248 million contract over eight years, that leverages mission-driven data analytics solutions to disrupt and degrade adversary financial networks that support transnational criminal organizations.

其次，我們成功重新贏得了美國國防部反威脅融資計劃的競爭，該計劃為期八年，價值 2.48 億美元，利用任務驅動的數據分析解決方案來破壞和削弱支持跨國犯罪組織的對手金融網絡。

We take great pride in this mission and are honored to continue this critical work.

我們對這項使命感到非常自豪，並很榮幸能夠繼續這項重要工作。

And finally, on the commercial side, we have secured over $400 million in awards with Fortune 500 customers across key areas such as the deployment and optimization of 5G networks and critical infrastructure modernization, further solidifying our reputation as a trusted partner in the commercial sector.

最後，在商業方面，我們已經與財富 500 強客戶在 5G 網路部署和優化以及關鍵基礎設施現代化等關鍵領域獲得了超過 4 億美元的獎勵，進一步鞏固了我們作為商業領域值得信賴的合作夥伴的聲譽。

Looking ahead, we enter the second quarter with significant momentum.

展望未來，我們以強勁的勢頭進入第二季度。

We currently have $30 billion in pending awards driven by the $12 billion of submitted bids in Q1, and we remain on track to submit over $35 billion for the full fiscal year.

目前，我們有 300 億美元的待決合同，其中包括第一季提交的 120 億美元的投標，我們仍有望在整個財年提交超過 350 億美元的投標。

We have made a lot of progress in the short months since coming together, and I'd like to highlight how we're starting to realize tangible benefits from the merger.

我們在合併後的短短幾個月內取得了很大進展，我想強調我們如何開始從合併中獲得實際的利益。

Let's turn to slide 5.

讓我們翻到第 5 張投影片。

As a combined company, we are already seeing strong operational and financial performance, improved efficiency and greater alignment across teams.

作為一家合併後的公司，我們已經看到了強勁的營運和財務表現、更高的效率和團隊間更好的協調性。

These benefits are reflected in the form of accelerating growth prospects, advancing our technology-enabled solutions and progressing a strong culture underpinned by excellence and collaboration.

這些好處體現在加速成長前景、推進我們的技術解決方案以及發展以卓越和協作為基礎的強大文化。

Starting with our accelerating growth prospects.

從我們加速的成長前景開始。

We have been operating with an aligned go-to-market structure and strategy in place since day one, and our robust business development engine is working.

從第一天起，我們就一直採用一致的市場進入結構和策略，而我們強大的業務發展引擎正在正常運作。

The benefits of our systematic approach, which was planned in the months leading up to the merger, are evidenced by the significant bid volume during the quarter.

我們在合併前幾個月就已規劃好的系統化方法的優勢已從本季度的大量投標量中得到體現。

In addition, building on the success of both legacy organizations, we launched a talented and dedicated enterprise capture team led by Sean Mullen, our Chief Growth Officer, to focus on our largest and most strategic business opportunities.

此外，在兩個傳統組織成功的基礎上，我們成立了一支才華橫溢、專心致志的企業佔領團隊，由首席成長官 Sean Mullen 領導，專注於我們最大、最具戰略意義的商業機會。

This team will be instrumental in enabling our pursuit of deals greater than $1 billion, which based on our pipeline today, we expect will be more than 15 opportunities from now through the end of fiscal year 2026.

這個團隊將幫助我們尋求超過 10 億美元的交易，根據我們目前的管道，我們預計從現在到 2026 財年末將有超過 15 個交易機會。

We are now positioned to maximize success within our core markets while expanding addressable market opportunities in new and emerging areas that leverage our expanded capabilities and expertise.

我們現在的目標是最大限度地取得核心市場的成功，同時利用我們擴展的能力和專業知識擴大新興領域的可尋址市場機會。

Second, technology and innovation are critical enablers of our competitive advantage and differentiation.

第二，技術和創新是我們競爭優勢和差異化的關鍵推動因素。

During the quarter, our Chief Technology Officer, Jill Bruning, launched the new Amentum Technology Advisory Councils, which will drive innovation and ensure Amentum stays ahead of emerging trends for many years to come.

在本季度，我們的技術長 Jill Bruning 推出了新的 Amentum 技術諮詢委員會，該委員會將推動創新並確保 Amentum 在未來許多年內始終領先於新興趨勢。

Jill also oversees Amentum's broader innovation strategy, fostering collaboration and knowledge sharing across our 9 global engineering Centers of Excellence.

Jill 也負責監督 Amentum 更廣泛的創新策略，促進我們 9 個全球工程卓越中心之間的協作和知識共享。

Our technology strategy has enabled the creation of a platform to cross-sell capabilities across end markets, taking advantage of our breadth of expertise and the scale of our business.

我們的技術策略使我們能夠創建一個平台，以便在終端市場之間進行交叉銷售，從而利用我們廣泛的專業知識和業務規模。

Finally, the foundation of our success lies in the strength and expertise of our talented 53,000 employees, who are the driving force behind all of our achievements.

最後，我們成功的基礎在於我們 53,000 名才華橫溢的員工的實力和專業知識，他們是我們所有成就的驅動力。

Our teams have remained focused on our strategic priorities and are operating at the highest levels, fostering collaboration, prioritizing engagement and encouraging innovative problem solving to help drive growth.

我們的團隊始終專注於我們的策略重點，並在最高水準上運作，促進合作，優先考慮參與並鼓勵創新解決問題以幫助推動成長。

As we continue to expand and strengthen our talent base, I'm excited to welcome to our leadership team, Jennifer Walsmith, President of our Intelligence & Cyber business; and Darren Burton, our Chief People Officer.

隨著我們不斷擴大和加強人才基礎，我很高興歡迎情報與網路業務總裁 Jennifer Walsmith 加入我們的領導團隊；以及我們的首席人才長 Darren Burton。

Both Jennifer and Darren bring valuable expertise and experience that will be instrumental in advancing Amentum's vision while positioning us for continued success and growth in the future.

Jennifer 和 Darren 都帶來了寶貴的專業知識和經驗，這將有助於推進 Amentum 的願景，同時幫助我們在未來繼續取得成功和發展。

I also want to take a moment to thank our integration management team.

我也想花點時間感謝我們的整合管理團隊。

Their tireless dedication and long days have been instrumental in ensuring we remain on track to execute a seamless integration.

他們孜孜不倦的奉獻和長時間的工作對於確保我們能夠順利完成無縫整合起到了重要作用。

Because of the incredible work they've done, we remain on a firm path to achieving $30 million in run rate net synergies by the end of fiscal year 2025.

由於他們所做的出色工作，我們仍然堅定地朝著在 2025 財年末實現 3000 萬美元的運行率淨協同效應的目標邁進。

This underscores the impact of our proactive planning, which has allowed us to avoid significant delays or disruptions while ensuring a seamless transition as we continue to realize the benefits of our combination.

這凸顯了我們積極主動規劃的影響，這使我們能夠避免重大延誤或中斷，同時確保無縫過渡，同時繼續實現合併的優勢。

Turning to slide 6.

翻到幻燈片 6。

We acknowledge the impact of the new administration's priorities on our market, particularly regarding potential shifts in focus and a drive for greater efficiency in government.

我們承認新政府的優先事項對我們的市場產生了影響，特別是潛在的重點轉變和提高政府效率的動力。

At its core, Amentum has a culture of innovation and agility.

從本質上講，Amentum 擁有創新和敏捷的文化。

And when coupled with our unmatched advanced engineering and technology expertise, we are uniquely positioned for continued success.

當我們與無與倫比的先進工程和技術專長相結合時，我們將擁有獨特的優勢，能夠持續取得成功。

Amentum has more than a century-long history supporting America's most complex and challenging defense and national security priorities, including contributions to iconic endeavors like the Manhattan Project and the SR-71 Blackbird as well as countless other mission-critical initiatives.

Amentum 擁有超過一個世紀的歷史，支持美國最複雜和最具挑戰性的國防和國家安全優先事項，包括對曼哈頓計劃和 SR-71 黑鳥等標誌性工程以及無數其他關鍵任務計劃的貢獻。

Further, with an increasingly complex geopolitical landscape, the importance and demand for the modernization and next-generation technology solutions Amentum provides has never been greater.

此外，隨著地緣政治格局日益複雜，Amentum 提供的現代化和下一代技術解決方案的重要性和需求從未如此之大。

There are countless examples of how Amentum is already advancing the future together with our customers today.

有無數的例子顯示 Amentum 已經與我們的客戶共同邁向未來。

To highlight a few, we are leveraging our Integrated Digital Engineering Approach, or IDEA, to provide cutting-edge electronic warfare and ISR solutions to support the DoD's modernization priorities.

其中，我們正在利用綜合數位工程方法（IDEA）來提供尖端的電子戰和 ISR 解決方案，以支援國防部的現代化優先事項。

On our ITEAMS program, we are advancing DoD goals in INDOPACOM through innovative C5ISR research, development and engineering.

在我們的 ITEAMS 計畫中，我們正在透過創新的 C5ISR 研究、開發和工程來推進國防部在印度太平洋司令部 (INDOPACOM) 的目標。

And through our unique delivery model, which emphasizes efficiency at scale and leverages advanced digital methods and outcome-based solutions, Amentum is modernizing complex legacy systems for customers like the US Navy, ensuring they have the critical capabilities they need for today's challenges.

透過我們獨特的交付模式，該模式強調規模效率並利用先進的數位方法和基於結果的解決方案，Amentum 正在為美國海軍等客戶對複雜的遺留系統進行現代化改造，確保他們擁有應對當今挑戰所需的關鍵能力。

Our focus remains on enhancing our advanced engineering and technology capabilities to deliver better, faster and more cost-effective solutions to the US government.

我們的重點仍然是增強我們的先進工程和技術能力，為美國政府提供更好、更快、更具成本效益的解決方案。

Our solutions are driving modernization and next-generation technology adoption, and we're executing with speed to meet our customers' needs.

我們的解決方案正在推動現代化和下一代技術的採用，並且我們正在快速執行以滿足客戶的需求。

Amentum's scale, flexible business model and proactive approach position us for continued growth and success.

Amentum 的規模、靈活的商業模式和積極主動的方法使我們能夠持續成長並取得成功。

As a result, I am more confident and energized than ever about Amentum's future and our ability to drive sustained shareholder value through delivering long-term growth and strong free cash flow generation.

因此，我比以往任何時候都更有信心和活力，對 Amentum 的未來以及我們透過實現長期成長和強勁的自由現金流來推動持續的股東價值的能力。

With that, I will turn it over to Travis, who will take you through the financials in more details.

說完這些，我將把話題交給特拉維斯，他將向您更詳細地介紹財務狀況。

Thank you, John, and good morning, everyone.

謝謝你，約翰，大家早安。

To echo John's sentiment, I'm very pleased with the results in our first quarter as a combined public company.

與約翰的觀點一致，我對我們合併後的上市公司第一季的業績非常滿意。

Financial performance was in line with our expectations and resulted in growth across all key metrics.

財務業績符合我們的預期，所有關鍵指標均實現成長。

I'm also excited about what we're seeing in our leading indicators.

我對我們所看到的領先指標也感到非常興奮。

In particular, the robust Q1 business development results provide a great start to the fiscal year and help position Amentum to deliver long-term value for our stakeholders.

特別是，強勁的第一季業務發展業績為財年提供了良好的開端，並幫助 Amentum 為我們的利害關係人提供長期價值。

Before diving into the details, I'd like to again highlight that while our GAAP results provide an accounting view of Amentum's legacy business excluding CMS, today's discussion will focus on our non-GAAP results compared to the pro forma results from the first quarter of fiscal 2024.

在深入探討細節之前，我想再次強調一下，雖然我們的 GAAP 結果提供了 Amentum 不包括 CMS 的遺留業務的會計視圖，但今天的討論將重點關注我們的非 GAAP 結果與 2024 財年第一季度的預測結果相比。

These figures offer a combined view of the new Amentum business and provide performance insights on a more comparable basis.

這些數據提供了對新 Amentum 業務的全面了解，並在更具可比性的基礎上提供了績效洞察。

Let's turn to slide 7, which highlights the strong Q1 performance John mentioned earlier.

讓我們翻到第 7 張幻燈片，它重點介紹了約翰之前提到的強勁的第一季表現。

Revenues of $3.4 billion reflect 2% growth and were driven by year-over-year increases in both Digital Solutions and Global Engineering Solutions.

34 億美元的收入反映了 2% 的成長，這得益於數位解決方案和全球工程解決方案的同比增長。

Adjusted EBITDA was $262 million, reflecting a 3% increase year-over-year and benefited from a 10 basis point increase in adjusted EBITDA margins.

調整後的 EBITDA 為 2.62 億美元，年成長 3%，受益於調整後的 EBITDA 利潤率增加 10 個基點。

Adjusted diluted earnings per share was $0.51, up 2% from a year ago, with strong operating performance more than offsetting higher interest expense.

調整後每股攤薄收益為 0.51 美元，較去年同期成長 2%，強勁的經營業績足以抵銷更高的利息支出。

Moving to slide 8.

移至幻燈片 8。

Let me provide an overview of results for the reportable segments introduced on our last earnings call.

讓我來概述一下我們上次在收益電話會議中介紹的報告分部的表現。

Digital Solutions, which provides advanced digital and data-driven solutions primarily for the US federal government and commercial customers, generated revenues of $1.3 billion, representing 1% growth.

數位解決方案主要為美國聯邦政府和商業客戶提供先進的數位和數據驅動解決方案，其收入為 13 億美元，成長 1%。

The year-over-year increase was driven by new contract awards, partially offset by the expected ramp down of historical programs.

同比增長主要得益於新合約授予，但被歷史項目預期減少的部分抵消。

Excluding the previously disclosed impact of Cytec, Digital Solutions revenues grew by 5% on an underlying basis.

除去先前揭露的 Cytec 的影響，數位解決方案收入基本增長了 5%。

Adjusted EBITDA increased to $100 million as a result of the higher revenue volume.

由於營收增加，調整後的 EBITDA 增至 1 億美元。

Global Engineering Solutions, which provides long-standing, trusted engineering and technical solutions across the globe for US and allied nations, generated revenues of $2.1 billion, reflective of 3% growth.

全球工程解決方案公司為美國及其盟國提供長期可靠的工程和技術解決方案，其營收為 21 億美元，成長率為 3%。

The year-over-year increase was driven by the ramp-up of new programs and on-contract growth.

同比增長主要是由於新項目的增加和合約的增長。

Adjusted EBITDA increased 4% due to the higher revenue volume and improved operating performance.

由於收入增加和經營業績改善，調整後 EBITDA 成長了 4%。

Turning to slide 9 to cover our cash flow performance and capital structure highlights.

第 9 頁介紹我們的現金流量表現和資本結構亮點。

First quarter free cash flow of $102 million reflects a positive start to the fiscal year and was driven by solid operating performance, disciplined working capital management and favorable timing of tax and interest payments.

第一季的自由現金流為 1.02 億美元，反映了本財年的良好開端，並得益於穩健的營運績效、嚴格的營運資本管理以及有利的稅收和利息支付時機。

Our liquidity position remains strong with ending cash on hand of $522 million and no outstanding balances on our $850 million revolving credit facility.

我們的流動性狀況仍然強勁，期末現金為 5.22 億美元，8.5 億美元循環信貸額度中沒有未償還餘額。

In addition, net leverage improved to 4.0x from 4.1x at the end of fiscal year 2024 as a result of both cash and adjusted EBITDA performance.

此外，由於現金和調整後的 EBITDA 表現，淨槓桿率從 2024 財年末的 4.1 倍改善至 4.0 倍。

We continue to believe our balance sheet strength, strong liquidity position and robust free cash flow profile will be fundamental drivers to creating long-term shareholder value.

我們仍然相信，我們的資產負債表實力、強勁的流動性狀況和強勁的自由現金流狀況將成為創造長期股東價值的根本驅動力。

We remain committed to prioritizing free cash flow to pay down debt and to achieving our target net leverage of approximately 3x by the end of fiscal year 2026.

我們仍致力於優先利用自由現金流來償還債務，並在 2026 財年末實現約 3 倍的淨槓桿目標。

On slide 10, let's now turn to our fiscal year 2025 full year outlook.

在第 10 張投影片上，現在我們來看看 2025 財年全年展望。

As a result of Q1 performance, continued business development momentum and with 96% of fiscal year 2025 revenues expected to come from existing and recompete business, we remain confident in the outlook provided in December.

由於第一季的業績、持續的業務發展勢頭，以及預計 2025 財年 96% 的收入將來自現有業務和重新競爭業務，我們對 12 月份提供的前景仍然充滿信心。

We are reaffirming guidance for the year, including revenues in the range of $13.8 billion to $14.2 billion, adjusted EBITDA between $1.06 billion and $1.1 billion, adjusted diluted earnings per share between $2 and $2.20 and free cash flow between $475 million and $525 million.

我們重申今年的業績預期，包括營收在 138 億美元至 142 億美元之間、調整後 EBITDA 在 10.6 億美元至 11 億美元之間、調整後每股攤薄收益在 2 美元至 2.20 美元之間、自由現金流在 4.75 億美元至 5.25 億美元之間。

The underlying guidance assumptions remain unchanged, and we continue to expect sequential increases in all metrics as we move through the remainder of fiscal year 2025 primarily as a result of newly awarded programs ramping up as well as from a 53rd week in the fourth quarter.

基本指導假設保持不變，我們繼續預計，在 2025 財年剩餘時間內，所有指標都將環比增長，這主要是由於新授予項目的增加以及第四季度第 53 週的增長。

While we acknowledge the situation is fluid and may change in the future, our guidance includes a revenues impact of approximately 1% as a result of the new administration initiatives.

雖然我們承認情況瞬息萬變，未來可能會發生變化，但我們的預期是，新管理措施將對收入產生約 1% 的影響。

Further, we expect cash flow will follow normal seasonality with the majority generated in the second half of the fiscal year as a result of fringe benefit and payroll timing and as a result of expected strong collections in the fourth quarter given our alignment with the government's fiscal year-end.

此外，我們預計現金流將遵循正常的季節性，大部分現金流將在財政年度下半年產生，這是由於福利和工資發放時間安排，並且由於我們與政府財政年度末保持一致，預計第四季度將有強勁的收款。

Wrapping up on slide 11.

結束投影片 11。

We are pleased with our start to the year, which reflects the strength of our combined company.

我們對今年的開局感到滿意，這反映了我們合併後公司的實力。

We are well positioned to meet our fiscal year 2025 financial objectives and remain confident in our ability to deliver significant free cash flow growth and long-term value for stakeholders.

我們已做好準備實現 2025 財年的財務目標，並且有信心為利害關係人實現顯著的自由現金流成長和長期價值。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Brian Gesuale, Raymond James.

(操作員指示) Brian Gesuale、Raymond James。

Really nice execution in the quarter.

本季的執行情況確實非常好。

I wanted to dig in maybe a little bit on what you're seeing from your customers.

我想要深入了解您從客戶那裡看到的情況。

You alluded to it towards the end in terms of shaping the revenue outlook for the year.

在談到塑造年度收入前景時，您最後提到了這一點。

Can you talk about maybe areas where you're seeing an acceleration with the administration priorities, but also areas that are taking a slowdown as you look forward?

您能否談談您看到政府重點領域在哪些方面正在加速，但同時展望未來哪些領域正在放緩？

Sure.

當然。

Amentum's core business is focused on executing well-funded enduring programs of national significance, and of course, across long contracts that we've talked before.

Amentum 的核心業務專注於執行資金充足、具有全國意義的持久項目，當然還有我們之前談到的長期合約。

And what we've seen is a pretty stable environment across most of our long contracts.

我們看到，大多數長期合約的環境都相當穩定。

And if -- where we do see some impact is probably some delays in awards due to executing -- with the government executing guidance from the executive orders.

如果我們確實看到一些影響，那麼可能是由於政府執行行政命令的指導而導致獎項延遲。

But of course, our long-term contracts provide opportunity for on-contract growth, and we're not seeing disruption on our general business.

但當然，我們的長期合約為合約成長提供了機會，而且我們並沒有看到我們的整體業務受到干擾。

Like everyone, there's been an impact to contracts focused on foreign aid.

和所有人一樣，這對以對外援助為重點的合約也產生了影響。

Amentum had a small amount of that, but it's really immaterial, about less than 1% of revenue.

Amentum 佔了其中的一小部分，但實際上並不重要，約不到收入的 1%。

And so it doesn't really had -- it hasn't really had a material impact on our outlook of the business.

因此，它實際上並沒有對我們的業務前景產生重大影響。

As you know, about 80% of our business is focused on the US government.

如你們所知，我們大約80%的業務集中在美國政府。

We have 20% of our business is foreign governments, commercial, so zero kind of concern about what's happening with the federal government.

我們的業務有 20% 是與外國政府打交道，是商業業務，所以我們完全不關心聯邦政府發生的事情。

And the vast majority of that 80% of our business is focused on national security agencies, Department of Defense, intel.

我們 80% 的業務絕大部分集中在國家安全機構、國防部和情報部門。

And those customers are -- continue to move out in terms of awards, RFPs, and we continue to see strong demand.

這些客戶在獎項和 RFP 方面繼續向前邁進，我們繼續看到強勁的需求。

I wouldn't say we've seen necessarily a shift already in how our customers are procuring.

我不會說我們已經看到客戶採購方式的轉變。

And with respect to the types of procurement, I think that's too early to see after just a couple of weeks with the new administration, but I'm sure we'll start to see some of those impacts.

至於採購類型，我認為在新政府上任僅幾週後就下結論還為時過早，但我相信我們將開始看到其中的一些影響。

But as we think about it, what are some of the areas that we've heard are priorities by the customer, the border, immigration, space, cyber, these are all areas that we have great strength that are currently providing significant support to the government.

但當我們思考這個問題時，我們聽到客戶優先考慮哪些領域，例如邊境、移民、太空、網絡，這些都是我們擁有強大優勢的領域，目前正在為政府提供重要支援。

And as we see further priority on these areas, we would expect to see increased demand as well.

隨著我們進一步重視這些領域，我們預計需求也會增加。

Maybe I want to talk about pipeline.

也許我想談談管道。

I appreciate the metrics that you provided us.

我感謝您提供給我們的指標。

Can you maybe just talk about -- when we think about that pending $30 billion and submitting $12 billion and then $35 billion for the full year, can you give us some shape and context between how that fits between Digital Solutions and your global engineering business and really how we might think of that from a new business and a recompete standpoint?

您能否談談——當我們考慮到待定的 300 億美元和提交的 120 億美元以及全年 350 億美元時，您能否給我們提供一些背景信息，說明這些數字解決方案與您的全球工程業務之間的契合程度，以及我們如何從新業務和重新競爭的角度來看待這些問題？

Brian, Travis here.

布萊恩，我是崔維斯。

Yes, we were really pleased with the business development results in the first quarter and saw the strong book-to-bill of 1.1. Excluding the JVs, as John noted in his prepared remarks, we also had a nice joint venture win, continuing the great work we do for the West Valley project; and as John said, on an imputed basis, 1.5 book-to-bill, including our unconsolidated JVs for the first quarter.

是的，我們對第一季的業務發展結果非常滿意，訂單出貨比達到強勁的1.1。正如約翰在其準備好的演講中指出的那樣，除了合資企業之外，我們還取得了不錯的合資勝利，繼續為西谷項目做出偉大的貢獻；正如約翰所說，以估算基礎計算，訂單出貨比為 1.5，包括我們第一季的非合併合資企業。

So pleased to see that.

很高興看到這一點。

And then as we look forward, that $12 billion of submits really demonstrated kind of the business development engine is working, propelled us to that $30 billion in pending awards at the end of the quarter.

展望未來，120 億美元的提交確實證明了業務發展引擎正在發揮作用，推動我們在本季末獲得了 300 億美元的待決獎項。

Roughly 2/3 of that is new business to Amentum, and it is well kind of split between both the Digital Solutions and global engineering segments.

其中約 2/3 是 Amentum 的新業務，分為數位解決方案部門和全球工程部門。

And actually, we saw a book-to-bill above one in both of the segments during the quarter.

實際上，我們在本季看到兩個部門的訂單出貨比都高於 1。

So really kind of pleased about the momentum there and the potential outcome we see for those results for the remainder of the year.

因此，我們對目前的勢頭以及今年剩餘時間內可能取得的成果感到非常高興。

Yes.

是的。

The bookings look really good to me.

我認為預訂情況非常好。

Maybe just pivoting real quickly, and this will be my final one, on free cash flow.

也許只是快速轉變，這將是我關於自由現金流的最後一次轉變。

You came in better than my model.

你比我的模特兒表現得更好。

I commend you on executing during the integration phase here.

我對你們在整合階段的執行表示讚賞。

You talked about big fourth quarter collections.

您談到了第四季度的大規模收藏。

Is there any seasonality we should think about in between Q1 and Q4?

在第一季和第四季之間我們是否應該考慮季節性？

And certainly would appear you're tracking towards the higher end of your free cash flow expectations for the year given the start.

從年初來看，您肯定會朝著今年自由現金流預期的更高水準發展。

Yes.

是的。

We were really pleased with the cash flow performance in the first quarter.

我們對第一季的現金流表現非常滿意。

It obviously started with strong operating performance and the contributions from EBITDA.

顯然，這始於強勁的營運績效和 EBITDA 的貢獻。

But we also saw DSO perform really well.

但我們也看到 DSO 的表現確實非常出色。

Actually, on kind of a year-over-year pro forma basis, it was down two days and a little bit better than expectations.

實際上，與去年同期相比，銷量下降了兩天，但比預期要好一些。

So off to a good start for the fiscal year, obviously, gave us confidence to reaffirm our $475 million to $525 million target for the year.

因此，本財年開局良好，顯然給了我們信心，讓我們重申今年 4.75 億至 5.25 億美元的目標。

Maybe just one thing to remind you on, there is some normal cyclicality, as you mentioned, one of them with our fiscal year aligning with the government fiscal year-end.

也許只有一件事需要提醒你，正如你所提到的，存在一些正常的周期性，其中之一就是我們的財政年度與政府財政年度結束時一致。

Q4 is always going to be our strongest quarter from a cash flow perspective, but also due to the timing of the interest payments on our debt.

從現金流角度來看，第四季始終是我們業績最強勁的季度，這也是因為我們債務的利息支付時間表。

There's semiannual payments due on our unsecured notes, which is roughly $35 million in the second quarter and the fourth quarter.

我們的無擔保票據每半年需支付一次，第二季和第四季的付款額約為 3,500 萬美元。

And then we also have an extra payment just due to the way the months fall on our Term Loan B in the second quarter and the fourth quarter.

而且我們還需要額外的付款，因為我們的定期貸款 B 在第二季和第四季的月份不同。

So that drives a little bit of variability as well.

所以這也會帶來一些改變。

So generally speaking, we'd expect to see Q2 likely be the low quarter for the year.

因此總體而言，我們預計第二季可能是今年的低迷季度。

And then as we've stated in the prior call and kind of reaffirmed today, 2H will be where the vast majority of our free cash flow is generated.

正如我們在之前的電話會議中所說以及今天重申的那樣，下半年將是我們產生絕大部分自由現金流的時候。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist Securities。

I was wondering if you could talk about your commercial business.

我想知道您是否可以談談您的商業業務。

You cited a number of awards.

您列舉了許多獎項。

And I'm wondering what you're seeing there in terms of demand and how the awards that you generated in the quarter would translate into a book-to-bill if we look at it on a discrete basis like that.

我想知道您在需求方面看到了什麼，如果我們以離散的方式看待它，您在本季度獲得的獎項將如何轉化為訂單出貨比。

Tobey, Steve Arnette here.

托比，我是史蒂夫‧阿內特。

Really excited about the momentum in the commercial sector.

我對商業領域的發展勢頭感到非常興奮。

We talked about that even in -- as the companies were coming together.

當兩家公司剛合併時，我們就討論過這個問題。

We've had a nice trend of growth on the commercial side.

我們在商業方面取得了良好的成長趨勢。

We like that sector of the business.

我們喜歡這個業務領域。

If you look at the customers we're supporting, it's -- these are market leaders.

如果你看看我們支持的客戶，你會發現他們都是市場領導者。

They are blue-chip commercial companies that are kind of market leaders in their own right.

它們都是藍籌商業公司，本身就是市場領導者。

We have good bookings in terms of a few specific areas.

我們在幾個特定領域的預訂情況良好。

One that we're very excited about is we are increasingly helping some of the hyperscalers with being able to enable a next generation of AI.

我們非常興奮的是，我們正在不斷幫助一些超大規模企業實現下一代人工智慧。

There's a lot of great kind of pioneering work really that we're doing with them to help enable the dramatically increased compute intensity associated with AI, and we're really doing a lot of work both to enable and bring that to life.

我們確實與他們一起進行了許多開創性的工作，以幫助大幅提高與人工智慧相關的計算強度，並且我們確實做了很多工作來實現這一點。

So we're excited about the trajectory of that work.

因此，我們對這項工作的進展感到非常興奮。

In addition to that kind of leading-edge work, we are heavily engaged with some of the automotive companies in their product development and product testing, helping to bring some of our RDT&E technology from the aerospace world into automotive.

除了這類前沿工作之外，我們還與一些汽車公司密切合作，參與其產品開發和產品測試，幫助將我們的一些航空航太領域的 RDT&E 技術引入汽車領域。

And we're really helping not only get better results and product testing but speed their time to market as they continue to develop new products in their portfolio.

我們不僅真正幫助他們獲得更好的結果和產品測試，而且在他們繼續開發其產品組合中的新產品時加快了他們的產品上市時間。

And then across other industrial leaders, a big move around, I'm -- we're going to call it smart or advanced infrastructure, where we're integrating advanced sensors, 5G technology, advanced control algorithms to really improve the management and utilization of their assets.

然後，在其他工業領袖中，我們採取了一項重大舉措，我稱之為智慧或先進的基礎設施，我們將整合先進的感測器、5G 技術、先進的控制演算法，以真正改善其資產的管理和利用率。

So we don't have a book-to-bill to share with you.

因此，我們沒有訂單出貨比數據可以與您分享。

But what we can say is if you -- if we went through and tried to piece that together for the recent past, it would certainly be greater than one.

但我們可以說的是，如果我們仔細分析並嘗試將近期發生的事情拼湊起來，那麼結果肯定會大於 1。

So we're very excited about the continued trajectory of the commercial work.

因此，我們對商業工作的持續發展感到非常興奮。

With respect to news that's just kind of come out in the last day or so, have you heard anything from customers about increased operations in -- expected in Gaza?

關於最近幾天傳出的消息，您是否聽到客戶關於加薩預計業務將增加的消息？

And if that were to unfold, using history as our guide, would the company likely play a role in terms of logistics support or some other capacity?

如果發生這種情況，以歷史為指導，該公司是否會在物流支援或其他方面發揮作用？

Yes.

是的。

I mean we don't actually get down to that level in talking about what's happening within kind of specific programs or customers.

我的意思是，我們實際上並沒有深入到那個層面來談論特定專案或客戶中發生的事情。

But what I would say is this, our history is replete with examples where we have supported the US government around the world in some of the most important complex missions.

但我想說的是，我們的歷史上充滿了支持美國政府在世界各地執行一些最重要的複雜任務的例子。

Of course, the world is a dangerous place.

當然，世界是個危險的地方。

We know that.

我們知道這一點。

There are escalating threats and challenges that need support by the US government, and we will be there to support the government and that -- whatever they require.

不斷升級的威脅和挑戰需要美國政府的支持，無論政府需要什麼，我們都會支持他們。

We have an advanced capability, I think, that is recognized by our customers and has been one of the key partners to our government both inside and outside the US.

我認為，我們擁有先進的能力，並得到了客戶的認可，並且一直是我們美國國內外政府的重要合作夥伴之一。

And we're ready to support them in any way necessary in terms of whatever that strategy the US government intends to pursue, whether it's in the Middle East or anywhere.

無論美國政府打算實施何種策略，無論是在中東或其他任何地方，我們都準備好以任何必要的方式支持他們。

And Tobey, I think it's also important to note, just as a follow-up to what John said, just to provide a little bit more clarity on our guide, while we're tracking a lot of these potential opportunities, some of which are -- could be short term in nature and really approach us quickly and we're actively having discussions with our customers about today, they could provide upside as we move throughout the remainder of the fiscal year.

托比，我認為還需要注意的是，作為對約翰所說內容的後續跟進，為了對我們的指南提供更清晰的說明，雖然我們正在追踪許多潛在的機會，但其中一些機會可能是短期的，並且確實會很快與我們接觸，我們正在積極地與客戶進行討論，這些機會可能會在本財年剩餘時間內為我們帶來好處。

We haven't counted on any of them happening to meet our guidance expectations.

我們沒有指望其中任何一個能夠達到我們的指導預期。

Travis, if I could, I know your DSO performed well in the December quarter.

特拉維斯，如果可以的話，我知道你的 DSO 在 12 月季度表現良好。

But I'm curious, how are payment offices functioning here in recent weeks?

但我很好奇，最近幾週這裡的支付辦公室運作如何？

Just curious with some of the DOGE stuff in the treasury and so forth.

只是對國庫中的一些 DOGE 東西等等感到好奇。

Yes.

是的。

We've seen no slowdown or impact in terms of payment offices or processing.

我們沒有看到支付辦公室或處理方面的任何放緩或影響。

And my last question is in terms of NASA kind of hasn't really been in the news with respect to DOGE and a focal point in the initial phases of the administration.

我的最後一個問題是，NASA 關於 DOGE 的報導還沒有引起太多關注，而且 DOGE 也是政府執政初期的焦點。

What are your thoughts on the resilience of budgets there in the company's activities?

您對該公司活動的預算彈性有何看法？

We feel very good about the work we're doing at NASA.

我們對在 NASA 所做的工作感到非常滿意。

We're proud to be engaged across what I'll call the high-priority missions within the NASA portfolio.

我們很榮幸能夠參與 NASA 投資組合中的高優先級任務。

We have to date seen zero impact to any of the work we're doing supporting the agency.

到目前為止，我們為該機構所做的支援工作都沒有受到任何影響。

As many people know, one of the real strategic priorities, not just for NASA but for the nation, and in fact, for the 53 nations that have signed the Artemis Accords is to return humans to the surface of the moon.

眾所周知，不僅對 NASA 而言，而且對整個國家而言，事實上，對簽署了《阿爾忒彌斯協定》的 53 個國家而言，真正的戰略重點之一就是讓人類重返月球表面。

There are certainly exploration objectives there.

那裡肯定有探索目標。

There are strategic objectives for the nation associated with that.

與此相關的是國家的戰略目標。

And then also, that is a key step in the Moon to Mars program.

這也是月球到火星計畫的關鍵一步。

So we're excited about the Artemis II mission slated for early '26.

因此，我們對計劃於 26 年初進行的阿爾忒彌斯二號任務感到非常興奮。

Our Amentum team working hand-in-hand with NASA at the Kennedy Space Center Florida.

我們的 Amentum 團隊與美國太空總署在佛羅裡達甘迺迪太空中心攜手合作。

We're processing the majority of that space flight hardware, getting ready for that flight.

我們正在處理大部分太空飛行硬件，為這次飛行做準備。

We're excited for that one.

我們對此感到很興奮。

Artemis III to put humans back on the surface of the moon.

阿爾忒彌斯三號將人類重返月球表面。

And I guess, what we would say, Tobey, is what we know is the Artemis missions are the only solution that we have that can safely and soon return humans to the surface of the moon.

我想，托比，我們要說的是，我們知道阿爾忒彌斯任務是我們唯一能夠安全、迅速地讓人類重返月球表面的解決方案。

So we're really excited as those missions continue to accelerate toward execution.

因此，我們非常興奮，因為這些任務正在不斷加速執行。

But larger than Artemis, our work continues.

但比阿爾特彌斯更大的是，我們的工作仍在繼續。

We're excited about the continuing trajectory of that portfolio.

我們對該投資組合的持續發展軌跡感到非常興奮。

And so excited to continue forward in the future.

我很高興能在未來繼續前進。

And Tobey, the other thing I would add on would be that space superiority is -- could be argued one of the defining strategic objectives of our time.

托比，我想補充的另一點是，太空優勢可以說是我們這個時代的決定性策略目標之一。

If you think about where the battle space is focused of the future, it's in space.

如果你思考未來戰場的焦點在哪裡，那就是太空。

It's information and kind of both offensive and defensive space.

它是訊息，也是進攻和防禦的空間。

And I think NASA has a direct relation to that mission and ensuring that the US leads that going forward both from a national security standpoint, which probably is, in my mind, the biggest element, but also space exploration as a matter of the future if we think about where mankind is going.

我認為 NASA 與該任務有著直接的關係，並確保美國從國家安全的角度引領該任務向前發展，這在我看來可能是最重要的因素，如果我們考慮人類的發展方向，太空探索也是未來的問題。

The other thing that I'm surprised Steve didn't mention is -- because he always talks about it is that the NASA work we do also supports the commercial space industry.

令我驚訝的是史蒂夫沒有提到的另一件事是——因為他總是談論我們在美國宇航局所做的工作也支持商業航太產業。

Without the infrastructure and the support and the capabilities of NASA, our nation's commercial space industry would not be where it is today.

如果沒有美國國家航空暨太空總署的基礎設施、支援和能力，我們國家的商業航太產業就不會擁有今天的成就。

And every day, when we go to work at NASA and NASA goes to work, and we work side by side, we are supporting not only the nation's space program and space science programs, but we are also supporting commercial space across all different areas from, obviously, launch, which -- but also engineering, how they operate in space from a human standpoint.

每天，當我們和 NASA 一起上班時，我們並肩工作，我們不僅在支持國家的太空計劃和太空科學計劃，而且我們還在支持各個領域的商業太空，顯然包括發射，還有工程，以及從人類的角度研究它們如何在太空中運作。

So there is a great relationship there between the two that is critically important to America's superiority in space.

因此，兩者之間的密切關係對於美國的太空優勢至關重要。

(Operator Instructions) Ken Herbert, RBC Capital Markets.

（操作員指示） Ken Herbert，RBC 資本市場。

Maybe wanted to start with you -- nice first quarter -- fiscal first quarter.

也許想從你開始——好的第一季——財政第一季。

When you look at the Digital Solutions and Global Engineering Solutions segments, how do we think about the margin progression from here through the rest of fiscal '25 at a segment level, if you can provide some commentary?

當您查看數位解決方案和全球工程解決方案部門時，我們如何看待從現在到 25 財年剩餘時間的部門利潤率增長，您能提供一些評論嗎？

Yes.

是的。

Ken, we provide guidance at the enterprise level, not at the segment level, but here's what I would say about the margin profile and trajectory of both of those businesses.

肯，我們在企業層面而不是細分層面提供指導，但我想說這兩項業務的利潤狀況和發展軌跡。

As you can see, they're both around the upper 7% margin range today.

如您所見，今天它們的利潤率都在 7% 的上限左右。

As we execute the strategic priorities that we laid out at Capital Markets Day, execute on the integration plans that we had in place day one, progress our value-capture activities and initiatives, we do see a path to where both segments can have nice EBITDA margin accretion over the medium to long term.

當我們執行在資本市場日制定的策略重點、執行第一天制定的整合計劃、推進我們的價值獲取活動和計劃時，我們確實看到了兩個部門都能在中長期內實現良好的 EBITDA 利潤率增長的道路。

And we would expect some slight accretion as we move throughout the year in both segments.

我們預計，隨著全年的發展，這兩個領域都會出現一些小幅成長。

Okay.

好的。

So nothing in particular in one or the other that you'd call out as particularly sort of needle-moving or an opportunity we should think about through the rest of the fiscal year?

那麼，您認為在其中一個方面沒有什麼特別之處，可以作為我們在本財政年度剩餘時間應該考慮的特別推動力或機會嗎？

No.

不。

Okay.

好的。

And then just as a follow-up, you've given some great color on, obviously, the activity level.

然後作為後續，你顯然對活動水平給出了一些很好的說明。

You did call out earlier in the call, I think it was 15 opportunities that are north of $1 billion that you're pursuing through the end of '26.

您之前在電話會議中確實提到過，我認為到 26 年底，您將尋求 15​​ 個價值超過 10 億美元的投資機會。

I'm just curious, as a point of reference, how does that compare maybe to prior points in time?

我只是好奇，作為參考點，這與之前的時間點相比如何？

And how would you think about capture rate on those as maybe different from sort of your typical pipeline or how that opportunity set could potentially evolve?

您如何看待這些的捕獲率與您的典型管道有何不同，或者這些機會集可能如何發展？

We are excited -- I mean we talked about the submit volume in Q1.

我們很興奮——我的意思是我們談論了第一季的提交量。

So I think that's one of the early integration successes is getting the BD engine rolling.

所以我認為這是早期整合成功之一，即讓 BD 引擎運轉起來。

So a lot of energy around that.

因此，這方面投入了大量精力。

On the 15 kind of $1 billion-plus, the majority of those, to be clear, the incoming businesses know about, but there's a minority of those opportunities that absolutely represent kind of coming to life the thesis of the merger.

對於這 15 家價值 10 億美元以上的企業，需要明確的是，其中大多數是合併後的企業知曉的，但只有少數機會真正代表了合併主題的實現。

These are large major opportunities.

這些都是巨大的機會。

They tend to be high-content, advanced engineering capability that the newly merged Amentum is well positioned and has the right to win, if you will, that neither the incoming businesses did.

這些產品往往具有高含量和先進的工程能力，新合併的 Amentum 處於有利地位並有權贏得勝利，而其他合併後的企業都沒有。

So those fall across defense, intelligence communities, a big, major opportunities.

因此，這些對於國防和情報部門來說都是一個巨大的機會。

So really, the new Amentum is in a great position to pursue some of those, and they do represent a minority of those 15 opportunities.

因此，實際上，新的 Amentum 處於非常有利的位置來追求其中的一些機會，而且他們確實代表了這 15 個機會中的少數。

So hopefully, that helps.

希望這能有所幫助。

And Ken, this is a point in time -- data point in that we're not stopping.

肯，這是一個時間點，一個數據點，我們不會停止。

Like over the next two years, as we go through '25 and '26, our objective is to qualify and add additional opportunities like that to that list.

就像接下來的兩年，當我們經歷25年和26年時，我們的目標是獲得資格並在該清單中添加更多類似的機會。

I think it just points to the strength of this business, the confidence of this business and how the customer perceives us as a leader of delivering complex, large, enduring long-term contracts.

我認為這只是表明了這項業務的實力、這項業務的信心以及客戶如何看待我們作為提供複雜、大型、持久的長期合約的領導者。

And it's a legacy aspect of both of our businesses that has only been strengthened bringing them together.

這是我們兩家公司的傳統業務，合併後將進一步加強我們的業務。

Trevor Walsh, Citizens JMP.

特雷弗沃爾什 (Trevor Walsh)，公民 JMP。

John, I -- all the color around kind of these first few weeks with the new administration was great.

約翰，我 — — 新政府上任頭幾週的一切都很好。

Was wondering if you could maybe touch on how you think specifically the changes around personnel and manning changes really around the head count and some of the efforts to reduce head count broadly across the government could kind of impact the business.

想知道您是否可以具體談談您如何看待人事和人員編制方面的變化，尤其是員工人數的變化，以及政府範圍內大規模裁員的一些舉措可能會對業務產生怎樣的影響。

I would imagine there could be some potential, I guess, silver linings of that in terms of that potentially frees up people to come work for Amentum and kind of add to your -- what is effectively a very people-centric business.

我想這可能有一些潛在的好處，我想，這可能會讓人們有時間來 Amentum 工作，並為你們實際上以人為本的企業增添光彩。

So I wonder if you could just kind of talk through the puts and takes specifically around kind of that piece of what DOGE and the like are doing.

所以我想知道您是否可以具體談談 DOGE 和類似機構正在做的事情。

Yes.

是的。

It's interesting when we have the conversation around what's happening.

當我們談論正在發生的事情時很有趣。

And just in the last week, I was at an event, and we were talking about this.

就在上週，我參加了一個活動，我們正在討論這個問題。

The work of the US government, its mission and what it has to do on a daily, monthly, annual basis is not changing.

美國政府的工作、使命以及每天、每月、每年要做的事情並沒有改變。

What's changing, I think, and what this administration is looking at is how we deliver that scope of work in a more effective and efficient way.

我認為，正在發生的變化以及本屆政府正在考慮的是如何以更有效、更有效率的方式完成這項工作。

So we absolutely support that objective and understand it.

因此，我們絕對支持並理解這一目標。

But we still have to deliver that quantity of effort that the US government is responsible for.

但我們仍必須付出美國政府應盡的義務。

We have to operate a military.

我們必須經營一支軍隊。

We have to operate an intelligence community.

我們必須運作一個情報界。

We have to operate all the other services that support the citizens of the United States and Homeland Security.

我們必須運作所有其他支援美國公民和國土安全部的服務。

Those things aren't changing.

這些事情不會改變。

We're not -- it's not like we're going from 330 million citizens to 120 million.

我們並不是——我們的公民數量並沒有從 3.3 億減少到 1.2 億。

We still have to deliver services to 330 million citizens.

我們也要向3.3億公民提供服務。

And doing that in a more efficient way should create opportunities for companies that have the ability to deliver more efficient methods and processes and technology to execute that level of work that still has to get done.

以更有效的方式做到這一點應該會為那些有能力提供更有效的方法、流程和技術的公司創造機會，以完成尚未完成的工作。

And so I understand and I fully -- it's a noble effort to try to look at how we run government in a most efficient way.

因此我完全理解 — — 嘗試研究如何以最有效的方式管理政府是一項崇高的努力。

But we see the opportunity going forward very clearly that companies that are innovative and bring kind of -- and bring a century of knowledge of delivering those services and help the government execute the delivery of that -- those services in a more efficient way.

但我們清楚地看到了未來的機遇，那些具有創新精神的公司，帶來了一個世紀以來提供這些服務的知識，並幫助政府以更有效的方式提供這些服務。

So we're excited about the prospects to dig in and help with the effort in terms of what the mission of this new administration is trying to accomplish.

因此，我們很高興能深入研究並幫助新政府完成其使命。

Great.

偉大的。

Terrific.

了不起。

Maybe one more for Travis.

也許特拉維斯還會再來一個。

You mentioned at the end of your prepared remarks, Travis, the 1% portion -- or I guess, impact from the new administration that's part of the revenue guidance for the year.

特拉維斯，在您準備好的演講結束時，您提到了 1% 的部分——或者我猜是新政府的影響，這是今年收入指導的一部分。

Could you maybe just dig in a little bit as to how your thoughts are around that assumption?

您能否稍微深入探討一下您對此假設的看法？

And then kind of as a secondary or follow-up to that, is there something that you would see as far as a change or, I guess, the ability to maybe remove that 1% impact if you see certain indicators or signals kind of coming through as you progress through the year?

然後作為次要的或後續的，如果您看到某些指標或訊號在一年內逐漸顯現，您是否會看到一些變化，或者是否有能力消除那 1% 的影響？

Trevor, first, I would say, obviously, we acknowledge that the situation is fluid.

特雷弗，首先我想說，顯然我們承認局勢是不斷變化的。

But we did believe it was important to quantify and be transparent about any potential impacts that we could see based on the information we have today.

但我們確實認為，根據我們今天掌握的信息，量化和透明化我們可以看到的任何潛在影響是很重要的。

And as John mentioned, fortunately, the potential impacts are minimal, and they're really isolated to work funded kind of in the Department of State focused on foreign aid and assistance.

正如約翰所提到的，幸運的是，潛在的影響很小，而且這些影響實際上只限於由國務院資助的、專注於對外援助和援助的工作。

And we were comfortable based on the Q1 results, what we're seeing in other parts of the business to reaffirm our full year guidance even with that in mind.

根據第一季的業績，我們感到很放心，考慮到這一點，我們也看到其他業務領域的情況可以重申我們對全年的預期。

But what I would say about our thoughts on what could potentially change that, and I mentioned this a little bit earlier in the Q&A, we haven't factored in any potential upside opportunities that we're actively having discussions with our customers about today that are aligned with the new administration's priorities.

但我想說的是，我們對可能改變這種狀況的想法，我在之前的問答中提到過，我們還沒有考慮任何潛在的上升機會，我們今天正在與客戶積極討論這些機會，這些機會與新政府的優先事項相一致。

So as those things become to light, become more real, as we progress throughout the year, that could change our views of things.

因此，隨著這些事情逐漸明朗，變得更加真實，隨著我們全年的進步，這可能會改變我們對事物的看法。

And we look forward to keeping everybody updated as we progress.

我們期待向大家通報進展。

That concludes today's Q&A session.

今天的問答環節到此結束。

I will turn the call back to Mr. Heller for closing remarks.

我將把電話轉回給海勒先生，請他作最後發言。

Thank you, operator, and thank you all for your interest in Amentum.

謝謝您，操作員，也謝謝大家對 Amentum 的關注。

While there's a lot of work still ahead of us as we focus on the future, we are pleased with our progress to date, and we look forward to continuing to update you over the coming quarters.

儘管我們著眼於未來，面前還有許多工作要做，但我們對迄今為止的進展感到滿意，並期待在未來幾季繼續向您通報最新情況。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, this does conclude your conference call for today.

女士們、先生們，今天的電話會議到此結束。

Once again, thank you for attending.

再次感謝您的參加。

And at this time, we do ask that you please disconnect your lines.

此時，我們確實請求您斷開您的線路。