Amentum Holdings Inc (AMTM) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning and welcome to Amentum second-quarter fiscal year 2025 earnings conference call. Today's call is being recorded. (Operator Instructions) And at that time, I would now like to turn the call over to Nathan Rutledge, Senior Vice President of Investor Relations. Please go ahead, sir.

女士們、先生們，感謝你們的支持。早安，歡迎參加 Amentum 2025 財年第二季財報電話會議。今天的通話正在錄音。（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。先生，請繼續。

Thank you and good morning, everyone. We hope you've had an opportunity to read the press release issued yesterday afternoon, which is posted on our Investor Relations website. We have also provided presentation slides to facilitate today's call.

謝謝大家，早安。我們希望您有機會閱讀昨天下午發布的新聞稿，該新聞稿發佈在我們的投資者關係網站上。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. 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. 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.

那麼讓我們轉到投影片 2。請注意，今天上午的討論將包含前瞻性陳述，這些陳述受可能導致實際結果與預期有重大差異的重要因素影響。我請您參閱我們提交給美國證券交易委員會 (SEC) 的文件，其中討論了這些因素，包括我們 10-K 表格年度報告中的風險因素部分。

These statements represent our views as of today, and subsequent events may cause our views to change. We may elect to update the forward-looking statements at some point in the future, but specifically disclaim any obligation to do so.

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。我們可能會選擇在未來某個時間點更新前瞻性陳述，但明確否認有任何義務這樣做。

In addition, we will discuss pro forma financial measures prepared in accordance with Article 11 of Regulation SX, 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 SX 規則第 11 條編制的備考財務指標以及非 GAAP 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 supplemental presentation slides include reconciliations to the most comparable GAAP measures. 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. Our Safe Harbor statement included on this slide should be incorporated as part of any transcript of this call.

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。這些備考和非 GAAP 財務指標不應被單獨考慮或作為按照 GAAP 編制的財務指標的替代。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 financial results are John Heller, Chief Executive Officer, and Travis Johnson, Chief Financial Officer. We are also joined by other members of management, including Steve Arnette, Chief Operating 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) 和財務長特拉維斯·約翰遜 (Travis Johnson)。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，請翻到投影片 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. We appreciate you joining us today. Welcome to Amentum's second-quarter earnings conference call.

謝謝你，內森，大家早安。感謝您今天加入我們。歡迎參加 Amentum 第​​二季度收益電話會議。

As we close the first half of the fiscal year, it's rewarding to see the progress we've made. Notably, staying on track with our integration plan and the solid execution of our strategy to enhance our position as a global leader in advanced engineering and technology solutions.

當我們結束本財政年度的上半年時，看到我們所取得的進展是令人欣慰的。值得注意的是，我們將繼續推進整合計劃並堅定執行策略，以增強我們作為先進工程和技術解決方案全球領導者的地位。

Our operational results reflect the strength of our underlying business, the continued demand for our mission focused capabilities, and our ability to deliver differentiated solutions that help our customers achieve their objectives more efficiently and effectively. We also recently announced the divestiture of our Rapid Solutions product business, a positive step that is aligned with our core strategy and strengthens our balance sheet position, which I'll discuss in more detail shortly.

我們的營運績效反映了我們基礎業務的實力、對我們以使命為中心的能力的持續需求，以及我們提供差異化解決方案的能力，幫助我們的客戶更有效率、更有效地實現他們的目標。我們最近也宣布剝離快速解決方案產品業務，這是一個積極的舉措，符合我們的核心策略並加強了我們的資產負債表狀況，我將在稍後詳細討論這一點。

I'm especially proud of our team working closely with our customers around the globe as we've stayed focused on our shared vision of advancing critical missions. The disciplined execution of Amentum's strategy, agile business model, and unwavering commitment to our customers' missions have enabled us to deliver solid financial results for the second quarter.

我特別為我們的團隊與全球客戶密切合作感到自豪，因為我們始終專注於推進關鍵任務的共同願景。Amentum 策略的嚴格執行、靈活的商業模式以及對客戶使命的堅定承諾使我們能夠在第二季度取得穩健的財務表現。

As shown on slide 3, we delivered revenue of $3.5 billion, adjusted EBITDA of $268 million, reflecting 3% year-over-year growth, and free cash flow of $53 million. We are encouraged by results and understand that long-term success will be driven by disciplined execution and by May managing variables within our control.

如投影片 3 所示，我們的營收為 35 億美元，調整後 EBITDA 為 2.68 億美元，年增 3%，自由現金流為 5,300 萬美元。我們對結果感到鼓舞，並明白長期的成功將由嚴格的執行和我們控制範圍內的變數管理所驅動。

By staying focused on these priorities, we are positioning ourselves to deliver sustained growth for our customers and stakeholders. Looking ahead to the second half of the year and beyond, we remain confident in our strategy and our ability to drive long-term growth and superior value for our shareholders.

透過專注於這些優先事項，我們能夠為客戶和利害關係人實現持續成長。展望下半年及以後，我們對我們的策略以及推動長期成長和為股東創造卓越價值的能力仍然充滿信心。

Now, let's move to slide 4, which highlights the continued strong demand for Amentum's mission focus solutions across our diversified end markets. We reported $2.8 billion in net bookings this quarter, resulting in a quarterly book-to-bill ratio of 0.9 times, bringing our year-to-date book-to-bill to 1 times. As noted on our first quarter earnings call, awards to unconsolidated joint ventures are excluded from our reported book-to-bill ratio.

現在，讓我們轉到投影片 4，該投影片強調了我們多元化終端市場對 Amentum 的任務重點解決方案的持續強勁需求。我們本季報告的淨訂單金額為 28 億美元，導致季度訂單出貨率為 0.9 倍，使我們年初至今的訂單出貨率為 1 倍。正如我們在第一季財報電話會議上所指出的，我們報告的訂單出貨比中不包括對非合併合資企業的獎勵。

Including Amentum's proportional share of joint venture revenues and bookings, our year-to-date imputed book-to-bill ratio is a robust 1.2 times. Finally, we ended the quarter with a total backlog of $45 billion, representing 3.2 times our annual revenue.

如果將 Amentum 在合資企業收入和預訂中所佔的比例計算在內，我們年初至今估算的訂單出貨比高達 1.2 倍。最後，我們在本季結束時的總積壓訂單量為 450 億美元，相當於我們年收入的 3.2 倍。

Enduring demand for our work is fueled by Amentum's diverse end market exposure and our proven ability to deliver impactful mission-focused solutions. This positions us to carry strong momentum in the months and years ahead.

我們工作的持久需求源於 Amentum 多樣化的終端市場曝光度以及我們已證實的提供有影響力的以任務為中心的解決方案的能力。這使得我們在未來數月甚至數年內保持強勁勢頭。

In the second quarter, we converted a strong pipeline into new rewards that align with our key growth markets and prioritize the customers. To illustrate this momentum, I'd like to highlight a few notable wins.

在第二季度，我們將強大的管道轉化為與我們的主要成長市場一致並優先考慮客戶的新獎勵。為了說明這種勢頭，我想強調一些值得注意的勝利。

First, Amentum was awarded multiple intelligence contracts totaling over $1 billion, which are aligned with national security priorities and will deliver a range of innovative mission-focused solutions, including critical infrastructure management, cyber security, and intelligence analysis. At Capital Markets Day last August, we called our intelligence as a key market where our combined scale and capabilities will give Amentum competitive strength.

首先，Amentum 獲得了多項總額超過 10 億美元的情報合同，這些合約符合國家安全優先事項，並將提供一系列以任務為中心的創新解決方案，包括關鍵基礎設施管理、網路安全和情報分析。在去年 8 月的資本市場日上，我們將我們的情報稱為一個關鍵市場，我們的綜合規模和能力將為 Amentum 帶來競爭優勢。

These awards demonstrate the demand for high impact intelligence and cybersecurity solutions, which we expect will drive sustainable growth. This reflects the quality of our work and underscores our expertise in providing high-quality security engineering solutions, enabling our customers in their mission to defend and protect our national interest.

這些獎項顯示了對高影響力情報和網路安全解決方案的需求，我們預計這將推動永續成長。這反映了我們工作的質量，並強調了我們在提供高品質安全工程解決方案方面的專業知識，使我們的客戶能夠完成捍衛和保護國家利益的使命。

Second, Amentum was selected as the program manager and lead design engineer for Sizewell C, a new nuclear power station that will strengthen the United Kingdom's energy solutions. We're supporting customers at the forefront of the nuclear renaissance, and we are proud to be part of this mission.

其次，Amentum 被選為 Sizewell C 核電廠的專案經理和首席設計工程師，該核電廠將加強英國的能源解決方案。我們為處於核能復興前沿的客戶提供支持，我們很自豪能夠成為這項使命的一部分。

Did trust directly on our advanced engineering and deep technical expertise to help deliver the next generation and reliable and secure new killer power-generation. This long-term contract will culminate with a station that has two 1.6 megawatt reactors, enough electricity to power 6 million homes each year.

確實直接信任我們先進的工程技術和深厚的技術專長，以幫助提供下一代可靠、安全的新型殺手級發電技術。這項長期合約最終將建成一座擁有兩座 1.6 兆瓦反應爐的核電廠，每年可為 600 萬戶家庭提供足夠的電力。

Lastly, I'd like to highlight over $500 billion in IDIQ task orders awarded in the quarter, including a program with the Naval Surface Warfare Center. Through this award, we'll apply our proven expertise in electromagnetic environmental effects to strengthen the Navy's decision making in spectrum dominance.

最後，我想強調本季授予的價值超過 5000 億美元的 IDIQ 任務訂單，其中包括與海軍水面作戰中心合作的項目。透過該獎項，我們將運用我們在電磁環境影響方面成熟的專業知識來加強海軍在頻譜優勢方面的決策能力。

Our solutions will enhance battle force interoperability by addressing electromagnetic interference challenges, delivering a strategic edge in naval operations. With extensive capabilities spanning digital transformation, modernization and sustainment, and space systems, and deep relationships to cross the customer landscape, Amentum is unlocking meaningful cross-selling opportunities.

我們的解決方案將透過解決電磁幹擾挑戰來增強戰鬥部隊的互通性，為海軍作戰提供戰略優勢。Amentum 擁有涵蓋數位轉型、現代化和維持以及空間系統的廣泛能力，以及跨越客戶領域的深厚關係，正在釋放有意義的交叉銷售機會。

We have positions on more than $450 billion in contract vehicles, many of which span multiple mission areas. These broad scope rewards allow us to deliver a wide range of integrated solutions to a single customer under a single task order.

我們持有價值超過 4500 億美元的合同，其中許多涉及多個任務領域。這些廣泛的獎勵使我們能夠根據單一任務訂單向單一客戶提供廣泛的整合解決方案。

Our recent selection to Oasis+ is a prime example. Covering eight domains from R&D to enterprise solutions, it enables us to align our capabilities with a diverse set of mission requirements.

我們最近選擇的 Oasis+ 就是一個很好的例子。它涵蓋從研發到企業解決方案的八個領域，使我們能夠使我們的能力與多樣化的任務要求保持一致。

Opportunities like this strengthen customer intimacy and enhance our programmatic alignment, leading to faster value delivery and simpler and more effective solutions. These are just a few examples of our growth success, but we continue to see strength across the broader pipeline.

這樣的機會加強了客戶親密度並增強了我們的程序一致性，從而更快地交付價值並提供更簡單、更有效的解決方案。這些只是我們成長成功的幾個例子，但我們繼續看到更廣泛的通路實力。

Demand for high-value, mission-focused solutions remains a clear priority for our customers. With our proven differentiated capabilities, strong customer relationships, and deep technical expertise, we are confident in our ability to deliver across the broad set of resilient end markets.

對於我們客戶來說，高價值、以任務為中心的解決方案的需求仍然是一個明確的優先事項。憑藉我們經過驗證的差異化能力、牢固的客戶關係和深厚的技術專長，我們有信心在廣泛的彈性終端市場中提供服務。

We currently have $29 billion in pending awards and we remain on track to submit over $35 billion for the full fiscal year. Now, I would like to take a moment to address the broader budget and policy environment impacting our market.

我們目前有 290 億美元的待批撥款，我們預計在整個財政年度提交超過 350 億美元的撥款。現在，我想花點時間談談影響我們市場的更廣泛的預算和政策環境。

While we are encouraged by healthy year-to-date demand from across our customer base, we recognize that we're living in a time of rapid transformation. The combination of the evolving geopolitical dynamics and the direction of the new administration is reinforcing the need for mission-focused solutions, many of which are directly aligned with Amentum's strategy and capabilities.

雖然我們對今年迄今為止整個客戶群的健康需求感到鼓舞，但我們認識到我們正處於快速轉型的時代。不斷變化的地緣政治動態和新政府的方向相結合，強化了以任務為中心的解決方案的必要性，其中許多解決方案與 Amentum 的戰略和能力直接相關。

On the budget front, visibility is improving. For the fiscal year 2025, we feel confident in our ability to successfully navigate our way through the full year, continuing resolution and meet our financial objectives.

在預算方面，可見度正在提高。對於 2025 財年，我們有信心能夠成功度過全年，繼續解決問題並實現我們的財務目標。

We've seen positive signals in defense and border security allocations included in reconciliation bills from both chambers. And while it's still early, last week's release of the fiscal year 2026 White House budget proposal clearly articulates the importance of national security as this administration's top priority.

我們看到兩院和解法案中關於國防和邊境安全撥款的正面訊號。雖然現在還為時過早，但上週發布的 2026 財年白宮預算提案明確表明了國家安全作為本屆政府首要任務的重要性。

In February, Secretary of Defense, Hegseth, outlined 17 priority areas for the Department of Defense. These areas are critically important to national security, which is why Amentum is already supporting several of them, including first, Missile Defense.

今年2月，國防部長赫格塞斯概述了國防部的17個優先領域。這些領域對國家安全至關重要，這就是為什麼 Amentum 已經支援其中幾個領域，包括首先是飛彈防禦領域。

We're supporting the Missile Defense Agency's involving mission through integrated test training and operational support under our integrated research and development for enterprise solutions contract. As a result, we're also well positioned to play a significant role in the development and deployment of the Golden Dome Missile Defense Initiative.

根據企業解決方案綜合研發合同，我們透過綜合測試訓練和營運支援來支援飛彈防禦局的參與任務。因此，我們也完全有能力在金頂飛彈防禦計畫的開發和部署中發揮重要作用。

Second, combating transnational criminal organizations. We're deploying AI ML-powered analytics under our counter narcotics and global threats contract to disrupt the financial networks and cartels and terrorist groups. And at the border, where Amentum is enhancing US borders surveillance and patrol capabilities through aviation support.

第二，打擊跨國犯罪組織。我們正在根據禁毒和全球威脅合約部署人工智慧機器學習分析技術，以破壞金融網路、卡特爾和恐怖組織。在邊境，Amentum 正在透過航空支援增強美國邊境的監視和巡邏能力。

Third, nuclear modernization. Advancing strategic radiation hardened microelectronics to improve the resilience of the Navy's nuclear deterrent systems. Finally, through our ITEAMS, contract Amentum is advancing USINDOPACOM mission objectives by enhancing operational readiness and command support and the Indo-Pacific theater.

第三，核現代化。推動戰略抗輻射微電子技術，提高海軍核子威懾系統的彈性。最後，透過我們的 ITEAMS，合約 Amentum 正在透過增強作戰準備和指揮支援以及印度-太平洋戰區來推進 USINDOPACOM 的任務目標。

These are just a few examples of how Amentum is contributing to critical national security priorities today, and where we are well positioned to support future opportunities. Beyond the defense and intelligence markets, we are strategically expanding into enduring missions, experiencing rapid growth.

這些只是 Amentum 如何為當今關鍵的國家安全優先事項做出貢獻的幾個例子，也是我們為支持未來機會所做的良好準備。除了國防和情報市場之外，我們還在策略性地擴展到持久任務，並經歷快速成長。

We're especially pleased with the strong and consistent growth in our commercial and international markets, which represent 20% of revenue. As I noted earlier, our targeted growth in high potential sectors, like nuclear engineering and commercial 5G, places us at the cutting-edge of evolving markets.

我們對商業和國際市場的強勁和持續成長感到特別高興，這占我們收入的 20%。正如我之前提到的，我們在核工程和商用 5G 等高潛力領域的目標成長使我們處於不斷發展的市場的前沿。

At our core, Amentum is in the business of delivering solutions that enable our government and commercial customers to achieve their objectives faster and more effectively. These are capabilities that align with the priorities of any administration or corporation, validating our strategic direction. In short, while the environment remains dynamic, Amentum's strategy, capabilities, and mission focus positions us well for the future.

Amentum 的核心業務是提供解決方案，使我們的政府和商業客戶能夠更快、更有效地實現他們的目標。這些能力與任何政府或公司的優先事項一致，驗證了我們的策略方向。簡而言之，雖然環境仍然是動態的，但 Amentum 的策略、能力和使命重點為我們的未來做好了準備。

Let's now turn to slide 5. Building on the strength of our end market diversification, a little more than two weeks ago, we announced the planned divestiture of our Rapid Solutions product business, a transaction that illustrates the capital-light nature of our go-to-market strategy and commitment to disciplined balance sheet management.

現在我們翻到投影片 5。基於我們終端市場多元化的優勢，兩週多前，我們宣布計劃剝離我們的快速解決方案產品業務，這一交易體現了我們的行銷策略的輕資本性質以及對嚴格的資產負債表管理的承諾。

Technology agnostic capabilities and solutions are a key ingredient in our strategy to deliver high impact, high-value solutions that meet customer needs and maintain Amentum's position as the premier pure-play government and commercial services provider. This transaction is an extension and reaffirmation of our existing operating model.

與技術無關的能力和解決方案是我們策略的關鍵要素，旨在提供高影響力、高價值的解決方案，滿足客戶需求，並保持 Amentum 作為首屈一指的純政府和商業服務提供者的地位。此次交易是對我們現有營運模式的延伸和重申。

This business is better suited to a product-centric model that depends on steady capital investment, an approach that differs from our asset-light integrated solution driven model. With a more streamlined portfolio, we are better positioned to pursue opportunities aligned with our core strengths and deliver differentiated value and complex mission critical environments.

該業務更適合以產品為中心、依賴穩定資本投入的模式，這種方法不同於我們的輕資產綜合解決方案驅動模式。憑藉更精簡的產品組合，我們可以更好地尋求與我們的核心優勢相符的機會，並提供差異化的價值和複雜的關鍵任務環境。

While Travis will speak in detail about the financial benefits of the transaction, I'll note that the divestiture is aligned with our deleveraging objectives, accelerating our ability to flexibly redeploy capital toward value accretive opportunities. To conclude, I would like underscored three takeaways from Amentum's second quarter.

雖然特拉維斯將詳細介紹此交易的財務效益，但我要指出的是，此資產剝離符合我們的去槓桿目標，加速了我們靈活地重新部署資本以實現價值增值機會的能力。最後，我想強調一下 Amentum 第​​二名的三個要點。

First, demand for our mission critical solutions is strong and growing, as demonstrated by recent wins, including in the intelligence and environment markets. Second we're executing with discipline, streamlining our portfolio, advancing our debt reduction goals and staying focused on markets where we can lead.

首先，我們的關鍵任務解決方案的需求強勁且不斷增長，這從我們最近的勝利中可以看出，包括在情報和環境市場。其次，我們要嚴格執行紀律，精簡投資組合，推動減債目標，並專注於我們能夠領先的市場。

Third, our integration plan remains firmly on track, positioning us to fully realize the benefits of scale, talent, and capability that our platform brings together. With strong momentum and a clear strategy, I remain confident in our future and excited about the value we are creating for all stakeholders.

第三，我們的整合計畫仍在穩步推進，使我們能夠充分實現平台帶來的規模、人才和能力優勢。憑藉著強勁的勢頭和清晰的策略，我對我們的未來充滿信心，並對我們為所有利害關係人創造的價值感到興奮。

With that, I'll turn it over to Travis to walk you through the financials in more detail.

接下來，我將把話題交給崔維斯 (Travis)，讓他向您更詳細地介紹財務狀況。

Thank you, John, and good morning, everyone. I'm pleased to discuss with you today Amentum's solid second-quarter performance, expected financial benefit from the recently announced Rapid Solutions divestiture, and our continued confidence in achieving full year results in line with the commitments we originally set back in August in Capital Markets Day.

謝謝你，約翰，大家早安。我很高興今天與大家討論 Amentum 穩健的第二季度業績、最近宣布的快速解決方案剝離預期帶來的財務收益，以及我們繼續有信心按照我們最初在 8 月份資本市場日設定的承諾實現全年業績。

As John noted, our results from the quarter evidenced the underlying strength of Amentum's diversified business and go-to market strategy, and were enabled by the dedication and commitment from our employees across the globe, and relentless focus on excellence unit strong business development results, and importantly, outstanding operational performance for our customers.

正如約翰所指出的，本季的業績證明了 Amentum 多元化業務和行銷策略的潛在實力，這得益於我們全球員工的奉獻和承諾，以及對卓越部門強勁業務發展成果的不懈關注，更重要的是，為我們的客戶提供出色的營運績效。

With that, let's talk about our financial performance on slide 6. I'd like to again highlight that while our GAAP results provide an accounting deal Amentum's legacy business, excluding CMS, today's discussion will focus on our non-GAAP results compared to pro forma results from the second quarter of fiscal 2024. These figures offer combined view of the new Amentum business and provide performance insights on a more comparable basis.

接下來，讓我們在第 6 張投影片上討論一下我們的財務表現。我想再次強調，雖然我們的 GAAP 結果提供了 Amentum 的遺留業務（不包括 CMS）的會計交易，但今天的討論將重點關注我們的非 GAAP 結果與 2024 財年第二季度的備考結果相比。這些數據提供了對新 Amentum 業務的綜合看法，並在更具可比性的基礎上提供了績效洞察。

Second quarter results were in line with our expectations. Revenues of $3.5 billion reflect 1% growth and were driven by continued strong demand and year-over-year increases in Digital Solutions. Adjusted EBITDA was $268 million, reflecting year-over-year growth of 3%, supported by a 20-basis-point increase in adjusted EBITDA margins of 7.7%.

第二季的業績符合我們的預期。35 億美元的收入反映了 1% 的成長，這得益於持續強勁的需求和數位解決方案的同比增長。調整後的 EBITDA 為 2.68 億美元，較去年同期成長 3%，調整後的 EBITDA 利潤率成長 20 個基點，達到 7.7%。

In addition to the strong program performance in both segments, we're beginning to see benefits from our cost synergy initiatives, which remain on track with our previously communicated objectives. Adjusted diluted earnings per share were $0.53, up 4% from a year ago, with revenue growth and strong operating performance more than offset higher interest and tax expense.

除了兩個部門的強勁專案表現之外，我們也開始看到成本協同措施帶來的好處，這些措施與我們先前傳達的目標保持一致。調整後每股攤薄收益為 0.53 美元，較去年同期增長 4%，收入增長和強勁的經營業績抵消了更高的利息和稅費。

Moving to our reportable segment results on slide 7. Digital Solutions generated revenues of $1.3 billion, representing 3% growth. The year-over-year increase was driven by higher volume on new contract awards, particularly in the commercial infrastructure market, which more than offset the expected ramp down of other historical programs.

前往投影片 7 上的可報告分部結果。數位解決方案創造了 13 億美元的收入，成長了 3%。同比增長是由於新合約授予量的增加，特別是在商業基礎設施市場，這超過了其他歷史項目預期的下降。

Excluding the previously discussed impact of [Cytec], Digital Solutions revenues grew 8% on an underlying basis. Adjusted EBITDA increased to $107 million, reflecting a 30-basis-point increase in adjusted EBITDA margins to 8% as a result of the higher revenue volume improved operating performance.

不計入之前討論過的[Cytec]的影響，數位解決方案收入基本增長了 8%。調整後的 EBITDA 增至 1.07 億美元，由於收入增加提高了營運業績，調整後的 EBITDA 利潤率增加了 30 個基點，達到 8%。

Global Engineering Solutions generated revenues of $2.2 billion, a year-over-year decrease of 1%. The decrease was driven by the expected ramp down of certain historical programs, partially offset by the ramp-up of new contract awards and growth on existing programs. Adjusted EBITDA increased to $161 million despite the revenue volume impact as a result of it 10-basis-point increase in adjusted EBITDA margins from strong operating performance.

全球工程解決方案業務營收為 22 億美元，較去年同期下降 1%。下降的原因是某些歷史項目的預期減少，但新合約授予的增加和現有項目的成長部分抵消了這一影響。儘管營收量受到影響，但由於強勁的營運業績，調整後的 EBITDA 利潤率增加了 10 個基點，調整後的 EBITDA 仍增至 1.61 億美元。

Turning to slide 8, think of our cash flow performance and capital structure highlights. Second quarter free cash flow of $53 million was impacted by the anticipated timing of interest and tax payments, and came in slightly higher than expected as a result of solid operating performance and disciplined working capital management.

翻到第 8 張投影片，想想我們的現金流表現和資本結構亮點。第二季自由現金流為 5,300 萬美元，受到預期利息和稅款支付時間的影響，但由於經營業績穩健和營運資本管理嚴謹，自由現金流略高於預期。

Our liquidity position remains strong, with ending cash on hand of $546 million and no outstanding balances on our $850 million revolving credit facility. Further, net leverage is trending as expected at 4 times, a reduction from 4.1 times at the end of fiscal year 2024. With expiration of the six-months soft call on our Term Loan B, we are now positioned to repay debt without incremental cost in the second half of fiscal year and beyond.

我們的流動性狀況依然強勁，期末現金為 5.46 億美元，8.5 億美元循環信貸額度無未償餘額。此外，淨槓桿趨勢符合預期，為 4 倍，較 2024 財年末的 4.1 倍下降。隨著我們的定期貸款 B 的六個月軟調用到期，我們現在可以在本財政年度下半年及以後償還債務而無需增加成本。

In terms of strengthening our balance sheet position, as John noted earlier, we recently announced the divestiture of our Rapid Solutions product business. This sale, which is strategically aligns our capital-light business model and will be accretive to both adjusted earnings per share and free cash flow, is expected to close in the second half of 2025 and to generate approximately $325 million in after-tax proceeds.

在加強我們的資產負債表狀況方面，正如約翰之前提到的，我們最近宣布剝離我們的快速解決方案產品業務。此次出售在策略上符合我們的輕資本業務模式，並將增加調整後每股盈餘和自由現金流，預計將於 2025 年下半年完成，並產生約 3.25 億美元的稅後收益。

In addition, as is customary in M&A transactions and was expected, we have finalized the net working capital true-up in connection with the Jacobs transaction, which resulted in a $70 million payment to Jacobs in the third quarter. Together, these investing activities are expected to result in approximately $255 million of incremental cash, which will accelerate our deleveraging objectives and path to a flexible and opportunistic capital deployment posture.

此外，按照併購交易的慣例和預期，我們已經完成了與 Jacobs 交易相關的淨營運資本調整，這導致我們在第三季度向 Jacobs 支付了 7000 萬美元。總之，這些投資活動預計將產生約 2.55 億美元的增量現金，這將加速我們的去槓桿目標以及邁向靈活和機會主義的資本配置態勢的道路。

We continue to believe our balance sheet strength, strong liquidity position, and robust free cash flow profile, which will be enhanced by the Rapid Solutions divestiture, will act as fundamental drivers and the creation of 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（將透過快速解決方案的剝離得到增強）將成為根本驅動力並創造長期股東價值。

On slide 9, let's now turn to our fiscal year 2025 full year outlook. As a result of our solid first half performance and with 98% of revenues expected to come from existing or recompete business, we remain confident in our outlook and are therefore narrowing guidance ranges for both revenues and adjusted EBITDA.

在第 9 張投影片上，我們現在來看看 2025 財年全年展望。由於我們上半年業績穩健，且預計 98% 的收入將來自現有業務或重新競爭的業務，我們對前景仍然充滿信心，因此縮小了收入和調整後 EBITDA 的指導範圍。

We now expect revenues in the range of $13.85 billion to 14.15 billion and adjusted EBITDA between $1.065 billion to $1.095 billion. Adjusted earnings per share remained unchanged at $2 to $2.20, and we still expect free cash flow between $475 million and $525 million.

我們現在預計營收在 138.5 億美元至 141.5 億美元之間，調整後的 EBITDA 在 10.65 億美元至 10.95 億美元之間。調整後每股盈餘維持不變，為 2 美元至 2.20 美元，我們仍預期自由現金流在 4.75 億至 5.25 億美元之間。

Based on the expected close tightening, our guidance currently assumes no significant impact from the Rapid Solutions divestiture. However, following the close of the transaction, we will reassess our forecasting and update the outlook if necessary.

根據預期的收緊幅度，我們目前的指導假設快速解決方案的剝離不會產生重大影響。然而，交易結束後，我們將重新評估我們的預測，並在必要時更新展望。

In addition, guidance continues to reflect the revenues impact of approximately 1% as a result of the new administration initiatives. From a time phasing perspective, consistent with prior year, we expect third quarter revenues and profitability to be in line with our second quarter results and to accelerate in the fourth quarter.

此外，指導意見持續反映新管理舉措對收入約 1% 的影響。從時間階段的角度來看，與去年一致，我們預計第三季的營收和獲利能力將與第二季的業績保持一致，並在第四季加速成長。

Second half revenues are expected to grow 3% relative to first half performance, driven by organic growth, including a 53rd week in the fourth quarter, partially offset by joint venture transitions and administration change impacts.

預計下半年營收將比上半年成長 3%，這主要得益於有機成長（包括第四季的第 53 週），但合資企業轉型和管理變革的影響將部分抵消這一成長。

We expect cash flow will follow normal seasonality with the fourth quarter being the strongest quarter as a result of robust collections, given our alignment with the government at fiscal year-end. Other key assumptions in connection with fiscal year 2025 guidance are included on slide 9 and today's presentation posted on our Investor Relations website.

我們預計現金流將遵循正常的季節性，鑑於我們在財政年度末與政府的一致性，由於強勁的收款，第四季度將成為最強勁的季度。與 2025 財年指引相關的其他關鍵假設包含在投影片 9 和我們投資者關係網站上發布的今天的簡報中。

Wrapping up on slide 10, we are pleased with our first half performance, which reflects the strength of our combined company. 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 from long-term value for stakeholders.

總結第 10 張投影片，我們對上半年的業績感到滿意，這反映了我們合併後公司的實力。我們已做好準備，實現 2025 財年的財務目標，並對我們透過為利害關係人創造長期價值而實現顯著的自由現金流成長的能力充滿信心。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Tobey Sommer, Truist.

（操作員指示）Tobey Sommer，Truist。

I was wondering if we could start out by digging into the nuclear opportunity, that's just the one you cited in terms of new business wins. But thematically while you see demand both percolating across different geographies? Thanks.

我想知道我們是否可以從挖掘核能機會開始，這正是您在贏得新業務方面提到的機會。但從主題來看，您是否看到需求滲透到不同的地區？謝謝。

So no, this is an area that we're real excited about when we brought the two companies together. Obviously, Amentum is extremely well-known here in the US for nuclear remediation, but we also do work in a lot of labs helping with the development of next-generation nuclear energy capability and bringing the Jacobs team into the mix just created a global, really, engineering capability that we think is one of the strongest on the globe.

所以，當我們將兩家公司合併時，我們對這個領域感到非常興奮。顯然，Amentum 在美國以核子修復技術而聞名，但我們也在許多實驗室中開展工作，幫助開發下一代核能能力，並將 Jacobs 團隊納入其中，創造了一種全球性的、真正的工程能力，我們認為這是全球最強大的工程能力之一。

Over the UK, we're a key leader, a dominant player in terms of the energy market, both with the large gigawatt plants like the Sizewell C that we mentioned, but also with the SMRs and the emergence of SMR OEMs that are doing a lot of research and our participation with them both in the U.S and in Europe, and I mentioned UK, but across Europe, we have partnerships in many countries that are working on energy projects.

在英國，我們是能源市場的關鍵領導者和主導者，不僅擁有我們提到的 Sizewell C 等大型千兆瓦電廠，還擁有 SMR 和正在進行大量研究的 SMR OEM，並且我們在美國和歐洲與它們合作，我提到了英國，但在整個歐洲，我們與許多正在進行能源項目的國家都有合作夥伴關係。

So we're really excited about that leg of our strategy and especially given the tailwinds because the demand that is accelerating tremendously driven by the hyperscale companies that to field funded fuel their growth and frankly, the US economy. We are going to need a much larger amount of energy availability to enable our green technology companies to grow and bring that new technology online using AI large computing centers, investing computer computing power.

因此，我們對我們策略的這一部分感到非常興奮，特別是考慮到順風，因為需求正在急劇加速，這受到超大規模公司的推動，這些公司獲得資金支持，推動了他們的成長，坦白說，也推動了美國經濟。我們將需要更多的能源供應，以使我們的綠色科技公司能夠發展壯大，並利用人工智慧大型運算中心和投入電腦運算能力，將新技術推向線上。

But you need energy, and nuclear could be the great source of that because we have the technology. The capacity of nuclear is substantial and we can bring that on quickly. So lots going on in our business and, Steve, I don't know if you wanted to touch on Sizewell, in particular, maybe some of the other things that are happening.

但是你需要能源，而核能可以成為重要的能源來源，因為我們擁有這項技術。核能的容量龐大，我們可以快速實現這個目標。我們的業務中發生了很多事情，史蒂夫，我不知道您是否想談談 Sizewell，特別是一些正在發生的其他事情。

Just to fill in maybe a couple of gas that they still have covered it well, but also maybe a flavor, Toby, on the geographic opportunity, as you mentioned in your question. In UK, Mr. John said great win with Sizewell C, that it will be a great project that building program manager designer that will go for several years.

只是為了填補也許他們仍然很好地覆蓋了幾個氣體，但也許還有一點味道，托比，關於地理機會，正如你在問題中提到的那樣。在英國，John先生對Sizewell C專案的巨大成功表示祝賀，對於建築專案經理設計師來說這將是一個持續數年的偉大專案。

It actually comes on the heels of our having one at a similar role in the Hinkley Point C reactor, which is now evolving into construction. Things look great about those gigawatt power stations, while they'll design and realize that facility, ours stance to be the cradle to grave involvement there where we continue to do the sustaining, engineering, and monetary from a technical standpoint, to help in the plant. And even getting in need to analyze, be able to diagnose; those tend to be long-term engagements, which we're really excited about.

事實上，先前我們在欣克利角 C 反應器中也曾擔任過類似的職務，目前該反應爐正在進入建設階段。這些千兆瓦發電站看起來非常出色，當他們設計和實現這些設施時，我們的立場是從搖籃到墳墓的參與，從技術角度繼續進行維護、工程和資金支持，以幫助工廠建設。甚至需要分析，能夠診斷；這些往往是長期合作，我們對此感到非常興奮。

Also, the UK's importing sample of the SMR developers and there's a major program having the UK to down select some serious events in there, which we're excited to be part of several of those teams. And so there's a lot happening in UK as John cited.

此外，英國正在進口 SMR 開發商的樣本，並且有一個主要計劃讓英國選擇其中的一些重要事件，我們很高興成為其中幾個團隊的一部分。正如約翰所說，英國發生了很多事情。

One thing I would also mention with the revolution in the US and a lot of early-stage initiatives around nuclear power, much of the gear toward enabling AI, like John said. We're actually now on the front end engaged in several projects, mainly in engineering stage, where we're looking at advanced fuel processing, full fabrication facilities that we're now into designing stage on those.

我還想提一下美國的核能革命和許多早期舉措，就像約翰所說的那樣，這些舉措大部分都是為了實現人工智慧。實際上，我們現在正處於前端，參與幾個項目，主要處於工程階段，我們正在研究先進的燃料處理和完整的製造設施，現在我們正處於設計階段。

So they're really makes sense that would be the leading edge of the curve, if you will, to enable the ramp up in the US. We're excited about our engagement there.

因此，如果你願意的話，這確實是有道理的，這將是曲線的前沿，以推動美國的成長。我們對在那裡的參與感到非常興奮。

The last thing I'll mention is Australia. Anything about August and now moving out to help equip that key ally, the nuclear submarines that still hold a need for a whole new nuclear regime. The value of new nuclear fuel, to safely do that, and everything that goes around that our team there helping that government to work through that. So it really has become for Amentum a global market in terms of this nuclear revitalization.

我最後要提到的是澳洲。有關八月的一切以及現在採取行動幫助裝備那個關鍵盟友的核潛艇仍然需要一個全新的核制度。新核燃料的價值、如何安全地做到這一點以及我們的團隊幫助政府解決所有相關問題。因此，就核能復興而言，它確實已成為 Amentum 的一個全球市場。

Perfect. Thank you. If I could ask one housekeeping question and I'll get back in the queue. The guidance, does it include the revenue and profit from the announced upcoming divestiture?

完美的。謝謝。如果我可以問一個內部問題，我就會回到隊列。該指引是否包括宣布即將進行的資產剝離帶來的收入和利潤？

So based on the expected close timing, which we publicly stated, we're expecting to occur in the second half of calendar year 2025. Our guidance currently assumes that there's no significant impact this year as a result of the divestiture based on that expected to close timing.

因此，根據我們公開聲明的預期完成時間，我們預計將在 2025 年下半年發生。我們目前的指導假設是，根據預計的完成時間，此資產剝離不會對今年產生重大影響。

And as a reminder, the business in aggregate only makes up around 1% of our revenues and adjusted EBITDA. So to the extent that it does happen this fiscal year, I wouldn't expect it to have a significant impact and certainly any impact to be well within our guidance range.

需要提醒的是，該業務總體上僅占我們收入和調整後 EBITDA 的 1% 左右。因此，如果本財年確實發生這種情況，我預計它不會產生重大影響，而且任何影響肯定都在我們的指導範圍內。

Okay. Thanks very much and I'll get back in the queue.

好的。非常感謝，我會重新加入隊列。

Andre Madrid, BTIG

安德烈·馬德里，BTIG

We've heard some competitors called out a slowing award environment, and I'm curious to hear your thoughts on how you're finding the pace of things as now.

我們聽到一些競爭對手指出獎項環境正在放緩，我很好奇想聽聽您對目前進展的看法。

I think I'll start and then John can certainly add on. As a result of what we're seeing in terms of the federal workforce disruption and, obviously, your changes and priorities and adjusting to the various executive orders that are out there and the new administration priorities, we certainly have seen some impacts the timing of awards and also extensions on some of our existing work. But what I will say is we're really pleased with our year-to-date business development performance, both from a book-to-bill perspective, which is 1.0x and a year-to-date.

我想我會開始，然後約翰當然可以補充。由於我們看到聯邦勞動力中斷的情況，顯然還有你們的變化和優先事項，以及對現有各種行政命令和新政府優先事項的調整，我們當然看到獎項授予時間以及我們現有一些工作的延期受到了一些影響。但我想說的是，我們對今年迄今的業務發展表現感到非常滿意，無論是從訂單出貨比的角度來看，還是從年初至今的角度來看，都是 1.0 倍。

And I think it really demonstrates, you know, the diversification and strength of our mission-focused portfolio and what we're doing to support our customers, not only with the US government, but as John noted in his prepared remarks, 20% of our business is international and commercial. And we've certainly seen good tailwinds in bookings from that perspective as well.

我認為這確實證明了我們以使命為中心的產品組合的多樣化和實力，以及我們為支持客戶所做的工作，不僅是與美國政府合作，而且正如約翰在他的準備好的發言中指出的那樣，我們 20% 的業務是國際和商業的。從這個角度來看，我們也確實看到了預訂量的良好成長動能。

And we're also excited about the $29 billion of pending awards. And what that can mean for the second half. So to summarize, yes, we've seen some impacts to the timing of awards, but we expect that to be just that, timing.

我們也對 290 億美元的待決獎項感到興奮。這對下半年意味著什麼。總而言之，是的，我們已經看到對授予獎項的時間產生了一些影響，但我們預計這只是時間問題。

Eventually, the $29 billion of pending awards will be adjudicated. So we're just staying laser focused on developing the best solutions and putting the best proposal forward to support our customers.

最終，290 億美元的未決賠償金將得到裁決。因此，我們只是專注於開發最佳解決方案並提出最佳建議來支援我們的客戶。

and one thing to keep in mind is awards are delayed, existing programs are ongoing. And if they cannot get awards out, they are adding work to those existing contracts and we're seeing robust bids to existing contracts there also contributing to our year-to-date performance. And that's always an important element of our performance every year is helping customers identify opportunities for improving operations and seeing those types of modifications added to existing contracts.

需要記住的一點是，獎項被推遲了，而現有的項目仍在進行中。如果他們無法獲得獎勵，他們就會在現有合約中增加工作，我們看到現有合約的強勁投標也為我們今年迄今為止的業績做出了貢獻。這始終是我們每年業績的一個重要元素，即幫助客戶發現改善營運的機會，並將這些類型的修改添加到現有合約中。

Got it. Very helpful, thank. You. And then if I could squeeze one more in, I mean, Rapid Solutions, excellent job with that. I mean, are you continuing to assess the broader portfolio and see if there's any similar assets that might be worth divesting the shore capital?

知道了。非常有幫助，謝謝。你。然後，如果我可以再擠一個，我的意思是，快速解決方案，做得很好。我的意思是，您是否會繼續評估更廣泛的投資組合，看看是否有任何類似的資產值得剝離岸上資本？

Yes, when you think about a company, the $14 billion in revenue, very broad and very diversified. As we came out in the beginning back in September, we're really excited about that diversity.

是的，當你想到一家公司時，其收入達到 140 億美元，業務範圍非常廣泛且非常多樣化。正如我們九月剛開始介紹的那樣，我們對這種多樣性感到非常興奮。

But we are just getting together. We had just had the opportunity as a leadership team kind of look inside the portfolio at a very detailed way.

但我們才剛聚在一起。作為領導團隊，我們剛剛有機會以非常詳細的方式審視投資組合。

I would say, as any company you go through a strategic planning process, usually annually. You look at what your priorities are in that strategy and then you look at your portfolio and make sure that all the elements of that portfolio align with those priorities.

我想說，任何公司都會經歷一個策略規劃過程，通常每年一次。您要考慮該策略中的優先事項，然後查看您的投資組合，並確保該投資組合的所有要素都符合這些優先事項。

And I think as we looked at Rapid Solutions, we found that was a piece of the business that we felt that did not -- that is a great piece of business, obviously. Real excited for those employees, in particular, having the opportunity to continue work that they're doing with a partner that's really going to support them. But it just didn't align with our strict strategy priorities.

我認為，當我們研究快速解決方案時，我們發現這是我們認為沒有的部分業務——顯然，這是一項偉大的業務。真的為這些員工感到興奮，特別是有機會與真正支持他們的合作夥伴一起繼續工作。但這與我們嚴格的策略重點不一致。

And I think as we think of the future, we're going to continue to look at our priorities and look at our portfolio every year. And look at what is or is not aligned and make those decisions as we continue to go forward.

我認為，當我們考慮未來時，我們將繼續審視我們的優先事項，並每年審視我們的投資組合。看看哪些是一致的，哪些是不一致的，然後在我們繼續前進的過程中做出決定。

Excellent. That's super helpful. I'll jump back in the queue. Thank you.

出色的。這非常有幫助。我會重新回到隊列中。謝謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Maybe asking the divesture question in a different way. Travis, question about future debt paydown, is there a right way to think about the level of proceeds in terms of a range that you might expect? And then also, is there a right way to think about the potential valuation that's being considered on those proceeds? Thanks.

也許可以用不同的方式來問剝離問題。崔維斯，關於未來債務償還的問題，有沒有正確的方法來考慮您預期的收益水準範圍？那麼，是否有正確的方式來考慮這些收益的潛在估值？謝謝。

Still speaking of Rapid Solutions specifically, as we had in our press release, the sale price is expected to be $360 million. And then on an after-tax basis, we expect to net around $325 million.

仍然具體談論 Rapid Solutions，正如我們在新聞稿中所說，預計售價為 3.6 億美元。然後，以稅後計算，我們預計淨利潤約為 3.25 億美元。

We were able to take advantage of some tax attributes that we're obviously positive to the taxes we'll have to pay on that, which is a positive. And we're really excited about the proceeds.

我們能夠利用一些稅收屬性，我們顯然對我們必須繳納的稅款持積極態度，這是一件好事。我們對收益感到非常興奮。

Obviously, we need to get that close, but it will certainly strengthen our balance sheet position and accelerate both our deleveraging objectives. And as John said on the call, a path to more flexible and opportunistic capital deployment posture.

顯然，我們需要接近這個目標，但這肯定會加強我們的資產負債表狀況，並加速我們的去槓桿目標。正如約翰在電話中所說，這是一條更靈活、更具機會主義的資本部署之路。

So we're excited about that. And really, from an overall perspective, we remain focused on delivering our prior commitment of 3 times net operating leverage by the end of FY26.

所以我們對此感到很興奮。實際上，從整體角度來看，我們仍然專注於在 2026 財年末實現 3 倍淨營業槓桿的承諾。

Got it. And then in terms of the bookings, maybe, walk us through, what was quarterly book-to-bill with the included bookings from the JVs? And then what was that like, how should we think about the bookings number quarter-to-date thus far?

知道了。然後就預訂量而言，請您向我們介紹一下，包括合資公司預訂量在內的季度訂單出貨比是多少？那麼情況是怎麼樣的呢？我們應該如何看待本季迄今為止的預訂數量？

Book-to-bill both on a reported basis and on an imputed basis was 0.9x for the quarter. As John noted in his prepared remarks, it was on a reported basis 1.0x year-to-date and 1.2x on an imputed basis. So we really saw the strength of those joint venture awards in the first quarter across not only in our environment business with Hanford and West Valley, but also with our COSMIC win that we announced. So that was really concentrated in the first quarter but really pleased with the performance of the business since we came together back in September.

本季度報告和估算的訂單出貨比均為 0.9 倍。正如約翰在其準備好的發言中指出的那樣，按報告基礎計算，今年迄今的增長率為 1.0 倍，按估算基礎計算，增長率為 1.2 倍。因此，我們確實看到了第一季合資合約的實力，不僅包括我們與漢福德和西谷的環境業務，還包括我們宣布的 COSMIC 勝利。所以這確實集中在第一季度，但自從我們 9 月合併以來，我們對業務表現確實很滿意。

Any sense of bookings thus far this quarter?

本季到目前為止有什麼預訂狀況嗎？

So we haven't commented on anything in regards to post-quarter. I will say though, we've continued to see both submits and awards take place as we've gone through the first month of the third quarter.

因此，我們還沒有對季度後的任何內容發表評論。不過我要說的是，在第三季的第一個月，我們繼續看到提交和頒獎的進行。

Thank you. I'll hop back in the queue.

謝謝。我會重新回到隊列中。

Ken Herbert, RBC Capital Markets.

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

Maybe just to just to start, I just wanted to follow up on the revenue guidance for the year. I think it implies about a 3% sequential step-up from first half to second half. Obviously, the growth in the second half is limited. You're talking about the joint venture transition wins and some of the other changes, some potential headwinds.

也許只是為了開始，我只是想跟進今年的收入指導。我認為這意味著從上半年到下半年將有大約 3% 的連續成長。顯然，下半年的成長空間有限。您談到了合資企業轉型的勝利以及其他一些變化和一些潛在的阻力。

Can you just go into any more detail on the specific headwinds and maybe quantifications there? But I guess more importantly, as you look at the sequential step-up first to second half, some seasonality or other aspects to it, but underpinning that confidence in the full year guide. Thank you.

您能否更詳細地介紹一下具體的不利因素以及量化因素？但我想更重要的是，當你觀察上半年到下半年的連續成長時，雖然存在一些季節性或其他方面，但這些都支撐了人們對全年指南的信心。謝謝。

So I'll start by just saying, first of all, we're really pleased with the financial performance in the first half of the year, which as I noted, it really just demonstrates the diversity and the strength of our mission-focused portfolio. And as we look ahead to the second half of the year, I think you hit a couple of the dynamics spot on, right?

因此，首先我要說的是，我們對今年上半年的財務表現感到非常滿意，正如我所指出的，這確實證明了我們以使命為中心的投資組合的多樣性和實力。當我們展望下半年時，我想您已經抓住了一些動態點，對嗎？

And we're expecting revenue to increase 3% relative to the first half. And I'll piece it out for you a little bit off. First, we're expecting around 6% organic growth, including the impact of the 53rd week. And that is partially offset by the joint venture award that we announced earlier this year as well as the folding in of the administrative change impacts that we've previously discussed.

我們預計營收將比上半年成長 3%。我會稍微幫你解釋一下。首先，我們預期有機成長率約為 6%，其中包括第 53 週的影響。這在一定程度上被我們今年稍早宣布的合資獎項以及我們之前討論過的行政變革影響所抵消。

And maybe to provide a little bit more context on joint venture dynamics. So both, actually, all three of the joint venture awards I noted earlier, West Valley, Hanford, COSMIC, really great wins for the company and a continuation of the work that we've previously been doing.

或許可以提供更多關於合資企業動態的背景資訊。因此，實際上，我之前提到的三個合資獎項，West Valley、Hanford、COSMIC，對公司來說都是巨大的勝利，也是我們之前所做工作的延續。

However, they are now transitioning to what was historically consolidated joint ventures, which we reported revenue on to unconsolidated joint ventures. So it will impact the revenue top line but have no impact on the bottom line and free cash flow, obviously.

然而，他們現在正在向歷史上合併的合資企業轉型，我們將這些合資企業的收入報告給非合併的合資企業。因此，它會影響收入頂線，但顯然不會影響底線和自由現金流。

And in fact, we expect probably stronger performance on those, especially as they ramp up over the transition period and head into FY26 with EBITDA and free cash flow increasing on those opportunities and aggregate. So really excited about those. But obviously, as we noted, will have an impact on the revenue profile.

事實上，我們預計這些業務的表現可能會更加強勁，特別是隨著它們在過渡期內不斷增長，並進入 26 財年，EBITDA 和自由現金流將隨著這些機會和總量的增加而增加。我對此感到非常興奮。但顯然，正如我們所指出的，這將對收入狀況產生影響。

And then the last thing I'll note, it's important that we provide guidance ranges that obviously contemplate a variety of different scenarios. And at the top end of our guidance range to each revenues would actually grow around 5%. So we feel really good again about the first half performance and obviously reaffirming the midpoint of our guidance for the full fiscal year demonstrates the confidence we have in delivering the numbers we set back in August.

最後我要指出的是，重要的是我們提供的指導範圍顯然要考慮到各種不同的情況。在我們的指導範圍的最高端，每項收入實際上都會增加 5% 左右。因此，我們對上半年的業績再次感到非常滿意，並且顯然重申了我們對整個財年指導的中點，這表明我們有信心實現 8 月設定的數字。

And Ken, I would add to the deal you have to contemplate here that we brought these two companies together just six months ago. And we talked a lot about whitespace synergies, the value of having expanded engineering technology capability, these both businesses as a single enterprise.

肯，我想補充一點，你必須考慮一下，我們六個月前才將這兩家公司合併在一起。我們討論了很多關於空白協同效應、擴大工程技術能力的價值以及將這兩項業務合併為一個企業的意義。

So we're applying that to every opportunity that we're coming in, coming on and bidding. And as well as existing projects and taking that enterprise capability that we now have and applying it to opportunities that exist and come up on existing programs. So this gives us optimism on the strength of the business, just our ability to bid opportunities that we could not bid before.

因此，我們將其應用於我們遇到的、參與的和競標的每一個機會。除了現有專案之外，我們還利用現有企業能力，將其應用於現有專案所出現的機會。因此，這讓我們對業務實力充滿信心，我們有能力競標以前無法競標的機會。

As we go forward and we're building our pipeline on those opportunities. And then things even that were in our pipeline, both companies, we are applying the combined strength of our new enterprise against those.

隨著我們不斷前進，我們正在利用這些機會來建立我們的管道。然後，即使是我們兩家公司正在籌劃的事情，我們也將運用新企業的綜合實力來解決這些問題。

So is that have a huge impact on FY25? Probably not because those contracts or those are just going in. But we're real excited about these things from mature to in '26 and '27, this should really provide an opportunity for us to grow as we think about the future.

那麼這對 FY25 會造成巨大影響嗎？可能不是因為那些合約或那些剛剛生效。但我們對這些事情從成熟到 26 年和 27 年感到非常興奮，這確實為我們在思考未來時提供了一個成長的機會。

That's great. I really appreciate the color. And just as a final question, have you seen any impact yet from some of the GSEs portion of the consulting front?

那太棒了。我非常欣賞這個顏色。最後一個問題，您是否已經看到一些政府支持企業在諮詢領域的影響？

Is it possible to maybe bracket or frame how much of your revenues would be perhaps pure consulting? And has this been anything that's come up here for you guys?

您是否可以劃分出您的收入中有多少可能來自純諮詢？你們在這裡有遇到什麼狀況嗎？

Yes, no, this has not been an issue for Amentum. Our focus has been a band, is today, purely on mission operations, mission delivery, and key technology capabilities that do not relate to any type of consulting work. It's just not part of our business model and not something we were looking at as a part of our strategy in the future.

是的，不，這對 Amentum 來說不是問題。我們的重點一直是，直到今天，純粹是任務運作、任務交付和關鍵技術能力，與任何類型的諮詢工作無關。它不是我們商業模式的一部分，也不是我們未來策略的一部分。

Perfect. I appreciate the color and nice results. Thank you.

完美的。我很欣賞這種顏色和良好的效果。謝謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Okay. Apologies for not getting this, but what's the 5% that you were just referencing that you walked back to adjusting for things to go through our core growth rate?

好的。抱歉，我沒有聽清楚，但您剛才提到的 5% 是指什麼？在根據核心成長率進行調整後，又將 5% 提升到了什麼水準？

That comment around 5% though is just at the top end of our guidance range for revenues at $14.15 billion. The growth from the first half of the year to the second half of the year will be 5%.

不過，這 5% 左右的預期收入只是我們 141.5 億美元收入預期範圍的上限。上半年到下半年的成長是5%。

That's first half to second half?

那是上半場到下半場嗎？

Correct.

正確的。

Okay. What is the growth rate impact to the full year growth rate from this change in the JV accounting?

好的。合資企業會計的這項變更對全年成長率有何影響？

For the joint ventures in aggregate, were running at around $80 million a quarter for the first half of the year. And we expect those to fully transition out by the end of the third quarter and have zero revenue contribution in the fourth quarter.

整體而言，今年上半年合資企業每季的營業額約為 8,000 萬美元。我們預計這些業務將在第三季末完全過渡，並且在第四季度不會產生任何收入貢獻。

So that's the, if you want to think about the quarterly and full year impact of the joint venture transitions, that's the right way to think about it.

所以，如果你想考慮合資企業轉型對季度和全年的影響，這就是正確的思考方式。

So that takes out maybe $100 million of like-for-like year-over-year '25 versus '24?

那麼，與 2024 年相比，2025 年的年銷售額可能會減少 1 億美元？

Yes, that's correct. Little over $100 million.

是的，正確。略高於1億美元。

Okay. I guess I just wanted to ask you on growth, just zooming out a higher level. You've laid out for a very strong case in the prepared remarks for your position in the market, your capability or customer relationships, enduring mission exposure.

好的。我想我只是想問你關於成長的問題，只是從更高的層次來看。您在準備好的發言中已經為您在市場中的地位、您的能力或客戶關係、持久的使命曝光提供了非常有力的論點。

But the growth rates are low. In the first half, their sites acumen, and in the second half, there's just moving pieces. I guess, though at a high level, if I just listen to your prepared remarks, it sounds like you've got a high growth rate and the growth rates are low.

但增長率較低。上半場，他們看重的是場地的敏銳度，下半場，他們只看重的是移動的棋子。我想，儘管從高層次來看，但如果我只聽您準備好的發言，聽起來您的增長率很高，但增長率卻很低。

I guess how do I square that or maybe just speak to the multiyear CAGR you have? Is that still firmly in place? Can you be in that range next year in 2026 or just 2026? Also have transition elements to it. How do I square all that?

我想我應該如何解決這個問題，或者只是談談您的多年複合年增長率？它仍然牢固地存在嗎？您明年（即 2026 年）或僅僅 2026 年就能達到這個範圍嗎？其中也包含過渡元素。我該如何解決這一切？

Given, obviously, the government's transformational activities that are ongoing, it looks -- for everyone, it's added some uncertainty. But I think when just as my remarks to Ken a second ago, just when you step back and look at what we brought together in Amentum today is a company that is highly diversified with like a leadership position across many market areas that have opportunity to take advantage of the shifting priorities in government, both the US government and our key allies.

顯然，鑑於政府正在進行的轉型活動，對每個人來說，這增加了一些不確定性。但我認為，就像我剛才對肯說的那樣，當你退一步看看我們今天在 Amentum 所組建的公司時，就會發現它是一家高度多元化的公司，在許多市場領域都處於領導地位，有機會利用政府（包括美國政府和我們的主要盟友）不斷變化的優先事項。

And we think that our strategy around key areas like space and defense and intelligence and energy and environment all have the opportunity to find those niches of growth. And when you look at the US government's priorities of missile defense, data analytics, around UAVs, the border all firmly aligned in strengths of Amentum, past capabilities of Amentum.

我們認為，我們圍繞太空、國防、情報、能源和環境等關鍵領域的策略都有機會找到成長點。當你看到美國政府的飛彈防禦、數據分析、無人機、邊境等優先事項時，你會發現它們都與 Amentum 的優勢和 Amentum 過去的能力緊密相關。

And then we talked about energy as a key demand area for the commercial economy and not just here in the US but around the world going forward. And then our commercial business in general, there are several areas that we feel that market areas in critical infrastructure management, the shift to 5G, and other things that we're working on that can all provide key elements of strategic growth for the business as we look forward.

然後我們討論了能源作為商業經濟的關鍵需求領域，不僅在美國，而且在世界各地都是如此。然後，就我們的商業業務而言，我們認為關鍵基礎設施管理的市場領域、向 5G 的轉變以及我們正在進行的其他工作都可以為我們未來的業務提供戰略成長的關鍵要素。

So we're very happy with where we're sitting today with nearly $30 billion of bids awaiting award and a pipeline of strength. And then opportunities across all those areas I discussed, so and especially being aligned to key US government priority areas that have been articulated.

因此，我們對目前的狀況感到非常滿意，有近 300 億美元的投標等待授予，並且還有一系列強大的管道。然後，我討論了所有這些領域的機遇，特別是與已闡明的美國政府重點優先領域保持一致。

Okay, John. I appreciate all that detail. I guess the 1% you've referenced as an impact of the year from changes happening at your customer. You spoke to that previously and then today, you're speaking to the same number, so it's not changing. So that implies that has stabilized.

好的，約翰。我很欣賞所有這些細節。我猜您提到的 1% 是客戶發生的變化對今年的影響。您之前談過這個問題，今天您又談到了同一個數字，所以它沒有改變。這意味著已經穩定下來。

What's your sense of or your view on if that is now as bad as that gets? Or how much risk do you see through the rest of this year going into your fiscal '26 that that 1% becomes something larger?

您覺得現在的情況是否已經糟糕到極點了？或者，您認為在今年剩餘時間內，進入 26 財年，這 1% 會變成更大的數字，這種風險有多大？

So you're absolutely right, Noah. Obviously, we'll acknowledge that we're still operating in a dynamic environment, but based on the information we have today, we still feel comfortable that 1% is the right estimate for the expected impact on our FY25 revenues, which obviously we've fully contemplated in the guidance that we reaffirmed today.

所以你完全正確，諾亞。顯然，我們承認我們仍在動態環境中運營，但根據我們今天掌握的信息，我們仍然認為 1% 是對我們 25 財年收入預期影響的正確估計，顯然我們已經在今天重申的指導中充分考慮到了這一點。

The other thing I'd say is that while we've contemplated that in our guidance, we're tracking several potential opportunities where Amentum is well aligned to the new administration priorities, many of which John in his prepared remarks and in the Q&A responses, which we haven't factored into our expectations or guidance yet. So as we look forward and moving to FY26, as you noted, those will provide potential tailwinds as they become more real and get adjudicated through the system.

我想說的另一件事是，雖然我們已經在指導中考慮到了這一點，但我們正在追踪幾個潛在的機會，其中 Amentum 與新政府的優先事項非常一致，其中許多都是約翰在他準備好的發言和問答中提到的，我們還沒有將這些因素納入我們的預期或指導中。因此，正如您所說，當我們展望並進入 26 財年時，隨著它們變得更加真實並透過系統進行裁決，這些將提供潛在的順風。

Okay. Last one, Travis. It actually changes, 1% is 1%, but depending on the possible rounding of how much Rapid Solutions was as a percentage of your whether EBITDA, whether it was 0.6% or 1.4%, it makes a huge difference. But did you sell Rapid Solutions for something close to 30 times EBITDA?

好的。最後一個，崔維斯。它實際上會發生變化，1% 就是 1%，但取決於 Rapid Solutions 佔 EBITDA 的百分比的可能四捨五入，無論是 0.6% 還是 1.4%，這都會產生巨大的差異。但是您是否以接近 EBITDA 30 倍的價格出售了 Rapid Solutions？

So we'll stick to what we have in the press release, Noah, which is exactly what we've said, which is a sale price of $360 million and adjusted EBITDA around 1% of revenue, or yeah, 1% of overall EBITDA.

因此，我們將堅持新聞稿中的內容，諾亞，這正是我們所說的，即售價為 3.6 億美元，調整後的 EBITDA 約為收入的 1%，或者是整體 EBITDA 的 1%。

Okay. Thanks a lot.

好的。多謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

I just want to close the loop here on DOGE and the risk that you're seeing. From your commentary, it seems like there's a lot of confidence in the 2025 guide, but when I look at the DOGE wall of receipts, there are a few ACOM and Jacobs contracts terminated just in the past few days, including two Department of Homeland Security contracts adding up to $46 million.

我只是想在這裡結束關於 DOGE 的討論以及你所看到的風險。從您的評論來看，似乎對 2025 年指南很有信心，但當我查看 DOGE 收據牆時，發現過去幾天內終止了一些 ACOM 和 Jacobs 合同，其中包括兩份國土安全部合同，總額達 4600 萬美元。

So I want to understand is the confidence in the guide because these aren't part of Amentum today, or are they part of the guidance range? Any more commentary would be helpful.

所以我想了解的是，對指南的信心是否是因為這些不是今天 Amentum 的一部分，還是它們是指導範圍的一部分？任何更多的評論都會有幫助。

So a couple of different comments there. Just to note this question, we feel really good about the 1% we previously stated and do feel confident in the guidance range we reaffirmed. And over 98% of our revenues are expected to come from firm or recompete work, and the 2% that is new business is more in the commercial area, which is typical at this point in the year to have that. So I'll reiterate we feel good about the 1% in our guidance for fiscal year '25.

因此，這裡有一些不同的評論。只是為了回答這個問題，我們對之前提到的 1% 感到非常滿意，並且對我們重申的指導範圍充滿信心。預計我們的收入中有超過 98% 來自公司或重新競爭的工作，而 2% 的新業務則更多地來自商業領域，這在每年的這個時候很常見。因此，我要重申，我們對 25 財年預測的 1% 感到滿意。

Great thanks. And if I could do a follow up, I mean 10% of total revenue today is space related and NASA faces a 24% budget cut from the proposed budget. Can you provide color on how that's factored into that 1% or is it something different?

非常感謝。如果我可以繼續問下去的話，我的意思是，今天總收入的 10% 與太空有關，而 NASA 面臨著比擬議預算削減 24% 的預算。您能否詳細說明這是如何計入那 1% 的，還是另有其他原因？

Maybe just a little bit of context to set the starting point. We're really excited right now about our teams that are supporting NASA. We're doing great work to prepare for the Artemis II mission that's scheduled for early 2026, which will take a crew of astronauts to the moon and back safely.

也許只需要一點背景來設定起點。我們現在對支持 NASA 的團隊感到非常興奮。我們正在為計劃於 2026 年初進行的阿爾忒彌斯二號任務做著艱苦的準備，該任務將把一組太空人安全送上月球並返回。

And we're making great progress and assembling the flight vehicle at NASA Kennedy, as well as testing the avionics, the launch flight software elements, all that is progressing really well. I think the other thing that has emerged in recent days and weeks is that the new administration is also prioritizing the Artemis III mission to follow, which will return our astronauts to the surface of the moon.

我們取得了巨大進展，在美國太空總署肯尼迪中心組裝飛行器，測試航空電子設備、發射飛行軟體元素，所有工作都進展順利。我認為最近幾天和幾週出現的另一件事是，新政府還優先考慮後續的阿爾忒彌斯三號任務，該任務將使我們的太空人重返月球表面。

So really if you think about it, we're preparing for Artemis II. Artemis III proceeds as planned that will dominate our work in supporting NASA at the Kennedy Space Center for the next several years. We have also seeing as you have, I'm sure, in the President's new Skinny Budget, which is a key first step in the budgeting process, that they proposed more of a parallel moon and Mars emphasis when you get out beyond Artemis III. And that absolutely could result in some changes post Artemis III to the ongoing cadence of Artemis missions. So we'll be watching them with interest.

所以如果你仔細想想，我們其實正在為阿爾忒彌斯二號做準備。Artemis III 計畫按計劃進行，這將主導我們未來幾年在甘迺迪太空中心支持 NASA 的工作。我相信，我們也看到，在總統的新精簡預算中，這是預算過程中關鍵的第一步，他們提出了在阿爾忒彌斯三號之後更多地強調平行月球和火星的計劃。這絕對可能會導致阿爾忒彌斯三號之後阿爾忒彌斯任務的持續節奏發生一些變化。因此我們會饒有興趣地關注他們。

But I think that the positive key takeaway for us is that the new administration has signaled such a strong priority assigned to space superiority, both from a national security and an exploration standpoint. So that excites us because we believe when it's the work for NASA or Mental Defense Agency or other clients, we just feel like Amentum is really well positioned and we're excited about Amentum's future in space.

但我認為，對我們來說，積極的關鍵點是，新政府已經發出信號，表示將太空優勢置於高度優先地位，無論是從國家安全還是探索的角度。這讓我們感到興奮，因為我們相信，當為 NASA 或心理防禦機構或其他客戶工作時，我們覺得 Amentum 確實處於有利地位，我們對 Amentum 在太空領域的未來感到興奮。

Great. And just to confirm, so from the NASA cuts, are there risks to your guide from the proposed cuts, or are you immune from the opportunity for moon and Mars?

偉大的。只是為了確認一下，那麼從 NASA 的削減來看，擬議的削減是否會對您的指南造成風險，或者您是否會失去探索月球和火星的機會？

We did not expect any material impact FY25.

我們預計 2025 財年不會有任何重大影響。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I would now like to turn the call over to John Heller, Chief Executive Officer for closing remarks.

謝謝。目前沒有其他問題。現在，我想將電話轉給執行長約翰·海勒 (John Heller) 作結束語。

Thank you, operator, and thank you all for your interest in Amentum. We are very encouraged by our progress thus far. Amentum is delivering great value to our customers, and we look forward to keeping you updated in the quarters to come.

謝謝您，操作員，也謝謝大家對 Amentum 的關注。我們對迄今為止的進展感到非常鼓舞。Amentum 為我們的客戶提供了巨大的價值，我們期待在未來幾季為您提供最新資訊。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。