Amentum Holdings Inc (AMTM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning, and welcome to Amentum's third quarter fiscal year 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持。早安，歡迎參加 Amentum 2025 財年第三季財報電話會議。今天的通話正在錄音。（操作員指示）

I would now like to turn the call over to Nathan Rutledge, Senior Vice President of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係資深副總裁 Nathan Rutledge。請繼續。

Thank you, and good morning, everyone. We hope you've had an opportunity to read the press release we issued yesterday afternoon, which is posted on our Investor Relations website. We have also provided presentation slides to facilitate today's call. So let's move to Slide 2.

謝謝大家，早安。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。我們還提供了演示幻燈片以方便今天的通話。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. 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存在重大差異的重要因素的影響。我請您參閱我們向美國證券交易委員會提交的文件，以了解這些因素的討論，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 S-X, as well as non-GAAP financial measures, which we believe provide useful information for investors both our press release and supplemental presentation slides include reconciliations to the most comparable GAAP measures.

此外，我們將討論根據 S-X 規則第 11 條編制的備考財務指標以及非 GAAP 財務指標，我們認為這些指標為投資者提供了有用的信息，我們的新聞稿和補充演示幻燈片都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. Our safe harbor statement included on this slide should be incorporated as part of any transcript of this call.

這些備考和非 GAAP 財務指標不應單獨考慮或取代根據 GAAP 編制的財務指標。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. With that, moving to slide 3, it's my pleasure to turn the call over to our CEO, John Heller.

今天與我一起討論我們的業務和財務結果的有執行長約翰·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)。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 to discuss our third quarter results and update you on the progress we've made executing our long-term strategy. As we entered the last quarter of our first year as a combined company, I'm incredibly proud of the continued momentum across the business.

謝謝你，內森，大家早安。感謝您今天加入我們討論我們的第三季業績並向您通報我們執行長期策略所取得的進展。當我們進入合併後公司第一年的最後一個季度時，我對整個業務持續保持的勢頭感到無比自豪。

We're seeing benefits from our integration efforts and mission-focused portfolio converged with tailwinds from global trends and an improving budget environment, and we're excited about the bright future ahead for Amentum. I want to begin by acknowledging the extraordinary efforts of our team.

我們看到了整合努力和以使命為中心的投資組合與全球趨勢和不斷改善的預算環境的順風相結合所帶來的好處，我們對 Amentum 的光明未來感到興奮。首先，我要對我們團隊的非凡努力表示感謝。

Across the globe, Amentum employees are working side by side with our customers delivering on complex missions with dedication, agility and excellence. Their commitment is at the heart of everything we do, and it shows in our results.

在全球範圍內，Amentum 員工與我們的客戶並肩工作，以奉獻精神、敏捷性和卓越性完成複雜的任務。他們的承諾是我們所做一切的核心，並且體現在我們的成果中。

Our team's resilience and innovation have resulted in strong performance for the quarter and have enabled us to provide updated guidance, which reflects underlying organic increases.

我們團隊的韌性和創新能力為本季度帶來了強勁的業績，並使我們能夠提供最新的指導，這反映了潛在的有機成長。

Key highlights, which Travis will discuss in more detail shortly, include revenues of $3.6 billion, reflecting 2% growth; adjusted EBITDA of $274 million, marking 7% year-over-year growth. and free cash flow of $100 million.

特拉維斯稍後將詳細討論的關鍵亮點包括 36 億美元的收入，增長 2%；調整後的 EBITDA 為 2.74 億美元，同比增長 7%；以及 1 億美元的自由現金流。

During the quarter, we also successfully completed two divestitures, our Rapid Solutions business, which was originally announced in April, and our noncore New Zealand facilities maintenance business. These divestitures demonstrate a continued focus on optimizing our core business to align with long-term growth priorities.

本季度，我們也成功完成了兩項資產剝離，即最初於 4 月宣布的快速解決方案業務以及非核心紐西蘭設施維護業務。這些資產剝離顯示我們將繼續致力於優化核心業務，以符合長期成長重點。

As a result of these actions, along with our strong year-to-date operational performance, we have made significant progress in reducing our net leverage ratio to 3.5 times ahead of our original expectations. Additionally, I am pleased with what we've accomplished on the operational front. We remain on track with our integration plans and have a clear line of sight to achieving at least $30 million in net run rate cost synergies by the end of this fiscal year.

由於這些行動，加上我們今年迄今為止強勁的營運業績，我們在將淨槓桿率降低至 3.5 倍方面取得了重大進展，超出了我們最初的預期。此外，我對我們在營運方面取得的成就感到滿意。我們的整合計劃仍在按計劃進行，並明確計劃在本財政年度結束時實現至少 3000 萬美元的淨運行成本協同效應。

Now I would like to take a moment to discuss key global trends as well as updates to the budget and policy environment impacting our market. Please turn to slide 4. The fiscal year 2016 budget reconciliation bill or the one big beautiful bill, along with recent executive orders, represent generational investments in National Security and other critical areas that are well aligned with Amentum's portfolio of advanced engineering and technology solutions.

現在，我想花點時間討論一下主要的全球趨勢以及影響我們市場的預算和政策環境的最新情況。請翻到幻燈片 4。2016 財政年度預算協調法案或一項美麗的大法案，以及最近的行政命令，代表了對國家安全和其他關鍵領域的世代投資，與 Amentum 的先進工程和技術解決方案組合高度一致。

The bill includes $150 billion in additional defense spending and $133 billion in supplemental funding for border security, both to be deployed over the next two years.

該法案包括1500億美元的額外國防開支和1330億美元的邊境安全補充資金，這兩項資金都將在未來兩年內部署。

It also contains sweeping investments in NASA's human space flight and infrastructure modernization as well as steps to reduce regulatory friction and accelerate execution across enduring mission areas. Let me highlight a few areas where we are excited to continue and expand our advanced solution offerings in an agile and efficient manner to help our customers execute their key mission priorities.

它還包括對美國宇航局載人航天飛行和基礎設施現代化的大規模投資，以及減少監管摩擦和加快持久任務領域執行的措施。讓我重點介紹幾個我們很高興能夠繼續以靈活高效的方式擴展我們先進的解決方案產品的領域，以幫助我們的客戶執行他們的關鍵任務優先事項。

Today, we deliver real-time detection, tracking and response solutions that support the war fighter's ability to counter emerging threats, including hypersonic systems through our IRES contract with the missile defense agents with a $25 billion initial investment in the Golden Dome initiative, the US is doubling down on integrated layered defense and momentum is poised to immediately scale our contributions.

今天，我們透過與飛彈防禦機構簽訂的 IRES 合約提供即時檢測、追蹤和響應解決方案，支持作戰人員應對新興威脅的能力，包括高超音速系統，並對金色穹頂計畫進行了 250 億美元的初始投資，美國正在加倍投入綜合分層防禦，並且勢頭將立即擴大我們的貢獻。

Next, our teams are delivering unmanned and counter unmanned integration solutions, including advanced sustainment, AI-enhanced mission assurance and real-time testing for several key customers. with multibillion dollar funding secured for air and sea-based unmanned solutions, omentum is positioned to drive the next evolution of autonomy and aerospace dominance.

接下來，我們的團隊將為幾個關鍵客戶提供無人駕駛和反無人駕駛整合解決方案，包括先進的維持、人工智慧增強的任務保證和即時測試。憑藉數十億美元的空中和海基無人駕駛解決方案資金，網狀系統有望推動自主性和航空航天主導地位的下一個演變。

In the Pacific region, momentum is supporting mission preparedness through programs such as items where we're driving agility and innovating command and control systems for the Department of Defense with billions of dollars aimed at bolstering INDOPACOM's posture, we're ready to continue enabling deterrence.

在太平洋地區，我們正在透過一些專案支援任務準備，例如我們正在推動國防部的敏捷性和創新指揮和控制系統，並投入數十億美元加強印太司令部的態勢，我們已準備好繼續保持威懾力。

Amentum is at the heart of America's space infrastructure. powering the next era of human exploration and space superiority. Our engineers are modernizing launch vehicle systems, ground infrastructure and other mission-critical facilities that support loner missions and deep space exploration backed by $10 billion in new funding for NASA's space flight and modernization efforts, we're accelerating launch readiness and reinforcing US space leadership.

Amentum 是美國太空基礎設施的核心，為人類探索和太空優勢的下一個時代提供動力。我們的工程師正在對運載火箭系統、地面基礎設施和其他關鍵任務設施進行現代化改造，以支援單獨任務和深空探索。在美國國家航空暨太空總署 (NASA) 為太空飛行和現代化工作提供的 100 億美元新資金支持下，我們正在加快發射準備並加強美國的太空領導地位。

Next, from AI/ML enabled decision environments to cyber hardened cloud migration and digital twin infrastructure, Amentum is working with our customers, modernizing national security IT for real-world applications.

接下來，從支援 AI/ML 的決策環境到網路強化的雲端遷移和數位孿生基礎設施，Amentum 正在與我們的客戶合作，為實際應用實現國家安全 IT 的現代化。

The decision to allocate billions for next-gen federal infrastructure reinforces what we've known all along, the mission demands leading-edge solutions and Amentum is delivering them. Finally, we are excited about the administration's focus on the future of energy dominance as demand for reliable baseload power explodes driven by AI, electrification and geopolitical risks Amentum is already at work across the nuclear life cycle. From advanced reactor engineering to nuclear remediation, we operate the core of US and Allied Energy security strategies.

為下一代聯邦基礎設施撥款數十億美元的決定強化了我們一直以來的認知，即這項任務需要尖端的解決方案，而 Amentum 正在提供這些解決方案。最後，我們對政府對未來能源主導地位的關注感到興奮，因為在人工智慧、電氣化和地緣政治風險的推動下，對可靠基載電力的需求激增，Amentum 已經在整個核子生命週期中發揮作用。從先進的反應器工程到核修復，我們經營美國和盟國能源安全戰略的核心。

The administration's made executive orders, along with funding in the reconciliation bill aim to remove regulatory barriers and inject capital into small modular reactors fuel supply chains and licensing areas where Amentum is already moving fast.

政府發布的行政命令以及和解法案中的資金旨在消除監管障礙，並向 Amentum 已經快速發展的小型模組化反應器燃料供應鏈和許可領域注入資金。

I have more to say about the role we're playing in the global nuclear renaissance shortly, but the key takeaway is this: Amentum isn't preparing to lead, we are leading. Across all of these areas, our work is embedded in today's most important missions, and we're scaling up as our customers and Congress prioritize the areas we've built our business around. We're ready to meet the moment with speed, precision and unmatched technical debt.

我很快就會多談論我們在全球核能復興中所扮演的角色，但關鍵的一點是：Amentum 並沒有準備好領導，而是我們在領導。在所有這些領域，我們的工作都融入到當今最重要的使命中，隨著我們的客戶和國會優先考慮我們開展業務的領域，我們也在擴大規模。我們已準備好以速度、精度和無與倫比的技術實力迎接這一時刻。

Let's move on to slide 5 highlighting the continued strong demand for Amentum's mission-focused solutions across our diversified markets. We reported $3.4 billion in net bookings this quarter, resulting in a third quarter and a year-to-date book-to-bill of 1 times.

讓我們繼續看第 5 張投影片，重點介紹我們多元化市場對 Amentum 以使命為中心的解決方案的持續強勁需求。我們報告本季的淨預訂額為 34 億美元，導致第三季和年初至今的訂單出貨比為 1 倍。

As noted before, awards to unconsolidated joint ventures are excluded from our reported book-to-bill including Amentum's proportional share of joint venture revenues and bookings, our third quarter and year-to-date imputed book-to-bill were 1.8 times and 1.4 times, respectively which highlights the significance of key awards that will generate meaningful earnings and cash flow for years to come.

如前所述，我們報告的訂單出貨比（包括 Amentum 在合資企業收入和預訂量中所佔的比例）不包括授予非合併合資企業的獎勵，我們第三季度和年初至今估算的訂單出貨比分別為 1.8 倍和 1.4 倍，這凸顯了關鍵獎勵的重要性，這些獎勵將在未來幾年產生有意義的收益和現金流量。

Finally, we ended the quarter with $29 billion in pending awards a total backlog of $45 billion, representing 3.2x our annual revenue. Our strong bookings this quarter reflect not only growing demand but also our ability to win in the markets that matter most. We're executing against a high-quality pipeline translating into strategic wins and we remain on track to achieve our $35 billion submits target.

最後，本季結束時，我們仍有 290 億美元的待決獎項，總積壓金額為 450 億美元，相當於我們年收入的 3.2 倍。本季我們強勁的訂單量不僅反映了不斷增長的需求，也反映了我們在最重要的市場中獲勝的能力。我們正在實施一條高品質的管道，將其轉化為戰略勝利，我們仍有望實現 350 億美元的提交目標。

Now let me walk you through some examples from Q3, highlighting this progress. First, we were awarded the $4 billion space force range contract or SFRC, which deepens our partnership with the US base force and significantly expands our presence in space operations. Through this work, Amentum will modernize and maintain range infrastructure supporting launches on both the Eastern and Western ranges. The SFRC positions us at the center of commercial and national security space integration enabling direct relationships with commercial launch providers.

現在讓我向您介紹第三季的一些例子，重點介紹這項進展。首先，我們獲得了價值 40 億美元的太空部隊射程合約（SFRC），這加深了我們與美國基地部隊的夥伴關係，並大大擴大了我們在太空行動中的存在。透過這項工作，Amentum 將對東部和西部靶場的發射基礎設施進行現代化改造和維護。SFRC 將我們定位於商業和國家安全空間整合的中心，使我們能夠與商業發射提供者建立直接的關係。

It also expands our footprint in Colorado, Florida and California, 3 critical nodes of US space activity. Recently, we were notified that this award is being protested. Therefore, it is not included in our third quarter backlog or book-to-bill results. We are confident in the strength of our bid and look forward to its resolution.

它也擴大了我們在科羅拉多州、佛羅裡達州和加利福尼亞州（美國太空活動的三個關鍵節點）的影響力。最近，我們收到通知，該獎項正在抗議。因此，它不包括在我們第三季的積壓訂單或訂單出貨結果中。我們對我們的競標實力充滿信心，並期待其得到解決。

Next, demonstrating our global nuclear leadership Amentum through an unconsolidated joint venture was selected to deliver comprehensive nuclear engineering and technology solutions for Canadian nuclear laboratories.

接下來，Amentum 透過一家非合併合資企業展示了我們的全球核領導地位，被選中為加拿大核子實驗室提供全面的核子工程和技術解決方案。

This award, which is a continuation and expansion of work we do today has a six-year base and an extension period of up to 20 years and is valued at approximately CAD1.2 billion annually. It underscores Amentum's nuclear solutions and strengthens our position across nuclear energy from environmental remediation and waste management to the advancement of SMR technology. It also reinforces our cross-border solutions and supports our broader commercial nuclear growth strategy.

該獎項是我們今天所做工作的延續和擴展，其基礎期為六年，延長期可長達 20 年，每年價值約 12 億加元。它強調了 Amentum 的核子解決方案，並加強了我們在核能領域的地位，從環境修復和廢棄物管理到 SMR 技術的進步。它還加強了我們的跨境解決方案並支持我們更廣泛的商業核能成長策略。

Also in the quarter, Amentum secured two new intelligence awards supporting classified customers totaling over $500 million. We're proud to support these customers by leveraging a broad range of advanced engineering and technology solutions, including mission-critical data modeling and analysis.

此外，在本季度，Amentum 還獲得了兩個新的情報獎項，為機密客戶提供支持，總額超過 5 億美元。我們很自豪能夠透過利用廣泛的先進工程和技術解決方案（包括關鍵任務資料建模和分析）為這些客戶提供支援。

Finally, we benefited from over $2 billion in bookings from on-contract growth modifications and extensions from existing customers while big new awards are exciting, Amentum's significant growth from modifications highlights our ability to win and expand scope across priority areas and validates the value Amentum delivers to our customers every day.

最後，我們從現有客戶的合約成長修改和延期中獲得了超過 20 億美元的訂單，而新的大獎項令人興奮，Amentum 從修改中獲得的顯著增長凸顯了我們贏得和擴大優先領域範圍的能力，並驗證了 Amentum 每天為我們的客戶提供的價值。

While I am proud of these recent awards, I am also excited about what lies ahead. Let's now turn to Slide 6 and take a closer look at the global nuclear resurgence. Amentum brings advanced engineering and technology solutions to some of the world's most complex challenges.

我為最近獲得的這些獎項感到自豪，同時也對未來充滿期待。現在讓我們翻到投影片 6，仔細看看全球核能復興。Amentum 為世界上一些最複雜的挑戰提供了先進的工程和技術解決方案。

One of the profound changes shaping our world today is the exponential growth of AI and compute infrastructure. for computing power is skyrocketing due to the rise of autonomous systems and industrial applications supporting manufacturing.

塑造當今世界的深刻變化之一是人工智慧和運算基礎設施的迅速增長。由於支援製造業的自主系統和工業應用的興起，運算能力正在快速成長。

This serves boost energy requirements, accelerating the need for enhanced grid capacity and resilience. In the US local grid space shortages linked to data center expansion. Globally, the energy trilemma security, affordability and sustainability is intensifying, global electricity demand is expected to increase by 25% and by 2030 and double over the next 25 years.

這將增加能源需求，加速增強電網容量和彈性的需求。在美國，當地電網空間短缺與資料中心擴張有關。在全球範圍內，能源安全性、可負擔性和永續性的三難困境正在加劇，預計到2030年全球電力需求將增加25％，並在未來25年內翻倍。

Global data center demand investment is expected to exceed $5 trillion through 2030. And bringing new nuclear power plants online and extending existing infrastructure is critical to meet this demand.

預計2030年全球資料中心需求投資將超過5兆美元。而建造新的核電廠並擴大現有的基礎設施對於滿足此需求至關重要。

Nuclear power is the only scalable and reliable baseload energy source that can meet these demands. With our long history of providing engineering solutions to the nuclear industry including the deployment of new gigawatt power plants and research and design for small modular reactors, Amentum is well equipped to lead as this market continues to grow.

核能是唯一能夠滿足這些需求的可擴展且可靠的基載能源。我們長期為核工業提供工程解決方案，包括部署新的千兆瓦發電廠以及研究和設計小型模組化反應堆，隨著該市場的持續成長，Amentum 完全有能力引領市場。

Amentum is delivering solutions that fuel the nuclear resurgence across key submarkets. Please turn to slide 7, which provides a visual overview of our comprehensive nuclear solutions built over more than 50 years. We cover the full life cycle from planning, design and licensing to construction, operations, modernization and life extension and decommissioning. We have deep expertise and an integrated approach to these long-term priorities.

Amentum 正在提供推動主要子市場核能復興的解決方案。請翻到投影片 7，它直觀地概述了我們 50 多年來構建的全面核解決方案。我們涵蓋從規劃、設計和許可到建設、運營、現代化和壽命延長以及退役的整個生命週期。我們擁有深厚的專業知識，並對這些長期優先事項採取全面的方法。

To that end, in May, we opened our Nuclear Center of Excellence in Oak Ridge, Tennessee, which will serve as a strategic hub solving the challenges facing the nuclear resurgence through our advanced engineering and technology solutions.

為此，我們於五月在田納西州橡樹嶺開設了核能卓越中心，該中心將作為戰略樞紐，透過我們先進的工程和技術解決方案解決核能復興面臨的挑戰。

While much of our current work focuses on gigawatt reactors, we're increasingly applying that same expertise to next-generation nuclear technologies, including SMRs. SMRs provides scalable power with enhanced flexibility and safety features ideal for data centers and high-density compute zones driving the AI revolution.

雖然我們目前的大部分工作都集中在千兆瓦反應器上，但我們正越來越多地將同樣的專業知識應用於下一代核子技術，包括 SMR。SMR 提供可擴展的功率，具有增強的靈活性和安全性，非常適合推動人工智慧革命的資料中心和高密度運算區。

We are deeply embedded in this ecosystem, working with developers and governments across the US, UK and Europe to accelerate deployment and enhance grid reliability. We support flagship programs like Sizewell C in the UK, new starts in Poland and throughout other European countries and early-stage deployments in North America.

我們深深融入這個生態系統，與美國、英國和歐洲的開發商和政府合作，加速部署並提高電網可靠性。我們支援英國的 Sizewell C 等旗艦計畫、波蘭和其他歐洲國家的新啟動計畫以及北美的早期部署計畫。

To strengthen our differentiation, we've developed our own solutions, including proprietary software that enables high-resolution simulation of reactor physics.

為了加強我們的差異化，我們開發了自己的解決方案，包括能夠實現反應器物理高解析度模擬的專有軟體。

This tool was used by regulators and operators worldwide, accelerating the adoption and construction of gigawatt reactors and SMRs. We estimate that the current addressable market for Amentum's Nuclear Solutions is approximately $20 billion.

全球監管機構和營運商都採用了這項工具，加速了千兆瓦反應器和小型反應器的採用和建造。我們估計，Amentum 核子解決方案目前的潛在市場約為 200 億美元。

And based on projections for growth in the market for new builds, we expect it to more than double in size within the next decade. When we think longer term, the market size could experience a tenfold increase by 2050 if estimates for new builds are realized.

根據新建建築市場成長的預測，我們預計未來十年內其規模將成長一倍以上。從長遠來看，如果新建案的估算能夠實現，到 2050 年市場規模可能會成長十倍。

With the backdrop of growing global demand, a robust pipeline, including partnerships with key OEMs and converging policy support, we are executing a strategy to capture a significant share of this fast-growing market per gigawatt plants, Amentum delivers full life cycle solutions, including design and regulatory support, program management and life extension.

在全球需求不斷增長、通路強勁（包括與主要原始設備製造商的合作以及政策支援趨同）的背景下，我們正在實施一項策略，以佔據每千兆瓦電廠這一快速增長市場的很大份額，Amentum 提供全生命週期解決方案，包括設計和監管支援、專案管理和壽命延長。

For SMRs, today, Amentum is focused on supporting design and regulatory efforts, and we are positioned to provide the same solutions that we provide to customers for new gigawatt builds. These same engineering and capabilities are directly applicable to reactor life extensions. In the past five years alone, commitments have been made to prolong the operational lives of more than 60 reactors globally.

對於 SMR，目前，Amentum 專注於支援設計和監管工作，我們致力於提供與為客戶提供的新千兆瓦建設相同的解決方案。這些相同的工程和能力可直接適用於延長反應器壽命。僅在過去五年中，全球就有 60 多座反應器承諾延長其運作壽命。

While it's too early to set long-term financial targets, one thing is clear. Nuclear will be a critical engine of global growth at Amentum the tailwinds, growing global demand driving policy and technology have aligned to uniquely position Amentum for continued leadership.

雖然現在設定長期財務目標還為時過早，但有一點是明確的。核能將成為 Amentum 全球成長的關鍵引擎，順風、不斷增長的全球需求推動政策和技術將使 Amentum 佔據獨特的優勢，繼續保持領先地位。

And with that, I'll turn the call over to Travis to discuss our financials in more depth.

說完這些，我會把電話轉給崔維斯，讓他更深入地討論我們的財務狀況。

Thank you, John, and good morning, everyone. I'm excited to discuss with you today Amentum's strong third quarter performance, the significant progress we made to accelerate our deleveraging objectives and strengthen the balance sheet and to share our updated full year guidance, which, as John mentioned, represents increases for all guidance metrics on an underlying organic basis.

謝謝你，約翰，大家早安。我很高興今天與大家討論 Amentum 第​​三季度的強勁表現，我們在加速去槓桿目標和加強資產負債表方面取得的重大進展，並分享我們更新的全年指導，正如約翰提到的，這代表著所有指導指標在​​基礎有機基礎上的增長。

Our results highlight the importance and consistency of Amentum's business through what has been a dynamic period for our industry and reflects the continued strength of our execution, disciplined operational focus and progress against our strategic and financial priorities, in particular, reducing our net leverage by more than a half turn in our first nine months as a public company.

我們的業績凸顯了 Amentum 業務在行業充滿活力的時期的重要性和一致性，並反映了我們持續的執行力、嚴謹的營運重點以及在策略和財務重點方面取得的進展，特別是在我們上市後的前九個月內，我們的淨槓桿率降低了一半以上。

With that, let me walk you through our financial performance on Slide 8. 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 third quarter of fiscal 2024. These figures offer a combined view of the new Amentum business and provide performance insights on a more comparable basis.

接下來，讓我在第 8 張投影片上向您介紹我們的財務表現。我想再次強調，雖然我們的 GAAP 結果提供了 Amentum 遺留業務（不包括 CMS）的會計視圖。今天的討論將集中於我們的非 GAAP 結果。與 2024 財年第三季的備考結果相比。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。

Third quarter revenues of $3.6 billion reflects 2% growth and were driven by continued strong demand and year-over-year increases in digital solutions. Adjusted EBITDA was $274 million reflecting 7% year-over-year growth and was driven by a 30 basis point increase in adjusted EBITDA margin to 7.7%. Strong operational performance in both segments along with benefits from our cost synergy initiatives were catalysts for profit performance in the quarter. Adjusted diluted earnings per share were $0.56, up 10% from a year ago, with revenue growth and strong operating performance more than offsetting higher interest expense.

第三季營收為 36 億美元，成長 2%，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 2.74 億美元，較去年同期成長 7%，這得益於調整後的 EBITDA 利潤率增加 30 個基點至 7.7%。兩個部門的強勁營運表現以及成本協同措施帶來的好處是本季利潤表現的催化劑。調整後每股攤薄收益為 0.56 美元，比去年同期成長 10%，營收成長和強勁的經營業績足以抵銷更高的利息支出。

Moving to our reportable segment results on Slide 9. Digital Solutions generated revenues of $1.4 billion, representing 12% growth. The year-over-year increase was driven by the ramp-up of new contract awards, led by strength in the commercial, digital infrastructure market. Adjusted EBITDA increased to $114 million, reflecting a 60 basis point increase in adjusted EBITDA margins at 8%, the result of higher revenue volume, favorable contract mix and improved operational performance. Global Engineering Solutions generated revenues of $2.1 billion and reflects the expected ramp down of certain historical programs partially offset by the ramp-up of new contract awards and growth on existing programs.

前往投影片 9 上的可報告分部結果。數位解決方案業務的收入為 14 億美元，成長 12%。同比成長的動力來自於新合約授予數量的增加，其中商業數位基礎設施市場的強勁表現尤為突出。調整後的 EBITDA 增至 1.14 億美元，反映調整後的 EBITDA 利潤率增加 60 個基點至 8%，這是收入增加、合約組合有利以及營運績效改善的結果。全球工程解決方案部門創造了 21 億美元的收入，反映了某些歷史項目的預期下降，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。

Adjusted EBITDA, which was impacted by the revenue volume, was $160 million and benefited from a 10 basis point increase in adjusted EBITDA margins from strong operational performance.

受營收影響的調整後 EBITDA 為 1.6 億美元，並受益於強勁的營運表現導致調整後 EBITDA 利潤率增加 10 個基點。

Turning to Slide 10 to cover our cash flow performance and capital structure highlights. Third quarter and year-to-date free cash flow of $100 million and $255 million, respectively, were in line with our expectations and reflects strong cash earnings and our disciplined approach to working capital management.

翻到投影片 10，介紹我們的現金流表現和資本結構亮點。第三季和年初至今的自由現金流分別為 1 億美元和 2.55 億美元，符合我們的預期，反映了強勁的現金收益和我們對營運資本管理的嚴謹態度。

Investing activities generated another $275 million in the quarter as a result of $360 million in gross proceeds from the sale of Rapid Solutions in the previously discussed $70 million final net working capital true-up payment to Jacobs in connection with the merger. Together, the robust free cash flow performance and investing activity proceeds significantly enhanced our balance sheet position, with ending cash on hand of $738 million and no outstanding balances on our $850 million revolving credit facility.

本季度，投資活動又產生了 2.75 億美元的收入，這是由於出售 Rapid Solutions 獲得了 3.6 億美元的總收益，這筆收入已包含在之前討論的與合併有關的向 Jacobs 支付的 7000 萬美元最終淨營運資本補償金中。總體而言，強勁的自由現金流表現和投資活動收益顯著增強了我們的資產負債表狀況，期末現金為 7.38 億美元，8.5 億美元循環信貸額度沒有未償餘額。

The results also drove meaningful progress in reducing our net leverage to 3.5x, accelerating our path to a more flexible and opportunistic capital deployment posture. In addition, following the expiration of the soft call on our Term Loan B, we repaid $200 million in debt during the quarter without incurring incremental fees. And subsequent to the quarter end, we repaid an additional $250 million. As a result of these actions, we will see meaningful reductions in future interest costs and now expect to achieve net leverage of less than 3 times by the end of fiscal year 2026.

這一結果也推動我們在將淨槓桿率降低至 3.5 倍方面取得了有意義的進展，加速了我們走向更靈活、更投機的資本配置態勢。此外，在我們的定期貸款 B 的軟贖回到期後，我們在本季度償還了 2 億美元的債務，而沒有產生增量費用。本季結束後，我們又償還了 2.5 億美元。透過這些行動，我們將看到未來利息成本的大幅下降，目前預計到 2026 財年末，淨槓桿率將達到 3 倍以下。

On slide 11, let's now turn to our fiscal year 2025 full year outlook. Based on the strength of our year-to-date performance and expectations for the fourth quarter, which more than offset impacts from the divestitures John noted earlier, we are raising our full year organic guidance.

在第 11 張投影片上，我們現在來看看 2025 財年全年展望。基於我們今年迄今為止的強勁表現和對第四季度的預期，這足以抵消約翰之前提到的資產剝離的影響，我們提高了全年有機指導。

With less than 1% of revenues expected to come from new business, we are increasing revenue expectations to the range of $13.975 billion to $14.175 billion, which at the midpoint reflects a $125 million underlying organic increase. After adjusting for the impact of customer priority shifts, which we continue to estimate at approximately 1% of revenues for fiscal year 2025 and the divestitures.

由於預計不到 1% 的收入來自新業務，我們將營收預期上調至 139.75 億美元至 141.75 億美元之間，中間值反映了 1.25 億美元的潛在有機成長。在調整了客戶優先順序變化的影響後，我們繼續估計這部分影響將達到 2025 財年和資產剝離收入的約 1%。

It also represents a 2% increase from strength in the underlying business relative to our original guidance expectations. We continue to expect adjusted EBITDA in the range of $1.065 billion to $1.095 billion, reflecting a $5 million underlying organic increase at the midpoint as well as adjusted EBITDA margins at 7.7%, consistent with our year-to-date performance. We are also raising our outlook for adjusted diluted earnings per share to a range of $2.05 and to $2.20, reflecting a $0.05 underlying organic increase at the midpoint.

與我們最初的指導預期相比，這也意味著基礎業務實力成長了 2%。我們繼續預期調整後的 EBITDA 在 10.65 億美元至 10.95 億美元之間，反映出中點 500 萬美元的潛在有機成長以及調整後的 EBITDA 利潤率為 7.7%，與我們今年迄今為止的業績一致。我們還將調整後每股攤薄收益預期上調至 2.05 美元至 2.20 美元之間，中間值反映出 0.05 美元的潛在有機成長。

And finally, we expect free cash flow between $475 million and $525 million, which represents an underlying organic increase of $20 million, predominantly as a result of divestiture-related tax payments expected in the fourth quarter. Additional key assumptions for our updated guidance are included on Slide 11 in today's presentation posted on our Investor Relations website. Wrapping up on Slide 12. Simply put, Amentum is performing well on all fronts, and we are delivering on both our strategic and financial commitments, all of which is made possible by the dedication and commitment from our talented employees across the globe.

最後，我們預計自由現金流在 4.75 億美元至 5.25 億美元之間，這意味著潛在的有機成長為 2,000 萬美元，這主要歸因於預計第四季度的資產剝離相關稅款支付。我們更新後的指南的其他關鍵假設包含在我們投資者關係網站上今天發布的簡報的第 11 張幻燈片中。總結投影片 12。簡而言之，Amentum 在各方面都表現良好，我們正在履行我們的策略和財務承諾，所有這些都得益於我們全球優秀員工的奉獻和承諾。

As we enter the last quarter in our first year as a combined public company, we remain confident in meeting our fiscal year 2025 financial objectives and are more excited than ever about the future for Amentum and the long-term value it can deliver for customers, employees and shareholders.

隨著我們進入合併後上市公司第一年的最後一個季度，我們仍然有信心實現 2025 財年的財務目標，並且對 Amentum 的未來以及它能為客戶、員工和股東帶來的長期價值感到比以往任何時候都更加興奮。

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

接線員，請打開熱線來回答問題。謝謝。

(Operator Instructions)

（操作員指示）

Colin Canfield with Cantor Fitzgerald.

科林‧坎菲爾德 (Colin Canfield) 與康托‧費茲傑拉 (Cantor Fitzgerald)。

Hey, good morning. Thank you for the question. Maybe starting out on bookings. Can you just clarify what the JV adjusted quarterly book-to-bill was in the quarter? And then maybe talk us through how we should think about your space force pipeline as well as your NASA pipeline. So the space force contract is well understood and a key win. But as we think about kind of what's next, it seems like the awards to be coming pretty quickly. So maybe talk us through those bookings dynamics first.

嘿，早安。謝謝你的提問。也許從預訂開始。您能否澄清一下本季合資公司調整後的季度訂單出貨比是多少？然後也許請您告訴我們應該如何看待您的太空部隊管道以及您的 NASA 管道。因此，太空部隊合約是眾所周知的，也是一項關鍵的勝利。但當我們思考接下來會發生什麼事時，似乎獎項很快就會到來。所以也許可以先跟我們講一下這些預訂動態。

Hey, good morning. Sure, this is Travis. I will start with your booking's question and hand it over to cover your question on the space opportunities. So the first thing that I'd highlight is that we're obviously pleased with our award and book to build performance in the 3rd quarter, which was 1 times on a reported basis, also 1 time on a year-to-date basis.

嘿，早安。當然，這是特拉維斯。我將從您預訂的問題開始，然後轉而回答您關於空間機會的問題。因此，我要強調的第一件事是，我們對第三季的獎勵和業績表現感到非常滿意，這是報告基礎上的 1 倍，也是年初至今的 1 倍。

And to your question specifically about our imputed JV booked the bill, a couple of different things that we did have the Canadian Nuclear Laboratories win, that's an unconsolidated joint venture which John highlighted in his prepared remarks, and including that award, our imputed booked the bill for the quarter was 1.8.

對於您關於我們估算的合資企業預訂賬單的具體問題，我們確實有幾件不同的事情，加拿大核實驗室贏得了勝利，這是一家非合併合資企業，約翰在他的準備好的發言中強調了這一點，包括該獎項在內，我們本季度的估算預訂賬單為 1.8。

So really solid performance there that brings our imputed year-to-date book to bill to 1.4% and The last thing to highlight just from the metrics perspective on book to build, we also highlighted our Space Force win, which is excluded from our book to build metrics, given that it's currently under process.

因此，那裡的表現確實非常穩健，使我們估算的年初至今的帳面支出達到 1.4%，最後要強調的是，僅從帳面建設指標的角度來看，我們還強調了我們的太空部隊勝利，但由於它目前正在進行中，因此它不在我們的帳面建設指標之內。

Obviously look forward to that being resolved, but our reported book to build would have been approximately 2 in the quarter with that and obviously well over 2 impeded perspective. So really pleased with the business development performance that we've experienced in the 3rd quarter and through the year so far.

顯然，我們希望這個問題能夠得到解決，但是如果發生這種情況，我們報告的待建帳簿在本季度將約為 2 本，而且顯然會遠遠超過 2 本，這阻礙了前景。我們對第三季以及今年迄今的業務發展表現感到非常滿意。

And with that, maybe I'll hand it over to John.

這樣，也許我會把它交給約翰。

Yeah, thanks, Colin. So just following up with your second part of your question. Obviously, we reported the space force range contract award. That's probably the biggest highlight of the quarter. But also when you talk about our pipeline, we see it as the opportunity to not only be a larger supporter for space force, but be in a position to also be much closer to commercial space because that's so integrated in that contract that would put us at the key launch areas where we'll have the opportunity to work side by side with all the major commercial space launch providers.

是的，謝謝，科林。所以，我們來繼續回答你問題的第二部分。顯然，我們報告了太空部隊靶場合約授予情況。這可能是本季最大的亮點。但是，當您談到我們的管道時，我們認為這不僅是成為太空部隊更大支持者的機會，而且也是更接近商業太空的機會，因為它與合約緊密結合，這將使我們處於關鍵的發射區域，我們將有機會與所有主要的商業太空發射提供者並肩工作。

The second part is that the golden dome. As we know, the -- that's going to be a huge initiative of this administration over the next few years and likely for the next decade to come as the US puts research and development, investing behind this capability our position at Space Force as well as missile defense agency where we have been a key supporter for a long time, puts us in a great position to respond to the upcoming acquisition opportunities.

第二部分是金頂。我們知道，這將是本屆政府未來幾年乃至未來十年的一項重大舉措，隨著美國對這一能力的研發和投資，我們在太空部隊以及導彈防禦機構的地位以及我們長期以來一直是其主要支持者的地位，這使我們能夠很好地應對即將到來的收購機會。

So if you talk about pipeline really around the Golden Dome, it's Shield and seeing, first, just winning a position on shield, our expertise at Space Force and missile defense agency and our decades of experience supporting NASA on rocket design and technology development should put us in a great position to get a key spot on Shield and then to support the development initiatives that are going to come out on Shield.

因此，如果您談論的是圍繞金色圓頂的管道，那就是 Shield，首先，看到在 Shield 上贏得一個位置，我們在太空部隊和導彈防禦機構的專業知識以及我們數十年來支持 NASA 進行火箭設計和技術開發的經驗應該使我們處於有利地位，可以在 Shield 上獲得一個關鍵位置，然後支持 上即將推出的發展計劃。

So all in all, excited about the pipeline opportunities, the growth opportunities near term over the next three years. And then the last thing I'd say is really NASA. We're excited about where NASA is going, a lot of very positive feedback from this administration and support on human space flight and our role in NASA is critical to supporting that and maybe, Steve, you could hit on just our excitement about what's happening on human space lead.

總而言之，我們對未來三年的管道機會和近期的成長機會感到興奮。最後我想說的是美國國家航空暨太空總署 (NASA)。我們對 NASA 的發展方向感到興奮，本屆政府給了我們很多非常積極的反饋，並對載人航天飛行提供了支持，而我們在 NASA 中的作用對於支持這一點至關重要，史蒂夫，也許你可以談談我們對載人航天領域正在發生的事情的興奮之情。

Yes. John, I think had lined it well. There's a lot of exciting direction coming out of the new administration. Really, I think most people know we are in the thick of preparation for the Artemis I mission. Our team at NASA Kentucky making great progress integrating the vehicle, testing out.

是的。約翰，我認為他已經把它排列好了。新政府推出了許多令人興奮的政策。確實，我想大多數人都知道我們正在為阿爾忒彌斯一號任務做著緊張的準備。我們位於肯塔基州 NASA 的團隊在飛行器的整合和測試方面取得了巨大進展。

This, of course, will be the first crude art in this flight. So mission assurance and flight safety at the forefront of all that we're doing, but we're integrating systems, checking out software, hardware, flight hardware. That work is proceeding exceptionally well, and we're really proud of our team there and how they're working with the agency to prepare for that mission.

當然，這將是本次飛行中的第一件粗糙藝術品。因此，任務保證和飛行安全是我們所做工作的重中之重，但我們正在整合系統，檢查軟體、硬體和飛行硬體。這項工作進展非常順利，我們為那裡的團隊以及他們與該機構合作為該任務做準備的方式感到非常自豪。

I think importantly, just if you kind of take account of some of the recent messages coming out, even in recent days, coming out of the agency as well as the interim Secretary, Duff be talking about, hey, we're going to need things like a nuclear reactor on the surface of the moon.

我認為重要的是，如果你考慮到最近傳出的一些消息，甚至是最近幾天來自該機構以及臨時部長達夫所談論的一些消息，嘿，我們需要在月球表面建造核反應堆之類的東西。

There's a recognition that I would say, two key things. Number one, the moon does in and of itself become a very strategic objective. We are absolutely in a second space race, if you will, and so we're very focused on ensuring US with our international partners to make sure that we secure that position on the moon. And secondly, that it's a key waste of, if you will, to pave the way to go onward to Mars.

我想說的是，有兩件關鍵的事情。首先，月球本身確實是一個非常具有戰略意義的目標。如果你願意的話，我們絕對處於第二次太空競賽中，因此我們非常注重確保美國與我們的國際合作夥伴一起確保我們在月球上的地位。其次，如果你願意的話，這是一種關鍵的浪費，為前往火星鋪平了道路。

And so we're excited about the bipartisan support for those missions and the continued priority focus for the nation. And so a lot of great work happening there we continue to see good incremental opportunity as we go.

因此，我們對兩黨對這些使命的支持以及國家繼續優先關注這些使命感到非常興奮。因此，那裡發生了很多偉大的工作，我們繼續看到良好的增量機會。

Got it. That's great color. And then maybe kind of tying that into the revenue mix in the business. and the EBITDA growth building blocks for next year. If we could kind of talk through how we think about this actually Defense & Intelligence, right, which is about 50% to 60% of the business. International NASA and call it nuclear, right, the kind of non-civil civil stuff, so call it maybe 3/4 of the business that's accelerating in 26 versus the calendar year or calendar week, excuse me, building blocks we got last quarter?

知道了。顏色真棒。然後可能將其與業務收入組合和明年的 EBITDA 成長基石連結起來。如果我們可以談談我們對此的看法，國防和情報實際上佔業務的 50% 到 60%。國際 NASA 稱之為核能，對吧，是那種非民用民用的東西，所以稱之為可能是 3/4 的業務，與日曆年或日曆週相比，26 年內正在加速增長，對不起，我們上個季度得到了哪些基礎？

And any sort of JV dynamics that impact next year. So maybe kind of walk through how we think about all that goodness in Civil translating to accelerating growth next year, but specifically on an EBITDA basis given those dynamics?

以及任何影響明年的合資動態。那麼，也許我們可以談談我們如何看待 Civil 的所有優點轉化為明年的加速成長，但具體來說，考慮到這些動態，是基於 EBITDA 的基礎？

Thank you.

謝謝。

Yeah, tThanks, Colin. First, I'll just talk kind of strategy, macro level and Travis can dive in on that question. pure financial standpoint. But first of all, I just want to go back. We're really pleased with how the third quarter panned together.

是的，謝謝，科林。首先，我只想談談宏觀層面的策略，然後崔維斯可以從純粹的財務角度深入探討這個問題。但首先，我只想回去。我們對第三季的整體表現感到非常滿意。

As I said in my prepared remarks, our performance really reflects the continued strength of the business we're being very disciplined on execution, where we completed these divestitures that's sharpening our focus on our core strategy. It's really like Amentum was custom built for this era Amentum is aligned with these enduring global trends and well-funded priority areas, and it's starting to show up in our results. We're accelerating our deleveraging and we got that down to 3.5 million and we're on a clear path to meet our commitments.

正如我在準備好的發言中所說的那樣，我們的業績確實反映了業務的持續強勁，我們在執行方面非常嚴格，我們完成了這些資產剝離，這讓我們更加專注於核心策略。Amentum 確實像是為這個時代量身定制的，它與這些持久的全球趨勢和資金充足的優先領域保持一致，並且開始在我們的結果中顯現出來。我們正在加速去槓桿，並將這一數字降至 350 萬，我們正在朝著履行承諾的方向前進。

And keep in mind, Amentum nine-month-old public company. And we said our first year we focused on integration, laying the groundwork for long-term growth, and I think that's exactly what we've done. And we've got strength in our underlying business that we're starting to show up in our pipeline.

請記住，Amentum 是一家成立九個月的上市公司。我們說過，第一年我們專注於整合，為長期成長奠定基礎，我認為這正是我們所做的。我們的基礎業務實力雄厚，這一點已開始在我們的通路中顯現。

Again, $29 billion of bids awaiting award, a pipeline that looks really strong across key areas that you were touching on as we think about '26, nuclear is really starting to pick up, and I'd love to talk more about that. We're still number 1 environmental remediation there are great opportunities in space.

再次，價值 290 億美元的投標等待授予，在我們思考 26 年時，您所提到的關鍵領域的管道看起來非常強大，核能確實開始興起，我很樂意就此進行更多討論。我們仍然是環境修復領域的佼佼者，太空領域蘊藏著巨大的機會。

We just talked about defense, around systems design, integration and modernization still leadership area of ours. And then we talked about this the last few quarters. the intelligence community, our belief that, that can be a strong driver, but not probably in '25, but it's doing well, but we really see that as a '26, '27.

我們剛才談到了國防，圍繞系統設計、整合和現代化仍然是我們的領導領域。然後我們在過去幾個季度討論了這個問題。情報界，我們相信，這可能是一個強大的驅動力，但可能不會在 25 年實現，但它做得很好，但我們真的認為這是 26 年、27 年。

So we think about '26 in you probably start to see intelligence show up more as well as some of those key priority areas of this administration start to show up in a bigger way in what's happening in our business. We talked about space, we talked about the Golden Dome, talked about UAVs, counter UAVs, talking about the border and our presence at the border, we've been at the board of providing key support to customs and border protection. I mean we are a key part of the strategy there to this administration.

因此我們認為，在 2026 年，您可能會開始看到情報更多地出現，同時本屆政府的一些關鍵優先領域也開始在我們的業務中以更大的方式顯現出來。我們談到了太空，談到了金頂，談到了無人機、反無人機，談到了邊境和我們在邊境的存在，我們一直在為海關和邊境保護提供關鍵支援。我的意思是我們是本屆政府戰略的重要組成部分。

So we're seeing all those things really working and the pipeline development, which should set us up in '26 to see some of these things stand out.

因此，我們看到所有這些事情確實在發揮作用，管道也在不斷發展，這應該會讓我們在 26 年看到其中一些事情脫穎而出。

And then from a financial perspective, Colin, we obviously look forward to providing official FY '26 guidance in our Q4 earnings call. But what I will say is that as you hear John talk about, we're really excited about the trajectory of the business.

然後從財務角度來看，科林，我們顯然期待在第四季度財報電話會議上提供官方的 26 財年指導。但我想說的是，正如你聽到約翰談論的那樣，我們對業務的發展軌跡感到非常興奮。

Obviously, there's some revenue dynamics that we've talked about related to the 53rd week JV transitions and then the new impact from the divestitures, which closed in the last week of our third quarter.

顯然，我們討論了一些與第 53 週合資企業轉型相關的收入動態，以及資產剝離帶來的新影響，資產剝離於第三季的最後一周完成。

But they really don't impact the momentum of the underlying organic business at all. In fact, we're really excited about kind of our year-to-date performance, both from a margin expansion perspective. 20 basis points year-over-year.

但它們實際上根本不會影響基礎有機業務的發展勢頭。事實上，從利潤率擴張的角度來看，我們對今年迄今的表現感到非常興奮。較去年同期成長 20 個基點。

We've reduced net leverage to 3.5 times. We expect that to continue in the fourth quarter, all ahead of schedule. So as we start to look forward to the fourth quarter and into FY '26, we really made meaningful progress towards our margin expansion and free cash flow growth objectives. So we're confident this will continue as we head into FY '26.

我們已將淨槓桿率降至3.5倍。我們預計第四季度這一趨勢將繼續，並且比計劃提前。因此，當我們開始展望第四季和26財年時，我們在利潤率擴張和自由現金流成長目標方面確實取得了有意義的進展。因此，我們相信，在進入 26 財年時，這種勢頭將會持續下去。

Got it. That's fantastic. Thank you.

知道了。太棒了。謝謝。

Tobey Sommer with Truist.

Tobey Sommer 與 Truist 合作。

It's Henry on for Tobey here. Just to start with, given the upcoming end of the year here this quarter. Are you expecting a seasonally high number of kind of budget flush opportunities with the slow procurement environment up to date so far this year? And are you seeing any potential headwinds there around kind of federal contracting officer shortages, some of that money going out by the end of September?

亨利 (Henry) 代替托比 (Tobey) 上場。首先，考慮到本季即將結束。由於今年迄今的採購環境較為緩慢，您是否預計會出現季節性的大量預算充裕機會？您是否看到聯邦合約官員短缺方面存在任何潛在的阻力，部分資金將在 9 月底前用完？

Yeah, I'd say we've been very pleased with how the government is kind of -- you had that transition, any administration, you're going to feel an impact of that as the administration brings in key people lays out their priorities, the big beautiful bill came out, provided clarity, provided excitement, provide direction, the leadership at these organizations are in place they're supported by this administration. So frankly, we're seeing a government that today is working relatively efficiently and if not even more efficiently because there's a sense of urgency.

是的，我想說，我們對政府的這種轉變感到非常滿意——任何政府都有這樣的轉變，你都會感受到這種轉變的影響，因為政府引入了關鍵人物，制定了他們的優先事項，出台了漂亮的法案，提供了清晰度，提供了興奮，提供了方向，這些組織的領導層都到位了，他們得到了本屆政府的支持。所以坦白說，我們看到今天的政府運作起來相對高效，甚至更有高效，因為有一種緊迫感。

There is a desire to move things forward and a pace that is probably a little different than what we're used to. So we're -- we don't expect that the impacts that we might have seen in previous quarters to come out in the fourth quarter. I think it's going to be business as usual our customers are focused. They know what they have to do.

我們渴望推動事情向前發展，但其步伐可能與我們習慣的步伐略有不同。因此，我們預計前幾季可能看到的影響不會在第四季顯現出來。我認為一切將照常進行，我們的客戶將受到關注。他們知道自己該做什麼。

They're focused on executing that. RFPs are coming out as planned. awards are coming out generally on time. Of course, there's there are still protests, which is just part of the industry, and we're all used to that. So it's nothing new. And we would expect fourth quarter to be pretty solid.

他們專注於執行這一目標。RFP 正在按計劃發布。獎項通常按時頒發。當然，仍然存在抗議，這只是行業的一部分，我們都已經習慣了。所以這並不是什麼新鮮事。我們預計第四季的表現會相當穩健。

Great, thanks for thanks.

太好了，謝謝。

Great. And maybe just a quick on the Golden Dome opportunity. Where do you see kind of the overall budget funding opportunities for your kind of Fortune Shield area within the whole Golden 1 project? And 1 of the differences or similarities in the time line of that versus the overall overall project?

偉大的。也許這只是一個快速進入金頂的機會。您認為在整個 Golden 1 計畫中，財富之盾區域的整體預算融資機會在哪裡？該專案的時間軸與整個專案相比有哪些不同或相似之處？

Yeah, thanks for the question. I think the golden Dome narrative for us starts with the fact that we are very highly engaged in that mission today in continuing to develop and maintain our missile defense of the US as well for key allies.

是的，謝謝你的提問。我認為，對我們來說，金頂敘事始於這樣一個事實：我們今天高度參與這項使命，繼續為美國及其主要盟友開發和維護飛彈防禦系統。

And our work with the Defense Agency really, in many ways, paves the way for the objectives associated with the Golden Done because I think that the headline to think about is the emphasis in golden dome is about rapid deployment rapid deployment of defensive capabilities as part of the Golden Dome initiative.

我們與國防部門的合作確實在許多方面為「金頂」計畫的相關目標鋪平了道路，因為我認為，值得思考的標題是「金頂」計畫的重點是快速部署防禦能力，這是「金頂」計畫的一部分。

And the good news is that missile its agency to their credit and we as their trusted partner, have been developing a lot of the key technologies in recent years Boy, there's a lot in the about the hypersonic tracking ballistic space sensor that we've had great RDT&E and test deployment of that, integrating that capability.

好消息是，飛彈防禦局和我們作為他們值得信賴的合作夥伴，近年來一直在開發許多關鍵技術。關於高超音速追蹤彈道空間感測器，我們已經進行了出色的 RDT&E 和測試部署，並整合了該功能。

We've worked with MDA to develop the integrated digital data environment that's allowed us to do simulation, I think digital twins and integrate developing new capabilities that will be required for Golden Dome and we've even pioneered kind of the new ground to space architecture, if you will, that allows us to have rapid decision capability, even things like algorithms that they had to do pattern recognition alert.

我們與 MDA 合作開發了整合數位資料環境，使我們能夠進行模擬，我認為數位孿生和整合開發金頂所需的新功能，我們甚至開創了一種新的地對空架構，這使我們能夠擁有快速決策能力，甚至像他們必須做的模式識別警報的演算法。

So a lot of these underlying enabling technologies we've developed with FDA, and those will become key for Golden done. So because of our presence in that market at the center of developing that system today, we think we are going to be a great partner working with Space Force missile defense, as John mentioned in his prepared remarks, to help pioneer gold and Dome and be able to develop and deploy those capabilities.

因此，我們與 FDA 共同開發的許多底層支援技術將成為 Golden done 的關鍵。因此，由於我們今天在該市場中處於開發該系統的中心地位，我們認為我們將成為與太空部隊導彈防禦系統合作的優秀合作夥伴，正如約翰在他的準備好的發言中提到的那樣，幫助開拓黃金和圓頂並能夠開發和部署這些能力。

So it's absolutely a big opportunity for us. And the government to their credit have already as you will be aware, in the reconciliation, devoted $25 billion to kind of rapid start some of that technology development. So we think those things begin to happen pretty quickly or still there.

所以這對我們來說絕對是一個很大的機會。值得讚揚的是，正如你們所知，政府在和解中已經投入了 250 億美元來快速啟動部分技術開發。因此我們認為這些事情很快就會發生，或者仍然存在。

The next question comes from Mariana Perez Mora with Bank of America.

下一個問題來自美國銀行的 Mariana Perez Mora。

Thank you so much.

太感謝了。

Good morning, everyone.

大家早安。

Morning, Mariana.

早安，瑪麗安娜。

So my question is going to be about nuclear, and it's going to be a 3-part question. Number one, could you please remind us like how large is the nuclear exposure for you from a sales perspective, but mostly from an EBITDA perspective because you do have some of those contracts that come to unconsolidated joint ventures.

我的問題是關於核問題的，它由三個部分組成。首先，您能否提醒我們，從銷售角度來看，您的核能風險敞口有多大，但主要是從 EBITDA 角度來看，因為您確實有一些與非合併合資企業簽訂的合約。

Number two, you highlight the 8% CAGR expected to happen in the 4 years between '26 and 2030. How much faster momentum could grow especially if you are exposed to SMRs or software or upgrades or staff that could actually grow faster than just like nuclear gigawatts? And the third one, when we think about this nuclear opportunity and especially on the contribution, not just to top line but mostly through the bottom line. How should we think about the margin contribution and the path towards your 2028 goals.

第二，您強調了 2026 年至 2030 年 4 年間預計的 8% 複合年增長率。如果您接觸到 SMR、軟體、升級或員工，其成長速度實際上可能比核能千兆瓦更快，那麼成長動能會有多快？第三，當我們考慮這個核子機遇，特別是它的貢獻時，不只是對營收，而且主要是對利潤。我們應該如何看待利潤貢獻以及實現 2028 年目標的道路。

Yeah, Mariana, we love this subject. Obviously, we highlighted it on the earnings call for a reason. We just think that momentum is very differentiated in this space. And because of our expertise across Europe, where the European continent has really leaned forward on nuclear where the US has kind of taken a back seat over the past 3 decades but there's a lot of excitement here in the US Here's a couple of things, I would say. First, to that, our business is on the nuclear front in terms of chemical engineering, neutral engineering, mechanical, civil, data, all types of engineering capability and technical skills, well over $2 billion in our business. from a nuclear power standpoint, we are currently delivering on approximately 29 projects across momentum. Across Fusion, fuel fabrication enrichment, gigawatt new build gigawatt life extension and SMR.

是的，瑪麗安娜，我們喜歡這個主題。顯然，我們在財報電話會議上強調這一點是有原因的。我們只是認為這個領域的勢頭非常差異化。由於我們在歐洲的專業知識，歐洲大陸在核能方面確實處於領先地位，而美國在過去 30 年裡一直處於落後地位，但美國對此感到非常興奮。我想說幾件事。首先，我們的業務集中在核能領域，涉及化學工程、中性工程、機械、土木工程、數據、所有類型的工程能力和技術技能，業務規模超過 20 億美元。從核電的角度來看，我們目前正在實施約 29 個項目。跨越核融合、燃料製造濃縮、千兆瓦新建、千兆瓦壽命延長和 SMR。

We are in capture for over 50 projects, nuclear projects over the next three years. The market is picking up, and I talked about this in my prepared remarks, -- the investment environment is best as it's been in the US And the real opportunity, what we're talking about is the real excitement because we're already well embedded in Europe. And that market has been moving forward.

未來三年，我們將承接 50 多個項目，包括核子項目。市場正在回暖，我在準備好的演講中談到了這一點——投資環境是美國最好的，真正的機會，我們所談論的是真正的興奮，因為我們已經很好地紮根於歐洲。而這個市場一直在向前發展。

So most -- much of our work is in Europe, some of it's in the US. But what we're excited about is the investment environment in the US as well as the President's executive orders which were about 30 pages long.

因此，我們大部分的工作都在歐洲，有些在美國。但讓我們興奮的是美國的投資環境以及總統長達30頁的行政命令。

By the way, this was a very detailed guidance that you don't typically see. And it's just make -- all of what's happening is making the economics better for investors. You're getting regulatory streamlining that's supported by bipartisan support it's driven by our business community, AI, hyperscalers, electricity needs. The credit environment and private funding is very positive.

順便說一句，這是一個非常詳細的指導，通常你不會看到。而這一切正在發生的事情，都是為了讓投資人享受到更好的經濟效益。您將獲得由兩黨支持的監管簡化，這是由我們的商業社區、人工智慧、超大規模企業和電力需求推動的。信貸環境和私人融資非常積極。

It's bringing the cost down. And of course, the need for electricity is indisputable to support our economy as well as defense sees this as an energy resilience plan, but a lot of interest on defense as well. This is very strong demand. This is not a one-, two- or three-year cycle. This is a multi-decade long cycle. And of course, a nuclear power plant, once installed, can operate upwards of 70 years.

這正在降低成本。當然，為了支持我們的經濟和國防，電力的需求是無可爭議的，國防將此視為一項能源彈性計劃，但也對國防產生了濃厚的興趣。這是非常強烈的需求。這不是一個一年、兩年或三年的周期。這是一個長達數十年的周期。當然，核電廠一旦建成，可以運作 70 年以上。

So, see this as each of these projects can be a 70-year project for Amentum Mark, it is Obviously, it's happening real time in the US which means regulatory approval. So, for us, it's more focused on a lot of engineering support, regulatory support that, that will build over time into the actual design, construction and implementation -- so this next decade is going to be a lot of activity. And so energy for us probably -- I don't know Travis probably has the exact number, but still over $500 million, and we just see that as the potential to grow substantially over the next five to, frankly, years. Travis, any.

因此，將這些項目視為 Amentum Mark 的每一個項目都可能是 70 年的項目，顯然，它正在美國實時發生，這意味著需要獲得監管部門的批准。因此，對我們來說，我們更注重大量的工程支援和監管支持，這些支持將隨著時間的推移融入實際的設計、施工和實施中——因此未來十年將會有很多活動。因此，對我們來說，能源可能——我不知道特拉維斯是否有確切的數字，但仍然超過 5 億美元，我們認為這在未來五年到幾年內有大幅增長的潛力。特拉維斯，任何。

Yes. I'll add some color on the financial elements of that. So margin Yes. We previously discussed that around 17% of our annual revenue billion come from our energy and environment market overall, provide some further color on that. Roughly two-three of that relates to nuclear remediation and decommissioning and the remaining third relates to base all disputing engineering, design, construction, commissioning, operations and maintenance, both for government and commercial customers here in the US and abroad.

是的。我將對其中的財務要素做一些說明。所以保證金是的。我們之前討論過，我們每年約有 17% 的收入來自能源和環境市場，請對此進行進一步說明。其中大約兩到三項涉及核修復和退役，其餘三分之一涉及所有有爭議的工程、設計、施工、調試、運營和維護，服務對象包括美國國內和國外的政府和商業客戶。

And as you point out, obviously, this -- the margin profile of this business is accretive from an overall perspective, and it's an even bigger contributor from an EBITDA perspective. So as John pointed out, we're really excited about the growth that this can provide from animated into the future.

正如您所指出的，顯然，從整體角度來看，這項業務的利潤率是成長的，從 EBITDA 角度來看，它的貢獻更大。正如約翰指出的那樣，我們對動畫未來所能帶來的成長感到非常興奮。

Great. And is it fair to think that you should at least grow in line with the market for those 2/3 of the 17%?

偉大的。那麼，對於這 17% 中的 2/3 的人來說，你至少應該與市場同步成長，這樣想公平嗎？

I would say based on our position and everything that we've done historically in the nuclear market as one of the leading project engineering firms across the globe, we don't see any reason why that shouldn't be the case.

我想說，基於我們作為全球領先的專案工程公司之一在核能市場的地位和歷史成就，我們認為沒有理由不這樣做。

Thank you so much.

太感謝了。

Noah Poponak with Goldman Sachs.

高盛的 Noah Poponak。

Hey, good morning, guys. How do I think about or square up the total backlog picture, the total pipeline picture, the robust opportunity set that you're describing with the move lower through the year in the funded backlog.

嘿，大家早安。我該如何思考或平衡總體積壓情況、整體管道情況、您所描述的強勁機會集與全年資助積壓情況的下降。

Hey, good morning. So as we mentioned and John has talked about and it's been brought up on previous calls, as the new administration came in, there was obviously the impact to the contracting officer workforce. And I think what you're seeing in the funding dynamic is just kind of the trailing effects of that. We don't have any concern related to the funded backlog at all whatsoever. I'd say it's just timing related, and we're confident that we'll be funded sufficiently to perform our mission-critical work going forward.

嘿，早安。正如我們提到的、約翰談到的以及在之前的電話中提到的那樣，隨著新政府的上台，這顯然對承包官員隊伍產生了影響。我認為，你在資金動態中看到的只是這種現象的滯後效應。我們根本不擔心與資金積壓有關的問題。我想說這只是時間問題，我們相信我們將獲得足夠的資金來完成我們未來的關鍵任務。

Yes. And I think the other part that we mentioned and we've mentioned previously is that Amentum does a lot of JV work in some of our key high-growth market areas. And we've been very successful winning some of these JVs that are not contributing to backlog and we're real excited about what they mean to our business. So we talked about a backlog or book-to-bill this quarter at 1.0. But if you included our JVs are imputed book-to-bill would have been 1.8%.

是的。我認為我們之前提到的另一部分是，Amentum 在一些關鍵的高成長市場領域進行了大量合資工作。我們非常成功地贏得了一些不會造成積壓訂單的合資企業，我們對它們對我們業務的意義感到非常興奮。我們本季的訂單出貨比是1.0。但如果算上我們的合資公司，估算的訂單出貨比應該是1.8%。

And that's happened in previous quarters already and we see a pipeline of these types of opportunities that will drive meaningful EBITDA and cash flow, but just don't show up in our backlog so we're winning. We're winning these large JVs.

這在前幾個季度已經發生過，我們看到了一系列此類機會，它們將推動有意義的 EBITDA 和現金流，但只是沒有出現在我們的積壓訂單中，所以我們正在獲勝。我們正在贏得這些大型合資企業。

They're meaningful, and it's just part of the dynamics of the markets we play in, in a unique aspect of momentum and we'll continue to talk and provide more detail on that.

它們很有意義，而且只是我們所處市場動態的一部分，具有獨特的動量，我們將繼續討論並提供更多細節。

But let me say, we are winning. We are winning big long-term contracts to Canadian nuclear contract we won this quarter, a 20-year contract over CAD 1 billion annually. So it's this type of volume that we're talking about that doesn't necessarily show up in our backlog.

但我要說的是，我們正在勝利。我們本季贏得了加拿大核子合約的大型長期合同，這是一份為期 20 年、每年價值超過 10 億加元的合約。因此，我們所討論的這種數量不一定會出現在我們的積壓訂單中。

Okay. That is super helpful and helps clarify. I appreciate that. If I go back to the Capital Markets Day about a year ago, you outlined a multiyear organic revenue growth framework, 4% to 6%. As we start to look to 2026, is that a reasonable starting point for the kind of true core?

好的。這非常有幫助，有助於澄清。我很感激。如果我回顧大約一年前的資本市場日，您概述了一個多年有機收入成長框架，即 4% 至 6%。當我們開始展望 2026 年時，這是否是真正核心的合理起點？

I know there's -- and there's going to be moving pieces with -- outside of the core. But in the -- is that the right starting point before we then adjust those moving pieces?

我知道，在核心之外，還會有一些改變。但是——在我們調整這些移動部件之前，這是正確的起點嗎？

No. I think a couple of things. Obviously, a lot of things have changed since August to Capital Markets Day, but there's a lot of things that haven't changed. And the underlying strength of the business is one of them. obviously, we have some of the revenue dynamics that we talked about earlier in response to Colin's question.

不。我想到幾件事。顯然，自八月到資本市場日以來，很多事情都發生了變化，但也有很多事情沒有改變。而業務的潛在優勢就是其中之一。顯然，我們之前在回答科林的問題時談到了一些收入動態。

But the mission-critical events, engineering and technology solutions that we provide to our customers every day, the diversified and differentiated position of our portfolio, which has been demonstrated through our results in FY '25 has proven to be resilient even in times of uncertainty and the significant progress we made taking advantage of the merger thesis, both from a strategic and financial perspective, all still hold true today.

但是，我們每天為客戶提供的關鍵任務事件、工程和技術解決方案、我們產品組合的多元化和差異化地位（這已通過我們在 25 財年的業績得到證明，即使在不確定時期也具有韌性）以及我們利用合併理論取得的重大進展（無論是從戰略角度還是財務角度而言），至今仍然適用。

And as John said in his prepared remarks, we're more aligned than ever with global enduring trends in our customers' top priorities and so all that to say, we remain excited about the trajectory of the business as we head into FY '26.

正如約翰在他的準備好的發言中所說的那樣，我們比以往任何時候都更加關注客戶最優先考慮的全球持久趨勢，因此，在進入 26 財年之際，我們仍然對業務的發展軌跡感到興奮。

Okay. Great. Last one back to the nuclear topic. Have you quantified or can you quantify the revenue base today from that market so that we can then have a starting point as we assess the growth there.

好的。偉大的。最後回到核子話題。您是否已經量化或能否量化該市場目前的收入基礎，以便我們在評估該市​​場的成長時有一個起點。

Yes. So, I'll just reiterate the response to Mariana's question, which is roughly 1/3 of our overall energy and environment market revenues are associated with the rest of, I'll call it, the nuclear market, that's the front-end nuclear engineering, design, construction and commissioning and O&M work. So around $700 million. Yes, of approximately 2.6.

是的。因此，我只想重申對瑪麗安娜問題的回答，即我們整個能源和環境市場收入的大約 1/3 與其餘部分相關，我稱之為核市場，即前端核工程、設計、建設和調試以及運營和維護工作。約 7 億美元。是的，大約是 2.6。

Excellent, thank you so much.

非常好，非常感謝。

Yeah, of approximately 2.7.

是的，大約是 2.7。

Got it. Okay.

知道了。好的。

Thank you.

謝謝。

Ken Herbert with RBC Capital Markets.

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

Yeah, hi, good morning. I wondered if you could start off again and appreciate again, you're not saying a lot about 26%, but are there any significant recompetes we should keep in mind in the fourth quarter here or '26 as we just again start to think about the revenue build into next year?

是的，你好，早安。我想知道您是否可以重新開始並再次升值，您沒有說太多關於 26% 的事情，但是當我們再次開始考慮明年的收入增長時，我們是否應該記住第四季度或 26 年的任何重大重新競爭？

Hey, good morning. So as we talked about a couple of different things only 1 of our top 10 recontour content programs, we expect to be up for recompete in FY '26 and there's likelihood that that will even be extended. But overall, the thesis of Amentum holds true from this perspective and that we benefit from longer than average contract durations. And over the next few years, only 10% to 15% of our revenues, we expect to be up for recompete on an annual basis.

嘿，早安。因此，正如我們討論的幾個不同的事情一樣，我們預計前 10 個重塑內容計劃中只有 1 個將在 26 財年重新競爭，並且有可能延長。但總體而言，從這個角度來看，Amentum 的論點是正確的，並且我們從比平均水平更長的合約期限中受益。在接下來的幾年裡，我們預計每年只有 10% 到 15% 的收入會重新參與競爭。

So we feel really good about the sources of revenue as we head into FY '26 and look forward to providing more detail at our Q4 earnings call. And nothing pending in '25.

因此，在進入 26 財年之際，我們對收入來源感到非常滿意，並期待在第四季度財報電話會議上提供更多細節。25 年內沒有任何懸而未決的事情。

Yes. Okay. Perfect. And on -- in the third quarter, the Digital Solutions segment had really nice margin expansion on the adjusted EBITDA is that 8% a good number moving forward and we could see some increases off of that? Or were there any sort of moving pieces in the quarter that you'd call out? I'm just trying to get a sense moving forward for that segment in particular, how we should think about sort of margin run rate?

是的。好的。完美的。第三季度，數位解決方案部門的調整後 EBITDA 利潤率實現了顯著增長，8% 是一個不錯的數字，我們能否從中看到一些增長？或者本季是否有任何值得您關注的變動因素？我只是想了解一下該細分市場未來的發展，我們該如何考慮利潤率？

Yes. We were very pleased with the performance out of our Digital Solutions segment. this quarter. Obviously, there's different timing things related to EAC adjustments and operational performance, but they did have strong performance during the quarter.

是的。我們對本季數位解決方案部門的表現非常滿意。顯然，EAC 調整和營運績效相關的時間因素有所不同，但它們在本季確實表現強勁。

The longer term, definitely see them head at above 8% margins. right, and kind of in line with our long-term expectations of the business, but so really strong growth out of our commercial digital infrastructure portfolio there, which is accretive to the overall margins so just overall, really excited about where we're headed in that part of the portfolio.

從長遠來看，他們的利潤率肯定會達到 8% 以上。沒錯，這符合我們對業務的長期預期，但我們在那裡的商業數位基礎設施組合確實實現了強勁增長，這對整體利潤率有促進作用，所以總的來說，我們對該部分組合的發展方向感到非常興奮。

And just thematically to add to try to tie it together, there is a bit of a trend throughout the business for that part of the company where as we continue to develop and deploy, I'm going to call it these digital organic digital solutions, we are finding that in some sense it becomes almost a bit of a horizontal thread. It becomes part of every offering, whether it's a commercial or government customers, we're engineering developing, deploying technology.

並且從主題上補充嘗試將它們聯繫在一起，整個公司業務中存在一種趨勢，隨著我們繼續開發和部署，我將其稱為數位有機數位解決方案，我們發現在某種意義上它幾乎變成了一條水平線。它成為每項產品的一部分，無論是商業客戶還是政府客戶，我們都在設計、開發和部署技術。

And so that true advanced engineering technology solution is becoming more omnipresent in that business. And I think that really is at the core kind of driving the incremental margin opportunity. We are coming up on the hour.

因此，真正的先進工程技術解決方案在該行業變得越來越普遍。我認為這確實是推動增量利潤機會的核心。我們快到整點了。

So, I would like to have the call over back to Mr. John Heller. Thank you. Thank you, operator.

因此，我想將電話轉回給約翰·海勒先生。謝謝。謝謝您，接線生。

Thank you, operator. To close, we're energized by our performance by the opportunities that lie ahead of us. We've been deliberate in aligning our strategy to long-cycle global enduring trends. and we're continuing to strengthen our capabilities and evolve ahead of the curve.

謝謝您，接線生。最後，我們對自己未來所面臨的機會和表現感到十分振奮。我們一直在慎重調整我們的策略，使其與全球長期持久趨勢一致，並且我們正在不斷增強我們的能力，走在時代的前沿。

We have the expertise to meet the mission needs of our customers, and we have positioned Momentum to capture accelerating demand and deliver long-term value for our shareholders. Thank you again for your continued interest in Momentum. We look forward to updating you on our progress in the quarters ahead. Have a happy and safe summer.

我們擁有滿足客戶使命需求的專業知識，我們已將 Momentum 定位為抓住不斷增長的需求並為股東創造長期價值。再次感謝您對 Momentum 的持續關注。我們期待在未來幾季向您通報我們的進展。祝您有個快樂、安全的夏天。

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

謝謝各位，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。