Amentum Holdings Inc (AMTM) 2025 Q4 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。早安，歡迎參加 Amentum 2025 財年第四季及全年財報電話會議。今天的通話將會被錄音。（操作說明）

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

現在我將把電話交給投資者關係高級副總裁內森·拉特利奇。請繼續，先生。

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

謝謝大家，大家早安。希望您有機會閱讀我們昨天下午發布的獲利報告，該報告已發佈在我們的投資者關係網站上。我們還提供了演示文稿，以方便今天的電話會議。

So let's move to Slide 2. Please note this morning's discussion will contain forward-looking statements that are subject to important factors that could cause actual results to differ materially 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. The 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.

接下來我們來看第二張投影片。請注意，今天上午的討論將包含前瞻性陳述，這些陳述將受到一些重要因素的影響，這些因素可能導致實際結果與預期結果有重大差異。有關這些因素的討論，請參閱我們向美國證券交易委員會提交的文件，包括我們 10-K 表格年度報告中的「風險因素」部分。這些聲明代表我們目前的觀點，但後續事件可能會導致我們的觀點改變。我們未來可能會選擇更新前瞻性聲明，但我們明確聲明不承擔任何更新義務。

In addition, we will discuss pro forma financial measures prepared in accordance with RF-11 of Regulation at, as well as non-GAAP financial measures, which we believe provide useful information for investors. Both our earnings release and supplemental presentation slides include reconciliations to the most comparable GAAP measures. We do not provide reconciliation of forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain significant items. These pro forma and non-GAAP financial measures should not be considered in isolation or as a substitute for financial measures prepared in accordance to GAAP.

此外，我們將討論根據 RF-11 條例編制的備考財務指標以及非公認會計準則財務指標，我們認為這些指標可以為投資者提供有用的信息。我們的獲利報告和補充簡報均包含與最可比較的 GAAP 指標的調整表。由於預測和量化某些重大項目本身存在固有的困難，我們不提供前瞻性非GAAP財務指標的調節表。這些模擬財務指標和非公認會計準則財務指標不應單獨考慮，也不應取代依照公認會計準則編製的財務指標。

Our safe harbor statement is included on this slide should be incorporated as part of any transcript of this call. 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 Barnett, Chief Operating Officer.

本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。今天與我一起討論公司業務和財務業績的有執行長約翰·海勒和財務長特拉維斯·約翰遜。我們也邀請了其他管理層成員，包括營運長史蒂夫·巴內特。

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

接下來，請看第三張投影片，我很高興將電話交給我們的執行長約翰·海勒。

Thank you, Nathan, and thank you everyone for joining us today. Fiscal year 2025 marked Amentum's first full year as a public company, a transformational year that helped define who we are, our differentiated position in the marketplace and where we're going. It was a year of disciplined execution, strong performance and meaningful progress across every part of our business. I am so proud of our people and what we've accomplished together.

謝謝你，內森，也謝謝今天所有到場的各位。2025 財年是 Amentum 作為一家上市公司的第一個完整財年，這是一個具有變革意義的一年，它幫助我們定義了我們是誰，我們在市場上的差異化地位以及我們的發展方向。這是公司各個業務領域執行嚴謹、業績強勁、取得顯著進步的一年。我為我們的人民以及我們共同取得的成就感到無比自豪。

At Capital Markets Day in August of last year, we established our objective to successfully integrate and deliver end-to-end advanced engineering and technology solutions to government, international and commercial customers across key end markets, including defense, nuclear energy, intelligence and space; and we're executing exactly as we had envisioned.

在去年八月的資本市場日上，我們確立了我們的目標，即成功地整合並向政府、國際和商業客戶在關鍵終端市場（包括國防、核能、情報和太空）提供端到端的先進工程和技術解決方案；而我們正在按照我們設想的方式執行這一目標。

As a result, Amentum has established a solid foundation for sustainable growth. This morning, I will detail how Amentum has proven our ability to operate with agility, deliver for our customers and create long-term value for our shareholders. I will focus on three key areas. First, an overview of how this exceptional year unfolded and how it positions Amentum for a promising future. Second, highlights from an impressive quarter, including strategic awards and key performance metrics. And finally, our strategy to drive Amentum's growth in fiscal year 2026 and beyond.

因此，Amentum 為永續發展奠定了堅實的基礎。今天上午，我將詳細介紹 Amentum 如何證明了我們能夠靈活運作、為客戶提供服務並為股東創造長期價值。我將重點放在三個關鍵領域。首先，概述一下這非同尋常的一年是如何展開的，以及它如何為 Amentum 的未來奠定了良好的基礎。其次，本季亮點包括策略獎項和關鍵績效指標。最後，我們制定了推動 Amentum 在 2026 財政年度及以後發展的策略。

Let's begin on slide 4, which captures the core of our fiscal year 2025 performance, centering around Amentum's people, operational excellence, financial performance and effective execution of our strategy. First, our people. Fiscal year 2025 tested our resilience and our people delivered. Against the backdrop of evolving customer priorities, our team stayed focused and delivered without pause. Our leadership maintained its steady focus on the fundamentals, protecting the long-term health of the business, ensuring continuity for our customers and ensuring that our people continue to thrive regardless of the market environment.

讓我們從第 4 張投影片開始，它概括了我們 2025 財年業績的核心，重點是 Amentum 的員工、卓越的營運、財務表現以及我們策略的有效執行。首先，是我們的員工。2025財年考驗了我們的韌性，而我們的員工不負眾望。在客戶需求不斷變化的背景下，我們的團隊始終保持專注，從未間斷地交付成果。我們的領導階層始終專注於基本面，保護業務的長期健康發展，確保客戶的業務連續性，並確保我們的員工無論市場環境如何都能繼續蓬勃發展。

Through a dynamic operating environment, our teams continue designing and delivering critical solutions for our customers. That resilience is reinforced by our ability to hire thousands of skilled professionals worldwide, maintaining attrition well below the industry average and in our continued recognition as an employer of choice. We take pride in being a company where people want to build their careers while having a positive impact on our world.

在瞬息萬變的經營環境中，我們的團隊持續為客戶設計和交付關鍵解決方案。這種韌性體現在我們能夠從世界各地招募數千名技術嫻熟的專業人員，將員工流失率保持在遠低於行業平均水平，並持續獲得「最佳雇主」的認可。我們引以為傲的是，我們是一家員工願意在這裡發展職涯，同時對世界產生正面影響的公司。

To that end, we're continuing to expand our centers of excellence, which provides specialized technology to drive innovation and progress. For example, we recently opened our Nuclear Center of Excellence in Oak Ridge, Tennessee, which serves as a strategic hub for nuclear expertise for North America. We've launched technical connection teams and mobilized an AI expert community network, supporting upskilling and innovation at every level across the globe.

為此，我們正在不斷擴大我們的卓越中心，這些中心提供專業技術來推動創新和進步。例如，我們最近在田納西州橡樹嶺開設了核能卓越中心，該中心是北美核能專業知識的戰略樞紐。我們組建了技術聯絡團隊，並建立了人工智慧專家社群網絡，支援全球各層面的技能提升和創新。

The integration of our legacy businesses was one of the most significant in our industry's history and massive undertaking that demanded focus, collaboration and discipline across every part of the company. Thanks to our team, we have exited all transition service agreements, completed all of our key integration milestones on time and within budget, and are on track to deliver at least $60 million in net run rate synergies by the end of fiscal year 2026.

整合我們原有的業務是我們行業歷史上最重大的舉措之一，也是一項龐大的工程，需要公司各部門集中精力、通力合作、嚴於律己。感謝我們的團隊，我們已經終止了所有過渡服務協議，按時按預算完成了所有關鍵整合里程碑，並預計在 2026 財年末實現至少 6000 萬美元的淨運行率協同效應。

That operational readiness anchored in the strength of our people and culture is one of the Amentum's defining advantages, and it translated directly into strong financial performance. As a result, we met or exceeded guidance across every key metric, underscoring our consistency and discipline. Starting with revenues, which increased to $14.4 billion, representing pro forma growth of 4%. The adjusted EBITDA of $1.1 billion, an increase of 5% year-over-year. Adjusted diluted earnings per share of $2.22 was up 11% and and free cash flow of $516 million, supporting acceleration of our debt reduction objectives, bringing net leverage to 3.2 times.

這種以我們的人員和文化的力量為基礎的營運準備是 Amentum 的一個決定性優勢，並且直接轉化為強勁的財務表現。因此，我們在每個關鍵指標上都達到或超過了預期目標，這凸顯了我們的一致性和自律性。首先來看營收，營收成長至 144 億美元，以備考計算成長 4%。調整後的 EBITDA 為 11 億美元，較去年同期成長 5%。調整後的稀釋每股收益為 2.22 美元，成長 11%，自由現金流為 5.16 億美元，支持我們加速降低債務目標，使淨槓桿率達到 3.2 倍。

These results demonstrate the strength of our operations and the reliability of our business model. And taken together, this year's achievements underscore the strength and breadth of our platform. In short, we executed with precision and strength, delivering on our commitments while positioning Amentum for sustained success.

這些結果證明了我們營運的實力和我們商業模式的可靠性。綜上所述，今年的各項成就凸顯了我們平台的實力和廣度。簡而言之，我們以精準和強大的執行力，履行了我們的承諾，同時為 Amentum 的持續成功奠定了基礎。

Please turn to slide 5. Our disciplined execution and focus on growth translated into a series of strategically significant wins that strengthen our position across key markets. During fiscal year '25, we submitted $35 billion in bids, achieving a full year book-to-bill ratio of 1.2 times and a quarterly book-to-bill ratio of 1.6 times. Our backlog grew 5%, reaching over $47 billion. And at year-end, we had $20 billion in proposals awaiting award. Our quarterly book-to-bill ratio was driven by $6.4 billion in total bookings, reflecting continued demand in several strategically important wins, including the US Space Force Range contract, a new $4 billion 10-year single-award IDIQ.

請翻到第5張投影片。我們嚴謹的執行力和對成長的專注轉化為一系列具有戰略意義的勝利，從而鞏固了我們在關鍵市場的地位。在 2025 財年，我們提交了 350 億美元的投標，全年訂單出貨比為 1.2 倍，季度訂單出貨比為 1.6 倍。我們的積壓訂單增加了 5%，達到超過 470 億美元。到年底，我們有價值 200 億美元的專案提案等待授予。本季度訂單出貨比由 64 億美元的總訂單額推動，反映出幾項具有重要戰略意義的訂單持續增長，其中包括美國太空部隊靶場合同，這是一份價值 40 億美元的 10 年期單一授予無限期交付/無限期數量合同。

This award now adjudicated and booked into backlog is one of the largest services contracts ever awarded by this customer. It cements Amentum's leadership in space systems and technology and solidifies our position in this fast-growing market.

該合約現已裁定併計入待辦事項清單，是該客戶有史以來授予的最大服務合約之一。它鞏固了 Amentum 在航太系統和技術領域的領先地位，並鞏固了我們在這個快速成長的市場中的地位。

In the UK, Sellafield selected momentum as a remediation partner for the site under a $1.8 billion 15-year contract, where we are leveraging our advanced decommissioning solutions, systems engineering and next-generation nuclear material processing and disposition capabilities. Another exciting win came from the civilian side of our space portfolio with the NASA Cosmos contract, which is a nine-year $1.8 billion joint venture award to deliver critical mission operations, systems and training solutions supporting NASA's current space flight programs and enabling future deep space exploration.

在英國，塞拉菲爾德選擇 Momentum 作為該場地的修復合作夥伴，簽訂了一份價值 18 億美元的 15 年期合同，我們將利用我們先進的退役解決方案、系統工程和下一代核材料處理和處置能力。我們太空業務組合的民用領域又取得了一場激動人心的勝利，那就是與 NASA 簽訂的 Cosmos 合約。這是一項為期九年、價值 18 億美元的合資企業合同，旨在提供關鍵的任務操作、系統和培訓解決方案，以支持 NASA 當前的太空飛行計劃，並為未來的深空探索奠定基礎。

In the quarter, we were notified that this award is being protested. Therefore, it is not included in our fourth quarter backlog or book-to-bill results. We are confident in the strength of our bid and look forward to its resolution. And finally, we secured nearly $700 million in awards, providing a range of advanced engineering and technology solutions for intelligence customers. including a win developing and delivering AI-enabled software coding solutions. Together, these results underscore the trust that our customers have placed Amentum to execute complex programs at scale, and we enter fiscal year 2026 with strong momentum, preparing to bid at least $35 billion.

本季我們接獲通知，該獎項正受到抗議。因此，它不計入我們第四季的積壓訂單或訂單出貨比。我們對投標的競爭力充滿信心，並期待結果。最後，我們獲得了近7億美元的合同，為情報客戶提供了一系列先進的工程和技術解決方案，其中包括開發和交付人工智慧軟體編碼解決方案的中標項目。這些結果共同凸顯了客戶對 Amentum 的信任，讓我們能夠大規模地執行複雜的專案。我們以強勁的勢頭進入 2026 財年，準備投標至少 350 億美元。

Turning to slide 6. Fiscal year 2025 brought significant change, not just in Washington but across the globe and throughout our industry. The transition to a new administration introduced a new set of priorities and objectives, impacting contracting timelines, funding cycles and future spending direction. For Amentum, this environment reinforced the strength and resilience of our business model.

翻到第6張投影片。2025 財年帶來了重大變化，不僅在華盛頓，而且在全球範圍內以及我們所在的整個行業。新政府上任帶來了一系列新的優先事項和目標，影響了合約簽訂時間表、資金週期和未來的支出方向。對 Amentum 而言，這種環境增強了我們商業模式的實力和韌性。

Our work is anchored in mission-critical long duration programs that are essential to national defense, energy security and space superiority. Our diverse portfolio, which includes 20% of revenue tied to commercial and international work provides a degree of insulation from sector volatility. Combined with our strong backlog and robust pipeline, we have high visibility into future revenues. This structural agility allows Amentum to rapidly adapt to shifting priorities while delivering consistent results for customers.

我們的工作以對國家安全、能源安全和太空優勢至關重要的關鍵性長期計畫為基礎。我們多元化的業務組合，其中 20% 的收入來自商業和國際業務，這在一定程度上使我們免受行業波動的影響。憑藉我們強大的訂單儲備和穩健的銷售管道，我們對未來的收入有著很高的預期。這種結構上的靈活性使 Amentum 能夠快速適應不斷變化的優先事項，同時為客戶提供持續的成果。

As the government refocuses on efficiency, speed and accountability, momentum is well positioned. Our scale, performance record and proven operational discipline make us a trusted partner to our customers. For investors, that combination represents a low-risk high-visibility opportunity at a time when consistency and reliability are at a premium. Simply put, Amentum represents stability in a period of transition.

隨著政府重新聚焦效率、速度和問責制，發展勢頭良好。我們的規模、業績記錄和成熟的營運紀律使我們成為客戶值得信賴的合作夥伴。對投資人而言，在穩定性和可靠性至關重要的當下，這種組合代表著低風險、高曝光度的投資機會。簡言之，Amentum 代表著過渡時期的穩定。

Let's turn to slide 7 to discuss Amentum's growth strategy. Our core growth areas where we have long-standing leadership positions across large, stable, mission-critical areas provide dependable revenue, strong cash flow and predictable returns, and they remain central to the steady performance that defines our company. These areas underpinned by several core capabilities are deployed across multiyear, often multi-decade programs and some notable areas include RDT&E, intelligence operations and analysis, homeland security and border protection, environmental remediation and defense engineering, logistics and modernization.

讓我們翻到第 7 張投影片，討論 Amentum 的成長策略。我們在大型、穩定、關鍵任務領域擁有長期領先地位的核心成長領域，能夠提供可靠的收入、強勁的現金流和可預測的回報，這些領域仍然是我們公司穩定業績的核心。這些領域以若干核心能力為基礎，部署於數十年甚至數十年的專案中，其中一些值得注意的領域包括研發測試與評估、情報行動與分析、國土安全與邊境保護、環境修復與國防工程、後勤和現代化。

As an example, you can see this in work on our ITEAMS program in INDOPACOM, where we're strengthening C5 ISR capabilities for the US armed forces by applying rapid prototyping and digital engineering methods to accelerate speed to mission. It's also reflected in our support to the Naval Surface Warfare Center Crane where we integrate next-generation sensors and apply model-based systems engineering to enhance reliability and life cycle management.

例如，您可以在我們在印太司令部開展的 ITEAMS 專案中看到這一點，我們正在透過應用快速原型製作和數位工程方法來加強美國​​武裝部隊的 C5 ISR 能力，從而加快任務完成速度。這也體現在我們對海軍水面作戰中心克萊恩分部的支援上，我們在那裡整合了下一代感測器，並應用基於模型的系統工程來提高可靠性和生命週期管理。

Whether we're leveraging machine learning solutions in support of customers across homeland and national security missions, delivering digital engineering tools on behalf of intelligence customers or deploying advanced environmental solutions around the world, our core growth areas deliver consistent performance and create the platform from which the rest of our business continues to scale.

無論我們是在利用機器學習解決方案為國土安全和國家安全任務中的客戶提供支持，還是代表情報客戶提供數位工程工具，亦或是在全球範圍內部署先進的環境解決方案，我們的核心增長領域都能持續提供卓越的業績，並為我們其他業務的持續擴展奠定基礎。

Turning to slide 8. complementing that foundation are our accelerating growth markets powering our future growth, space systems and technologies, critical digital infrastructure and global nuclear energy. They are growing rapidly, fueled by generational investments in national security, energy resilience and advanced technologies such as AI, robotics and automation.

翻到第 8 張投影片。與此基礎相輔相成的是我們加速成長的市場，它們為我們未來的成長提供動力，包括太空系統和技術、關鍵數位基礎設施和全球核能。在國家安全、能源韌性和人工智慧、機器人和自動化等先進技術的代際投資推動下，它們正在迅速發展。

They are also margin accretive, relying on advanced engineering, AI-enabled integration and high-value technical expertise. And they are global, creating opportunities across the US, UK, Europe and other allied nations, where Amentum's credibility and scale make us a natural choice for government and commercial customers seeking a trusted partner.

它們還能提升利潤率，依靠先進的工程技術、人工智慧賦能的整合和高價值的技術專長。而且，他們的業務遍及全球，在美國、英國、歐洲和其他盟國創造了機會。 Amentum 的信譽和規模使我們成為政府和商業客戶尋求值得信賴的合作夥伴的自然之選。

Now, let me provide a bit more detail on these markets. First, with rapidly evolving market for space systems and technologies is generating demand signals from both the national security community and a fast-growing commercial sector. Our work in launch infrastructure, systems integration and space flight operations position Amentum at the intersection of government and commercial space, supporting missions that will define the next generation of space exploration and defense readiness.

現在，讓我更詳細地介紹一下這些市場。首先，太空系統和技術的快速發展市場正在產生來自國家安全界和快速成長的商業部門的需求訊號。我們在發射基礎設施、系統整合和太空飛行操作方面的工作，使 Amentum 處於政府和商業航天的交匯點，支援那些將定義下一代太空探索和國防準備的任務。

Next, we're excited about our growing work, providing digital infrastructure solutions. Here, we're supporting advanced telecom systems, deploying next-generation data center solutions and engineering the backbone of networks for national security and commercial customers alike.

其次，我們對不斷發展的業務感到興奮，即提供數位基礎設施解決方案。在這裡，我們為先進的電信系統提供支持，部署下一代資料中心解決方案，並為國家安全和商業客戶建立網路骨幹。

For example, commercial awards in fiscal year 2025 encompass the design, deployment and optimization of 5G networks and critical infrastructure management. Through strategic partnerships and capabilities, including MBSE enabled platforms often leverage from work in our core growth areas. We're future-proofing networks and data centers to meet the demands of low latency, data-intensive mission environments. By combining our engineering debt with turnkey connectivity and resilient cloud architectures, Amentum is positioning itself as a trusted provider of mission-critical digital infrastructure for the world's most demanding users.

例如，2025 財年的商業合約涵蓋 5G 網路的設計、部署和最佳化以及關鍵基礎設施管理。透過策略合作夥伴關係和能力，包括 MBSE 支援平台，我們經常利用核心成長領域的工作成果。我們正在對網路和資料中心進行面向未來的改造，以滿足低延遲、資料密集型任務環境的需求。透過將我們的工程技術優勢與交鑰匙連接和彈性雲架構相結合，Amentum 將自身定位為值得信賴的關鍵任務數位基礎設施供應商，服務於全球要求最苛刻的用戶。

And finally, turning to slide 9. As I reviewed during last quarter's call, Amentum is well positioned to lead the next generation of nuclear power. Our teams deliver full life cycle nuclear engineering capabilities, including design and licensing to construction, operations, modernization and life extension and decommissioning. The global resurgence of nuclear energy, driven by energy security needs and the explosive demand from artificial intelligence and next-generation manufacturing is creating a market with substantial tailwinds.

最後，請看第 9 張投影片。正如我在上個季度電話會議上回顧的那樣，Amentum 已做好充分準備，引領下一代核電發展。我們的團隊提供全生命週期的核工程能力，包括從設計和許可到建造、運營、現代化改造和延壽以及退役。受能源安全需求以及人工智慧和下一代製造業爆炸式需求的推動，全球核能正在復興，並由此創造了一個擁有巨大發展動力的市場。

For Amentum, this represents a multi-decade opportunity for sustained double-digit growth and meaningful margin expansion. I look forward to providing future updates on our work in the nuclear market and diving deeper into the space systems and technologies and critical digital infrastructure markets on future earnings calls. When you combine the durability of our core growth areas with the momentum of our accelerating growth markets, the result is a portfolio that delivers both stability and scalability.

對 Amentum 而言，這代表著未來幾十年持續兩位數成長和利潤率顯著提升的機會。我期待在未來的財報電話會議上，向大家介紹我們在核能市場的工作進展，並深入探討太空系統和技術以及關鍵數位基礎設施市場。將我們核心成長領域的持久性與我們加速成長市場的勢頭結合起來，就能形成一個兼具穩定性和可擴展性的投資組合。

Our lower-risk long-cycle businesses generate the cash flow and institutional strength that allow us to incubate high-growth opportunities without compromising financial discipline or balance sheet flexibility. This is how we think of Amentum's strategy for growth, a well-positioned portfolio that consistently delivers growth, margin expansion, sustainable free cash flow and compounding returns year after year.

我們風險較低、週期較長的業務能夠產生現金流和機構實力，使我們能夠在不損害財務紀律或資產負債表靈活性的前提下，孵化高成長機會。這就是我們對 Amentum 成長策略的看法：建立一個定位良好的投資組合，持續實現成長、利潤率擴張、可持續的自由現金流和年復一年的複利回報。

With that, I'll turn it over to Travis.

接下來，我將把麥克風交給崔維斯。

Thank you, John, and good morning, everyone. I'm excited to discuss with you today another outstanding quarter of performance, that caps off what has been an exceptional first year for Amentum as a publicly traded company and to share our outlook for fiscal year 2026, which reflects momentum we're seeing across the business and underlying growth across all key metrics.

謝謝你，約翰，大家早安。今天我很高興與大家討論又一個出色的季度業績，這為 Amentum 作為一家上市公司的卓越第一年畫上了圓滿的句號。同時，我也想分享我們對 2026 財年的展望，這反映了我們在整個業務中看到的良好勢頭以及所有關鍵指標的潛在成長。

As John noted, our strong finish to the year demonstrates the continued resilience of our diversified portfolio and was enabled by the extraordinary efforts of our dedicated employees around the world. Their unwavering commitment to execution and operational excellence to deliver both exceptional outcomes for our customers and financial results that surpassed our expectations.

正如約翰所指出的，我們今年的強勁收官證明了我們多元化投資組合的持續韌性，這得益於我們全球敬業員工的非凡努力。他們堅定不移地致力於執行和卓越運營，為我們的客戶帶來了卓越的成果，並取得了超越我們預期的財務業績。

With that, let's begin with an overview of our financial performance on slide 10. 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 fiscal year 2024 These figures offer a combined view of the new Amentum business and provide performance insights on a more comparable basis.

接下來，讓我們從第 10 張投影片開始，概述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 除 CMS 以外的傳統業務的會計視圖，但今天的討論將重點關注我們的非 GAAP 結果與 2024 財年備考結果的比較。這些數據提供了 Amentum 新業務的綜合視圖，並在更具可比性的基礎上提供了業績見解。

Revenue momentum accelerated to end the year with $3.9 billion for the quarter and $14.4 billion for the year. The strong performance was driven by continued demand and year-over-year increases in both digital solutions and global engineering solutions and exceeded our expectations as a result of nonlabor timing and higher customer spend ahead of the government shutdown.

營收成長動能加快，本季營收達 39 億美元，全年營收達 144 億美元。強勁的業績得益於數位解決方案和全球工程解決方案的持續需求和同比增長，並且由於非勞動力因素導致的交付時間表以及政府停擺前客戶支出增加，業績超出了我們的預期。

On an underlying basis, after normalizing for the previously disclosed additional working days, joint venture transitions and divestitures, revenue growth was approximately 4% for the quarter and 2.5% for the full year. Adjusted EBITDA of $300 million in the quarter resulted in $1.1 billion for the full year, representing annual growth of 5% and adjusted EBITDA margin expansion of 10 basis points. Full year margins, which were impacted by a higher nonlabor mix in the fourth quarter, benefited from strong operational performance in both segments and from our cost synergy initiatives.

從根本上講，在剔除之前披露的額外工作日、合資企業過渡和資產剝離的影響後，本季度收入增長約為 4%，全年收入增長約為 2.5%。本季調整後 EBITDA 為 3 億美元，全年達 11 億美元，年增 5%，調整後 EBITDA 利潤率提高 10 個基點。第四季非勞動成本佔比上升對全年利潤率造成了影響，但得益於兩個業務部門強勁的營運表現以及我們的成本協同效應舉措，全年利潤率得以改善。

Adjusted net income was $154 million for the quarter and $542 million for the year, which generated adjusted diluted earnings per share of $0.63 for the quarter and $2.22 for the year. Adjusted EPS grew 11% year-over-year consistent with the strong revenue and margin expansion performance.

本季調整後淨收入為 1.54 億美元，全年調整後淨收入為 5.42 億美元，由此產生的本季調整後稀釋每股收益為 0.63 美元，全年調整後稀釋每股收益為 2.22 美元。調整後每股盈餘較去年同期成長 11%，與強勁的營收和利潤率擴張表現相符。

Moving to our reportable segment results on slide 11. Digital Solutions generated revenues of $1.5 billion for the quarter and $5.5 billion for the year, representing 11% and 7% growth, respectively. The year-over-year increases were driven by the ramp-up of new contract awards, led by continued strength in the commercial digital infrastructure market and additional working days, which more than offset expected contract ramp-down and the divestiture of Rapid Solutions. Adjusted EBITDA increased to $116 million for the quarter and $437 million for the year, resulting in full year growth of 8% and adjusted EBITDA margins of 7.9%.

接下來，我們將查看第 11 頁的可報告分部績效。數位解決方案業務本季營收為 15 億美元，全年營收為 55 億美元，分別成長了 11% 和 7%。年成長主要得益於新合約授予數量的增加，而這又得益於商業數位基礎設施市場的持續強勁增長和工作日的增加，這些增長足以抵消預期合約的減少和 Rapid Solutions 的剝離。本季調整後 EBITDA 增至 1.16 億美元，全年增至 4.37 億美元，全年成長 8%，調整後 EBITDA 利潤率為 7.9%。

Turning to slide 12. Global Engineering Solutions generated revenues of $2.4 billion for the quarter and $8.9 billion for the year, representing 9% and 2% growth, respectively. The year-over-year increases were driven by new contract awards, growth on existing programs and additional working days, which more than offset the expected contract ramp-down and the impact from JV transitions in the fourth quarter. Adjusted EBITDA increased to $184 million for the quarter and $667 million for the year, resulting in full year growth of 3% and adjusted EBITDA margin of 7.5%.

翻到第12張投影片。全球工程解決方案業務本季營收為 24 億美元，全年營收為 89 億美元，分別成長了 9% 和 2%。年比成長主要得益於新合約的授予、現有項目的成長以及工作日的增加，這足以抵消第四季度預期合約的減少和合資企業過渡的影響。本季調整後 EBITDA 增至 1.84 億美元，全年增至 6.67 億美元，全年成長 3%，調整後 EBITDA 利潤率為 7.5%。

Turning to slide 13 to cover our cash flow and capital structure highlights. Fourth quarter and full year free cash flow of $261 million and $516 million, respectively, were slightly better than our expectations and reflects strong cash earnings and our continued unwavering focus on more capital efficiency. This performance enabled additional debt repayments of $550 million during the quarter, bringing full year repayments to $750 million and reducing our net leverage to 3.2 times.

接下來請看第 13 張投影片，了解我們的現金流量和資本結構要點。第四季和全年自由現金流分別為 2.61 億美元和 5.16 億美元，略好於我們的預期，反映了強勁的現金收益以及我們對提高資本效率的持續堅定不移的關注。這項業績使得公司在本季額外償還了 5.5 億美元的債務，使全年償還額達到 7.5 億美元，並將我們的淨槓桿率降低至 3.2 倍。

We ended the year with $437 million in cash, an undrawn $850 million revolver and no near-term maturities. With an enhanced balance sheet position, we now have an accelerated and clear path to achieving net leverage of less than 3 times by the end of fiscal year 2026.

年底我們擁有 4.37 億美元現金，8.5 億美元未提取循環信貸額度，且近期沒有到期債務。憑藉增強的資產負債表狀況，我們現在有了一條加速且清晰的路徑，可以在 2026 財年末實現淨槓桿率低於 3 倍的目標。

Looking ahead, we will remain disciplined in our approach, maintaining a prudent capital structure that enables flexible and opportunistic deployment. Whether we are investing to drive sustained organic growth, reduce debt pursue accretive strategic acquisitions or return capital to shareholders, our goals are the same, maximize free cash flow per share and deliver strong compounding shareholder returns. Simply stated, we're committed to retaining the financial strength that enables Amentum to grow, invest and create long-term value while doing so with precision, prudence and purpose.

展望未來，我們將持續秉持嚴謹的態度，維持審慎的資本結構，以便靈活掌握機會進行投資。無論我們投資是為了推動持續的內生成長、減少債務、進行增值策略收購或向股東返還資本，我們的目標都是一樣的，即最大化每股自由現金流，並為股東帶來強勁的複合回報。簡而言之，我們致力於保持財務實力，使 Amentum 能夠發展、投資並創造長期價值，同時以精準、謹慎和目標明確的方式開展工作。

On slide 14, let's now discuss our fiscal year 2026 outlook. Based on our bottoms-up forecast process, for fiscal 2026, we expect revenues in the range of $13.95 billion to $14.3 billion or 3% growth at the midpoint after normalizing for the additional working days, JV transitions and divestitures previously mentioned. The ramp-up of new program awards and on-contract growth is expected to more than offset the wind down of certain historical programs and impacts from the federal government shutdown.

在第 14 張投影片中，我們現在來討論一下 2026 財年的展望。根據我們自下而上的預測流程，我們預計 2026 財年的收入將在 139.5 億美元至 143 億美元之間，即在對先前提到的額外工作日、合資企業過渡和資產剝離進行調整後，中位數為 3%。新項目授予和合約成長的加速預計將足以抵消某些歷史項目的終止和聯邦政府停擺的影響。

Where the majority of Amentum work is mission-critical and continued without interruption, our guidance contemplates an approximately 1% impact as a result of due spending in Q1 on certain programs and from delays in award decisions. With less than 10% of revenues expected to come from new business and with $20 billion of submitted bids awaiting award decision, we have good visibility and are confident in our position starting the fiscal year.

Amentum 的大部分工作都是至關重要的，並且會持續進行，因此，我們的指導意見認為，由於第一季度某些項目的應支出以及授標決定的延遲，可能會產生大約 1% 的影響。預計只有不到 10% 的收入來自新業務，而且有價值 200 億美元的投標書等待授標決定，因此我們對新財年的前景有良好的預期，並對我們的地位充滿信心。

We expect adjusted EBITDA in the range of $1.1 billion to $1.14 billion, reflecting underlying growth of 5% at the midpoint, driven by margin expansion of approximately 20 basis points as we realize the benefits of our cost synergy initiatives as well as contract mix and operational improvements. We expect adjusted diluted earnings per share of $2.25 to $2.45, up 12% at the midpoint on an underlying basis, which assumes 245 million weighted average shares outstanding and a tax rate of about 24.5%.

我們預計調整後 EBITDA 將在 11 億美元至 11.4 億美元之間，其中值反映出 5% 的基本成長，這主要得益於利潤率擴大約 20 個基點，因為我們實現了成本協同效應計劃以及合約組合和營運改進帶來的效益。我們預計調整後的稀釋每股收益為 2.25 美元至 2.45 美元，以基本面計算，中間值成長 12%，假設加權平均流通股數為 2.45 億股，稅率約為 24.5%。

And finally, we expect free cash flow of $525 million to $575 million or 12% underlying growth at the midpoint, driven by higher cash earnings and reduced interest from our debt reduction initiatives. As it relates to timing, we expect first quarter revenues and adjusted EBITDA to be consistent year-over-year on an underlying basis, followed by quarterly sequential increases as newly awarded programs including the key awards John mentioned earlier, ramp up throughout the year.

最後，我們預期自由現金流為 5.25 億美元至 5.75 億美元，或以中間值計算成長 12%，主要得益於更高的現金收益和債務削減計畫帶來的利息減少。就時間表而言，我們預計第一季營收和調整後 EBITDA 將與去年同期基本持平，隨後隨著包括約翰之前提到的關鍵項目在內的新授予項目的逐步推進，季度環比將有所增長。

Free cash flow was also expected to follow normal seasonality with the majority generated in the second half of the fiscal year as a result of fringe benefit and payroll timing and as a result of expected strong collections in the fourth quarter given our alignment with the government fiscal year-end.

預計自由現金流也將遵循正常的季節性規律，大部分將在財政年度下半年產生，這得益於福利和工資發放的時間安排，以及由於我們與政府財政年度結束時間一致，預計第四季度將有強勁的收款。

Additional key assumptions for our guidance are included on slide 14 in today's presentation posted on our Investor Relations website.

我們今天在投資者關係網站上發布的簡報第 14 頁包含了我們業績指引的其他關鍵假設。

Wrapping up on slide 15. As we cd and a 1.2 times book-to-bill and surpassing our cash flow and deleveraging expectations, we are excited about the road ahead. Our portfolio is strategically aligned with enduring global trends customer priorities and tailwinds in accelerating growth markets. While pleased with our current progress and achievements, we focused on delivering our strategic objectives and driving long-term value for all stakeholders.

第15張投影片內容結束。由於我們的營收已達到 1.2 倍的訂單出貨比，並且超過了我們的現金流和去槓桿化預期，我們對未來的道路感到興奮。我們的產品組合在策略上與持久的全球趨勢、客戶優先事項以及加速成長市場的利多因素保持一致。儘管我們對目前的進展和成就感到滿意，但我們仍專注於實現我們的策略目標，並為所有利害關係人創造長期價值。

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

接線員，請開啟提問頻道。

(Operator Instructions) Colin Canfield, Cantor.

（操作說明）科林·坎菲爾德，坎托爾。

Can you discuss perhaps the level of kind of timing or onetime margin and cash flow dynamics in the quarter? And then how much Section 174 benefits were included in fiscal 4Q versus the guide? And then maybe talk through if there are any kind of pull forward or pushout dynamics around margins and cash related to the merger?

您能否談談本季的時機安排、一次性利潤率和現金流動態等方面的情況？那麼，與指導值相比，第四財季實際計入了多少第 174 條款福利？然後或許可以討論一下，在合併過程中，利潤率和現金流方面是否有任何提前或延遲的動態因素？

A little bit to unpack there, obviously, all focused on cash. Maybe starting at the top. Obviously, we're pleased with our year-end cash performance, which, as I said in my prepared remarks, slightly exceeded our expectations as a result of the strong revenue performance that we saw in the year.

這裡面有很多東西需要解釋，顯然都跟現金有關。或許應該從最頂端開始。顯然，我們對年末現金流表現感到滿意，正如我在事先準備好的發言稿中所說，由於本年度強勁的收入表現，現金流略微超出了我們的預期。

As far as one-time items in the quarter, obviously, we've talked about the additional working days, which generated additional cash, around $20 million is the impact from that. So that would be kind of an item to normalize as we head into FY26.

至於本季的一次性項目，顯然，我們已經討論過額外的工作日，這帶來了額外的現金，影響約為 2000 萬美元。所以，這算是我們在進入 2026 財年時需要規範化的一個項目。

And then moving into FY26, we're obviously really excited about the cash flow trajectory. We're expecting, as I said, 12% growth at the midpoint of our guidance on an underlying basis. And we do expect to receive some benefits from the OBA tax law changes around immediate expensing of R&D, also smaller benefits, but still benefits around disallowed interest and CapEx bonus depreciation. So altogether, that's about a $35 million benefit to tax cash payments in FY26. So put all that together, and again, just right along where we expected to be at this point, driving that double-digit free cash flow growth that we committed to at Capital Markets Day and excited to continue to head in that trajectory.

展望 2026 財年，我們顯然對現金流走勢感到非常興奮。正如我所說，我們預計，在基本面基礎上，我們預期成長幅度將達到預期值的12%（中位數）。我們預計會從 OBA 稅法變更中獲得一些好處，例如研發費用的即時扣除，以及一些較小的好處，但仍會獲得一些好處，例如不允許扣除的利息和資本支出獎金折舊。因此，總計而言，2026 財年稅收現金支付將增加約 3,500 萬美元。綜上所述，我們目前的狀況正如我們所預期的那樣，實現了我們在資本市場日承諾的兩位數自由現金流增長，我們很高興能夠繼續沿著這條道路前進。

Got it. And then maybe level setting us on the multiyear margin progression in terms of the synergy targets. I think one of the thesis that kind of folks are focused on is essentially shutdown-related dynamics just pushing everything one year to the right, but still fundamentally happening. So perhaps if you could talk through kind of how you think about FY26 margin progression, the synergy contribution and perhaps kind of the multiyear framework set out at the Investor Day?

知道了。然後或許可以就協同效應目標，為多年利潤率成長設定一個基準。我認為這類人關注的論點之一是，與封鎖相關的動態因素實際上只是將所有事情往右推了一年，但本質上仍在發生。那麼，您能否談談您對 2026 財年利潤率成長、綜效貢獻以及投資者日上提出的多年框架的看法呢？

Sure. So as we talked about at Capital Markets Day, our goal kind of a long year -- long-term goal by FY28 is to get to 8.5% to 9% margins. And as we sit here today, we're exactly where we thought we would be. Cost synergies were obviously part of it but we drove 10 basis points margin expansion in FY25 in our actual results and the midpoint of our guide for FY26 is another 20 basis points. So all in all, 30 basis points in the first two years together is exactly the trajectory we thought we would be on.

當然。正如我們在資本市場日上所討論的那樣，我們的長期目標是在 2028 財年實現 8.5% 至 9% 的利潤率。而今天，我們坐在這裡，正如我們所預想的那樣，我們正處於我們所處的位置。成本綜效顯然是其中的一部分，但我們在 2025 財年的實際業績中實現了 10 個基點的利潤率增長，而我們對 2026 財年的指導中點是再增長 20 個基點。總而言之，前兩年成長了 30 個基點，這正是我們預期的發展軌跡。

And then as we head into FY27, obviously, we'll have the full year impact from all of our cost synergy initiatives. And as John said, we're on track with all of our integration activities, including cost synergies and we'll exceed $60 million in net run rate cost synergies by the end of FY26.

然後，隨著我們進入 2027 財年，很顯然，我們將看到所有成本協同效應措施帶來的全年影響。正如約翰所說，我們所有的整合活動都在按計劃進行，包括成本協同效應，到 2026 財年末，我們的淨運行成本協同效應將超過 6000 萬美元。

And I think the other part that we talked about on the call and we introduced for the first time of our overall two-pronged strategy of growth. And that to us is really what this story is all about. As we started out a year ago, we knew this would be a transition year this year, integrating, identifying the real opportunities, the white space opportunities, the growth opportunities that neither of the companies we put together could go after. And we've really strongly set our sights on putting a strategy together that can leverage the broad enterprise of Amentum.

我認為我們在電話會議上討論的另一部分，也是我們首次介紹的，是我們整體的雙管齊下的成長策略。對我們來說，這才是這個故事的真正意義。一年前我們剛起步時就知道今年將是轉型之年，我們需要整合資源，尋找真正的機會、空白市場機會以及我們兩家公司都無法抓住的成長機會。我們已將重點放在製定一項能夠充分利用 Amentum 龐大企業資源的策略上。

We talked about our core markets, which we're leaders across those core markets, which gives us great opportunity for sustained growth. But it's about the accelerated growth markets that we've identified. They are strong already. We're leaders there as well, but it's only $4 billion of the $14 billion company. And we think there, the growth opportunities are stronger and the margin accretion opportunities are also stronger.

我們談到了我們的核心市場，我們在這些核心市場中處於領先地位，這為我們提供了持續成長的巨大機會。但關鍵在於我們已經確定的那些加速成長的市場。他們已經很強了。我們在該領域也是領先者，但這家公司市值僅為 140 億美元中的 40 億美元。我們認為，那裡的成長機會更強，利潤率提升的機會也更強。

So driving focus in those three accelerating growth markets across Space Systems and technologies, critical digital infrastructure and global nuclear energy all will result in margin improvement. And that's why we're still very excited about the targets we set out and the goal of 8.5% to 9% by '28.

因此，將重點放在航太系統和技術、關鍵數位基礎設施和全球核能這三個加速成長的市場，都將帶來利潤率的提高。正因如此，我們仍然對我們設定的目標以及在 2028 年達到 8.5% 至 9% 的目標感到非常興奮。

Got it. And maybe sneaking in a third, if you could just update us on how you think about kind of the timing, magnitude and multiple of any potential divestitures as well as the timing and magnitude of the upcoming SLS award.

知道了。或許還可以偷偷補充一點，如果您能更新一下您對任何潛在資產剝離的時間、規模和次數，以及即將到來的 SLS 獎項的時間和規模的看法，那就太好了。

I'm sorry, repeat the second part of the question to what award, I didn't catch all of that.

抱歉，請重複問題的第二部分，是關於哪個獎項的，我沒聽清楚。

SLS. So there's $4 billion in the reconciliation bill. It's been three years since we've gotten a pretty major SLS award and the competitive dynamics of that race are obviously a national security focus as well. So I just want to make sure we're level set up.

SLS。所以和解法案裡有40億美元。我們已經三年沒有獲得重要的SLS獎項了，而且這場競賽的競爭動態顯然也與國家安全息息相關。所以我只是想確認一下我們的設定是否正確。

Yeah. Thank you for the repeat. Happy to provide just a little bit of color on the Space Force Range contract. It is a topical issue for us right now because we've gotten through successfully protest period, and our teams are busy work right now today even as we prepare to assume operation for that large contract in December. So really excited about the Space Force Range contract.

是的。謝謝你的再次提醒。很高興能為大家提供一些關於太空部隊靶場合約的資訊。這是我們目前關注的熱門議題，因為我們已經成功度過了抗議期，我們的團隊現在正忙於工作，同時準備在 12 月接手那份大合約的營運。我對太空部隊靶場合約感到非常興奮。

Really, just a quick synopsis at the top level, work on that contract about making sure the US has assured access to space. And actually, there was a great article just yesterday in the Space News publication where they interviewed Colonel Chatman, who's the commander of Space Launch Delta 45, and he talked about how the launch cadence just continues to ramp.

實際上，簡單概括一下，重點是確保美國擁有進入太空的可靠途徑，並著手處理那份合約。事實上，就在昨天，《太空新聞》雜誌刊登了一篇很棒的文章，他們採訪了德爾塔45號航天發射任務的指揮官查特曼上校，他談到了發射頻率是如何持續增加的。

And both on the Eastern and Western range, we're working with Apollo [Aera] Infrastructure. He highlighted how Congress has appropriated nearly $1.5 billion to be invested between now and 2028 to begin to upgrade that infrastructure. And so for us, at Amentum, we're coming in at an exciting time to that contract. So we're there certainly to maintain and sustain and support this launch cadence, but we're also there to engineer, upgrade and integrate all the capabilities needed for the future. So very excited about how that's going to play out beginning in December, phase in underway.

在東部和西部靶場，我們都與 Apollo [Aera] 基礎設施合作。他強調，國會已撥款近 15 億美元，從現在到 2028 年期間投資升級基礎設施。因此，對於我們 Amentum 來說，我們正值一個令人興奮的時刻加入這份合約。因此，我們當然要維持、維持和支持這種發射節奏，但我們也要設計、升級和整合未來所需的所有能力。非常期待從12月開始的分階段實施。

Yeah. So just to be clear, that contract cleared protest, we are executing on that contract today. And as Steve mentioned, very excited. The first part of your question just about portfolio shaping. We're excited to have the opportunity with Rapid Solutions in our New Zealand business and noncore, very clear noncore elements of the business. But I would say today, we're very excited about our entire portfolio, the capabilities we've put together. We're leveraging across our entire business, very important for us as we look at the company as an enterprise and don't create silos.

是的。所以說清楚點，這份合約已經通過了抗議，我們今天正在執行這份合約。正如史蒂夫所說，我非常興奮。你問題的第一部分是關於投資組合建構的。我們很高興有機會與 Rapid Solutions 合作，拓展我們在新西蘭的業務，並專注於業務的非核心、非常明確的非核心部分。但我想說的是，今天我們對我們的整個產品組合以及我們所擁有的能力感到非常興奮。我們正在整個業務範圍內進行資源整合，這對我們來說非常重要，因為我們把公司看作一個企業，而不是一個孤立的部門。

And we're leveraging across all different capability areas as we look at every opportunity we're bidding. So right now, we're excited about the portfolio we have. Obviously, we go through strategic planning every year. We look at where the largest growth opportunities are and we will obviously look if there are any noncore assets and identify those. But I would say, right now, we're really excited about what we've put together and it's working.

在評估我們競標的每一個機會時，我們會充分利用各個不同的能力領域。所以目前我們對現有的投資組合感到非常興奮。顯然，我們每年都會進行策略規劃。我們會尋找最大的成長機會，當然也會尋找是否存在非核心資產並將其識別出來。但我想說，現在我們對我們所取得的成果感到非常興奮，而且它正在發揮作用。

Brian Gesuale, Raymond James.

Brian Gesuale，Raymond James。

Nice job on the print here. I want to dig in a little bit to these growth areas, John, if I could. Can you remind us how you play throughout the entire kind of nuclear life cycle? How big that business is today? And maybe as you lay out these broad ambitions for nuclear power in the future that have been put forward, when you'll start to see some of those things inflect for your business?

這張印刷品做得很好。約翰，如果可以的話，我想更深入地探討這些成長領域。你能提醒我們一下，在整個核子生命週期中，你是如何進行遊戲的嗎？如今這家公司規模有多大？或許，當您闡述這些關於未來核能的宏偉目標時，您會開始看到其中一些因素對您的業務產生影響？

Yeah, sure. We highlighted this last quarter as well. So I would reference everyone to go back to that quarter. There's an additional slide there, but we kind of brought in one of the slides from last quarter into this quarter that kind of actually helps answer that exact question.

當然可以。我們在上個季度也重點強調了這一點。所以我建議大家回顧一下那個季度的內容。這裡還有一張幻燈片，但我們把上個季度的一張幻燈片放到了這個季度，這張幻燈片實際上可以幫助回答這個問題。

So for us, what I would say is we play a mission-critical role across the entire nuclear energy life cycle. So it starts with design into construction and commissioning all the way through operation, maintenance and decommissioning. And it's really across all sectors of the industry, which starts with new development, construction and operation of gigawatt-sized reactors.

所以對我們來說，我想說的是，我們在整個核能生命週期中扮演著至關重要的角色。因此，它從設計開始，一直到建造和調試，直至運營、維護和退役。而這種情況實際上遍及整個產業的各個領域，從吉瓦級反應器的新開發、建造和運作開始。

It also covers SMRs. A lot of activity in the marketplace today around the world on developing that capability, that new design capability so that we could have small modular reactors existing in the United States and around the world. And we're working with a large number of these developers to help bring those capabilities to the market but that's going to take some time. So a lot of engineering work right now through likely this decade.

它還涵蓋了SMR。如今，世界各地的市場都在積極開發這種能力，這種新的設計能力，以便我們能夠在美國和世界各地擁有小型模組化反應器。我們正在與眾多開發商合作，幫助他們將這些功能推向市場，但這需要一些時間。所以，未來十年可能會有很多工程方面的工作要做。

But then the other area is really on plant life extension and upgrades. We're seeing the 3 Mile Island News, other areas across the United States where we want to ensure that we have the electricity we need to fuel the AI data center demands and other demands of robotic manufacturing and just overall electricity demand generally. It's an important part of the economy. It's been deemed a national security priority by this administration, and we're seeing a lot of good policy coming out of this administration that's driving this renaissance within the US.

但另一個領域則真正關注植物壽命延長和升級。我們看到了三里島核事故的新聞，以及美國其他地區的新聞，我們希望確保我們有足夠的電力來滿足人工智慧資料中心的需求、機器人製造的其他需求以及整體電力需求。它是經濟的重要組成部分。本屆政府已將其視為國家安全優先事項，我們看到本屆政府推出了許多好的政策，推動了美國的復興。

Great. Really helpful. I want to talk also maybe about one of the other growth areas that we're really excited about on the space side of things. Can you maybe help us understand how much of that business is commercially oriented in defense given there's just so much activity in both those areas? And maybe if you could help us think a little bit about how Golden Dome from award presence and a launch activity perspective would drive your business and maybe the timing of that, whether that's part of '26 or part of an unfolding '27 story that's yet to reveal itself.

偉大的。真的很有幫助。我還想談談我們在太空領域非常看好的另一個成長領域。鑑於國防和商業領域的活動都非常活躍，您能否幫助我們了解一下，在國防領域，有多少業務是以商業為導向的？或許您能幫我們思考一下，從獎項亮相和發布活動的角度來看，金穹頂將如何推動您的業務發展，以及時機是否合適，無論是作為 2026 年的一部分，還是作為尚未揭曉的 2027 年故事的一部分。

Yeah. Today, I mentioned, we're just super excited about where we're at in this market and the continuing accelerating growth opportunities. Just to start, I think most people are familiar with the leading presence we have supporting the government with NASA and the whole civilian space exploration and all of those activities. A lot of Amentum colleagues right now preparing for the Artemis II mission that's scheduled for early 2026, and we're excited to be such a critical player in putting astronauts back in space and really excited about the preparations for that mission, everything from integrating the vehicle, launch control software, mission control software.

是的。今天我提到過，我們對目前在這個市場中的地位以及持續加速的成長機會感到非常興奮。首先，我認為大多數人都熟悉我們在支持政府方面所發揮的領導作用，例如美國國家航空暨太空總署（NASA）以及整個民用太空探索和所有這些活動。目前，Amentum 的許多同事正在為計劃於 2026 年初進行的 Artemis II 任務做準備，我們很高興能夠成為將宇航員送回太空的關鍵參與者，並且對這項任務的準備工作感到非常興奮，包括集成飛行器、發射控制軟體、任務控制軟體等各個方面。

And I think that our recent win on Cosmos, where we'll have now an Amentum team at NASA Johnson Space Center becoming engaged in mission operations and all of the things that extend through the complete life cycle of the mission kind of speaks to our strength in supporting that customer and their missions. Of course, that contract currently is undergoing corrective actions, so we're not underway yet but that's a really good one.

我認為，我們最近在「宇宙」計畫中取得的成功，使得我們現在在NASA約翰遜航天中心擁有一支Amentum團隊，參與任務運行以及貫穿任務整個生命週期的所有事項，這在某種程度上體現了我們在支持客戶及其任務方面的實力。當然，該合約目前正在進行糾正措施，所以我們還沒有正式啟動，但這確實是一個非常好的合約。

As far as your question about Golden Dome, just to give a bit of insight there, we really think we have a great right to win in terms of being a part of the solution that the US government is developing. Today, we're heavily engaged with the Missile Defense Agency and helping to take the missile defense system digital, if you will. It's allowed us to deploy things like the hypersonic next-gen satellites for detection. We're doing things like virtual engineering, digital methods to integrate new technologies into the system. That capability and that expertise, we're also deploying for the NORAD mission, which is the North American Aerospace Defense Command. And so we're really excited about those capabilities.

至於你問到的金頂問​​題，我只想稍微解釋一下，我們認為作為美國政府正在製定的解決方案的一部分，我們完全有理由贏得勝利。如今，我們正與飛彈防禦局密切合作，幫助飛彈防禦系統數位化。它使我們能夠部署諸如用於探測的下一代高超音速衛星之類的設備。我們正在進行虛擬工程、數位化方法等工作，將新技術整合到系統中。我們也正在將這種能力和專業知識部署到北美防空司令部（NORAD）的任務中。因此，我們對這些功能感到非常興奮。

And the way Golden Dome comes to life for us is right now, the government is moving out on a Shield procurement. Shield is the acronym for a large IDIQ vehicle. It will be a multiple award vehicle, $150 billion. We are engaged in that procurement like many other in the industry. And so our proposal is them. We're looking forward to the adjudication of that. And I think that specific to your question, as we get toward deeper into FY26, we'll begin to see specific task orders and tasking come out under that Shield vehicle. So we're excited about the opportunity there.

而金頂大廈對我們來說的意義就在於，政府現在正在推進「盾牌」飛彈的採購。Shield 是大型 IDIQ 車輛的縮寫。這將是一個總額達1500億美元的多項獎勵機制。我們和業內許多其他公司一樣，都參與了採購活動。所以，我們的方案就是他們。我們期待著該案的裁決。我認為，就您的問題而言，隨著 2026 財年的深入，我們將開始看到在「盾牌」計劃下發布具體的任務指令和任務安排。所以我們對那裡的機會感到非常興奮。

So really cutting across national security as well as civilian space, there's a lot for us to draw on in the portfolio. And I think the last thing I would mention, and it comes into play even with our new Space Force Range contract, John hit it in the prepared remarks, but so many of these contracts put us at the intersection of government and commercial space. And we have a great track record of working with those commercial partners. So we think that proven capability is going to be instrumental for the government to accomplish all of their objectives that they have for the space domain.

因此，實際上，從國家安全到民用航天，我們的投資組合中有很多東西可以藉鏡。最後我想提一點，這一點甚至與我們新的太空部隊靶場合約有關，約翰在準備好的發言稿中也提到了這一點，但很多這樣的合約都讓我們處於政府和商業航天的交匯點。我們與這些商業夥伴有著良好的合作記錄。因此，我們認為，已驗證的能力對於政府實現其在太空領域的所有目標至關重要。

(Operator Instructions) Tobey Sommer, Truist.

（操作說明）Tobey Sommer，Truist。

The company has reduced leverage faster than we anticipated. When do you think you'd be at a point where you may be able to go on offense with capital deployment and start incorporating inorganic growth into the story?

該公司降低槓桿率的速度比我們預期的還要快。你認為什麼時候才能開始主動出擊，增加資本投入，並將非內生成長融入發展策略中？

Yeah, certainly, we're pleased with the leverage trajectory sitting at 3.2 times here one year in to our merger and public company transition ahead of where we thought we would be. I'd say we remain committed to getting to that target that we set out at Capital Markets Day last year of less than 3 times net levered, and we're on track to do that by the end of FY26.

是的，當然，我們對目前的槓桿率走勢感到滿意，在合併和上市一年後，槓桿率達到了 3.2 倍，比我們預期的要好。我認為我們仍然致力於實現去年資本市場日設定的目標，即淨槓桿率低於 3 倍，並且我們預計在 2026 財年末實現這一目標。

As you know, our kind of cash timing, 2H will be back half weighted. So we'll get there in the second half of FY26. And so obviously, now it's right around the corner, right? So we're starting to shift our focus and what that could look like, it will be obviously dependent on what opportunities are out there and available at that point in time. But as I said in my prepared remarks, regardless of what we do at that given point in time with our capital deployment strategy, we'll be looking to maximize free cash flow per share (technical difficulty) could be part of that, but it also could be continue to pay down debt or returning capital to shareholders.

如您所知，我們這種現金流出時機，下半年將恢復一半權重。所以我們將在 2026 財年下半年達成這個目標。所以很明顯，現在它就在眼前了，對吧？所以我們開始轉變關注點，至於轉變後的發展方向，顯然取決於屆時有哪些機會和機會。但正如我在準備好的發言稿中所說，無論我們在那個特定時間點採取何種資本部署策略，我們都會尋求最大化每股自由現金流（技術難題）可能是其中的一部分，但也可能是為了繼續償還債務或向股東返還資本。

Certainly, as we get out of the kind of two-year restriction period of the RMC, looking at share buybacks when it's trading at something below the intrinsic value of the stock could be an option. So we look forward to getting there in the second half of '26.

當然，隨著我們擺脫RMC的兩年限制期，當股票交易價格低於其內在價值時，考慮進行股票回購可能是一種選擇。所以我們期待在 2026 年下半年實現這個目標。

Yeah. And what I would put a bow on that discussion is really the fact that we have these accelerating growth markets that we see as organic opportunities given what we've created in the new Amentum. And we think we can leverage and exploit those three areas of space systems and technologies that Steve talked about and the opportunities that are upcoming there that are organic, the critical digital infrastructure, which we will talk about on future calls.

是的。最後我想總結的是，鑑於我們在新 Amentum 中創造的一切，我們看到了這些加速成長的市場，並將其視為有機成長的機會。我們認為我們可以利用史蒂夫提到的太空系統和技術的這三個領域，以及即將到來的有機發展機遇，關鍵的數位基礎設施，我們將在以後的電話會議中討論這些機會。

We haven't dived into that, but really about helping the AI economy to succeed cybersecurity. And then global nuclear energy, which, again, we feel very confident that we have the organic capabilities to exploit. That doesn't mean we wouldn't look at M&A in the future to help us accelerate those, but we're confident we can win and grow in those areas today.

我們還沒有深入研究這個問題，但真正重要的是幫助人工智慧經濟在網路安全方面取得成功。然後是全球核能，我們同樣非常有信心我們擁有開發利用這一領域的自身能力。但這並不意味著我們將來不會考慮透過併購來加速這些目標的實現，但我們有信心今天就能在這些領域取得成功並實現成長。

I appreciate that. And I just sort of have a modeling question since some of the growth areas have already been discussed of interest. Are there timing or mix issues for us to contemplate near term in modeling the quarterly cadence of revenue and EBITDA across fiscal '26?

我很感激。我有一個關於建模的問題，因為之前已經討論過一些值得關注的成長領域。在對 2026 財年季度營收和 EBITDA 的節奏進行建模時，近期是否存在需要考慮的時間安排或組合問題？

So just as we look at the time phasing throughout FY26, Q1 will obviously have the impact from the government shutdown, but that will normalize throughout the year. So we do expect quarterly sequential increases in both revenue profitability and cash flow for that matter. Maybe just to provide a little bit more color, we see digital solutions as the predominant driver of growth for the company in FY26. Obviously, Space Force Range contract is in that segment, and that will be ramping up as we grow throughout the year on that contract.

因此，正如我們觀察 2026 財年的時間安排一樣，第一季顯然會受到政府停擺的影響，但這種情況將在年內逐漸恢復正常。因此，我們預期營收、獲利能力和現金流都會逐季成長。為了更生動地說明這一點，我們認為數位化解決方案是公司在 2026 財年的主要成長動力。顯然，太空部隊靶場合約就屬於這一領域，隨著我們在這一年中不斷推進該合同，其規模也將隨之擴大。

And some margin expansion in Digital Solutions, maybe a little bit more modest than what we expect to see in Global Engineering Solutions. But we do expect some revenue growth in Global Engineering Solutions as well due to continued ramp-up of some new work as well as on-contract growth. And that's where we believe a lot of the margin expansion will come from in FY26. So you can think about FY26 kind of quarterly sequential increases as we move throughout the year.

數位解決方案的利潤率有所增長，但可能比我們預期在全球工程解決方案中看到的要溫和一些。但由於一些新工作的持續增加以及合約業務的成長，我們預計全球工程解決方案的收入也會有所成長。我們認為，2026 財年利潤率的大幅提升將主要來自這方面。所以你可以把 2026 財年的情況看成是全年每季的環比成長。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

I wanted to follow up on the nuclear opportunities. In the prepared remarks, you mentioned double-digit growth and margin accretive type of work. When you talk about these margins, are they accretive because they are coming like significant like EBITDA pure to the contract? Or it's mostly because a lot of them come through non-consolidated like joint venture type of EBITDA added to the segment?

我想跟進一下核能領域的機會。在準備好的發言稿中，你提到了兩位數成長和利潤率提升型工作。當你談到這些利潤率時，它們是否具有增值作用，因為它們像 EBITDA 一樣顯著地直接影響合約？或者主要是因為其中許多都是以非合併方式實現的，例如合資企業類型的 EBITDA 被計入該業務板塊？

And then as a follow-up to that, when we think about these opportunities, how fast can they actually come? For example, on the $20 billion that you have in the pipeline expecting to be awarded, how much of that is related to nuclear?

然後，作為後續思考，當我們考慮這些機會時，它們究竟能以多快的速度到來？例如，在你們預計將獲得的 200 億美元項目中，有多少與核能有關？

Yeah, I'll take the first part of the question, Mariana. And then John, maybe you can tackle the second part of that. When we look at the front-end nuclear energy market, it's more of the former as it relates to margin expansion, not unconsolidated joint ventures. A lot of that work tends to come not only in the US commercial, but also international, right? And due to the nature of the work and our capabilities and what we're providing there, it does tend to be margin accretive to the overall portfolio.

好的，我來回答問題的第一部分，瑪麗安娜。然後，約翰，或許你可以處理第二部分。當我們檢視前端核能市場時，就利潤率擴張而言，更多的是前者，而不是非合併的合資企業。很多這類工作不僅來自美國商業領域，也來自國際領域，對吧？而且由於這項工作的性質、我們的能力以及我們所提供的服務，它往往會增加整體投資組合的利潤。

Not to say that especially on kind of back-end environmental remediation, decommissioning, there could be some joint venture opportunities that could also be margin accretive. But as we look to the future and where we expect the growth to come from out of that part of our portfolio, it's certainly not JV consolidation. It's more of the nature of work.

並非說尤其是在後端環境修復、退役等方面，可能會有一些合資機會，這些機會也可能增加利潤。但展望未來，當我們預期該部分投資組合的成長將來自哪裡時，肯定不是合資企業合併。這更多是工作本身的性質決定的。

We talk about this market the global nuclear market, first of all, we are in this market today globally. In the United States, all across Europe, Japan, we are currently delivering capability across that entire life cycle. It represents about 17% of our business today, so very substantial. We are a leader, both in the United States and across Europe and recognized and brought into Japan because of the work that we have done in our history. So for us, it's a real business delivering real strong margins today.

我們談論的是全球核能市場，首先，我們今天就身處全球核能市場之中。在美國、整個歐洲、日本，我們目前提供涵蓋整個生命週期的能力。它約占我們目前業務的 17%，所以非常可觀。我們在美國和整個歐洲都是領導者，並且由於我們過去所做的工作而獲得認可並進入日本市場。所以對我們來說，這是一個真正的生意，目前能帶來非常可觀的利潤。

As we talk about kind of the nuclear renaissance that is happening driven by real demand for electricity and AI and the expansion of data centers to enable our AI economy, the demand is real. But nuclear takes time. You have to do significant design work, planning and then you go into construction.

當我們談論由對電力和人工智慧的實際需求以及資料中心的擴張所推動的核能復興，以支持我們的人工智慧經濟時，這種需求是真實存在的。但核能需要時間。你必須進行大量的設計工作和規劃，然後才能進入施工階段。

In the gigawatt size plants, which we have traditionally worked, we've been involved in every nuclear power plant constructed in the UK in its history. We have great expertise. In the United States, we've just not seen an industry that has been operating on a regular cadence, but there is absolute support from the current administration as well as industry.

在我們一直以來的千兆瓦級核電廠計畫中，我們參與了英國歷史上建造的每一座核電廠。我們擁有豐富的專業技術。在美國，我們還沒有看到一個產業能夠按部就班地運作，但現任政府和業界都給予了絕對的支持。

And to bring more of this capability online, so President Trump laid out executive order saying wanted to see 10 more gigawatt plants under construction by 2030. I think that's an achievable goal, but it will take a lot of work. And we are one of the leaders that is capable of supporting that achievement, working with the companies in the industry that have the designs that could be used to deliver that.

為了將更多此類能力投入使用，川普總統頒布了一項行政命令，表示希望在 2030 年再建造 10 座吉瓦級發電廠。我認為這是一個可以實現的目標，但這需要付出很多努力。我們是能夠支持這項成就的領導者之一，我們將與業內擁有可用於實現這一目標的設計方案的公司合作。

On SMRs, it will take a little longer. We are in the phase of working with companies to actually put the designs together and then prove those designs so that they can be certified and approved designs that can then move into construction. So that's going to take more or less the rest of this decade to move the SMR capability to a point where we would see projects going into construction, but there will be quite a bit of engineering work between now and then.

對於SMR（自發性肌痛性腦脊髓炎），所需時間會稍長。我們目前正處於與各公司合作，將設計方案整合起來，然後驗證這些設計方案，以便它們能夠獲得認證和批准，然後才能進入施工階段。因此，要使小型模組化反應器（SMR）的能力達到可以開工的程度，還需要大約本十年的剩餘時間，但在此之前還有大量的工程工作要做。

And then as a follow-up to margins, fourth quarter and fiscal '26 margins came in a little bit lighter than expected according to what you said in the Investor Day. Besides the nuclear opportunity that will come with these accretive margins, what are the other drivers that will get you to the 8.5% to 9% that you expect to have by '28?

然後，作為利潤率的後續，根據您在投資者日上所說，第四季度和 2026 財年的利潤率略低於預期。除了核能帶來的成長機會之外，還有哪些因素能讓你達到 2028 年預期達到的 8.5% 到 9% 的成長率？

Yeah. Certainly, as John talked about, the accelerating growth areas in aggregate, not just global nuclear energy, but also critical digital infrastructure and space systems and technologies in total are margin accretive to the portfolio. And as we see those outpace growth of the rest of the portfolio in our core growth areas, that will lead to margin expansion in addition to, obviously, the cost synergy initiatives that we've talked about and little bit of Q&A on that today, but those will drive, call it, 30 basis points to 50 basis points as we move through FY27 into FY28. So those combined are the predominant drivers of the margin expansion.

是的。當然，正如約翰所說，整體上加速成長的領域，不僅是全球核能，還有關鍵的數位基礎設施、太空系統和技術，都對投資組合的利潤率有所提升。我們看到，在我們核心成長領域，這些業務的成長速度超過了其他業務的成長速度，這將導致利潤率擴張。當然，還有我們今天討論過的成本協同效應計劃以及相關的問答環節，這些舉措將在2027財年到2028財年期間推動利潤率增長30到50個基點。因此，這些因素共同構成了利潤率擴張的主要驅動力。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

DOGE came to an earlier-than-expected end, it seems, probably eight months ahead of schedule there. I think previously, you were anticipating that maybe there's going to be a 1% headwind going into '26 based on policy changes. I see that there's a 1% headwind based on the shutdown. Is it kind of just shifting towards that where it's like maybe you could have clawed some back on the policy shift side given the end of DOGE, but it's now headwind from the shutdown. I'm just trying to understand the moving pieces there. Should we expect kind of both layered on top of each other or --

DOGE 似乎比預期提前結束了，可能比原計劃提前了八個月。我認為之前你曾預期，由於政策變化，到 2026 年可能會出現 1% 的不利因素。我看到，由於政府停擺，出現了 1% 的不利因素。是不是有點朝那個方向發展了？就像之前因為狗狗幣的結束，政策轉變方面或許可以挽回一些損失，但現在因為政府停擺又面臨阻力。我只是想弄清楚其中的來龍去脈。我們是否應該預期兩者會相互疊加？--

I would think about it, Andre, is not related at all. We obviously went through the administration change, those, all of that throughout '25, and we did call out the approximate 1% impact to the portfolio. That was back half weighted. We'll see some noise of that continuing kind of throughout the first quarter or two here of FY26, but nothing significant to call out. And separate and independent of that, as we see in times of government shutdown in the past, obviously, this one was a little bit extended more than we've seen in the past, but some disruptions to spending on contracts and then some delays in the procurement environment is the 1% that we called out for this fiscal year.

我會考慮一下，安德烈，這根本無關。顯然，我們在 2025 年經歷了政府更迭，所有這些事情，我們也指出這對投資組合產生了約 1% 的影響。那是後半程負重。在 2026 財年的前一兩個季度，我們會看到一些類似的波動，但沒有什麼值得特別注意的。此外，正如我們過去在政府停擺時期所看到的那樣，顯然，這次停擺的時間比以往更長一些，但合約支出的一些中斷以及採購環境的一些延誤，正是我們在本財年指出的 1%。

But all that being said, still feel good about the trajectory of the underlying business, excluding that government shutdown impact, 4% growth at the midpoint on revenue, above mid-single digits on EBITDA and obviously double digit on EPS and free cash flow despite those dynamics that are occurring.

儘管如此，撇開政府停擺的影響不談，我對公司基本面的發展軌跡仍然感到樂觀，營收中位數增長 4%，EBITDA 增長超過個位數，每股收益和自由現金流增長兩位數，儘管存在這些不確定因素。

Got it. And then maybe -- I mean, just in terms of debt paydown, you've still got a ways to go -- a little ways to go until you get to less than three turns. I mean, how should we think about the pace of that through the year? Are you guys thinking of going a step further? Should we think it's still a sizable portion of free cash flow for the year or --

知道了。然後也許——我的意思是，就償還債務而言，你還有很長的路要走——離還清債務還差一點，直到還清債務的回合數少於三回合。我的意思是，我們該如何看待這一年的發展速度？你們是不是打算更進一步？我們是否應該認為這仍然是今年自由現金流的相當大一部分？--

Yeah. So the predominance of our cash flow will follow normal seasonality and be generated in the second half of FY26, which is when you'll see us start to get to below the 3 times net leverage that we've talked about.

是的。因此，我們的現金流主要將遵循正常的季節性規律，並在 2026 財年下半年產生，屆時您將看到我們的淨槓桿率開始低於我們之前討論過的 3 倍。

Got it. And maybe if I could squeeze one more in. I mean you talked about organic investments. I mean, which areas do you think are poised for the most?

知道了。也許我還能再擠出一個。我的意思是，你剛才談到了有機投資。我的意思是，你認為哪些領域最有發展潛力？

Well, we talked about our core markets. We're still very comfortable with our core markets. So we're looking at investing there as well as those three accelerating growth markets. So all of those areas still represent real strength to the business. And yeah, so we're -- I think we highlighted in the strategy where we're focused. Those are our priority areas.

我們討論了我們的核心市場。我們對核心市場仍然非常有信心。因此，我們也在考慮在那裡以及那三個快速成長的市場進行投資。因此，所有這些領域仍然是公司真正的優勢所在。是的，所以我們——我認為我們在策略中重點強調了我們的關注點。這些都是我們的優先發展領域。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

I wanted to see first on the '26 and maybe midterm growth outlook, can you get more specific on what kind of growth you're expecting, I guess, from the accelerating growth portfolio, as you outlined it here as we think about sort of the 3% to 4% organic growth in '26. Are you at the high single digits for that market, the accelerating growth businesses? And then maybe how much does that accelerate into '27 and '28?

我想先了解一下 2026 年以及中期成長前景，您能否更具體地說明您對加速成長組合的預期成長情況，就像您在這裡概述的那樣，我們預計 2026 年的有機成長率將達到 3% 到 4%。你的市佔率是否達到了該市場（即快速成長型企業）的個位數高點？那麼，到了 2027 年和 2028 年，這種趨勢又會加速到什麼程度呢？

Yeah. So I'll start, and then, John, you can feel free to add in. So for FY26, obviously, absent the government shutdown, as we've talked about, from a revenue perspective, expect underlying growth of 2% to 5% -- sorry, 3% to 5%, right? And that's kind of right in line with where we thought we would be at this point in time. And then as we kind of transition and start to benefit from all the pipeline and things that we did as a newly merged company and the accelerating growth markets that John mentioned in his prepared remarks, obviously, we think that will accelerate not only as we move through FY26, but also into FY27 and beyond.

是的。那我先開始，然後約翰，你可以隨時補充。因此，就 2026 財年而言，顯然，如果沒有政府停擺，正如我們之前討論過的，從收入角度來看，預計基本增長率為 2% 至 5%——抱歉，是 3% 至 5%，對吧？這和我們預想的此時此刻的情況基本上吻合。然後，隨著我們逐步轉型，開始受益於我們作為一家新合併公司所做的所有努力和項目，以及約翰在準備好的發言稿中提到的加速增長的市場，顯然，我們認為這種情況不僅會在 2026 財年加速發展，而且會在 2027 財年及以後加速發展。

So those will start to tick up and awards such as Space Force Range, we mentioned the Sellafield award that's also in those accelerating growth markets. Those will continue to ramp up as we move into the back half of '26.

因此，這些獎項將會開始增加，例如太空部隊靶場項目，我們之前提到的塞拉菲爾德項目，也屬於那些快速成長的市場。隨著我們進入 2026 年下半年，這些情況將繼續加劇。

Yeah. And Steve talked about some of the opportunities, I think, that we're seeing in the space market that we think will adjudicate this year and therefore, impact next year in a more significant way. And I think the same as we think about the global nuclear energy market, we continue to see an uptick in activity, which will accelerate this year through next year. So we should see a higher pace of activity in that market as we think about '27 and '28 as well.

是的。史蒂夫談到了我們在太空市場看到的一些機遇，我們認為這些機會將在今年得到決定，因此，明年將以更顯著的方式產生影響。我認為，正如我們對全球核能市場的看法一樣，我們持續看到核能活動上升，而這種上升趨勢將在今年到明年加速。因此，當我們展望 2027 年和 2028 年時，我們應該會看到該市場更加活躍。

And then the digital infrastructure, we have strong activities in working with the hyperscalers on helping with design and development of upgrades to data centers, as an example, on telecom, outfitting 5G networks and beyond. So we see areas like this will also continue to expand for us as we continue to reach into other hyperscalers with these capabilities and push the growth of those into '27 and '28 as we kind of break into new customers with these offerings.

此外，在數位基礎設施方面，我們與超大規模資料中心營運商進行了大量合作，例如，幫助他們設計和開發資料中心升級方案，以及在電信領域，為 5G 網路及未來網路提供配套設施。因此，我們看到，隨著我們繼續利用這些能力與超大規模資料中心營運商建立聯繫，並將這些能力的成長推向 2027 年和 2028 年，隨著我們利用這些產品和服務打入新客戶市場，這些領域也將繼續擴大。

Great. That's helpful. And just if you could remind us, what's the recompete risk or recompete exposure you have here as part of fiscal '26?

偉大的。那很有幫助。請問您能否提醒一下，作為 2026 財年的一部分，您在這裡面臨的重新競爭風險或重新競爭曝險是多少？

Yeah. So we're really confident in kind of the composition of revenue in our FY26 guidance. Over 90% of it will be coming from firm and follow-on work, so less than 10% from new business, and it's less than 5% recompete risk.

是的。因此，我們對 2026 財年的收入組成非常有信心。超過 90% 的收入將來自現有客戶和後續業務，因此來自新業務的收入不到 10%，而重新競爭風險不到 5%。

Thank you. And that is all the time we have for questions. I would like to turn it back to John Heller, CEO, for closing remarks.

謝謝。提問時間到此結束。我謹將發言權交還給執行長約翰·海勒，請他作總結發言。

Thank you. As we enter a new year, we're encouraged by our performance and confident in the path forward. Our strategy remains firmly aligned with long-cycle mission-critical markets, and we remain agile to meet the evolving needs of our customers. I want to extend my sincere thanks to our employees, particularly those who were impacted by and those who worked tirelessly to support our customers during the government shutdown. Their resilience and professionalism exemplify what makes Amentum a trusted partner. We are well positioned to capture growing demand in our core growth areas and our accelerating growth markets and to deliver sustainable long-term value for our shareholders.

謝謝。新年伊始，我們對自身的表現感到鼓舞，並對未來的道路充滿信心。我們的策略仍然堅定地與長週期關鍵型市場保持一致，並且我們保持靈活，以滿足客戶不斷變化的需求。我謹向我們的員工致以誠摯的謝意，特別是那些受到政府停擺影響的員工，以及那些在政府停擺期間不懈努力支持客戶的員工。他們的韌性和專業精神體現了 Amentum 成為值得信賴的合作夥伴的原因。我們已做好充分準備，抓住核心成長領域和加速成長市場不斷增長的需求，並為股東創造可持續的長期價值。

Thank you for your continued interest in Amentum. We look forward to sharing our progress in the quarters ahead. We wish everyone a safe and joyful holiday season.

感謝您一直以來對Amentum的關注。我們期待在接下來的幾季與大家分享我們的進展。祝大家假期平安快樂。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。