Amentum Holdings, Inc. (AMTM) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Amentum Q1 fiscal year 2026 results conference call. (Operator Instructions) This call is being recorded on Tuesday, February 10, 2026. I would now like to turn the conference over to Nathan Rutledge.

女士們、先生們，早安，歡迎參加 Amentum 2026 財年第一季業績電話會議。（操作員指示）本次通話於2026年2月10日星期二進行錄音。現在我將把會議交給內森·拉特利奇。

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 go to slide 2. Please note that this morning's discussion will contain forward-looking statements that are subject to important factors that could cause actual results to differ materially or 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，這些陳述受多種重要因素影響，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 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 reconciliations of forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain significant items. These non-GAAP financial measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

此外，我們還將討論非GAAP財務指標，我們認為這些指標可以為投資者提供有用的信息。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。這些非公認會計準則財務指標不應被孤立地看待，也不應被視為依照公認會計準則編製的財務指標的替代品。

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

本投影片中所包含的「安全港」聲明應納入本次通話的任何文字記錄中。

With me today to discuss our business and financial results are John Heller, Chief Executive Officer; and Travis Johnson, Chief Financial Officer. We are also joined by other members of management, including Steve Arnette, Chief Operating Officer.

今天與我一起討論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·阿內特。

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. We entered the new fiscal year continuing our strong momentum, including another robust quarter of bookings that reinforce our alignment to the high-demand mission areas of nuclear energy, space and critical digital infrastructure.

謝謝內森，也謝謝各位今天蒞臨。我們進入了新的財政年度，並延續了強勁的發展勢頭，包括另一個強勁的季度訂單量，這鞏固了我們與核能、太空和關鍵數位基礎設施等高需求任務領域的契合度。

As a result, this morning, I'm pleased to share another quarter of results that put Amentum on track toward achieving both our near-term fiscal year 2026 outlook and our longer-term strategic growth objectives. Our differentiated business continues to perform. And as a management team, we're setting clear priorities and expectations and were executed. Bottom line momentum continues to deliver.

因此，今天早上，我很高興地與大家分享另一個季度的業績，這使得 Amentum 朝著實現我們近期的 2026 財年展望和長期戰略增長目標都走上了正軌。我們差異化的業務持續表現良好。作為管理團隊，我們設定了明確的優先事項和預期目標，並且都得到了執行。總而言之，成長勢頭持續強勁。

So let's jump right in with our quarterly results. The longest government shutdown in history impacted performance in the quarter, I am especially proud of our teams around the world who remain focused delivering exceptional outcomes for our customers and results largely in line with our expectations. Key highlights, which Travis will cover in more detail shortly, include revenue of $3.2 billion, reflecting normalized growth of 3%.

那麼，讓我們直接進入季度業績環節。歷史上持續時間最長的政府停擺影響了本季的業績，但我特別為我們遍布全球的團隊感到自豪，他們仍然專注於為我們的客戶提供卓越的成果，並且業績基本上符合我們的預期。特拉維斯稍後將詳細介紹一些關鍵亮點，其中包括 32 億美元的收入，反映了 3% 的正常成長。

Adjusted EBITDA of $263 million with robust margins of 8.1% and adjusted diluted earnings per share of $0.54, up 6% year-over-year. This performance is a direct result of our agile business model, disciplined execution, consistent focus on our strategic priorities and continued demand across our end markets.

調整後 EBITDA 為 2.63 億美元，利潤率為 8.1%，調整後稀釋每股收益為 0.54 美元，年增 6%。這項業績直接得益於我們靈活的商業模式、嚴謹的執行、對策略重點的持續關注以及終端市場的持續需求。

Let's turn to slide 4. We where I'll highlight how Amentum's focus on growth translated into a series of strategically significant wins this quarter. We delivered $3.3 billion in net bookings resulting in a first quarter and last 12 months book-to-bill of 1x and 1.1x respectively, including strategic joint venture awards our imputed book-to-bill was 1.3x for the last 12 months.

讓我們翻到第4張投影片。我們將重點介紹 Amentum 如何透過專注於成長，在本季度取得了一系列具有戰略意義的勝利。我們實現了 33 億美元的淨訂單額，使得第一季和過去 12 個月的訂單出貨比分別為 1 倍和 1.1 倍，包括戰略合資企業獎勵在內，我們過去 12 個月的預估訂單出貨比為 1.3 倍。

This consistent performance enabled our industry-leading backlog to grow 4%, reaching over $47 billion. And at quarter end, we had $23 billion in proposals awaiting award, the majority of which are new business to momentum, including nearly $2 billion already won and under protest or are awaiting corrective action.

憑藉這一持續穩定的業績，我們行業領先的積壓訂單增長了 4%，達到 470 億美元以上。截至季度末，我們有價值 230 億美元的提案等待授予，其中大部分是新業務，包括近 20 億美元的已中標項目，但目前存在爭議或正在等待糾正措施。

As I'll discuss in more detail, we continue to make meaningful progress advancing large multiyear opportunities directly aligned with our higher-margin accelerated growth markets. A point evidenced by our consistent book-to-bill performance at or above 1x.

正如我將在下文中詳細討論的那樣，我們繼續取得實質進展，推動與高利潤加速成長市場直接相關的多年期大型機會。這一點可以從我們持續達到或超過 1 倍的訂單出貨比得到證明。

Our business development engine prioritizes scale, duration and strategic relevance grounded in deep customer relationships, shaping solutions and building long-cycle programs where customers value trusted partners. We are particularly encouraged by our progress in nuclear energy an accelerating growth market for Amentum, which is showing robust demand signals, both overseas and in the United States.

我們的業務發展引擎優先考慮規模、持續時間和策略相關性，以深厚的客戶關係為基礎，打造解決方案並建立長期項目，讓客戶重視值得信賴的合作夥伴。我們對在核能領域取得的進展感到特別鼓舞，核能是 Amentum 的一個快速成長市場，無論是在海外還是在美國，都顯示出強勁的需求訊號。

Years of technical investment in program execution have led to tangible awards including nearly $1 billion in the first quarter alone, reinforcing our role as a trusted partner across both existing facilities and new build programs, leveraging our technical leadership in nuclear energy Amentum was selected by Rolls-Royce as the global program delivery partner for its small modular reactors, including initial deployments in the UK and Czech Republic. Under this partnership, we will apply decades of experience in nuclear engineering and design, systems integration and program governance.

多年來在專案執行方面的技術投入帶來了切實的成果，僅第一季就獲得了近 10 億美元的訂單，鞏固了我們作為現有設施和新建專案值得信賴的合作夥伴的地位，並利用了我們在核能領域的技術領先地位。 Amentum 被勞斯萊斯公司選為其小型模組化反應器的全球專案交付合作夥伴，包括在英國和捷克共和國的初始部署。透過這項合作，我們將運用我們在核工程與設計、系統整合和專案管理方面數十年的經驗。

Amentum was also awarded a 10-year million contract by EDF nuclear power to support new and existing power stations in the UK, reinforcing our role as a trusted partner to one of the world's largest nuclear utilities. And in the Netherlands, Amentum secured a five-year $207 million contract to provide planning and engineering services, supporting the future development of up to 2 gigawatt scale power plants strengthening our position in Europe's energy transition.

Amentum 還獲得了 EDF 核電公司一份為期 10 年、價值百萬英鎊的合同，為英國新建和現有的核電站提供支持，這鞏固了我們作為世界最大核電公司之一的值得信賴的合作夥伴的地位。在荷蘭，Amentum 獲得了一份為期五年、價值 2.07 億美元的合同，提供規劃和工程服務，支持未來開發高達 2 吉瓦規模的發電廠，從而鞏固我們在歐洲能源轉型中的地位。

Beyond nuclear, we continue to win work that reflects the breadth and diversification of our portfolio across customers, geographies and contract types. Our capabilities in digital engineering, advanced sustainment and other mission-critical operations are resonating with customers, both domestically and internationally. Award highlights include a US Air Force six-year single-award IDIQ with a ceiling value of up to $995 million for unmanned sustainment, modernization and training. Under this contract, Amentum will deploy specialized solutions and expertise in the US and globally to reinforce readiness and training capabilities.

除了核能領域，我們也持續贏得業務，這反映了我們在客戶、地理和合約類型方面的廣泛性和多樣性。我們在數位工程、先進維護和其他關鍵任務營運方面的能力引起了國內外客戶的共鳴。該獎項的亮點包括美國空軍授予的為期六年的單一授予無限期交付/無限期數量合同，最高價值達 9.95 億美元，用於無人系統的維護、現代化和培訓。根據這份合同，Amentum 將在美國和全球部署專業解決方案和專業知識，以加強戰備和訓練能力。

Next, we were awarded DISA Compute-as a-service contract, a five-year $120 million award to deliver scalable computing power on demand. We're excited to support our customers' mission through this unique outcome-based contract and see it as a potential model for shaping future proposals. Finally, we secured a three-year $270 million contract from a foreign military customer to provide advanced C5 ISR solutions. Our progress this quarter demonstrates consistent execution against our strategy and reinforces our confidence in our ability to continue building a high-quality backlog and delivering durable long-term growth.

接下來，我們獲得了 DISA 計算即服務合同，這是一份為期五年、價值 1.2 億美元的合同，旨在按需提供可擴展的計算能力。我們很高興能夠透過這份獨特的以結果為導向的合約來支持客戶的使命，並將其視為未來提案的潛在模式。最終，我們從一位外國軍方客戶那裡獲得了一份為期三年、價值 2.7 億美元的合同，為其提供先進的 C5 ISR 解決方案。本季的進展表明我們始終如一地執行策略，並增強了我們對持續建立高品質訂單儲備和實現持久長期成長能力的信心。

Before we dive into our Space Systems and Technologies market, let's turn to slide 5. To step back and reanchor our discussion and the growth framework we introduced last quarter. We outlined three accelerating growth markets where momentum is particularly well positioned, space systems and technologies, critical digital infrastructure and global nuclear energy.

在我們深入探討太空系統和技術市場之前，讓我們先翻到第 5 張投影片。讓我們退後一步，重新審視我們的討論以及我們上個季度提出的成長框架。我們重點介紹了三個成長勢頭特別強勁的加速成長市場：太空系統和技術、關鍵數位基礎設施以及全球核能。

These markets are characterized by strong demand visibility, attractive margin profiles and long-term growth potential across government and commercial customers. These markets also align with enduring macro trends and support the technological needs of a growing global economy.

這些市場的特點是需求前景明朗、利潤率高，並且在政府和商業客戶中都具有長期成長潛力。這些市場也符合持久的宏觀趨勢，並支持不斷增長的全球經濟的技術需求。

Please turn to slide 6 to cover in more detail Space Systems and Technologies, which we view as a set of interconnected markets that scale together across satellites, launch, integrated systems and satellite communications. Together, they represented approximately $90 billion market projected to grow around 9% annually over the next five years, driven by higher launch cadence and increasing mission demand.

請翻到第 6 張投影片，詳細了解太空系統和技術，我們將其視為一系列相互關聯的市場，這些市場在衛星、發射、整合系統和衛星通訊方面共同擴展。它們加起來代表著約 900 億美元的市場，預計在未來五年內將以每年約 9% 的速度成長，這主要得益於更高的發射頻率和不斷增長的任務需求。

Starting with satellites, demand continues to shift towards proliferated low-earth orbit constellations. Smaller satellites now dominate launch volumes across broadband, sensing and national security missions. These architectures enhance resilience but also increase integration and life cycle complexity, areas where customers value experience system integrators.

從衛星開始，需求不斷轉向數量眾多的低地球軌道星座。如今，小型衛星在寬頻、感測和國家安全任務的發射量中佔據主導地位。這些架構增強了系統的韌性，但也增加了整合和生命週期的複雜性，而客戶在這些方面非常重視系統整合商的經驗。

Integrated systems are also changing rapidly infrastructure is becoming more software-defined, virtualized and cloud integrated. While this improves scalability, it also raises the importance of integration cybersecurity, automation and end-to-end mission operations as data volumes and mission tempo increase.

整合系統也在快速變化，基礎設施正變得越來越軟體定義、虛擬化和雲端整合。雖然這提高了可擴展性，但隨著資料量和任務節奏的增加，也提高了整合網路安全、自動化和端到端任務操作的重要性。

Launch activity is accelerating. Lower-cost commercial launch, reusable vehicles and increased competition are driving a higher cadence across government and commercial customers. As launch volumes expand, operational demands increased across mission integration, safety and sustainment.

發布活動正在加速進行中。成本更低的商業發射、可重複使用的運載工具以及日益激烈的競爭，正在推動政府和商業客戶加快研發步伐。隨著發射量的增加，任務整合、安全和保障方面的運作要求也隨之增加。

Satellite Communications, or SATCOM is also expanding as a foundational layer of global connectivity, growth in broadband constellations mobile communications and sovereign networks is driving higher throughput and adoption of multi-orbit architectures. SATCOM underpins mission-critical defense, mobility and commercial applications worldwide. Taken together, these trends are expanding the space market and increasing demand for companies like momentum that can integrate, operate and sustain complex systems across their full life cycle.

衛星通訊（SATCOM）作為全球連接的基礎層也在不斷發展，寬頻星座、行動通訊和主權網路的成長正在推動更高的吞吐量和多軌道架構的採用。衛星通訊為全球關鍵的國防、行動和商業應用提供了基礎。綜合來看，這些趨勢正在擴大太空市場，並增加對像 Momentum 這樣能夠整合、營運和維護複雜系統整個生命週期的公司的需求。

Moving to slide 7. let's discuss how Amentum is uniquely positioned with robust experience and capabilities to advance the future of space. Beginning with missile defense and command and control integration and modernization demand continues to rise for resilient space domain awareness and integrated missile warning and tracking. These priorities are central to US and allied national security strategies and are driving sustained investment.

接下來請看第 7 張投影片。讓我們討論一下 Amentum 如何憑藉其豐富的經驗和強大的能力，在推進太空未來發展方面佔據獨特的地位。從飛彈防禦和指揮控制整合和現代化開始，對具有韌性的太空領域感知和整合飛彈預警與追蹤的需求不斷增長。這些優先事項是美國及其盟國國家安全戰略的核心，並推動持續的投資。

Amentum supports these national security missions today through programs such as IRIS, providing advanced engineering sustainment and this to supporting global surveillance, missile warning and classified communications. As hypersonic and ballistic threats involve, demand for satellite-based tracking will only increase. Our performance and expanding capabilities positions Amentum well for space-enabled, missile defense opportunities such as Golden Dome, under the $151 billion Shield IDIQ on which Amentum was recently awarded a physician.

Amentum 透過 IRIS 等計畫為當今的國家安全任務提供支持，提供先進的工程保障，從而支持全球監視、飛彈預警和機密通訊。隨著高超音速和彈道威脅的出現，對基於衛星的追蹤的需求只會增加。Amentum 憑藉其卓越的業績和不斷提升的能力，在太空飛彈防禦領域佔據了有利地位，例如在價值 1510 億美元的「盾牌」無限期交付/無限期數量合約 (IDIQ) 下，Amentum 近期獲得了「金穹頂」飛彈防禦項目。

Amentum plays a critical role providing full life cycle solutions for human exploration and has numerous active programs supporting Ryan, the space launch system and exploration ground systems. These programs require continuous engineering integration operations and sustainment across multiyear mission cycles. They are not onetime development efforts, but long duration recurring opportunities supported by sustained demand across multiple human space flight missions. These efforts require advanced propulsion, power, autonomy and payload integration, areas where Amentum brings deep expertise and where we see growth across both national security and commercial customers.

Amentum 在為人類探索提供全生命週期解決方案方面發揮著至關重要的作用，並擁有眾多活躍項目，支援 Ryan 太空船、太空發射系統和探索地面系統。這些專案需要在多年的任務週期內持續進行工程整合操作和維護。它們不是一次性的開發工作，而是長期的、反覆出現的機會，這些機會是由多次載人航天飛行任務的持續需求所支持的。這些努力需要先進的推進、動力、自主性和有效載荷集成，而 Amentum 在這些領域擁有深厚的專業知識，並且我們看到了在國家安全和商業客戶方面的成長。

Finally, in deep space research and development, Amentum focuses on robotic exploration and early-stage systems that extend human reach beyond Earth's Orbit. Our work includes missions such as space vehicles designed to operate in extreme lunar environments. We also see growing opportunities to support emerging technologies, including propulsion systems that will leverage advances in nuclear energy and in MARS-related Ascent and sample return technologies where early research and systems engineering are critical to reducing risk. We're positioned to lead mission-critical space integration today while scaling and extending our capabilities to capture long-term growth across the space economy of tomorrow.

最後，在深空研究和開發領域，Amentum 專注於機器人探索和早期系統，將人類的活動範圍擴展到地球軌道之外。我們的工作包括設計用於在極端月球環境下運行的太空船等任務。我們也看到了支持新興技術的機會日益增多，包括推進系統，這將利用核能的進步，以及與火星航空研究計劃 (MARS) 相關的上升和样本返回技術，在這些技術中，早期研究和系統工程對於降低風險至關重要。我們已做好引領當今關鍵太空整合任務的準備，同時不斷擴大和擴展我們的能力，以抓住未來太空經濟的長期成長機會。

In summary, Amentum enters the remainder of the fiscal year from a position of strength. Our results, backlog and pipeline reflect disciplined execution durable customer demand and the value of our differentiated capabilities across complex mission-critical environments. As global needs evolve across defense, energy, space and digital infrastructure, we are well positioned to support our customers' most important missions while creating long-term value for our stakeholders. We remain focused on execution, growth and delivering on the commitments we've made.

總而言之，Amentum 以強勁的勢頭進入本財年的剩餘時間。我們的業績、積壓訂單和專案儲備反映了嚴謹的執行力、持久的客戶需求以及我們在複雜關鍵任務環境中的差異化能力的價值。隨著全球在國防、能源、太空和數位基礎設施等領域的需求不斷變化，我們已做好充分準備，支援客戶最重要的任務，同時為我們的利害關係人創造長期價值。我們將繼續專注於執行、成長和履行我們所做的承諾。

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 in some solid first quarter performance. our continued trajectory to achieve net leverage less than 3x by year-end, enabling a more flexible and opportunistic capital deployment posture and our confidence in achieving full year results in line with the guidance provided in November. To echo John's sentiment, I'm particularly encouraged by the continued successful execution of our strategy, evidenced by another quarter of robust bookings and by outstanding margin performance. both of which were enabled the relentless focus and dedication to operational excellence from our employees around the globe.

謝謝你，約翰，大家早安。今天我很高興與大家討論我們穩健的第一季業績，以及我們繼續朝著年底前將淨槓桿率降至3倍以下的目標邁進，這將使我們能夠更靈活、更具機會主義地部署資本，並且我們有信心實現全年業績，達到11月份給出的預期。與約翰的觀點一致，我特別感到鼓舞的是，我們的策略持續成功執行，這體現在又一個季度強勁的預訂量和出色的利潤率表現上。而這一切都得益於我們全球員工對卓越營運的不懈追求和奉獻精神。

With that, let's begin with an overview of our financial performance on slide 8. Revenue in the first quarter totaled $3.24 billion, reflecting the joint venture transitions and divestitures previously discussed as well as impacts from the government shutdown. Underlying growth normalizing for these items was approximately 3%, driven by the ramp-up of new contract awards in our critical digital infrastructure in space systems and technologies accelerating growth markets. Adjusted EBITDA of $263 million benefited from a 40 basis point year-over-year increase and adjusted EBITDA margins to 8.1%. Alongside continued strategic progress to prioritize higher margin work.

接下來，讓我們從第 8 頁投影片開始，概述一下我們的財務表現。第一季營收總計 32.4 億美元，反映了先前討論過的合資企業轉型和資產剝離，以及政府停擺的影響。剔除這些因素後，基本成長率約為 3%，這主要得益於我們在太空系統和技術等關鍵數位基礎設施領域新合約的增加，從而加速了市場成長。經調整的 EBITDA 為 2.63 億美元，較去年同期成長 40 個基點，經調整的 EBITDA 利潤率為 8.1%。同時，我們將繼續推動策略性進展，優先開展利潤率更高的工作。

Margin expansion was enabled by strong program performance and reduced indirect spending as a result of realized cost synergies and disciplined expense management during the shutdown. Adjusted diluted earnings per share of $0.54 was up 6% from a year ago and reflects lower interest expense driven by our debt reduction initiative.

利潤率的提升得益於強勁的專案表現，以及停工期間透過實現成本協同效應和嚴格的費用管理而減少的間接支出。經過調整後的稀釋每股收益為 0.54 美元，比上年同期增加 6%，反映了我們債務削減計劃帶來的利息支出減少。

Moving to our reportable segment results on slide 9. Digital Solutions delivered revenue of $1.34 billion, representing 4% growth on a reported basis and a robust 8% and after normalizing for the items mentioned previously. The year-over-year increase was driven by the continued ramp-up of new contract awards led by strength from commercial programs and critical digital infrastructure. Adjusted EBITDA increased to $103 million as a result of the higher revenue volume, resulting in adjusted EBITDA margins of 7.7%.

接下來，請看第 9 頁的可報告分部績效。數位解決方案業務實現營收 13.4 億美元，以報告數據計算成長 4%，在剔除前面提到的項目後，成長幅度高達 8%。年成長主要得益於新合約授予數量的持續成長，而這又主要得益於商業項目和關鍵數位基礎設施的強勁發展。由於營收增加，調整後 EBITDA 增至 1.03 億美元，調整後 EBITDA 利潤率為 7.7%。

Turning to Global Engineering Solutions. Revenue was $1.9 billion, reflecting the impacts from JV transitions, the divestiture and the government shutdown. Normalizing for these items, underlying revenue was consistent with the prior year as revenue from new contract awards were offset by the expected ramp-down of certain historical programs. Adjusted EBITDA of $160 million reflects an 80 basis point year-over-year increase in adjusted EBITDA margins to 8.4%. The strong profitability was enabled by prioritizing higher-margin growth opportunities, disciplined program execution and delivering against cost synergy initiatives.

轉向全球工程解決方案。營收為 19 億美元，反映了合資企業過渡、資產剝離和政府停擺的影響。在剔除這些項目的影響後，基本收入與前一年持平，因為新合約授予帶來的收入被某些歷史項目的預期縮減所抵消。調整後的 EBITDA 為 1.6 億美元，較上年同期成長 80 個基點，經調整後的 EBITDA 利潤率達到 8.4%。強勁的獲利能力得益於優先考慮高利潤成長機會、嚴格執行專案計畫以及落實成本協同效應措施。

Now turning to slide 10 to cover our cash flow and capital structure highlights. First quarter free cash flow included an additional pay cycle compared to the prior year quarter and was impacted by temporary collections timing from the government shutdown and holiday closures, resulting in a use of $142 million. It is important to emphasize that this is only timing related. In fact, collections in the first five days of the second quarter more than doubled compared to the same period in the prior year. As a result, we anticipate strong free cash flow in the second quarter and remain confident in meeting our full year free cash flow guidance.

現在請看第 10 張投影片，介紹我們的現金流量和資本結構要點。第一季自由現金流包含比上年同期多一個支付週期，並受到政府停擺和假日停業導致的臨時收款時間的影響，導致使用了 1.42 億美元。需要強調的是，這僅僅與時間安排有關。事實上，第二季前五天的收款額比去年同期增加了一倍以上。因此，我們預計第二季自由現金流將強勁成長，並有信心實現全年自由現金流目標。

From a liquidity perspective, our position remains healthy. with Q1 ending cash on hand of $247 million, a fully undrawn $850 million revolver and no near-term maturities. We're also pleased with the recent Moody's credit rating upgrade which underscores our improving financial profile, immediately reduces interest expense and our term loan B by 25 basis points and positions us for enhanced financial flexibility and market access moving forward. With a strong balance sheet, robust liquidity and focus on generating sustainable free cash flow, we are well positioned to deliver enduring value for our shareholders. Achieving our target net leverage of less than 3x by the end of the fiscal year remains a priority.

從流動性角度來看，我們的財務狀況依然良好。第一季末現金餘額為2.47億美元，擁有8.5億美元的未提取循環信貸額度，且近期沒有到期債務。我們也對穆迪最近的信用評級上調感到高興，這凸顯了我們財務狀況的改善，立即降低了利息支出，並將我們的B類定期貸款降低了25個基點，並使我們在未來擁有更大的財務靈活性和市場准入優勢。憑藉穩健的資產負債表、充足的流動性以及對創造可持續自由現金流的專注，我們完全有能力為股東創造持久價值。在本財年結束前實現淨槓桿率低於 3 倍的目標仍然是我們的首要任務。

And looking into fiscal year 2027 and beyond, we will remain disciplined in our approach maintaining a prudent capital structure that enables flexible and opportunistic deployment.

展望 2027 財年及以後，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。

On slide 11, let's now turn to our fiscal year 2026 full year outlook. As a result of Q1 performance, backlog of $47 billion, including $7 billion in funded backlog, up 23% from last quarter. And with 95% of revenue expected to come from existing or recompete business, we remain confident in the outlook provided in November. We are reaffirming guidance for the year, including revenue in the range of $13.95 billion to $14.3 billion, adjusted EBITDA between $1.1 billion and $1.14 billion; adjusted diluted earnings per share between $2.25 and $2.45 and free cash flow between $525 million and $575 million.

在第 11 張投影片中，我們現在來看看 2026 財年全年展望。受第一季業績影響，積壓訂單達 470 億美元，其中包括 70 億美元的已融資積壓訂單，比上一季成長 23%。預計 95% 的收入將來自現有業務或重新競爭的業務，因此我們對 11 月給予的展望仍然充滿信心。我們重申全年業績預期，包括營收在 139.5 億美元至 143 億美元之間，調整後 EBITDA 在 11 億美元至 11.4 億美元之間；調整後稀釋每股收益在 2.25 美元至 2.45 美元之間，自由現金流在 5.25 億美元至 5.75 億美元之間。

All metrics reflect healthy underlying organic growth, and the primary guidance assumptions remain unchanged. From a timing perspective, we continue to expect quarterly sequential increases in revenue, adjusted EBITDA and adjusted diluted earnings per share as we move beyond the government shutdown and will benefit from additional working days in the remaining quarters. To assist with modeling, we have included a breakout of working days by quarter in the appendix. And I will also note that for Q2, consensus estimates are in line with our expectations.

所有指標均反映出健康的內生成長，主要指引假設維持不變。從時間安排的角度來看，隨著政府停擺的結束，我們繼續預計季度收入、調整後 EBITDA 和調整後稀釋每股收益將逐季增長，並且我們將受益於剩餘季度的額外工作日。為了幫助建模，我們在附錄中列出了按季度劃分的工作天數。另外，我還想指出，第二季的市場普遍預期與我們的預期一致。

From a free cash flow perspective, as previously shared, we have seen a rebound in collections and therefore, expect approximately 25% of our to-go free cash flow generation in the second quarter.

從自由現金流的角度來看，正如先前分享的那樣，我們已經看到收款反彈，因此，預計第二季將產生約 25% 的自由現金流。

Wrapping up on slide 12. We are pleased with our start to the year, which reflects our ability to deliver solid results through disciplined operational execution and strategic focus with continued robust bookings strong market demand signals and progress towards our leverage reduction goals, we are confident in achieving our full year outlook and in positioning Amentum for sustained value creation.

第 12 張投影片的內容就到此為止。我們對今年的開局感到滿意，這反映了我們透過嚴謹的營運執行和策略重點來取得穩健業績的能力。隨著持續強勁的預訂量、強勁的市場需求訊號以及在降低槓桿目標方面取得的進展，我們有信心實現全年預期目標，並使 Amentum 能夠持續創造價值。

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

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Colin Canfield, Cantor.

科林·坎菲爾德，坎托爾。

Travis, you been focusing on the free cash flow progression through the year? And maybe talk about how you think about this quarter's performance second half performance? And then maybe discussing how you think about potentially selling receivables in order to kind of bolster the free cash flow that.

崔維斯，你今年一直關注的是自由現金流的成長嗎？或許還可以談談你對本季業績和下半年業績的看法？然後或許可以討論一下您如何考慮出售應收帳款，以增強自由現金流。

So as stated in my prepared meats, there were two primary drivers for Q1 cash performance, both of which were simply timing related and have no impact on our expectations for the full year. And so first, as noted on our last earnings call, we had an additional pay cycle relative to Q1 of last year, which obviously will normalize as we move through the rest of the fiscal year. And second, there was an unexpected government holiday closure, which you guys may be familiar with. So the administration gave government employees an additional two days off in addition to Christmas and New Year's at the end of December and headed into the New Year. And so that pushed some collections into the first part of January due to delays in customer approvals and processing.

正如我在預製肉類部分所述，第一季現金表現主要受兩個因素影響，這兩個因素都只是時間因素，不會影響我們對全年的預期。首先，正如我們在上次財報電話會議上提到的，與去年第一季相比，我們多了一個發薪週期，這顯然會隨著本財年剩餘時間的推進而恢復正常。其次，由於政府假期，公司意外停工，你們可能對此有所了解。因此，政府在 12 月底聖誕節和新年假期之外，額外給政府僱員放了兩天假，並於新年伊始繼續放假。因此，由於客戶審批和處理延遲，一些收款工作被推遲到一月份的上半年。

So really, again, just timing related and perhaps to provide some more context collections in the first week of the second quarter were $100 million higher than they were in the first week of Q2 of last year, kind of just reemphasizing that it was just collections timing that was pushed due to delays and approvals. And so looking ahead for the rest of the year, given the rebound we've already seen in the beginning of the second quarter, we're confident in achieving results that are in line with the guidance that we reaffirmed for the full year, with the midpoint being at $550 million. And roughly 25% of that to go free cash flow, we do expect in the second quarter.

所以，這其實只是時間安排的問題。為了提供更多背景信息，第二季度第一周的收款額比去年第二季度第一周高出 1 億美元，這再次強調了收款時間因延誤和審批而被推遲這一點。展望今年剩餘時間，鑑於我們在第二季初已經看到的反彈，我們有信心實現與我們重申的全年業績指引相符的業績，其中值為 5.5 億美元。其中約 25% 將在第二季轉化為自由現金流，我們預計。

And then obviously, Q4, as it always has been, will be our strongest free cash flow quarter as a result of our alignment with government at fiscal year-end. And then just to touch on your comment on AR factoring. As you're aware, we do have an AR factoring program in place, and we do leverage that to manage working capital as we move throughout the year.

顯然，由於我們在財政年度末與政府達成一致，第四季度將一如既往地成為我們自由現金流最強勁的季度。最後，我想簡單談談您對AR因子分析的評論。如您所知，我們確實有一個應收帳款保理計劃，並且我們利用該計劃來管理我們全年的營運資金。

Got it. And then maybe following up, if you can kind of refresh how you think about the award outlook by end market particularly focusing on unfunded awards and how you think about kind of the magnitude and timing of those funded awards.

知道了。然後，或許可以接著說說，您能否重新審視一下您對最終市場獎勵前景的看法，特別是關注未獲資助的獎勵，以及您對已獲資助獎勵的規模和時間安排的看法。

Sure. I'll start with just saying it's something we've talked about really since last year, and we saw some administrative delays on the contracting side just with having fun. So we're pleased to see that bounce back up to nearly $7 billion, a 23% increase from Q4. But as we've said, we're comfortable with funded backlog in that range of $5 billion to $7 billion. And with what it means for the rest of our full year outlook.

當然。首先我想說的是，這件事我們從去年就開始討論了，我們在合約方面遇到了一些行政延誤，主要是因為我們玩得太開心了。因此，我們很高興看到這一數字反彈至近 70 億美元，比第四季成長了 23%。但正如我們所說，我們對50億至70億美元的資金積壓額感到滿意。以及這對我們全年展望的影響。

And in terms of kind of looking ahead, obviously, with $23 billion in pending awards and or more of bids expected to be submitted this year. We're on track to achieve our full year book-to-bill greater than 1. And a lot of those key awards, we expect will come from the accelerating growth markets that John highlighted in his prepared remarks. And in fact, just this quarter, we had over $1 billion in awards in our Global Nuclear Energy business, so really highlighting the strength of that piece of the portfolio.

展望未來，顯然，目前有價值 230 億美元的待授標項目，而且預計今年還會收到更多出價。我們預計將實現全年訂單出貨比大於 1 的目標。我們預計，許多重要獎項將來自約翰在事先準備好的演講稿中重點提到的那些加速成長的市場。事實上，僅本季度，我們在全球核能業務領域就獲得了超過 10 億美元的合同，這充分凸顯了該業務板塊的實力。

And I'll just mention, I think the kind of history of our consistent book-to-bill performance speaks for itself, right? Five straight quarters of book-to-bill 1x or greater, including imputed book-to-bill of 1.3x on an LTM basis.

我還要提一下，我認為我們持續穩定的訂單出貨率已經足以說明一切，對吧？連續五個季度訂單出貨比達到 1 倍或更高，其中過去 12 個月的估算訂單出貨比為 1.3 倍。

(Operator Instructions)

（操作說明）

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I wanted to ask a question about nuclear, where you've had a nice string of new business announcements. How do we think about how that folds into the P&L and starts to contribute to revenue and profit growth. And then I was wondering if you could comment on what nuclear bids either submitted or sort of pipeline looks like does it -- and is it indicative of more rapid growth there versus the overall metrics for the firm?

我想問一個關於核能的問題，你們最近在該領域發布了一系列不錯的商業公告。我們如何看待它如何融入損益表，並開始為收入和利潤成長做出貢獻？然後我想問一下，您能否就已提交的核能項目投標或相關項目儲備情況發表一下看法——這是否表明核能項目的增長速度比公司整體指標更快？

Well, the first thing that we highlight is, I think we highlighted in the prepared remarks, it's just a fact in Q1 with $1 billion of awards in the nuclear space. And given the fact that nuclear of our over $14 billion business represents just over $2 billion, you can see we're making really good progress and see acceleration in that market overall as it relates to our portfolio. But of course, we're $14 billion. So it's going to take time to see the nuclear business really have a significant impact on, say, quarter-by-quarter. But on a year-by-year basis, we do expect these accelerating growth markets, including nuclear space and digital all to have a positive impact on margins.

首先，我們要強調的是，正如我們在準備好的發言稿中提到的，第一季核能領域的撥款金額達到了 10 億美元，這是一個事實。鑑於核能業務在我們超過 140 億美元的業務中僅佔 20 億美元多一點，可以看出我們取得了非常好的進展，並且就我們的投資組合而言，該市場整體上正在加速增長。當然，我們的市值是 140 億美元。因此，要看到核能業務真正對經濟產生重大影響，例如逐季度的影響，還需要一段時間。但從年際變化來看，我們預期包括核能、航太和數位領域在內的這些加速成長的市場都將對利潤率產生正面影響。

We're still looking for margin improvement year-over-year. It's going to be driven by those three areas. And nuclear is certainly stepping up and contributing there with the contract awards we announced, including kind of EDF and the Netherlands contract award. And of course, we announced Rolls-Royce, but that was an award after the quarter. We're continuing to see progress on the nuclear side, and we would expect that to be a big story for the business with the European market still robust.

我們仍在尋求實現同比利潤率的成長。這將主要受這三個領域的影響。核能領域無疑正在加大投入，並透過我們宣布的合約授予做出了貢獻，其中包括法國電力公司和荷蘭的合約授予。當然，我們也宣布了勞斯萊斯獲獎的消息，但那是季度末的獎項。我們在核能領域持續取得進展，鑑於歐洲市場依然強勁，我們預計這將是公司的一大亮點。

As we talked about a couple of big awards there this quarter. But the US market is just really starting to accelerate as these bigger deals, new starts, extensions for existing plants and the SMR market are all starting to get some momentum, and we have a lot of inbound demand in these areas. But that's probably going to take a few more quarters to see the money come together, those projects get greenlit. But nonetheless, we are working with a lot of companies that are working to put these US projects on track to begin. So that's going to really help accelerate the future.

正如我們在本季談到的幾個重要獎項。但隨著這些更大的交易、新項目、現有工廠的擴建以及小型模組化反應器市場都開始獲得一些動力，美國市場才真正開始加速發展，我們在這些領域有很多新的需求。但可能還需要幾個季度才能籌集到資金，這些項目才能獲得批准。儘管如此，我們正在與許多公司合作，努力使這些美國計畫走上正軌，盡快啟動。所以這將真正有助於加速未來發展。

And of course, just the final point I'll make is the time line on these the upfront work on a nuclear project is typically in the engineering, the governance, getting regulatory approvals, preparing for construction. And then the revenue on these projects accelerates quite a bit once you move into construction. And that can take anywhere from one to five years to move into those stages. So these are really 5- to 10-year projects, which then have a kind of a tail that can go decades. But in terms of getting to the peak, it usually takes two to five years to see the peak revenue opportunity on nuclear.

當然，最後一點是，核電專案的前期工作通常包括工程設計、治理、獲得監管機構批准以及為建設做準備。一旦進入施工階段，這些項目的收入就會迅速成長。進入這些階段可能需要一到五年的時間。所以這些實際上是 5 到 10 年的項目，然後會產生一種可以持續數十年的後續影響。但就達到高峰而言，核能通常需要兩到五年才能達到收入高峰。

When you look at your bid submitted and pipeline for the whole firm, is there an embedded favorable mix shift from a margin perspective based on the complexion of those bids in pipeline?

從整個公司提交的投標和專案儲備來看，基於這些投標項目的組成，是否存在有利於利潤率的組合變化？

Tobey, this is Travis. I would characterize it like this. Obviously, we're starting to strategically prioritize higher-margin work, both in the accelerated growth markets that John highlighted, but also in our core markets, right? We still have $10 billion worth of the markets which we're a leader in, great work and still growth opportunity there. But we're also looking to expand margins in that part of the portfolio, which will be a big part of the story.

托比，這是崔維斯。我會這樣描述它。顯然，我們開始有策略地優先考慮利潤率更高的工作，不僅在約翰強調的快速成長市場，而且在我們的核心市場也是如此，對吧？我們仍然擁有價值 100 億美元的領先市場，這些市場發展勢頭良好，並且仍然存在成長機會。但我們也希望擴大該部分投資組合的利潤率，這將是我們未來發展的重要因素。

And as we look at the bids going in, including things like contract mix, we are certainly seeing a shift over time. As we've stated, it will take time with $47 billion in backlog right? It's a big shift this year, but we are seeing that.

當我們審視收到的投標書，包括合約組合等因素時，我們確實看到隨著時間的推移，情況正在改變。正如我們之前所說，積壓訂單高達 470 億美元，這需要時間，對吧？今年發生了很大的變化，但我們已經看到了這一點。

You'll see in our contract mix composition in the 10-Q, you'll see we've started to progress towards a higher percentage of fixed price work. So we are starting to see that as awards and that strategic shift in prioritization unfold.

從我們的 10-Q 表格中的合約組合構成可以看出，我們已經開始逐步提高固定價格工作的比例。因此，隨著獎項的頒發和優先事項的策略轉變，我們開始看到這一點。

Seth Seifman, J.P. Morgan.

Seth Seifman，J.P. Morgan。

I wanted to ask in cash flow about the investing cash flows that go into the JVs. Is a significant amount in the quarter. How do we think about those cash requirements going forward and how they should be relative to your CapEx and free cash flow?

我想在現金流部分詢問一下投入合資企業的投資現金流狀況。這是本季的一大筆金額。我們應該如何考慮未來的現金需求，以及這些需求應該如何與您的資本支出和自由現金流相符？

Yes, this quarter was abnormally large contributions to our equity method investments, and it's really a direct result of the big joint venture awards that we had last year. They're all kind of starting to ramp up. And at the initial phases of those joint ventures, you have initial capital contributions from partners and Amentum had our piece on that. The two larger ones for the quarter were in Portsmouth and our Hanford work. We don't expect that level as we move throughout the rest of the year.

是的，本季我們的權益法投資貢獻異常巨大，這實際上是我們去年獲得的大型合資企業獎勵的直接結果。他們都開始加大力度了。在這些合資企業的初期階段，合作夥伴會提供初始資金，Amentum 對此也發表過看法。本季最大的兩個項目分別在朴茨茅斯和我們在漢福德的工作地點。我們預計今年剩餘時間不會達到那個水準。

And then you also saw some return of contributions, which we would also expect over time as those programs ramp up and mature.

然後，我們也看到了一些捐款的回流，隨著這些項目的逐步推進和成熟，我們也預期會出現這種情況。

Okay. Okay. Great. And then just a quick follow-up in Global Engineering Solutions. Obviously, very tight margin there historically in that mid-7% range and then nearly 100 basis points higher in this quarter.

好的。好的。偉大的。然後，全球工程解決方案方面還有一個簡單的後續報告。顯然，歷史上利潤率一直很低，在 7% 左右，而本季利潤率則高出近 100 個基點。

What happened there that would make us not think that this should be that kind of the margin that we saw in Q1 is not sustainable in Global Engineering Solutions.

究竟發生了什麼，讓我們認為第一季我們所看到的利潤率在Global Engineering Solutions是不可持續的。

Yes, certainly, the margin performance for the entire company and obviously, led by Global Engineering Solutions with the highlight for the quarter performance is something we're really proud of the team for delivering. And it wasn't really just one area. It is a few different areas. First, it's progress on our strategic objective to prioritize higher margin work. And as I stated a little bit earlier, you'll see in our 10-Q that we've got a higher percentage of fixed price work that contributed to that.

是的，當然，整個公司的利潤率表現，尤其是全球工程解決方案部門在本季的業績表現最為突出，我們為團隊的成就感到非常自豪。而且這並非僅限於一個地區。它涉及幾個不同的區域。首先，這是我們在優先進行高利潤工作的策略目標上所取得的進展。正如我之前提到的，您會在我們的 10-Q 表格中看到，固定價格工作的比例較高，這促成了這一結果。

Also, there were some mix benefits from the government shutdown and just the work that was impacted from the shutdown with some lower-margin work. and obviously continued benefits from our cost synergy initiatives and then overall, just strong program performance.

此外，政府停擺也帶來了一些利弊，一些利潤較低的工作也受到了影響。當然，我們的成本協同效應計劃持續帶來收益，整體而言，專案表現強勁。

So a lot of different variables driving the positive outcome there for Global Engineering Solutions. And then as we look for the rest of the year, obviously, our implied to go margins at the enterprise level are in line with the midpoint of our full year guidance. But as you know, that contemplates a range of outcomes and the top end of that could be up to 8.2%. So we feel really good about the quarter and obviously, the path that we have to meet our full year objectives as it relates to EBITDA and EBITDA margin.

因此，許多不同的因素共同促成了全球工程解決方案的正面成果。展望今年剩餘時間，顯然，我們預期企業層面的利潤率與我們全年預期中點一致。但如你所知，這考慮到了一系列結果，最高可達 8.2%。因此，我們對本季以及實現全年 EBITDA 和 EBITDA 利潤率目標的道路都感到非常滿意。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

John, we're seeing over 100 gigawatts of industrial gas turbine power capacity to enter the market by 2030. And it looks like this capacity is expected to come in sooner than nuclear projects. I mean, they're a little bit shorter duration than nuclear. I was wondering how applicable your core capabilities in nuclear is for these kinds of projects. I mean, these are still fairly large builds. Is this an opportunity for you?

約翰，到 2030 年，我們將看到超過 100 吉瓦的工業燃氣渦輪發電容量進入市場。而且，這種發電能力似乎會比核電專案更快投入使用。我的意思是，它們的持續時間比核爆短一些。我想知道貴公司在核能領域的核心能力對這類專案有多大的適用性。我的意思是，這些仍然是相當大的建築。這對你來說是一個機會嗎？

Yes. Thanks, Kristine. We're very aware that to meet the power needs of the nation and, frankly, the world. that you're going to have to look and there's a big article today, of course, in Wall Street Journal on coal, restarting coal plants, extending coal plants and other sources to create the bridge to where nuclear can step in. And our focus is on bringing that nuclear infrastructure online.

是的。謝謝你，克里斯汀。我們非常清楚，為了滿足國家乃至全世界的電力需求，我們必須考慮其他能源，當然，今天《華爾街日報》上有一篇關於煤炭、重啟燃煤電廠、擴建燃煤電廠以及其他能源的文章，以搭建核能介入的橋樑。我們的重點是讓核能基礎設施投入使用。

And what you're seeing in this administration is very active in supporting using kind of the existing infrastructure and bringing that infrastructure online that is more carbon based, while we bring these or gigawatt size plant projects online in parallel.

而本屆政府正積極支持利用現有的基礎設施，並將這些以碳為基礎的基礎設施投入使用，同時我們也同步推動這些千兆瓦級的發電廠計畫。

So we're seeing projects being discussed and planned and the money coming together behind the overall plan to bring all this additional power online and nuclear is a huge part of that, which is going to keep us extremely busy. So our focus is on that nuclear power, which is happening absolutely in parallel. And these types of projects are not necessarily behind the scenes. I mean you're hearing about some of this with SoftBank getting involved in Japan and other large projects, and you hear about the nuclear element of that. But to get to the ability to have that nuclear power, which is five, six, seven years down the road, you're going to have to have some bridge power capability brought online.

所以我們看到，各種項目正在被討論和規劃，資金也正在匯聚到整體計劃中，以實現所有這些額外的電力併網發電，而核能是其中非常重要的一部分，這將使我們非常忙碌。所以我們的重點是核能，它與現代能源完全同步發展。而且這類項目不一定都是幕後進行的。我的意思是，你聽說過軟銀參與日本和其他一些大型項目，也聽說過其中涉及核能的因素。但要實現擁有核能的能力（這還需要五、六、七年時間），就必須先建立一些過渡性電力能力。

And that's where you're seeing this additional capacity you're mentioning. But the nuclear projects are going to keep us very busy that they're working on to really facilitate the accelerating demand is going to go far beyond what these near-term fossil fuel projects can handle.

這就是你提到的額外產能的來源。但是，為了真正滿足不斷增長的需求，我們正在進行的核能專案將讓我們非常忙碌，而這些需求將遠遠超出這些近期化石燃料專案所能應對的範圍。

Super helpful. And also on the DISA Compute As-a-Service contract that you won in the quarter, how is this structured? Are the economics of this contract similar to a traditional contract and providing this as a service, is this a business model also repeatable for the commercial end market?

非常有用。另外，您在本季贏得的 DISA 計算即服務合約是如何建構的？該合約的經濟效益是否與傳統合約類似？如果以服務的形式提供，這種商業模式是否也能在商業終端市場中複製？

Yes. We're excited about the DISA award. I think if you take it in a larger context, it's one of the great examples of how the government is really focusing on trying to get to more outcomes-based contracting. And so the -- it's inherently on demand to provide compute capacity and power for DISA and their clients. And so that scalable kind of outcome based, you can think in terms of not as an overall effort kind of fixed price, but rather a unit-based fixed price that allows us to deliver outcomes.

是的。我們對獲得 DISA 獎感到非常興奮。我認為，從更廣闊的視角來看，這是政府真正致力於實現更多基於結果的合約的絕佳例證之一。因此，它本質上是按需為 DISA 及其客戶提供運算能力和電力。因此，這種可擴展的、基於結果的模式，你可以把它理解為基於單位的固定價格，而不是基於整體努力的固定價格，這樣我們就可以交付成果。

We think it's a great contract model, very much in line with how the government is trying to modernize procurement models. And so we think it is a structure that could replicate across other opportunities.

我們認為這是一個很棒的合約模式，與政府努力實現採購模式現代化的方式非常契合。因此，我們認為這種結構可以複製到其他領域。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Travis, maybe I wondered if you can size the mix impact on margins in the quarter. I think you called that out as a headwind as a result of the shutdown and some of the maybe lower-margin work that wasn't booked in the quarter, it wasn't built in the quarter. How do we think about that? And how do we think about that then playing out as we think about the progression of margins through the remainder of the year?

崔維斯，我想知道你是否能估算出產品組合對本季利潤率的影響。我認為你已經指出，停工以及一些利潤率可能較低的項目沒有在本季度完成或沒有在本季度建成，都對業績造成了不利影響。我們該如何看待這個問題？那麼，當我們思考今年剩餘時間內利潤率的變化趨勢時，我們該如何看待這種情況？

So between kind of the four drivers that I mentioned earlier being just overall strategic progress to prioritize higher margin work, which means that we have lower margin work falling off and we're winning work that's coming online, it's higher margin. the kind of onetime impact from the quarter of the mix from the government shutdown impact realized cost synergies and then strong program performance, it was really, especially in Global Engineering Solutions, kind of evenly spread across those drivers. So not one kind of outsized contribution relative to those four things, but rather a combination of all of them. And as we look to the rest of the year, again, the midpoint of our guidance is 7.9%, but the whole range contemplates EBITDA margins up to 8.2%.

因此，在我之前提到的四個驅動因素中，包括整體戰略進展（優先考慮高利潤率的工作，這意味著我們減少了低利潤率的工作，贏得了即將上線的高利潤率項目）、政府停擺對季度組合的一次性影響、已實現的成本協同效應以及強勁的項目表現，尤其是在全球工程解決方案方面，這些驅動因素的影響相當均衡。所以，不是某一種因素對這四件事產生了過大的影響，而是這四件事共同作用的結果。展望今年剩餘時間，我們的指導中位數為 7.9%，但整個範圍預計 EBITDA 利潤率最高可達 8.2%。

So obviously, we put out guidance that contemplates a range of different outcomes. And while we're pleased with the Q1 performance, we're obviously just being prudent in our approach to look at the variety of outcomes that could happen for the year.

因此，很顯然，我們發布的指導意見考慮到了各種不同的結果。雖然我們對第一季的業績感到滿意，但我們顯然採取了謹慎的態度，以應對今年可能出現的各種結果。

And maybe as a follow-up, John, to some of your comments on the space market in the prepared remarks. As we track your progress here, obviously, we'll see the releases. But are there one or two things, whether it be launch activity or other aspects of this market as they evolve that you'd call out as maybe better or more indicative of how you could ramp in the space market more broadly. I'm just trying to get a sense as to what you view as perhaps some of the most important indicators as we track this moving forward.

約翰，或許我可以就你在準備好的演講稿中對太空市場的一些評論補充一些內容。我們會持續關注您的進展，當然，我們也會關注您的發布情況。但是，無論是發射活動還是這個市場的其他方面，隨著其發展，有沒有一兩件事您認為可以更好地或更能表明如何在更廣泛的太空市場中擴大規模？我只是想了解一下，在您看來，在我們追蹤此事進展的過程中，哪些指標可能是最重要的。

Yes. No. We're really excited to highlight that this quarter. Our our teams are working across the space domain in very different areas that we outlined in the presentation, we thought that would be really good to share them. Glad that you brought that up because we were really excited to kind of make that a centerpiece of the quarter.

是的。不。我們非常高興在本季度重點介紹這一點。我們的團隊正在太空領域各個不同的領域開展工作，我們在簡報中對此進行了概述，我們認為分享這些工作會很有意義。很高興你提到了這一點，因為我們真的很想把它作為本季的重點。

And our position in the market is really built on long-standing roles and mission-critical programs really on missile warning systems, missile defense, space domain awareness, command and control, I mentioned programs like IRES and NIS two great examples of our advanced engineering sustainment hypersonic and ballistic missile development and other area.

我們在市場上的地位真正建立在長期的角色和關鍵任務項目之上，這些項目包括飛彈預警系統、飛彈防禦、太空領域感知、指揮和控制。我提到了IRES和NIS這兩個項目，它們是我們先進工程保障、高超音速和彈道飛彈開發以及其他領域的兩個很好的例子。

We recently won a contract to support the UK's hypersonic program. We're real excited about that. So we see that the strength of our history positions us in these areas that we highlighted. And we think there's some real good opportunities as obviously, the US government is very much focused in these areas.

我們最近贏得了一份合同，為英國的高超音速計劃提供支援。我們對此感到非常興奮。由此可見，我們強大的歷史底蘊使我們在這些我們重點強調的領域中佔據了優勢。我們認為這其中蘊藏著一些非常好的機會，因為很顯然，美國政府非常重視這些領域。

The space race is real with China. The opportunity to get back to the moon and Artemis II, mission and then Artemis III. So a lot of things happening that align well with our strengths.

與中國的太空競賽是真實存在的。有機會重返月球，執行阿爾忒彌斯二號任務，然後是阿爾忒彌斯三號任務。所以現在發生的很多事情都跟我們的優勢非常契合。

Yes. Maybe just to add a quick a little bit of context to John's remarks, I think that we very much see that back to your question, it's -- for us, it's not a single opportunity or I would even say it's not a single part of the system life cycle. As John indicated, it's really kind of more of a broad approach to the opportunities across the space market. We broke it into satellites launch, SATCOM and integrated systems. And today, we're driving those critical missions with Missile Defense Agency and other parts of the Department of Defense, but even NASA.

是的。為了給約翰的發言補充一點背景，我認為我們非常清楚地看到，回到你的問題，對我們來說，這不是一個單一的機會，或者我什至可以說，這不是系統生命週期中的一個單一部分。正如約翰所指出的，這實際上是一種更廣泛地看待整個太空市場機會的方法。我們將其分為衛星發射、衛星通訊和整合系統。今天，我們正與飛彈防禦局、國防部其他部門，甚至美國國家航空暨太空總署（NASA）一起推進這些關鍵任務。

And so we're excited about really the in-house expertise that we've built across these critical missions I think the real theme at this point in time is all of these critical missions are becoming more complex.

因此，我們對公司在這些關鍵任務中累積的內部專業知識感到非常興奮。我認為，目前真正的主題是所有這些關鍵任務都變得越來越複雜。

And so a partner that can deliver agile and scalable systems, all these missions require more rapid tech insertion -- and that's really the Amentum team that we've built in the space portfolio. And moving forward, there's just three things that give us a lot of optimism. I think number one, if you look at where we're deploying our proven expertise today, we're deployed in areas where the spending is becoming more durable. That's something we see across commissions we're supporting.

因此，我們需要一個能夠提供敏捷且可擴展系統的合作夥伴，因為所有這些任務都需要更快速的技術融入——而這正是我們在太空領域打造的 Amentum 團隊。展望未來，有三件事讓我們感到非常樂觀。我認為第一點，如果你看看我們今天將成熟的專業知識部署到哪些領域，就會發現我們部署在那些支出變得更加穩定的領域。這是我們在所有支援的項目中都看到的現象。

Secondly, we are excited about we are on and hold the ride contract vehicles. We talked about existing DoD and NASA contracts. Of course, we picked up a position on the Shield contract where we have the chance to compete and win work in support of Golden Dome. Even recent months, we've had the nice new win on the COSMIC contract with NASA where we're waiting for protest disposition. But all these things give us kind of line of sight on growth in '26 and into '27.

其次，我們很高興能夠參與並持有乘車合約車輛。我們討論了現有的國防部和美國宇航局合約。當然，我們在 Shield 合約中獲得了一個職位，有機會參與競爭並贏得支持 Golden Dome 的工作。最近幾個月，我們與 NASA 簽訂了 COSMIC 合同，取得了不錯的成績，目前正在等待抗議處理結果。但所有這些因素都讓我們對 2026 年和 2027 年的成長有了一定的了解。

But maybe in the biggest picture, the third point we're excited about is all the capabilities we have mentumave developed in-house translate across these missions, whether it's national security space, whether it's deep space exploration or even some of the emerging commercial opportunities.

但從更宏觀的角度來看，我們感到興奮的第三點是，我們自主研發的所有能力都可以應用於這些任務，無論是國家安全太空、深空探索，甚至是某些新興的商業機會。

And we've really worked on networking that expertise to be able to bring the best solution to all of these opportunities in the space market.

我們一直在努力整合這些專業知識，以便能夠為太空市場的所有機會帶來最佳解決方案。

(Operator Instructions)

（操作說明）

Trevor Walsh, Citizens.

特雷弗·沃爾什，市民。

Great. Can you maybe just bridge some of the comments, Travis and John, that you made around kind of the timing of the nuclear contribution. And then just the overall new business that's coming in for '26. It sounds like that's probably not so much a factor of kind of the revenue that's beyond the visibility that you had from kind of new from the existing contracts? Just how are you bridging that kind of upside or the extra? Is that coming from -- what's that coming from? What are the puts and takes around the -- what could be the guidance there as far as not kind of meeting your expectations?

偉大的。Travis 和 John，你們能否就核貢獻的時間安排發表一些評論，進行一些總結？還有 2026 年即將到來的整體新業務。聽起來這可能並非主要因素，而是現有合約帶來的新收入超出了你的預期？你打算如何彌補這種潛在收益或額外收入？那聲音是從哪裡傳來的？ ——那聲音是從哪裡傳來的？關於未能達到您的預期，有哪些需要注意的地方和需要注意的地方？有什麼指導意見可以參考？

Yes. I'll just make a quick comment, maybe Travis can get into the numbers with a quick comment. That's a little tongue in cheek on the industry, but 21% of our revenue right now is non-US government. In the US government, you still have protests on new awards. We've mentioned we have $2 million -- $2 billion of new awards sitting in protest. So our BD engine is working. We're really excited with our strategy that we've outlined. Our win rates are strong and our backlog is growing.

是的。我簡單說幾句，或許崔維斯可以簡單說幾句，補充一些數據。這有點諷刺產業的意思，但我們目前 21% 的收入來自非美國政府。在美國政府，新的獎項仍然會遭到抗議。我們之前提到過，有價值 200 萬至 20 億美元的新獎項因抗議活動而擱置。我們的BD引擎運作正常。我們對制定的策略感到非常興奮。我們的勝率很高，訂單積壓也不斷增加。

But we have protests. But what's interesting is in the non-US government business, we really have no protests, right?

但我們有抗議活動。但有趣的是，在非美國政府事務中，我們真的沒有抗議，對吧？

So we're able to transition those awards, whether it's in the nuclear space or foreign government space immediately into revenue and contribution to margin improvement. And so that's kind of another exciting part about the nuclear market as we announced $1 billion of awards. We still have the Rolls-Royce. It came in after. We have other things happening in our nuclear market.

因此，無論是在核能領域還是在外國政府領域，我們都能立即將這些獎勵轉化為收入，並為利潤率的提高做出貢獻。因此，我們宣布授予10億美元的合同，這可以說是核能市場另一個令人興奮的方面。我們仍然保留著那輛勞斯萊斯。它隨後進來了。我們的核能市場還有其他事情正在發生。

We're really excited about, and we're not seeing any protests. So we get to translate that into project work and see that contribute, but of course, in '26 as Travis said, we only have about 5% of new business to fill the gap.

我們對此感到非常興奮，而且我們沒有看到任何抗議活動。所以我們可以將這些轉化為專案工作，並看到它們做出貢獻，但當然，正如特拉維斯所說，在 2026 年，我們只有大約 5% 的新業務來填補這一缺口。

But if you can get the work that we're winning in our accelerated growth market started that can have a greater impact on the fiscal year.

但是，如果我們能夠啟動在快速成長的市場中贏得的業務，這將對本財年產生更大的影響。

I'll just add. I think John covered it really well. But as we look at kind of bridging Q1 to the rest of the year run rate. There's really just a couple of mechanical things that are going to get us there. Obviously, first and foremost, there's going to be no government shutdown impact in the remaining quarters.

我再補充一點。我覺得約翰講得非常好。但當我們審視第一季與全年其他季度之間的銜接情況時，就會發現這一點。實際上，只需要幾個機械方面的改進就能達成目標。顯然，首先，政府停擺不會對剩餘季度造成任何影響。

That was roughly $150 million. We're also going to benefit from additional working days in the remaining quarters. So in Q1, there were 60 working days, in Q2 and Q3, there will be 63 working days and in Q4, there's 64 working days. So just kind of math on average daily run rate, right? That's an additional $150 million a quarter.

那大約是1.5億美元。在剩餘的幾個季度裡，我們還將受益於額外的工作日。所以第一季有 60 個工作日，第二季和第三季各有 63 個工作天，第四季有 64 個工作天。所以，就是計算一下平均每日運行率，對吧？這意味著每季將額外增加 1.5 億美元。

And then obviously, the other net organic contributions, including things like ramp-up of new contract awards.

當然，還有其他淨有機貢獻，包括新合約授予數量的增加等。

We mentioned our Space Worth range contract previously that only had one month worth of revenue in the first quarter, and we'll obviously have a full quarter benefit in the remaining quarters. So fairly simple bridge to kind of get you to how we see the rest of the year playing out. And then in terms of where we fall within the guidance range, I think John hit it really well. It's really just continuing to submit high-quality bids and expect to still submit over $35 billion this year. But we have $23 billion in pending awards and we have pretty good visibility into those, but there can always be variability of timing of those and then, of course, process, as John mentioned.

我們之前提到過我們的 Space Worth 範圍合同，該合約在第一季度只有一個月的收入，顯然，在接下來的幾個季度中，我們將獲得整整一個季​​度的收益。所以，接下來我們將用比較簡單的橋樑來引出我們對今年剩餘時間走勢的看法。至於我們目前的定位是否在指導範圍內，我認為約翰的預測非常準確。實際上，我們只是繼續提交高品質的投標書，並預計今年仍將提交超過 350 億美元的投標書。但我們有 230 億美元的待決撥款，我們對這些撥款的情況有相當清晰的了解，但這些撥款的到位時間總是可能存在變數，當然，還有流程方面的問題，正如約翰所提到的。

So I'd say if we're looking at variability within kind of our guidance ranges, it would be just that? And how does that play out during the rest of the year?

所以，如果我們關注的是指導範圍內的波動，那應該就是這樣吧？那麼，在接下來的幾個月裡，這種情況又會如何發展呢？

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

Good morning, everyone. So the first one is going to be about you mentioned the Golden Dome Shield contract that you have been down selected. We haven't seen much awards yet. How are you thinking about timing of those awards and opportunities?

各位早安。所以第一個問題是關於你提到的金穹盾合同，你已經入選了。我們目前還沒有看到很多獎項。您如何看待這些獎項和機會的頒發時機？

Yes. We -- I think for us, the Golden Dome story begins with kind of what we're doing today. In January, General Golin, Pentagon's appointed leader for the whole Golden Dome system realization. He made some great comments about the priorities for the first two years. And he really focused on the baseline command and control capability for this integrated system of systems that is Golden Dome and incorporating interceptors into the systems.

是的。我認為，對我們來說，「金頂」的故事就是從我們今天所做的事情開始的。1月份，五角大廈任命戈林將軍為整個金穹系統實現的負責人。他對前兩年的工作重點提出了一些非常好的意見。他真正關注的是金穹頂這個整合系統的基本指揮控制能力，以及如何將攔截器納入該系統。

And so if you look at a menu today, we're already doing a lot of work that's I'll say, bringing that to live. We're supporting certainly the Missile Defense Agency.

所以，如果你看看今天的菜單，我們會發現我們已經做了很多工作，可以說，就是將這些理念付諸實行。我們當然支持導彈防禦局。

John mentioned our IRES contract where we've established now the digital backbone that's going to allow those systems to be integrated into our missile defense architecture and even developing prototype systems like as has been in the media, the hypersonic tracking and ballistic space sensors, so those prototype systems, we're working to bring to life. And so already, in conjunction with the Missile Defense agency, a minimis doing a lot of that work. And I would quickly mention our work also with the space force in their NORAD mission where we're advancing their ability to detect and track and have missile warning capabilities. That is -- we are continuing to sustain and advance their systems to carry out those parts of the missions.

約翰提到了我們的 IRES 合同，我們現在已經建立了數位骨幹網，這將使這些系統能夠整合到我們的飛彈防禦架構中，甚至開發原型系統，就像媒體報道的那樣，高超音速追蹤和彈道空間感測器，所以我們正在努力將這些原型系統變為現實。因此，目前已經與導彈防禦局合作進行了許多相關工作。我還要簡單提及我們與太空部隊在北美防空司令部 (NORAD) 任務中的合作，我們正在提升他們偵測、追蹤和飛彈預警的能力。也就是說——我們將繼續維護和改進他們的系統，以執行這些任務。

And so we Amentum jon our current contract, a tasking that is relevant to the future solution that is Golden Dome. And so in parallel, as you correctly mentioned, now we, along with many other companies, have a seat on the Shield contract. We have begun just to see some of the plans for some of the procurements that will come out under Shield. We, like others, are positioning for those. And so we do expect, as we progress into '26 that we'll see increased activity there. We were excited about the current work and the view ahead on the upcoming procurements.

因此，我們 Amentum 正在履行我們目前的合同，這是一項與 Golden Dome 的未來解決方案相關的任務。因此，正如您所正確提到的，與此同時，現在我們和許多其他公司一樣，在 Shield 合約中佔有一席之地。我們已經開始看到一些將在「盾牌計劃」下推出的採購計劃。我們和其他人一樣，都在為這些做好準備。因此，我們預計，隨著進入 2026 年，這方面的活動將會增加。我們對目前的工作以及即將到來的採購前景感到興奮。

And then if we can switch gears to NASA. Earlier this week, they announced the solicitation for the second iteration of like NASA engineering support contract that you guys have, and I understand you probably cannot comment on a particular contract that -- how should we think about opportunities and challenges going on for your NASA exposure going forward? -- especially as we think about like new leadership and a focus on more like commercial terms, the same that we're seeing at the Department of War? Like where are the opportunities and challenges there and competitive dynamics going forward?

然後，如果我們能把話題轉到NASA就好了。本週早些時候，他們宣布了你們公司與NASA簽訂的第二份工程支援合約的招標公告。我知道你們可能無法對具體的合約發表評論——那麼，我們該如何看待你們公司未來在NASA專案方面面臨的機會和挑戰呢？ ——尤其是在我們考慮新的領導階層以及更重視商業條款的情況下，就像我們在戰爭部看到的那樣？例如，那裡有哪些機會和挑戰？未來的競爭格局如何？

Yes, we are really pleased that we've had the chat, even just within the past couple of weeks to meet with the new administrator and his team. And at the top level, let me just say we're excited to continue supporting NASA to achieve the President's national space policy goals and maintain US leadership and space exploration and everybody is aligned around that. And even more specifically, just within the past couple of weeks, we've enjoyed interacting with the new NASA leadership at the Kennedy Space Center in Florida, where the integrated team is working to prepare for the Artemis II mission, and if you're following, it's now slated for the March launch window.

是的，我們非常高興能夠有機會與新任行政主管及其團隊進行交流，即使只是在過去的幾週內。在最高層面上，我想說，我們很高興能夠繼續支持 NASA 實現總統的國家太空政策目標，保持美國在太空探索領域的領導地位，所有人都朝著這個方向努力。更具體地說，就在過去幾周里，我們很高興與佛羅裡達州肯尼迪航天中心的美國宇航局新領導層進行了交流，該中心的綜合團隊正在為阿爾忒彌斯二號任務做準備，如果您關注此事，該任務目前計劃在三月份的發射窗口進行。

And so we're very proud of our current role in supporting NASA with this historic mission, which, by the way, will take humans deeper into space than they've ever before traveled and we'll bring them home safely. So rest assured that proper preparation for Artemis II is a priority for us. Administrator Isaacman he did recently, just as you noted, he committed to say, Hey, NASA has got to focus on rebuilding internal talent, strengthening contractual provisions and fostering their culture of technical resilience -- these are all positive objectives, and we are fully in alignment. NASA has a unique leadership role in the world and never before in history has it been more important that NASA lead in this area.

因此，我們非常自豪能夠參與支持 NASA 的這項歷史性任務，順便說一句，這項任務將把人類帶到比以往任何時候都更遠的太空深處，我們將安全地把他們帶回家。所以請放心，為阿爾忒彌斯二號做好充分準備是我們的首要任務。正如你所指出的，艾薩克曼局長最近承諾，NASA必須專注於重建內部人才、加強合約條款和培養技術韌性文化——這些都是積極的目標，我們完全贊同。美國國家航空暨太空總署（NASA）在世界上扮演著獨特的領導角色，歷史上從未像現在這樣，NASA 在這一領域發揮領導作用如此重要。

So we're very excited about that. I think for us, as we've interacted with new NASA leadership, the administrator, we think, is focused on pushing the agency to deliver successful missions to do that and align them with cost constraints as well as schedule imperatives. We met them. We believe our proven expertise, coupled with our highly advantaged cost posture, we think we're positioned. We're a big part of those solutions today, but we can -- we think even be a bigger part of that in the future.

我們對此感到非常興奮。我認為，在我們與美國太空總署新領導層的互動中，我們認為局長專注於推動該機構成功完成任務，並使其符合成本限制和進度要求。我們見過他們。我們相信，憑藉我們久經考驗的專業技術，加上我們極具優勢的成本優勢，我們已經佔據了有利地位。如今，我們是這些解決方案的重要組成部分，但我們認為，未來我們甚至可以成為其中更重要的一部分。

So we're really excited about the direction of the agency under Administrator Isaacman and its leadership.

因此，我們對艾薩克曼局長及其領導下該機構的發展方向感到非常興奮。

And I just want to close by having been at Kennedy with our team and the NASA team and seeing the preparations for -- we are really thankful for that team, how they're approaching every aspect of the mission to ensure it's executed safely and well. And I know all eyes of the nation will be on tap as we undertake that historic mission in March.

最後，我想說，我曾和我們的團隊以及 NASA 團隊一起在甘迺迪太空中心，親眼目睹了各項準備工作——我們真的非常感謝這個團隊，感謝他們對待任務的方方面面，確保任務安全順利地完成。我知道，當我們在三月執行這項歷史性任務時，全國​​的目光都將聚焦於此。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

You pointed out US nuclear is still in early stages of acceleration. And I think I heard you say maybe a few more quarters until we see some tangible progress there. Is that the time frame we should expect for sort of for some potential award announcements.

你指出美國核能仍處於加速發展的早期階段。我好像聽您說過，可能還需要幾個季度才能看到一些實質的進展。我們應該預期在這個時間範圍內收到一些潛在獎項的公佈嗎？

Yes. I would say there's a lot of activity. We are extremely busy we haven't made any announcements, but trust me, our team could not be busier given the support of this administration as well as the need, the demand that is there from the hyperscalers and the whole community understanding that energy and meeting the energy needs of our industry is a national security issue. So it's all hands on deck great relationship with the government and commercial business as well as foreign investment and really working together to allow this to happen in the United States, this resurgence of nuclear, call it, the second nuclear renaissance and bringing that on.

是的。我覺得這裡非常熱鬧。我們非常忙碌，還沒有發布任何公告，但請相信我，鑑於本屆政府的支持，以及超大規模數據中心運營商和整個行業對能源和滿足我們行業的能源需求是國家安全問題的認識，我們的團隊已經忙得不可開交。所以，現在需要所有人齊心協力，與政府、商業界以及外國投資保持良好的關係，真正共同努力，才能讓核能在美國復興，或者說，讓第二次核能復興在美國發生。

And part of it is the excitement around small modular reactors, right? So SMR development is really happening. We have in the US, some great companies that are leading that effort. And for Amentum, we're working with these companies, and we're a key part of the supply chain to allow these projects to happen. We're doing that in Europe.

部分原因在於人們對小型模組化反應器的興奮，對吧？所以小型模組化反應器（SMR）技術確實正在發展中。在美國，有一些非常優秀的公司正在引領這項工作。對於 Amentum 而言，我們正在與這些公司合作，我們是供應鏈中的關鍵一環，使這些項目得以實現。我們在歐洲也這樣做。

We have all that expertise. We've been working in the nuclear industry going back to the Manhattan project here in the US at developing next-generation energy capability here in the US and now seeing the demand for electricity and bringing nuclear back on.

我們擁有所有這些專業技術。我們一直致力於核工業，從美國的曼哈頓計畫開始，就致力於在美國開發下一代能源能力，現在我們看到了對電力的需求，於是重新啟用核能。

Amentum is extremely well positioned to be a part of that success here in the US. So we think 26% is going to see some real progress and that will really create momentum into '26, '27 and beyond.

Amentum 在美國擁有得天獨厚的優勢，能夠參與這一成功之中。所以我們認為 26% 的人將會取得一些真正的進步，這將真正為 2026 年、2027 年及以後的發展創造動力。

Okay. That's great. And then just back to the shutdown impact briefly, the full year assumes some headwind I think the first quarter was a little bit light of where you guys guided, was that larger shutdown impact than you expected? And what gives you confidence that, that can be recaptured this year instead of slipping to the right?

好的。那太棒了。然後簡單回到停工的影響上來，全年都假設存在一些不利因素，我認為第一季比你們預期的要輕一些，停工的影響是否比你們預期的要大？是什麼讓你有信心，今年能夠奪回優勢，而不是繼續下滑？

Yes. So when we issued guidance back in November, we contemplated an approximate 1% impact from the government shutdown. And that kind of played out with the majority of that occurring in the first quarter as we stated. So it was in line with kind of what our expectations were when we set the guidance range, which obviously is the reason why we reaffirmed the guidance. But we're really confident with, again, only 5% of revenues expected to come from new business, 93% is firm, only 2% recompete.

是的。因此，當我們在 11 月發布指導意見時，預計政府停擺將造成約 1% 的影響。正如我們所說，這種情況主要發生在第一季。所以這與我們設定業績指引範圍時的預期大致一致，這顯然也是我們重申業績指引的原因。但我們非常有信心，預計只有 5% 的收入來自新業務，93% 是固定收入，只有 2% 是重新競爭收入。

And with the $23 billion in pending awards, we have good line of sight into where the revenue is going to come from for the rest of the year.

加上待發放的 230 億美元獎金，我們可以清楚地看到今年剩餘時間的收入來源。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

In much of the same way that you previously broke down the different pieces of the nuclear end market, are you willing to share just how big each of the four space end markets are for you now and how big they could become?

就像您之前對核能終端市場的各個部分進行細分一樣，您是否願意分享一下目前太空領域的四個終端市場各自的規模，以及它們未來可能達到的規模？

I think that it's a great deeper look into the way we've laid out the space market. I'll be forthcoming. The way we are kind of omnipresent across all of those areas. It can be a little bit challenging to segregate revenue between the four. I think that you could argue that the majority, if not all of our revenue in the space market, kind of all points towards that integrated systems bubble where -- or segment of the market where we're whether it's front-end design, all the way through development, integration and test, all of it headed toward integrated systems.

我認為這是對我們建立太空市場方式的一次非常深入的審視。我會坦誠相告。我們在所有這些領域幾乎無所不在。將這四項收入分開可能有點挑戰性。我認為可以說，我們在太空市場的大部分收入，甚至全部收入，都指向了整合系統領域——或者說，我們所在的這個市場區隔領域，無論是前端設計，還是從開發、整合到測試，所有環節都朝著整合系統的方向發展。

But the other piece that we've got to factor in, that's really a new term in our momentum equation is the Space Force Range contract, where we are today have just ramped up that contract and are having such increased activity in the launch portion of the total market.

但我們必須考慮的另一部分，也就是我們發展動能方程式中的一個新項，就是太空部隊靶場合約。目前，我們已經加大了該合約的投入，並且在整個市場的發射部分，我們的活動也大幅增加。

And so we think as we get to a little bit of normalization moving forward, it will be a much easier task for us to quantify exactly where the revenues fall in the four buckets.

因此，我們認為，隨著情況逐漸恢復正常，我們將更容易量化收入在四個類別中的分佈。

Got it. Got it. That makes sense. And then I guess just to zoom out into just the accelerated growth markets overall, are you able to provide a book-to-bill for those markets that are collective and maybe just through that, talk about more of the opportunities you're seeing there.

知道了。知道了。這很有道理。然後，我想把目光放寬，只關注整體上加速成長的市場，您能否提供這些市場的訂單出貨比，並藉此機會談談您在那裡看到的更多機會？

Yes. On the book-to-bill, and I'll let John elaborate on the opportunities moving forward. Obviously, Q1 was a highlight, over $1 billion or right around $1 billion of the $3.3 billion in net bookings tied to just the global nuclear energy part of the accelerating growth market. So I think it's fair to say if you look at over the last 12 months, there's been proportionally outsized contribution from our accelerating growth markets, as you would expect with awards such as Space Force Range lot of the other international nuclear opportunities.

是的。關於訂單到帳單的轉換率，我會讓約翰詳細闡述未來的機會。顯然，第一季是亮點，淨預訂額超過 10 億美元，而全球核能市場這一快速增長的市場中，僅有核能部分就佔了 33 億美元淨預訂額的 10 億美元左右。因此，我認為可以公平地說，如果你回顧過去 12 個月，你會發現我們加速成長的市場做出了不成比例的巨大貢獻，正如你所預期的那樣，例如太空部隊靶場計畫以及許多其他國際核能機會。

So certainly, they are the leading factor in our book-to-bill performance. That said, we still are excited about what our core growth markets are contributing, and they continue to have robust bookings as well. We're -- I mean we don't provide the book-to-bill.

因此，它們無疑是我們訂單出貨率的主要影響因素。儘管如此，我們仍然對核心成長市場的貢獻感到興奮，而且這些市場的預訂量也持續強勁成長。我們－我的意思是，我們不提供帳目結算服務。

And what we did this quarter did say we had $1 billion of nuclear awards. We will continue kind of share some of the color on where these awards are coming from. We're -- I mean we think the one highlight of what Amentum is that we have been delivering what we say we're going to deliver. We have been consistent. This team has developed a very solid strategy.

本季我們確實獲得了10億美元的核能專案合約。我們將繼續為大家介紹這些獎項的由來。我的意思是，我們認為 Amentum 的最大亮點在於，我們一直在兌現我們承諾要兌現的事情。我們一直堅持這樣做。這個團隊制定了非常穩健的策略。

We've used the last two quarters to share that strategy with the marketplace. It is working. It is delivering. We think the diversification of momentum is a key strength. And we're showing that across our core markets and across our accelerating growth markets, our ability to compete on the largest and most complex contracts in these areas.

過去兩個季度，我們一直在向市場宣傳這項策略。它正在運行。它正在發揮作用。我們認為動能多元化是一項關鍵優勢。我們正在核心市場和快速成長的市場中證明，我們有能力在這些領域中競爭最大、最複雜的合約。

And I think as we go forward, we will continue to share more detail. Things are happening in the digital infrastructure market. We're going to talk about that next quarter. We talked about the global nuclear last quarter. We talked about Space Systems and technologies, and we're seeing momentum in these accelerated growth markets as well as continued strength in our core markets that we've been delivering for decades.

我認為隨著事態發展，我們會繼續分享更多細節。數位基礎設施市場正在發生變化。我們將在下個季度討論這個問題。上個季度我們討論了全球核能問題。我們討論了航太系統和技術，我們看到這些加速成長的市場勢頭強勁，同時我們在幾十年來一直提供的核心市場也保持著強勁勢頭。

So yes, we plan to continue to share more of the details aligning to these accelerating growth markets as we go forward. And because we just see our pipeline is shaping up across these areas between core and the three accelerating growth markets, which is part of our strategy to continue to prioritize the higher-margin areas while still taking advantage of our leadership position in the core markets.

所以，是的，我們計劃在未來繼續分享更多與這些加速成長的市場相關的細節。而且我們看到，我們在核心市場和三個加速成長的市場之間的這些領域的業務管道正在逐步形成，這是我們策略的一部分，即繼續優先發展利潤率更高的領域，同時繼續利用我們在核心市場的領先地位。

So we're excited about how the pipeline is pulling together. And our focus on new business, scale are all starting to work and pay off. And we saw it in margins this quarter. something we couldn't control with respect to additional days off for the government that impacted our cash, but in things that we can control that tied to our strategy, we continue to deliver. and I'm really proud of what this team is doing every quarter to live up to the expectations we're setting in the marketplace.

所以我們對這條管道的進展感到非常興奮。我們對新業務和規模的重視都開始奏效並取得回報。本季利潤率也印證了這一點。政府額外休假影響了我們的現金流，這是我們無法控制的因素，但在我們可控的、與策略相關的方面，我們仍然保持著良好的表現。我為團隊每季都盡心盡力、不辜負市場期望而感到無比自豪。

Thank you for joining today's call. There are no further questions at this time. Thank you for joining. You may now disconnect.

感謝您參加今天的電話會議。目前沒有其他問題了。感謝您的參與。您現在可以斷開連線了。