Amentum Holdings, Inc. (AMTM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning, and welcome to Amentum's second quarter fiscal year 2026 earnings conference call. Today's call is being recorded.

各位女士、先生，感謝您稍候。早安，歡迎參加 Amentum 2026 會計年度第二季財報電話會議。今天的會議將進行錄音。

(Operator Instructions) I would like to turn the call over to Joe DeNardi, Senior Vice President of Investor Relations. Please go ahead, sir.

（接線員指示）我想把電話交給投資人關係資深副總裁 Joe DeNardi。先生，請開始。

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，各位早安。希望各位已經有機會閱讀我們昨天傍晚發布的財報新聞稿，該新聞稿已張貼於我們的投資人關係網站。我們也提供了簡報投影片，以協助今天的會議進行。

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

那麼我們進到第 2 頁投影片。請注意，今天上午的討論將包含前瞻性陳述，且可能受到重要因素影響，導致實際結果與預期有重大差異。

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

關於這些因素的討論，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括我們 Form 10-K 年報中的「風險因素」章節。

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, except as required by applicable law.

這些陳述代表我們截至今日的觀點，後續事件可能使我們的觀點改變。我們可能會在未來某個時間點選擇更新前瞻性陳述，但除非適用法律要求，否則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.

此外，我們將討論非 GAAP 財務衡量指標，我們相信這些指標能為投資人提供有用資訊。我們的財報新聞稿與補充簡報投影片均包含與最可比 GAAP 指標的調節表。

We do not provide reconciliations of forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain significant items.

由於某些重大項目在預測與量化上具有固有困難，我們不提供前瞻性非 GAAP 財務衡量指標的調節表。

These non-GAAP financial measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Our safe harbor statement included on this slide should be incorporated as part of any transcript of this call.

這些非 GAAP 財務衡量指標不應被單獨考量，也不應作為依 GAAP 編製之財務衡量指標的替代。本頁所載的安全港聲明應納入本次電話會議任何逐字稿的一部分。

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

今天與我一同討論公司營運與財務結果的有：執行長 John Heller，以及財務長 Travis Johnson。我們也有其他管理團隊成員與會，包括營運長 Steve Arnette。

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

接著進到第 3 頁投影片，我很榮幸把電話交給我們的執行長 John Heller。

Thank you, Joe, and thank you, everyone, for joining us today. I want to begin today's call by recognizing the incredible work our employees do every day in support of our customers around the world.

謝謝你，Joe，也謝謝各位今天加入。我想先在今天的電話會議一開始，表揚我們員工每天在全球各地支持客戶所做的卓越工作。

Their dedication, technical expertise and innovation are what enable us to consistently deliver for our customers in the moments that matter most.

他們的投入、技術專長與創新，正是讓我們能在最關鍵的時刻，持續為客戶交付成果的原因。

In particular, I want to recognize our teams in the Middle East and the families who support them. In these environments, our employees are working side-by-side with our customers to deliver reliable outcomes and high consequence missions.

我特別要表揚我們在中東的團隊，以及支持他們的家人。在這些環境中，我們的員工與客戶並肩工作，交付可靠成果並執行高風險、高影響的任務。

Their safety and well-being remain our top priority, and we greatly appreciate what they do for momentum and our country.

他們的安全與福祉仍是我們的首要優先事項，我們也非常感謝他們為 Momentum 與我們國家所做的一切。

I also want to congratulate NASA, our Amentum employees and other industry partners on the successful Artemis 2 mission, an extraordinary achievement that represents the very best of human ingenuity and persevere.

我也要祝賀 NASA、我們的 Amentum 員工以及其他產業夥伴成功完成 Artemis 2 任務；這是一項非凡成就，展現了人類智慧與堅持不懈的最佳典範。

The success of Artemis 2 showcases our multi-decade relationship as a trusted partner to NASA, where we look forward to continuing to deliver the engineering, innovation, operational excellence and mission-critical performance required to advance NASA's long-term goals.

Artemis 2 的成功彰顯我們與 NASA 長達數十年的合作關係，作為其值得信賴的夥伴，我們期待持續提供工程能力、創新、卓越營運與關鍵任務所需的績效，以推進 NASA 的長期目標。

Now let's turn to second quarter performance Amentum delivered another period of solid results across all key metrics and continued momentum in business development with strong net bookings and robust submit activity.

現在讓我們看第二季表現。Amentum 在所有關鍵指標上再次交出穩健成果，並在業務開發方面延續動能，淨訂單強勁、投標提交活動也相當活躍。

Financial performance highlights, which Travis will cover in more detail shortly, include revenue of $3.5 billion, reflecting normalized growth of 3%.

財務表現重點（Travis 稍後會更詳細說明）包括營收 35 億美元，反映常態化成長 3%。

The adjusted EBITDA of $275 million with solid margins of 7.9%, adjusted diluted earnings per share of $0.60, up 13% year-over-year and free cash flow of $220 million.

調整後 EBITDA 為 2.75 億美元，利潤率穩健達 7.9%；調整後稀釋每股盈餘為 0.60 美元，年增 13%；自由現金流為 2.2 億美元。

Turning to slide 4.

接著看第 4 頁投影片。

Execution of our growth strategy continues to translate into tangible results. We delivered net bookings of $4 billion resulting in a quarterly and last 12 months book-to-bill of 1.2times and ending backlog of nearly $48 billion, up 7% from the prior year quarter, an all-time high for Amentum.

我們成長策略的執行持續轉化為具體成果。我們實現淨訂單 40 億美元，使本季及過去 12 個月的接單出貨比（book-to-bill）達 1.2 倍，期末在手訂單接近 480 億美元，較去年同期成長 7%，創 Amentum 歷史新高。

Our funded backlog was $6.9 million, reflecting a 20% year-over-year increase. We also continue to see robust demand across our diverse end markets with over $20 billion in first half summits, putting us on track to exceed our fiscal year 2026 target of $35 billion.

我們的已獲資金支持（funded）在手訂單為 690 萬美元，年增 20%。我們也持續在多元終端市場看到強勁需求，上半年投標提交金額超過 200 億美元，使我們有望超越 2026 會計年度 350 億美元的目標。

In addition, we ended the quarter with $26 billion in proposals awaiting award with approximately 65% being new business to momentum.

此外，本季結束時，我們有 260 億美元的提案正等待授標，其中約 65% 為 Momentum 的新業務。

With that, let me highlight a few notable second quarter awards. First, Great British Nuclear awarded a 14-year $406 million contract to an momentum led joint venture to deliver advanced solutions in support of the commissioning of small modular reactors or SMRs in the United Kingdom.

接下來我將重點說明幾項值得注意的第二季得標。首先，英國大核能（Great British Nuclear）授予由 Momentum 主導的合資企業一份為期 14 年、金額 4.06 億美元的合約，提供先進解決方案，以支援英國小型模組化反應爐（SMR）的啟用（commissioning）。

This award reinforces our position as a trusted partner in complex nuclear programs and our role in supporting the global expansion of nuclear capacity.

此項得標強化了我們在複雜核能計畫中作為可信賴夥伴的地位，以及我們支持全球核能容量擴張的角色。

Also within our nuclear portfolio, the European Commission Joint Research Center awarded an Amentum led joint venture, a two year $112 million contract provide decommissioning and waste management solutions.

同樣在我們的核能產品組合中，歐盟執委會聯合研究中心（Joint Research Center）授予由 Amentum 主導的合資企業一份為期兩年、金額 1.12 億美元的合約，提供除役與廢棄物管理解決方案。

In aviation, the California Department of Forestry and Fire Protection or CALFIRE, awarded Amentum a five year $425 million contract.

在航空領域，加州林業與消防局（California Department of Forestry and Fire Protection，CALFIRE）授予 Amentum 一份為期五年、金額 4.25 億美元的合約。

This program will be delivered in an outcomes-based model, leveraging predictive analytics and data-driven tools to optimize fleet sustainment, reduce downtime and streamline supply chain and repair cycles.

此計畫將以成果導向（outcomes-based）模式交付，運用預測分析與數據驅動工具，以最佳化機隊維保、降低停機時間，並簡化供應鏈與維修週期。

In our intelligence portfolio, momentum was with multiple contracts totalling over $300 million, which aligned with national security priorities and will deliver a range of innovative mission-focused solutions.

在我們的情報產品組合中，Momentum 取得多項合約，總額超過 3 億美元；這些合約與國家安全優先事項一致，並將交付一系列創新、以任務為核心的解決方案。

Finally, in our critical digital infrastructure accelerating growth market, Amentum received over $600 million in awards to provide advanced engineering and technology solutions to a broad range of telecom hyperscale and national security customers.

最後，在我們加速成長的關鍵數位基礎設施（critical digital infrastructure）市場中，Amentum 獲得超過 6 億美元的得標，將為廣泛的電信超大規模（hyperscale）與國家安全客戶提供先進工程與技術解決方案。

Under these agreements, Amentum will deploy advanced wireless networks, expand secure connectivity solutions and retrofit legacy data centres to support AI-driven workloads.

依據這些協議，Amentum 將部署先進無線網路、擴大安全連線解決方案，並改造既有資料中心，以支援 AI 驅動的工作負載。

These awards reflect the alignment of our portfolio with enduring drivers of demand across defense, commercial and global energy markets.

這些得標反映出我們的產品組合與國防、商業及全球能源市場中長期存在的需求驅動因素高度契合。

Looking ahead, Domestically, we are encouraged by the President's government fiscal year '27 budget request and see alignment with key priorities, including enhancement of capabilities in readiness and deterrence, space, missile defense and counter UAS, just to name a few. We are also seeing sustained momentum across international markets particularly in nuclear, alongside strong commercial demand driven by AI and digital infrastructure.

展望未來，在國內方面，我們對總統提出的政府 2027 會計年度預算請求感到鼓舞，並看到其與多項關鍵優先事項一致，包括提升戰備與嚇阻能力、太空、飛彈防禦以及反無人機系統（counter UAS）等，僅舉數例。我們也看到國際市場持續保持動能，特別是在核能領域；同時，AI 與數位基礎設施帶動的強勁商業需求亦在延續。

Turning to our growth framework on slide 5.

接著看第 5 頁投影片中的成長框架。

As demonstrated by this quarter's awards, we remain steadfast in driving performance in our core markets. At the same time, we are strategically positioned to capitalize on accelerating growth in emerging markets.

如本季得標所示，我們仍堅定推動核心市場的績效表現。同時，我們也在策略上做好布局，以把握新興市場加速成長所帶來的機會。

Over the past two quarters, we've highlighted our global nuclear energy and space systems and technologies markets, both of which continue to represent substantial opportunities for momentum. Today, we will focus on critical digital infrastructure or CDI, and how we are strategically positioned to benefit from this rapidly evolving area.

在過去兩個季度，我們強調了全球核能與太空系統及技術市場，兩者都持續為 Momentum 帶來可觀機會。今天，我們將聚焦於關鍵數位基礎設施（critical digital infrastructure，CDI），以及我們如何在策略上定位，以受益於這個快速演變的領域。

Moving to slide 6.

進到第 6 頁投影片。

We you can see that CDI is a large and growing market with multi-decade tailwinds driven by increasing demand for AI, data and mission-critical applications in both commercial and government environments.

如各位所見，CDI 是一個規模龐大且持續成長的市場，並受到多項長期趨勢（tailwinds）推動；這些趨勢來自商業與政府環境中對 AI、資料與關鍵任務應用日益增加的需求。

In particular, data center demand, which is expected to grow 29% annually, is increasing requirements for compute, power and connectivity. At the same time, global mobile data traffic is expected to quadruple in the coming years that is driving the need for scalable, low-latency networks.

特別是資料中心需求（預期每年成長 29%）正在提高對運算、電力與連線能力的要求。同時，全球行動數據流量預期在未來幾年將成長至四倍，這正推動對可擴展、低延遲網路的需求。

And finally, at the edge, where the market is expected to grow 36% annually through 2030, there is an expanding need for distributed compute and real-time processing.

最後，在邊緣端（edge），市場預期至 2030 年每年成長 36%，對分散式運算與即時處理的需求正在擴大。

Taken together, these trends are creating a unique and expanding set of opportunities for companies like Amentum, who offer integrated infrastructure solutions across data centers, networks and edge environments.

綜合而言，這些趨勢正在為像 Amentum 這樣的公司創造一組獨特且持續擴大的機會；我們能在資料中心、網路與邊緣環境提供整合式基礎設施解決方案。

With that, let's turn to slide 7 to discuss how Amentum is well positioned to capitalize on this demand and help enable advancement in connectivity in the new AI and digitally driven world.

接下來，讓我們翻到第 7 頁投影片，討論 Amentum 如何已做好充分準備把握這股需求，並在新的 AI 與數位驅動世界中協助推動連結性的進步。

In CDI, momentum focuses on three primary areas. First, in smart commercial infrastructure and data centers, momentum supports the full life cycle from engineering and design through development and construction to operations, maintenance and ongoing optimization, including power, cooling, controls and automation solutions to enhance performance and efficiency.

在 CDI 方面，成長動能聚焦於三個主要領域。第一，在智慧商業基礎設施與資料中心方面，我們的動能支援從工程與設計、開發與施工，到營運、維護與持續最佳化的完整生命週期，涵蓋電力、冷卻、控制與自動化解決方案，以提升效能與效率。

In the front end, an example where we have seen recent increasing demand is the work we do to support hypers retrofitting legacy data centers for AI workloads, where Amentum brings differentiated expertise, positioning our follow-on work as capacity expands.

在前端方面，我們近期看到需求增加的一個例子，是我們所進行的工作：協助超大規模業者（hypers）將既有的傳統資料中心改造以承載 AI 工作負載；Amentum 憑藉差異化專業能力，隨著容量擴張，讓我們後續承接的工作具備更佳定位。

Beyond data centers, Amentum provides innovative solutions to several marquee Fortune 500 companies in areas such as advanced manufacturing to maximize uptime in mission-critical settings.

除資料中心之外，Amentum 也在先進製造等領域，為多家指標性的《財富》500 強企業提供創新解決方案，以在任務關鍵環境中將設備稼動率最大化。

Second, a next-generation digital connectivity, we engineer, design and deploy largescale networks, including wireless and fiber infrastructure enabling secure real-time data movement across complex environments.

第二，在下一代數位連結性方面，我們負責工程、設計並部署大規模網路，包括無線與光纖基礎設施，使資料能在複雜環境中安全、即時地傳輸。

Amentum's offerings span from supporting major telecom providers with national 5G deployments to more regional efforts such as supporting state transportation departments with deployment of fiber optic networks for connected vehicle systems, traffic management and public safety communications.

Amentum 的服務範圍涵蓋：支援主要電信業者進行全國性 5G 部署，以及較區域性的專案，例如協助州交通運輸部門部署光纖網路，用於車聯網系統、交通管理與公共安全通訊。

And third, in cyber and network defense, we embed security across all of our solutions, while also delivering stand-alone capabilities in highly sensitive conditions.

第三，在資安與網路防禦方面，我們將安全性嵌入所有解決方案之中，同時也在高度敏感的條件下提供獨立的能力。

Our differentiation lies in our ability to secure both IT and operational technology environments, protecting not only data but the physical systems that underpin critical infrastructure.

我們的差異化在於能同時保護 IT 與營運技術（OT）環境，不僅保護資料，也保護支撐關鍵基礎設施的實體系統。

For example, we support intelligence community customers through advanced systems engineering and modelling capabilities to assess vulnerabilities super facilities and prepare for both cyber and fiscal threats.

例如，我們透過先進系統工程與建模能力支援情報界客戶，以評估超級設施的脆弱點，並為網路與財務威脅做好準備。

In aggregate, these areas represent a significant addressable market for Amentum, which is expected to grow 10% or more annually over the next several years.

整體而言，這些領域對 Amentum 代表著可觀的可服務市場，預期未來數年每年將成長 10% 或以上。

When combined with our under accelerating growth markets, global nuclear energy and space systems and technology, Amentum has over $4 billion in annual revenue at accretive margins, aligned with end markets expected to see significant long-term growth.

再加上我們其他加速成長市場——全球核能與太空系統與技術——Amentum 具備超過 40 億美元的年營收，且具備增益性（accretive）的利潤率，並與預期將出現顯著長期成長的終端市場一致。

We believe the value of this aspect of our portfolio is particularly underappreciated by the market. Our focus as a leadership team is to invest and execute to capture this opportunity. and maximize long-term value for our shareholders.

我們認為，市場對我們投資組合中這一部分的價值尤其低估。作為領導團隊，我們的重點是投資並落實執行以掌握這項機會，並為股東最大化長期價值。

With that, I'll turn the call over to Travis.

接下來，我把電話交給 Travis。

Thank you, John. Good morning, everyone. I'm pleased to discuss with you today Amentum second quarter financial results which reflect underlying growth across all key metrics and a notable rebound in cash flow.

謝謝你，John。各位早安。很高興今天與各位討論 Amentum 第二季財務結果；該結果反映了所有關鍵指標的基本面成長，以及現金流的明顯回升。

I will also cover the successful enhancement of our capital structure after quarter end and our views on performance for the remainder of the year.

我也會說明我們在季後成功強化資本結構的成果，以及我們對今年剩餘期間表現的看法。

Building on John's remarks, our second quarter performance, the business development results, in particular, reflect the continued strength of our execution, disciplined operational focus and measurable progress against our strategic and financial priorities.

延續 John 的談話，我們第二季的表現，尤其是業務開發成果，反映出我們持續強勁的執行力、嚴謹的營運聚焦，以及在策略與財務優先事項上可衡量的進展。

With that, let's begin with an overview of our financial performance on slide 8. We Revenue in the second quarter totalled $3.5 billion, reflecting underlying growth of 3% as the impact from joint venture transitions and divestitures previously discussed, was positively offset by the ramp-up of new contract awards and our accelerating growth markets.

接下來，讓我們從第 8 頁投影片的財務表現概覽開始。第二季營收合計 35 億美元，基本面成長 3%；先前提及的合資轉換與資產剝離的影響，已由新合約得標的放量以及我們加速成長市場的貢獻所正向抵銷。

Adjusted EBITDA of $275 million benefited from a 20 basis points year-over-year increase adjusted EBITDA margins to 7.9%.

調整後 EBITDA 為 2.75 億美元，受惠於調整後 EBITDA 利潤率年增 20 個基點至 7.9%。

The continued margin improvement represents tangible progress on our strategic focus to prioritize higher margin work and realize benefits from our cost synergy initiatives.

利潤率持續改善，代表我們策略重點——優先承接較高利潤率業務並實現成本協同計畫效益——已取得具體進展。

Adjusted diluted earnings per share of $0.60 was up 13% from a year ago as a result of the strong operational performance and lower interest expense from our debt reduction initiative.

調整後稀釋每股盈餘為 0.60 美元，較去年同期成長 13%，主要來自強勁的營運表現，以及我們降債計畫帶來的利息費用下降。

Moving to our reportable segment results on slide 9.

接著看第 9 頁投影片的可報告分部結果。

Digital Solutions delivered revenue of $1.5 billion, representing 10% growth driven by the continued ramp-up of new contract awards in our critical digital infrastructure and space systems and technologies markets.

數位解決方案（Digital Solutions）營收為 15 億美元，年增 10%，主要由關鍵數位基礎設施以及太空系統與技術市場中新合約得標的持續放量所帶動。

Adjusted EBITDA of $105 million was slightly lower year-over-year due to the fiscal year '25 divestiture, timing factors related to new program starts and higher net write-ups in the prior year quarter.

調整後 EBITDA 為 1.05 億美元，較去年同期略低，原因包括 2025 會計年度的資產剝離、新專案啟動的時點因素，以及去年同期較高的淨調增（write-ups）。

These impacts were partially offset by the higher revenue volume resulting in adjusted EBITDA margins of 7.2%.

上述影響部分被較高的營收規模所抵銷，使調整後 EBITDA 利潤率為 7.2%。

Turning to Global Engineering Solutions.

接著看全球工程解決方案（Global Engineering Solutions）。

Revenue was $2 billion, reflecting impacts from the JV transitions the divestiture and the expected ramp down of certain historical programs, all of which were partially offset by contributions from new contract awards.

營收為 20 億美元，反映合資轉換、資產剝離，以及部分歷史專案如預期的逐步縮減；上述影響部分由新合約得標的貢獻所抵銷。

Adjusted EBITDA of $170 million that has been a 100 basis points year-over-year increase in adjusted EBITDA margin to 8.5%.

調整後 EBITDA 為 1.70 億美元，調整後 EBITDA 利潤率年增 100 個基點至 8.5%。

This strong performance in the quarter was driven by continued focus on higher-margin growth opportunities including more fixed price work and disciplined program execution.

本季的強勁表現，來自我們持續聚焦於較高利潤率的成長機會（包括更多固定價格合約）以及嚴謹的專案執行。

Now turning to slide 10 to cover our cash flow and capital structure highlights.

現在翻到第 10 頁投影片，說明現金流與資本結構重點。

Free cash flow in the second quarter totalled $220 million and benefited from the rebar of collections consistent with our remarks on the first quarter earnings call.

第二季自由現金流合計 2.20 億美元，受惠於收款回升，與我們在第一季財報電話會議中的說明一致。

First half free cash flow of $78 million is in line with our expectations and puts us on track to meet our full year free cash flow guidance.

上半年自由現金流為 7,800 萬美元，符合我們的預期，並使我們有望達成全年自由現金流指引。

From a capital structure perspective, in the weeks after quarter end, leveraging our improving financial profile, we took deliberate actions to enhance the structure in terms of our debt.

就資本結構而言，在季後數週，憑藉我們改善中的財務狀況，我們採取了審慎行動以強化債務結構。

We issued a new $1.4 billion term loan A facility and utilize the product to pay down and reprice our Term Loan B.

我們發行了新的 14 億美元 A 期定期貸款（Term Loan A），並將所得用於償還及重新定價我們的 B 期定期貸款（Term Loan B）。

We also increased our repo credit capacity to $1 billion. These actions, coupled with benefits from the Moody's rating upgrade in December have reduced our weighted average cost of debt by approximately 50 basis points and strengthened our overall capital structure as we remain on track to achieve net leverage below 3times by the end of the fiscal year, enabling greater financial flexibility and opportunistic deployment.

我們也將循環信用額度（revolver）提高至 10 億美元。這些行動，加上穆迪於 12 月調升評等所帶來的效益，使我們的加權平均債務成本降低約 50 個基點，並強化整體資本結構；同時我們仍按計畫在本會計年度末將淨槓桿降至 3 倍以下，進一步提升財務彈性與把握機會的資金運用能力。

On slide 11, let's now turn to our fiscal year 2026 full year outlook.

在第 11 頁投影片，讓我們看 2026 會計年度全年展望。

As a result of our first half performance, continued business development momentum and with 97% of revenue is expected to come from existing a recompete business, we are reaffirming our fiscal year '26 guidance.

基於上半年表現、持續的業務開發動能，以及預期 97% 的營收將來自既有與再競標（recompete）業務，我們重申 2026 會計年度指引。

We continue to expect revenues 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.

我們仍預期營收介於 139.5 億至 143 億美元，調整後 EBITDA 介於 11 億至 11.4 億美元，調整後稀釋每股盈餘介於 2.25 至 2.45 美元，自由現金流介於 5.25 億至 5.75 億美元。

From a timing perspective, we expect approximately 48% of remaining revenue and profit in our third quarter and a sequential increase in the fourth quarter, which benefits from an additional working day, the timing of already funded project work and contributions from new awards.

就時點而言，我們預期剩餘營收與獲利約 48% 將在第三季實現，第四季則將呈現季增，受惠於多一個工作日、已獲資金支持的專案工作時點，以及新得標案的貢獻。

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

此外，我們預期現金流將呈現正常季節性，多數將在第四季產生，原因包括薪資支付時點，以及因與政府會計年度結束時間一致而帶來的強勁收款。

Wrapping up on slide 12. Our first half performance reflects disciplined execution, continued to grow and sustained demand across the business.

最後在第 12 頁投影片作結。我們上半年的表現反映了嚴謹的執行、持續成長，以及全公司範圍內的穩健需求。

As a result, we are well positioned to deliver on our fiscal year '26 objectives and remain focused on driving long-term value for our customers, employees and shareholders.

因此，我們已做好充分準備以達成 2026 會計年度目標，並將持續專注於為客戶、員工與股東創造長期價值。

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

接下來，接線員，請開放提問。

(Operator Instructions) Greg Parrish, Morton Stanley.

（接線員指示）Greg Parrish，Morton Stanley。

Hey, guys. Good morning. Congrats on the quarter. Great to be on the call here with you.

嗨，各位。早安。恭喜本季表現。很高興能在這通電話會議上與各位交流。

Thanks, Greg. Good morning.

謝謝你，Greg。早安。

Good morning. So I want to talk about booking strength, really good quarter for bookings up sequentially, up meaningfully from last year.

早安。所以我想談談接單力道，本季接單表現非常好，較前一季上升，也較去年顯著成長。

Appreciate the slide on the wins, seemed pretty broad-based. I guess maybe just help us with the second-half award environment. Do you expect bookings to continue to trend higher sequentially? How should we think about bookings in the second half?

感謝你們在投影片上整理的得標案，看起來相當廣泛。我想請你們協助說明下半年授標環境。你們預期接單會持續呈現逐季走高嗎？我們應該如何看待下半年的接單？

Yeah. No. Just taking a step back, Amentum really had a strong second quarter. But overall, the company continues to execute at a very high level all across our portfolio, the solid bookings with book-to-bill, LTM book-to-bill, so it's not just a quarter, but really LTM 1.2times, 1.3times on an imputed basis, if you include our joint ventures. So our backlog is strong.

是的。不。先退一步看，Amentum 的第二季表現確實很強勁。但整體而言，公司在我們整個產品組合中仍持續以非常高的水準執行；訂單表現穩健、接單出貨比（book-to-bill）也很扎實，過去十二個月（LTM）的接單出貨比亦然，所以不只是單一季度，而是 LTM 真的有 1.2 倍、1.3 倍（若把我們的合資企業也納入推算）。因此，我們的在手訂單（backlog）很強。

And really, demand is being driven by these long-term secular trends in AI, data national security that we touched on that are driving our accelerated growth markets.

而且，需求確實是由我們提到的那些長期結構性趨勢所驅動，包括 AI、資料、國家安全，這些都在推動我們加速成長市場的成長。

But at the same time, our core business continues to lead and perform well and generate strong free cash flow. So that's another area of excitement in the overall portfolio.

但同時，我們的核心業務仍持續領先、表現良好，並產生強勁的自由現金流。所以這也是整體產品組合中另一個令人振奮的面向。

But if you look at performance today, we mentioned bids greater than $20 billion thus far with -- we set out a goal of bidding $35 billion plus this year after bidding approximately $35 billion last year. and we're well on track to do that.

不過如果你看目前的表現，我們提到截至目前投標金額已超過 200 億美元——我們今年的目標是在去年約投標 350 億美元之後，今年投標 350 億美元以上。而我們正穩步朝這個目標前進。

Given the scale of our business, the end-to-end capabilities, we're winning our fair share, right? We have the capabilities our customers need to perform their mission, whether it's in our accelerating growth markets of Space Systems technology and Global Nuclear Energy or CDI or in our core markets. So we really think our growth rates stand up and we'll continue to be consistent.

以我們業務的規模與端到端能力來看，我們正在贏得我們應得的份額，對吧？我們具備客戶完成任務所需的能力，無論是在我們加速成長市場中的太空系統技術與全球核能、或 CDI，或是在我們的核心市場。因此我們確實認為我們的成長率站得住腳，並且會持續保持一致性。

And with our bidding focus and are kind of feeling strong that we're going to bid over $35 billion this year, we think our book-to-bill can remain at the levels that we've been doing consistently since the first day we came out as a public company.

而且，基於我們的投標重點，以及我們對今年將投標超過 350 億美元的信心，我們認為我們的接單出貨比可以維持在自我們成為上市公司第一天以來一直穩定達成的水準。

So we feel pretty good about where the business looks from new business and recompete win standpoint for the second half of the year. And I mean, think about a lot of what we're doing thus far this year is really focused on '27.

所以，從新業務與續約競標（recompete）得標的角度來看，我們對今年下半年的展望感覺相當不錯。我的意思是，想想看，我們今年迄今做的很多事情其實都是聚焦在 2027 年。

So if we can have a good bidding year this year, it sets us up for success in '27 as well.

因此，如果我們今年能有一個好的投標年度，也會讓我們在 2027 年同樣具備成功的基礎。

Yeah, great. Fantastic color. Thank you, maybe just a click on margin here. Engineering specifically, expanded even further in the quarter.

好的，很棒。資訊非常有幫助。謝謝。也許再問一下關於利潤率。工程業務在本季又進一步擴張。

I think last quarter benefited from a little bit from the government shutdown. So maybe we thought there would be a little bit of a step down think you called out focusing on higher-margin work, fixed price as well. So is there any timing or onetime things to think about in the quarter? Or is this the right level to think about the second half for engineering margin?

我記得上季多少受惠於政府停擺。所以我們原本可能以為會稍微回落一些；你也提到聚焦於較高毛利的工作、以及固定價格（fixed price）。那麼，本季是否有任何時點因素或一次性因素需要考量？或者工程業務的利潤率在下半年就應以這個水準來看？

Yeah, Greg, really pleased with the continued strong margin performance in our Global Engineering Solutions business, specifically. Just to dive a little bit deeper to expand on what I said in the prepared remarks, it is a mix of things that are driving it, most of which we believe to be sustainable.

是的，Greg，我們對全球工程解決方案（Global Engineering Solutions）業務持續強勁的利潤率表現感到非常滿意。稍微更深入一點、延伸我在事先準備的講稿中提到的內容：推動因素是多方面的，而且我們認為其中大多數是可持續的。

Certainly, we're going to have the time to get programmed write-ups and performance from quarter to quarter that could vary a little bit, but it's more fundamental what we're seeing in that business. So we mentioned our focus to continue to prioritize and go after higher margin work.

當然，我們每季之間會有一些計畫性調整（programmed write-ups）與執行表現，可能會有些微波動，但我們在該業務看到的是更根本性的改善。因此我們提到，我們會持續優先聚焦並爭取較高利潤率的工作。

Obviously, we view fixed price work as of potential to be accretive, and that's been part of our strategy since we came out with our margin expansion initiatives at Capital Markets Day back in August of 2024.

顯然，我們認為固定價格合約具有增厚（accretive）的潛力，而這也一直是我們策略的一部分；自從我們在 2024 年 8 月的資本市場日（Capital Markets Day）提出利潤率擴張計畫以來就是如此。

So we are seeing a higher mix of fixed-price work, and we're starting to see the customer in some areas where they would have traditionally procured on a cost-plus basis, procuring a T&M or a fixed-price basis. And you'll see that in our contract mix statistics in the 10-Q that's going to come out later today.

因此，我們確實看到固定價格工作的占比提高；也開始看到客戶在某些領域，過去傳統上會以成本加成（cost-plus）方式採購，現在改以工時與材料（T&M）或固定價格方式採購。你會在今天稍晚發布的 10-Q 裡的合約組合統計看到這點。

So, we welcome that -- obviously, the recent executive order is another example of where the customer is looking to do more of that. So we'll continue to work with them to support that initiative as well and then also, we're seeing strong performance from our joint ventures.

所以，我們樂見其成——顯然，近期的行政命令也是客戶希望更多採用這類方式的另一個例子。因此我們會持續與他們合作，支持這項倡議；另外，我們也看到合資企業帶來的強勁表現。

The equity income is a little bit higher this quarter than it was in the second quarter of last year. That's also driving some of the margin expansion and then obviously, discipline program execution, as we mentioned, and then you're really starting to see the fruits of all the efforts we put into our cost energy and energy initiatives flow through the P&L.

本季的權益法收益（equity income）比去年第二季略高，這也推動了部分利潤率擴張；再加上我們提到的嚴謹的專案執行紀律，以及你也開始看到我們在成本與效率（cost energy and energy）計畫上投入的各項努力，逐步反映到損益表（P&L）中。

So a lot of good activity really driving that 100 basis point improvement that you saw year-over-year.

所以，許多正向因素共同推動了你看到的年對年 100 個基點的改善。

Okay. Thanks very much.

好的。非常感謝。

Toby Sommer, Truist.

Toby Sommer，Truist。

Thank you. As we think about your underlying rate of growth and this year and dovetail some of the better growth you're seeing in the growth areas that you've highlighted, are there any other puts and takes that you would point us to at this point as we think about growth in fiscal '27 and '28?

謝謝。當我們思考你們今年的內生成長率，並把你們在所強調的成長領域看到的較佳成長結合起來看時，針對 2027 與 2028 財年的成長，你們此刻是否還有其他需要我們留意的正負因素（puts and takes）？

I'll start and then John can add or Steve as well. So the midpoint of our guidance for FY26 implies normalized growth, if you account for the joint venture transitions, the divestitures, obviously, we had an extra week in the fourth quarter of 3% and we had the impact from the government shutdown in the first quarter, so that's roughly an additional percent.

我先回答，之後 John 也可以補充，Steve 也一樣。我們對 FY26 指引的中位數，若把合資企業轉換、資產剝離（divestitures）等因素納入考量，代表的是正常化成長；另外，第四季多了一週帶來約 3% 的影響，而第一季受到政府停擺影響，約相當於額外 1 個百分點。

So we're at underlying growth of roughly 4% at the midpoint of our guidance. That's exactly where we thought we would be at this point in our journey of bringing the merger together, going public in our longterm growth objectives of a 4% to 6% CAGR by FY28.

因此，在我們指引中位數下，內生成長約為 4%。這正是我們在整合併購、完成上市、並朝 FY28 達成 4% 到 6% 年複合成長率（CAGR）的長期成長目標之旅中，預期此刻應處的位置。

And then obviously, in John's prepared remarks and what he said in response to the first question and how we feel about the growth trajectory of the business and what we're seeing in performance there in terms of a 1.2 book to bill on an LTM basis, and how we view the second half of the year setting up with over $26 billion worth of awards pending. And roughly two-third of that being new business to Amentum.

另外，正如 John 在事先準備的講稿中所提，以及他對第一個問題的回應：我們對業務成長軌跡的感受、以及我們在表現上看到的情況——例如 LTM 基礎下 1.2 的接單出貨比；以及我們如何看待下半年局勢，因為目前有超過 260 億美元的待決授標（awards pending），其中約三分之二對 Amentum 來說是新業務。

We certainly are excited about what the potential could be headed into '27 and '28. We'll obviously have to see how the pending awards get adjudicated and see how '27 progresses, but certainly look forward to keeping you updated there.

我們對於邁向 2027 與 2028 年的潛在機會當然感到振奮。我們顯然還需要觀察這些待決授標如何裁定，以及 2027 年的進展，但我們也期待持續向各位更新。

Yeah and I would say just our strategy in general. And a lot of it, we're just the company at the right time. In many respects, we have the strength in the accelerating growth markets that we've talked a lot about, and AI is driving demand for electricity, driving data center expansion, network infrastructure, the other side you said like are there any things that are popping up, but defense budget increase, we necessarily see that coming when we go back -- you have but it's aligned really well with strength areas in our core markets as well.

是的，我也想說整體策略方面。很多時候，我們就是在對的時間成為對的公司。就許多層面而言，我們在加速成長市場具備我們談了很多的優勢；AI 正在推動電力需求、推動資料中心擴張與網路基礎設施。另一方面，你問是否還有其他正在浮現的因素——國防預算增加，我們回頭看時並不一定預期到，但它也與我們核心市場的強勢領域高度契合。

When you think of readiness, the budget request is proposing a 20% increase from 2026 that really aligns well with areas like platform, demand training, logistics, where Amentum is really strong, the leader in the market.

當你想到戰備（readiness），該預算請求提案相較 2026 年提出 20% 的增幅，這與平台、需求訓練、後勤等領域高度契合，而 Amentum 在這些領域非常強，也是市場領導者。

Second, space and missile defense where our work Missile Defense Agency, Space Force, Air Force aligned really well if we see continued expansion of investment in those areas.

第二是太空與飛彈防禦；我們在飛彈防禦署（Missile Defense Agency）、太空軍（Space Force）、空軍（Air Force）的工作，若這些領域的投資持續擴大，將會非常契合。

And then finally, really in the drone power counter UAV counter drone technologies where the budget request has approximately $70 billion earmarked to expanded investment in those areas and Amentum has been for decades, a leader in helping develop and sustain the unmanned and now counter unmanned technologies and think of contested logistics and tactical operations that unmanned technology could support. It just aligns extremely well with Amentum's core markets.

最後，是真正關於無人機能力、反無人機（counter UAV / counter drone）技術；該預算請求約有 700 億美元被劃撥用於擴大對這些領域的投資，而 Amentum 數十年來一直是協助開發與維持無人化、以及如今反無人化技術的領導者；再想想無人技術可支援的爭奪性後勤（contested logistics）與戰術作戰。這與 Amentum 的核心市場極度契合。

So we both believe our core markets are at the right place. Our accelerated markets have great tailwinds that can provide the future growth that we've been talking about.

因此，我們相信核心市場處在對的位置；而我們的加速市場也有很強的順風，能提供我們一直在談的未來成長。

Thank you, and I was wondering to dovetail and build on that, if you could comment on what you're seeing in your NASA customer as well as how you see the company applying capital proactively to shape and accelerate growth as you reach your leverage target in just a couple of months or quarters?

謝謝你；我想在此基礎上延伸並加以深化，想請你評論一下你們在 NASA 客戶那邊目前看到的情況，以及當你們在接下來幾個月或幾個季度內達到槓桿目標時，公司將如何更主動地運用資本來塑造並加速成長？

Tobey, I'll take the NASA question and then Travis may chime in on the second part of your follow-up. But -- we're right now still very thrilled about John mentioned in his prepared remarks, the outcome of the Artemis 2 mission.

Tobey，我先回答 NASA 的問題，然後 Travis 可能會就你追問的第二部分補充。不過——我們目前仍然對 John 在事先準備的發言中提到的 Artemis 2 任務成果感到非常振奮。

That was a great achievement, not only for our mentum team in partnership with massive, but the nation thinking about the first crude mission in more than 50 years to send our out beyond the moon and return them safely.

那是一項重大成就，不僅是我們 mentum 團隊與 massive 合作的成果，對國家而言也意義重大——這是超過 50 年來首次載人任務，將我們的太空人送往月球以外並安全返回。

So it's really a banner day. And so really even getting beyond Artemis 2 and our teams are already working on processing hardware for the 3.

所以這真的是一個里程碑式的日子。而且不僅止於 Artemis 2，我們的團隊已經在著手處理 Artemis 3 的硬體。

But if you think about it, the overriding priority credit to the national space policy formulated by price at Trump and administrator Isac been with a laser focus on achieving the goals of the national space policy, which will take us Back to the move to stay and prepare us to venture forward on to more.

但如果你從更宏觀的角度來看，最優先的事項要歸功於由 Trump 與署長 Isac 制定的國家太空政策；他們以雷射般的聚焦來達成國家太空政策的目標——這將帶領我們重返月球、長期駐留，並為我們進一步向更遠處探索做好準備。

So we're very excited about the campaign of upcoming Artemis missions. So there's a lot to be excited about there. There is, as you may be referring to the NASA Workforce Directive, where they've taken a strategic decision that they need to incrementally in-source some Ts to expand their core capabilities.

因此，我們對即將展開的一系列 Artemis 任務非常興奮，確實有很多值得期待的地方。你可能指的是 NASA 的 Workforce Directive（人力指令），他們做出策略性決定，需要逐步將部分工作內部化（in-source），以擴充其核心能力。

We are, of course, working with asset understand their objectives and certainly understand how it will impact our momentum portfolio of contracts and programs where we're supporting NASA. Based on the discussions we've had, the indicative input that we've received thus far, we believe the impact to FY26 will really be immaterial.

當然，我們正與 NASA 合作以了解其目標，也確實在評估這將如何影響我們在支援 NASA 的 Momentum 合約與專案組合。根據我們已進行的討論，以及目前收到的初步訊息，我們認為對 FY26 的影響基本上不具重大性。

We do think that for FY27, as we estimate an approximately 1% back to revenue in '27. The impact to EBITDA would be a little bit smaller than that. But given the modest impact that we see, this really does not change our excitement about the go-forward trajectory improvement.

我們確實認為在 FY27，依我們估算，2027 年營收大約會有 1% 的逆風；對 EBITDA 的影響會比這個幅度更小。不過，鑑於我們看到的影響相當有限，這並不會改變我們對未來軌跡改善的期待與興奮。

Yes. And then on the second part of that question, Tobey, I guess building on John's remarks and really, he touched on what we're seeing from a growth perspective, I touched a little bit on the margin expansion trajectory that we're on and both of those being on track where we thought we would be.

是的。至於問題的第二部分，Tobey，我想延續 John 的說法——他談到了我們從成長角度看到的情況；我也稍微提到我們正在走的利潤率擴張軌跡，而這兩者都如同我們原先預期地在正軌上。

The one area that I'll just add to that is on free cash flow. Obviously, what we've been able to do the deleveraging perspective to date is accelerated relative to what we initially thought, bringing the companies together and going public.

我想補充的一點是自由現金流。顯然，從去槓桿的角度來看，我們迄今為止的進度比最初在整併兩家公司並上市時所預期的更快。

And then recently, obviously, this quarter, what we were able to do from a refinancing perspective, further benefit that in our ability to generate free cash flow to growth rate of 10% or greater from now to FY28.

而最近，尤其是本季，我們在再融資方面所完成的事項，進一步提升了我們的能力，使我們能在現在到 FY28 期間，實現 10% 或更高的自由現金流成長率。

And that puts us in a good point to your question on capital deployment, right? So we're really looking forward to getting to that place where we achieve our net leverage target of less than 3times by the end of this year.

這也讓我們回到你關於資本配置的問題：我們非常期待達到今年底淨槓桿低於 3 倍的目標。

Obviously, we should be in the high 2s based on the trajectory that we're on. And we're committed to maintaining a prudent capital structure that will allow us to deploy capital in a flexible and opportunistic way.

依照目前的軌跡，我們顯然應該會落在 2 倍後段。我們也承諾維持審慎的資本結構，讓我們能以更具彈性且把握機會的方式部署資本。

And we'll evaluate the options as that comes up, whether it's high return on investment organic opportunities accretive M&A, it could be continued debt reduction or capital return to shareholders when we think the share price is trading below its intrinsic value.

我們會在機會出現時評估各種選項：無論是高投資報酬的有機成長機會、具增益性的併購（accretive M&A）、持續減債，或是在我們認為股價低於其內在價值時回饋資本給股東。

So all that said, our goal will be to look at things to make sure that we're maximizing free cash flow per share in delivering strong compounding returns for our shareholders.

總之，我們的目標是檢視各項選擇，確保我們能最大化每股自由現金流，並為股東帶來強勁的複利型回報。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Hey, good morning. This is actually Ned Morgan on for Andre. I saw Japan is investing $40 billion in SMR development in the US I was just wondering, are you guys positioned to benefit from this funding at all?

嗨，早安。我其實是代 Andre 出席的 Ned Morgan。我看到日本正在美國投資 400 億美元用於 SMR 開發；我想請問，你們是否有機會從這筆資金中受益？

Yeah, there's a lot going on, really, in the US Nuclear market, and we're real excited about the activity that this administration has been really focused on building partnerships that bring capital in from various sources to help support these types of projects.

是的，美國核能市場確實有很多動態，我們對相關活動非常興奮。這個政府一直很專注於建立合作夥伴關係，從各種來源引入資本，以協助支持這類專案。

The money that you're talking about and the potential investment is targeted for a pretty significant project that we are in discussions with multiple of these opportunities throughout the US

你提到的那筆資金與潛在投資，是針對一個相當大型的專案；而我們也正就美國境內多個此類機會進行討論。

Many of them involve SMR technologies and SMR vendors and you can imagine with our expertise and things like the partnership with Rolls-Royce where we are supporting both large gigawatt construction and engineering and design to SMR development across Europe.

其中許多涉及 SMR 技術與 SMR 供應商；你可以想像，憑藉我們的專業能力，以及像與勞斯萊斯（Rolls-Royce）的合作——我們在歐洲同時支援大型 GW 級建造、工程與設計，以及 SMR 開發——

And we're one of the key partners here in the US that has that capability, given the lack of really progress in nuclear over the last 30 years.

我們是美國少數具備這種能力的關鍵合作夥伴之一，尤其考量過去 30 年核能領域實際上缺乏進展。

Momentum brings a scale of capability in the US that is practically unmatched and not only that, it's real. We have a history of supporting nuclear projects that really our competitors don't have that hands-on experience, that are new builds.

Momentum 在美國帶來的能力規模幾乎無可匹敵；而且不只是規模，是真正落地的能力。我們有支援核能專案的歷史經驗，競爭對手並沒有那種親身參與、實際操作的新建（new build）經驗。

And so we're excited about that project in particular, but many others that are being contemplated in the US and I think I've mentioned this last quarter, say it again, the progress is continuing and we fully expect in the second-half of this year, going into '27, we are going to see a number of projects come to light and really get the funding and the support and the partnerships to come together that enable these projects to move forward from design and kind of theoretical to actual practical construction and moving forward in the second-half of this year into '27.

因此，我們對那個專案特別感到興奮，也對美國正在評估的許多其他專案同樣期待。我想我上季也提過，現在再說一次：進展仍在持續。我們完全預期在今年下半年、進入 2027 年時，會有多個專案浮現，並真正取得資金、支持與合作夥伴到位，使這些專案能從設計與概念階段，走向實際可行的施工，並在今年下半年到 2027 年間推進。

Got it and then another just on Digital Solutions margins. I know there's some new start work there, specifically within space that Space Force range contract, how should we think about the margins of that moving forward as the program kind of ramps and where DS margins will trend throughout the year?

了解。另外想問一下 Digital Solutions 的利潤率。我知道那邊有一些新啟動的工作，特別是在太空領域、像是 Space Force 的 range 合約；隨著專案逐步爬坡，未來該如何看待其利潤率？以及 DS 的利潤率在今年內會如何走勢？

Yeah, thanks, Ned. So the Digital Solutions segment obviously had a really nice quarter and a nice year-to-date performance on revenue growth.

好的，謝謝你，Ned。Digital Solutions 事業部本季表現確實很不錯，年初至今在營收成長方面也有亮眼表現。

So it had 10% reported growth in the second quarter and bring that to 8.0% year-to-date. So thanks, Chris in that segment.

第二季報告口徑的成長率為 10%，使年初至今達到 8.0%。所以也要感謝該事業部的 Chris。

Obviously, when you're growing that fast and you're ramping up new programs, we have a couple of new programs started.

顯然，當你成長這麼快、同時又在拉升新專案時，我們確實有幾個新專案剛啟動。

One is in our space business, but another one is in our critical digital infrastructure business. It's not uncommon for margins to start off more modest.

其中一個在我們的太空業務，另一個在我們的關鍵數位基礎設施（critical digital infrastructure）業務。利潤率在初期較為保守並不罕見。

Grow over time and that's certainly what we expect on those programs that are ramping up and that obviously is contributing to what you're seeing in the Digital Solutions margin dynamics this quarter and year-to-date.

之後會隨時間提升，而這也正是我們對這些正在爬坡的專案所預期的情況；這也確實在本季與年初至今，對你所看到的 Digital Solutions 利潤率變化有所貢獻。

And the other element there just to mention is the timing of program write-ups, those can vary from quarter to quarter, but then over any kind of normalized period, say, over a year, they're kind of steady, right, so while the performance was more modest this quarter and year-to-date digital solutions, we do expect overtime.

另外還有一個因素要提的是專案 write-up（調增認列）的時點；這可能會在季度之間有所波動，但在任何較為正常化的期間（例如一年）內，整體會相對穩定。因此，雖然本季與年初至今 Digital Solutions 的表現較為溫和，我們確實預期隨時間推進。

That there's opportunity for margin expansion and so, for the rest of this year, I'd say we expect it to be relatively consistent with our staff performance.

利潤率仍有擴張的機會。因此，就今年剩餘期間而言，我會說我們預期會與目前的表現大致一致。

And then going FY27 and beyond is, when those programs will get into, full year and other initiatives that we're running from a margin expansion perspective will start to benefit the segment.

而到了 FY27 及之後，這些專案會進入完整年度的運作，同時我們從利潤率擴張角度所推動的其他措施，也會開始讓該事業部受益。

Great, thank you.

很好，謝謝。

Trevor Walsh, Citizens Bank.

Trevor Walsh，Citizens Bank。

Hi, guys. It's Ethan Frost on for Trevor. I was wondering on the CDI opportunity, can you give a long, like a rough long-term sense of how that customer mix could develop between commercial and government customers?

嗨，各位。我是代 Trevor 出席的 Ethan Frost。我想請問關於 CDI 的機會，你們能否從長期角度大致談一下，商業客戶與政府客戶之間的客戶組合可能會如何發展？

Yeah. Maybe I'll start, and John, Travis may want to add context. I guess the first point I would start with is that we are not a new entrant into this market. This is a business that we've been building for more than a decade and maybe just from a historical context out focus for a second on kind of the communications or telecom part of the market. It's a part of the business that we've been growing for really, as I mentioned, more than a decade, we're excited about that business because structurally, it really gives us some advantages.

是的。也許我先開始，John，Travis 可能想補充一些背景。我想我首先要說的是，我們並不是這個市場的新進者。這是一項我們已經打造超過十年的業務；也許從歷史脈絡來看，先把焦點放在市場中的通訊或電信這一塊。正如我提到的，這是我們確實已經成長了十多年的業務，我們對這項業務感到興奮，因為從結構上來看，它確實帶給我們一些優勢。

If you think about, first of all, what we do, it's really helping some of the major telcos to be able to match capacity to demand.

如果你先想想，首先，我們在做什麼——其實就是協助一些主要電信業者，讓他們能夠把容量與需求做匹配。

And so whether it's 4G, 5G, our teams going to be getting to work with 6G, being able to diagnose what additional capacity is needed to engineer and even to deploy that capacity to enable those stable system performance and reaction to dynamic demand.

因此不論是 4G、5G，我們的團隊也將投入 6G；能夠診斷需要多少額外容量來進行工程設計，甚至部署該容量，以確保系統效能穩定，並能因應動態需求做出反應。

So we're really proud to kind of partner in that critical aspect of their businesses and really be a key partner kind of the core business there.

所以我們非常自豪能在他們業務中這個關鍵面向成為合作夥伴，並且真正成為其核心業務的重要夥伴。

So that business has continued to grow, and it's really concentrated if you think about it in the population centers of our nation.

因此這項業務持續成長，而且如果你這樣想，它其實高度集中在我們國家的主要人口中心。

Eastern Seaboard, West Coast, Chicago, the major cities where we're helping to solution those and so it really gives us a structural advantage from the critical digital infrastructure standpoint and that we have this geographically distributed teams.

東岸、西岸、芝加哥等主要城市——我們在那裡協助提供解決方案；因此從關鍵數位基礎設施的角度來看，這確實給了我們結構性優勢，因為我們擁有地理分布廣泛的團隊。

They're there ready to be able to design, integrate and deploy these solutions that can now be -- we can shift that capacity to work with data centers and these other kinds of -- types of projects.

他們就在當地，隨時準備設計、整合並部署這些解決方案；而現在——我們也可以把這些產能轉移到資料中心以及其他類型的專案上。

So the telecom is a little bit of a foundational piece, and now we're growing that business into other areas. John, maybe you want to comment on the data center part.

所以電信算是一個基礎性的組成部分，而現在我們正把這項業務擴展到其他領域。John，也許你想談談資料中心的部分。

Yes. Well, just in terms of the growth area. We talked about critical digital infrastructure is really being -- the demand is being driven by long-term trends primarily the rapid scaling of AI and data workloads.

好的。就成長領域而言，我們談到關鍵數位基礎設施——其需求主要是由長期趨勢所驅動，尤其是 AI 與資料工作負載的快速擴張。

We actually have a slide in our presentation where we showed where that demand is driving -- it's really in the AI markets. And if you think of all the applications that are being developed right now, it's accelerating rapidly, as you know, businesses and consumers of

我們在簡報中其實有一張投影片，展示這個需求是如何被帶動的——主要是在 AI 市場。你如果想想目前正在開發的所有應用，正如你所知，它正在快速加速，企業與消費者對

AI tools are using and driving the demand into the data traffic that Steve just mentioned, which kind of drives the telcos to build out more infrastructure.

AI 工具的使用正在推升需求，進而推動 Steve 剛剛提到的資料流量，這也促使電信業者建置更多基礎設施。

And then it's driving the need for more data center computing power that can process the AI tools, the Edge AI products.

同時也推動對更多資料中心運算能力的需求，以處理 AI 工具與邊緣 AI 產品。

And that's -- our focus is really in supporting the telco capability that infrastructure to transmit that data and then the computing power, helping the hyperscalers build out the data center capability by using capabilities that we've had for decades and working for government, our ability to bring the engineering and the technical resources to help upgrade and deliver expanded data center capability.

而我們的重點——是在支援電信業者的能力：也就是傳輸這些資料所需的基礎設施；以及運算能力：協助超大規模業者（hyperscalers）擴建資料中心能力，運用我們數十年來累積的能力與政府專案經驗，將工程與技術資源帶進來，協助升級並交付擴增的資料中心能力。

So for us, it's not expanding our capability. It's just leveraging strong capability that we've had for decades because you have this unbelievable demand being created by AI.

所以對我們而言，這不是在擴張我們的能力，而是運用我們數十年來一直具備的強大能力，因為 AI 正創造出驚人的需求。

And the final piece is we have the transpect piece. We have the data center piece, but we also have the cybersecurity piece because all of this data creates immense risk and you need cyber capability to secure networks, identify threats and respond when you have problems.

最後一塊是：我們有傳輸（transpect）這一塊，也有資料中心這一塊，但我們還有資安這一塊，因為所有這些資料都帶來巨大的風險，你需要資安能力來保護網路、識別威脅，並在出現問題時做出回應。

And these are things that we've been doing for our government customers and continue to do that we can bring to commercial enterprises to help them as the demand increasing really creates exposure, risk exposure.

而這些正是我們一直為政府客戶所做、並持續在做的事情；我們也能把這些能力帶到商業企業，協助他們在需求增加、確實造成曝險與風險曝險的情況下加以因應。

So we're pretty excited about all three of these areas and the growth that they can represent for Amentum going forward.

所以我們對這三個領域以及它們未來能為 Amentum 帶來的成長都感到非常興奮。

Right, and then just one quick one. In terms of, using the existing experience in space, is there any crossover with just like telecom and network communication, like moving into orbit? Is there like a way to capture that opportunity as well?

好的，另外再快速問一個。就運用既有的太空經驗而言，是否有任何與電信與網路通訊的交集，例如延伸到軌道上？是否也有方法可以掌握那個機會？

Yes. It's a great concept. And we actually are very much seeing that come to life. Just building on kind of the examples John talked about there with critical digital infrastructure. It's interesting how much of our expertise truly is dual use.

有。這是一個很棒的概念，而我們其實確實看到它正在落地。延續 John 剛剛談到的關鍵數位基礎設施例子，很有意思的是，我們的許多專業確實是雙重用途（dual use）。

I mean it's critical to the national security missions with government customers as well as the commercial mission kind of an example we were thinking about the other day, is there is so much acceleration in activity in the government customer space trying to make better utilized 5G and some of the I'll say, elaborate capabilities of 5G and government missions, which heretofore has been primarily a commercial venture. And so we're very much taking advantage of that dual use.

我的意思是，它對政府客戶的國安任務至關重要，同時也適用於商業任務。舉個我們前幾天想到的例子：政府客戶領域的活動正在大幅加速，試圖更好地運用 5G 以及我會說 5G 的一些更進階能力，來支援政府任務；而在此之前，5G 主要是商業領域的發展。因此我們確實正在善用這種雙重用途。

And then my other thing I would say is that something -- the government has always been a leader in terms of data security and cyber security, IT OT, those kinds of things.

另外我還想說的是——政府在資料安全與網路安全、IT/OT 等這些方面，一直都是領先者。

Increasingly, as John alluded commercial networks, commercial applications increasingly interested in operational technology cyber and these kinds of things. So we very much see that it crosses from government and commercial applications.

而且如 John 所提到的，商業網路、商業應用也愈來愈關注營運技術（OT）資安以及這類議題。所以我們非常清楚看到，這些能力在政府與商業應用之間是相互交叉的。

And to your point, with the space comp, space communication, there's so much work going on in the government national security space around -- and we certainly work with customers like the Missile Defense Agency, space force to kind of pioneer next-generation ground space communications to be more efficient, more rapid take latency of the system.

而就你提到的太空通訊而言，在政府國安領域有大量工作正在進行——我們也確實與像是飛彈防禦署（Missile Defense Agency）、太空軍（Space Force）等客戶合作，開創下一代地面—太空通訊，使其更有效率、更快速，並降低系統延遲。

And some of those exact expertise series will absolutely cross over into future commercial applications as you really build out this data center core, connect and Edge and all that has to work more efficiently. So there's a true convergence there. So very much appreciate the question.

而其中一些完全相同的專業能力，絕對會延伸到未來的商業應用，因為當你真正建構這個資料中心核心、連結與邊緣（Edge）等，一切都必須更有效率地運作。因此確實存在真正的匯流（convergence）。非常感謝你的提問。

Great, thank you.

很好，謝謝。

Kevin Herbert, RBC Capital Markets.

Kevin Herbert，RBC Capital Markets。

Hey, good morning. Thanks for taking the question, and congrats on the strong quarter. As you guys look at your portfolio today, obviously, you guys have done a few divestitures over recent quarters.

嗨，早安。謝謝讓我提問，也恭喜本季表現強勁。當你們看你們目前的投資組合時，很明顯你們在最近幾季做了幾項資產剝離。

Where are you guys today in terms of further portfolio pruning, or how do you look at your portfolio today? And do you see any other opportunities to divest and get rid of non-core work?

就進一步精簡投資組合而言，你們目前處於什麼狀態？或者你們如何看待目前的投資組合？你們是否看到任何其他機會可以剝離、處分非核心業務？

So we've been really happy with the overall portfolio over the last 18 months. Our book-to-bill has been very strong. We've seen opportunities for markets and these emerging accelerating growth markets really settling in and starting to deliver on what the expectation is there.

過去 18 個月我們對整體投資組合非常滿意。我們的接單出貨比（book-to-bill）一直非常強勁。我們也看到市場機會，以及這些新興、加速成長的市場正在逐步到位，並開始交付原先的預期成果。

But of course, we're always going to look strategically at what -- where the real key growth drivers are, where we can drive margin expansion and will assess different parts of our portfolio and are they all aligned to our strategic objectives.

但當然，我們也會持續從策略角度檢視：真正的關鍵成長驅動因素在哪裡、我們在哪裡能推動利潤率擴張；我們會評估投資組合的不同部分，看看它們是否都與我們的策略目標一致。

And what I would say is we do a normal strategic planning process, we treat to the Board actually greater this year, closer to September.

我想說的是，我們有一套正常的策略規劃流程；我們實際上會在今年更晚一些、接近 9 月時向董事會進行簡報。

And it's just part of the review that we would do is looking at the overall portfolio, looking at our -- what's happening in our growth areas, where are the strong tailwinds and are there opportunities to shape the portfolio that would help drive investment in markets that we think, have greater growth potential or greater potential to drive margin.

而我們會做的其中一部分檢視，就是看整體投資組合、看我們的成長領域正在發生什麼、哪些地方有強勁順風；以及是否存在塑造投資組合的機會，以協助我們把投資導向我們認為具有更高成長潛力或更高利潤率驅動潛力的市場。

So I think that's just a normal valuation that happens in the normal strategic planning process that we'll go through this year.

所以我認為，這就是在正常策略規劃流程中會進行的例行評估，我們今年也會走完這個流程。

But overall, thus far, we've been pretty happy with the entire portfolio and what it's doing.

但整體而言，到目前為止，我們對整個投資組合及其表現都相當滿意。

Great. I'll leave it at one.

很好。我就先問到這裡。

Thank you. There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect

謝謝。目前沒有其他問題。各位女士、先生，今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛線。