Booz Allen Hamilton Holding Corp (BAH) 2024 Q4 法說會逐字稿

Good morning. Thank you for standing by, and welcome to Booz Allen Hamilton's earnings call covering Fourth Quarter Fiscal Year 2024 Results.

早安.感謝您的耐心等待，歡迎參加 Booz Allen Hamilton 的財報電話會議，該電話會議涉及 2024 財年第四季度業績。

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to Mr. Nathan Rutledge.

我現在想把電話轉給內森·拉特利奇先生。

Thank you. Good morning. And thank you for joining us for Booz Allen's Fourth Quarter Fiscal Year 2024 Earnings Call. We hope you've had an opportunity to read the press release we issued earlier this morning. We have also provided presentation slides on our website and are now on Slide 2.

謝謝。早安.感謝您參加博思艾倫 2024 財年第四季財報電話會議。我們希望您有機會閱讀我們今天早上早些時候發布的新聞稿。我們還在我們的網站上提供了簡報幻燈片，現在位於幻燈片 2 上。

With me today to talk about our business and financial results are Horacio Rozanski, our President and Chief Executive Officer; and Matt Calderone, Executive Vice President and Chief Financial Officer.

今天與我一起談論我們的業務和財務表現的是我們的總裁兼執行長 Horacio Rozanski；執行副總裁兼財務長 Matt Calderone。

As shown on the disclaimer on Slide 3, please keep in mind that some of the items we will discuss this morning are forward-looking and may relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from forecasted results disclosed in our SEC filings and on this call.

如幻燈片3 上的免責聲明所示，請記住，我們今天早上將討論的一些項目是前瞻性的，可能與未來事件或我們未來的財務業績有關，並涉及已知和未知的風險、不確定性和其他因素。

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements and speak only as of the date made. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

所有前瞻性陳述均完全受到前述警告性陳述的明確限制，並且僅代表截至做出之日的情況。除法律要求外，我們不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

During today's call, we will also discuss some non-GAAP financial measures and other metrics, which we believe provide useful information for investors. We include an explanation of adjustments and other reconciliations of our non-GAAP measures to the most comparable GAAP measures in our fourth quarter fiscal year 2024 earnings release and slides. Numbers presented may be rounded and as such, may vary slightly from those in our public disclosure.

在今天的電話會議中，我們還將討論一些非公認會計準則財務指標和其他指標，我們認為這些指標為投資者提供了有用的信息。我們在 2024 財年第四季財報發布和投影片中解釋了非 GAAP 指標與最具可比性 GAAP 指標的調整和其他調整。提供的數字可能經過四捨五入，因此可能與我們公開揭露的數字略有不同。

It is now my pleasure to turn the call over to our CEO and President, Horacio Rozanski. We are now on Slide 4.

現在我很高興將電話轉給我們的執行長兼總裁 Horacio Rozanski。我們現在在幻燈片 4 上。

Thank you, Nathan, and good morning, everyone. Thank you for joining the call. Before diving into the content of this earnings call, I would like to share some news regarding our Board of Directors. On May 21, Dr. Ralph Shrader, our Board Chair, informed the Board of his intention to not stand for reelection and to retire effective July 24, which is our Annual Stockholders' Meeting. It is impossible to fully account for Ralph's contributions to Booz Allen, to our investors and our people, to the country and to so many of us personally.

謝謝你，內森，大家早安。感謝您加入通話。在深入討論本次財報電話會議的內容之前，我想先分享一些關於我們董事會的消息。 5 月 21 日，我們的董事會主席 Ralph Shrader 博士通知董事會，他打算不再競選連任，並於 7 月 24 日（即我們的年度股東大會）起退休。不可能完全解釋拉爾夫對博思艾倫、對我們的投資者和我們的人民、對國家以及對我們許多人個人的貢獻。

Earlier this spring, Ralph celebrated 50 years with Booz Allen in a career that spanned many roles, including CEO and now Chair. His impact and his legacy will forever be ingrained in the fabric of our company, guiding us and inspiring us as we chart the course for our continued success. Thank you, Ralph, for all you have done for Booz Allen, and on a personal note, for all you have taught me, thank you.

今年春天早些時候，拉爾夫慶祝了博思艾倫公司成立 50 週年，他的職業生涯跨越了多個職位，包括執行長和現任董事長。他的影響力和遺產將永遠根植於我們公司的結構中，在我們制定持續成功的路線時指導和激勵我們。拉爾夫，謝謝你為博思艾倫所做的一切，就我個人而言，謝謝你教給我的一切，謝謝。

I am deeply honored and humbled to have been chosen by our Board of Directors to serve as Chair of our Board after Ralph's retirement. I look forward to serving our company as Chair and CEO, working closely with our newly appointed Lead Independent Director, Mark Gaumond. In our new roles, Mark and I will continue Booz Allen's commitment to excellence and values that have been the hallmark of our company for the past 11 decades.

在拉爾夫退休後，我被董事會選為董事會主席，我深感榮幸和謙卑。我期待著擔任我們公司的董事長兼首席執行官，與我們新任命的首席獨立董事 Mark Gaumond 密切合作。在我們的新崗位上，馬克和我將繼續秉承博思艾倫對卓越和價值觀的承諾，這也是我們公司過去 11 年來的標誌。

And now Matt and I are proud to share exceptional financial results for fiscal year 2024. The year that ended March 31 marks our best performance since Booz Allen went public. Revenue and earnings both increased more than 15%, nearly all organic. This outstanding performance builds on double-digit revenue growth in the prior fiscal year, and solidifies our standing as an organic growth leader in the industry. Year after year, Booz Allen consistently delivers. This speaks to the relevance of our work, the soundness of our strategy and the trust our clients place in us. And most importantly, our results are a testament to Booz Allen's amazing team of more than 34,000 purpose-driven professionals.

現在，馬特和我很自豪地分享 2024 財年的出色財務業績。營收和獲利均成長超過 15%，幾乎都是有機成長。這項出色的業績建立在上一財年兩位數營收成長的基礎上，鞏固了我們作為產業有機成長領導者的地位。年復一年，博思艾倫始終如一地交付成果。這證明了我們工作的相關性、我們策略的健全性以及客戶對我們的信任。最重要的是，我們的結果證明了博思艾倫擁有超過 34,000 名目標驅動的專業人士組成的出色團隊。

This morning, I will describe how our VoLT strategy is fueling our performance and positioning us for the future. I will also address potential market volatility in the near term, and share our operational priorities for the fiscal year. Matt will then give an in-depth look at our full fiscal year 2024 results and our guidance for fiscal year 2025.

今天早上，我將介紹我們的 VoLT 策略如何提升我們的績效並為我們的未來做好定位。我還將解決近期潛在的市場波動問題，並分享我們本財年的營運重點。然後，Matt 將深入介紹我們 2024 財年的完整業績以及 2025 財年的指導。

Let's begin with our strategy. Our team's consistent execution of VoLT has brought us to where we are today. Booz Allen is 110 years young. We are operating at peak performance and are as vibrant as ever entering our 12th decade. Since our founding, this company has anticipated and led change for ourselves and for our clients.

讓我們從我們的策略開始。我們團隊對 VoLT 的持續執行使我們取得了今天的成就。博思艾倫今年已經 110 歲了。我們正在以最佳績效運營，並在進入第 12 個十年時一如既往地充滿活力。自成立以來，這家公司一直為我們自己和我們的客戶預測並引領變革。

Today's change factor is involved which stands for velocity, leadership and technology. VoLT has put us at the center of the technology transformation taking place across the federal government. VoLT powers our long-term growth in 2 key ways. First, we have positioned ourselves at the center of missions of national importance. And second, we have become a leader in injecting cutting-edge technologies into these missions.

當今的變革因素涉及速度、領導力和技術。 VoLT 讓我們處於整個聯邦政府技術轉型的中心。 VoLT 透過兩個關鍵方式推動我們的長期成長。首先，我們將自己置於國家重要使命的中心。其次，我們已成為向這些任務注入尖端技術的領導者。

Allow me to take the next few minutes to describe what it looks like for Booz Allen and for our clients. One example of these dynamics is our increasing role in the Indo-Pacific region. As I have discussed previously, Booz Allen is deeply committed to the Pacific and have supported U.S. national security priorities there for decades. We continue to support INDOPACOM's most pressing requirements from accelerated readiness to Mission Systems. We do so by leveraging technologies such as cyber, 5G and artificial intelligence to deliver scaled solutions at mission speeds.

請容許我用接下來的幾分鐘來描述一下博思艾倫和我們的客戶的狀況。這些動態的一個例子是我們在印度-太平洋地區日益增強的角色。正如我之前所討論的，博思艾倫堅定地致力於太平洋地區，數十年來一直支持美國在該地區的國家安全優先事項。我們繼續支援印太司令部從加速準備任務系統的最迫切要求。為此，我們利用網路、5G 和人工智慧等技術以任務速度提供大規模解決方案。

In the past 6 weeks, I have spent time in Japan and Hawaii. I have met with many senior U.S. and allied military and government leaders to reinforce our commitment to helping maintain peace and stability in the region. Booz Allen's presence in this vital area continues to grow as we invest in new capabilities, partnerships and talent to support the broadening set of missions.

在過去的六週裡，我在日本和夏威夷度過了時光。我會見了許多美國和盟國高級軍事和政府領導人，以加強我們幫助維護該地區和平與穩定的承諾。隨著我們投資於新的能力、合作夥伴關係和人才以支持不斷擴大的使命，博思艾倫在這一重要領域的影響力不斷擴大。

A second example of the power of VoLT is our support of the digital transformation of the Department of Veterans Affairs. At the VA, we work closely with our clients to leverage technologies already proven in the private sector to enhance the care and service of our nation's veterans from reducing endemic homelessness to optimizing virtual care and clinical triage services. It has also allowed us to effectively scale our team and technology solutions to meet the unprecedented growth of PACT Act claims associated with veterans exposed to toxic substances.

VoLT 力量的第二個例子是我們對退伍軍人事務部數位轉型的支持。在退伍軍人管理局，我們與客戶密切合作，利用私營部門已經驗證的技術來加強對我國退伍軍人的護理和服務，從減少地方性無家可歸到優化虛擬護理和臨床分診服務。它還使我們能夠有效地擴展我們的團隊和技術解決方案，以滿足與接觸有毒物質的退伍軍人相關的 PACT 法案索賠的空前增長。

Within the 16 months following the passage of the PACT Act, the VA has processed over 1.5 million claims and awarded over $3.8 billion in payments to veterans. We helped the VA automate important review steps for a portion of these claims, shortening the process and overcoming what would have been a largely manual manpower-intensive process. These examples, along with similar efforts across multiple federal health agencies, have helped double the size of our health business in the last 5 years to roughly $2 billion in fiscal year '24.

在 PACT 法案通過後的 16 個月內，退伍軍人管理局處理了超過 150 萬起索賠，並向退伍軍人發放了超過 38 億美元的付款。我們幫助退伍軍人事務部對部分索賠的重要審查步驟進行自動化，縮短了流程並克服了大部分手動人力密集型流程。這些例子加上多個聯邦衛生機構的類似努力，幫助我們的醫療業務規模在過去 5 年中翻了一番，在 24 財年達到了約 20 億美元。

A third example of VoLT in action is artificial intelligence. Before AI came into the public consciousness, Booz Allen anticipated and prepared for the moment we are in now.

VoLT 實際應用的第三個例子是人工智慧。在人工智慧進入公眾意識之前，博思艾倫就為我們現在所處的時刻做好了預見和準備。

We invested ahead of the market in talent and capabilities to win early-stage work and build a leading position. And so today, as AI becomes ubiquitous across the U.S. government, we are recognized as the leading provider of AI services to the federal government by Deltek's 2024 report.

我們在人才和能力方面領先於市場進行投資，以贏得早期工作並建立領先地位。因此，今天，隨著人工智慧在美國政府中變得無所不在，Deltek 的 2024 年報告將我們視為聯邦政府人工智慧服務的領先提供者。

In FY '24, our AI revenue grew to nearly $600 million, and we aspire to grow this business to over $1 billion in the next couple of years. As AI is increasingly integrated into more and more contracts, we will continue to invest in our AI talent base through both hiring and upscaling. We are also partnering with a range of other technology firms to bring commercial dual-use tech to our clients faster. Without a doubt, Booz Allen is a team on the move and VoLT is working as our accelerator.

在 24 財年，我們的人工智慧營收成長到近 6 億美元，我們希望在未來幾年內將這項業務成長到超過 10 億美元。隨著人工智慧越來越多地融入越來越多的合約中，我們將繼續透過招募和擴大規模來投資我們的人工智慧人才庫。我們也與一系列其他科技公司合作，更快地將商業軍民兩用科技帶給我們的客戶。毫無疑問，Booz Allen 是一支不斷前進的團隊，而 VoLT 則是我們的加速器。

But beyond all the specific examples, the ultimate proof point of our VoLT strategy is our performance against the goals we set out in our investment thesis 2.5 years ago. As we begin the final year of our 3-year trajectory, we are issuing guidance at the top end of our original EBITDA target of $1.2 billion to $1.3 billion in fiscal year 2025. Over the 3-year period of the investment thesis, we will have grown our EBITDA by more than 1/3, virtually all organic. Our organic outperformance gives us greater momentum as well as balance sheet strength and operational resiliency as we look to capture new opportunities in an increasingly challenging market.

但除了所有具體例子之外，我們 VoLT 策略的最終證明點是我們對 2.5 年前投資論文中設定的目標的表現。在我們開始 3 年軌蹟的最後一年之際，我們將在 2025 財年 EBITDA 目標上限（即 12 億至 13 億美元）的基礎上發布指引。成長了1/3 以上，幾乎全部是有機成長。當我們希望在日益充滿挑戰的市場中抓住新機會時，我們的有機優異表現為我們提供了更大的動力、資產負債表實力和營運彈性。

Looking at the coming months, we recognize the potential disruption, a contentious election and other societal and geopolitical factors may cause this fall. Elections can bring about uncertainty, particularly to the budget process. Despite this, there are 2 things of which we are certain. The clients we serve are focused on fulfilling their missions and service to our nation, and we are poised to support them every step of the way. As in prior years, our operating philosophy for FY '25 is to build momentum in the first half of the fiscal year to mitigate any increasing volatility in the second half.

展望未來幾個月，我們認識到潛在的破壞、有爭議的選舉以及其他社會和地緣政治因素可能會導致今年的下跌。選舉可能帶來不確定性，尤其是預算過程。儘管如此，我們還是有兩件事是確定的。我們服務的客戶專注於履行他們的使命並為我們的國家服務，我們準備好為他們的每一步提供支援。與往年一樣，我們 25 財年的營運理念是在本財年上半年建立勢頭，以減輕下半年日益加劇的波動性。

To do this, our operational priorities include the following: first, we must take full advantage of our record proposal pipeline, which includes a number of large new programs and recompetes; second, we will continue to transform how we execute our existing business. We seek to increase the speed and precision with which we deliver key technologies into programs and to drive efficiency and effectiveness across all of our support functions; and third, we will continue to implement VoLT at full speed, maximizing the value of our increased investments in people, market positions and new technologies.

為此，我們的營運重點包括：首先，我們必須充分利用我們的創紀錄提案管道，其中包括許多大型新項目和重新競爭；其次，我們將繼續改變現有業務的執行方式。我們力求提高將關鍵技術交付到專案中的速度和精確度，並提高所有支援職能的效率和效能；第三，我們將繼續全速實施 VoLT，使我們在人員、市場地位和新技術方面增加的投資價值最大化。

Our overarching goal for FY '25 is to further differentiate Booz Allen by demonstrating our unique ability to drive technology into mission outcomes faster and better than anyone else.

我們 25 財年的總體目標是透過展示我們比其他任何人更快、更好地將技術推動到任務成果的獨特能力，進一步使博思艾倫脫穎而出。

In summary, while respectful of the inherent volatility in our environment, we remain very optimistic about our growth prospects. The Booz Allen team is market-tested and exceptional. I am in awe of the incredible people I have the privilege to work with, of the impact they have on our clients, and of the outstanding performance they create year after year. Their skill and passion are at the center of who we are as a company, and they are the reason for our continued success.

總之，在尊重環境固有波動性的同時，我們對成長前景仍然非常樂觀。博思艾倫團隊經過市場考驗，表現出色。我對有幸與之共事的那些令人難以置信的人、他們對我們客戶的影響以及他們年復一年創造的出色表現感到敬畏。他們的技能和熱情是我們公司的核心，也是我們持續成功的原因。

And now Matt, over to you to take us through our financial results and fiscal year 2025 guidance.

現在，Matt，請您向我們介紹我們的財務業績和 2025 財年指導。

Thank you, Horacio, and good morning, everyone. I've spent a good deal of time recently thinking about Booz Allen's 110-year legacy of foresight, innovation, execution and transformation. Booz Allen is the ultimate compounder. Quarter after quarter, year after year, we set goals and we deliver, always driving forward each step building on the one before. This creates exceptional value for our clients, our people and our shareholders.

謝謝你，奧拉西奧，大家早安。最近，我花了很多時間思考 Booz Allen 110 年來的遠見、創新、執行和轉型遺產。博思艾倫是終極複合者。季復一季、年復一年，我們設定目標並交付成果，始終在前一步的基礎上向前邁進。這為我們的客戶、員工和股東創造了非凡的價值。

In this spirit, we continued to build in the fourth quarter, delivering excellent results to complete an extraordinary fiscal year 2024. By almost any financial metric, this was the best fiscal year in our history.

本著這種精神，我們在第四季度繼續發展，取得了優異的業績，完成了非凡的 2024 財年。

Our VoLT strategy is working. We enter fiscal year 2025 with significant strategic, operational and financial momentum. Once again, we are positioned to deliver robust organic growth, strong earnings and free cash flow and exceptional shareholder value.

我們的 VoLT 策略正在發揮作用。進入 2025 財年，我們的策略、營運和財務動能強勁。我們再次致力於實現強勁的有機成長、強勁的獲利、自由現金流以及卓越的股東價值。

This morning, I will start by briefly touching on our fourth quarter highlights, then delve deeper into our fiscal 2024 performance, and finally, cover our fiscal 2025 guidance.

今天早上，我將首先簡要介紹我們第四季度的亮點，然後深入探討我們 2024 財年的業績，最後介紹我們的 2025 財年指導。

Please turn now to Slide 6. I am proud to say that we met or exceeded all of our objectives for the fourth quarter. We continue to build on many of the trends that Horacio and I have highlighted on recent calls, positioning the company in areas of enduring national importance at the intersection of mission and technology, delivering remarkably consistent performance, operating efficiently while investing in the future and building momentum and resilience. To cover a few of the financial highlights for our fourth quarter, total revenue was approximately $2.8 billion, up 14% year-over-year. All of this growth was organic.

現在請翻到投影片 6。我們繼續以霍拉西奧和我在最近電話會議中強調的許多趨勢為基礎，將公司定位在使命和技術交叉點上具有持久國家重要性的領域，提供非常一致的績效，高效運營，同時投資未來並建立動力和韌性。回顧第四季的一些財務亮點，總收入約為 28 億美元，年增 14%。所有這些增長都是有機的。

Adjusted EBITDA grew to $287 million, 24% over the prior year quarter. This translated to an adjusted EBITDA margin of 10.3%. We generated $1.33 in adjusted diluted earnings per share, up 32% year-over-year. We added 364 net client staff and recorded a book-to-bill of 0.82x, in line with our expectations. Finally, we returned $194 million of capital to investors through dividends and share repurchases in the fourth quarter.

調整後 EBITDA 增至 2.87 億美元，比去年同期成長 24%。這意味著調整後的 EBITDA 利潤率為 10.3%。我們的調整後稀釋每股收益為 1.33 美元，年增 32%。我們淨增加了 364 名客戶員工，訂單出貨比為 0.82 倍，符合我們的預期。最後，我們在第四季透過股息和股票回購向投資者返還了 1.94 億美元的資本。

Thanks to the hard work of people across our company, we closed the fiscal year stronger than expected. For the full fiscal year, total revenue grew 15% year-over-year to $10.7 billion. This exceeded the top end of our guidance, driven by strong demand, healthy hiring across our portfolio and higher-than-anticipated billable expenses in the fourth quarter. Organic revenue was up 14.5% year-over-year, and revenue excluding billable expenses increased 14.4%.

由於我們公司全體員工的辛勤工作，我們以超出預期的成績結束了本財年。整個財年，總營收年增 15%，達到 107 億美元。由於強勁的需求、整個投資組合的健康招聘以及第四季度的計費費用高於預期，這超出了我們指導的上限。有機收入年增 14.5%，扣除可計費費用的收入成長 14.4%。

Our revenue growth was broad-based. Our Defense business continued to accelerate. Revenue grew about 20% year-over-year, with double-digit growth across most portions of the Defense portfolio. Performance in our Civil business was also excellent, up roughly 18% from last fiscal year. Our Civil sector has now reported 9 consecutive quarters of double-digit organic growth. Our Intelligence business is on a strong vector for the future. Revenue grew 5% year-over-year, exceeding our expectations. We are pleased with both the supply side and demand side momentum in this business.

我們的營收成長基礎廣泛。我們的國防業務持續加速。營收年增約 20%，國防產品組合的大部分業務均實現兩位數成長。我們的民用業務的業績也非常出色，比上一財年增長了約 18%。我們的民用部門現已連續 9 個季度實現兩位數的有機成長。我們的情報業務正處於未來的強大發展方向。營收年增5%，超出我們的預期。我們對該業務的供應方和需求方勢頭感到滿意。

Finally, our global commercial business, which represented 2% of revenue in the fiscal year was down 25% year-over-year, reflecting previously disclosed divestitures. Given its small relative size, going forward, we will not report our commercial results separately.

最後，佔本財年收入 2% 的全球商業業務年減 25%，反映了先前揭露的資產剝離情況。鑑於其相對規模較小，未來我們將不會單獨報告我們的商業表現。

Moving to the demand picture on Slide 7, we ended fiscal year 2024 with net bookings of $13.3 billion and a trailing 12-month book-to-bill of 1.25x. Total backlog as of March 31 was $33.8 billion, up 8.4% year-over-year.

轉向投影片 7 上的需求圖，我們在 2024 財年結束時淨預訂量為 133 億美元，過去 12 個月的預訂比為 1.25 倍。截至 3 月 31 日，未完成訂單總額為 338 億美元，年增 8.4%。

Looking ahead, our fiscal year 2025 qualified pipeline is robust, standing at $63.8 billion or 38% higher than a year ago. This includes a number of exciting opportunities across the portfolio as well as some accelerated recompetes in our Civil and Defense businesses. With federal funding in place through September, we are working to aggressively capture and start as much work as possible in advance of the upcoming election and the new government fiscal year. In short, we have the backlog, pipeline and market momentum necessary to drive future growth.

展望未來，我們 2025 財年的合格管道十分強勁，達到 638 億美元，比一年前增加 38%。這包括整個產品組合中的許多令人興奮的機會，以及我們的民防和國防業務中的一些加速重新競爭。隨著 9 月聯邦資金到位，我們正在努力在即將到來的選舉和新政府財政年度之前積極爭取並啟動盡可能多的工作。簡而言之，我們擁有推動未來成長所需的積壓、管道和市場動力。

Turning now to the supply side. As Horacio noted, we closed the fiscal year with more than 34,000 employees. Our client staff headcount increased 7.4% year-over-year, setting us up well for fiscal year 2025.

現在轉向供給面。正如 Horacio 指出的那樣，在本財政年度結束時，我們擁有超過 34,000 名員工。我們的客戶員工人數年增 7.4%，為我們 2025 財年的發展奠定了良好的基礎。

Total headcount was up 7.2%. Our relentless focus on culture and the employee experience at Booz Allen continues to pay dividends, not just in our consistent headcount growth, but also in our low attrition and strong referral and application numbers.

總人數增加了 7.2%。我們對博思艾倫文化和員工體驗的不懈關注繼續帶來紅利，不僅體現在我們員工人數的持續增長，還體現在我們的低人員流失以及強勁的推薦和申請數量。

Moving now to the bottom line. We earned $1.175 billion in adjusted EBITDA for the fiscal year. This is 16% higher than in fiscal year 2023 and at the top end of our updated guidance range. Our adjusted EBITDA margin of 11% was flat year-over-year, in line with our expectations. This profit growth was generated by our excellent top line growth, strong contract-level performance and a disciplined approach to operations and investment.

現在轉到底線。本財政年度我們調整後的 EBITDA 營收為 11.75 億美元。這比 2023 財年高出 16%，處於我們更新的指導範圍的上限。我們調整後的 EBITDA 利潤率為 11%，與去年同期持平，符合我們的預期。這種利潤成長得益於我們出色的營收成長、強勁的合約水準績效以及嚴格的營運和投資方法。

Our leaders continue to manage the business very well. This has allowed us to do 3 things simultaneously, increase investment in the talent, technologies and partnerships needed to solve emerging mission challenges; transform key corporate functions; and continue to get scale in our operations.

我們的領導者繼續很好地管理業務。這使我們能夠同時做三​​件事：增加對解決新出現的任務挑戰所需的人才、技術和合作夥伴關係的投資；轉變關鍵的企業職能；並繼續擴大我們的營運規模。

Working down the P&L, our net income was $606 million, 123% higher year-over-year. Adjusted net income increased 19% year-over-year to $719 million. Diluted earnings per share grew to $4.59 per share, up 126% year-over-year. Adjusted diluted earnings per share grew 21% year-over-year to $5.50. These results include significantly higher interest expense for the fiscal year, offset in part by a lower-than-anticipated ADEPS tax rate in the fourth quarter.

以損益表計算，我們的淨利潤為 6.06 億美元，年增 123%。調整後淨利潤年增 19%，達到 7.19 億美元。稀釋每股收益增至每股 4.59 美元，較去年同期成長 126%。調整後稀釋每股盈餘年增 21% 至 5.50 美元。這些結果包括本財年利息支出大幅增加，但第四季度 ADEPS 稅率低於預期，部分抵銷了這一影響。

Moving now to the balance sheet. We ended the fiscal year with $554 million of cash on hand, net debt of $2.86 billion and a net leverage ratio of 2.4x adjusted EBITDA for the trailing 12 months. We have ample capacity to continue executing our disciplined capital deployment strategy.

現在轉向資產負債表。在本財年結束時，我們手頭現金為 5.54 億美元，淨債務為 28.6 億美元，過去 12 個月的調整後 EBITDA 淨槓桿率為 2.4 倍。我們有足夠的能力繼續執行我們嚴格的資本部署策略。

Free cash flow for the fiscal year was $192 million, the result of $259 million of cash from operating activities, less $67 million of CapEx. Note that this CapEx excludes $16 million of accrued expenditures that were paid in early fiscal year 2025.

本財年的自由現金流為 1.92 億美元，其中 2.59 億美元來自營運活動現金，減去 6,700 萬美元的資本支出。請注意，此資本支出不包括 2025 財年年初支付的 1,600 萬美元的應計支出。

From a free cash flow perspective, this was offset by an unanticipated $13 million cash tax outlay related to contested DC tax assessments, which is further described in our 10-K.

從自由現金流的角度來看，這被與有爭議的 DC 稅務評估相關的意外 1300 萬美元現金稅支出所抵消，這在我們的 10-K 中進行了進一步描述。

Collections were strong for the fiscal year, and cash outflows remain consistent with our outsized growth and ongoing investments in our business. Excluding onetime events, cash performance improved in fiscal year 2024 and this will remain an area of focus going forward.

本財年的收款強勁，現金流出與我們的超額成長和持續的業務投資保持一致。排除一次性事件，2024 財年的現金績效有所改善，仍將是未來的重點領域。

Turning to capital deployment on Slide 8. In fiscal year 2024, we returned $668 million of capital to shareholders. This included $415 million in share repurchases at an average price of $116.81 per share as well as $253 million in quarterly cash dividends. Additionally, we made $23 million of strategic investments through our corporate venture capital program.

轉向投影片 8 上的資本部署。其中包括以每股 116.81 美元的平均價格回購 4.15 億美元的股票，以及 2.53 億美元的季度現金股利。此外，我們也透過企業創投計畫進行了 2,300 萬美元的策略性投資。

While we completed no acquisitions last fiscal year, strategic acquisitions are still an important part of our capital deployment strategy as we focus on bringing technology to mission at speed and scale. We are pursuing a healthy pipeline of small to midsize tuck-ins. As a firm, we remain committed to maximizing long-term shareholder value through efficient capital allocation.

雖然我們在上一財年沒有完成任何收購，但策略性收購仍然是我們資本部署策略的重要組成部分，因為我們專注於以速度和規模將技術帶入使命。我們正在追求健康的中小型捲入管道。作為一家公司，我們仍然致力於透過有效的資本配置來最大化長期股東價值。

Finally, I'll note that our Board has approved a quarterly dividend of $0.51 per share, which will be payable on June 28 to stockholders of record as of June 13. The Board also approved an increase of $525 million to our share repurchase authorization, bringing our available capacity to $1 billion as of March 31.

最後，我要指出的是，我們的董事會已批准每股0.51 美元的季度股息，將於6 月28 日向截至6 月13 日在冊的股東支付。美元，截至 3 月 31 日，我們的可用產能達到 10 億美元。

I will now take you through our fiscal year 2025 guidance. Please turn to Slide 9. Given our fiscal year aligns with government funding cycles, we typically plan for a strong first half and a more uncertain second half. We are doing the same this fiscal year. We entered this fiscal year with significant momentum, but anticipate continued uncertainty from societal and geopolitical conflicts, the upcoming election and possible disagreements about the next budget cycle. In this environment, we are focused on controlling what we can control.

我現在將向您介紹我們的 2025 財年指導。請參閱投影片 9。本財政年度我們也在做同樣的事情。我們以強勁的勢頭進入本財年，但預計社會和地緣政治衝突、即將到來的選舉以及對下一個預算週期可能存在的分歧將繼續帶來不確定性。在這種環境下，我們專注於控制我們能控制的事物。

We are positioning our business for continued growth to keep driving forward, to keep compounding.

我們將我們的業務定位為持續成長，不斷前進，不斷複合。

Let's now walk through our fiscal year 2025 guidance. At the top line, we expect organic revenue growth of 8% to 11%. This range takes into account several variables, including the extent to which we win and start work, the potential for drawn-out federal budget negotiations and the timing and pace of headcount gains. We are again targeting mid-single-digit headcount growth for the fiscal year. We expect to deliver adjusted EBITDA dollars in the range of $1.26 billion to $1.3 billion. As Horacio noted, this is the high end of our investment thesis range. We expect to achieve this almost entirely through organic performance, creating significant balance sheet capacity for the future.

現在讓我們來看看我們的 2025 財年指導。在營收方面，我們預期有機收入將成長 8% 至 11%。這個範圍考慮了幾個變量，包括我們獲勝和開始工作的程度、曠日持久的聯邦預算談判的可能性以及員工人數增加的時間和速度。我們再次將本財年的員工人數成長目標定為中個位數。我們預計調整後的 EBITDA 金額將在 12.6 億美元至 13 億美元之間。正如奧拉西奧指出的，這是我們投資理論範圍的高端。我們預計幾乎完全透過有機績效來實現這一目標，為未來創造巨大的資產負債表能力。

The implied full fiscal year adjusted EBITDA margin is about 11%, on par with fiscal year 2024. We expect ADEPS of between $5.80 and $6.05 per share. This assumes an adjusted effective tax rate of between 23% and 25%, an increase from the prior fiscal year as well as a marginally higher interest expense in the range of $180 million to $190 million.

隱含的整個財年調整後 EBITDA 利潤率約為 11%，與 2024 財年持平。假設調整後的有效稅率在 23% 至 25% 之間，較上一財年有所增加，且利息支出略有增加，介於 1.8 億美元至 1.9 億美元之間。

Lastly, we expect operating cash flow of between $825 million and $925 million, and free cash flow of between $725 million and $825 million. This assumes CapEx spend of around $100 million, including the previously mentioned accrued expenditure that shifted from the fiscal fourth quarter and was paid in early fiscal year 2025.

最後，我們預計營運現金流在 8.25 億美元至 9.25 億美元之間，自由現金流在 7.25 億美元至 8.25 億美元之間。假設資本支出約為 1 億美元，包括前面提到的從第四財季轉移並在 2025 財年年初支付的應計支出。

In closing, I want to reiterate how proud I am of the outstanding year we just delivered. The momentum we built translates into a strong guide for fiscal year 2025 and a great finish to our 3-year investment thesis. Our VoLT strategy is working, and we continue to deliver value to all of our stakeholders. This is a real testament to our people and the enduring power of Booz Allen.

最後，我想重申我對我們剛剛度過的出色的一年感到多麼自豪。我們所建立的勢頭轉化為 2025 財年的強大指南，並為我們的三年投資論文畫上了圓滿的句號。我們的 VoLT 策略正在發揮作用，我們將繼續為所有利害關係人提供價值。這是對我們員工和博思艾倫持久力量的真實證明。

With that, operator, let's open the line for questions.

那麼，接線員，讓我們打開提問線路。

(Operator Instructions)

（操作員說明）

Our first question comes from Mariana Perez Mora with Bank of America.

我們的第一個問題來自美國銀行的瑪麗安娜·佩雷斯·莫拉。

So my question is about this recent memo on AI that the Biden administration put forward and the memo mandates that each agency will have to appoint a Chief AI Officer. Have you seen any of those like that increased demand come through? Or how are you thinking about opportunities as these new officers actually think about their AI strategy, use cases and all those things?

所以我的問題是關於拜登政府最近提出的關於人工智慧的備忘錄，該備忘錄要求每個機構必須任命一名首席人工智慧長。您是否看過這樣的需求增加的情況？或者，當這些新官員實際思考他們的人工智慧策略、用例和所有這些事情時，你如何看待機會？

Mariana, thank you for the question. Here's how I think about it. AI is becoming an integral part of how the federal government operates. We are seeing it more and more over the last couple of years. You've heard me talk about things moving from demonstration projects to prototypes. We're now entering the scale phase. And so it makes sense that governing AI correctly in these agencies, managing the resources and the investments against it, be done, and it makes sense that some of these agencies have already Chief Data and AI officers, and they're making a difference. And Booz Allen's has been poised to take advantage of this growth in AI now for several years. I think you know we've been talking about this from before it became popular and our business is growing.

瑪麗安娜，謝謝你的提問。我是這麼想的。人工智慧正在成為聯邦政府運作方式不可或缺的一部分。在過去的幾年裡，我們越來越常看到這種情況。您已經聽過我談論從演示項目到原型的轉變。我們現在正進入規模化階段。因此，在這些機構中正確管理人工智慧、管理資源和投資是有意義的，其中一些機構已經擁有首席數據和人工智慧官員，而且他們正在發揮作用。博思艾倫多年來一直準​​備好利用人工智慧的這種成長。我想您知道，在它流行之前我們就一直在談論它，而且我們的業務正在成長。

As I mentioned in the prepared remarks, we are looking at a roughly $600 million business now. We are thinking that business alone will reach $1 billion in a couple of years. But more importantly, we are seeing AI become a differentiator across a lot of our procurements. And the fact that we have a leading position that is recognized externally that we're doing work that our clients see as somebody else being able to do, I think, opens doors and opportunities for Booz Allen that we're very excited about.

正如我在準備好的演講中提到的，我們現在正在考慮一項大約 6 億美元的業務。我們認為幾年內光是業務就將達到 10 億美元。但更重要的是，我們看到人工智慧成為我們許多採購的差異化因素。事實上，我們擁有外部認可的領先地位，我們正在做客戶認為其他人能夠做的工作，我認為，這為博思艾倫打開了大門和機會，我們對此感到非常興奮。

And as we look forward, we really think that AI is really AI&. It's AI and cyber, where we also have a leading position, it's AI and space where we're making significant inroads, it's AI and Zero Trust, AI and communications. And so I think Booz Allen's ability to continue to expand and grow as a result of that and to be differentiated is only going to increase in the years to come.

展望未來，我們確實認為人工智慧確實是人工智慧&。在人工智慧和網路領域，我們也處於領先地位；在人工智慧和太空領域，我們正在取得重大進展；在人工智慧和零信任、人工智慧和通訊領域。因此，我認為博思艾倫因此而繼續擴張和發展以及差異化的能力只會在未來幾年內增強。

So you mentioned AI as a differentiator. Could you please also give us some details or color around these like contracts that you have for recompete? What is the recompete risk and how you think these skills position you towards like having a stronger [IP win]?

所以你提到人工智慧是一個差異化因素。您能否也提供我們一些有關您重新競爭的合約等細節或顏色？重新競爭的風險是什麼？

Sure. Let me frame this conversation in a couple of ways. The first one is we're coming off our best year ever, right? And we're entering our FY '25 year with a lot of momentum. VoLT, our strategy, is working. And with the V in VoLT is for velocity, and we are faster than ever before. We're strategically, really well positioned. And as we said earlier, while we recognize the uncertainties that an election year can bring, we are guiding to the top end of our investment thesis, and we're entering this year with momentum and with resiliency, both in our balance sheet, in our portfolio and everything else.

當然。讓我用幾種方式來闡述這次談話。第一個是我們即將度過有史以來最好的一年，對吧？我們正以強勁的勢頭進入 25 財年。我們的策略 VoLT 正在發揮作用。 VoLT 中的 V 代表速度，我們比以往任何時候都快。我們在戰略上處於非常有利的位置。正如我們之前所說，雖然我們認識到選舉年可能帶來的不確定性，但我們正在指導我們的投資理論的高端，我們將以動力和彈性進入今年，無論是在我們的資產負債表上，還是在我們的投資組合和其他一切。

Recompetes are a part of our business. The reality of the business is, if you look at it over the last 5 or 10 years, we've gone from almost no billion-dollar contracts to now a significant portfolio of $1 billion-plus contracts. And it is our 5-year contracts, 20% of those on average will get recompeted every year. This year, there's a little concentration of that in our Health business and a little bit in our Defense business.

重賽是我們業務的一部分。業務的現實是，如果你看看過去 5 年或 10 年，我們已經從幾乎沒有 10 億美元的合約發展到現在擁有超過 10 億美元合約的重要投資組合。而且我們的合約為期5年，平均每年有20%會重新競爭。今年，這方面的工作主要集中在我們的健康業務和國防業務。

As I look at those, we are really well positioned by the quality of our delivery, by the uniqueness of our offerings and by the work that we do. And this is all wrapped inside of a pipeline that is a record pipeline, close to $64 billion of opportunity.

在我看來，我們的交付品質、產品的獨特性以及我們所做的工作確實處於有利地位。而這一切都包含在一個創紀錄的管道中，機會價值接近 640 億美元。

So we're looking at the year with optimism. We're laser-focused on winning our recompetes but also capturing new work and taking advantage of the fact that a number of these recompetes come with increased scope and increased ceiling, which also presents no opportunity.

因此，我們對這一年持樂觀態度。我們專注於贏得重賽，但同時也捕捉新作品，並利用這樣的事實：許多重賽的範圍和上限都更大，但這也沒有機會。

And congratulations on the appointment and congratulations to Ralph in retirement.

恭喜您的任命並祝賀拉爾夫退休。

Our next question comes from Robert Spingarn with Melius Research.

我們的下一個問題來自 Melius Research 的 Robert Spingarn。

I had a couple of questions for you, but I wanted to start, Matt, with you on the growth. You've talked about hitting high single-digit organic growth and about 3% to 5% headcount growth for the full year and a book-to-bill around 1.2 to 1.3 in order to hit that high single-digit organic growth. Now you're guiding perhaps a little bit above that. You've already said that you anticipate mid-single-digit headcount growth this year. So what should we anticipate for book-to-bill?

我有幾個問題想問你，但馬特，我想先從你的成長問題開始。您談到了要實現高個位數有機成長，全年員工人數成長約 3% 至 5%，訂單出貨比約為 1.2 至 1.3，以實現高個位數有機成長。現在你的指導可能比這個稍高一點。您已經說過，預計今年的員工人數將實現中個位數成長。那我們應該對訂單到帳單有何預期？

And then as a follow-up to that, are there any significant recompetes that you have coming up this year that we should be thinking about?

那麼，作為後續行動，今年我們應該考慮哪些重要的重新競爭？

Yes. Thanks, Rob. I'll take them in turn. Look, as Horacio said, we're entering the year with a lot of momentum, both on the supply side and the demand side. Starting the year on the supply side, with headcount growth of about 7.4%, so above the mid-single-digit headcount target that we've talked about historically, which is part of the reason we're guiding the robust 8% to 11% organic growth. And then on the demand side, 1.25x, which is sort of right in line with where we want to be.

是的。謝謝，羅布。我會依序帶他們去。瞧，正如奧拉西奧所說，我們在進入新的一年時，無論是在供應方面還是在需求方面，都充滿了動力。從今年開始，供應方面的員工人數增長約為 7.4%，高於我們歷史上討論過的中個位數員工人數目標，這也是我們指導 8% 到 11 年間強勁增長的部分原因％ 有機增長。然後在需求方面，1.25 倍，這有點符合我們想要的目標。

To give you a feel for how we anticipate the year is going to play out, we do expect that quarterly growth profile on a year-over-year basis to be strong, but maybe a little more even than last year, primarily driven by some quarterly comps. You recall last year, we grew 16% in the first half. And we'll see a similar pattern for margins, where they're more stable than our historical patterns similar to what we saw last year. We had a solid start to the year. I'm not going to call where we're going to end up on book-to-bill. So we've had a really good start, particularly on the demand side.

為了讓您了解我們預計今年將如何發展，我們確實預計季度成長狀況將較去年同期強勁，但可能會比去年更加均勻，這主要是由一些因素推動的季度比較你還記得去年，我們上半年成長了 16%。我們將看到類似的利潤率模式，它們比我們去年看到的歷史模式更穩定。我們今年有一個好的開始。我不會打電話告訴我們最終的訂單到帳單的結果。所以我們有了一個非常好的開始，特別是在需求方面。

Recompetes are part of that, but as Horacio said, we've got a really robust pipeline. It's up to 38% from where we were at this point last year. So the fact that we're targeting mid-single-digit headcount growth for this year, which typically sets us up for next year, and we've talked about the robustness of our backlog or book-to-bill and obviously, our pipeline, I think, gives you a feel for how we're thinking about growth over the medium term.

重賽是其中的一部分，但正如奧拉西奧所說，我們有一個非常強大的管道。與去年同期相比，增幅高達 38%。事實上，我們今年的目標是中個位數的員工成長，這通常為我們明年做好準備，我們已經討論了我們的積壓訂單或訂單到帳單的穩健性，顯然，我們的管道我認為，這可以讓您了解我們如何考慮中期成長。

Okay. And then Horacio, just for you, high level, and you did -- you talked a bit about AI in the prior question and throughout the call, but you've been at the forefront of things like AI, 5G, cyber, all along. And we think forward, next 5 to 10 years, curious in terms of the major growth trends where you want to be a leader, how should we think about things like quantum computing and post-quantum encryption?

好的。然後，Horacio，就您而言，高層，您確實做到了——您在之前的問題和整個電話會議中談到了人工智慧，但您一直處於人工智慧、5G、網路等領域的最前沿。我們展望未來 5 到 10 年，對您想成為領導者的主要成長趨勢感到好奇，我們應該如何考慮量子運算和後量子加密等事情？

I really appreciate that question, Rob. I mean, I think part of the reason we are sitting here feeling so good about the business is because over the last decade, we've invested on a number of things. And we missed a couple, hit a few singles, but also hit a few home runs, and that's our continued approach. So we're trying to be in front of the market. Things that we think a lot about now is the intersection of AI and cyber and AI and Zero Trust. We think a lot of our Edge, both Edge Cloud, Edge Computing and how you bring together AI at the Edge, which is actually a very significant technical challenge, and that's why we have made investments through our venture fund that position us really well on that. That's why we are building unique technology stacks with some of our technology partners that position us really well on that.

我真的很感激這個問題，羅布。我的意思是，我認為我們坐在這裡對業務感覺如此良好的部分原因是因為在過去的十年中，我們投資了很多東西。我們錯過了一些，打出了一些單打，但也打出了一些本壘打，這就是我們持續的方法。因此，我們正在努力走在市場前面。我們現在常思考的是人工智慧與網路、人工智慧與零信任的交叉點。我們對邊緣運算有很多思考，包括邊緣雲、邊緣運算以及如何將邊緣人工智慧結合在一起，這實際上是一個非常重大的技術挑戰，這就是為什麼我們透過風險基金進行投資，這使我們在那。這就是為什麼我們正在與一些技術合作夥伴建立獨特的技術堆疊，這使我們在這方面處於有利地位。

And then as you said, I mean, we -- I think we already have an embodying leadership position in quantum and PQE. I think those are all going to be fields that are going to continue to grow.

正如你所說，我的意思是，我們——我認為我們已經在量子和 PQE 領域佔據了具體的領導地位。我認為這些領域都將持續成長。

And I believe Booz Allen is continuing to build because I think our mantra is, let's focus on these missions of national importance. Let's make sure we can bring our technology to these missions. And let's make sure we can help our clients create solutions at scale beyond the prototype. I think this sort of focus on the prototype at the end be all short changes what our clients ultimately need, and that's why we're so focused on scaling.

我相信博思艾倫正在繼續建設，因為我認為我們的口號是，讓我們專注於這些具有國家重要性的使命。讓我們確保我們能夠將我們的技術用於這些任務。讓我們確保我們能夠幫助客戶創建超出原型的大規模解決方案。我認為這種對原型的關注最終都是我們客戶最終需要的短暫改變，這就是為什麼我們如此專注於擴展。

Our next question comes from Bert Subin with Stifel.

我們的下一個問題來自 Bert Subin 和 Stifel。

Horacio, I just wanted to follow up to some of your AI comments to Mariana's question and just in your prepared remarks. So when you hosted your AI& event, I guess, around AUSA last year, you were looking for FY '24 sales in the range of, I think, $500 million to $700 million. It sounds like you came in around the midpoint of that based on what you noted. You also have, however, said in your prepared remarks, you're looking to get to $1 billion in the next couple of years, so that would imply pretty significant growth.

Horacio，我只是想跟進您對瑪麗安娜問題的人工智慧評論以及您準備好的發言。因此，當您去年在 AUSA 舉辦 AI& 活動時，您希望 24 財年的銷售額在 5 億至 7 億美元之間。根據您所記錄的內容，聽起來您是在中間點附近進入的。然而，您在準備好的演講中也表示，您希望在未來幾年內達到 10 億美元，因此這意味著相當顯著的成長。

So I guess my question is, what's changing in AI in FY '25 and '26 for you to see that acceleration in growth? Is that a function of rewards taking time? Or is it a function of shifting internal investment to the contract side? And is that growth more skewed to the DoD Intel opportunity? Or has it been more Civil-driven?

所以我想我的問題是，25 財年和 26 財年人工智慧發生了哪些變化，您可以看到成長的加速？這是獎勵需要時間的函數嗎？還是內部投資轉移到合約方的功能？這種增長是否更傾向於國防部英特爾的機會？或者它更受公民驅動？

It's a really good question. I think this is where AI is in the cycle in the federal government. I think we -- there's a cycle of experimentation, there's a cycle of trying things out, then you start to get early successes and then you go vertical on scaling. And I think we're just at the very beginning of the vertical scaling phase. The rationale there is these missions are becoming increasingly complex. We talk a lot about the Pacific and the pacing threat. That set of missions poses a whole new set of challenges our nations just out of sheer scope. If you think about it sort of half of the world surface or something like that is the INDOPACOM region.

這是一個非常好的問題。我認為這就是人工智慧在聯邦政府循環中的位置。我認為我們－有一個實驗的周期，有一個嘗試的週期，然後你開始獲得早期的成功，然後你就可以垂直擴展。我認為我們正處於垂直擴展階段的開始。理由是這些任務變得越來越複雜。我們談論了很多關於太平洋和節奏威脅的話題。這一系列任務為我們各國帶來了一系列全新的挑戰，其範圍超出了我們的範圍。如果你想一下，世界表面的一半或類似的地方就是印太司令部地區。

And so when you start to look at that, you understand how important it is to actually augment humans through artificial intelligence, our clients understand that and they're coming to us for work, for help, for support as they scale these capabilities, but it is really broad-based. If you'd asked me this question 18 months ago, I would have said, it was most prominent in Intel, DoD was starting to go down that path and the civil agencies were really more focused on cloud migration than on AI. I think that has really changed. I think right now, everybody is taking advantage of the data on the cloud in particular, to drive AI into their missions. And we're well positioned to help across the board, as I said, and to integrate it into other technologies that are key to that.

因此，當你開始關注這一點時，你就會明白透過人工智慧實際上增強人類的能力是多麼重要，我們的客戶也明白這一點，他們在擴展這些能力時來找我們工作、尋求幫助和支持，但是它的基礎非常廣泛。如果你在 18 個月前問我這個問題，我會說，這個問題在英特爾最為突出，國防部也開始走這條路，而民事機構實際上更關注雲端遷移而不是人工智慧。我認為這確實發生了變化。我認為現在，每個人都在利用雲端上的數據，將人工智慧驅動到他們的任務中。正如我所說，我們處於有利地位，可以全面提供幫助，並將其整合到對此至關重要的其他技術中。

And I think part of -- for us, part of what's really powerful is while we're highlighting AI a little bit of its own because there's so much interest on it, everything we do is integrated. So it's always AI and cloud, AI and cyber, AI and Space, AI and C2. And that's I think where the power is going to come on as AI is not a standalone thing that you buy by itself. AI is an ingredient in accelerating emission needs.

我認為，對我們來說，真正強大的部分是我們強調人工智慧本身的一點點，因為人們對它非常感興趣，我們所做的一切都是整合的。所以總是人工智慧和雲端、人工智慧和網路、人工智慧和太空、人工智慧和 C2。我認為這就是人工智慧的力量所在，因為人工智慧並不是你可以單獨購買的獨立產品。人工智慧是加速排放需求的因素。

Got it. That makes a lot of sense. Matt, I have a follow-up for you. You're assuming flattish margins in FY '25. I guess as you think longer term, putting everything into this from your AI growth, cyber growth, potentially faster growth in the civil sector, what would it take for Booz to go from an 11% margin to a 12% margin?

知道了。這很有意義。馬特，我有一個後續行動要給你。您假設 25 財年的利潤率持平。我想，從長遠來看，將人工智慧成長、網路成長、民用領域可能更快的成長等所有因素都考慮在內，博斯需要怎樣才能將利潤率從 11% 提高到 12%？

It's a broad hypothetical question. First, let me start by saying, I'm really pleased with our margin profile over the past couple of years and where we're guiding. I mean we've talked about how dynamic the market is. Horacio was talking about how much the market has changed with AI and other infusion technology in the market. And to be a compounder, right, to generate the kind of consistent organic growth we've generated, you've got to invest ahead of demand. So remember, in our original investment thesis, we were guiding to mid-10s margins so that we've been able to invest at record levels and really transform our business and deliver 11% margins over the past couple of years, it really speaks volumes about the strength of our business.

這是一個廣泛的假設問題。首先，我首先要說的是，我對過去幾年我們的利潤狀況以及我們的指導方向感到非常滿意。我的意思是我們已經討論過市場的活力。 Horacio 談到了人工智慧和市場上其他輸液技術帶來的市場變化。為了成為一個複合者，為了產生我們所創造的持續有機的成長，你必須在需求之前進行投資。所以請記住，在我們最初的投資論文中，我們指導利潤率達到10 多歲左右，這樣我們就能夠以創紀錄的水平進行投資，真正改變我們的業務，在過去幾年中實現11% 的利潤率，這確實很有意義關於我們業務的實力。

I think to answer your question, it's really threefold. Can we continue to get scale out of our business? How much do we need to invest, or do we want to invest in order to continue to compound? But the inflection point probably will be around selling differently and our clients buying differently. Talked a lot about outcome-based contracting. It's still in its early stages. We're seeing some experimentation in different parts of the market. We're experimenting ourselves, but we're nowhere near being able to call that as having a material impact on our margins going forward.

我想回答你的問題，實際上有三個面向。我們能否繼續擴大業務規模？我們需要投資多少，或者我們想要投資多少才能繼續複利？但拐點可能會出現在以不同的方式銷售和我們的客戶以不同的方式購買。談了很多關於基於結果的合約。它仍處於早期階段。我們在市場的不同部分看到了一些實驗。我們正在自己進行試驗，但我們還遠遠不能稱其對我們未來的利潤率產生重大影響。

But I'm sure this will be quite the topic for our next investment thesis.

但我確信這將是我們下一篇投資論文的主題。

And our next question comes from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

I wanted to ask, maybe if you could talk a little bit more about capital deployment in the coming years. It's probably maybe a little bit of excess cash on the balance sheet, $750 million, $800 million of cash after CapEx coming this year. I guess, how do you see the M&A environment right now? Are there deals at valuations that make sense? And if not, should we expect to share -- a pickup in share repurchases this year from the 400-ish last year?

我想問一下，也許您可以多談談未來幾年的資本部署。資產負債表上可能有一點多餘的現金，7.5 億美元，今年資本支出後的 8 億美元現金。我想，您如何看待現在的併購環境？是否有估值合理的交易？如果沒有，我們是否應該期望分享——今年的股票回購數量比去年的 400 股有所增加？

You're right. We're in a good spot that we've been able to hit the top end of our investment thesis almost entirely through organic performance leaves us a lot of room on the balance sheet to deploy. I'll start by saying our capital deployment priorities have changed. Strategic M&A is our preference. But our approach (inaudible), right? We're going to remain patient and disciplined. So we didn't make any acquisitions last year. We were posting a few transactions. I feel really, really good about our pipeline.

你說得對。我們處於一個很好的位置，我們幾乎完全透過有機績效達到了投資理論的頂端，為我們的資產負債表留下了很大的部署空間。首先我要說的是我們的資本部署優先事項已經改變。策略併購是我們的偏好。但我們的方法（聽不清楚），對吧？我們將保持耐心和紀律。所以我們去年沒有進行任何收購。我們發布了一些交易。我對我們的管道感覺非常非常好。

There are more assets out in the market, including some high-quality ones. Interestingly, we're seeing, I think, a disproportionate number of carve-outs this year, which provide some opportunity, but some challenges as well. And I am actually -- I'm really encouraged by what I see.

市場上的資產越來越多，其中包括一些優質資產。有趣的是，我認為今年的剝離數量不成比例，這提供了一些機會，但也帶來了一些挑戰。事實上，我對我所看到的感到非常鼓舞。

But we're going to stay flexible. And I also appreciate that the Board has increased our share repurchase authorization, which gives us the flexibility to return value in lots of different ways.

但我們將保持靈活性。我也很感激董事會增加了我們的股票回購授權，這使我們能夠靈活地以多種不同的方式回報價值。

Okay. Excellent. And maybe as a follow-up, just more of a clarification about the outlook for the year. You talked about planning for the strong start and then maybe a little bit more uncertainty in the back half around the budget. But there's also -- so that would lead you to think, okay, maybe growth is going to be faster in the first half, but then you talk about the way that the comp is aligned. So we should be expecting this kind of 9%, 10-ish percent growth through the year and you see that happening in the back half as well, even with some of the uncertainty that you're thinking about with regard to the budget and the election?

好的。出色的。也許作為後續行動，更多的是對今年的前景進行澄清。您談到了為強勁的開局做好計劃，然後在預算的後半部分可能會出現更多的不確定性。但也有 - 所以這會讓你思考，好吧，也許上半年的成長會更快，但然後你會談論補償的調整方式。因此，我們應該預計全年會出現 9%、10% 左右的增長，而且你會看到這種情況也會在下半年發生，即使你考慮到預算和運營方面存在一些不確定性。

I think that's roughly in line with what we anticipate, a flatter profile both in terms of year-over-year growth percentage and margins over the course of the year.

我認為這大致符合我們的預期，全年的年成長百分比和利潤率都較為平穩。

Our next question comes from Tobey Sommer with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Tobey Sommer。

This is Jack Wilson on for Tobey Sommer. I know you've recently spoken about sort of how the workforce has evolved to be sort of far more technical than historically. Can you speak to sort of how the hiring trends are in terms of sort of what percentage of new hires come in with technical skills? And what are sort of -- what percent are upscale ones hired?

我是傑克威爾森 (Jack Wilson) 替托比索默 (Tobey Sommer) 發言。我知道您最近談到了勞動力是如何演變為比歷史上更技術化的。您能否從新員工中具有技術技能的比例來談談招募趨勢？高端員工的僱用比例是多少？

Why don't I start on this? I think in general, because we have become so much more of a firm that injects technology into missions of national importance, our hiring has shifted to both the mission expertise around those specific missions like we do in the Pacific, but also a broad-based technical workforce that we both upscale internally and we hire externally. I don't know that we have -- every year, we increase the percentage of our technical workforce a little bit. I think the good important trends is our attrition is down significantly year-over-year. We attribute that to -- I think the market is a little less frothy than it was a couple of years ago, but frankly, more importantly, we have done a lot of investing and a lot of work internally on binding people to our culture, on giving them internal opportunities, on training our workforce. We built an AI [ware force]. We thought it would take us a couple of years to train 10,000 people, it took us, whatever, a couple of quarters to do it or their magnitude.

我為什麼不從這個開始呢？我認為總的來說，因為我們已經成為一家為國家重要任務注入技術的公司，我們的招聘已經轉向圍繞這些特定任務的任務專業知識，就像我們在太平洋地區所做的那樣，而且也轉向了基礎廣泛的人我們既在內部升級又在外部聘用技術人員。我不知道我們每年都會稍微增加技術人員的比例。我認為一個重要的趨勢是我們的員工流動率逐年大幅下降。我們將其歸因於——我認為市場的泡沫比幾年前少了一些，但坦率地說，更重要的是，我們在內部進行了大量投資和工作，以將人們與我們的文化結合起來，為他們提供內部機會，培訓我們的員工隊伍。我們建立了一支人工智慧[軟體力量]。我們原以為培訓 10,000 人需要幾年的時間，但不管怎麼說，我們花了幾個季度的時間才完成這件事，也沒有達到如此規模。

So we're feeling very, very good about our ability to retain, to train and to upskill our workforce. And I think what's also underneath that is this focus on missions of national importance are really allowing us to bring in absolute top talent from across the country, from across all industries that want to work on these key national requirements.

因此，我們對我們留住、培訓和提高員工技能的能力感到非常非常滿意。我認為，對國家重要使命的關注確實讓我們能夠從全國各地、所有產業引進絕對頂尖的人才，以滿足這些關鍵的國家要求。

And then maybe as a follow-up, are there any other regions outside the INDOPACOM region that you're seeing sort of especially high levels of activity?

那麼也許作為後續行動，在印度太平洋司令部區域之外，是否還有其他區域的活動水準特別高？

Well, the world is, right now, active just about everywhere. We -- as I've spoken to before, have significant presses in Europe and in support of our nations working there around [UCOM] and Ukraine. We have presence in CENTCOM. We have a very significant and growing presence in INDOPACOM. But also even outside of DoD, if you look at -- the nation is making significant investments in public health and Booz Allen is right in the middle of that. There's a lot of modernization of technical infrastructure really across the entirety of the federal government, and we are extremely active on that and differentiated, as I said before.

嗯，現在世界幾乎到處都很活躍。正如我之前談過的，我們在歐洲擁有重要的壓力，並支持我們在[UCOM]和烏克蘭周圍開展工作的國家。我們在中央司令部設有辦事處。我們在印度太平洋司令部的影響力非常重要且不斷成長。但即使在國防部之外，如果你看一下——國家正在對公共衛生進行大量投資，而博思艾倫就處於其中。正如我之前所說，整個聯邦政府確實對技術基礎設施進行了許多現代化改造，我們對此非常積極並且與眾不同。

And our next question comes from Cai von Rumohr with TD Cowen.

我們的下一個問題來自 Cai von Rumohr 和 TD Cowen。

So Horacio, one for you. If I think about your industry 10 to 15 years ago, it was kind of focused on, (inaudible), a threat that really was not as significant as what we're seeing today with China with digital transformation with AI, and we're thinking about the folks from Booz basically were experts, but basically, they were more supplementing what the customer did as opposed to today, where it seems like the technology level of expertise that you're bringing and others is higher.

奧拉西奧，適合你的。如果我想想 10 到 15 年前的行業，它有點關注（聽不清楚），這種威脅實際上並不像我們今天在中國透過人工智慧進行數位轉型時所看到的那樣嚴重，而且我們正在想想博斯的人基本上都是專家，但基本上，他們更多的是補充客戶所做的事情，而不是今天，看起來你和其他人帶來的專業技術水平更高。

And if I look around, your numbers have been great, but your peers are also putting up some pretty good numbers. Part of that, obviously, is the strong flow-through of these hefty FY '23 budgets. But are we moving to a period where you think your industry, and Booz in specific, can kind of de-link from kind of looking at what's the O&M budget, what's the R&D budget, what's the Intel budget? Because you're taking a bigger chunk of that budget, and we're looking at maybe some secular upward shift in your total sector's growth?

如果我環顧四周，你的數字非常好，但你的同行也提出了一些相當不錯的數字。顯然，其中一部分原因是 23 財年巨額預算的強勁流動。但是，我們是否正在進入這樣一個時期：您認為您的行業，特別是博斯，可以從某種意義上脫離對營運和維護預算、研發預算、英特爾預算的關注？因為你們在預算中佔據了更大的份額，而我們正在考慮你們整個行業的成長可能會出現一些長期的向上轉變？

I -- let me speak about us a little bit. I think if you look at it broadly, and I think you were making this point really well, Cai, it -- if you go back, when I started in this business, the vast majority of innovation was funded really in the government. You go back 50 years, I mean, Space program was inventing things that the private sector would then adopt. If you go back to the birth of the Internet, right, I mean that was a DARPA program that this private sector adopted. If you look at the way things work now, the flow of innovation is really in the other direction. The funding for innovation that the private sector can provide now outspend the government every year. And I think that's an American strength. I think that is actually fundamentally a good thing.

我——讓我談談我們。我認為，如果你從廣泛的角度來看，蔡，我認為你把這一點說得很好，如果你回顧一下，當我開始從事這個行業時，絕大多數創新實際上都是由政府資助的。我的意思是，你可以追溯到 50 年前，太空計畫正在發明一些後來被私營部門採用的東西。如果你回顧一下網路的誕生，對吧，我的意思是，這是這個私營部門採用的 DARPA 計畫。如果你看看現在的運作方式，你會發現創新的潮流其實是在另一個方向。私營部門現在可以提供的創新資金每年都超過政府。我認為這是美國的優勢。我認為這實際上從根本上來說是一件好事。

And so in that context, I think your question makes a lot of logical sense. The use of technologies continue to grow, I think Booz Allen is particularly well positioned because we started early, because we have the right partnerships, because of the talent base that you described to take advantage of these secular trends over years. I think overall, the market has to be linked to the budget by definition. But as you will know, not every part of the budget grows at the same speed, not every part of the market grows at the same speed.

因此，在這種情況下，我認為你的問題很有邏輯意義。科技的使用不斷增長，我認為博思艾倫處於特別有利的地位，因為我們起步早，因為我們擁有合適的合作夥伴關係，因為你所描述的多年來利用這些長期趨勢的人才基礎。我認為總體而言，市場必須與預算掛鉤。但正如您所知，並非預算的每個部分都以相同的速度成長，並非市場的每個部分都以相同的速度成長。

And I think key to our success is not just being to take share in the places where we are, but also to be positioned against the fastest areas of growth in the market. And to the extent that we can continue to do that, we obviously, in any given year, this is an election year, we need to be cognizant of potential turbulence. But in the medium and long term, we're very optimistic.

我認為我們成功的關鍵不僅在於在我們所在的領域佔據份額，而且還在於針對市場成長最快的領域進行定位。如果我們能夠繼續這樣做，顯然，在任何一年，這是一個選舉年，我們需要認識到潛在的動盪。但從中長期來看，我們非常樂觀。

And our next question comes from Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Congratulations to Ralph. A really great succession story. In terms of -- I wanted to first ask about your health business. You said it doubled to $2 billion and some work with the VA. What type of runway do you see in health going forward given the technology implementation you have? And are there recompete opportunities from other competitors with VA and PACT Act?

祝賀拉爾夫。一個非常偉大的繼承故事。就我而言，我想先詢問您的健康業務。你說它翻了一番，達到 20 億美元，其中一些與 VA 合作。鑑於您所擁有的技術實施情況，您認為健康領域未來的跑道類型是什麼？是否有其他競爭對手與 VA 和 PACT 法案重新競爭的機會？

So our health business is an extraordinary business that has -- it's a true success story. If you go back 10, 15, 20 years, it really was not a significant contributor to the portfolio. Now it's a real source of pride, reaching $2 billion, doubling in 5 years and really demonstrating the Booz Allen's proposition of bringing technology to these national priority missions. I think as we look forward and into the coming years, the acceleration of the digital transformation of our entire public health infrastructure from the support of veterans or the VA to really the transmission of information across this very complex health system in our country to the preparation and to be better prepared for the next health emergency, if it arises, when it arises.

因此，我們的健康業務是一項非凡的業務，它是一個真正的成功故事。如果你回顧 10 年、15 年、20 年，你會發現它確實不是投資組合的重要貢獻者。現在，它真正令人自豪，達到 20 億美元，在 5 年內翻了一番，真正體現了博思艾倫將技術帶入這些國家優先任務的主張。我認為，當我們展望未來幾年時，我們整個公共衛生基礎設施的數位轉型將加速，從退伍軍人或退伍軍人事務部的支持到真正在我國這個非常複雜的衛生系統中傳輸訊息，再到準備工作並為下一次衛生緊急情況（如果發生）做好更好的準備。

Those are the missions that we are centered around. That is the work that we're doing. And we expect that work overall to continue to grow. And it's competitively intense because it is very important work. It is really good work. And it is work we excel at. As I said earlier with Mariana's questions, there's a concentration of recompetes in that business this year. It's in part the [calendar], it's in part of the fact that actually some of these long programs, we are doing so much work and it's so good work that we're actually going through the ceiling before the end of the period of performance and so they're getting recompeted a little early.

這些就是我們所圍繞的使命。這就是我們正在做的工作。我們預計整體工作將繼續增長。而且競爭很激烈，因為這是非常重要的工作。這確實是件好事。這是我們擅長的工作。正如我之前在瑪麗安娜的問題中所說，今年該行業的重新競爭集中了。部分是因為[日曆]，部分是因為實際上在一些很長的節目中，我們做了很多工作，而且工作非常好，以至於我們在演出結束之前實際上已經突破了天花板所以他們會提前一點重新參加比賽。

I think the quality of our work, the new insights and the new technology we're bringing to it position us well for all of these recompetes. And here's yet another place where it's almost like we all divide the work between new work and recompetes, and that makes sense sort of as a characterization, but so much because the government is bundling procurement, these recompetes are both recompetes and new work all at the same time.

我認為我們的工作品質、新見解和新技術使我們能夠在所有這些重新競爭中處於有利地位。還有另一個地方，我們幾乎都將工作分為新工作和重新競爭，這作為一種表徵是有道理的，但由於政府正在捆綁採購，這些重新競爭既是重新競爭又是新工作同一時間。

There's increase in scope, there's increase in ceiling, there's new opportunity, and you've followed us for a long time, and I think one of the things that we're really good at is when we win work, whether it's recompete with expanded scope, whether it's a new program, we are uniquely good at tactically sell into that so that a $1 billion of ceiling actually becomes $1 billion of work over the life of the contract because we know how to find opportunities and make sure that our clients get full access.

範圍擴大了，上限也增加了，有新的機會，而且你已經關注我們很長時間了，我認為我們真正擅長的事情之一就是當我們贏得工作時，無論是與擴大的工作重新競爭無論是新項目還是新項目，我們都擅長在戰術上進行推銷，從而使10 億美元的上限實際上成為合約期間10 億美元的工作，因為我們知道如何尋找機會並確保我們的客戶獲得完全訪問權限。

Okay. And then maybe just in terms of the other half of the portfolio in Civil, can you talk about some of the drivers of growth there? And can you -- do you expect to see double digits in fiscal '25?

好的。然後，也許就民用投資組合的另一半而言，您能談談那裡的一些成長驅動因素嗎？您是否預期 25 財年的業績將達到兩位數？

This is a -- we're actually excited about the entire portfolio. And Sheila, I'm glad you asked that question because we talked so much about our health business because it's such a success story. But the rest of the portfolio in our work in treasury continues to grow. We're doing, again, exciting work whether it's fraud detection, whether it's bringing AI to some of these missions for efficiency and effectiveness, whether it is the underlying digital transformation of some of these agencies and certainly the cyber protection of this entire .gov domain. These are areas where Booz Allen has leading positions and excels.

事實上，我們對整個產品組合感到興奮。希拉，我很高興你問這個問題，因為我們談論了很多我們的健康業務，因為這是一個如此成功的故事。但我們財務工作中的其餘投資組合仍在持續成長。我們再次在做令人興奮的工作，無論是詐欺檢測，還是將人工智慧引入其中一些任務以提高效率和效果，無論是其中一些機構的基礎數位轉型，當然還有整個 .gov 的網路保護領域。這些都是博思艾倫擁有領先地位並擅長的領域。

And the other part of our portfolio that is also exciting and growing is our law enforcement portfolio with the federal agencies. We are seeing opportunity there. We've been investing in some of those clients for a while, and these investments are now taking hold, and we expect to see good growth there, too.

我們的投資組合的另一部分也令人興奮且不斷成長，那就是我們與聯邦機構的執法投資組合。我們在那裡看到了機會。我們對其中一些客戶的投資已經有一段時間了，這些投資現在已經站穩腳跟，我們預計那裡也能看到良好的成長。

To go outside health, I mean if you look at the entirety of the portfolio, I would say, I think you agree with this, our growth is probably as broad-based as it ever has been. I mean, even in our intel business, and the fact that they were able to grow 5% this year with the loss of [F2], this speaks to the underlying strength in the business. So it's a -- we're at an interesting spot, having just gone through with Christine in the review of all of our sectors and the accounts that underlie them. There's just a lot of optimism, and it's very broad-based.

除了健康之外，我的意思是，如果你看看整個投資組合，我會說，我認為你同意這一點，我們的成長可能與以往一樣廣泛。我的意思是，即使在我們的英特爾業務中，事實上，他們今年在失去 [F2] 的情況下仍能增長 5%，這說明了該業務的潛在實力。因此，我們正處於一個有趣的階段，剛剛與克里斯汀一起審查了我們所有的部門及其背後的帳戶。人們充滿了樂觀情緒，而且基礎非常廣泛。

That's a really good point. I mean our Defense business grew 20% this year. I think the last time that our Defense business grew 20%, it was maybe 1/5 of its size. So it grew this year, the entire size that it was that year. So we're, for a good reason, feeling very good. And as I continue to say we're cognizant of the fact that this is an election year, that the budget situation going into the next government fiscal year is something we all need to keep a close eye on, and we are, and that's why we're taking advantage of the momentum that we have.

這是一個非常好的觀點。我的意思是我們的國防業務今年成長了 20%。我認為上次我們的國防業務成長了 20%，規模可能只有 1/5。所以今年它成長了，達到了當年的規模。所以我們有充分的理由感覺非常好。正如我繼續說的，我們認識到這是一個選舉年，進入下一個政府財政年度的預算狀況是我們所有人都需要密切關注的事情，我們確實如此，這就是為什麼我們正在利用現有的勢頭。

And our last question comes from Louie DiPalma with William Blair.

我們的最後一個問題來自路易·迪帕爾瑪和威廉·布萊爾。

Horacio, in your prepared remarks, when you discussed your outsized role in INDOPACOM and then on LinkedIn last month, you highlighted your recent trip to Okinawa, were you alluding to your role with the JADC2 development and your connected Battlefield platform? And, in February, the Deputy Secretary of Defense, Kathleen Hicks, she was at an AI symposium, and she indicated that for the first time the DoD has attained a minimum viable level for JADC2 to counter China into INDOPACOM and I'm under the impression that you're playing a major role there. So is that true? And are you deeply involved there?

奧拉西奧，在您準備好的發言中，當您討論您在INDOPACOM 中的重要角色以及上個月在LinkedIn 上時，您強調了您最近的沖繩之行，您是否暗指您在JADC2 開發和互聯戰地平台中的角色？今年 2 月，國防部副部長 Kathleen Hicks 在一次人工智慧研討會上表示，國防部首次達到了 JADC2 的最低可行水平，以對抗中國進入印度太平洋司令部，而我在給人的印像是你在那裡扮演著重要角色。那麼這是真的嗎？您是否深入參與其中？

Louie, what I can say is that our growth in INDOPACOM is broad-based. As I've said in this call, I spent time in Taiwan, I spent time in Japan. I spent time -- a fair amount of time in Hawaii. And the conversations between our clients, from my perspective, are all about speed, how can we accelerate bringing technology to the theater in support of the mission. The C2 portfolio is obviously an important area of focus, a particular area of focus. The fact that you have to communicate across all these platforms, across all of these businesses in what could be sort of challenged electromagnetic spectrum, those are areas that we're thinking very deeply about and we're very involved in making investments. And so those are the kinds of things that we think about and more to come.

路易，我可以說的是，我們在印度太平洋司令部的成長是基礎廣泛的。正如我在這次電話會議中所說，我在台灣待過，在日本待過。我在夏威夷度過了相當多的時間。從我的角度來看，我們客戶之間的對話都是關於速度，我們如何加速將技術引入戰區以支援任務。 C2 組合顯然是一個重要的關注領域，一個特定的關注領域。事實上，你必須在所有這些平台、所有這些業務中進行通信，這些領域可能會受到電磁頻譜的挑戰，這些領域是我們正在深入思考的領域，我們正在積極參與投資。這些就是我們正在考慮的事情以及未來的更多事情。

Great. And for Matt, what would you attribute your hiring strength to? Have you been making tech investments to improve your recruiting and onboarding? And has anything structurally changed that's allowing you to grow and improve employee utilization above your historical pace? And has the generational like AI excitement been positive from a recruiting standpoint?

偉大的。對於馬特來說，您認為您的招募優勢是什麼？您是否一直在進行技術投資來改善招募和入職？是否有任何結構性變化使您能夠以高於歷史速度的速度成長和提高員工利用率？從招募的角度來看，像人工智慧這樣的一代的興奮是否是正面的？

The answer to your question broadly is yes, Louie. We've made a number of improvements, including using technology to really enhance and expedite the entire portion of the recruiting cycle. But remember, about 1/3 of our employees come from referrals, which just gives you a sense of the power of the employee value proposition. And I think people are joining Booz Allen not just because we're better able to find them and process them, they're joining along because they want to be here. We're doing exciting work, and we're offering them careers and pathways, particularly for our technical talent as well as our mission-focused talent that really want to have an impact that they find meaningful.

你的問題的答案大致是肯定的，路易。我們已經做出了許多改進，包括使用科技來真正增強和加快招募週期的整個部分。但請記住，我們大約 1/3 的員工來自推薦，這只是讓您感受到員工價值主張的力量。我認為人們加入博思艾倫不僅僅是因為我們能夠更好地找到他們並處理他們，他們加入是因為他們想加入這裡。我們正在做令人興奮的工作，我們為他們提供職業和途徑，特別是對於我們的技術人才以及真正希望產生他們認為有意義的影響的以使命為中心的人才。

The only thing I really want to say is and we're not seeing utilization above historic levels. I think our utilization is fine. But it's where it should be. So that's not -- that hasn't been a driver of goods. It really has been -- obviously, we've got to work to put people on and we're doing a better job of attracting and retaining the kind of talent that we want.

我真正想說的唯一一件事是，我們沒有看到利用率高於歷史水準。我認為我們的利用率很好。但它就在它該在的地方。所以這不是——這並不是商品的驅動力。顯然，我們必須努力吸引人才，而且我們在吸引和留住我們想要的人才方面做得更好。

Yes. I mean I'll add to that simply by saying, we're saying internally, we're 110 years young. And we use that language specifically because it's a really vibrant environment inside Booz Allen right now. Our people feel it, people that are looking for a job are attracted to it. And the work that we're doing, the clients we're doing it for, and the way in which we work with one another, I think, are all talent magnets. And that's what gives us optimism for the future in an uncertain environment.

是的。我的意思是，我想補充一點，我們在內部說，我們還年輕 110 歲。我們特別使用這種語言，因為目前博思艾倫內部的環境非常充滿活力。我們的人民感受到了這一點，正在尋找工作的人們被它所吸引。我認為，我們正在做的工作、我們為之服務的客戶以及我們彼此合作的方式都是人才磁鐵。這就是讓我們在不確定的環境中對未來感到樂觀的原因。

At this time, I'd like to turn the call back over to Horacio for any closing remarks. Thank you.

現在，我想將電話轉回給奧拉西奧，讓其結束語。謝謝。

Thank you all for your questions and for joining us this morning. As I was just saying, at Booz Allen, we are so proud of our history and equally excited about the future. We are working in our virtuous circle, where our strategy drives our performance, performance drives investment, which creates opportunity and opportunities simply attract great talent that begins this cycle all over again. Just this week, we held our Booz Allen Excellence Awards, which is our internal effort to both highlight and celebrate the talent that we have and the incredible work that they do. And this was an opportunity to hear some amazing stories of how we're supporting our veterans, our helping the local communities, how we're closing major national security vulnerabilities, our efforts to protect American troops and to stop cyber attacks.

感謝大家提出問題並今天早上加入我們。正如我剛才所說，在博思艾倫，我們為我們的歷史感到自豪，同時也對未來感到興奮。我們正在良性循環中工作，我們的策略驅動我們的業績，業績驅動投資，投資創造機會，而機會只會吸引優秀的人才，從而重新開始這個循環。就在本週，我們舉行了博思艾倫卓越獎，這是我們內部的努力，旨在突出和表彰我們擁有的人才以及他們所做的令人難以置信的工作。這是一個聽到一些精彩故事的機會，包括我們如何支持退伍軍人、如何幫助當地社區、如何彌補重大國家安全漏洞、如何努力保護美國軍隊和阻止網路攻擊。

We had a chance to reflect on how we help the country get through a global pandemic and how we're helping the country prepare for any future health emergency. For 110 years, Booz Allen has always supported our clients and our nations and we highlight the fact that we do it with excellence. It's not just what we do, it's who we are.

我們有機會思考如何幫助該國度過全球大流行，以及如何幫助該國為未來的任何衛生緊急情況做好準備。 110 年來，博思艾倫始終為我們的客戶和我們的國家提供支持，我們強調我們以卓越的方式做到這一點。這不僅是我們所做的事情，更是我們是誰。

And every day, the people of this company continue to deliver excellence. We really do have the most amazing team, and I am just so proud to work with them. Thank you, Booz Allen, if you're listening for all you do, and thank you all again for joining us this morning. Have a great day.

每一天，該公司的員工都在不斷創造卓越。我們確實擁有最出色的團隊，我很自豪能與他們合作。謝謝您，博思艾倫，如果您正在傾聽您所做的一切，並再次感謝大家今天早上加入我們。祝你有美好的一天。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。