Booz Allen Hamilton Holding Corp (BAH) 2025 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Booz Allen Hamilton's earnings call covering third-quarter fiscal year 2025 results. (Operator Instructions)

早安，感謝您的支持。歡迎參加博思艾倫漢密爾頓 (Booz Allen Hamilton) 的收益電話會議，內容涉及 2025 財年第三季業績。（操作員指令）

I'd now like to turn the call over to the Head of Investor Relations, Dustin Darensbourg.

現在，我想將電話轉給投資者關係主管達斯汀·達倫斯堡 (Dustin Darensbourg)。

Thank you. Good morning, and thank you for joining us for Booz Allen's third-quarter fiscal year 2025 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 2025 財年第三季財報電話會議。我們希望您有機會閱讀我們今天早上發布的新聞稿。我們還在我們的網站上提供了簡報幻燈片，現在是第 2 張幻燈片。

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

今天與我一起討論我們的業務和財務表現的是我們的董事長、執行長兼總裁 Horacio Rozanski；以及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 discussed in our SEC filings and on this call.

如幻燈片 3 上的免責聲明所示，請記住，我們今天上午討論的一些內容是前瞻性的，可能與未來事件或我們未來的財務表現有關；並涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與我們在美國證券交易委員會文件和本次電話會議上討論的預測結果有重大差異。

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符合前述警告性聲明的明確限制，並且僅代表截至陳述之日的觀點。除法律要求外，我們不承擔更新或公開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 third-quarter fiscal year 2025 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，我們認為這些資訊可以為投資者提供有用的資訊。我們在 2025 財年第三季財報和投影片中解釋了非 GAAP 指標與最可比較的 GAAP 指標之間的調整和其他調整。所示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 Chairman, 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董事長、執行長兼總裁 Horacio Rozanski。我們現在看到幻燈片 4。

Thank you, Dustin. Welcome to the team. We're glad to have you on board. And good morning, everyone. Thank you for joining the call.

謝謝你，達斯汀。歡迎加入團隊。我們非常高興您能加入我們。大家早安。感謝您加入通話。

This morning, Matt and I are excited to share excellent financial results for the third quarter of fiscal year 2025, including double-digit growth at both the top and bottom lines. Booz Allen continues to achieve the strategic and operational momentum we aim for this fiscal year.

今天早上，馬特和我很高興分享 2025 財年第三季的出色財務業績，包括營收和淨利潤均實現兩位數的成長。博思艾倫繼續實現本財年所設定的策略和營運動能。

This performance is particularly important in the current industry environment. Consistent with many other presidential transitions, we see some agencies taking time to assess and align priorities with their new agendas.

這種表現在目前的產業環境下尤其重要。與許多其他總統過渡期一樣，我們看到一些機構需要時間來評估優先事項並根據新議程進行調整。

This creates some slowing and uncertainty in the procurement environment, as funding shifts in line with those priorities. We anticipated this adjustment period and have managed our business accordingly. We are running our operations tightly. This is reflected in the strong results we are discussing today. And because of our unique business model, we are able to accelerate investments in priority growth areas.

由於資金根據這些優先事項而轉移，這導致採購環境出現一些放緩和不確定性。我們預見了這個調整期，並據此管理我們的業務。我們正在嚴格開展業務。這反映在我們今天討論的強勁結果中。而且由於我們獨特的商業模式，我們能夠加快優先成長領域的投資。

Much of the new administration's agenda relies in the ability to apply advanced technologies to move faster, disrupt outdated processes, and protect our nation's technological supremacy. We believe VoLT, which stands for velocity, leadership, and technology, has positioned us to capture this moment.

新政府的大部分議程都依賴於應用先進技術來加快步伐、顛覆過時的流程並保護我們國家技術優勢的能力。我們相信，代表速度、領導力和技術的 VoLT 使我們能夠抓住這一機會。

In a few minutes, Matt will take you through the full details of the quarter and our outlook for the rest of the fiscal year. But first, I would like to put our optimism for the future into some additional context.

幾分鐘後，馬特將帶您了解本季的全部細節以及我們對本財年剩餘時間的展望。但首先，我想將我們對未來的樂觀放在一些額外的背景下。

For more than a century, Booz Allen has continuously anticipated and catalyzed change for our clients and our business. Our institution's journey aligns with some of the most significant moments in our nation's history. This includes winning World War II and the space race, and the successive waves of change driven by the dawn of the digital age.

一個多世紀以來，博思艾倫始終致力於為我們的客戶和業務預測和推動變革。我們機構的發展歷程與我們國家歷史上的一些最重大時刻一致。其中包括贏得第二次世界大戰和太空競賽，以及數位時代來臨所推動的一系列變革浪潮。

Booz Allen has always been prepared for the technological, societal, and geopolitical changes that shape the times. We anticipate the trends that define our future and move our business to the center of that change.

博思艾倫始終為影響時代的技術、社會和地緣政治變化做好準備。我們預測決定我們未來的趨勢，並將我們的業務推向變革的中心。

Today, in Booz Allen's 20th presidential transition, we believe we are on the precipice of another transformative era. We know from experience that large-scale change always includes a period of uncertainty and disruption. We also know that these times create major opportunities.

今天，在博思艾倫第 20 次總裁換屆之際，我們相信我們正處於另一個變革時代的邊緣。我們從經驗中知道，大規模的變革總是包含一段不確定和混亂的時期。我們也知道，這些時刻創造了重大機會。

The work Booz Allen has done over the last decade and accelerated through VoLT has positioned us as the advanced technology company, delivering outcomes at the center of our nation's most important missions. We have a truly unique vantage point for understanding and driving the changes that will bring better, faster innovation into government.

博思艾倫在過去十年中所做的工作以及透過 VoLT 加速的工作使我們成為一家先進的科技公司，為我們國家最重要的使命提供核心成果。我們擁有真正獨特的優勢，可以理解並推動那些將為政府帶來更好、更快的創新的改變。

Our tech scouting function has been key to identifying the technologies that shape the future. We accelerate the journey from breakthrough to outcome in areas like advanced manufacturing, quantum cryptography, and autonomy.

我們的技術偵察功能對於確定塑造未來的技術至關重要。我們加速了先進製造、量子密碼學和自主性等領域從突破到成果的進程。

For decades, we have invested in disruptive technologies that are changing the world. We made early bets in cloud, cybersecurity, space, and AI that are now core to essential missions. And our venture fund and commercial partnerships help bring leading dual-use technologies into civil, defense, and national security missions to achieve faster, more effective outcomes.

幾十年來，我們一直投資改變世界的顛覆性技術。我們早期在雲端運算、網路安全、太空和人工智慧等領域進行了投入，這些領域現在已成為重要任務的核心。我們的創投基金和商業合作夥伴關係有助於將領先的兩用技術引入民用、國防和國家安全任務，以實現更快、更有效的成果。

Let me share a few examples that further highlight how Booz Allen is well positioned for this moment. We now have the largest AI business in the federal government and one of the largest cyber businesses in the world. We are developing and delivering trusted, secure, and responsible AI across missions, including for the Defense Department's largest data platform.

讓我分享幾個例子來進一步說明博思艾倫目前所佔據的有利位置。我們現在擁有聯邦政府中最大的人工智慧業務和世界上最大的網路業務之一。我們正在為各項任務開發和提供可信任、安全且負責任的人工智慧，包括為國防部最大的資料平台。

And with Thunderdome, we have also built and deployed the largest integrated zero-trust solution at scale. We are developing and operating premier space systems built with scalable, secure, AI-powered data solutions to support national security missions. Over the past two decades, we have driven massive modernization of technology at the VA. This has accelerated outcomes for our veterans, including faster claims processing and benefits delivery, and reduced fraud, waste, and abuse.

透過 Thunderdome，我們也建置並部署了規模最大的整合零信任解決方案。我們正在開發和運行採用可擴展、安全、人工智慧資料解決方案建構的頂級空間系統，以支援國家安全任務。在過去的二十年裡，我們推動了退伍軍人事務部的大規模技術現代化。這加速了我們退伍軍人的利益，包括加快了索賠處理和福利發放，並減少了欺詐、浪費和濫用。

Using an outcomes-based acquisition model, we designed, built, and continue to operate Recreation.gov. Its advanced technical infrastructure delivers a customer experience on par with the most successful commercial platforms. And we are delivering digital battle space technologies to significantly improve real-time situational awareness for war fighters, even in the most disrupted environments. This is the power of VoLT. This is the power of Booz Allen.

使用基於成果的獲取模型，我們設計、建造並繼續運營 Recreation.gov。其先進的技術基礎設施提供與最成功的商業平台相媲美的客戶體驗。我們正在提供數位戰場技術，以顯著提高作戰人員的即時態勢感知能力，即使在最混亂的環境中也是如此。這就是VoLT的力量。這就是博思艾倫的力量。

We also recognize the importance of partnerships to generate speed to outcomes. With Allen's ability to collaborate with a network of innovative commercial technology partners helps speed the impact of emerging and dual-use technologies. For example, we know that in the most challenging national security environment in half a century, we need to move faster. We must push boundaries and disrupt long-standing barriers to innovation.

我們也認識到夥伴關係對於加快成果的重要性。艾倫與創新商業技術合作夥伴網路合作的能力有助於加速新興和雙重用途技術的影響。例如，我們知道，在半個世紀以來最具挑戰性的國家安全環境中，我們需要加速行動。我們必須突破界限，打破長期的創新障礙。

We recently announced an expanded partnership with Palantir Technologies to co-create solutions to help the US maintain superiority against its adversaries. In only 45 days, our teams created a prototype with the capacity to rapidly accelerate integrated war fighting operations. This solution is already being tested in large-scale exercises. It will improve collaboration and combined mission planning for the US and our allies and partners.

我們最近宣布擴大與 Palantir Technologies 的合作夥伴關係，共同創造解決方案，幫助美國保持對手的優勢。僅用 45 天時間，我們的團隊就創建了一個能夠快速加速綜合作戰行動的原型。該解決方案已在大規模演習中進行測試。它將改善美國及其盟友和合作夥伴之間的合作和聯合任務規劃。

Last week, we also announced an expanded partnership with Amazon Web Services to jointly invest, create, and collaborate, to accelerate outcomes across US federal missions. We will jointly develop and deliver enterprise solutions at scale in areas like cloud migration, cybersecurity, and generative AI.

上週，我們也宣布擴大與亞馬遜網路服務公司的合作關係，共同投資、創造和合作，以加速美國聯邦任務的成果。我們將在雲端遷移、網路安全和生成式人工智慧等領域共同開發並提供大規模企業解決方案。

This partnership is a force multiplier. We are co-investing to build on top of our technology platforms and create new solutions to existing problems and capability gaps. I'm tremendously excited about the potential of our ongoing collaboration with both of these companies. And with others, we are not ready to announce quite yet.

此次合作將使力量倍增。我們正在共同投資，以鞏固我們的技術平台，並為現有的問題和能力差距創造新的解決方案。我對我們與這兩家公司持續合作的潛力感到非常興奮。對於其他問題，我們尚未準備好宣布。

As we put it all together, we find ourselves in an excellent position to support the priorities of the new administration. First, our multiyear effort to become faster at everything allows us to match the velocity of change underway.

當我們把所有這些放在一起時，我們發現自己處於一個極好的位置來支持新政府的優先事項。首先，我們多年來努力提高各方面的效率，這使我們能夠跟上正在發生的變化的速度。

Second, we are one of the few technology companies able to both innovate and deliver at scale. We have long been advocates of maximizing dual-use commercial technologies and increasing the use of AI to generate efficiencies. The combination of our own technology, our highly productive partnerships across tech, and our extraordinary people give us the edge on speed to outcome.

其次，我們是少數能夠進行創新並實現規模交付的科技公司之一。我們長期以來一直倡導最大限度地發揮軍民兩用商業技術，並增加人工智慧的使用以提高效率。我們自身的技術、我們在技術領域的高效合作夥伴關係以及我們傑出的人才使我們在快速取得成果方面具有優勢。

And third, speaking of outcomes, for quite some time now, we have prepared and advocated for a move towards outcome-based contracting as a model to create both efficiency and faster impact across the missions we support. We expect this trend to accelerate in the current environment.

第三，談到成果，很長一段時間以來，我們一直準備並倡導採用基於成果的合約模式，以便在我們支持的任務中創造效率並更快地產生影響。我們預計，在當前環境下這一趨勢將會加速。

For all these reasons and more, I am excited about what's ahead. Booz Allen is the advanced technology company known for speed to outcomes. From the Pacific to orbit and here at home, we are investing in the technologies and the talent necessary to succeed in the coming years and decades.

基於這些原因以及其他更多原因，我對未來充滿期待。博思艾倫是一家以快速取得成果而聞名的先進科技公司。從太平洋到軌道再到國內，我們正在投資未來幾年和幾十年取得成功所需的技術和人才。

And as the new administration's priorities and team continue to take shape, we look forward to the opportunity to work with them to help enhance our national security and how our government serves our citizens. And with that, Matt, I'll turn the call over to you.

隨著新政府的優先事項和團隊不斷成形，我們期待有機會與他們合作，幫助加強我們的國家安全以及我們的政府為公民服務的方式。馬特，接下來我將把電話轉給你。

Thank you, Horacio, and good morning, everyone. I'm really pleased with our third-quarter performance. We had a number of objectives for the quarter, and we delivered on all of them.

謝謝你，Horacio，大家早安。我對我們第三季的表現非常滿意。我們本季設定了若干目標，全部都實現了。

Our leaders simultaneously delivered very strong results, improved the efficiency of our business, maintained momentum into the future, and continued to accelerate the core elements of our VoLT strategy that are squarely in line with the changed agenda of the new administration: innovation, efficiency, AI, dual-use technology, and generating speed to outcome.

我們的領導者同時取得了非常強勁的業績，提高了業務效率，保持了未來的發展勢頭，並繼續加速我們 VoLT 戰略的核心要素，這些要素與新政府改變的議程完全一致：創新、效率、人工智能、兩用技術以及產生成果的速度。

Here are the headlines for the quarter. We delivered about 14% top-line growth, roughly 13% organic, with solid performance across all three sectors. We ran the business efficiently, generating $332 million in adjusted EBITDA at an 11.4% adjusted EBITDA margin. We maintained a 1.41 times trailing 12-month book-to-bill. This is our highest at calendar year-end in the last six years.

以下是本季的頭條新聞。我們的營收成長了約 14%，有機成長了約 13%，三個部門都表現穩健。我們有效率地經營業務，調整後 EBITDA 為 3.32 億美元，調整後 EBITDA 利潤率為 11.4%。過去 12 個月，我們的訂單出貨比維持在 1.41 倍。這是我們過去六年來年末的最高紀錄。

And we continue to deploy capital to generate long-term value for shareholders, including almost $150 million in share repurchases. Based on this performance, we are tightening towards the upper end of our guidance ranges for this fiscal year.

我們將繼續投入資本為股東創造長期價值，包括近 1.5 億美元的股票回購。基於這項表現，我們將本財年的目標收緊至指導範圍的上限。

We are poised to deliver another year of double-digit growth in revenue and adjusted EBITDA. And as we approach our final quarter of our three-year investment thesis, we are positioned to exceed our target of $1.2 billion to $1.3 billion of adjusted EBITDA, almost entirely through organic performance.

我們預計在新的一年裡實現收入和調整後 EBITDA 的兩位數成長。隨著我們接近三年投資理念的最後一個季度，我們預計將超越 12 億至 13 億美元的調整後 EBITDA 目標，這幾乎完全是透過有機業績實現的。

Booz Allen remains a premier compounder and continues to deliver outstanding performance year after year. I'm exceptionally proud of what our Booz Allen's team has accomplished and excited about the potential we see for the future. I'll now cover our quarterly results in more detail. Please turn to slide 6.

博思艾倫依然是一家頂尖的複合劑供應商，並且年復一年地持續提供出色的業績。我為博思艾倫團隊所取得的成就感到無比自豪，並對未來的潛力感到興奮。我現在將更詳細地介紹我們的季度業績。請翻到幻燈片 6。

In the third quarter, revenue increased roughly 14% year over year to $2.9 billion. Organic revenue grew about 13% year over year. And revenue, excluding billable expenses, was up 12%. We continue to see solid growth across all of our government and commercial markets.

第三季度，營收年增約14%，達到29億美元。有機收入較去年同期成長約13%。扣除計費費用後的收入增加了 12%。我們繼續看到所有政府和商業市場穩步成長。

Our defense business had another stellar quarter, with 19% year-over-year revenue growth. Our intelligence business continued to accelerate, posting 11% growth over the prior-year period. And our civil business grew at a healthy 8% rate year over year. Pivoting now to demand, please turn to slide 7.

我們的國防業務又度過了一個輝煌的季度，營收年增了 19%。我們的情報業務持續加速發展，較去年同期成長了 11%。我們的民用業務年增 8%。現在轉向需求，請翻到投影片 7。

Net bookings for the third quarter totaled $1.1 billion. Our quarterly book-to-bill was 0.37 times, right in line with our five-year average of 0.4 times for the third quarter. We maintained a trailing 12-month book-to-bill of 1.41 times, our highest third-quarter trailing 12-month book-to-bill in six years. Our current backlog of $39 billion is our highest ever at this point in the year. Our total backlog is up 15% year over year.

第三季淨預訂金額總計 11 億美元。我們的季度訂單出貨比為 0.37 倍，與第三季的五年平均值 0.4 倍一致。我們維持了過去 12 個月的訂單出貨比 1.41 倍，這是我們六年來第三季過去 12 個月訂單出貨比最高的一次。我們目前的積壓訂單量為 390 億美元，是今年迄今的最高水準。我們的總積壓訂單比去年同期增加了 15%。

Looking forward, as Horacio noted, we expect the industry will see a short-term slowdown of funding and award activity, as the new administration and Congress establish their agenda and as federal government agencies pivot to enact it. This occurs with all presidential transitions, and the incoming team clearly is working at a brisk pace.

展望未來，正如 Horacio 所指出的，隨著新政府和國會制定議程以及聯邦政府機構採取措施實施議程，我們預計該行業的資金和獎勵活動將在短期內放緩。每次總統換屆都會出現這種情況，新團隊顯然正在快速開展工作。

Typically, the short-term effect on procurement and contracts is more pronounced for civilian agencies. We have prepared for this by building momentum, flexibility, and resilience into our business model. And looking past this, we are bullish about how our strategy aligns with the change agenda of the incoming administration.

通常，對採購和合約的短期影響對於民間機構來說更為明顯。我們已經為此做好了準備，在我們的商業模式中註入了動力、靈活性和彈性。展望過去，我們對我們的策略如何與新政府的變革議程保持一致充滿信心。

We are aggressively leaning into this opportunity. We believe we have the backlog, proposal pipeline for next fiscal year, and most important, the technology, the commercial relationships, and the innovative ideas for change needed to remain on a strong growth vector.

我們正在積極抓住這個機會。我們相信，我們擁有下一財年的積壓工作和提案管道，最重要的是，我們擁有維持強勁成長動能所需的技術、商業關係和變革的創新理念。

Transitioning now to headcount, in the third quarter, we placed a heavy focus on improving productivity of existing staff, both to provide a more robust employee experience and to give us more operating flexibility going forward. This focus worked, but it did result in us maintaining a roughly flat client staff headcount for the quarter.

現在轉到員工人數，在第三季度，我們專注於提高現有員工的生產力，以提供更強大的員工體驗，並為我們未來提供更大的營運靈活性。這種重點確實起到了作用，但它確實導致我們本季的客戶員工數量保持大致持平。

Booz Allen finished the third quarter with total client staff headcount of over [32,000], a 6% increase from a year ago. Since the start of the fiscal year, total client staff headcount has grown 4.4%. This puts us in good shape relative to our full-year target of 3% to 5% client-facing headcount growth. Going forward, we aim to increase headcount at a consistent pace to support the ramp-up of recent wins and to meet our growth aspirations.

截至第三季度，博思艾倫客戶員工總數超過 [32,000] 人，較去年同期成長 6%。自本財年開始以來，客戶員工總數增加了 4.4%。相對於我們全年客戶員工數量增加 3% 至 5% 的目標，這使我們處於良好的狀態。展望未來，我們的目標是穩定增加員工人數，以支持近期勝利的成長並滿足我們的成長願望。

On the bottom line, we delivered $332 million in adjusted EBITDA in the third quarter, a 14% improvement over the prior-year quarter. Our third-quarter adjusted EBITDA margin was 11.4%, up 10 basis points year over year. For our fiscal year to date, adjusted EBITDA margin was 11.1%.

總體而言，我們第三季的調整後 EBITDA 為 3.32 億美元，較去年同期成長 14%。我們第三季的調整後 EBITDA 利潤率為 11.4%，較去年同期成長 10 個基點。我們迄今為止的財政年度的調整後 EBITDA 利潤率為 11.1%。

I'm really pleased with how we are operating the business, which affords us the flexibility to react to this evolving environment. Working down the P&L, our net income was $187 million, 28% higher year over year. Adjusted net income grew 7% year over year to $198 million.

我對我們的業務運作方式感到非常滿意，這使我們能夠靈活地應對不斷變化的環境。從損益表中可以看出，我們的淨收入為 1.87 億美元，年增 28%。調整後淨收入年增7%至1.98億美元。

Diluted earnings per share increased to $1.45 per share, up about 31% year over year. Adjusted diluted earnings per share grew to $1.55 per share, up approximately 10% year over year. This increase in ADEPS was driven by our overall profitability as well as a reduction in share count, which was partially offset by a higher tax rate compared to the prior year.

每股攤薄收益增至 1.45 美元，較去年同期成長約 31%。調整後每股攤薄收益成長至 1.55 美元，年增約 10%。ADEPS 的成長是由我們的整體獲利能力以及股份數量的減少所推動的，但與前一年相比更高的稅率部分抵消了這一增長。

Turning now to the balance sheet, we ended the third quarter with $454 million of cash on hand, net debt of approximately $2.9 billion, and a net leverage ratio of 2.3 times adjusted EBITDA for the trailing 12 months. Free cash flow for the quarter was $134 million, the result of $151 million of cash from operations, less $17 million of CapEx.

現在來看看資產負債表，我們在第三季結束時持有 4.54 億美元現金，淨債務約為 29 億美元，過去 12 個月的淨槓桿率為調整後 EBITDA 的 2.3 倍。本季的自由現金流為 1.34 億美元，這是由 1.51 億美元的經營現金減去 1,700 萬美元的資本支出產生的。

Moving now to capital deployment on slide 8, in the third quarter, we deployed a total of $228 million to generate value for shareholders. This included $149 million in share repurchases at an average price of $157.74 per share.

現在轉到第 8 頁的資本部署，在第三季度，我們總共部署了 2.28 億美元來為股東創造價值。其中包括價值 1.49 億美元的股票回購，平均價格為每股 157.74 美元。

This brings our total repurchase activity to 2.3% of outstanding shares since the beginning of the fiscal year. In addition, we have deployed $65 million in quarterly dividends, $9 million in strategic investments through our corporate venture capital fund, and $4 million related to the PAR Government acquisition.

這使得我們自本財年開始以來的總回購活動達到流通股的 2.3%。此外，我們還部署了 6,500 萬美元的季度股息、900 萬美元透過企業創投基金進行的策略性投資以及 400 萬美元與 PAR 政府收購相關的投資。

Today, we are pleased to announce that our Board of Directors has approved a $0.04 increase to our quarterly dividend. This dividend of $0.55 per share will be payable on March 4 to stockholders of record as of February 14. Our Board has also approved an increase of $500 million to our share repurchase authorization, bringing our available capacity to approximately $1 billion. Our balance sheet remains strong, providing us the capacity and the flexibility to opportunistically deploy capital to create shareholder value.

今天，我們很高興地宣布，董事會批准將季度股息增加 0.04 美元。每股 0.55 美元的股息將於 3 月 4 日支付給 2 月 14 日登記在冊的股東。我們的董事會也批准將股票回購授權增加 5 億美元，使我們的可用容量達到約 10 億美元。我們的資產負債表仍然強勁，為我們提供了能力和靈活性，可以適時部署資本來創造股東價值。

Now for a look ahead, please turn to slide 9 for our updated guidance. We are tightening towards the upper end of our guided ranges across all principal metrics for fiscal year 2025. At the top line, we now expect revenue growth of 12% to 13%, almost all of which is organic.

現在，展望未來，請翻到幻燈片 9 查看我們的最新指南。我們正在將所有主要指標收緊至2025財年的指導範圍的上限。就營收而言，我們目前預計營收成長率為 12% 至 13%，幾乎全部是有機成長。

We are narrowing our adjusted EBITDA guidance to a range of $1.31 billion to $1.33 billion. The impact of our recently announced $15.9 million settlement with the Department of Justice, net of insurance reimbursements, will be immaterial for the year. This implies an adjusted EBITDA margin of about 11%.

我們將調整後的 EBITDA 預期縮小至 13.1 億美元至 13.3 億美元之間。我們最近宣布的與司法部達成的 1590 萬美元的和解協議（扣除保險賠償金）對今年的影響並不大。這意味著調整後的 EBITDA 利潤率約為 11%。

Additionally, we are raising our ADEPS guidance to a range of $6.25 to $6.40 per share. This includes an anticipated $15 million gain from the expected close of the sale of SnapAttack, in which we have a minority investment, in the fourth quarter. Lastly, we now expect operating cash flow of between $950 million and $1.025 billion, and free cash flow in the range of $850 million to $925 million.

此外，我們將 ADEPS 指引上調至每股 6.25 美元至 6.40 美元的範圍。這包括第四季預計出售 SnapAttack 所得的 1,500 萬美元收益，我們對其擁有少數股權。最後，我們現在預計營運現金流在 9.5 億美元至 10.25 億美元之間，自由現金流在 8.5 億美元至 9.25 億美元之間。

In closing, I am bullish about the state of our business. Booz Allen has maintained its momentum and built the flexibility to rapidly adapt and thrive in an evolving environment. As Horacio said, we have navigated 20 presidential administration transitions, and we are approaching this one with both ideas and optimism.

最後，我對我們的業務狀況充滿信心。博思艾倫一直保持著良好的發展勢頭，並具備了在不斷變化的環境中快速適應和發展的靈活性。正如奧拉西奧所說，我們已經經歷了20次總統政府的過渡，我們正滿懷理想和樂觀地迎接這次過渡。

While the transition phase for a new presidential administration always creates a period of recalibration, we view this transition as a unique opportunity. Booz Allen is always on the side of change, and we look forward to continuing to bring change to government. We are the clear leader in advanced technology for the federal government, driving speed to outcome better than anyone else.

雖然新總統政府的過渡階段總是會產生一個重新調整的時期，但我們將這次過渡視為一個獨特的機會。博思艾倫始終站在改變的一邊，我們期待繼續為政府帶來改變。我們是聯邦政府先進技術領域的領導者，推動成果的速度比任何人都要快。

And I will now turn the call back over to the Chairman, CEO, and President, Horacio Rozanski.

現在我將把電話轉回給董事長、執行長兼總裁 Horacio Rozanski。

Thank you, Carmen. Before we begin Q&A this morning, I hope you allow me to take a moment to acknowledge the tragic air collision that took the lives of 67 people yesterday in our nation's capital. We grieve for the victims and for their families.

謝謝你，卡門。在我們今天早上開始問答環節之前，我希望你們允許我花一點時間來了解昨天在我們國家首都發生的悲慘空難，該事故造成 67 人喪生。我們為受害者及其家人感到悲痛。

For those of us who live in the DC area, DC is both a big city and a small town. And we all know someone who's personally affected by the tragedy. So I wanted to take a moment to, again, acknowledge the loss. May all the victims' memories be for a blessing.

對於我們這些住在華盛頓特區的人來說，華盛頓特區既是一座大城市，也是一座小鎮。我們都知道有人受到了這場悲劇的親身影響。所以我想花點時間再次承認這項損失。願所有受害者的記憶都成為一種祝福。

Thank you for listening, for allowing me to do this. Carmen, let's begin Q&A, please.

謝謝你們的聆聽，謝謝你們允許我這樣做。卡門，讓我們開始問答環節。

(Operator Instructions) Mariana Perez, Bank of America.

（操作員指示）美國銀行的瑪麗安娜·佩雷斯。

Good morning, everyone.

大家早安。

Hola, Mariana.

你好，瑪麗安娜。

Hola. So my first question is going to be about hiring. I understand that you're preparing for this uncertainty as the government and the agencies also adjust to what they're going to do, what they have to do in awarding.

你好。我的第一個問題是關於招募。我知道你們正在為這種不確定性做準備，因為政府和各機構也在調整他們將要做的事情以及他們在授予獎項時必須做的事情。

But you guys have been preparing for this change towards technology, towards outcomes for a long time. You launched your VoLT strategy four years ago. And the way -- I'm going to oversimplify it -- but the way I think about those inefficiencies is just putting that on full speed.

但是你們已經為這種對技術和成果的改變準備了很長一段時間。四年前，您啟動了 VoLT 策略。而方法 — — 我將把它過度簡化 — — 但我思考這些低效率的方法就是全速前進。

So how do you think about investing towards being prepared to absorb most of that opportunity on headcount and hiring, and how much you prepare to be just like -- I don't know -- brace for impact, and how the government absorbs this impact near-term uncertainty type of thing?

那麼，您如何看待投資，以做好準備吸收大部分員工和招聘機會，以及您準備在多大程度上做好準備應對影響，以及政府如何吸收這種影響近期的不確定性事情？

You know us too well. So let me take a minute to unpack what you say -- you said. Because I really agree with everything you pointed out. Let's start with the short term.

你太了解我們了。所以請讓我花一點時間來解釋你所說的話。因為我確實同意你所指出的一切。讓我們從短期開始。

As we expected, and we talked about it on the last call, we are seeing some of the short-term disruption that is not atypical of a presidential transition. And especially with a fast-moving agenda, again, we expected it and we're seeing it. Some agencies are already full speed ahead. Some agencies are taking a little time for the new team to come in and reevaluate.

正如我們所預料的，並且在上次電話會議上我們也談到了這一點，我們看到了一些短期混亂，這在總統過渡期間並不罕見。尤其是隨著議程的快速推進，我們再次預料到了這一點，也看到了這一點。有些機構已全速前進。有些機構需要一點時間讓新團隊加入並重新評估。

At this point, we have not seen a material impact on our business. But we -- because we anticipated this, we are managing the business accordingly, financially, operationally, and strategically. At the financial level, we have a really strong balance sheet. It gives us a lot of opportunity to invest in different ways and be prepared to take advantage of the potential churn in the industry.

目前，我們尚未看到對我們的業務產生重大影響。但是，因為我們預料到了這一點，所以我們在財務、營運和策略上對業務進行相應的管理。在財務層面，我們擁有非常強勁的資產負債表。這為我們提供了許多以不同方式進行投資的機會，並準備好利用行業中潛在的波動。

At the operational level, as you pointed out, this is the time to run the business tightly so that we can actually create investment capacity as the priorities begin to clarify and accelerate. And then, strategically, as you pointed out, VoLT has prepared us for this. We are fast, we're flexible, and we are in the middle of driving technology to outcome and create change. So we're uniquely positioned.

在營運層面，正如您所指出的，現在是嚴格經營業務的時候，這樣隨著優先事項開始明確和加速，我們才能真正創造投資能力。然後，從戰略上來說，正如您所指出的，VoLT 已經為我們做好了準備。我們速度快，靈活多變，正在推動技術進步並創造變革。因此我們的定位是獨一無二的。

I will tell you, we have already a dozen big ideas that we are shaping, that are very much in line with what we believe is the administration's intent and priorities. And we've even begun some of these discussions with some clients. So while we're managing the business, I think, prudently to create investment capacity, we're very excited about the future.

我可以告訴你們，我們已經有十幾個正在成形的大想法，這些想法與我們所認為的政府的意圖和優先事項非常一致。我們甚至已經開始與一些客戶進行這些討論。因此，我認為，在我們管理業務的同時，我們會謹慎地創造投資能力，對未來感到非常興奮。

And then, I'm curious if you could discuss, on the other side of the world, right, not the customers and the contracting officers and the agencies, but like how the commercial companies also prepare to a government that's expected to be willing to work with them?

然後，我很好奇你是否可以討論一下，在世界的另一端，不是客戶、承包官員和機構，而是商業公司如何為預計願意和他們一起工作？

Have you seen those companies retail to you to also have this type of partnerships to also be able to offer their commercial technologies to a government that is not the easiest customer to deal with?

您是否看到這些公司向您進行零售，也建立這種類型的合作夥伴關係，以便能夠將其商業技術提供給政府，而政府並不是最容易打交道的客戶？

Absolutely. No, I think you're right on on that, too. We've been talking about this, and we've been doing it for quite some time. We have an active partnership program. We've talked in the prepared remarks about a couple of the most recent things. But our CVC, our venture fund, was aimed at bringing all of these.

絕對地。不，我認為你在這一點上也是正確的。我們一直在談論這個問題，並且已經做了很長時間了。我們有一個積極的合作夥伴計劃。我們在準備好的發言中談到了最近發生的一些事情。但我們的 CVC，即風險基金，旨在實現所有這些。

Through the scouting process, we have brought probably hundreds of companies to our clients so that they can get faster on the mission. It is hard for the commercial sector to operate here. And in some ways, it probably will continue to be. The value that we bring is twofold. One is we do understand this environment, which is why they want to work with us. We understand the clients. We understand the process.

透過偵察過程，我們為客戶帶來了數百家公司，以便他們能夠更快地完成任務。商業部門在這裡很難開展經營。從某些方面來看，這種情況可能還會持續下去。我們帶來的價值是雙重的。一是我們確實了解這個環境，這就是他們想與我們合作的原因。我們了解客戶。我們了解這個過程。

But really, importantly, we have unique technology that they need. Because when you put it all together, like we did with Palantir in the Pacific, like we're doing with AWS on autonomy, when you put it all together, there are massive technology investments. And what we have done, you can actually create things that actually drive outcomes.

但真正重要的是，我們擁有他們需要的獨特技術。因為當你把所有這些放在一起時，就像我們在太平洋地區與Palantir 合作所做的那樣，就像我們與AWS 在自主性方面所做的那樣，當你把所有這些放在一起時，就會有大規模的技術投資。我們所做的就是，你實際上可以創造出真正能夠推動成果的東西。

I've talked, for example, in the past about the fact that most cloud providers assume that everybody is sitting on fiber, and they're going to be connected 24/7. And then when you enter the world in which we live, it's anything but -- disconnected, impaired communications, where an adversary is actually trying to get you disconnected. It's a very different operating environment.

例如，我過去曾談到這樣一個事實：大多數雲端供應商都認為每個人都在使用光纖，並且將全天候連線。當你進入我們生活的世界時，你會發現，一切都不是那麼簡單——通訊中斷，通訊受損，對手正試圖讓你斷線。這是一個非常不同的操作環境。

We have already built technology around, for example, software-defined radio networks, AI-defined radio, that actually allows you to travel the spectrum differently and either keep connected or manage the disconnection, back to connection, back to disconnection.

例如，我們已經建立了軟體定義無線電網路、人工智慧定義無線電等技術，這些技術實際上可以讓你以不同的方式傳輸頻譜，並保持連接或管理斷開連接，再回到連接，再回到斷開連接。

Those are the kinds of things that allow us to co-create with the commercial sector extraordinarily well. And it leverages their investments that they've already made, our investments that we've already made. And our clients are excited. The number of clients that really believe in this value proposition already is great.

這些事情使得我們能夠與商業部門進行非常好的合作創作。它可以利用他們已經進行的投資以及我們已進行的投資。我們的客戶也很興奮。真正相信這價值主張的顧客數量已經很多了。

And as you point out, the system is not prepared for it. And the new administration is going to hopefully accelerate some of the changes that are necessary for this to really operate at speed.

正如你所指出的，系統尚未對此做好準備。希望新政府能加速一些必要的變革，使這項計畫能真正快速實施。

Thank you. And last one, short one. But near term, where are we like -- I don't know -- starting to a quarter, and we have seen like a lot of like uncertainty around contracting with executive orders, passing some like contracts, and everyone reviewing what they have in and out. What are your expectations for book-to-bill in the fourth quarter?

謝謝。最後一個，很短的一個。但短期內，我們的情況如何——我不知道——從本季度開始，我們看到很多不確定性，圍繞著行政命令的簽訂，通過一些合同，每個人都在審查他們所擁有的東西。並進出。您對第四季的訂單出貨比有何預期？

Yeah, Mariana, I'll take that. It's Matt. As Horacio said, we've seen essentially no impact on our contracts to date because of the executive orders, even the one that was rescinded related to grant and loan programs. We are seeing some slowdown in the procurement environment. We had a good pipeline for the quarter. So how those two things net out, I think, remains to be seen.

是的，瑪麗安娜，我接受。是馬特。正如奧拉西奧所說，到目前為止，我們的合約基本上沒有受到行政命令的影響，即使是與贈款和貸款計劃有關的被撤銷的命令也沒有受到影響。我們發現採購環境有些放緩。本季我們擁有良好的通路。因此，我認為這兩件事如何結合起來還有待觀察。

But as you can imagine, as Horacio referenced, agencies are taking some time to adjust to the new administration priorities. And quite frankly, the government workforce is adjusting to the new environment that they're in.

但你可以想像，正如奧拉西奧所提到的，各機構需要一些時間來適應新的政府優先事項。坦白說，政府工作人員正在適應他們所處的新環境。

And so we're seeing some slowdown or potential disruption there. And I think that's going to be true industry-wide. So this quarter, it remains to be seen. We're really bullish about next year. Even absent all the big ideas that Horacio mentioned, our pipeline for next year is in a really good spot.

因此我們看到那裡出現了一些放緩或潛在的中斷。我認為整個行業都會出現這種情況。因此本季的情況仍有待觀察。我們對明年非常樂觀。即使沒有 Horacio 提到的所有偉大想法，我們明年的計劃仍然處於良好的狀態。

Yeah. I would only add, Mariana, you were sitting on a lot of backlog and a lot of opportunity that is playing out right now. And as Matt pointed out, the pipeline is strong and the funding environment is probably going to be strong.

是的。我只想補充一點，瑪麗安娜，你現在有很多積壓的工作和很多正在發生的機會。正如馬特指出的那樣，通路很強大，融資環境也可能很強勁。

I think the administration needs to budget, especially in the national security side, to move these priorities forward. And so our expectation is, regardless of what happens over the next, whatever, 60 days, that this is going to be a market in which Booz Allen, in particular, can really thrive.

我認為政府需要預算，特別是在國家安全方面，以推動這些優先事項的發展。因此，我們的預期是，無論未來 60 天發生什麼，這都將是一個 Booz Allen 能夠真正蓬勃發展的市場。

Thank you so much. Gracias.

太感謝了。謝謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes, good morning, guys.

是的，大家早安。

Good morning.

早安.

Good morning.

早安.

I was wondering if you could expand upon your comments on headcount additions and the planning there. Are you expecting to ramp up headcount more so than what happened in the December quarter, in the March and June quarters, just given the environment you described?

我想知道您是否可以詳細說明對增加員工人數及其計劃的評論。考慮到您所描述的環境，您是否預計員工人數將比 12 月季度、3 月季度和 6 月季度進一步增加？

That's the plan. I think we -- it's a dynamic environment. We'll see how it plays out. I mean, just to give you some parameters, our billability in the third quarter was about 1% higher than it was in the first quarter. So that's equivalent to, what, 330 FTEs.

這就是計劃。我認為我們——這是一個充滿活力的環境。我們將看看結果如何。我的意思是，只給你一些參數，我們第三季的計費率比第一季高出約 1％。這相當於 330 個 FTE。

And in fact, our billability in December was the highest it's been on record. Honestly, a bit too high from my liking. We probably cleared the bench, perhaps, too aggressively. So we're ramping up the hiring engine, particularly around a bunch of the large wins that we've enjoyed this year. And we'll see how it plays out.

事實上，我們 12 月份的計費能力是有記錄以來的最高水準。老實說，這個價格有點太高了，不符合我的口味。我們清理替補席的舉動可能有點太激進了。因此，我們正在加大招募力度，特別是圍繞我們今年取得的一系列重大勝利。我們將拭目以待事情將如何發展。

And I don't think you're going to see the kind of headcount growth you saw in Q4 last year. But we're bullish both about the supply and demand side. We've built a lot of momentum.

我認為你不會看到像去年第四季那樣的員工數量成長。但我們對供給面和需求面都持樂觀態度。我們已經累積了很大的發展動能。

I would also say this. I mean -- and this is going to make your guys' lives a little bit harder. And I apologize for that, but it's actually good for the business. We have gotten a lot faster in the way we can recruit and deploy. And so we can really compress the acceleration, deceleration process of our recruiting by a lot.

我也會這麼說。我的意思是──這會讓你們的生活變得更加艱難。我對此表示歉意，但這實際上對業務有好處。我們的招募和部署速度已經大大加快。因此，我們確實可以大幅壓縮招募的加速和減速過程。

For example, we're using artificial intelligence in different ways. So now we get, call it, 1,000-plus resumes a day. They are read the same night in which the resumes come in and deploy it against the potential opportunities out there. We didn't have that capability two years ago.

例如，我們以不同的方式使用人工智慧。所以現在我們每天會收到 1,000 多份履歷。他們在收到簡歷的當晚就對其進行了閱讀，並將其與潛在的機會進行比較。兩年前我們還沒有這種能力。

And so the ramp-up and the ramp-down of our recruiting pipeline operated differently. And so again, this is getting faster, being flexible. Like Matt said, this is a very dynamic environment. And so I think week by week, we're going to be matching supply and demand tightly as we see things evolve.

因此，我們招募管道的增加和減少的運作方式是不同的。因此，這會變得更快、更靈活。正如馬特所說，這是一個非常有活力的環境。因此我認為，隨著事態的發展，我們每週都會緊密匹配供需。

The good news is that the opportunities that we see in the horizon really begin to mature and crystallize. We can ramp into them at a different speed than we could have a couple of years ago.

好消息是，我們看到的前景機會確實開始成熟和具體化。我們可以以不同於幾年前的速度來迎接這些挑戰。

Yes. That's helpful commentary. And I was wondering also, just to expand on the prior questioner's question, are you actually seeing a slowdown that has started since the new administration has taken foot at any specific customers with respect to the pace of awarding task orders or contract award adjudication? Have you actually seen any firm evidence of a slowing, or is this more on the con?

是的。這是很有幫助的評論。我也想知道，只是為了擴展前一個提問者的問題，自從新政府對任何特定客戶上任以來，您是否真的看到在授予任務訂單或合約授予裁決的速度方面開始出現放緩？您是否確實看到了經濟放緩的確鑿證據，或者這更多的是騙局？

Let me offer it in two pieces. First of all, there is clearly slowdown in some agencies. The good news for us is we have a very, very small exposure to those agencies. So we are acknowledging what's out there without seeing any material impact on our business.

讓我將其分為兩部分來提供。首先，有些機構明顯出現放緩跡象。對我們來說，好消息是我們對這些機構的接觸非常非常少。因此，我們承認有這樣的問題，但並未發現這對我們的業務有任何實質的影響。

And then in some of the other agencies, I think I mentioned that even in October, in anticipation of things, some of the timelines for award had lengthened in some of the civil agencies. That pattern continues. It has not compressed. It has not lengthened. It's just -- there's a little bit of a wait-and-see attitude that began even in the last administration, since that this was going to be an administration transition after election regardless.

然後在其他一些機構中，我想我提到過，即使在十月份，為了應對一些事情，一些民事機構已經延長了授予合約的時間。這種模式一直持續著。它還沒有壓縮。它還沒有延長。只是──從上屆政府開始，人們就有點持觀望態度，因為無論如何，這都將是選舉後的政府過渡。

And so that has continued. But overall, like Matt said, our trailing book-to-bill is 1.4, which for us is extremely high. Backlog is strong. The demand condition right now is solid. On the supply side, we're really good. The business is running well. But we have acknowledged, I think, probably more than anybody else, the immediate challenges associated with the presidential transition. And those are playing out.

這種情況一直持續下去。但總體而言，就像馬特所說的那樣，我們的訂單出貨比是 1.4，這對我們來說非常高。積壓工作很強。目前的需求狀況很強勁。在供應方面，我們做得很好。生意運作良好。但我想，我們可能比任何人都更清楚，總統過渡期間面臨許多直接挑戰。這些都正在上演。

Thank you, guys.

謝謝你們。

Sure.

當然。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

Good morning, Horacio, Matt. Thank you so much for the time. Maybe just a little bit more specific on just your growth trajectory.

早上好，Horacio，Matt。非常感謝您抽出時間。也許可以更具體地說明你的成長軌跡。

When we think about intel, it outperformed civil for the first time in a while; obviously, easier comps and Thunderdome ramping up as the largest zero-trust program in the federal government. So maybe if you could just talk about how you expect intel to progress from here and how the Thunderdome ramp is going.

當我們想到英特爾時，它在很長一段時間內首次表現優於民用；顯然，更容易的比較和 Thunderdome 正在成為聯邦政府最大的零信任計劃。所以也許您可以談談您預期情報從現在開始會如何發展以及 Thunderdome 坡道的進展。

Well, I'll start, but then I need to let Matt probably complete the thought. I think what has me really excited about our intel business is under Tom Pfeifer's leadership, we have really pivoted that business in two directions. One is we're bringing a lot more technology to the actual intelligence function, a lot more AI, a lot more use of data platforms in a different way.

好吧，我先開始了，但我需要讓馬特完成這個想法。我認為，真正讓我興奮的是，在湯姆·普法伊弗 (Tom Pfeifer) 的領導下，我們的英特爾業務真正實現了兩個方向的轉變。一是我們將更多的技術、更多的人工智慧、更多的數據平台以不同的方式運用到實際的情報功能中。

But secondly -- and I think this is going to be the most important driver of our growth over time -- is this is now very much a cyber- and space-focused business. Cyber will continue to be a significant investment area for our clients, we believe.

但其次——我認為這將成為我們長期成長的最重要驅動力——現在我們的業務主要集中在網路和空間上。我們相信，網路將繼續成為我們客戶的重要投資領域。

But space is, I think, where we're going to see a lot of important acceleration. And I think, again, as you think about the administration's agenda, we are really well positioned on the space front in ways we wouldn't have been a couple of years ago to continue to see the growth over the medium and long term.

但我認為，在太空中我們將會看到很多重要的加速。而且我認為，當你思考政府的議程時，我們會發現我們在太空領域確實處於非常有利的位置，而幾年前我們還不可能看到中長期的成長。

Yeah. Sheila, it's playing out the way we anticipated and foreshadowed that our civil business is still going to grow but, perhaps, in the short run, not to the extent that the other markets will grow or still has grown in the past.

是的。希拉，事情正如我們預期和預言的那樣，我們的民用業務仍將增長，但或許在短期內不會達到其他市場那樣的或過去的增長程度。

What's interesting is behind that -- Horacio has talked about these dozen or so big ideas, and that list keeps growing. What's fascinating about that list, there are a lot of them in civil, a lot of them that involve one or more commercial partnerships.

有趣的是，這背後——奧拉西奧已經談到了十幾個偉大的想法，而且這個名單還在增加。這份名單最令人著迷之處在於，其中許多是民事合作，許多都涉及一個或多個商業夥伴關係。

And increasingly, we're finding -- we're pulling technology and capabilities and solutions from our defense and intel clients into civil, both for opportunities around efficiency, or if you think even about the EO that named drug cartels as terrorist organizations, a lot of the technology and capabilities we built up over years in the intel and defense communities, how they can put over to civil.

我們越來越發現——我們正在將國防和情報客戶的技術、能力和解決方案引入民用領域，這既是為了提高效率，也是為了在行政命令中將販毒集團列為恐怖組織。在情報和國防領域累積的許多技術和能力，如何應用到民用領域。

So it's a dynamic time in our civil business, but it's a really exciting time. And I think if I look across the list of big ideas, you probably have more there than anywhere else. And we're prepared to -- and are engaging the administration about ideas for change.

因此，這是我們民用業務充滿活力的時期，但這確實是一個令人興奮的時期。我想，如果我看一下偉大想法的清單，你會發現那裡可能有比其他地方更多的想法。我們已做好準備並正在與政府探討變革的想法。

Maybe if I could just follow up there. Can you quantify at all, Matt, what Thunderdome contributes on an annualized basis and when it sort of -- how long it reaches that run rate for? And then on civil, how do you think about -- how do either of you think about the revenue growth rate under this administration versus the prior? Does it change at all?

也許我可以繼續跟進。馬特，你能否量化 Thunderdome 每年的貢獻，以及它什麼時候能夠達到這個運行率？那麼在民事方面，您如何看待──您認為本屆政府與前一屆政府相比的收入成長率如何？它有改變嗎？

I'll take the Thunderdome question. It's growing at the pace we anticipated. We're having a lot of success, most importantly driving impact for clients. And that's translating into more people -- more clients adopting the Thunderdome solution. In terms of civil -- I don't know, Horacio, do you want to take that?

我來回答有關雷霆穹頂的問題。它正按照我們預期的速度成長。我們取得了許多成功，最重要的是為客戶帶來了影響。這意味著會有更多的人、更多的客戶採用 Thunderdome 解決方案。就民事方面而言——我不知道，奧拉西奧，你想接受這個嗎？

No. Go ahead.

不。前進。

Okay, okay. I think, as I said, we are excited about the opportunities for change. The vast majority of our portfolio in civil is an area that's a real mission importance. As Horacio mentioned, we've seen -- of the agencies that are seeing the most churn related to the new EOs and direction of the administration, we don't have large positions there. So we're excited about the medium to long term in the civil business.

好的，好的。我想，正如我所說，我們對改變的機會感到興奮。我們在民間領域的投資組合絕大多數是具有真正使命重要性的領域。正如 Horacio 所提到的，我們已經看到——在那些與新行政命令和政府方向相關的人員變動最多的機構中，我們在那裡並沒有佔據很大的份額。因此，我們對民用業務的中長期前景感到興奮。

I think growth may look more different. There's a lot of opportunity for outcome-based work there. We've been talking about that, Sheila, as you know, for 12 to 18 months, and positioning for that. We think about ways to make the VA more efficient or the IRS is more efficient, to bring AI to [bear].

我認為成長可能會更加不同。那裡有很多基於成果的工作機會。希拉，如你所知，我們已經談論這個問題 12 到 18 個月了，並為此做好了定位。我們思考如何讓退伍軍人事務部或國稅局更有效率，將人工智慧引入[熊]。

So I think we may continue to see some short-term disruption. We've talked about that in the civil business, but the team is leaning into opportunities as aggressively.

因此我認為我們可能會繼續看到一些短期混亂。我們已經在民用業務中討論過這個問題，但團隊正在積極地抓住機會。

Okay, got it. Thank you.

好的，明白了。謝謝。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thank you. I was wondering if you could drill down into the civil clients and maybe describe what areas of civil or agencies that you're seeing a change in behavior. And I know the executive orders have come sort of (technical difficulty) this month. But any sort of contours you could give us would be helpful. Thank you.

謝謝。我想知道您是否可以深入了解民事客戶，並描述您看到民事或機構的哪些領域發生了行為變化。我知道本月的行政命令已經出現了一些（技術困難）。但如果您能給我們任何類型的輪廓，那都會很有幫助。謝謝。

Sure, Tobey. I mean, as you know, the core of our civil business rests on the healthcare side, with a very strong emphasis on the VA treasury and with the modernization of systems across treasury and especially the IRS, and then broadly across DHS and especially law enforcement.

當然，托比​​。我的意思是，正如你所知，我們的民事業務的核心在於醫療保健方面，重點是退伍軍人事務部的財政，以及整個財政部、特別是國稅局系統的現代化，然後是國土安全部，特別是執法部門。

And again, if you look at those areas and you read the same things that I read probably and you talk to probably some of the same people that I talk to, those are areas that I think are ripe for both opportunity, transformation, investment, and acceleration. And so that's what our team is really focused on.

再說一次，如果你看看這些領域，你讀到的東西可能和我讀到的一樣，你可能和我交談過的人一樣，那麼我認為這些領域都充滿了機會、變革和投資。這也正是我們的團隊真正關注的重點。

We moved away from a civil business that allowed 1,000 flowers to bloom across all of the smaller agencies quite a while back. And I'm glad we did because those are the agencies that, I think, are seeing right now the most near-term disruption.

我們很久以前就放棄了允許所有小型機構千花齊放的民事業務。我很高興我們這麼做了，因為我認為這些機構目前正面臨近期最嚴重的混亂。

Now again, even in the larger agencies, when there is a change in philosophy, when there's a change in strategy, there's an immediate impact where people come in and say, wait, let's pause and take a look. As you saw, there was a significant pause, that then was partially reversed, on grants and funding of grants and things like that, where Booz Allen has no -- almost zero or zero business. And so it had no impact on us, but I can see how that has a greater impact.

現在，即使在較大的機構中，當理念改變時，當策略改變時，也會立即產生影響，人們會說，等一下，讓我們暫停一下，看看。正如你所看到的，在撥款和撥款資助等事務上出現了一段較長的停頓，但隨後又部分恢復，而博思艾倫在這方面幾乎沒有任何業務。所以它對我們沒有影響，但我可以看到它的影響更大。

So like we said before, are we going to see some awards that maybe are under consideration now taking a little longer to get awarded? Well, we have already begun to see that, and I don't expect that will shorten in the immediate term. We see some things get canceled and some things get started.

所以就像我們之前說過的，我們是否會看到一些正在考慮的獎項需要更長的時間才能頒發？嗯，我們已經開始看到這一點，我預計這種現像不會在短期內縮短。我們看到有些事情被取消了，有些事情開始了。

This is probably, what, my sixth presidential transition since I joined Booz Allen. The answer to that is almost certainly, yes, because we've seen that in every other one of those. But at the end of the day, that is a very short-term phenomenon, and we're not focused on that. We will manage that. We'll navigate that. We are doing well already there.

這可能是我加入博思艾倫以來第六次總裁交接。答案幾乎肯定是肯定的，因為我們在其他所有案例中都看到過這種情況。但歸根究底，這只是一個非常短期的現象，我們並不關注它。我們會做到這一點。我們會解決這個問題。我們在那裡已經做得很好了。

Our real focus is, once things get going in earnest and continue to accelerate, we are able to match that acceleration pace. The history of Booz Allen is we actually do better in every administration transition because we can match better than anybody else, the opportunity set, and especially now, as an advanced technology company, with the largest AI business, the largest cyber business, a strong space presence, largest quantum or -- I don't know if it's the largest -- but the leading quantum business.

我們真正關注的是，一旦事情開始認真進行並繼續加速，我們就能夠跟上這種加速的步伐。博思艾倫的歷史表明，我們在每一次政府過渡中都表現得更好，因為我們比其他任何人都能更好地把握機遇，尤其是現在，作為一家擁有最大人工智能業務、最大網絡業務、強大空間存在，最大的量子或——我不知道它是否是最大的——但領先的量子業務。

You put all of that together, and you say we are really well positioned to take advantage of opportunities as we -- as things get underway, and we move past the immediate transition.

把所有這些放在一起，你說我們確實處於有利位置，可以抓住機會——隨著事情的進展，我們將度過眼前的過渡期。

Thank you for that, Horacio. As a follow-up, if I could, with respect to the offer for internal government employees to resign, is there a threshold of percentage decline in internal government staff at your agency customers, whereby if large enough, it could signal increased outsourcing to you and others in the marketplace?

謝謝你，Horacio。接下來，關於政府內部員工辭職的問題，請問貴機構客戶內部政府員工的百分比下降是否存在一個閾值，如果下降幅度足夠大，是否可能意味著貴機構外包業務增加以及市場上的其他人？

Just curious how you're thinking about that because, I guess, we'll have some sense for what the results are in about a week.

只是好奇你是怎麼想的，因為我想，大約一週後我們就會知道結果。

Sure. I mean, as you know, we're not in the outsourcing business. And in this tough augmentation business, we're in the business of bringing technology to bear. And that's what we're focused on, is those types of opportunities.

當然。我的意思是，如你所知，我們不從事外包業務。在這個艱難的增強業務中，我們致力於發揮技術的作用。我們關注的就是這些類型的機會。

That's where we think both in the near and in the medium term. The growth is going to be the investment is going to come. The efficiencies are going to be realized. And so we are full speed ahead on generating those types of opportunities and positioning them for them.

這就是我們的近期和中期想法。成長意味著投資將會到來。效率將會實現。因此，我們正全力創造此類機會並為其做好定位。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Good morning, Louie .

早安，路易。

Horacio, Matt, and Dustin, also good morning. For Horacio and Matt, your previous long-term revenue guidance that you still mentioned in your slide deck was 5% to 8%. And I know you aren't going to give a fiscal 2026 guidance. But should that range be considered a reasonable benchmark in this new era of slower procurement?

Horacio、Matt 和 Dustin，大家早安。對於 Horacio 和 Matt，您在幻燈片中提到的之前的長期收入指導是 5% 到 8%。我知道你不會給 2026 財年的指引。但是，在採購速度放緩的新時代，這個範圍是否應該被視為合理的基準？

I'll take that one. Historically, we've said that if our book-to-bill was above 1.2 and our headcount is in the 3% to 5% range, we're looking at mid- to upper single-digit organic growth and if not, probably bias towards the high end of that. So we got a lot of momentum in the business.

我要那個。從歷史上看，我們曾說過，如果我們的訂單出貨比高於1.2，而我們的員工人數在3% 到5% 之間，那麼我們就會期待中高個位數的有機增長，如果不是，那麼可能會出現偏差趨向於高端。因此我們的業務獲得了很大的發展動能。

I think your question is hard to parse, right, because we're talking about a short-term recalibration for the procurement environment over the medium to long term. And that will start with when the administration really lands and they get a new budget passed, and we begin to see areas that they're going to invest in. We haven't talked about Iron Dome, for example, which is an area we're really excited about.

我認為你的問題很難解析，對吧，因為我們正在討論中長期採購環境的短期重新調整。這將從政府真正上台並通過新預算開始，我們將開始看到他們要投資的領域。例如，我們還沒有談論鐵穹防禦系統，而這是一個讓我們非常興奮的領域。

The money is going to start to flow. And so I wouldn't read much into this quarter or next. I think it's going to be a period of recalibration. And the answer to your long-term question is we're really bullish about where we're headed. We see a lot of opportunity.

資金將開始流入。因此我不會對本季或下一季進行過多的解讀。我認為這將是一個重新調整的時期。對於您長期問題的回答是，我們對我們的發展方向非常樂觀。我們看到了很多機會。

As Horacio said, we've been preparing for this moment. We've been talking about VoLT for the past three years. And the tenets of VoLT are squarely in line with what the administration wants to do: AI, speed, dual-use technology, driving efficiency. So this is an opportunity.

正如奧拉西奧所說，我們一直在為這一刻做準備。過去三年我們一直在談論 VoLT。VoLT 的宗旨與政府的目標完全一致：人工智慧、速度、兩用技術、駕駛效率。所以這是一個機會。

And you heard it in our prepared remarks. But I'll just say, my experience is Booz Allen is always better when we're on offense, and our team is on offense. And I think that's what you and our investors would expect, is we're going to create the future. There's a reason why our mission statements says we're empowering people to change the world, and we're embracing this change and going forward.

你們在我們準備好的發言中也聽到了這一點。但我只想說，我的經驗是，當我們處於進攻狀態時，博思艾倫的表現總是更好，而且我們的球隊處於進攻狀態。我想這正是您和我們的投資者所期望的，我們將創造未來。我們的使命宣言說我們要賦予人們改變世界的力量，而我們也將擁抱這項改變並繼續前進。

Great. Thanks. And I guess, for either of you, do you like, in general, view this period of DOGE cost-cutting as different from the 2011 era of sequestration? And this one would probably be for Matt. Do you expect certain unpriced options that are in your backlog to go away or, perhaps, just be replaced with other work as priority shift?

偉大的。謝謝。我想，對你們任何一位來說，你們總體上是否認為這段 DOGE 成本削減時期與 2011 年預算緊縮時期有所不同？這一個可能適合馬特。您是否希望積壓的某些未定價選項會消失，或者隨著優先順序的轉移而被其他工作取代？

Louie, why don't I take the first part of it? The -- I actually think this is qualitatively different from the sequestration time period in that the -- there, they started with a lower -- first of all, it came up all of a sudden because they had created the BCA caps as a way to force themselves to agree.

路易，我為什麼不拿第一部分呢？我認為這與強制減排時期在質量上有所不同，因為在強制減排時期，他們一開始的減排水平較低，首先，這一政策突然出台，因為他們制定了 BCA 上限，作為一種強迫自己同意。

And then when they couldn't agree, it's almost they put their gun to the proverbial head and then the gun went off. And as a result of that, this was this unprecedented takedown of across-the-board funding that was irrespective of priority investment areas of need. This to me reads completely differently.

當他們無法達成一致時，他們幾乎就把槍指向了對方的頭，然後槍就響了。結果是，這是前所未有的全面資金被取消，無論需要優先投資的領域是什麼。在我看來，這完全是另一回事。

If I listen to the conversation that is happening around DOGE, this is about creating efficiencies and then deciding how that is going to be invested for the American people. And in that sense, our expectation is that a lot of what is going to be created in the form of efficiencies will be reinvested as investments in technology that will drive future outcomes.

如果我聽圍繞 DOGE 的討論，這是關於創造效率，然後決定如何為美國人民進行投資。從這個意義上來說，我們期望以效率形式創造的大部分成果將被重新投資於技術，從而推動未來的成果。

We are in a geopolitically, very difficult environment where, as you heard me say, is not -- we're just not moving fast enough. I think there's a possibility to accelerate that there's a real desire in the department, both by the incoming team and by the existing professionals there to accelerate things.

我們正處於一個地緣政治非常困難的環境中，正如你聽到我說的，我們行動得不夠快。我認為有可能加速發展，因為部門中新加入的團隊和現有的專業人員都有真正加速發展的意願。

And this should enable that, both from a funding and a process perspective. There's a real need to think about immigration differently. There's a real need to think about space differently. And any success at creating efficiencies, I think, will unlock the possibility of really creating that faster, which for us spells both impact and opportunity.

無論從資金角度還是流程角度，這都應該能夠實現這一點。我們確實需要以不同的方式思考移民問題。我們確實需要以不同的方式思考空間。我認為，任何在提高效率方面取得的成功都將開啟真正更快地創造這一成果的可能性，這對我們來說既意味著影響，也意味著機會。

And so that's why we came into 2011, recognizing that this was going to be a multiyear period of difficulty. I'll remind you that even then, we decided to double down and invest as opposed to retrench. But we knew that was going to be a multiyear period. We think this is a much shorter period of adjustment, followed by a real clear set of opportunities and priorities we can pursue.

所以，我們進入2011年時就認識到，這將是一個多年的困難時期。我要提醒你們，即使在那時，我們也決定加倍投資而不是縮減開支。但我們知道這將是一個多年的時期。我們認為這是一個更短的調整期，隨後我們將獲得一系列真正明確的機會和優先事項。

If I could just add to that, Louie. The dominant contracting force in that period was low price, technically acceptable. Now it's all about outcome-based and innovation and speed. It could not be more different in terms of what the changes are trying to affect and how we expect it's going to play out.

如果我可以補充一點的話，路易。那個時期主導的收縮力量是低價、技術上可以接受的。現在一切都以成果、創新和速度為基礎。就這些變化試圖影響什麼以及我們預期它會如何發揮作用而言，情況有很大不同。

Back then, it was all about who can get as low as possible to supply the same amount of service. This is the antithesis of that.

那時候，一切都取決於誰能以盡可能低的價格提供相同數量的服務。這與那恰恰相反。

Great. And like recently, when there have been shifting priorities or contract losses like FocusFox or the recent VA contract, you have been able to shift your talent to other short-staffed, high-growth programs. And in terms of Horacio's answer and your answer, Matt, you seem to suggest that DOGE is more of a shift of priorities rather than just across-the-board sequestration-type cost cutting.

偉大的。就像最近一樣，當優先事項發生變化或合約損失（如 FocusFox 或最近的 VA 合約）時，您能夠將人才轉移到其他人手短缺、高成長的專案。至於 Horacio 的回答和您的回答，Matt，您似乎認為 DOGE 更多的是優先事項的轉變，而不僅僅是全面的封存式成本削減。

Do you expect, with VoLT, that you're going to be able to have the same type of versatility and be able to shift employees to align to the new priorities quickly?

您是否期望，透過 VoLT，您將能夠擁有相同的多功能性，並且能夠快速調動員工以適應新的優先事項？

Absolutely. And I think we may be able to do even more. I think, first of all, we have -- our overall business model based on the single P&L has always been an asset at times like this. And it's going to be a fundamental asset.

絕對地。我認為我們還能做得更多。我認為，首先，我們基於單一損益表的整體商業模式在這種時候一直是一種資產。這將成為一項基本資產。

Now second, as I mentioned before, we are using new tools and new technologies to do everything faster inside of Booz Allen. And we can understand -- for example, if somebody is coming off a contract, we now use AI to understand where would their skill set be best matched, and we can make that transition happen.

第二，正如我之前提到的，我們正在使用新工具和新技術來更快地完成博思艾倫內部的所有工作。我們可以理解——例如，如果某人的合約即將到期，我們現在使用人工智慧來了解他們的技能組合最適合什麼，然後我們就可以實現這種轉變。

Not quite in milliseconds yet, but certainly, infinitely faster than we could have in the past. But maybe third and most importantly, we are really leaning in. And like I said, we are looking for opportunities. We're talking about opportunities. We are focusing on those, and we are beginning to invest as we speak on the -- in the areas that we believe will turn into opportunities.

雖然還未達到以毫秒為單位的速度，但肯定比過去快得多。但也許第三點也是最重要的一點是，我們確實在傾斜。正如我所說的，我們正在尋找機會。我們正在談論機會。我們正專注於這些領域，並開始在我們認為將帶來機會的領域進行投資。

We're not standing still. And so if there are contract shifts -- I am really proud of this workforce and their versatility and their value. And I'm really bullish about our ability to redeploy them to where it makes the most sense.

我們不會停滯不前。因此，如果有合約輪換——我真的為這支勞動力以及他們的多才多藝和價值感到自豪。我對我們能夠將他們重新部署到最合理的位置的能力非常有信心。

Great. Thanks, everyone.

偉大的。謝謝大家。

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

Hey, good morning, guys. Thanks for the question. Maybe one for Horacio. I mean -- so I guess, some news last week out of China on AI with DeepSeek.

嘿，大家早安。謝謝你的提問。也許是給 Horacio 的。我的意思是——我想，上周中國有一些關於 DeepSeek 人工智慧的消息。

Just curious if you've heard -- any kind of reaction from your clients that maybe -- more urgency to kind of accelerate investment in AI? And just curious, just sort of where we stand in kind of the AI kind of arms race with China.

我只是好奇，您是否聽說過——您的客戶有什麼反應——可能更緊迫地加速對人工智慧的投資？我很好奇，我們在與中國的人工智慧軍備競賽中處於什麼位置。

Yeah. I think -- I spent a fair amount with our AI team on this topic. And it won't surprise you that we have been tracking this development for the last year. So while the sort of the announcement had some element of surprise, it was not totally out of the blue.

是的。我想——我和我們的人工智慧團隊在這個主題上花了相當多的時間。過去一年來我們一直在追蹤這一發展，這一點並不令你感到驚訝。因此，雖然此類聲明有些令人意外，但並非完全出乎意料。

Here's what I would say. First of all, there's a real opportunity here to rethink at least some elements of how AI is deployed. And there are some capabilities that DeepSeek showed that actually demonstrate that, by distilling and doing a number of things, you can actually really lower the cost of deployment and use of AI. You can put it in a much smaller compute footprint. And again, as you think about edge and all the things we worry about, there's a lot of things to think about there.

我想說的是以下。首先，這是一個真正的機會來重新思考人工智慧部署方式的至少一些要素。DeepSeek 展示的一些功能實際上證明，透過提煉和執行一些操作，實際上可以降低部署和使用 AI 的成本。您可以將其放在更小的計算空間中。再說了，當你考慮邊緣和所有我們擔心的事情時，有很多事情需要考慮。

The second point is it demonstrates how dynamic this field is and how, if you will, ephemeral leadership could be in an area like this. And I think it's going to keep everybody on our toes to ensure that we continue to stay on top of it, which is, again, I take you back to the [V] involved. This is why we focused on speed because this is how fast things are changing.

第二點是，它顯示了這個領域的活力，以及在這樣的領域中領導力可能是短暫的。我認為這將使每個人都保持警惕，以確保我們繼續保持領先地位，這再次讓我回到所涉及的[V]。這就是我們關注速度的原因，因為事物變化的速度就是這麼快。

And then third, I will say this. I mean, again, when China does something like this, it's a moment of pause, not just for our clients, but really for all of us for a couple of reasons. First of all, I think it's -- we all need to take some time to examine some of the claims because there are some opacity in some of the claims that I think we still need to shred to ground truth.

第三，我要說的是這個。我的意思是，當中國做出這樣的舉動時，這會帶來一個暫停的時刻，這不僅對我們的客戶而言是如此，實際上對我們所有人來說都是如此，原因有兩個。首先，我認為——我們都需要花一些時間來審查這些說法，因為有些說法存在一些不透明之處，我認為我們仍需要將其撕碎，找到真相。

But secondly, it's already been reported in the press that if you ask certain questions, you get some funny answers coming out of DeepSeek. We don't know in these models, what is also behind underneath that. And so the deployment of models where we don't have complete understanding of their provenance and what may be in there, is something that, again, creates an intersection between AI and cyber, also something we've been talking about for a couple of years, that we really need to be very thoughtful about.

其次，根據媒體報道，如果你問某些問題，DeepSeek 會給出一些有趣的答案。我們不知道這些模型背後還隱藏著什麼。因此，在我們不完全了解模型的來源和其中可能包含的內容的情況下部署模型，這又一次創造了人工智慧和網路之間的交集，這也是我們幾年來一直在談論的事情。確實需要深思熟慮。

These are the kinds of things we're talking to our clients about. These are the kinds of areas where I think Booz Allen's leadership, if anything, will expand and accelerate. So you and I could geek out on this probably for the next half an hour, but I'll park it there.

這些就是我們正在和客戶談論的事情。我認為，在這些領域中，博思艾倫的領導地位將會擴大和加速。因此，您和我可能要花接下來的半個小時來討論這個問題，但我會就此打住。

That's great. Thanks. And then, I guess, I wanted to ask about capital deployment. You guys have sort of laid out the strategy -- kind of the priorities are.

那太棒了。謝謝。然後，我想問一下有關資本部署的問題。你們已經制定好了策略，也就是優先事項。

But your stock is like 30% off of where it was pre-election. I think you've talked about being comfortable up to a little bit higher leverage level than where you are now. Just curious if at some point it makes sense to maybe do something more aggressive with buybacks just given that opportunity?

但你的股票價格比選舉前下跌了 30%。我想您已經談過，對於比現在略高一點的槓桿水平，您會感到舒適一些。我只是好奇，在這樣的機會下，在某個時候採取更積極的回購措施是否有意義？

Yeah. Thanks, Matt. I think if you look -- we bought back about $500 million in shares over the first nine months. So as is often true, we're doing things sort of our own way and quietly. But we've retired 2.3% of our share count over the first three quarters.

是的。謝謝，馬特。我想如果你看一下——我們在前九個月回購了約 5 億美元的股票。因此，正如通常的情況一樣，我們按照自己的方式，悄悄地做事。但我們在前三個季度已退出了 2.3% 的股票。

You're right. I mean, our balance sheet is strong, right? Our net leverage is 2.3 times. So we've deployed almost $1 billion worth of capital over the last 12 months while still delevering. And that gives us a lot of flexibility to generate value in different ways.

你說得對。我的意思是，我們的資產負債表很強勁，對吧？我們的淨槓桿是2.3倍。因此，我們在去槓桿的同時，在過去 12 個月中已經部署了價值近 10 億美元的資本。這為我們提供了很大的靈活性，可以透過不同的方式創造價值。

And as Horacio and I have said, we're really bullish about Booz Allen's prospects in the new environment. So we will continue to deploy capital aggressively and flexibly to create shareholder value in lots of ways.

正如奧拉西奧和我所說，我們非常看好博思艾倫在新環境下的前景。因此，我們將繼續積極且靈活地部署資本，透過多種方式創造股東價值。

That's great. Thank you.

那太棒了。謝謝。

Thank you. And now I will turn the call back to Horacio Rozanski for final remarks.

謝謝。現在我將請 Horacio Rozanski 作最後的發言。

Thank you, Carmen. Thank you, all, for your questions and for taking time with us this morning.

謝謝你，卡門。謝謝大家的提問以及今天早上抽出時間與我們交談。

Before we close, I want to take a minute to, once again -- this is my favorite thing -- to brag about the amazing people of Booz Allen. They're at the heart of the work that we do and the outcomes that we deliver for our clients each and every day.

在我們結束之前，我想花一點時間，再次——這是我最喜歡的事情——吹噓一下博思艾倫的傑出員工。它們是我們所做的工作以及我們每天為客戶提供的成果的核心。

As we closed out our 110th anniversary in December, our people delivered yet one more achievement that makes me proud, and it's worth highlighting. In 2024, our employee giving campaign raised a record $2.6 million in support of nearly 2,500 nonprofits. This is the highest level of employee participation ever.

當我們在 12 月慶祝成立 110 週年之際，我們的員工又取得了一項令我感到自豪、值得強調的成就。2024 年，我們的員工捐贈活動籌集了創紀錄的 260 萬美元，為近 2,500 家非營利組織提供支援。這是有史以​​來員工參與度最高的一次。

And it demonstrates the care that people at Booz Allen take for each other and for one of the communities? And it is really one of the countless reasons why I'm still here after 30-some years, why I'm so proud to be here every day and work with these amazing people who truly are empowered to change the world.

這是否反映出了博思艾倫員工彼此關懷以及對社區的關心？這實際上是我 30 多年後仍然留在這裡的無數原因之一，也是我為每天在這裡與這些真正有能力改變世界的了不起的人一起工作而感到自豪的原因之一。

And on that note, thank you, again, all of you for joining us, and have a great day.

最後，再次感謝大家的參與，祝福大家有愉快的一天。

And this concludes today's conference call. Thank you, all, for participating, and you may now disconnect.

今天的電話會議到此結束。感謝大家的參與，現在您可以斷開連線了。