Booz Allen Hamilton Holding Corp (BAH) 2025 Q4 法說會逐字稿

Good morning and thank you for standing by. Welcome to Booz Allen Hamilton's earnings call covering fourth quarter fiscal year 2025 results. (Operator Instructions) I'd now like to turn the call over to the Head of Investor Relations, Dustin Darensbourg.

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，會議內容涵蓋 2025 財年第四季的業績。（操作員指示）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)。

Good morning, and thank you for joining us for Booz Allen's fourth 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.

早安，感謝您參加博思艾倫 2025 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發布的新聞稿。我們還在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; Matt Calderone, Executive Vice President and Chief Financial Officer; and Kristine Martin Anderson, Executive Vice President and Chief Operating Officer.

今天與我一起討論我們的業務和財務業績的是我們的董事長、首席執行官兼總裁 Horacio Rozanski；馬特·卡爾德龍 (Matt Calderone)，執行副總裁兼首席財務官；以及執行副總裁兼首席營運官克里斯汀·馬丁·安德森 (Kristine Martin Anderson)。

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，我們今天早上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業績有關，並涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果與我們提交給美國證券交易委員會 (SEC) 的文件和本次電話會議中討論的預測結果存在重大差異。

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，並且僅代表截至聲明之日的觀點。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 2025 earnings release and slides.

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，我們相信這些指標可以為投資者提供有用的信息。我們在 2025 財年第四季財報和投影片中解釋了非 GAAP 指標與最可比較 GAAP 指標之間的調整和其他對帳。

Numbers presented may be rounded and as such, may vary slightly from those in our public disclosure. It is now my pleasure to turn the call over to our Chairman, CEO and President, Horacio Rozanski. We are now on slide 4.

呈現的數字可能是四捨五入的，因此可能與我們公開揭露的數字略有不同。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, everyone and thank you for joining the call today. Kristine, Matt and I are proud to share strong financial results for fiscal year 2025 as well as our outlook for fiscal year 2026 and beyond. And I'm happy to welcome Kristine to the Q&A portion of the earnings call.

謝謝你，達斯汀。歡迎大家，感謝大家今天參加電話會議。克里斯汀、馬特和我很自豪地分享 2025 財年的強勁財務業績以及我們對 2026 財年及以後的展望。我很高興歡迎克莉絲汀參加收益電話會議的問答環節。

Booz Allen delivered a strong year of top line and bottom line growth in FY25. We also reached $1.315 billion of adjusted EBITDA. This exceeded the top end of our ambitious target range we set at our Investor Day in October 2021 and represents 12% compounded EBITDA growth, nearly all organic over our investment thesis period.

博思艾倫在 2025 財年實現了強勁的營收和利潤成長。我們的調整後 EBITDA 也達到了 13.15 億美元。這超出了我們在 2021 年 10 月投資者日設定的雄心勃勃的目標範圍的上限，代表著 12% 的複合 EBITDA 增長，在我們的投資論文期間幾乎全部是有機增長。

I am incredibly proud of the people of Booz Allen for their dedication and hard work over the past three years. These results are a credit to them. Through a changing landscape, we remain focused on delivering outcomes and bringing their passion and commitment to America's most essential missions. A heartfelt thank you to our colleagues for all you do for our company and for our nation.

我為博思艾倫員工過去三年來的奉獻和辛勤工作感到無比自豪。這些結果對他們來說是一種榮譽。儘管情況不斷變化，我們仍然專注於取得成果，並將他們的熱情和承諾帶給美國最重要的使命。我們衷心感謝我們的同事為我們的公司和國家所做的一切。

To frame the conversation about fiscal year 2026, let me reiterate what I mentioned on the October earnings call. All presidential transitions create some degree of near-term disruption followed by opportunity. Half a year later, we now see that these dynamics are indeed in play at a rate and speed that is beyond what we originally expected. As the Trump administration focuses on reducing government spending, increasing efficiency and reimagining agency missions, Booz Allen must once again adapt and accelerate.

為了討論 2026 財年，讓我重申我在 10 月財報電話會議上提到的內容。所有的總統過渡都會在短期內造成一定程度的混亂，但隨後也會帶來機會。半年後，我們現在看到，這些動態確實在以超越我們最初預期的速率和速度發揮作用。隨著川普政府專注於削減政府開支、提高效率和重塑機構使命，博思艾倫必須再次適應並加速發展。

Let me begin by describing the current environment as we experience it. The federal government is rethinking agency emissions, finding ways to accomplish those missions differently and looking for ways to reduce spending and increase efficiency.

首先，讓我描述一下我們目前所處的環境。聯邦政府正在重新考慮機構排放，尋找以不同方式完成這些任務的方法，並尋找減少開支和提高效率的方法。

To get there, we are seeing agency reorganizations, reductions in government personnel and spending levels as well as contract reviews. These are especially acute in civilian agencies. And as a result, we are seeing a decrease in the pace of awards in civil as well as run rate changes in some of our contracts.

為了實現這一目標，我們正在進行機構重組、政府人員和支出的削減以及合約審查。這些情況在民間機構中尤其嚴重。因此，我們看到民事合約授予速度有所下降，而且部分合約的運作率也有所變化。

At the same time, the government is leading initiatives to improve procurement regulations and practices such as the revision of the federal acquisitions regulation or FAS, and we expect to see more contracts move to fixed price and outcome based.

同時，政府正在牽頭改進採購法規和實踐，例如修訂聯邦採購條例或 FAS，我們預計會看到更多合約轉向固定價格和基於結果。

We also see a focus on massively upgrading legacy systems and rapidly injecting advanced technology into revised missions. These present great opportunities for more impact and increase value to the government as well as stronger financial performance for Booz Allen.

我們也看到了對大規模升級遺留系統和迅速將先進技術注入修訂任務的關注。這些為博思艾倫帶來更大的影響力和增加政府價值以及更強勁的財務業績提供了絕佳的機會。

In combination, these dynamics are currently impacting Booz Allen's view of FY26. We believe that our defense and national security portfolio will continue to grow this year as we accelerate the injection of AI and commercial technology into missions. In contrast, we expect our Civil business to decline this year.

綜合起來，這些動態目前正在影響博思艾倫對 2026 財年的看法。我們相信，隨著我們加快將人工智慧和商業技術注入任務，我們的國防和國家安全組合今年將繼續成長。相比之下，我們預計今年我們的民用業務將會下滑。

Diving more into civil. Our largest contracts have been reviewed. We are proud that our solutions stood up well, and our contracts are mostly intact. The work is excellent, and the missions are critical. Having said that, the run rate on five large technology contracts has been reduced significantly in support of the administration's desire to reduce spending overall. This slowdown coincided with the ending of a large signal truck at the VA.

深入研究民事。我們最大的合約已經過審查。我們很自豪我們的解決方案表現良好，而且我們的合約基本上完好無損。工作非常出色，任務非常關鍵。話雖如此，為了支持政府削減整體支出的願望，五項大型技術合約的運作率已大幅降低。這次減速恰逢 VA 一輛大型信號卡車的停駛。

Together, this led to a significant number of employees needing to be redeployed simultaneously. Under normal circumstances and as our history shows, the dynamism of our business typically allows us to move our highly skilled talent quickly to new opportunities.

總之，這導致大量員工需要同時重新部署。在正常情況下，正如我們的歷史所表明的那樣，我們業務的活力通常使我們能夠迅速地將高技能人才轉移到新的機會上。

But at a time when procurements are moving much slower than normal, this has been challenging. As we proactively anticipate continued market and budget dynamics, we have made the decision to restructure and reset our Civil business.

但在採購進度遠低於正常水準的情況下，這已成為一項挑戰。由於我們積極預測持續的市場和預算動態，我們決定重組和重置我們的民用業務。

We are making targeted cost and headcount reductions to match anticipated demand. These are a combination of reductions in bench, delayering of management and adjusting our infrastructure to match. These situations are difficult, and they are not taken lightly. Our actions are very targeted, and we believe that they will preserve and enhance our ability to invest both in our business and in our people. Matt will cover all the details of our FY26 outlook in a few minutes.

我們正在進行有針對性的成本和員工削減以滿足預期的需求。這些措施包括減少人員數量、精簡管理層以及調整基礎設施以適應情況。這些情況很困難，不能掉以輕心。我們的行動非常有針對性，我們相信這些行動將維持並增強我們投資於業務和員工的能力。馬特將在幾分鐘內介紹我們 26 財年展望的所有細節。

Now let me talk more about the opportunities on the horizon, especially those being created through our close collaboration with the General Services Administration or GSA. GSA wanted to explore ways they could transform and centralize government procurement. They began a contract review exercise, looking for efficiencies, cost savings and opportunities to bring in new tech like AI. We were in the first group of companies to take part in that exercise, which has since expanded to include many more companies in our industry.

現在，讓我進一步談談即將出現的機遇，特別是透過我們與總務管理局（GSA）的密切合作而創造的機會。GSA 希望探索轉變和集中政府採購的方法。他們開始審查合同，尋求提高效率、節省成本以及引入人工智慧等新技術的機會。我們是第一批參與這項活動的公司之一，後來活動範圍擴大到我們行業的更多公司。

I'm proud to say that GSA and Booz Allen have built a very productive relationship. I want to highlight two specific outcomes of our efforts. First, GSA got to know us better. They now understand the value we deliver across a full range of missions. This is important because GSA and the Federal Acquisition Service or FAS will be driving an efficiency agenda across government for the foreseeable future, including the consolidation of services and acquisition processes.

我很自豪地說，GSA 和 Booz Allen 建立了非常富有成效的關係。我想強調一下我們努力的兩個具體成果。首先，GSA 對我們有了更多的了解。他們現在了解了我們在全部任務中提供的價值。這一點很重要，因為在可預見的未來，GSA 和聯邦採購局 (FAS) 將在政府範圍內推動效率議程，包括整合服務和採購流程。

And second, we have a unique opportunity to offer FAS our thoughts on how to accelerate the move to outcome based procurement and bring Agentic capabilities to enable these conversions. For years, I have argued that the move to outcomes was necessary for the federal government. GSA and FAS understand this and are leading the way.

其次，我們有一個獨特的機會向 FAS 提供我們的想法，關於如何加速向基於結果的採購轉變，並利用 Agentic 功能實現這些轉變。多年來，我一直認為聯邦政府有必要採取成果導向的措施。GSA 和 FAS 了解這一點並正在引領潮流。

We are optimistic that the process that could have taken a decade or more accelerated during this administration. We believe a more efficient government will buy differently, more commercial technology, more outcomes, streamline processes and greater speed. And looking ahead, we anticipate these procurement improvements will set a foundation for a new kind of growth.

我們樂觀地認為，這原本可能需要十年甚至更長的進程將在本屆政府任期內加速。我們相信，更有效率的政府將會以不同的方式採購更多商業技術、更多成果、簡化流程並提高速度。展望未來，我們預期這些採購改進將為新的成長奠定基礎。

We are committed to moving fast in those directions so that we can both help these initiatives exceed and be successful ourselves. We're optimistic about the opportunities ahead across our VoLT strategy, which stands for Velocity, Leadership and Technology is aligned with the changes we are seeing across governments.

我們致力於朝著這些方向快速前進，以便我們既可以幫助這些舉措超越自我，又可以讓我們自己取得成功。我們對 VoLT 戰略未來的機會持樂觀態度，該戰略代表速度、領導力和技術，與我們在政府間看到的變化保持一致。

We have a leading position in the major technologies that will drive mission acceleration and efficiency, especially AI. We have a track record of building successful partnerships with technology firms of all sizes, from start-ups to hyperscalers, and we have strong positions and are working nonstop to create value in the areas that matter most. From reducing duplication in costs, to increasing readiness on lethality for the war fighters defending our nation.

我們在推動任務加速和效率的重大技術方面處於領先地位，尤其是人工智慧。我們擁有與各種規模的科技公司（從新創公司到超大規模企業）建立成功合作夥伴關係的記錄，並且我們擁有強大的地位，並且正在不懈地努力在最重要的領域創造價值。從減少成本重複，到提高保衛我們國家的戰士的殺傷力準備。

Let me provide some color in each area. Starting with artificial intelligence. There is significant demand, and that demand is only increasing. In FY25, our AI business grew over 30% year-over-year to approximately $800 million. As AI becomes increasingly foundational to how the government operates, agencies are investing more and moving toward enterprise scale implementation.

讓我為每個區域提供一些顏色。從人工智慧開始。需求很大，而且這種需求只會增加。在25財年，我們的人工智慧業務年增超過30%，達到約8億美元。隨著人工智慧在政府運作中的作用日益增強，各機構正在加強投入並朝著企業規模實施的方向發展。

In Defense and Intelligence, AI is now embedded in mission workflows, enabling faster imagery analysis through computer vision, enhancing decision-making through tailored generative models, and delivering autonomous solutions at the tip of the spear. With more than a decade of investment, enhancement in implementation experience, Booz Allen is well positioned to lead the next phase of AI transformation across the federal enterprise.

在國防和情報領域，人工智慧現已嵌入任務工作流程中，透過電腦視覺實現更快的圖像分析，透過客製化的生成模型增強決策能力，並提供自主的解決方案。憑藉著十多年的投資和實施經驗的提升，博思艾倫已準備好引領聯邦企業下一階段的人工智慧轉型。

Next, we are strengthening private sector partnerships and are a proud leader in the advanced technology ecosystem. We are building on a proven track record of accelerating the adoption of technologies that produce impactful mission outcomes. We recently announced we are combining our expertise in AI and 5G and 6G with NVIDIA's transformative technologies to accelerate the delivery of edge applications.

接下來，我們正在加強私部門的合作關係，並成為先進技術生態系統中的驕傲領導者。我們正在以良好的業績記錄為基礎，加速採用能產生重大任務成果的技術。我們最近宣布，我們將把我們在人工智慧、5G 和 6G 方面的專業知識與 NVIDIA 的變革性技術相結合，以加速邊緣應用程式的交付。

We also continue to invest in early-stage technology companies through Booz Allen Ventures. We believe that we are stronger together, which is why we will continue developing our technologies and combine our strength with others.

我們也透過博思艾倫創投公司繼續投資早期科技公司。我們相信，團結一心才能更加強大，因此我們將繼續開發我們的技術並與他人聯合力量。

Lastly, we are continuing to share our big ideas, working in partnership with our customers and the private sector. For example, we are talking to multiple agencies about cloud migration and consolidation. We have big ideas for transitioning thousands of data centers to a cloud-based architecture to make data more accessible. The private sector has already done this, and we've seen that it's more efficient, cheaper and more secure. All of which aligns with administration's vision.

最後，我們將繼續與客戶和私營部門合作，分享我們的偉大想法。例如，我們正在與多家機構討論雲端遷移和整合事宜。我們有一個宏偉的想法，要將數千個資料中心轉變為基於雲端的架構，以使資料更易於存取。私營部門已經這樣做了，而且我們已經看到它更有效率、更便宜、更安全。所有這些都符合政府的願景。

Importantly, making data more readily available is also crucial for our war fighters because it allows us to apply advanced AI tools to increase their readiness and lethality. One way we are doing this is by collaborating with the United States Army. We are building an AI-enabled tactical software system to more quickly recognize targets and generate [coal] for fire emissions. The prototype can reduce the time to respond to threats from 15 minutes to 1 minute.

重要的是，讓數據更容易獲取對於我們的作戰人員也至關重要，因為它使我們能夠應用先進的人工智慧工具來提高他們的準備度和殺傷力。我們實現這一目標的方法之一是與美國陸軍合作。我們正在建立一個支援人工智慧的戰術軟體系統，以便更快地識別目標並產生用於火災排放的[煤]。原型機可將應對威脅的時間從15分鐘縮短至1分鐘。

The bottom line is this. We understand our customers' mission needs, and we have the technical expertise to deliver solutions that not only meet those needs but also anticipate what's next. That gives me great confidence in Booz Allen's ability to maximize the opportunities ahead and provide the advanced technologies America needs to thrive.

底線就是這樣。我們了解客戶的任務需求，我們擁有技術專長，可以提供不僅能滿足這些需求還能預測下一步需求的解決方案。這讓我對博思艾倫最大限度地把握未來機會並提供美國繁榮所需的先進技術的能力充滿信心。

So in this period of transformation for Booz Allen and our nation, we will accelerate by focusing on the following operating priorities for FY26. We are resetting and restructuring our Civil business. So it returns to growth rapidly after an adjustment period in the coming months.

因此，在博思艾倫和我們國家正處於轉型期之際，我們將加速推進 2026 財年的以下營運重點。我們正在重置和重組我們的民用業務。因此，經過未來幾個月的調整期後，它將迅速恢復成長。

We are positioning ourselves to lead the way and capture major outcome-based opportunities. This includes reimagining how we deliver our work such as using AI to accelerate software development, increase our value and reduce cost to the government. We are directing significant resources to the areas that will best position us for growth. This includes missions in INDOPACOM and space as well as critical technologies like Agentic AI, quantum and software-defined communications.

我們正在定位自己，引領潮流，抓住基於成果的重大機會。這包括重新構想我們如何開展工作，例如使用人工智慧來加速軟體開發、提高我們的價值並降低政府成本。我們正在將大量資源投入最有利於我們成長的領域。這包括印度太平洋司令部和太空的任務以及 Agentic AI、量子和軟體定義通訊等關鍵技術。

We are rapidly advancing our partnerships with established technology firms and new entrants. This entails going to market together to provide novel solutions as well as becoming their scaling partner as they capture demand across their broader markets. And finally, we are continuing to create efficiencies in our own business so we can move faster, invest more and realize greater shareholder value even in a volatile environment.

我們正在迅速推進與成熟科技公司和新進者的合作夥伴關係。這需要共同進入市場提供新穎的解決方案，並在他們抓住更廣泛市場的需求時成為他們的擴展合作夥伴。最後，我們將繼續提高自身業務的效率，以便即使在動盪的環境中也能更快地行動、投入更多並實現更大的股東價值。

To wrap things up. I hope that you will take three things away from my remarks this morning. First and foremost, Booz Allen is not standing still to see what happens next. We are moving aggressively to lead the way in a changing market.

總結一下。我希望你們能從我今天早上的演講中領悟三點。首先，博思艾倫不會停滯不前，觀望接下來會發生什麼事。我們正在積極行動，在不斷變化的市場中佔據領先地位。

Second, we are strategically advantaged. We have been investing ahead of these changes, both in our own positions and in the critical partnerships that will be required. And third, we're on the side of change. We are committed to America's priority missions and to enabling a more nimble and efficient federal government.

第二，我們具有戰略優勢。我們一直在為這些變化做準備，既投資於我們自己的職位，也投資於所需的關鍵合作關係。第三，我們站在改變的一邊。我們致力於美國的優先使命，並致力於建立更靈活和高效的聯邦政府。

For all these reasons and while recognizing that there are challenges ahead, the people of Booz Allen are energized and we are optimistic. We are ready to meet this moment.

由於所有這些原因，並且認識到未來還有挑戰，但博思艾倫的員工充滿活力，我們充滿樂觀。我們已經準備好迎接這一刻。

And with that, Matt, over to you.

馬特，現在輪到你了。

Thank you, Horacio. Good morning, everyone. I also want to take a moment to express my sincere appreciation for the hard work and dedication of Booz Allen's people. We are in a period of rapid change. Technology is changing, our missions are changing, and our customers are changing. Booz Allen's people continue to lean into this change. They are rising to the challenge of transforming Booz Allen and delivering the technology and mission outcomes that this country needs. I am confident that Booz Allen will continue to deliver significant value to our customers, our nation and our shareholders.

謝謝你，Horacio。大家早安。我也想藉此機會對博思艾倫員工的辛勤工作和奉獻精神表示誠摯的感謝。我們正處於一個快速變化的時期。科技在變化，我們的使命在變化，我們的客戶也在改變。博思艾倫的員工繼續傾向於這種變化。他們正在迎接改造博思艾倫的挑戰，並提供這個國家所需的技術和使命成果。我相信博思艾倫將繼續為我們的客戶、我們的國家和我們的股東創造巨大的價值。

We said on our most recent earnings call that we anticipated a period of short-term disruption and a slow down in the procurement environment, particularly in our Civil business, and that this would be closely followed by meaningful new growth opportunities.

我們在最近的財報電話會議上表示，我們預計採購環境（尤其是民用業務）將出現一段短期混亂和放緩時期，但緊隨其後的將是有意義的新增長機會。

In his remarks, Horacio described both the disruption and the ample opportunity we are experiencing. You will see the impact of these two dynamics, which are beginning to overlap and are not playing out evenly across our markets in both our results for the fourth quarter of fiscal year 2025 and our guidance for fiscal year 2026.

奧拉西奧在演講中描述了我們正在經歷的顛覆和大量機會。您將看到這兩種動態的影響，它們開始重疊，並且在我們的 2025 財年第四季度業績和 2026 財年指引中在我們的各個市場中發揮的作用並不均勻。

Before we dive into the quarter, I'd like to cover the highlights of our overall performance for fiscal year 2025. Please turn to page 5.

在深入探討本季之前，我想先介紹一下我們 2025 財年整體業績的亮點。請翻到第5頁。

For the full fiscal year, we delivered over 12% revenue growth, nearly all of it organic. We ran the business efficiently, enabling us to deliver another year of double-digit profit growth. Our adjusted EBITDA increased 12% to $1.315 billion. This yielded adjusted EBITDA margin of 11%.

整個財年，我們的營收成長超過 12%，幾乎全部都是有機成長。我們有效率地經營業務，使我們又一年實現了兩位數的利潤成長。我們的調整後 EBITDA 成長 12%，達到 13.15 億美元。這使得調整後的 EBITDA 利潤率達到 11%。

Adjusted diluted earnings per share grew over 15%, driven by increased profitability and a lower share count. We generated robust free cash flow of $911 million. We deployed a total of $1.2 billion of capital to generate shareholder value, including repurchasing about 4.3% of our shares outstanding since the beginning of the fiscal year. We did this while maintaining a net debt to adjusted EBITDA ratio of 2.4 times.

受獲利能力提高和股份數量減少的推動，調整後每股稀釋收益成長超過 15%。我們產生了 9.11 億美元的強勁自由現金流。我們總共投入了 12 億美元的資金來創造股東價值，包括自本財年開始以來回購了約 4.3% 的流通股。我們做到了這一點，同時將淨債務與調整後 EBITDA 比率維持在 2.4 倍。

And finally, as Horacio noted, with the performance, we exceeded the ambitious multiyear investment thesis targets we put out at our 2021 Investor Day. This was done almost entirely through organic performance and leaves us ample balance sheet capacity to generate incremental shareholder returns in the future. In summary, we delivered yet another excellent fiscal year.

最後，正如 Horacio 所指出的，憑藉這樣的業績，我們超越了在 2021 年投資者日提出的雄心勃勃的多年投資目標。這幾乎完全是透過有機表現實現的，並為我們留下了充足的資產負債表容量，以便在未來產生增量股東回報。總而言之，我們又度過了一個出色的財政年度。

I will now turn to our fourth quarter performance. In the fourth quarter, we delivered solid results. For the quarter, top line revenue grew 7% year-over-year to $3 billion. Almost all of this was organic. Revenue excluding billable expenses was up 6% year-over-year.

現在我將談談我們第四季的表現。第四季度，我們取得了穩健的業績。本季度，營業收入年增 7%，達到 30 億美元。幾乎所有這些都是有機的。扣除可計費費用後的收入年增6%。

For the fourth quarter, growth was driven by strong performance in our Defense and Intel businesses, where revenue was up 14% and 5%, respectively, versus the prior year. Our Defense business continues to deliver cutting-edge technical and mission outcomes that are critical to the war fighter and to our nation's efforts to deter our adversaries. Our Intel business continues to gain momentum as we are solving some of the nation's most challenging, technical and intelligence problems. We anticipate that both our Defense and Intel businesses will continue its strong organic growth in fiscal year 2026.

第四季的成長得益於國防和英特爾業務的強勁表現，這兩大業務的收入分別比上年增長了 14% 和 5%。我們的國防業務繼續提供尖端技術和任務成果，這對作戰人員和我們國家威懾對手的努力至關重要。隨著我們解決國內一些最具挑戰性的技術和情報問題，我們的英特爾業務繼續獲得發展勢頭。我們預計，我們的國防和英特爾業務將在 2026 財年繼續保持強勁的有機成長。

For the past few quarters, we have described a slowdown in the civil procurement and spending environment. Over the last few months, these trends accelerated. Since the beginning of April, we have seen a reduction in run rate on five of our large civil technology projects that we believe will collectively create about a 3% headwind to firm-wide revenue for fiscal year 2026.

過去幾個季度，我們描述了民用採購和支出環境的放緩。在過去的幾個月裡，這些趨勢加速發展。自 4 月初以來，我們的五個大型民用技術項目的運作率有所下降，我們認為這將對 2026 財年的全公司收入造成約 3% 的阻力。

As Horacio noted, these forces have limited our ability to redeploy staff in the near term, keeping talent rolling off one of our civil contracts that ended last fiscal year, the previously disclosed recompete that we lost at the VA. The impact of this loss now represents an additional approximately 3% headwind to our consolidated top line for FY26.

正如奧拉西奧所指出的，這些因素限制了我們短期內重新部署員工的能力，導致人才流失，而我們的一份民事合約已於上個財年結束，之前披露的一份我們在退伍軍人事務部（VA）輸掉的重新競爭合約也終止了。此次損失的影響目前對我們 26 財年的綜合營業收入造成了額外約 3% 的不利影響。

As a result of these factors, year-over-year revenue in Civil was flat in the fourth quarter, and we now anticipate that our Civil business will see a revenue decline in the low double digits in FY26. However, we do anticipate our Civil business will rebound as a number of big transformation and efficiency initiatives for our Civil customers are already beginning to take shape.

由於這些因素，第四季度民用業務的年收入持平，我們現在預計，2026 財年的民用業務收入將出現兩位數的低點下降。然而，我們確實預計我們的土木工程業務將會反彈，因為我們針對土木工程客戶的許多重大轉型和效率舉措已經開始成形。

Pivoting now to demand. Net bookings for the quarter totaled $2.1 billion, resulting in a quarterly book-to-bill of 0.71 times, in line with historical averages. This brought our trailing 12-month book-to-bill to 1.39 times above our trailing five-year average of 1.28 times.

現在轉向需求。本季淨預訂量總計 21 億美元，季訂單出貨比為 0.71 倍，與歷史平均值一致。這使得我們過去 12 個月的訂單出貨比達到 1.39 倍，高於過去五年平均值 1.28 倍。

We ended the year with a record year-end backlog of $37 billion, up 15% year-over-year. Our qualified pipeline for fiscal year 2026 is $53.4 billion. This is below our record qualified pipeline for fiscal year 2025, but importantly, is higher than our pipeline for fiscal year 2024.

我們以創紀錄的 370 億美元年終積壓訂單結束了這一財年，年增 15%。我們 2026 財年的合格管道價值為 534 億美元。這低於我們 2025 財年的合格管道記錄，但重要的是，高於我們 2024 財年的管道記錄。

Given market dynamics, in the short term, we anticipate that there will be more variability in converting bookings to revenue than we have seen in previous years. That said, we believe we have the backlog, the pipeline and the big ideas for customer transformation needed to support our medium and long-term growth aspirations.

鑑於市場動態，我們預計短期內預訂量轉化為收入的變化將比前幾年更大。儘管如此，我們相信，我們擁有支持我們中長期成長願望所需的積壓訂單、通路和客戶轉型的偉大想法。

On the talent front, Booz Allen closed the fiscal year with nearly 36,000 employees. Our customer-facing staff grew 4.2% year-over-year. Due to the contract impacts we've described, we anticipate that we will see an approximately 7% reduction in Booz Allen staff in the first quarter.

在人才方面，博思艾倫本財年結束時擁有近 36,000 名員工。我們面向客戶的員工數量年增了 4.2%。由於我們所描述的合約影響，我們預計第一季博思艾倫員工人數將減少約 7%。

This is very heavily concentrated in our Civil business. We are moving aggressively to right size our talent base, both to match immediate contract level demand and to reshape our workforce for the future. This decision was painful. But by taking this action, we have ensured we have both the capacity to invest in growth and the right talent to deliver against future mission needs.

這主要集中在我們的民用業務上。我們正在積極調整人才庫規模，以滿足當前合約水準的需求，並為未來重塑我們的員工隊伍。這個決定是痛苦的。但透過採取這項行動，我們確保了我們既有能力投資於成長，又有合適的人才來滿足未來的任務需求。

Turning now to profitability, adjusted EBITDA grew to $316 million, up 10.5% over the prior year quarter. This translated to an adjusted EBITDA margin of 10.6%, up 30 basis points over the prior year's quarter. Working down the P&L, our net income was $193 million, 51% higher year-over-year. And adjusted net income was $203 million, up 17% from this time last fiscal year. Diluted earnings per share was $1.52 per share, a 55% increase from the prior year period. Adjusted diluted earnings per share was $1.61 per year, up 21% year-over-year. The increase in fourth quarter ADEPS was driven by our overall profitability, a reduction in share count and a gain from the close of the sale of SnapAttack. This was slightly offset by higher net interest expense.

現在談談獲利能力，調整後的 EBITDA 成長至 3.16 億美元，比去年同期成長 10.5%。這意味著調整後的 EBITDA 利潤率為 10.6%，比去年同期成長 30 個基點。從損益表中可以看出，我們的淨收入為 1.93 億美元，年增 51%。調整後的淨收入為 2.03 億美元，較上一財年同期成長 17%。每股攤薄收益為 1.52 美元，較去年同期成長 55%。調整後每股攤薄收益為 1.61 美元，年增 21%。第四季 ADEPS 的成長得益於我們的整體獲利能力、股票數量的減少以及 SnapAttack 出售結束帶來的收益。但淨利息支出的增加稍微抵銷了這一影響。

Transitioning to the balance sheet. We ended the fiscal year with $185 million of cash on hand. Net debt of $3.1 million and a net leverage ratio of 2.4 times adjusted EBITDA for the trailing 12 months. During Q4, we executed a $650 million bond issuance. This transaction was well received by the credit markets and provides us with additional liquidity and the capacity to opportunistically deploy capital. Free cash flow for the quarter was $194 million, the result of $218 million of cash from operations plus $24 million of CapEx.

過渡到資產負債表。本財政年度結束時，我們的現金餘額為 1.85 億美元。過去 12 個月的淨債務為 310 萬美元，淨槓桿率為調整後 EBITDA 的 2.4 倍。第四季度，我們發行了 6.5 億美元的債券。這項交易受到了信貸市場的熱烈歡迎，並為我們提供了額外的流動性和機會性地部署資本的能力。本季自由現金流為 1.94 億美元，由 2.18 億美元的經營現金加上 2,400 萬美元的資本支出產生。

Moving now to capital deployment. During the quarter, we deployed a total of $403 million to generate value for shareholders. This included $310 million in share repurchases at an average price of $118.96 per share. We also made $23 million in strategic investments, including our recently announced investment in Shield AI.

現在轉向資本部署。本季度，我們共投入 4.03 億美元為股東創造價值。其中包括 3.1 億美元的股票回購，平均價格為每股 118.96 美元。我們也進行了 2,300 萬美元的策略性投資，包括最近宣布的 Shield AI 的投資。

And finally, we paid $70 million in quarterly dividends. Today, we are pleased to announce that our Board of Directors has approved a quarterly dividend of $0.55 per share, which will be payable on June 27 to stockholders of record as of June 11.

最後，我們支付了 7000 萬美元的季度股息。今天，我們很高興地宣布，董事會已批准每股 0.55 美元的季度股息，將於 6 月 27 日支付給 6 月 11 日登記在冊的股東。

We continue to have a very strong balance sheet. This gives us flexibility in how we operate our business and the ability to deploy capital in response to the evolving environment in ways that generate additional value for shareholders.

我們的資產負債表仍然非常強勁。這使我們能夠靈活地經營業務，並能夠根據不斷變化的環境部署資本，從而為股東創造更多價值。

Now please turn to page 9 where we provide our outlook for fiscal year 2026. As Horacio acknowledged, today's environment is extremely dynamic. We have less visibility into the forces that will shape business than we typically have at this point in our fiscal year.

現在請翻到第 9 頁，我們在此提供 2026 財年的展望。正如奧拉西奧所承認的，當今的環境極具活力。與財政年度此時相比，我們對影響業務的力量的了解程度較低。

Our fiscal year '26 outlook is informed by our current assessment of the many factors that will drive performance. This includes anticipated growth in our Defense and Intel businesses and a near-term reset of our Civil portfolio.

我們對 26 財年的展望是基於我們對影響業績的許多因素的當前評估。這包括我們國防和英特爾業務的預期成長以及我們民用產品組合的近期重置。

Our fiscal year '26 guidance is as follows. We expect to deliver revenue between $12 billion and $12.5 billion. We expect to generate adjusted EBITDA dollars in the range of $1.315 billion to $1.37 billion. This implies a full year adjusted EBITDA margin of about 11% on par with fiscal year 2025. We expect ADEPS to be in the range of $6.20 per share to $6.55 per share. This assumes an adjusted effective tax rate between 23% and 25% as well as a marginally higher interest expense. It does not assume any impact from our venture investments.

我們對 26 財年的指導如下。我們預計營收將在 120 億美元至 125 億美元之間。我們預計調整後的 EBITDA 將在 13.15 億美元至 13.7 億美元之間。這意味著全年調整後的 EBITDA 利潤率約為 11%，與 2025 財年持平。我們預計 ADEPS 的股價將在每股 6.20 美元至 6.55 美元之間。假設調整後的有效稅率在 23% 至 25% 之間，且利息支出略高。它不承擔我們風險投資的任何影響。

Lastly, we expect free cash flow to be between $700 million and $800 million. As we forecast our growth cadence for the full year, we anticipate that revenue and profit growth will be comparatively lower in the first half, particularly in our second quarter given the strong prior year comps and the impact of the onetime actions we have described today.

最後，我們預計自由現金流將在 7 億美元至 8 億美元之間。當我們預測全年的成長節奏時，我們預計上半年的營收和利潤成長將相對較低，特別是第二季度，因為去年同期的業績強勁，而且我們今天描述的一次性行動的影響也較大。

We then anticipate a meaningful reacceleration in the second half. This is based on the strength of our backlog, the size of significant recent wins in our opportunity pipeline and the expectation of a meaningful uptick in hiring.

我們預計下半年將出現顯著的再加速。這是基於我們積壓訂單的強度、我們機會管道中近期重大勝利的規模以及對招聘數量大幅上升的預期。

In closing, we could not be prouder of how we finished fiscal year 2025, the final year of our investment thesis. Our results show our relentless focus on the mission, on operational excellence and on generating shareholder value.

最後，我們對 2025 財年（也就是我們的投資論文的最後一年）的完成感到無比自豪。我們的業績顯示我們堅持不懈地專注於使命、卓越營運和創造股東價值。

Booz Allen continues to transform. While cognizant of the uncertainty in our environment, excited about our strategic direction, our alignment to the government's mission priorities and our central position in the evolving technology ecosystem.

博思艾倫繼續轉型。雖然我們意識到環境的不確定性，但我們對我們的戰略方向、與政府任務重點的一致性以及我們在不斷發展的技術生態系統中的中心地位感到興奮。

We remain very optimistic about the future. With that, Operator, let's open the line for questions.

我們對未來仍然非常樂觀。接線員，現在讓我們開始回答問題。

(Operator Instructions) Gavin Parsons, UBS.

（操作員指示）加文·帕森斯（Gavin Parsons），瑞銀。

In this environment of unpredictable, I guess, descoping and cancellations, how do you get comfortable that kind of you've got your arms around the impact and there's not potentially more to come throughout the year?

我想，在這種不可預測的環境中，在範圍縮小和取消的情況下，您如何才能安心地應對這種影響，並且全年不會再發生更多影響？

Thanks for the question. Let me try and frame the entirety of what we see and try and answer your question from that perspective. I'll start by saying, very proud of the last year, very proud of the last three years and our ability to demonstrate significant shareholder value creation through what was already a changing environment.

謝謝你的提問。讓我嘗試概括我們所看到的全部內容，並嘗試從這個角度回答您的問題。首先我要說的是，我為過去的一年感到非常自豪，為過去的三年感到非常自豪，我們能夠在不斷變化的環境中展示出為股東創造重大價值的能力。

As we look at the world now, we are seeing two sets of overlapping dynamics. One set of dynamics is, as we said in the prepared remarks, our Civil business is going through this what we hope, we believe, will be a onetime reset where most of the reviews have been concluded very positively regarding our technology and our work. But we're facing this deceleration at a time where procurements are still somewhat frozen. The other side of the dynamic is continued strength in our Defense business and growing strength in our Intelligence business. So that's sort of one set of dynamics.

當我們觀察當今世界時，我們看到兩組重疊的動態。正如我們在準備好的發言中所說的那樣，我們的民用業務正在經歷這一過程，我們希望，我們相信，這將是一次一次性的重置，大多數評論都對我們的技術和工作得出了非常積極的結論。但在採購仍處於凍結狀態時，我們正面臨這種減速。另一方面，我們的國防業務持續強勁，情報業務實力不斷增強。這是一種動態的集合。

And the other dynamic is, while we are seeing -- we have seen, especially in Civil, some of these resets which, by the way, was mostly, as we pointed out, the slowdown in spending against a few technology contracts, there have been relatively few and far between, call it, 1% of our portfolio that has been outright canceled and that really tracks to what the 1% of our portfolio that we gained was actually consulting type programs, which is really legacy work that we were doing.

另一個動態是，雖然我們看到了 - 我們已經看到了，特別是在 Civil 領域，其中一些重置，順便說一句，主要是因為，正如我們所指出的，針對一些技術合同的支出放緩，但相對而言，我們投資組合中只有 1% 被徹底取消，這實際上與我們獲得的 1% 投資組合實際上是諮詢類型的項目有關，這實際上是我們正在做的工作。

So -- and then the other side of it is we are -- first of all, in Defense and Intel, we're still winning work against a strong procurement environment. And even in Civil, we're beginning to see opportunities take shape that we will take advantage of.

所以 — — 另一方面是 — — 首先，在國防和英特爾領域，我們仍然在強大的採購環境中贏得工作。即使在民用領域，我們也開始看到機會的出現，我們將加以利用。

So our approach has been to take a significant restructuring in our Civil business now so that we are positioned to grow and so that we can invest across the portfolio where again, the one P&L really helps us. And because the environment in Defense and Intel is so dynamic, and there is -- the procurement activity is still strong, we're in a position to absorb things there as well and continue strong growth vector as we see it right now.

因此，我們現在的做法是對我們的民用業務進行重大重組，以便我們能夠實現成長，並可以投資於整個投資組合，而單一損益表確實對我們有幫助。由於國防和英特爾的環境非常活躍，而且採購活動仍然強勁，我們能夠吸收那裡的東西，並繼續保持我們現在看到的強勁成長勢頭。

And then ultimately, from a strategy standpoint, as we pointed out, we believe we are extraordinarily well aligned and well positioned against both the key missions, the key technologies and the major opportunities we see in the horizon.

最後，正如我們所指出的，從戰略角度來看，我們相信，我們在關鍵任務、關鍵技術和未來重大機會方面都處於極其良好的協調和定位。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Okay. Maybe if we could talk about some of the comments you made around kind of reset and what your expectation is on the multiyear growth environment. Maybe just kind of digging into how you think about kind of Defense and Civil and kind of where we stand on the reality of FY25 sub versus FY26 request? Kind of what you're hearing from congressional folks? And then also maybe, Matt, if you could talk about kind of how you're think about repurchases and what the bogey is for the year?

好的。也許我們可以談談您對重置的一些評論以及您對多年成長環境的期望。也許只是深入了解您對國防和民用的看法，以及我們對 FY25 子項目與 FY26 請求的現實立場？您從國會議員那裡聽到了什麼嗎？然後也許，馬特，你能談談你對回購的看法以及今年的目標是什麼嗎？

So why don't I start with sort of the macro level and then maybe Kristine can talk a little bit about each one of our markets and then Matt will cover the back -- your second question, I guess.

那我為什麼不從宏觀層面開始呢，然後克里斯汀可以稍微談談我們的每個市場，然後馬特會回答後面的問題——我想這是你的第二個問題。

I think the way we see the environment very much matches the way we're seeing the budgetary environment, right? I mean the bill that is making its way to the Senate, as we speak, has a significant plus up for defense.

我認為我們看待環境的方式與我們看待預算環境的方式非常一致，對嗎？我的意思是，正如我們所說，正在提交參議院審議的法案在國防方面具有顯著的優勢。

And at the same time, the stated priority about reducing spending -- discretionary spending on some of the sole agencies and actions that have already taken place is what we are talking about. So our Civil business, I think, has already gone through the majority of its reviews.

同時，我們正在討論削減開支的優先事項——對一些唯一機構的可自由支配的開支以及已經採取的行動。因此，我認為我們的民事業務已經完成了大部分審查。

And in Defense and in Intel, this is what we're seeing. Doubling down on priorities around into Pacific, where, as you know, Booz Allen has a very strong footprint and a lot of growth opportunity in space, both in programs that are already underway where we have strong place and opportunities around Golden Dome, where we believe we have unique technology and capability to bring to bear.

在國防和英特爾領域，我們看到了這種情況。加倍重視太平洋地區的優先發展，正如您所知，博思艾倫在太空領域擁有非常強大的影響力和巨大的增長機會，無論是在我們已經在進行的項目中，還是在金頂周圍的機遇中，我們都佔有重要地位，我們相信我們擁有獨特的技術和能力。

And then the defense of the Homeland, which is really around -- especially the southern border and which is the integration of not just defense, but defense, intelligence analysis and certainly the civil agencies that are primarily responsible.

然後是國土防禦，特別是南部邊境的防禦，這不僅是防禦的整合，也是防禦、情報分析以及主要負責的民事機構的整合。

So -- and then what they're trying to do there is primarily inject technology, a lot of commercial technology, Agentic AI, the discussion has really moved away from whether AI was important to national security to how fast can we implement AI in national security and Booz Allen again, has a tremendous track record there.

所以 — — 他們試圖做的主要是注入技術，大量的商業技術，Agentic AI，討論已經從人工智能對國家安全是否重要轉移到我們能多快在國家安全中實施人工智能，而博思艾倫在這方面有著輝煌的業績。

I would say, for our Civil business, in particular, while there have been some slowdowns in contracts that really reflects the administration's desire to tackle really big challenges, really advancing the tech even faster and we've been very excited about the opportunity to present our ideas. And so we have developed and are in discussions with the government on tens of big ideas, and we're getting really positive responses.

我想說，特別是對於我們的民用業務而言，雖然合約數量有所放緩，但這確實反映了政府想要應對真正重大挑戰的願望，真正推動技術更快地發展，我們對有機會展示我們的想法感到非常興奮。因此，我們已經制定了數十個重大想法並正在與政府進行討論，我們得到了非常積極的回應。

It's actually pretty exciting to be asked to extend some successful event -- solutions and one mission to others. And we were ready, right? We've already been piloting both AI-assisted coding and Agentic AI, a large software program that's almost insatiable in its requirements, and we were able to lean into the call for efficiencies and move past the pilot to full production across the program.

被要求將一些成功的活動解決方案和一項使命延伸給其他人，這實際上是非常令人興奮的。我們準備好了，對吧？我們已經在試行人工智慧輔助編碼和 Agentic AI，這是一個幾乎永無止境的大型軟體程序，我們能夠順應效率要求，從試點階段推進到整個專案的全面生產。

So it's a win-win-win for us, the government and the Americans that are served by that program. And then also in Defense and Intel, the business is very strong, and we are very aligned with the administration's priorities to counter China and protect the Homeland. We are anticipating that our counterterrorism expertise will position us really well against the sophisticated threat. And we have also presented very big bold ideas there as well and are in discussions around them.

因此，對於我們、政府和接受該計劃服務的美國人民來說，這是一個三贏的局面。在國防和英特爾領域，我們的業務也非常強勁，我們非常贊同政府對抗中國和保護國土的優先事項。我們期望我們的反恐專業知識能幫助我們有效抵禦複雜的威脅。我們也在那裡提出了非常大膽的想法，並正在圍繞這些想法進行討論。

Gavin, I'll take your balance sheet capital deployment question. Obviously, the balance sheet continues to be a strength of ours. We deployed $1.2 billion last year and basically maintained leverage. The strength of our organic growth over the past couple of years allowed us to deploy a lot of capital to generate value for shareholders. And I think we've demonstrated our ability both to deploy capital consistently across the board, but also to be flexible inside the various modalities of capital deployment to deploy where we think we can generate the most value.

加文，我將回答你關於資產負債表資本配置的問題。顯然，資產負債表仍然是我們的強項。我們去年部署了12億美元，基本上保持了槓桿率。過去幾年我們強勁的有機成長使我們能夠部署大量資本來為股東創造價值。我認為我們已經證明了我們不僅有能力全面一致地部署資本，而且有能力在各種資本部署方式中保持靈活性，以便將資本部署到我們認為可以創造最大價值的地方。

We've shown that we will buy back our shares, we believe that it's good value for shareholders. We're still committed to M&A, more biased to tuck-in than ever, given how rapidly the technology market is changing and our need to continue to invest to acquire technologies that are leading edge and will advance and accelerate our strategic objectives.

我們已經表示將回購我們的股票，我們相信這對股東來說是有價值。鑑於技術市場變化如此之快，以及我們需要繼續投資以獲取領先技術並將推進和加速我們的策略目標，我們仍然致力於併購，比以往任何時候都更傾向於收購。

I do think you'll see us lean in a little bit more on the Venture side as well. We've gotten tremendous value. We're beginning to see it on the financial side, but really on the strategic side from our venture investments. It's part of our long-term commitment to be a commercial technology accelerator. I think that's one of the macro trends that Horacio and Kristine referenced, where we've really been at the forefront, and I think you'll see us accelerate that as well. But committed to deploying capital, share repurchases obviously is an important lever there.

我確實認為你會看到我們在創投方面也更傾向此。我們獲得了巨大的價值。我們開始從財務方面看到這一點，但實際上從風險投資的策略方面來看也是如此。這是我們長期致力於成為商業技術加速器的一部分。我認為這是 Horacio 和 Kristine 提到的宏觀趨勢之一，我們確實一直處於領先地位，而且我認為您會看到我們也在加速這一趨勢。但致力於部署資本，股票回購顯然是重要的槓桿。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

So maybe if we could start -- two questions for you guys. And you could hear me okay?

所以也許我們可以開始——問你們兩個問題。你聽得到我說話嗎？

Can you speak a little louder? It's a little quiet in the room.

你能說大一點嗎？房間裡有點安靜。

Oh, sorry about that. So maybe if we could talk about the low double-digit decline for Civil in fiscal '26, how do we think about the catalyst for that stability in the business, we're talking about second half improving? And [TTAM] is maybe a few points, so that -- how do we think about other program specifics that are driving it? And when do you think about the improvement in civil again?

噢，很抱歉。因此，如果我們可以談論 26 財年 Civil 業務的低兩位數下滑，我們如何看待業務穩定的催化劑，我們談論的是下半年的改善？[TTAM] 可能有幾點，那麼－我們如何看待其他推動它的計劃細節？什麼時候會再考慮民事方面的改進？

Yeah. The vast majority, as Horacio mentioned, of our Civil programs have already been reviewed. And I would remark that we weren't targeted in those reviews. What we saw was agencies and departments looking at their full portfolio with targets in mind and whether it was on or off the GSA list, this is really agency-driven, and our tech and our talent fared really well in those reviews.

是的。正如 Horacio 所提到的，我們的絕大多數民事項目都已經過審查。我想說的是，我們並不是這些評論的目標。我們看到的是，各機構和部門在考慮目標的情況下審視他們的全部投資組合，無論其是否在 GSA 名單上，這實際上都是由機構驅動的，而我們的技術和人才在這些審查中表現非常出色。

But there has been a short-term slowdown in the actual burn rates as they start to position for some of the transformation objectives that they have in bringing new tech in. And so our view overall is that to win in that environment, you need three things to be true. One, the tech needs to be excellent. And we have received really high marks for our technical work and the quality of our people. Second, you have to have a vision around how that will evolve in a direction that makes sense to commercial tech leaders that come from outside government.

但隨著他們開始為引入新技術的一些轉型目標做好準備，實際燒錢率在短期內出現了放緩。因此，我們整體的觀點是，要想在這種環境中獲勝，需要滿足三個條件。一、技術要過硬。我們的技術工作和人員素質獲得了很高的評價。其次，你必須有一個願景，如何讓這個過程朝著對來自政府以外的商業科技領導者有意義的方向發展。

And so, for example, our cloud, our AI-assisted coating and our Agentic-AI have been recognized, and that's already leading to new opportunities. And third, you have to be willing to convert your contracts to outcome space, particularly in Civil and we've been a long-term champion of that shift because we love that agility and flexibility that you get in the tech staff and staffing. So the pivot part really comes from being able to extend those capabilities to accelerate the mission areas.

例如，我們的雲、我們的人工智慧輔助塗層和我們的 Agentic-AI 已經得到認可，這已經帶來了新的機會。第三，你必須願意將你的合約轉換為結果空間，特別是在土木工程領域，我們一直是這種轉變的長期倡導者，因為我們喜歡技術人員和人員配備所帶來的敏捷性和靈活性。因此，關鍵部分實際上來自於能夠擴展這些能力以加速任務領域。

I would -- the only thing I would add to that, and I think two thoughts. First of all, I think we're -- our thought process is we wanted to do a onetime reset and restructuring of our Civil business so it can regain a growth trajectory as quickly as possible because of the -- a lot of it is happening in quarter, it may take through next quarter to work itself through the financials, but we're beginning, as Kristine said, to see the opportunities.

我想補充的唯一一點是，我想補充兩點。首先，我認為我們——我們的思維過程是，我們希望對我們的民用業務進行一次性的重置和重組，以便它能夠盡快恢復增長軌跡，因為——很多事情都發生在一個季度，可能需要到下個季度才能通過財務狀況來發揮作用，但正如克里斯汀所說，我們開始看到機會。

And then the other thing is, as with any new administration, the procurement environment slowed down significantly, almost frozen a number of these agencies because the below cabinet level positions have not been filled and people were waiting to see what the specific agendas were. Now that those are beginning to get fleshed out, we're getting strong indications that our -- because our tech works and we're so positioned against the things that they're trying to do that we're going to see growth in the second half.

另一件事是，與任何新政府一樣，採購環境明顯放緩，幾乎凍結了許多機構，因為內閣級別以下的職位尚未填補，人們正在等待看具體議程是什麼。現在這些目標開始具體化，我們得到強烈的跡象表明——因為我們的技術有效，而且我們針對他們試圖做的事情做好了準備，所以我們將在下半年看到成長。

Got it. And then maybe if we could just talk about your typical revenue algorithm is usually based on headcount and some salary composition. So how do we think about the down 7% in Q1 for headcount? I think that was total company. How do we bridge that to the revenue of flat to up low single digits?

知道了。然後，也許我們可以談談您的典型收入演算法通常是基於員工人數和一些薪酬組成。那我們該如何看待第一季員工人數下降 7% 的情況呢？我認為那是一家完整的公司。我們如何將收入從持平狀態過渡到上升到較低的個位數？

I'll start. And you're correct, 7% was total company, but very heavily concentrated in our Civil business. I think look, our business is changing. And there are three dynamics where -- or three areas where the traditional algorithm may look a little different than what we've experienced in the past. The first we referenced in the prepared remarks, we're actually winning a lot of work, right? Our book-to-bill last quarter was 0.7 times, very much in line with historical averages. And just to give you a dollar figure, that's about a little over $2 billion in what we won.

我先開始。您說得對，7% 是整個公司的份額，但很大程度上集中在我們的民用業務上。我認為我們的業務正在改變。有三個動態或三個領域，傳統演算法可能與我們過去經歷的略有不同。正如我們在準備好的演講中提到的那樣，我們實際上贏得了很多工作，對嗎？我們上季的訂單出貨比為 0.7 倍，與歷史平均值非常一致。只給你一個美元數字，我們贏得的金額大約是 20 億美元。

And we're actually -- we've won a lot of work this quarter. Particularly in our Defense and Intel space, we anticipate that our book-to-bill this quarter will be in line, if not better than historic norms. But the first thing we referenced is the conversion of backlog and bookings to near-term revenue, I think, will be a little bit more variable than we've seen in the past just because there's less consistency in sort of in-year spending actions. That's one.

事實上，本季我們已經贏得了許多工作。特別是在國防和英特爾領域，我們預計本季的訂單出貨比將與歷史正常水平持平，甚至更好。但我們首先提到的是，積壓訂單和預訂量轉化為近期收入，我認為這將比我們過去看到的更多變，因為年度支出行動的一致性較低。那是一個。

The second is, we moved to outcome-based contracting. We talked about that for years. We've been very much an advocate for it. It's good for us. Good for the government. Over time, you'd expect that to be accretive to margins. And then the third is what you referenced, which is the traditional headcount math. I think you've talked about for the majority of our business that's not fixed price. Typically, the algorithm is headcount growth plus 3%.

第二，我們轉向基於結果的承包。我們談論這個話題好幾年了。我們一直大力提倡這一點。這對我們有好處。對政府有好處。隨著時間的推移，你會期望利潤率增加。第三個就是您提到的，也就是傳統的員工總數計算。我想您已經談到了我們的大部分業務都不是固定價格。通常，該演算法是員工人數成長加上 3%。

Given that the preponderance of the headcount reductions we are seeing is in our Civil business, and that is less -- it's more fixed price, it's less dependent on billing by the hour. I'm not sure you're going to see an exact -- you're just going to hold exactly to historic equations. But I think it's going to break that math a little bit, but it's still a very good predictor in our Defense and Intel business. Headcount tends to be the best predictor in the near term of what revenue looks like.

鑑於我們所看到的裁員主要集中在民用業務領域，而該業務的價格較為固定，不太依賴按小時計費。我不確定你是否會看到一個確切的——你只是會嚴格遵循歷史方程式。但我認為這會稍微打破這個數學計算，但它仍然對我們的國防和英特爾業務來說是一個非常好的預測指標。員工人數往往是短期內收入狀況的最佳預測指標。

But when you add it all up, particularly given the year-over-year comps from last year where we had a strong first half, we do expect our first half this year be a little bit more under pressure, but to see acceleration in the back half, particularly as hiring picks up and we get through this period of resetting and rebalancing.

但是，當你把所有因素加在一起時，特別是考慮到與去年上半年的強勁表現相比，我們確實預計今年上半年會面臨更多壓力，但下半年會加速增長，特別是隨著招聘的增加以及我們度過這段重置和再平衡時期。

Yeah. I would add that we're always hiring, right? We -- every month, we're adding hundreds of employees. We do expect to have significant headcount in the second year. And we have really matured our AI-enabled advanced tech solution that we use for recruiting and deployment of staff. And so we're looking to be even more effective at that this year.

是的。我想補充一點，我們一直在招聘，對嗎？我們－每個月都會增加數百名員工。我們確實希望在第二年增加大量員工。我們已經真正完善了用於招募和部署員工的人工智慧先進技術解決方案。因此，我們希望今年能夠取得更大的成效。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

I'm on for Mariana today. She's traveling. Maybe just a couple of things. And you alluded to it a little bit clear. If the government is looking for more commercial terms, even in defense, how do you invest in the right things to do that? How are you set up to do that? It does seem like in the defense market the government is looking at different ways of contract and there's a bigger push for commercial terms. So -- and how do you think about it? And how does that impact your business?

今天我代表瑪麗安娜。她正在旅行。也許只是幾件事。您稍微明確地提到了這一點。如果政府正在尋求更多的商業條款，即使在國防方面，你該如何投資正確的事情來實現這一點？您準備如何做呢？在國防市場上，政府似乎正在尋找不同的合約方式，並且更加重視商業條款。那麼—您對此有何看法？這對您的業務有何影響？

Ron, yeah, I'll start. The -- I think the trend that you're pointing out is one that we've been tracking for a while, and it's actually accelerating. I think this is why we have built partnerships and made investments all the way from hyperscalers to the start-ups and everything and everyone in between and we've been doing that for a while.

羅恩，是的，我先開始。我認為您所指出的趨勢是我們一直在追蹤的，而且它實際上正在加速。我認為這就是為什麼我們與超大規模企業、新創公司以及介於兩者之間的所有企業建立合作夥伴關係並進行投資，而我們已經這樣做了一段時間。

I think it's fair to say and you'd have to ask them, but I think I'll say it that we are the preferred player in terms of helping these commercial solutions get missionized in a way that they make sense that we have created the capacity and the ability to co-create with them. I often talk about the fact that, for example, even edge cloud solutions that have been created for the commercial markets assume a degree of connectivity that doesn't happen in space and doesn't happen underwater and doesn't happen in EW challenged environments, and we have built our own tech to put on top of their stack to solve those kinds of problems and we're recognized for that. So we actually both have been a proponent and welcoming this notion.

我認為可以公平地說，你必須問他們，但我認為我們是幫助這些商業解決方案以合理的方式實現使命的首選參與者，我們已經創造了與他們共同創造的能力。我經常談論這樣一個事實，例如，即使是為商業市場創建的邊緣雲解決方案也假設一定程度的連接性不會在太空中發生，不會在水下發生，也不會在電子戰挑戰環境中發生，我們已經構建了自己的技術，將其置於他們的堆棧之上來解決這些問題，我們因此而受到認可。因此，我們其實都是這理念的支持者和歡迎者。

And then as Matt pointed out, more recently because we have such good relationships with many of these firms, they're coming to us more broadly to talk about help us scale. Help us think about what are all the things we need to do that will make us bigger and better. We're making investments in some of these companies like we've done directly with Shield. And our venture portfolio of start-ups is really performing very well in all of that. So when you look at all of it, this notion of commercial tech being more aggressively utilized in defense is a net positive to Booz Allen given that we're partnering with them to create those solutions.

正如馬特所指出的那樣，最近，由於我們與許多這樣的公司建立了良好的關係，他們開始更廣泛地與我們討論如何幫助我們擴大規模。幫助我們思考我們需要做哪些事情才能讓我們變得更強大、更好。我們正在對其中一些公司進行投資，就像我們直接對 Shield 進行投資一樣。我們的新創企業創投組合在所有這些方面都表現得非常出色。因此，從總體來看，將商業技術更積極地用於國防領域對博思艾倫來說是一個淨利好，因為我們正在與博思艾倫合作創造這些解決方案。

Got it. And then maybe as a follow-on, and I think Sheila was getting at this, but maybe softer, I'll be more direct. It does seem like, at least perceptional, that you guys have a branding issue. Meaning every kind of article that we saw about dose and consulting and government contractors and so on and so forth, you see picture of Booz Allen, Booz Allen pops up all over the place. Seemingly, at least from my vantage point, that seems unfair. But that being said, why do you think that's the case? And what do you do about it? About pivoting into maybe a better spotlight in the government?

知道了。然後也許作為後續，我認為 Sheila 已經談到了這一點，但也許更溫和，我會更直接。看起來，至少從感覺來看，你們確實有品牌問題。意思是，我們看到的每一篇有關劑量、諮詢、政府承包商等的文章，你都會看到博思艾倫的照片，博思艾倫的照片隨處可見。看起來，至少從我的角度來看，這似乎不公平。但話雖如此，您認為為什麼會這樣呢？那你該怎麼辦呢？關於轉向政府中也許更好的關注？

I think I would say a couple of things about this. First of all, I think when you're the market leader, you're the most interesting to write about. And so we have the distinct pleasure of being written about a lot. And as you know, we tend to be relatively humble and quiet about our own communications and we've always wanted our customers to take the credit for the win because ultimately, it's certainly their decisions to make and our tech supports them.

我想就此說幾句話。首先，我認為當你是市場領導者時，你是最有趣的寫作對象。因此，我們非常榮幸能夠被廣泛地報道。如你所知，我們在自己的溝通方面往往比較謙虛和沈默，我們一直希望我們的客戶能夠獲得勝利，因為最終，這肯定是他們的決定，而我們的技術支持他們。

So we found ourselves in that reality. And what we do about it is we're -- we've gotten a lot better at telling our story. I think that's resonated. We -- some of it is what you see in terms of us being in the media more and having a lot more conversations and clarifying our positioning as an advanced technology company, and I think that's working.

因此，我們發現自己處於這樣的現實之中。我們所做的就是——我們在講述我們的故事方面已經做得更好了。我認為這引起了共鳴。我們——其中一些就是您所看到的，我們更多地出現在媒體上，進行更多的對話，並明確我們作為一家先進科技公司的定位，我認為這是有效的。

But also, the part you don't see is the number of conversations we are having with people across administration and the relationships that we're building -- and I think as Kristine pointed out, this is true certainly in our Civil business, but it's true more broadly. I think once people start to really interact with the technology that we've built, that speaks much louder than a newspaper article ever could. And so we're, I think, emerging from that transition with our brand, ultimately it's going to be strengthened as a result of all of the scrutiny.

但是，您看不到的是我們與行政部門人員進行的對話次數以及我們正在建立的關係——我認為，正如克里斯汀指出的那樣，這在我們的民事業務中確實如此，但在更廣泛的範圍內也是如此。我認為，一旦人們開始真正與我們所開發的技術互動，其影響力將遠遠超出報紙文章。所以我認為，我們的品牌正在經歷這一轉型，最終，由於所有的審查，我們的品牌將得到加強。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

You have several large AI contracts, including the joint Warfighter National Mission Initiative eMAPS 2.0 and Advana and it seems these programs experienced tremendous success over the years and very wide adoption. Are you still excited about the future of these programs? I think you mentioned how your AI business has grown to over $800 million. But with a lot of the scrutiny, has there been any changes to your optimism for your AI business, particularly with the Department of Defense.

您有幾個大型人工智慧合同，包括聯合作戰人員國家任務計劃 eMAPS 2.0 和 Advana，這些項目多年來似乎取得了巨大的成功並得到了廣泛的應用。您對這些項目的未來還感到興奮嗎？我想您提到過您的人工智慧業務如何成長到 8 億美元以上。但是，經過大量的審查，您對人工智慧業務的樂觀態度是否發生了變化，尤其是與國防部的合作？

I'm happy to start with that. Louie, I think the AI is a strength of Booz Allen. I think people recognize it. And it's more and more embedded, there are certain programs that early on were sort of the leaders in terms of implementing AI capabilities. But AI is now embedded in just about everything that we do.

我很高興以此開始。路易，我認為人工智慧是博思艾倫的強項。我認為人們認識到了這一點。而且它越來越深入人心，早期的一些專案在實現人工智慧能力方面處於領先地位。但如今人工智慧已經融入我們所做的一切事情中。

And as I mentioned before, we're not seeing AI ask a question of, well, is this good for the mission? Will it ever get adopted? Will the Department of Defense adopt AI? I think all those bridges have been crossed. The question now is how quickly how do you bring the right technologies? How do you make commercial technology, both safe, reliable and secure enough to be able to use it against some of these missions. And again, we have a track record of doing that, that is second to none.

正如我之前提到的，我們沒有看到人工智慧提出這樣的問題：這對任務有好處嗎？它會被採用嗎？國防部會採用人工智慧嗎？我認為所有這些橋樑都已跨越。現在的問題是，您如何快速地引進正確的技術？如何使商業技術既安全又可靠，足以用於某些任務。再說一次，我們在這方面有著良好的記錄，這是首屈一指的。

And then as we look forward, I would point you to the fact that the move to Agentic AI is going to be really transformational for the global economy, for America and certainly for our national security missions. And we have what I believe is a leading position there. And we've done some stuff on our own research side that is really breakthrough physical AI, which is sort of the key to autonomy, the key to digital twins, the key to being able to simulate and put AI into the field a lot faster. Significant upside there for Booz Allen.

展望未來，我想指出的是，向 Agentic AI 的轉變將對全球經濟、美國，當然還有我們的國家安全任務產生真正的變革作用。我相信我們在那裡處於領先地位。我們在自己的研究方面做了一些工作，這確實是實體人工智慧的突破，它是自主性的關鍵，數位孿生的關鍵，也是能夠更快地模擬和將人工智慧投入現場的關鍵。這對博思艾倫來說具有顯著的優勢。

And then the third area that we've been talking about for a while, and I think it's starting to get recognized, is this topic of other [Serial] AI. And the reality is all of these models and all these AI capabilities are tremendous and create a potential new attack surface and we are at the leading edge of making sure we know how to defend AI models and AI infrastructure from attack.

然後，我們一直在談論的第三個領域，我認為它開始得到認可，就是其他[串行]人工智慧的主題。事實是，所有這些模型和人工智慧功能都非常強大，並創造了潛在的新攻擊面，我們處於前沿，確保我們知道如何保護人工智慧模型和人工智慧基礎設施免受攻擊。

And then that will take me to the last point, which is you've tracked our cyber business for quite some time. The -- I talked before about convergence between cyber and AI and then cyber and AI in space. And again, these are areas where we are doing some really cool leading-edge stuff, we -- you probably saw that we have now upgraded our presence in AI in space by moving Space LlAMA to the research side of the International Space Station. Again, that's a research project, but it demonstrates both that it can be done and that we know how to do it. So yeah, I am extraordinarily optimistic about the future of AI and Booz Allen's role in it.

然後我要說最後一點，那就是您已經追蹤我們的網路業務很長時間了。我之前談到網路與人工智慧的融合，以及太空中的網路與人工智慧。再說一次，這些是我們正在做一些非常酷的前沿研究的領域，你可能已經看到，我們現在已經透過將 Space LlAMA 轉移到國際太空站的研究側，提升了我們在太空人工智慧領域的存在感。再說一次，這是一個研究項目，但它證明了這是可以做到的，而且我們知道如何做。所以，是的，我對人工智慧的未來以及博思艾倫在其中的角色非常樂觀。

Great. And I guess drilling a little deeper with Advana, do you expect to continue to be the main delivery partner with Advana and similarly with Thunderdome, you just mentioned cybersecurity and zero trust and you're partnering with several commercial vendors there. For these big programs that you are providing your own unique code and software stack on top of existing commercial offerings, do you expect to continue to add that value for DoD?

偉大的。我想更深入探討 Advana，您是否希望繼續成為 Advana 的主要交付合作夥伴？與 Thunderdome 類似，您剛剛提到了網路安全和零信任，並且您正在與那裡的幾家商業供應商合作。對於這些大型項目，您在現有商業產品的基礎上提供自己獨特的程式碼和軟體堆疊，您是否希望繼續為國防部增加價值？

In both of those cases and in many others, frankly, I think the reason that these programs have been so successful is that we did not start from scratch, is that we took the best commercial technology and work that we've done and technology that we built to create complete solutions that really address mission needs.

坦白說，在這兩種情況以及許多其他情況下，我認為這些專案如此成功的原因是我們不是從零開始，而是我們採用了最好的商業技術和我們所做的工作以及我們構建的技術來創建真正滿足任務需求的完整解決方案。

And I think these programs are standing the test of both the quality of what they're providing and the impact on mission. And so we are bullish about our ability to continue to work there to incorporate newer and more commercial technology into these missions so that they can run more efficiently, more effectively, more cheaply, faster and all of the above. And that's -- we don't stand still. So we're certainly working hard.

我認為這些項目經受住了其所提供的服務的品質和對任務的影響的考驗。因此，我們對自己繼續在那裡工作的能力充滿信心，將更新、更商業化的技術融入這些任務中，以便它們能夠更有效率、更有效、更便宜、更快地運作。這就是──我們不會停滯不前。所以我們確實在努力工作。

And I would just add -- Thunderdome in particular, but also a number of other large technology programs, we're working actively to convert them to outcome-based because I think that -- these programs are ripe given the nature of what we do. And as you said, the fact that we are increasingly adding on our own technology, building under the tech stack of others and playing a foundational role in generating real products and solutions around these, outcome-based contracting is the future, and we look forward to continuing to work with our customers across the board to drive that across our large technology projects.

我想補充一點——特別是 Thunderdome，還有其他一些大型技術項目，我們正在積極努力將它們轉變為基於結果的項目，因為我認為——考慮到我們所做工作的性質，這些項目已經成熟。正如您所說，我們越來越多地添加自己的技術，在其他人的技術堆疊下進行構建，並在圍繞這些技術生成實際產品和解決方案方面發揮基礎性作用，基於結果的承包是未來的發展方向，我們期待著繼續與我們的客戶全面合作，推動我們大型技術項目的發展。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Horacio, in the wake of a budget control at 2011 and sequestration, there was obviously a lot of consolidation in the industry. It seems like if the government wants to actually drive efficiencies, they probably need to consolidate a lot of contracts. So do you expect this to drive a push or another wave of consolidation among the government services providers?

奧拉西奧，在 2011 年預算控制和自動減支政策實施之後，該行業顯然出現了許多整合。看來，如果政府真的想提高效率，他們可能需要合併很多合約。那麼，您是否預計這會推動政府服務提供者之間的另一波整合浪潮？

I think this is -- let me start by saying, I mean, if you really look at this industry, it's actually quite fragmented. I think if you aggregate it, what's the concentration of the top number of players in totality amount of single digit of the available market. And so when there are processes like this, there are people that take share, there are people that lose share, and there's changes to the industry.

我認為這是——首先我要說的是，如果你認真觀察這個行業，你會發現它實際上是相當分散的。我認為，如果將其匯總起來，那麼在可用市場的個位數總量中，頂級玩家的集中度是多少。因此，當出現這樣的過程時，就會有人獲得份額，就會有人失去份額，產業就會改變。

I think that the significant changes that we are seeing that I spoke to before, is you have new defense tech companies coming in very strong to create and drive solutions at speed that weren't there before. And we're looking strongly to align with that.

我認為，正如我之前談到的，我們看到的重大變化是，新的國防科技公司強勢湧現，以前所未有的速度創造和推動解決方案。我們強烈希望與此保持一致。

But as I think -- as I look at Booz Allen in all of this, I'll -- I guess I'll make the three points that I made earlier. We are being aggressive. The fact is we have a strong balance sheet. But more importantly, we are not standing still to continue to position and reposition ourselves and drive shareholder value. We're strategically advantaged because a lot of the things that we did under whole are really becoming essential now to delivering the mission, and we are not -- we're on the side of change and of looking for ways to add increasing value to all the missions that we support.

但當我思考——當我從所有這些角度看待博思艾倫時，我會——我想我會提出我之前提出的三點。我們正處於積極進取的狀態。事實上，我們擁有強勁的資產負債表。但更重要的是，我們不會停滯不前，而是繼續定位和重新定位自己，推動股東價值。我們在策略上具有優勢，因為我們在整體策略下所做的許多事情現在對於完成使命確實變得至關重要，而且我們不是——我們站在變革的一邊，並且正在尋找方法為我們支持的所有使命增加價值。

And so when I look at all of that, I -- this current fiscal year, as we've said, it's a challenging year, especially in our Civil business. But as I look at the medium and the long term, a few quarters out, I am very optimistic that the things that are changing in the environment, will actually allow us to be extremely successful.

因此，當我回顧所有這些時，正如我們所說，本財年是充滿挑戰的一年，尤其是在我們的民間業務方面。但當我展望中期和長期，幾個季度後，我非常樂觀地認為，環境中正在發生的變化實際上將使我們取得極大的成功。

Okay. And then thinking about the nonclient-facing headcount, I think it was down 100 people quarter-over-quarter. And you called out the 7% headcount reduction in the first quarter that's largely in your Civil business, your margin guide is flat year-over-year. Is there upside to the margin or EBITDA guidance if you reduce that nonclient-facing headcount more? Do you get to keep those savings? Or do they end up being passed back to the customer?

好的。然後考慮到不面向客戶的員工人數，我認為該數字比上一季減少了 100 人。您指出，第一季裁員 7%，主要涉及民用業務，但利潤率預期與去年同期持平。如果進一步減少不面向客戶的員工數量，利潤率或 EBITDA 指引是否會上升？你能保留這些積蓄嗎？還是最終它們會交還給客戶？

Yeah. We've been, I think, aggressively managing the totality of our cost structure. I'll remind you that historically, our solar business, because it is more fixed price in nature, has been more profitable than the average. So we're really pleased that we're able to manage our cost base in a way that we'll maintain margins even while we're resetting our Civil business, but also honestly, the capacity to invest and grow because we're continuing to invest ahead of the business both in building new technologies and bringing on exciting new technical talent and in a lot of the partnerships with commercial technology and defense technology companies that Horacio described.

是的。我認為，我們一直在積極管理我們的整體成本結構。我要提醒大家，從歷史上看，我們的太陽能業務由於本質上是固定價格，因此利潤高於平均水平。因此，我們非常高興能夠以一種方式管理我們的成本基礎，即使在我們重置民用業務的同時，我們也能保持利潤率，而且老實說，我們還擁有投資和增長的能力，因為我們將繼續在業務之前進行投資，包括開發新技術和引進令人興奮的新技術人才，以及與 Horacio 描述的許多商業技術和國防技術公司建立合作夥伴關係。

So we've been getting a lot leaner over the past few years and getting scale out of the business. We anticipate continuing to do so. But I would not anticipate near-term upside in the margins. We talked about long term, as we shift to outcome-based, there is potential there, but I wouldn't expect that in the near term.

因此，過去幾年來，我們的業務已大幅精簡，並不斷擴大規模。我們期望繼續這樣做。但我預期利潤率短期內不會上漲。我們談論的是長期目標，隨著我們轉向以結果為導向，存在著潛力，但我預計短期內不會出現這種潛力。

Thank you. And this concludes our Q&A session. I will turn it back to Horacio Rozanski for final remarks.

謝謝。我們的問答環節到此結束。我將把發言交還給 Horacio Rozanski 進行最後的演講。

Thank you, Carmen, and thank you all for your questions and for being here with us this morning. I hope that Matt and Kristine and I conveyed both a sense of our near-term priorities and also our optimism about what's ahead for our people, for our customers and for our investors.

謝謝你，卡門，也謝謝大家的提問以及今天早上與我們在一起。我希望馬特、克里斯汀和我傳達了我們近期優先事項以及對我們的員工、客戶和投資者未來的樂觀態度。

We are on the positive side of change, we're strategically positioned for a era of tech-driven growth. And we're doubling down on what Booz Allen does best, which is using advanced technology to keep America strong and safe. And I appreciate all of you being part of how we do that and thank you for joining us today.

我們正處於變革的正面方面，我們在策略上已為技術驅動的成長時代做好了準備。我們正在加倍努力，發揮博思艾倫最擅長的領域，即利用先進技術來確保美國的強大和安全。我感謝大家參與我們的工作，感謝你們今天加入我們。

And thank you all for participating, and you may now disconnect.

感謝大家的參與，現在可以斷開連結了。