Booz Allen Hamilton Holding Corp (BAH) 2026 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Booz Allen Hamilton's earnings call covering first-quarter fiscal year 2026 results. (Operator Instructions)

早安，感謝您的支持。歡迎參加博思艾倫漢密爾頓公司 2026 財年第一季業績電話會議。（操作員指示）

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 first quarter fiscal year 2026 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 2026 財年第一季財報電話會議。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有我們的董事長、執行長兼總裁 Horacio Rozanski、執行副總裁兼財務長 Matt Calderone 和執行副總裁兼營運長 Kristine Martin Anderson。

As shown on the disclaimer on slide 3, please note that we may make forward-looking statements on today's call. which involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from the forecasted results discussed in our SEC filings and on this call.

如投影片 3 上的免責聲明所示，請注意，我們可能會在今天的電話會議上做出前瞻性陳述。其中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 SEC 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.

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。

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 first quarter fiscal year 2026 earnings release and slides. Numbers presented may be rounded and as such, may vary slightly from those in our public disclosures.

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 2026 財年第一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。呈現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're 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, everyone, and thank you for joining the call. Today, Kristine, Matt and I will share our financial results for the first quarter of fiscal year 2026.

謝謝你，達斯汀。歡迎大家，感謝大家參加電話會議。今天，克莉絲汀、馬特和我將分享我們 2026 財年第一季的財務表現。

The headline for today is that our first quarter performance played out as we expected. Matt will go deeper into our first quarter results in a few minutes. Ahead of that, I would like to frame our results in the context of the current environment and describe how we are accelerating our transformation to take advantage of the next inflection point.

今天的頭條新聞是我們第一季的業績符合我們的預期。幾分鐘後，馬特將深入介紹我們的第一季業績。在此之前，我想在當前環境下概述我們的成果，並描述我們如何加速轉型以利用下一個轉折點。

As I've said previously, all presidential transitions create some degree of near-term disruption followed by opportunity. The administration is driving fast change. And six months in, the government is still adapting. Agencies are realigning their priorities and in many cases, restructuring their own operations.

正如我之前所說，所有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。政府正在推動快速變革。六個月過去了，政府仍在適應。各機構正在重新調整其優先事項，並在許多情況下重組其自身的運作。

We see overall demand strengthening, but near-term funding continues to move slowly through the procurement environment. While the overall tenor is more positive than it was weeks ago, this adjustment period is still underway and some uncertainty remains as submissions and contracts are still being reviewed.

我們看到整體需求正在增強，但短期資金在採購環境中持續緩慢流動。雖然整體基調比幾週前更加積極，但這一調整期仍在進行中，由於提交的文件和合約仍在審查中，因此仍存在一些不確定性。

Our quarterly results reflect these dynamics. Top and bottom line performance matched our expectations with the brightest spots being book-to-bill and the resulting record backlog. As we look forward, we expect the full effects of the civil sector reset to manifest in our Q2 financials and intend to return to growth in the back half of this year.

我們的季度業績反映了這些動態。頂線和底線表現符合我們的預期，其中最亮點是訂單出貨比和由此產生的創紀錄積壓訂單。展望未來，我們預計民用部門重置的全面影響將體現在我們的第二季財務狀況中，並打算在今年下半年恢復成長。

Our teams are all in, working with mission owners to ensure that as funding solidifies, Booz Allen can accelerate. As we look ahead, we are moving forward aggressively. We are meeting with senior administration officials and with customers at all levels. Our technology-based approach resonates loudly with their agendas.

我們的團隊全力以赴，與任務所有者合作，確保隨著資金的穩定，博思艾倫能夠加速發展。放眼未來，我們正積極向前邁進。我們正在與高級政府官員和各級客戶會面。我們的基於技術的方法與他們的議程產生了強烈共鳴。

They see opportunity to invest in technology from AI to cyber to quantum to drive both cost efficiency and mission effectiveness. And these discussions have reaffirmed my optimism about the medium and long term. Our VoLT strategy, which stands for velocity, leadership and technology, and especially our unique investments and positioning in the technology ecosystem are among our key differentiators. Having the mission insights to adapt and deploy commercial technology at speed and scale are differentiators for us as well.

他們看到了投資人工智慧、網路技術和量子技術的機會，以提高成本效率和任務效率。這些討論再次堅定了我對中長期前景的樂觀態度。我們的 VoLT 策略代表速度、領導力和技術，尤其是我們在技術生態系統中的獨特投資和定位是我們的主要差異化因素。擁有快速、大規模地適應和部署商業技術的使命洞察力也是我們與眾不同的因素。

Other companies can do this, too, of course, but none as well as Booz Allen. We hear this from customers and from technology partners regularly. So we are using this moment of rapid market transition to move faster ourselves. I believe we are on track to shave years of our transformation time line. To drive that acceleration, we are focusing relentlessly on the five priorities I outlined in May.

當然，其他公司也可以做到這一點，但沒有一家能像博思艾倫這樣做得好。我們經常從客戶和技術合作夥伴那裡聽到這種說法。因此，我們正在利用這個市場快速轉型的時刻來加速自身的發展。我相信我們正朝著縮短轉型時間的目標邁進。為了推動這一進程，我們正堅持不懈地關注我在五月提出的五個優先事項。

Allow me to summarize that progress. First, we have restructured and reset our civil business in alignment with the existing demand environment. In the first quarter, we acted quickly to rightsize our talent, optimize the business and adapt to short-term challenges. Now we are focused on returning to growth by capturing opportunities in priority missions.

請容許我總結一下這項進展。首先，我們根據現有的需求環境，對民用業務進行了重組和重新設定。第一季度，我們迅速採取行動，調整人才規模，優化業務，適應短期挑戰。現在，我們專注於抓住優先任務中的機會，恢復成長。

One example is modernization, which we know is important to civilian agencies and across government. In May, we were awarded a $51 million task quarter with Customs and Border Protection, or CBP. Through this work, we are using our technologies and partnership with AWS to help CBP move to the cloud.

其中一個例子就是現代化，我們知道這對民間機構和整個政府都很重要。五月，我們獲得了海關和邊境保護局（CBP）授予的價值 5,100 萬美元的任務季度。透過這項工作，我們正在利用我們的技術並與 AWS 合作幫助 CBP 遷移到雲端。

This is a meaningful opportunity to inject new tech into a high-priority mission and potentially expand as opportunities arise. Second, we are reimagining how we deliver our work to prepare for a shift to outcome-based opportunities. We believe this shift will enable greater innovation and generate cost savings for the government.

這是一個有意義的機會，可以將新技術注入高優先級任務中，並隨著機會的出現而不斷擴展。其次，我們正在重新構想如何進行工作，為轉向基於結果的機會做好準備。我們相信，這種轉變將促進更大的創新並為政府節省成本。

For example, Thunderdome is our proven Zero Trust solution for DoD, and we are in the process of expanding its customer base and transitioning parts of it to be outcome-based. Thunderdome is an ideal candidate because it has clearly defined mission outcomes such as quickly advancing the department's Zero Trust architecture goals. We are very proud of the outcomes we've delivered. We made all of these as Zero Trust standards more than two years ahead of schedule.

例如，Thunderdome 是我們為國防部提供的經過驗證的零信任解決方案，我們正在擴大其客戶群並將其部分內容轉變為基於結果的解決方案。Thunderdome 是一個理想的候選者，因為它具有明確的任務成果，例如快速推進該部門的零信任架構目標。我們對所取得的成果感到非常自豪。我們提前兩年多將所有這些都制定為零信任標準。

Third, we are directing resources to the areas that will best position us for growth. Our Defense Technology Group is a great example. Back in April, we consolidated these activities into one team to focus on an area that is prime for growth. This group is dedicated to rapidly injecting advanced technologies into defense missions that protect and empower our nation's war fighters.

第三，我們將資源導向最有利於我們成長的領域。我們的國防技術集團就是一個很好的例子。早在今年四月份，我們就將這些活動整合到一個團隊中，專注於最有發展潛力的領域。該組織致力於將先進技術迅速注入國防任務，以保護和增強我國作戰人員的能力。

Let me describe three examples of the momentum we have built. One, we have successfully deployed our modular detachment kit, or MDK, into live fire exercises and operations across Europe and Africa. This kit offers unprecedented multi-domain integration that bridges technological gaps by seamlessly using sensor and data link information.

讓我來描述一下我們已經建立的勢頭的三個例子。首先，我們已成功將模組化分離套件（MDK）部署到歐洲和非洲的實彈演習和行動中。該套件提供了前所未有的多領域集成，透過無縫使用感測器和數據鏈路資訊彌合了技術差距。

MDK is revolutionizing tactical command and control, giving our war fighters a clearer understanding of the battle space. Two, we have been building on our tactical assault kit which is a series of plugging ready solutions that can be added to a mobile device and use in the field.

MDK 正在徹底改變戰術指揮和控制，使我們的作戰人員更清楚地了解戰場空間。二，我們一直在建造戰術突擊套件，它是一系列可添加到移動設備並在現場使用的即插即用解決方案。

We recently added two new tools, SEDEX and GB Streamer that help users communicate in real time and live stream full motion video. These unique capabilities have been successfully deployed in theater as well as during hurricane relief efforts, the Super Bowl and the presidential inauguration.

我們最近新增了兩個新工具，SEDEX 和 GB Streamer，可協助用戶即時交流和直播全動態影片。這些獨特的能力已在戰場、颶風救援、超級盃和總統就職典禮等活動中成功部署。

And three, we were just awarded a new $315 million contract with the United States Air Force for our tactical operations center light battle management system prototype or It's a major program of record in the department of the Air Force's battle network and it will accelerate information and decision superiority at the edge. We are going to deploy to 70 locations around the world, including Europe and the Pacific.

第三，我們剛剛與美國空軍簽訂了一份價值 3.15 億美元的新合同，用於我們的戰術作戰中心輕型戰鬥管理系統原型，這是空軍作戰網絡部門的一項重大記錄項目，它將加速邊緣信息和決策優勢。我們將部署到全球 70 個地點，包括歐洲和太平洋地區。

So taken all together, these are three examples of how we are growing our business while outfitting war fighters with the tech they need to stay safe, ready and lethal. The fourth priority focuses on advancing our partnerships across the tech ecosystem. America needs to maintain global technological supremacy and our nation's advanced technology ecosystem is the greatest innovation engine in the world.

總而言之，這三個例子說明了我們如何在發展業務的同時，為作戰人員提供他們所需的技術，以確保他們的安全、準備和殺傷力。第四個優先事項是推動我們在整個技術生態系統中的合作夥伴關係。美國需要維持全球技術優勢，我們國家先進的技術生態系統是世界上最大的創新引擎。

Booz Allen's leading role in this ecosystem is unique. From our partnerships with hyperscalers to our venture investments with start-ups, we are finding and co-creating next-generation technology and making it work inside our nation's most important missions.

博思艾倫在這個生態系中的主導作用是獨一無二的。從與超大規模企業的合作到與新創企業的風險投資，我們正在尋找並共同創造下一代技術，並使其在我們國家最重要的使命中發揮作用。

In a moment, Matt will share more on how we are accelerating this priority. And finally, we are creating efficiencies in our own business so we can move faster and realize greater shareholder value even in a volatile environment. We are using AI-assisted tools to build software faster and reimagine our delivery.

稍後，馬特將分享更多有關我們如何加速這項優先事項的資訊。最後，我們正在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發展並實現更大的股東價值。我們正在使用人工智慧輔助工具來更快地建立軟體並重新構想我們的交付。

We're using AI and automation to run the business smartly and more efficiently. We're integrating commercial tech from other companies, and those companies are telling us that we are on the leading edge. We're not just generating speed to outcomes for our customers, we're also doing it for ourselves.

我們正在使用人工智慧和自動化來更聰明、更有效率地經營業務。我們正在整合其他公司的商業技術，這些公司告訴我們，我們處於領先地位。我們不僅為客戶加速取得成果，也為自己這樣做。

In closing, these five priorities demonstrate how we are accelerating Booz Allen's transformation from AI to cyber to space and supporting our war fighters at the edge, Booz Allen is delivering solutions at the center of America's key missions.

最後，這五個優先事項顯示了我們如何加速博思艾倫從人工智慧到網路到太空的轉型，並支持我們的邊緣作戰人員，博思艾倫正在為美國關鍵任務的核心提供解決方案。

So I want to thank my colleagues for all that they do. I'm so inspired by them every day, and I'm grateful that our country has them on our side. Together, we're navigating this time of tremendous change and staying ready to help our nation move faster.

因此，我要感謝我的同事所做的一切。我每天都受到他們的鼓舞，我很感激我們的國家有他們支持。我們正共同度過這個巨大變革的時代，並隨時準備好幫助我們的國家更快發展。

And with that, Matt, over to you.

馬特，現在輪到你了。

Thank you, Horacio, and good morning, everyone. As Horacio noted, we anticipated a period of short-term disruption and slowdown in funding, followed by real medium- to long-term opportunity as the new administration's priorities take hold.

謝謝你，Horacio，大家早安。正如奧拉西奧所指出的，我們預計會出現一段短期混亂和資金放緩的時期，但隨著新政府優先事項的落實，真正的中長期機會就會出現。

We continue to see both these forces play out in different ways and on different time lines across the business. In this environment, we are attacking opportunities with both ideas and optimism. I remain amazed at how quickly Booz Allen can transform and how deeply impactful our work is for the nation.

我們繼續看到這兩種力量以不同的方式、在不同的時間線上在整個業務中發揮作用。在這樣的環境下，我們正以創意和樂觀的態度抓住機會。我對博思艾倫轉型之快以及我們的工作對國家產生之深遠影響感到驚訝。

Before diving into the numbers, I want to cover my five takeaways for the quarter. First, the first quarter played out very much as we expected. We delivered growth in revenue ex billables, where most of our profitability is generated, and at the bottom line. While difficult, we also quickly reshaped our talent base through targeted cost and headcount reductions that were heavily concentrated in our Civil business.

在深入研究這些數字之前，我想先介紹一下本季的五點收穫。首先，第一季的業績與我們預期的非常一致。我們實現了除開帳單收入（我們的大部分利潤來自於此）和底線收入的成長。儘管很困難，但我們也透過有針對性的成本削減和人員削減（主要集中在民用業務）迅速重塑了人才基礎。

Second, we are winning deeply technical, high-quality work that is in line with lasting mission priorities. We achieved an excellent quarterly book-to-bill of 1.42 times and total backlog hit an all-time Q1 record of $38 billion. More important, the type of work we are winning underscores that our pivot to become the premier company bringing advanced technology to mission is working.

其次，我們正在贏得符合長期任務重點的深度技術性、高品質工作。我們實現了 1.42 倍的優異季度訂單出貨比，總積壓訂單量創下了第一季 380 億美元的歷史新高。更重要的是，我們所贏得的工作類型強調了我們致力於成為將先進技術應用於任務的領先公司的策略正在發揮作用。

Third, we deployed a significant amount of capital to generate value for our shareholders. In the quarter, we repurchased just over 1% of our outstanding shares.

第三，我們投入了大量的資本來為股東創造價值。本季度，我們回購了略高於 1% 的流通股。

Fourth, we doubled down on the strategic bets that will propel the business forward. These include investing in solutions aligned with national priorities, bolstering our talent base, continuing to build mission-ready technology and strengthening our partnerships with commercial and defense tech companies. We continue to gain momentum in all these areas. And as a sign of our conviction, earlier this week, we increased our commitment to Booz Allen Ventures by $200 million.

第四，我們加倍押注能夠推動業務向前發展的策略。這些措施包括投資符合國家優先事項的解決方案、加強我們的人才基礎、繼續建立任務就緒技術以及加強與商業和國防科技公司的合作夥伴關係。我們在所有這些領域都繼續取得進展。為了表明我們的信念，本週早些時候，我們將對 Booz Allen Ventures 的投資承諾增加了 2 億美元。

Finally, we saw a meaningful increase in our cash flow outlook. The change in R&D capitalization in The One Big Beautiful Bill will result in roughly $200 million federal cash tax benefit this fiscal year. In addition, based on a negotiated agreement with the IRS on a previously disclosed tax position, we now expect to receive a refund of approximately $170 million next fiscal year.

最後，我們看到現金流前景顯著增加。《一項大美麗法案》中研發資本化的變化將導致本財年產生約 2 億美元的聯邦現金稅收優惠。此外，根據與美國國稅局就先前披露的稅務狀況達成的協議，我們預計下一財年將獲得約 1.7 億美元的退稅。

In summary, the first quarter tracked in line with our plan. We are working aggressively to drive near-term growth in a dynamic funding environment, and we continue to strategically transform our business.

整體來說，第一季的業績符合我們的計畫。我們正在積極努力，在充滿活力的融資環境中推動近期成長，並繼續策略性地轉變我們的業務。

I will now cover our first quarter numbers in more detail. For the first quarter, gross revenue was down roughly 1% year-over-year to $2.9 billion. Revenue excluding billable expenses, where most of our profitability is generated, grew 2% year-over-year.

我現在將更詳細地介紹我們第一季的數據。第一季度，總營收年減約 1% 至 29 億美元。扣除可計費費用（我們的大部分獲利來源）後的收入年增了 2%。

We continue to see strong performance in our defense and intel businesses. Revenue for the quarter was up 7% in Defense and up 6% in Intel compared to the prior year period. As expected, revenue in our Civil business was down 13% year-over-year.

我們的國防和情報業務持續表現強勁。與去年同期相比，本季國防業務收入成長 7%，英特爾業務收入成長 6%。正如預期的那樣，我們的民用業務收入比去年同期下降了 13%。

Moving to demand, the volume and quality of our sales continued to be strong. We booked $4.2 billion in awards in the quarter, including two awards greater than $500 million. As a result, our first quarter book-to-bill was 1.42 times and our trailing 12-month book-to-bill was 1.31 times.

從需求來看，我們的銷售量和品質持續保持強勁。我們在本季獲得了 42 億美元的獎勵，其中包括兩項價值超過 5 億美元的獎勵。因此，我們第一季的訂單出貨比為 1.42 倍，過去 12 個月的訂單出貨比為 1.31 倍。

Our total backlog hit $38 billion, up 11% year-over-year. At the end of the first quarter, the size of our proposal pipeline was nearly $43 billion. While lower than fiscal year 2025, which was historically high, our current year pipeline is 3% higher than at the same point in fiscal year 2024.

我們的總積壓訂單達到 380 億美元，年增 11%。截至第一季末，我們的提案規模接近 430 億美元。雖然低於歷史最高水準的 2025 財年，但我們今年的管道比 2024 財年同期高出 3%。

We are adding to this pipeline by investing in areas central to the priorities of the current administration, advancing our big ideas for transforming government and co-creating and selling with our commercial technology partners. As we noted on the last two earnings calls, we are seeing more variability in converting bookings to revenue than we have seen in previous years.

我們正在透過投資當前政府重點關注的領域、推動政府轉型的偉大構想以及與我們的商業技術合作夥伴共同創造和銷售來擴大這一管道。正如我們在前兩次財報電話會議上所指出的，與前幾年相比，預訂量轉化為收入的變化更加劇烈。

Pivoting now to headcount. Booz Allen closed the quarter with roughly 33,000 employees. As a result of the restructuring actions, our customer-facing staff was down 5% year-over-year and 7% sequentially. We will continue to effectively match supply and demand in what is a very dynamic environment. Through the balance of the fiscal year, we aim to increase hiring to support the ramp of our significant recent wins as well as areas where we see demand accelerating.

現在轉向員工總數。截至本季末，博思艾倫員工總數約為 33,000 名。由於重組措施，我們面對客戶的員工數量較去年同期下降了 5%，較上季下降了 7%。我們將繼續在高度動態的環境中有效地匹配供需。在本財政年度的剩餘時間裡，我們的目標是增加招聘，以支持我們近期的重大勝利以及我們看到需求加速成長的領域。

Turning now to profitability. In the first quarter, we generated $311 million in adjusted EBITDA, up 3% from the prior year period. This translated to an adjusted EBITDA margin of 10.6%, up 30 basis points year-over-year. We continue to run the business efficiently, while investing in advanced technologies, tools and talent needed to support strategic growth.

現在談談獲利能力。第一季度，我們的調整後 EBITDA 為 3.11 億美元，較去年同期成長 3%。這意味著調整後的 EBITDA 利潤率為 10.6%，較去年同期成長 30 個基點。我們持續有效率地經營業務，同時投資支援策略成長所需的先進技術、工具和人才。

Working down the P&L. First quarter net income was $271 million. The year-over-year increase of 64% in net income was primarily a result of a favorable agreement we reached with the IRS in the quarter that is related to strategic tax planning initiatives from prior years.

計算損益表。第一季淨收入為2.71億美元。淨收入年增 64% 主要是因為我們在本季與美國國稅局達成了一項有利協議，該協議與前幾年的策略性稅務規劃措施有關。

As a result of this agreement, we recognized a onetime income tax benefit of $106 million. This was partially offset by the impact of the onetime costs associated with headcount reductions in the quarter. In addition to this P&L impact, we expect to receive a cash refund of approximately $170 million next fiscal year.

由於該協議，我們確認了1.06億美元的一次性所得稅收益。這被本季度裁員相關的一次性成本的影響部分抵消。除了這項損益影響之外，我們預計下一財年還將獲得約 1.7 億美元的現金退款。

Adjusted net income was $184 million, up 2% versus the prior year. This excludes both the onetime income tax benefit and the impact of the onetime headcount reduction costs. Diluted earnings per share grew 70% year-over-year to $2.16 per share, and adjusted diluted earnings per share increased 7% year-over-year to $1.48 per share.

調整後淨收入為 1.84 億美元，較上年增長 2%。這不包括一次性所得稅收益和一次性裁員成本的影響。稀釋每股盈餘年增 70% 至每股 2.16 美元，調整後稀釋每股盈餘較去年同期成長 7% 至每股 1.48 美元。

Both diluted earnings per share and benefited from overall profitability, a reduction in share count and an unrealized gain from one of our venture investments, which were slightly offset by higher net interest expense.

每股盈餘均有所稀釋，並受益於整體獲利能力、股份數量的減少以及我們一項風險投資的未實現收益，但淨利息支出的增加略微抵消了這些收益。

Moving now to the balance sheet. We finished the first quarter with $711 million of cash on hand, net debt of $3.3 billion and a net leverage ratio of 2.5 times adjusted EBITDA for the trailing 12 months.

現在轉到資產負債表。第一季結束時，我們手頭上有 7.11 億美元現金，淨債務為 33 億美元，過去 12 個月的淨槓桿率為調整後 EBITDA 的 2.5 倍。

Our balance sheet is exceptionally strong. It remains both a key strategic asset and a vehicle for generating incremental shareholder value. Free cash flow for the quarter was $96 million, the result of $119 million of cash from operations less $23 million of CapEx.

我們的資產負債表異常強勁。它仍然是一項關鍵的策略資產，也是創造增量股東價值的工具。本季自由現金流為 9,600 萬美元，由 1.19 億美元的經營現金流減去 2,300 萬美元的資本支出得出。

Turning to capital deployment. During the quarter, we deployed a total of $233 million to generate additional value for shareholders. This included $154 million in share repurchases at an average price of $109.42 per share, $70 million in quarterly dividends and $9 million in strategic investments made through Booz Allen Ventures.

談到資本部署。本季，我們共投入 2.33 億美元為股東創造額外價值。其中包括以平均每股 109.42 美元的價格回購 1.54 億美元的股票、支付 7,000 萬美元的季度股息以及透過 Booz Allen Ventures 進行的 900 萬美元戰略投資。

I'll note that our Board of Directors has approved a quarterly dividend of $0.55 per share, which will be payable on August 29 to stockholders of record as of August 14. I'm really excited that this week we announced the commitment of an additional $200 million to Booz Allen Ventures. Since we launched Booz Allen Ventures in July of 2022, we have deployed the majority of our initial $100 million commitment to 17 exceptional portfolio of companies. This includes our investment in Firestorm, a leading attributable drone company that we announced just last week.

我要指出的是，我們的董事會已批准每股 0.55 美元的季度股息，並將於 8 月 29 日支付給 8 月 14 日登記在冊的股東。我很高興本週我們宣布向博思艾倫創投公司額外注資 2 億美元。自 2022 年 7 月成立博思艾倫創投公司以來，我們已將最初 1 億美元承諾的大部分資金投入了 17 家優秀的公司投資組合。其中包括我們上週剛宣布的對領先的無人機公司 Firestorm 的投資。

With Booz Allen's help, these 17 companies have delivered real mission impact to our customers, performed well above market financially and driven strategic value for the company. We anticipate that this additional $200 million will be deployed against 20 to 25 new companies over the next five years. Booz Allen remains committed to ensuring America's tactical superiority over its adversaries.

在博思艾倫的幫助下，這 17 家公司為我們的客戶帶來了真正的使命影響，財務表現遠超市場，並為公司帶來了策略價值。我們預計，未來五年內，這額外的 2 億美元將用於支援 20 至 25 家新公司。博思艾倫仍然致力於確保美國相對於對手的戰術優勢。

Now please turn to page 7 for our full fiscal year outlook. We are only updating our full year guidance to reflect the anticipated federal tax impact on our cash flow from the passage of The One Big Beautiful Bill. We now expect free cash flow to be between $900 million and $1 billion.

現在請翻到第 7 頁查看我們整個財政年度的展望。我們僅更新全年指引以反映《一項大美麗法案》通過後預計的聯邦稅對我們現金流的影響。我們現在預計自由現金流將在 9 億至 10 億美元之間。

As we noted last quarter, we anticipate that revenue and profit growth will be comparatively lower in the first half of our fiscal year, particularly in our second quarter due to a decrease in the provision for claim costs in the second quarter last year. Our full year performance will be impacted by the timing of an extent to which we return to a more normalized funding environment.

正如我們上個季度所指出的，我們預計本財年上半年的營收和利潤成長將相對較低，尤其是第二季度，原因是去年第二季度索賠成本準備金減少。我們的全年業績將受到我們恢復到更正常化的融資環境的程度的時間影響。

In closing, while the current environment is dynamic, our intent is clear to manage through this fiscal year with flexibility and discipline and to go on offense; lead with transformative technology, drive mission impact and reaccelerate growth. We remain confident in our VoLT strategy and our ability to continue to generate lasting value for our customers, our people and our shareholders.

最後，雖然當前的環境是動態的，但我們的意圖很明確，即靈活、自律地度過本財年並發起進攻；以變革性技術為先導，推動使命影響並重新加速增長。我們對我們的 VoLT 策略以及繼續為我們的客戶、員工和股東創造持久價值的能力充滿信心。

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

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Horacio, Christine, Matt and Dustin, good morning.

霍拉西奧、克里斯汀、馬特和達斯汀，早安。

Good morning.

早安.

Hey, Louis, good morning.

嘿，路易斯，早安。

As part of your 1.4 times book-to-bill, you won several I would say Palantir Anderal awards over the past few months under the new administration, and you could also call these awards vintage Booz Allen with this Air Force Data Fusion award.

作為 1.4 倍訂單出貨比的一部分，在過去幾個月裡，在新政府的領導下，你們贏得了多個 Palantir Anderal 獎項，而且，你們也可以稱這些獎項為 Booz Allen 的復古獎項，尤其是這次的空軍數據融合獎項。

You said that the Department of Defense continues to review contracts. But is it fair to say that there is now a greater appreciation for all of the neat tech that you do bring to the table with all of your commercial tech partnerships? And is the procurement environment better than it was three months ago?

您說國防部會繼續審查合約。但是，是否可以公平地說，現在人們更加欣賞您與所有商業技術合作夥伴共同提出的所有精妙技術？採購環境是否比三個月前更好？

Why don't I start, Louie. I think it is, as you point out, fair to say that the business has stabilized in what is still a very dynamic environment. As we pointed out in the prepared remarks, there are contracts being reviewed. The tech is holding out extraordinarily well.

為什麼我不開始呢，路易。我認為，正如您所指出的，可以公平地說，在仍然非常活躍的環境中，業務已經穩定下來。正如我們在準備好的評論中指出的那樣，有些合約正在審查中。該技術表現異常出色。

The impact on mission is very strong. We feel very good about that. And our teams are working very closely with each of our customers. Our long-standing customers understand the value the Booz Allen brings and the tech that we are producing and the fact that our technology and the awards you point out, what's really neat about them is these are all awards where Booz Allen is doing work for the war fighter, many times in the kill chain, that needs to need -- and the tech needs to work under some of the most extreme conditions.

這對任務的影響非常大。我們對此感到非常高興。我們的團隊與每位客戶密切合作。我們的長期客戶了解博思艾倫帶來的價值和我們生產的技術，以及我們的技術和您所指出的獎項，它們真正巧妙之處在於，這些都是博思艾倫為作戰人員所做的工作，在殺傷鏈中多次需要——而且技術需要在一些最極端的條件下工作。

And everybody recognizes that while a lot of people can bring tech, we are the ones that can make it work in those conditions. And so that's why we're accelerating our transformation. That's why we're so excited about the work that we're winning and why we are spending all of our time really positioning for upside and for opportunities along the lines that that you're describing.

每個人都體認到，雖然很多人可以帶來技術，但我們才是能夠在這些條件下讓科技發揮作用的人。這就是我們加速轉型的原因。這就是為什麼我們對所贏得的工作如此興奮，以及為什麼我們花費所有時間來真正定位優勢和您所描述的機會。

As we said, the procurement environment has improved, but it's still operating below historical speeds. And we're hoping and looking for and staying very close to it to do our part in ensuring that it regains speed. But overall, especially when you look past the immediate term, we feel very optimistic.

正如我們所說，採購環境已經改善，但其運行速度仍然低於歷史水準。我們希望、期待並密切關注它，盡我們的努力確保它恢復速度。但總體而言，特別是當你展望短期前景時，我們感到非常樂觀。

Thanks. And recently, the the Department of Defense's Chief Digital and Artificial Intelligence Office, they awarded large contracts to many of the language learning model providers from Silicon Valley. And with the Trump administration focus on commercial tech, what is the interest from Silicon Valley and these commercial tech providers to partner with you? And secondarily, what is the implications of you partnering with commercial tech with fixed-price outcome-based contracts?

謝謝。最近，美國國防部首席數位和人工智慧辦公室將大合約授予了矽谷的許多語言學習模型提供者。川普政府將重點放在商業技術上，矽谷和這些商業技術提供者對與您合作有何興趣？其次，您與商業技術公司合作簽訂基於結果的固定價格合約有何影響？

Well, as you know, working with commercial tech companies has been a big part of our strategy now for years. We work with the smallest of companies, Series A through our venture fund all the way to significant partnerships with hyperscalers. We've been working closely with NVIDIA for seven or eight years.

嗯，正如你所知，多年來與商業科技公司合作一直是我們策略的重要組成部分。我們與最小的公司合作，透過我們的風險基金進行 A 輪融資，一直到與超大規模公司建立重要的合作關係。我們與 NVIDIA 已經密切合作了七、八年。

We've been working closely with AWS for years. And it makes sense to me that the department is getting more interest and getting more involved with the people that are building the foundational models that are powering the AI revolution. And at the same time, they need Booz Allen because we are the ones that make the tech work in mission.

多年來我們一直與 AWS 密切合作。我覺得，這個部門對那些建構推動人工智慧革命的基礎模型的人們越來越感興趣，也越來越積極參與其中。同時，他們需要博思艾倫，因為我們是讓科技在任務中發揮作用的人。

That's understood, I believe, by the Department, but it's also understood by the commercial tech providers. In our discussions with them they see us as the best at doing that, they see us as the people they want to partner with. In many cases, I'm told by very senior people, by my counterparts in these companies, that we are the one partner they would like to have in their portfolio, and we feel the same way about them.

我相信，該部門了解這一點，商業技術提供者也了解這一點。在與他們的討論中，他們認為我們是這方面最好的，他們認為我們是他們想要的合作夥伴。在許多情況下，這些公司的高層人士、我的同行告訴我，我們是他們希望在投資組合中擁有的合作夥伴，我們對他們也有同樣的看法。

And so I think that from the standpoint of where we go forward, our ability to productize on top of their tech the departments desire to do more outcome-based and this entire move towards deploying these technology faster are all positive secular trends for Booz Allen.

因此，我認為，從我們前進的角度來看，我們在其技術之上實現產品化的能力、各部門希望做更多以結果為基礎的事情以及更快地部署這些技術的整個舉措，都是博思艾倫積極的長期趨勢。

Great. And for Matt, with fixed price contracts, is this potentially a win-win for you and the customer?

偉大的。對於馬特來說，通過固定價格合同，這是否對您和客戶來說可能是雙贏的？

Absolutely. I think we've been talking about our desire to move to more outcome-based and fixed-price contracts for years now. So it certainly has a potential to be a win-win for everybody.

絕對地。我想我們多年來一直在談論我們希望轉向更多基於結果和固定價格的合約。因此，這肯定有可能實現所有人的雙贏。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Hi, good morning.

嗨，早安。

Guys. Good morning.

夥計們。早安.

I had a couple of questions. First, I was curious if you could comment on the funded backlog trend? It's been down a couple of quarters in a row. I just wanted to square that with the overall book-to-bill.

我有幾個問題。首先，我很好奇您是否可以評論一下資金積壓趨勢？已經連續幾季下滑了。我只是想將其與總體訂單出貨比進行比較。

Yeah, I think it's entirely consistent with what we said, which is we're winning work. We've got a lot of positive demand signals not just from our customers but from commercial tech partners that we're working with, but funding is a little bit slow. So that's why you're seeing a relative decline in funded backlog but increases in other portions.

是的，我認為這與我們所說的完全一致，那就是我們正在贏得工作。我們收到了很多正面的需求訊號，不僅來自我們的客戶，也來自我們正在合作的商業技術合作夥伴，但資金的到位有點慢。這就是為什麼你會看到資金積壓相對下降，而其他部分卻增加。

Does that portend kind of a big catch up at some point? Or is there -- I mean, at what point is there an absolute level at which we should actually get concerned? Or I just wonder how do we -- at what point does it become a worry issue, if at all?

這是否預示著某一時刻會出現大規模的追趕？或存在──我的意思是，在什麼情況下我們才應該真正感到擔憂？或者我只是想知道我們如何——在什麼時候它會成為一個令人擔憂的問題，如果有的話？

I think we've said that our year really will hinge on the extent to which the funding environment normalizes. This is an industry-wide issue. We're hearing it not just from companies like ours, but even from our venture part goes. So we're not concerned. We got a lot of confidence in the medium term. It's really just a timing issue, Gautam.

我想我們已經說過，我們今年的業績實際上將取決於融資環境的正常化程度。這是一個全行業的問題。我們不僅從像我們這樣的公司那裡聽到了這種聲音，甚至從我們的創投部門也聽到了這種聲音。所以我們並不擔心。我們對中期前景充滿信心。這其實只是一個時間問題，Gautam。

If I -- I'll just build on that by saying if you look at the passage of The One Big Beautiful Bill and the amount of money that is being directed towards significant technology investments, both in DoD and across the government, I think it portends -- that money needs to be put on contract needs to be spent for the administration to advance its key priorities. So we fully expect that there will be increases along the line. The only question in our mind is how quickly do those get turned on?

如果我——我只是想在此基礎上說，如果你看一下《一項偉大的美麗法案》的通過以及國防部和整個政府用於重大技術投資的資金數額，我認為這預示著——需要將資金用於合同，需要將資金用於政府推進其關鍵優先事項。因此，我們完全預期這一趨勢將會增加。我們心中唯一的疑問是，這些啟動的速度有多快？

Yeah. Fair enough. I guess I'm also trying to get it. Typically, we have a September fiscal year-end flush or money has to be allocated, do you anticipate that same seasonality this time around, given all the noise?

是的。很公平。我想我也正在努力去得到它。通常情況下，我們會在 9 月的財政年度結束時出現資金週轉或必須分配資金的情況，考慮到各種因素，您是否預期這次也會出現同樣的季節性情況？

Yeah, we're still planning for an acceleration. I mean, there are significant mission needs. As Horacio mentioned, there is also the new funding in The One Big Beautiful Bill and also with the procurement environment being slow, there's a bit of a backlog for funding needs. But as Matt said, it's really a matter of timing, and we're waiting to see how that plays out.

是的，我們仍在計劃加速。我的意思是，有重大的任務需求。正如 Horacio 所提到的，《一項偉大的美麗法案》也提供了新的資金，而且由於採購環境緩慢，資金需求有些積壓。但正如馬特所說，這確實是一個時間問題，我們正在等著看結果如何。

Okay.

好的。

Okay. A question I get frequently from investors is on the headcount targets for the end of the fiscal year for you guys. I believe it has to be about flat with the year-end 331. Just if you could talk about any sort of challenges in hiring, are you seeing any? And how comfortable you are with the ability to onboard the people you need to hit the guidance?

好的。投資人常問我的一個問題是關於你們財政年度結束時的員工人數目標。我認為它應該與年底的 331 持平。如果您可以談論招募方面遇到的任何挑戰，您遇到了什麼挑戰嗎？您對招募達到指導目標所需人員的能力有多放心？

Yeah, we are very comfortable. We are pacing our hiring to demand. We are not seeing challenges in getting the talent that we need. It's just a matter of timing and matching the hiring with the demand.

是的，我們很舒服。我們正在根據需求調整招募進度。我們沒有發現在獲取所需人才方面有任何挑戰。這只是一個時間問題，以及招募與需求的匹配問題。

We're also driving more productivity in our teams, using advanced technology and delivery. And we, as Matt said, want to keep switching to an outcomes-based contracting approach. And I think taken all together, we're very confident.

我們也利用先進的技術和交付方式來提高團隊的生產力。正如馬特所說，我們希望繼續轉向基於結果的合約方式。我認為，綜合考慮，我們非常有信心。

Yeah, just of what Kristine said, I think it's important to say, we are still hiring, right? We've hired almost 1,000 people in the quarter and attrition remains low. Large portions of our business we're winning work and expanding work. As Kristine said, this really is about matching supply and demand, so we're -- our focus right now is staying close to customers, driving mission impact and getting funding on contract and headcount will follow.

是的，正如克里斯汀所說，我認為重要的是，我們還在招聘，對嗎？本季我們已僱用近 1,000 名員工，且員工流動率仍然很低。我們的業務很大一部分是贏得工作和擴大工作。正如克里斯汀所說，這實際上是為了匹配供需，所以我們現在的重點是貼近客戶，推動任務影響，並獲得合約資金，隨後將增加員工人數。

Terrific. Last one for me. The Advana contract, there seems to be some relook at that. And I just wondered if there's any impact to Booz this year or next?

了不起。對我來說是最後一個。Advana 合約似乎需要重新檢視。我只是想知道今年或明年這會對博思產生什麼影響嗎？

I think the immediate form of the answer is I think the department is still thinking through their acquisition strategy for the next period. But at the same time, we're extremely proud of the work that we're doing, the impact that we're having. To my knowledge, Advana is the only scaled platform that can do what it can do across the federal government. I think that's widely recognized.

我認為答案的直接形式是，我認為該部門仍在考慮下一階段的收購策略。但同時，我們對我們所做的工作和產生的影響感到非常自豪。據我所知，Advana 是唯一能夠在聯邦政府範圍內發揮其作用的規模化平台。我想這是得到廣泛認可的。

And frankly, we've been able to win work across the government, including in some key civil missions, because what we did in Advana can be replicated. So I think overall, this is really positive. The other thing that I will say is we've done some interesting work in Advana around populating and bringing AI into those data streams and that knowledge has allowed us to continue to drive AI across the vast majority of our contracts to the place where our AI business is still growing and expected to grow significantly this year.

坦白說，我們已經能夠贏得政府各部門的工作，包括一些關鍵的民事任務，因為我們在 Advana 所做的事情可以複製。所以我認為總的來說，這是非常積極的。我要說的另一件事是，我們在 Advana 做了一些有趣的工作，圍繞填充和將 AI 引入這些數據流，這些知識使我們能夠繼續在絕大多數合約中推動 AI，使我們的 AI 業務仍在增長，預計今年將大幅增長。

We're engaging in a number of discussions about how do we make that happen faster. And especially given the conversations that we're having in this week in Washington around AI Summit and the subsequent executive orders, we see a lot of upside.

我們正在進行一系列討論，探討如何更快實現這一目標。特別是考慮到我們本週在華盛頓就人工智慧高峰會和隨後的行政命令進行的討論，我們看到了許多積極的前景。

Thank you guys.

謝謝你們。

Thank you. Thank.

謝謝。感謝。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Good morning, everyone.

大家早安。

Good morning.

早安.

So my first question is going to be about Golden Dome. Now that the reconciliation bill actually funded and it has been well since the announced this. What is the role that Booz Allen could play there? And how much visibility you have on how fast that could play out? It's more like a data operating system integrator, like what you're doing with for the Air Force? Or like what else could Booz Allen be exposed to?

我的第一個問題是關於金色穹頂的。現在和解法案實際上已經獲得了資金，而且自宣布這一消息以來一切進展順利。博思艾倫在那裡能扮演什麼角色？您對這情況會以多快的速度發生有怎樣的了解？它更像是一個資料作業系統整合商，就像您為空軍所做的那樣？或者說 Booz Allen 還能接觸到什麼？

So Mariana, we are very close to what's happening with Golden Dome. As you know, Golden Dome itself got funded to the tune of $25 billion in the reconciliation package. And there's about another $24 billion additional for missile defense that has some overlap or some surrounding things, and then there's also intelligence aspects to this, and we are very close to everybody who's developing different piece parts.

瑪麗安娜，我們非常了解金頂正在發生的事情。如你所知，金頂本身在和解方案中獲得了 250 億美元的資助。另外還有大約 240 億美元的額外資金用於導彈防禦，這其中有一些重疊或相關的內容，然後還有情報方面的內容，我們與所有開發不同部件的人都有著非常密切的聯繫。

Booz Allen can play a variety of roles, and we're positioning to play a variety of roles, some of our more traditional aligned to the type of work that we do, especially on cyber and intel. Some are more aligned with other things that we've done, like you said, around data platforming and the like.

博思艾倫可以扮演多種角色，我們也定位在扮演多種角色，其中一些比較傳統的角色與我們所做的工作類型一致，特別是在網路和情報領域。有些與我們所做的其他事情更加一致，就像您所說的那樣，圍繞數據平台等等。

But as we've discussed publicly around our approach, we have, if not the one of the few meaningful answers to the Booz mid-course space-based interception, where our solution has modeled extremely well. And so we're excited about all of the possibilities turning very closely and participating in the procurement process as it ramps up.

但正如我們公開討論過我們的方法一樣，即使不是針對博茲中段天基攔截的少數幾個有意義的答案之一，我們的解決方案也已經建模得非常好。因此，我們對所有可能性的密切關注和參與採購過程感到非常興奮。

Thank you so much. And then two more like specific questions about the near term. One, about -- Matt, you mentioned in the prepared remarks that civilian work or like the civilian revenue was expected to bottom into next quarter. How much of a headwind remains?

太感謝了。然後還有兩個關於近期的具體問題。第一，關於——馬特，你在準備好的發言中提到，民事工作或民事收入預計將在下個季度觸底。逆風還剩下多大？

And the second one, Kristine, you mentioned that the challenge on hiring was not like attracting that talent, but matching the demand and the ramp up. Could you please give us some color around like how you think about that, how fast can you actually hire talent and actually deploy that talent, especially when you think about more like deeply technical roles or clearances?

第二位，克莉絲汀，您提到招募的挑戰不在於吸引人才，而是滿足需求和提升。您能否向我們詳細解釋一下您對此的看法，您實際上能夠多快地聘用人才並實際部署這些人才，特別是當您考慮更多像深度技術角色或許可這樣的職位時？

Thank you. I'll start with Civil. I mean our Civil business is very stable and even though the environment is really dynamic. And we're still doing excellent work in bringing AI into software development, securing some highly visible national events using our public safety tech solutions, stopping at the border, speeding veteran benefit eligibility determinations and our core work that we have in many agencies is still continuing.

謝謝。我先從民事開始。我的意思是，儘管環境確實充滿活力，但我們的民用業務非常穩定。我們仍在出色地將人工智慧引入軟體開發，利用我們的公共安全技術解決方案確保一些備受矚目的國家活動的安全，在邊境進行攔截，加快退伍軍人福利資格認定，我們在許多機構中開展的核心工作仍在繼續。

So the onetime reset from the first quarter, now that we have that behind us, it's actually quite stable in Civil, and we are very confident moving into the medium term. And as Matt said, preparing to return to growth in civil.

因此，從第一季開始的一次性重置，現在已經過去了，Civil 的情況實際上相當穩定，我們對進入中期非常有信心。正如馬特所說，我們正準備恢復民間領域的成長。

With respect to hiring, I think when I talk about matching, it's not so much technical -- worried so much about matching from a technical perspective. We do a great job recruiting across all the technical disciplines that we need. It's more that as Civil declined and Intel and Defense are growing faster, just matching with the security clearances, location, et cetera, for where the work is growing.

關於招聘，我認為當我談論配對時，它並不是那麼多技術問題——從技術角度來說，我非常擔心匹配問題。我們在招募所需的所有技術領域的人才方面做得非常出色。更重要的是，隨著民用領域的衰落，英特爾和國防領域的發展越來越快，只需與安全許可、地點等相匹配，工作就會隨之增長。

We are actually quite good at this and have done a lot of work last fiscal year in automating a lot of those processes and getting much better matching algorithms and using AI in our hiring and recruiting. And so that's an area that we're quite confident in that we can handle that going forward.

我們實際上在這方面做得相當不錯，並且在上個財年做了大量工作，實現了許多流程的自動化，獲得了更好的匹配演算法，並在招聘過程中使用了人工智慧。因此，我們非常有信心能夠處理好這個領域的問題。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hey, thanks for the question. Maybe talking through the nonoperational cash flow building box. Starting with cash tax, you suggested $200 million in '26 and $170 million in '27. Is it fair to assume that there our continued repeat benefits in '28 to track to that sort of curve?

嘿，謝謝你的提問。也許可以透過非經營性現金流建構框來討論。從現金稅開始，您建議 26 年徵收 2 億美元，27 年徵收 1.7 億美元。是否可以公平地假設，28 年我們的收益會繼續重複，以追蹤這種曲線？

And then if we think about the VC kind of funding tailwind environment, using Alvito as an example, right, where it already doubled in terms of private valuation, but maybe talk us through kind of how we should think about potential tailwinds from that in the '27 to '28 time period in terms of like a cash flow number or something like a net income number?

然後，如果我們考慮創投的順風環境，以 Alvito 為例，它的私人估值已經翻了一番，但也許您可以向我們講講，我們應該如何看待 27 年至 28 年期間的潛在順風，例如現金流數字或淨收入數字之類的東西？

Yes. Thanks, Colin. I'll take them. So look, we had two really positive cash occurrences in the quarter. First, the passage of The One Big Beautiful Bill that's going to create about $200 million cash tax benefit for us this year, and I will highlight that that's federal cash tax benefit only, as we're waiting to see how the states will react and implement.

是的。謝謝，科林。我會帶走它們。所以看，我們在本季有兩次真正積極的現金發生。首先，《一項偉大的美麗法案》的通過將為我們今年創造約 2 億美元的現金稅收優惠，我要強調的是，這只是聯邦現金稅收優惠，我們正在等待觀察各州將如何反應和實施。

And then second, in Q1, we reached a favorable agreement with the IRS related to strategic tax planning initiatives from prior years around R&D tax credits. We talked about this for a couple of years now and had approximately $150 million receivable on the books as well as an uncertain tax position reserve related to this topic. So really positive outcome there.

其次，在第一季度，我們與美國國稅局就前幾年圍繞研發稅收抵免的策略性稅務規劃舉措達成了一項有利的協議。我們已經討論了這個問題好幾年了，帳面上有大約 1.5 億美元的應收帳款，以及與這個話題相關的不確定的稅收狀況儲備。因此這確實是一個正面的結果。

You saw the impact from an accounting standpoint flow through our GAAP P&L this quarter, and we anticipate getting a cash refund of $170 million next. So $200 million cash this year, $170 million approximately next year, we're still waiting to see what's going to happen from a state perspective on The One Big Beautiful Bill.

您從會計角度看到了本季 GAAP 損益表中的影響，我們預計接下來將獲得 1.7 億美元的現金退款。因此，今年有 2 億美元現金，明年大約有 1.7 億美元，我們仍在等待從國家角度看《一項美麗大法案》將會發生什麼。

There will be a small recurring benefit because there's no more $174 million drag in our cash taxes going forward, it's not going to be nearly to the magnitude of $200 million. We actually haven't quantified that yet, but you'll see some small recurring benefit from a federal cash perspective -- cash tax perspective at minimum.

將會有小額的經常性收益，因為今後我們的現金稅中不會再有 1.74 億美元的拖累，不會達到 2 億美元的金額。我們實際上還沒有量化這一點，但從聯邦現金角度——至少是現金稅角度——你會看到一些小的經常性收益。

On the venture side, look, I'm really pleased with the performance of Booz Allen Ventures and excited about the increase in our commitment. We've been at the forefront of bringing commercial tech to government for decades.

在創投方面，我對博思艾倫創投公司的表現感到非常滿意，並對我們承諾的增加感到興奮。幾十年來，我們一直處於向政府提供商業技術的前沿。

And so Boson Ventures has been a very natural extension of this commitment to ensuring America's technical superiority of our adversaries long term and near term that some of our critical mission gaps in our clients, our customers are filled.

因此，Boson Ventures 是我們這項承諾的自然延伸，確保美國在長期和短期內對對手的技術優勢，填補我們客戶中的一些關鍵任務空白。

So it's still early, but the the fund's financial performance to date is in the top decile of comparable funds on paper so far. To your point, we do expect to see some cash tailwinds, as gains from these investments are realized, but we're also going to be investing. So I wouldn't build anything in your models, right, because we're upsizing our commitment, but we're also going to be seeing the returns from some of our early investments.

因此，現在還為時過早，但迄今為止，該基金的財務表現在紙面上處於同類基金的前十分之一。正如您所說，隨著這些投資收益的實現，我們確實預計會看到一些現金順風，但我們也會進行投資。所以我不會在你的模型中建立任何東西，對吧，因為我們正在擴大我們的承諾，但我們也將看到一些早期投資的回報。

But look, we continue to grow and innovate with these whether it's integrating hidden layers products into our commercial cybersecurity and incident response solutions, we're building on top of technology, we're bringing hidden level onto our programs where we're having real impact at the edge. I think it's -- our commitment to Booz Allen Ventures is just another sign of how we're going on offense and how we're accelerating our strategic transformation.

但是，你看，我們繼續發展和創新，無論是將隱藏層產品整合到我們的商業網路安全和事件回應解決方案中，我們都在技術之上構建，我們將隱藏層帶入我們的程式中，從而在邊緣產生真正的影響。我認為——我們對博思艾倫創投公司的承諾只是我們如何進攻以及如何加速策略轉型的另一個標誌。

Got it. That's great color. I appreciate it. And then in terms of like quarter-to-date, do you have a good sense of kind of how many -- like how much bookings we have quarter-to-date and kind of what that bridges us to in terms of a potential book-to-bill for the next fiscal quarter?

知道了。顏色真棒。我很感激。然後就本季迄今為止的情況而言，您是否清楚了解本季迄今為止我們有多少訂單，以及這對我們下一財季的潛在訂單出貨比有何影響？

Yeah, it's still early in the quarter, Colin, but as we've said a couple of times here. Right now, we're not focused on bookings as much as getting funding and getting things started and ramped up. We've got a really robust pipeline. We're excited about not just the quantity, but the quality of the things that we have in our pipeline. Whether it's realized this quarter or next quarter, less important to us right now than then getting work started.

是的，科林，現在還處於本季度初期，但正如我們在這裡說過幾次的那樣。目前，我們並不專注於預訂，而是專注於獲得資金以及啟動和推進工作。我們擁有真正強大的管道。我們不僅對產品的數量感到興奮，而且對產品的品質也感到興奮。無論是本季還是下個季度實現，對我們來說，現在最重要的還是開始工作。

Got it. And then as long as we're kind of asking multipart questions here, can you maybe speak to the contracting officer environment and how The Big Beautiful Bill spend getting passed is interacting with the accounts of funding officers in terms of outlays versus awards and like that translation are basically freeing up money now alongside what, I'd say, is a constructive '25 versus waiting for Congress to get back and pass '26 full regular budgets?

知道了。然後，既然我們在這裡問的是多部分問題，您能否談談承包官員的環境，以及《大美麗法案》的支出如何與資金官員的賬戶互動，包括支出和獎勵，以及這樣的翻譯基本上是在釋放資金，同時，我想說的是，這是一個建設性的'25 年，而不是等待國會回來通過常規預算'26 年的完整？

Yeah, as we said a couple of times, the funding is moving more slowly. Part of that is having fewer contracting officials to actually move the funding. And some of it is just the, I think, drag from the last quarter of multiple reviews and getting back on solid footing. There is a lot of demand for the work on the mission areas, not just at The One Big Beautiful Bill. And so we are still planning for that logjam to break and that will play out over the next few weeks.

是的，正如我們多次說過的，資金流動速度正在放緩。部分原因是實際調撥資金的合約官員減少。我認為，其中一些只是上個季度多次審查和重新站穩腳跟所造成的拖累。任務區的工作需求量很大，不僅僅是在「美麗的大比爾」計畫。因此，我們仍在計劃打破這一僵局，這將在接下來的幾週內完成。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning guys, and thank you for the time. Maybe two questions. One on -- both on headcount, but long term and on shorter term. So longer-term big picture, how do we think about headcount as it relates to Booz? Is this administration may be buying differently than other administrations where Booz has typically been very successful in adding contract scope and work given the work you guys do, but this administration might be more focused on like transformational contracts like Golden Dome or whatnot. So does that put you at a disadvantage? And how do you think about that?

大家早安，感謝你們抽出時間。也許有兩個問題。一方面是員工人數，另一方面是長期和短期。那麼從長遠來看，我們如何看待與博思艾倫相關的員工人數問題？這屆政府的採購方式可能與其他政府不同嗎？在其他政府中，博思艾倫通常非常成功地增加了合約範圍和工作量，但這次政府可能更關注像金頂這樣的轉型合約。那麼這是否對你不利？您對此有何看法？

Why don't I start? I think it's a combination. I think as Kristine pointed out, there's a lot of demand on the contracting shops and so using existing vehicles is the way to accelerate funding on to contracts. And so we expect to see movement there.

我為什麼不開始呢？我認為這是一個組合。我認為正如克里斯汀指出的那樣，承包商商店的需求很大，因此使用現有車輛是加速合約融資的方法。因此我們期望看到那裡的動靜。

The fact that we're at record backlog levels and have ample sealing makes us feel good. How about that dynamic as things hopefully begin to accelerate shortly, but at the same time, as you point out, there's significant new demands against new areas.

事實上，我們的積壓量達到了創紀錄的水平，並且密封量充足，這讓我們感覺很好。這種動態如何？希望事情能很快開始加速發展，但同時，正如您所指出的，新領域也出現了重大的新需求。

There's -- The Big Beautiful Bill had very targeted funding and -- against new priorities. And those will likely play out as new contracts. Certainly, that's what we're seeing largely, for example, around Golden Dome, which we were talking about before.

《大美麗法案》有非常有針對性的資金支持，並且符合新的優先事項。這些很可能會以新合約的形式出現。當然，這就是我們所看到的，例如我們之前談到的金色穹頂周圍。

So I think it's really all of the above on that. As we've been saying for the last couple of calls, the impact on headcount is the work needs to be performed differently. I think AI is here and here to stay. We -- again, we've been preparing for this for years. We both understand the technology, our drivers of it and are using it very aggressively into our own programs to both increase the efficiency of the work, make it happen faster and deliver to the government better value.

所以我認為以上都是事實。正如我們在過去幾次電話會議中所說的那樣，對員工人數的影響是需要以不同的方式開展工作。我認為人工智慧已經存在並且將繼續存在。我們——再說一次，我們已經為此準備了好幾年了。我們都了解這項技術，了解它的驅動力，並積極地將其運用到我們自己的專案中，以提高工作效率，使其更快實現，並為政府帶來更好的價值。

And together with that, I think there's resonance around the fact that some of these contracts to operate that way need to move more towards fixed price or outcome-based. And that should give us if we continue to be at the leading edge of this, both again, opportunity to create value, but also opportunity to capture that value through upsized margins.

同時，我認為，人們普遍認為，一些以這種方式運作的合約需要更多地轉向固定價格或基於結果的合約。如果我們繼續處於領先地位，那麼我們不僅有機會創造價值，還有機會透過提高利潤率來獲取價值。

Now that's going to play out over the medium to long term because as we're saying in the near term, there's a lot of things that need to get done right away and moving something to fixed price or outcome-based is an onerous task. So still work to be done, but a lot of optimism both on the demand and the supply side for us.

現在，這將在中長期內發揮作用，因為正如我們所說的那樣，在短期內，有很多事情需要立即完成，而將某些事情轉變為固定價格或基於結果是一項艱鉅的任務。因此仍有工作要做，但我們對需求和供應方面都抱持著很大的樂觀態度。

Yeah, and I would add that technology has long been the only source of permanent increases in productivity. And our early experience with AI-assisted coding is exactly that for -- in terms of supercharging that effect. But as we stand today, there's a lot of tech debt in government. We've had a lot of focus on this and why it takes so long to do transformation and modernization.

是的，我想補充一點，技術長期以來一直是生產力永久提高的唯一來源。我們早期在人工智慧輔助編碼方面的經驗正是如此——為了增強這種效果。但就目前情況而言，政府存在大量技術債。我們非常關注這一點，以及為什麼轉型和現代化需要這麼長時間。

And our experience so far is that in using some of these AI-assisted tools, we can get through that tech debt a little bit faster. And then I think what's really exciting is how we can use AI to push the limits because federal emissions are so far scaled beyond other missions and they operate at the limit of technology, and so better technology is going to get better mission outcomes

到目前為止，我們的經驗是，透過使用一些人工智慧輔助工具，我們可以更快地解決技術債。然後我認為真正令人興奮的是我們如何使用人工智慧來突破極限，因為聯邦排放量遠遠超出了其他任務的規模，而且它們在技術極限下運行，因此更好的技術將獲得更好的任務結果

Got it. And maybe to that point then, when you look at your revenue per employee, it was up 8% in the quarter. How do we think about the -- that revenue per employee number? How should that trend? Is that like a pricing benefit? And maybe, yes, I guess how does that trend? And how do we think about headcount to end the year?

知道了。也許到那時，當您查看每位員工的收入時，您會發現該季度的收入增加了 8%。我們如何看待每位員工的收入數字？那趨勢應該如何？這就像是一種定價優勢嗎？也許是的，我猜這個趨勢是怎麼樣的？我們如何考慮年底的員工總數？

Yeah, I'll take that. I think, look, over time, these trends should disconnect our growth algorithm a little bit from headcount growth, right? If you talk about outcome-based contracting or fixed price contracting, empowering our incredible talent with AI-assisted coding and other tools, as Kristine just described, that should make them more productive and therefore, revenue per employee go up.

是的，我會接受的。我認為，隨著時間的推移，這些趨勢應該會將我們的成長演算法與員工人數成長稍微脫節，對嗎？如果您談論基於結果的合約或固定價格合同，那麼正如克里斯汀剛才所描述的，利用人工智慧輔助編碼和其他工具來增強我們傑出的人才的能力，應該會提高他們的工作效率，從而提高每位員工的收入。

In the short term, Sheila, I think we've talked about this year, our performance really being predicated on when to what extent we see a normalization in funding. And I would expect normalization in hiring to follow along with that. In the short run, the -- our folks are being more productive, but the core algorithm is probably going to hold for this year.

希拉，從短期來看，我想我們已經討論過今年的情況，我們的表現實際上取決於何時、在何種程度上看到資金正常化。我希望招募的正常化也能隨之而來。從短期來看，我們的員工效率更高，但核心演算法今年仍可能保持不變。

And so headcount stays platform here, is this a stable level?

那麼員工人數維持在這個水平，這是一個穩定的水平嗎？

We certainly anticipate adding headcount based on when and how funding comes in, right?

我們當然會根據資金到位的時間和方式來增加員工人數，對嗎？

[Jonathan Sigman with Stifo]

[Jonathan Sigman 與 Stifo]

Good morning. Thank you very much for taking my question. There's been various directives and executive orders referencing changing software acquisition, trimming the far and we've already talked about moving to outcome-based contracting.

早安.非常感謝您回答我的問題。已經有各種指令和行政命令提到改變軟體採購、削減成本，我們已經討論過轉向基於結果的合約。

Could you maybe characterize just how you're thinking about what are the -- how disruptive are these changes? And what are you most excited about for the long term in this new environment? Are there specific actions that we should be really watching to get a sense of how things are changing?

您能否描述一下您是如何看待這些變化的——這些變化有多大的破壞性？在這個新環境中，您最期待的長期發展是什麼？我們是否應該真正專注於一些具體的行動，以了解事態如何改變？

Sure. So I'll get us started. The -- as we've been saying, there's a number of things that we believe are both good for the nation and for the government and therefore, good for Booz Allen. Certainly, a rewrite of the far is overdue.

當然。那我來開始吧。正如我們一直所說的，我們相信有很多事情對國家和政府都有好處，因此對博思艾倫也有好處。確實，重寫已經早該了。

The far over time, it has been sort of layer upon layer upon layer to a level of regulatory burden that adds a ton of cost to the entire industry, certainly to Booz Allen and because it adds it to the entire industry to the federal government itself.

隨著時間的推移，監管負擔逐漸加重，為整個行業增加了大量的成本，對博思艾倫來說尤其如此，而且因為這給整個行業帶來了沉重的成本，所以聯邦政府本身也承擔了這些成本。

And so clearing that out, I think would give everybody an opportunity to operate faster, more nimbly and more efficiently, which, again, benefits everybody. So hopefully, that will land relatively soon and will land into a more streamlined environment.

因此，我認為，清除這些障礙將使每個人都有機會更快、更靈活、更有效率地運作，這又會使每個人受益。因此希望這很快就會實現，並進入一個更精簡的環境。

The second thing I would say is there's a -- all of the executive orders, including the ones from this week around accelerating the use of technology and especially accelerating the use of AI are fundamental. So I think you've heard me talk about the fact that we need to move faster, certainly in a geopolitical competition, our nation needs to move faster.

我想說的第二件事是——所有行政命令，包括本週發布的加速技術使用、特別是加速人工智慧使用的行政命令，都是至關重要的。所以我想你們已經聽我說過我們需要行動得更快，尤其是在地緣政治競爭中，我們的國家需要行動得更快。

And some of the things that we're talking about even this week, and again, the most recent around streamlining, accelerating data center especially the things around exporting AI around the world, we think are fundamental and Booz Allen has a role to play in that and an opportunity to capture value from it.

我們本週討論的一些事情，以及最近關於精簡、加速資料中心的事情，特別是在全球範圍內輸出人工智慧的事情，我們認為這些是根本性的，博思艾倫可以在其中發揮作用，並有機會從中獲取價值。

So -- and then I could keep going, but -- and certainly, outcome based, we've talked about forever and the more we move to outcome based, they better for the nation, they're better for Booz Allen. So we think that this environment of pushing technology faster into mission and removing some of the barriers to that are the things that both excite us the most and give us over the medium term the most upside.

所以 — — 然後我可以繼續說下去，但是 — — 當然，基於結果，我們已經談論了很久，我們越是轉向基於結果，對國家就越好，對博思艾倫就越好。因此，我們認為，這種將技術更快地推向使命並消除其中的一些障礙的環境是最讓我們興奮的事情，並且在中期內為我們帶來最大的好處。

Thank you.

謝謝。

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

謝謝，我們的問答環節到此結束，我將把最後的發言交還給 Horacio Rozanski。

Thank you, Carmen. And thank you, all of you for joining us today and for your questions. I hope we gave you a sense of the environment of our near-term performance, but especially of our excitement over the medium term around how our business is evolving and the upside that we see.

謝謝你，卡門。感謝大家今天的參與與提問。我希望我們能讓您了解我們近期的業績環境，尤其是我們對中期業務發展和我們看到的優勢的興奮之情。

I'm really proud of Booz Allen in this period of change. Booz Allen is the advanced technology company committed to making America stronger, safer and faster. And I'm particularly proud of the people of Booz Allen that are making all of this happen. They truly are special, and I'm proud to call than my colleagues. And with that, thank you. Have a great rest of the summer, and we'll talk to you soon.

我為博思艾倫在這個變革時期的表現感到非常自豪。博思艾倫是一家致力於讓美國更強大、更安全、更快捷的先進科技公司。我對博思艾倫公司所有員工的貢獻感到特別自豪，是他們讓這一切成為現實。他們確實很特別，我很自豪能與我的同事們相提並論。最後，謝謝大家。祝您有個愉快的夏天，我們很快就會再與您聯繫。

Thank you, everyone, for participating in today's program, and you may now disconnect, and have a great day, everyone.

感謝大家參加今天的節目，現在大家可以斷開連結了，祝大家有個愉快的一天。