Booz Allen Hamilton Holding Corp (BAH) 2026 Q2 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Booz Allen Hamilton's earnings call covering second 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 (Booz Allen Hamilton) 的收益電話會議，會議內容涵蓋 2026 財年第二季的業績。（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 second 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. 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.

謝謝。早安，感謝您參加博思艾倫 2026 財年第二季財報電話會議。我們希望您有機會閱讀我們今天早上發布的新聞稿。我們還在我們的網站上提供了簡報幻燈片，現在是第 2 張幻燈片。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 forecasted results discussed in our SEC filings and on this call. 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.

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，這些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存在重大差異。所有前瞻性陳述均完全符合上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 second quarter fiscal year 2026 earnings release and slides. Numbers presented may be rounded and as such, may vary slightly from those in our public disclosure.

在今天的電話會議中，我們還將討論一些非公認會計準則財務指標和其他指標，我們相信這些指標可以為投資者提供有用的信息。我們在 2026 財年第二季財報和投影片中解釋了非 GAAP 指標與最具可比性的 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 are now on slide 4.

現在我很高興將電話轉給我們的董事長、執行長兼總裁 Horacio Rozanski。我們現在看到幻燈片 4。

Thank you, Dustin. Welcome, everyone, and thank you for joining today's call. This morning, Kristine, Matt and I will share our financial results for the second quarter of fiscal year 2026. The headline for our call today is that the reacceleration of our business will take longer than we expected when we spoke last quarter. As a result, we are lowering top and bottom-line guidance for the year.

謝謝你，達斯汀。歡迎大家，感謝大家參加今天的電話會議。今天上午，克里斯汀、馬特和我將分享我們 2026 財年第二季的財務表現。我們今天電話會議的主題是，我們業務的重新加速將比我們上個季度預期的時間更長。因此，我們下調了今年的最高和最低預期。

As I will describe in a moment, this is based on continuing friction in the overall procurement environment and fundamentally different dynamics within our civil and national security portfolios. By national security, I mean the combination of our increasingly integrated defense and intel businesses. At the same time, and despite these near-term headwinds, we continue to see strong performance in our most exciting growth vectors. This success fuels our optimism for the medium term. In a few moments, Matt will take you through our quarterly results in depth and cover how they differ from our original expectations.

正如我稍後將要描述的，這是基於整體採購環境中持續存在的摩擦以及我們民事和國家安全投資組合中根本不同的動態。我所說的國家安全是指我們日益一體化的國防和情報業務的結合。同時，儘管面臨這些短期不利因素，我們仍然看到最令人興奮的成長載體表現強勁。這項成功增強了我們對中期前景的樂觀情緒。稍後，馬特將向您深入了解我們的季度業績，並說明其與我們最初的預期有何不同。

Before that, I would like to describe the market and how it impacts our business differentially, where we see growth coming from in the near and medium term and the actions we are taking to compete and win in the current environment and to set us up for long-term strategic and financial success. Beginning with the market. This is the most bifurcated environment I have seen in my decades with Booz Allen. Our civil and national security portfolios are experiencing completely different dynamics, and we believe both face different prospects over the coming quarters.

在此之前，我想先描述市場以及它對我們業務的不同影響，我們認為短期和中期的成長來自哪裡，以及我們為在當前環境中競爭和取勝而採取的行動，以及為我們的長期策略和財務成功做好準備。從市場開始。這是我在博思艾倫工作數十年來見過的最分裂的環境。我們的民事和國家安全投資組合正在經歷完全不同的動態，我們相信未來幾季它們都將面臨不同的前景。

Our civil business is operating in the most challenging market in a generation. Over the past nine months, the pace of change in civil agencies focus on funding has moved at extraordinary speed. As we shared in May, this resulted in run rate cuts in some of our large technology contracts. Since then, the business base has stabilized, and we have seen some growth in pockets. However, the procurement environment and our near-term pipeline in civil have not recovered. Our second quarter is typically the most active as it coincides with the end of the government's fiscal year.

我們的民用業務正處於這一代以來最具挑戰性的市場。在過去的九個月裡，民間機構對資金關注的變化速度驚人。正如我們在五月所分享的，這導致我們的一些大型技術合約的運行率下降。自那時起，業務基礎已經穩定下來，並且我們看到了一些成長。然而，採購環境和我們近期的民用項目管道尚未恢復。我們的第二季通常是最活躍的，因為它恰逢政府財政年度的結束。

This year, we saw no major procurement actions nor plus ups or cuts on any existing contracts. And we also did not see nearly the typical pace of tactical selling. Given this environment, we expect our return to growth in civil to be delayed by several quarters. When exactly that happens, will depend on how funding and contract activity evolves. For our part, across all levels of government, we're discussing potential opportunities that align to the administration's highest priorities, from critical minerals to border security. These are excellent and very promising conversations.

今年，我們沒有看到任何重大的採購行動，也沒有看到任何現有合約的增加或削減。而且我們也沒看到戰術性拋售的典型速度。鑑於這種環境，我們預計民用業務的恢復成長將會延遲數個季度。具體何時發生，將取決於資金和合約活動如何發展。就我們而言，各級政府正在討論符合政府最高優先事項的潛在機會，從關鍵礦產到邊境安全。這些都是非常精彩且充滿希望的對話。

There are also several large RFPs in our growing medium-term business pipeline including new work and recompetes. Looking ahead, our focus in the civil business is to maximize our AI capabilities and commercial technology partnerships to revolutionize delivery and reignite growth.

我們不斷成長的中期業務管道中還有幾個大型 RFP，包括新工作和重新競爭。展望未來，我們在民用業務方面的重點是最大限度地發揮我們的人工智慧能力和商業技術合作夥伴關係，以徹底改變交付方式並重新激發成長。

The dynamics across our defense and intelligence markets, broadly speaking, our national security portfolio, are fundamentally different from civil and are much stronger. There remains some friction in the funding process, characterized by shorter funding increments and slower ramp-ups in new contract wins. Despite this friction, the pace of awards in international security portfolio has been encouraging.

從廣義上講，我們的國防和情報市場、我們的國家安全組合的動態與民用市場有著根本的不同，而且更加強大。融資過程中仍存在一些摩擦，其特點是融資增量較短，新合約簽訂速度較慢。儘管存在這種摩擦，但國際安全組合獎項的頒發速度仍然令人鼓舞。

Of our $7.2 billion of gross bookings in the quarter, about 90% were in national security. This includes the almost $1.2 billion (inaudible) task order, where Booz Allen will help the Air Force Research Laboratory to increase for fighting lethality through adoption of advanced technologies. We also won three other notable awards valued at over $800 million each, including a competitive takeaway win with the United States Army National Guard, Intelligence and Security Directorate and two wins at the Defense Intelligence Agency, where we will modernize military intelligence and deliver new AI/ML capabilities in global no fail missions.

本季我們的總預訂量為 72 億美元，其中約 90% 來自國家安全領域。其中包括價值近 12 億美元（聽不清楚）的任務訂單，博思艾倫將幫助空軍研究實驗室透過採用先進技術來提高戰鬥力。我們還贏得了另外三個值得注意的獎項，每個獎項價值超過 8 億美元，包括與美國陸軍國民警衛隊、情報和安全局的競爭性勝利以及國防情報局的兩項勝利，我們將在這些獎項中實現軍事情報現代化並在全球無失敗任務中提供新的 AI/ML 能力。

Booz Allen continues to win in national security because we bring our unparalleled technology and our depth of mission expertise to the fight. Looking more broadly across our national security work, our leading positions in cyber, AI and war fighting tech are highly relevant to the Trump administration's technology and mission priorities. Our cyber business is increasingly differentiated. Our Thunder Dome product is becoming the standard for Zero Trust.

博思艾倫在國家安全領域不斷取得勝利，因為我們將無與倫比的技術和深厚的任務專業知識運用到戰鬥中。從更廣泛的角度來看我們的國家安全工作，我們在網路、人工智慧和作戰技術方面的領先地位與川普政府的技術和任務重點高度相關。我們的網路業務日益差異化。我們的 Thunder Dome 產品正成為零信任的標準。

We met all the government's milestones two years ahead of schedule. And just last month, it won the 2025 Cybersecurity Breakthrough Award. We also continue to be the largest provider of AI to the federal government as Deltek recently reaffirmed. And cyber, AI, a new hardware and software (inaudible) converge, we are building the tech that makes Booz Allen unbeatable at the edge.

我們提前兩年實現了政府設定的所有里程碑。就在上個月，它獲得了2025年網路安全突破獎。正如 Deltek 最近重申的那樣，我們也將繼續成為聯邦政府最大的人工智慧提供者。網路、人工智慧、新的硬體和軟體（聽不清楚）融合，我們正在建立讓博思艾倫在邊緣領域無可匹敵的技術。

Some of you actually had the opportunity to see our edge technology at AUSA and our recent investor event. From our modular detachment kit or MDK, to attack (inaudible) solution, and our exquisite tactical gear, we are combining our own tech with the best commercial products to empower and protect our nation's war fighters. As we look at this year and beyond, we continue to see top line growth in our national security portfolio and the potential for expanded margins as the transition to fixed price and outcome-based products and solutions takes hold.

你們中的一些人實際上有機會在 AUSA 和我們最近的投資者活動中看到我們的優勢技術。從我們的模組化分離套件或 MDK，到攻擊（聽不清楚）解決方案，以及我們精湛的戰術裝備，我們將自己的技術與最好的商業產品相結合，以增強和保護我們國家的戰士。展望今年及以後，隨著向固定價格和基於結果的產品和解決方案的轉變，我們將繼續看到國家安全投資組合的營收成長以及利潤率擴大的潛力。

Now reaggregating our portfolio and looking across the entire company, we did not see the normalization of the procurement and funding environment that we originally assumed. I am disappointed in our results this quarter and that we are lowering guidance across all key metrics. Simply put, the strength in our national security portfolio cannot offset the current year decline in our civil business. This has led us to reassess our market assumptions and to take bold and significant action immediately.

現在重新匯總我們的投資組合併縱觀整個公司，我們並沒有看到我們最初假設的採購和融資環境正常化。我對本季的業績感到失望，我們正在下調所有關鍵指標的預期。簡而言之，我們國家安全業務的實力無法抵銷今年民用業務的下滑。這促使我們重新評估我們的市場假設並立即採取大膽而重大的行動。

We are well prepared to operate in a highly fluid and dynamic environment for the foreseeable future. There are significant opportunities ahead. For example, in the funding of priorities from the One Big Beautiful Bill, the prioritization of AI adoption across all aspects of the federal government and the increased pace of converting contracts to (inaudible).

我們已做好充分準備，在可預見的未來在高度流動和動態的環境中開展業務。未來還有重大機會。例如，在「One Big Beautiful Bill」的優先事項資金方面，聯邦政府各部門優先採用人工智慧，並加速將合約轉化為（聽不清楚）。

But there are also headwinds like the government shutdown, the decrease in the acquisition workforce and the continued re-evaluation of civil agency priorities. Booz Allen's goal is to remain focused and nimble in this environment so we can accelerate into the more clear and proving growth vectors in our portfolio, areas where we have clear technology and mission leadership. And to do so, our strategy is threefold.

但也存在一些不利因素，例如政府關門、採購人員減少以及民事機構優先事項的持續重新評估。博思艾倫的目標是在這種環境下保持專注和靈活，以便我們能夠加速進入投資組合中更清晰、更有力的成長方向，也就是我們擁有明確技術和使命領導力的領域。為了實現這一目標，我們的策略有三個面向。

First, we are reducing costs by accelerating the use of AI in our internal operations and simplifying our operating model. We're also making the difficult decision to reduce layers and numbers in our senior ranks. These actions will allow us to continue to invest in our priority growth areas and accelerate decision-making. Matt will describe the impact and timing of this program shortly.

首先，我們透過加速人工智慧在內部營運中的應用並簡化營運模式來降低成本。我們也做出了一個艱難的決定，減少高階管理層的層數和數量。這些行動將使我們能夠繼續投資於我們的優先成長領域並加快決策。馬特將很快描述該計劃的影響和時間。

Second, we are focusing our investments by doubling down on our strengths. This means flowing investment and talent to a few key areas where we are currently experiencing strong growth and that we believe can be accelerated further. Our primary areas of focus for the near term include cyber, both in the government and commercial markets; artificial intelligence, including growing areas like Agentic, physical and adversarial AI; war fighting tech, especially in edge technologies and mission systems; critical national security programs, specifically scaling our work in ongoing missions supporting the war fighter both at home and abroad; tech ecosystem partnerships, including existing partnerships like NVIDIA, AWS and Shield AI, our own venture portfolio; and new concepts and ideas with the best companies in Silicon Valley. And of course, continued emphasis on new tech from Quantum to AI-native 6G. Booz Allen will lead in the next waves of technology as well.

第二，我們將加倍發揮我們的優勢，集中投資。這意味著投資和人才將流向幾個關鍵領域，我們目前正在經歷這些領域的強勁成長，我們相信這些領域可以進一步加速發展。我們近期關注的主要領域包括政府和商業市場的網絡；人工智慧，包括 Agentic、物理和對抗性人工智慧等不斷發展的領域；作戰技術，特別是邊緣技術和任務系統；關鍵的國家安全計劃，特別是擴大我們在支持國內外作戰人員的持續任務中的工作；技術生態系統合作夥伴關係，包括 NVIDIA、AWS 和 個人合作夥伴關係以及我們的現有風險投資夥伴關係，以及我們的現有風險投資夥伴關係以及我們的現有風險組合和新概念合作夥伴關係以及我們的現有風險組合；當然，我們繼續強調從量子到人工智慧原生 6G 的新技術。博思艾倫也將引領下一波科技浪潮。

And third, as the administration accelerates the transition to outcome-based contracting and commercial solutions, Booz Allen is leading the way. We are working with our customers to convert existing contracts and procure new work using these models. We are working diligently to productize more of our including our breakthrough ground systems and fire control solutions proposed for Golden Dome.

第三，隨著政府加速向基於結果的合約和商業解決方案的轉變，博思艾倫正處於領先地位。我們正在與客戶合作，利用這些模型轉換現有合約並採購新工作。我們正在努力將更多產品推向市場，包括為金頂體育場提出的突破性地面系統和火控解決方案。

These approaches will provide greater cost savings and certainty for our customers and provide us with margin expansion opportunities as we gain greater flexibility in how we deliver. I believe that these steps, taken in combination, we'll expand our market leadership in key areas, accelerate the implementation of VoLT and importantly, strengthen our financial performance. In short, we are making bold moves in the areas we can control.

這些方法將為我們的客戶節省更多成本，提高確定性，並為我們提供利潤擴張機會，因為我們在交付方式上獲得了更大的靈活性。我相信，透過採取這些措施，我們將擴大在關鍵領域的市場領導地位，加速 VoLT 的實施，更重要的是，增強我們的財務表現。簡而言之，我們正在我們能夠控制的領域採取大膽的行動。

Every period of adversity has made us stronger, and this one is no exception. We are transforming ourselves at breakneck speed. And I am deeply committed to ensuring Booz Allen is an essential player in driving America's technological superiority. Thus, I remain very optimistic about the future of our company.

每一次逆境都會讓我們變得更強大，這次也不例外。我們正在以極快的速度改變自己。我堅定地致力於確保博思艾倫成為推動美國技術優勢的重要參與者。因此，我對我們公司的未來仍然非常樂觀。

And with that, Matt, over to you.

馬特，現在輪到你了。

Good morning, and thank you for joining us today. As Horacio noted, our business performance remains bifurcated. Our second quarter performance and revised guidance for the full fiscal year reflect this dynamic. In large portions of our business, we have real momentum, and we have a number of reasons for optimism about our medium-term financial performance.

早安，感謝您今天加入我們。正如 Horacio 所指出的，我們的業務表現仍然參差不齊。我們第二季的業績和全年修訂後的指引反映了這一動態。在我們的大部分業務中，我們都擁有真正的發展勢頭，並且我們有許多理由對我們的中期財務表現感到樂觀。

Most important, significant portions of our business are growing, and are positioned for continued growth. We anticipate that for the full fiscal year, our national security portfolio, inclusive of our Defense and Intelligence businesses will grow revenue in the mid-single-digit range. We won $7.2 billion of new work in the quarter, including four programs of over $800 million in our national security portfolio.

最重要的是，我們業務的很大一部分正在成長，並且有望繼續成長。我們預計，在整個財政年度，包括國防和情報業務在內的國家安全業務收入將實現中等個位數的成長。本季我們贏得了價值 72 億美元的新工作，其中包括國家安全投資組合中四個價值超過 8 億美元的項目。

We continue to build the technology that our nation needs and are rapidly expanding the network of commercial tech partners with whom we innovate. We have the ability to adjust our cost structure to meet near-term demand patterns, ensure we are cost competitive and create capacity to invest for the future. And finally, our balance sheet remains strong, and we continue to generate significant cash flow. This is a real strategic and financial asset.

我們繼續開發國家所需的技術，並迅速擴大與我們一起創新的商業技術合作夥伴網路。我們有能力調整成本結構以滿足近期需求模式，確保我們的成本競爭力並創造投資未來的能力。最後，我們的資產負債表依然強勁，我們持續產生大量現金流。這是一項真正的策略和金融資產。

That said, we clearly experienced more disruption in the first half of our fiscal year than we anticipated, particularly in our civil portfolio. This is due to a number of factors. First, with the amount of change we are seeing in government, procurement cycles are stretching. New initiatives are seeing longer lead times and funding is coming in smaller increments. While the pace of contract funding improved over the course of our second quarter, it still lagged the prior year by 3%. And as a result, our funded backlog was down 6% year over year.

話雖如此，我們財政年度上半年經歷的混亂顯然比我們預期的要多，特別是在我們的民用業務組合方面。這是由多種因素造成的。首先，隨著政府發生的巨大變化，採購週期也延長。新措施的籌備時間越來越長，而資金的到位卻越來越少。儘管第二季合約融資速度有所加快，但仍比去年同期落後 3%。結果，我們的資金積壓量比去年同期下降了 6%。

Second, while our civil business has stabilized, and we have not experienced any negative contract actions beyond those discussed in the first quarter, there has been a substantial gap in procurements in the broader civilian space. We expect to see pricing pressures on large procurements, including a few notable recompetes. As a result, we now anticipate that our civil business revenue will decline in the low 20% range for the year.

其次，雖然我們的民用業務已經穩定下來，並且除了第一季討論的那些之外，我們沒有經歷任何負面合約行動，但在更廣泛的民用領域的採購方面存在著巨大的差距。我們預計大型採購將面臨定價壓力，包括一些值得注意的重新競爭。因此，我們現在預計今年我們的民用業務收入將下降 20% 左右。

Third, as stated previously, our civil business has a proportionally larger share of fixed-price contracts and therefore, has historically generated higher profit margins than Booz Allen on the whole. Thus, our overall mix shift away from civil is putting downward pressure on our margins in the near to medium term.

第三，如前所述，我們的民用業務在固定價格合約中所佔比例較大，因此，從歷史上看，我們的利潤率總體上高於博思艾倫。因此，我們的整體業務組合從民用轉向在短期至中期內對我們的利潤率造成下行壓力。

And finally, the duration of the government shutdown has introduced an additional layer of friction into the system. We expect this will have a modest negative impact on our revenue and profitability for the full fiscal year. Echoing Horacio's earlier remarks, we previously stated that our FY26 guidance was predicated on a normalization of the funding environment, particularly in our second quarter.

最後，政府關門的持續時間為系統帶來了額外的摩擦。我們預計這將對我們整個財年的收入和盈利能力產生適度的負面影響。與 Horacio 先前的言論相呼應，我們先前曾表示，我們 26 財年的指引是基於融資環境正常化的，尤其是在第二季。

While funding did pick up over the course of the quarter, in fact, September funding was consistent with the year prior, the overall pace of funding was meaningfully slower than the prior years. As a result, our business did not reaccelerate as we had forecast, and we now anticipate that our return to growth in the business overall, will require a few quarters.

儘管本季的融資確實有所回升，但事實上，9 月的融資與去年同期持平，但整體融資速度明顯慢於前幾年。因此，我們的業務並沒有像我們預測的那樣重新加速，我們現在預計，整體業務恢復成長將需要幾個季度的時間。

Due to these factors, we have revised our fiscal year 2026 guidance down across all key metrics. In our revised outlook, we assume that current funding and procurement trends persist through fiscal year-end, and therefore, they're on contract and new award growth relative to bookings will remain slower than in years past.

由於這些因素，我們已下調 2026 財年所有關鍵指標的指引。在我們修訂後的展望中，我們假設當前的融資和採購趨勢將持續到財政年度末，因此，合約和新獎項相對於預訂的成長速度將比過去幾年保持緩慢。

Make no mistake, this is not the year that Booz Allen wanted to deliver, and we are taking significant actions in response. As Horacio stated, our focus going forward will be on 3 areas: doubling down on areas of our business where we see significant growth potential, working with our customers to convert how the solutions we build are bought in a more commercially oriented outcomes-based approach and restructuring our business to take out a net incremental $150 million of cost on an annualized basis.

毫無疑問，這不是博思艾倫想要實現的目標，我們正在採取重大行動來應對。正如 Horacio 所說，我們未來的重點將放在三個領域：加倍投入我們認為具有巨大增長潛力的業務領域，與我們的客戶合作，以更具商業導向的基於結果的方式轉變我們構建的解決方案的購買方式，並重組我們的業務，以每年淨增量 1.5 億美元的成本。

We have identified where this cost will come from and have already begun to take action. This will provide a modest benefit to our bottom-line financial results this fiscal year. The full impact will be felt next fiscal year. We expect that these actions will support our margins returning closer to historical levels in fiscal year 2027, while having a modestly negative impact to revenue on our cost-plus contracts.

我們已經確定了這些成本的來源，並已開始採取行動。這將對我們本財年的財務表現產生一定的影響。其全面影響將在下個財政年度顯現。我們預計，這些舉措將支持我們的利潤率在 2027 財年恢復到接近歷史水平，同時對我們的成本加成合約的收入產生適度的負面影響。

Critically, these actions will also create room for continued investment in core technology and talent, allow us to be more competitive and increase our speed and agility to match the pace of the market. These are meaningful actions and are taking real effort. Some have long been in the works, some are painful, but necessary in a time of rapid change. Collectively, they support our VoLT strategy and our long-term vision for Booz Allen. And ultimately, they will position Booz Allen for an exciting new wave of growth and to deliver superior value for our shareholders.

至關重要的是，這些措施還將為持續投資核心技術和人才創造空間，使我們更具競爭力，並提高我們的速度和靈活性，以跟上市場的步伐。這些都是有意義的行動，是真心付出的努力。有些事情已經醞釀許久，有些事情雖然痛苦，但在快速變化的時代是必要的。總的來說，他們支持我們的 VoLT 策略和我們對 Booz Allen 的長期願景。最終，他們將使博思艾倫迎來令人興奮的新一輪成長，並為我們的股東創造卓越的價值。

With that context, let's take a deeper dive into our second quarter results. For the quarter, gross revenue was $2.9 billion, an 8% decline over the prior year period, roughly a 9% decline on a revenue ex-billable basis. Adjusting for the onetime reduction to our provision for claim costs in the second quarter last year, gross revenue was down about 5% year over year. Inside of these overall numbers, our market performance was not uniform.

在這樣的背景下，讓我們更深入地了解第二季的業績。本季總營收為 29 億美元，較去年同期下降 8%，以不含帳單收入計算下降約 9%。考慮到去年第二季索賠成本準備金的一次性減少，總收入比去年同期下降了約 5%。在這些總體數字中，我們的市場表現並不一致。

Our national security portfolio of defense and intelligence programs continues to grow. For the quarter, this portfolio was up 5% year-over-year, exclusive of the discrete items from the prior fiscal year. And we anticipate this portfolio will grow in mid-single digit range for the full fiscal year. In contrast, revenue in our Civil business was down 22% year over year, exclusive of the prior year discrete item. We anticipate that our Civil business revenue will decline in the low 20% range for the full fiscal year.

我們的國防和情報項目的國家安全組合不斷擴大。本季度，該投資組合年增 5%，不包括上一財年的單項項目。我們預計整個財年該投資組合的成長率將達到中等個位數。相較之下，我們的民用工程業務收入（不包括上一年度的單一項目）較去年同期下降了 22%。我們預計整個財年民用業務收入將下降 20% 左右。

Moving to demand. We had a solid sales quarter, both in volume and in quality, particularly in the context of a complex macro environment. Gross bookings totaled $7.2 billion in the quarter, including four awards in our national security portfolio with a value of greater than $800 million. These were partially offset by two distinct items: one, a typical in nature and the other consistent with seasonal patterns.

轉向需求。本季我們的銷售業績穩健，無論是數量或質量，尤其是在複雜的宏觀環境下。本季總預訂量達 72 億美元，其中包括我們國家安全投資組合中的四項獎勵，價值超過 8 億美元。這些被兩個不同的項目部分抵消：一個是典型的性質，另一個是與季節性模式一致的。

In the quarter, we recorded about $1.1 billion in contract ceiling reductions, the majority of which pertained to fiscal year 2028 and beyond. This stemmed from our engagement with the new administration to identify out-year cost reduction opportunities, particularly as we shift to more outcome-based contracting. We believe this is a nonrecurring event, and it has had minimal impact on our run rate on these contracts.

本季度，我們記錄了約 11 億美元的合約上限削減，其中大部分涉及 2028 財年及以後。這是因為我們與新政府的合作是為了尋找未來幾年的成本削減機會，特別是當我們轉向更多基於結果的合約時。我們認為這是一個非經常性事件，它對我們這些合約的運作率影響很小。

Second, about $1.3 billion of backlog expired during the quarter. This reflects the routine expiration of contract ceilings and is in line with historic Q2 levels. As a result, our net bookings for the second quarter were $4.8 billion. This translated to a quarterly book-to-bill ratio of 1.7 times and a trailing 12-month book-to-bill of 1.1 times.

其次，本季約有 13 億美元的積壓訂單到期。這反映了合約上限的常規到期，並且與歷史第二季度水準一致。因此，我們第二季的淨預訂額為 48 億美元。這意味著季度訂單出貨比為 1.7 倍，過去 12 個月訂單出貨比為 1.1 倍。

Excluding the out-year ceiling removal, book-to-bill was slightly greater than 2.0 times for the quarter and 1.2 times for the trailing 12 months. Total backlog at the end of the quarter reached $40 billion, up 3% year over year. Funded backlog grew about 34% sequentially to roughly $5 billion but was down 6% year over year. At the end of the second quarter, our qualified pipeline for the remainder of FY26 stood at nearly $25 billion. This is roughly on par with the prior two fiscal years.

不包括上年上限的取消，本季的訂單出貨比略高於 2.0 倍，過去 12 個月的訂單出貨比略高於 1.2 倍。本季末的總積壓訂單達到 400 億美元，年增 3%。已籌資積壓訂單季增約 34%，達到約 50 億美元，但年減 6%。截至第二季末，我們 26 財年剩餘時間的合格融資管道總額接近 250 億美元。這與前兩個財年大致持平。

In summary, we continue to see solid demand signals in a market that is bifurcated in the short term. We remain confident that as the macro environment stabilizes and we lean into our proven growth vectors, Booz Allen will be well positioned to return to growth.

總而言之，我們持續看到短期內分化的市場中強勁的需求訊號。我們仍然相信，隨著宏觀環境的穩定以及我們依靠經過驗證的成長載體，博思艾倫將能夠很好地恢復成長。

Pivoting now to headcount. Booz Allen ended the first half with roughly 33,000 employees. Our customer-facing staff was down about 3% sequentially in the quarter and is now down 10% year over year. These declines largely reflect lingering effects from contract run rate reductions in our civil business as well as deliberate actions to improve utilization of existing staff.

現在轉向員工人數。截至上半年，博思艾倫共有員工約 33,000 人。本季度，我們面對客戶的員工數量較上季下降了約 3%，年減了 10%。這些下降很大程度上反映了我們民用業務合約運作率降低的持續影響，以及為提高現有員工利用率而採取的刻意措施。

We are running the business efficiently. Our customer-facing staff utilization in the second quarter was meaningfully above the prior year period. Operationally, we continue to align our workforce with our key growth vectors, including accelerating hiring in critical mission and technology areas. We continue to hire aggressively in meaningful portions of our business to support new wins and other growth opportunities.

我們正在有效率地經營業務。我們第二季度面向客戶的員工利用率明顯高於去年同期。在營運方面，我們繼續使我們的員工隊伍與我們的關鍵成長向量保持一致，包括加快關鍵任務和技術領域的招募。我們將繼續在重要的業務領域積極招募人才，以支持新的勝利和其他成長機會。

I will now turn to profitability. During the second quarter, we delivered $324 million in adjusted EBITDA, down 11% from the prior year period. This translated to an adjusted EBITDA margin of 11.2%, 40 basis points lower than the same period a year ago. Through the first half of the fiscal year, our adjusted EBITDA margin was 10.9%. We expect margins to decline in the second half of the year due to three factors: the timing of contract write-ups and award fees, seasonal spending patterns, and continued mix shift away from (inaudible). This will be offset to some degree by the part year impact of our cost restructuring actions as well as our shift to outcome-based sales.

現在我將談談獲利能力。第二季度，我們的調整後 EBITDA 為 3.24 億美元，較去年同期下降 11%。這意味著調整後的 EBITDA 利潤率為 11.2%，比去年同期低 40 個基點。在本財政年度上半年，我們的調整後 EBITDA 利潤率為 10.9%。我們預計利潤率將在下半年下降，原因有三：合約增值和獎勵費用的時間、季節性支出模式以及產品組合的持續轉變（聽不清楚）。這將在一定程度上被我們成本重組行動以及向基於結果的銷售的轉變的部分年度影響所抵消。

Moving down the P&L. Second quarter net income was $175 million, down 55% year over year. Adjusted net income was $183 million, down 21% versus the prior year. Diluted earnings per share was down 53% year over year to $1.42 per share, and adjusted diluted earnings per share decreased 18% year-over-year to $1.49 per share. The year-over-year declines in diluted earnings per share and ADEPS were driven by four factors: lower overall profitability with an unrealized investment gain and tax planning initiatives that benefited the prior year quarter and higher interest expense. These were partially offset by a reduction in share count compared to the prior year period.

降低損益。第二季淨收入為1.75億美元，年減55%。調整後淨收入為 1.83 億美元，較上年下降 21%。稀釋每股盈餘年減 53% 至每股 1.42 美元，調整後稀釋每股盈餘較去年同期下降 18% 至每股 1.49 美元。稀釋每股盈餘和 ADEPS 的年減是由四個因素造成的：整體獲利能力下降、未實現的投資收益和有利於去年同期的稅務規劃舉措以及利息支出增加。與去年同期相比，這些影響被股票數量的減少部分抵消。

Transitioning now to the balance sheet. Our balance sheet remains strong and allows us to be proactive and opportunistic in how we allocate capital to create shareholder value. We ended the second quarter with $816 million of cash on hand, net debt of $3.1 billion and a net leverage ratio of 2.5 times adjusted EBITDA for the trailing 12 months. Free cash flow for the quarter was $395 million, the result of $421 million of cash from operations plus $26 million of CapEx.

現在轉到資產負債表。我們的資產負債表依然強勁，使我們能夠積極主動地、抓住機會地分配資本，為股東創造價值。截至第二季末，我們手頭上有 8.16 億美元現金，淨債務為 31 億美元，過去 12 個月的淨槓桿率為調整後 EBITDA 的 2.5 倍。本季自由現金流為 3.95 億美元，由 4.21 億美元的經營現金加上 2,600 萬美元的資本支出產生。

Turning to capital deployment. In the quarter, we deployed a total of $279 million to generate value for shareholders. This included $208 million in share repurchases at an average price of $107.15 per share. We repurchased nearly 2% of outstanding shares in the quarter, $68 million in quarterly dividends and $3 million in strategic investments made through Booz Allen ventures.

轉向資本部署。本季度，我們共投入 2.79 億美元為股東創造價值。其中包括價值 2.08 億美元的股票回購，平均價格為每股 107.15 美元。我們在本季回購了近 2% 的流通股，支付了 6,800 萬美元的季度股息，並透過博思艾倫創投公司進行了 300 萬美元的策略投資。

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 December 2 to stockholders of record as of November 14. Our Board has also approved an increase of $500 million to our share repurchase authorization, bringing our available capacity to approximately $880 million as of September 30.

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 12 月 2 日支付給 11 月 14 日登記在冊的股東。我們的董事會也批准將股票回購授權增加 5 億美元，使截至 9 月 30 日我們的可用容量達到約 8.8 億美元。

Finally, please turn to slide 7 for our forward outlook. As we have discussed, our original FY26 guidance is predicated on a normalization of the funding environment. While funding and awards picked up over the course of the quarter, this pace remained meaningfully slower than in prior years. As a result, our top line and bottom-line performance for the second quarter was below our forecast and we are reducing our fiscal year 2026 guidance across all key metrics.

最後，請翻到幻燈片 7 了解我們的未來展望。正如我們所討論的，我們最初的 FY26 指導是基於融資環境的正常化。儘管本季度資金和獎勵有所增加，但這一速度仍然比前幾年慢得多。因此，我們第二季的營收和淨利潤表現低於預期，我們正在下調 2026 財年所有關鍵指標的預期。

We now expect to deliver revenue between $11.3 billion and $11.5 billion. We now expect adjusted EBITDA margins in the mid-10% range. This translates to an adjusted EBITDA dollar range of between $1.19 billion and $1.22 billion. We now expect ADEPS of between $5.45 and $5.65 per share. Lastly, we expect free cash flow to be between $850 million and $950 million. As we forecast our growth cadence for the second half, we now assume that current funding trends will persist through fiscal year-end, and therefore, the on contract and new award growth relative to bookings will remain slower than in years past.

我們現在預計收入將在 113 億美元至 115 億美元之間。我們現在預計調整後的 EBITDA 利潤率將在 10% 左右。這意味著調整後的 EBITDA 範圍在 11.9 億美元至 12.2 億美元之間。我們現在預計每股收益將在 5.45 美元至 5.65 美元之間。最後，我們預計自由現金流將在 8.5 億美元至 9.5 億美元之間。當我們預測下半年的成長節奏時，我們現在假設當前的融資趨勢將持續到財年末，因此，相對於預訂量的合約和新獎勵成長將比過去幾年保持緩慢。

Also, at the midpoint, our revised guidance range incorporates the loss of approximately $30 million in revenue and $15 million in profit related to the government shutdown. These estimates assume the shutdown extends through October 31. Although not contemplated in our guidance, if the shutdown does continue for the month of November, we estimate the impact would be roughly within the same range, assuming no material changes in government scope or Booz Allen policy.

此外，在中點，我們修訂後的指導範圍包含了與政府關門相關的約 3000 萬美元的收入損失和 1500 萬美元的利潤損失。這些估計假設停擺將持續到 10 月 31 日。儘管我們的指導方針中沒有考慮到這一點，但如果政府停擺持續到 11 月份，我們估計影響將大致在同一範圍內，假設政府範圍或博思艾倫政策沒有重大變化。

So to sum up, our market remains bifurcated and funding levels have not normalized as we had hoped. We are disappointed in our results this quarter and that we are lowering guidance across the board. We are winning significant new programs particularly in our national security portfolio, where we are pleased with our growth trajectory.

總而言之，我們的市場仍然存在分歧，資金水準尚未像我們所希望的那樣正常化。我們對本季的業績感到失望，因此我們全面下調了業績預期。我們正在贏得重要的新項目，特別是在國家安全領域，我們對這些項目的成長軌跡感到滿意。

We are taking significant actions immediately to adjust our cost structure and prepare us to reaccelerate growth and profitability. We are doubling down on the key growth sectors where we have real traction in the near term, primarily our differentiated positions in cyber, artificial intelligence, war fighter tech, and critical national security programs. Our focus is on positioning Booz Allen to accelerate performance into next fiscal year and beyond, and we are confident that we will be able to do so.

我們正在立即採取重大措施調整成本結構，為重新加速成長和獲利做好準備。我們正在加倍投資短期內真正具有吸引力的關鍵成長領域，主要是網路、人工智慧、戰鬥機技術和關鍵國家安全計畫的差異化地位。我們的重點是讓博思艾倫在下一財年及以後加速業績成長，我們有信心能夠做到這一點。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions) Louie DiPalma, William Blair.

（操作員指示）Louie DiPalma，William Blair。

Horacio, Kristine, Matt, and Dustin, good morning.

霍拉西奧、克里斯汀、馬特和達斯汀，早安。

Good morning, Louis.

早安，路易斯。

And given the shutdown in your high exposure to the federal civilian agency, many investors were anticipating a guidance reduction. Horacio and Matt, you both used the term bifurcation several times and you also mentioned how funding in the month of September was actually consistent with last year's September. I'm -- drilling into that, are you receiving signs and indications that the funding environment for the defense and intel business is actually improving and getting back to normal? Or is this funding environment expected to be strained for your defense and intel business even after the government restarts and the shutdown?

鑑於您對聯邦民事機構的高度關注，許多投資者預計指導將會減少。Horacio 和 Matt，你們都多次使用了「分叉」一詞，也提到 9 月的資金實際上與去年 9 月一致。我正在深入研究這個問題，您是否收到跡象和跡象表明國防和情報業務的融資環境實際上正在改善並恢復正常？或者，即使在政府重啟和關閉之後，這種融資環境是否仍會對您的國防和情報業務造成壓力？

Louis, why don't I start? Thank you for the question. I think the notion of bifurcation is an important one as we look at the business, as we understand the business, I hope you will understand it as well. As I said in the prepared remarks, we see our Civil business operating in the most challenging market in the generation.

路易斯，為什麼我不開始呢？謝謝你的提問。我認為，當我們審視業務、理解業務時，分叉的概念非常重要，我希望您也能理解它。正如我在準備好的演講中所說，我們的民用業務正處於這一代最具挑戰性的市場。

To give you a sense of what Matt described as a gap in funding, we saw essentially every procurement slide to the right in lockstep and that's not something I have ever seen before. And as we look forward, we're not trying to predict the future as much as react and anticipate what's right in front of us. And so that's how we're thinking about it.

為了讓您了解馬特所描述的資金缺口，我們看到基本上每個採購都同步向右滑動，這是我以前從未見過的。當我們展望未來時，我們並不會試圖預測未來，而是對即將發生的事情做出反應和預測。這就是我們的想法。

By contrast, in our national security business, it's a much stronger environment. There's still friction though. The government shutdown certainly backs things up. If we end up in the continuing resolution environment, how the CR is written will have an impact on this. But as we think about it, we have these very significant wins. We're very happy to share with you this morning about we are not anticipating a very fast ramp-up on those wins. We're anticipating the ramp-up on those, in fact, to be below historical levels. It will ramp up but simply more slowly. And I think that's everything that we are talking to about this morning is predicated on the notion that there's -- that this friction is going to continue, not impede our growth, but continue.

相較之下，在我們的國家安全業務中，環境要強大得多。但仍存在摩擦。政府關門無疑加劇了這一局面。如果我們最終處於持續解決環境中，那麼 CR 的編寫方式將對此產生影響。但當我們思考這一點時，我們確實取得了這些非常重要的勝利。今天早上我們很高興地與大家分享，我們並不期望這些勝利會迅速增加。事實上，我們預計這些數字的增幅將低於歷史水準。它將會上升，但速度會更慢。我認為，我們今天早上談論的一切都是基於這樣的觀點，即這種摩擦將會持續下去，這不僅不會阻礙我們的成長，而且還會繼續下去。

Now having said that, I think the key for us, as we're trying to describe this morning is to stay very nimble and to stay very focused. Staying nimble means not trying to predict long term but really trying to anticipate the short -- medium term and react as quickly as we can. Part of the cost actions that Matt described to you are a part of that in both to secure our financials and give us more capacity to both invest and react to pricing more nimbly but also to streamline our operating model so we can make the issues faster and move faster.

話雖如此，我認為對我們來說，關鍵在於，正如我們今天早上試圖描述的那樣，保持靈活和專注。保持靈活意味著不要試圖預測長期情況，而是真正嘗試預測短期和中期情況，並儘快做出反應。馬特向您描述的部分成本行動是為了確保我們的財務狀況，讓我們更有能力進行投資並更靈活地對定價做出反應，同時也是為了簡化我們的營運模式，以便我們能夠更快地解決問題並更快地採取行動。

And the second part is to be very focused. I am personally very excited about what I'm seeing in our cyber business, both in government and commercial. Our AI capabilities are in greater and greater demand. I think you saw, and hopefully, we're impressed by the war fighting tech day that we hosted last week, which is really becoming a crown jewel in our portfolio, some of this critical national security contracts -- or we support such important missions and do such great work there. And then the partnerships with the tech ecosystem which are really both giving us access to new opportunities that are more commercially focused and enhancing our go-to-market and our capabilities because we can move faster when we build on top of their tech. So when we take it all, obviously, we're not pleased with the results or the near-term guidance lowering, but that's how we see the environment.

第二部分則需要高度集中。我個人對於我們在政府和商業領域的網路業務所取得的進展感到非常興奮。我們對人工智慧能力的需求越來越大。我想您看到了，希望您對我們上週舉辦的作戰技術日印象深刻，這確實成為我們產品組合中的一顆明珠，其中一些是關鍵的國家安全合約——或者我們支持這些重要任務並在那裡做瞭如此出色的工作。然後與技術生態系統的合作實際上既為我們提供了更注重商業的新機遇，也增強了我們的市場進入能力和能力，因為當我們在他們的技術之上進行構建時，我們可以更快地採取行動。因此，當我們考慮所有這些時，顯然我們對結果或短期指導降低並不滿意，但這就是我們對環境的看法。

Thanks. And for the rest of the year for the civilian guidance of, I think, negative 21%. What is assumed year -- what is assumed there in terms of the government shutdown and further cuts to existing programs? Are you assuming that other programs are throttled or what is baked in the assumptions because investors are -- they want to know whether there's going to be another cut to the federal civilian business and if this is going to be in a perpetual cycle. So what gives you confidence that this is the last guidance reduction for the federal civilian business?

謝謝。我認為，今年剩餘時間的民用指導值為-21%。假設年份是哪一年——就政府關閉和進一步削減現有項目而言，假設情況如何？您是否假設其他項目受到限制，或者這些假設是否成立，因為投資者想知道是否會再次削減聯邦民事業務，以及這是否會形成一個永久的循環。那麼，是什麼讓您有信心這是聯邦民事業務的最後一次指導下調？

Yeah, I'll start, and then Kristine may want to provide some color as to what's happening in the Civil business. As we said in the prepared remarks, we didn't actually see any actions positive or negative in civil last quarter. So we didn't see any additional cuts. We also didn't see any plus-ups or new awards and new procurements and what have you.

是的，我先開始，然後克里斯汀可能想提供一些有關民事業務方面正在發生的事情的資訊。正如我們在準備好的評論中所說的那樣，我們實際上並沒有看到上個季度民事方面有任何積極或消極的行動。因此，我們沒有看到任何額外的削減。我們也沒有看到任何加價、新獎項、新採購等等。

So if you look at our civil portfolio, outside of a number of large programs that we've talked about, that portfolio is going to be essentially flat, both at the top and the bottom for the year. I think which just sort of indicates sort of the state of where we are in many of those agencies. But those large programs matter, and that's why we're guiding down to in the low 20% range at the top. So we aren't anticipating any further cuts.

因此，如果你看一下我們的民用投資組合，除了我們討論過的一些大型項目之外，該投資組合在今年的頂部和底部都將基本持平。我認為這多少顯示了我們在許多機構中的現狀。但這些大型專案很重要，這就是為什麼我們將最高比例控制在 20% 以下。因此我們預計不會再有任何削減。

We are anticipating a very competitive procurement environment with some pricing pressure, particularly on the large program side. We also are having great conversations with folks in the administration about some of our key priorities. So we've used the word stabilized in civil, and that's what it feels like, but stabilized after a fairly significant run rate on our pretty large programs in an environment where things just aren't moving very quickly.

我們預期採購環境將會非常具有競爭力，並且會產生一定的價格壓力，特別是在大型專案方面。我們也與政府部門的人員就一些關鍵優先事項進行了深入的對話。因此，我們在民用領域使用了「穩定」這個詞，感覺就是這樣，但在事情進展不太快的環境中，我們的大型專案在相當顯著的運行率之後就穩定下來了。

But Kristine, I'm sure you want to chime in there.

但是克莉絲汀，我相信你也想加入。

Thanks, Matt. Yes, the business is stable, as Matt said. The environment itself still continues to be very slow with very few new large bids and not much ramp-up in funding. But I think that reflects the administration's rethinking how they want to prosecute some of those missions. And the work that we do in civil is impressive technically, and it is aligned to the administrative priorities.

謝謝，馬特。是的，正如馬特所說，業務很穩定。環境本身仍然非常緩慢，新的大型投標很少，資金也沒有太大的增長。但我認為這反映了政府正在重新思考如何執行其中一些任務。我們在民事方面所做的工作在技術上令人印象深刻，並且與行政優先事項保持一致。

For example, we have one of the largest Agentic AI software implementations in the world and it's in civil and we're leading in Agentic AI. And we do expect work to grow there again. And we are having lots of productive conversations with the administration leaders on some of -- some new approaches to the core missions where we're bringing commercial solutions and combining it with our IP and IC, their outcome-based commercial offerings that we're talking through.

例如，我們擁有世界上最大的 Agentic AI 軟體實施之一，它屬於民用領域，我們在 Agentic AI 領域處於領先地位。我們確實希望那裡的工作能再次成長。我們正在與政府領導人就一些核心任務的新方法進行大量富有成效的對話，我們將提供商業解決方案並將其與我們的 IP 和 IC 以及我們正在討論的基於結果的商業產品相結合。

But again, it's just hard to predict exactly when those will launch. And so as Matt said, we're just assuming the status where we are now continues through the rest of the year, but we do see growth over the medium term.

但同樣，很難準確預測這些產品何時推出。正如馬特所說，我們只是假設我們現在的狀態將持續到今年剩餘時間，但我們確實看到了中期的成長。

Thanks, Kristine. So was there stabilization in the Civil business from the -- in the September quarter relative to the June quarter?

謝謝，克里斯汀。那麼，與六月季度相比，九月季度的民用業務是否趨於穩定？

I'd say, yes. Yes, it's been pretty steady since the reductions that we had a while back in the year.

我想說，是的。是的，自從我們今年早些時候削減產量以來，產量一直相當穩定。

Yes. But stable, it means we didn't -- again, there were no new decrements, but we also didn't see some of the on-contract growth in plus ups and typical velocity of tactical selling in Q2 that we would -- that we'd anticipated.

是的。但穩定意味著我們沒有——再次，沒有新的減少，但我們也沒有看到第二季度合約成長和戰術銷售的典型速度——這是我們預期的。

Yes. Louie, when we talk about bifurcation, another way to think about it is if there's upside and downside in -- across all of our business, there always is. I would say, as we sit here right now, maybe a little more downside potential in the civil business, a little more upside potential in the national security business. But as I said before, I mean, the things change very quickly. And we could -- what we're trying to do is, like I said, it's flow of resources, flow investment to where we see the opportunities and not be married to a particular outlook, but rather just ensure that when there is an opportunity to grow, we double down on it.

是的。路易，當我們談論分叉時，另一種思考方式是，在我們所有的業務中，是否存在好處和壞處，總是如此。我想說，就我們現在的情況來看，民用業務的下行潛力可能更大一些，而國家安全業務的上行潛力可能更大一些。但正如我之前所說，事情變化得非常快。我們可以——就像我說的，我們正在嘗試做的是，讓資源、投資流向我們看到的機會，而不是拘泥於某一特定的觀點，而是確保當有成長機會時，我們會加倍努力。

Makes sense. Thanks, everyone.

有道理。謝謝大家。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys, and thank you for the time. Maybe two questions. The first one, a bit shorter term and bigger picture for this next one. So first, I guess, I think you guys have previously talked about the civil portfolio being 13% margins or so, which implies defense and intel is in the 8% to 10% range. Is that still the right way to think about the profitability profile of the customers?

大家早安，感謝你們抽出時間。也許有兩個問題。第一個，期限較短，下一個的圖景更大。首先，我想，你們之前已經討論過民用投資組合的利潤率約為 13%，這意味著國防和情報的利潤率在 8% 到 10% 的範圍內。這仍然是思考客戶獲利狀況的正確方法嗎？

Yeah, that's in range, Sheila. We never quantified it that way, but we've talked about how Civil has a significantly higher proportion of fixed-price contracts. So that's roughly in range.

是的，這在範圍內，希拉。我們從未以這種方式量化它，但我們已經討論過 Civil 的固定價格合約比例明顯較高。所以這大致在範圍內。

Okay. Got it. And then maybe a bigger picture question, Horacio, for you. How do we think about the business model for Booz longer term, just given pendulums clearly shift. And maybe three years from now, it will shift back where we're scrubbing our models for national security exposure and saying Civil will grow again double digits? So how do you think about aligning the sales force and the workforce and your management team as you restructure the business a bit?

好的。知道了。然後也許還有一個更大的問題，Horacio，想問你。鑑於鐘擺明顯發生轉變，我們如何看待博思艾倫的長期商業模式。也許三年後，情況會再次轉變，我們會重新審視我們的模型，以應對國家安全風險，並說 Civil 會再次實現兩位數成長？那麼，在對業務進行一些重組時，您如何考慮協調銷售人員、員工和管理團隊？

One of the hallmarks of our operating model is the notion that we operate in a single P&L, and that gives us the ability to respond to the market across any arbitrary lines really fast. We always have. We -- every time, as you point out, an administration transitions, they refocus their priorities. As I said before, this is perhaps one of the most significant or the most significant refocusing that I've seen. But we're going to continue to make sure that we are taking advantage of our broad footprint to go where the opportunities are.

我們的營運模式的標誌之一是我們在單一損益表中運作的概念，這使我們能夠非常快速地對任何任意線路的市場做出反應。我們一直都是如此。正如您所指出的，每次政府過渡時，他們都會重新調整優先事項。正如我之前所說，這可能是我見過的最重要或最重大的重新聚焦之一。但我們將繼續確保利用我們廣泛的影響力去尋找機會。

The other piece of it is I do believe that because of the way technology has evolved more broadly, this idea of injecting commercial technology into missions, moving to outcome based as opposed to input base models, and those big trends are going to continue well into the future. They were somewhat underway before. I think there's an accelerant right now as the Trump administration doubles down on a lot of this. But I don't see us going back. And so that's why we've invested so much time, so much effort and resources on building partnerships from the very largest tech companies to small startups with promising technology and everything in between.

另一方面，我確實相信，由於技術的發展方式更加廣泛，將商業技術注入任務的想法、轉向基於結果而不是基於輸入的模型，這些大趨勢將持續到未來。他們之前就已經有所行動了。我認為現在有一個加速器，因為川普政府在這些方面加倍努力。但我不認為我們會回頭。這就是為什麼我們投入瞭如此多的時間、精力和資源來建立合作夥伴關係，從最大的科技公司到擁有有前景技術的小型新創公司，以及介於兩者之間的一切公司。

I think our position in this tech ecosystem I think gives us a long-term edge that we're just beginning to see realized just beginning to exploit. There's a couple of opportunities right here right now that we are chasing. One in civil and a couple of national security, that would be impossible without the strong partnership that we have with some of these companies. And the more people see Booz Allen as somebody who builds tech but also leverages tech that others build to create the right answer, I think the more power we're going to have in the market.

我認為我們在這個技術生態系統中的地位賦予了我們長期優勢，我們才剛開始看到這一優勢被實現並開始利用。現在這裡有幾個機會值得我們去追逐。一個是民用領域，另一個是國家安全領域，如果沒有我們與其中一些公司建立的強有力的合作關係，這一切都不可能實現。我認為，越多的人將博思艾倫視為一家不僅創造技術，而且利用他人開發的技術來創造正確答案的公司，我們在市場上的影響力就越大。

Great. Thank you.

偉大的。謝謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，康托·菲茨杰拉德。

Okay. Thank you for the question. So it sounds like the civil reduction, Matt, suggests there may be a little bit of downside in terms of the cost plus nature of the business. So as we do the building blocks on '27, if we assume Civil's down another, call it, 10% and Defense and Intelligence is accelerated to call it mid-single digit. We think the building blocks probably suggest something like 0% to 2% organic that should notionally accelerate and '28 off of that base. So, a, does that math make sense at a high level; b, fundamentally can you grow next year; and then, c, if not, when do you expect this business to return to growth? Thank you.

好的。謝謝你的提問。因此，馬特，聽起來民事減免表明，從業務的成本加性質來看，可能會有一點不利影響。因此，當我們在 27 年建造模組時，如果我們假設民用工程再下降 10%，而國防和情報工程加速下降至中等個位數。我們認為，建構模組可能表明有機物含量應在理論上加速，並從該基礎上增加 28%。那麼，a，從高層次來看，這個數學計算有意義嗎？ b，從根本上來說，你明年還能成長嗎？ c，如果不能，你預期這項業務什麼時候能恢復成長？謝謝。

Thanks, Colin. Look, I think a couple of things. One, as we talked about, we had a lot of momentum in our national security portfolio. Two, the Civil business is stable, right? And unfortunately, we saw a significant decline in the first half of this year. But obviously, our comps will get proportionately easier given where we are.

謝謝，科林。瞧，我想到了幾件事。首先，正如我們所說，我們的國家安全組合發展勢頭強勁。二、民用業務穩定吧？不幸的是，今年上半年我們見證了大幅下滑。但顯然，考慮到我們所處的位置，我們的競爭會變得更加容易。

I'm not going to get into next year. We got a lot of medium-term optimism. There are some significant building blocks. As Horacio said, the nature of this market is such where things are happening fast. And we've got some exciting opportunities in the fire. So I would not necessarily straight line the math exactly how you did, Colin, but I'm sure we have in this conversation over the next couple of quarters.

我不會進入明年。我們對中期前景充滿樂觀。有一些重要的組成部分。正如奧拉西奧所說，這個市場的本質就是事情發生得很快。我們在火災中獲得了某些令人興奮的機會。因此，科林，我不一定會像你那樣直接計算，但我相信在接下來的幾個季度我們會進行這樣的討論。

The only thing I would add to that is, as we described the growth vectors that we're talking to you about, clearly, the national security market is more robust. And so we'll see those growth vectors play more strongly there. But the number of things we're talking about around cyber, around AI, around some of the tech that we're developing that is highly applicable to border security, to large event security to the upcoming World Cup and so forth, we are looking for opportunities to leverage and grow in the parts of our civil business that are most aligned with the administration's priorities and we're -- we will continue to do that pretty aggressively.

我唯一想補充的是，正如我們所描述的成長載體，顯然，國家安全市場更加強勁。因此我們將看到這些成長載體在那裡發揮更強勁的作用。但是，我們正在談論網路、人工智慧以及我們正在開發的一些高度適用於邊境安全、大型活動安全、即將到來的世界盃等的技術，我們正在尋找機會來利用和發展與政府優先事項最一致的民用業務部分，我們——我們將繼續積極地這樣做。

Colin, if I could just jump back in here. Two other thoughts for you. One is we are seeing an increasing pace of contract conversion to outcomes based. While small, the portion of our -- our natural security portfolio at fixed price did increase quarter over quarter, and that's certainly the direction of travel and in part because of that, but also other dynamics. I do think going forward, our growth will be not as linearly connected to head count growth for a handful of reasons.

科林，如果我可以跳回這裡。還有另外兩個想法想告訴您。一是我們看到合約轉換成基於結果的速度正在加快。雖然規模不大，但我們的固定價格自然證券投資組合的份額確實逐季增加，這當然是發展的方向，部分原因是如此，但也與其他動態有關。我確實認為，由於多種原因，未來我們的成長將不再與員工人數成長呈線性關係。

If I can just give you a couple. The vast majority of our FTE loss this year was in Civil, and that's where we have more of our fixed price contracts. And that revenue is not as headcount dependent. Second, we're driving up utilization. And then third, the mix shift that I just described. So I understand we've had a fairly stable business model and that's relatively easy to model for you externally. Those dynamics are changing, consistent with the kind of pace of change that Horacio was talking about, and we'll continue to engage with you over the coming quarters.

如果我可以給你幾個的話。我們今年的全職當量損失絕大部分發生在土木工程領域，而我們在該領域簽訂的固定價格合約較多。而且收入也不那麼依賴員工人數。其次，我們正在提高利用率。第三，我剛才描述的混合轉變。所以我知道我們有一個相當穩定的商業模式，而且對外來說也相對容易建模。這些動態正在發生變化，與 Horacio 所說的變化速度一致，我們將在未來幾季繼續與您保持聯繫。

Got it. Got it. So margin trough this year gets better over time and then growth is (inaudible) is kind of my takeaway. I appreciate that the businesses have managed on a quarter-to-quarter basis, but putting an investor hat on for a bit. As we think about the next quarter, what would you fundamentally tell an investor that wanted to go short again next quarter? And then kind of why are the reasons would you expect that to be a bad idea?

知道了。知道了。因此，今年的利潤率低谷會隨著時間的推移而變得更好，然後成長（聽不清楚）是我的看法。我很欣賞這些企業在季度間管理的成績，但還是要稍微尊重一下投資人的意見。當我們考慮下個季度時，您會從根本上告訴那些想在下個季度再次做空的投資者什麼？那麼，您為什麼認為這是一個壞主意呢？

I'm not in the business of giving investment advice, Colin.

我的工作不是提供投資建議，科林。

Okay. Thank you.

好的。謝謝。

Mariana Perez Mora, Bank of America.

美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

Good morning, everyone.

大家早安。

Hi, Mariana.

你好，瑪麗安娜。

When you guys think about the new guidance, I'd appreciate some color around like how much is already in backlog, how much you have to go and like win and is still depending on like some contracts that could be delayed? Like could you give us some kind of like measure of how strong is that backlog coverage and also the pipeline and like if you have like any amount of like how that pipeline appears to a year ago or something?

當你們考慮新的指導方針時，我希望能夠了解一些細節，例如已經積壓了多少，還有多少需要去爭取，以及是否仍然依賴於一些可能被推遲的合約？例如，您能否提供我們一些衡量積壓覆蓋率和通路實力的指標，以及您是否有任何數量的指標，例如該管道與一年前相比如何？

Yes. Mariana, I think we're in the main anticipating that the current sort of burn rates and trends largely persist, that head count remains essentially flat obviously absent, the cost reduction initiative that we described. And it's not really based on any significant new wins. But that does require some on-contract growth, do wins to ramp up and a handful of other factors. So we've -- in this current guidance, attempted -- there's not any material things that need to happen for us to land in this range, but it is a volatile situation.

是的。瑪麗安娜，我認為我們主要預期當前的燒錢率和趨勢將基本持續下去，員工人數將基本保持不變，顯然缺乏我們所描述的成本削減措施。而且它實際上並不是基於任何重大的新勝利。但這確實需要一些合約上的成長、勝利的提升以及其他一些因素。因此，在目前的指導下，我們嘗試過，不需要發生任何實質的事情就能讓我們達到這個範圍，但這是一個不穩定的情況。

And you mentioned on contract growth. How is your conversation with your customers right now about like certainty about like them needing that kind of growth? Or still like there is a lot of uncertainty if that's going to happen or where it's going to trend?

您提到了合約成長。您現在與客戶的對話如何確定他們需要這種成長？或者說，對於這種情況是否會發生或其趨勢如何，仍然存在許多不確定性？

I mean, I'll start and I'm sure my colleagues are going to want to add. But we're having very productive conversations, especially in the national security side and especially in these growth vector areas that are talking about.

我的意思是，我會開始，我相信我的同事們也會想要補充。但我們正在進行非常富有成效的對話，特別是在國家安全方面以及正在討論的這些成長向量領域。

So if you take cyber, for example, we expect Thunderdome, as an example, to continue to grow. Thunderdome has become really both a standard and a product that everybody wants, and we expect to see some level of growth there. A number of other areas in the national security space are -- we are seeing significant pickup.

因此，以網路為例，我們預期 Thunderdome 將持續成長。Thunderdome 確實已經成為標準和每個人都想要的產品，我們預計它將實現一定程度的成長。我們看到國家安全領域的許多其他領域正在顯著回升。

As Matt pointed out, we have not made any heroic assumptions about that happening in the back half of the year in recognition of the fact that our there is friction in the environment that we're still in the middle of a shutdown and all of that, and we've tried to incorporate that into the way that we're thinking -- on the one hand, on the other hand, we are as aggressive as we've ever been in terms of trying to accelerate past that. So that's sort of the thought process right now.

正如馬特指出的那樣，我們並沒有對下半年發生的事情做出任何大膽的假設，因為我們認識到環境存在摩擦，我們仍然處於停工之中等等，我們試圖將其納入我們的思維方式中——一方面，另一方面，我們像以往一樣積極地試圖加速克服這些困難。這就是現在的思考過程。

I would add that the administration really wants to push speed in some areas. So those conversations are extremely productive and so that continues as well.

我想補充一點，政府確實希望在某些領域加快速度。因此，這些對話非常富有成效，而且還會繼續下去。

So you mentioned cyber, and the expectations were for that portfolio to actually grow like at speed. How large is that right now? And what do you expect for that portfolio? Again, like the near term has been volatile, but in the next like two to three years?

所以你提到了網絡，並且期望該投資組合能夠快速成長。現在有多大？您對該投資組合有何期望？再說一次，短期內一直很不穩定，但未來兩到三年會怎麼樣呢？

I am as bullish about our cyber business as I've ever been for a couple of reasons. First of all, we do occupy a unique position in cyber in the national security space, that is both well recognized internally in the government, and it's a real strength of ours. Second, I always talk about convergence. If you think about what's happening in terms of AI and Agentic and how it affects cyber, three ways just to name a couple, right?

由於以下幾個原因，我對我們的網路業務一如既往地充滿信心。首先，我們在國家安全領域的網路領域確實佔據著獨特的地位，這在政府內部得到了充分認可，也是我們的真正優勢。第二，我總是談論融合。如果您思考一下人工智慧和 Agentic 方面正在發生的事情以及它如何影響網絡，那麼僅舉三種方式，對嗎？

I mean, the attack surface has grown because the AI models themselves have grown -- are now becoming in their own attack surface. Second, adversaries are using cyber much more effectively by leveraging AI into it, and therefore, defense needs to move in that direction. And third, we are seeing across the board, interest in us bringing these capabilities, including in our commercial customers that are both under siege by a number of cyber actors and see us and what we do as being a key player in helping them move past that.

我的意思是，攻擊面已經擴大，因為人工智慧模型本身已經擴大——現在成為它們自己的攻擊面。其次，對手利用人工智慧更有效地利用網絡，因此防禦需要朝這個方向發展。第三，我們看到各界對我們推出的這些功能表現出濃厚的興趣，包括我們的商業客戶，他們既受到眾多網絡攻擊，又將我們和我們所做的事情視為幫助他們擺脫困境的關鍵角色。

So I think, unfortunately, cyber risks are everywhere, cyber risks continue to grow. And Booz Allen, I believe, has, in essence, the most powerful -- one of the most powerful cyber businesses in the world.

所以我認為，不幸的是，網路風險無所不在，網路風險持續成長。我相信，博思艾倫本質上是世界上最強大的網路企業之一。

Okay. Thank you so much.

好的。太感謝了。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Hey. Thank you. Good morning. I just wanted to unpack the disconnect between awards and funding a little further, if we could. Is total backlog still a good leading indicator of demand and growth?

嘿。謝謝。早安.如果可以的話，我只是想進一步解開獎項和資金之間的脫節。總積壓訂單是否仍是需求和成長的良好領先指標？

Yeah, long term, but I think, obviously, short-term funded backlog matters, right? And our funded backlog -- our funding was down in Q1, 9% year over year, in Q2, 3% year over year, which nets out to 6% for the first half. So I think it shows the direction of travel, the funding environment has improved, but in no way normalized over the first half.

是的，從長期來看，但我認為，短期資金積壓顯然很重要，對吧？我們的資金積壓—第一季的資金年減了 9%，第二季的資金年減了 3%，上半年的淨額為 6%。所以我認為這顯示了發展的方向，融資環境有所改善，但在上半年並沒有恢復正常。

Now there's a lot of noise in there, particularly in the current environment, as Kristine said, we're seeing shorter funding come in shorter increments. It's a little more episodic. So it's not a linear relationship as it used to be. But obviously, four words of scale, that's going to drive growth. I think one is a pure recompete, one was a recompete with increased ceiling, one was a new award, and one was a takeaway. So again, we are less comfortable that it's going to ramp as quickly as we've seen in the past, and we built that into our guidance, but backlog absolutely matters.

現在那裡有很多噪音，特別是在當前環境下，正如克里斯汀所說，我們看到資金越來越少，增量也越來越少。它有點情節化。因此，它不再像以前那樣是線性關係。但顯然，「規模」四個字將推動成長。我認為一次是純粹的重新比賽，一次是提高上限的重新比賽，一次是新的獎項，一次是外帶。因此，我們再次感到不太放心，因為它會像過去那樣快速增長，並且我們將其納入了我們的指導中，但積壓絕對很重要。

Thank you.

謝謝。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thank you. Could you discuss your process for determining how much growth investment to allocate and how you balance that against where you were targeting near-term profitability and head count cuts that's sort of a tight rope and there's tension there? And maybe you could discuss how you arrived at your decisions?

謝謝。您能否討論一下確定分配多少成長投資的過程，以及如何在確定短期獲利目標和裁員目標之間取得平衡，這就像一條繃緊的繩索，存在著緊張感？也許您可以討論一下您是如何做出決定的？

I guess I'll start. Look, I mean, as somebody pointed out earlier, we do not manage this company for the quarter. We managed the company for the medium and long term. And we are making the investments that we believe are both prudent in terms of long -- short-term profitability, but important and exciting in terms of long-term growth at both the top and the bottom line.

我想我應該開始了。你看，我的意思是，正如之前有人指出的那樣，我們本季並不管理這家公司。我們對公司進行中長期管理。我們正在進行的投資從長期短期獲利能力來看是審慎的，但從長期營收和利潤的成長來看，卻是重要且令人興奮的。

And look, that's always been the case. It is the case now. We're undertaking a difficult decision of doing some significant cost reduction in some ways to ensure that we can both deliver in the short term, really more focused on our FY27, given where we are in the year, but also so that we have the capacity to stay nimble and invest in the areas where we see the most opportunity.

瞧，情況一直都是這樣的。現在就是如此。我們正在做出一個艱難的決定，在某些方面大幅削減成本，以確保我們既能在短期內實現目標，又能更加專注於 2027 財年（考慮到我們今年的狀況），同時也使我們能夠保持靈活，並在我們認為機會最多的領域進行投資。

And I think that, that is what's exciting about Booz Allen Hamilton. I mean, I can talk to you about things that are growing now. I can talk to you about things that are -- we believe have significant growth potential in the short term, and I can talk to you about the things we are doing like Quantum and like AI-based 6G that I believe will fuel growth in sort of in the third horizon. And so that needs to continue, while at the same time, recognizing that we have work to do in order to drive the short-term financials to where we want it to be.

我認為，這就是博思艾倫漢密爾頓令人興奮的地方。我的意思是，我可以和你談論現在正在發生的事情。我可以和你談談我們認為在短期內具有巨大成長潛力的事情，我也可以和你談談我們正在做的事情，例如量子和基於人工智慧的 6G，我相信這些將推動第三視野的成長。因此，我們需要繼續這樣做，同時，我們也意識到，為了推動短期財務狀況達到我們想要的水平，我們還有很多工作要做。

And if I can add to that. I mean, we're an interesting spot because obviously, we're disappointed with our performance and our guidance. And as I look inside of our portfolio, there are actually more demand and more opportunities to invest to drive medium- and long-term growth than I remember in a long time because as Kristine and Horacio said, it's an incredibly dynamic environment. This administration wants change. We're seeing significant opportunities, not just in the US government, but even in commercial and with similar allies.

如果我可以補充的話。我的意思是，我們處於一個有趣的位置，因為顯然，我們對自己的表現和指導感到失望。當我審視我們的投資組合時，我發現，推動中長期增長的投資需求和機會實際上比我記憶中很長一段時間以來都要多，因為正如克里斯汀和奧拉西奧所說，這是一個極具活力的環境。本屆政府希望做出改變。我們看到了重大機遇，不僅在美國政府，而且在商業領域以及與類似盟友的合作中。

And so part of the internal dialogue and part of the reason we're taking these painful actions to free up $150 million worth of cost is precisely because we see these investment opportunities. So we're prioritizing the growth vectors that we've all described, but there's real opportunity here. And that's, in many ways, more of a driver of us taking these cost actions than hitting short-term set of financial results.

因此，我們進行內部對話以及採取這些痛苦行動以釋放 1.5 億美元成本的部分原因正是因為我們看到了這些投資機會。因此，我們優先考慮我們所描述的成長向量，但這裡有真正的機會。從很多方面來看，這更能促使我們採取這些成本行動，而不是為了達到短期的財務表現。

Thank you. If I could ask another question on Civil. Amid a once in a generation change to the top line and demand. Do you assume that the margin holds because it's relatively unusual for significant sort of TAM changes not to be accompanied by margin compression?

謝謝。如果我可以問另一個有關民事的問題。在一代人中，收入和需求都發生了變化。您是否認為利潤率能夠保持不變，因為 TAM 發生重大變化而沒有伴隨利潤率壓縮的情況相對少見？

Yeah, that's a great question. I mean, overall, yes, but there is competition for price that we're expecting because there'll be fewer bids, there will be more bidders, there will be much more aggressive pricing. But that's at the same time that we are able to use a lot more technology to innovate how we deliver, which would still preserve margin.

是的，這是一個很好的問題。我的意思是，總的來說，是的，但我們預計價格會存在競爭，因為出價會更少，競標者會更多，定價也會更激進。但同時，我們也能夠使用更多的技術來創新我們的交付方式，同時仍然保持利潤。

Thank you.

謝謝。

Thank you. And this concludes our Q&A session for today. I will pass the call back to Horacio Rozanski for concluding comments.

謝謝。今天的問答環節到此結束。我會將電話轉回 Horacio Rozanski 以徵求他的最後意見。

Thank you, everyone, for joining us today. I hope this discussion gave you a deeper understanding of the factors that underlie our performance, how we see the market, how quickly we are responding and our reasons for optimism about the future of Booz Allen, which include both our leading position in advanced technologies by how we apply them to critical missions in a way that we build things that work, our agility, our willingness to move fast and our capacity to invest and accelerate our growth vectors.

感謝大家今天加入我們。我希望本次討論能讓您更深入地了解我們業績背後的因素、我們如何看待市場、我們的反應速度以及我們對博思艾倫未來感到樂觀的原因，這些因素包括我們在先進技術領域的領先地位，我們如何將這些技術應用於關鍵任務，如何構建有效的產品，我們的敏捷性，我們快速行動的意願，以及我們投資和加速增長的能力。

And really, most importantly, the people of Booz Allen and the quality of our team, which continues to be extraordinary and it's a source of optimism for all of us. And so together, we are moving forward, and we want to accelerate both our mission impact and our financial performance, and we are focused on doing so. Thank you again, and have a great day.

而實際上，最重要的是，博思艾倫的員工和我們團隊的素質一直都非常出色，這是我們所有人的樂觀之源。因此，我們一起前進，我們希望加快我們的使命影響力和財務業績，我們專注於這樣做。再次感謝您，祝您有個愉快的一天。

And thank you. And this concludes our conference. Thank you for participating, and you may now disconnect.

謝謝你。我們的會議到此結束。感謝您的參與，您現在可以斷開連接了。