Booz Allen Hamilton Holding Corp (BAH) 2026 Q3 法說會逐字稿

Good morning and thank you for standing by. Welcome to Booz Allen Hamilton's earnings call covering 3rd quarter fiscal year 2026 results. (Operator Instructions). And I'd like to turn the call over to the Head of Investor Relations, Dustin Darensbourg.

早上好，感謝您的耐心等待。歡迎參加博思艾倫顧問公司2026財年第三季業績電話會議。（操作說明）接下來，我將把電話交給投資人關係主管達斯汀‧達倫斯堡。

Thank you. Good morning and thank you for joining us for Booz Allen's third quarter fiscal year 2026 earnings call. We hope you have 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，感謝各位參加博思艾倫2026財年第三季財報電話會議。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演示文稿，現在顯示到第 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業務和財務表現的有：董事長、執行長兼總裁 Horacio Rozanski；執行副總裁兼財務長 Matt Calderone；以及執行副總裁兼營運長 Kristine Martin Anderson。

As shown the disclaimer on slide 3, please note that we may make forward-looking statements on today's call, which involve known and unknown risk, 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 的免責聲明所示，請注意，我們可能會在今天的電話會議上發表前瞻性聲明，這些聲明涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致我們的實際結果與我們在提交給美國證券交易委員會的文件和本次電話會議中討論的預測結果存在重大差異。

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

所有前瞻性陳述均受上述警示性聲明的完整約束，且僅代表作出之日的觀點。除法律要求外，我們不承擔公開更新或修訂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 third quarter fiscal year 2026 earnings release and slides.

在今天的電話會議中，我們還將討論一些非GAAP財務指標和其他我們認為可以為投資者提供有用資訊的指標。我們在 2026 財年第三季財報和投影片中提供了非 GAAP 指標與最可比較 GAAP 指標的調整和其他調整的解釋。

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

所列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。現在我很高興將電話轉交給我們的董事長、執行長兼總裁霍拉西奧·羅贊斯基。我們現在講到第4張投影片了。

Thank you, Dustin. Welcome everyone and thank you for joining the call. Today, Kristine, Matt, and I will share Booz Allen's financial results for the third quarter of fiscal year 2026. Before we dive in, I would like to begin by acknowledging the transition of our Chief Financial Officer Matt Calderone.

謝謝你，達斯汀。歡迎各位，感謝你們參加本次通話。今天，克莉絲汀、馬特和我將分享博思艾倫顧問公司 2026 財年第三季的財務表現。在深入探討之前，我想先對財務長 Matt Calderone 的離職表示祝賀。

As we announced in December, Matt will be leaving on February 1, and today is his final Booz Allen earnings call. Matt has been with the company for over 23 years and has had meaningful impact in all his Leadership roles.

正如我們在 12 月宣布的那樣，Matt 將於 2 月 1 日離職，今天是他最後一次參加博思艾倫的財報電話會議。Matt 在公司工作超過 23 年，並在他擔任的所有領導職務中都發揮了重要作用。

Most recently as our CFO, he led us through a period of significant growth, deepened our connections with the Investor community, and helped many analysts and Investors better understand what we do by actually showing them our tech. He also played a pivotal role in strengthening Booz Allen's leadership position in the tech ecosystem through our investments and unique partnerships.

最近，他擔任我們的財務官，帶領我們經歷了顯著的增長期，加深了我們與投資者群體的聯繫，並透過實際展示我們的技術，幫助許多分析師和投資者更好地了解我們的業務。他也透過我們的投資和獨特的合作關係，在加強博思艾倫在科技生態系統中的領導地位方面發揮了關鍵作用。

Matt I'm grateful to you for all your contributions. On behalf of all of us, we wish you the very best.

馬特，我非常感謝你所做的一切貢獻。我們全體人員祝福您一切順利。

To continue our search for a new CFO, Kristine Martin Anderson will serve as our interim CFO in addition to her duties as our Chief Operating Officer. Kristine is an exceptional leader who has led and grown large businesses and currently drives the execution of Booz Allen's strategic and operational priorities. Thank you, Christine, for leading us through this transition.

為了繼續尋找新的財務官，克里斯汀·馬丁·安德森將在擔任營運長的同時，並兼任我們的臨時財務長。Kristine是一位傑出的領導者，她曾領導和發展大型企業，目前負責推動博思艾倫策略和營運重點的執行。謝謝克里斯汀帶領我們順利完成這次過渡。

And now let's turn to our performance.

現在讓我們來看看我們的表現。

During our October earnings call, we said we expected the macro environment to remain fluid and dynamic for the foreseeable future. We also outlined three priorities we would focus on to strengthen our near-term financial performance, expand our market leadership, and re-accelerate our growth.

在10月的財報電話會議上，我們曾表示，我們預計宏觀環境在可預見的未來將保持流動性和動態性。我們還概述了我們將重點關注的三個優先事項，以加強我們近期的財務表現、擴大我們的市場領導地位並重新加速我們的成長。

Those priorities were to reduce our cost accelerate our transition to outcome-based contracting and product sales and focus our investment by doubling down on proven growth factors like cyber, national security, partnerships, and AI.

這些優先事項是降低成本，加快向基於結果的合約和產品銷售的轉型，並透過加倍投入網路安全、國家安全、合作夥伴關係和人工智慧等已證明有效的成長因素來集中投資。

Our third quarter results demonstrate we're making strong progress against those priorities. Our results are in line with the revised fiscal year guidance we shared in October, and we are narrowing the ranges at the top and bottom lines.

我們第三季的業績表明，我們在實現這些優先事項方面取得了顯著進展。我們的業績與我們在 10 月公佈的修訂後的財年預期一致，並且我們正在縮小營收和利潤的預期範圍。

Our performance reflects strong execution and our ongoing transformation in a continually evolving and complex macro environment. On today's call, Matt will walk you through the numbers in detail, and Christine will share our outlook for the remainder of the fiscal year.

我們的業績反映了我們在不斷變化和複雜的宏觀環境中強大的執行力和持續轉型。在今天的電話會議上，Matt 將詳細講解相關數據，Christine 將分享我們對本財年剩餘時間的展望。

Ahead of that, I will focus my remarks on progress against our three priorities both in terms of current performance and on strengthening the foundation for the future.

在此之前，我將重點談談我們在三個優先事項方面的進展，包括目前的績效以及為未來打下堅實的基礎。

Let's begin with the first priority reduce cost.

讓我們從降低成本這項首要任務開始。

Early in the quarter, we took swift action to execute the cost reduction program we described on the October earnings call. These crucial and difficult actions were necessary to enable agility in a changing market they also create capacity to invest in growth.

本季度初，我們迅速採取行動，執行了我們在 10 月財報電話會議上提出的成本削減計劃。這些至關重要且艱難的舉措對於在不斷變化的市場中保持敏捷性是必要的，它們也創造了投資成長的能力。

In parallel with the cost reductions, we navigated the longest government shutdown in history. The shutdown exacerbated an already slowing and awards environment. Our performance demonstrates our resilience.

在削減成本的同時，我們也經歷了史上持續時間最長的政府停擺。此次停擺加劇了本已放緩的經濟和獎勵環境。我們的表現展現了我們的韌性。

Discipline cost management and strong execution. I am particularly proud that we supported our employees who were impacted during the historic shutdown. This decision was consistent with how we handled prior shutdowns.

嚴格的成本管理和強而有力的執行。我尤其感到自豪的是，我們為在這次歷史性停工期間受到影響的員工提供了支持。這項決定與我們先前處理停工事件的方式一致。

It ensured that people could immediately return to their customers' missions when contracts restarted. Overall, our results this quarter show that even in the midst of uncertainty and change, Booz Allen is managing the business tightly while preparing for the future.

它確保了當合約重新開始時，人們可以立即返回客戶處執行任務。總體而言，我們本季的業績表明，即使在充滿不確定性和變化的情況下，博思艾倫也在嚴格管理業務，同時為未來做好準備。

Shifting now to our second priority accelerating our transition to outcomes-based contracting and product sales. As part of the overall transformation of our business, we continue identifying opportunities to reshape our portfolio and deliver more technical outcome-based work.

現在，我們將轉向第二個優先事項，加快向基於結果的合約和產品銷售的轉型。作為我們業務整體轉型的一部分，我們將繼續尋找機會來重塑我們的產品組合，並交付更多以技術成果為導向的工作。

The recent divestiture of a portion of our DARPA business sets us up to unlock technical performer opportunities that align with our growth vectors. For example, our investments in full spectrum cyber capabilities are strongly aligned with DARPA mission.

最近剝離了我們部分 DARPA 業務，這使我們能夠抓住與我們成長方向相符的技術人才機會。例如，我們對全方位網路能力的投資與DARPA的使命高度契合。

DARPA accelerates tech acquisition through their expedited research implementation series, or US Marketplace. We are positioned to be a direct supplier of advanced technology and solutions.

DARPA 透過其快速研究實施系列（即美國市場）加速技術取得。我們有能力成為先進技術和解決方案的直接供應商。

We also continue to partner with our customers to convert existing work and procure new opportunities through more commercially oriented buying practices, including fixed price models. For our work on Thunderdome, this price cybersecurity program.

我們也將繼續與客戶合作，透過更具商業導向的採購方式（包括固定價格模式）來轉換現有工作並獲得新的機會。我們為 Thunderdome 專案所做的工作，是為網路安全計劃付費的。

We have successfully transitioned the majority of existing task orders to include a fixed price component. We were also recently awarded nearly $100 million of fixed price work to expand Thunderdome across the Department of War.

我們已成功將大部分現有任務訂單過渡到包含固定價格部分。我們最近還獲得了近 1 億美元的固定價格合同，用於擴建美國陸軍部的“雷霆穹頂”項目。

Through these efforts, we will continue advancing zero trust capabilities, including accelerating AI and adoption for cyber defense use cases. As we shift more of our portfolio to fixed price and outcome-based models, we gain more flexibility to innovate how we deliver.

透過這些努力，我們將繼續推進零信任能力，包括加速人工智慧及其在網路防禦用例中的應用。隨著我們將更多投資組合轉向固定價格和基於結果的模式，我們在交付方式的創新方面獲得了更大的靈活性。

This will create cost savings for the government and support Booz Allen's margin expansion over the medium to long. Staying on the topic of cyber, Booz Allen's VELUX reverser is a good example of how we are productizing our IP for commercial sales.

這將為政府節省成本，並支持博思艾倫在中長期擴大利潤率。繼續談到網路安全，博思艾倫的 VELUX 反向器就是一個很好的例子，說明了我們如何將我們的智慧財產權產品化以進行商業銷售。

VELUX reverser is our AI native malware reverse engineering product. This week we are launching it in general availability to both federal and commercial customers.

VELUX reverser 是我們自主研發的 AI 原生惡意軟體逆向工程產品。本週我們將全面為聯邦政府和商業客戶推出此服務。

VELUX reverser accelerates the organization's response to today's most complex cyber threats. It performs fully automated malware analysis and delivers actionable intelligence in minutes versus what traditionally takes days.

VELUX 反向器加快了組織對當今最複雜網路威脅的回應速度。它可執行全自動惡意軟體分析，並在幾分鐘內提供可操作的情報，而傳統方法則需要幾天時間。

As AI enhanced cyberattacks increase and become one of the primary threats of 2026, this product is a force multiplier for cyber defence efforts.

隨著人工智慧增強型網路攻擊的增加，並成為 2026 年的主要威脅之一，該產品將成為網路防禦工作的倍增器。

Thus, Booz Allen is redefining our future innovating what we build. How we build and deliver to ensure the best value for our customers.

因此，博思艾倫正在透過創新我們所建造的產品來重新定義我們的未來。我們如何建構和交付，以確保為客戶創造最大價值。

Lastly, we've made advances in our priority number three, focusing investments by doubling down on proving growth vectors to acceleration. Our progress is evident through the expansion of our national security portfolio, which is the combination of our defence and intel businesses, as well as our industry partnerships.

最後，我們在第三項優先事項上取得了進展，即透過加倍投入來集中投資，以證明成長途徑能夠加速發展。我們的進步體現在國家安全業務組合的擴展上，這包括我們的國防和情報業務以及我們的產業合作夥伴關係。

First, we continue to see strong demand for our technologies within national security missions. Two United States Navy examples illustrate this point. We recently announced the award of a $99 million contract with the Navy's Military Sealift Command.

首先，我們持續看到國家安全任務對我們的技術有強烈的需求。美國海軍的兩個例子可以說明這一點。我們最近宣布與海軍軍事海運司令部簽訂了一份價值 9,900 萬美元的合約。

Where we'll deliver wireless capabilities on board ships around the world. Using low Earth orbit satellites, advanced Wi-Fi, and 5G, our tech will enable ships to have secure, reliable connectivity at the tactical edge.

我們將為世界各地的船舶提供無線功能。利用低地球軌道衛星、先進的 Wi-Fi 和 5G 技術，我們的技術將使船隻能夠在戰術前沿擁有安全可靠的連接。

Additionally, many of our customers continue to increase our contract ceiling. Based on exceptional delivery and how well our exquisite tech works in their missions. We saw this with the Navy's Program Executive Office for Unmanned and Small Combatants.

此外，我們的許多客戶不斷提高合約上限。基於卓越的交付能力以及我們精湛的技術在他們任務中的出色表現。我們在海軍無人和小型作戰艦艇計畫執行辦公室就看到了這一點。

They recently expanded our work in the areas of unmanned and autonomous systems, mine and mine countermeasures, and mission modules for literal combat ships. This is in addition to work we're already delivering for the Navy on our visual object localization and tracking solution.

他們最近擴大了我們在無人和自主系統、水雷和反水雷措施以及真正的作戰艦艇任務模組領域的工作。除了我們已經為海軍提供的視覺物件定位和追蹤解決方案之外，我們還在進行其他工作。

It uses machine learning and open architecture interfaces on autonomous platforms to passively detect and track objects in a maritime environment. Our national security portfolio is well aligned to the Trump administration's highest tech and mission priorities and positioned for continued growth and expansion.

它利用自主平台上的機器學習和開放式架構接口，被動地檢測和追蹤海上環境中的物體。我們的國家安全組合與川普政府最高的技術和任務優先事項高度契合，並已做好持續成長和擴張的準備。

The other growth vector where we have doubled down is our industry partnerships. We are leveraging the tech ecosystem by engaging and investing in new ways with a specific focus on the best companies in Silicon Valley.

我們加大投入的另一個成長點是產業夥伴關係。我們正在利用科技生態系統，以新的方式參與和投資，尤其關注矽谷最優秀的公司。

Earlier this month, we announced a new partnership between Booz Allen and Andreessen Horowitz (a16z) one of the world's premier venture capital firms. Booz Allen is the first ever (a16z) technology acceleration partner for governments.

本月初，我們宣布了博思艾倫與世界頂級創投公司之一安德森·霍洛維茨基金（a16z）之間的新合作關係。博思艾倫是第一個為政府提供（a16z）技術加速服務的合作夥伴。

We've been working with (a16z) portfolio companies for many years and have an exceptional track record in building and delivering transformational technology that success is the foundation for this expanded partnership, and we look forward to building on our shared passion for driving the future of American technology.

多年來，我們一直與 (a16z) 投資組合公司合作，並在構建和交付變革性技術方面擁有卓越的業績記錄，而成功正是此次擴大合作的基礎，我們期待著在共同的熱情基礎上，推動美國技術的未來發展。

Together to co-create unique commercial tech for national security, public safety, healthcare, and other government missions. Booz Allen has committed to deploy up to $400 million in (a16z) late stage venture fund over the life of the fund.

共同為國家安全、公共安全、醫療保健和其他政府任務共同創造獨特的商業技術。博思艾倫已承諾在 (a16z) 後期創投基金的存續期內投入高達 4 億美元。

This is good for Booz Allen. It's good for our shareholders, and it's good for the country. Through this game changing partnership, we will choose national challenges that need to be solved. Build innovative tech solutions and deliver outcomes at speed and scale.

這對博思艾倫來說是好事。這對我們的股東有好處，對國家也有好處。透過這項具有變革意義的合作，我們將選擇需要解決的國家挑戰。建構創新技術解決方案，並快速、大規模地交付成果。

In closing, our performance this quarter and our progress against our three priorities gives me confidence that we are on track operationally and strategically. Looking ahead, we will continue to anticipate change in a dynamic environment.

最後，本季我們的業績以及我們在三大優先事項上的進展讓我相信，我們在營運和策略上都走在正確的軌道上。展望未來，我們將繼續在瞬息萬變的環境中預見變化。

We will operate efficiently and with agility accelerate our transformation and we will focus on returning to growth and now I'll hand it off to Matt to cover our third quarter financials.

我們將有效率且靈活地運營，加速轉型，專注於恢復成長。現在我將把第三季財務報告交給 Matt 來介紹。

Matt, for the last time over to you.

馬特，最後一次，該你了。

Thank you, Horacio, and good morning, everyone. As Horacio noted, this has remained a dynamic fiscal year. I share his pride in how Booz Allen has risen to the challenge, as well as his optimism for the future.

謝謝你，霍拉西奧，大家早安。正如霍拉西奧所指出的那樣，這仍然是一個充滿活力的財政年度。我和他一樣，為博思艾倫公司能夠迎接挑戰而感到自豪，也對公司的未來充滿樂觀。

Here are my five takeaways for the quarter. First, our third quarter results are in line with the revised fiscal year guidance we issued in October, even with the protracted shutdown. Revenue expendables, where most of our profitability is generated, tracked in line with expectations and both adjusted EBITDA and ADEPS were stronger than anticipated.

以下是我本季總結的五點要點。首先，儘管經歷了漫長的停工期，但我們第三季的業績仍與我們在 10 月發布的修訂後的財年預期相符。大部分獲利能力都來自收入支出，其表現符合預期，調整後的 EBITDA 和 ADEPS 均強於預期。

Second, we successfully navigated through both the government shutdown and significant cost actions in the quarter. The shutdown pushed some procurements and funding actions to the right. We believe based on our estimates that these will have a cumulative impact of about $50 million on revenue and $20 million on profit for the full fiscal year.

其次，我們成功應對了本季政府停擺和大幅成本削減措施帶來的挑戰。政府停擺導致一些採購和資金撥付行動提前進行。根據我們的估計，這些因素將對整個財政年度的收入造成約 5,000 萬美元的累積影響，對利潤造成約 2,000 萬美元的累積影響。

Additionally, in our national security portfolio, which includes our defence and intelligence businesses, the shutdown caused approximately $60 million in billable expenses to move from our Q3 into Q4. In the quarter we also completed meaningful actions to adjust our cost structure, dropping our run rate spend by approximately $150 million. The full impact of these cost actions on profitability will be felt next fiscal year.

此外，在我們包括國防和情報業務在內的國家安全組合中，政府停擺導致約 6,000 萬美元的應計費支出從第三季轉移到了第四季。本季度，我們還採取了有意義的措施來調整成本結構，將日常支出減少了約 1.5 億美元。這些成本控制措施對獲利能力的全面影響將在下一個財政年度顯現。

Third, we continue to operate the business very well. We are running the business efficiently and seeing strong contract level execution, this is reflected in our strong margin performance in the quarter.

第三，我們的業務運作依然非常出色。我們有效率地經營業務，並看到了強勁的合約執行力，這體現在我們本季強勁的利潤率表現上。

Fourth, while third quarter hiring and near-term funding were impacted by the shutdown, the overall demand outlook has improved.

第四，雖然第三季的招募和近期融資受到停工的影響，但整體需求前景有所改善。

As of December 31, our qualified pipeline for next fiscal year, that is fiscal year 2027, stands at nearly $53 billion. This is 12% higher than where our fiscal year 2026 pipeline was at the same point last year.

截至 12 月 31 日，我們下一財政年度（即 2027 財政年度）的合格專案儲備金接近 530 億美元。這比我們 2026 財年同期的規劃高出 12%。

And finally, we saw a meaningful decrease in our tax rate from a change in estimate related to the finalization of our fiscal year 2025 return. These changes included a higher R&D tax credit for more qualified technical work in our portfolio.

最後，由於 2025 財政年度申報表的最終確定，我們的稅率估算發生了變化，從而出現了顯著下降。這些變化包括對我們產品組合中更合格的技術工作提供更高的研發稅收抵免。

As well as additional revenues qualifying for the foreign derived and tangible income deduction. We expect this to provide $0.47 of incremental benefit to ADEPS for the full fiscal year.

以及符合境外衍生收入和有形收入扣除條件的其他收入。我們預計這將為 ADEPS 在整個財政年度帶來 0.47 美元的額外收益。

Importantly, we also anticipate that a meaningful portion of this benefit will be recurring. I will now walk you through our third quarter performance in more detail.

重要的是，我們也預期這部分收益將具有相當的持續性。接下來，我將更詳細地向大家介紹我們第三季的業績。

For the quarter, gross revenue totalled $2.6 billion representing a roughly 10% decline versus the prior year period and a 7% decline on a revenue ex billable basis. The government shutdown had two impacts on revenue in the quarter, one permanent and one temporal.

本季總收入為 26 億美元，與上年同期相比下降約 10%，按不計入應收帳款的收入計算下降 7%。政府停擺對本季收入產生了兩方面的影響，一方面是永久性的，另一方面是暫時性的。

We lost some revenue due to work not performed and we also saw some revenue pushed from Q3 to Q4 given timing delays and billable expenses. Adjusting for these impacts, gross revenue in the quarter was down about 6% year over year.

由於部分工作未能完成，我們損失了一些收入；同時，由於時間延誤和可計費費用，部分收入也從第三季度推遲到了第四季度。剔除這些影響後，本季總營收年減約 6%。

This is roughly in line with our expectations within these consolidated results, our performance remains bifurcated across markets.

這與我們對這些綜合業績的預期大致相符，我們的業績在不同市場之間仍然存在差異。

Our national security portfolio declined about 1% year over year in the quarter, inclusive of the impact of billable expenses shifting out of our Q3.

本季度，我們的國家安全投資組合年減約 1%，其中包括可計費支出從第三季轉移出去的影響。

Adjusting for the impact of the government shutdown, our national security portfolio grew about 4% year over year. As anticipated, our civil business declined about 28% year over year.

剔除政府停擺的影響，我們的國家安全投資組合年增約 4%。正如預期的那樣，我們的民用業務年減了約 28%。

We continue to expect this business to remain stable through the remainder of the fiscal year and are optimistic about its future.

我們仍預期該業務在本財年剩餘時間內將保持穩定，並對其未來持樂觀態度。

Turning now to demand.

現在來看需求方面。

Awards in the quarter were seasonally light, and as noted earlier, the shutdown caused delays in some funding actions and shifted some award activities to subsequent quarters.

本季的獎勵數量因季節原因而減少，如前所述，政府停擺導致一些資助行動延遲，並將一些獎勵活動轉移到後續季度。

Net bookings for the third quarter totalled $888 million. This equated to a quarterly book to bill ratio of 0.3 times and a trailing twelve-month book to bill of 1.1 tons. The overall pace of funding was meaningfully slower than prior third quarters, down 32% year over year.

第三季淨預訂金額總計 8.88 億美元。這相當於季度訂單出貨比為 0.3 倍，過去十二個月的訂單出貨比為 1.1 噸。整體融資速度明顯低於以往第三季度，年減 32%。

As a result, funded backlog fell 10% year over year. However, we did see a meaningful pickup in funding activity in December, as customers worked through backlog related to the government shutdown.

因此，已獲資助的積壓項目較去年同期下降了 10%。不過，12 月的融資活動確實出現了顯著回升，因為客戶開始處理與政府停擺相關的積壓工作。

Despite friction in the funding environment, we ended the calendar year with a record year-end backlog of over $38 billion up about 2% over the prior year. As we look ahead, our qualified pipeline for next fiscal year 2027, stands at nearly $53 billion.

儘管融資環境存在摩擦，但我們本年度的年末積壓訂單量仍創下歷史新高，超過 380 億美元，比前一年增長約 2%。展望未來，我們2027財年的合格專案儲備金接近530億美元。

This is 12% higher than where our fiscal year 2026 pipeline was at the same point last fiscal year. Our pipeline growth is broad-based. The national security pipeline is up 12%, while civil is up 10% year over year.

這比我們 2026 財年同期的產能規劃高出 12%。我們的業務成長基礎廣泛。國家安全領域的項目年增 12%，而民用領域的項目則較去年同期成長 10%。

Turning now to headcount.

現在開始統計人數。

Booz Allen ended the calendar year with roughly 32,000 employees. Our customer facing staff was down 2% sequentially in the quarter.

博思艾倫公司截至年底約有 32,000 名員工。本季我們面對客戶的員工人數較上季下降了 2%。

Notably, this includes involuntary terms of about 2.5%. And head count losses from the divestiture that were about 0.5%. Our focus remains on ensuring we have the right talent to execute our backlog and support pipeline growth. As funding flows and contracts continue to ramp, we are scaling hiring accordingly.

值得注意的是，這其中包括約 2.5% 的非自願條款。此次資產剝離導致員工人數減少了約 0.5%。我們將繼續專注於確保擁有合適的人才來執行積壓訂單並支持業務成長。隨著資金流入和合約數量的持續增加，我們也相應地擴大了招聘規模。

Moving now to profitability. Strong contractor execution and disciplined cost management helped drive profitability in the quarter.

現在開始獲利。承包商的高效執行和嚴格的成本控制推動了本季的獲利成長。

Adjusted EBITDA for the third quarter was $285 million. This translated to an adjusted EBITDA margin of 10.9%. Through the first three quarters of the fiscal year, our EBITDA margin was also 10.9%. We still expect margins to step down in the fourth quarter due to normal spending patterns and the anticipated catch-up in billable expenses.

第三季調整後 EBITDA 為 2.85 億美元。這意味著調整後的 EBITDA 利潤率為 10.9%。在本財年的前三個季度，我們的 EBITDA 利潤率也達到了 10.9%。我們仍然預計，由於正常的支出模式和預計的應收帳款追趕，第四季度利潤率將有所下降。

Further down the income statement, third quarter net income was $200 million a 7% increase year over year. Adjusted net income was $215 million an increase of about 9% from the prior year. Diluted earnings per share increased roughly 12% year over year to $1.63 per share.

在損益表的下半部分，第三季淨利為 2 億美元，年增 7%。經調整後的淨收入為 2.15 億美元，比上年增長約 9%。稀釋後每股收益年增約 12%，達到每股 1.63 美元。

Adjusted diluted earnings per share increased about 14% year over year to $1.77 per share. These increases were driven by meaningfully lower effective tax rates and a lower share count. They were partially offset by lower operating profit and slightly higher interest expense compared to the prior year period.

經調整後的稀釋每股收益年增約 14%，達到每股 1.77 美元。這些增長是由實際稅率大幅下降和股份數量減少所致。與去年同期相比，營業利潤下降和利息支出略有增加，部分抵銷了上述不利影響。

In the quarter, we also recognize a $7 million pre-tax gain from the divestiture of our DARPA CETA work, which is excluded from a non-GAAP adjusted income and ADEPS.

本季度，我們也確認了出售 DARPA CETA 工作所得的 700 萬美元稅前收益，該收益不計入非 GAAP 調整後收入和 ADEPS。

Transitioning now to the balance sheet, our balance sheet remains strong, and we continue to generate meaningful cash flow. At the end of the third quarter, we had $882 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.

現在來看資產負債表，我們的資產負債表依然穩健，我們持續產生可觀的現金流。第三季末，我們手頭現金為 8.82 億美元，淨負債為 31 億美元，淨槓桿比率為過去 12 個月調整後 EBITDA 的 2.5 倍。

As a result of particularly strong collections in December, free cash flow for the quarter was $248 million inclusive of $261 million of cash from operations, plus $13 million of CapEx.

由於 12 月的收款情況特別強勁，該季度的自由現金流為 2.48 億美元，其中包括 2.61 億美元的營運活動現金流，以及 1,300 萬美元的資本支出。

I will now turn to capital deployment.

接下來我將談談資金部署。

In the quarter we deployed a total of $195 million. This included $125 million in share purchases at an average price of $95.16. The total repurchase activity was just over 1% of outstanding shares in the quarter. It included $67 million in quarterly dividends and $3 million in strategic investments made through Razen Ventures.

本季我們總共投入了 1.95 億美元。其中包括以平均每股 95.16 美元的價格回購價值 1.25 億美元的股票。該季度股票回購總額略高於流通股的 1%。其中包括 6,700 萬美元的季度股息和透過 Razen Ventures 進行的 300 萬美元策略投資。

We are also pleased to announce that today our board of directors has approved a quarterly dividend of $0.59 per share, which will be payable on March second to stockholders of record as of February 13.

我們很高興地宣布，董事會今天批准了每股 0.59 美元的季度股息，將於 3 月 2 日支付給 2 月 13 日登記在冊的股東。

Finally, before Kristine walks you through the outlook for the remainder of our fiscal year, I want to take a brief moment to thank the people of Booz Allen. Bruce Island is an extraordinary place that does essential work for our nation, often in areas and in places that we cannot discuss.

最後，在 Kristine 向大家介紹本財年剩餘時間的展望之前，我想花一點時間感謝 Booz Allen 的各位員工。布魯斯島是一個非凡的地方，它為我們的國家做著至關重要的工作，但這些工作往往發生在一些我們無法討論的領域和地點。

It has been a great joy and an absolute privilege to be part of this company. I'm truly excited for Booz Allen's future.

能夠成為這家公司的一員，我感到無比榮幸和快樂。我真心為博思艾倫的未來感到興奮。

With that, Christine, over to you.

那麼，克莉絲汀，接下來就交給你了。

Thanks, Matt. I want to add my thanks to Matt for his incredible contributions to Booz's success. He will be missed, and we wish him great success in his new role.

謝謝你，馬特。我還要感謝 Matt 為 Booz 的成功做出的巨大貢獻。我們會想念他的，並祝他在新的崗位上取得巨大成功。

I will now walk you through our updated fiscal year 2026 outlook. Please turn to slide 7.

接下來，我將帶大家了解我們更新後的 2026 財年展望。請翻到第7頁投影片。

We remain focused on execution in the remaining months of a dynamic year. We expect quarter four funding to improve over quarter three but remain slower than usual. We will continue running the business effectively and efficiently.

我們將繼續專注於在今年剩餘幾個月的執行工作，這真是一個充滿活力的年份。我們預計第四季的資金狀況將比第三季有所改善，但仍將低於平常水準。我們將繼續有效率地經營業務。

As a result, we are tightening towards the lower end of our guided range for revenue and adjusting cash flow accordingly. We are also narrowing our EBITDA range, increasing adjusted EPS.

因此，我們將營收預期收緊至預期範圍的下限，並據此調整現金流。我們同時也在縮小 EBITDA 範圍，提高調整後每股盈餘。

We now expect to deliver revenue between $11.3 billion and $11.4 billion given some of the impacts from the prolonged government shutdown. We expect an adjusted EBITDA dollar range of between $1.195 billion and $1.215 billion. We are raising our ADEPS guidance to a range of $5.95 to $6.15 per share.

考慮到政府長期停擺帶來的一些影響，我們現在預計營收將在 113 億美元至 114 億美元之間。我們預計調整後的 EBITDA 美元範圍在 11.95 億美元至 12.15 億美元之間。我們將每股收益預期上調至 5.95 美元至 6.15 美元。

Lastly, we expect to generate free cash flow between $825 million and $900 million.

最後，我們預計將產生 8.25 億美元至 9 億美元的自由現金流。

We enter the final quarter of this year confident in our trajectory and our right to win. Demand for our national security technology and expertise remains robust. At the same time, our civil business is reset and demand is accelerating.

我們帶著對未來發展方向和獲勝權利的信心進入今年的最後一個季度。對我們國家安全技術和專業知識的需求仍然強勁。同時，我們的民用業務正在重組，需求正在加速成長。

It has been personally rewarding to work with our amazing people and commercial tech partners to develop and pitch big ideas that advance critical missions about which we are deeply passionate. For example, this quarter alone, we've advanced our cyber trade craft and prepared to launch VELUX reverser.

與我們優秀的員工和商業技術合作夥伴一起開發和提出偉大的想法，推進我們深感熱衷的關鍵使命，這對我個人來說是一件非常有成就感的事情。例如，僅本季度，我們就提升了網路貿易技術，並準備推出 VELUX 反向器。

We completed a major design review on the Air Force's Tactical Operations Centre Light program, the Air Force's next generation mobile command and control system.

我們完成了空軍戰術作戰中心輕型計畫（空軍下一代移動指揮控制系統）的重大設計審查。

We launched America the Beautiful Passes on recreation.gov. We engaged our allies on zero trust and war fighter tech solutions and we co-developed innovative solutions with our tech partners from long-term partners like Nvidia, AWS, and Shield AI to newer venture portfolio companies we are shaping our future.

我們在 recreation.gov 上推出了「美國美麗通行證」。我們與盟友合作，致力於零信任和作戰人員技術解決方案，並與我們的技術合作夥伴共同開發創新解決方案，從英偉達、AWS 和 Shield AI 等長期合作夥伴到我們正在塑造未來的新興創投公司。

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

現在，我們透過這位接線生開通提問專線。感謝。

(Operator Instructions) Collin Canfield, Cantor.

（操作說明）科林·坎菲爾德，坎托爾。

Hey, thank you for the question, and Matt, thank you for your Leadership. Character is the long run determinant of men and nations alike, and honestly, it's something you've exhibited in spades from your 2022 starting point of Russia's invasion of Ukraine to this year's volatility.

嘿，謝謝你的提問，馬特，謝謝你的領導。品格是決定個人和國家長遠命運的關鍵因素，說實話，從 2022 年俄羅斯入侵烏克蘭到今年的動盪局勢，你們已經充分展現了這一點。

So certainly, want to thank you, as, and then switching over to maybe the question side of it, as you think about the end market expectations for FY27, is it fair to characterize defence and intelligence as and is growing? With civil flat and then essentially when do you expect the downdrafts to lift on civil and FY27 thank you.

所以，當然要感謝您，接下來我們來談談問題方面，當您考慮 2027 財年的終端市場預期時，將國防和情報描述為正在增長是否公平？土木工程市場目前處於平穩狀態，那麼您預計土木工程市場何時會迎來下行壓力？ 2027財年的情況如何？謝謝。

Hey Colin, good morning. Let me start. Let me frame the conversation. First of all, I think the headline for this quarter is about strong execution across all aspects of our business. And about positioning for the future by investing in our growth vectors, and transforming the business, especially with an eye towards growing the bottom line and re-accelerating our overall growth.

嘿，科林，早安。我先開始。讓我來引導一下談話內容。首先，我認為本季的亮點在於我們業務各個方面都取得了強勁的執行力。而對於未來，我們將透過投資成長點和轉型業務來做好準備，尤其要著眼於提高利潤和重新加速整體成長。

Our national security business continues to, see good growth and very good prospects, but I think what's really exciting to us is our civil business, is beginning to reignite if, the pipeline is up double-digits both in national security and in civil, and, we're beginning to see, some movement on the world activity on the civil side which we have not.

我們的國家安全業務繼續保持良好的成長勢頭，前景非常光明，但真正讓我們感到興奮的是我們的民用業務，它開始重新煥發活力，無論是在國家安全領域還是民用領域，項目儲備都實現了兩位數的增長，而且我們開始看到，在民用領域的全球活動出現了一些新的進展，而此前我們並沒有看到這種情況。

Seen all year so my cautiously optimistic take is that the market does feel like it's at an inflection point. We obviously need to get through a couple of, still a couple of quarters of, challenging coms, but the business is certainly starting to feel a different energy.

縱觀全年，我謹慎樂觀地認為，市場確實感覺正處於一個轉捩點。我們顯然還需要度過接下來幾季充滿挑戰的溝通，但業務肯定開始感受到一種不同的活力。

Across the board and where we see the uplift is really in the areas that we're describing as our growth factors. Our AI business continues to grow strongly. We see both good growth and acceleration in our cyber business. Our defence tech business looks good and this work that we're doing with commercial partnerships is also, going to bring another wave of opportunity.

整體而言，我們看到成長的領域正是我們所說的成長因素。我們的人工智慧業務持續強勁成長。我們的網路安全業務呈現良好的成長勢頭，並且正在加速發展。我們的國防科技業務前景良好，我們與商業夥伴進行的這些工作也將帶來新一輪的機會。

Got it, no, I appreciate the call and then in terms of the kind of multi-year intelligence multi-year civil set up, can you maybe kind of talk through it as you think of like the pieces that have been down drafts this year that are likely to get made up over a multi-year period, maybe just frame kind of that construct versus the concept of just like a high level of rebuilding the civil administration and maybe like how you think about the multi-year level of work, not just like the quantitative makeup from this year, but essentially the level of cuts that have gone. Through civil this year conceptually how do, how do you think about that as being an opportunity for Boozel and Hamilton over a multi-year period.

明白了，謝謝您的來電。關於多年情報和多年民事架構，您能否談談您是如何看待今年已經草擬好的、可能需要多年才能完善的部分？能否就此架構進行闡述，將其與重建民事行政部門的整體概念進行比較？您是如何看待多年的工作計畫？不只是今年的量化組成，更重要的是已經削減的預算規模。透過今年的民事訴訟，從概念上講，你如何看待這對 Boozel 和 Hamilton 來說，在多年時間內是一個機會？

Yeah, thanks, Colin. I would say that civil has changed and that happens across administrations. We got a bit of a delay this time certainly with all the cuts. The biggest trend is that modernization and transformation has moved from a focus on cloud to a focus on readiness of data platforms that are critical for AI.

謝謝你，科林。我認為公民社會已經發生了變化，而且這種變化在歷屆政府中都會發生。這次因為各種裁員，我們確實耽擱了一些時間。最大的趨勢是，現代化和轉型已經從關注雲端運算轉向關注對人工智慧至關重要的數據平台的就緒性。

You see consolidation of platforms within and across agencies, and that's a focus and still a strength of ours, and definitely our delivery track record, is what has them turned back to us, in terms of specific missions.

你會看到機構內部和機構之間的平台整合，這是我們的重點，也是我們的優勢所在，我們出色的交付記錄也讓他們在具體任務方面再次選擇我們。

A smaller proportion of our forward-looking pipeline, healthcare will always be a national priority, and we are seeing like green shoots in AI enabled public health, biothreat detection, fraud detection. At FAA we're focused on an AI powered aviation safety data platform.

雖然醫療保健在我們前瞻性的研發管線中所佔比例較小，但它始終是國家優先事項，而且我們已經看到人工智慧賦能的公共衛生、生物威脅檢測、詐欺檢測等領域出現了一些積極的跡象。美國聯邦航空管理局 (FAA) 專注於開發由人工智慧驅動的航空安全資料平台。

At Homeland Security we're focused on autonomy at the edge, where integration of sensing and compute and decision making is required. And then, a weather infrastructure, ground processing AI-ML for multi-source intelligence, integrating commercial sources, there's just a few examples.

國土安全部專注於邊緣自主性，這需要將感測、運算和決策整合起來。此外，還有氣象基礎設施、用於多源情報的地面處理人工智慧/機器學習、整合商業資源等等，這只是幾個例子。

Okay I appreciate it thank you.

好的，謝謝。

Gautam Khanna, TD Cowan.

高塔姆·卡納，TD·考恩。

Yes, thank you and congratulations. I was wondering if you could talk about the cost reduction plan. How much of that is yet to unfold and how much, if you could, if you said how much was realized in the quarter.

是的，謝謝，也恭喜你。我想請您談談成本削減計劃。其中有多少尚未實現？如果可以的話，請問本季已經實現了多少？

Yeah, thanks, Gautam. I mean, the actions are done. Obviously, they happened over the course of the quarter. And remember, given the nature of, how we do accruals, in that sort of cost recoverable environment, it's not always a one-to-one impact of cost reductions, to the P&L in a given quarter.

謝謝你，高塔姆。我的意思是，事情已經發生了。顯然，這些事件都發生在本季內。請記住，鑑於我們在這種成本可回收環境下進行應計項目的性質，成本削減對特定季度損益表的影響並不總是成正比的。

They're essentially done. We'll see a little bit of the impact in Q4, but this really is about setting us up for next year. And to go back to Collin's question.

它們基本上已經完成了。我們將在第四季度看到一些影響，但這實際上是為了明年做好準備。回到科林的問題。

We obviously took a shock in our civil business at the beginning of the, of, our fiscal year, and these actions will essentially reset our margin structure, to accommodate for, the shift in our portfolio, caused by those one-time actions in civil. So, we saw very little of it in Q3, you see maybe a little bit more of it in Q4, the full weight, next fiscal year.

顯然，在本財年伊始，我們的民用業務受到了衝擊，這些措施將從根本上重置我們的利潤率結構，以適應由民用業務的這些一次性措施導致的投資組合變化。所以，我們在第三季幾乎沒看到這種情況，你可能會在第四季看到更多一些，而到了下一個財政年度，情況就會完全不同了。

Got you, and then could you talk a bit about or expand on your comments about, how things have picked up with respect to, pace of contract award activity and maybe I don't know if you're comfortable sharing, but what do you anticipate submitting over the next couple quarters in terms of-- I don't know if you can quantify, give the big, the pipeline opportunity set, but what are you actually pursuing.

明白了。那麼，您能否再談談或補充一下您關於合約授予活動速度加快方面的情況？還有，我不知道您是否方便分享，但您預計在接下來的幾季提交哪些項目？我不知道您是否能量化，考慮到目前的主要專案機會，您實際上在追求哪些專案？

Yes, yeah, thank you. Over the next couple quarters I mean we are seeing more movement in December post the shutdown, so funding in December was more than twice what October and November were combined, and January has started off strong as well, seeing some movement in the awards and just funding overall. We are pursuing the kind of work that we've talked about, in AI and cyber, in defence tech.

是的，謝謝。接下來的幾個季度，我們看到停擺結束後 12 月份的資金活動有所增加，12 月份的資金是 10 月和 11 月總和的兩倍多，1 月份的開局也很強勁，獎項發放和整體資金都有所增加。我們正在從事我們之前討論過的那一類工作，包括人工智慧、網路安全和國防科技領域的工作。

Doing a ton of co-creating with our partners, we have focused in national security in areas like space ground systems and full spectrum operations, AI enabled cyber operations, I've just talked a bit about civil, so still very much tied to our growth vectors.

我們與合作夥伴進行了大量的共同創造，專注於國家安全領域，例如太空地面系統和全頻譜作戰、人工智慧賦能的網路作戰，我剛才也談到了一些民用領域，所以這些仍然與我們的成長方向緊密相關。

Yeah, the other thing I would say is, as we have plenty of contract ceiling, and so what we're looking for our signs, and we're beginning to see signs, but it's early of demand picking up and then as Christine pointed out, demand in civil is picking up and demanding against our key defence growth areas and national security growth areas, is, remains strong.

是的，我還想說的是，由於我們有足夠的合約額度，所以我們正在尋找跡象，而且我們已經開始看到一些跡象，但現在還處於需求回升的早期階段，正如克里斯汀指出的那樣，民用領域的需求正在回升，而對我們關鍵國防增長領域和國家安全增長領域的需求仍然強勁。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Hi, good morning, guys, and congratulations, ma'am and thank you for all the help. So maybe if we could just start off in terms of the civil Christine, you talked about the green shoes and colors really helpful with the pipeline growing double-digits, but it was down 28% in the quarter or lower sequentially.

大家好，早安！恭喜女士，感謝您提供的所有協助。所以，如果我們能先從民事方面說起，克里斯汀，你談到了綠色鞋子和顏色對管道兩位數增長的幫助，但本季度下降了 28%，甚至比上一季度下降了更多。

How much of you, do you think was tied to the shutdown and how do we even start thinking about a return to growth in that market?

你認為你們當中有多少人受到疫情封鎖的影響？我們又該如何開始考慮恢復該市場的成長？

Yeah, I think the civil business overall had, this has been a year of reset, right, and, the shift from cuts to focusing on the President's priorities, I think is what you're seeing in terms of, there was very little, award activity that occurred in the majority of the beginning of our fiscal year and we are just starting to see that turn now, so, that pipeline has been there that we're starting to see some on contracts, we're starting to see the awards unlock and we are certainly seeing the pipeline expand.

是的，我認為民用業務整體上經歷了一個調整的年份，對吧？從削減開支轉向關注總統的優先事項，我認為這就是你所看到的，在本財年初期的大部分時間裡，授標活動非常少，而我們現在才開始看到這種轉變，所以，儲備項目一直都在，我們開始看到一些合同，我們開始看到授標項目啟動，我們當然也看到儲備項目正在擴大。

Got it. Thank you so much. And then maybe Horacio, one for you. I'm sorry, I'm going to put a big picture question out there for you because I know you appreciate them more, as you think about the way you sell to the government, maybe what are one or two biggest changes you've done to transition the business a bit more, whether it's in health or defence or civil, if you could just talk about that.

知道了。太感謝了。然後，或許霍拉西奧，給你來一杯。抱歉，我想問您一個比較宏觀的問題，因為我知道您更重視這類問題。當您思考如何向政府銷售產品時，您能否談談您為了更好地轉型業務而做出的一兩項最大改變，無論是在醫療、國防還是民用領域。

Yeah, I mean, there, there's a couple of things that that are different now than they were perhaps a year ago. One of them is we have been working on all of these commercial partnerships. We, we've had our venture fund for a while, but that has really picked up and accelerated, and we have become a lot more agile in the way we go to market with these companies, hence the (a16z).

是的，我的意思是，現在有些事情和一年前相比有所不同。其中之一是我們一直在努力建立這些商業夥伴關係。我們的創投基金已經成立一段時間了，但最近發展迅猛，我們在與這些公司合作進入市場時也變得更加靈活，因此…（a16z）。

Partnership, there's a good example, there on payments, for example, as that the US government is the largest, if not the largest payer involved if you think about all the payments have to process, and, the idea of bringing commercial solutions to that, we reimagined, how we would approach that, not just from the solution standpoint, but even from how we would, have the conversation.

合作方面，支付方面就是一個很好的例子，例如，美國政府是最大的支付方，即使不是最大的支付方，如果你考慮到所有需要處理的支付，那麼，我們重新構想了引入商業解決方案的方式，不僅是從解決方案的角度，甚至是從我們如何進行對話的角度。

How we would sell it, how we would run a pilot, who we would bring in and we were able to put together a couple of companies from the valley that that have great capabilities, one of which was focused on this topic, one of which had nothing to do with this topic that was in the (a16z) portfolio, and that we see more of that in the future and we see ourselves as advantage because we can truly create a complete solution across all of these. Technologies, there, there's opportunities like that that we see in health.

我們將如何銷售它，如何開展試點，我們將引入哪些人，我們成功地從矽谷召集了幾家擁有強大能力的公司，其中一家專注於這個主題，另一家與這個主題無關，它屬於 (a16z) 投資組合，我們看到未來會有更多這樣的機會，我們認為我們自身俱有優勢，因為我們能夠真正為所有這些方面創造一個完整的解決方案。在技​​術領域，我們看到了醫療健康領域這樣的機會。

There are things we're already pursuing and we have been pursuing, against, priorities for the Department of War from counter US to integrated C2 to battle management, and so, to me that is one big trend. The other big trend is we continue to drive our own work, towards outcome based. We, we've been having this conversation with customers for a while.

我們已經在追求一些目標，並且一直在追求一些與美國戰爭部優先事項相悖的目標，從反美到一體化指揮控制再到作戰管理，所以，在我看來，這是一個很大的趨勢。另一個大趨勢是我們繼續自主推進工作，朝著結果導向發展。我們和客戶們已經就這個問題進行了一段時間的討論。

The level of receptivity of that, since acquisition reform was announced. Has gone up significantly. I talked to the prepared remarks about the Thunderdome opportunities and how things, they are moving to fix price. We believe that this is going to be a significant trend over the next, couple of years that we view very positively.

自收購改革宣布以來，各方對此的接受程度如何。已大幅上漲。我談到了關於雷霆穹頂計畫機會的準備好的發言稿，以及他們如何朝著固定價格邁進。我們認為這將是未來幾年內的一個重要趨勢，我們對此持非常積極的態度。

Now a part of the way that plays out is the re once we take more control over the delivery, we can actually lower the cost to the government, which is why this is good for the government. While at the same time if we perform well driving our profitability, which is why I've been saying over the next couple of years I would expect Booz Allen's bottom line to grow faster than the top-line as we again deliver more value and capture more value.

現在，事情的其中一個結果就是，一旦我們更好地控制了交付過程，我們實際上就可以降低政府的成本，這就是為什麼這對政府有好處。同時，如果我們能夠有效提升獲利能力（這也是我一直以來所說的），那麼在未來幾年裡，我預計博思艾倫的淨利潤成長速度將超過營收成長速度，因為我們將再次創造更多價值並獲取更多價值。

Great thank you so much. Sure.

太好了，非常感謝。當然。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning Horacio and Matt. Nice results. And good job on the cost they got. Your head count was down 12% year over year just as the business returns to growth and you leverage AI based solutions. Do we expect organic revenue growth to outpace headcount growth going forward? And is that enough to offset the pricing pressures you're seeing on some of the civil programs as they come up for re-competes?

早安，霍拉西奧和馬特。結果不錯。而且他們控製成本做得很好。正當公司恢復成長並利用人工智慧解決方案之際，公司員工人數卻較去年同期下降了 12%。我們是否預期未來有機收入成長速度將超過員工人數成長速度？這是否足以抵消一些民用工程項目在重新競標時面臨的價格壓力？

Yeah, thanks Scott. I and the short answer is yes, right? I think, we're running the business efficiently and we're also getting more leverage, out of technology, as, even the things Horacio described, we're leading, with solutions that are more tech forward, so, yeah, you did see our revenue and profit per employee go up. I think that's a trend that you'll see persist into the future.

謝謝你，斯科特。簡而言之，答案是肯定的，對吧？我認為，我們高效地經營業務，並且從技術方面也獲得了更大的優勢，就像 Horacio 所描述的那樣，我們憑藉更具技術前瞻性的解決方案處於領先地位，所以，是的，你確實看到了我們的收入和人均利潤都在增長。我認為這種趨勢會持續下去。

Okay, and then one other modelling question previously you had mentioned you expected a $170 million cash tax refund in fiscal '27. Does the cash tax benefit from this year and the change in tax rate impact that refund you're expecting next year? Could it be a little bit higher?

好的，還有一個建模問題，您之前提到預計在 2027 財年會有 1.7 億美元的現金退稅。今年的現金稅收優惠和稅率變化是否會影響您明年預期獲得的退稅？還能再高一點嗎？

No, but, we do see, like there are still three cash tax headwinds for next year. There's the continued unwind of [$174] and state's ongoing assessment of the one big, beautiful bill. There's what you just mentioned, the $170 million refund from the IRS, and then the benefit from the incremental R&D tax credit, recognized this quarter, we don't expect to convert to cash this year. You're going to see some of that next year and then, given the recurring nature of at least that tax credit, it should be a longer-term cash tax headwind.

不，但是，我們確實看到，明年仍然有三個現金稅收方面的不利因素。還有 [174 美元] 的持續解封，以及州政府對這張龐大而漂亮的賬單的持續評估。剛才你提到了國稅局退還的 1.7 億美元，還有本季確認的研發稅收抵免帶來的收益，我們預計今年不會將其轉化為現金。明年你會看到一些這樣的情況，而且考慮到至少這項稅收抵免的周期性，它應該會成為長期的現金稅收阻力。

Okay, got it, thank you.

好的，明白了，謝謝。

John Godin, Citi.

約翰‧戈丁，花旗集團。

Hey guys, thanks for taking my question. I wanted to, just kind of dialogue a bit about, the defence budget outlook. There's this idea of the possibility of a $1.5 trillion budget, and I don't expect you guys to take a view on that, but what I was hoping was you could just offer thoughts on how a company kind of prepares for even the possibility of something like that.

各位好，感謝你們回答我的問題。我想就國防預算前景進行一些簡單的對話。有人提出預算可能達到 1.5 兆美元，我並不指望你們對此發表看法，但我希望你們能就公司如何為這種可能性做好準備提出一些想法。

Do we look out there and say let's make some investments ahead of that we've seen other companies engage in M&A possibly ahead of a change in inflection in the budget. Do we just look at it and say let's wait and see what really happens and maybe you take a view and you say all right, it could be [$1.2 or $1.3].

我們是否應該放眼市場，提前進行一些投資？我們已經看到其他公司可能在預算轉折點發生變化之前進行併購。我們是不是就這麼看看，然後說，讓我們等等看到底會發生什麼，也許你會發表一下看法，然後說，好吧，有可能…[1.2 美元或 1.3 美元]。

There seem to be so many permutations I'm just curious when the customer's messaging the possibility of that kind of growth how does that kind of feed into the strategic thinking and it's not a leading question you know obviously we don't know I just wanted to kind of dialog a little bit about it.

似乎有太多種可能性，我只是好奇，當客戶傳達這種成長的可能性時，這會如何影響策略思考？這不是一個誘導性問題，你知道，我們當然不知道，我只是想就此進行一些探討。

Well, it, it's a great question, and you know they the President has been clear all along, about rebuilding the industrial base, the defence industrial base around, recapitalizing some aspects of it around bringing new technology to bear, for our war fighters in the battlefield, and I think, a larger budget, whatever the number ends up being, is consistent, with the messaging that that's been going on all along and from our perspective we have been preparing all along to support those priorities.

嗯，這是一個很好的問題。你知道，總統一直以來都明確表示要重建工業基礎，特別是國防工業基礎，並對其某些方面進行資本重組，以便將新技術應用於戰場上的作戰人員。我認為，無論最終預算是多少，增加預算都與我們一直以來傳遞的訊息是一致的。從我們的角度來看，我們一直在為支持這些優先事項做準備。

If you go back a year ago, we were talking already about, leaning forward heavily into, opportunities with Golden Dome even before that got fully articulated, we expect that to accelerate in the coming year as one example, we're doing a lot of work on space.

如果回顧一年前，我們已經談到了與 Golden Dome 合作的機會，甚至在它完全成形之前，我們就已經開始大力推進這些機會。例如，我們預計在未來一年裡，這種合作將會加速發展，我們正在太空領域進行大量工作。

Our traditional strength in cyber, we expect next year to be a significant year for cyber across the board in part because of what we're seeing with the budget. But frankly, in part because the agentic cyberattacks and, the first public publicized one was when anthropic had the courage of coming in and explaining how cloud was used, for, maliciously for an attack. All of that is going to, in our view, accelerate the need for more cyber at the intersection of cyber AI.

我們一直以來都以網路安全為優勢，預計明年將是網路安全領域全面發展的重要一年，部分原因是我們看到了預算方面的一些變化。但坦白說，部分原因是代理網路攻擊，以及第一次公開報道的攻擊，是anthropic公司勇敢地站出來解釋雲端是如何被惡意用於攻擊的。我們認為，所有這些都將加速對網路人工智慧交叉領域中更多網路安全技術的需求。

In the next year and we have been making significant investments in all those areas, right? That's why the way we pick it up is there's a few growth vectors that we believe will ultimately drive significant growth for Booz Allen and significant value, excuse me, against these key priorities cyber, AI, national security, especially related to space and the border defence technology, right?

接下來的一年，我們在所有這些領域都進行了大量投資，對吧？這就是為什麼我們認為，有幾個增長點最終將推動博思艾倫實現顯著增長並創造顯著價值，抱歉，這些增長點主要集中在網路安全、人工智慧、國家安全（特別是與太空和邊境防禦技術相關的領域）等關鍵優先事項上，對吧？

I mean, and all of these controversial parts again set us up to be able to bring solutions quickly into those spaces, which is why we're excited about it. That, so that's the way we're thinking about it. This is a very dynamic environment.

我的意思是，所有這些有爭議的部分再次讓我們能夠迅速為這些領域帶來解決方案，這就是我們對此感到興奮的原因。沒錯，我們就是這麼考慮的。這是一個瞬息萬變的環境。

And there's a level of unpredictability around the environment and across all of our markets that that we have now sort of put into our management motion and so we're looking to become more agile Matt talked about the cost takeout that is an element of that so I believe we're well poised right now to respond, a little bit ahead, but we don't need to get too far ahead of, budgetary either headwinds or tailwinds. In a stronger way than we have over the last 12 months.

環境和我們所有市場都存在一定程度的不可預測性，我們現在已經將其納入管理行動中，因此我們正在尋求變得更加靈活。 Matt 談到了成本削減，這是其中一個因素，所以我相信我們現在已經做好了充分的準備來應對，稍微領先一些，但我們不需要在預算方面領先太多，無論是順風還是逆風。比過去 12 個月以來我們做得更出色。

Got it. That was very helpful. It sounds like, we, needless to say, regardless of what happens, a budget like that is something that you think booze will find ways to participate in in a meaningful way.

知道了。那很有幫助。聽起來，我們當然可以肯定地說，無論發生什麼，像這樣的預算，酒類產業總是會找到有意義的參與方式。

Completely, yeah.

完全正確。

Okay, thanks a lot.

好的，非常感謝。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Hey, thanks very much and good morning, and, congratulations, Matt. I wanted to ask when we think about, the funded backlog and recognizing that that the award situation, depressed Q3, where do you think you can end the year on funded backlog and, will that be enough to allow for growth in in fiscal '27?

嘿，非常感謝，早安，恭喜你，馬特。我想問的是，考慮到第三季撥款情況不佳，以及已獲資助的積壓項目數量，您認為今年年底已獲資助的積壓項目數量能達到多少？這是否足以在 2027 財年實現成長？

Yeah, thank you. As I mentioned, we are starting to see awards accelerate, and we hope that continues through the rest of the quarter, although it has been choppy, good months and bad months in terms of pushing funding out, and we're less focused on Q4 at this point because we're keeping heavily.

是啊，謝謝。正如我之前提到的，我們開始看到撥款速度加快，我們希望這種情況能在本季剩餘時間繼續維持下去。儘管在發放資金方面，情況時好時壞，但目前我們不太關注第四季度，因為我們正在全力以赴。

Focused on building momentum for next fiscal year, work that we win in February would, still have time to ramp up, which would affect the next year, but we are seeing really positive signs, as I mentioned, strong funding in December.

專注於為下一財年積蓄力量，我們在二月份贏得的項目還有時間逐步推進，這將影響到下一年，但正如我所提到的，我們看到了非常積極的跡象，12 月獲得了強勁的資金。

So far in January, very strong. An improved demand environment, pipelines up, lots of proposals being worked at all moments here and also even unsolicited proposals, OTAs, CSOs, it's very active, and we are, we've got ourselves right sized, and ready in position for growth.

一月份至今表現非常強勁。需求環境改善，專案儲備增加，這裡一直有很多提案正在推進，甚至還有自發性提案、OTA、CSO，市場非常活躍，我們已經調整好自身規模，做好了成長的準備。

Okay, great, thanks, and then maybe, as a follow-up, in your filings you guys pointed out the potential for increased competition from new players and commercial competitors are this as you point out in the business where you see that threat being more acute or maybe where you already see, more competition from new competitors.

好的，太好了，謝謝。那麼，作為後續問題，你們在提交的文件中指出，來自新玩家和商業競爭對手的潛在競爭加劇，正如你們所指出的，在哪些業務領域，這種威脅更加嚴重，或者在哪些領域，你們已經看到來自新競爭對手的競爭加劇。

The competitive market has already evolved if you looked at the people that that we would have listed as primary competitors five years ago and even primary teammates five years ago and the people that we team with now is a different competitive set for us we look at this as, more as where can we create opportunities.

競爭市場已經發生了變化。如果你看看五年前我們列出的主要競爭對手，甚至是五年前的主要合作夥伴，再看看現在與我們合作的伙伴，就會發現競爭格局已經改變了。我們現在更多是在思考，我們可以在哪裡創造機會。

By taking advantage of the fact that we have a unique set of relationships with the tech world, certainly the work we're doing with AWS, I'll give you an example, we're working with AWS, on an agentic AI platform that would, transform intelligence analysis as one example.

憑藉我們與科技界建立的獨特關係，特別是我們與 AWS 的合作，我舉個例子，我們正在與 AWS 合作開發一個智慧 AI 平台，這將徹底改變情報分析方式。

The fact that AWS is interested in co-investing with us and co-creating with us there is hugely exciting. Does that mean that somebody, another tech company will work with somebody else on a competitive platform? Probably, and that's okay. We believe that that teaming together we can do more, the work we've done with Nvidia all the way back to 2017.

AWS 有興趣與我們共同投資、共同創造，這令人非常興奮。這是否意味著其他科技公司會與其他公司在競爭平台上合作？可能吧，這也沒關係。我們相信，透過合作，我們可以做得更多，就像我們自 2017 年以來與英偉達所做的工作一樣。

Positions us uniquely, and again that I could go through the list, right, but, from Shield AI to hidden level, small companies that you never heard of to the largest companies, they, we have built, I believe, a unique ecosystem that can take advantage of the different trends that we see in the market.

這使我們擁有獨特的地位，我可以再次列出名單，對吧？但是，從 Shield AI 到隱藏級別，從你從未聽說過的小公司到最大的公司，我相信，我們已經建立了一個獨特的生態系統，可以利用我們在市場上看到的不同趨勢。

Great, thanks very much.

太好了，非常感謝。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Good morning. Thank you for taking my question and good luck, Matt. Just, in the past you've highlighted tactical selling and on contract growth as one of the challenges of this dynamic environment and Christine, you had some encouraging comments about seeing a recovery in civil. I just wanted to clarify whether this is normalized for the entire portfolio or is it still below trend and expecting that there still be a challenge next year. Thank you.

早安.謝謝你回答我的問題，祝你好運，馬特。過去，您曾強調戰術銷售和合約成長是這種動態環境面臨的挑戰之一，而克里斯汀，您對民用領域的復甦發表了一些令人鼓舞的評論。我只是想確認一下，這是否已經針對整個投資組合進行了標準化處理，還是仍然低於趨勢水平，預計明年仍將面臨挑戰。謝謝。

Sure, on contract growth will always be important, and, it's really just a matter of matching the customers' needs with, solutions that we can, bring forward to them. So there's always a constant, selling that's going on, as we mentioned, the funding environment has been choppy, right?

當然，合約成長始終很重要，而這實際上只是將客戶的需求與我們能夠為他們提供的解決方案相匹配的問題。所以，正如我們所提到的，拋售一直在進行，融資環境一直不穩定，對吧？

So I, does two months make a trend? I hope so, but we're going to, we're going to see here over time. There is a trend toward just funding smaller amounts, more frequently, and that's a lot more activity, for a lessened workforce, but we do see encouraging signs in that area both in the funding, and also, as we mentioned in the pipeline, and that includes pipeline for on-contract growth as well as pipeline for new awards.

所以，兩個月的時間能形成趨勢嗎？我希望如此，但我們還要拭目以待。目前存在著一種趨勢，即更頻繁地投入較小金額的資金，這雖然意味著更多的活動，但員工人數卻減少了。不過，我們確實在這個領域看到了令人鼓舞的跡象，無論是在資金方面，還是在專案儲備方面，正如我們在專案儲備中提到的那樣，這包括現有合約成長的專案儲備以及新合約的儲備。

That's great, thank you. And then if I can slip in another one about a larger new program, Golden Dome, the company's capabilities are really well suited for the mission. Can you just maybe level set what if anything we might hear about the company's role publicly, understanding a lot of it's happening in the dark world. Thank you again.

太好了，謝謝。然後，如果我還能順便提一下關於一個更大的新項目“金色穹頂”的話，該公司的能力非常適合這項任務。您能否先說明一下，我們可能會聽到哪些關於該公司在公開場合扮演的角色的信息，因為很多事情都發生在幕後。再次感謝。

Yeah, we're excited about our space business in general from space domain awareness to, ground systems and bringing AI, to developing, common ground systems and virtualizing that entire infrastructure, on Golden Dome in particular, we have been very active, pursuing a number of opportunities, many of which, we are not prepared to talk about yet.

是的，我們對整個太空業務都感到非常興奮，從太空領域感知到地面系統，再到引入人工智慧，以及開發通用地面系統和虛擬化整個基礎設施，尤其是在金穹頂項目上，我們一直非常積極地尋求各種機會，其中許多機會我們目前還不方便透露。

But, we see this as an area where, Booz Allen, as you said, has a lot to contribute, and we expect and hope to see significant growth there. And again, I mean, I, I'll take you back to it is still choppy and uncertain. And so, part of what we need to do, and we need to continue to do is find these areas where the mission priorities, the funding, and our capabilities are well aligned.

但是，正如您所說，我們認為博思艾倫可以在這個領域做出很多貢獻，我們期待並希望看到該領域取得顯著成長。再說一遍，我的意思是，我，我帶你回到過去，情況仍然不穩定，充滿不確定性。因此，我們需要做的部分工作，也是我們需要繼續做的事情，就是找到那些任務重點、資金和我們的能力能夠很好地契合的領域。

And double down on those areas, which is why you're hearing us talk about these growth vectors. You're going to hear us talk about those growth factors you're going to see us invest, in these areas to drive both top-line and in particular profit growth.

並且要加倍投入這些領域，這就是為什麼你會聽到我們談論這些成長點。你們將會聽到我們談論那些成長因素，你們將看到我們在這些領域進行投資，以推動營收成長，尤其是利潤成長。

Thank you.

謝謝。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Thank you and good luck, Matt. I was wondering if you could comment on what you might see as the interplay, it, the President indicated an appetite for a real tectonic change in defence spending next year. But I'm wondering if there would be interplay in offsetting areas should the growth in defence be very substantial. As opposed to just, blowing up the deficit, in particular, is civil an area that you think would be a source of fiscal restraint?

謝謝你，祝你好運，馬特。我想請您就您認為的這種相互作用發表一些看法，總統表示希望明年國防開支發生真正的結構性變化。但我很想知道，如果國防開支大幅成長，是否會在其他領域產生抵銷作用。與單純地大幅增加赤字相比，您認為民事領域是否可以成為財政約束的來源？

That that has been the trend certainly over the last year and even inside the Department of War they've done a lot of work to make sure that they're focusing funding against the key priorities, the one big beautiful bill was pretty specific in terms of the areas of investment. It was not broad based and so.

過去一年來，這的確是一種趨勢，甚至在戰爭部內部，他們也做了很多工作，以確保將資金集中用於關鍵優先事項，這項龐大而漂亮的法案在投資領域方面非常具體。它的基礎並不廣泛，因此。

We interpret, things going into next year as again, the President and the administration picking a key areas of focus and doubling down on funding and national investment against those areas with an expectation that the industry will follow suit and participate in that, part of what we're trying to do is anticipate it from the standpoint of the positions that we're taking, the capabilities that we're funding, the growth vectors that that we're investing in.

我們認為，明年總統和政府將繼續選定重點領域，加大對這些領域的資金投入和國家投資，並期望業界能夠效仿並參與其中。我們正在努力做的，就是從我們採取的立場、我們資助的能力以及我們投資的成長方向等方面來預測這種情況。

But a big part of it is we've built more agility into our system, again I point you to the cost reduction. I point you to the fact that we flattened and simplify the management layers. In order to be able to respond more quickly to the fact that as funding potentially gets reprogrammed against these priorities, even if overall funding is higher, we need to be well positioned to respond to that, and I believe that we are, we've made significant strides.

但很大一部分原因是我們提高了系統的彈性，我再次強調成本降低的重要性。我想指出的是，我們已經簡化並扁平化了管理層級。為了能夠更快地應對資金可能因這些優先事項而重新分配的情況（即使總資金有所增加），我們需要做好充分的準備來應對這種情況，我相信我們已經做到了，我們取得了顯著的進步。

And I would also add that, if you go back a couple of years when I was a civil sector President, I used to talk about enduring missions. These are missions that have to be done. In civil regardless of administration, but what changes is the approach and so we're seeing that, right? You're, you still need, a strong FAA and aviation safety.

我還要補充一點，如果回顧幾年前我擔任民間部門主席的時候，我常常談到持久使命。這些都是必須完成的任務。無論行政部門如何更迭，民事訴訟中改變的是方法，所以我們現在看到了這一點，對吧？你仍然需要強大的美國聯邦航空管理局（FAA）和航空安全保障。

You still need to deliver health care, you still need secure borders, you still need to have the right infrastructure, to drive the nation and so we're seeing exactly that the missions are enduring, the same ones that we have invested in for years, but the focus area has changed and now they're really ready to move forward to impact.

你仍然需要提供醫療保健，仍然需要安全的邊境，仍然需要合適的基礎建設來推動國家發展，所以我們看到，這些使命依然存在，與我們多年來一直投資的使命相同，但重點領域已經改變，現在它們真的準備好向前邁進，產生影響。

Thank you, I appreciate that. And with respect to capital deployment, you've got a strong balance sheet. This is a period of significant change. If you'd like to lean in and utilize the balance sheet more to, affect change in the portfolio and maybe inclusive in your response. Could you talk about the EO and share repurchase and whether or not you feel constrained in future repurchases as a rule?

謝謝，我很感激。就資本部署而言，你們的資產負債表非常穩健。這是一個充滿重大變革的時期。如果你想更深入地利用資產負債表來影響投資組合的變化，或許可以在你的回應中體現出包容性。您能否談談企業重組和股票回購，以及您是否覺得未來回購股票會受到限制？

Yeah, let me start by saying, that, let me start with the EEO. The EEO, was focused on making sure the defence contractors, especially the ones that the Department of Warfield are underperforming. Got back up to track and made sure that they invested consistent with the requirements in order to create the capacity and then to prioritize the government's missions.

是的，首先我想說的是，讓我先從平等就業機會（EEO）說起。EEO 的重點是確保國防承包商，特別是那些在國防部表現不佳的承包商。重新回到正軌，確保他們按照要求進行投資，以建立能力，然後優先考慮政府的任務。

I think Booz Allen is already there, in addition to the fact that our much work is less capital intensive, we are very proud of our delivery and we do not have any performance issues, so we don't think that on the whole, on the main, the EEO, applies to us in a negative way. Having said that, I, to the other part of your question, absolutely right.

我認為博思艾倫已經達到了那個水平，此外，我們的許多工作資本密集度較低，我們對自己的交付成果感到非常自豪，而且我們沒有任何績效問題，所以我們不認為總體而言，平等就業機會法案對我們有什麼負面影響。話雖如此，對於你問題的另一部分，我的回答完全正確。

I mean, our capital deployment priorities remain unchanged. The balance sheet is strong and it's a strategic asset, and we're, we continue to look for, call it smaller but, impactful M&A that can that can behave as a strategic accelerator, especially in the growth vectors, that I, that we've been talking about all morning and then so, hopefully you'll see us, be more active, especially in those areas.

我的意思是，我們的資金部署重點仍然保持不變。資產負債表穩健，是一項策略資產。我們將繼續尋找規模較小但影響深遠的併購，以發揮戰略加速器的作用，尤其是在我們今天早上一直在討論的成長領域。因此，希望大家能看到我們更積極參與其中，尤其是在這些領域。

Beyond that, of course we'll continue to support the dividend and then, share repurchases become, something that's more opportunistic. Because, obviously, our investors should not want us, do not want us, and we don't want to have, a, an idle balance sheet. So that's the overall thought process. But we're very focused strategically on re-accelerating, reigniting our growth, and to do it in a very focused way.

除此之外，我們當然會繼續支持分紅，而股票回購則更取決於機會。因為很顯然，我們的投資人不應該想要我們，也確實不想要我們，而我們也不想讓資產負債表閒置。這就是整體的思考過程。但我們的策略重點是重新加速、重振成長，並且以非常專注的方式實現這一目標。

Thank you.

謝謝。

Thank you so much, and this will conclude our Q&A session. I will pass it back to Horacio for closing comments.

非常感謝，我們的問答環節到此結束。我將把這個問題交還給霍拉西奧，讓他做總結發言。

Thank you, [Carmen] and thank you all for your questions this morning. I hope the discussion conveyed that even in a what remains a complex and challenging environment, Booz Allen is on track both operationally and strategic, and that our people are focused every day on building and delivering technologies that create value for our company, for our nation, and for our Investors.

謝謝卡門，也謝謝大家今天早上提出的問題。我希望透過這次討論傳達出這樣的訊息：即使在當前複雜且充滿挑戰的環境下，博思艾倫在營運和策略方面也步入正軌，我們的員工每天都專注於建構和交付能夠為公司、國家和投資者創造價值的技術。

And as we close, let me share my excitement about 2026. It's not only the things that we talked about this morning that give me confidence and optimism about the future, but this is a special year, and I'm excited, for our company-wide celebration of America's 250th birthday.

最後，請容許我分享我對 2026 年的期待。讓我對未來充滿信心和樂觀的，不僅是我們今天早上討論的事情，而且今年也是特殊的一年，我非常興奮，因為我們公司將慶祝美國建國250週年。

We're planning a year of company-wide events, to live our purpose and especially to show our commitment to passionate service both by amping up our work in in our communities, and also, certainly our work on these critical missions and with that thank you all for joining us and have a great day.

我們計劃在一年內舉辦一系列公司範圍內的活動，以實踐我們的宗旨，尤其要展現我們對熱情服務的承諾，這體現在我們加強在社區的工作，以及我們參與這些關鍵任務的工作中。在此，感謝大家的參與，祝福大家有美好的一天。

Concludes our program. Thank you for participating, and you may now disconnect.

我們的節目到此結束。感謝您的參與，您現在可以斷開連接了。