Booz Allen Hamilton Holding Corporation (BAH) 2026 Q4 法說會逐字稿

Good morning. Thank you for standing by, and welcome to Booz Allen Hamilton's earnings call covering fourth-quarter fiscal year 2026 results. (Operator Instructions) I'd now like to turn the call over to the Head of Investor Relations, Dustin Darensbourg.

早安。感謝各位稍候，歡迎參加博思艾倫漢密爾頓（Booz Allen Hamilton）涵蓋2026會計年度第四季業績的財報電話會議。（接線員指示）現在我想把電話交給投資人關係主管Dustin Darensbourg。

Thank you. Good morning and thank you all for joining us for Booz Allen's fourth-quarter fiscal year 2026 earnings call. We hope you've had an opportunity to read the press release we issued earlier this morning. We also have 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會計年度第四季財報電話會議。希望各位已經有機會閱讀我們今天稍早發布的新聞稿。我們也已在官網提供簡報投影片，現在在第2頁。

With me today to talk about our business and financial results are Horacio Rozanski, our Chairman and Chief Executive Officer; Kristine Martin Anderson, President and Chief Operating Officer; and Troy Lahr, Executive Vice President and Chief Financial Officer.

今天與我一同說明公司營運與財務結果的有：董事長兼執行長Horacio Rozanski；總裁兼營運長Kristine Martin Anderson；以及執行副總裁兼財務長Troy Lahr。

As shown on the disclaimer on slide 3, please keep in mind that some of the items we will discuss this morning are forward-looking and may relate to future events or future financial performance, and may involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from forecasted results discussed in our SECs filings and on this call.

如第3頁的免責聲明所示，請注意我們今天早上將討論的部分事項屬於前瞻性陳述，可能涉及未來事件或未來財務表現，並可能包含已知與未知的風險、不確定性及其他因素，致使實際結果與我們在向美國證券交易委員會（SEC）申報文件及本次電話會議中所討論的預測結果出現重大差異。

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

所有前瞻性陳述均在前述警示性聲明的限制下作完整限定，且僅以作出當日為準。除法律要求外，我們不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述之義務。

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 fourth-quarter fiscal year 2026 earnings release in 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，我們也將討論部分非GAAP財務衡量指標及其他指標，我們認為這些資訊對投資人具有參考價值。我們在2026會計年度第四季財報新聞稿的投影片中，提供非GAAP指標調整項目之說明，以及與最可比GAAP指標之對帳。所呈現數字可能經四捨五入，因此可能與我們公開揭露的數字略有差異。

It is now my pleasure to turn the call over to our Chairman and CEO, Horacio Rozanski. We are now on slide 4.

現在我很榮幸把電話交給我們的董事長兼執行長Horacio Rozanski。我們現在在第4頁。

Thank you, Dustin, and good morning, everyone. Thank you for joining the call. Before diving into our results, I would like to begin by acknowledging two leadership updates we announced last month. First, I am very pleased to have our new CFO, Troy Lahr, with us onto the call.

謝謝你，Dustin，各位早安。感謝各位參加本次電話會議。在深入說明業績之前，我想先提及我們上個月宣布的兩項領導團隊更新。首先，我非常高興我們的新任財務長Troy Lahr今天也在電話會議上。

Troy joined Booz Allen earlier this month. He brings more than 25 years of financial leadership experience across the defense industry. Most recently, Troy served the CFO of Sierra Space, a defense tech space company. And prior to that, he was CFO of Boeing's Defense, Space and Security business. I am excited to have him on our team. Troy, welcome.

Troy在本月稍早加入博思艾倫。他在國防產業擁有超過25年的財務領導經驗。最近，Troy擔任Sierra Space（一家國防科技太空公司）的財務長。在此之前，他曾任波音國防、太空與安全（Defense, Space and Security）事業的財務長。我很高興他加入我們的團隊。Troy，歡迎。

And second, our Chief Operating Officer, Kristine Martin Anderson, has assumed the additional position of President. Kristine has been a growth leader at Booz Allen for over two decades. Today, Kristine and I worked together to drive Booz Allen's strategic positioning, business direction and performance.

第二，我們的營運長Kristine Martin Anderson已兼任總裁一職。Kristine在博思艾倫擔任成長領導者已超過二十年。如今，Kristine與我攜手推動博思艾倫的策略定位、業務方向與績效表現。

Naming her President recognizes the extraordinary impact and success she is having across the company. I am grateful for Kristine's leadership and look forward to continuing our partnership as we lead Booz Allen into the future. Congrats, Kristine.

任命她為總裁，是對她在全公司所帶來的卓越影響與成功的肯定。我感謝Kristine的領導，也期待在帶領博思艾倫邁向未來的過程中，持續與她合作。恭喜你，Kristine。

So today, Kristine, Troy and I will share Booz Allen's results for fiscal year 2026 and our outlook for the year ahead. I will start by framing our performance in the context of the environment and our strategy. Kristine will then discuss our business trajectory and operational priorities, and Troy will then cover our financial results and fiscal year 2027 guidance.

因此今天，Kristine、Troy與我將分享博思艾倫2026會計年度的業績，以及對未來一年的展望。我將先從外部環境與我們的策略脈絡來說明我們的表現。接著Kristine將談我們的業務走勢與營運優先事項，然後Troy將說明財務結果與2027會計年度的財測指引。

Let's start with our performance. Fiscal year 2026 was the most challenging year we faced as a public company. We navigated unprecedented headwinds in our Civil business, as well as significant market changes across the board. Our team responded with outstanding execution of all controllable levers. And we went pedal to the metal in our strategic transformation.

先從我們的表現談起。2026會計年度是我們成為上市公司以來面臨最具挑戰的一年。我們在民用（Civil）業務遭遇前所未見的逆風，同時整體市場也出現重大變化。我們的團隊對所有可控槓桿展現了卓越的執行力。並且在策略轉型上全力以赴、加速推進。

Our numbers for the year reflect those efforts as well as exceptional cost discipline. Despite declining revenue, profitability exceeded our revised expectations. What's particularly notable is that we deliver this bottom-line performance while continuing to invest for future growth.

我們全年的數字反映了這些努力，以及出色的成本紀律。儘管營收下滑，獲利能力仍超出我們下修後的預期。特別值得注意的是，我們在持續投資以支撐未來成長的同時，仍交出這樣的底線表現。

On the strategic front, the moves are simply too many to detail. Here are some examples. We drove significant growth in outcome-based opportunities and contracts. This includes a nearly 90% increase in other transaction authority or OTA proposal submissions and about a 50% increase in OTA awards compared to the prior year.

在策略面，相關舉措多到難以一一詳述。以下是一些例子。我們推動以成果為導向（outcome-based）的機會與合約顯著成長。其中包括：其他交易授權（Other Transaction Authority，OTA）提案提交量較前一年增加近90%，以及OTA得標數約增加50%。

We accelerated the creation of differentiated offerings and products across our cyber and defense tech sectors, including our Vellox suite and our EdgeXtend product lines. And we built a pipeline of opportunities based on unique partnerships, including with NVIDIA, AWS, a16z companies and our own Booz Allen Ventures.

我們加速在資安與國防科技領域打造具差異化的解決方案與產品，包括我們的Vellox套件以及EdgeXtend產品線。我們也透過獨特的合作夥伴關係建立機會管線，包括與NVIDIA、AWS、a16z旗下公司，以及我們自有的Booz Allen Ventures。

I am extremely proud of how our entire team performed throughout the year. Our people stayed focused on what they can control, build tech for the nation and delivered with utmost excellence. Put simply, we are a stronger company than we were a year ago.

我為整個團隊在全年展現的表現感到無比自豪。我們的同仁專注於可控之事，為國家打造科技，並以最高水準交付成果。簡而言之，我們比一年前更強大。

Let me now turn to fiscal year 2027 in terms of the current environment, our outlook and our strategy. Today's macro environment is being shaped by multiple forces. Geopolitical competition is intensifying. The global security environment is becoming more contested. And as technology advances and converges at breakneck speed, technological superiority is becoming even more central to national and economic security.

接下來我將就當前環境、展望與策略，談談2027會計年度。今日的總體環境正受到多股力量共同塑造。地緣政治競爭正在加劇。全球安全環境愈發對立且競逐更為激烈。而隨著科技以驚人速度演進並加速融合，技術優勢在國家與經濟安全中的核心地位更加凸顯。

For the administration and across our customers, these dynamics translate into a clear set of priorities, including defending the homeland, increasing warfighter readiness and lethality, ensuring American leadership in AI and cyber and making government more efficient. Increasingly, achieving those priorities requires departments and agencies to buy differently, putting greater emphasis on speed, commercial solutions and accountability for outcomes.

對政府施政團隊以及我們的客戶而言，這些動態轉化為一套明確的優先事項，包括：保衛本土、提升作戰人員（warfighter）的備戰能力與致命性、確保美國在AI與資安領域的領導地位，以及提升政府效率。而要達成這些優先事項，部會與機關愈來愈需要以不同方式採購，更加重視速度、商用解決方案，以及對成果的問責。

We do expect these procurement changes to cause continued uncertainty in the near term. Why? Because change this big is difficult, even when it's necessary. But importantly, we view these changes as both overdue and as significant sources of opportunity for Booz Allen in the medium and long term.

我們確實預期這些採購變革在短期內將持續帶來不確定性。為什麼？因為如此大規模的改變即使必要，也不容易推動。但重要的是，我們認為這些變革不僅早該發生，也將在中長期為博思艾倫帶來重大的機會來源。

This is the market we have been preparing for. The decisive actions we took in fiscal year 2026 have made Booz Allen more agile and preserved our ability to invest in fast-growing, highly profitable aspects of our business. Thus, we enter fiscal year 2027 with both momentum and focus.

這正是我們一直在準備迎接的市場。我們在2026會計年度採取的果斷行動，使博思艾倫更具敏捷性，並保留了我們投資於業務中成長快速且高獲利部分的能力。因此，我們以動能與聚焦並具的狀態進入2027會計年度。

Our strategic agenda can be summarized as follows. First, investing organically and inorganically to accelerate our cyber and defense tech growth vectors with particular focus on fully monetizing our sizable intellectual property portfolio.

我們的策略議程可概括如下。第一，透過內生成長與外部併購／投資（organic and inorganic）加速我們在資安與國防科技的成長向量，並特別聚焦於充分變現我們規模可觀的智慧財產權組合。

Second, injecting AI and agentic into all we do, from our existing work, to our newest opportunities to our own infrastructure. Third, accelerating the next wave of tech investments into the market, including physical AI, quantum, 6G and AI-RAN.

第二，將 AI 與代理式能力注入我們所做的一切，從既有工作、到最新機會、再到我們自身的基礎設施。第三，加速把下一波科技投資推向市場，包括實體 AI、量子、6G 與 AI-RAN。

And fourth, maximizing the value of our unique network of tech partnerships and VC investments. When I put it all together, I am incredibly optimistic about the opportunities ahead. We're moving faster. We're investing with focus and we're building the technologies to make America safer and stronger.

第四，將我們獨特的科技合作夥伴網絡與創投（VC）投資的價值最大化。把這些整合起來後，我對未來的機會極為樂觀。我們正在加速前進。我們聚焦投資，並打造能讓美國更安全、更強大的技術。

And with that, Kristine, over to you to the trajectory of our business.

接下來，Kristine，交給你來談談我們業務的發展軌跡。

Thank you, Horacio. I'll begin by describing what we are seeing across our business and how that informs our outlook for the year ahead. We expect our civil and national security markets to remain bifurcated with different near-term dynamics, and different paths to growth.

謝謝你，Horacio。我將先說明我們在各項業務中觀察到的情況，以及這些如何影響我們對未來一年的展望。我們預期民用與國家安全市場仍將呈現分化，短期動能不同，成長路徑也不同。

In our Civil portfolio, while demand remains below historical levels, we are continuing to see acceleration. Civil's fourth-quarter book-to-bill was 1.2 times, led by our health business. Demand is broad-based and leading to new opportunities.

在我們的民用（Civil）組合中，雖然需求仍低於歷史水準，但我們持續看到加速跡象。民用業務第四季的接單出貨比（book-to-bill）為 1.2 倍，主要由我們的健康業務帶動。需求呈現廣泛分布，並帶來新的機會。

While the volume of awards is high, many recompetes have shorter periods of performance and smaller scope. These dynamics mean it will take time for the uptick in demand to translate into growth. We are also facing challenging comps, particularly in the first and second quarter due to the timing of last year's contract cuts and reductions in our work at Treasury. As a result, we expect our Civil portfolio to continue declining this year, particularly in the first half.

雖然得標量很高，但許多再競標（recompete）案的履約期間較短、範疇也較小。這些動態意味著，需求回升要轉化為成長仍需時間。我們也面臨具挑戰性的比較基期，尤其第一與第二季，原因在於去年合約削減的時點，以及我們在財政部（Treasury）工作的縮減。因此，我們預期民用組合今年仍將持續下滑，特別是在上半年。

Conversely, we expect our national security portfolio to drive our overall growth in the coming quarters. In the fourth quarter alone, we won $1.7 billion of work. We are well positioned against national security priorities, especially in cyber and defense tech. As these growth areas outperform, we also expect to see margin expansion across the portfolio.

相對地，我們預期國家安全組合將在未來幾季帶動整體成長。僅第四季，我們就贏得了 17 億美元的業務。我們在國家安全優先事項上具備良好布局，尤其是在資安與國防科技。隨著這些成長領域表現優於其他部分，我們也預期整體組合的利潤率將擴張。

I'd like to take a few moments to specifically describe how we are leaning forward to accelerate growth in cyber. You may remember that we first talked about the intersection of cyber and AI at our investor event in 2023. Today, Demand for AI-enabled cyber solutions is increasing and will be a major driver in fiscal year 2027 and beyond.

我想花幾分鐘具體說明，我們如何積極推進以加速資安成長。各位或許記得，我們在 2023 年投資人活動中首次談到資安與 AI 的交會。如今，對 AI 賦能的資安解決方案需求正在增加，並將成為 2027 會計年度及之後的重要驅動力。

Booz Allen is already a significant player across the entire cyber landscape. We support the most important cyber missions in national security and help defend Federal agencies from cyber-attacks. We also serve an impressive set of Fortune 500 companies across all 16 critical infrastructure areas, and we respond to over 1,000 cyber incidents a year.

Booz Allen 已經是整個資安版圖中的重要參與者。我們支援國家安全中最重要的資安任務，並協助聯邦機構防禦網路攻擊。我們也服務一批令人印象深刻的《財富》500 大企業，涵蓋全部 16 個關鍵基礎設施領域，且每年回應超過 1,000 起資安事件。

But we are not stopping there. As AI-driven cyber-attacks grow in speed and scale, we are fusing our deep AI expertise into our cyber offerings and accelerating their path to market. Here are a few examples. We emulated the advanced adversary by using agentic AI to automate the cyber kill chain. This helped us better understand the threat and build next-generation defensive solutions to defeat it.

但我們不會止步於此。隨著 AI 驅動的網路攻擊在速度與規模上持續成長，我們正把深厚的 AI 專長融合進資安產品與服務，並加速其上市進程。以下是幾個例子。我們使用代理式 AI 自動化網路攻擊鏈（cyber kill chain），以模擬先進對手。這幫助我們更好地理解威脅，並打造下一代防禦解決方案以加以擊敗。

We are using AI to strengthen our Zero Trust capabilities, which helped to contain the adversary's movement when compromise does occur. We are fast-tracking the development of our Vellox suite of agentic cyber products for both Federal and commercial customers.

我們運用 AI 強化零信任（Zero Trust）能力，當發生入侵時，有助於遏止對手的橫向移動。我們正加速開發 Vellox 代理式資安產品套件，面向聯邦與商業客戶。

And within commercial, our recently announced acquisition of Defy Security strengthens our ability to scale cyber product sales and expand our reach across the market. We are bringing our decades of cyber expertise, our AI prowess, and our investment capacity to drive substantial growth and transformation in this new era of agentic cyber.

在商業領域，我們近期宣布收購 Defy Security，強化了我們擴大資安產品銷售規模的能力，並拓展我們在市場中的觸及範圍。我們將憑藉數十年的資安專業、AI 實力與投資能力，在代理式資安的新時代推動可觀的成長與轉型。

Stepping back, cyber is just one area of opportunity ahead of us in national security. Here are two additional examples across the broader portfolio. First, we are proud to have been awarded an OTA on Golden Dome for America's space-based interceptor program. Our work focuses on a critical element of a prototype system for space-based missile defense.

拉遠來看，資安只是我們在國家安全領域眾多機會之一。以下是整體組合中的另外兩個例子。第一，我們很自豪獲得「Golden Dome」的 OTA（其他交易授權），用於美國的太空基攔截器計畫。我們的工作聚焦於太空基飛彈防禦原型系統中的關鍵要素。

And in the fourth quarter, Booz Allen was awarded Breakthrough Engineering and Advanced Technology Solutions, or BEATS. BEATS is a $937 million single-award engineering and technology contract. It supports the Army's modernization priorities. We will build tech to meet the warfighters immediate future needs. This work adds to our portfolio of flagship engineering programs where we are injecting our advanced technologies into national security missions.

此外在第四季，Booz Allen 獲得「突破性工程與先進技術解決方案」（Breakthrough Engineering and Advanced Technology Solutions，簡稱 BEATS）合約。BEATS 是一份 9.37 億美元的單一得標工程與技術合約。它支援陸軍的現代化優先事項。我們將打造技術以滿足作戰人員近期未來的需求。這項工作也擴充了我們的旗艦工程計畫組合，我們正把先進技術注入國家安全任務之中。

As we move into fiscal year '27, we will focus on the following operational priorities to drive our return to growth. First, maximize the significant opportunities we see in cyber and dense tech this year. Second, drive profit growth by building scale and go-to-market capacity for our product offerings.

邁入 2027 會計年度時，我們將聚焦以下營運優先事項，以推動重回成長。第一，把握我們今年在資安與 dense tech（密集型科技）看到的重大機會。第二，透過建立規模與產品上市（go-to-market）能力，推動獲利成長。

Third, lean into and become a leader in new outcomes-based procurement methods and opportunities. And fourth, accelerate momentum in Civil by capturing the existing pipeline and continuing to inject new tech into critical missions.

第三，積極投入並成為以成果為導向的新型採購方法與機會的領導者。第四，透過掌握既有案源管線並持續將新技術注入關鍵任務，加速民用業務的動能。

In closing, Booz Allen has momentum. We are focused on growth. and we are optimistic about the year ahead. I'll now turn the call over to Troy to take us through the numbers. Welcome to your first Booz Allen's earnings call, Troy.

最後，Booz Allen 正在累積動能。我們專注於成長，並對未來一年保持樂觀。接下來我把電話會議交給 Troy，請他帶我們看數字。Troy，歡迎參加你第一次 Booz Allen 的財報電話會議。

Thanks, Kristine, and good morning, everyone. Before discussing the quarter in more detail, let's turn to slide 5 to recap our fiscal year 2026 results. For the year, gross revenue was $11.2 billion, with a year-over-year decline driven by our Civil business.

謝謝你，Kristine，各位早安。在更詳細討論本季之前，讓我們先看第 5 張投影片，回顧 2026 會計年度的業績。全年毛收入為 112 億美元，年減主要由民用業務所致。

Despite the headwinds this year, we exceeded our profit expectations, delivering $1.2 billion of adjusted EBITDA and an adjusted margin of 11%. Adjusted diluted earnings per share for the year was $6.51. We generated robust free cash flow of $951 million and deployed $1.1 billion of capital through strategic investments dividends and share repurchases.

儘管今年面臨逆風，我們仍超越獲利預期，交出 12 億美元的調整後 EBITDA，調整後利潤率為 11%。全年調整後稀釋每股盈餘為 6.51 美元。我們產生強勁的自由現金流 9.51 億美元，並透過策略性投資、股利與庫藏股回購部署了 11 億美元資本。

Finally, from a demand perspective, we ended the year with backlog of over $38 billion and a trailing 12-month book-to-bill of 1.1 times. Despite the macro environment challenges this year, we remain focused on driving strong operational execution and accelerating investments across our key growth vectors, while also returning capital to shareholders.

最後，從需求面來看，我們在年底的在手訂單（backlog）超過 380 億美元，過去 12 個月的接單出貨比為 1.1 倍。儘管今年宏觀環境充滿挑戰，我們仍專注於推動強勁的營運執行，並加速在關鍵成長向量上的投資，同時也向股東回饋資本。

Now let me walk you through our fourth-quarter performance in more detail. In the quarter, revenue declined 6.4% year-over-year to $2.8 billion. revenue ex billable expenses was down approximately 7% versus the prior year period. Our national security portfolio grew 1.6% year-over-year in the fourth quarter.

接著我將更詳細說明第四季表現。本季營收年減 6.4% 至 28 億美元；扣除可報銷費用（billable expenses）後的營收，較去年同期約下降 7%。我們的國家安全組合在第四季年增 1.6%。

This was primarily driven by strong demand for our Intel work, partially offset by lower billable expenses for defense customers. As expected, our Civil business declined 23% year-over-year, driven by comp headwinds from the [PTMs] contract roll-off and run rate reductions on other contracts.

這主要由我們情報（Intel）相關工作的強勁需求所帶動，但部分被國防客戶可報銷費用較低所抵銷。如預期，我們的民用業務年減 23%，主要受比較基期逆風影響，包含 [PTMs] 合約到期退出（roll-off），以及其他合約的執行規模（run rate）下調。

Turning to profitability. We delivered above expectations in the fourth quarter, driven by continued strong contract execution and disciplined cost management. Adjusted EBITDA for the quarter was $309 million and an adjusted EBITDA margin of 11.1%, up 50 basis points year-over-year.

接著談獲利能力。在持續強勁的合約執行與嚴謹的成本管理帶動下，我們第四季表現優於預期。本季調整後 EBITDA 為 3.09 億美元，調整後 EBITDA 利潤率為 11.1%，年增 50 個基點。

Adjusted diluted earnings per share increased roughly 11% year-over-year to $1.78. This increase was driven by strong profitability, a lower tax rate, a reduced share count and $12 million of pretax unrealized gains related to our Ventures portfolio.

調整後稀釋每股盈餘年增約 11% 至 1.78 美元。

Our tax rate in the quarter benefited from higher R&D tax credits. Regarding cash flows, collections were strong in the quarter, driven by efficiencies in billing and payment processing improvements. Free cash flow in the fourth quarter was strong at $212 million.

本季稅率受惠於較高的研發稅額抵減。就現金流而言，本季收款表現強勁，主要由開立帳單效率提升與付款處理改善所帶動。第四季自由現金流強勁，達 2.12 億美元。

Moving to demand and leading indicators. Net bookings for the quarter totaled $2.5 billion. Our book-to-bill was 0.9 times for the quarter with a trailing 12-month book-to-bill of 1.1 times, including the MCTP award that is currently under protest, both the quarterly and trailing 12-month book-to-bills would have been nearly 1.2 times.

接著談需求與領先指標。本季淨接單總額為 25 億美元。本季接單出貨比（book-to-bill）為 0.9 倍，過去 12 個月的接單出貨比為 1.1 倍；若納入目前仍在抗議程序中的 MCTP 得標案，則本季與過去 12 個月的接單出貨比都將接近 1.2 倍。

Backlog at the end of fiscal year totaled $38 billion, up about 3% year-over-year. We also saw funding improve in the fourth quarter with our funded backlog increasing sequentially to $4.3 billion.

會計年度末在手訂單（backlog）總額為 380 億美元，年增約 3%。我們也看到第四季資金到位情況改善，已獲資金支持的在手訂單（funded backlog）較前一季增加至 43 億美元。

And finally, on capital deployment and the balance sheet, we deployed a total of $366 million in the fourth quarter, which consisted of $219 million in strategic investments made through Booz Allen Ventures and venture partnerships, and $147 million in shareholder returns via quarterly dividends and share repurchases.

最後，在資本配置與資產負債表方面，我們第四季合計投入 3.66 億美元，其中包括透過 Booz Allen Ventures 與創投合作夥伴進行的 2.19 億美元策略性投資，以及透過季度股利與庫藏股回購回饋股東的 1.47 億美元。

From a balance sheet perspective, we ended the quarter with $728 million of cash on hand and total liquidity of $2.2 billion. Our net leverage ratio at the end of the quarter was 2.6 times adjusted EBITDA for a trailing 12 months. Our strong balance sheet provides us both operational and strategic flexibility to drive growth through both organic and inorganic investments.

就資產負債表而言，本季末我們持有現金 7.28 億美元，總流動性為 22 億美元。本季末淨槓桿比率為過去 12 個月調整後 EBITDA 的 2.6 倍。我們強健的資產負債表，讓我們在營運與策略上都具備彈性，可透過有機與非有機投資推動成長。

I will now walk you through our outlook on slide 8. For fiscal year 2027, we expect to deliver revenue between $11.2 billion and $11.7 billion, with the impact of recent divestitures and acquisitions roughly netting out. We expect performance to be bifurcated across our national security and civil markets, but we see improving trends across both markets.

接下來我將在第 8 頁投影片說明我們的展望。針對 2027 會計年度，我們預期營收介於 112 億至 117 億美元，近期的資產剝離與併購影響大致互相抵銷。我們預期國家安全與民用市場的表現將呈現分化，但我們看到兩個市場的趨勢皆在改善。

We expect the national security portfolio to grow mid-single digits. For Civil, we anticipate a decline of high single digits for the year as the Civil business continues to work through challenging comps, particularly in the first half of the year.

我們預期國家安全投資組合將以中個位數成長。民用業務方面，我們預期全年將下滑高個位數，因民用業務仍在消化具挑戰性的比較基期，尤其在上半年。

From a quarterly cadence perspective, we see the first quarter as the low point for growth, with sequential improvement throughout the year. We expect to generate adjusted EBITDA in the range of $1.24 billion and $1.29 billion. This implies a full-year adjusted EBITDA margin of about 11%. We expect adjusted EPS to be in the range of $6 to $6.35. Our [ADAPs] guidance does not assume any impact from strategic venture investments. For comparison purposes, we had unrealized gains on these investments of $0.11 per share to [ADAP] in fiscal year 2026.

就季度節奏而言，我們認為第一季將是成長低點，之後全年將逐季改善。我們預期調整後 EBITDA 介於 12.4 億至 12.9 億美元。這意味著全年調整後 EBITDA 利潤率約為 11%。我們預期調整後 EPS 介於 6.00 至 6.35 美元。我們的 [ADAPs] 指引未假設策略性創投投資帶來任何影響。作為比較，2026 會計年度這些投資的未實現收益對 [ADAP] 的貢獻為每股 0.11 美元。

And lastly, we expect to generate free cash flow between $825 million and $925 million, which includes the estimated impact of expenditures in fiscal year '27 for the new Reston headquarters. This range does not include the previously disclosed $170 million IRS refund, which we now anticipate to receive in fiscal year 2028.

最後，我們預期自由現金流介於 8.25 億至 9.25 億美元，其中包含 2027 會計年度新 Reston 總部的預估支出影響。此區間不包含先前揭露的 1.70 億美元 IRS 退稅款，我們目前預期將於 2028 會計年度收到。

In closing, it's a privilege to be a part of a company that is building technology for the nation's most important missions. I look forward to working alongside Horacio and Kristine as we continue to drive growth through building differentiated products and technology solutions as well as generate significant value for our shareholders.

總結來說，能成為一家為國家最重要任務打造科技的公司的一員，我深感榮幸。我期待與 Horacio 及 Kristine 並肩合作，持續透過打造具差異化的產品與技術解決方案推動成長，並為股東創造可觀價值。

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

接下來，接線員，請開放提問。

(Operator Instructions) Gavin Parsons, UBS.

(接線員指示) Gavin Parsons，瑞銀（UBS）。

Troy, congrats on the new role.

Troy，恭喜你升任新職。

Thanks, Gavin.

謝謝，Gavin。

Two questions. Horacio, first, I appreciate the update on outcome-based solutions. If you could update us on your transition to drive revenue growth independent of headcount, that would be great. And second, how should we think about the relationship of funding awards to revenue given the funded backlog was down last year?

兩個問題。Horacio，首先，感謝你更新以成果為導向的解決方案。如果你能更新一下你們如何推動在不依賴人頭數的情況下實現營收成長，那就太好了。第二，鑑於去年已獲資金支持的在手訂單下降，我們應如何看待資金授予（funding awards）與營收之間的關係？

Sure. Let me try and frame the conversation as follows. First of all, obviously, last year was extremely challenging, but I'm really proud of the execution and the acceleration against our strategy, which sets us up for the conversion that you're talking about.

當然。我嘗試用以下方式來框定這段討論。首先，顯然去年極具挑戰，但我對我們的執行力以及策略推進的加速感到非常自豪，這也讓我們為你所提到的轉化做好準備。

And I feel like we're entering FY27 with focus and with momentum in what's still a market that will experience volatility and some choppiness as some of the changes that are necessary and important like the procurement changes begin to take hold and we'll continue to see that. And so our expectations and our guide are tempered by all of that.

我覺得我們正以專注與動能進入 27 會計年度；在這個仍將出現波動與一些顛簸的市場中，某些必要且重要的變革（例如採購制度的變更）開始落地並發揮作用，我們也將持續看到這些變化。因此，我們的預期與指引也受到這些因素的影響而較為審慎。

I would think about this the following way. Over time, not only in FY27, but over time, we expect to see productivity gains from some of the work that we've done, for example, around delayering, agentifying our business, both on the infrastructure, but importantly, in the way we prosecute the market, the move to outcome-based and fixed price and the monetization of our IP.

我會這樣看待這件事。隨著時間推進，不僅是在 27 會計年度，而是更長期來看，我們預期會從已完成的一些工作中看到生產力提升，例如組織去層級化（delayering）、將我們的業務「代理化」（agentifying），涵蓋基礎設施層面，更重要的是在我們開拓市場的方式上：轉向以成果為導向與固定價格，以及將我們的智慧財產（IP）變現。

And so that is what's going to diverge the curves between headcount growth and revenue growth. And as I've said, I would expect that over time, you will see higher profit growth and revenue growth and higher revenue growth and head count growth.

因此，這些因素將使人頭數成長與營收成長的曲線出現分歧。正如我所說，我預期隨著時間推進，你會看到更高的獲利成長與營收成長，以及營收成長高於人頭數成長。

FY27 has some unique dynamics because even the head count conversation typically was a conversation where headcount grew evenly during the year, every year, and so you could take points in time. The average headcount to average headcount fiscal year to fiscal year, that math is much more complicated given the year we had last year.

27 會計年度有一些獨特的動態，因為過去談人頭數通常是指每年人頭數在全年均衡成長，因此你可以用某些時間點來觀察。但鑑於我們去年所經歷的情況，以會計年度對會計年度的平均人頭數對平均人頭數來計算，這個數學會複雜得多。

But what we're seeing the pickup is in the areas that Kristine talked about, that I talked about. In both cyber and defense stack, our businesses are moving faster towards fixed price, towards outcome-based, towards productizing many of our offerings. And in those cases, what you see is, again, customers -- when they pay for an outcome, give us a lot more flexibility in terms of how we bring technology and structured technology inside a program. And so that's we begin to see this divergence.

不過，我們看到的回升主要在 Kristine 提到、我也提到的領域。在資安與國防技術堆疊（defense stack）兩方面，我們的業務正更快轉向固定價格、以成果為導向，以及將許多服務內容產品化。在這些情況下，你會看到的是——同樣地——當客戶為成果付費時，會在我們如何把技術與結構化技術導入專案計畫方面，給予我們更大的彈性。因此，我們開始看到這種分歧。

And as I mentioned in the prepared remarks, for example, on the OTA front, we've seen a 50% increase in wins year-over-year, but a 90% increase in the pipeline, which means that that trend is accelerating. And so we're optimistic about what we're seeing, and we believe we're well positioned to deliver more value to the government and to capture more profitability out of that.

而且如我在事先準備的發言中提到，例如在 OTA 方面，我們的得標數年增 50%，但管線增加了 90%，這表示該趨勢正在加速。因此，我們對目前所見感到樂觀，並相信我們已具備良好定位，能為政府交付更多價值，並從中取得更高的獲利能力。

And then on the funding side, Again, you have to take temporary dynamics. What we -- because it's -- what we have seen over the last few months is an improvement in the funding dynamic. The last quarter was much better than what we would have seen a year ago. This quarter is better than what we have seen a year ago.

接著在資金面方面，同樣地，你必須考量短期的動態變化。我們——因為——我們在過去幾個月看到的是資金動態有所改善。上一季比起一年前我們所看到的情況要好得多。本季也比一年前我們所看到的情況更好。

And so that gives us some level of confidence that things are accelerating the demand is -- and that the wins are going to translate into actual revenue, perhaps not quite at historical rates, but certainly at much better rates than we saw last year.

因此，這讓我們在某種程度上更有信心，事情正在加速——需求正在——而且這些勝出案將會轉化為實際營收；也許不會完全回到歷史水準的速度，但肯定會比我們去年看到的速度好得多。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Horacio, Kristine, Troy and Dustin, good morning and happy Friday. I was wondering, has some Anthropic's Mythos limited release, has that impacted any of your major cybersecurity programs such as Thunderdome and CDM DEFEND and has it created like incremental positive opportunities? Or what have you been seeing with Mythos?

Horacio、Kristine、Troy 和 Dustin，早安，週五愉快。我想請教一下，Anthropic 的 Mythos 限量釋出是否對你們任何主要的資安計畫（例如 Thunderdome 和 CDM DEFEND）造成影響，並且是否帶來額外的正向機會？或者你們對 Mythos 的觀察是什麼？

Louie, I don't think we could trace a direct line from Mythos to a program. But I will say this, and I think I've been out in public talking about this quite a bit. We believe strongly that 2026 is a year where cyber demand is going to accelerate across all of our markets, national security, civil and commercial because this is a year in which the offensive cyber tools, which are agentifying faster and defensive cyber tools are going to create a gap, and into that gap need to have companies like us with our tools, with the products that we're creating, the Vellox suite and the like.

Louie，我不認為我們能把 Mythos 與某個計畫之間畫出一條直接的因果線。但我會這麼說，而且我想我在公開場合也談過不少。我們堅信 2026 年將是資安需求在我們所有市場加速的一年——國安、民用與商業——因為在這一年，進攻型網路工具正以更快速度走向代理化（agentifying），而防禦型網路工具將會形成落差；而在這個落差之中，就需要像我們這樣的公司，帶著我們的工具與我們正在打造的產品，例如 Vellox 產品套件等。

And we are beginning to see a huge pickup in those conversations. And that's why we are so optimistic and that's why we're investing in our cyber business right now. We took the decision of taking what was going to be a release over the next 18 months or four different aspects of our Vellox suite and to try and compress it all into the first half of this year because the demand is now.

而我們也開始看到這些對話大幅升溫。這也是我們如此樂觀、並且現在就投資我們資安業務的原因。我們做了一個決定：原本預計在未來 18 個月內分四個不同面向釋出的 Vellox 產品套件內容，嘗試把它全部壓縮到今年上半年推出，因為需求就在當下。

And so things that were not going to be out in the market for another 1.5 years are in beta with some customers already. So -- and all -- every conversation that we have may begin with Mythos but doesn't end with Mythos.

因此，原本要再過 1.5 年才會在市場上推出的東西，現在已經在部分客戶那裡進入 beta 測試。所以——而且——我們的每一段對話可能會從 Mythos 開始，但不會以 Mythos 結束。

I would point you -- and I know I'm sure you've already seen it, but if you go to our website and you look at the Vellox Striker, and you see what we've done in terms of mimicking what an agentic attack tool is for automated red teaming and to be able to train the agentic defense, it will give you a sense for how much cyber is changing and how much opportunity that creates for us.

我想請你看看——我相信你應該已經看過——如果你到我們網站，看看 Vellox Striker，以及我們在模擬代理式攻擊工具（agentic attack tool）方面所做的事，用於自動化紅隊演練，並能訓練代理式防禦（agentic defense），你就能感受到資安正在發生多大的變化，以及這為我們帶來多大的機會。

Louie, I'd also add that this new agentic AI era is really pushing forward the need for Zero Trust. Zero Trust is a critical for defense against any kind of attack. And so we're getting the impact there as well.

Louie，我也補充一下，這個新的代理式 AI 時代，確實正在推動對零信任（Zero Trust）的需求。零信任對於防禦任何類型的攻擊都至關重要。因此我們在那方面也感受到影響。

Great. And on this topic of Zero Trust, you recently announced or the Department of War recently announced that you were awarded an OTA for the space-based interceptor. Are you allowed to elaborate on the potential role that you may play with Golden Dome in space-based interceptor and is it cyber-related?

很好。另外談到零信任這個主題，你們最近宣布——或是戰爭部最近宣布——你們獲得了一項用於天基攔截器（space-based interceptor）的 OTA。你們是否可以進一步說明，你們在「金穹」（Golden Dome）的天基攔截器中可能扮演的角色？以及這是否與資安相關？

Unfortunately, we are not allowed to talk about our role. Louie, I will say this, we are very proud to be one of the few companies to have -- to be able to participate in this program, to have won a seat in this program, and we are definitely bringing our A game, cyber, AI and everything we do.

很遺憾，我們不被允許談論我們的角色。Louie，我會這麼說：我們非常自豪能成為少數幾家——能夠參與這個計畫、並在其中取得席位的公司之一；我們也一定會拿出我們的最佳水準，在資安、AI 以及我們所做的一切上全力以赴。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Yeah, I just wanted to ask you to elaborate on the procurement environment, just the pace of contract adjudications broadly across the end markets?

是的，我只是想請你們進一步說明採購環境，也就是在各終端市場中，整體合約裁決（adjudications）的速度如何？

And then maybe if you could just address one of the concerns many have asked us about, which is reputational issues that came up last year with the IRS and what have you. Just if there's been any impact that's prevented you guys from pursuing bids in specific agencies or disadvantaged Booz? Just -- if you could clear that up for us?

另外，也想請你們回應一個很多人去年就 IRS 等事件所提出的疑慮，也就是聲譽議題。是否有任何影響，導致你們無法在特定機關追求投標，或讓 Booz 處於不利地位？能否——請你們幫我們釐清一下？

Sure. Thank you. We have definitely seen an improvement in the -- both the funding environment and the pace of awards. We do expect that funding can be choppy. But since January, I would say it has been remarkably better than it had been pre-shutdown.

當然。謝謝。我們確實看到——資金環境與授標速度——都有所改善。我們確實預期資金可能會有波動。但自一月以來，我會說情況明顯比停擺前要好得多。

And also for awards, that's also true, starting to move at pace again. We are also seeing the pace of new procurement picking up quite a bit. I think you might remember that especially in Civil, there were several months where there was almost nothing happening. It's quite busy now in terms of bidding, so the award environment is strong. Demand is picking up across the entire business.

而在授標方面也是如此，開始再次以一定速度推進。我們也看到新的採購案啟動速度明顯加快。我想你可能記得，特別是在民用領域，有好幾個月幾乎沒有任何進展。但現在在投標方面相當忙碌，因此授標環境很強。需求正在整個業務範圍內回升。

Yeah. On the reputational front, what I would say is we are in close contact with all of our customers. We're having very productive conversations. I think our -- we are letting our work speak for itself. And as we deliver things that are highly valuable, that work, I think that's ultimately the best calling card for us. I believe we've made significant progress. And even at Treasury where we already disclosed the expected impact, we are looking for opportunities to turn the page.

是的。在聲譽方面，我想說的是，我們與所有客戶都保持密切聯繫。我們正在進行非常有成效的對話。我認為我們——讓成果自己說話。當我們交付高度有價值、且確實能運作的成果時，我認為那最終就是對我們最好的名片。我相信我們已取得顯著進展。即使是在財政部（Treasury），我們先前已揭露預期影響，我們也在尋找機會翻篇向前。

Gautam, I would also add, when you look at our guidance, you see the National Security business growing mid-single digits. So we're feeling good about the outlook. We're adding value to customers. So I don't see that there's a reputational issue there. You see it that Kristine talked about in the backlog and on the book-to-bill, so we're comfortable with where we stand.

Gautam，我也補充一下，當你看我們的財測指引時，你會看到國安業務以中個位數成長。所以我們對前景感覺良好。我們正在為客戶創造價值。因此我不認為那裡存在聲譽問題。你也可以從 Kristine 提到的在手訂單（backlog）與接單出貨比（book-to-bill）看出來，所以我們對目前的狀況感到安心。

And just as a follow-up, would you mind letting us know about any key recompetes that come up? Are there any individually significant recompetes in the forecast period? What percentage of sales is up for rebid this year?

再追問一下，你們介意告訴我們有哪些重要的續約競標（recompetes）即將到來嗎？在預測期間內，是否有任何單一金額特別重大的續約競標？今年有多少比例的銷售額需要重新投標？

Thanks. The proportion of our business that recompetes every year is pretty steady, and this year is no different. The profile is really the same as prior years. They are spread throughout the fiscal year. We've already won some important ones in Q1, and we have more coming.

謝謝。我們每年需要續約競標的業務占比相當穩定，今年也不例外。整體輪廓與往年基本相同。它們分散在整個會計年度中。我們在第一季已經贏下了一些重要案子，後面還會有更多。

Our recompete win rate is remaining very high, consistent with the past. So the only dynamic I would call out is that in Civil in particular, the recompetes are coming out smaller and shorter duration than the contract that they are replacing. And so that does put a little bit of pressure. But overall, recompetes look pretty much the same as they have in the past, nothing specific.

我們的續約競標得標率仍然非常高，與過去一致。所以我唯一想特別指出的動態是，特別在民用領域，續約競標的案子規模更小、合約期間也更短，相較於它們所取代的合約。因此這確實會帶來一些壓力。但整體而言，續約競標看起來與過去差不多，沒有特別需要點名的事項。

John Godyn, Citi.

John Godyn，花旗。

I wanted to follow up on the revenue guidance. First of all, just 0% to 4%, that range kind of a very normal range. But if you don't mind discussing what gets us kind of to the high end versus the low end? I just want to kind of imagine those scenarios alongside you.

我想追問一下營收指引。首先，0%到4%這個區間算是相當正常的範圍。但如果方便的話，能否談談什麼因素會讓我們落在區間高端、而不是低端？我只是想和你們一起想像一下這些情境。

Yeah. Thanks, John. I can go ahead and take that. I would just generally say, we're seeing strong execution across the company. Profitability is also strong while we're investing in some of these transformational efforts. We do see the guidance bounded by what we see today. I would say it doesn't include edge cases.

是的。謝謝你，John。我可以來回答。我大致會說，我們看到公司各方面的執行都很強勁。在投資一些轉型工作之際，獲利能力也依然強勁。我們確實認為指引是以我們今天所看到的情況作為邊界。我會說，這不包含極端情境。

We're not counting on a $1.5 trillion budget, but we are seeing an award environment really start to pick up. We're seeing strength in the National Security business. Civil is also gaining momentum, but the first half is facing some tough comps, but we think that Civil will grow into the second half of the year.

我們並沒有把1.5兆美元的預算納入假設，但我們確實看到授標環境開始明顯回溫。我們看到國家安全業務表現強勁。民用業務也在累積動能，但上半年面臨一些較高的比較基期，不過我們認為民用業務會在下半年成長起來。

Really just seeing sequential improvements in the growth rate in the second half of the year for Civil. So overall, again, it's bounded by what we see in the marketplace today. But overall, we're confident in the business and the execution.

民用業務在下半年成長率確實呈現逐季改善。所以整體而言，再次強調，這是以我們目前在市場上看到的情況作為邊界。但總體來說，我們對業務與執行有信心。

John, the only thing I would add to that is the recognition that this is still an environment that is fluid. This is an election year and so we've seen in election years that the -- with the second half of our fiscal, the next current fiscal year, the budget dynamics can take multiple paths from early CRs, to early budgets, to things getting delayed, and we've seen all of it. And we have tried, as Troy said, to incorporate I would say, the more likely cases into the way we built our guidance, but we can't incorporate every case of the tails.

John，我唯一想補充的是，要認知到這仍是一個變動中的環境。今年是選舉年，因此我們在選舉年看到，在我們財年的下半年、也就是下一個當前財年，預算動態可能走多種路徑：從較早的持續決議（CR）、到較早通過的預算、到事情延後，我們都見過。而且如Troy所說，我們在建立指引時已嘗試納入我會說較可能發生的情境，但我們無法把所有尾端情境都納入。

Okay. That's helpful. You guys provided some very useful color on the shape of the year. I wanted to just kind of drill into that or hopefully, you could elaborate a little bit. It starts out negative and positive. It's a very dynamic year.

好的。這很有幫助。你們對年度走勢提供了一些非常有用的補充說明。我想再深入一點，或希望你們能多闡述一些。一開始是負的，然後轉正。這是一個非常動態的一年。

Negative can mean a lot of different things. And I just wanted to kind of re-ask the question on shape of the year. And if the upcoming quarter is going to look similar to 4Q, that's very different than if it's sort of slightly negative. So if there's any additional color you guys can provide on the shape of the year and just thinking through how we get to the full-year revenue guidance, I think that would just be helpful in setting expectations.

「負」可能代表很多不同的意思。我想再問一次關於年度走勢的問題。如果接下來這一季看起來會和第四季類似，那就和「小幅為負」非常不同。所以如果你們能就年度走勢提供更多補充說明，並談談我們如何達到全年營收指引，我認為這將有助於設定市場預期。

Yeah. John, I appreciate the follow-up and the request for kind of more detail on the quarter. I would say, when I look at it, it is first half is going to be more challenged in the Civil business. but gaining momentum throughout the year. Look, it's a choppy environment. And so I think we'll see variations quarter-to-quarter, but directionally, we see things improving in the second half of the year.

是的。John，我很感謝你追問並希望我們提供更多關於季度的細節。我會說，就我來看，上半年民用業務會更具挑戰，但會在全年逐步累積動能。坦白說，這是一個起伏不定的環境。因此我認為我們會看到季度之間的波動，但方向上，我們看到下半年情況會改善。

I don't want to sit there inbound and provide guidance quarter by quarter. But I think when you take the full-year guidance, you can see that the first half, especially at Civil, is going to be challenged, but gaining momentum and improving. But that's kind of how we see it first half versus second half. And then the strong demand for national security should be pretty favorable throughout the year, probably picking up more in the second half of the year.

我不想在這裡逐季提供指引。但我認為從全年指引來看，你可以看到上半年、尤其是民用業務，會比較有壓力，但動能會逐步增強並改善。這就是我們對上半年相對下半年的看法。另外，國家安全的強勁需求應該全年都相當有利，並可能在下半年更為加速。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

This is Alex Preston on for Mariana. I just wanted to sort of go back to the commentary on OTAs and the shift to fixed price. How are you guys thinking about that mix between fixed price and cost-plus going forward and maybe the impact to or assumptions underlying your margin outlook in '27?

我是代Mariana提問的Alex Preston。我想回到你們對OTA以及轉向固定價格的評論。你們如何看待未來固定價格與成本加成（cost-plus）之間的組合？以及這對你們在’27年的利潤率展望所造成的影響或其背後假設？

So we are actively working with each and every one of our customers about the opportunity to move things to outcome-based and fixed price. It's not always the case that that is what's right for the contract. And so this is more of a steady increase on fixed price and outcome-based as opposed to big step changes.

我們正積極與每一位客戶合作，討論將專案轉向以成果為導向以及固定價格的機會。但並非所有情況下這都適合該合約。因此，這更像是固定價格與成果導向的穩步提升，而不是大幅度的跳躍式變化。

What we have come to realize is that given the level of activity that procurement shops generally have to deal with overall that is -- they're more likely to entertain that conversation at a contract conversion point, at a time of awarding an option year and the like and so. But everything that we see suggests that we are going to see a steady move.

我們意識到，鑑於採購單位通常需要處理的整體工作量，他們更可能在合約轉換的時間點、例如授予選擇年度（option year）等時點，來討論這類議題。但我們看到的一切都顯示，這將是一個穩步的轉移。

Again, if you look at the last year to this year, part of the dynamic is that some of the contracts that were reduced in civil were fixed price contracts. And so that mix didn't experience the dynamic as we expected. But if you could separate that in our national security portfolio, which is, as you know, where the vast majority of our cost-plus work resides, that is a steady move towards fixed price and outcome-based, and certainly the recent EO.

再者，如果你看從去年到今年，部分動態在於民用領域被縮減的一些合約是固定價格合約。因此，該組合並未如我們預期地呈現那樣的變化。但如果你把這點從我們的國家安全組合中拆開來看——如你所知，我們絕大多數的成本加成工作都在那裡——那就能看到正穩步朝固定價格與成果導向移動，尤其是近期的行政命令（EO）。

And upcoming guidance from OMB is going to push us into push -- push our customers in that direction. And then we've always said that margins are stronger on the fixed price work if we are allowed to deliver it in a way that it can add more value to the customer with more efficiency on our side.

以及即將由OMB發布的指引，將會推動我們——也推動我們的客戶——朝那個方向前進。而且我們一直說，如果我們能以對客戶創造更高價值、同時提升我們端效率的方式交付，固定價格業務的利潤率會更高。

And Alex, I can just give you a little more color on the margins as we see it for fiscal year '27. I think the cost control efforts are taking hold. We're also seeing strong execution on the business, and we're capturing healthy award fees.

Alex，我也可以就我們對’27財年的利潤率看法再補充一些細節。我認為成本控制措施正在發揮效果。我們也看到業務執行強勁，並且正在取得健康的獎勵費（award fees）。

So overall, we're really performing well in all areas of our business, definitely win Civil and the National Security business. I think that that's illustrated in the 11% margins that we're showing. I think as we get into fiscal year '27 as a company, we'll see civil declines impacting the margins.

所以整體而言，我們在業務各方面的表現都非常好，無論是民用業務還是國家安全業務。我認為這也反映在我們所呈現的11%利潤率上。我認為當我們進入’27財年時，民用業務的下滑將對利潤率造成影響。

And then we'll be investing in some strategic really R&D efforts that we're making in cyber and in defense tech, but we're also seeing the cost reductions and improving execution and the favorable mix helped margins. So you kind of -- there are some puts and takes to the margin as we look at it for fiscal year '27, but overall, we're comfortable with where we stand on the margins front.

此外，我們將投資一些策略性的研發工作，聚焦於資安與國防科技；但同時，我們也看到成本下降、執行改善，以及有利的組合帶動利潤率。因此，從’27財年的角度來看，利潤率會有一些拉鋸因素，但整體而言，我們對利潤率面的狀況感到放心。

Got it. And if I could squeeze another one in on the defense side and budget dynamics. I think it was answered in the previous question that the guide doesn't necessarily assume a $1.5 trillion budget. But it occurs to me that the base budget, even without reconciliation, be really constructive for you guys.

了解。如果我可以再塞一個問題，關於國防端與預算動態。我想前一題已回答到，指引不一定假設1.5兆美元的預算。但我想到，即使沒有透過和解程序（reconciliation），基礎預算本身也會對你們非常有利。

What are the sort of maybe watch items in reconciliation that could add to that? Or I guess, framed another way, what key programs in reconciliation might give a boost to that outlook?

在協調（reconciliation）方面，有哪些可能需要留意、而且可能會對此帶來額外助益的事項？或者換個方式問，在協調中有哪些關鍵方案可能會提振那個展望？

As you know, most of our work does not sit at the line items in the budget. So it's really the overall -- what drives most of our demand signal and the funding and the ramp-up is more driven by how our customers -- the certainty our customers feel about having the money there later in the year to perform the work.

如你所知，我們大部分的工作並不直接落在預算中的各個明細科目上。所以真正影響我們多數需求訊號、資金到位以及加速擴張（ramp-up）的，更多是由我們的客戶所處的情況所驅動——也就是客戶對於在今年稍晚仍會有資金可用、以便執行工作的確定性。

And so obviously, anything that happens on reconciliation that moves the conversation in that direction is positive for us. We're doing a fair amount of work in our defense tech portfolio, for example, a fair amount of work on C2 at the edge that we expect is going to see significant demand.

因此很明顯，任何在協調中發生、能把討論推向那個方向的事情，對我們都是正面的。例如，我們在國防科技投資組合中做了相當多的工作，包含在邊緣端（edge）的C2（指揮與管制）方面，我們預期那裡將出現顯著需求。

Our work on autonomy, our partnerships with drone companies or investment in some of the drone companies and technologies put us in what I believe is a really good position as the department ramps up those efforts. And anything that has to do with, again, providing stability not just on the defense -- in the Department of War side, but also across the board in some key agencies like CBP and FEMA and the like would be to the positive.

我們在自主系統方面的工作、與無人機公司的合作夥伴關係，或對部分無人機公司與技術的投資，使我們在部門加速推進這些努力時，處於我認為非常有利的位置。而任何與提供穩定性相關的事項——不僅是在國防、在國防部這一端，也包括在一些關鍵機構如CBP（海關與邊境保護局）、FEMA（聯邦緊急事務管理署）等整體範圍內——都會是正面因素。

David Strauss, Wells Fargo.

David Strauss，富國銀行（Wells Fargo）。

Just to try and put a pin in this first-half, second-half dynamic, Civil did increase sequentially in the quarter. I know you have seasonality. But would you expect Civil to continue to increase from here sequentially? Or are we going to -- is there still a potential for a sequential kind of drop off?

我想試著把上半年、下半年的動態釐清一下：本季民用（Civil）業務確實較前一季成長。我知道你們有季節性因素。但你們是否預期民用業務接下來仍會逐季增加？還是說——仍有可能出現逐季下滑的情況？

Yeah. I would say when I look at the first quarter, generally, I think that there's pressure continuing into the first quarter should potentially improve maybe a little bit. But overall, I think, again, first half should be challenged. And again, I think that that's bounded by the guidance that we put out of high single digits.

是的。我會說，當我看第一季時，一般而言，我認為壓力延續到第一季，可能會有一點點改善。但整體來看，我仍認為上半年會比較具挑戰。而且我認為這也被我們所提供的高個位數（high single digits）指引所框定。

I think you will see, given the comps that we see first half will be different than the second half. It will look a lot different. But again, gaining momentum throughout the year is probably how I would see it up at this point.

我想你會看到，考量到我們上半年的比較基期（comps），上半年會和下半年不同。看起來會差很多。但同樣地，就目前而言，我會把它看作是全年逐步累積動能。

Yeah. If I were to summarize kind of headwinds and tailwinds in Civil to give you a little more color, the headwinds are last year's reductions in contracts, which extended through the first quarter last year. Our previously announced reductions in Treasury, some smaller recompetes, and because there was such an anemic award environment for many of the months last year, there means there's fewer new starts that overcome contracts ending. And then I would add in the DHS budget challenges because there's a significant part of pipeline, et cetera, that's in DHS.

是的。如果我要總結民用（Civil）業務的逆風與順風，提供你更多脈絡：逆風包括去年合約縮減的影響，且延續到去年第一季；我們先前已宣布在財政部（Treasury）的縮減；一些較小的重新競標（recompetes）；以及因為去年許多月份的得標環境非常疲弱，導致新的啟動案（new starts）較少，無法抵消到期結束的合約。

The tailwinds, we've had some good wins, 1.2 book-to-bill in Civil for fourth quarter. We have an expanding customer base. We've gotten an increased pipeline. We've got more bids, an excellent recompete win rate. And so we are seeing a lot of resonance for the much-needed innovation that we're bringing to the mission, often in conjunction with some tech partners.

順風方面，我們拿到了一些不錯的案子，第四季民用業務的接單出貨比（book-to-bill）為1.2。我們的客戶基礎正在擴大。我們的管線在增加。投標案更多，重新競標的得標率也非常優異。因此，我們看到我們帶到任務端、迫切需要的創新獲得很強的共鳴，且往往是與一些科技夥伴共同合作。

So we're seeing some clear demand signals and our AI-assisted software development is pretty incredible. So we expect demand for that to go up as well. So it's really the crossover of where the declines were happening, nothing new, right, with the ramp-up of the net new. That's what causes the year to change.

所以我們看到一些明確的需求訊號，而我們的AI輔助軟體開發相當驚人。因此我們也預期對此的需求會上升。所以真正的關鍵在於：過去下滑發生的區域（沒有新鮮事，對吧）與淨新增（net new）的爬坡之間的交會。這就是造成年度走勢改變的原因。

Okay. That's helpful. And maybe Horacio, could you size space as well as health today and kind of what's going on in those individual businesses? What were the -- what did they grow at in '26 and what you're kind of thinking for those two businesses specifically for '27?

了解。這很有幫助。另外也許Horacio，你能否也談談太空以及健康（health）目前的規模，以及這兩個個別業務的狀況？它們在’26年的成長率是多少，以及你對’27年這兩個業務各自的看法？

So you said space and then --?

所以你說太空，然後——？

And then health. Yeah.

然後是健康。對。

Okay. It's actually very hard to put a specific number on any aspect of those businesses because, as you know, I mean, part of what we believe in is in technology convergence. And so even where some of our space business ends where Intel business begins.

好的。其實很難對這些業務的任何面向給出一個非常具體的數字，因為如你所知，我們所相信的一部分是技術融合（technology convergence）。因此，即便在某些地方我們的太空業務結束、情報（Intel）業務開始。

We're doing cyber in space. We're doing AI in space and trying to shred that too finely doesn't get us to where we need to be. I think we are optimistic about our space, the growth in our space business large -- because of our position in AI and cyber in particular, because of the work we're doing on space domain awareness, and because this is an area of our position on Golden Dome.

我們在太空領域做網路（cyber）。我們在太空領域做AI，而如果把它切分得太細，反而無法讓我們達到需要的目標。我認為我們對太空業務的成長感到樂觀——很大程度上是因為我們在AI與網路（cyber）方面的定位，特別是我們在太空態勢感知（space domain awareness）上的工作，以及因為這也是我們在Golden Dome上的布局領域。

This is an area of investment for the administration and one which we believe is much needed. So again, good dynamics. Actually, good dynamics last year and certainly good dynamics going into this year, some of which shows up in our numbers in Intel, for example.

這是本屆政府的投資領域之一，而我們也相信這是非常必要的。所以同樣地，動能良好。去年其實就有不錯的動能，而今年展望也確實不錯，其中一部分例如會反映在我們的情報（Intel）數字上。

On the health. Our health business, as you know, was challenged last year by some of the budget cuts, by some of the contract cuts. I think this year, we're beginning to see increase in demand increase in the use of technology inside those contracts. But as Kristine said, the one headwind is we're winning the recompetes but the recompetes are shorter, and they are a little smaller.

至於健康（health）。如你所知，我們的健康業務去年受到一些預算削減與合約削減的影響而承壓。我認為今年我們開始看到需求增加，以及在這些合約內部對技術的使用增加。但如Kristine所說，其中一個逆風是：我們雖然贏得重新競標，但重新競標的合約期更短、規模也小一些。

Now inside of that, we're also, because those are fixed-price contracts, a lot of them we have the opportunity to bring technology and to the extent that we remain a market leader. In doing that, we believe we're going to be able to expand profitability in those contracts over time while delivering more value to the government.

不過在這之中，因為其中很多是固定價格合約（fixed-price contracts），我們有機會導入技術；只要我們仍能維持市場領導地位，我們相信隨著時間推進，我們將能在這些合約中擴大利潤率，同時為政府交付更高的價值。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛（Goldman Sachs）。

I was wondering if it would be possible to better understand what's really changing and why in the funding environment? I guess, over the last few years, there's maybe been some fits and starts and times where it looks better, but it was a head fake.

我想知道是否可以更好地理解：資金環境究竟在改變什麼、以及為什麼改變？我想，過去幾年可能有一些反覆起伏，有些時候看起來變好，但其實是虛晃一招（head fake）。

And so the funded bookings in the quarter are up year-over-year, that looks better. Here everything you're saying -- can you just give us a little more detail on why things have changed? What is the customer telling you and why things would be more stable? Just to try to better understand if it is a new trend versus not.

因此，本季已到位資金的接單（funded bookings）年增，這看起來更好。而你們現在所說的一切——你能否再多給我們一些細節，說明為什麼情況改變了？客戶告訴你們什麼、為什麼會更穩定？我想更好地理解這是否是一個新的趨勢，而不是。

Yeah. It's a great question because you're right, it has been we say choppy, but at times, in a hurricane and then look really good. I think it's important to remember that last year, there was so much of our last fiscal year that was where the government was focused on contract reviews and trying to readjust budget, moving it from agency to agency, or department to department.

是的。這是個很好的問題，因為你說得對，它一直都很不穩定；我們說是顛簸（choppy），但有時候像在颶風裡，然後又看起來非常好。我認為重要的是要記得，去年，我們上一個會計年度有很大一段時間，政府的重點都放在合約審查，以及嘗試重新調整預算，把資金從一個機構移到另一個機構，或從一個部門移到另一個部門。

There were those requirements where if you added over a certain dollar amount of funding, you needed to go to the top of the agency to get approval or sometimes the secretary to get approval. And all of that really did slow down funding. I think as the new administration was aligning the spend to their priorities -- after the shutdown, then we saw that go back not to the levels that we saw in '25, but we saw it go back to a more normalized environment.

當時有一些要求是，如果你新增的資金超過某個美元門檻，就必須送到機構最高層級取得核准，有時甚至需要部長核准。而這些流程確實讓撥款速度變慢。我認為在新政府於停擺之後將支出與其優先事項對齊的過程中，我們看到情況回復——雖然沒有回到我們在 '25 年看到的水準，但確實回到較為正常化的環境。

Although we are still seeing that there's incremental funding, right, they might fund you for a few months at a time and then come back in and add funding again. So I don't know that I would be the ones that call kind of what the future looks like in this, but it has been remarkably better since January.

不過我們仍然看到有增量式撥款，也就是說，他們可能一次只撥幾個月的資金，之後再回來追加撥款。所以我不確定我是否適合去判斷未來會怎麼走，但自一月以來確實明顯好轉。

No. I think if you look at our guidance, I think this is what we tried to incorporate. Certainly, a better funding dynamic than '25, but nowhere near the -- or our last fiscal year, fiscal '26, but nowhere near what we would have seen historically.

不。我想如果你看我們的指引，這就是我們試圖納入考量的情況。當然，資金動態比 '25 年好，但遠不及——或者說比我們上一個會計年度、也就是 '26 會計年度好一些，但仍遠不及我們在歷史上通常會看到的水準。

Okay. That's really helpful. I appreciate that. And then I also wanted to ask about how you're managing headcount relative to revenue. I guess, if the revenue of the business is declining, you can look to have costs decline more and stabilize margins or have margins even go up.

好的。這真的很有幫助。謝謝你的說明。接著我也想問一下，你們如何在員工人數（headcount）與營收之間做管理。我想，如果業務營收在下滑，你可以讓成本下滑得更多，以穩定利潤率，甚至讓利潤率上升。

Is it as simple as that with how you handled headcount versus revenue last year? Or is it more -- is more that the mix of the business is mixing to less headcount intensive? Is there any risk that you overdo it on the head count side for when bookings and revenue inevitably do bottom?

你們去年在處理員工人數相對於營收時，就是這麼簡單嗎？還是說——更多是因為業務組合正在轉向較不需要人力的方向？當訂單（bookings）與營收不可避免地觸底回升時，在人力縮減方面會不會有做過頭的風險？

I'll say this, obviously, headcount is still important to the business even though we're in this process for the -- sort of the traditional algorithm is diverging from where we are going. I'll point you back to the things we said last fiscal year as we're going through the reductions.

我會這麼說，顯然即使我們正處於這個過程中——也就是傳統的演算法式成長路徑正在與我們要走的方向分歧——人力對業務仍然很重要。我會請你回想我們在上一個會計年度、進行人力縮減時所說的那些內容。

Obviously, the initial set of reductions were driven by specific contracts being cut very significantly. And we -- a lot of it was in Civil, as you know, and we worked through that. Later rounds were more oriented towards delayering, becoming more efficient towards managing the business in a way that it recognized what we expected to be a lower growth rate than we had experienced in years prior. And I believe we have stabilized that part quite well.

很明顯，第一波縮減是由於特定合約被大幅削減所驅動。而且如你所知，其中很大一部分是在民用（Civil）業務，我們也已經把那段過程處理過了。後續幾輪則更偏向於去層級化（delayering），提升效率，以一種能反映我們預期成長率將低於過去幾年的方式來管理業務。我相信我們已經把那一塊相當好地穩定下來。

We've also given ourselves the opportunity to invest in the business. If you look at the sort of the -- we are calling for a similar margin structure this year to last year, even though there's -- we do expect more growth in our fixed price and outcome-based portfolio. And even though we'll get the full run rate of the savings this year. And that is to address some of the things you're talking about.

我們也讓自己有機會對業務進行投資。如果你看——我們今年預期的利潤率結構與去年相近，儘管——我們確實預期固定價格（fixed price）與成果導向（outcome-based）組合會有更多成長。而且今年我們也會拿到節省成本的完整年化效益（full run rate）。這樣做就是為了回應你剛才提到的一些議題。

We want to be in a position where in the areas where the business is growing, we can invest aggressively and some of that investment will come in the form of people. And in the other areas of the business where we don't see the growth or perhaps, we see some challenges, we will manage those the right way.

我們希望處於這樣的位置：在業務成長的領域，我們可以積極投資，而其中一部分投資會以人力的形式呈現。而在業務中那些我們看不到成長、或可能面臨一些挑戰的領域，我們會以正確的方式去管理。

And that's why it's so hard in a year like this one to predict precisely like Kristine was saying, where will each line cross in which month and how we will. But I think the overall trend line is towards trying to get Civil stabilize and return to growth over time and accelerating and maximizing the opportunities we see in national security, especially in defense tech, especially in cyber and even in space.

也因此，在像今年這樣的一年裡，要精準預測——就像 Kristine 說的——每一條線會在幾月交叉、以及我們會如何發展，真的很困難。但我認為整體趨勢是：努力讓民用（Civil）業務穩定並隨時間回到成長，同時加速並最大化我們在國家安全（national security）領域看到的機會，特別是在國防科技（defense tech）、特別是在資安（cyber），甚至在太空（space）。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Horacio, Kristine and Troy. Your cash balance is equal to about 8% of your market cap and your stock is trading at a multiple well below its historical norm. Your stock repurchases were a little light this quarter compared to prior quarters.

Horacio、Kristine 和 Troy。你們的現金餘額約等於市值的 8%，而你們的股票交易倍數也明顯低於歷史常態。相較於前幾季，你們本季的庫藏股回購（stock repurchases）稍微偏少。

Are you reluctant to buy back your own stock following President Trump's executive order aimed at limiting capital returns to shareholders? And how should we be thinking about the appetite for buybacks this year?

在川普總統旨在限制對股東資本回饋的行政命令之後，你們是否對回購自家股票有所顧慮？我們應該如何看待你們今年進行回購的意願（appetite）？

Thanks for the question, Scott. I would say we maintain a capital deployment strategy that supports growth and drives shareholder returns. Our first priority is obviously paying the dividend. We also have a very disciplined and strategic view of inorganic investments, especially around the areas that Kristine and Horacio talked about around cyber defense tech.

謝謝你的問題，Scott。我會說，我們維持一套資本配置（capital deployment）策略，以支持成長並帶動股東報酬。我們的第一優先順序顯然是支付股利。我們也對非有機投資（inorganic investments）抱持非常嚴謹且具策略性的觀點，特別是在 Kristine 和 Horacio 提到的資安、國防科技等領域。

But you're also still seeing us -- we will keep doing share repurchase. You see that in the share guide, so I think we have a very healthy balance sheet that you talked about. We have a lot of financial flexibility.

但你也仍會看到我們——我們會持續進行股票回購。你可以在股數指引（share guide）中看到，所以我認為我們的資產負債表如你所提到的非常健康。我們有很大的財務彈性。

The cash engine of the company remains strong, given the solid execution that we have, the strong growth in the National Security business, so that gives us a lot of flexibility and optionality. But we can do -- invest in the business and then also still looking to return cash to shareholders.

在我們穩健執行、以及國家安全業務強勁成長的帶動下，公司現金創造能力（cash engine）依然強勁，因此給了我們很大的彈性與選擇性（optionality）。我們可以——一方面投資於業務，同時也持續尋求把現金回饋給股東。

Okay. And then you also did cost reductions during the year, and I think the cost takeout target was $150 million on an annualized basis. How much of that is net that you get to keep and isn't passed back to the customer? And how much of the net benefit did you realize in fiscal '26 versus what we should see in the EBITDA bridge for fiscal '27?

好的。另外你們今年也做了成本削減，我記得年度化的降本目標是 1.5 億美元。其中有多少是你們可以淨保留、而不需要回饋給客戶的？而你們在 '26 會計年度實現了多少淨效益，相較之下，我們應該在 '27 會計年度的 EBITDA 橋接（bridge）中看到多少？

Yeah. We generally get to keep about 40% of it given the nature of our contracts. Of the cost that we took out, we generally realized about a third of it in fiscal year 2026. That does give us some of the financial flexibility as we continue to focus on execution and take cost that does allow us to invest back into the business like Horacio was talking about.

是的。基於我們合約的性質，我們一般大約可以保留其中的 40%。就我們削減的成本而言，我們通常在 2026 會計年度實現了大約三分之一。這確實給了我們一些財務彈性，讓我們在持續聚焦執行、並進一步降本的同時，也能把資金再投回業務——就像 Horacio 所說的。

We definitely see good growth areas where we can leverage our heritage technologies and really further grow in cyber and defense tech. So yeah, I think you're seeing those dynamics that we'll be able to hold on to some of it and then that will allow us to invest back into the business.

我們確實看到一些成長性很好的領域，可以運用我們的既有核心技術（heritage technologies），並在資安與國防科技上進一步擴大成長。所以，是的，我想你看到的就是這些動態：我們能保留其中一部分，而這也讓我們能把資金再投回業務。

Yeah, I think the investment is the key word going into this year. This is how we're thinking about it, whether it's organic from the P&L, whether it's inorganic from the balance sheet, we see certain areas that are poised for significant growth, and we want to make sure that we accelerate into those areas.

是的，我認為「投資」是今年的關鍵字。我們是這樣思考的：不論是來自損益表（P&L）的有機投資，或是來自資產負債表的非有機投資，我們看到某些領域具備顯著成長的態勢，我們希望確保在那些領域加速投入。

I'll also point out that the 60% that Troy talked about as, quote-unquote, not us keeping makes us more competitive in cost-plus contracts allows us to expand our business in that direction as well. And so I think there's a lot of good news in what we did last year in terms of positioning us for reacceleration. Partly in '27, we talked about the dynamics first half, second half, but importantly, in '28 and beyond.

我也想補充，Troy 提到的那 60%——也就是所謂我們「沒有保留」的部分——會讓我們在成本加成合約（cost-plus contracts）上更具成本競爭力，也讓我們能在那個方向擴大業務。因此，我認為我們去年所做的事情在定位上帶來很多好消息，讓我們能夠重新加速成長。部分是在 '27 年——我們談過上半年、下半年的動態——但更重要的是在 '28 年及之後。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Horacio, Kristine, and welcome Troy. Maybe my first question is around headcount. It was down 12% in the quarter, but great productivity with revenue per employee up 6%. So what were the dynamics that drove this?

Horacio、Kristine，也歡迎Troy。我第一個問題可能是關於人力編制。本季人數下降了12%，但生產力很亮眼，人均營收上升6%。所以，推動這個結果的動態是什麼？

And I guess somewhat related to this, how do we think about margins? They've held in really well despite the Civil declines. And Troy, I think you made a comment that there's some mix impact in '27 with Civil. So it hasn't impacted margins yet. How do we think about that?

另外我想這也有點相關，我們該如何看待利潤率？儘管Civil下滑，利潤率仍維持得非常好。而且Troy，我記得你提到在'27年Civil會有一些組合影響。所以目前還沒有影響到利潤率。我們該如何看待這件事？

Yeah. So I can start with the margin. Yeah, so what you see is given where we are with Civil declining that will potentially be a margin headwind. Offsetting some of that is the stronger work that we're seeing around the execution and the mix shift on margins that we talked about, the cost reductions, the better execution is helping and then we'll be investing in some of these R&D efforts.

是的。我可以先從利潤率開始。是的，所以你看到的是，考量到我們目前Civil在下滑，這可能會對利潤率形成逆風。抵消其中一部分的是，我們在執行面看到更強的表現，以及我們談到的利潤率組合轉移、成本降低、更好的執行在提供助益，然後我們也會投資於其中一些研發（R&D）工作。

So again, I think there are some puts and takes there. Definitely, Civil is something that we're able to work through, given the execution and the mix in some of the other areas of the business.

所以再說一次，我認為這裡面有一些此消彼長。很明確地，Civil是我們能夠因應並消化的，因為我們在執行力以及業務其他領域的組合上都有所支撐。

Actually, the only other thing I would say related to head count is the combination of more work moving to fixed price and outcome based and our consistent constant drive to agentify, to drive productivity and so forth should continue, hopefully, to see, to translate into the dynamic that you're describing where our people will continue to grow, but it will be more productive, so revenue will grow faster than people.

其實，關於人力編制我唯一想補充的是：更多工作轉向固定價格（fixed price）與以成果為基礎（outcome based）的模式，再加上我們一貫、持續推動代理化（agentify）以提升生產力等，應該會持續下去；希望能轉化成你所描述的動態：我們的人員仍會成長，但會更具生產力，因此營收成長會快於人數成長。

Okay. Got it. And then if I could ask another one on Intel. Great growth in the quarter, up 9%. How do we think about that continuing into '27? And maybe, Kristine, if you could give your puts and takes like you did for Civil because that was super helpful.

好的。了解。那我再問一個關於Intel的問題。本季成長很亮眼，上升9%。我們如何看待這個趨勢延續到'27年？另外Kristine，如果你能像剛才談Civil那樣，提供一下利多與利空（puts and takes），會非常有幫助。

Yeah, there's a whole lot more tailwinds than headwinds in the National Security business. I think with what we're seeing in geopolitical conflicts and the switch to some advanced tech in the way that we play in the advanced tech ecosystem, focus on autonomy, C2.

是的，國家安全業務的順風遠多於逆風。我認為，從我們看到的地緣政治衝突，以及我們在先進科技生態系中扮演的角色轉向更先進技術、聚焦自主（autonomy）、C2（指揮與控制）。

I mean I think we're in all the right places when it comes to defense tech and what we're doing in our Intel business. So we're bullish on our National Security business, and that's why you're seeing growth for the whole year despite the continued headwinds in Civil.

我的意思是，我認為在國防科技以及我們在Intel業務所做的事情上，我們都站在正確的位置。因此我們對國家安全業務持樂觀態度，這也是為什麼即使Civil持續有逆風，你仍看到我們全年呈現成長。

Yeah, I'll close this out on that question, just simply by just saying we've tailored our strategic priorities to the market that we see, which is a market that is a fundamentally challenging market, continuing to have some level of volatility, continue to have some choppiness and as the changes continue to happen, changes that are positive overall.

是的，我用這點來收尾回答這個問題：我們已將策略優先事項調整為符合我們所看到的市場；這個市場本質上具有挑戰性，仍會有一定程度的波動，仍會有些顛簸；而且隨著變化持續發生，整體而言是正向的變化。

Clearly, we're going to see some starts and stops in some areas, but we're focused on organic and inorganic growth in the cyber and defense tech, bringing AI and agentic to everything we do and continuing to grow that portfolio, investing in the next wave of technologies. We're doing a lot of work on physical AI, on quantum on 6G and AI-RAN. Those will pay off beginning this year and beyond.

很明顯地，我們會在某些領域看到一些啟動與暫停，但我們聚焦於資安與國防科技的有機與無機成長，把AI與代理式（agentic）能力帶入我們所做的一切，並持續擴大該產品組合，投資下一波技術。我們在實體AI（physical AI）、量子、6G以及AI-RAN上做了大量工作。這些將從今年開始並在未來帶來回報。

And the partner -- the unique set of partnerships, AWS, NVIDIA, the a16z companies, our position in Booz Allen against the key trends in the market. And so that would be the other way to think about puts and takes. I think part of the challenge is that we are going to experience are macro -- market macro environmental challenges. But inside of that, we're executing really, really well.

以及合作夥伴——一組獨特的合作關係：AWS、NVIDIA、a16z旗下公司；再加上Booz Allen在市場關鍵趨勢中的定位。所以，這也是思考利多與利空的另一種方式。我認為部分挑戰在於，我們將會面臨宏觀——市場的宏觀環境挑戰。但在這樣的環境之中，我們的執行表現非常、非常好。

That's all the time we have for questions today. I'd like to turn the call back over to CEO, Horacio Rozanski, for closing remarks.

我們今天的提問時間就到這裡。我想把電話會議交回給執行長Horacio Rozanski作結語。

Thank you all for your questions this morning. It was quite a robust discussion. And I hope we gave you a clear view about how we're accelerating our transformation and how we're positioning Booz Allen (technical difficulty) FY27 for sure, but well beyond that.

感謝各位今天早上的提問。這是一場相當深入的討論。我希望我們已清楚說明我們如何加速轉型，以及我們如何為Booz Allen（技術問題）FY27做定位，當然不僅如此，還包括更長遠的未來。

I can't tell you how proud I am of the progress we are making. And my main source of optimism are the people of Booz Allen. They have shown, time and time again, that they can rise to any challenge and truly accomplish incredible things. So I want to close today with a big thank you to the Booz Allen team.

我無法形容我對我們所取得進展有多麼自豪。而我最主要的樂觀來源，是Booz Allen的同仁。他們一次又一次證明，他們能迎接任何挑戰，並真正完成令人難以置信的成就。所以我想在今天以對Booz Allen團隊的一聲衷心感謝作結。

Hopefully, many of them are listening this morning, for your hard work, for your dedication. It's truly an honor to be your colleague. And I also want to thank our investors, especially our long-term investors who have been part of this journey with us, and we hope to -- you'll feel rewarded over time as we return to growth. And again, thank you all, and enjoy the long weekend.

希望今天早上有很多同仁正在收聽，謝謝你們的辛勤工作與投入奉獻。能成為你們的同事，真的是一種榮幸。我也要感謝我們的投資人，特別是一路與我們同行的長期投資人；我們希望——隨著我們重回成長軌道，你們會在時間推移中感受到回報。再次感謝各位，祝大家長週末愉快。

Thank you for your participation. You may now disconnect. Good day.

感謝各位參與。您現在可以掛線。祝您有美好的一天。