Booz Allen Hamilton Holding Corporation (BAH) 2027 Q1 法說會逐字稿

Good morning. Thank you for standing by, and welcome to Booz Allen Hamilton's earnings call covering first-quarter fiscal year 2027 results. (Operator Instructions)

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2027會計年度第一季業績的財報電話會議。（接線員指示）

I'd now like to turn the call over to the Head of Investor Relations, Dustin Darensbourg. Please go ahead.

現在我想把電話會議交給投資人關係主管Dustin Darensbourg。請開始。

Good morning, and thank you for joining us for Booz Allen's first-quarter fiscal year 2027 earnings call.

早安，感謝各位參加博思艾倫2027會計年度第一季財報電話會議。

We hope you've had an opportunity to read the press release we issued earlier this morning. We have also provided presentation slides on our website and are now on slide 2.

我們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成果的有：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 in the disclaimer on slide 3, some of the items we will discuss this morning are forward looking and may relate to future events and, as such, involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from forecasted results discussed in our SEC filings and on this call.

如第3頁免責聲明所示，我們今天上午將討論的部分事項屬於前瞻性陳述，可能涉及未來事件，因此包含已知與未知的風險、不確定性及其他因素，可能導致我們的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討論的預測結果出現重大差異。

During today's call, we'll also discuss some non-GAAP financial measures and other metrics, which we believe provide useful information for investors. We include an explanation of adjustments and other reconciliations of our non-GAAP measures to the most comparable GAAP measures in our first-quarter fiscal year 2027 earnings release and slides.

在今天的電話會議中，我們也將討論一些非GAAP財務衡量指標及其他指標，我們相信這些能為投資人提供有用資訊。我們在2027會計年度第一季財報新聞稿與投影片中，提供了非GAAP指標調整項目的說明，以及將非GAAP指標與最可比的GAAP指標進行對帳的資料。

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

現在我很高興把電話會議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. Today, Christine, Troy and I will share Booz Allen's results for the first quarter of fiscal year 2027.

謝謝你，Dustin，各位早安。感謝各位參加本次電話會議。今天，Christine、Troy和我將分享博思艾倫2027會計年度第一季的業績。

On our May earnings call, we described what we expected for the year ahead. We said we needed to focus on strong execution in a challenging macro environment. We said our civil and national security portfolios will continue to have different trajectories with our growth coming from national security. And we said we will continue accelerating our transformation and investing organically and inorganically in the areas that will drive our future growth.

在我們5月的財報電話會議上，我們說明了對未來一年的預期。我們表示，在充滿挑戰的總體環境下，需要專注於強而有力的執行。我們表示，我們的民用與國家安全業務組合將持續呈現不同的發展軌跡，而我們的成長將來自國家安全。我們也表示，將持續加速轉型，並在能驅動未來成長的領域進行有機與非有機投資。

One quarter in, our results are consistent with that view. Our revenues reflect the dynamics we expected. Through exceptional execution, we delivered solid profitability, and we continue to invest and transform. On today's call, I will discuss our results and how we are transforming in the context of the current environment. Then Christine will cover our business trajectory and Troy will walk through our financial results and outlook.

第一季過後，我們的結果與上述觀點一致。我們的營收反映了我們預期的動態。透過卓越的執行，我們交出穩健的獲利表現，並持續投資與轉型。在今天的電話會議中，我將討論我們的業績，以及我們如何在當前環境下推動轉型。接著Christine將說明我們的業務走勢，Troy將帶大家回顧財務結果與展望。

Let me begin by framing the environment. Overall, it remains dynamic and uneven. We are encouraged that funding continues to improve. In Q1, funding was up 17% year-over-year. This is driving our momentum as we help our customers advance their critical mission priorities. And at the same time, we are in a midterm election year. Historical precedent suggests this will complicate the budget process and create some funding uncertainty, particularly towards the end of the government fiscal year and into our second-half.

我先從環境面開始說明。整體而言，環境仍然多變且不均衡。我們樂見資金撥付持續改善。在第一季，資金撥付年增17%。這正推動我們的動能，因為我們協助客戶推進其關鍵任務優先事項。同時，今年是期中選舉年。歷史經驗顯示，這將使預算流程更為複雜，並帶來一定的資金不確定性，特別是在政府會計年度末段以及進入我們的下半年之際。

In parallel, the government is fast-tracking implementation of procurement reform to make fixed-price contracts the default approach. This is necessary and positive for the long-term, and it could also lead to near-term delays in awards as customers adjust how they buy and structure work. Taken together, these environmental dynamics require us to continue executing with discipline and agility. And to stay focused in what we know and what we can control.

與此同時，政府正加速推動採購改革的落實，使固定價格合約成為預設方式。這對長期而言是必要且正面的，但也可能在短期內導致授標延遲，因為客戶需要調整其採購方式與工作架構。綜合來看，這些環境動態要求我們持續以紀律與敏捷性執行。並專注於我們所知道的，以及我們能掌控的事項。

Against that near-term backdrop, the broader direction of the market is clear. Technological change is happening at a blistering phase, reshaping mission needs and making the threat landscape more complex and adaptive. To stay ahead and maintain advantage, our customers need to bring advanced tech into their missions faster, and they need the tech to work.

在這樣的短期背景下，市場更廣泛的方向是明確的。科技變革正以驚人的速度發生，重塑任務需求，並使威脅態勢更為複雜且更具適應性。為了保持領先並維持優勢，我們的客戶需要更快把先進科技導入任務中，而且這些科技必須能真正運作。

Simply put, our strategic agenda is aligned to meet this moment. We are investing and moving with urgency in the areas we believe will drive our next phase of growth. Our priorities include accelerating our cyber and defense tech growth vectors, advancing our next wave of tech investments, including autonomy and physical AI, quantum, 6G, and AI RAN. And maximizing the value of our unique partnerships and venture investments. We continue to make strong progress across these priorities.

簡而言之，我們的策略議程與當下需求高度一致。我們正以緊迫感在我們認為將驅動下一階段成長的領域投資並加速推進。我們的優先事項包括：加速我們在資安與國防科技的成長向量；推進下一波科技投資，包括自主系統與實體AI、量子、6G，以及AI RAN。並最大化我們獨特的合作夥伴關係與創投投資的價值。我們在這些優先事項上持續取得強勁進展。

Let me give you a few examples, beginning with cyber. Agentic AI has fundamentally changed the cyber threat environment in 2026. We are in a new era where offensive cyber tools are becoming autonomous, making attacks faster, more persistent and more dangerous. Our nation needs defenses that can keep up with the pace of this threat.

我舉幾個例子，先從資安開始。代理式AI在2026年從根本上改變了資安威脅環境。我們正處於一個新時代：進攻型網路工具正走向自主化，使攻擊更快、更持久，也更危險。我們的國家需要能跟上這種威脅速度的防禦能力。

As a leader in cyber, Booz Allen is well positioned to capture this growing demand across government and commercial markets. We continue to move quickly to expand Belox, our suite of agentic cyber products. Deluxe combines our deep understanding of real-world tradecraft and our AI expertise. We are seeing a high level of customer engagement today, and we expect cyber to continue to drive near and long-term growth.

作為資安領域的領導者，博思艾倫具備良好定位，可在政府與商業市場中掌握這股日益成長的需求。我們持續快速擴展Belox——我們的代理式資安產品套件。Deluxe結合了我們對真實世界攻防技術（tradecraft）的深刻理解與我們的AI專業能力。我們目前看到客戶高度參與，我們預期資安將持續驅動短期與長期成長。

Shifting to defense tech. The mission set is different, but the urgency is just as clear. Within this growth vector, we are rapidly building, scaling and operationalizing advanced technologies for the warfighting mission. From soldier-worn tech and battle management systems to resilient communications and autonomy, Wooz Allen is building and integrating products and solutions to deliver battlefield advantage. This need for speed is central to our recently announced agreement to acquire Ultra IMC Mission Solutions. This acquisition will help us expand and scale our Defense Tech product line and accelerate our growth.

接著談國防科技。任務範疇不同，但緊迫性同樣明確。在這個成長向量中，我們正快速建置、擴大規模並將先進技術投入作戰任務的實際運用。從士兵穿戴式科技與戰場管理系統，到韌性通訊與自主系統，Booz Allen正在打造並整合產品與解決方案，以提供戰場優勢。這種對速度的需求，是我們近期宣布收購Ultra IMC Mission Solutions協議的核心。此項收購將協助我們擴展並規模化國防科技產品線，並加速成長。

Ultra Mission Solutions has a proven product portfolio that spans command and control software, ruggedized edge compute, and encryption management. These products are highly complementary to our own Defense Tech products. By combining our portfolios and sales channels, we believe we will bring more differentiated and scaled products to market faster.

Ultra Mission Solutions擁有經驗證的產品組合，涵蓋指揮與控制軟體、強固型邊緣運算，以及加密管理。這些產品與我們自身的國防科技產品高度互補。透過整合雙方的產品組合與銷售通路，我們相信能更快將更具差異化且具規模的產品推向市場。

Just as important, this is a team and a business we know well. We have partnered with Ultra for years and have seen firsthand the strategic fit of our cultures and technologies. We expect to close the transaction in the second quarter. Beyond cyber and defense tech, we're also investing in building in the areas where emerging technologies and mission requirements are beginning to converge.

同樣重要的是，這是一支我們非常熟悉的團隊與業務。我們與Ultra合作多年，並親眼見證我們的文化與技術在策略上的契合度。我們預期將在第二季完成交易。除了資安與國防科技之外，我們也在新興技術與任務需求開始匯聚的領域加大投資與建置。

Quantum, an area where we have been investing for over a decade, is a good example. One of our focus areas is post-quantum cryptography, or PQC. Recent executive orders and OMB guidance are accelerating the timeline for agencies to understand their exposure and prepare for migration. We have already been working with early adopters in government and industry to help with their transitions to PQC, and we are well prepared to scale as demand increases.

量子是我們已投資逾十年的領域，是一個很好的例子。我們的重點領域之一是後量子密碼學（post-quantum cryptography，PQC）。近期的行政命令與 OMB 指引正在加速各機關了解其曝險並為遷移做準備的時程。我們已與政府與產業中的早期採用者合作，協助其轉換至 PQC，並已做好準備，隨著需求增加而擴大規模。

And last but not least. Our industry partnerships and VC investments are important accelerators on all our priorities. We continue to go to market with long-term markets like NVIDIA, AWS and Shield AI, and we are creating differentiated offerings with multiple companies in our venture portfolio.

最後但同樣重要的是。我們的產業夥伴關係與創投（VC）投資，是推進我們所有優先事項的重要加速器。我們持續與 NVIDIA、AWS 與 Shield AI 等長期市場夥伴共同推向市場，並與我們創投投資組合中的多家公司打造具差異化的產品與服務。

In closing, I hope you'll take three things away from my remarks this morning. One, we are on track with the expectations we laid out in May. Two, the environment remains dynamic, and we are executing exceptionally well against the things we can control. And three, we are accelerating our transformation in the areas that matter most to our future growth.

最後，我希望各位能從我今天上午的談話中帶走三點。第一，我們正按 5 月所提出的預期穩步推進。第二，外部環境仍然多變，而我們在可控事項上執行得非常出色。第三，我們正在加速轉型，聚焦於對未來成長最關鍵的領域。

And with that, Christine, over to you to discuss the trajectory of the business.

接下來，Christine，交給你來談談業務的發展軌跡。

Thank you, Horacio, and good morning to all of you.

謝謝你，Horacio，也向各位道早安。

Our results continue to reflect the dynamics of a bifurcated market.

我們的業績持續反映出市場分化的動態。

Our civil and national security portfolios face very different conditions and remain on different trajectories.

我們的民用與國家安全業務組合面臨截然不同的情勢，並且仍走在不同的發展軌道上。

In civil, we are in a transition.

在民用業務方面，我們正處於轉型期。

Near-term revenue is affected by a few factors we have previously discussed.

短期營收受到我們先前已討論過的幾項因素影響。

We are still absorbing the prior-year contract reductions and treasury impacts.

我們仍在消化前一年度合約縮減以及財政部相關影響。

Last year's slower award environment also led to fewer new starts to offset programs that are ramping down in the first half. And while our recompete win rate remains strong, the new contracts are generally smaller in scope and have shorter periods of performance.

去年較慢的授標環境也導致新案啟動較少，無法抵銷上半年逐步縮減的專案。此外，儘管我們在重新競標（recompete）的得標率仍然強勁，但新合約通常範圍較小、履約期間也較短。

Together, this creates tough comps in the first half.

綜合而言，這使得上半年比較基期相當艱難。

Even with near-term pressures, we are seeing improving leading indicators that will impact Civil later in the year.

即便短期承壓，我們仍看到一些領先指標正在改善，並將在今年稍晚對民用業務產生影響。

Demand is strengthening, and we are winning work.

需求正在增強，而我們也持續贏得案子。

Looking ahead, we are ramping up our wins, continuing to expand the pipeline, pulling our defense tech and cyber solutions through civil agencies, and building on our excellent track record advancing civil missions through technology.

展望未來，我們正加速推進已得標案的啟動、持續擴大案源管道，將我們的國防科技與資安解決方案導入民用機關，並在以科技推進民用任務的卓越實績上再接再厲。

Shifting to our national security portfolio, this business grew in the first quarter and is expected to continue building momentum over the fiscal year.

轉到國家安全業務組合，本業務在第一季成長，並預期在本財年持續累積動能。

Demand remained strong and funded backlog was up 23%.

需求依然強勁，且已獲資金支持的在手訂單（funded backlog）年增 23%。

Now we're converting that demand into growth by ramping up new work quickly and getting our technology into missions at speed.

目前我們正透過快速啟動新工作、以更快速度將技術導入任務，將需求轉化為成長。

We are confident national security is well-positioned.

我們對國家安全業務的良好定位充滿信心。

Our technologies align directly with the nation's highest priorities, including homeland defense, warfighter readiness, cyber, and U.S. Technology leadership.

我們的技術與國家最高優先事項直接對齊，包括國土防衛、戰鬥人員戰備、資安，以及美國科技領導地位。

As Horacio discussed, this is especially true in our defense tech and cyber growth vectors, where we continue to expect significant acceleration as we scale our product offerings.

如 Horacio 所述，這在我們的國防科技與資安成長向量上尤其明顯；隨著我們擴大產品供給，我們仍預期將出現顯著加速。

I'd now like to discuss the progress we're seeing in the shift to outcomes-based contracting.

接下來我想談談我們在轉向以成果為基礎的合約模式（outcomes-based contracting）方面所看到的進展。

Building on the recent executive order, the government has released additional guidance that accelerates the move to fixed-price contracts.

在近期行政命令的基礎上，政府發布了額外指引，加速轉向固定價格合約。

We are pleased to see the implementation getting underway and believe it will create better alignment between cost, accountability, and mission impact.

我們樂見相關落實工作已開始推動，並相信這將在成本、責任歸屬與任務影響之間建立更佳的一致性。

It will also give us more flexibility in how we deliver, which creates the opportunity to bring greater value to our customers and support stronger financial performance over time.

這也將讓我們在交付方式上更具彈性，進而創造機會為客戶帶來更高價值，並隨時間推進支撐更強勁的財務表現。

We have been advocating for this change and are leaning in to help our customers with these transitions.

我們一直倡議這項變革，並積極投入，協助客戶完成這些轉換。

At the same time, we are already seeing some shifts toward more flexible, commercially oriented buying models.

同時，我們也已看到採購模式正朝向更具彈性、更加商業導向的方向轉變。

For example, our pipeline of other transaction authority, or OTA, opportunities is up 18% year-over-year this quarter.

例如，本季我們的其他交易授權（Other Transaction Authority，OTA）機會案源管道年增 18%。

We have also been positioning Booz Allen technology solutions on government marketplaces, including Tradewinds, Aeris, and Platform One.

我們也已將 Booz Allen 的技術解決方案布局於政府市集平台，包括 Tradewinds、Aeris 與 Platform One。

These channels give customers faster, more flexible ways to buy proven technology and create new pathways to scale our products to mission.

這些通路讓客戶能以更快、更具彈性的方式採購經驗證的技術，並為我們將產品擴大導入任務創造新的途徑。

Before I hand off to Troy, I'd like to describe how we are injecting AI and agentic capabilities across our business.

在交棒給 Troy 之前，我想說明我們如何在全公司導入 AI 與代理式（agentic）能力。

I'll start with our internal operations.

我先從我們的內部營運談起。

We are using AI to increase productivity and create efficiencies in how we pursue new business, hire and develop our talent, and build products.

我們正運用 AI 提升生產力，並在拓展新業務、招募與培育人才，以及打造產品的方式上創造效率。

Most importantly, we are continuing to embed AI in our tech to enable greater mission impact.

最重要的是，我們持續將 AI 嵌入我們的技術之中，以帶來更大的任務影響。

For example, we built a multi-agent system to transform intelligence collection.

例如，我們打造了一套多代理（multi-agent）系統，用以改造情報蒐集。

The system can rapidly provide context, recommend and adjust collection plans, and coordinate tasking across sensors.

該系統能快速提供情境脈絡、建議並調整蒐集計畫，並在各類感測器之間協調派工。

This reduces manual coordination and helps analysts manage increasingly complex sensor environments, enabling faster, more actionable intelligence.

這可降低人工協調需求，並協助分析人員管理日益複雜的感測器環境，從而更快產出更具可行性的情報。

And across our defense tech portfolio, we are operationalizing AI at the edge.

此外，在我們的國防科技產品組合中，我們正將 AI 在邊緣端落地運用。

Forward-deployed warfighters need advanced tech that works in environments where connectivity, bandwidth, and power are limited.

前沿部署的戰鬥人員需要先進技術，且必須能在連線、頻寬與電力受限的環境中運作。

Booz Allen's products are built for these conditions.

Booz Allen 的產品正是為這些條件而打造。

We are integrating edge computing and AI capabilities to enable faster decision-making and more autonomous operations in contested environments.

我們正整合邊緣運算與 AI 能力，以在受爭奪環境中實現更快速的決策與更自主的作業。

We expect AI-enabled delivery, combined with products and outcomes-based contracting, to help us deliver more value to customers and drive bottom-line growth.

我們預期，AI 賦能的交付方式，結合產品與以成果為基礎的合約模式，將協助我們為客戶提供更多價值，並推動獲利成長。

To wrap up, while the environment remains dynamic, our operational priorities are clear, and we are executing against the plan that we laid out in May.

總結來說，儘管外部環境仍然多變，我們的營運優先事項很清楚，並正依照 5 月所提出的計畫執行。

We are maximizing our cyber and defense tech growth vectors.

我們正最大化我們的資安與國防科技成長向量。

Scaling our product offerings, leaning into the transition to outcomes-based contracting, and building momentum in Civil.

擴大我們的產品供給、積極投入轉向以成果為基礎的合約模式，並在民用業務上建立動能。

With that, Troy, I'll turn it over to you.

接下來，Troy，交給你。

Thanks, Christine, and good morning, everyone. Our results today, particularly profitability and cash flow, highlight our strong operational execution across the portfolio, building on the momentum that we saw at the end of last fiscal year.

謝謝你，Christine，各位早安。我們今天的業績，特別是獲利能力與現金流，凸顯我們在整體業務組合上的強勁營運執行力，並延續上一財年末所見的動能。

We're operating with discipline, investing for the future, and driving long-term growth.

我們以紀律運作、為未來投資，並推動長期成長。

With that, I will now walk through our first-quarter performance in more detail.

接下來，我將更詳細說明我們第一季的表現。

In line with our expectations, first-quarter revenue declined 4.2% year-over-year to $2.8 billion.

符合我們的預期，第一季營收年減 4.2%，至 28 億美元。

Revenue ex-billable expenses was down 3.8% versus the prior year.

扣除可報銷費用（billable expenses）後的營收，較去年下降 3.8%。

Our national security business grew 1% year-over-year in the first quarter.

我們的國家安全業務在第一季年增 1%。

We see healthy demand signals across the national security portfolio, and we are beginning to accelerate hiring as funding continues to show signs of improvement.

我們在國家安全業務組合各領域都看到健康的需求訊號；隨著資金狀況持續出現改善跡象，我們也開始加速招募。

We still expect national security to grow mid-single-digits for the fiscal year, with stronger growth expected in the back half of the year as we ramp up new work.

我們仍預期本財政年度國家安全業務將以中個位數成長；隨著我們加速推進新工作，預期下半年成長將更為強勁。

Consistent with our expectations, our civil business declined 16% year-over-year, driven by the roll-off of some larger contracts and fewer new program starts.

符合我們的預期，我們的民用業務年減16%，主要受部分較大型合約到期退出，以及新專案啟動數量較少所致。

We expect a sequential double-digit decline in civil revenue next quarter due to some contracts that are ending.

由於部分合約即將結束，我們預期下季民用營收將出現環比雙位數下滑。

Also, as previously discussed, some re-competes that we won are transitioning to follow-on contracts that are smaller in size and scope.

此外，如先前所述，我們贏得的部分重新競標案正轉換為後續合約，而後續合約在規模與範疇上較小。

Creating near-term comp headwinds.

這在短期內對同比比較造成逆風。

We expect these first-half dynamics to gradually ease into the second-half of the year.

我們預期這些上半年動態將在下半年逐步緩解。

Turning to profitability, we delivered results above our expectations in the first quarter.

轉向獲利表現，我們第一季交出高於預期的結果。

Adjusted EBITDA was $334 million at an adjusted EBITDA margin of 11.9%, up 130 basis points year-over-year.

調整後EBITDA為3.34億美元，調整後EBITDA利潤率為11.9%，年增130個基點。

The strong performance was driven by continuously improving contract execution, favorable timing of investment spending, and early shifts to outcome-based fixed-price contracting.

強勁表現主要來自合約執行持續改善、投資支出時點有利，以及更早轉向以成果為導向的固定價格合約。

We saw solid performance across all markets.

我們在所有市場均看到穩健表現。

Adjusted diluted earnings per share increased 22% year-over-year to $1.81. This increase was driven by profit growth, a lower tax rate, and a reduced share count.

調整後稀釋每股盈餘年增22%至1.81美元。此增幅主要由獲利成長、較低的稅率以及股數減少所帶動。

Adjusted EPS also benefited from a $19 million pre-taxed unrealized gain on one of our venture investments.

調整後EPS亦受惠於我們其中一項創投投資帶來1,900萬美元（稅前）的未實現收益。

And on cash flows, free cash flow in the first quarter was $261 million, driven by another strong collections quarter and favorable timing.

在現金流方面，第一季自由現金流為2.61億美元，主要由另一個強勁的收款季度以及有利的時點因素所驅動。

From a working capital perspective, day sales outstanding, or DSO, was up seven days year-over-year to 80 days due to revenue recognition treatment due to the nature of the DeFi business. As a result, we expect our DSO to remain elevated relative to our historical level.

從營運資金角度來看，應收帳款週轉天數（DSO）年增7天至80天，原因在於DeFi業務性質所致的收入認列處理方式。因此，我們預期DSO將相較於歷史水準維持在較高水位。

Moving to demand and leading indicators, we had robust bookings during the quarter with a book-to-bill of 1.5 times.

談到需求與領先指標，本季接單表現強勁，接單出貨比（book-to-bill）為1.5倍。

Our trailing 12-month book-to-bill is 1.1 times.

我們過去12個月的接單出貨比為1.1倍。

Total backlog at the end of the first quarter was over $39 billion, up 3% year-over-year.

第一季末總在手訂單（backlog）超過390億美元，年增3%。

Importantly, funding showed further signs of improvement in the first quarter, with our funded backlog increasing 15% year-over-year to $4.7 billion.

重要的是，第一季資金到位情況進一步改善，我們的已獲資金支持在手訂單（funded backlog）年增15%至47億美元。

And finally, on capital deployment and the balance sheet, we deployed a total of $447 million in the first quarter, which consisted of $324 million for the DeFi acquisition and also for multiple venture investments and $123 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，我們第一季合計投入4.47億美元，其中3.24億美元用於DeFi收購以及多項創投投資，另有1.23億美元透過季度股利與庫藏股回購回饋股東。

From a balance sheet perspective, we ended the quarter with $540 million of cash on hand and total liquidity of $2 billion. Our net leverage ratio at the end of the quarter was 2.7 times adjusted EBITDA for the trailing 12 months.

就資產負債表而言，本季末我們持有現金5.40億美元，總流動性為20億美元。本季末淨槓桿比率為過去12個月調整後EBITDA的2.7倍。

We're very excited about the Altra Mission Solutions acquisition and expect this to close during our second quarter. We'll provide an update on the next earnings call.

我們對Altra Mission Solutions的收購感到非常振奮，並預期將於第二季完成交割。我們將在下一次財報電話會議提供最新進展。

Our healthy balance sheet and strong cash flow generation provides us with the ability to drive shareholder value through flexible and opportunistic capital deployment.

我們健康的資產負債表與強勁的現金流創造能力，使我們能以彈性且把握機會的資本配置方式，推動股東價值。

Now turning to our outlook on slide 7.

接著請看第7頁，談我們的展望。

We are reaffirming our guidance for the year across all metrics as we are still early in the year and remain cautious on the funding and award environment.

由於目前仍在年初階段，且我們對資金與授標環境仍保持審慎，我們重申全年各項指引不變。

To provide some context around the shape of the year, we continue to expect our growth to be back half-weighted, consistent with our remarks on the prior earnings call.

為了提供全年走勢的背景說明，我們仍預期成長將偏向下半年，與上一季財報電話會議的說法一致。

We will see some pressure in 2Q on growth and profitability, largely due to sequential headwinds in the civil business.

第二季在成長與獲利方面將面臨一些壓力，主要來自民用業務的環比逆風。

We expect continued growth in our national security portfolio throughout the year, but with a significant ramp-up in the second-half.

我們預期國家安全組合全年將持續成長，但下半年將有顯著的加速爬坡。

Finally, from a margin perspective, we continue to expect approximately 11% margins for the year. This implies a step-down in margins for the rest of the year, particularly in 2Q, due to the end of some higher-margin civil programs and back-loaded investment spending.

最後，就利潤率而言，我們仍預期全年約11%的利潤率。這意味著今年剩餘期間的利潤率將較第一季下滑，尤其是第二季，原因在於部分高毛利的民用專案結束，以及投資支出在下半年較為集中。

To sum up, we are proud of our performance this quarter and are encouraged by our leading indicators and the solid start to the year.

總結來說，我們為本季表現感到自豪，並對領先指標以及今年良好的開局感到鼓舞。

While this remains a very dynamic environment, we are focused on driving transformation, supporting our customers' critical missions, and creating value for shareholders. With that, operator, let's open the line for questions.

儘管環境仍非常動態，我們將專注於推動轉型、支持客戶的關鍵任務，並為股東創造價值。接下來，接線員，請開放提問。

(Operator Instructions) Jonathan Siegmann, Stifel.

(接線員指示) Jonathan Siegmann，Stifel。

Good morning, Jim. Thanks for taking my question.

早安，Jim。謝謝讓我提問。

Hi, Jonathan. Good morning.

嗨，Jonathan。早安。

I appreciate the opening comments on the balance of accelerated funding, but some of the uncertainty is still in the second-half. But the funded awards and backlog were real positive. Just how are you approaching -- a little more comments on how you're approaching guidance.

我很感謝你在開場談到加速撥款的平衡，但部分不確定性仍在下半年。不過，已獲資金支持的授標與在手訂單是非常正面的。想請你再多談一些你們是如何看待——以及如何制定——指引的。

Are there any anticipated new company-specific effects that may make the second-half uncertain? And just to confirm the acquisitions, you're not including, if I understand correctly.

是否有任何預期中的、公司特定的新影響因素，可能使下半年更不確定？另外想確認一下收購案，如果我理解正確，你們目前的指引並未納入收購影響，對嗎？

Thank you.

謝謝。

Sure, John, I'll start, and Troy might want to jump in behind me. But just to take it from the top, we're very happy with the first quarter, very solid performance, driven by both great execution.

當然，John，我先回答，Troy 也許會在我之後補充。先從整體來看，我們對第一季非常滿意，表現非常扎實，這是由出色的執行所帶動。

And really good selling quarter, and so the forward indicators, as you point out, are good.

同時也是一個非常好的銷售季度，因此如你所指出，前瞻指標確實不錯。

It is a dynamic environment. To give you a sense of what we're tracking, there's four things right now in Congress, all of which have an impact on our industry, the NDAA, a potential CR, potential reconciliation bill, a potential supplemental, and these and how they play out will probably shape.

這是一個動態的環境。讓我說明我們正在追蹤的重點：目前國會有四件事都會影響我們的產業，包括《國防授權法案》（NDAA）、可能的持續決議（CR）、可能的預算協調法案（reconciliation bill）、以及可能的追加撥款（supplemental），而這些事項如何發展，可能會形塑局勢。

The whether the funding dynamic continues to be as good as it's been, we are cautious about it and so this early in the year, we're not going to update guidance. By the time we get to the next quarter, we'll both have a better read on those things and also we will include into our guidance in October what's happening with Ultra and some of those numbers.

也就是資金動態是否能像目前一樣良好；我們對此保持審慎，因此在年初這個時間點，我們不會更新指引。等到下一季時，我們對上述事項會有更清楚的判讀，同時我們也會在10月把Ultra的進展及部分數字納入指引。

In terms of tailwinds to the business, we feel very good about our cyber business.

就業務的順風因素而言，我們對資安業務非常有信心。

Agentic AI is changing the game, and Booz Allen is right in the middle of it with a great set of offerings that have good traction. Defense tech is really good, and then some of the wins that we've had in the core business really.

代理型AI（Agentic AI）正在改變遊戲規則，而Booz Allen正處於其中核心位置，擁有一套具備良好市場牽引力的產品與服務組合。國防科技表現也非常好，此外，我們在核心業務中取得的一些勝利也確實。

Are beginning to ramp up. So I take it all together, and I think cautious optimism is the right place to be.

正開始逐步放量爬坡。綜合來看，我認為「審慎的樂觀」是最恰當的態度。

Yeah, and John, I would just add that just on guidance, it's still early in the year. As you said, book-to-bill was strong, the funded backlog was strong, and we'll look to roll in ultra as we close that acquisition. So we're starting to see signs of improvement. It remains a choppy environment, but overall, we feel comfortable with the guidance right now.

是的，而且 John，我想補充的是，就指引而言，現在仍是年初。如你所說，接單出貨比（book-to-bill）很強，已獲資金支持的在手訂單（funded backlog）也很強，而在我們完成那項收購時，我們也會把 Ultra 納入。因此我們開始看到改善的跡象。環境仍然起伏不定，但整體而言，我們對目前的指引感到放心。

Thank you very much.

非常感謝。

Colin Canfield, Cantor.

Colin Canfield，Cantor。

Thank you for the question.

謝謝讓我提問。

Maybe if you could talk about funded bookings in the quarter and essentially kind of what you've seen this upcoming quarter, kind of what you've seen already between national security and civil.

也許你們可以談談本季的已獲資金支持的訂單（funded bookings），以及基本上你們對接下來這一季的觀察——在國家安全與民用兩個領域之間，到目前為止你們已經看到些什麼。

And how you expect the funded bookings to progress through the year between both of those segments?

以及你們預期在這兩個部門之間，已獲資金支持的訂單在全年會如何推進？

Thanks.

謝謝。

Funding itself is up overall across the whole business pretty evenly, about 18% year-over-year in civil and in national security. But you saw that a lot of our bookings this quarter were weighted toward national security, and our overall funded backlog is up quite a bit at 15%. So we are seeing. Most importantly, I think we're also seeing, like, good pipeline growth still and a steady award environment right now and a steady funding environment. And as Racio mentioned, it can be a bit choppy.

整體來看，資金投入在整個業務上相當平均地上升，民用與國家安全皆約年增 18%。但你也看到我們本季很多接單偏向國家安全，而我們整體的已獲資金支持的在手訂單（funded backlog）也大幅上升 15%。所以我們確實看到。更重要的是，我認為我們也看到良好的管線（pipeline）仍在成長，目前的授標環境穩定、資金環境也穩定。而如 Racio 提到的，情況可能會有些起伏。

So, we're looking forward to see that as all of these macro issues work out, kind of how it plays out later in the year. But so far, strong.

因此，我們也期待隨著這些總體（macro）議題逐步釐清，看看在今年稍晚會如何發展。但到目前為止，表現強勁。

Got it. Got it. And then maybe if you could talk a little bit about further portfolio shaping within defense and intelligence or national security.

了解。了解。另外，也許你們可以談談在國防與情報或國家安全領域，進一步的投資組合調整（portfolio shaping）。

What are the key technologies and capabilities that the team use is most attractive that they can add?

團隊認為最具吸引力、可以補強的關鍵技術與能力是哪些？

And then how does the team think about kind of, what do they view as the key modes and civil that they view as most attractive?

另外，團隊如何看待民用領域中，他們認為最具吸引力的關鍵「護城河」（moats）是什麼？

Thank you.

謝謝。

I think the.

我想。

We are transforming the business at a very fast speed. This has been the focus.

我們正以非常快的速度轉型業務。這一直是重點。

The financial implication of that is acceleration of profit growth, dollar profit growth, not margins, but dollar profit growth and a healthy reinvestment so that we can continue to accelerate the business dynamic. Inside of that, on cyber, I would point you to the fact that we have a pretty complete stack that really helps. With this moment, our Zero Trust capabilities, business and opportunities are quite significant across both government and commercial markets. Behind that is the Velox Suite, which is an agentic suite that gives us a real head start. In what's really the next-generation cyber products. And then even behind that, we're already testing a set of things we're not ready to talk about yet with customers and hearing very good reports. So we feel very good about where we are on cyber.

其財務意涵是加速獲利成長、以「獲利金額」成長（dollar profit growth）為主，不是看利潤率（margins），而是獲利金額的成長；同時也會健康地再投資，以便我們能持續加速業務動能。在此之中，就資安（cyber）而言，我會請你注意我們擁有相當完整的技術堆疊（stack），確實能提供很大幫助。在當下這個時點，我們的零信任（Zero Trust）能力、業務與機會在政府與商業市場都相當可觀。其後是 Velox Suite，這是一套代理式（agentic）套件，讓我們取得真正的先發優勢。在真正的下一代資安產品上。再往後，我們甚至已經在與客戶測試一系列我們還沒準備好公開談的項目，並且聽到非常好的回饋。因此我們對資安的布局感到非常有信心。

On defense tech, the Ultra acquisition should point you to the areas we're most interested in, C3BM and autonomy being the primary areas. We. We see a lot of complementarity there. And as Christine pointed out in her remarks, we are uniquely positioned to help the warfighter at the edge.

在國防科技（defense tech）方面，Ultra 的收購應該能讓你看出我們最感興趣的領域，主要是 C3BM 與自主化（autonomy）。我們。我們看到那裡有很強的互補性。而如 Christine 在發言中指出，我們具備獨特優勢，能在前線邊緣（edge）協助作戰人員（warfighter）。

And that's just not just on land, it's really across all domains.

而且不只是陸地，實際上是跨所有作戰域（domains）。

And we see both real need by the warfighter, real need, real demand and very good positioning ourselves. And then more broadly, AI, we're using AI to transform our entire business.

我們看到作戰人員確實有真實需求、真實需求、真實的需求量（demand），而我們自身的定位也非常好。再更廣泛地說，AI 方面，我們正用 AI 來轉型整個業務。

I know there's a market perception that the AI is a headwind for us.

我知道市場上有一種看法，認為 AI 對我們是逆風。

And I think we understand where that's coming from, but we believe we're in a different place because we've been investing in AI, building the right partnerships and positioning ourselves really for over a decade now.

我想我們理解這種看法從何而來，但我們相信我們處在不同的位置，因為我們在 AI 上投資、建立合適的合作夥伴關係並完成定位，已經超過十年。

And I'll point you to really our agentic AI and our physical AI positions, both of which are. Are creating new demand, creating differentiation, giving us significant awards. And the fact that we have this partnership ecosystem across both startups and hyperscalers put us in what I think is a great position to capture some of this new demand and make AI real in the mission in a way that is secure, in a way that is governable, and in a way that gives the warfighter the advantage they need.

我會特別指出我們在代理式 AI（agentic AI）與實體 AI（physical AI）的布局，兩者都在。正在創造新的需求、形成差異化，並為我們帶來可觀的授標（awards）。此外，我們在新創與超大規模雲端業者（hyperscalers）之間建立的合作夥伴生態系，使我們處於我認為非常有利的位置，能掌握這些新需求，並以安全、可治理的方式，讓 AI 在任務中真正落地，並讓作戰人員獲得他們所需要的優勢。

Yeah, I would also just add that in addition to those mature technologies that we've been working for a while, our investments are now beginning to pay off.

是的，我也想補充，除了那些我們已耕耘一段時間的成熟技術之外，我們的投資現在也開始看到回報。

We are expanding our quantum business and driving acceleration there. And this quarter, we actually won our largest pure quantum win and now have won quantum work across commercial, national security, and civil. So that's kind of on the come.

我們正在擴大量子（quantum）業務並推動加速。而在本季，我們實際上拿下了我們史上最大的純量子（pure quantum）案子，並且現在已在商業、國家安全與民用領域都取得量子相關工作。所以這部分正在逐步到來。

In addition to that, we've been productizing our AI RAN investments.

此外，我們也正在把 AI RAN 的投資產品化（productizing）。

Especially at the edge. And this quarter, we also won an award specific to AI-RAN to bring 6G to edge missions. So those investments are continuing. And then lastly, but not least, the agentic software development that we have developed that we're continuing to refine that offering, and that pipeline has been expanding quite nicely also in civil.

特別是在邊緣端（edge）。而本季我們也拿到一項針對 AI-RAN 的授標，用於把 6G 帶到邊緣任務（edge missions）。因此這些投資仍在持續。最後但同樣重要的是，我們所開發的代理式軟體開發（agentic software development），我們也持續精進這項方案，而其管線在民用領域也擴張得相當不錯。

That's great.

太好了。

Thank you.

謝謝。

Gavin Parsons, UBS.

Gavin Parsons，UBS。

Thank you. Morning.

謝謝。早安。

Morning.

早安。

Appreciate all the color on unfunded backlog. Anything abnormal one time you pull forward in there or is that a good. Representation of the funding momentum that you're talking about.

感謝你們對未獲資金支持的在手訂單（unfunded backlog）提供的各種細節。其中是否有任何不尋常的一次性提前拉動（pull forward），還是說那就是你們所談到的資金動能的良好呈現？

Yeah, thanks, Gavin. No, so there's really no funding pull forward. I think it's just the improving environment that Christine and Horacio have talked about.

是的，謝謝你，Gavin。沒有，所以其實沒有資金提前拉動。我認為這只是 Christine 和 Horacio 所談到的環境改善。

So no, I would say clean quarter all around.

所以沒有，我會說整體來看這是一個很乾淨的一季。

Okay, great. And then just on the national security growth, any way to, I know you guys have consolidated kind of defense and intel, but any way to parse, are there subcategories that are declining and others are growing and those lap, and once those headwinds lap, it's just a natural visible return to growth or any way to think about kind of the subcategories there that drive the acceleration?

好的，很好。另外關於國家安全的成長，有沒有辦法——我知道你們把國防與情報整併了——但有沒有辦法拆解一下：是否有些子類別在下滑、另一些在成長，而當那些逆風因素過了比較基期（lap）之後，就會自然、可見地回到成長？或是有沒有什麼方式來理解那些推動加速的子類別？

I guess what I would offer to you is that we see the most.

我想我能提供的是，我們看到最大的。

Growth potential, especially both at the top, but really especially at the bottom line, as we've been saying on cyber and defense tech, which really cut across all of our business, as Christine pointed out. We have meaningful cyber work in civil and some of our defense tech products span the entire portfolio, but they really are mostly going at national security, and those are, I think, the brightest spots.

成長潛力，尤其是在營收端（top line），但更特別是在獲利端（bottom line），如我們一直所說，來自資安與國防科技；正如 Christine 指出的，這兩者其實橫跨我們所有業務。我們在民用領域也有具規模的資安工作，而我們的一些國防科技產品也涵蓋整個投資組合，但主要仍是面向國家安全；我認為這些就是最亮眼的部分。

Beyond that, our space business is doing well and we see good upside there, but really everything that we're doing around bringing edge capability to the warfighter, especially in what is right now a very active operational environment is important.

除此之外，我們的太空業務表現良好，我們也看到那裡有不錯的上行空間；但真正重要的是，我們在把邊緣能力帶給作戰人員方面所做的一切，尤其是在目前非常活躍的作戰環境中。

I don't know and and by the way, let me just point out, the reason we decided to put Intel and defense together is because that's really how we're running the business now, if you think about space, defense, tech, cyber, those capabilities, those products and those solutions really cut across the entire national security spectrum and so.

我不確定——順帶一提，讓我指出一下，我們之所以決定把情報（Intel）與國防放在一起，是因為我們現在就是這樣在經營這項業務的；如果你想想太空、國防、科技、網路（cyber）這些能力、產品與解決方案，其實橫跨整個國家安全版圖，所以。

To try and create a distinction without a difference we did not think was helpful. I think this is a better way to describe the business to all of you.

試圖去做一個沒有實質差異的區分，我們認為並沒有幫助。我認為這是向各位描述這項業務更好的方式。

And one part that I would call out for you is that we actually need to accelerate hiring a bit. We're a little bit behind right now, some supply constraint, particularly around hiring those with clearances.

另外有一點我想特別提醒各位的是，我們其實需要稍微加快招募速度。我們目前有點落後，存在一些供給限制，特別是在招募具備安全許可（clearance）的人才方面。

And so we're we're addressing that now.

所以我們正在處理這件事。

And so that's another dynamic that you would see that cuts across, but it's particularly related to clearances.

因此這也是你會看到的一個橫跨各領域的動態，但它特別與安全許可相關。

Great.

很好。

That's helpful. Thank you.

這很有幫助。謝謝。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Horacio, Christine, Troy and Dustin. Good morning and happy Friday.

Horacio、Christine、Troy 和 Dustin。早安，週五愉快。

Hey, Louie.

嗨，Louie。

Related to AI, can you discuss your EMAP3 renewal for, I think it was $2.7 billion?

關於 AI，你能談談你們的 EMAP3 續約嗎？我記得是 27 億美元？

Here's what I can say. We are very proud of the support of those critical missions. We are very proud that this was, as a continuation of something where we started early.

我能說的是這些。我們非常以能支援那些關鍵任務為榮。我們也非常自豪，這是對我們早期就開始推動之事的延續。

Bringing AI and those types of capabilities into the missions that we support. And this being the largest award in the history of the company, I think it demonstrates that we continue to bring real value to our customers in places where they really need us the most.

把 AI 與這類能力帶入我們所支援的任務中。而這次作為公司史上最大的得標案，我認為它證明我們持續在客戶最需要我們的地方，為客戶帶來真正的價值。

Yeah, Louie, I was just asking, I think it's indicative of the national security portfolio in general. When you look, funded backlog was up 23%, national security funding is 18%. So we're feeling comfortable about the solutions that we're bringing, and I think that that was highlighted this quarter and reflective in some of these awards.

是的，Louie，我想這也反映了整體國家安全投資組合的狀況。你看，已獲資金支持的在手訂單（funded backlog）成長了 23%，國家安全資金成長 18%。所以我們對我們帶來的解決方案感到放心，我認為本季的表現也凸顯了這點，並在部分得標案中有所反映。

Makes sense. And I also have a more long-winded question that's more high-level as.

了解。我還有一個比較冗長、偏高層次的問題。

There's been a shift in the perspective of whether cybersecurity vendors are AI winners or losers following the threat posed by generative AI that, Horacio, you mentioned at the onset. But this past week, OpenAI reported about an unprecedented cyber incident with Hugging Face and. We've seen the stock prices for many of the cybersecurity vendors and many of which you're partnered with, such as Palo Alto Networks and CrowdStrike, these stock prices have rebounded by over 100% from their lows over the past three months. So with that context, back in October of 2024, which seems so long ago, Horacio, you and Lindsay Joyce, you hosted an analyst day at the Helix DC Demo Center in which you showcased like Booz Allen cybersecurity solutions and highlighted how Booz Allen has one of the largest collections of cybersecurity talent of any company in North America. So I'm wondering.

在你一開始提到生成式 AI 所帶來的威脅之後，市場對於資安供應商究竟是 AI 的贏家還是輸家，觀點出現了轉變。但就在本週，OpenAI 報告了一起與 Hugging Face 相關、前所未見的網路事件。我們也看到許多資安供應商（其中不少是你們的合作夥伴，例如 Palo Alto Networks 與 CrowdStrike）的股價，在過去三個月從低點反彈超過 100%。在這樣的背景下，回到 2024 年 10 月（感覺已經是很久以前了），Horacio，你和 Lindsay Joyce 在 Helix DC Demo Center 舉辦了分析師日，展示了像 Booz Allen 的資安解決方案，並強調 Booz Allen 擁有北美任何公司中規模最大的資安人才庫之一。所以我想問。

Like, are you seeing the cybersecurity demand associated with agentic AI? And are you able to take advantage of this asset? And also related to this, like, what are you doing with OpenAI and Anthropic on the cybersecurity side? I think you tweeted. Or posted on X that you're involved in the Project Glasswing with Anthropic and you put out a press release with OpenAI, but can you provide more detail on your cybersecurity posture? Thanks.

你們是否看到與代理式 AI（agentic AI）相關的資安需求？你們是否能夠善用這項資產？另外也想請教，在資安方面，你們與 OpenAI 和 Anthropic 正在做些什麼？我記得你在推特——或是在 X 上發文說你們參與了與 Anthropic 的 Project Glasswing，也和 OpenAI 發了新聞稿；但你能否更詳細說明你們的資安態勢（cybersecurity posture）？謝謝。

Thanks, Louie, for that question. I almost feel like the answer should be yes, and I should stop there, but let me try and give you some color.

謝謝你，Louie，這個問題。我幾乎覺得答案應該是「是」，然後我就可以停在這裡了，但我還是試著補充一些背景。

We have been, first of all, we've come a long way since 2024.

首先，自 2024 年以來，我們已經走了很長一段路。

Our business in cyber really lives at the intersection of our exquisite tradecraft that we have H1d over a very long period of time and a set of AI capabilities we haven't invested in for over a decade. And so we believe we have a jumpstart on this market.

我們的網路業務，真正是建立在兩者的交會點：一是我們長期累積、極其精湛的專業技藝（tradecraft），二是我們投入超過十年的一套 AI 能力。因此我們相信自己在這個市場上具備先發優勢。

If you look at what's at the environment as it's happening, there's been a series of things that began with not really even with Mythos, but before that. With the Chinese release of something called Villager, all the way now, and we are seeing this acceleration in both concern and concern is turning into demand, both in the private sector market especially, but also in our government clients, and we believe we're well positioned to both help and to capture significant demand from that.

如果你看當前環境的發展，出現了一連串事件，其實甚至不是從 Mythos 才開始，而是在那之前。從中國釋出一個叫 Villager 的東西開始，一路到現在；我們看到擔憂正在加速，而這種擔憂也正在轉化為需求，尤其是在民間市場，但在政府客戶端也是如此；我們相信自己具備良好定位，既能提供協助，也能捕捉其中可觀的需求。

As I mentioned before, the way we're thinking about it is.

如我先前提到，我們的思考方式是。

On the part that we can discuss here, it comes in three pieces in the stack, first of all, Zero Trust is going to become an essential part of this because it is going to be virtually impossible to totally keep these agentic attacks out of the network, so what you want to do is to minimize the blast radius. If and when that happens to any organization. And again, Booz Allen, as through some of our contracts, has been a leader in Zero Trust in government, and that capability is portable to the private sector and in high demand.

就我們在這裡可以討論的部分而言，技術堆疊（stack）可分成三個部分：首先，零信任（Zero Trust）將成為其中不可或缺的一環，因為要把這些代理式攻擊完全阻擋在網路之外，幾乎是不可能的；所以你要做的是把爆炸半徑（blast radius）降到最低。一旦、或當它發生在任何組織時。再者，Booz Allen 透過我們的一些合約，一直是政府零信任領域的領導者，而這項能力也可移植到民間市場，且需求很高。

Above that, everything needs to get identified on the defense side to catch up to the offense side. We begun releasing Develop Suite. We have a second product out in market now called Ranger, which is really.

在此之上，防禦端的一切都需要被識別，才能追上攻擊端。我們已開始發布 Develop Suite。我們現在也推出了第二個上市產品，名為 Ranger，這其實是。

The product that helps a company begin to understand, remediate, and solve vulnerability issues across our network at AI speed instead of the traditional speed. And beyond that, there's additional products coming, some of which are specifically capable of taking on an AI attack. And so we believe, Wuzal, like I said, this is very well positioned against. All of that. I think the way we're going to see that is going to be both significant demand and growth in our traditional businesses, but really an acceleration of the productized and solutionized part of our offering, which will then drive margins and bottom-line growth faster than top-line growth, which has been one of the themes.

一個能協助企業以 AI 的速度（而非傳統速度）開始理解、修復並解決整個網路中的弱點問題的產品。此外，還會有更多產品推出，其中一些特別具備對抗 AI 攻擊的能力。因此我們相信，Wuzal——如我所說——在對應。上述所有方面都具備非常好的定位。我認為我們將會看到的結果，一方面是我們傳統業務出現顯著需求與成長；但更重要的是，我們產品化與方案化（productized and solutionized）的供給將加速，進而推動毛利率與獲利端（bottom-line）的成長速度快於營收端（top-line）的成長，這一直是我們的主題之一。

But like I said, I feel very. Very good about that. And then on your last point, we are partnering with all of the major players and bringing something pretty unique. We do have mythos in our lab, and we're using it extensively. We have a lot of different -- we're working in all of the frontier models.

但如我所說，我對此感到非常。非常有信心。至於你最後一點，我們正與所有主要玩家合作，並帶來相當獨特的價值。我們的實驗室裡確實有 mythos，而且我們正在大量使用它。我們也有許多不同的——我們正在所有前沿模型（frontier models）上展開合作。

And I think Buzal is a recognized leader in this, and it's time for us to fully capture the upside that comes from this market.

而且我認為 Buzal 在這方面是公認的領導者，現在是我們充分掌握這個市場所帶來上行空間的時候了。

Thanks, Horacio. Thanks, everyone.

謝謝你，Horacio。謝謝各位。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Can you hear me?

聽得到我嗎？

Yes, we can hear you now.

是的，現在聽得到。

Thank you.

謝謝。

Sorry about that. Good morning, Horacio, Christine and Troy. Quick question, just what were the acquired sales and backlog from the DeFi acquisition in the quarter?

抱歉剛剛那樣。早安，Horacio、Christine 和 Troy。我有個簡短問題：本季 DeFi 併購帶來的已併入銷售額與在手訂單（backlog）是多少？

Just the way to think about Defi is that there are some portfolio shaping done between the end of last year and the beginning of this year and that it roughly offsets.

看待 DeFi 的方式是：我們在去年底到今年初之間做了一些投資組合調整，整體大致相互抵銷。

We sold some parts of the portfolio that are roughly the same size. As what we acquired in order to make sure that we had clean runways into work that was really important to us. And so the way we've been thinking about it is certainly at the top-line, more of a net zero and then maybe, obviously, DeFi has better ultimate margins than the business we divested, but for the purposes of both the quarter and everything else, I don't think that they changed it back a whole lot.

我們出售了投資組合中的一些部分，規模大致與我們為了確保能在對我們真正重要的工作上有清晰跑道而收購的部分相當。因此我們的看法是，就營收端而言基本上是淨零影響；當然，DeFi 的最終利潤率可能優於我們剝離的業務，但就本季以及其他面向而言，我不認為它們帶來了很大的改變。

Yeah, I would just add that the DeFi acquisition, the impact was not really material. Everything you're seeing in the numbers was really reflective of the core business around national security and civil is how we think about it.

是的，我補充一下：DeFi 併購的影響其實不算重大。你在數字中看到的，主要反映的是我們以國家安全與民用（civil）為核心的本業表現。

Okay, all right, that's helpful. And then the Senate's version of the NDAA includes language that potentially restrict defense contractors from returning capital to shareholders unless they get a waiver pending a qualified investment plan. The scope of the language seems very broad. Just based on what you're hearing on the Hill, would that apply to government services providers such as Booz Allen? Just how are your conversations going with people on the Hill about that?

好的，了解，這很有幫助。另外，參議院版本的 NDAA 包含一些措辭，可能會限制國防承包商在未取得豁免、且待合格投資計畫核准前，將資本返還給股東。這段措辭的適用範圍看起來非常廣。就你們在國會山莊聽到的情況，這會適用於像 Booz Allen 這樣的政府服務供應商嗎？你們與國會山莊相關人士就此的溝通進展如何？

We're having a lot of conversation.

我們正在進行大量的溝通。

The language will probably change and get refined, and we'll get clarity on the questions that you're asking.

相關措辭很可能會變更並進一步精煉，我們也會就你提出的問題獲得更明確的答案。

All I can say for us is we're looking forward to investing in the technologies that I've been describing that will both bring advantage to the warfighter and create real shareholder value for us, and that at the current time, all the avenues for capital deployment remain open.

就我們而言，我能說的是：我們期待投資我剛才描述的那些技術，這些投資既能為作戰人員帶來優勢，也能為我們創造真正的股東價值；而且就目前而言，資本部署的所有途徑仍然保持開放。

Yeah, Scott, I would just add from a capital deployment standpoint, we maintain a very balanced strategy. You saw the strong cash generation this quarter. That does give us a lot of flexibility. So we're still returning cash to shareholders via dividends and the buybacks. And then longer-term, we'll focus on acquisitions and M&A. But right now, we're looking to integrate the Ultra Mission Solutions business. But strong cash generation, and we're deploying it.

是的，Scott，我再補充一下資本部署方面：我們維持非常均衡的策略。你也看到本季強勁的現金創造能力。這確實給了我們很大的彈性。因此我們仍透過股利與庫藏股回購把現金返還給股東。而從長期來看，我們會聚焦於併購與 M&A。但目前我們正著重整合 Ultra Mission Solutions 業務。總之，現金創造強勁，我們也正在加以部署。

All right. Thank you.

好的。謝謝。

Matt Akers, BNP Paribas.

Matt Akers，BNP Paribas。

Hey, good morning, guys. Thanks for the question. I wanted to follow-up on some of your comments on fixed price comments, contracts. I think you said in the opening remarks that's becoming more of the default option for the government. So how far do you think that goes? I mean, I think fixed price.

各位早安。謝謝讓我提問。我想追問你們對固定價格合約的一些評論。我記得你們在開場提到，這正逐漸成為政府的預設選項。那你們認為這會走到什麼程度？我的意思是，固定價格……

Has been maybe half as big as kind of your cost reversible contracts in the past, could that get to be kind of more of an equal mix and if so, what does that mean for margins and how do you make sure that you kind of size the risk appropriately on those fixed-price contracts?

過去固定價格合約的規模可能只有你們成本加成（cost-reimbursable）合約的一半左右；未來是否可能變成更接近各半的組合？如果是，對利潤率意味著什麼？另外，你們如何確保在這些固定價格合約上適當衡量與控制風險規模？

Yeah, thanks for that question. I mean, the administration's made pretty clear that the default should be firm fixed price contracting or outcomes-based contracting. And, with the directive that all new contracts, unless they get approved, have to be firm fixed price. So, it's early. We are still seeing -- we are seeing a shift, but we're also still seeing some cost-plus contracts that have come out. I think the deadline was just a week ago or so.

好的，謝謝這個問題。政府本屆行政部門已相當明確表示，預設應採用「確定固定價格」（firm fixed price）或以成果為基礎（outcomes-based）的合約模式。並且有指示：所有新合約除非獲得核准，否則都必須採用確定固定價格。所以目前還算早期。我們確實看到一些轉變，但也仍看到有些成本加成合約釋出。我想期限大概就在一週前左右。

And then there is some work that won't be able to be definitized. I think we had -- we have some in our plan, some shift.

另外，也有一些工作無法被明確定義（definitized）。我想我們在計畫中已納入——我們確實預期會有一些轉換。

And I would say that right now it's a little bit ahead of that, but it's a little early to tell exactly what proportion will shift over. And then for work that's already underway, there's another year before some of the additional tasking on existing work needs to convert. So far it looks -- it. It looks like that conversion will happen, and we have included that in our planning.

我會說目前的進展略快於我們原先的預期，但現在要精準判斷最終會有多少比例轉過去仍言之過早。至於已在進行中的工作，現有合約上的一些新增任務還有一年時間才需要轉換。到目前為止看起來——看起來這個轉換會發生，而我們也已把它納入規劃。

I'll just add by saying that, first of all, we welcome this direction of travel. We've been advocating for it. We think outcome-based is certainly good for the government, but it also gives us the ability to run the business in a way that we can both maximize impact and value to the government, in some cases, provide better pricing, and over time, if we're operating efficiently, earn.

我再補充一點：首先，我們歡迎這個方向，我們一直在倡議。我們認為以成果為基礎的模式對政府當然是好事，同時也讓我們能以一種方式經營業務，既能最大化對政府的影響與價值，在某些情況下提供更好的價格，並且隨著時間推進，如果我們運作有效率，也能賺取……

A bigger return on that. So, this is -- we are preparing for it, we're planning for it, and we're working on it, and the early indications are positive, but it is not going to be an overnight thing because, as Christine said, even with the new directive, contracts don't turn over overnight, and there's a lot of work to do.

更高的報酬。因此，這是——我們正在為此做準備、做規劃並推動落實；初步跡象是正面的，但這不會一夕之間發生，因為如 Christine 所說，即使有了新指示，合約也不會立刻全面更替，而且還有很多工作要做。

Yeah, thank you. That's helpful. And then.

好的，謝謝。這很有幫助。然後……

On that Ultra acquisition, I may have missed this, but what's the revenue run rate you're expecting from that? And just any thoughts on how kind of capital allocation shifts after that? Are you focused on delevering after that deal, or do you think there's sort of more flexibility?

關於那筆 Ultra 併購，我可能漏聽了：你們預期它的營收年化（run rate）是多少？以及對資本配置在那之後如何調整，有沒有任何想法？你們會在交易後專注於去槓桿（delevering）嗎？還是你們認為仍有更大的彈性？

Yeah, thanks, Matt. I would say what we said is that really when it comes to revenue, we see strong double-digit growth. I think that that's going to continue for the next several years.

好的，謝謝，Matt。我會說，我們先前提到的是：就營收而言，我們看到強勁的雙位數成長。我認為這在未來幾年會持續。

EBITDA margins are well above the 20%.

EBITDA 利潤率也遠高於 20%。

Beyond that, we're not going to get into the specifics around revenue. We will update guidance next quarter, so you'll see that. But overall, comfortable with how that business is looking. It looks like a very high-quality asset.

除此之外，我們不會進一步透露營收的具體數字。我們會在下季更新財測指引，你到時會看到。但整體而言，我們對該業務目前的狀況感到放心。看起來是一項非常高品質的資產。

So we like what we're seeing there. I would say just reiterate from a capital deployment standpoint, we'll still be returning cash back to shareholders via the dividends and the buybacks. We do have sufficient liquidity and access to the bond markets. I would say over time, we'll look to deleverage the balance sheet following the Ultra acquisition.

所以我們對那裡看到的情況感到滿意。我想從資本配置的角度再重申一次，我們仍將透過股利與庫藏股回購把現金回饋給股東。我們確實擁有充足的流動性，並可進入債券市場。我想隨著時間推進，在完成 Ultra 併購之後，我們會著手降低資產負債表槓桿。

Great.

很好。

Thank you very much.

非常感謝。

Thanks, Matt.

謝謝，Matt。

Seth Seifman, JPMorgan.

JPMorgan 的 Seth Seifman。

Thanks very much, and good morning. I'd like to ask first on the civil side of the business, given the type of sequential decline you're looking for in the second quarter, it looks like we'll need kind of a nice bounce back in the third quarter probably.

非常感謝，早安。我想先就業務中的民用（Civil）部分提問，考量你們對第二季所預期的季對季下滑幅度，看起來第三季可能需要相當不錯的反彈。

In order to be in that kind of high single-digits for the year, is that something that you have visibility to now and how do your comments about the risks around the midterm and the CR for the second-half play into that civil outlook?

為了讓全年落在高個位數的降幅，你們現在對此有能見度嗎？另外，你們提到期中選舉與持續決議案（CR）在下半年帶來的風險，這些因素如何影響民用業務展望？

Yeah, thanks for the question. And while the Civil business has been challenged recently, we do remain committed to it. It's very important missions, and we have very deep expertise in those missions, and we bring a lot to the table.

是的，謝謝你的問題。雖然民用業務近期面臨挑戰，但我們仍然致力於這個領域。這些任務非常重要，我們在這些任務上有非常深厚的專業能力，也能帶來很多價值。

We expect Civil to be down in the high single-digits this year.

我們預期今年民用業務將下滑高個位數。

It'll be an improvement from last year. There are some dynamics that I mentioned in my opening comments around the things already announced around reductions in contracts and.

這會比去年有所改善。我在開場評論中提到一些動態，包括已宣布的合約縮減等事項，

At Treasury and others, and then also the smaller re-competes, which really kick in next quarter.

在財政部（Treasury）以及其他單位，另外還有較小規模的重新競標（re-competes），這些其實會在下個季度真正開始反映。

And also, the number of awards that did not happen last year, right, it was quite anemic in the award environment. And then so the new ramp just comes in a little bit later. So, yes, it does -- the tailwinds for the expanding customer base and improved funding and improved pipeline are important, but we're. Still kind of coming through a transition year.

此外，去年有不少獎項（awards）並未發生，對吧，授標環境相當疲弱。因此新的案子爬坡（ramp）會稍微晚一點才進來。所以，是的，擴大的客戶基礎、改善的資金狀況與更好的案源管線（pipeline）這些順風因素很重要，但我們仍在度過一個轉型年。

And then if you're just following up on the last question about the contract type mix, I mean, the whole -- most of the time that I guess we have data and most of the time that kind of I've been looking at the company, the fixed price proportion has been kind of in either high 10s or sort of low 20s. Or when you think about this evolution. Are we at a place where by the time we're exiting this year, that's going to be a meaningfully higher number that's outside of what we've seen in the past, whether that's high 20s or 30s or something like that?

另外，延續上一題關於合約類型組合的問題，我的意思是——在我有資料可看、以及我觀察這家公司大多數時間裡，固定價格（fixed price）合約占比大概都在十幾個百分點的高段或二十出頭。當你思考這個演變時，我們是否已經到了這樣的階段：到今年年底時，這個比例會顯著提高、超出過去所見的範圍，例如到接近 30% 或 30% 以上之類？

Yeah, thanks, Seth. I'll just say that, as Christine said, I think it's early on. I think we're optimistic about the trends that we're seeing. There's always variations quarter to quarter, so I don't want to get ahead and start speculating how it's going to evolve. But we like what we're seeing now, and we'll continue to monitor. I think that that's a positive for this company. We know how to execute on those contracts. You saw that this quarter.

是的，謝謝，Seth。我只想說，正如 Christine 所說，我認為現在還算早期。我們對目前看到的趨勢感到樂觀。每季之間總會有波動，所以我不想太早就開始推測它會如何演變。但我們喜歡目前看到的狀況，並會持續觀察。我認為這對公司是正面的。我們知道如何執行這些合約。你在本季也看到了。

So we're comfortable. We're feeling good where we are, but we'll keep you posted.

所以我們很有把握。我們對目前的狀況感覺良好，但也會持續向各位更新。

Great. Thanks very much.

很好。非常感謝。

Tobey Sommer, Truist Securities.

Truist Securities 的 Tobey Sommer。

Thank you.

謝謝。

In the industry, the clients in the federal level have talked about procuring software and hardware directly from the vendors as opposed to through integrators. And last night, Oracle got a big DoD contract.

在這個產業裡，聯邦層級的客戶談到，會直接向供應商採購軟體與硬體，而不是透過系統整合商。而且昨晚 Oracle 拿到了一個大型國防部（DoD）合約。

To what extent does this impact the company at all? And I understand it would not really have a profit impact, but I'm curious if there's an influence on the P&L?

這在多大程度上會影響公司？我理解這不太會影響獲利，但我想知道是否會對損益表（P&L）有任何影響？

We have not yet seen the shift in the way one could hypothesize it'll affect the business if the shift.

我們目前尚未看到這種轉變。若如假設般發生轉變、並影響業務的方式，

Took place, the billable expenses would go down and so you would see a bigger gap in the revenue ex-billables and the gross revenue number.

可計費費用（billable expenses）會下降，因此你會看到「扣除可計費費用後的營收（revenue ex-billables）」與總營收（gross revenue）之間的差距變大。

As you said, we view that -- ultimately, we view that as a potential positive in terms of reducing some of the volatility. It's quarter-to-quarter in the top-line numbers and no real meaningful impact in terms of how we prosecute the business. In fact, every time one of the large hyperscalers gets a contract like that, we're in conversations with them because the reality is that, especially in some of these key missions that are most important, the ones that are growing the most, call it the last mile, gets more and more.

如你所說，我們認為——從降低部分波動性的角度來看，最終這可能是正面的。它會降低營收端（top-line）數字的季對季波動，且在我們推進業務的方式上不會有任何實質影響。事實上，每當大型超大規模雲服務商（hyperscalers）拿到這類合約，我們都會與他們對話，因為現實是，特別是在一些最重要、成長最快的關鍵任務上，所謂的最後一哩（last mile）執行變得越來越

Complex to execute and having these models and having these capabilities available to the warfighter at the edge, for example, becomes something that is going to be essential to unlocking the demand that, again, here's a place where Booz Allen is shining and we expect will continue to shine. And whether the contract is such that the -- call it a cloud buy gets done through us or directly.

複雜；例如，讓前線作戰人員（warfighter）在邊緣端（edge）能使用這些模型與能力，將成為解鎖需求的關鍵。而這正是 Booz Allen 表現出色、且我們預期會持續發光發熱的領域。至於合約形式是——例如雲端採購（cloud buy）是透過我們進行或是直接採購，

It's really not that significant to the value that we're bringing to the differentiation that we're bringing into our capacity to affect mission.

對我們所帶來的價值、我們所帶來的差異化，以及我們影響任務成效的能力而言，其實並沒有那麼重要。

And it's not all that common that the software buys would actually come directly through us, cloud for sure, and there are a bunch of other -- the majority of our billable expenses are subcontractors, et cetera.

而且軟體採購實際上直接透過我們進行並不常見；雲端當然會，但還有很多其他項目——我們的大多數可計費費用來自分包商等。

So, again, we don't mind them buying direct, but we have not really seen any impact so far.

所以，再次強調，他們直接採購我們也不介意，但到目前為止我們確實還沒有看到任何影響。

I appreciate that. And then for the calendar 3Q or end of the federal fiscal year, is there an opportunity for a better-than-normal book-to-bill in what is seasonally already a strong quarter because of the way the Pentagon has to kind of obligate a bunch of OBBA funds or risk of a minor clawback?

了解，謝謝。另外，就曆年第三季或聯邦會計年度末而言，由於五角大廈必須在季節性本來就很強的季度裡，趕在期限前承諾（obligate）一大筆 OBBA 資金、否則可能面臨小幅收回（clawback）的風險，是否有機會出現高於正常水準的接單出貨比（book-to-bill）？

We're not going to get in front of ourselves. I think at this point, the team is executing really well on both capturing demand and executing against that demand, making sure that what we deliver is of very high-quality and trying to make sure that we continue to focus on dollar profit growth, especially as the portfolio starts to shift and maybe over time accelerate.

我們不會操之過急。我認為就目前而言，團隊在掌握需求與對應需求的交付執行上都做得非常好，確保我們交付的是高品質成果，並且持續聚焦於美元獲利（dollar profit）成長，特別是在產品組合開始轉移、且可能隨時間推進而加速的情況下。

Fixed price.

固定價格（fixed price）。

And I think we're, like I said, cautiously optimistic around some of these dynamics, but we'll just have to see.

我想我們——如我所說——對其中一些動態保持審慎樂觀，但還是得再觀察。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

Jefferies 的 Sheila Kahyaoglu。

Good morning, guys, and thank you so much.

各位早安，真的非常感謝。

Maybe just on the funded backlog of 15%.

也許就看已獲資金支持的積壓訂單那 15%。

How do we think about the Q2 to Q4 implied growth rate of 1% to 7%? Are there any specific new wins in that backlog that translate into revenues in the next three quarters, if you could just -- if there are programs that you'd like to call out?

我們該如何看待從第二季到第四季所隱含的 1% 到 7% 成長率？在那個積壓訂單中，是否有任何特定的新得標會在接下來三個季度轉化為營收？如果可以的話——若有你們想特別點名的專案？

Yeah, Sheila, I would just say from a program standpoint, we're feeling good about where we are. There's no one program that we're specifically focusing on.

是的，Sheila，我想就專案層面而言，我們對目前的狀況感覺良好。沒有任何單一專案是我們特別聚焦的。

To hit those growth rates that we talked about. I think you're seeing increased confidence with the funding, with the backlog.

來達到我們談到的那些成長率。我認為你看到的是，隨著資金到位、積壓訂單在手，我們的信心提升。

Again, both businesses are improving. So, again, we're starting to see those signs. It's still a choppy environment, but no one program that we're focused on here. I think that that highlights the strength of this business and the diversification, which gives us confidence in the outlook.

再說一次，兩個業務都在改善。所以，我們開始看到那些跡象。環境仍然顛簸，但這裡沒有任何我們特別聚焦的單一專案。我認為這凸顯了這項業務的實力與多元化，這也讓我們對展望更有信心。

Okay. And then maybe just on the employees down 7% or headcount down 7% in the first quarter. I know some of it is clearances and you guys plan to ramp in the next three quarters. I guess, how do we think about whether it's AI or fixed price contracts, changing that relationship between revenues and headcount for these? Thanks.

好的。另外，第一季員工數下降 7% 或人頭數下降 7%。我知道其中一部分與安全許可有關，而且你們計畫在接下來三個季度擴編。我想問的是，我們該如何看待 AI 或固定價格合約，是否會改變這些業務中營收與人頭數之間的關係？謝謝。

Yeah, I think part of the decline.

是的，我認為下降的一部分。

It is really related to the decline in civil, right? So overall, that we've been seeing for the past couple of quarters. We are still hiring, and the portfolio is shifting in what we're and who we're hiring.

其實與民用業務的下滑有關，對吧？也就是我們在過去幾個季度整體看到的情況。我們仍在招募，而投資組合也在轉變——我們招什麼人、以及招哪些人。

Like I said, we do have some work to do to accelerate the hiring, particularly for cleared personnel.

如我所說，我們確實還需要做一些工作來加速招募，特別是具備安全許可的員工。

Disconnect between the model, the changes to the model, I would say, are more driven by, changes in delivery and changes in the portfolio than anything else.

至於模型之間的脫節、以及對模型的調整，我會說，更多是由交付方式的變化與投資組合的變化所驅動，而不是其他因素。

Got it. Thank you so much.

了解。非常感謝。

John Godyn, Citi.

Citi 的 John Godyn。

Hey, guys, thanks for taking my question. I'll keep it to one question at the end here, but perhaps a bigger picture one. Horatio, can we just talk about capital allocation? You mentioned some things in the venture fund paying off.

嗨，各位，謝謝讓我提問。我最後只問一題，但可能是比較宏觀的一題。Horatio，我們能談談資本配置嗎？你提到創投基金的一些投資正在見到成效。

There's an interesting M&A deal that you guys are also focused on.

你們也在關注一筆有意思的併購交易。

And, of course, shareholder returns. I was hoping we could just kind of check through all of these and kind of discuss the complete capital allocation picture here. Of course, the valuation multiple is quite low, and I'm just curious how you think of capital allocation as a tool to maybe regain prior valuation levels. Thanks.

當然，還有股東回報。我希望我們能把這些都逐一檢視，並討論一下完整的資本配置全貌。當然，目前估值倍數相當低，我很好奇你們如何看待把資本配置作為一種工具，來可能重回先前的估值水準。謝謝。

Sure, thank you for that. We believe that the way to.

好的，謝謝你的提問。我們相信，提升股東價值的方法是。

Accelerate shareholder value is ultimately to grow the business at the top-line and to grow the business faster at the bottom line.

最終在於推動營收端（top-line）的成長，並且讓獲利端（bottom line）的成長更快。

And so we continue to really laser focus on that.

因此我們會持續非常聚焦於此。

So if you think about it from a capital allocation standpoint, we look first to make investments that will make that promise a reality as quickly as possible.

所以從資本配置的角度來看，我們首先會投資於能讓這個承諾盡快成真的事項。

We are, as have always been very thoughtful and measured around M&A. We continue to be thoughtful and measured around M&A, but if we see something that is going to be an accelerant, especially to cyber and defense tech, we will continue to make relatively smaller acquisitions in that space.

我們一向、也一直以來都對併購非常審慎且有節制。我們仍會保持審慎與有節制，但如果看到能加速成長的機會，特別是在資安與國防科技方面，我們會持續在該領域進行相對較小規模的收購。

Beyond that, as Troy has pointed out, we have strong balance sheet and we have significant cash generation. So I don't think, from our perspective, that this is an either/or where either we make token acquisitions or we return capital to shareholders. I think that we can have a very balanced approach that gives us the opportunity to really do both as it makes sense.

除此之外，如 Troy 所指出的，我們資產負債表強健，且現金創造能力顯著。所以我不認為，從我們的角度來看，這是一個非此即彼的選擇——不是只能做象徵性的收購，就是只能把資本回饋給股東。我認為我們可以採取非常平衡的做法，在合理的情況下同時做到兩者。

But ultimately, the focus of this management team is the ongoing transformation of the business, the strong execution quarter in and quarter out and the ability to differentiate ourselves by driving unique value to every customer that we serve. I really believe that if we do that consistently, if we do that with clarity and if we communicate to you all of these things that I think the market will. Will realize the true value of Booz Allen over time, and then, beyond whatever tactical moves we make in any given quarter on capital allocation, that's the North Star. That's the real pathway here.

但最終，這個管理團隊的重點在於持續推動業務轉型、每一季都強力執行，以及透過為我們服務的每一位客戶創造獨特價值來實現差異化。我真的相信，如果我們能持續做到這些、清楚地做到這些，並把這些事情傳達給各位，我認為市場將會。隨著時間推移，市場會認知到 Booz Allen 的真正價值；而且，超越我們在任何特定季度於資本配置上所做的戰術性動作，那就是北極星。那才是真正的路徑。

I appreciate the thoughts, and thanks for squeezing me in.

感謝你的想法，也謝謝你讓我插隊提問。

Sure.

當然。

Thank you. And this concludes our Q&A session. I will pass it back to Horacio Rosansky for closing comments.

謝謝。以上為我們的問答環節。我將把時間交回 Horacio Rosansky 作結語。

Thank you, Carmen.

謝謝你，Carmen。

Thank you, everyone, again for joining us today and for your very thoughtful questions.

再次感謝各位今天加入我們，也謝謝你們非常周到的提問。

I hope that Christine, Troy and I provided you with a clear sense of how we're advancing the strategy, how we're executing the business and how we are remain focus on accelerating growth.

我希望 Christine、Troy 和我已讓各位清楚了解我們如何推進策略、如何執行業務，以及我們如何持續專注於加速成長。

Over the coming quarters and in the near and medium term. I want to take a moment as we close here to really thank our team.

在接下來幾個季度，以及短期與中期。在我們結束之前，我想花點時間真誠地感謝我們的團隊。

Everybody at Booz Allen is fully committed to the missions that we support, to driving the company and to creating shareholder value. So to all of you Booz Allen people that are listening today, thank you for who you are and for everything we do. The future is bright for Booz Allen because of all of you.

Booz Allen 的每一位同仁都全心投入於我們所支持的任務、推動公司發展並創造股東價值。所以，對所有今天正在收聽的 Booz Allen 同仁，謝謝你們的付出與你們的本色，也謝謝你們所做的一切。Booz Allen 的未來一片光明，因為有你們。

And with that, thank you again for joining us and have a great rest of the summer.

最後，再次感謝各位加入我們，祝大家夏季剩餘時光愉快。

And this concludes our conference.

本次電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝各位參與，您現在可以斷線。