CACI International Inc (CACI) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Third Quarter Fiscal Year 2023 Conference Call. Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference call over to Dan Leckburg, Senior Vice President of Investor Relations for CACI International. Please go ahead, sir.

女士們，先生們，謝謝你們的支持。歡迎來到 CACI 國際 2023 財年第三季度電話會議。今天的通話正在錄音中。 （操作員說明）此時，我想將電話會議轉交給 CACI International 投資者關係高級副總裁 Dan Leckburg。請繼續，先生。

Well, thank you, and good morning, everyone. I'm Dan Leckburg, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning. We are providing presentation slides, so let's move to Slide #2.

好的，謝謝大家，早上好。我是 CACI International 投資者關係高級副總裁 Dan Leckburg。感謝您今天早上加入我們。我們正在提供演示幻燈片，所以讓我們轉到幻燈片 #2。

There will be statements in this call that do not address historical fact and as such, constitute forward-looking statements under current law. These statements reflect our views as of today and are subject to important factors that could cause our actual results to differ materially from anticipated. Those factors are listed at the bottom of last night's press release and are described in the company's SEC filings. Our safe harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call.

本次電話會議中將有不涉及歷史事實的陳述，因此構成現行法律下的前瞻性陳述。這些陳述反映了我們截至今天的觀點，並受可能導致我們的實際結果與預期存在重大差異的重要因素的影響。這些因素列在昨晚新聞稿的底部，並在公司提交給美國證券交易委員會的文件中進行了描述。我們的安全港聲明包含在本展覽中，應作為本次電話會議任何文字記錄的一部分。

I would also like to point out that our presentation will include discussion of non-GAAP financial measures. These should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

我還想指出，我們的介紹將包括對非 GAAP 財務措施的討論。這些不應被孤立地考慮或替代根據公認會計原則編制的績效衡量標準。

Let's turn to Slide 3, please. To open our discussion this morning, here is John Mengucci, President and Chief Executive Officer of CACI International. John?

請轉到幻燈片 3。今天上午，請來 CACI International 總裁兼首席執行官 John Mengucci 開始我們的討論。約翰？

Thanks, Dan, and good morning, everyone. Thank you for joining us to discuss our third quarter fiscal year '23 results. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

謝謝，丹，大家早上好。感謝您加入我們，討論我們 23 財年第三季度的業績。今天早上和我一起的是我們的首席財務官 Jeff MacLauchlan。

Slide 4, please. Last night, we released our third quarter results and I'm very pleased with our performance. We grew revenue by 10%, all of which is organic, with growth in both expertise and technology. Profitability was strong with an adjusted EBITDA margin of 11% and cash flow was solid. Our trailing 12 months book-to-bill of 1.4x remains very healthy.

請放幻燈片 4。昨晚，我們發布了第三季度業績，我對我們的表現感到非常滿意。隨著專業知識和技術的增長，我們的收入增長了 10%，所有這些都是有機的。盈利能力強勁，調整後的 EBITDA 利潤率為 11%，現金流穩定。我們過去 12 個月的 1.4 倍訂單出貨比仍然非常健康。

As a result of our strong year-to-date performance, we are raising our fiscal 2023 revenue and earnings guidance, and Jeff will provide additional financial details shortly.

由於我們年初至今的強勁表現，我們正在上調 2023 財年的收入和收益指引，Jeff 將很快提供更多財務細節。

Let's go to Slide 5, please. Turning to the external environment, market and demand trends remain very favorable to CACI. Government fiscal year '23 budgets showed healthy growth, and we continue to see positive funding trends. In addition, the President's GFY '24 budget request calls for further growth in defense, which is just a starting point as Congress begins to budget process.

請轉到幻燈片 5。轉向外部環境，市場和需求趨勢仍然對CACI非常有利。政府 23 財年預算顯示健康增長，我們繼續看到積極的資金趨勢。此外，總統的 GFY '24 預算請求要求進一步發展國防，這只是國會開始預算程序的起點。

While budget indications are positive, we will continue to monitor the process and debt ceiling negotiations. We see continued growth in key areas of focus for CACI, driven by the heightened global threat environment, bipartisan support for national security and the need for modernization.

雖然預算指標是積極的，但我們將繼續關注進程和債務上限談判。在全球威脅環境加劇、兩黨對國家安全的支持以及現代化需求的推動下，我們看到 CACI 關注的關鍵領域持續增長。

From a capability perspective, we see continued government demand in several important areas for CACI, including broad modernization of both applications and networks and accelerating demand for cloud migration. The Space domain with photonics and situational awareness, and Electromagnetic spectrum, including software-defined Signals Intelligence and Electronic Warfare and their convergence with cyber.

從能力的角度來看，我們看到政府在幾個重要領域對 CACI 的持續需求，包括應用程序和網絡的廣泛現代化以及對雲遷移的加速需求。具有光子學和態勢感知以及電磁頻譜的空間領域，包括軟件定義的信號情報和電子戰及其與網絡的融合。

CACI's industry leadership and commitment to invest ahead of need positioned us extremely well to deliver innovation to our customers and value to our shareholders.

CACI 的行業領導地位和提前投資的承諾使我們非常有能力為我們的客戶提供創新並為我們的股東創造價值。

Slide 6, please. We continue to successfully execute our strategy of building differentiated capabilities rooted in software and deep domain expertise. Just as important, we remain focused on exceptional execution. The combination of these 2 factors enable CACI to not only win new work in the marketplace, but also retain, expand and extend that work over time.

請播放幻燈片 6。我們繼續成功地執行我們的戰略，即建立植根於軟件和深厚領域專業知識的差異化能力。同樣重要的是，我們仍然專注於卓越的執行。這兩個因素的結合使 CACI 不僅能夠在市場上贏得新的工作，而且隨著時間的推移保留、擴展和擴展該工作。

Let me give you some examples. First, our Enterprise IT as-a-Service or EITaaS award with the United States Air Force is the largest contract award in our company's history. This award demonstrates CACI's leading position in broad IT modernization, while the award has been under protest, I'm happy to say that our win was recently upheld by the GAO. We are ready to get to work and look forward to beginning this important program for the Air Force in the near future.

讓我舉幾個例子。首先，我們與美國空軍簽訂的企業 IT 即服務或 EITaaS 合同授予是我們公司歷史上最大的合同授予。該獎項證明了 CACI 在廣泛的 IT 現代化方面的領先地位，雖然該獎項一直受到抗議，但我很高興地說我們的勝利最近得到了 GAO 的支持。我們已準備好開始工作，並期待在不久的將來為空軍啟動這一重要計劃。

Second, I want to highlight the Army’'s Integrated Personnel and Pay System or IPPS-A. IPPS-A is the largest PeopleSoft implementation in the federal government and arguably the most complex PeopleSoft implementation at scale in the world, serving more than 1 million soldiers. We are excited to have rolled out the latest version of the system earlier this year.

其次，我想強調陸軍的綜合人事和薪酬系統或 IPPS-A。 IPPS-A 是聯邦政府中規模最大的 PeopleSoft 實施，可以說是世界上規模最複雜的 PeopleSoft 實施，為超過 100 萬名士兵提供服務。我們很高興在今年早些時候推出了該系統的最新版本。

For the first time, the Army has a single system for managing more than 1 million soldiers across the Army, Army Reserve and Army National Guard. That is software development at Scale. And we look forward to working with our customer to provide additional functionality and enhancements to further support our soldiers.

陸軍首次擁有單一系統來管理陸軍、陸軍預備役和陸軍國民警衛隊的超過 100 萬名士兵。這就是大規模軟件開發。我們期待與我們的客戶合作，提供更多功能和增強功能，以進一步支持我們的士兵。

This performance is yet another example of CACI's industry software development for both enterprise and mission customers. In the Space domain, we continue to see strong demand for our photonics technology for both government and prime customers. We also continue to invest in and advance this critical technology and as a result, continue to achieve important performance and interoperability milestones.

這一性能是 CACI 為企業和任務客戶開發行業軟件的又一個例子。在太空領域，我們繼續看到政府和主要客戶對我們的光子技術的強勁需求。我們還繼續投資和推進這項關鍵技術，因此繼續實現重要的性能和互操作性里程碑。

CACI's photonics technology enables secure space-based communications networks using more powerful, efficient technology that transmits more data faster. We are currently under contract to deliver optical communications terminals for the SDA under Tranche 0 and Tranche 1, for multi-transport and tracking layers. And we continue to provide our photonics technology to a wide range of additional classified programs at multiple orbital altitudes.

CACI 的光子技術使用更強大、更高效的技術來實現安全的天基通信網絡，該技術可以更快地傳輸更多數據。我們目前正在簽訂合同，為 SDA 在 Tranche 0 和 Tranche 1 下提供光通信終端，用於多傳輸層和跟踪層。我們繼續將我們的光子學技術提供給多個軌道高度的範圍廣泛的附加機密項目。

Finally, we continue to demonstrate leadership in the Electromagnetic spectrum, an increasingly important area of focus for national security, particularly in the Pacific and European theaters. CACI is one of the largest providers of sensing systems across all domains: land, air, sea, space and cyber. As we've discussed before, one of our key differentiators is a strategy focused on software-defined technology. This allows us to update capabilities in a faster, more agile manner, enabling our national security customers to stay ahead of rapidly advancing adversaries and threats. And the latest example of this capability, we recently executed the first over-the-air software upgrade of an operational system on a Navy ship at sea.

最後，我們繼續在電磁頻譜領域發揮領導作用，電磁頻譜是國家安全日益重要的關注領域，尤其是在太平洋和歐洲戰區。 CACI 是所有領域最大的傳感系統供應商之一：陸地、空中、海洋、太空和網絡。正如我們之前所討論的，我們的一個關鍵差異化因素是專注於軟件定義技術的戰略。這使我們能夠以更快、更敏捷的方式更新能力，使我們的國家安全客戶能夠領先於快速發展的對手和威脅。而這種能力的最新例子是，我們最近對海上海軍艦艇上的操作系統進行了第一次無線軟件升級。

Rather than waiting for the ship to return to port we deployed an over-the-horizon update to enhance capabilities while keeping the asset on mission. This software-enabled speed and agility is critical to the context of near-peer competition.

我們沒有等待船隻返回港口，而是部署了超視距更新以增強功能，同時保持資產執行任務。這種軟件支持的速度和敏捷性對於勢均力敵的競爭環境至關重要。

In summary, we delivered strong results, and I remain confident in our long-term prospects. We are successfully executing our strategy. We're making the right investments, hiring and retaining top talent, winning new work, delivering with excellence and leveraging our financial strength to drive free cash flow per share and additional shareholder value.

總而言之，我們取得了不錯的成績，我對我們的長期前景充滿信心。我們正在成功地執行我們的戰略。我們正在進行正確的投資、聘用和留住頂尖人才、贏得新工作、卓越交付並利用我們的財務實力來推動每股自由現金流和額外的股東價值。

On top of all that, while we are effectively managing our capital structure to allow for flexible and opportunistic capital deployment and taking advantage of all available value-creating initiatives like the tax method change we recently affected. As a result of our performance to date and our strong position, we are raising our fiscal year 2023 revenue and earnings guidance.

最重要的是，我們正在有效地管理我們的資本結構，以允許靈活和機會主義的資本部署，並利用所有可用的創造價值的舉措，比如我們最近影響的稅收方法變化。由於我們迄今為止的表現和我們的強勢地位，我們正在上調 2023 財年的收入和收益指引。

With that, I'll turn the call over to Jeff.

有了這個，我會把電話轉給傑夫。

Thank you, John. Good morning, everyone. Please turn to Slide 7. To echo John's sentiment, I'm very pleased with our third quarter results. We generated revenue of $1.7 billion in the quarter, representing year-over-year growth of 10%, all of which is organic. Expertise revenue grew 13% and technology revenue grew 7%, both reflecting the ramp-up of new awards as well as the parenting of existing work. Adjusted EBITDA margin was 11% in the quarter and is 10.6% on a year-to-date basis, which is consistent with our full year guidance.

謝謝你，約翰。大家，早安。請轉到幻燈片 7。為了回應約翰的觀點，我對我們第三季度的業績感到非常滿意。我們在本季度創造了 17 億美元的收入，同比增長 10%，所有這些都是有機的。專業知識收入增長 13%，技術收入增長 7%，既反映了新獎項的增加，也反映了現有工作的發展。本季度調整後的 EBITDA 利潤率為 11%，年初至今為 10.6%，這與我們的全年指引一致。

As we previously discussed, we expected margin in the second half of the year to be stronger than the first half, and our third quarter results are very much in line with that expectation. Third quarter adjusted diluted earnings per share were $4.92, up 6% from a year ago, with strong operating performance more than offsetting higher interest expense and a higher tax rate.

正如我們之前所討論的，我們預計下半年的利潤率將強於上半年，而我們第三季度的業績非常符合這一預期。第三季度調整後的攤薄每股收益為 4.92 美元，同比增長 6%，強勁的經營業績足以抵消更高的利息支出和更高的稅率。

Slide 8, please. Third quarter operating cash flow, excluding our accounts receivable purchase facility was $56 million. This primarily reflects higher working capital as a result of our strong revenue growth in the quarter. Free cash flow was $41 million. As it relates to cash flow, we've had several extraordinary tax items that have influenced cash flow in fiscal years 2020 through 2023.

請放幻燈片 8。第三季度運營現金流，不包括我們的應收賬款購買額度，為 5600 萬美元。這主要反映了本季度收入強勁增長導致營運資金增加。自由現金流為 4100 萬美元。由於涉及現金流，我們有幾個特殊的稅收項目影響了 2020 年至 2023 財年的現金流。

We thought it might be helpful to lay them all out at 1 place to make it easier for you to normalize our reported free cash flow and some years have enjoyed a tailwind while others experienced a headwind. Each of these items has been previously disclosed. We have them here only to aid your analysis.

我們認為將它們全部放在一個地方可能會有所幫助，這樣您就可以更輕鬆地使我們報告的自由現金流正常化，有些年份順風順水，而其他年份則逆風。這些項目中的每一項都已在之前披露過。我們在這裡提供它們只是為了幫助您進行分析。

For example, as we have previously discussed in fiscal '23, between the CARES Act, the tax method change and Section 174 we expect to have a $222 million cash headwind. This year will be the largest cumulative headwind they experienced for these 3 items.

例如，正如我們之前在 23 財年討論的那樣，在 CARES 法案、稅收方法變更和第 174 條之間，我們預計將面臨 2.22 億美元的現金逆風。今年將是他們在這 3 項方面經歷的最大累積逆風。

Slide 9, please. You will recall last quarter, we announced our Board had authorized a $750 million share repurchase program. We deployed an initial $250 million of that authorization as an accelerated share repurchase on January 30. We expect that ASR to be complete by August.

請播放幻燈片 9。你會記得上個季度，我們宣布董事會已批准一項 7.5 億美元的股票回購計劃。我們在 1 月 30 日部署了最初的 2.5 億美元授權作為加速股票回購。我們預計 ASR 將在 8 月完成。

As part of that authorization, we also initiated an open market repurchase program. As of the end of the third quarter, we have repurchased an additional 45,000 shares in the open market at an average price of about $283. When we discussed the ASR, we noted that this remaining $500 million authorization provided us with the ability to be even more flexible and opportunistic, our stated strategy for some time. This additional flexibility is key to our commitment to drive shareholder value by deploying capital based on business and market dynamics over time, and that is exactly what we are doing.

作為授權的一部分，我們還啟動了公開市場回購計劃。截至第三季度末，我們在公開市場上以平均約 283 美元的價格回購了額外的 45,000 股。當我們討論 ASR 時，我們注意到剩餘的 5 億美元授權使我們能夠更加靈活和機會主義，這是我們一段時間以來的既定戰略。這種額外的靈活性是我們承諾通過根據業務和市場動態隨著時間的推移部署資本來推動股東價值的關鍵，而這正是我們正在做的事情。

We ended the quarter with net debt to trailing 12 months adjusted EBITDA at 2.5x. This leverage reflects the impact of the $250 million ASR as well as the open market share repurchases. The healthy long-term cash flow characteristics of our business, our modest leverage and our access to capital continue to provide significant optionality to deploy capital in support of future share growth at shareholder value.

本季度結束時，我們的淨債務為過去 12 個月調整後 EBITDA 的 2.5 倍。這一槓桿反映了 2.5 億美元 ASR 以及公開市場份額回購的影響。我們業務健康的長期現金流特徵、我們適度的槓桿率和我們獲得資本的渠道繼續提供重要的選擇權來部署資本以支持未來股東價值的份額增長。

Slide 10, please. As a result of this strong execution, we are raising our fiscal year '23 revenue, adjusted net income and adjusted EPS guidance. We now expect fiscal '23 revenue growth to be in the range of approximately 7.5% to 9%. I'll remind you that the 2 points of our expected growth in fiscal '23 is from acquired revenue with the balance being organic growth.

請放幻燈片 10。由於執行力強，我們提高了 23 財年的收入、調整後的淨收入和調整後的每股收益指引。我們現在預計 23 財年的收入增長將在大約 7.5% 至 9% 的範圍內。我會提醒您，我們 23 財年預期增長的 2 個點來自獲得的收入，其餘部分是有機增長。

We continue to expect our full year adjusted EBITDA margin to be in the mid- to high 10% range. We are adjusting our -- we are raising our adjusted net income and adjusted EPS guidance to reflect our higher revenue outlook as well as our diluted share count guidance of 23.5 million shares. We continue to expect our interest expense to be in the range of $80 million to $85 million. Let me remind you, interest expense this year is up about $20 million compared to our initial expectations, primarily due to the rate increases we've seen over the last few quarters.

我們繼續預計全年調整後的 EBITDA 利潤率將處於 10% 的中高水平。我們正在調整我們——我們正在提高調整後的淨收入和調整後的每股收益指引，以反映我們更高的收入前景以及我們稀釋後的 2350 萬股股票數量指引。我們繼續預計我們的利息支出將在 8000 萬至 8500 萬美元之間。讓我提醒您，與我們最初的預期相比，今年的利息支出增加了約 2000 萬美元，這主要是由於我們在過去幾個季度看到的利率上漲。

I'm very pleased that the underlying strength of our business puts us in a position to offset that additional interest expense and raise the low end of our adjusted net income guidance. I'll also mention that during the third quarter, we entered into $500 million of additional floating to fixed interest rate swap agreements to hedge an additional portion of our floating rate debt.

我很高興我們業務的潛在實力使我們能夠抵消額外的利息支出並提高我們調整後淨收入指導的低端。我還要提到的是，在第三季度，我們簽訂了 5 億美元的額外浮動利率與固定利率互換協議，以對沖我們浮動利率債務的額外部分。

With these interest rate swaps in place, interest rates on approximately 2/3 of our debt are effectively fixed, helping to further insulate us for rate volatility. We are updating our fiscal year '23 free cash flow guidance to reflect the delay of a $40 million refund related to the tax method change we previously discussed. The refund was expected to be received this fiscal year but has been delayed due to IRS timing. We now expect to receive the refund in fiscal '24.

有了這些利率掉期，我們大約 2/3 的債務的利率實際上是固定的，有助於進一步使我們免受利率波動的影響。我們正在更新我們的 23 財年自由現金流指南，以反映與我們之前討論的稅收方法變更相關的 4000 萬美元退款的延遲。退款預計將在本財政年度收到，但由於美國國稅局的時間安排而推遲。我們現在預計將在 24 財年收到退款。

Slide 11, please. Turning to our forward indicators, CACI's prospects continue to be strong. Our trailing 12 months book-to-bill of 1.4x reflects strong performance in the marketplace and third quarter backlog of $25.3 billion grew 8% from a year ago.

請放幻燈片 11。談到我們的前瞻性指標，CACI 的前景繼續看好。我們過去 12 個月的訂單出貨比為 1.4 倍，反映了市場的強勁表現，第三季度 253 億美元的積壓訂單比一年前增長了 8%。

For fiscal '23, we now expect virtually all of our revenue to come from existing programs with minimal recompete and new business remaining. Our pipeline metrics are also very healthy. We have $7.2 billion of submitted bids under evaluation, approximately 65% of which are for new business to CACI. And we expect to submit another $18.7 billion over the next 2 quarters with over 80% of that for new business.

對於 23 財年，我們現在預計我們幾乎所有的收入都來自現有項目，而剩餘的重新競爭和新業務最少。我們的管道指標也非常健康。我們有 72 億美元的投標正在評估中，其中約 65% 是針對 CACI 的新業務。我們預計在接下來的兩個季度內再提交 187 億美元，其中超過 80% 用於新業務。

So in summary, we're seeing the successful execution of our strategy manifest in our strong results. Our performance enables us to raise fiscal '23 revenue, adjusted net income and adjusted EPS guidance, and we remain confident in our ability to continue to drive long-term growth, increase free cash flow per share and generate shareholder value.

因此，總而言之，我們看到我們戰略的成功執行體現在我們強勁的業績中。我們的業績使我們能夠提高 23 財年的收入、調整後的淨收入和調整後的每股收益指引，我們對繼續推動長期增長、增加每股自由現金流和創造股東價值的能力充滿信心。

And with that, I'll turn the call back over to John.

有了這個，我會把電話轉回給約翰。

Thank you, Jeff. So let's go to Slide 12, please. In closing, CACI delivered another quarter of strong financial results. 10% revenue growth, 11% adjusted EBITDA margin and solid cash flow. We're well positioned for continued performance with a strong track record of awards and a healthy pipeline of additional opportunities. Our performance is not by accident. We have a strategy focused on differentiation, innovation, operational excellence and flexible capital deployment. Our objectives in executing that strategy are to drive long-term growth, margin expansion, strong cash flow and free cash flow per share and ultimately, customer and shareholder value.

謝謝你，傑夫。請轉到幻燈片 12。最後，CACI 又交付了一個季度強勁的財務業績。 10% 的收入增長、11% 的調整後 EBITDA 利潤率和穩定的現金流。我們憑藉良好的獲獎記錄和健康的額外機會渠道，為持續的表現做好了準備。我們的表現並非偶然。我們的戰略側重於差異化、創新、卓越運營和靈活的資本配置。我們執行該戰略的目標是推動長期增長、利潤率擴張、強勁的現金流和每股自由現金流，並最終推動客戶和股東價值。

And Jeff said it very well. We're pleased to see the successful execution of our strategy, manifest in our results. It's also important to remember that CACI's success is driven by our employees' talent, innovation and commitment to our customers' missions and to each other.

傑夫說得很好。我們很高興看到我們戰略的成功執行，體現在我們的結果中。同樣重要的是要記住，CACI 的成功是由我們員工的才能、創新和對客戶使命以及對彼此的承諾所驅動的。

I'm immensely proud to lead such a capable and diverse group of people. It's your dedication, your good character and your innovative spirit that's truly foundational to our success. Thank you all.

我為領導這樣一個有能力和多元化的團隊而感到無比自豪。您的奉獻精神、良好品格和創新精神才是我們成功的真正基石。謝謝你們。

And to our customers and to our shareholders, thank you for your continued support and confidence in us.

對於我們的客戶和股東，感謝您一直以來對我們的支持和信任。

With that, Emily, let's open the call for questions.

有了這個，艾米麗，讓我們開始提問。

Thank you. (Operator Instructions) Our first question comes from the line of Bert Subin with Stifel. Please go ahead, Bart.

謝謝。 （操作員說明）我們的第一個問題來自 Bert Subin 與 Stifel 的合作。請繼續，巴特。

Just my first question, organic growth inflected to 10% in fiscal 3Q and looks to be on track to grow around 6% in the fourth quarter, I guess, depending on where you fall within that range you gave. Can you just highlight what's driven that inflection? Has they primarily been on contract growth, just as outlays of rebounded in hiring of these? Or has it been more a function of the new contracts you highlighted when you guys were going through your prepared remarks?

我的第一個問題是，有機增長在第三財季轉為 10%，並且看起來有望在第四季度增長 6% 左右，我猜，這取決於你在你給出的範圍內的哪個位置。你能強調一下是什麼驅動了這種變化嗎？他們主要是在合同增長上，就像在招聘這些方面的支出反彈一樣嗎？或者它更多地是你們在閱讀準備好的評論時強調的新合同的功能？

It's a little of both. We put our FY '23 plan together last August. It is playing out as we expected. During our second quarter call, Jeff mentioned that I think on the margin side at 10.2% and 10.4% in the first couple of quarters, he begged everybody, nobody panicked, because this is the way the year is going to play out. That's what drove our confidence in ensuring we would finish the year at the mid- to high end of the 10s on our margin numbers. As for the revenue mix, it's really a combination of both.

兩者兼而有之。去年 8 月，我們制定了 FY '23 計劃。它正在按照我們的預期進行。在我們第二季度的電話會議上，傑夫提到我認為前幾個季度的利潤率為 10.2% 和 10.4%，他懇求大家，沒有人驚慌，因為這就是今年的發展方式。這就是促使我們有信心確保我們的利潤率數字在 10 年代中高端結束這一年的原因。至於收入組合，它實際上是兩者的結合。

Over the last few years, we've really been focused on on-contract growth. When you win some of these large programs, pretty much the first year of revenue is 100% in sight. They really have to go -- grow capabilities across the company and sort of take current capabilities to more and more customers out there. And our line leaders have done just a fantastic job there.

在過去的幾年裡，我們一直專注於合同增長。當您贏得其中一些大型項目時，第一年的收入幾乎可以達到 100%。他們真的必須去——在整個公司範圍內發展能力，並將當前的能力帶給越來越多的客戶。我們的直線領導在這方面做得非常出色。

As for some of the new programs, it's really spread across both expertise and across tech. One of the things about good news for us is both are growing. I often get asked, technology is growing at 10% and expertise is growing at 7%, you must be happy with the tech and I often answer, I'm actually glad when they're both growing.

至於一些新項目，它確實涵蓋了專業知識和技術領域。對我們來說，好消息之一是兩者都在增長。我經常被問到，技術以 10% 的速度增長，專業知識以 7% 的速度增長，你一定對技術感到滿意，我經常回答，當它們都在增長時，我真的很高興。

So the fact in enterprise, may have grown larger than our technology business, is actually positive news for us. So I've always said, as we look at growth just don't fixate on 1 quarter, things are going to move around quarter-to-quarter. And it's not we focus on the outlook for the year and the longer term. We're really glad that we've gotten to this point to close our third quarter and are very, very happy that we're able to raise both top and bottom line guidance.

因此，企業的事實可能比我們的技術業務發展得更大，這對我們來說實際上是個好消息。所以我一直說，當我們看待增長時，不要只關註一個季度，事情會逐季變化。我們關注的不是今年和更長期的前景。我們真的很高興我們已經到了這一點來結束我們的第三季度，並且非常、非常高興我們能夠提高最高和最低線的指導。

Yes. Maybe the follow up to that point. You guys have had some notable wins recently across expertise in the enterprise tech side with a few multibillion-dollar wins. So it seems like that part of the business is sort of evolving at least as good or better than you expected. Can you walk us through how to think about the mission tech sales side of the business? Because I feel like that's the part that ebbs and flows more quarter-to-quarter. You noted in your prepared remarks that the optic part of the business is seeing some success with both prime and government customers. Can you just walk us through sort of how we should think about the next few quarters as it pertains to some of your businesses across EW, SIGINT, Optic, a variety of the mission tech to hardware business?

是的。也許跟進到那一點。你們最近在企業技術方面的專業知識方面取得了一些顯著的勝利，獲得了數十億美元的勝利。所以看起來這部分業務的發展至少和你預期的一樣好或更好。您能否向我們介紹一下如何考慮業務的任務技術銷售方面？因為我覺得這是每個季度起伏更大的部分。您在準備好的評論中指出，該業務的光學部分在主要客戶和政府客戶中都取得了一些成功。你能給我們介紹一下我們應該如何考慮未來幾個季度，因為它與你在電子戰、信號情報、光學、各種任務技術到硬件業務方面的一些業務有關嗎？

Yes. Bert, thanks. Terrific question. So on our mission tech side, I'll actually relate it back to the third quarter that we just finished, right? So expertise outpaced technology on the revenue side, but still at the margins that we expected. It doesn't take a lot of mission tech. Although you won't see that in the revenue side, it really has a pronounced effect on our margins, and we continue to make progress.

是的。伯特，謝謝。好問題。所以在我們的任務技術方面，我實際上會把它與我們剛剛結束的第三季度聯繫起來，對吧？因此，在收入方面，專業知識超過了技術，但仍處於我們預期的利潤率。它不需要很多任務技術。儘管您不會在收入方面看到這一點，但它確實對我們的利潤率產生了顯著影響，並且我們繼續取得進展。

What's very different in a historical government services business, it's not just selling the expertise piece. The technology rate of orders is very, very different. It rarely has backlog. We'll get awards for x number of units. And then before that quarter is done, we have usually shipped. Like, which you're also seeing on the product side is eventually everything does come back. We talked about some funding issues, with our investors during second and third quarter last year, that funding has all backed up. It has allowed us to make more product deliveries thus support our margin.

在歷史悠久的政府服務業務中，有什麼非常不同，它不僅僅是銷售專業知識。訂單的技術率非常非常不同。它很少有積壓。我們將獲得 x 個單位的獎勵。然後在那個季度結束之前，我們通常已經發貨了。就像，你在產品方面也看到的是，最終一切都會回來。我們在去年第二和第三季度與我們的投資者討論了一些資金問題，資金已經全部支持。它使我們能夠交付更多產品，從而支持我們的利潤率。

You asked about SA Photonics and where we're going in the optics world. And I could not be more pleased with our performance overall. We're very confident and continue to gain confidence every quarter that we're going to realize the strategic value that we expected. And just remember, the way to look at this is we're in the very early innings of optical comps. We are seeing strong demand. We've got great relationships and contracts with our government and our industry satellite primes. We are doing a great job of the transition and the connection, if you remember, to our heritage LGS Photonics business, so that's going well.

您詢問了 SA Photonics 以及我們在光學領域的發展方向。我對我們的整體表現非常滿意。我們非常有信心並且每個季度都會繼續獲得信心，我們將實現我們預期的戰略價值。請記住，看待這個問題的方式是我們正處於光學合成的早期階段。我們看到了強勁的需求。我們與我們的政府和我們的行業衛星總理建立了良好的關係和合同。我們在過渡和連接方面做得很好，如果你還記得的話，我們傳統的 LGS Photonics 業務，所以進展順利。

We're expanding our production facilities down in Orlando. And we're still in the investment phase. So I would tell you, you should look for growth at the end of '24 and into '25 based on the current schedules and on funding. From a technology side, we've done an outstanding job. We're looking at bandwidth from 1 gig to 100 gig, 100 gig. We've got decades of development experience. We're continually get pulled into many [CRAD] efforts where we can expand what we're doing, doing there.

我們正在擴大我們在奧蘭多的生產設施。我們仍處於投資階段。所以我會告訴你，你應該根據當前的時間表和資金在 24 年底和 25 年尋求增長。從技術方面來看，我們做得非常出色。我們正在考慮從 1 gig 到 100 gig，100 gig 的帶寬。我們有幾十年的開發經驗。我們不斷地投入到許多 [CRAD] 工作中，我們可以在這些工作中擴展我們正在做的事情。

And during the quarter, we've also secured contracts for both LiDAR and Comms applications in the air domain. So we're sort of already looking at capability that the airborne layer is going to require as it comes to optical comms. So you should continue to look for revenue and margin growth in this space as well as what we do in our ID Tech Archon acquisition as we get more towards the end of '24 and as we continue on throughout '25.

在本季度，我們還獲得了空中領域的 LiDAR 和 Comms 應用合同。因此，我們已經在研究機載層在光通信方面所需的能力。所以你應該繼續尋找這個領域的收入和利潤增長，以及我們在 ID Tech Archon 收購中所做的事情，因為我們在 24 世紀末和整個 25 年都在繼續。

Our next question comes from Robert Spingarn with Melius Research.

我們的下一個問題來自 Melius Research 的 Robert Spingarn。

John, I want to follow-up on that growth question, the revenue growth question. And you talked about that's both, I guess, a function of demand and supply, supply being outlays moving faster and so on. How do you see that trending from here? And separately, what have -- you mentioned the debt ceiling fight, has customer behavior adjusted for that? It's a tough question to ask in a quarter where you had such good revenue growth, but I wanted to see if you could talk about that a little bit.

約翰，我想跟進那個增長問題，即收入增長問題。你談到這兩者，我猜，是需求和供應的函數，供應是支出移動得更快等等。你如何看待這裡的趨勢？另外，你提到了債務上限之爭，客戶行為是否已針對此進行了調整？在一個季度你有如此好的收入增長，這是一個很難問的問題，但我想看看你是否可以談談這個問題。

Yes, sure. So it's always going to be a function of budget outlays and what were the sub-committee budget looks like. And we're sort of -- I hate to use this term again, but we're in the early to mid innings putting together our FY 2024 plan. We've got -- I think the government has a lot of work to do to get us to a clear 2024 budget.

是的，當然。因此，它始終取決於預算支出以及小組委員會的預算情況。我們有點——我不想再次使用這個詞，但我們正處於製定 2024 財年計劃的早期和中期階段。我們已經 - 我認為政府有很多工作要做才能讓我們制定明確的 2024 年預算。

There's a lot of talk of, is that's going to be a full year CR, what is the debt ceiling impact. And I don't have the best crystal ball. What I would tell you is I like the hand we play. I like the capabilities that we have created and had a customer need. And yes, there are times where funding doesn't totally line up at that, but all is not lost, because we're in the right areas of very healthy spending trends.

有很多人在談論，這將是一整年的 CR，債務上限的影響是什麼。而且我沒有最好的水晶球。我想告訴你的是我喜歡我們玩的手。我喜歡我們創造的滿足客戶需求的功能。是的，有時資金並沒有完全符合要求，但並沒有失去一切，因為我們處於非常健康的支出趨勢的正確領域。

And if -- let's talk about the budget on 1 side, there's legitimate concerns about the government's deficit and our debt situation. But on the other side, I mean, there remain significant bipartisan support for national security. We've got a war going on in Europe. We got near-peer trusts like China, who, in some ways, has surpassed us. Cyber is a great equalizer. A decade ago, we were at war in Afghanistan, where we sort of owned the skies and we owned the electromagnetic spectrum.

如果——讓我們從一方面談談預算，那麼對政府赤字和我們的債務狀況的擔憂是合理的。但另一方面，我的意思是，兩黨仍然對國家安全給予重要支持。我們在歐洲發生了一場戰爭。我們得到了像中國這樣的近乎同行的信任，在某些方面，中國已經超越了我們。網絡是一個很好的均衡器。十年前，我們在阿富汗打仗，我們在某種程度上擁有天空和電磁頻譜。

That's not going to be the case in the next fight. And we're going to have to rely heavily on space and that domain is now contested. So at a macro level, I like the capabilities we have. We've been working this for a number of years. So then when we break that down into the mission, mission tech side, from the Mastodon, LGS acquisitions and when we had internal to our CACI, we're seeing demand for those products to pick up, some of our counter UAS systems.

下一場戰鬥就不會這樣了。我們將不得不嚴重依賴太空，而這個領域現在是有爭議的。所以在宏觀層面上，我喜歡我們擁有的能力。我們已經為此工作了很多年。因此，當我們將其分解為任務、任務技術方面時，從 Mastodon、LGS 收購以及我們的 CACI 內部，我們看到了對這些產品的需求，我們的一些反無人機系統。

We've got some testing going on in Europe, looking at enhancing what we do in the counter UAS domain and really work through our federal government build a plan and whose team as to how we may be able to help in the Ukraine fight. So that's a positive trend here. Again, we're the long-term company. We're not going to look quarter-to-quarter, long-term over a number of quarters and a number of years, I like where the funding is showing up. We've really expanded our relevance to those areas. We've got terrific relationships, working with large OEM primes who are building those exclusive platforms, be it space or be it airborne or be it land, that we find our products on.

我們在歐洲進行了一些測試，著眼於加強我們在反無人機領域所做的工作，並通過我們的聯邦政府真正開展工作，制定一項計劃，以及我們如何能夠幫助烏克蘭戰鬥的團隊。所以這是一個積極的趨勢。同樣，我們是長期合作夥伴。我們不會在幾個季度和幾年內按季度、長期來看，我喜歡資金出現的地方。我們確實擴大了與這些領域的相關性。我們建立了極好的關係，與正在構建這些獨家平台的大型原始設備製造商合作，無論是太空、空中還是陸地，我們都能在上面找到我們的產品。

So if I look at the long-term growth plan, I really like how we're positioned. And when we get to the August time frame, when we're talking about the '24, but we've also got some really nice large programs that we've won as well.

因此，如果我看一下長期增長計劃，我真的很喜歡我們的定位。當我們到達 8 月的時間框架時，當我們談論 24 年時，我們也有一些非常好的大型項目，我們也贏得了這些項目。

Okay. And then just on the supply side, on your ability to staff up these recent intelligence leaks, the documents that were leaked, is that going to slow down the approval process for security clearances? And can that -- and if so, how significant could this be?

好的。然後就供應方面而言，就你處理這些最近的情報洩露事件和洩露的文件的能力而言，這會減慢安全許可的審批流程嗎？那可以——如果是的話，這會有多重要？

Yes. I mean, look, we've talked for a long as I've been in this market, which is a long time around the ability to get not only our folks cleared, but our government folks cleared. And I think that's going to continue to be an issue. There is no perfect answer there. At the end of the day, we're all assessing whether somebody has the right attitude and the right -- what's the right -- the good stuff that helps people make the right deal or decisions there. So more to come on that. I know that folks in the House and in the Senate have been talking about how do we all better plan for that.

是的。我的意思是，看，自從我進入這個市場以來，我們已經談了很長時間了，很長一段時間以來，我們不僅能夠讓我們的人獲批，而且還能讓我們的政府人員獲批。我認為這將繼續成為一個問題。那裡沒有完美的答案。歸根結底，我們都在評估某人是否有正確的態度和正確的——什麼是正確的——幫助人們在那裡做出正確交易或決定的好東西。所以還有更多的事情要做。我知道眾議院和參議院的人們一直在討論我們如何更好地為此做計劃。

But under the categories of things that we can control, I like what we're doing on. We've been doing on hiring and retaining our talent. But the demand remains high. And to your point, Rob, we've got to get through that current budget as well.

但在我們可以控制的事物類別下，我喜歡我們正在做的事情。我們一直在招聘和留住人才。但需求仍然很高。就你的觀點而言，Rob，我們也必須完成當前的預算。

But we've got our attrition that's the lowest of -- in a number of recent years, definitely lower than what it was as we entered COVID. We are still filling a lot of our open reqs through our referral program, about 40% of our hires come to us through referrals. One in 4 of our openings is filled internally. So for those folks who are looking to come to a company not for a job, but to build a career that there's a lot of places that they can move around.

但我們的人員流失率是近年來最低的，絕對低於我們進入 COVID 時的情況。我們仍在通過我們的推薦計劃填補我們的大量開放需求，大約 40% 的員工是通過推薦來找我們的。我們四分之一的職位空缺由內部人員填補。因此，對於那些希望來一家公司不是為了一份工作，而是為了開創事業的人來說，他們可以在很多地方四處走動。

So from a from funding, from a budget, from the company's process, CRs, we're a 61-year-old company, now we've been operating in that environment for a while. And I'm really, really excited by both the expertise and the technology and that we have as well as some of these large recent awards and really looking for continued long-term growth and add even more shareholder order value.

因此，從資金、預算、公司流程、CRs 來看，我們是一家擁有 61 年曆史的公司，現在我們已經在那種環境中運營了一段時間。我真的對專業知識和技術感到非常興奮，我們擁有以及最近獲得的一些重大獎項，並且真的在尋求持續的長期增長並增加更多的股東訂單價值。

So thanks, Rob.

所以謝謝，羅伯。

Our next question comes from Matt Akers with Wells Fargo.

我們的下一個問題來自富國銀行的 Matt Akers。

I wonder if you could talk about kind of the longer-term. I wonder if you could talk about kind of the longer-term view of margins. I mean, if you go back a few years ago when you guys started first talking about kind of the technology versus expertise, you were kind of a high 9% to 10% business, and now you're kind of high 10%. Is there a lot more room to go? Can you get to kind of like 11%, 12% margin or does it sort of get harder to improve from here?

我想知道你是否可以談談更長期的問題。我想知道你是否可以談談對利潤率的長期看法。我的意思是，如果你回到幾年前，當你們第一次開始談論技術與專業知識時，你的業務佔 9% 到 10%，而現在你佔 10%。還有更多的空間嗎？你能達到 11%、12% 的利潤率還是從這裡更難提高？

Yes, Matt, thanks. It really comes down to mix, frankly. I love the fact that we're talking with analysts and our shareholders about what else can we do to continue to grow margins. You're absolutely right about 6 years back to where we are today, we're up about a little north of 200 bps. And while at the same time, we restructure how we go after the market. We've added an entire part to our business in the mission tech area.

是的，馬特，謝謝。坦率地說，這真的歸結為混合。我喜歡這樣一個事實，即我們正在與分析師和我們的股東討論我們還能做些什麼來繼續增加利潤率。大約 6 年前回到我們今天的位置，您是絕對正確的，我們上漲了大約 200 個基點。與此同時，我們重組了我們追求市場的方式。我們在任務技術領域為我們的業務增加了一個完整的部分。

So it's really the mix of business we have, and it's the volumes that we can achieve in our mission tech business. And frankly, change is hard. Change is hard for our customers. We're that option that is very much focused on -- you got to remember, 6, 7 years back, we had pretty bright budgets. And we were a nation at war. We were looking for that day when budgets would be tighter, frankly. And with tightness and with spending constraints comes what are new ways we can look at the technology that we need out there. So how do we do software-defined devices? How do we collapse 5 devices into one?

所以這真的是我們擁有的業務組合，也是我們在任務技術業務中可以實現的數量。坦率地說，改變很難。改變對我們的客戶來說很難。我們是非常關注的選擇——你必須記住，6、7 年前，我們的預算非常可觀。我們是一個處於戰爭狀態的國家。坦率地說，我們一直在尋找預算會更緊的那一天。隨著緊縮和支出限制，我們可以用新的方式來看待我們需要的技術。那麼我們如何做軟件定義設備呢？我們如何將 5 台設備合二為一？

How do we do over-the-air upgrades, which I talked about during my prepared remarks? If we end up in a conflict in the INDOPACOM regions, it's a long haul to assure to do a hardware card up, right, to change the capabilities on ships.

我們如何進行無線升級，我在準備好的發言中談到了這一點？如果我們最終在 INDOPACOM 地區發生衝突，那麼確保做一個硬件卡來改變艦船的能力是一個漫長的過程。

The fact that we can do that via software and software is this company's super, super power, that will drive margins. Some of the work we've done with our ID Tech acquisition, and our Archon product line. Some of that, we expect relatively strong growth. But again, that's an area where a customer has to change how they buy "n" item devices.

事實上，我們可以通過軟件和軟件來做到這一點，這是這家公司的超級、超級力量，這將推動利潤率。我們通過收購 ID Tech 和 Archon 產品線完成的一些工作。其中一些，我們預計增長相對強勁。但同樣，這是客戶必須改變他們購買“n”項設備的方式的領域。

So long term, we're very well positioned. And along the way, our mix of programs continues to drive margins. And it won't be every quarter. It may or may not be every year, but if I look at the trend line from 6 years back to where we sit, in FY '23, north of 200 bps, while we've been building new parts and new capabilities, I think there is continued shots.

從長遠來看，我們處於非常有利的位置。在此過程中，我們的項目組合繼續推動利潤率。而且不會是每個季度。它可能每年也可能不是每年，但如果我回顧 6 年的趨勢線，回到我們所處的位置，在 23 財年，在 200 個基點以北，而我們一直在構建新零件和新功能，我認為有連續的鏡頭。

As for our number, Matt, I really shy away if can it be 12%, can it be 13%, because it really is that mix. But we're doing everything that we should be doing as a responsible public company management team to make sure we make the right investments at the right time to make that probability of success even higher. We see that getting better each quarter.

至於我們的數字，馬特，我真的很害羞，如果它可以是 12%，可以是 13%，因為它真的是那種混合。但作為一個負責任的上市公司管理團隊，我們正在做我們應該做的一切，以確保我們在正確的時間進行正確的投資，從而提高成功的可能性。我們看到每個季度都在變得更好。

And then I guess maybe 1 for Jeff. Can you talk about -- thanks for laying out on Slide 8, the cash flow impact. Can you talk about kind of the moving pieces as to go into 2024, what that looks like? What does that $222 million number look like next year?

然後我猜 Jeff 可能是 1。你能談談 - 感謝您在幻燈片 8 上展示現金流的影響。你能談談進入 2024 年的一些動人事件嗎？那是什麼樣子的？明年這個 2.22 億美元的數字會是什麼樣子？

Sure. For 2024, obviously, we'll have the $40 million related to the Cares Act refund that we expected this year and moved out. The Cares Act activities at this point are finished. The R&D tax credit starts getting much smaller steps way down. I think we're in probably low double digits or so next year. It starts getting quite small. The big impact was this year.

當然。顯然，對於 2024 年，我們將獲得與我們今年預期並搬出的《關懷法案》相關的 4000 萬美元退款。 Cares Act 活動此時已完成。研發稅收抵免開始變得越來越小。我認為明年我們可能會達到兩位數左右。它開始變得很小。影響最大的是今年。

Our next question comes from Tobey Sommer with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Tobey Sommer。

I was wondering if you could tell us what the hiring and retention looks like. It's sort of a different angle on the revenue growth that you're able to achieve in terms of filling open positions, not just in the cleared categories?

我想知道您是否可以告訴我們招聘和保留的情況。在填補空缺職位方面，而不僅僅是在已清算的類別中，您能夠實現收入增長的不同角度？

Yes, Tobey. Tobey, thanks. Look, hiring and retaining talent, we're doing a terrific, terrific job. You all have heard me say in the past, it doesn't do any good to win large programs in expertise side. If we're either bidding them at a rate, where I can't find the people or if I'm having heavy trouble finding them. No investor love sharing a great awards number and then not being able to convert that. Very proud and happy to say we're not that type of company.

是的，托比。托比，謝謝。看，招聘和留住人才，我們做得非常好。過去你們都聽我說過，在專業方面贏得大型項目沒有任何好處。如果我們以一個我找不到人的價格出價，或者如果我很難找到他們。沒有投資者喜歡分享一個偉大的獎項數字然後無法轉換它。非常自豪和高興地說我們不是那種類型的公司。

We actually spend an awful lot of time making certain, that we are still staying true to that theory of bid less and win and win more and less -- win larger items.

實際上，我們花了很多時間來確定，我們仍然堅持出價少贏、贏多贏少的理論——贏得更大的項目。

A perfect example of that hiring connected to winning large programs is our EITaaS award. Extremely pleased that award was recently reaffirmed by GAO for the second time. All the staff works have been lifted. Government has been very, very clear that there's nothing that's going to stop progress on this job. But that job is just about fully staffed and we just had our kickoff meetings earlier this week with DeEtte Gray and her outstanding leadership team. We're moving forward. We're looking at how we start the program off of working OpsCon, and then clearly, areas where we could quicken the pace of [re-architecting] where the Air Force is going to go and all their baseline networks.

招聘與贏得大型項目相關的一個完美例子是我們的 EITaaS 獎。非常高興 GAO 最近第二次重申該獎項。所有員工工作都已解除。政府一直非常非常清楚，沒有什麼可以阻止這項工作的進展。但那份工作幾乎是滿員，我們剛剛在本週早些時候與 DeEtte Gray 和她傑出的領導團隊舉行了啟動會議。我們在前進。我們正在研究如何從工作 OpsCon 開始該計劃，然後很明顯，我們可以在哪些領域加快 [重新設計] 空軍將要去的地方及其所有基線網絡的步伐。

So there is a great connection between the jobs that we have won, these larger jobs and making sure that we can staff them. From a cost of labor, you don't have to look too deep to look at some of the "high-tech" companies, those in the technology sector with a large number of layoffs. It's been years since we've had layoffs here. So that provides yet another source of ready-to-go labor. We are tracking the market. We're looking at some of those recent commercial layoffs and maybe move a little froth what we've seen recently with -- people with certain kind of key technology skills.

因此，我們贏得的工作、這些更大的工作與確保我們能夠為他們配備人員之間存在著密切的聯繫。從一個勞動力成本上來說，不用看得太深，看看一些“高科技”公司，那些大量裁員的科技行業。自從我們在這裡裁員以來已經有好幾年了。因此，這提供了另一種隨時可用的勞動力來源。我們正在跟踪市場。我們正在研究最近的一些商業裁員，也許我們最近看到的裁員有點泡沫——具有某種關鍵技術技能的人。

But folks love doing the mission that we do, and they love how we go about doing it. We're going to bid responsibly. We're going to win large programs, especially in the equities area that we can fully staff. Because the alternative to that is our customer loses and you don't get the ability to be a 61-year-old company, if you consistently let customers down. So where that company is going to win these large jobs, make certain to us and our partners and come out of like a fully staffed. And again, back to some of the earlier questions, I love what that does to our long-term growth prospects.

但是人們喜歡完成我們所做的使命，他們喜歡我們如何去做。我們將負責任地出價。我們將贏得大型項目，尤其是在我們可以充分配備人員的股票領域。因為否則我們的客戶就會流失，如果您一直讓客戶失望，您就沒有能力成為一家擁有 61 年曆史的公司。因此，該公司將在哪些地方贏得這些大型工作，向我們和我們的合作夥伴確定並像一個人員齊備的公司一樣出來。再次回到之前的一些問題，我喜歡這對我們的長期增長前景的影響。

In terms of the Photonics business, if you got a bunch of massive orders in an hour and we're ramping up to production -- are there any short-term negative financial implications that we should be aware of, so we can understand what the arc of this may be over the next few years?

就光子學業務而言，如果您在一個小時內收到大量訂單並且我們正在加速生產——我們是否應該注意任何短期的負面財務影響，以便我們了解這個弧線可能會在未來幾年內出現？

Yes. I mean when we executed that acquisition, we were very transparent to talk about we're buying that business very early on in their cycle, right? And the thesis to that acquisition was, let's take what we purchased with LGS on the large, extremely reliable bespoke kind of solutions market. And then here's SA Photonics who could use some assistance on the algorithm piece, but also they had phenomenal early-stage successes at building satellite-based optics at scale. So I'll reiterate, we are in the investment phase still.

是的。我的意思是，當我們執行那次收購時，我們非常透明地談論我們在他們週期的早期就購買了那項業務，對吧？那次收購的論點是，讓我們在大型、極其可靠的定制解決方案市場上使用 LGS 購買的產品。然後是 SA Photonics，他們可以在算法部分使用一些幫助，但他們在大規模構建基於衛星的光學器件方面也取得了驚人的早期成功。所以我要重申，我們仍處於投資階段。

And when we look at our capital deployment strategy and how we fill gas, and talk about investment, acquisitions, partnerships and then share buybacks, this is one that's going to continue to take a larger share of our CapEx spend to make certain that we've got our algorithms right, that we've gone through the producibility model correctly.

當我們審視我們的資本部署戰略以及我們如何加油，並談論投資、收購、合作夥伴關係以及股票回購時，這將繼續在我們的資本支出支出中佔據更大份額，以確保我們“我們的算法是正確的，我們已經正確地完成了可生產性模型。

I mentioned we're looking to move a lot of that production to Orlando, which is not only a cost move, but it's a consolidation move to make sure that we are building all of our optics in the same place. So yes, there is a curve still through FY '24, although I'm not trying to guide you all here yet.

我提到我們希望將大部分生產轉移到奧蘭多，這不僅是一項成本轉移，而且是一項整合行動，以確保我們在同一個地方製造所有光學器件。所以是的，24 財年仍有一條曲線，儘管我還沒有試圖在這裡指導你們所有人。

But there will be more on the investment case than there will be on the profitability case throughout '24. And then as we get into '25, we'll see revenue meet up with profitability sort of that chocolate and peanut butter game, that really gives us a 5- to 10-year strength in what we're going to do in the satellite-based optical comps.

但在整個 24 世紀，投資案例將比盈利案例更多。然後當我們進入 25 年時，我們將看到收入與盈利能力相遇，有點像巧克力和花生醬遊戲，這確實讓我們在衛星領域的工作中擁有 5 到 10 年的實力基於光學組件。

So hopefully, that gives you some additional color.

所以希望這能給你一些額外的顏色。

Our next question comes from the line of Mariana Perez Mora with Bank of America.

我們的下一個問題來自美國銀行的 Mariana Perez Mora。

Good morning, everyone. So first, I'm going to ask a follow-up question to Rob. A question about the debt cleaning. And it's probably the quarter too early, but as you think about the risk of, let's say, a year on (inaudible) solution, but on the other side, you have over this multibillion dollar week. How are you thinking about your growth for the next summer?

大家，早安。所以首先，我要問 Rob 一個後續問題。關於債務清理的問題。這可能是本季度為時過早，但當你考慮風險時，比方說，（聽不清）解決方案一年，但另一方面，你有超過這個數十億美元的一周。你如何看待明年夏天的成長？

Yes. So yes, there's a lot of bunch of parts moving around. And we're -- we've got 1 large new win here, and we're looking at finally securing the second large win. Look, as for specific guidance, we're going to provide them. We get more towards August. But to your point, Mariana, obviously, we have some nice awards.

是的。所以是的，有很多零件在四處移動。而且我們 - 我們在這裡獲得了一場新的大勝利，我們正在尋找最終確保第二場大勝利的機會。你看，至於具體的指導，我們會提供的。我們對八月有更多了解。但就你的觀點而言，瑪麗安娜，顯然，我們獲得了一些不錯的獎項。

We had EITaaS reaffirmed. We're waiting on a large Intel award. It's still under protest, look into that for that too, hopefully by the middle of this quarter.

我們重申了 EITaaS。我們正在等待英特爾的一項大獎。它仍在受到抗議，也希望在本季度中期進行調查。

We got a trailing 12-month book-to-bill of 1.4x, some of that is going to take some time to ramp. We've got some nice budget growth. What we have to go by now is the FY '24 President's budget. If I look at the budgets for SBA for other satellite-based work for IT modernization, for cloud, for a lot of the great things that the intelligence community does, making certain we have the right analysis of some of the Intel. I like our opportunities to continue driving growth into '24 and then when SA Photonics and our Archon Solutions picked up then more into '25 and beyond.

過去 12 個月的訂單出貨比為 1.4 倍，其中一些需要一些時間才能提高。我們有一些不錯的預算增長。我們現在要做的是 24 財年總統的預算。如果我查看 SBA 的預算，用於其他基於衛星的 IT 現代化工作，雲計算，以及情報界所做的許多偉大事情，確保我們對英特爾的一些分析是正確的。我喜歡我們有機會繼續推動增長到 24 年，然後當 SA Photonics 和我們的 Archon Solutions 進入 25 年及以後時更多。

We're going to continue to monitor the budget process. We're going to continue to monitor the debt ceiling negotiations. At the end of the day, based on the size company we are and where we play, we've got a great portfolio of expertise in technology, we're expertise informs technology, and technology makes expertise more effective and more outcomes based. At the end of the day, we're looking at how well are the things that CACI has world-class capabilities in and how well are those funded.

我們將繼續監控預算過程。我們將繼續關注債務上限談判。歸根結底，根據我們公司的規模和我們所處的位置，我們擁有大量的技術專業知識組合，我們的專業知識為技術提供信息，而技術使專業知識更有效，更基於結果。歸根結底，我們正在研究 CACI 在這方面擁有世界級能力的情況如何，以及這些方面的資金情況如何。

So it immediately becomes less of what the overall defense budget is, but in these 4, 5 or 6 specific areas, how well are those being funded? And I can tell you, with an exclamation point, everything that we're doing today and those things that were going to drive growth in the future year-to-year are very well funded as we look at some early FY '24 budget numbers.

因此，它立即減少了總體國防預算，但在這 4、5 或 6 個特定領域，這些領域的資金情況如何？我可以用感嘆號告訴你，我們今天所做的一切，以及那些將推動未來逐年增長的事情，在我們查看 24 財年早期的一些預算數字時，資金都非常充足.

And my follow-up is, could you please provide some color on the guideline of submitted bids? You mentioned how much of those are new businesses precisely, but could you just describe if you have like any multimillion-dollar opportunities there? Or how much of those new businesses are takeaway opportunities versus new opportunities?

我的後續行動是，能否請您為提交的投標指南提供一些顏色？你提到了其中有多少是新業務，但你能否描述一下你是否有任何價值數百萬美元的機會？或者這些新業務中有多少是外賣機會與新機會？

Yes, sure. Jeff shared some of our pipeline specific earlier. We have a great set of proposals that are being generated now. There was some talk, we had a 0.6x book-to-bill in the third quarter. I'll remind you all again, awards are lumpy. We've always said that. We never took pride in a 2x book-to-bill each in the first and the second quarter. The number I'm watching is 1.4x. Historically, maybe the last 7 to 10 years, always above 1x, 1.3x, which is clearly enough to be driving growth. We're looking to have some really nice bid piece submitted.

是的，當然。 Jeff 早些時候分享了我們的一些特定管道。我們現在正在生成大量提案。有一些談話，我們在第三季度有 0.6 倍的訂單出貨率。我再次提醒大家，獎項是有規律的。我們一直這麼說。我們從來沒有為第一季度和第二季度的訂單出貨率分別達到 2 倍而感到自豪。我正在觀看的數字是 1.4 倍。從歷史上看，也許最近 7 到 10 年，總是高於 1 倍、1.3 倍，這顯然足以推動增長。我們希望提交一些非常好的投標件。

What's really important is that long-term strategy a bid less and win, and win more, drive the duration of contracts in backlog greater and greater each and every year, gives you all, I guess, our investors a really much more clear, transparent picture of what you could look for growth as we go forward.

真正重要的是，長期策略是少標多贏，每年積壓的合同持續時間越來越長，我想，我們的投資者會更加清晰、透明在我們前進的過程中您可以尋求增長的圖片。

Yes. Mariana, I would -- I'd go back to my prepared remarks too. I would point out that we have about 7 -- over $7 billion of bids under submittal or under review right now, about 2/3 of which are new, and we have nearly $19 billion that we will submit in the next 2 quarters. And to John's comments about bidding less and winning more, bidding fewer and winning more, I would add that one of the things that we do keep track of that closely is the length of the awards that we're winning, which over the last couple of years has increased from about 4.5 years on average to 6.5 years. So we're bidding fewer things. We're winning bigger things, and we're winning longer things.

是的。 Mariana，我會——我也會回到我準備好的發言。我要指出的是，我們目前正在提交或正在審查大約 7 - 超過 70 億美元的投標，其中約 2/3 是新的，我們將在接下來的兩個季度中提交近 190 億美元的投標。對於約翰關於少出價多贏、少出價多贏的評論，我想補充一點，我們密切關注的一件事是我們贏得的獎項的長度，在過去的幾個年從平均約 4.5 年增加到 6.5 年。所以我們出價更少了。我們正在贏得更大的東西，我們正在贏得更長久的東西。

The next question comes from Prescott Forbes with Jefferies.

下一個問題來自 Jefferies 的 Prescott Forbes。

Just a follow-up on Matt's question. I appreciate the mix is the real driver of kind of margin improvement, but we talk a lot about the differential between technology and expertise margins. But -- can you provide some color into how you've seen margins trend within just the expertise portfolio? And how much room there is to drive it in there, excluding the kind of mix shift towards technology?

只是對馬特問題的跟進。我很欣賞這種組合是提高利潤率的真正驅動力，但我們談論了很多關於技術和專業知識利潤率之間的差異。但是——你能提供一些顏色來說明你如何看待專業知識組合中的利潤率趨勢嗎？有多少空間可以推動它，不包括向技術的混合轉變？

Yes, sure. Thanks. We've historically said that on average, I'm going to stress the word average, right? On average, technology margins are about 300 bps greater than expertise. And -- the tough thing when we're looking at long-term growth is, in any one quarter, a lot of other things happened. Cost-plus revenue, that people sometimes associate to lower margin versus firm fixed price, we've got some fantastic expertise work that are cost plus, that are more at a firm fixed price margins, because of the extreme expertise somebody needs in a mission expertise quadrant of our business that you're not going to find those people just anywhere. It really gets back to Rob's earlier comment around talent.

是的，當然。謝謝。我們曾經說過，平均而言，我要強調平均這個詞，對嗎？平均而言，技術利潤率比專業知識高出約 300 個基點。而且——當我們關注長期增長時，困難的是，在任何一個季度，都會發生很多其他事情。成本加成收入，人們有時會將利潤率與公司固定價格聯繫起來，我們有一些很棒的專業知識工作，它們是成本加成的，更多的是固定價格利潤率，因為有人在任務中需要極端的專業知識我們業務的專業知識象限，您不會隨處找到這些人。這真的回到了 Rob 之前關於人才的評論。

So we try to give you a few different looks at this. One is what's the mix of our revenue. So that's step 1, right? But if my margins in technology are 300 bps higher, then over time, revenue numbers from technology aren't going to be as high to drive a much higher margin.

所以我們試著給你一些不同的看法。一個是我們收入的組合。那麼這是第 1 步，對嗎？但如果我在技術領域的利潤率高出 300 個基點，那麼隨著時間的推移，來自技術領域的收入數字不會高到足以推動更高的利潤率。

On the expertise side, we're not bidding jobs at a loss. We're not bidding expertise jobs, so we can't in a relatively quick time generate revenue from. And if we look at jobs like EITaaS, that's an enterprise technology job. That is really making sure we're re-architecting networks. So it's not the old style services bachelor kind of job.

在專業知識方面，我們不會虧本競標工作。我們不是在競標專業工作，所以我們無法在相對較短的時間內從中產生收入。如果我們看看像 EITaaS 這樣的工作，那就是企業技術工作。這確實確保我們正在重新構建網絡。所以這不是老式的服務單身漢類型的工作。

This is one where we're drawing on from across the company, software skilled talent that is only working on the EITaaS job. So long and the short of it, Scott, is this quadrant and this expertise versus tech reserve (inaudible) sort of guide, but in any 1 quarter, we could do $40 million more of expertise work and add a higher margin to it. It also brings some of our technology deliveries up. So you're going to see revenue growth as you saw in the third quarter, but you're also going to see us holding margin.

這是我們從整個公司吸取軟件技能人才的地方，他們只從事 EITaaS 工作。斯科特，這個像限和這種專業知識與技術儲備（聽不清）的總和，但在任何一個季度，我們都可以多做 4000 萬美元的專業知識工作，並為其增加更高的利潤。它還帶來了我們的一些技術交付。所以你會看到第三季度的收入增長，但你也會看到我們保持利潤率。

So I wish I had the perfect modeling formula for you, but just remember that on the expertise side, margins can go from something like 4% to something like 15%. So just lend those things cash in.

所以我希望我有適合你的完美建模公式，但請記住，在專業知識方面，利潤率可以從 4% 到 15% 左右。因此，只需將這些東西借給現金即可。

Our next question comes from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

This is Rocco on for Seth. What drove the approximately $135 million increase in accounts receivables this quarter? And when are you expecting to see that unwind?

這是賽斯的羅科。是什麼導致本季度應收賬款增加約 1.35 億美元？你希望什麼時候看到這種放鬆？

It's driven largely singly by the volume increase. There is some amount of variability, I know you know, in general, around accounts receivable. But largely, it's driven by the accelerating volume that we're seeing in the business. It ought to stabilize to a more normal level over the next quarter too, even though it will continue to grow from its historical levels.

它主要是由數量增加單獨驅動的。總的來說，應收賬款存在一定的可變性，我知道你知道。但在很大程度上，它是由我們在業務中看到的加速增長所驅動的。它也應該在下個季度穩定到更正常的水平，儘管它會繼續從歷史水平增長。

Great. Then on capital deployment, how does the M&A pipeline look? And how are you thinking about M&A versus returning capital to shareholders via buybacks?

偉大的。那麼在資本配置上，併購渠道如何？您如何看待併購與通過回購向股東返還資本？

Yes. When we were talking about the flexible and opportunistic, this is really at the core of that and being able to rapidly shift as we see things that are interesting to us to acquisition or other investments from share repurchases is really bad. We see the market has been, you will know a little -- there's been a little bit -- has not afforded us a great number of things that were of interest over the last year or so. We see that starting to change a little bit.

是的。當我們談論靈活和機會主義時，這確實是其核心，並且能夠在我們看到對我們感興趣的事情時迅速轉變為收購或股票回購的其他投資真的很糟糕。我們看到市場一直在，你會知道一點——有一點——在過去一年左右的時間裡沒有給我們提供很多我們感興趣的東西。我們看到這種情況開始發生一點變化。

We're seeing some things on the horizon, that may be of more interest. And I think over the next quarter or 2, we may find some targets that we find of interest. But we'll continue to be ready to toggle back and forth relative to capital deployment, toggle back and forth as some of those are more interesting.

我們在地平線上看到了一些東西，它們可能更有趣。我認為在下一個或第二個季度，我們可能會找到一些我們感興趣的目標。但我們繼續準備好在資本部署方面來回切換，因為其中一些更有趣，所以會來回切換。

Yes, Rocco, I'd also add flexible and opportunistic, truly is flexible and opportunistic. Whether we're doing M&A or direct share repurchases, shareholder value, the only delta to there's timing. right? Time-wise as we're doing M&As to find capability of customer relationships to provide longer-term growth, and that will long term provide shareholder value. But as Jeff mentioned, as we find times in the -- in our M&A cycle that one, there aren't properties there else too.

是的，Rocco，我還要加上靈活和機會主義，真的是靈活和機會主義。無論我們是在進行併購還是直接股票回購、股東價值，唯一的增量是時間問題。正確的？在我們進行併購以發現客戶關係提供長期增長的能力時，時間明智，這將長期提供股東價值。但正如傑夫提到的那樣，正如我們在我們的併購週期中發現的那樣，那裡也沒有其他財產。

We've got the capabilities we believe we need and that will potentially cause an even harder shift more towards different capital deployment options. We're going to be focused on some internal investment.

我們擁有我們認為需要的能力，這可能會導致更艱難地轉向不同的資本配置選項。我們將專注於一些內部投資。

Frankly, as we go into '24, is some of the questions and some of my answers alluded to earlier around Archon and around SA Photonics to make sure we've got the right buildouts there. But at the end of the day, we evaluate all options based on the current dynamics. All options are always on the table. We pay down debt. We've gotten leverage down to a relatively low level.

坦率地說，當我們進入 24 年時，我之前提到的一些問題和我的一些答案是圍繞 Archon 和 SA Photonics 的，以確保我們在那裡有正確的擴建。但歸根結底，我們會根據當前動態評估所有選項。所有選項總是擺在桌面上。我們還清債務。我們已經將槓桿率降至相對較低的水平。

I really like the way we've managed cash inside the business, managed our a balance sheet because things always turn around. And the M&A market changes, and we think we need more capabilities or customer relationships than it is a core company -- it's a core competency for us that we understand how to do M&A, how we exploit and extend value and make certain that we're making the right investment choices.

我真的很喜歡我們在企業內部管理現金、管理資產負債表的方式，因為事情總有好轉。併購市場發生變化，我們認為我們需要比核心公司更多的能力或客戶關係——這是我們的核心競爭力，我們了解如何進行併購，我們如何開發和擴展價值並確保我們'重新做出正確的投資選擇。

Our next question comes from [John Franz Engelbert] with Baird.

我們的下一個問題來自 [John Franz Engelbert] 和 Baird。

So just -- you may have alluded to this a bit earlier, but I just wanted to sort of get a better feel of how you guys are thinking about sort of fixed price versus cost plus sort of moving forward as you start your planning for 2024? And sort of what was that -- sort of almost close to the 30% mix of your revenue and just sort of how DCSA and the new airports contract might sort of change that as you look towards 2024?

所以只是 - 你可能早些時候提到過這一點，但我只是想更好地了解你們在開始 2024 年計劃時是如何考慮固定價格與成本加前進的方式？那是什麼——幾乎接近你收入的 30% 組合，以及 DCSA 和新機場合同可能會如何改變你對 2024 年的看法？

Yes, I'll start. If I look at our revenue mix trend towards more cost-plus over time sometimes driven by firm fixed price and the like. There's no particular trend. The last couple of quarters, you might recall, we saw stronger growth in fixed price. So I hate to use the word lumpy again, but it is lumpy.

是的，我會開始。如果我看一下我們的收入組合趨勢，隨著時間的推移，有時會受到固定價格等因素的推動，成本加成更多。沒有特別的趨勢。您可能還記得，過去幾個季度，我們看到固定價格增長更為強勁。所以我討厭再次使用塊狀這個詞，但它是塊狀的。

In some ways, it's almost non-deterministic. But we're ramping new work that happens to be cost plus. We've got material purchases. We have to do under different types of contracts, that actually comes in at slightly lower margin. But when we look at the mix, we are going to come out of the year with a greatly expanded revenue guide holding margins between mid- and high 10s. It also matters what kind of work that we're doing. As I mentioned earlier, margins on cost plus can run the gambit. We've got a lot of time material contracts, we can get cost out of those. Whatever we're not spending on the cost side of that, that really falls to the bottom line.

在某些方面，它幾乎是不確定的。但是我們正在增加恰好是成本加成的新工作。我們有物資採購。我們必鬚根據不同類型的合同來做，實際上這些合同的利潤率略低。但當我們審視組合時，我們將在今年結束時大幅擴大收入指南，保持利潤率在 10 % 左右之間。我們正在做什麼樣的工作也很重要。正如我之前提到的，成本加成的利潤率可以決定勝負。我們有很多時間材料合同，我們可以從中扣除成本。無論我們在成本方面沒有花費甚麼，這都真正落在了底線。

Programs like DCSA, what that really do was just we were looking in '24 and '25 to drive more volume. We've gone from some 3 providers of that service to 2. So that would be an indicator of potentially some additional revenue that we could generate from that program, where we've got a lot of programs in the end. So it's just constantly moving mix and our job is to give you a guide that really covers what those different cases could look like.

像 DCSA 這樣的程序，真正做的只是我們在 24 年和 25 年尋找更多的數量。我們已經從大約 3 個提供該服務的提供商變成了 2 個。因此，這將表明我們可以從該項目中產生一些潛在的額外收入，我們最終有很多項目。所以它只是不斷變化的組合，我們的工作是為您提供真正涵蓋這些不同案例的指南。

Yes. Many programs are also a mix of contract types and they can often change over time. So as we're in different phases of a program where we're buying equipment, where we're ramping things up, where we're defining next phases, doing different things, different activities, different contract types will be appropriate. We obviously like to do fixed price whenever we're able to do it in a way that gives us an opportunity to financially capitalize on it and also give our customers some price certainty.

是的。許多項目也是合同類型的混合體，它們經常會隨著時間的推移而變化。因此，當我們處於計劃的不同階段時，我們正在購買設備，我們正在加速發展，我們正在定義下一階段，做不同的事情，不同的活動，不同的合同類型將是合適的。只要我們能夠以一種讓我們有機會在財務上利用它並給我們的客戶一些價格確定性的方式來做，我們顯然就喜歡做固定價格。

In many ways, it's easier for them if we take some of that risk. So that can be a mutually beneficial thing. But many programs have multiple dimensions and they'll change around over time. It's hard to -- it's a little nuanced. It's hard to draw a macro conclusion about it.

在許多方面，如果我們承擔一些風險，對他們來說會更容易。所以這可能是一件互惠互利的事情。但是很多項目都有多個維度，它們會隨著時間的推移而改變。這很難——有點微妙。很難就此得出宏觀結論。

And just a quick follow-up. Sort of you mentioned the Intel award. So just sort of going with your sort of your bid win, bid less, win more mantra. And sort of is there any areas that we should look out for, for any sort of maybe not the size of the Air Force award, but sort of large type awards in 2024 and maybe just the areas?

并快速跟進。你們提到了英特爾獎。因此，只需按照您的出價獲勝，出價更少，贏得更多的口頭禪。是否有任何我們應該注意的領域，可能不是空軍獎的規模，而是 2024 年的大型獎項，也許只是這些領域？

Yes. We really shy away from specifics in there, but some additional color in the spirit of the way you asked it. There is a sizable cyber-related ICE (inaudible) award that we're still waiting for that to be decided upon. That is a -- that's 1 of those jobs that we worked on over a number of years to make certain that we believe we can bring better and more long-standing extending capabilities to that extremely important customer.

是的。我們真的迴避了那裡的細節，但本著你問它的方式的精神，一些額外的顏色。有一個相當大的與網絡相關的 ICE（聽不清）獎項，我們仍在等待決定。那是 - 這是我們多年來從事的工作之一，以確保我們相信我們可以為那個極其重要的客戶帶來更好和更長期的擴展能力。

So it was a competitive award we were able to displace the incumbent, bringing in more capabilities versus the lowest rates and really make certain that we could supply the outcome that they're looking for. That's a pretty strong mission expertise job for us.

因此，這是一個有競爭力的獎項，我們能夠取代現任者，帶來更多的能力而不是最低的費率，並真正確保我們能夠提供他們正在尋找的結果。這對我們來說是一項非常強大的任務專業知識工作。

You should look for more of the same. We've got some great capabilities, customers who want to take more things to the cloud. Today, in the intelligence, in deltas community, we move more apps to the cloud than the next 5 companies combined. We got -- we have outstanding partnership relationships with AWS and with Microsoft Azure. So I like the hand we have in the enterprise tech area, I like the hand in the mission expertise area. And then we'll be looking for some results of some larger mission tech awards that we have put bids in on.

你應該尋找更多相同的東西。我們有一些很棒的功能，客戶希望將更多東西帶到雲端。今天，在智能領域，在 deltas 社區，我們將更多的應用程序遷移到雲端，超過了接下來的 5 家公司的總和。我們與 AWS 和 Microsoft Azure 建立了良好的合作關係。所以我喜歡我們在企業技術領域的手，我喜歡任務專業領域的手。然後我們正在尋找一些我們將競標的更大的任務技術獎項的一些結果。

So again, it's really to the extent possible using the full extent of those 4 quadrants and making certain that we've got that balance right because winning low-margin expertise jobs that we had trouble staffing or we've got to use our balance sheet to help staff at, those aren't good long-term moves for us.

因此，再次強調，這真的是盡可能地使用這 4 個像限的全部範圍，並確保我們已經取得了正確的平衡，因為贏得了我們在人員配置方面遇到困難的低利潤專業工作，或者我們必須使用我們的資產負債表幫助員工，這些對我們來說不是好的長期舉措。

Those solve a single quarter issue, but we're not that single quarter company. We have shareholders looking for long-term, profitable, predictable growth. We're trying to do that by being as transparent as we can.

這些解決了一個季度的問題，但我們不是那個單一季度的公司。我們的股東尋求長期、盈利、可預測的增長。我們正試圖通過盡可能透明來做到這一點。

Jeff mentioned earlier, just a number of years that our program sits in our backlog is a positive indicator that we're able to better predict what the out years are and you're able to predict along with us.

傑夫早些時候提到，我們的計劃在我們的積壓工作中停留了幾年，這是一個積極的指標，表明我們能夠更好地預測未來幾年，您也能夠與我們一起預測。

We may not see that growth, of course, but being transparent is the first step. And so as you see us build out our book of business, as you see us continue to flow into margins. I really like the opportunities we have in all 4 of those quadrants. And again, expertise in forms tech and tech in forms are makes expertise more available for our customers. So we like them both. They both play an important role as we continue to grow this company.

當然，我們可能看不到這種增長，但保持透明是第一步。因此，正如您看到我們建立了我們的業務簿，正如您看到我們繼續流入利潤率一樣。我真的很喜歡我們在所有 4 個像限中擁有的機會。再一次，表單技術和表單技術的專業知識使我們的客戶更容易獲得專業知識。所以我們都喜歡他們。在我們繼續發展這家公司的過程中，他們都發揮著重要作用。

Thank you, everyone, for your questions. Those are all the questions we have. So I will now turn the call back to John Mengucci for closing remarks.

謝謝大家的提問。這些就是我們所有的問題。所以我現在將把電話轉回給 John Mengucci 以作結束語。

Well, thanks, Emily, and thank you for your help on today's call. We'd like to thank everyone who dialed in or listen to the webcast for their participation. We know many of you will have follow-up questions and Jeff MacLauchlan, and Dan Leckburg, and George Price are available after today's call. So please stay healthy, and all my best to you and your families. This does conclude our call. Thank you, and have a great day.

好吧，謝謝，艾米麗，感謝你在今天的電話會議上提供的幫助。我們要感謝所有撥入或收聽網絡廣播的人的參與。我們知道你們中的許多人會有後續問題，Jeff MacLauchlan、Dan Leckburg 和 George Price 在今天的電話會議後有空。因此，請保持健康，並祝您和您的家人一切順利。這確實結束了我們的電話。謝謝你，祝你有美好的一天。

Thank you, everyone, for joining us today. The call has now concluded, and you may now disconnect your lines.

謝謝大家今天加入我們。通話現已結束，您現在可以斷開線路。