CACI International Inc (CACI) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Fiscal 2024 First Quarter Conference Call. Today's call is being recorded. (Operator Instructions). At this time, I would like to turn the call over to George Price.

女士們、先生們，感謝你們的支持。歡迎參加 CACI International 2024 財年第一季電話會議。今天的通話正在錄音。 （操作員指令）。現在，我想將電話轉給喬治普萊斯。

Thanks, Brianna, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning. We're providing presentation slides, so let's move to Slide 2.

謝謝，布里安娜，大家早安。我是喬治‧普萊斯 (George Price)，CACI International 投資者關係資深副總裁。感謝您今天上午加入我們。我們提供簡報投影片，讓我們轉到投影片 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.

本次電話會議中的一些陳述不涉及歷史事實，因此根據現行法律構成前瞻性陳述。這些聲明反映了我們今天的觀點，並受到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，並在該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此附件中，並應作為本次通話記錄的一部分。

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，我們的演示將包括非公認會計準則財務指標的討論。這些不應被孤立地考慮或作為根據 GAAP 編制的績效衡量標準的替代。

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?

請翻到幻燈片 3。今天上午，CACI International 總裁兼執行長 John Mengucci 先生將主持我們的討論。約翰？

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our first quarter fiscal year '24 results as well as our fiscal '24 guidance.

謝謝，喬治，大家早安。感謝您加入我們討論 24 財年第一季的業績以及 24 財年的指導。

With me this morning is Jeff MacLauchlan, our Chief Financial Officer. Before we get started, and as I previously informed many of you, George Price now leads Investor Relations for CACI, replacing Dan Leckburg, who has taken an executive role elsewhere in the company. My thanks to Dan for the fine job he did, and my congratulations to George, who brings us 4 years as a deputy to Dan and his significant experience as both the sell-side analyst and Investor Relations executive for the position. So with that, let's move to our first quarter results.

今天早上和我一起的是我們的財務長 Jeff MacLauchlan。在我們開始之前，正如我之前告訴你們的，喬治·普萊斯 (George Price) 現在負責 CACI 的投資者關係，接替在公司其他部門擔任高管職務的丹·萊克伯格 (Dan Leckburg)。我感謝丹所做的出色工作，並祝賀喬治，他擔任丹的副手已有 4 年，並擁有作為賣方分析師和投資者關係主管的豐富經驗。那麼，讓我們來看看第一季的業績。

Slide 4, please. Last night, we released our first quarter results for fiscal year '24. And I'm pleased to say that our actions and results in the first quarter were directly aligned with our value creation model. As we've discussed, that value creation model is one that is built to drive growth in free cash flow per share by utilizing a combination of long-term predictable organic revenue growth, efficient management of working capital and CapEx, profitability, supportive of continued investment and prudent opportunistic value-creating capital deployment. Against those elements, we delivered 15% organic revenue growth, $174 million of EBITDA, free cash flow that exceeded our expectations, and we executed a $150 million share repurchase program.

請看投影片 4。昨晚，我們發布了 24 財年第一季業績。我很高興地說，我們第一季的行動和結果與我們的價值創造模式直接一致。正如我們所討論的，該價值創造模型旨在透過結合長期可預測的有機收入成長、高效的營運資本和資本支出管理、獲利能力、支持持續投資和審慎的機會主義價值創造資本部署來推動每股自由現金流的成長。基於這些因素，我們實現了 15% 的有機收入成長、1.74 億美元的 EBITDA 和超出預期的自由現金流，並且我們執行了 1.5 億美元的股票回購計畫。

In addition, we won $3.1 billion of contract awards, which represents a 1.7x book-to-bill for the quarter and 1.4x on a trailing 12 months basis. More than half of our awards were for new work to CACI, but we had strong performance on our recompetes as well.

此外，我們還贏得了價值 31 億美元的合同，相當於本季訂單出貨比的 1.7 倍，相當於過去 12 個月的 1.4 倍。我們獲得的獎項有一半以上是針對 CACI 的新作品，但我們在重新參賽時也有出色的表現。

Our first quarter performance provides us the opportunity to raise elements of our fiscal year '24 guidance, and Jeff will provide the financials details shortly.

我們第一季的業績為我們提供了提高 24 財年指引內容的機會，Jeff 很快就會提供財務細節。

Slide 5, please. We've talked about network modernization being a critical need for our government and a significant long-term opportunity for CACI. Secure, modernized networks are the required foundation for many priorities, including AI, Cyber and Gen C2. We have invested to develop innovative network modernization capabilities, both organically and via the acquisitions of LGS and ID Technologies. As a result, we were awarded an 8-year contract valued at up to $1.3 billion to modernize the network of a major DoD intelligence community customer to support critical intelligence missions around the world. We had the highest rate of technical proposal. We displaced a long entrenched incumbent. We established a new beachhead for network modernization with this customer, and we increased our visibility and access across the broader intelligence community.

請看投影片 5。我們已經討論過，網路現代化是我們政府的迫切需求，也是 CACI 的一個重要的長期機會。安全、現代化的網路是許多優先事項的必要基礎，包括人工智慧、網路和 Gen C2。我們透過內部投資和收購 LGS 和 ID Technologies 等方式，投資開發創新的網路現代化能力。 結果，我們獲得了一份為期 8 年、價值高達 13 億美元的合同，用於對國防部情報界主要客戶的網絡進行現代化改造，以支持世界各地的關鍵情報任務。我們擁有最高的技術提案率。我們取代了長期在位的現任者。我們與該客戶一起建立了網路現代化的新灘頭陣地，並提高了我們在更廣泛的情報界的知名度和可訪問性。

In addition, we were just notified of a $200 million DoD network modernization win. This one is specifically leveraging our commercial solutions for classified or CSfC technology. We continue to see healthy demand for network modernization and a strong pipeline of additional opportunities.

此外，我們剛剛獲悉國防部將獲得 2 億美元的網路現代化資金。此項服務專門利用了我們的機密或 CSfC 技術商業解決方案。我們繼續看到對網路現代化的健康需求和大量額外的機會。

Next, you've heard us discuss the importance of software as an enabler for customer emissions, and the software is our superpower. CACI has continued to demonstrate that we have the most mature, advanced software development capabilities, building open systems and software-defined offerings in the market today. These capabilities led to the award of a 5-year contract with a maximum ceiling value of $917 million to continue providing software and systems engineering to support battle space awareness to the United States Air Force.

接下來，您聽到我們討論軟體作為客戶排放推動因素的重要性，而軟體是我們的超能力。 CACI 不斷證明我們擁有最成熟、最先進的軟體開發能力，在當今市場上建立開放系統和軟體定義產品。這些能力促成了一項為期 5 年、最高價值 9.17 億美元的合約的授予，以繼續向美國空軍提供支援戰場空間感知的軟體和系統工程。

In addition, our unique software-defined capabilities, coupled with our deep understanding of signals and the electromagnetic spectrum continues to differentiate CACI in the marketplace. We're seeing increased market adoption of our software-defined technology, particularly in the areas of signals intelligence and electronic warfare. This is evidenced by being selected to supply our technology offerings to an Army Program of record as well as the evaluation of the same offerings for another Army Program that enables dismounted soldiers to quickly detect, identify, geolocate and defeat signals of interest. These successes are great examples of our ability to deliver software-defined innovation in a fast, agile manner to support critical and enduring national security priorities.

此外，我們獨特的軟體定義功能，加上我們對訊號和電磁頻譜的深刻理解，使 CACI 在市場上繼續脫穎而出。我們看到市場對我們軟體定義技術的採用日益增加，特別是在信號情報和電子戰領域。證據就是我們被選中向陸軍一項記錄計劃提供我們的技術產品，以及對另一項陸軍計劃的相同產品的評估，該計劃使下馬士兵能夠快速檢測、識別、地理定位和擊敗感興趣的信號。這些成功充分證明了我們能夠以快速、靈活的方式提供軟體定義創新，以支持關鍵且持久的國家安全優先事項。

Slide 6, please. In addition to winning in -- during new work, we're executing and performing with excellence on the 3 large awards we announced in our last fiscal year. Let me provide you with an update. First, our Air Force Enterprise IT as-a-Service or EITaaS contract is ramping up as planned. We're on track to stand up our enterprise service desk before year-end and assume day-to-day operations of existing systems with additional program milestones on track for the second half of the fiscal year. Both of our -- both of these actions accelerate support to our customer and support our financial goals for FY '24.

請看投影片 6。除了在新工作中獲獎之外，我們還出色地執行了上個財年宣布的三項大獎。讓我向你提供最新情況。首先，我們的空軍企業 IT 即服務 (EITaaS) 合約正在按計劃推進。我們計劃在年底前建立企業服務台，並承擔現有系統的日常運營，並在本財年下半年實現其他計畫里程碑。我們的這兩項行動都加速了對客戶的支持並支持了我們 24 財年的財務目標。

Next, the transition of our large NSA Intel and Cyber award is also progressing well. We continue to show the value of our technically superior proposal and we're receiving positive feedback from our customer executives.

接下來，我們大型國家安全局情報和網路獎項的過渡也進展順利。我們繼續展示我們技術上更優越的提案的價值，並且我們正在收到客戶主管的正面回饋。

Finally, our Navy Spectral Program is off to a great start. Even with an extremely complex environment and technical requirements, we've hit the ground running because we invested ahead of customer need. We have a great partnership with the Navy and our customer is pleased with our performance.

最後，我們的海軍光譜計劃取得了良好的開端。即使環境和技術要求極其複雜，我們仍然能夠立即開始行動，因為我們的投資領先於客戶的需求。我們與海軍保持著良好的合作關係，我們的客戶對我們的表現非常滿意。

For the ever-evolving threats in the INDOPACOM theater, Spectral is the type of program built with an open heart -- open software architecture that breaks vendor lock and provides capabilities at the speed of the fight that the Navy requires.

對於印太司令部戰區不斷演變的威脅，Spectral 是一種以開放的心態構建的程序——開放式軟體架構打破了供應商鎖定，並按照海軍所需的戰鬥速度提供能力。

Slide 7, please. Turning to the macro environment. We continue to monitor the government fiscal year '24 budget process closely. We're prepared for a number of scenarios, most of which we believe we're -- most of which we believe are addressed within our guidance range. As we've said many times, the world is a dangerous place and recent events have only confirmed that view. Customer demand remains high, driven by the elevated global threat environment, the pacing capabilities of our adversaries and the significant opportunity for modernization in government to enhance both efficiency and security. CACI remains very well positioned in key enduring areas of demand including broad IT modernization, the electromagnetic spectrum, cyber, space and intelligence.

請看投影片 7。轉向宏觀環境。我們將繼續密切關注政府 24 財年的預算進程。我們已經為多種情況做好了準備，我們相信其中大多數情況都在我們的指導範圍內得到解決。正如我們多次說過的，世界是一個危險的地方，最近發生的事件證實了這種觀點。受全球威脅環境加劇、對手的步調能力增強以及政府現代化以提高效率和安全性的重大機會的推動，客戶需求仍然很高。 CACI 在廣泛的 IT 現代化、電磁頻譜、網路、空間和情報等關鍵的持久需求領域仍然佔據著非常有利的地位。

Slide 8, please. As a trusted national security company, our government customers rely on CACI to meet their most urgent and critical needs. Given the recent budget uncertainty, just such an opportunity arose when we received requests to purchase nearly $200 million of network equipment, cybersecurity licenses and other material before the government fiscal year ended. We're proud that our team was able to rapidly and efficiently respond to these requests with $100 million of the material delivered in our first quarter and another $100 million slated to be delivered next quarter. Excluding these material purchases, our underlying organic growth was 9%.

請看第 8 張投影片。作為一家值得信賴的國家安全公司，我們的政府客戶依靠 CACI 來滿足他們最緊迫和最關鍵的需求。鑑於最近預算的不確定性，當我們收到在政府財政年度結束前購買近 2 億美元的網路設備、網路安全許可證和其他資料的請求時，就出現了這樣的機會。我們很自豪我們的團隊能夠迅速有效地回應這些請求，我們在第一季度交付了價值 1 億美元的材料，並計劃在下個季度交付另外 1 億美元。不包括這些材料採購，我們的基本有機成長率為 9%。

In summary, our first quarter results were strong, and fiscal year '24 is off to a great start. Demand signals are healthy, and we're well positioned to address key customer priorities. We're successfully executing our strategy to invest ahead of need to build differentiated capabilities and as a result, we're winning in the marketplace, and we're leveraging our financial strength to deploy capital in a flexible and opportunistic manner to drive free cash flow per share growth and shareholder value.

總而言之，我們的第一季業績強勁，24 財年開局良好。需求訊號是健康的，我們已做好準備來解決關鍵客戶的優先事項。我們成功地執行了提前投資以建立差異化能力的策略，並因此在市場上贏得了勝利，同時，我們也利用我們的財務實力，以靈活和機會主義的方式部署資本，以推動每股自由現金流的成長和股東價值的提升。

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

說完這些，我會把電話轉給傑夫。

Thank you, John, and good morning, everyone.

謝謝你，約翰，大家早安。

Please turn to Slide 9. Our first quarter of fiscal year '24 is a strong start to the fiscal year. We generated revenue of $1.85 billion in the quarter, of which about $100 million was related to the unplanned government material purchases, which John just described. This activity drove 6% of year-over-year growth with essentially no profit. The remaining 9% growth was driven by strong execution across the business as we capitalize on our healthy awards over the past several quarters. This performance demonstrates the effectiveness of our strategy to pursue fewer and larger opportunities and invest ahead of customer need. A further indication of the success of our approach is that the weighted average duration of our awards extended to over 6 years this quarter, an all-time high.

請翻到投影片 9。我們 24 財年第一季的業績表現強勁。我們在本季創造了 18.5 億美元的收入，其中約 1 億美元與約翰剛才描述的計劃外的政府物資採購有關。這項活動推動了 6% 的同比增長，但幾乎沒有帶來任何利潤。剩餘 9% 的成長是由整個業務的強勁執行力推動的，因為我們利用了過去幾季獲得的健康獎勵。這一業績證明了我們追求更少、更大機會以及在客戶需求之前進行投資的策略的有效性。我們的方法成功的另一個跡像是，本季我們的獎勵加權平均期限延長至 6 年以上，創歷史新高。

Slide 10, please. First quarter reported EBITDA margin reflects 60 basis points of drag from the higher material volume I just mentioned. In that context, our underlying profitability is strong. Adjusted diluted earnings per share of $4.36 were unchanged from the prior year. Higher interest expense was offset by higher operating income, a lower tax provision and a lower share count as a result of our share repurchases. First quarter operating cash flow, excluding our account receivable purchase facility, was $93 million, reflecting solid profitability and strong cash collections. We reported days sales outstanding of 49 days, just 1 day above last year's record low as we continue to efficiently manage working capital. Free cash flow was $79 million for the quarter.

請看第 10 張投影片。第一季報告的 EBITDA 利潤率反映了我剛才提到的材料產量增加所帶來的 60 個基點的拖累。在此背景下，我們的潛在獲利能力強勁。調整後每股攤薄收益為 4.36 美元，與前一年持平。由於股票回購，更高的營業收入、更低的稅收準備金和更少的股票數量抵消了更高的利息支出。第一季的經營現金流（不包括應收帳款購買貸款）為 9,300 萬美元，反映出穩健的獲利能力和強勁的現金回款。由於我們繼續有效管理營運資金，我們的未償銷售額天數為 49 天，僅比去年的最低紀錄高出 1 天。本季自由現金流為 7,900 萬美元。

Slide 11, please. Recall that last year, our Board authorized a $750 million share repurchase program. As John mentioned, our value creation model is focused on driving growth in free cash flow per share, including through flexible and opportunistic capital deployment. This standing authorization has positioned us to be even more responsive to evolving market conditions. Accordingly, we initiated an open market repurchase program at the end of August and through quarter end, executed the repurchase of another 470,000 shares at an average price of $319 per share. After completion of this latest share repurchase, we have approximately $337 million remaining in our share repurchase authorization. Since the $750 million Board authorization in January, we have repurchased over 5% of our shares outstanding.

請翻看第 11 張投影片。回想一下，去年我們的董事會批准了一項 7.5 億美元的股票回購計畫。正如約翰所提到的，我們的價值創造模式專注於推動每股自由現金流的成長，包括透過靈活和機會性的資本部署。這項長期授權使我們能夠對不斷變化的市場條件做出更快的反應。因此，我們在 8 月底啟動了一項公開市場回購計劃，並在本季末以每股 319 美元的平均價格回購了另外 47 萬股。完成此股票回購後，我們的股票回購授權餘額約為 3.37 億美元。自 1 月董事會授權 7.5 億美元以來，我們已回購了超過 5% 的流通股。

We ended the quarter with 2.3x leverage of net debt to trailing 12 months EBITDA, reflecting the funds used in the quarter for the share repurchases. The healthy long-term cash flow characteristics of our business, our modest leverage and our access to capital continue to provide us with significant optionality. We remain well positioned to deploy capital in a flexible and opportunistic manner to drive future growth and shareholder value.

本季末，我們的淨負債與過去 12 個月 EBITDA 的槓桿率為 2.3 倍，反映了本季用於股票回購的資金。我們業務的健康的長期現金流特徵、適度的槓桿率以及資本獲取能力繼續為我們提供重要的選擇權。我們仍處於有利地位，能夠以靈活和機會主義的方式部署資本，以推動未來的成長和股東價值。

Slide 12, please. With our first quarter results and additional share repurchases, we're raising our fiscal year '24 revenue, adjusted EPS and free cash flow guidance. We now expect fiscal '24 revenue to be in the range of approximately $7.2 billion to $7.4 billion, essentially all of which is organic. This $200 million increase in revenue reflects the higher material purchases we discussed earlier. This increased volume is split evenly between the first and second quarters. I want to be clear that our EBITDA dollar expectations for the full year are unchanged. Beyond the material purchases, the underlying operating results of the business are consistent with our expectations.

請翻看第 12 張投影片。透過第一季的業績和額外的股票回購，我們提高了 24 財年的營收、調整後每股盈餘和自由現金流指引。我們現在預計 24 財年的營收將在約 72 億至 74 億美元之間，基本上全部都是有機收入。這 2 億美元的收入成長反映了我們之前討論過的材料採購量的增加。這一增長在第一季和第二季平均分配。我想明確表示，我們對全年 EBITDA 美元的預期保持不變。除了材料採購之外，業務的基本經營績效與我們的預期一致。

To assist with the modeling, we expect second quarter revenue and EBITDA dollars to be relatively flattish with the first quarter. As was the case last year, and as we shared in our guidance call last quarter, we see higher profitability in the second half of the year. This second half improvement is driven by declining levels of mission technology investment from the first half as well as second half increases in new fixed unit price work and higher volume of some mission tech programs. We're raising our adjusted EPS guidance to reflect the lower share count as a result of our additional open market share repurchases. Our full year diluted share count guidance is now 22.7 million shares.

為了協助建模，我們預計第二季的營收和 EBITDA 美元將與第一季持平。與去年的情況一樣，正如我們在上個季度的指導電話中所分享的那樣，我們預計下半年的盈利能力將會更高。下半年的改善是由於上半年任務技術投資水準下降以及下半年新固定單價工作增加以及一些任務技術項目數量的增加。我們提高了調整後的每股盈餘預期，以反映由於我們額外回購公開市場股票而導致的股票數量減少。我們全年稀釋股數預期目前為 2,270 萬股。

In addition, our full year interest expense is now expected to be in the range of $100 million to $105 million, reflecting the additional share repurchases. The minimal net income impact of this change is accommodated within the existing adjusted net income guidance range. We're raising our fiscal year '24 free cash flow guidance by $10 million to at least $410 million. We expect that this increased free cash flow combined with the benefit of the reduced share count results in an increase of 4% versus our initial free cash flow per share expectations.

此外，我們預計全年利息支出將在 1 億美元至 1.05 億美元之間，這反映了額外的股票回購。這項變更對淨收入的影響很小，在現有的調整後淨收入指引範圍內。我們將 24 財年的自由現金流預期提高 1,000 萬美元，達到至少 4.1 億美元。我們預計，增加的自由現金流加上減少的股份數量帶來的好處將使每股自由現金流比我們最初的預期增加 4%。

Slide 13, please. Turning to our forward indicators, CACI's prospects continue to be strong. Our first quarter book-to-bill of 1.7x reflects strong performance in the marketplace and our first quarter awards have a weighted average duration of over 6 years. First quarter backlog of $26.7 billion grew 7% from a year ago and represents almost 4 years of annual revenue. These metrics provide good long-term visibility into our business. For fiscal year '24, we now expect 89% of our revenue to come from existing programs, 7% from recompetes and 4% from new business. Progress on these metrics reflects increased confidence in our expectations for the year.

請翻閱第 13 張投影片。回顧我們的前瞻指標，CACI 的前景依然強勁。我們第一季的訂單出貨比為 1.7 倍，反映了市場表現強勁，我們第一季的獎勵加權平均期限超過 6 年。第一季積壓訂單金額為 267 億美元，較去年同期成長 7%，相當於近 4 年的年收入。這些指標為我們的業務提供了良好的長期可視性。對於 24 財年，我們預期 89% 的營收來自現有項目，7% 來自重新競爭，4% 來自新業務。這些指標的進步反映出我們對今年的預期信心增強。

In terms of our pipeline, we have $11 billion of bids under evaluation, about 65% of which are for new business to CACI. And we expect to submit another $10 billion in bids over the next 2 quarters with over 80% of that for new business. These metrics reflect healthy demand and disciplined bidding.

就我們的管道而言，我們正在評估 110 億美元的投標，其中約 65% 是針對 CACI 的新業務。我們預計在未來兩季再提交 100 億美元的投標，其中 80% 以上用於新業務。這些指標反映了健康的需求和有紀律的競標。

To wrap things up, first quarter was a great start to the year, and we're pleased to be able to raise our full year revenue, adjusted EPS and free cash flow guidance. The business is performing well, and we remain confident in our ability to continue to drive long-term growth, increase free cash flow per share and generate additional shareholder value.

總而言之，第一季是今年的一個好開端，我們很高興能夠提高全年營收、調整後每股盈餘和自由現金流指引。業務表現良好，我們仍然有信心能夠繼續推動長期成長，增加每股自由現金流並創造額外的股東價值。

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

說完這些，我會把電話轉回給約翰。

Thank you, Jeff. Let's go to Slide 14, please.

謝謝你，傑夫。請翻到第 14 張投影片。

Our fiscal year '24 is off to a great start. We continue to show that we're strategically positioned in the right markets with differentiated capabilities. We're winning high-value enduring work that supports long-term growth. We're deploying capital in a flexible and opportunistic manner. The combination of these successes is driving free cash flow per share growth and shareholder value. Key to our business success is a tremendous talent CACI has been able to attract, develop and retain.

我們的 24 財年開局良好。我們繼續表明，我們憑藉差異化的能力在正確的市場中佔據戰略地位。我們正在贏得支持長期成長的高價值持久工作。我們正在以靈活和投機的方式部署資本。這些成功的結合正在推動每股自由現金流的成長和股東價值的提升。我們業務成功的關鍵是 CACI 能夠吸引、培養和留住大量人才。

As a leading national security company, CACI offers boundless opportunities for our employees to serve their country, grow their skills and expand their horizons. Ours is a long-standing culture where character leads innovation every day. The investments we've made and the value proposition we offer to our people continue to drive a number of positive outcomes, including lower attrition, increased referrals of new hires by existing employees, and numerous awards, recognizing CACI is one of the best places to work in the country. In fact, for 12 years, CACI has been recognized by Fortune Magazine as one of the world's most admired companies. CACI also continues to be recognized as a top workplace for women, new graduates and diversity.

作為一家領先的國家安全公司，CACI 為我們的員工提供了無限的機會，為國家服務、提高技能和拓展視野。我們的文化源遠流長，品格引領我們每天的創新。我們所做的投資和我們為員工提供的價值主張繼續帶來許多積極成果，包括降低員工流失率、增加現有員工對新員工的推薦以及獲得眾多獎項，CACI 被認可為該國最佳工作場所之一。事實上，12 年來，CACI 一直被《財星》雜誌評為全球最受尊敬的公司之一。 CACI 也繼續被公認為女性、應屆畢業生和多元化的最佳工作場所。

I'm especially proud that CACI received a number of recognitions for our support of our veterans including being named the best employer for veterans by Forbes. As is always the case, we achieve our success because of our employees' talent, innovation and commitment. I want to thank the entire CACI team for what they do for our company and our nation each and every day.

我特別自豪的是，CACI 因對退伍軍人的支持而獲得了許多認可，包括被《福布斯》評為退伍軍人最佳雇主。一如既往，我們的成功得益於員工的才華、創新和奉獻。我要感謝整個 CACI 團隊每天為我們的公司和國家所做的一切。

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

布里安娜，讓我們開始提問吧。

(Operator Instructions) Our first question comes from Mariana Perez Mora with Bank of America.

（操作員指示）我們的第一個問題來自美國銀行的 Mariana Perez Mora。

So my question is going to be about the macroeconomic environment and political environment without the budget. How much of the growth into this year depends on actually having a funded budget? And more specifically, when you see those like $10 billion of like bids that you're going to submit in the next 6 months, how much of that depends on new contract awards and actually having a budget? And how much of that is just takeaway?

所以我的問題是關於沒有預算的宏觀經濟環境和政治環境。今年的成長有多少取決於實際的預算資金？更具體地說，當您看到未來 6 個月內要提交的 100 億美元投標時，其中有多少取決於新的合約授予和實際預算？其中有多少只是外送？

Mariana, thanks. I'll start with this one. Look, as I mentioned in my prepared remarks, what -- we're monitoring the budget process closely. We're prepared for a number of different scenarios. But here's what we know. We know that Senate has passed all 12 appropriations bills. They're out of committee. And they're going to start bringing those bills to the floor to vote. The house now has a speaker, who appears to be committed to avoid any debt ceiling impacts. And we're very aware of the 1% cut in spending from '23, if Congress can't pass those, but we're actually planning that those do get pass by the April 30 deadline.

瑪麗安娜，謝謝。我先從這個開始。正如我在準備好的演講中提到的那樣，我們正在密切關注預算過程。我們已經為多種不同的情況做好了準備。但這就是我們所知道的。我們知道參議院已經通過了全部 12 項撥款法案。他們不在委員會中。他們將開始將這些法案提交給議會進行表決。眾議院現在有一位議長，他似乎致力於避免任何債務上限的影響。我們非常清楚，如果國會不能通過這些法案，從 23 年開始支出將削減 1%，但我們實際上計劃在 4 月 30 日的最後期限之前通過這些法案。

It's hard to say how likely a full RC -- a full year CR or shutdown is, but we're pretty confident that the majority of our work will continue with the funding. And in case of a shutdown, we're quite confident that the work that we do are going to be continuing and ongoing through the shutdown because of the current world events.

很難說完全 RC（全年 CR）或關閉的可能性有多大，但我們非常有信心，有了資金的支持，我們的大部分工作將繼續進行。即使發生停工，考慮到當前的世界局勢，我們非常有信心，我們的工作將繼續進行。

Getting closer to home. In our guidance, we considered many variables Mariana and one of those being duration of the FY '24 budget process and the CR. If you all remember, the low end of our guidance, we assumed a full year CR during this entire fiscal year. The high end, we assumed a short CR and the budget passed sooner. As it pertains to the jobs that we have already submitted, we're waiting for the government to select the award, awardee and for the submitted bids, but we're very confident that the work that we have is in the deep streams of funding that are exactly those areas of the budget that are not being touched.

離家越來越近了。在我們的指導中，我們考慮了許多變量，其中之一就是 24 財年預算流程和 CR 的持續時間。如果大家還記得的話，我們指導的低端是假設整個財政年度的全年 CR。就高端而言，我們假設 CR 較短，預算很快就會通過。對於我們已經提交的工作，我們正在等待政府選擇獎項、獲獎者和提交的投標，但我們非常有信心，我們所開展的工作處於資金的深層流中，而這些資金正是預算中尚未觸及的領域。

Whether we're a CR or whether we're not, we spent a long time within this company making certain that the work that we bid on have to be long and enduring work. That is the major reason why we moved from being a pure government services company into one that offers both expertise and tech. So we don't see any near-term impacts to it. I don't want to predict our FY '25 year, given that I'm only (technical difficulty) days into FY '24. But there's nothing that we're submitting today that we're sitting on the table saying, boy, if the budget is cut or the CR continues, does that present any growth to us or any concern to us.

無論我們是不是 CR，我們都在這家公司花了很長時間來確保我們投標的工作必須是長期且持久的工作。這就是我們從純粹的政府服務公司轉變為提供專業知識和技術的公司的主要原因。因此我們認為它不會受到任何短期影響。我不想預測我們的 25 財年，因為我才剛進入 24 財年（技術難度）。但是，我們今天提交的文件並不是為了告訴我們，如果削減預算或繼續進行 CR，這會給我們帶來任何增長還是給我們帶來任何擔憂。

Perfect. And as a follow-up, you just mentioned transitioning to a more technology focused company, how's supply chain?

完美的。另外，您剛才提到轉型為一家更注重技術的公司，那麼供應鏈呢？

Yes. Look, we talked about supply chain quite a bit. We've done a couple of things. One is that over the last few quarters, we have purchased in a very cost-effective, but wise manner to make certain that we could get our mission technology offerings delivered without any future delays in the supply chain. So that's one.

是的。看，我們談論了很多有關供應鏈的問題。我們做了幾件事。一是在過去幾個季度中，我們以非常經濟高效但又明智的方式進行了採購，以確保我們能夠順利交付任務技術產品，而不會在供應鏈中出現任何延誤。這就是其中之一。

Second, we've also instrumented all of our billable materials with, frankly, AI technology that actually alerts us to parts that are either going to go obsolete or predictive longer supply chain delivery dates. And when that happens, we immediately go in and we make all the right business calls to make sure it doesn't get delay from us delivering our mission technology offering.

其次，我們也對所有可計費材料進行了人工智慧技術檢測，坦白說，該技術實際上可以提醒我們哪些零件即將過時，或預測更長的供應鏈交貨日期。當這種情況發生時，我們會立即介入並做出所有正確的業務決策，以確保不會延誤我們交付任務技術產品。

Our next question comes from Bert Subin with Stifel.

我們的下一個問題來自 Stifel 的 Bert Subin。

Maybe just a follow-up. Maybe just a guidance follow-up to Mariana's question there. Is the CR having any impact on the current ramp process for the 3 contracts you highlighted in your slides? Or are things progressing sort of as expected?

也許只是後續行動。也許這只是對 Mariana 問題的後續指導。 CR 對您在幻燈片中強調的 3 份合約的當前進度有影響嗎？或者事情進展是否符合預期？

Yes, Bert. We truly have not seen CR to create any impacts in a number of areas. RF, RFPs and RFIs are still coming out in a timely manner. You all heard me saying in the class -- in the past every organization has their own award DNA and some perpetually -- they always deliver late and some deliver early. So no impact there. As for funding for our 3 major programs, EITaaS, our Large Intel program and Spectral are fully funded through fiscal year '24 -- sorry, yes, through the current fiscal year that we're in. And we just haven't seen any slowdown either awards, RF, RFPs, deliveries and then funds.

是的，伯特。我們確實沒有看到 CR 在許多領域產生任何影響。 RF、RFP 和 RFI 仍在及時發布。你們都聽到我在課堂上說過──過去每個組織都有自己的獎項 DNA，有些組織是永久的──他們總是遲到，有些總是早到。所以沒有影響。至於我們三大計畫 EITaaS、大型英特爾計畫和 Spectral 的資金，在 24 財年都已獲得全額資助——抱歉，是的，就是在我們所處的當前財年。而且，無論是獎勵、RF、RFP、交付或資金，我們都沒有看到任何放緩。

Okay. Great. And then, John, just a more, I guess, a high-level question. Historically, you've talked about ever-increasing margins for CACI. Now that you have pretty clear line of sight into growth over the next couple of years, has that view changed at all near term? I guess that is to say, does the dial shift more toward growth over margins over these next 2 years?

好的。偉大的。然後，約翰，我想這是一個更高層次的問題。從歷史上看，您曾談到 CACI 的利潤率不斷提高。現在您對未來幾年的成長有了相當清晰的認識，那麼這種觀點在短期內是否有所改變？我想，也就是說，未來兩年內，重點是否會更多地轉向成長而非利潤？

Yes, Bert. A couple of things here, and I'll have Jeff add his view as well. Look, we're very much focused on value creation model that drives free cash flow per share, right? So the way we built this company, and again, we're purpose-built for exactly the vision we're in today. We realized 7 or 8 years back that we were winning work that wasn't generating the right level of full value return. So first step, focus on margins and focus on the things that were out there bidding on. Let's build a great capability bench, so we can go after more longer term enduring work while moving a little bit from expertise to technology. That drove margin focus from the high 7s to the high 10s.

是的，伯特。這裡有幾件事，我會讓傑夫也加入他的觀點。你看，我們非常關注推動每股自由現金流的價值創造模式，對嗎？因此，我們建立這家公司的方式，以及我們建立的目的，都完全是為了我們今天的願景。七、八年前我們就意識到，我們贏得的工作並沒有產生應有的全額價值回報。因此，第一步，專注於利潤並專注於那些正在競標的東西。讓我們建立一個強大的能力平台，讓我們可以從事更長期持久的工作，同時從專業知識轉向科技。這使得利潤率焦點從 7% 多上升至 10% 以上。

Now that we're there, what we talked about coming into this fiscal year, is an absolute focus on free cash flow per share, top line growth, reliable organic top line growth, bottom line growth, capital deployment, and making certain that we're running a cost-effective business. So what -- it's no longer the focus on 1, it's focus on all 4. And for us, every one of those levers that we have are now avail to us, and we're very happy that we've driven an additional 4% of free cash flow per share since our original guide. Jeff, anything?

現在我們已經到了這個地步，我們談論的進入本財年是絕對關注每股自由現金流、營收成長、可靠的有機營收成長、利潤成長、資本部署，並確保我們經營的業務具有成本效益。那麼——不再只是關注 1，而是關注所有 4。對我們來說，我們擁有的每一個槓桿現在都可以為我們利用，我們很高興自最初的指導以來，每股自由現金流又增加了 4%。 傑夫，有什麼事嗎？

Yes. No. I mean, that's exactly right. I think it's additive. It doesn't replace the profitability focus because, obviously, generating earnings is an important part of generating free cash flow, but it's sort of -- we kind of think of it as taking it to the next level. So now we've made significant progress on profitability, and we're not taking our eye off that ball, but we're now adding to that a focus on increased focus. We've always been focused on it, but increased focus on capital efficiency and the free cash flow per share, as John shared it.

是的。不，我的意思是，完全正確。我認為它是附加的。它不會取代盈利重點，因為顯然，創造收益是產生自由現金流的重要組成部分，但它有點 - 我們認為它將其提升到一個新的水平。因此，現在我們在獲利能力方面取得了重大進展，我們並沒有忽視這一點，但現在我們更專注於提高專注度。我們一直關注這一點，但正如約翰所說，我們更加關注資本效率和每股自由現金流。

Bert also follow-up to as it pertains to this current year that we're in, we have some initial moving parts with this $200 million worth of material. And I want to make it very, very clear that as we look at the underlying business without that $200 million, we're focused on a high 10% margin period. The fact that we had $200 million of 0 margin revenue come in, it was our decision to make them very transparent. And I understand that the math works out to 10-5 or 10-6 outstanding, but we're -- the underlying business is executing at a high 10s rate and we'll continue to do so throughout this year.

伯特也跟進了今年的情況，我們對這筆價值 2 億美元的材料有一些初步的動向。我想非常非常清楚地表明，當我們審視沒有這 2 億美元的底層業務時，我們關注的是 10% 的高利潤率時期。事實上，我們有 2 億美元的零利潤收入，因此我們決定使其非常透明。我知道這樣計算出來的結果是 10-5 或 10-6 的未償付金額，但我們的基礎業務執行率高達 10%，而且我們今年全年將繼續這樣做。

Yes. It can't be said too many times that the underlying operations of the business are entirely consistent with where we expect to be.

是的。必須強調的是，業務的基本運作與我們的預期完全一致。

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. The 9% organic growth ex-material buys was impressive in Q1, with the new guidance increase for the unplanned material buy, should we expect sales growth to be front-half weighted ex the buys? Or will Q2 be lower what they build throughout the year as indicated on the prior call?

這是 Rocco 代替 Seth 上場的。第一季扣除材料採購後的 9% 有機成長率令人印象深刻，隨著計劃外材料採購的新指導增加，我們是否應該預期銷售成長是扣除採購後的前半部分加權的？或者第二季的產量會低於他們全年的產量，正如上次電話會議所指出的？

Yes. Our view -- thanks for the question, Rocco. Our view is that the second quarter you ought to expect to be fairly flattish from the first. Remember, there's $100 million of the unplanned material buys in each of those 2 quarters. And I think the underlying operations of the business, while we reiterated the year in our guidance, we feel like we're off to a really strong start. But we're going to operate here for another quarter or so and reassess.

是的。我們的觀點－感謝羅科的提問。我們的觀點是，第二季的業績應該與第一季持平。請記住，這兩個季度中每個季度都有 1 億美元的計劃外材料採購。我認為，雖然我們在指導中重申了今年的業務基本運營，但我們感覺我們已經有了一個非常強勁的開端。但我們將在這裡運作一個季度左右，然後重新評估。

Great. That makes sense. And then how are you thinking about future capital deployment. Is there a potential for there to be a consistent share repurchase program? And how does the M&A pipeline look?

偉大的。這很有道理。那麼您如何考慮未來的資本部署？是否有可能製定持續的股票回購計畫？併購通路情況如何？

Yes. Boy, that's a go on for days Rocco. Look, first of all, look, we're flexible and opportunistic, and those are the dynamics that we've actually laid out there. We're going to continue to evaluate a range of factors, either what our M&A pipeline looks like, as you mentioned, what our stock price is, what our valuation is, leverage interest rates, demand trends, business outlooks, and frankly, those are -- all those options are always on the table. So they all create value, as you all know, given the dynamics at the time.

是的。男孩，這已經持續好幾天了，羅科。首先，我們靈活且善於把握機會，而這些正是我們實際展現的動力。我們將繼續評估一系列因素，無論是我們的併購管道是什麼樣的（正如您所說），我們的股價是多少，我們的估值是多少，槓桿利率，需求趨勢，業務前景，坦白說，所有這些選擇都是可行的。因此，正如大家所知，考慮到當時的動態，它們都創造了價值。

Because they all drive free cash flow per share over time, leverage feels right. And we're going to evaluate all of the options. We have to look at share repurchase versus M&A. We look at internal investments versus M&A. Our decision is going to be based on a relative rates of return on whatever 2 options that we're looking at over time. And with that, Jeff, anything you'd like to add?

由於它們都會隨著時間的推移推動每股自由現金流，因此槓桿作用感覺良好。我們將評估所有的選擇。我們必須考慮股票回購與併購。我們專注於內部投資與併購。我們的決定將基於我們長期考慮的兩種選擇的相對回報率。那麼，傑夫，您還有什麼要補充的嗎？

Yes. I mean, look, this is a very -- I know you guys probably get tired of hearing flexible and opportunistic, but that really is what -- where we're. I mean we're continually looking at the pipeline and when we see a combination of factors where we don't see maybe near-term opportunities that are interesting to us, we see some market weakness in our share price, those are times that we're going to stop and buy back some shares.

是的。我的意思是，你看，這是一個非常——我知道你們可能已經厭倦了聽到靈活和機會主義，但這確實是——我們所處的境地。我的意思是，我們一直在關注管道，當我們看到各種因素的組合，發現可能沒有令我們感興趣的短期機會，看到我們的股價出現一些市場疲軟時，我們就會停下來併回購一些股票。

I mean, it's continually under evaluation. It's a very disciplined, return-driven exercise. It does not make much sense for us to be any less levered than we're. We have a very favorable capital structure in that regard. Those of you that follow us and study us know that, I won't bore you with the details, but it's not particularly appealing to us to become any less levered. And so we're constantly looking at that range of options. And you'll see us continue to act as appropriate as we look at changing circumstances.

我的意思是，它一直在接受評估。這是一次非常有紀律、以回報為導向的演習。對我們來說，降低槓桿率是沒有意義的。在這方面，我們擁有非常有利的資本結構。那些關注我們並研究我們的人都知道，我不會用細節來煩擾你們，但對我們來說，減少槓桿並不是特別有吸引力。因此，我們一直在研究各種選擇。您將會看到，我們會根據不斷變化的情況繼續採取適當的行動。

Rocco, you also asked about M&A. And look, you all know we done some really good acquisitions in the past. They've addressed a large number of gaps. We can now -- is the -- frankly, the valuations and the sellers' expectations have been relatively slow to adjust to a changing market dynamics. That's our view in light of rising interest rates and a lot of other factors. But we do have a pipeline that is starting to build. We're always, always looking at things in the SIGINT, EW area, in the cyber and in the space area. But when we see the market shifting back to buyer's market from a seller's market, we may see more opportunities in the near term.

羅科，您也詢問了有關併購的問題。而且，你們都知道，我們過去做過一些非常好的收購。他們已經解決了大量差距。我們現在可以——坦白說，估值和賣家的預期對於不斷變化的市場動態的調整相對較慢。這是我們根據利率上升和許多其他因素得出的觀點。但我們確實有一條正在開始建造的管道。我們始終關注信號情報、電子戰、網路和太空領域的事物。但當我們看到市場從賣方市場轉向買方市場時，我們可能會在短期內看到更多機會。

But we're really looking at that moderate sized company that drives capabilities and customer relationships so that 5 years from now, we can talk about what that company did to sort of change the way our company looks now. And again, with the type of relative rates of return, we're going to continue to drive longer, longer-term free cash flow per share growth.

但我們真正關注的是推動能力和客戶關係的中等規模的公司，以便 5 年後，我們可以談論該公司做了哪些事情來改變我們公司現在的面貌。再次，透過相對回報率的類型，我們將繼續推動更長期的每股自由現金流成長。

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馬特‧埃克斯 (Matt Akers)。

So you mentioned that, I guess, the $200 million of material buys that I think maybe shifted based on some of the uncertainty that's going on, maybe people pull that forward. I guess if you strip that out kind of your base business, was there any kind of pull forward in that business as well? I'm just curious how people are sort of -- your customers are acting around some of the uncertainty around the budget?

所以你提到了，我想，2 億美元的物質購買可能會根據正在發生的一些不確定性而發生變化，也許人們會將其提前。我想，如果你從基礎業務中剝離出這種業務，那麼這種業務是否也會有任何推動作用？我只是好奇人們是怎樣的——您的客戶是如何應對預算方面的一些不確定性的？

Well, let's make sure first -- let's unpack a little bit the premise of your question. The unplanned material buys were not pull forwards. So that was unplanned customer activity, which we were -- efficiently and responsively addressed. Beyond that, the underlying performance of the business is slightly ahead of our expectations for the first quarter, and we think we're on a good path. We may, if anything, be -- well, we think we're on a good path. So we'll be continuing to evaluate that, but it's early in the year. I mean, as John said, we're 100 days into the year and we're happy with our position, and we'll continue to manage it.

好吧，讓我們先確認一下——讓我們稍微解釋一下你的問題的前提。計劃外的材料採購並未提前。所以這是計劃外的客戶活動，我們能夠有效率、迅速地解決。除此之外，第一季業務的基本表現略高於我們的預期，我們認為我們正走在正確的道路上。如果有的話，我們可能會——好吧，我們認為我們走在一條正確的道路上。因此，我們會繼續評估這一點，但現在還為時過早。我的意思是，正如約翰所說，今年我們已經過去 100 天了，我們對自己的狀況感到滿意，並且我們會繼續管理它。

Got it. Okay. And then I guess, just any thoughts on some of the things happening in the Middle East now between kind of U.S. involvement over there? And does this $100 billion plus supplemental that's on the table, any potential work you think that maybe could come out of that for CACI?

知道了。好的。然後我想，對於目前中東發生的一些事情以及美國參與其中的情況，您有什麼看法？您認為這筆超過 1,000 億美元的補充資金可能會為 CACI 帶來什麼潛在效益嗎？

Yes, Matt. Look, we've said many, many times, right, that unfortunately, the world is a dangerous place. So I think that what's going on in Ukraine was the first wake-up call, certainly, raised the urgency level around defense and national security globally, frankly. I think the attack on Israel is a reminder that despite the increase of near-peer threats, you've all heard me saying this, counter-terrorism is still a major concern. Yes, there is more money going to be spent on the near-peer threat. But I've always said it, in our mind, it was never an ore, it was always going to be an E, E, E, E, and M. But look, most of what we're doing as to specifics, I'm afraid I can't address those on this call. But I can tell you that we're engaged and we're supporting. We're hearing the same thing that you're all hearing about the $100 billion plus up as well as other international spending.

是的，馬特。看，我們已經說過很多次了，不幸的是，世界是個危險的地方。所以我認為烏克蘭發生的事情是第一個警鐘，坦白說，它無疑提高了全球國防和國家安全的緊迫性。我認為對以色列的攻擊提醒我們，儘管近乎同等威脅的威脅增加，但你們都聽我說過，反恐仍然是一個主要問題。是的，我們將花費更多資金來應對近乎匹敵的威脅。但我一直說，在我們心中，它從來都不是礦石，它永遠是 E、E、E、E 和 M。但你看，就具體細節而言，我們所做的大部分工作，恐怕我無法在這次電話會議上解決這些問題。但我可以告訴你們，我們參與其中並提供支持。我們聽到的和你們聽到的一樣，都是關於 1000 多億美元以及其他國際支出的消息。

Look, we deliver mission expertise and technologies to all the 5i countries today. I'm convinced that the Eastern European allies are also going to be increasingly interested in our products. We've made a few trips there to some key countries. We know what they're looking for. It's exactly what our software defined mission technology suite was built for the electromagnetic spectrum and everything in the EW world and showing minimum signal. Nations around the country want to know where that signal is, what it is and how can they repeat it. So I'm sure that expansions around Eastern Europe and NATO and other select countries is what we'll start taking a look at. But, frankly, it's too early to discuss the specifics. We're going to be very, very conservative and very, very calculating as to how we enter the international markets with the offerings that we have.

看，我們今天向所有 5i 國家提供任務專業知識和技術。我相信東歐盟友也會對我們的產品越來越感興趣。我們曾多次前往一些主要國家。我們知道他們在尋找什麼。這正是我們的軟體定義任務技術套件，專為電磁波譜和電子戰世界中的一切而構建，並顯示最小訊號。全國各國都想知道這個訊號在哪裡、是什麼以及如何重複它。因此，我確信我們將開始關注東歐、北約和其他特定國家的擴張。但坦白說，現在討論具體細節還為時過早。對於如何利用我們現有的產品進入國際市場，我們將非常非常保守，並且非常非常謹慎。

Our next question comes from David Strauss with Barclays.

下一個問題來自巴克萊銀行的戴維‧史特勞斯。

This is actually Josh Corn on for David. I wanted to ask if the materials purchases in the quarter were considered expertise or technology. It sounded like technology. So if that's the case, I mean ex-those purchases, it seemed like expertise growth was up 20% and tech was flat. So I wanted to ask if that implies anything about the remainder of the year or anything specific in the quarter?

這實際上是喬什康 (Josh Corn) 為大衛 (David) 表演。我想問本季的材料採購是否被視為專業知識或技術。這聽起來像是技術。因此，如果情況確實如此，那麼，除去這些購買，專業技能的成長似乎達到了 20%，而技術則保持穩定。所以我想問一下這是否意味著今年剩餘時間或本季的任何具體情況？

First of all, they were technology. John may want to add to this, but I don't think there's -- I don't think there's a particular conclusion to extend from that. I mean these statistics move around, obviously, and we're generally kind of managing mix.

首先，它們是技術。約翰可能想對此進行補充，但我不認為——我不認為可以從中得出什麼特別的結論。我的意思是，這些統計數據顯然會發生變化，而且我們通常會進行混合管理。

Yes. Thanks, Jeff. Look, I probably said this, right? The good news is they're both growing, right? So I'm extremely pleased with every dollar of expertise growth, just as much I'm excited by every dollar of technology growth. I think some of what you all see in some of those tables, whether it's expertise in tech or federal DoD, but we see -- expertise is seeing in the benefit of lapping the Afghanistan withdrawal and then also the ramp-up of our new NSA Intel and Cyber program. At the end of the day, they're both extremely important to us. Expertise in informs tech and tech enables more cost-effective expertise.

是的。謝謝，傑夫。瞧，我可能說過這個，對吧？好消息是他們都在成長，對吧？因此，我對專業知識的每一美元成長都感到非常高興，就像我對科技的每一美元成長都感到興奮一樣。我認為你們在這些表格中看到的一些內容，無論是技術還是聯邦國防部的專業知識，但我們看到——專業知識正在看到從阿富汗撤軍帶來的好處，以及我們新的國家安全局情報和網路計劃的加強。總而言之，它們對我們來說都極為重要。資訊科技的專業知識和技術能夠實現更具成本效益的專業知識。

And I could tell you, within our mission technology space, Todd Probert here does an outstanding job of picking up all the mission expertise work that we're doing and all those tips in cues to understand how we invest and DeEtte Gray, who runs most of our enterprise work, does outstanding job of finding ways to bring new technology, whether it's AI or Agile software development at Scale, anything that takes the cost of expertise down which, frankly, when we do that, that helps us drive margins as well. So I think quarter over quarter, Josh, we're going to see different pieces of our business growing at different rates. But there's usually some large movements that are easily explained with the latest 12 months of work that we've won.

我可以告訴你們，在我們的任務技術領域，托德·普羅伯特 (Todd Probert) 做得非常出色，他掌握了我們正在做的所有任務專業知識工作，並提供了所有提示，幫助我們了解我們的投資方式，而負責我們大部分企業工作的迪埃特·格雷 (DeEtte Gray) 軟件做得非常出色，她找到了引入新技術的方法，不管因此，喬希，我認為，每個季度我們都會發現我們業務的不同部分以不同的速度成長。但通常會有一些大的動作，可以透過我們最近 12 個月的成果輕鬆解釋。

Brianna, I think we're ready for a next question.

布里安娜，我想我們已經準備好回答下一個問題了。

Our next question comes from Conor Walters with Jefferies.

我們的下一個問題來自 Jefferies 的 Conor Walters。

Congratulations on a strong quarter. I just wanted to dig into some of these major programs a little bit more. Now that FocusedFox is over a quarter into the ramp, can you provide an update on the cadence and progress around hiring and how we should think about the contribution to revenue and profit in the next few years there?

恭喜本季業績強勁。我只是想更深入地了解這些主要項目。現在 FocusedFox 已經進入了四分之一的擴張期，您能否介紹一下招募的節奏和進展情況，以及我們應該如何看待未來幾年對收入和利潤的貢獻？

Yes. So look, it's a major expertise program for us. And we've always said that at a normal level, expertise ramps up faster than our technology programs. We're -- we won the work because our CACI proposal was technically superior. And frankly, program was ramping up just as we proposed, maybe slightly ahead, but nothing but positive feedback from our customer to date. What's crucial to know about that program is we won that program by making certain that we would have a low to 0 risk transition from the long-term incumbent to us. And that transition is well down the path of the way it was planned in our proposal.

是的。所以看，這對我們來說是一個重要的專業項目。我們一直說，在正常水平上，專業知識的成長速度比我們的技術計劃更快。我們贏得了這項工作，因為我們的 CACI 提案在技術上更勝一籌。坦白說，專案正如我們所提議的那樣正在推進，可能略微提前了一點，但到目前為止，我們的客戶只給出了積極的回饋。關於該計劃至關重要的是，我們透過確保從長期現任者到我們的過渡風險低至零而贏得了該計劃。這項轉變正按照我們提案中所規劃的方式順利進行。

I would -- I'm not going to talk about the exact quarter-by-quarter and year-by-year. But I'll tell you is it's $1.5 billion worth of awards that we recognize. I would say we're somewhere in the 80% ramped up phase today, Conor. And I would expect that great performance by Meisha Lutsey and her team to continue.

我不會談論具體的季度和年度數據。但我要告訴你們的是，我們認可的獎項價值 15 億美元。我想說我們今天已經處於 80% 的提升階段，康納。我希望 Meisha Lutsey 和她的團隊能夠繼續精彩表演。

Got it. That's super helpful. And maybe in the same vein as it relates to the new $1.3 billion award with the intelligence community customer. How should we be thinking about the timing of the ramp and contribution at scale from that?

知道了。這非常有幫助。這可能與情報界客戶新獲得的 13 億美元獎勵有關。我們應該如何考慮成長的時機以及由此產生的規模貢獻？

Yes. Conor, I think that's -- I think it was an 8-year award, $1.3 billion. That's a network build-out job. So that ramp-up curve is going to be a little bit different, right? When we do these large scale network jobs, there's a lot of front-end work, specification, making sure that we revisit what the customer wanted. Technology is changing either in the full network realm or at that last mile or where the actual device is connecting, which is what makes our CSfC offering so unique. But those programs start up a little bit on the light side, Conor, and I would say over a period of the next year, we'll have what that design looks like and then we're working with the customer as to how we would roll that out.

是的。康納，我認為那是——我認為那是一份為期 8 年、金額為 13 億美元的合約。這是一項網路建置工作。那麼上升曲線會有點不同，對嗎？當我們進行這些大規模網路工作時，有許多前端工作、規範，確保我們重新審視客戶的需求。技術正在整個網路領域、最後一英里或實際設備連接的地方發生變化，這正是我們的 CSfC 產品如此獨特的原因。但這些項目一開始都比較輕鬆，康納，我想說，在接下來的一年裡，我們就會有這樣的設計，然後我們會與客戶合作，研究如何推出它。

That's a network that is used globally. And so -- and again, we just won that work. So we'll be putting that plan in place. If there are no protests on it, we'll see some lighter revenue come in, in the third and fourth quarter, but nothing that's going to change where our guidance as to date.

這是一個全球使用的網路。所以——我們再次贏得了這項工作。因此我們將實施該計劃。如果沒有人對此提出異議，我們將看到第三季和第四季的收入有所減少，但這不會改變我們迄今為止的指導方針。

Our next question comes from Jan-Frans Engelbrecht with Baird.

我們的下一個問題來自 Baird 的 Jan-Frans Engelbrecht。

I'm on for Peter today. Great. So just want to quickly revisit the M&A comments that you made and with net leverage of 2.3 today. Could you provide some color on sort of how high you would go if you identified an attractive target?

今天我代替彼得。偉大的。因此，我只想快速重溫您所做的併購評論，今天的淨槓桿率為 2.3。如果您確定了一個有吸引力的目標，您能否說明一下您會達到多高的目標？

Yes. That's not a perfect answer to the hypothetical. For a long time, we said that we would occasionally perhaps consider 4.5. I think in the current environment, that's going to be less. But I could imagine for the right asset, 3.5, maybe a little more is sort of in the ZIP code we consider. It's difficult to answer that, obviously, outside the context of a specific target. But certainly, you should think about us thinking about up to a target, so all what we've historically said.

是的。這並不是對這個假設的完美答案。很長一段時間以來，我們都說我們偶爾可能會考慮 4.5。我認為在當前環境下，這個數字會減少。但我可以想像，對於正確的資產，3.5，也許更多一點，在我們考慮的郵遞區號中。顯然，在特定目標的背景之外，很難回答這個問題。但當然，你應該考慮我們正在考慮達到一個目標，所以我們過去所說的一切。

Great. That's really helpful. And then just a quick follow-up on the Spectral award. Just given the hardened grade environment in the Indo-Pacific strengthen the Navy budget that should likely continue for the next couple of years, are there any sort of additional bidding opportunities that you see in the next 12 to 24 months, specifically related to Navy electronic warfare signals intelligence that we should look out for?

偉大的。這真的很有幫助。然後我們來快速跟進 Spectral 獎。鑑於印度-太平洋地區的強化環境將加強海軍預算，並且這種趨勢在未來幾年內可能會持續下去，您是否認為未來 12 到 24 個月內還會出現其他競標機會，特別是與海軍電子戰信號情報相關的機會，我們應該關注這些機會嗎？

Yes. Great. Look, our electronic warfare and our electromagnetic spectrum, detection and countermeasure equipment is deployed on a lot of assets today. Actually, it's not so much about the next 12 to 24 months what are the other bids that we can put out there. It really talks about the reason why my prepared remarks mentioned that Spectral is the program, right? Our customer on Spectral is already looking at how do we morph the program as it was awarded is something that can do 2 things. One, that actually gets updated for today's current threats. Remember, we began investing on Spectral. I think it was fiscal year '16, if I remember right that job was awarded this past year, and we're having a lot of detailed discussions around what does the threat look like today, is there anything we can do to get delivery sooner and then can we address more platforms that we have set up in the contract today.

是的。偉大的。你看，我們的電子戰和電磁頻譜、探測和對抗設備今天已經部署在許多資產上。實際上，問題並不在於未來 12 到 24 個月我們還能提出哪些其他出價。這確實解釋了為什麼我的準備好的發言中提到 Spectral 是該計劃的原因，對嗎？ Spectral 上的客戶已經在研究如何改變該計劃，因為它被授予了可以做兩件事的東西。第一，它實際上針對當今的威脅進行了更新。記住，我們開始投資 Spectral。我想那是 2016 財年，如果我沒記錯的話，這項工作是去年授予的，我們正在進行大量詳細的討論，討論今天的威脅是什麼樣的，我們是否可以做些什麼來更快地交付，然後我們是否可以解決今天在合約中設置的更多平台。

When we won that program, there's a $1.2 billion award. I believe we booked that at $600 million and we're sort of sorting through what the other $600 million looks like. So we've done an outstanding job. We're all over this market. The Navy is the perfect -- purpose-built customer for us as we're out there delivering. And I'd also say that as we start to show what Spectral has and we deliver to the Navy, there's other customers out there that are getting another look at where our capabilities have moved to and then tie back to another question, in light of what's happening on the global stage, there's other countries that are seeing those type of capabilities.

當我們贏得該項目時，我們獲得了 12 億美元的獎金。我相信我們已經把這筆錢預定為 6 億美元，我們正在考慮剩下的 6 億美元是什麼樣的。所以我們做得非常好。我們遍佈整個市場。海軍是我們最完美的客戶，因為我們在那裡提供服務。而且我還想說，當我們開始展示 Spectral 所擁有的產品以及我們向海軍提供的產品時，其他客戶也會重新審視我們的能力發展方向，然後回到另一個問題，鑑於全球舞台上正在發生的事情，其他國家也看到了這種能力。

So one, we love the funding that we have in place on Spectral. Two, we made all the right rate calls to invest ahead of customer need. So we would start up immediately. And then three, a great technology team where it's working with the Navy to find out how can we deliver that even quicker because that near-peer threat in the entire INDOPACOM region is going to depend on.

首先，我們非常高興 Spectral 能獲得如此多的資金支持。第二，我們做出了所有正確的利率決策，在滿足客戶需求之前就已經進行了投資。所以我們會立即開始。第三，我們擁有一支優秀的技術團隊，正在與海軍合作研究如何更快地實現這一目標，因為整個印太司令部地區的近乎同等的威脅都將取決於此。

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。

Could you talk about trends that you're seeing in terms of billable headcount growth and the outlook for that, any sort of changes in difficulty in recruiting and the implications for kind of both revenue growth and associated expenses as we turn into calendar '24?

您能否談談您所看到的可計費員工人數成長趨勢及其前景，招募難度的任何變化以及對收入成長和相關費用的影響，隨著我們進入 24 年？

Yes, Tobey. First off, look, I love when expertise and technology grow. I'm looking for material growth in both of those markets as we get through the year, just have raised guidance says we're going to have organic growth between 7.5% and 9.5%. And based on some of the jobs that we're winning, frankly, whether they're expertise jobs or they're technology jobs, we're going to need talent. Look, we're well positioned there. We've got 3 great internal hiring programs, #making moves, frankly, is one where we -- lot of people move around the company on different projects. That's the beauty of building a technology business here. Hopes are much more fungible and we can move them around and that helps them build their career.

是的，托比。首先，我喜歡專業知識和技術的成長。我期待這兩個市場在今年都實現實質成長，我們剛剛上調了預期，表示有機成長率將在 7.5% 至 9.5% 之間。坦白說，根據我們贏得的一些工作，無論是專業工作還是技術工作，我們都需要人才。瞧，我們在那裡處於有利地位。我們有 3 個很棒的內部招聘計劃，#making move，坦白說，就是讓很多人在公司內部調動，負責不同的專案。這就是在這裡建立科技企業的魅力所在。希望更加可互換，我們可以改變它們，這有助於他們建立自己的事業。

Over 40% of our hires today totally come from a referral, which is outstanding for us. It keeps our talent and logistics cost down. And we already know people have assessed people, right? We sort of have this tag line, great people know other great people, and it's working very, very well.

如今，我們招募的員工中超過 40% 完全來自推薦，這對我們來說非常了不起。它降低了我們的人才和物流成本。我們已經知道人們已經對人們進行了​​評估，對嗎？我們有這樣的標語，偉大的人認識其他偉大的人，而且它非常非常有效。

And then last, how does the job market look? Look, we've done a lot to draw people to our business. We've got -- we have a large internal program for our company size well over 300 interns. And then we moved to this flexible time off and financial wellness program, which is what new hires are absolutely looking for. And frankly, we find a way to differentiate ourselves in the marketplace around expertise or technology of labor. This is a company that they're going to find that from first. So flexible time off, a really good financial bonus program that comes free of charge to all of our employees.

最後，就業市場看起來怎麼樣？瞧，我們做了很多工作來吸引人們關注我們的業務。我們公司有一個大型內部項目，實習生人數超過 300 人。然後我們轉向了靈活的休假和財務健康計劃，這正是新員工所尋求的。坦白說，我們找到了一種方法，使自己在專業知識或勞動力技術方面在市場上脫穎而出。這是他們首先要找到的公司。如此靈活的休假時間，一項非常好的財務獎勵計劃，對我們所有的員工都是免費的。

So look, we finished FY '23 with attrition running about a 4 percentage point lower. You can do 1% on 22,000 people and back into how many less people we have to go out there and hire. So for both expertise and for tech, I like what the market is giving us our ability to hire and retain talent.

所以，我們 23 財年結束時的人員流失率降低了約 4 個百分點。你可以對 22,000 人進行 1% 的削減，然後你可以計算出我們需要少僱用多少人。因此，無論是專業知識還是技術，我都喜歡市場賦予我們聘用和留住人才的能力。

And if I could get your perspective, what do you think on the proposed changes in merger guidelines at the FTC? And how does that impact your acquisition program and thoughts around that?

如果我可以聽聽您的觀點，您對聯邦貿易委員會提出的合併指導方針變更更有何看法？這對您的收購計劃和相關想法有何影響？

Yes. John will probably want to -- may want to add some thoughts to this. It's not -- I don't expect it to have a large impact on our thinking about managing and evaluating the pipeline. I mean we're in a position where our focus is on gaps and sort of filling strategic areas that are of interest to us. There's very little, very little in our pipeline that involves either vertical integration or acquiring competitors. It's really about complementary capabilities, which is probably one of the less threatening areas in terms of competition, but I don't know if, John, may have any thoughts to add.

是的。約翰可能想要——可能想要對此補充一些想法。事實並非如此——我並不認為它會對我們管理和評估管道的思考產生重大影響。我的意思是，我們目前的重點是填補差距和填補我們感興趣的戰略領域。我們的產品線中涉及垂直整合或收購競爭對手的產品非常少。這實際上涉及互補能力，這可能是競爭方面威脅較小的領域之一，但我不知道約翰是否還有什麼想法可以補充。

I think you have answered.

我想你已經回答了。

Our final question comes from Louie DiPalma with William Blair.

我們的最後一個問題來自 William Blair 的 Louie DiPalma。

Electronic warfare has proven particularly disruptive in Ukraine. And your CTO, Glenn Kurowski at AUSA, he gave a great presentation on your success with integrating Spectral Sieve your payload into 89 different drone platforms. And has CACI and Spectral Sieve distinguished itself versus the many other electronic warfare platforms out there? And are there opportunities beyond Ukraine for your solution to be integrated like across the European Union as the country appears to be investing in preparation of other future conflicts?

事實證明，電子戰在烏克蘭尤其具有破壞性。你們的技術官，AUSA 的 Glenn Kurowski，就你們將 Spectral Sieve 的有效載荷整合到 89 個不同的無人機平台的成功案例做了精彩的演講。那麼，CACI 和 Spectral Sieve 與其他眾多電子戰平台相比有何不同？鑑於烏克蘭似乎正在為應對未來其他衝突進行投資，您的解決方案是否有機會在烏克蘭以外地區整合，例如在整個歐盟？

Yes, Louie. Look, here's where I -- here's where my mind goes, right? We believe we have some best-in-class electromagnetic spectrum tools, whether it's fine fixed, whether it's geo, when we put a technology model in place, our goal was that we want to be a mission package provider to the platform companies as well as deliver our offerings directly to customers. And what you heard Glenn talk about is the very first part, which is when we build these tools and -- I'm sorry, when we build these offerings, it's all software defining. So at the end of the day, if I can put my software defined unit in somebody's hand, I can put it on someone else's platform. The form factor almost doesn't matter to us because the gold is the software inside. That's why we talk about software as our superpower.

是的，路易。瞧，這就是我的想法，對吧？我們相信我們擁有一些一流的電磁頻譜工具，無論是精細固定的，還是地理的，當我們建立技術模型時，我們的目標是成為平台公司的任務包提供商，並將我們的產品直接交付給客戶。您聽到 Glenn 談論的是第一部分，也就是我們建立這些工具的時候——抱歉，當我們建立這些產品時，都是由軟體定義的。所以最終，如果我可以將我的軟體定義單元交到某人的手中，那麼我就可以將其放在其他人的平台上。外形對我們來說幾乎不重要，因為真正的重點是裡面的軟體。這就是為什麼我們將軟體稱為我們的超能力。

If we look at delivering to an international front, those are going to come with ITAR regulations and like. So it is not a difficult modification to take a variant of what we use in the U.S. Some of our partners who want to unilaterally work with us and if they are 5i country, they're going to get potentially more capability. If they're not 5i country, they're going to get slightly less. But the beauty of that is the time line and the small amount of investment we need to make those changes, whether it's a form fit or function, is very easy for us because everything is software defined.

如果我們考慮向國際市場交付產品，這些產品將遵守 ITAR 法規等。因此，採用我們在美國使用的技術的變體並不是一個困難的修改。我們的一些合作夥伴希望與我們單方面合作，如果他們是 5i 國家，他們將有可能獲得更多的能力。如果他們不是 5i 國家，他們得到的東西就會少一些。但這樣做的好處是，我們只需要按時完成這些改變，並且只需要少量的投資，無論是形式適應還是功能改變，這對我們來說都非常容易，因為一切都是軟體定義的。

So whether it's Spectral Sieve or Spectrum Guard or Magpie or [Korean] or SkyTracker, all of those are mission technology offerings for us have a relatively shared baseline and when we spend money to make that investment case better, we're able to spend it in one time and distribute all of that logic and all those algorithms to many different offerings out there.

因此，無論是 Spectral Sieve、Spectrum Guard、Magpie、[Korean] 或 SkyTracker，所有這些都是我們的任務技術產品，它們具有相對共享的基線，當我們花錢使投資案例更好時，我們可以一次性花掉它，並將所有這些邏輯和所有這些演算法分配給許多不同的產品。

John. And that relates to my several -- my second question. You just discussed this shared baseline for your software offerings and the CACI team has also developed software for SAFFIRE, FADE and MIST. And also have the large BEAGLE program. For these different software platforms, are you able to recycle a lot of the common components such that you have like favorable operating leverage on the next platform?

約翰。這與我的第二個問題有關。您剛剛討論了軟體產品的共享基線，CACI 團隊也為 SAFFIRE、FADE 和 MIST 開發了軟體。還有大型的BEAGLE程式。對於這些不同的軟體平台，您是否能夠回收大量通用元件，以便在下一個平台上獲得有利的營運槓桿？

Yes. So let me take the first part of that. We build or we deliver a lot of AI-based systems and visualization systems that allow both our DoD and our intelligence customers ability to take terabits of data a minute and take all that data and transform that into information so we understand what has to be targeted and what doesn't. Those systems have been in place for a number of years. We continue to move those from one intelligence customer to another and our team does phenomenal job of bringing other users on board. So one is all of those data visualization tools and all those mapping tools, frankly, are all foundational AI work we've been doing for a long amount of time, whether it's computer vision, or whether it's other facets of AI.

是的。那麼讓我來談談第一部分。我們建構或交付了大量基於人工智慧的系統和視覺化系統，使我們的國防部和情報客戶能夠每分鐘獲取數 TB 的數據，並將所有這些數據轉換成信息，這樣我們就能了解哪些是必須瞄準的，哪些不是。這些系統已經實施了多年。我們繼續將這些從一個情報客戶轉移到另一個情報客戶，我們的團隊在讓其他用戶加入方面做得非常出色。所以，坦白說，所有這些數據視覺化工具和所有這些映射工具都是我們長期以來一直在做的基礎人工智慧工作，無論是電腦視覺，還是人工智慧的其他方面。

We're actually delivering the base reference models and making certain that those models, frankly, are real and they're deployed. We're not advising customers, how to make AI happen. We're actually delivering it. And it has been used by the war fighters, both DoD and Intel across the board. As it pertains to the software, yes, those baselines are also built in a manner that we can share those preference models and all of that software across all our products. So in that domain, Louie, not so much the actual form -- swap type of things that we would assign to a hardware solution. It's really more about software being this company's super, superpower and just how well we have architected things. So when we get the capability in place, we're able to step and repeat and we deliver it.

我們實際上正在提供基礎參考模型，並確保這些模型是真實的並且已經部署。我們不會建議客戶如何實現人工智慧。我們確實正在交付它。並且它已被國防部和英特爾等作戰部隊廣泛使用。就軟體而言，是的，這些基線也是以某種方式建構的，以便我們可以在所有產品之間共享這些偏好模型和所有軟體。因此，在那個領域，Louie，我們分配給硬體解決方案的實際形式並不是那麼多——交換類型的東西。這實際上更多的是關於軟體是這家公司的超級力量，以及我們如何設計事物。因此，當我們具備了這種能力後，我們就可以逐步重複並實現它。

This concludes our question-and-answer session. I will now turn the call back over to John Mengucci for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回約翰孟古奇 (John Mengucci) 作結束語。

Thanks, Brianna, and thank you for your help on today's call. We like to thank everyone who dialed in or listened to our webcast for their participation. We know that many of you will have follow-up questions, and Jeff MacLauchlan and George Price are available after today's call. Please stay healthy, all my best to you and your families, and thank you for your continued interest in CACI International. This concludes our call. Thank you, and have a great day.

謝謝，布里安娜，感謝您在今天的電話會議中提供的幫助。我們感謝所有撥入電話或收聽我們網路廣播的人的參與。我們知道你們中的許多人都會有後續問題，今天的電話會議結束後，Jeff MacLauchlan 和 George Price 可以回答。請保持健康，祝福您和您的家人一切順利，並感謝您對 CACI International 的持續關注。我們的通話到此結束。謝謝您，祝您有愉快的一天。

You may now disconnect.

您現在可以斷開連線。