CACI International Inc (CACI) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Fiscal 2024 Second Quarter Conference Call.

女士們、先生們，感謝你們的支持。歡迎參加 CACI International 2024 財年第二季電話會議。

Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference call over to George Price, Senior Vice President, Investor Relations. Please go ahead.

今天的通話正在錄音。 （操作員指示）現在，我想將電話會議交給投資者關係高級副總裁喬治·普萊斯 (George Price)。請繼續。

Thanks, Sarah, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning.

謝謝，莎拉，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。

We are providing presentation slides, so let's move to Slide 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 of today and are subject to important factors that could cause 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.

我們正在提供簡報投影片，所以讓我們轉到投影片 2。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 second quarter fiscal year '24 results.

謝謝，喬治，大家早安。感謝您加入我們討論 24 財年第二季的業績。

With me this morning is Jeff MacLauchlan, our Chief Financial Officer. Let's turn to Slide 4, please.

今天早上和我一起的是我們的財務長 Jeff MacLauchlan。請翻到幻燈片 4。

In the second quarter, we delivered 11% organic revenue growth, EBITDA consistent with Q1, and solid free cash flow. In addition, we won $2.2 billion of contract awards, which represents a 1.2x book-to-bill for both the quarter and on a trailing 12-month basis. More than half of our awards were for new work to CACI, and we continue to have strong recompete performance as well.

第二季度，我們實現了 11% 的有機收入成長，EBITDA 與第一季持平，並且實現了穩健的自由現金流。此外，我們還贏得了價值 22 億美元的合同，這意味著本季度和過去 12 個月的訂單出貨比均為 1.2 倍。我們獲得的獎項有一半以上是針對 CACI 的新作品，而且我們在重賽中也持續保持強勁的表現。

Looking forward, we see the second half of fiscal year '24 playing out stronger than we originally expected. And as a result, we are raising our full year guidance. Jeff will provide the financial details shortly.

展望未來，我們預期 24 財年下半年的表現將比我們原先預期的更加強勁。因此，我們提高了全年業績預期。傑夫將很快提供財務細節。

Overall, our performance continues to be well-aligned with our value creation model, focuses on long-term growth and free cash flow per share. Slide 5, please.

總體而言，我們的業績繼續與我們的價值創造模式保持一致，專注於長期成長和每股自由現金流。請看投影片 5。

I'm pleased to say that we are seeing growth ahead of plan across many of our new business wins, including our EITaaS Award with the Air Force, Spectral with the Navy, and our Intel and Cyber award with the NSA. This performance is reflected in our increased fiscal '24 guidance, but we expect these programs to support continued growth, healthy profitability and increasing free cash flow per share in the future.

我很高興地說，我們在許多新業務中都看到了超出計劃的增長，包括與空軍一起獲得的 EITaaS 獎、與海軍一起獲得的 Spectral 獎以及與美國國家安全局一起獲得的英特爾和網絡獎。這一業績反映在我們提高的 24 財年指引中，但我們預計這些計劃將在未來支持持續成長、健康的獲利能力和增加每股自由現金流。

We continue to win in the market by providing differentiated capabilities, investing ahead of need and leveraging our strong past performance. And our business development organization is executing at an impressive level in winning new work and recompetes as well as sustaining a strong pipeline of new opportunities.

我們透過提供差異化能力、提前投資和利用我們過去的強勁業績繼續在市場上獲勝。我們的業務發展組織在贏得新工作和重新競爭以及維持強大的新機會管道方面表現出色。

The execution of our strategy is currently delivering results. Just a few years ago, our focus was to win 1 new strategic $1 billion-plus award each year. Last year, we won 3, including our largest ever by far. This year, we've already won 1, and we have a strong pipeline of additional opportunities, including several greater than $1 billion in total value.

我們的策略實施目前正在取得成果。就在幾年前，我們的重點是每年贏得 1 個新的 10 億美元以上的戰略獎。去年，我們贏得了 3 項大獎，其中包括迄今為止我們贏得的最大一項大獎。今年，我們已經贏得了一個，我們擁有大量其他機會，其中包括幾個總價值超過 10 億美元的機會。

I'm also pleased with our strong track record of recompete wins this year, which is critical to maintaining the foundation of which we will grow. We win our recompetes through strong execution, industry-leading talent and delivering innovation well beyond the industrial award. Slide 6, please.

我也對我們今年在重新競爭中取得的良好記錄感到高興，這對於維持我們成長的基礎至關重要。我們憑藉強大的執行力、行業領先的人才以及遠超行業獎項的創新贏得了競爭。請看投影片 6。

One area of our continued success is IT modernization. This is an area of enduring demand, driven by the need to modernize our secure network -- and secure networks, develop software and scale, and migrate workloads to the cloud.

我們持續成功的一個領域是 IT 現代化。這是一個持久需求的領域，其驅動力是實現安全網路現代化的需求——以及安全網路、開發軟體和擴展以及將工作負載遷移到雲端。

During the second quarter, we won 2 additional network modernization contracts, solidifying our presence across the DoD, following our DIA win last quarter.

繼上個季度贏得 DIA 合約之後，第二季度我們又贏得了 2 份網路現代化合同，鞏固了我們在國防部的地位。

The Archon technology we acquired, as part of ID Technologies, was critical in securing this work. Archon's software-enabled end-user technology allows out-of-the-box commercial devices to securely access classifying networks from a new location. The combination of Archon's technology and our existing capabilities of past performance is differentiating CACI in the market.

我們收購的 Archon 技術（作為 ID Technologies 的一部分）對於確保這項工作至關重要。 Archon 的軟體支援最終用戶技術允許開箱即用的商業設備從新位置安全地存取分類網路。 Archon 的技術與我們現有的過往業績能力的結合使得 CACI 在市場上脫穎而出。

In addition, CACI continues to demonstrate industry leadership and digital application modernization and cloud migration. We are seeing customers accelerate their adoption of cloud both in classified and unclassified environments. Our recently announced strategic collaboration agreement with Amazon Web Services was the first in the federal space, and places us at the forefront of the next wave of migrating applications for the cloud. Our partnership with a technology leader like AWS enables us to deliver high value to our customers.

此外，CACI繼續展示行業領導地位以及數位應用現代化和雲端遷移。我們看到客戶在機密和非機密環境中加速採用雲端。我們最近宣布與亞馬遜網路服務達成戰略合作協議，這是聯邦領域的首個此類協議，使我們處於下一波雲端遷移應用程式的前沿。我們與 AWS 等技術領導者的合作使我們能夠為客戶提供高價值。

And finally, Agile software development is increasingly a must-have capability in the market. CACI continues to lead the industry in Agile software development at scale, executing the 2 largest Agile programs in the federal government. One of the largest Agile programs is BEAGLE with U.S. Customs and Border Protection, which has seen increased demand given heightened activity at the Southern border. And we see a number of additional Agile opportunities in our pipeline. Slide 7, please.

最後，敏捷軟體開發越來越成為市場上必備的能力。 CACI 繼續在敏捷軟體開發領域引領業界，執行聯邦政府中兩個最大的敏捷專案。最大的 Agile 項目之一是與美國海關和邊境保護局合作的 BEAGLE 項目，由於南部邊境活動的加強，該項目的需求增加。我們也看到了我們通路中存在的大量其他敏捷機會。請看投影片 7。

In the electromagnetic spectrum, we continue to execute our software-defined strategy, invest ahead of need, and demonstrate differentiated capabilities to enable our customers to dominate this critical domain. With the expanding global threat environment, we are seeing firsthand every day how the rapid pace of change in technology and our adversary capabilities necessitates a faster and more flexible response.

在電磁頻譜方面，我們繼續執行軟體定義策略，提前投資，並展示差異化能力，使我們的客戶能夠主導這一關鍵領域。隨著全球威脅環境的不斷擴大，我們每天都親眼目睹技術和對手能力的快速變化如何需要我們更快、更靈活的反應。

For the Navy, this critical need is precisely what Spectral is addressing. While a traditional hardware model cannot readily adapt to these changes, our software-defined technology with open architectures allows us to deliver with the necessary agility, speed and flexibility. It allows us to build for today's threats and easily adapt a stress change. In fact, we continue to see demand across all domains in areas of signals intelligence and electronic warfare.

對海軍來說，這個關鍵需求正是 Spectral 要解決的問題。雖然傳統的硬體模型無法輕易適應這些變化，但我們具有開放架構的軟體定義技術使我們能夠提供必要的敏捷性、速度和靈活性。它使我們能夠應對當今的威脅並輕鬆適應壓力變化。事實上，我們繼續看到信號情報和電子戰領域各個領域的需求。

As we mentioned last quarter, the army was evaluating some of our SIGINT EW technology for a program to enable dismounted soldiers that could be detect, identify, geolocate and defeat signals of interest. We're pleased to say that evaluation went extremely well, and we currently expect to receive an order in the second half of fiscal year '24.

正如我們上個季度所提到的，陸軍正在評估我們的一些 SIGINT EW 技術，以便開展一項計劃，使下馬的士兵能夠檢測、識別、地理定位和擊敗感興趣的信號。我們很高興地說，評估進行得非常順利，我們目前預計將在 24 財年下半年收到訂單。

In addition, we are also seeing increasing interest in our software-defined counter-UAS, function-UAS capabilities from the U.S. as well as from our allies.

此外，我們也看到美國及其盟友對我們的軟體定義的反無人機系統和功能無人機系統能力的興趣日益濃厚。

I'd also like to highlight our successful recompete wins supporting the Trojan family assistance for the Army, work CACI has supported for over 20 years. Similar to Spectral, on Trojan, we will utilize software-defined technology with open architectures to deliver the speed and adaptability necessary to address the evolving global threats and enable the Army's multi-domain operations. Slide 8, please.

我還想強調我們在支持特洛伊家庭為陸軍提供援助方面的成功，CACI 已經支持這項工作超過 20 年。與 Spectral 類似，在 Trojan 上，我們將利用具有開放架構的軟體定義技術來提供應對不斷演變的全球威脅所需的速度和適應性，並實現陸軍的多域作戰。請看第 8 張投影片。

In Photonics, we continue to see healthy demand, capture market share and deliver innovation with our optical communications technologies. In our bespoke Photonics business, we are demonstrating unprecedented achievements. Currently, our deep space optical communications technology is connected in transmitting data to Earth from a distance equivalent to the orbit of Mars, the furthest ever demonstration of optical communications.

在光子學領域，我們繼續看到健康的需求，佔領市場份額，並透過我們的光通訊技術實現創新。在我們的客製化光子學業務中，我們正在展示前所未有的成就。目前，我們的深空光通訊技術已經能夠從相當於火星軌道的距離向地球傳輸數據，這是迄今為止最遠的光通訊演示。

In addition, the ILLUMA Laser Communications System was recently launched on international -- to the International Space Station, with CACI razor communication hardware on board, and the system has successfully communicated from the ISS to an Earth base ground station.

此外，ILLUMA 雷射通訊系統最近在國際太空站上發射，搭載了 CACI 剃刀通訊硬件，該系統已成功從國際太空站與地球基地台進行通訊。

This technology and innovation is also being driven into the lower cost, higher volume, low swap terminals we are building and delivering to lower earth orbit. With higher order volumes coming sooner than we expected, we have accelerated R&D investments through our P&L for both our technology and our capability to produce in volume. These investments will help underpin future growth, profitability, and increasing cash flow.

我們正在建造並運送至近地軌道的終端，其成本更低、容量更大、交換量更小。這種技術和創新也正在推動這項進程。由於訂單量比我們預期的來得更快，我們透過損益表加快了對技術和大量生產能力的研發投資。這些投資將有助於鞏固未來的成長、獲利能力和增加現金流。

Slide 9, please. Turning to the macro environment. We continue to monitor the government fiscal year '24 budget process closing. Despite the ongoing deliberations in Congress, it remains clear that investments trending for national security and modernization needs to continue. Customer demand remains high, funding remains healthy, we continue to see good levels of RFPs, awards and customer activity.

請翻閱第 9 張投影片。轉向宏觀環境。我們將繼續監控政府 24 財政年度預算流程的結束。儘管國會仍在進行審議，但很明顯，對國家安全和現代化的投資需要繼續。客戶需求仍然很高，資金仍然健康，我們繼續看到良好的 RFP、獎項和客戶活動水平。

I continue to be very pleased with our strategic positioning in enduring and well-funded areas of need, as evidenced by our strong awards and robust pipeline. Slide 10, please.

我對我們在持久且資金充足的需求領域的策略定位感到非常滿意，我們獲得的豐厚獎項和強大的管道就證明了這一點。請看第 10 張投影片。

In summary, our first half performance was in line with our expectations, and we're raising our fiscal year '24 guidance to reflect stronger momentum in the second half. We are successfully executing our strategy of investing ahead of need, developing differentiated capabilities, bidding on fewer and larger opportunities and delivering superior performance to our customers.

總而言之，我們上半年的業績符合預期，我們上調了 24 財年的業績預期，以反映下半年更強勁的發展勢頭。我們正在成功執行我們的策略：提前投資、開發差異化能力、競標更少但更大的機會並為客戶提供卓越的性能。

As a result, we continue to win in the marketplace. And our strong performance positions us to deploy capital in a flexible and opportunistic manner to drive long-term free cash flow per share and shareholder value.

因此，我們在市場上不斷獲勝。我們強勁的業績使我們能夠以靈活和機會主義的方式部署資本，以推動每股長期自由現金流和股東價值。

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. Good morning, everyone. Please turn to Slide 11.

謝謝你，約翰。大家早安。請翻到投影片 11。

Our second quarter results are in line with the expectations we discussed with you last quarter. We generated revenue of $1.83 billion, representing 11% organic growth in addition to a modest contribution from 2 recent acquisitions in the U.K. As John mentioned, we continue to successfully execute our strategy and to win high-value enduring work.

我們第二季的業績符合上季與您討論的預期。我們創造了 18.3 億美元的收入，除了最近在英國進行的兩筆收購帶來的適度貢獻外，還實現了 11% 的有機成長。正如約翰所提到的，我們繼續成功執行我們的策略並贏得高價值的持久工作。

Second quarter EBITDA margin was 9.3%, in line with our previously discussed expectations of delivering relatively flattish EBITDA compared with the first quarter. Recall that the second quarter EBITDA margin includes approximately 60 basis points of drag from 0 margin material volume we discussed last quarter.

第二季的 EBITDA 利潤率為 9.3%，符合我們先前討論的與第一季相比 EBITDA 相對持平的預期。回想一下，第二季的 EBITDA 利潤率包括我們上個季度討論過的 0 利潤率材料量的約 60 個基點的拖累。

Adjusted diluted earnings per share of $4.36 were 2% higher than a year ago. Higher interest expense was more than offset by greater revenue and operating income, a lower tax provision and a lower share count.

調整後每股攤薄收益為 4.36 美元，比去年同期高出 2%。更高的利息支出被更高的收入和營業利潤、更低的稅收準備金和更低的股票數量所抵消。

Second quarter operating cash flow, excluding our accounts receivable purchase facility was $83 million, reflecting solid profitability and strong cash collections. We reported day sales outstanding or DSO of 47 days, a new record as we continue to efficiently manage working capital. Free cash flow was $68 million for the quarter. Slide 12, please.

第二季的經營現金流（不包括應收帳款購買貸款）為 8,300 萬美元，反映出穩健的獲利能力和強勁的現金回款。我們報告的應收帳款週轉天數或 DSO 為 47 天，創下了新紀錄，因為我們繼續有效地管理營運資金。本季自由現金流為 6,800 萬美元。請翻看第 12 張投影片。

We ended the second quarter with 2.3x leverage of net debt to trailing 12 months EBITDA, flat with the prior quarter. The healthy long-term cash flow characteristics of our business, our modest leverage,and our access to capital provides us with significant optionality. We continue to have approximately $337 million remaining of our original $750 million share repurchase authorization.

截至第二季末，我們的淨負債槓桿率為過去 12 個月 EBITDA 的 2.3 倍，與上一季持平。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為我們提供了重要的選擇。我們最初的 7.5 億美元股票回購授權中仍剩餘約 3.37 億美元。

In addition, we are actively engaged in an M&A market that is beginning to look more attractive from a buyer's perspective.

此外，我們積極參與從買方角度來看開始變得更具吸引力的併購市場。

As we've discussed, our value creation model is focused on driving long-term growth in free cash flow per share. We remain well-positioned to deploy capital in a flexible and opportunistic manner to drive long-term shareholder value. Slide 13, please.

正如我們所討論的，我們的價值創造模式專注於推動每股自由現金流的長期成長。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，以推動長期股東價值。請翻閱第 13 張投影片。

We're pleased to be raising our fiscal '24 guidance. Let me take a minute to provide some context on the evolution of our guidance for the year.

我們很高興能夠提高 24 財年的業績預期。請容許我花一點時間來介紹我們今年指導方針的演變背景。

When we provided initial guidance last August, we told you that we expected revenue to be $7 billion to $7.2 billion, with EBITDA margins in the high 10% range. Additionally, without giving specific quarterly guidance, we indicated that the second half of the year would be greater than the first in terms of revenue and margin.

當我們去年 8 月提供初步指引時，我們告訴大家，我們預計營收將達到 70 億美元至 72 億美元，EBITDA 利潤率將達到 10% 左右。此外，雖然沒有給出具體的季度指引，但我們表示，下半年的營收和利潤率將高於上半年。

In the first quarter, we raised our revenue guidance for $200 million of 0 margin material sales and reiterated that the underlying profitability, excluding those material sales was unchanged. Today, with first half performance in line with our expectations and accelerating business momentum in the second half as well as our strong recompete win rate and strength of new awards, we are raising our revenue guidance by an additional $100 million to between $7.3 billion and $7.5 billion. We are also reiterating our underlying EBITDA margin expectations in the high 10% range, which again excludes the previously discussed $200 million of material sales in the first half.

在第一季度，我們將營收預期提高至 2 億美元，利潤率為 0 的材料銷售額，並重申不包括這些材料銷售額的基本獲利能力保持不變。今天，由於上半年業績符合我們的預期，下半年業務勢頭加速，加上我們強勁的再競爭勝率和新獎項的實力，我們將收入預期再提高 1 億美元，達到 73 億美元至 75 億美元之間。我們也重申了我們對 EBITDA 利潤率的預期，即在 10% 的高位，這再次排除了之前討論過的上半年 2 億美元的材料銷售額。

As a result, we are also increasing our adjusted net income guidance to between $450 million to $465 million, with an intended increase in adjusted EPS to between $19.91 and $20.58 per share, reflecting the higher adjusted net income as well as our first half share repurchases.

因此，我們也將調整後淨收入預期上調至 4.5 億美元至 4.65 億美元之間，調整後每股收益預計將增加至 19.91 美元至 20.58 美元之間，以反映更高的調整後淨收入以及我們上半年的股票回購。

And finally, we're raising our free cash flow guidance to at least $420 million based on the increased earnings and continued strong working capital performance.

最後，基於獲利成長和營運資本表現持續強勁，我們將自由現金流預期提高至至少 4.2 億美元。

Our increased free cash flow, combined with the benefit of the lower share count, results in a 7% increase in free cash flow per share versus our initial fiscal '24 expectations.

我們的自由現金流增加，加上股票數量減少的好處，導致每股自由現金流比我們最初的 24 財年預期增加了 7%。

To assist with your modeling, we now expect full year diluted share count to be approximately 22.6 million shares, and our full year interest expense to be towards the lower end of our previously communicated $100 million to $105 million range. Slide 14, please.

為了幫助您建模，我們現在預計全年稀釋股數約為 2,260 萬股，全年利息支出將接近我們先前公佈的 1 億美元至 1.05 億美元範圍的低端。請翻看第 14 張投影片。

Turning to our forward indicators, CACI's prospects continue to be strong. Our trailing 12 months book-to-bill of 1.2x reflects strong performance in the marketplace and our first half awards have a weighted average duration of nearly 6 years. Our backlog of $27 billion increased 2% from a year ago and represents almost 4 years of annual revenue. These metrics provide good long-term visibility into our business.

回顧我們的前瞻指標，CACI 的前景依然強勁。我們過去 12 個月的訂單出貨比為 1.2 倍，反映了市場強勁的表現，而我們上半年的獎勵加權平均期限接近 6 年。我們的積壓訂單為 270 億美元，比去年同期增加了 2%，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。

Exiting the second quarter, we expected approximately 94% of our revenue to come from existing programs, with less than 5% from recompetes and less than 2% from new business.

在第二季結束時，我們預計約 94% 的收入來自現有項目，不到 5% 來自重新競爭，不到 2% 來自新業務。

Today, less than 3% of the remaining increase is from recompetes, giving us increased confidence in our guidance for the year. Progress on these metrics reflects our strong business development and operational performance, and yields increased confidence in our expectations for the year.

如今，剩餘成長中不到 3% 來自重新競爭，這讓我們對今年的業績指引更有信心。這些指標的進步反映了我們強勁的業務發展和營運業績，並增強了我們對今年預期的信心。

In terms of our pipeline, we have $11 billion of bids under evaluation, over 65% of which are for new business, CACI. And we expect to submit another $14 billion in bids over the next 2 quarters, with 80% of that for new business.

就我們的管道而言，我們正在評估價值 110 億美元的投標，其中 65% 以上是針對新業務 CACI。我們預計在未來兩季再提交 140 億美元的投標，其中 80% 用於新業務。

Our ability to maintain a strong pipeline, even as we deliver strong awards, reflects healthy demand, successful strategic positioning, differentiated capabilities and disciplined bidding.

我們在授予豐厚獎項的同時，仍能保持強大的產品線，這反映了健康的需求、成功的策略定位、差異化的能力和嚴謹的投標。

In summary, we delivered second quarter and first half results in line with our previously discussed expectations. We're seeing good momentum in our business, and as a result, are raising our full year guidance, and we are winning and executing high-value enduring work to support long-term growth, increasing free cash flow per share, and additional shareholder value.

總而言之，我們第二季和上半年的業績符合我們先前討論的預期。我們的業務發展勢頭良好，因此，我們提高了全年業績預期，我們正在贏得並執行高價值的持久工作，以支持長期增長、增加每股自由現金流和額外的股東價值。

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

說完這些，我就把電話轉回給約翰。

Thank you, Jeff. Let's go to Slide 15, please.

謝謝你，傑夫。請翻到第 15 張投影片。

In closing, I'm pleased with how our business is performing, both near term and how we are positioning for future growth. We continue to successfully execute our strategy and our performance enables us to raise our fiscal '24 guidance for revenue, adjusted net income, adjusted EPS and free cash flow.

最後，我對我們的業務表現感到滿意，包括近期表現以及我們對未來成長的定位。我們繼續成功執行我們的策略，我們的業績使我們能夠提高 24 財年的收入、調整後淨收入、調整後每股收益和自由現金流的預期。

We are investing, we are winning, we are executing and we are delivering on our commitments to our customers and to our shareholders. We remain confident in our ability to continue to drive long-term growth, increased free cash flow per share and generate additional shareholder value.

我們正在投資，我們正在獲勝，我們正在執行，我們正在兌現對客戶和股東的承諾。我們仍然有信心我們有能力繼續推動長期成長、增加每股自由現金流並創造額外的股東價值。

As is always the case, our success is driven by our employees' talent, innovation and commitment. To everyone on the CACI team, I am proud of what you do each and every day for our company and for our nation.

一如既往，我們的成功源自於員工的才華、創新和承諾。對於 CACI 團隊的每一位成員，我為你們每天為我們的公司和國家所做的一切感到自豪。

And to our shareholders, I thank you for your continued support of CACI.

對於我們的股東，我感謝你們對 CACI 的持續支持。

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

莎拉，現在讓我們開始提問吧。

(Operator Instructions) Your first question comes from the line of Robert Spingarn with Melius Research.

（操作員指示）您的第一個問題來自 Melius Research 的 Robert Spingarn。

So a nice set of numbers here. I want to ask a high-level budget question, though, just given the uncertainty in DC, the potential for supplemental and I underline the word potential, how are you thinking about the guide if we were to end up in a full year CR? And then on the other hand, it seems like you're off to a solid start to this fiscal year. So what would happen -- what would need to happen to get to the high end of the guide?

這裡有一組不錯的數字。不過，我想問一個高層次的預算問題，考慮到 DC 的不確定性、補充的潛力（我強調「潛力」這個詞），如果我們最終實現全年 CR，您如何考慮指南？另一方面，看起來本財年你們的開局不錯。那麼會發生什麼事——需要發生什麼才能達到指南的高端？

Yes. Rob. As you appropriately stated, there's an awful lot of moving parts. Look, we're monitoring the government fiscal year '24 budget process. As you all know, back in August, we planned for very different scenarios. I think on the low end, we said funding would be slower. We have a full year CR, and real question of government fiscal year '24 budget process.

是的。搶。正如您恰當地指出的那樣，其中涉及的活動部件非常多。看，我們正在監控政府 24 財政年度的預算流程。眾所周知，早在八月份，我們就針對截然不同的情況制定了計劃。我認為，就低端而言，我們說融資會比較慢。我們有全年的 CR，以及政府 24 財政年度預算流程的實際問題。

On the upper end, we said a CR would be shorter and a budget would be passed. So somewhere in between there is how we're seeing this layout now that we're in January. A full year CR appears less likely at this point, should Congress come to an agreement by the March deadline. But even so, based on how it impacts us, our large Intel award is ongoing work, its critical national security priority and remains completely funded.

從最高層來看，我們認為 CR 會更短，預算也會通過。因此，我們現在看到的佈局是介於兩者之間的，因為我們現在是一月份。如果國會在三月的最後期限之前達成協議，那麼目前看來，全年 CR 的可能性較小。但即便如此，根據它對我們的影響，我們的大筆英特爾獎是一項持續的工作，是其重要的國家安全優先事項，並且仍然獲得全額資助。

Our EITaaS Air Force award, it's a large Air Force priority. It's well-funded at the government fiscal year '23 levels and that funding and support continues.

我們的 EITaaS 空軍獎是空軍的重要優先事項。政府在 23 財年獲得了充足的資金，而資金和支持仍在持續。

Spectral is a very critical program for the Navy, particularly supporting the INDOPACOM flight. Another recent wins are sort of getting through their process [both test] windows, those are starting to ramp up with ample funding.

Spectral 對海軍來說是一個非常重要的計劃，特別是支援 INDOPACOM 飛行。最近的另一個勝利是透過他們的流程（兩個測試）窗口，這些窗口開始在充足的資金下加速發展。

So as always, Rob, when we talk about budget, we focus on things that we can control. We're running the business, driving long-term growth, shareholder value.

因此，羅布，和往常一樣，當我們談論預算時，我們關注的是我們可以控制的事情。我們正在經營業務，推動長期成長和股東價值。

On the other hand of this, look, the world is a dangerous place. Facing threats in China. You've got the Ukraine-Russia, was a wake-up call. Israel-Hamas situation shows that -- as I've always said, the counterterrorism is still there, it's going to be there for a long, long time.

另一方面，看看吧，世界是一個危險的地方。面臨中國威脅。烏克蘭和俄羅斯的關係已經敲響警鐘。以色列和哈馬斯的局勢表明——正如我一直說的那樣，反恐仍然存在，而且會長期存在。

But remember that our strategy is strongly aligned around key national security modernization priorities, and invest ahead of need, and differentiated expertise and technology positions us extremely well.

但請記住，我們的策略與國家安全現代化的關鍵優先事項緊密結合，並提前進行投資，差異化的專業知識和技術使我們處於非常有利的地位。

Our resiliency to the budget is not accidental. It obviously happens to be due to the strategy we have consistently shared, and that was to make sure that our pipeline and jobs that we go after and the jobs that we win are well-funded, extremely important mission, our expertise and technology areas of the federal government.

我們對預算的彈性並非偶然。這顯然是由於我們一貫共享的策略，那就是確保我們所追求的管道和工作以及我們贏得的工作資金充足、極其重要的使命、我們的專業知識和聯邦政府的技術領域。

So long story short, that the budget process does support us through this year. And as you all know, when we get to next August, we'll be talking about our next fiscal year.

長話短說，預算流程確實支持我們度過今年。眾所周知，到明年八月時，我們就會討論下一個財政年度。

Well, that's great color, John. And just quickly for Jeff. On Section 174, if that were repealed or deferred on a retroactive basis back to '22, if that were to happen, would you expect to receive a cash tax refund? And then how might you deploy that? Could that go into a repo?

嗯，顏色真棒，約翰。傑夫，請簡單說一下。關於第 174 條，如果該條款被廢除或追溯推遲至 22 年，如果發生這種情況，您是否期望收到現金退稅？那麼你將如何部署它呢？可以放入 repo 嗎？

Well, yes, Rob. As you know that the devil here is in the details. And while there appears to be pretty strong bipartisan support, a lot of the implementation steps are still unclear.

嗯，是的，羅布。正如你所知，魔鬼就在細節中。儘管看起來得到了兩黨的大力支持，但許多實施步驟仍不清楚。

You ought to think about the size as basically being a reversal of what we communicated previously as the negative impact when it expires. So that would basically be undoing those earlier hits, almost dollar for dollar, really.

您應該將規模視為我們之前所傳達的到期時負面影響的逆轉。因此，這基本上可以抵消先前的打擊，幾乎是一美元對一美元。

And with that extra cash, it would get factored into our normal capital deployment rhythm of evaluating all of our opportunities. And we have a very, as we've talked before, very disciplined, return-based paradigm or framework for evaluating those options. And as we have more capital, we'll deploy it effectively and efficiently.

有了這些額外的現金，我們就會將其納入評估所有機會的正常資本部署節奏中。正如我們之前所說，我們有一個非常嚴謹的、基於回報的範例或框架來評估這些選項。隨著我們擁有更多資本，我們將有效且有效率地部署它。

Your next question comes from the line of Bert Subin with Stifel.

您的下一個問題來自 Stifel 的 Bert Subin。

Jeff, I think the first question is for you. If we look at the current guide, it implies about 57% of your earnings, kind of, in the back half with a solid step-up in margins, at least looking to the midpoint.

傑夫，我想第一個問題是問你的。如果我們看一下目前的指南，它意味著您的收入的約 57% 在後半部分，利潤率將穩步上升，至少從中間點來看是這樣。

Can you just walk us through how good your visibility into that improvement today is? Does -- it imply that there's a pretty substantial step-up in technology sales, and historically, those has been a little less predictable.

您能否向我們介紹一下您對今天這項改進的了解程度如何？這是否意味著技術銷售額將大幅成長，而從歷史上看，這種成長不太可預測。

Yes. I would not -- I don't think you can draw that conclusion, but let me give you a little bit of color, and John will likely want to add some to this.

是的。我不會——我不認為你能得出這樣的結論，但讓我給你一點說明，約翰可能會想對此進行一些補充。

If you look, first of all, at what we shared with you as far as the statistics for the rest of the year's revenue base, that's an important part of that. And we have really very, very strong visibility into what the rest of the year looks like. I would also call your attention to a couple of things we talked about in the prepared remarks, which may have been a little bit subtle to answer your question.

首先，如果你看一下我們與你分享的今年剩餘收入基礎的統計數據，你會發現這是其中的重要部分。我們對今年剩餘時間的情況有非常非常清晰的了解。我還想提請您注意我們在準備好的發言中談到的幾件事，這些事情對於回答您的問題可能有點微妙。

But we talked a little bit about increased investment in some of our photonics activities in the first half, which we're nearing the end up. And then we also have, as you allude, as you point out, sort of the classic timing and mix that we could see in the second half. But this activity is in backlog. We can see it. You've noticed, if you're looking at second order kind of consequences, you'll notice a little bit of inventory growth in the quarter. All of which is sort of setting up the second half that we see that gives us really strong confidence of what the next couple of quarters look like.

但我們談到了上半年對一些光子學活動增加投資的情況，這些活動即將結束。然後，正如您所暗示的，我們還可以在下半年看到某種經典的時機和組合。但該項活動目前處於積壓狀態。我們可以看到它。你已經注意到，如果你正在觀察二階後果，你會注意到本季庫存有一點成長。所有這些都為我們即將看到的下半年情況做了鋪墊，讓我們對接下來幾季的前景充滿信心。

Yes. Bert, let me add a couple of other things for that. This is around confidence in how we see the back half playing out.

是的。伯特，讓我補充幾點。這取決於我們對後半部表現的信心。

Look, it -- confidence for us, it really starts with the fact that we delivered our first half of the year in line with our August expectations. It's bolstered by seeing stronger second half momentum than we expect back in August, namely our 3 large programs as well as other recent wins. And all of that work is at the underlying margin rate, which is in the high 10s.

看，我們的信心實際上始於我們上半年的業績符合 8 月的預期。下半年的發展勢頭比我們 8 月預期的要強勁，這為我們提供了支撐，即我們的 3 個大型項目以及其他近期取得的勝利。所有這些工作都是以基礎保證金率進行的，即 10% 左右。

We're raising guidance for revenue. We're not keeping it as it is, which shows confidence we have in the second half. We've pulled the bottom range of net income, and we've raised free cash flow, which would, you know, confidence.

我們正在提高收入預期。我們不會維持現狀，這顯示我們對下半場充滿信心。我們降低了淨收入的底線，並提高了自由現金流，這將會增強信心。

We are holding to our fiscal year '24 EBITDA margins on the underlying business. We're executing on our strategy. We're investing at a need. We've got strong awards and strong execution.

我們維持 24 財年基礎業務的 EBITDA 利潤率。我們正在執行我們的戰略。我們根據需要進行投資。我們獲得了豐厚的獎勵並獲得了強有力的執行。

As I provided to Rob on his earlier question, if we do look back at our '24 guidance for an August, we provided 6 reasons why we could end the year at the low end, 6 reasons why we can finish at the upper end of the that. Since August, we captured 5 of our 6 of our upper end guidance range expectations.

正如我之前回答 Rob 的問題時所說的那樣，如果我們回顧一下 8 月的 24 年預期，我們給出了 6 個理由來解釋為什麼我們可以在年底達到預期的低端，也給出了 6 個理由來解釋為什麼我們可以在年底達到預期的高端。自八月以來，我們已經實現了 6 個上限指導範圍預期中的 5 個。

You all should expect that we'd be raising guidance. That is what we did. That additional $100 million is coming at our high 10% area. And we believe that we're on track.

大家應該都預料到我們會提高指導。我們就是這麼做的。額外的 1 億美元來自我們的高 10% 區域。我們相信我們正走在正確的道路上。

What's not covered, tied into your question, and Rob, if the government completely shuts down for 3 months, probably not covered by our August guide. But look, we're going to stay focused on what we can control. We've got the book of business. We got ramping up happening to be much stronger than we thought, and we'll be sitting here at the end of the year, talking about a successful fiscal year '24 for the company.

未涵蓋的內容與您的問題相關，Rob，如果政府完全關閉 3 個月，我們的 8 月份指南可能不會涵蓋這些內容。但是，你看，我們將繼續專注於我們能夠控制的事情。我們有商業書籍。我們的發展勢頭比我們想像的要強勁得多，我們將在今年年底坐在這裡，談論公司 24 財年的成功。

Got it. Okay. That's very helpful. Just as a follow-up, I mean, Jeff just mentioned some of the photonics investments in the first half. Obviously, some of the investments you've made in EW/SIGINT, and cyber and software development are paying off. Can you talk about what inning you think we are in when you focus in on your tech investments, reaching the payout base? And then relative to that, how does that make you think about M&A over the next 1 to 2 years? Are there still capabilities that you need to bolster?

知道了。好的。這非常有幫助。作為後續，我的意思是，傑夫剛剛提到了上半年的一些光子學投資。顯然，您在 EW/SIGINT 以及網路和軟體開發方面所做的一些投資正在獲得回報。您能否談談，當您專注於技術投資並實現支付基礎時，您認為我們處於什麼階段？那麼相對於此，您對未來 1 到 2 年內的併購有何看法？您還需要增強哪些能力？

Yes, Bert. Let me unpack that. Technology investment, SIGINT/EW, I really like where we are. We have invested the larger tranche when we expected to, and it's already paying off. You're seeing that our margins are now into the high 10 area, that plus a growing revenue base is going to continue to provide nice strong growth for free cash flow per share.

是的，伯特。讓我來解釋一下。技術投資、SIGINT/EW，我真的很喜歡我們現在所處的位置。我們按照預期投入了更大一部分資金，並且已經獲得了回報。您會發現，我們的利潤率現已進入 10% 的高位區域，再加上不斷增長的收入基礎，將繼續為每股自由現金流帶來強勁的成長。

On the photonic stuff, look, it's modestly relative to the size of the overall company. As we've been discussing, and as our prepared remarks share, there's strong demand from both government and our satellite primes. We're proven, we're deployed, we're operational, and we're tested for various orbits.

就光子產品而言，它相對於整個公司的規模而言是適度的。正如我們一直在討論的以及我們準備好的發言中所分享的，政府和衛星主要部門都有著強烈的需求。我們已經驗證、已經部署、已經投入使用，並且已經針對各種軌道進行了測試。

As my prepared remarks stated some of those bespoke solutions are out there, sending signals from Mars to Earth That's all high-tech algorithms, a lot of government and CACI investment dollars to get the art of how to connect laser signals between 2 different points over millions of miles. All of that technology and all those algorithms go into the lower spot, lower-cost terminal market.

正如我準備好的發言中所說，一些定制的解決方案已經存在，可以從火星向地球發送信號，這些都是高科技演算法，大量的政府和 CACI 投資資金用於獲得如何在數百萬英里之外的兩個不同點之間連接激光信號的技術。所有這些技術和演算法都進入了更低點數、更低成本的終端市場。

If we look at demand, look, we are seeing a higher order volume than we expected, which is why we accelerated some of the P&L investments that tied to Jeff's comment. On SDA Tranche 0 and 1, we're currently under contract to deliver terminals. SDA Tranche 2, we've got roles with 2 primes, for both beta and alpha. We expect tracking awards in quarter 3.

如果我們看一下需求，就會發現訂單量比我們預期的要高，這就是為什麼我們加速了一些與傑夫的評論相關的損益投資。對於 SDA Tranche 0 和 1，我們目前正在簽訂合約來交付終端。 SDA Tranche 2，我們有 2 個主要角色，分別針對 beta 和 alpha。我們預計在第三季獲得追蹤獎。

So look, we believe it's a burgeoning 5- to 10-year market. I'd say we're probably in the seventh to eighth inning of investment. We're probably in the early second inning of growth. So I see this as a business being a much more meaningful contributor as we mentioned, exiting '20 and '24, but really playing into '25 and beyond, which was our investment thesis when we bought SA Photonics just a couple of years ago.

所以，我們相信這是一個未來 5 到 10 年內蓬勃發展的市場。我想說我們可能正處於投資的第七到第八階段。我們可能正處於成長的第二階段初期。因此，我認為這項業務將發揮更有意義的貢獻，正如我們所提到的，退出 2020 年和 24 年，但真正發揮作用到 25 年及以後，這正是我們幾年前收購 SA Photonics 時的投資論點。

Your next question comes from the line of Peter Arment with Baird.

您的下一個問題來自貝爾德公司的彼得·阿門特 (Peter Arment)。

Yes, John, Jeff, George. Maybe just to circle and follow on with Bert's kind of questioning. As this technology mix continues to grow, and it sounds like you're in the -- as you mentioned, the seventh inning roughly on the investment side. As the volume starts to pick up on the technology, should we still view this to be a lift to margins longer term?

是的，約翰、傑夫、喬治。也許只是繞一圈並繼續伯特的提問。隨著這種技術組合的不斷增長，聽起來你正處於——正如你所提到的，在投資方面大致處於第七局。隨著該技術的應用量開始上升，我們是否仍應將此視為長期利潤率的提升？

And then just related to this, Jeff made a comment that the M&A environment is getting a little more potentially attractive. Is that -- that there's just more assets coming available or prices resetting? Any color there would be helpful.

與此相關，傑夫評論說，併購環境正在變得更具吸引力。那是不是意味著有更多的資產可供使用或價格重新設定？任何顏色都會有幫助。

Yes, Peter. See, let's start with margins first, because when I hear margins, I sort of get my head back into free cash flow per share growth. And look, that has many, many levers, right?

是的，彼得。瞧，讓我們先從利潤率開始，因為當我聽到利潤率時，我就會想到每股自由現金流的成長。看看吧，它有很多很多槓桿，對吧？

Look, first, we're taking a long-term approach to driving organic revenue growth in areas that actually matter. And I think based on earlier discussion, you know, dot, dot, dot, it will also going to be well-funded, right? We can't guarantee everything we're going after is always going to be well-funded. But given the size of the overall defense budget and the size of CACI and the size of things that we need to have funded, that risk meter gets low at the top level, when it gets lower and lower as you really look at those narrow, deep funding streams that we're part of.

首先，我們採取長期方法來推動真正重要領域的有機收入成長。而且我認為根據之前的討論，你知道，點，點，點，它也將獲得充足的資金，對嗎？我們無法保證我們所追求的一切都會得到充足的資金。但考慮到整體國防預算的規模、CACI 的規模以及我們需要資助的項目的規模，最高層的風險指標會很低，而當你真正看到我們所屬的那些狹窄而深層的資金流時，風險指標會越來越低。

Margin expansion for us, yes, it is still -- it has our attention. Our focus is the long term. I think I've mentioned, I'm not going to short arm investments that are going to be driving long-term future growth. We're not going to do unnatural acts to achieve it. I'd also say that our EBITDA is just that, EBIT plus D&A. There's no other additives, no other subtractions, no adjustments.

是的，對我們來說，利潤率的擴大仍然引起了我們的關注。我們的重點是長期的。我想我已經提到過，我不會做空那些能夠推動長期未來成長的投資。我們不會採取非自然的行為來實現它。我還想說，我們的 EBITDA 就是 EBIT 加上 D&A。沒有其他添加，沒有其他減少，沒有調整。

So on the margin growth side, yes, that plus beginning to push this company from the low single-digit revenue growth to the mid-single-digit revenue growth business. It has been a large achievement over the last number of years, and we will continue to look for growth on both.

因此，從利潤率成長方面來看，是的，此外，這還能推動該公司的營收成長從低個位數成長轉向中個位數成長。這是過去幾年來取得的巨大成就，我們將繼續尋求兩方面的成長。

As you talked about M&A, and I'm going to let Jeff provide some comments here as well, but we're going to continue to look at those key technology areas. We're always going to be looking at SIGINT/EW. It's a massively large front, we are watching -- as my prepared remarks stated, we are watching in some of these events around the globe just how quickly the adversary changes their behaviors. There used to be a time where we had a lot of ACAP1 programs, and your adversary would change their DTPs once every 3 years. These are changing once every 3 days.

正如您所談到的併購，我也會讓傑夫在這裡提供一些評論，但我們將繼續關注那些關鍵技術領域。我們將始終關注 SIGINT/EW。這是一個非常龐大的戰線，我們正在觀察——正如我準備好的發言中所說，我們正在全球的一些事件中觀察對手如何迅速地改變他們的行為。曾經有一段時間，我們有很多 ACAP1 項目，而你的對手每 3 年就會更改一次他們的 DTP。每三天更換一次。

Let's try this, see how that works, see how the enemy reacts, then let's make changes in the SIGINT and the EMS world. That needs great software-defined tech that can be built quickly, a lot Agile.

讓我們嘗試一下，看看它是如何運作的，看看敵人如何反應，然後讓我們在 SIGINT 和 EMS 世界中做出改變。這需要能夠快速建置、非常敏捷的優秀軟體定義技術。

So anything in that SIGINT/EW area, IT modernization, I love the hand that via Great Earth team have been playing. That's sort of -- been double down on network modernization as well. And frankly, in core CACI technology and recent technology from other recent acquisitions is what has positioned us well.

因此，在 SIGINT/EW 領域、IT 現代化方面，我都喜歡 Great Earth 團隊所扮演的角色。這也算是網路現代化的加倍投入。坦白說，核心 CACI 技術和其他近期收購的最新技術使我們處於有利地位。

So I'll let Jeff talk about how the M&A market is looking today.

因此，我將讓傑夫來談談當今併購市場的狀況。

Yes. For the second part of your question, the short answer is both. Probably more important to us is we're seeing a little bit of modulation and tempering of valuation expectations. So we're starting to see some of the consequences of interest rate environment and broader regulatory constraints, whatnot, sort of manifest themselves in a little bit more reasonable valuation premises.

是的。對於問題的第二部分，簡短的回答是兩者都有。對我們來說更重要的是，我們看到估值預期有所調整和緩和。因此，我們開始看到利率環境和更廣泛的監管限制等的一些後果在更合理的估值前提中得到體現。

That also probably is a company by a little bit more in the pipeline in terms of volume, but it's really more about valuation expectations that could afford us with some interesting opportunities.

從數量上看，這家公司可能還有更多發展空間，但更重要的是估值預期，它可以為我們提供一些有趣的機會。

Your next question comes from the line of David Strauss of Barclays.

您的下一個問題來自巴克萊銀行的 David Strauss。

This is actually Josh Corn on for David. Just wanted to ask, we've seen really strong growth in DoD revenues over the last couple of quarters, and a little bit of a decline in the federal civilian. So I just wanted to ask how that may look going forward, and what the bid pipeline looks like there?

這實際上是喬什康 (Josh Corn) 為大衛 (David) 表演。只是想問一下，我們看到過去幾季國防部的收入強勁增長，而聯邦民事收入則略有下降。所以我只是想問一下未來情況會如何，那裡的投標管道是什麼樣的？

Yes. The driver of that is our background investigation work, which is a long-standing established franchise. It has been administered for a number of years through the Office of Personnel Management, OPM, you'll know is a civil agency, and then transitioned a year or so ago to DCSA, Defense Contractor Services Agency.

是的。推動這一進程的是我們的背景調查工作，這是一項長期存在的特許經營業務。多年來，它一直由人事管理辦公室 (OPM) 管理，你知道這是一個民事機構，然後在大約一年前過渡到國防承包商服務局 (DCSA)。

So while it is a change on the chart, it's not really a substantive change to the business. There have been a few other small changes, but the driver is that.

因此，雖然圖表上發生了變化，但實際上對業務來說並不是實質的變化。還有一些其他的小變化，但驅動因素就是這個。

Josh, I'll also add to the sort of part of your question that was looking forward. We're in fine markets out there. Today, we're actually structured around markets. Think about that as capabilities where we run every single customer through it. So from time to time, those numbers are going to move around based on where we win network modernization work, 1 quarter, maybe with DHS, which is in [fine saving] that may have 1 ramp-up period. And then in other areas like Army DIA and other areas, we're out there winning network modernization works as well.

喬希，我還要補充你問題中值得期待的部分。我們的市場很好。今天，我們實際上是圍繞市場構建的。將其視為我們為每位客戶提供的服務能力。因此，這些數字會不時地根據我們贏得網路現代化工作的地點而變動，1 個季度，可能是與國土安全部合作，這可能有一個加速期。然後在陸軍國防情報局和其他領域，我們也贏得了網路現代化工程。

We sort of look at that year-to-year. It's been those different quarter-quarter points, things move around. I think another example, as you look at the commercial work, yes, maybe over 1 quarter, that work sort of moves around because something got delayed or something came in early. But it took over 2 quarters, it's sort of flat, so...

我們每年都會回顧一下這種情況。這些都是不同的季度點，事情不斷在變化。我認為另一個例子是，當你看商業工作時，是的，可能超過 1 個季度，這些工作就會發生變化，因為有些事情被推遲了，或者有些事情提前了。但它花了兩個多季度的時間，它有點持平，所以...

Your next question comes from the line of Matt Akers of Wells Fargo.

您的下一個問題來自富國銀行的 Matt Akers。

I wanted to -- I just ask a quick on this hiring trend headcount. Any color you can give there on sort of how you're doing year-to-date?

我想——我只是想快速詢問一下這個招聘趨勢人數。您能透露一下今年迄今的經營情況嗎？

Yes. Matt. Look, hiring, you guys think of just this broken record. It's -- the demand for talent remains high. Given all of our recent wins, our talent and acquisition team has been doing an outstanding job. We set a goal each year across the entire company as to how well all of us, because we're all involved in talent acquisition, is working. It's working extremely well.

是的。馬特。瞧，招募的時候，你們只想到這個破紀錄。對人才的需求仍然很高。鑑於我們最近的所有勝利，我們的人才和收購團隊一直做得非常出色。由於我們都參與人才招聘，因此我們每年都會為整個公司設定一個目標，以衡量我們所有人的工作表現。它運行得非常好。

We continue to strive to be the Employer of Choice, all 3 of our programs are #MakingMove Program, our referral program, great people know other great people, and our employee value opposition around your potential is limitless, so is ours. They're all contributing to strong hiring.

我們將繼續努力成為首選雇主，我們的所有 3 個計劃都是#MakingMove 計劃、我們的推薦計劃、優秀的人認識其他優秀的人，並且我們圍繞您的潛力的員工價值反對是無限的，我們的潛力也是如此。他們都為強勁的招募做出了貢獻。

And the flip side of that piece, Matt, is that our retention numbers across the company are at exceptionally strong levels, not to share what those numbers are, but it is suffice to say, it's a material level below what we saw prior to COVID.

馬特，另一方面，我們整個公司的留任率都處於異常強勁的水平，雖然我不能透露這些數字是多少，但可以說，這比我們在 COVID 之前看到的水平要低得多。

We've expanded our internship program. We're making sure our employees know the value diversity and inclusion. We're engaging regularly with all of our employees, and it's sort of working. We continue to win numerous Best Place to Work awards. And again, these are based on our employee surveys, not what the CEO believes. And we're able to find talent, part of what drives that talent pipeline, our employee referral program and our interim program, right?

我們擴大了實習計劃。我們要確保我們的員工了解多元化和包容性的價值。我們定期與所有員工進行交流，而且這種方法很有效。我們繼續贏得許多「最佳工作場所」獎項。再次強調，這些都是基於我們的員工調查，而不是執行長的想法。我們能夠找到人才，這是推動人才管道、員工推薦計畫和臨時計畫的部分原因，對嗎？

Both of those are bringing large numbers of folks in, and the referral program just under 50%. So think about that. 50% of the people this company brings in come through referrals. And that has a double positive effect, folks. One is it gets us employees faster than are proven. Secondly, on the retention side, people who refer somebody statistically stay materially longer than those who don't, right? Because who leaves a company after they've referred some great talent, and that talent that was referred stays longer because they "look up to and owe it to somebody who's already in the company that has referred them."

這兩個項目都吸引了大量的用戶，推薦計畫的用戶數量接近 50%。所以考慮一下。該公司招募的人員有 50% 是透過推薦而來的。朋友們，這有雙重正面作用。一是它讓我們獲得員工的速度比已證實的還要快。其次，從留存率來看，從統計數字來看，推薦他人的人留存的時間明顯長於不推薦他人的人，對嗎？因為誰在推薦了一些優秀人才之後會離開公司，而被推薦的人才會留在那裡更長時間，因為他們「尊敬並感激已經在公司推薦過他們的人」。

So it's really working extremely well. That ties back to the culture of this company, a 62-year-old company deeply involved in mission, very closely coupled to a customer, 38% veterans, it has all the right mix in it. And I hate to say, it makes the job easier, but it makes it easier for us to continue to be the employer of choice.

所以它確實運行得非常好。這與這家公司的文化息息相關，這家擁有 62 年歷史的公司深度參與使命，與客戶緊密聯繫，38％ 的員工是退伍軍人，它擁有所有正確的組合。我不想說，這讓工作變得更容易，但這讓我們更容易繼續成為首選雇主。

Got it. And then I guess if I could do one more on margins, Jeff. I guess a lot of sort of noise in the EBITDA margin this year, first half versus second half. Is there a way to think about kind of going forward, the starting point for fiscal '25? Does that look more like the '24 average? Does it look more like what the back half is implied? Just any way, you can sort of frame that for us.

知道了。然後我想我是否可以在利潤上再做一點，傑夫。我猜今年上半年和下半年的 EBITDA 利潤率會有很大波動。有沒有辦法思考未來的發展，也就是 25 財年的起點？這看起來更像 24 年的平均值嗎？它看起來是否更像後半部所暗示的那樣？不管怎樣，你都可以為我們構思一下。

Yes. We're not going to kind of front-run our '25 guidance at this point. I mean, you'll appreciate that, that's still going to actively work.

是的。目前，我們不會提前達成 25 年的指導目標。我的意思是，你會感激這一點，這仍然會積極發揮作用。

I don't know that there's a lot to add to the earlier question. I mean, we have a couple of areas where we're investing in the first half, and we see that sort of winding down as we achieve a number of milestones, and we had good visibility into the backlog, and there's some timing and mix there as well. So I don't think there's a lot to add to what we've already said about it.

我不知道對於之前的問題還有什麼需要補充的。我的意思是，我們在上半年投資了幾個領域，隨著我們實現一系列里程碑，我們看到這種投資正在逐漸減少，我們對積壓工作有很好的了解，並且也有一些時間和組合。因此，我認為對於我們已經討論過的內容，沒有什麼需要補充的。

Your next question comes from the line of Seth Seifman of JPMorgan.

您的下一個問題來自摩根大通的 Seth Seifman。

Okay. I wanted to ask one more question about the M&A pipeline, and you talked about things maybe loosening up a little bit. And I wonder if it's stuff that you see more that might be kind of -- almost like an investment in a technology or R&D to help build out capabilities, maybe more on the product side? Or if you see more opportunities for companies that might be -- that have a solid earnings stream now and might be more accretive to earnings and cash flow in the near term?

好的。我想再問一個有關併購管道的問題，您談到事情可能會稍微放鬆一些。我想知道，您是否更多地看到這種東西——幾乎像是對技術或研發的投資，以幫助建立能力，也許更多地是在產品方面？或者，您是否看到一些公司有更多機會——這些公司目前擁有穩定的盈利來源，並且可能在短期內增加盈利和現金流？

It really goes across the spectrum. We talk about the fact that our program is grounded in strategy and filling gaps. Sometimes that's a technology gap, sometimes it's a mature position with a customer or an area that we see a need to add to the portfolio. It really runs the spectrum. It's really across the board. I don't know, John?

它確實影響範圍很廣。我們談論的事實是，我們的計劃以戰略和填補空白為基礎。有時這是技術差距，有時是客戶的成熟地位或我們認為需要添加到產品組合中的領域。它確實涵蓋了整個範圍。這確實是全面的。我不知道，約翰？

No. I think, Josh, is absolutely right, right? The capability, customer relationships. We've done a number of acquisitions that actually bolster customer relationships. So in that example is that we've got a strong hand in SIGINT and we're not deeply in customer X, and some other companies have got great relationships there. They've got a long-term mature delivery track record. Cash performance is strong, cultures match. And what way to better step and repeat with the capability we have, when our customer set in to sort of bring those kind of customer relationships in.

不，我認為喬希完全正確，對吧？能力、客戶關係。我們進行了一系列收購，實際上加強了客戶關係。因此，在這個例子中，我們在 SIGINT 方面擁有強大的實力，但我們對客戶 X 的了解並不深入，而其他一些公司在那裡建立了良好的關係。他們擁有長期成熟的交付記錄。現金表現強勁，文化匹配。當我們的客戶開始建立這種客戶關係時，我們可以如何更好地利用我們現有的能力呢？

So we sort of take customer relationship plus a core CACI capability, as well as add what the incoming company has and that allows us to really focus our pipeline more efficient, efficiently, allows us to continue this long -- a long history of successful M&As that are driving top and bottom line growth.

因此，我們將客戶關係與核心 CACI 能力結合起來，並加入新公司所擁有的功能，這使我們能夠更有效率地集中精力於我們的管道，使我們能夠長期延續這種成功的併購歷史，從而推動營收和利潤的成長。

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

您的下一個問題來自美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

So I would like to dig deeper on pipeline of opportunities. When I see the bids expected to be submitted in the next 2 quarters, they raised to $14 billion from just like $10 billion last quarter. Is that -- or that significant increase is just a seasonal trend? Or is it indicative of any changes in like strengthening our environment, evolving the CACI strategy and/or new opportunities?

所以我想更深入地挖掘機會管道。當我看到預計在未來兩個季度提交的投標時，它們的金額從上個季度的 100 億美元提高到了 140 億美元。或者說，這種大幅成長只是一種季節性趨勢？或者它是否預示著我們的環境將發生某些變化，例如加強我們的環境、發展 CACI 策略和/或出現新的機會？

Mariana, so when we look at the pipeline, I actually look at visitor under eval and ones that are going to be submitted. So $25 billion in total. And maybe a little more color here for folks on the line. It comes down in my mind to 2 or 3 elements. I hate to say 3, then I'll forget one and I'll end up with 2.

瑪麗安娜，所以當我們查看管道時，我實際上會查看評估下的訪客和將要提交的訪客。所以總計250億美元。也許這裡可以為線上的人們提供更多一些色彩。我認為主要有 2 或 3 個要素。我不想說 3，然後我會忘記一個，最後我會得到 2。

But the first is size, right? We always have said, as we rebuilt the business development machine here, it's bid less and win more, and if given the choice, always bid larger, right? Because larger portends longer duration, which although it may not ramp up as fast as some of you would likely win some of these programs, we're looking at that 4-, 5-, 6-year dependable growth stream that we have out there.

但首先是尺寸，對嗎？我們總是說，當我們在這裡重建業務發展機器時，出價越少，贏得越多，如果有選擇的話，總是出價越大，對嗎？因為規模越大意味著持續時間越長，儘管它可能不會像你們中的一些人贏得這些項目那樣快速增長，但我們正在關注我們現有的 4 年、5 年、6 年的可靠增長流。

So one is going to be sized. So there's several billion dollar opportunities in the pipeline across a number of our markets. And these and other long duration ones provide confidence in our long-term growth.

因此，需要確定一個尺寸。因此，我們的許多市場都蘊藏著數十億美元的商機。這些以及其他長期因素為我們的長期成長提供了信心。

The second one, I sort of would put in a bucket called location, network modernization, cloud, SIGINT software, Agile software development, well-funded, right? So back in our milestone zero process of 7 different milestones that we submit and get awarded a bid, is this the right size? Can we differentiate? Have we invested to have a customer need? Is it in the sort of zip code or work that we do very, very well? And the last piece is, what I would call, is it mission tight? Is it related to the work we do well, we do today? Is it a nice step that we are going to repeat? Are we doing work with the Navy that we want to introduce the Army too? Spectral would be a perfect example. How do we build some things to win like Spectral for the Navy? How do we take all that technology and look right to a 20-year customer in Army Trojan and bring some of that capability forward?

第二個，我會把它歸類為地點、網路現代化、雲端、SIGINT 軟體、敏捷軟體開發，資金充足，對嗎？那麼回到我們提交並獲得中標的 7 個不同里程碑的里程碑零流程，這是正確的規模嗎？我們能區分嗎？我們是否進行了投資以滿足客戶需求？這是我們做得非常非常好的郵遞區號或工作嗎？最後一點，我想說的是，它的使命是否緊密？這與我們今天做得好的工作有關嗎？這是一個值得我們重複的好步驟嗎？我們是否正在與海軍合作，也想將其引入陸軍？ Spectral 就是一個很好的例子。我們如何建造一些東西來為海軍贏得勝利，例如 Spectral？我們如何利用所有這些技術，並面向陸軍特洛伊 20 年的客戶，並將其中的一些功能推向前進？

So the pipeline is built years ahead of when we actually have to execute it because they want time to build the relationship. We want time to invest and show the customer the art of the possible. So our pipeline today is made up of a lot of those opportunities. We can't win all of them. But we like to make certain that we're sort of stacking the odds in our favor as we put things into the pipeline, and we all, collectively, all those, through the bid, through the eval, and then through the ramp-up cycles. So hopefully, that provides you some additional color.

因此，管道的建設比我們實際執行的時間提前了幾年，因為他們需要時間來建立關係。我們希望投入時間並向客戶展示可能性的藝術。因此，我們今天的管道由許多這樣的機會組成。我們不可能贏得所有人。但是，我們希望確保在將專案放入流程時，能夠增加對我們有利的幾率，並且我們所有人，共同地，透過投標、通過評估，然後透過加速週期，完成所有這些工作。希望這能為您提供一些額外的色彩。

Yes, that's great color. And you mentioned and you have been working on this "Bid Less, Win More" strategy for quite time now. What is the target win rate that you are like -- that you want to achieve when you do these bid proposals? And how is that trending lately?

是的，顏色很棒。正如您所提到的，您已經研究這個「少出價，多贏」策略很久了。當您進行這些投標提案時，您想要實現的目標得標率是多少？最近的趨勢如何？

Point in the realm, 100%. No. Look, I hate to get into sharing really valuable market data. But we like our recompete rates year-over-year. More shares been not over 90%. And if you take our collective win rate, it will be in a 40%-ish, 50% some years, 30% in others. But we're very well in tune of what's in the pipeline. We don't have a lot of bluebird bids that come in 2 months before the bids do and somebody else has to shape that win, but we want to get our -- a bid submitted number up. They really are methodically thought out. They go through a very rigorous process.

境界點，100%。不，聽著，我不願意分享真正有價值的市場數據。但我們喜歡我們的重新競爭率逐年上升。以上股份均未超過90%。如果你看一下我們的整體勝率，那將會是 40% 左右，有些年份是 50%，有些年份是 30%。但我們非常清楚正在籌劃的事情。我們在投標前 2 個月沒有收到很多藍鳥投標，因此必須由其他人來促成勝利，但我們希望提高提交的投標數量。他們確實經過了系統性的思考。他們經歷了非常嚴格的過程。

So I think we have a respectable win rate. Again, you can manage your business out of business, driving for a much higher win rate because you only bid on things you think you have a 100% chance to win.

所以我認為我們的勝率相當可觀。再次，您可以將您的業務管理在業務之外，從而獲得更高的中標率，因為您只對您認為有 100% 機會獲勝的東西進行競標。

So it's a tough, tough question to give a pinpoint answer to, but look, over the last 7 to 9, 10 years, I'm really impressed with the change that we made in our business development organization, depth of understanding on how to do that, and our BD organization is extremely deep, below the sector level, into all of our BD leads, which includes our technology sales, sales team as well.

所以這是一個很難給出準確答案的難題，但是看看，在過去的 7 到 9 年或 10 年裡，我對我們在業務發展組織中所做的改變印象深刻，對如何做到這一點的深度理解，我們的 BD 組織在部門級別以下對所有 BD 領導都非常深入，其中包括我們的技術銷售、銷售團隊。

Your next question comes from the line of Sheila Kahyaoglu with Jefferies.

您的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Lots of questions on margins first half versus second half. So I was wondering if we could talk about the Photonics investments because you mentioned that quite a few times. Can you talk about maybe the impact in H1, but also like how do we think about this investment, what program opportunities that could open up as well?

關於上半年與下半年利潤率的問題很多。所以我想知道我們是否可以談談光子學投資，因為您多次提到這一點。您能否談談上半年的影響，以及我們如何看待這項投資，以及它可能帶來哪些專案機會？

I don't think we're going to get into any of the specifics, but it's generally related to the Photonics programs that John mentioned related to a family of SDA programs that you'd be familiar with, and a number of our other Photonics product as opposed to the Bespoke Solutions, the Photonics products business.

我認為我們不會討論任何細節，但它通常與約翰提到的光子學項目有關，這些項目與您熟悉的 SDA 項目系列有關，以及我們的許多其他光子學產品，而不是定制解決方案、光子學產品業務。

I think we've been pretty open about our win rates there and the programs that we're on our position with a couple of times. We have some DARPA contracts, just an accelerating portion of the business where we're focused on producibility and transitioning from development to production, kind of both.

我認為我們已經多次公開我們的成功率以及我們所處位置的項目。我們有一些 DARPA 合同，這只是業務的一個加速部分，我們專注於可生產性以及從開發到生產的過渡，兩者兼而有之。

Yes, Sheila, a little extra call there. In our Photonics business, because you remember, when we did the SA Photonics acquisition, combine that with the Photonics business of LGS as well as our own capabilities, I mentioned that for that business, we would be investing through fiscal year '24. As we saw volumes starting to pick up sooner than we expected on the producibility side, we decided to double down our investment more now as we look at it in hindsight, more in the first half of the year versus the second half.

是的，希拉，還有一點額外的電話。在我們的光子學業務中，因為您記得，當我們進行 SA Photonics 收購時，將其與 LGS 的光子學業務以及我們自己的能力相結合，我提到對於該業務，我們將在 24 財年進行投資。由於我們看到產量在生產能力方面開始比我們預期的更快回升，我們決定現在將投資增加一倍，事後看來，上半年的投資將比下半年更多。

So one, that provides us with some producibility enhancements that gives us more confidence in '25 and beyond. We can deliver in a timely fashion. And then two, just that delta between what was spent in the first quarter -- first half shows up as positive to margin in the second half.

因此，這為我們提供了一些生產力增強，讓我們對 25 年及以後更有信心。我們可以及時交貨。其次，第一季的支出與上半年的支出之間的差異在下半年顯示為正值。

Yes, no. I appreciate that color. And maybe one more, if I could ask, you announced that new $525 million GENMOD contract this quarter. How do we think about that program as a driver of growth in fiscal '24? And any additional color you could provide on what you're doing there?

是的，不是。我很欣賞那個顏色。還有一個問題，如果我可以問的話，您本季宣布了價值 5.25 億美元的 GENMOD 新合約。我們如何看待該計劃作為 24 財年增長的推動力？您能提供更多關於您在那裡所做的事情的資訊嗎？

Yes. I mean it's -- it's a fantastic program. It's another network modernization job. And we've got others in our pipeline of things that we're looking for award. But it's going to unpack similar other larger network modernization technology jobs. We've got a lot of unpacking of things as we've won a lot. But they're all coming in at different rates.

是的。我的意思是——這是一個非常棒的項目。這是另一項網路現代化工作。我們還有其他項目正在籌備中，希望獲得獎勵。但它將會解開其他類似的更大規模的網路現代化技術工作。由於我們贏了很多，所以我們需要拆開很多東西。但它們的進入速度各不相同。

So on that one, it's going to unpack more into '25 and beyond based on timing of when we won that job. But there are other programs out there that are doing an outstanding job of actually ramping up at a plan. We've got EITaaS, which is ramping up ahead of plan. We've got additional work. We mentioned it would start with upfront planning and design, team's done an outstanding job at ramped up faster.

因此，就這一點而言，根據我們贏得這項工作的時機，我們將在 25 年及以後得出更多結論。但還有其他項目在實際執行計劃方面做得非常出色。我們已經有了 EITaaS，其發展速度比計劃提前。我們還有額外的工作。我們提到它將從前期規劃和設計開始，團隊在加快速度方面做得非常出色。

Customers adding scope that has the hand in the guidance range. If we look at Spectral, that one is ramping up ahead of plan as well. Customer really like the open architecture and our software-based approach. We mentioned that, that would start up with planning and design. Clearly, given the nature of the world events, we've had many more meetings than we believe we would have. Navy is very, very pleased. They're very impressed by the pace of our work and innovation.

客戶添加在指導範圍內有作用的範圍。如果我們看一下 Spectral，它也在提前計劃中發展。客戶非常喜歡開放式架構和我們基於軟體的方法。我們提到過，這將從規劃和設計開始。顯然，考慮到世界事件的性質，我們召開的會議比我們想像的要多得多。海軍非常非常高興。他們對我們的工作和創新速度印象深刻。

And the last, many of you have written about this. Our large Intel job ramped up ahead of plan. We're providing network exploitation. We're delivering as you would assume we would, the government selected the technically superior solution, and they're getting superior results. And that's driving even better top line growth than we had originally expected.

最後，你們很多人都寫過這方面的文章。我們的大型英特爾工作提前完成了。我們提供網頁開發。正如您所期望的那樣，我們做到了，政府選擇了技術上更優越的解決方案，並且獲得了更優越的結果。這推動的營收成長甚至比我們最初預期的還要好。

Your next question comes from the line of Louie DiPalma with William Blair.

您的下一個問題來自 William Blair 的 Louie DiPalma。

You referenced your 3 large wins over the past year. And it seems there are 4, if you include your Defense Intelligence Agency ECS3 award. On the slide deck, also discussed how awards or newer awards over the past year have approximately a 6-year duration.

您提到了過去一年中的三次重大勝利。如果算上您的國防情報局 ECS3 獎，似乎有 4 個。在幻燈片上，也討論了過去一年的獎項或新獎項的持續時間約為 6 年。

But if you were to group these 4 like mega-billion dollar contracts together, when would you expect the revenue run rate to be fully ramped? And I think, John, you just said that Spectral is ramping faster than initial expectations, but is it a smooth 3-year runway? Yes, that's the initial question.

但是，如果你將這 4 個價值數十億美元的合約組合在一起，你預計收入運行率何時會全面提升？約翰，我認為你剛才說 Spectral 的成長速度比最初的預期要快，但這是一個順利的 3 年發展歷程嗎？是的，這是最初的問題。

John would want to add to this, but they really vary, Louie. I mean the NSA Intel job ramp relative -- is ramping relatively quickly, and it will kind of reach a steady state run rate over the next handful of quarters.

約翰想要補充這一點，但它們確實各不相同，路易。我的意思是，美國國家安全局的情報工作成長相對較快，並將在接下來的幾個季度內達到穩定的運作率。

EITaaS and Spectral, in particular, are a little bit slower ramp because the front end of the program really is focused on planning. So the fact that, that -- those planning phases are proceeding ahead of schedule doesn't obviate the fact that they are still in the planning phase. So those will continue to ramp into -- well into FY '25 or so.

尤其是 EITaaS 和 Spectral，它們的成長速度稍微慢一些，因為該計畫的前端實際上​​專注於規劃。因此，這些規劃階段提前進行的事實並不能掩蓋它們仍處於規劃階段的事實。因此，這些數字將持續成長至 25 財年左右。

I don't know if you want to add anything about the ECS3?

我不知道您是否想補充有關 ECS3 的任何內容？

No. I mean, look, that's a very recent win. We're working through start up with our customer set. Louie, you know, very de minimis as we get out of '24. So you'll see that one ramp more in the '25 period and beyond.

不，我的意思是，你看，這是一場最近的勝利。我們正在與客戶一起進行啟動工作。路易，你知道，當我們走出 24 年後，情況已經非常微不足道了。因此，您將看到在 25 年期間及以後，這一數字會進一步增加。

Great. And a lot has been made about like increased R&D associated with SA Photonics. But as these programs are ramping, do they initially carry like a lower than company average margin structure? And so should the margin profile for these 4 awards increase over the next 2 years?

偉大的。並且已經取得了許多成果，例如增加與 SA Photonics 相關的研發。但是，隨著這些項目的推進，它們最初的利潤結構是否低於公司的平均水平？那麼，未來兩年內這 4 個獎項的利潤率是否應該增加呢？

No. There isn't necessarily a one size fits all here. But as a general rule, you're thinking about it the right way. I mean, they're less profitable in the beginning as we're ramping up and focused on producibility and transitioning into production. And of course, rate production becomes more profitable, both more profitable in terms of rate, but also volume.

不，這裡不一定存在適合所有情況的解決方案。但一般來說，你的思考方式是正確的。我的意思是，由於我們正在加強生產力並專注於提高生產能力和向生產過渡，因此一開始的利潤較低。當然，生產力越高，利潤就越高，不僅在生產力方面，在產量方面也越有利可圖。

There are no further questions at this time. I will turn the call to John Mengucci for closing remarks.

目前沒有其他問題。我將請約翰孟古奇 (John Mengucci) 致閉幕詞。

Thanks, Sarah, and thank you for your help on today's call.

謝謝，莎拉，感謝您在今天的電話會議中提供的幫助。

We would like to thank everyone who dialed in or listen to the webcast for their participation. We know that many of you will have follow-up questions. Jeff MacLauchlan, George Price and Jim Sullivan, who has joined our IR team are available after today's call.

我們感謝所有撥入電話或收聽網路直播的人的參與。我們知道你們中的許多人都會有後續問題。加入我們的 IR 團隊的 Jeff MacLauchlan、George Price 和 Jim Sullivan 將在今天的電話會議後進行交談。

Stay healthy, and all my best to you and your families. This concludes our call. Thank you, and have a great day.

祝您和您的家人身體健康，一切順利。我們的通話到此結束。謝謝您，祝您有愉快的一天。

This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。